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

                     A S I A   P A C I F I C

          Friday, March 27, 2020, Vol. 23, No. 63

                           Headlines



A U S T R A L I A

BILVERAY HOLDINGS: First Creditors' Meeting Set for April 6
EQUITICORP AUSTRALIA: Second Creditors' Meeting Set for April 2
LCA MENAI: Second Creditors' Meeting Set for April 3
MR AND MRS JONES: First Creditors' Meeting Set for April 7
PERFUSION SOLUTIONS: First Creditors' Meeting Set for April 6

RAVILLE CONTRACTING: Second Creditors' Meeting Set for April 1
STELLER CAPITAL: Second Creditors' Meeting Set for April 6
WEST TANKERS: Second Creditors' Meeting Set for April 2


C H I N A

21VIANET GROUP: Moody's Lowers CFR & Senior Unsec. Rating to 'B2'
ANXIN TRUST: Financial Restructuring Imminent as Debts Mount
BEIJING EASYHOME: S&P Alters Outlook to Negative & Affirms BB+ ICR
E-HOUSE (CHINA): S&P Lowers ICR to BB- on Fast Debt Expansion
HILONG HOLDING: Moody's Alters Outlook on B1 CFR to Stable

LIONBRIDGE CAPITAL: Moody's Affirms 'B1' CFR, Outlook Stable
RED STAR: S&P Alters Outlook to Negative & Affirms 'BB+' ICR
SHANDONG RUYI: Moody's Lowers CFR to Caa3, Outlook Negative
XINHU ZHONGBAO: S&P Rates New USD Sr. Unsecured Notes 'B-'


I N D I A

ADARSH RICE: ICRA Lowers Rating on INR1.38cr Term Loan to B+
AMRIT CEMENT: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
ANSAL PROPERTIES: Insolvency Resolution Process Case Summary
ARKAY INT'L: Insolvency Resolution Process Case Summary
B.D. MOTORS LIMITED: Insolvency Resolution Process Case Summary

BHARATHI VIDHYALAYA: Ind-Ra Assigns BB Loan Rating, Outlook Stable
BHAVYA INFRASTRUCUTRES: Insolvency Resolution Process Case Summary
BIZ AD OPTIMISER: Insolvency Resolution Process Case Summary
CEEJAY FINANCE: ICRA Lowers Rating on INR15cr LT Loan to B+
DIAMOND INFRALAND: Insolvency Resolution Process Case Summary

FAIRDEAL MARWAR: Insolvency Resolution Process Case Summary
FUTURE RETAIL: S&P Lowers Preliminary 'B-' ICR, On Watch Negative
GIRDHAR TENTS: ICRA Lowers Rating on INR6cr LT Loan to B+
HIMALAYA COMMUNICATIONS: ICRA Cuts Rating on INR5cr Loan to B+
HINDUPUR BIO-ENERGY: Insolvency Resolution Process Case Summary

INDIABULLS HOUSING: Moody's Lowers CFR & Sr. Secured Rating to 'B3
LEXUS GRANITO: ICRA Lowers Rating on INR42.18cr Loan to 'D'
MANJU SHREE: ICRA Keps B+ on INR7.21cr Loan in Not Cooperating
MILLENIUM EXIM: ICRA Keeps B on INR3cr Credit in Not Cooperating
MODERN METAALICS: ICRA Withdraws B+ Rating on INR3cr Term Loan

PRAMANIK METAL: ICRA Withdraws 'B' Rating on INR14cr Cash Loan
RAS POLYTEX: ICRA Lowers Rating on INR6.50cr LT Loan to B+
SANJAY RICE: ICRA Kees D Debt Ratings in Not Cooperating
SANTOSH KUMAR: ICRA Lowers Rating on INR10cr Loan to B+
SANTOSHI LEATHER: ICRA Keeps 'D' Ratings in Not Cooperating

SETHURAM SPINNERS: Insolvency Resolution Process Case Summary
SNAB PUBLISHERS: Insolvency Resolution Process Case Summary
SUNSHINE TECHNOBUILD: Insolvency Resolution Process Case Summary
SUPREME INFRA: ICRA Keeps B on INR9cr Loan in Not Cooperating
SUZLON ENERGY: Panel Voted on Promoters' Restructuring Plan

TARA EXPORTS: ICRA Reaffirms B+/A4 Rating on INR12cr Loan
TARA EXPORTS: ICRA Reaffirms B+/A4 Ratings on INR8cr Loan
TATA CHEMICALS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
TDI INFRASTRUCTURE: Insolvency Resolution Process Case Summary
UIC UDYOG LIMITED: Insolvency Resolution Process Case Summary

UNITECH MERCANTILE: ICRA Keeps 'B-' Rating in Not Cooperating
UNITED NANOTECHNOLOGIES: ICRA Keeps B- Ratings in Not Cooperating
VALAYA CLOTHING: Insolvency Resolution Process Case Summary
VENKAR CHEMICALS: ICRA Lowers Rating on INR14cr LT Loan to B+


I N D O N E S I A

BANK PANIN: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
BUMI RESOURCES: Moody's Lowers CFR to Caa1, Outlook Negative
MEDCO ENERGI: Fitch Affirms B+ LongTerm IDR, Outlook Stable
MEDCO ENERGI: Moody's Alters Outlook on B1 CFR to Negative
PT ALAM SUTERA: S&P Places 'B-' LongTerm ICR on Watch Negative

PT JAPFA: S&P Alters Outlook to Negative & Affirms 'BB-' ICR


J A P A N

DIC CORP: Moody's Assigns 'Ba1' CFR & Alters Outlook to Stable
JAPAN DISPLAY: Bailout Plan Gets Shareholder Approval
MITSUBISHI MOTORS: S&P Places 'BB+' ICR on CreditWatch Negative
SOFTBANK GROUP: Blasts Moody's for ‘Biased' Ratings Downgrade


P H I L I P P I N E S

CEBU AIR: Egan-Jones Lowers Senior Unsecured Ratings to BB


S I N G A P O R E

[*] SINGAPORE: Virus Closures May Hit REITs Harder Than GFC


T A I W A N

[*] Fitch Alters Outlook on 8 Taiwanese Securities Firms to Neg.

                           - - - - -


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

BILVERAY HOLDINGS: First Creditors' Meeting Set for April 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bilveray
Holdings Pty Ltd will be held on April 6, 2020, at 10:00 a.m. at
Level 1, Suite 145, at 580 Hay Street, in Perth, WA.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Bilveray Holdings on March 25, 2020.



EQUITICORP AUSTRALIA: Second Creditors' Meeting Set for April 2
---------------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Equiticorp Australia Limited
   -- Equiticorp Tasman Limited
   -- Equiticorp Investments (Australia) Limited
   -- Sowani (No. 2) Pty Limited

has been set for April 2, 2020, at 2:00 p.m. at Level 12, 20 Martin
Place, in Sydney, NSW, via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 18, 2020, at 4:00 p.m.

Barry Frederic Kogan and Shaun Robert Fraser of McGrathNicol were
appointed as administrators of Equiticorp Australia on Feb. 27,
2020.


LCA MENAI: Second Creditors' Meeting Set for April 3
----------------------------------------------------
A second meeting of creditors in the proceedings of LCA Menai Pty
Ltd has been set for April 3, 2020, at 11:00 a.m. at the offices of
O'Brien Palmer, Level 9, at 66 Clarence Street, in Sydney, NSW.

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 April 2, 2020, at 4:00 p.m.

Liam Bailey of O'Brien Palmer was appointed as administrator of LCA
Menai on March 2, 2020.


MR AND MRS JONES: First Creditors' Meeting Set for April 7
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Mr and Mrs
Jones Pty Limited will be held on April 7, 2020, at 10:00 a.m. at
Level 2, 151 Macquarie Street, in Sydney, NSW.

Antony Resnick and Suelen McCallum of de Vries Tayeh were appointed
as administrators of Mr and Mrs Jones on March 26, 2020.


PERFUSION SOLUTIONS: First Creditors' Meeting Set for April 6
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Perfusion
Solutions Pty. Ltd will be held on April 6, 2020, at 10:30 a.m. via
telephone conference at the offices of PKF Melbourne.

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of Perfusion Solutions on March 25,
2020.



RAVILLE CONTRACTING: Second Creditors' Meeting Set for April 1
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Raville
Contracting Pty Ltd has been set for April 1, 2020, at 2:00 p.m. at
the offices of Auxilium Partners, Level 2, at 949 Wellington,
Street, in West 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 31, 2020, at 4:00 p.m.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Raville Contracting on Feb. 25, 2020.


STELLER CAPITAL: Second Creditors' Meeting Set for April 6
----------------------------------------------------------
A second meeting of creditors in the proceedings of Steller Capital
Pty Ltd has been set for
April 6, 2020, at 10:00 a.m. via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 3, 2020, at 5:00 p.m.

David Anthony Ross of Hall Chadwick was appointed as administrator
of Steller Capital on March 3, 2020.


WEST TANKERS: Second Creditors' Meeting Set for April 2
-------------------------------------------------------
A second meeting of creditors in the proceedings of West Tankers
Pty Ltd has been set for April 2, 2020, at 11:00 a.m. at the
offices of PKF, at 755 Hunter Street, in Newcastle, West NSW.

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 April 1, 2020, at 4:00 p.m.

Simon Thorn of PKF was appointed as administrator of West Tankers
on Feb. 27, 2020.




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C H I N A
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21VIANET GROUP: Moody's Lowers CFR & Senior Unsec. Rating to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded 21Vianet Group, Inc.'s
corporate family rating to B2 from B1, and has downgraded the
company's senior unsecured rating to B2 from B1.

The ratings outlook is stable.

RATINGS RATIONALE

"The ratings downgrade reflects its view that 21Vianet's leverage
will remain elevated over the next 12-18 months, as its current
capital expenditure plan significantly exceeds its previous
expectations," says Shawn Xiong, a Moody's Assistant Vice President
and Analyst.

Moody's expects the company's capital expenditure to increase to
RMB2.4 billion-RMB2.8 billion with the addition of 15,000 new
cabinets per annum for 2020 and 2021. This will meaningfully
increase the company's absolute debt level.

Additionally, Moody's expects some execution risks associated with
the company's significant capital expenditure plan. The coronavirus
outbreak in China has increased difficulties for the company in
constructing cabinets, although Moody's base case scenario is that
the company will still reach its construction target.

Nevertheless, Moody's expects 21Vianet's revenue and adjusted
EBITDA to grow by 20%-30% respectively over the next two fiscal
years, driven primarily by the increasing utilization of its new
cabinets amid favorable industry prospects for internet data
centers (IDCs) and cloud services.

Moody's also expects the company to maintain stable profitability
with adjusted EBITDA margins of around 28%-30%. Profitability is
supported by the stable monthly recurring revenue 21Viatnet derives
from its IDC business. Monthly recurring revenue per cabinet from
this business has gradually improved to RMB8,822 for the fourth
quarter of 2019 from RMB8,457 for the fourth quarter of 2018.

As a result, Moody's expects 21Vianet's leverage -- as measured by
adjusted debt/EBITDA -- to be in the range of 5.0x-5.5x over the
next 2 fiscal years, which is above the previous rating tolerance
level of 4.0x-4.5x.

Due to the ramp-up period required between the construction and the
full utilization of the new cabinets and projects, Moody's also
expects 21Vianet to remain significantly free cash flow negative
over the next two fiscal year, with its (EBITDA -- capex)/interest
coverage ratio remaining negative.

Moody's expects 21Vianet's liquidity will remain adequate over the
next 12 to 18 months. The company has an unrestricted cash balance
of RMB2.2 billion as of 31 December 2019, annual operating cashflow
of around RMB1 billion-RMB1.2 billion, and recently announced the
private placement of convertible bonds of USD200 million (RMB1.4
billion), part of which it will use to prefund its remaining USD131
million bond balance due in August 2020. Nevertheless, its
liquidity position will require strict management given the
company's significant capital expenditure plan. Additionally, the
company also needs to refinance its USD300 million bond due October
2021.

21Vianet's ratings also consider the following environmental,
social and governance (ESG) factors.

From a governance perspective, 21Vianet's ownership is concentrated
in Tus-Holdings, which holds a 21.2% stake in the company with
50.9% of the voting rights. This risk is partially mitigated by the
company's listed status and the presence of five independent
nonexecutive directors on its board.

Other shareholders include entities affiliated with Xiaomi
Corporation and Temasek Holdings.

21Vianet's B2 CFR reflects its solid market position in the IDC
space, its strategically located data centers, partnerships with
leading cloud service providers, and operational support from its
key shareholders.

On the other hand, 21Vianet's rating is constrained by its
relatively small scale, its revenue concentration in the IDC
business, and its significant investment needs for capacity
additions in the next one to two years. These constraints are
partially mitigated by healthy industry prospects and its
diversified client base.

The stable outlook reflects Moody's expectation that the company
will grow its revenue, ramp up the utilization of its new cabinet
additions whilst maintaining stable profitability, operational
support from Tus-Holdings, and sufficient liquidity. The stable
outlook also reflects Moody's expectation that the company will pay
down the remaining USD131 million bond balance due August 2020 as
pre-funded and refinance its USD300 million bond well in advance of
its maturity date of October 2021.

The ratings could be upgraded if the company (1) continues to grow
revenue, improves profitability and reduces its debt leverage to
below 4.5x on sustained basis; (2) generates positive free cash
flow on a sustained basis.

The ratings could be downgraded if (1) the company continues its
aggressive expansion plan or undertakes debt-funded acquisitions,
such that debt leverage rises above 5.5x on a sustained basis; (2)
there is a significant decline in the operational support provided
by the Tus-Holdings, such as a reduction in its stake; (3) its
profitability, cash flow, or liquidity weakens; (4) it faces
significant challenge in refinancing its USD300 million bond due
October 2021

The principal methodology used in these ratings was Communications
Infrastructure Industry published in September 2017.

21Vianet Group, Inc. is the largest carrier and cloud neutral
internet data center services provider in China. It has over 58
data centers across more than 20 cities in China. It also provides
broadband internet access and complementary value-added services,
such as cloud services, Virtual Private Networks (VPN) services and
hybrid IT services.

Headquartered in Beijing, 21Vianet was founded in 1999 and listed
on the NASDAQ in 2011. At the end of February 2019, Tus-Holdings
Co. Ltd., a stated-owned enterprise and the largest shareholder,
owned a 21.2% equity stake with 50.9% of voting rights, and
co-founder & Chairman Mr. Sheng Chen owned a 7.3% equity interest
with 15.3% of voting rights.

Tus-Holdings Co., Ltd. (TUS) is a leading science park operator and
technology services provider in China. The company was founded in
1994 and is headquartered in Beijing. Tus-Holdings is a state-owned
enterprise controlled and supported by the Ministry of Education,
Ministry of Finance, and Tsinghua University. Tsinghua (TH)
Holdings owned 44.92% at the end of February 2019.


ANXIN TRUST: Financial Restructuring Imminent as Debts Mount
------------------------------------------------------------
Wu Hongyuran and Tang Ziyi at Caixin Global report that a financial
restructuring of Anxin Trust Co. Ltd. is in the process of being
finalized, sources said, as the Shanghai-listed company asked for
its shares to be suspended for one day on March 25 because of
"significant uncertainties" regarding a "significant item" that
need to be investigated.

On March 24, Anxin's general manager, Wang Rongwu, held a day of
meetings with authorities from the Shanghai government, financial
regulators and staff from an accounting firm, sources close to the
company told Caixin. The meetings, which carried on late into the
night, were "tense and the situation is grim," one source said.

Anxin, one of only two trust companies listed on mainland bourses,
has been suffering from cash flow problems and in April last year
deferred redemptions on CNY2.8 billion ($395 million) of trust
products that had matured, Caixin notes. The capital, interest
payments and additional interest accumulated over the deferment
period are scheduled to be repaid to investors in April.

Caixin relates that the company said in a stock exchange filing on
March 24 that it needs to verify important matters that could
affect its share price. It said the Shanghai Stock Exchange
approved the trading suspension to ensure that all investors had
equal access to information.

Another source familiar with the matter told Caixin that the
trading halt was related to the restructuring plan and the
company's 2019 annual financial report which, under stock exchange
rules, must be released by the end of April.

According to Caixin, Anxin warned in a Jan. 22 filing that it
racked up losses in the range of CNY3 billion ($140 million) to
CNY3.5 billion last year, and speculation has grown that those
numbers may be revised upward. The company reported a net loss of
CNY1.8 billion in 2018, a dramatic reversal from the net profit of
CNY3.7 billion it showed in 2017. A second consecutive year of
losses will trigger "special status" (SRT) designation, meaning its
stock ticker will be tagged ST to warn investors that the company
carries significant investment risk and its financial performance
has been poor, Caixin notes. The daily limit on its share price
movement will be reduced to 5% from the normal market limit of
10%.

Caixin notes that the Shanghai-based company is the latest
financial institution to be forced to restructure, a casualty of an
ambitious and risky investment strategy aimed at providing
investors with high returns. Its biggest shareholder is Shanghai
Gorgeous Investment Development Co. Ltd., a company controlled by
businessman Gao Tianguo, which holds a 52.44% stake. The second
largest shareholder is China Securities Finance Corp. Ltd., with a
4.41% stake.

China has 68 authorized trust companies and Anxin was one of the
best-performing in 2017, but it plunged into the red in 2018 due to
heavy investment losses which triggered an exodus of top
executives, Caixin discloses. As of the end of 2019, Anxin had
failed to repay CNY50 billion of the CNY150 billion of trust
products under active management, sources close to regulators
previously told Caixin.

Caixin says the investments backing some of the trust products that
are in default are owned by or closely related to entrepreneur Li
Qin, who hails from Dazhou in Sichuan province, the same city as
Gao Tianguo. Speculation has increased that Gao used the proceeds
from the sale of Anxin's trust products to fund Li's businesses.

In July 2019, regulators stepped in and ordered Gao to dispose of
his stakes in Anxin and other financial institutions he invested
in, and use the proceeds to plug the massive hole in Anxin's
balance sheet, several institutional investors with knowledge of
the matter told Caixin previously.

The Shanghai bureau of the China Banking and Insurance Regulatory
Commission sent representatives to Anxin to closely monitor its
business operations, the institutional investors said, Caixin
relays. The authorities also ordered Anxin stop issuing new
products to avoid creating a Ponzi scheme, using the proceeds
raised from new sales to repay earlier investors.

Anxin will likely be jointly acquired by Bank of China Ltd. and
other state-owned enterprises in Shanghai, several sources close to
regulators told Caixin in December. Bank of China will buy 2.87
billion shares from Shanghai Gorgeous Investment and, following the
pattern of other state-backed bailouts, it is likely that Bank of
China's asset management subsidiary BOC Financial Asset Investment
Co. Ltd. will send a team in to take over the company's operations,
adds Caixin.

Based in Shanghai, China, Anxin Trust Co., Ltd, offers trust
service for clients in agriculture, biomedicine, city renovation,
Internet infrastructure, pension, logistics, and new energy
industry fields. The company was formerly known as Anxin Trust &
Investment Co., Ltd. and changed its name to Anxin Trust Co., Ltd
in April 2014.


BEIJING EASYHOME: S&P Alters Outlook to Negative & Affirms BB+ ICR
------------------------------------------------------------------
S&P Global Ratings, on March 24, 2020, revised its outlook on
Beijing Easyhome Investment Holding Group Co. Ltd. (Easyhome) to
negative from stable and affirmed its 'BB+' long-term issuer credit
rating on the company. At the same time, S&P affirmed its 'BB+'
long-term issue rating on the company's guaranteed senior unsecured
notes.

S&P said, "The outlook revision to negative reflects our view that
Easyhome's business performance is weakening due to the adverse
effects of the COVID-19 outbreak and a possible prolonged hit to
consumer demand.

"We affirmed the rating because we expect Easyhome can maintain
good funding access due to its solid market position in China's
home improvement and furnishing industry, and a market rebound
could partly offset the short-term impact on its business. We
believe being able to obtain policy support, including a "pandemic
bond" quota from the government and securing a bank loan with a low
interest rate of 3.0%-4.3% amid the outbreak, will somewhat
mitigate the company's refinancing risks."

Nonetheless, the outbreak and the potential longer-term dampening
of consumer confidence could leave the company facing volatile
income. Given its business concentration in a single segment, it
depends solely on a demand recovery in furniture and home
improvement purchases, which is highly uncertain in our view given
the weak macroeconomic backdrop. In January and February 2020,
national retail sales fell by 21% and furniture sales declined by
33.5%, compared with same period in 2019.

Easyhome's malls were forced to close for roughly a month. S&P
expects the voluntary one-month rental concession offered to
tenants presents a direct hit of Chinese renminbi (RMB) 500 million
to RMB600 million, or about 8% of its full-year rental income. In
addition, any negative rental reversions could exacerbate the
adverse impact, given the bulk of lease agreements will come due in
the second and third quarters.

Easyhome's sublet business model leans toward an asset-light
approach. S&P believes the company's effort in negotiating rental
concessions from its landlords could provide some cushion, although
its own lease obligations could still weigh on leverage, in our
view.

The company's efforts to persuade tenants to prepay rents and renew
leases early by offering rent concessions could also partially
offset the impact. Most recently, renewed leases have not seen
significant negative reversions while tenant retention rates have
remained high, according to the company.

S&P said, "In our base case, Easyhome's debt-to-EBITDA ratio will
rise to about 6.7x in 2020 and decline slightly in 2021. But this
depends on the magnitude of a recovery and proactive measures to
control its capital expenditure (capex) to manage its leverage
ratios.

"In our view, the dampened cash inflow from rent concessions will
reduce the buffer of its liquidity. That said, we don't expect the
company to have significant refinancing risks, due to its funding
access and about RMB10 billion in unencumbered assets. We continue
to assess the company's liquidity as adequate.

"The negative outlook reflects our view that Easyhome's cash flows
from its home improvement and furnishing retail malls may not
rebound sufficiently to offset the short-term impact from the
recent closures caused by the outbreak and the resultant slowdown
in domestic consumption in the next 12 months.

"We could downgrade Easyhome if the company's cash flow
significantly weakens, such that the adjusted debt-to-EBIDA ratio
fails to recover to about 6.0x, or EBITDA interest coverage falls
short of 2.0x. This could happen if the occupancy or rental
reversions cause rental income to drop more materially than our
base-case expectations.

"We could also downgrade the company if its liquidity profile
deteriorates due to income loss and its high short-term maturities,
such that liquidity sources to uses falls below 1.2x.

"We could revise the outlook to stable if Easyhome improves its
leverage and cash flow adequacy measures such that its adjusted
debt-to-EBIDA ratio is sustainably below 6.0x, and EBITDA interest
coverage above 2.0x." This could happen if the company quickly
rebounds from the disruption to its business operations by
achieving solid rental income and controlling its financial
leverage.


E-HOUSE (CHINA): S&P Lowers ICR to BB- on Fast Debt Expansion
-------------------------------------------------------------
S&P Global Ratings, on March 25, 2020, lowered its long-term issuer
credit rating and issue ratings on E-House (China) Enterprise
Holdings Ltd. to 'BB-' from 'BB'.

S&P downgraded E-House to reflect a spike in leverage that will
unlikely turn around substantially in the next one to two years.
This is partly due to the blow from the COVID-19 outbreak on
E-House's primary real estate agency business and debt expansion
that is faster than it had expected.

S&P said, "Our downgrade also reflects our expectation that
E-House's operating cash flow continued to be negative in 2019. We
expect the deficit to be mainly due to the company's investment
into its network brokerage business "Fangyou" via advance
commission payments to network participants and high "concession
money" it pays to developers to secure projects.

"We expect E-House's spending on shareholder-friendly measures,
non-core businesses, and investment in fixed assets to weigh on its
leverage. After almost US$100 million in share repurchases in 2019,
the company recently acquired various buildings and office spaces
in Shanghai for employee training and education for Chinese
renminbi (RMB) 1.6 billion. We estimate at least half of that
amount will be debt funded. We therefore project its leverage to
deteriorate to 2.2x-2.4x in 2019 and 2.7x-2.8x in 2020, from only
0.7x in 2018.

"We believe E-House's primary agency business is likely to decline
10% in transaction volumes in 2020, in line with our view on the
property sector. Its Fangyou business will also be constrained by
the coronavirus outbreak and lower its growth to 20%-25%. This
compares with our previous assumption of 4%-5% growth in E-House's
transaction volumes and 35%-40% increase in Fangyou's business.
Therefore, we expect E-House's revenue to only increase 4%-5% in
2019 and 6%-8% in 2020.

"In our view, E-House will maintain its lead in most of its
business segments, especially in primary agency and Fangyou. For
instance, we estimate its primary agency's market share to have
increased to 4.5%-5.0% by end 2019, from 3.5% the year before. As
of June 2019, E-House had a total project pipeline for primary
agency services of more than 280 million square meters. This
solidly supports its earnings stability over the next five to six
years, in our view.

"We expect E-House's operating cash flow to turn positive this
year, given the company is taking measures such as customer base
diversification and its focus on projects with timely commission
payments. With developers facing tighter liquidity, accounts
receivable days will likely increase slightly again in 2020 but its
impact on operating cash flow should be mild. This is because we
expect the concession money paid to developers will not increase
and Fangyou business growth to slow.

"We see no imminent liquidity risks because we estimate short-term
debt to be at most about RMB1.5 billion, versus RMB3 billion–RMB4
billion in cash, as of end-2019.

"The stable outlook reflects our expectation that the company will
maintain good profitability over the next 12-24 months and its
revenue will mildly rebound. We also do not expect leverage to
further deteriorate; its debt-to-EBITDA ratio should stay at
2.5x-3.0x. E-House's working capital management should also improve
such that operating cash flow turns positive from 2020.

"We may lower the rating if E-House: (1) pursues more significant
debt-funded investments than we expect; or (2) has lower revenue
and profitability than we currently estimate due to intensified
competition, such that its debt-to-EBITDA ratio rises to above 3.0x
over the next 12-24 months without signs of improvement.

"We may also downgrade E-House if the company demonstrates weaker
working capital management than we expect, such that its operating
cash flow does not substantially improve in 2020 or 2021."

Rating upside is limited in the next 12 months unless E-House can
control its debt growth and further repay its onshore or offshore
financings. At the same time, it will need to demonstrate stable
business growth leading to a sustained positive operating cash
flow. A debt-to-EBITDA ratio remaining below 2.0x with an operating
cash flow-to-debt ratio of above 20% would be indicative of such an
improvement.


HILONG HOLDING: Moody's Alters Outlook on B1 CFR to Stable
----------------------------------------------------------
Moody's Investors Service has changed Hilong Holding Limited's
outlook to stable from positive. At the same time, Moody's has
affirmed Hilong's B1 corporate family and senior unsecured
ratings.

RATINGS RATIONALE

"The change in outlook to stable from positive reflects our
expectation that Hilong's earnings will weaken over 2020-21, amid
increasingly challenging market conditions and oil price
volatility," says Chenyi Lu, a Moody's Vice President and Senior
Credit Officer.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented.

More specifically, Hilong's exposure to the oilfield equipment and
services businesses, which are linked to volatile global oil
prices, has left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions given its sensitivity to
consumer demand and sentiment.

"The rating affirmation reflects our expectation that the company's
modest debt leverage will provide a financial buffer against its
working capital needs and industry volatility," adds Lu.

Hilong's B1 ratings also continue to reflect its product, service
and geographic diversification, as well as its strong customer
base, including major national oil companies. These strengths leave
its operations relatively resilient when compared with its peers
and partly offset industry cyclicality.

Moody's expects Hilong's debt leverage, as measured by adjusted
debt/EBITDA, will increase to 4.1x this year from 3.6x for the 12
months ended June 2019, mainly because of softer earnings. Such a
level of leverage is weaker than Moody's had previously expected
but still supports its B1 rating.

Moody's expects the company's revenue will stay flat in 2020 but
grow by 5% in 2021, following strong estimated 13% growth in 2019.
This assumption is supported by the continued growth momentum for
its extended coating services offerings and line pipe business,
which support the deployment of China's natural gas network. This
is offset by lower demand for drill pipe products and oilfield
services, as upstream oil and gas companies cut back on capital
spending amid the deteriorating economic outlook and volatile oil
prices.

Moody's expects the company's adjusted EBITDA margin will decline
to around 21.5%-22.0% over the next 12-18 months from 24.2% for the
12 months ended June 2019, because of pricing pressures amid weaker
demand. This decline is partially mitigated by the company's
continued cost and expense controls.

Moody's further expects the company to prudently manage its working
capital cycle and remain cautious on its capital spending. As a
result, Moody's expects the company's overall debt levels to remain
largely steady.

Hilong's liquidity profile is modest. At the end of June 2019, the
company had cash and cash equivalents of RMB625 million and
restricted cash of RMB191 million. The company also issued USD200
senior notes in September 2019. These liquidity sources and Moody's
expected operating cash flows of around RMB200-250 million over the
next 12 months were insufficient to cover its RMB2.9 billion of
short-term debt, including the USD310 million notes due in June
2020, RMB221 million of bills payable, and the estimated RMB150
million of maintenance capital expenditure over the same period.

However, this modest liquidity position is mitigated by Hilong's
track record of prudent financial management and good access to the
offshore and domestic banks and debt markets, as well as to the
equity capital markets. For instance, Hilong issued USD200 million
bonds in September 2019.

Moody's further expects the company will seek refinancing to
address its remaining USD165 million bonds maturing in June 2020.

Hilong's B1 corporate family rating reflects its strong global
market positions in the drill pipe and oil country tubular goods
(OCTG) coating materials and services sectors. This global strength
is based on the company's high-quality products, technological
capabilities and long-term relationships with its major customers.

Hilong's rating is constrained by its relatively small size, high
customer concentration, and performance volatility caused by the
cyclical nature of the drill pipe and oilfield services businesses,
which are exposed to the unpredictability of global oil prices.

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

Firstly, the company is exposed to increasingly stringent
regulations for oil and gas operations and access to new resources.
However, Hilong has to date not experienced any major compliance
violations related to air emissions, water discharge or waste
disposal.

Secondly, Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. The action reflects the impact on Hilong
of the breadth and severity of the outbreak, and the broad
deterioration in credit quality it has triggered.

Thirdly, on the governance front, the company's ownership is
concentrated in its key shareholder, Jun Zhang, who held a total
58.7% stake in the company at the end of June 2019. This risk is
partially mitigated by the company's track record of good corporate
governance, its listed status, and disciplined dividend policy.

The ratings could be upgraded if the company (1) achieves strong
growth in its revenue and earnings; (2) further expands its
product, service and geographic diversification while maintaining
its profit margin; (3) improves its debt leverage, such that
adjusted debt/EBITDA falls below 3.5x-4.0x on a sustained basis;
and (4) sustains positive free cash flow generation that results in
an adequate liquidity position.

The ratings could be downgraded if (1) revenue growth weakens as a
result of the low and volatile oil prices as well as a decline in
profit; (2) the strain on its working capital increases, prompting
it to raise a large amount of debt; (3) its debt leverage rises,
such that adjusted debt/EBITDA exceeds 5.5x on a sustained basis;
or (4) its liquidity position weakens. Signs of an inability to
refinance its upcoming maturities and prolonged challenging
industry conditions amid the coronavirus outbreak and low oil
prices would also add downward rating pressure.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. The company's four main businesses are (1)
oilfield equipment manufacturing and services, (2) line pipe
technology and services, (3) oilfield services, and (4) offshore
engineering services.

The company listed on the Hong Kong Stock Exchange in 2011. Jun
Zhang, the chairman and founder of the company, is the controlling
shareholder, with a 58.7% equity interest as of the end of June
2019.


LIONBRIDGE CAPITAL: Moody's Affirms 'B1' CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service affirmed Lionbridge Capital Co.,
Limited's B1 corporate family rating and B2 issuer rating. At the
same time, Moody's has affirmed the B2 backed long-term rating on
the USD-denominated senior unsecured notes due October 2020 issued
by New Lion Bridge Co., Ltd. and guaranteed by Lionbridge Capital.
The outlooks on both entities are stable.

Moody's has also withdrawn the debt-level outlook on New Lion
Bridge Co., Ltd.'s backed long-term senior unsecured rating for its
own business reasons.

RATINGS RATIONALE

The rating affirmation follows Lionbridge Capital's announcement on
March 17, 2020 that CCB Trust Co., Ltd. has entered into a share
transfer agreement to purchase 30% of the total voting share of
Lionbridge Cayman Limited (Lionbridge Cayman) -- which owns 100% of
the voting power of Lionbridge Capital -- from Bain Capital
Lionbridge Cayman Limited. The transaction is pending regulatory
approvals in China.

CCB Trust will become effectively the largest shareholder holding
32% of voting share of Lionbridge Capital. According to the
announcement, CCB Trust will provide financial support to
Lionbridge Cayman and its subsidiaries, including but not limited
to liquidity support, credit facilities, supply chain financing and
channel collaboration.

CCB Trust is a subsidiary of China Construction Bank Corporation
(CCB, A1 stable, baa1) which owns 67% of CCB Trust's shares. The
remaining 33% is owned by Hefei Xingtai Financial Holdings Co.
Ltd., a state-owned enterprise 100% owned by State-owned Assets
Supervision and Administration Commission (SASAC) of Hefei City,
Anhui Province.

The affirmation reflects Moody's view that the proposed CCB Trust
acquisition will enhance Lionbridge Capital's access to liquidity
and ability to execute its refinancing plans. In addition, the
affiliation with CCB Trust will help mitigate the refinancing risk
of Lionbridge's outstanding USD bond maturing on October 10, 2020,
considering Lionbridge's assets are predominately located onshore.
Moody's believes the company has several alternatives to obtain USD
liquidity but these are highly subject to uncertainty given the
current volatile market conditions.

The proposed financial support from CCB Trust will also improve
Lionbridge's financial flexibility which is currently restricted by
the company's heavy reliance on confidence-sensitive wholesale
funding and a small amount of liquid assets. Moody's also expects
Lionbridge to benefit from the potential strategic collaboration
with CCB Trust.

However, Moody's has not incorporated any support uplift into the
rating at this time, as Moody's would like to observe whether
Lionbridge Capital will indeed become a core and strategic part of
CCB Trust over time.

Despite the positive credit implications from the CCB Trust
acquisition, the stable outlook considers the offsetting effect
from the impact of the coronavirus outbreak and consequent economic
slowdown, which poses uncertainties to Lionbridge's profitability
and asset quality, especially given Lionbridge's business
concentration in commercial truck leasing. The lessees of
commercial trucks are typically retail and SME clients who are
particularly vulnerable to a loss of income amid a prolonged period
of business suspension or slowdown. Partially mitigating the
negative impact is the onshore funding support the company expects
to receive after being qualified as a company providing essential
logistics services in support of containing the coronavirus
outbreak and the fact that economic activities in China are
resuming.

The affirmation of Lionbridge Capital's B1 CFR also reflects the
company's: (1) leading franchise in the niche truck leasing market
in China and effective asset quality control; (2) improved capital
adequacy driven by recent capital injections and a strategic shift
to grow less capital-intensive agency businesses; and (3) low
asset/liability duration mismatch. Offsetting these credit
strengths are the company's concentrated business model, heavy
reliance on wholesale secured funding as well as a small pool of
liquid assets.

Moody's CFR reflects the likelihood of a default on a corporate
family's contractually promised payments and the expected financial
loss suffered in the event of default. A CFR is assigned to a
corporate family as if it had a single class of debt and a single
consolidated legal entity structure. Moody's issuer rating reflects
the ability of entities to honor senior unsecured financial
counterparty obligations and contracts.

The one-notch difference between Lionbridge Capital's CFR and its
issuer rating reflects the fact that: (1) most of the company's
assets reside at its fully owned onshore operating entity,
Lionbridge Financial Leasing (China) Co., Ltd (Lionbridge Leasing);
and (2) a large proportion of Lionbridge Leasing's assets are
encumbered for secured borrowings. Therefore, Lionbridge Capital's
senior unsecured debt is structurally subordinated to Lionbridge
Leasing's secured indebtedness and senior unsecured indebtedness.

Lionbridge Capital was founded in Hong Kong in 2011, and its core
operating entity Lionbridge Leasing in mainland China in April
2012. At year-end 2018, Lionbridge Leasing accounted for 99% of
Lionbridge Capital's total assets.

Governance considerations are highly relevant to all finance
companies' creditworthiness. Moody's assesses Lionbridge as having
a management team with deep experience in the truck leasing
industry. That said, companies that have private equity firms as
one of its large shareholders can have more aggressive financial
policies. In addition, there is yet to be a proven track record on
governance under the new shareholding structure, and Moody's will
closely monitor the potential changes to the governance structure
and its credit implications following the proposed CCB Trust
transaction.

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

What Could Change the Rating -- Up

Lionbridge Capital's CFR could be upgraded if (1) the proposed CCB
Trust transaction successfully closes and Lionbridge subsequently
becomes an important strategic platform under CCB Trust and
benefits from CCB Trust's high willingness to provide support in
times of need and (2) Lionbridge maintains its credit metrics on a
standalone basis. Lionbridge Capital's CFR could also be upgraded
if (1) the company successfully executes its refinancing plans for
the maturing USD bond and (2) maintaining its asset quality and
profitability.

The company's issuer rating could be upgraded if its CFR is
upgraded.

What Could Change the Rating -- Down

Lionbridge Capital's CFR could be downgraded if (1) the liquidity
support from and the proposed acquisition by CCB Trust do not come
through, (2) if there is any sign of failure in the company's
execution of its refinancing plans and it becomes apparent that the
company will not have sufficient liquidity available offshore to
repay the outstanding debt, (3) the company's franchise in truck
leasing weakens, (4) its asset quality or capital position weakens,
or (5) its secured debt/gross tangible assets continues to rise.

The company's issuer rating and senior unsecured debt rating could
be downgraded if its (1) CFR is downgraded, or (2) structurally
senior unsecured debt or secured debt, or both, increase
materially.

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

Lionbridge Capital is domiciled in Hong Kong with a majority of its
operations in China. The company reported assets of RMB17.2 billion
as of year-end 2018.


RED STAR: S&P Alters Outlook to Negative & Affirms 'BB+' ICR
------------------------------------------------------------
S&P Global Ratings, on March 24, 2020, revised its outlook on Red
Star Macalline Group to negative from stable and affirmed its 'BB+'
long-term issuer credit rating on the company. S&P also affirmed
its 'BB' long-term issue rating on the company's guaranteed senior
unsecured notes.

S&P said, "We revised the outlook on Red Star Macalline Group Corp.
Ltd. to negative from stable on the view that the COVID-19 outbreak
and resulting economic downturn will hit Red Star's operating
results in the next 12 months. In January and February 2020,
national retail sales fell by 21% year on year. Furniture sales
dropped by one-third, compared with the same period in 2019.

"We affirmed the rating as we expect Red Star to maintain its
position as the largest retail chain operator in China's home
improvement and furnishing industry, underpinning its ability to
recover from this slump."

The key question is whether the issuer can manage the demand shock
and maintain income stability. Recent signs that the COVID-19
outbreak is contained in China suggest that its operating
performance may rebound.

S&P is still uncertain about the effect of the outbreak on consumer
spending in China in the long run, given the containment is at a
nascent stage.

Red Star owns a large portfolio of furniture malls from which it
had previously derived highly steady recurring rental income. The
outbreak is now testing this income stability. Red Star is more
vulnerable than other landlords because its tenancy agreements are
short, at one year. This makes the company more exposed to industry
cycles than a typical landlord in the retail and office arena.

Red Star has high exposure to franchise management fee income,
where its managed shopping malls use the Red Star brand and part of
the Red Star chain. S&P expects such franchise income accounted for
28% of the company's revenue in 2019. This exposure adds to its
cash flow uncertainties.

S&P estimates that EBITDA may decline by 8%-9% in 2020. This
assumes a revenue decline of 9%-10% (assuming 5%-10% negative
rental reversion and a one-month voluntary rent-free period). This
implies an increase in the debt-to-EBITDA ratio to 6.5x-7.0x.

Nonetheless, Red Star's business model gives it flexibility to
defer capital expenditure, given most such spending is uncommitted
and expansion related. This could support current cash flows,
albeit at the expense of growth. Moreover, tenants prepay rent to
Red Star, and put cash on deposit to Red Star, providing a cushion
against an immediate drop in rental income from tenants.

S&P said, "We view Red Star's liquidity as less than adequate given
its persistently high short-term maturities, especially bonds due
within a year. The loss of operating cash inflow will also strain
the company's liquidity profile. About half of its short-term
maturities are corporate bonds and commercial mortgage-backed
securities of Chinese renminbi (RMB) 5.4 billion. These debts are
due in September and November 2020. Bank loans comprise the rest of
its short-term debt.

"That said, we don't expect the company to have significant
refinancing risks given its large holdings of unencumbered assets,
which represent nearly 70% of its investment properties. Red Star
issued RMB1 billion in bonds and medium-term notes of in January
and March 2020--a time of market stress--confirming its sound
market access.

"The negative outlook reflects our view that the COVID-19 outbreak
has severely dented consumption in China, and will erode Red Star's
recurring income. However, we expect that this shock will be
short-term. Red Star's cash flows and EBITDA from its home
improvement and furnishing retail malls should rebound once
consumer confidence returns."

S&P could downgrade the company if this rebound is weaker or the
downturn lasts longer than it expected. Some indications of this
could include:

-- Red Star's debt-to-EBITDA ratio rises above 7.5x and its ratio
of funds from operations (FFO) to debt drops below 9% on a
sustained basis, or

-- Its liquidity profile deteriorates further from levels that we
currently view as less than adequate.

S&P said, "We may also downgrade Red Star if we believe that the
volatile property development business of its parent, Red Star
Macalline Holding Group Co. Ltd., becomes the key driver of the
risk profile of the group. This would happen if recurring rental
income no longer contributed a substantial majority of group
EBITDA. We may also downgrade Red Star if the parent's ability to
service debt weakens substantially. A sign of this would be if its
EBITDA interest coverage dropped below 1.5x on a sustained basis.

"We may revise the outlook to stable if Red Star improves its
leverage and cash flow adequacy measures such that its
debt-to-EBITDA ratio stays at below 7.5x or its FFO-to-debt ratio
increases to above 9%. This may happen if the company quickly
rebounds from the disruption to its business operations and
achieves solid rental income growth, while controlling its
financial leverage."


SHANDONG RUYI: Moody's Lowers CFR to Caa3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded Shandong Ruyi Technology
Group Co., Ltd.'s corporate family rating to Caa3 from Caa1 and the
rating on the senior unsecured notes issued by Prime Bloom Holdings
Limited and guaranteed by Shandong Ruyi to Ca from Caa2.

The ratings outlook remains negative.

RATINGS RATIONALE

"The downgrade reflects Shandong Ruyi's tightening liquidity
position and elevated refinancing risk amid increased economy
uncertainty, with sizeable upcoming maturities over the next 12-18
months," says Chenyi Lu, a Moody's Vice President and Senior Credit
Officer.

On March 15, 2020, based on an agreement with all its bondholders,
Shandong Ruyi extended its annual interest payment of about RMB75
million on its RMB1.0 billion MTN, which matures in March 2022, by
three months to June 15, 2020. This extension demonstrates the
company's tightening liquidity position.

Moody's estimates Shandong Ruyi's debt repayment risk remains
elevated as it will need to address a large amount of upcoming
maturities, including domestic bonds of RMB4.4 billion maturing and
puttable in 2H 2020. This risk remains despite Shandong Ruyi
repaying its USD345 million bond by its December 19, 2019
maturity.

Refinancing risk is further exacerbated by the rapid and widening
spread of the coronavirus outbreak, deteriorating global economic
outlook, falling oil prices, and asset price declines, which have
created a severe and extensive credit shock across many sectors,
regions and markets. The combined credit effects of these
developments are unprecedented.

Shandong Ruyi's liquidity position is weak. At the end of September
2019, Shandong Ruyi's cash, including pledged deposits of RMB8.8
billion, and Moody's forecast of cash flow from operations of
RMB1.8 billion for the next 12 months were insufficient to cover
its maturing debt of RMB11.5 billion, bills payable of RMB5.0
billion, and estimated maintenance capital spending of RMB100
million over the same period.

In terms of environmental, social and governance (ESG) factors,
Shandong Ruyi's Caa3 CFR also incorporates the following
considerations.

From a governance perspective, Shandong Ruyi maintains an
acquisitive financial strategy, as reflected in its elevated
financial leverage and reliance on short-term borrowings.

In addition, Shandong Ruyi is a privately-owned company whose
ownership is concentrated in its parent company, which held a 53.5%
stake and itself is privately-owned with low transparency.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action also reflects the impact on Shandong Ruyi of
the breadth and severity of the outbreak, and the broad
deterioration in credit quality it has triggered.

The negative outlook reflects Moody's expectation that Shandong
Ruyi's refinancing risk will remain elevated over the next 12-18
months.

An upgrade is unlikely in the near term, given the negative
outlook. A positive ratings action could be considered, if the
company meaningfully improves its financial and liquidity
position.

Moody's could downgrade the rating if Shandong Ruyi fails to meet
its payment obligations.

The principal methodology used in these ratingswas Retail Industry
published in May 2018.

Established in 2001, Shandong Ruyi Technology Group Co., Ltd. is a
vertically integrated textile company that engages in textile
manufacturing and trading, apparel manufacturing and retailing, and
cotton and wool production.

Shandong Ruyi's largest shareholder is Beijing Ruyi Fashion
Investment Holding Company Limited, with a 53.5% share at the end
of 2018. Other key shareholders include Yinchuan Finance Holding
Company Limited (with a 26.0% share as of the same date) and ITOCHU
Corporation (A3 stable, 11.7%).

The company has three listed subsidiaries: the Shenzhen Stock
Exchange-listed Shandong Jining Ruyi Woolen Textile Co. Ltd., the
Tokyo Stock Exchange-listed Renown Incorporated and the Euronext
Paris-listed SMCP Group.


XINHU ZHONGBAO: S&P Rates New USD Sr. Unsecured Notes 'B-'
----------------------------------------------------------
S&P Global Rating assigned its 'B-' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes by
Xinhu (BVI) 2018 Holding Co. Ltd., a subsidiary of Xinhu Zhongbao
Co. Ltd. (B/Negative/--).

The parent Xinhu Zhongbao unconditionally and irrevocably
guarantees the notes. The company plans to use the proceeds to
refinance its existing medium- to long-term debts which are due
within one year. The issue rating is subject to our review of the
final issuance documentation.

S&P said, "We rate the notes one notch lower than the issuer credit
rating on Xinhu Zhongbao because the debt is significantly
subordinated relative to other debt in the company's capital
structure. As of June 30, 2019, Xinhu Zhongbao's capital structure
consisted of Chinese renminbi (RMB) 51 billion of secured debt and
RMB34 billion of unsecured debt issued or guaranteed by the company
at the holding company level. Secured debt accounted for 60% of the
company's total debt, above our priority debt threshold of 50% for
notching down. We estimate the secured debt ratio was above 50% at
the end of 2019.

"In our view, Xinhu Zhongbao's long development cycle for urban
redevelopment projects (URPs) will continue to put pressure on its
leverage. We estimate the company's leverage, as measured by the
ratio of debt to EBITDA, was 12.5x-13x in 2019, and could gradually
improve in 2020-2021. Given that the company has sufficient land
bank to support development for at least the next three to four
years, we believe it will not be as aggressive in land acquisitions
as in the past.

"The negative outlook on the issuer credit rating reflects our view
that the company will face liquidity and refinancing pressure,
given the large amount of debt maturing in the next 12 months.
Despite the company repaying its US$600 million senior unsecured
notes in March, 2020, it still has US$240 million and US$258
million senior unsecured notes puttable in December 2020 and March
2021, respectively, which will be partly refinanced through the
proposed issuance. In our view, the company relies on cash on hand,
improving sales performance, assets disposal, and successful debt
refinancing to meet its high short-term borrowing."




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

ADARSH RICE: ICRA Lowers Rating on INR1.38cr Term Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Adarsh
Rice Mill, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         1.3825       [ICRA]B+ (Stable); ISSUER NOT
   Limit–Term                      COOPERATING; Rating
downgraded
   Loan                            from [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Fund Based         5.00         [ICRA]B+ (Stable); ISSUER NOT
   Limit–Cash                      COOPERATING; Rating
downgraded
   Credit                          from [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Non-Fund           1.00         [ICRA]A4; ISSUER NOT
   Based Limit–                    COOPERATING; Rating continues

   Bank Guarantee                  to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund           1.56         [ICRA]A4; ISSUER NOT
   Based Limit–                    COOPERATING; Rating continues

   Letter of                       to remain under 'Issuer Not
   Credit                          Cooperating' category

   Unallocated        0.0575       [ICRA]B+ (Stable)/A4; ISSUER
   Limit                           NOT COOPERATING; Long term
                                   rating downgraded from
                                   [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating downgrade is because of lack of adequate information
regarding Adarsh Rice Mill's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by the rated entity". The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Adarsh Rice Mill, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Adarsh Rice Mill was established in 1993as a partnership firm by
Mr. Krishna Kumar Agarwal, based in Chhattisgarh. The entity is
engaged in milling of raw and parboiled rice and has an installed
capacity of 38,400 metric tonnes per annum (MTPA).


AMRIT CEMENT: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Amrit Cement
Limited's (ACL) additional bank facility a long-term 'IND BB'
rating with a Stable Outlook.

The detailed rating actions are:

-- Long Term Issuer Rating affirmed with IND BB/Stable rating;

-- INR1.190 bil. Term loan due on FY24 assigned with IND
     BB/Stable rating;

-- INR420 mil. Term loan due on FY24 affirmed with IND BB/Stable
     rating; and

-- INR580 mil. Fund-based limit affirmed with IND BB/Stable
     rating.

KEY RATING DRIVERS

The ratings reflect ACL's modest scale of operations even as its
revenue increased to INR3,937 million in FY19 from INR2,986 million
in FY18 due to higher sales volume. The company's credit metrics
are weak with interest coverage of 1.23x in FY19 (FY18: 0.45x) and
net financial leverage of 8.56x (25.19x). The year-on-year
improvement in the credit metrics was due to debt reduction as the
company paid its term loans on the receipt of its subsidy leading
to lower interest costs. ACL's operating EBITDA margin was modest
at 12% in FY19 (FY18: 6.64%); the return on capital employed was 5%
(nil).

Liquidity Indicator - Stretched: The ratings are constrained by
ACL's expected debt service coverage ratio of less than 1x if the
company does not receive any subsidy in FY21. However, the
liquidity is supported by its lower maximum average utilization of
68% of working capital limits during the 12 months ended February
2020 and any receipt of subsidy during FY20 and FY21 will further
ease out the liquidity. The working capital cycle of the company
was moderate at around 42 days during FY19 (FY18: 39 days). The
slight deterioration in the working capital days was due to a
decline in the creditor days. ACL's cash flow from operations
turned positive at INR606.35 million during FY19 (FY18: negative
INR257.02 million) due to the receipt of subsidy during FY19. The
company is yet to receive a part of the subsidy entitled to it this
year. Any further delay in receiving a subsidy may further stretch
ACL's liquidity.

The ratings are, however, supported by the director over a
decade-long experience in the cement manufacturing business.

RATING SENSITIVITIES

Positive: Further improvement in the credit metrics along with
liquidity improvement will be positive for the ratings.

Negative: Further stress on the liquidity along with deterioration
in the credit metrics will be negative for the ratings.

COMPANY PROFILE

ACL has an integrated facility in Meghalaya to manufacture 2,000
tons per day of clinker and 1,850 tons per day of cement with a
12-megawatt captive power plant. The company is promoted by Mr.
Pradeep Kr. Bagla and family.


ANSAL PROPERTIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Ansal Properties and Infrastructure Ltd.
        115, Ansal Bhawan
        16, K G Marg
        New Delhi 110001

Insolvency Commencement Date: March 17, 2020

Court: National Company Law Tribunal, Delhi Bench-II

Estimated date of closure of
insolvency resolution process: September 13, 2020

Insolvency professional: Amarpal

Interim Resolution
Professional:            Amarpal
                         Office No. 401, DDA Building-2
                         Distt. Centre, Janakpuri
                         New Delhi 110058
                         E-mail: amarpal@icai.org

                            - and -

                         B-96, 2nd Floor
                         Udyog Vihar Phase-5
                         Gurugram, Haryana 122016
                         E-mail: cirp.ansalapi@gmail.com

Classes of creditors:    Allottee under real estate project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Kailash Chandra Jain
                         Mr. Ranjeet Kumar Verma
                         Mr. Satendar Kumar

Last date for
submission of claims:    March 31, 2020


ARKAY INT'L: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Arkay International Finsec Limited
        123, Stock Exchange Building
        Malviya Nagar, Jaipur 302017
        Raj

Insolvency Commencement Date: February 14, 2020

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: August 12, 2020

Insolvency professional: Vijendra Bangar

Interim Resolution
Professional:            Vijendra Bangar
                         103A, Shyam Anukampa
                         O-11, Ashok Marg
                         C-Scheme, Jaipur 302001
                         Rajasthan
                         E-mail: bangarv@gmail.com

Last date for
submission of claims:    March 3, 2020


B.D. MOTORS LIMITED: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: B.D. Motors Limited
        "Diamond Prestige"
        41 A, AJC Bose Road
        1st Floor, Room No. 115
        Kolkata 700017
        West Bengal
        India

Insolvency Commencement Date: March 12, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 8, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Bimal Kanti Choudhury

Interim Resolution
Professional:            Mr. Bimal Kanti Choudhury
                         77A/50 Raja S.C. Mallick Road
                         8, S.P.B. Block
                         Kolkata 700092
                         E-mail: bimalkantichoudhury@gmail.com
                                 ipbdmotors@gmail.com

Last date for
submission of claims:    March 30, 2020


BHARATHI VIDHYALAYA: Ind-Ra Assigns BB Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bharathi
Vidhyalaya Educational Trust's (BVET) bank facilities a rating of
'IND BB'. The Outlook is Stable.

The detailed rating actions are:

-- INR426.80 mil. Bank loans assigned with IND BB/Stable rating;
     and

-- INR50.00 mil. Fund-based working capital limit assigned with
     IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect BVET's small scale of operations with total
revenue of INR225.46 million in FY19 (FY18: INR190.56). The trust's
revenue clocked a 24.12% CAGR over FY14-FY19 and the major source
of income- tuition fee income contributed an average of 99.61% to
the total revenue. Ind-Ra expects the trust's FY20 revenue growth
to be moderate, owing to the addition of 431 students in the school
for the academic year 2019-20.

The rating factor in BVET's moderate debt burden (debt/current
balance before interest and depreciation (CBBID) during FY14-FY19.
The debt burden declined slightly to 3.13x in FY19 (FY18: 3.60x)
due to a 20.41% YoY growth in CBBID to INR124.74 million. Ind-Ra
expects the debt burden to remain moderate on account of expected
growth in CBBID.

The ratings, however, are supported by the trust's comfortable debt
service coverage ratio (DSCR) over FY14-FY19. The DSCR was almost
flat at 1.59x in FY19 (FY18: 1.56x). The interest service coverage
ratio (CBBID/interest payments) improved to 2.23x in FY19 (FY18:
2.11x) due to the growth in CBBID.

The ratings are also supported by BVET's comfortable operating
margins of average 56.73% over FY14-FY19. The trust's operating
margin expanded to 55.33% in FY19 (FY18: 54.37%) mainly due to
18.31% YoY growth in operating income. The trust reported the
current balance margin of 12.75% in FY19 (FY18: 14.33%)

The ratings are further supported by BVET's long operational track
record of around 23 years and a stable student headcount base of
3,648, as of February 2020. The average annual addition of 380
students and average capacity utilization of 88.52% over academic
years 2014-15 to 2019-20 shows the trust's ability to attract
students. As the capacity utilization increased to 97.28% for the
academic year 2019-20 (2018-19: 85.79%) the trust has planned to
construct a new school building, which will accommodate 700-800
students, on the same campus at a total project cost of INR80
million. The construction is likely to commence from April 2020 and
expected to be complete within nine months.

Liquidity Indicator – Adequate: BVET's available funds (cash and
unrestricted investments) declined to INR1.55 million in FY19
(FY18: INR9.69 million) due to the CAPEX incurred for the new
school building. Resultantly, the available fund provides a weak
financial cushion to debt (FY19: 0.40%; FY18: 2.60%) and operating
expenditure (FY19: 1.54%; FY18: 11.15%). The trust's working
capital utilization was above 100% during the last three months
ended in January 2020. However, BVET has kept INR14.30 million in
debt service reserve account in the form of fixed deposits. The
trust has INR145.42 million funds (including the debt service
reserve account) for debt service commitments of INR82.86 million
in FY20.

RATING SENSITIVITIES

Positive: Events that may, individually or collectively, lead to a
positive rating action are:

- timely completion of CAPEX and maintaining capacity utilization

    on a sustained basis,

- sustained growth in revenue to INR300 million in the medium
    term

- reduction in working capital utilization.

Negative: Events that may, individually or collectively, lead to a
negative rating action are:

- delay in completion of CAPEX,

- fall in the operating margin below 40% on a sustained basis

- any increase in debt burden above 4x.

COMPANY PROFILE

BVET is a public charitable trust founded in 1997 by P R Velumani
and his wife Amutham. The trust manages the Bharathi Vidhyalaya
Matriculation School and Bharathi Vidhyalaya CBSE School in
Gobichettipalayam, Tamil Nadu and offers classes from pre-primary
to 12th standard.


BHAVYA INFRASTRUCUTRES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/s. Bhavya Infrastructures (India) Private Limited
        504, Lopez Residenies
        B Wing, Plot Bearing
        CTS 7 71TO4 Mandpehswar Vil
        Dahisar West Mumbai 400068

Insolvency Commencement Date: February 17, 2020

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: August 15, 2020
                               (180 days from commencement)

Insolvency professional: Laxman Digambar Pawar

Interim Resolution
Professional:            Laxman Digambar Pawar
                         Flat No. 16, First Floor
                         Bhakti Complex
                         Behind Dr. Ambedkar Statue
                         Pimpri, Pune 411018
                         Mobile: 9921516368
                                 9422327957
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    March 2, 2020


BIZ AD OPTIMISER: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Biz Ad Optimiser Private Limited
        UG-14 U-158 Vats Complex
        Vikas Marg New Delhi
        East Delhi DL 110092

Insolvency Commencement Date: March 18, 2020

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: September 14, 2020

Insolvency professional: Mr. Tara Chand Sharma

Interim Resolution
Professional:            Mr. Tara Chand Sharma
                         O-11, 2nd Floor, Amber Tower
                         Sansar Chandra Road
                         Jaipur 302001
                         Raj
                         E-mail: cstarachand@gmail.com

Last date for
submission of claims:    March 31, 2020


CEEJAY FINANCE: ICRA Lowers Rating on INR15cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ceejay
Finance Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term            15.0       [ICRA]B+(Stable) ISSUER NOT
   Fund-based                      COOPERATING; Rating downgraded
   Bank Lines                      from [ICRA]BB+(Stable) and
                                   remains under Issuer Not
                                   Cooperating category

Rationale

The rating downgrade is because of the lack of adequate information
regarding Ceejay Finance Limited's performance and hence the
uncertainty regarding its credit risk. ICRA has assessed whether
the information available about the entity is commensurate with its
rating and has reviewed the same as per its 'Policy in respect of
non-cooperation by the rated entity'. The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity despite the
downgrade.

As a part of its process and in accordance with its rating
agreement with Ceejay Finance Limited, ICRA has been trying to seek
information from the entity to monitor its performance. However,
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Ceejay Finance Limited, incorporated in 1993 as Heritage Packaging
Limited, is an Ahmedabad-based deposit-taking NBFC (asset financing
company registered with the RBI) that is primarily in the vehicle
financing business. The company's name was changed to Ceejay
Finance Limited in August 2001. It is a part of the C.J. Group,
which manufactures and markets beedis, tobacco and tendu leaves and
also has a presence in the commercial and residential real estate
segment.

In FY2019, the company reported a net profit of INR5.09 crore on a
total asset base of INR72.66 crore compared to a net profit of
INR5.56 crore on a total asset base of INR70.40 crore in FY2018. In
H1 FY2020, the company had reported a net profit of INR2.94 crore
on a total asset base of INR72.45 crore.


DIAMOND INFRALAND: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Diamond Infraland Developers India Limited
        C/o Narendia Pal Gangwar
        33A 'Amod' Alliance Super City
        Behind University Bareilly
        UP 243006
        IN

Insolvency Commencement Date: December 16, 2019

Court: National Company Law Tribunal, Lucknow Bench

Estimated date of closure of
insolvency resolution process: June 13, 2020

Insolvency professional: Anuj Kumar Tiwari

Interim Resolution
Professional:            Anuj Kumar Tiwari
                         C-147, Raja Ji Puram
                         Lucknow 226017
                         E-mail: anujtiwarics@gmail.com

                            - and -

                         201, Second Floor IndraKaran Plaza
                         Lalbagh, Lucknow 226001
                         E-mail: ipdiamondinfra@gmail.com
                         Mobile: 9794051011

Last date for
submission of claims:    December 30, 2019


FAIRDEAL MARWAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Fairdeal Marwar Garages Private Limited
        2 - A.B. Road
        Indore, MP 452001

Insolvency Commencement Date: January 24, 2020

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: July 22, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Jagdish Kumar

Interim Resolution
Professional:            Mr. Jagdish Kumar
                         B56, Wallfort City
                         Bhatagaon, Ring Road No. 1
                         Raipur, Chhattisgarh 492001
                         E-mail: jkparulkar@yahoo.co.in

                            - and -

                         E-10A, Kailash Colony
                         Greater Kailash-1, New Delhi
                         Delhi 110048
                         E-mail: fairdeal@aaainsolvency.com

Last date for
submission of claims:    March 2, 2020


FUTURE RETAIL: S&P Lowers Preliminary 'B-' ICR, On Watch Negative
-----------------------------------------------------------------
S&P Global Ratings, on March 25, 2020, lowered its preliminary
long-term issuer credit rating on Future Retail and the preliminary
long-term issue rating on the company's US$500 million senior
secured notes to 'B-' from 'BB-'. At the same time, S&P placed the
ratings on the Indian retailer on CreditWatch with negative
implications.

S&P said, "We lowered the ratings on Future Retail Ltd. because we
believe the company's financial flexibility has weakened. In our
view, the company's creditworthiness is undermined by the growing
risks around the financial position of its promoter holding
companies.

"In January 2020, we highlighted that credit-negative developments
at other Future Group entities may cause us to lower our credit
assessment of the group and that if liquidity support from Indian
banks to the company wanes we may assess Future Retail's liquidity
as weak.

"In our view, Future Retail is now exposed to a higher event risk
triggered by a potential change-of-control covenant for its US$500
million secured notes issuance. The covenant requires the company's
promoter shareholders--Future Corporate Resources Pvt. Ltd. (FCRPL)
and Future Coupons Pvt. Ltd.--to maintain a 26% ownership in Future
Retail. As of March 24, 2020, certain lenders have invoked the
pledge on encumbered shares (8% of total shares).

"We believe the flexibility available to FCRPL is now materially
lower as Future Retail's market capitalization (against which the
promoter shareholder has raised loans) continues to erode. FCRPL
has significantly increased its share encumbrances to almost 84% of
its shareholding (as of March 17, 2020) as against 58% at the start
of March 2020. This is contrary to our earlier expectations, on
which we assigned the preliminary 'BB-' rating. FCRPL owns about
41.1% of Future Retail.

"The promoter shareholders' financial position could affect Future
Retail's banking relationships--a factor we consider crucial for
the company's ability to roll over its sizable short-term working
capital loans. At the same time, the weak sentiment in credit
markets restricts the company's access to alternate sources of
financing, should liquidity pressure build up."

The high leverage and limited visibility on liquidity sources at
the promoter shareholder level are likely to affect the standing of
Future Retail in funding markets. Debt resolution at the promoter
company (e.g. through potential restructuring) could also weigh on
the group's reputation. S&P believes these recent developments
could suggest a greater degree of linkage between the promoter
shareholder and Future Retail going forward.

Given its unlisted status, limited disclosures at FCRPL is a
weakness from a credit perspective. S&P believes the financial
stress at the promoter holding companies indicates the need for
better risk management practices at the group.

S&P said, "We expect Future Retail's management to adhere to its
commitment on no outsized distributions to promoter shareholders,
even though risks of some dividend payments have increased, in our
view. Our previous rating assumed no shareholder distributions in
fiscals 2020 and 2021 (year ending March 31). We believe FCRPL has
access to other sources of cash flow such as monetization of
non-core assets for meeting its debt-servicing requirements."
However, the illiquid nature of such assets could make these
sources of financing unviable for short-term funding requirements,
especially in the current market environment. This is also
reflected in the sudden spike in share encumbrances by the promoter
shareholder.

The CreditWatch placement also reflects likely weaker operating
cash flow for Future Retail in fiscal 2021 as the COVID-19 pandemic
develops in India, the company's only operating market. The
anticipated slowdown in the economy, lower discretionary spending,
and operational disruptions (due to closure of malls) are likely to
affect the company's operating cash flow over the next 12 months.
Moreover, the recent change in business strategy could lead to
lower margins than S&P earlier expected. Weaker operating
conditions could also lead to higher working capital demand,
although the company is in discussions with its bankers to enhance
its credit lines.

The CreditWatch placement reflects growing risks on Future Retail's
liquidity position, its access to banking and capital markets, and
ability to roll over credit lines following the credit-negative
development at the group level. In addition, the event risk is
likely to persist over the next few weeks amid a probable weakening
operating performance.


GIRDHAR TENTS: ICRA Lowers Rating on INR6cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Girdhar
Tents Private Limited, as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-Term Fund        6.00       [ICRA]B+ (Stable); ISSUER NOT
   based/Cash Credit                COOPERATING; Rating
                                    downgraded from [ICRA]BB-
                                    (Stable) and continues to
                                    remain under 'Issuer Not
                                    Cooperating' category

   Long-Term Fund        3.00       [ICRA]B+ (Stable); ISSUER NOT
   based/Term Loan                  COOPERATING; Rating
                                    downgraded from [ICRA]BB-
                                    (Stable) and continues to
                                    remain under 'Issuer Not
                                    Cooperating' category

   Short-Term Non-       5.00       [ICRA]A4; ISSUER NOT
   Fund based/Bank                  COOPERATING; Rating continues
   Guarantee                        to remain under 'Issuer Not
                                    Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Girdhar Tents Private Limited's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Girdhar Tents Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

The company belongs to Singhal family of Indore having experience
of over 50 years in tentage manufacturing and hiring business. The
company has been operating since 1994 and engaged in different type
of activities comprising of manufacturing and trading of tentage
material, hiring of tentage material and supply, erection and
maintenance of tentage materials, camps, pandal etc on turnkey
basis for big events and happenings.

The company is also running a marriage garden in the name of
"Girdhar Mahal" at the prime location of the city. Promoter of the
project, Mr. Pradyumna Singhal, aged 51 years has inherited this
business from his father Late Shri Satyabhan Singhal who was a
renowned personality of the Indore City at his time. Thus, the
company is being managed by competent personnel.


HIMALAYA COMMUNICATIONS: ICRA Cuts Rating on INR5cr Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Himalaya
Communications Limited (HCL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B+(Stable) ISSUER NOT
   FundBased/                      COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB(Stable) and
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-          1.92        [ICRA]B+(Stable) ISSUER NOT
   Fund Based/                     COOPERATING; Rating downgraded
   Term Loan                       from [ICRA]BB(Stable) and
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

   Short Term–        21.50        [ICRA] A4 ISSUER NOT
   Non fund Based                  COOPERATING; continues to
                                   remain under 'issuer not
                                   cooperating category'

Rationale

The Long-Term rating downgraded because of lack of adequate
information HCL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Himalaya Communications Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

HCL, incorporated in 2000, is promoted by Mr S C Jain; it began
operations in 2002. The company manufactures optical fiber cable
(OFC) and polyethylene insulated jelly filled cable (PIJF) in its
manufacturing facility at Baddi, Himachal Pradesh. HCL has annual
capacity to manufacture 15.4 lakh conductor kilometre of PIJF
cables and 28.56 kilometre of OFC in three shifts.


HINDUPUR BIO-ENERGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Hindupur Bio-Energy Private Limited
        6-3-1109/A/1, IIrd Floor
        Navabharat Chambers
        Rajahbav Anroad
        Hyderabad-82A.P.
        TG 500082
        IN

Insolvency Commencement Date: March 16, 2020

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: September 12, 2020

Insolvency professional: Narala Varalakshmi

Interim Resolution
Professional:            Narala Varalakshmi
                         H.No. 1-8-588/29/A, Acchai Nagar
                         Adj to RTC Kalyanamandapam
                         Baglingampally
                         Hyderabad 500044
                         E-mail: ip.varalakshmin@gmail.com

                            - and –

                         301, 3rd Floor, Bhavya's Fantastika
                         D.No. 8-2-684/A, Road No. 12
                         Banjara Hills
                         Hyderabad 500034
                         Telangana State
                         India
                         E-mail: ip.irp2020@gmail.com

Last date for
submission of claims:    March 30, 2020


INDIABULLS HOUSING: Moody's Lowers CFR & Sr. Secured Rating to 'B3
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and foreign-currency senior secured rating of Indiabulls
Housing Finance Limited to B3 from B2.

In addition, Moody's has downgraded Indiabulls' foreign and local
currency senior secured MTN program ratings to (P)B3 from (P)B2.

The outlook on all ratings remains negative.

RATINGS RATIONALE

The downgrade and negative outlook reflect Moody's expectation that
Indiabulls' access to funding will remain challenging for longer
than expected. This is because wholesale funding markets remain
largely closed to many financial institutions following the
imposition of a moratorium on Yes Bank as well as the broader risk
aversion currently prevalent in financial markets globally. There
is significant uncertainty around when Indiabulls will regain
access to market funding.

As a result, Indiabulls' reliance on asset sales as the primary
source of liquidity to repay maturing obligations will increase.

Prima facie, expected cash inflows (customer loan repayments) are
sufficient to meet outflows (debt repayments). However, loan
repayment rates and debt prepayments are volatile, increasing the
risk of a missed payment and as result the risk to creditors.
Highlighting these risks, debt repayments over the last nine months
ending 31 December 2019 were much higher than the company
expected.

Further, an extended period without access to funding could result
in significant damage to Indiabulls' franchise. Indiabulls' loan
book has been contracting since December 2018, and new
disbursements have reduced significantly.

As a result, Indiabulls' profitability will reduce because of lower
net interest margins and higher cost-to-income ratios.

Asset quality has also deteriorated, with the gross NPL ratio
registering 1.94% at the end of December 2019 compared to 0.88% at
the end of March 2019. While the bulk of the deterioration has come
from the real estate developer book, there has also been a
deterioration in the home loans and loans against property (LAP)
segments.

Moody's expects the company's asset quality will continue to
weaken. Real estate developers are among the most stressed
borrowers in India and are facing the brunt of risk aversion by way
of tight access to funding. With the operating environment in India
remaining challenging, Moody's expects the home loans and LAP
portfolios will also continue to deteriorate. The operating
environment will be particularly impacted by the economic
dislocations that will be caused by measures taken to combat the
spread of the coronavirus such as instituting lockdowns across
large parts of the country.

Capital remains a key credit strength, with Indiabulls' balance
sheet likely to contract over the next 12 months as the company
looks to conserve liquidity.

Moody's continues to make a negative adjustment for corporate
governance.

Events over the last year, including the rejection by the Reserve
Bank of India of Indiabulls' proposed merger with Lakshmi Vilas
Bank, reflect negatively on corporate governance.

There had been allegations against Indiabulls in the Delhi High
Court that the company, over the last few years, granted loans to
some entities with the intent of benefiting the promoters of the
company. In February 2020, the Ministry of Corporate Affairs of the
Government of India (Baa2 negative) filed an affidavit in the court
stating that its investigations reveal that either these loans were
repaid or were standard loans in the company's books. This
development is a credit positive. Details that emerged on the group
structure and related party type of transactions make the company
less transparent to analyze and reduce the predictability of credit
outcomes.

WHAT COULD CHANGE THE RATING UP

Given the negative outlook, an upgrade is unlikely in the near
term. However, the outlook could return to stable if the company's
access to funding improves.

WHAT COULD CHANGE THE RATING DOWN

The ratings could be downgraded if (1) Indiabulls' liquidity
position deteriorates, (2) its debt repayments occur faster than
indicated in its published debt repayment schedule or (3) its asset
quality deteriorates meaningfully.

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

Headquartered in New Delhi, Indiabulls Housing Finance Limited
reported total assets of INR1,046 billion at 31 December 2019.


LEXUS GRANITO: ICRA Lowers Rating on INR42.18cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Lexus
Granito (India) Limited, as:

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund-based-         42.18     [ICRA]D; ISSUER NOT COOPERATING;
   Term Loans                    Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Fund-based-         22.00     [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Fund-based-        (17.00)    [ICRA]D; ISSUER NOT COOPERATING;
   EPC/FBD                       Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Non-fund based-      4.70     [ICRA]D; ISSUER NOT COOPERATING;
   Bank Guarantee                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Non-fund based-     (0.75)    [ICRA]D; ISSUER NOT COOPERATING;
   Credit Exposure               Rating continues to remain under  

   Limit                         'Issuer Not Cooperating'
                                 category

   Non-convertible     6.40      [ICRA]D; ISSUER NOT COOPERATING;
   Debentures (NCD)              Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Proposed NCD        8.60      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

Rationale

The ratings for the INR68.33 crore bank facilities and 15.00 crore
Non-Convertible Debentures of Lexus Granito (India) Limited
continue to remain under 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D/D; ISSUER NOT COOPERATING".

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in 2010, Lexus Granito (India) Limited is an
established player in the ceramics industry with presence in the
domestic and international markets. The company manufactures
vitrified tiles and operates through its own plant in Morbi with an
installed capacity to produce 48,00,000 boxes of vitrified tiles
per annum in three sizes - 600X600 mm, 1200X600 mm and 800X1200 mm.
In June 2017, the company commenced the manufacture of wall tiles
(which was earlier manufactured under its Group concern, Lexus
Ceramic Private Limited). The wall tiles manufacturing unit is
located in LGL's existing facility. The unit has an installed
capacity to produce 64,80,000 boxes of wall tiles per annum in
three sizes - 300X600 mm, 300X450 mm and 300X300 mm. The company is
managed by Mr. Babulal Detroja, Mr. Anil Detroja, Mr. Nilesh
Detroja and Mr. Hitesh Detroja.


MANJU SHREE: ICRA Keps B+ on INR7.21cr Loan in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR8.87 crore bank facilities of Manju
Shree Syntex Private Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           7.21       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          1.66       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in 2005 as a private limited company, MSSPL is engaged
in the manufacturing of grey and finished fabric for suiting at its
unit in Bhilwara for direct sales under its brand name "Spectrum"
and "Da Vinchi" as well as on job-work basis for its clients. The
company started its operations in 2007 by installing 20 Dornier
looms. Thereafter, in 2009, the company installed 8 Sulzer double
width looms while another 21 Sulzer looms (16 double width and 5
single width) were added in February 2012. In April 2013, the
company sold its 20 Dornier looms and at present it is operating 29
Sulzer looms (5-single width and 24-double width).


MILLENIUM EXIM: ICRA Keeps B on INR3cr Credit in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR12.00 crore bank facilities of
Millenium Exim Private Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          3.00        [ICRA]B (Stable) ISSUER NOT
   Limit–Cash                      COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          2.54        [ICRA]B (Stable) ISSUER NOT
   Limit–Term                      COOPERATING; Rating continues

   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund            0.25        [ICRA]A4 ISSUER NOT
   Based Limit–                    COOPERATING; Rating continues
   Bank Guarantee                  To remain under 'Issuer Not
                                   Cooperating' category

   Untied Limits       6.21        [ICRA]B (Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.


MODERN METAALICS: ICRA Withdraws B+ Rating on INR3cr Term Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Modern
Metaalics Pvt. Ltd. (MMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Fund-
   based Term loan      3.00       [ICRA]B+(Stable); Withdrawn

   Long-term Fund-
   based Cash Credit    3.50       [ICRA]B+(Stable); Withdrawn

Rationale

The long-term ratings assigned to MMPL have been withdrawn at the
request of the company, based on the no-objection certificate
provided by its banker. ICRA is withdrawing the rating and that it
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. ICRA has
withdrawn the Stable outlook on the long-term rating.

Key rating drivers and their description: Key rating drivers have
not been captured as the rating is being withdrawn.

Liquidity position: Not captured as the rating is being withdrawn.

Rating sensitivities: Not captured as the rating is being
withdrawn.

Modern Metaalics Pvt. Ltd. (MMPL) was earlier established as a
proprietorship firm as Modern Craft in 2009 by Mr. Pariean Kotecha
with an objective of carrying out trading activity of Jari. During
June 2011, MMPL was converted from proprietorship to private
limited company and was initially engaged in trading of Jari yarn
till H1FY2013. MMPL is currently engaged in the manufacturing of
Jari products namely Jari Kasab, Jari Badla (Mettalized yarn/flat
wire) and German embroidery threads, polyester film etc. The
company's sales, administrative and registered office is in
Pandesara G.I.D.C, Surat and its production unit is in Surat,
Gujarat.


PRAMANIK METAL: ICRA Withdraws 'B' Rating on INR14cr Cash Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Pramanik Metal Corporation, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–
   Cash credit         14.00       [ICRA]B (Stable); Withdrawn

   Non-fund-based–
   Letter of Credit   (14.00)      [ICRA]A4; Withdrawn

Rationale

The long-term and short-term ratings assigned to Pramanik Metal
Corporation have been withdrawn on the request of the firm and
based on the no-objection certificate provided by its banker. ICRA
is withdrawing the rating and that it does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. ICRA has withdrawn the Stable outlook on the
long-term rating.

Key rating drivers and their description

Key rating drivers have not been captured as the rating is being
withdrawn.

Pramanik Metal Corporation was incorporated in 1962 and recycles
metal under the leadership of Mr. Kajodimal Mehta. The firm is now
led by Mr. Jitendra Mehta and trades mainly in copper, aluminium,
and cable scrap. It is a regular importer of these materials in the
form of scrap, which is then sold domestically. The firm is a
member of the Metal Recycling Association of India, the Bombay
Metal Exchange and the Bombay Non-ferrous Metal Association of
India.


RAS POLYTEX: ICRA Lowers Rating on INR6.50cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of RAS
Polytex Private Limited (RPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       6.50       [ICRA]B+(Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

   Long Term/Short      5.97       [ICRA]B+(Stable)/A4 ISSUER NOT
   Term-Unallocated                COOPERATING; Long Term Rating
                                   downgraded from [ICRA]BB-
                                   (Stable) and continues to
                                   remain under 'issuer not
                                   cooperating category'

Rationale

The Long-Term rating downgraded because of lack of adequate
information RPPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with RAS Polytex Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

RPPL is a private limited company and was incorporated in 1999. The
company is a part of the Ganga Group of companies and is promoted
by Mr. R.K. Chaudhary. RPPL manufactures polypropylene (PP) bags
primarily for the UP based cement industry. The company was
established in Varanasi (U.P.) to cater to the demand of the cement
industries in that region.



SANJAY RICE: ICRA Kees D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the rating for the INR8.50 crore bank facilities of
Sanjay Rice Mills Pvt. Ltd. continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based        2.75        [ICRA]D ISSUER NOT COOPERATING;
   Limit–Cash                    Rating continues to remain
under
   Credit                        'Issuer Not Cooperating'
                                 Category

   Fund based        4.16        [ICRA]D ISSUER NOT COOPERATING;
   Limit–Term                    Rating continues to remain under

   Loan                          'Issuer Not Cooperating'
                                 Category


   Unallocated       1.27        [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based        0.32        [ICRA]D ISSUER NOT COOPERATING;
   Limit–Bank                    Rating continues to remain
under
   Guarantee                     'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in 2011, SRMPL is engaged in milling non-basmati rice
with a de-husking capacity of 6 metric tonne per hour (MTPA). The
manufacturing facility of the company is located at Cooch Behar,
West Bengal. The company commenced its commercial operation from
October 2014.


SANTOSH KUMAR: ICRA Lowers Rating on INR10cr Loan to B+
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Santosh
Kumar Sharma, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based          10.00       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Non-Fund based      15.00       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating downgrade is because of lack of adequate information
regarding Santosh Kumar Sharma's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity".

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Santosh Kumar Sharma, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

SKS is a proprietorship firm of Mr. Santosh Kumar Sharma that works
as a class A contractor for the development of infrastructure
projects, including roads, bridges, national highways etc. The
company primarily works on government projects and its operations
are limited to Agra, Mathura, Firozabad and Hathras.


SANTOSHI LEATHER: ICRA Keeps 'D' Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR7.00 crore bank facilities of
Santoshi Leather Works (SLW) continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based–        6.00        [ICRA]D ISSUER NOT
COOPERATING;
   Foreign Bills                  Rating continues to remain
   Discount                       under 'Issuer Not Cooperating'
                                  category

   Fund based–       (3.00)       [ICRA]D ISSUER NOT
COOPERATING;
   Packing Credit                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Untied Limits      1.00        [ICRA]D/[ICRA]D ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Established in 1989 as a proprietorship firm, Santoshi Leather
Works (SLW) primarily manufactures industrial leather gloves. The
proprietor, Mr. Swapan Kr. Ghosh, has been in the same line of
business for around three decades. The manufacturing facility of
the firm is located at Beliaghata, Kolkata and has a capacity to
manufacture around 6,000 pairs of leather gloves daily. SLW is
recognised as a Star Export House by the Government of India.


SETHURAM SPINNERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sethruam Spinners Private Limited
        26D, Kuppusamy Raja Street
        Rajapalayam, Tamilnadu 626117

Insolvency Commencement Date: February 28, 2019

Court: National Company Law Tribunal, Tirupur, Tamilnadu Bench

Estimated date of closure of
insolvency resolution process: August 27, 2019
                               (180 days from commencement)

Insolvency professional: M. Ramaswamy FCA.

Interim Resolution
Professional:            M. Ramaswamy FCA.
                         Ramaswamy and Associates
                         320 Sri Muthu Plaza
                         2nd Floor Above Danalaxmi Bank
                         Avinashi Road, Tiruppur 641602
                         E-mail: ramsattirupur@gmail.com
                         Tel: 9843330765

Last date for
submission of claims:    March 14, 2019


SNAB PUBLISHERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Snab Publishers Private Limited
        3 A/3, Asaf Ali Road
        New Delhi 110002
        India

Insolvency Commencement Date: February 22, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: August 21, 2020

Insolvency professional: Mr. Amar Nath

Interim Resolution
Professional:            Mr. Amar Nath
                         Chamber no. F-627
                         Lawyers Chamber
                         Karkardooma Court
                         Delhi 110032
                         E-mail: insolvencyprofessional2019@
                                 gmail.com

                            - and -

                         12, Ground floor, Trishul Tower
                         Opposite Pacific Mall
                         Kaushambi, Ghaziabad
                         U.P. 201010

Last date for
submission of claims:    March 7, 2020


SUNSHINE TECHNOBUILD: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Sunshine Technobuild Private Limited
        5, Floor-1, Plot No. 7
        Sharda Sadan, Swami Gyanjivandas Marg
        Dadar Rly. Stn. Dadar (East) Mumbai
        Mumbai City MH 400014
        IN

Insolvency Commencement Date: February 17, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 15, 2020
                               (180 days from commencement)

Insolvency professional: Miss Nayana Premji Savala

Interim Resolution
Professional:            Miss Nayana Premji Savala
                         1/101-A Vishal Susheel CHS
                         Nariman Road, Vile Parle East
                         Mumbai 400057
                         E-mail: nalinisavala@gmail.com

Last date for
submission of claims:    March 5, 2020


SUPREME INFRA: ICRA Keeps B on INR9cr Loan in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
Supreme Infra Products (SIP) continues to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          9.00        [ICRA]B (Stable) ISSUER NOT
   Limit–Cash                      COOPERATING; Rating continues
   Credit                          to remain under the 'Issuer
                                   Not Cooperating' category

   Fund Based          6.00        [ICRA]B (Stable) ISSUER NOT
   Limit–Term                      COOPERATING; Rating continues
   Loan                            to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Set up in March-2015, Supreme Infra Products is engaged in
manufacturing of ready-mix concrete (RMC) and Fly-Ash bricks. The
manufacturing facility, spread over 4.31 hectares of land, is
located in Butibori, Nagpur district. The RMC facility has an
installed capacity of 432 meters per day while the brick
manufacturing facility has an installed capacity of 90,000 units
per day. Apart from fly-ash bricks, the unit can also be used for
manufacturing paver blocks, concrete doors and wood panel. The
manufacturing unit will also cater to in-house consumption for
other group concerns.


SUZLON ENERGY: Panel Voted on Promoters' Restructuring Plan
-----------------------------------------------------------
The Financial Express reports that the committee of creditors (CoC)
of Suzlon Energy have started voting on the debt restructuring plan
presented by promoters of the company, sources close to development
said.

The process concluded on March 26, FE relates. "Out of 19 lenders,
16 have voted on resolution plan" the source added. The e-voting
for Suzlon was supposed to be completed on March 21, but due to the
existing scenario over Covid-19, it had been extended till March
26, a source further added. As per the Insolvency and Bankruptcy
Code (IBC), a 66% vote is required for the CoC to approve a
resolution plan, the report notes.

According to FE, the current proposal by promoters of Suzlon offers
a 60% haircut to lenders in which the total debt will be split in
sustainable and unsustainable portion.

Suzlon owes INR12,785 crore to financial creditors; State Bank of
India (SBI) is the lead lender.  The other lenders include Axis
Bank, Bank of Baroda, ICICI Bank, IDBI Bank and Yes Bank.

FE relates that the company sought to convert INR7,700 crore in
debt into convertible debentures, which would be held in the
investment books of banks. Debt worth about INR3,600 crore was seen
as sustainable and would remain in the form of loans. The remaining
portion of debt would continue in form of non-fund exposure for
banks. The debt restructuring plan also included equity infusion of
up to INR400 crore by promoters and associates by way of issuance
of equity shares or compulsory convertible debentures (CCD), the
report says.

Suzlon's board had earlier approved debt restructuring plan on
February 27, the report notes. The company informed exchanges that
under the approved debt restructuring plan, it would issue
securities, shares, convertible bonds and warrants to lenders for
converting of part of debt into equity. The Pune-based company will
also divest and dispose some of investment, assets and also dilute
stake in some of the undertakings in line with the approved plan.
However, the company did not specify assets it would sell to reduce
its stake in some companies.

FE adds that the board also approved a proposal to appoint Sameer
Shah as an independent director of the company for a five-year term
commencing February 27. His appointment is subject to
regularisation by the shareholders at the next Annual General
Meeting of the company. The directors also gave a nod for amending
the articles of association and increase in the authorised share
capital and alteration of the capital clause of the memorandum, it
added.

                        About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its operations
relate sale of WTGs and allied activities, including sale/sub-lease
of land, infrastructure development income; sale of gear boxes, and
sale of foundry and forging components. Others primarily include
power generation operations.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
21, 2020, BloombergQuint said that Bank of India has agreed to
proceed with a restructuring proposal by Suzlon Energy. The
decision was taken by the bank's board after a series of meetings.
Suzlon, which owes banks INR11,300 crore, had proposed to split its
debt into a sustainable and an unsustainable part.  According to
BloomberQuint, the company sought to convert INR7,700 crore in debt
into convertible debentures, which would be held in the investment
books of banks. Debt worth about INR3,600 crore was seen as
sustainable and would remain in the form of loans. An additional
INR1,000 crore in non-fund exposure, via facilities such as letters
of credit etc., will also continue, the company had proposed.

Suzlon Energy missed payments on dollar-denominated convertibles
due July 16, 2019, according to Bloomberg News.


TARA EXPORTS: ICRA Reaffirms B+/A4 Rating on INR12cr Loan
---------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Tara
Exports and Tara Foods (referred to as the Group or the Tara
Group), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term/          12.00       [ICRA]B+ (Stable)/
   short-term–                     [ICRA]A4; Reaffirmed
   Unallocated         
    
Rationale

For arriving at the ratings, ICRA has taken a consolidated view of
Tara Exports and Tara Foods (referred to as the Group or the Tara
Group), on account of the common promoter and similar nature of
business operations.

The ratings remain constrained by the Group's small scale of
operations with its focus predominantly towards trading of raw
cashew nuts (RCN) in the recent past, which limits its
profitability and net cash accruals. The ratings continue to factor
in the Group's modest financial profile characterised by moderate
debt coverage metrics. The ratings factor in the vulnerability of
the Group's revenues and profits to volatility in RCN prices and
fluctuations in foreign exchange rates.

ICRA notes the risk of withdrawals arising from the firm's
partnership nature.

The ratings reaffirmation, nevertheless, positively factors in the
extensive experience of the promoters in the cashew industry. ICRA
takes note of the Tara Group's established relationship and
procurement track record with its suppliers and diverse clients,
which ensures competitive procurement and repeat orders.

The Stable outlook reflects ICRA's expectation that the Group will
continue to benefit from the extensive experience of the promoter
in the cashew industry.

Key rating drivers and their description

Credit strengths

* Vast experience of promoters:  The Tara Group's promoter Mr.
Narayan Bharathan has an extensive experience of nearly two decades
in the cashew processing industry.

* Established relationship and procurement track record with
suppliers:  The Tara Group shares established relationship and a
healthy procurement track record with its suppliers, ensuring
competitive procurement.

* Diverse clientele:  The Group has a diverse clientele with top
five customers contributing to 48% of its net sales in FY2019. Its
established relationship with certain customers translates into
repeat orders.

Credit challenges

* Small scale of operations:  The Group has a small scale of
operations in the highly fragmented cashew industry, which
restricts the benefits arising from economies of scale. The Group's
net sales declined to INR32.6 crore in FY2019 from INR39.8 crore in
FY2018, as it shifted focus predominantly towards trading of RCNs
due to highly volatile kernel/RCN pricesand high labour cost
resulting in an unfavourable cost structure.

* Profitability remains vulnerable to fluctuations in RCN prices
and foreign exchange rates:  The Group's profitability remains
vulnerable to fluctuations in RCN prices as the firms predominantly
focused on trading of RCNs in the recent past. The Group's profit
margins remain vulnerable to forex variations to the extent of its
unhedged net foreign exchange exposure as it procures RCNs from the
African countries and derives some of its revenues from exports.

* Risk of cash withdrawals:  Being a partnership concern, the firm
is exposed to the risk of cash withdrawals by the partners.

Liquidity position: Adequate

The Tara Group's liquidity position is adequate with availability
of sufficient working capital limits for working capital
requirements, limited capex plans and moderate debt repayment.

Rating sensitivities

* Positive triggers:  ICRA could upgrade the ratings if the Group
witnesses a healthy growth in its scale of operations and improves
its debt protection metrics on a sustained basis. Specific credit
metric that could lead to an upgrade would be interest coverage
ratio remaining at more than 2 times on a sustained basis.

* Negative triggers:  Negative pressure on the Group's rating could
arise if its liquidity position weakens due to stretched working
capital cycle or if the Group's profitability declines on a
sustained basis.

Tara Foods, established as a partnership firm in 2010, primarily
involved in trading of RCNs. Besides, the firm is involved in
processing of cashew kernels. However, the firm had stopped its
operations in the recent past. The firm's promoter Mr. Narayan
Bharathan has an extensive experience of nearly two decades in the
cashew processing industry. Tara Foods is the successor company to
'Asiatic Export Enterprises', a partnership firm, which was wound
up on 2010 following the demise of its founder Mr. P. Bharathan
Pillai (father of Mr. Narayan Bharathan). The Asiatic Export
Enterprises has been in the cashew business for more than four
decades and was a part of the broader KPP Group, which had an
established presence in Kerala.


TARA EXPORTS: ICRA Reaffirms B+/A4 Ratings on INR8cr Loan
---------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Tara
Exports and Tara Foods (referred to as the Group or the Tara
Group), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short-term–         17.00       [ICRA]A4; Reaffirmed
   Fund-based          

   Long-term/           8.00       [ICRA]B+ (Stable)/[ICRA]A4;
   short-term–                     Reaffirmed
   Unallocated                       
                                   
Rationale

For arriving at the ratings, ICRA has taken a consolidated view of
Tara Exports and Tara Foods (referred to as the Group or the Tara
Group), on account of the common promoter and similar nature of
business operations.

The ratings remain constrained by the Group's small scale of
operations with its focus predominantly towards trading of raw
cashew nuts (RCN) in the recent past, which limits its
profitability and net cash accruals. The ratings continue to factor
in the Group's modest financial profile characterised by moderate
debt coverage metrics. The ratings factor in the
vulnerability of the Group's revenues and profits to volatility in
RCN prices and fluctuations in foreign exchange rates. ICRA notes
the risk of withdrawals arising from the firm's partnership
nature.

The ratings reaffirmation, nevertheless, positively factors in the
extensive experience of the promoters in the cashew industry. ICRA
takes note of the Tara Group's established relationship and
procurement track record with its suppliers and diverse clients,
which ensures competitive procurement and repeat orders.

The Stable outlook reflects ICRA's expectation that the Group will
continue to benefit from the extensive experience of the promoter
in the cashew industry.

Key rating drivers and their description

Credit strengths

* Vast experience of promoters:  The Tara Group's promoter Mr.
Narayan Bharathan has an extensive experience of nearly two decades
in the cashew processing industry.

* Established relationship and procurement track record with
suppliers:  The Tara Group shares established relationship and a
healthy procurement track record with its suppliers, ensuring
competitive procurement.

* Diverse clientele:  The Group has a diverse clientele with top
five customers contributing to 48% of its net sales in FY2019. Its
established relationship with certain customers translates into
repeat orders.

Credit challenges

* Small scale of operations:  The Group has a small scale of
operations in the highly fragmented cashew industry, which
restricts the benefits arising from economies of scale. The Group's
net sales declined to INR32.6 crore in FY2019 from INR39.8 crore in
FY2018, as it shifted focus predominantly towards trading of RCNs
due to highly volatile kernel/RCN prices and high labour cost
resulting in an unfavourable cost structure.

* Profitability remains vulnerable to fluctuations in RCN prices
and foreign exchange rates:  The Group's profitability remains
vulnerable to fluctuations in RCN prices as the firms predominantly
focused on trading of RCNs in the recent past. The Group's profit
margins remain vulnerable to forex variations to the extent of its
unhedged net foreign exchange exposure as it procures RCNs from the
African countries and derives some of its revenues from exports.

* Risk of cash withdrawals:  Being a partnership concern, the firm
is exposed to the risk of cash withdrawals by the partners.

Liquidity position: Adequate

The Tara Group's liquidity position is adequate with availability
of sufficient working capital limits for working capital
requirements, limited capex plans and moderate debt repayment.

Rating sensitivities

* Positive triggers:  ICRA could upgrade the ratings if the Group
witnesses a healthy growth in its scale of operations and improves
its debt protection metrics on a sustained basis. Specific credit
metric that could lead to an upgrade would be interest coverage
ratio remaining at more than 2 times on a sustained basis.

* Negative triggers:  Negative pressure on the Group's rating could
arise if its liquidity position weakens due to stretched working
capital cycle or if the Group's profitability declines on a
sustained basis.

Tara Exports, established as a partnership firm in 2010, primarily
involved in trading of RCNs. Besides, the firm is involved in
processing of cashew kernels. It procures RCNs from the African
countries such as Ivory Coast, Tanzania, Ghana and Senegal, among
others and outsources the cashew kernel processing to its Group
entity – Malayalam Exports, which has eight processing facilities
with a total capacity of ~5,000 MT per annum. The firm's promoter,
Mr. Narayan Bharathan, has an extensive experience of nearly two
decades in the cashew processing industry. Tara Exports is the
successor company to Asiatic Export Enterprises, a partnership
firm, which was wound up on 2010 following the demise of its
founder Mr. P. Bharathan Pillai (father of Mr. Narayan Bharathan).
The Asiatic Export Enterprises has been in the cashew business for
more than four decades and was a part of the broader KPP Group,
which had an established presence in Kerala.


TATA CHEMICALS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Tata Chemicals Limited's Long-Term
Foreign-Currency Issuer Default Rating at 'BB+'. The Outlook is
Stable.

The rating reflects TCL's globally leading and cost-competitive
position in soda ash, geographic diversification, the soda-ash
sector's adequate exposure to non-discretionary end-markets, and
improving financial profile. The rating is constrained by TCL's
small scale relative to global peers and lack of product
diversification.

Fitch maintains a Stable Outlook notwithstanding lower sales, which
are likely to persist for six months, stemming from the coronavirus
pandemic. Fitch believes weaker demand will be mitigated by lower
energy costs, which should support a healthy margin, and that soda
ash supply will remain largely stable over the long term.

KEY RATING DRIVERS

Strong Position in Soda Ash: TCL is the world's third-largest soda
ash producer, with a geographic footprint across India, the US, the
UK and Kenya. Around two-third of TCL's 4.3 million tonnes (mt) of
soda ash capacity is based in Wyoming in the US and Lake Magadi in
Kenya; two key global regions along with Turkey, which has natural
trona deposits that require low conversion costs. This underpins
the company's cost competitiveness relative to producers in other
locations.

Modest Diversification: TCL's operation benefits from superior
geographical diversification. Fitch expects around half of EBITDA
to come from India in the financial year ending March 2020 (FY20),
45% from developed markets in US and Europe and the remaining 5%
from Africa. The soda ash also has a good mix of discretionary
(flat glass) and non-discretionary (detergents, glassware and
chemical products) end markets, which limits cyclical variation in
volume. However, this is mitigated by product concentration in soda
ash, which, along with sodium bicarbonate and salt manufacturing,
forms nearly 90% of FY20 EBITDA, in its view, and exposes TCL to
risks associated with the commodity nature of its products.

Lower Soda Ash Revenue: Fitch expects TCL's soda ash revenue to
decline by 5% in FY20, driven by a slowdown in the auto and
real-estate sectors, and for FY21 sales to fall by around 10% on a
like-for-like basis as the demand slowdown is exacerbated by the
coronavirus pandemic in the near term. The drop in profitability
from depressed sales will be mitigated by lower energy costs.

Fitch expects the demand-supply balance to tighten over the
medium-term as the business cycle normalises and sales growth
improves to mid-single digits. This is notwithstanding the
announced capacity additions by global majors, like Solvay SA
(BBB/Positive) and Genesis Alkali, LLC, which may be delayed in
light of the current risks to growth in key end-user industries.

Strong Financial Profile: Fitch expects leverage, as measured by
adjusted debt/operating EBITDAR, to improve to 3.0x in FY20, 2.9x
in FY21 and 2.4x in FY22, from 3.4x in FY19, on higher EBITDA and
as upcoming capex is largely funded from free cash flow. The
nutraceutical and highly dispersible silica plants, which required
capex of INR6 billion, are nearly complete and are likely to start
contributing to EBITDA from end-FY21. TCL is also spending around
INR25 billion over the next three years to enhance its domestic
soda ash capacity to 1.1mt a year, from 0.9mt a year, and its salt
manufacturing capacity by 40% to 1.4mt a year. This should support
revenue growth over the medium term.

Consumer Exit Neutral: Fitch does not expect TCL's rating to be
affected by the demerger of its consumer business, given its strong
position in soda ash and its improving financial profile. TCL has
received approval from the National Company Law Tribunal to demerge
its consumer product business, which includes the sourcing,
packaging, marketing, distribution and sales of salt, spices and
protein foods, into Tata Global Beverages Limited. The transaction
is being done through a share swap. TCL's capex, including that for
salt manufacturing, remains unchanged.

No Uplift from Tata Group Linkage: Fitch does not apply any uplift
to TCL's IDR due to its assessment of the company's 'Moderate'
strategic linkages to the Tata group and 'Weaker' operational and
legal linkages in light of limited operational overlap and no
explicit debt guarantees.

DERIVATION SUMMARY

TCL's competitive and geographically diversified presence in soda
ash compares well with Ineos Group Holdings S.A. 's (BB+/Stable)
business profile as a large commodity chemical producer of olefins
and polymers and leading market positions in the US and Europe.
Ineos has a much larger operating scale than TCL, but its higher
financial leverage justifies a similar rating.

The rating of CF Industries Holdings, Inc. (BB+/Positive) is
supported by its position as the largest nitrogen fertiliser
producer in North America and cost competitive operations, similar
to TCL's cost competitive soda ash operation. TCL's business
profile is weaker than that of CF, as evidenced by CF's larger
scale and stronger profitability. However, this is counterbalanced
by CF's higher leverage, justifying the similar ratings. The
Positive Outlook on CF reflects debt repayment of USD750 million in
2019, product price improvement and reduced absolute dividends.

KEY ASSUMPTIONS

  - Capex of around INR10 billion in FY20, INR9 billion in FY21,
    and INR7 billion in FY22.

  - Revenue fall of -2% in FY20 on a like-for-like basis; this
    includes 2.5% growth in 9MFY20 and weakness in 4QFY20 due to
    the coronavirus pandemic. Continued severe weakness in 1HFY21
    is likely to drive a 4% revenue decline in FY21. This reflects
    an increased contribution from the specialty segment and new
    capacity countering a nearly 10% like-for-like decline in
    soda ash volume and low-single digit declines in realisations
    in FY21. Revenue growth to rebound to 10% in FY22.

  - EBITDA gains achieved in 9MFY20 to be eroded in last quarter,
    with weakness in revenue growth offset by lower energy costs.
    Hence, Fitch assumes  a stable EBITDA margin in FY20 and a
    gradual improvement to around 19.0%-19.5% in subsequent years.

  - Annual dividend pay-out of INR3 billion-4 billion.

RATING SENSITIVITIES

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

  - A meaningful improvement in TCL's scale, such that EBITDA
    increases to greater than USD500 million with gross leverage,
    as measured by adjusted debt/operating EBITDAR, sustained
    below 2.5x

  - TCL generating positive FCF for a sustained period

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

  - Gross leverage exceeding 3.5x for a sustained period

  - EBITDA margin deteriorating to below 15% for a sustained
    period

  - TCL trending towards negative FCF for a sustained period.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: TCL's financial flexibility remains strong and
Fitch expects capex to be funded through internal accruals and
positive free cash generation over FY21-FY23. The company's
liquidity is supported by its cash balance of INR38 billion as of
end-September 2019 and undrawn credit lines and revolving credit
facilities of INR5.7 billion as of end-2019. TCL has INR16 billion
(USD225 million) of debt maturing in August 2020 at its North
American subsidiary, which Fitch expects it to refinance
comfortably. TCL also has investments of around INR24.5 billion in
various Tata group entities, which boosts its liquidity options.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


TDI INFRASTRUCTURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: TDI Infrastructure Limited

        Registered office:
        10, Shaheed Bhagat Singh Marg
        New Delhi 110001

        Corporate office:
        UG Floor, Vandana Building
        11, Toistoy Marg
        Connaught Place
        New Delhi 110001

Insolvency Commencement Date: January 2, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: 180 days from commencement

Insolvency professional: Aditya Kumar

Interim Resolution
Professional:            Aditya Kumar
                         103, Pratap Bhawan
                         Bahadur Shah, Zafar Marg
                         New Delhi 110002
                         E-mail: aditya@ashwaniassociates.in
                                 tdiinfracirp@ashwaniassociates.in

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rahul Bansal
                         Mr. Anuj Maheshwari
                         Mr. Vishawjeet Gupta

Last date for
submission of claims:    January 24, 2019


UIC UDYOG LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: UIC Udyog Limited
        Anandlok, Block-A
        1st Floor 227
        A.J.C. Bose Road
        Kolkata WB 700020
        India

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 28, 2020
                               (180 days from commencement)

Insolvency professional: Kannan Tiruvengadam

Interim Resolution
Professional:            Kannan Tiruvengadam
                         NetajiSubhas Villa Flat No. 3 C
                         3rd Floor, 18 Karunamoyee Ghat Road
                         Near Dharapara Tollygunge
                         Kolkata, West Bengal 700082
                         E-mail: calkannan@gmail.com
                                 cirp.uic@gmail.com

Last date for
submission of claims:    October 14, 2019


UNITECH MERCANTILE: ICRA Keeps 'B-' Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR12.00 crore bank facilities of
Unitech Mercantile Private Limited continue to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B-
(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         12.00        [ICRA]B- (Stable) ISSUER NOT
   Limit–Term                      COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in December, 1996, UMPL is in the process of setting
up hotel cum commercial project on 0.98 acre of land at Sevoke
Road, Siliguri. The promoters have prior experience in the real
estate business. The three star hotel would have a room inventory
of 52 along with facilities like restaurants, bar, banquet hall.
The hotel is expected to start commercial operation by January
2017.


UNITED NANOTECHNOLOGIES: ICRA Keeps B- Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR6.00 crore bank facilities of
United Nanotechnologies Limited continue to remain under 'Issuer
Not Cooperating' category.  The rating is denoted as "[ICRA]B-
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          3.02        [ICRA]B- (Stable) ISSUER NOT
   Limit–Term                      COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          2.70        [ICRA]B- (Stable) ISSUER NOT
   Limit–Cash                      COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category


   Non-Fund            0.25        [ICRA]A4 ISSUER NOT
   Based Limit–                    COOPERATING; Rating continues
   Bank Guarantee                  To remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.03        [ICRA]B- (Stable)/[ICRA]A4
   Limit                           ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Established in 2004, United Nanotechnologies Private Limited was
taken over by the current management in 2013. The manufacturing
operations of the company commenced from January 2014, and the
constitution was changed from a private limited company to a
limited company in March 2014. The company is engaged in
manufacturing filler master batches and compounds. The
manufacturing unit is located at Dhulagori in Howrah, West Bengal,
withan installed annual capacity of 6,000 MT.


VALAYA CLOTHING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Valaya Clothing Private Limited
        T-481A, Baljeet Nagar
        Behind Patel Nagar
        Police Station Delhi
        Central Delhi
        DL 110008
        IN

Insolvency Commencement Date: November 26, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: May 25, 2020
                               (180 days from commencement)

Insolvency professional: Deepak Maheshwari

Interim Resolution
Professional:            Deepak Maheshwari
                         S-30, 2nd Floor
                         Uppals South End
                         Sohna Road, Gurgaon
                         Haryana 122001
                         E-mail: irpdm27@gmail.com

                            - and -

                         C/o Jindagi Live Consulting Pvt. Ltd.
                         Tower A-2, Spaze I-Tech Park
                         Sohna Road, Gurgaon

Last date for
submission of claims:    January 16, 2020


VENKAR CHEMICALS: ICRA Lowers Rating on INR14cr LT Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Venkar
Chemicals, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      14.00      [ICRA]B+(Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating downgraded
                                  from [ICRA]BB (Stable) and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Short Term-          1.25      [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating downgraded
                                  from [ICRA]A4+ and continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Long Term/Short      2.95      [ICRA]B+(Stable)/[ICRA]A4
   Term-Unallocated               ISSUER NOT COOPERATING; Rating
                                  downgraded from [ICRA]BB
                                  (Stable)/[ICRA]A4+ and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

Rationale

The rating is downgraded because of lack of adequate information
regarding Venkar Chemicals Private Limited performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Venkar Chemicals Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Venkar Chemicals Private Limited (VCPL) was incorporated in the
year 1999 to manufacture bulk drug and intermediates. The company
has its plant in Medak district near Hyderabad. The total capacity
of the plant is about 105Kilolitres (KL).The company is mainly into
the manufacturing of Citalopram and Escitalopram intermediates
which belong to the anti-depression therapeutic category.




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

BANK PANIN: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating of
Indonesia-based P.T. Bank Pan Indonesia Tbk (Panin) at 'BB'. The
Outlook is Stable.

KEY RATING DRIVERS

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

Panin's IDR, Support Rating and Support Rating Floor reflect
Fitch's view of a moderate probability of extraordinary state
support being made available, if needed. Fitch believes Panin is
systemically important to Indonesia, as the country's
seventh-largest bank with a 2.5% share of industry assets. Its view
of support also takes into account Panin's customer
deposit-dominated funding profile and majority ownership by
domestic shareholders.

VIABILITY RATING

Panin's Viability Rating reflects Fitch's view of its standalone
risk profile, as characterized by its moderate franchise, funding
and earnings, and weaker-than-peer asset quality that is
counterbalanced by a satisfactory capital position.

Fitch expects the performance of Indonesian banks, including Panin,
to deteriorate in the short-term as the coronavirus pandemic
weakens economic activity due to trade disruption, lower
manufacturing output and diminished business and consumer
confidence. This will pressure banks' asset quality, profitability
and credit growth. Fitch has revised its operating environment
score for Indonesia's banks to 'bb+', from 'bbb-', to reflect these
risks; please refer to 'Fitch Ratings: Coronavirus Pandemic Weakens
Operating Environment for Indonesian Banks'.

Fitch believes Panin's asset quality is more vulnerable to
deteriorating economic conditions than that of peers due to its
larger risk appetite compared with higher-rated banks. Its
non-performing loan ratio was stable at 3.0% at end-2019, but
higher than the industry's 2.5%. The bank's restructured loans
ratio of 5.8% (peer average: around 5.0%) highlights risks to asset
quality in a challenging environment. Its loan loss allowance
coverage ratio of 91% was still well below the sector's 116%.

Profitability is likely to suffer from higher credit costs in the
near-term as asset quality comes under pressure. Its profitability
will continue to lag the larger Indonesian banks because its weaker
deposit franchise results in higher cost of funds. Panin's return
on assets improved to 1.7% in 2019 (2018: 1.5%), on better
operating efficiency, although it was still below the industry
average of around 2.0%.

Fitch believes Panin's capital buffers should be adequate to absorb
any near-term losses caused by the economic fallout from the
coronavirus pandemic. The bank's moderate loan growth and policy of
not paying dividends should support its capitalization. Panin's
common equity Tier 1 capital ratio of 20.8% at end-2019 (2018:
20.1%) was in line with the industry average of 21.9% and
considerably above its minimum requirement of 10.5% (including all
applicable buffers in full). Fitch expects most local banks -
including Panin - to report higher credit costs and lower
capitalisation ratios following the introduction of the IFRS 9
accounting standard in Indonesia from January 2020. However, Fitch
believes this will be manageable for Panin.

Panin's liquidity is more vulnerable under stressed conditions
versus that of larger peers, although its liquidity coverage and
net stable funding ratios of 131% and 130%, respectively, at
end-2019, were well above its minimum requirement of 100%. Fitch
expects Panin's greater reliance on higher-cost time deposit
funding than peers (2019: 63% of total deposits, industry: 43%)
will continue into the medium-term due to strong deposit
competition from larger banks. Its loan/deposit ratio rose to 118%
in 2019 (2018: 111%), considerably higher than the industry's 94%.

Panin is a family-controlled, mid-sized bank that provides loans to
corporate (39% of total loans), commercial (primarily SMEs, 33%),
retail (22%) and sharia borrowers (6%). Australia and New Zealand
Banking Group Limited (AA-/Negative/aa-) holds 38.82% of Panin's
shares, but has a passive role in the bank.

RATING SENSITIVITIES

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

A change in Fitch's view of the government's ability and
willingness to provide extraordinary support would affect Panin's
IDR, Support Rating and Support Rating Floor. A perceived weakening
of support from the government could lead to a downgrade of the
Support Rating Floor, but its IDR would only be affected if, at the
same time, Fitch also downgraded the bank's Viability Rating.

VIABILITY RATING

A weakening in Panin's financial profile, including asset quality,
profitability and funding and liquidity, whether collectively or
individually, would result in a downgrade of its Viability Rating.
This may also be driven by its forecast of an increase in
non-performing loans and credit costs to levels significantly above
those of higher-rated peers, thereby eroding its earnings buffer
and increasing the risk of capital impairment. Persistent weakening
in the bank's funding and liquidity position, likely to be
reflected in a continued increase in the proportion of higher-cost
funding sources and tight liquidity buffers above minimum
requirements, would also lead to a downgrade. Negative rating
action could also be triggered by a prolonged and severe economic
disruption from the coronavirus pandemic. Such a scenario could
lead to a lowering of the operating environment score for
Indonesia's banks, which would also pressure the bank's Viability
Rating.

Sustained improvements in its deposit franchise, asset quality and
profitability, such that its core ratios were more in line with
those of higher-rated peers, could be positive for its Viability
Rating, although such a prospect is unlikely under current
operating conditions. Rating upside may also result if the bank's
franchise expands to be more comparable with that of larger
Indonesian banks, although Fitch sees this as unlikely to happen in
the near to medium term.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


BUMI RESOURCES: Moody's Lowers CFR to Caa1, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating for Bumi Resources Tbk to Caa1 from B3.

At the same time, Moody's has downgraded the ratings on the senior
secured notes due 2022 issued by Bumi's wholly owned subsidiary,
Eterna Capital Pte. Ltd., and guaranteed by Bumi. Specifically,
Moody's has downgraded: (1) the Series A notes to Caa1 from B3, and
(2) the Series B notes to Caa2 from Caa1.

The ratings outlook remains negative.

RATINGS RATIONALE

"The downgrade reflects Bumi's rising debt burden due to the slow
pace of its principal repayments and the compounding effect of
payment-in-kind interest for the majority of its debt, resulting in
an increasingly strained capital structure," says Maisam Hasnain, a
Moody's Assistant Vice President and Analyst.

Since its debt restructuring in December 2017, Moody's estimates
Bumi has repaid around $200 million of principal under its Series A
notes and Tranche A facilities (collectively referred to as
'Tranche A') as of the end of 2019, considerably lower than Moody's
initial expectation of a $300-$500 million repayment over this
period.

This slower-than-expected pace of debt reduction has primarily been
driven by declining coal prices, a price cap on domestic coal sales
to electric utilities since 2018, and dividends being received from
only one of its two major coal mining subsidiaries instead of
both.

As a holding company, Bumi is reliant on dividends from
subsidiaries - primarily its 51%-owned subsidiary, Kaltim Prima
Coal (P.T.) (KPC) - to service its debt. Bumi's 90%-owned
subsidiary, Arutmin Indonesia (P.T.) has yet to pay dividends, but
Bumi expects it to start paying dividends in the second half of
2020. Still, Arutmin has certain outstanding liabilities it needs
to pay off before it can initiate dividend payments.

Assuming benchmark Newcastle thermal coal price of $65-$70 per ton,
Moody's expects Bumi to continue to meet the approximate $30
million annual cash interest payments on Tranche A along with
around $35 million in Tranche A principal in 2020.

However, while Bumi will remain current on its cash interest
payments, the majority of its debt carries payment-in-kind
interest, which is accrued and added to the principal amount of
debt.

"As a result, we expect Bumi's aggregate reported debt balance of
around $1.8 billion as of January 2020 will continue to rise,
leading to an unsustainable capital structure as its debt
maturities approach in December 2022," adds Hasnain, also Moody's
Lead Analyst for Bumi.

In January, Bumi announced that due to the Indonesian government
restricting coal production in 2020, it only obtained approval to
produce 76 million tons of coal during this year across its two
mines, a decline from the 86 million tons it produced in 2019. As a
result, while the company will have sufficient cash to cover
overheads and cash interest payments, it will not be able to repay
any principal on Tranche A during the first quarter ending March
2020.

Bumi expects its production quota to be increased by the government
in 2Q 2020. Any inability to obtain additional production quota
will further dent cash generation and ultimately slow the pace of
any principal repayments.

Moody's also expects the coal contract of work (CCoW) mining
licenses at Arutmin and KPC, which expire in November 2020 and
December 2021 respectively, will be extended on broadly similar
terms. However, Moody's believes that there remains a high degree
of regulatory risk, given limited clarity from the Government of
Indonesia (Baa2 stable) on the extension or conversion of such
mining licenses.

Bumi's Series B senior secured notes are rated one notch lower than
Bumi's CFR and its Series A senior secured notes to reflect its
relative subordination as per the terms of the cash waterfall,
whereby interest on Series B notes will only be paid once the
principal on Series A is fully repaid.

The ratings also consider Bumi's exposure to environmental, social
and governance (ESG) risks as follows:

First, Bumi faces elevated environmental risks associated with the
coal mining industry, including carbon transition risks as
countries seek to reduce their reliance on coal power. However,
this risk is somewhat mitigated as Bumi's customers are primarily
located in Asia, a region with growing energy needs.

Second, Bumi is exposed to social risks associated with the coal
mining industry, including health and safety, responsible
production, and societal trends. While there have been some
accidents at its mines in recent years, the company reduced the
number of lost time injuries at KPC and Arutmin in 2019 from the
previous year.

Finally, in terms of governance risks, Moody's has considered
Bumi's complex organizational structure and history of debt
restructuring. That said, the presence of KPMG Services Pte. Ltd.
as an independent monitoring accountant and the waterfall mechanism
under a cash account management agreement helps provide protection
to lenders in ensuring greater transparency in cash movements and
prioritizing payments towards debt servicing.

The negative outlook reflects Moody's expectation that in the
absence of a material improvement in cash generation, Bumi's
aggregate debt balance will continue to rise, eventually leading to
an unsustainable capital structure.

Upward pressure on Bumi's ratings is unlikely, given the negative
outlook.

Nevertheless, the outlook could revert to stable if Bumi materially
increases its pace of debt reduction over the next 12 months, while
maintaining prudent financial policies and having a clear
refinancing plan to address the remainder of its debt maturities
due in December 2022.

On the other hand, Moody's could downgrade the ratings if: (1)
Bumi's ability to generate cash to repay debt remains low over the
next 12 months such that it is unlikely to meet its scheduled
maturities by December 2022; (2) Bumi fails to extend its mining
licenses at KPC and Arutmin on substantially similar terms; or (3)
Bumi does not adhere to the terms of its cash account management
agreement.

The principal methodology used in these ratings was Mining
published in September 2018.

Bumi Resources Tbk (P.T.), through its majority-owned subsidiaries,
is Indonesia's largest thermal coal producer. The company produced
around 86 million tons of coal in 2019. Its principal assets
include a 51% stake in Kaltim Prima Coal (P.T.) and a 90% stake in
Arutmin Indonesia (P.T.).


MEDCO ENERGI: Fitch Affirms B+ LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch has affirmed PT Medco Energi Internasional Tbk's Long-Term
Foreign-Currency Issuer Default Rating at 'B+' with a Stable
Outlook. Fitch has also affirmed the ratings of Medco's senior
unsecured US dollar notes, at 'B+' with a Recovery Rating of
'RR4'.

The affirmation and Outlook reflect Fitch's expectation that Medco
will sustain a credit profile commensurate with its ratings post
2020, after factoring in the downward revision of Fitch's oil-price
assumptions. Fitch expects leverage, measured by adjusted
debt/operating EBITDAR, to exceed its negative sensitivity of 4.0x
in 2020, due to weaker oil prices and lower volume, but forecasts
leverage to improve to around 3.0x by 2021 and remain at around
this level over the medium term. Fitch also believes Medco's
adequate liquidity will cushion any additional short-term shocks,
although its rating headroom has declined from its previous
expectations.

Medco's ratings also reflect its larger scale, low-cost position
and favorable earning mix via fixed-price contracts relative to
most 'B' category upstream oil and gas producers.

KEY RATING DRIVERS

Financial Profile to Weaken: Fitch expects Medco's leverage, as
measured by adjusted debt/operating EBITDAR, to increase to around
4.3x in 2020. This is due to weaker EBITDA expectations in 2020 of
around USD580 million compared with its previous estimate of over
USD800 million, driven by weaker oil prices and a curtailment in
expected production. Fitch expects Medco's production to decline to
around 95 thousand barrels of oil equivalent per day (mboepd) in
2020 amid weaker demand, from 100 mboepd in 2019 after it acquired
Ophir Energy PLC.

However, leverage should improve to about 3.0x through to 2024 on
gradually increasing oil prices and volume. Medco also has
flexibility to curtail capex by more than Fitch previously
expected, although Fitch has not factored this in to its forecasts.
Fitch excludes Medco's fully owned subsidiary, PT Medco Power
Indonesia (MPI), when calculating adjusted leverage.

Earning Mix Mitigates Low Prices: Medco's earnings are less
sensitive to changing crude oil prices than those of most 'B'
category upstream oil and gas peers. This is because around a third
of Medco's production comprises gas sold via long-term fixed-price
take-or-pay contracts, generating EBITDA of around USD250 million a
year. This covers Medco's consolidated interest expense by more
than 1x.

Gas accounts for around 60% of Medco's production volume and is
sold through long-term contracts, about half of which have fixed
prices. Most of these contracts are also with investment-grade
national oil and gas companies, mitigating counterparty risk. Fitch
does not expect major changes to Medco's contracts in light of
lower energy prices. Any changes would be considered as an event
risk.

Strong Operating Profile: Medco's operating profile benefits from
low lifting costs of around USD9-10/barrel of oil equivalent (boe)
and a diversified production base largely located within Indonesia
with some presence abroad; Medco derives its production from 16 oil
and gas fields, none of which contribute more than 20% to output,
lowering its operating risks. Fitch expects the company to maintain
its proved reserve life of nearly seven years as it invests in
exploration and development.

High Regulatory Risk: Medco's main base of operation is
concentrated in Indonesia, exposing the company to regulatory
risks. The regulatory uncertainty was highlighted by instructions
from Indonesia's Directorate General of Oil and Gas in mid-2018 to
cut the selling price at the Block A gas development in Aceh from
the originally agreed USD9.45/million British thermal unit.

Power Investment Neutral: Fitch considers the risk dynamics of MPI
to be neutral to Medco's credit profile, as its investment in the
power company falls outside the restricted group structure defined
in Medco's bond documentation. Medco has a USD300 million limit on
investments outside the restricted group, as stated in the
documentation, the majority of which has been utilised. The
structure limits cash outflow from Medco to MPI and other
investments outside the restricted group. There are no
cross-default clauses linking MPI's debt to Medco.

DERIVATION SUMMARY

Medco's ratings reflect its operating profile, which compares well
against 'B' rated exploration and production peers in terms of the
earnings mix generated through fixed-price take-or-pay contracts,
and generally bigger scale.

Canacol Energy Ltd. (BB-/Stable) derives over 90% of sales through
fixed-price long-term take-or-pay contracts, which results in a
higher rating than for most 'B' rated oil and gas producers,
including Medco, despite its smaller production scale of 32mboepd.
Fitch expects Canacol's leverage to be lower than that of Medco and
its reserve life to be better at around 10 years.

Fitch expects Medco's production to be larger than GeoPark
Limited's (B+/Stable) 40mboepd, although its reserve life of less
than seven years is weaker compared with the eight years at
GeoPark. Medco's stronger operating profile is somewhat offset by
its expectations of higher leverage than at GeoPark.

KEY ASSUMPTIONS

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

Brent prices to average USD41, USD48, USD53 and USD55 a barrel in
2020, 2021, 2022 and in the long term, respectively, as per Fitch's
oil and gas price deck. Gas prices in line with the fixed-price
contracts wherever applicable.

  Total production volume falling to around 95mboepd in 2020 and
  100mboepd until 2022 from existing assets. Gradual decline
  after 2022.

  Cash production costs to remain at or below USD10/boe.

  Capex of USD200 million-300 million a year through to 2023.

Key Recovery Rating Assumptions

The recovery analysis assumes that Medco would be reorganized as a
going concern in bankruptcy rather than liquidated.

Fitch assumes a 10% administrative claim.

Medco's going-concern EBITDA, excluding MPI) is based on the
average EBITDA Fitch expects over 2020 to 2024, which is stressed
by 30% to reflect the risks associated with oil-price volatility,
potential challenges in maintaining output from its maturing fields
and other factors.

An enterprise value multiple of 5.5x is used to calculate a
post-reorganization valuation and reflects a mid-cycle multiple for
oil and gas, metals and mining companies globally, which is higher
than the observed lowest multiple of 4.5x. The higher multiple
reflects that the majority of Medco's production volume stems from
long-term fixed-price and indexed take-or-pay gas contracts, which
provide more cash flow visibility across economic cycles than the
average global upstream oil and gas production company.

Fitch assumes prior-ranking debt of USD338 million will be repaid
before Medco's senior unsecured creditors, including investors in
its US dollar bonds. Prior-ranking debt includes project-finance
debt at non-guarantor subsidiaries, PT Medco E&P Tomori Sulawesi
and PT Medco E&P Malaka.

The payment waterfall results in a recovery rate corresponding to a
'RR1' Recovery Rating for the unsecured notes. However, Fitch rates
the senior unsecured bonds at 'B+'/'RR4' because Indonesia falls
into Group D of creditor friendliness under its Country-Specific
Treatment of Recovery Ratings Criteria, and the instrument ratings
of issuers with assets in this group are subject to a soft cap at
the issuer's IDR.

RATING SENSITIVITIES

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

  - Leverage, as measured by adjusted debt/operating EBITDAR,
excluding MPI, sustained below 3.0x, provided Medco maintains
production of around 100mboepd and a proved reserve life of at
least eight years

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

  - Leverage above 4.0x for a sustained period

  - Significant weakening in Medco's operating-risk profile,
including a drop in production, weakening of its reserve life to
less than seven years or significant weakening in the mix of
earnings from fixed-price gas sales

  - Significantly adverse regulatory developments

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Medco, excluding MPI, has USD100 million-500
million in debt due each year until 2022. Its liquidity is
adequate, as the company says it has around USD1.1 billion in cash,
excluding MPI, after its recent USD650 million note issuance.
Proceeds will be partly used for a tender offer to prepay its
USD400 million of notes due in 2022.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).
  

MEDCO ENERGI: Moody's Alters Outlook on B1 CFR to Negative
----------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Medco Energi Internasional Tbk.

Moody's has also affirmed the B1 ratings on the backed senior
unsecured bonds issued by Medco Strait Services Pte. Ltd., Medco
Platinum Road Pte. Ltd., Medco Oak Tree Pte. Ltd. and Medco Bell
Pte.Ltd. These bonds are unconditionally and irrevocably guaranteed
by Medco.

The outlook on all ratings has changed to negative from stable.

RATINGS RATIONALE

"The rating affirmation reflects its expectation that Medco's
credit profile will remain resilient amid the volatile oil price
environment, per its base case scenario of a price recovery in the
second half of 2020 and through 2021. The affirmation also reflects
the company's strong liquidity profile, fixed price gas contracts
and plans to defer some of its capital expenditure to conserve
cash," says Vikas Halan, a Moody's Senior Vice President.

"That said, Medco's credit profile will likely deteriorate if oil
prices remain low for a prolonged period, underpinning its negative
outlook," says Halan, who is also Moody's Lead Analyst for Medco.

In Moody's base case scenario, the effects from the virus will
persist into the second quarter of 2020, with improving economic
fundamentals in the second half of the year. Under this scenario,
Moody's expects oil prices to average $40-$45 per barrel in 2020,
returning to $50-$55 per barrel in 2021. However, in a downside
scenario where economic weakness persists longer, oil would average
$30-$35 per barrel in 2020 and $35-$40 in 2021.

Specifically, Moody's expects Medco's adjusted RCF/adjusted net
debt to fall below 10%, and its adjusted net debt/EBITDA to
increases above 4x in 2020. These metrics will position Medco
weakly for B1 ratings.

However, per Moody's base case scenario of a price recovery in the
second half of 2020 through 2021, Moody's expects Medco's credit
metrics to improve to levels more appropriately positioned for its
B1 ratings.

The company has also announced measures to reduce its capital
spending by about $100 million and its operating expenditure by
about 15% over the next two years.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The oil & gas
exploration and production sector has been one of the sectors most
significantly affected by the shock given its sensitivity to demand
and oil prices. More specifically, the weaknesses in Medco's credit
profile have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions, and Medco remains
vulnerable to the outbreak continuing to spread and oil prices
remaining weak. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on Medco of the breadth and severity of the oil demand and
supply shocks, and the broad deterioration in credit quality it has
triggered.

Medco's B1 CFR reflects (1) the scale and geographic
diversification of its reserves and production; and (2) the fact
that nearly one-third of its total sales volume is natural gas sold
at fixed prices, generating about $250 million of EBITDA that can
cover its interest expense. At the same time, the B1 CFR remains
constrained by Medco's exposure to the cyclicality of commodity
prices, its acquisitive growth appetite, and the execution risk
associated with its annual investment plan.

In addition, Medco's rating benefits from its proactive liquidity
management with the company refinancing its upcoming debt
maturities well in advance, increasing the average weighted debt
maturity profile of its debt.

In terms of environmental, social and governance (ESG) factors, the
ratings also consider the following:

For environmental factors, Medco's rating incorporates the
environment risk that the company is exposed to through its oil &
gas, power and mining businesses. However, the risk is somewhat
mitigated by its high proportion of natural gas business that
accounts for about 50% of its revenue, and by its long-term fixed
price gas contracts that generate sufficient EBITDA to cover its
interest expenses.

Further, the environmental risk for its power business is largely
mitigated by the company's fuel mix, which is heavily weighted
towards renewable sources like geothermal and hydro. Medco has only
a minority interest in its copper mining business, which is an open
pit mine and is well-positioned to benefit from higher EV
penetration.

With regards to social factors, Medco's business mix includes
sectors that are exposed to moderate to high social risks,
especially around responsible production and health & safety
issues. However, this risk is mitigated by the company's long track
record of operating its businesses without any major incidents.

Lastly with regards to governance factors, the ratings incorporate
Medco's strong appetite for growth as shown by its history of
debt-funded acquisitions, and its concentrated ownership structure
which could lead to increased potential for conflicts of interest.
Nonetheless, these risks are partially mitigated by (1) Medco's
public commitment to deleveraging and its target net debt/EBITDA of
3.0x; and (2) its listing on the Indonesian stock exchange, which
requires the company to comply with listing rules.

Medco's liquidity profile is strong with cash and cash equivalents
of $1.1 billion as of March 2020 (excluding Medco Power) and
undrawn credit facilities of $250 million. The cash balance
includes cash in escrow accounts for repayment of USD denominated
bonds due in 2022, and for the partial repayment of the company's
IDR bonds due in 2021, all totaling about $650 million. Excluding
the cash in escrow accounts, Medco has cash and cash equivalents of
about $420 million against $288 million of debt maturities over
next two years (excluding debt which will be paid from cash in
escrow account). As such, Medco does not have near-term liquidity
issues as long as its cash flow operations is able to cover its
capital spending.

A change in outlook to stable from negative will require a
sustained improvement in the crude oil price environment, such that
the annual average is above $45-$50 per barrel. Significant
deleveraging through asset sales or proceeds from equity issue
could also cushion the impact from low oil prices.

In addition, a stable outlook would also require the company to
maintain strong liquidity with its cash and cash equivalents
covering at least the amount of debt maturing over the next 12
months.

Moody's could downgrade Medco's ratings if oil prices drop below
Moody's expectation, causing Medco's credit metrics to weaken to
level inappropriate for its ratings. Any further debt funded
acquisition could also put downward pressure on the company's
ratings.

Specific credit metrics indicative of downward pressure includes
Medco's adjusted net debt/EBITDA rising above 4.0x, RCF/adjusted
net debt falling below 10%, and EBITDA/Interest expense falling
below 3.5x.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

Established in 1980 and headquartered in Jakarta, Medco Energi
Internasional Tbk (P.T.) is a Southeast Asian integrated energy and
natural resources company listed in Indonesia with three key
business segments, oil and gas, power and mining.


PT ALAM SUTERA: S&P Places 'B-' LongTerm ICR on Watch Negative
--------------------------------------------------------------
On March 24, 2020, S&P Global Ratings placed the 'B-' long-term
issuer credit rating on Indonesia-based property developer PT Alam
Sutera Realty Tbk. and the 'B-' long-term issue rating on the
company's guaranteed senior unsecured notes on CreditWatch with
negative implications.

S&P placed the ratings on CreditWatch with negative implications
because Alam Sutera has not, to date, raised sufficient funding to
reduce refinancing risks associated with its US$175 million notes
maturing in April 2021.

Bank loans raised so far are insufficient to address the company's
refinancing requirements amid tightened funding conditions.

Alam Sutera secured an Indonesian rupiah (IDR) 200 billion bank
loan from PT Bank Permata Tbk. and an IDR500 billion facility from
PT Bank Central Asia Tbk., which will be used to call US$60 million
of the 2021 maturity. The company also expects cash receipts of
US$20 million-US$25 million by end-March 2020 as it realizes
hedging benefits.

Although the bank loans demonstrate Alam Sutera's ability to tap
new funding sources, they fall short of the refinancing requirement
in 2021. Alam Sutera still needs to raise about US$110 million for
a full refinancing of the 2021 notes. At the same time, refinancing
options have become increasingly limited, in S&P's opinion. Alam
Sutera has historically depended on international bond markets for
refinancing and capital raising. However, near-term access to
markets has been impaired as credit spreads widen and issuances
stall. Access to markets will be increasingly dependent on a
recovery in market sentiment. This could be some time away given
the rapid increase in the country's COVID-19 cases and the recent
sharp depreciation in the rupiah.

S&P said, "We believe Alam Sutera could utilize part of its cash
balance, which we estimate at a little over IDR1 trillion
currently, toward the repayment of the 2021 notes. We also
recognize that the company needs to maintain sufficient liquidity
buffer to deal with working capital swings and replenish its land
bank."

Alam Sutera has indicated that it is in final talks with another
bank which, if successful, could bring in additional funds.
However, the time frame remains uncertain.

Operating cash flows will be insufficient to bridge the funding
gap, given weak consumer sentiment and lack of major land sales.

S&P said, "We expect Alam Sutera to record lower marketing sales of
IDR2.0 trillion-IDR2.5 trillion in 2020 amid new launches, and
about IDR300 billion of land sales to China Fortune Land
Development Co. Ltd. This is lower than its marketing and land
sales of IDR3.1 trillion in 2019. The company anticipates marketing
sales of about IDR4 trillion for 2020, which we regard as
ambitious.

"We estimate Alam Sutera's discretionary cash flows, after taking
into account working capital movements, capital spending, and
dividends, will be negative IDR100 billion-IDR300 billion in 2020.
This will prevent the company from bolstering its liquidity."

The main rating emphasis is the refinancing of Alam Sutera's debt
over the next 24 months. We therefore place less emphasis on
operating forecasts for 2021 and 2022. S&P also lacks good
visibility on marketing sales beyond 2020, given the evolving
COVID-19 situation and sharp currency depreciation.

Alam Sutera faces sustained liquidity pressure due to another
sizable maturity in 2022.

Apart from the 2021 notes, Alam Sutera has US$370 million of notes
due in March 2022. This will result in sustained liquidity pressure
over the next two years, unless the company proactively refinances
ahead of the 2022 maturity.

S&P said, "We aim to resolve the CreditWatch as we get more clarity
on the company's fundraising progress.

"We could lower the ratings by one or more notches if Alam Sutera
does not fully address the maturity of its US$175 million notes due
April 2021 in the next two to three months. We could also lower the
ratings if the company continues to refinance with short-tenor
debt, resulting in a chunky debt maturity profile and an
unsustainable capital structure.

"A downgrade could also happen if the company's operating
environment significantly weakens over the next few months as a
result of the COVID-19 outbreak, resulting in a deterioration in
cash flow generation, significant cash burn, or what we assess to
be an unsustainable leverage level.

"We will also likely lower the ratings if Alam Sutera undertakes
capital market transactions related to its 2021 or 2022 notes that
we assess as constituting a distressed exchange, including capital
market purchases below par.

"We may affirm the ratings with a negative outlook if Alam Sutera
is able to fully refinance the 2021 notes with longer-tenor debt."


PT JAPFA: S&P Alters Outlook to Negative & Affirms 'BB-' ICR
------------------------------------------------------------
On March 24, 2020, S&P Global Ratings revised its outlook on the
Indonesia-based integrated poultry producer to negative from
stable. S&P also affirmed its long-term issuer credit rating on the
company and the issue rating on its US$250 million senior unsecured
notes maturing in 2022 at 'BB-'.

The negative outlook on PT Japfa Comfeed Indonesia Tbk. reflects
the prospect of weaker cash flow adequacy and interest coverage
ratios in 2020 and 2021 given steady capital spending, likely
persisting negative free operating cash flow and rising debt.

Persisting capital spending in 2020 will steadily reduce PT Japfa's
already weakened interest coverage and cash flow adequacy ratios.
S&P believes the company remains keen to grow capacity in 2020 and
2021, to take advantage of favorable long-term demand patterns and
consolidate its market share in Indonesia's poultry industry.
Top-of-cycle profits in 2018 and 2019 to a lesser extent have also
bolstered the company's ability to spend. Capital spending was
about Indonesian rupiah (IDR) 3.1 trillion in 2019, more than 20%
higher than it had anticipated as it expanded feed mill, breeding,
downstream, as well as storage and packaging facilities. PT Japfa's
discretionary cash flow was negative IDR3.4 trillion over
2018-2019. Expansion and investment in working capital led reported
debt to increase to about IDR8.6 trillion as of Dec. 31, 2019,
compared with about IDR6.1 trillion at the end of 2017. The
company's coverage of its interest expense with funds from
operations (FFO) reduced sharply to about 4.1x in 2019 compared
with more than 7x in 2018. Its ratio of FFO to debt likewise
weakened to about 26% in 2019 from more than 40% on average between
2016 and 2018.

S&P estimates that annual capital spending exceeding IDR2.5
trillion in 2020 and 2021 is likely to lead to persistently
negative discretionary cash flow for PT Japfa. Besides requiring
more debt to bridge the investment deficit, persisting investment
in new capacity will also require growing working capital
requirements, which the company has historically funded with
working capital facilities. Debt is likely to top IDR10 trillion in
2020 and IDR11 trillion in 2021 under this spending scenario,
leading to an FFO interest coverage ratio of 3.5x-3.8x and an
FFO-to-debt ratio below 20%. Both levels would no longer be
commensurate with a 'BB-' rating in light of PT Japfa's earnings
quality.

PT Japfa's more leveraged balance sheet will make its credit ratios
more sensitive to profitability headwinds. Rising debt at PT Japfa
since 2016 has coincided with a period of buoyant industry
conditions, with near multiyear-high in profit margins in
Indonesia's integrated poultry sector in 2019. Reported EBITDA
margins of 11.5% in 2019 were nearly 50% higher than the low of
7.5% in 2014.

S&P said, "The debt-funded expansion amid high margins increases
downside risk to the company's cash flow adequacy and leverage
ratios when industry margins normalizes, in our view. We believe
downside risks to margins are more likely in 2020 and beyond, given
the rapid expansion in domestic capacity and as the weaker
Indonesian rupiah increases operating costs. While difficult to
assess at this stage, demand headwinds from the COVID-19 outbreak
may also lead to reduced volumes and margin compression in the near
term, especially if the government enforces strict containment
measures and reduces access to wet market and distribution
channels. The extra costs to manage potential supply chain and
logistics inconveniences, if not outright disruption, could also
weigh on PT Japfa's cost structure in 2020. We estimate that PT
Japfa's FFO interest coverage could fall to about 3.8x and its
FFO-to-debt ratio to below 20% if EBITDA margins fall to 8% and if
the company maintains annual capital spending of IDR2 trillion or
more. Our base case currently assumes reported EBITDA margins at
9%-10% in 2020 and 2021."

Growth aspirations are reducing financial headroom and liquidity at
majority shareholder Japfa Ltd. Japfa Ltd.'s cash flow adequacy and
leverage ratios have weakened in line with those of PT Japfa, given
capacity expansion and investments in working capital at the group
level as well as in sister companies in Vietnam and China. S&P
estimates that Japfa Ltd.'s FFO interest coverage shrank to 4.0x in
2019 on the consolidated level. The group's short-term debt--which
includes working capital debt at raw material sourcing subsidiary
Annona Pte. Ltd. and a US$253 million acquisition loan maturing in
2021--has also increased. Consolidated cash levels of about US$141
million, excluding PT Japfa, do not cover refinancing requirements
over the next 12 months. As a result, S&P believes Japfa Ltd. might
seek to accelerate receivables collection from PT Japfa or maintain
dividends to reduce liquidity requirements.

S&P said, "We affirmed the 'BB-' rating to reflect PT Japfa's
flexibility in capital spending and sound liquidity provided by the
company's multiyear committed revolving working capital credit
facility. While our base case assumes steady spending through 2020
and 2021, we recognize that PT Japfa has the flexibility to reduce
or defer investments because most of them are related to
smaller-size, brownfield projects. We estimate that the company's
FFO interest coverage could stabilize above 4.0x and its
FFO-to-debt ratio comfortably above 20% if capital spending in 2020
and 2021 stays between IDR1 trillion and IDR1.5 trillion. The
company reduced investments to below IDR800 billion in 2015 and
2016 amid an oversupplied market, and managed at the time to
rebuild its financial and liquidity buffer.

"Our rating affirmation also reflects PT Japfa's multiyear
committed syndicated revolving working capital credit facility of
IDR3 trillion, amid reducing liquidity and currency volatility
globally. We believe the credit line will act as a stabilizing
liquidity source, given it matures in 2024." The company also
obtained an IDR2 trillion five-year non-revolving club loan quota
in the third quarter of 2019, which could help ease any liquidity
pressure and mitigate risk from the increase in short-term working
capital loans.

The negative outlook reflects the prospects of PT Japfa's rising
leverage and weakening FFO interest coverage to below 4.0x over the
next 12 months barring a slowdown in the company's expansion
appetite and debt accumulation.

S&P said, "We may lower our rating on PT Japfa if the company's or
its parent Japfa Ltd.'s cash interest coverage drops below 4x for
an extended period of time. Given our EBITDA margin base case, we
believe this could materialize if annual capital expenditure
exceeds IDR2 trillion or working capital growth reduces annual
operating cash flow to below IDR1 trillion sustainably. We could
also lower the rating if the company's EBITDA margins fall below 8%
with no prospects of recovery and if the company fails to adjust
capital spending.

"We may also lower the rating if the liquidity profile of PT Japfa
or Japfa Ltd. weakens notably. This could materialize if an
increase in raw material costs or a sharp depreciation in the
Indonesian rupiah leads to much greater use of short-term debt, or
if either company fails to proactively refinance large amortizing
debt maturities.

"We may revise the outlook to stable if both PT Japfa and Japfa
Ltd. can sustain their FFO cash interest coverage materially above
4x. Given our margin assumptions, we believe this will likely stem
from PT Japfa adopting a more cautious attitude towards capital
expenditure, with capital spending of IDR1 trillion-IDR1.5 trillion
in 2020.

"We could also revise the outlook to stable if the company's EBITDA
margins remain above 12% and the company generates positive
discretionary cash flow." A revision of the outlook to stable will
be contingent upon both PT Japfa and Japfa Ltd. maintaining
adequate liquidity, Japfa Ltd.'s credit metrics being either
commensurate or stronger than that of PT Japfa, and both companies
proactively refinancing sizable amortizing debt maturities.

PT Japfa is a producer of animal feed and day-old chicks, and
engages in commercial farming in Indonesia. It is the
second-largest player in the poultry business, behind its largest
competitor PT Charoen Pokphand Indonesia Tbk. (CPI). PT Japfa had a
revenue of IDR37 trillion and reported EBITDA of about IDR4.1
trillion for the year ended Dec. 31, 2019. Poultry-related
businesses constitute about 87% of the company's total revenues. PT
Japfa was founded in 1971, is headquartered in Jakarta, and
operates as a subsidiary of Singapore-listed Japfa Ltd.




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

DIC CORP: Moody's Assigns 'Ba1' CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Japan K.K. has assigned a Ba1 corporate family rating to
DIC Corporation and has withdrawn the company's Baa3 issuer
rating.

The rating outlook has changed to stable from negative.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The chemical
sector has been significantly affected by the shock given its
sensitivity to demand and sentiment. More specifically, the
weaknesses in DIC's credit profile, including its exposure to end
markets, such as automotive and electronics, has left it vulnerable
to shifts in these unprecedented operating conditions, and DIC
remains vulnerable to continuing impact from the spread. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety. The action reflects the impact on DIC of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

DIC's Ba1 rating reflects its strong market positions in inks and
pigments but relatively weak profitability, due to a preponderance
of low-margin commodity products and the secular decline in its
legacy publication ink business.

"DIC's businesses are prone to cyclicality, and their volatility
will be worsened with the global economic slowdown," says Moody's
Analyst Yukiko Asanuma.

The downgrade reflects Moody's expectation that DIC will continue
to face challenges, such as lower sales volumes and prices, even in
its high-value-added products for the automotive and electronic end
markets, where the company seeks growth. Weaker profit will mean it
will take longer than previously expected for the company to
deleverage after the acquisition of BASF (SE)'s (A2 stable) pigment
business later this year.

And while the decline in crude oil prices -- a key input -- will
lower DIC's costs, Moody's expects this will be offset by lower
demand, as was the case in its 2019 results. In addition, DIC sees
the automotive end market as a key source of growth, but the sector
faces increasing challenges. Moody's has a negative outlook on the
auto sector and has been revising down its forecast for global
light vehicle sales, which in turn would reduce demand for DIC's
products with automotive applications.

In fiscal 2019, DIC's reported revenue and operating income ended
lower than its mid-year revised guidance. In fiscal 2019, the
company's operating income decreased by 15% compared to fiscal
2018, which was a sharp contrast to its original forecast of 7%
increase, indicating volatility in its business.

DIC expects to close its acquisition of BASF pigment business for
approximately JPY116.2 billion by December 2020. Assuming this
acquisition is fully debt financed, it will raise DIC's financial
leverage -- as measured by debt/EBITDA -- from 4.1x to around 4.7x
on a pro forma basis, based on fiscal 2019 figures.

Moody's has also considered the following environmental, social and
governance (ESG) factors in its assessment.

In terms of environmental and social factors, Moody's views the
company's chemicals business as entailing moderate environmental
risk. But DIC has a good track record in environmental compliance
and health and safety measures.

In terms of governance factors, the large BASF acquisition is a
departure from the smaller investments DIC has been making and
presents execution risks. Rising dividend payouts (over 40% versus
30% in its stated target) and the BASF acquisition debt also
indicate a shift toward a more shareholder returns-focused
financial strategy.

The stable outlook assumes that the BASF acquisition will be
executed as planned, financed by debt.

An upgrade of the rating is unlikely in the near term, given this
downgrade and the company's upcoming leveraged BASF acquisition.
However, upward pressure on the rating could emerge over time if
the company's non-ink businesses show sufficient growth, which
offsets the decline in its legacy publication ink business, such
that debt/EBITDA stays below 3.5x.

Moody's would consider downgrading DIC's rating if the company
fails to integrate the acquired pigments business and achieve the
expected synergies, and fails to improve its earnings organically
in its existing packaging inks and resin products businesses, such
that debt/EBITDA stays above the low 4x range.

The principal methodology used in this rating was Chemical Industry
(Japanese) published in March 2019.

DIC Corporation, headquartered in Tokyo, is a specialty chemical
company and one of the leading manufacturers of printing inks and
color filter pigments.


JAPAN DISPLAY: Bailout Plan Gets Shareholder Approval
-----------------------------------------------------
The Japan Times reports that Japan Display Inc. shareholders have
signed off on a bailout plan involving a capital injection from a
private Japanese fund to erase its negative net worth so the
company can turn itself around.

Under the bailout plan, which was approved on March 25 at an
extraordinary shareholders meeting, the struggling display supplier
to Apple Inc. was slated to receive JPY50.4 billion ($453 million)
on March 26 from Ichigo Asset Management Ltd, the report relates.

Also, state-backed turnaround fund INCJ Ltd. is to swap its JPY102
billion in loans to JDI for preferred shares to improve the
company's balance sheet, the Japan Times says.

Later in the year, JDI is expected to receive another capital
injection from Ichigo Asset worth as much as JPY60.4 billion,
pending approval at its regular shareholders meeting in June,
according to the report.

The Japan Times adds that Ichigo Asset CEO Scott Callon joined
JDI's management team as chairman on March 26 after being elected a
board member at the shareholders meeting.

In late September, JDI sank into a negative net worth of JPY101.6
billion after posting a net loss for the fifth consecutive year in
the business year ended March 2019 partly due to slumping demand
for smartphone displays, the report discloses.

According to the report, Japan Display CEO Minoru Kikuoka said at a
news conference Wednesday that talks to sell its Hakusan plant in
Ishikawa Prefecture to Sharp Corp. have been delayed, and that it
is considering selling part of the facilities there to Apple before
finishing the negotiations with Sharp.

The embattled company initially agreed in April last year to secure
up to JPY80 billion in financial support from a Chinese-Taiwanese
consortium, the report recalls. But the plan collapsed in September
when Chinese Harvest Tech Investment Management Co. withdrew from
the initial rescue plan, forcing the panel-maker to seek new
sponsors.

JDI was established in 2012 by merging the display businesses of
Sony Corp., Hitachi Ltd. and Toshiba Corp. with support from INCJ.

Japan Display was established in 2012 through the merger of the
display operations of Sony Corp., Hitachi Ltd. and Toshiba Corp.
with support from the state-backed fund INCJ Ltd.


MITSUBISHI MOTORS: S&P Places 'BB+' ICR on CreditWatch Negative
---------------------------------------------------------------
S&P Global Ratings said that it has placed its 'BB+' long-term
issuer credit rating on Mitsubishi Motors Corp. on CreditWatch with
negative implications. S&P said, "The CreditWatch placement
reflects our view that the company's EBITDA margin will face
considerable pressure due to the rapid deterioration of business
conditions caused by the COVID-19 pandemic. We believe the
company's EBITDA margin could decline further, reaching a level
that is not commensurate with the rating, given the expected very
weak car sales in key markets, possible disruption to global supply
chains, and the risk of volatile foreign exchange rates."

S&P said, "We expect Mitsubishi Motors' EBITDA margin (excluding
its captive finance operations) to drop to below 5% in fiscal 2019
(ending March 31, 2020), from 6.8% in fiscal 2018, and believe it
could further decline. S&P Global Ratings expects extremely harsh
business conditions over the next one or two years. We assume
annual new car sales will fall in North America by 15%-20%
year-on-year in 2020 and recover by 10%-12% in 2021. In the same
years, respectively, we assume they will fall 15%-20% and recover
9%-11% in Europe; and fall by 8%-10% and recover by 2%-4% in China.
We believe downward pressure on sales will also increase in
Southeast Asia, a key market for the company, over the next few
years. In our opinion, the negative effects of disruption to its
supply chains will likely grow unless the COVID-19 pandemic is
contained quickly. In addition, we believe fluctuating foreign
exchange rates and possible one-off resutructuring expenses could
also hurt the company's earnings.

"However, we expect Mitsubishi Motors to remain free of debt thanks
to its continued financial discipline. The company has a net cash
position of ¥360 billion (as of December 2019). We expect
Mitsubishi Motors to rein in capital expenditure in response to
current conditions. Furthermore, Mitsubishi Motors has sought to
lower its capital expenditure burden and research and development
costs in recent years by making the most of its alliance with
Renault S.A. and Nissan Motor Co. Ltd. We see this as a clear
example of the company's conservative financial management.

"We intend to resolve the CreditWatch placement within 90 days.
Following the company's announcement of its results for fiscal
2019, we intend to re-examine our base-case assumptions regarding
projections for Mitsubishi Motors' new car sales, global
production, and financial performance over the next one to two
years. We will also consider company's new mid-term business plan,
as well as any strategic efforts with its alliance partners. We may
lower the rating by one notch if we believe Mitsubishi Motors'
adjusted EBITDA margin is unlikely to recover to above 6% over the
next one to two years."

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak
between June and August, and we are using this assumption in
assessing the economic and credit implications. We believe measures
to contain COVID-19 have pushed the global economy into recession
and could cause a surge of defaults among nonfinancial corporate
borrowers. As the situation evolves, we will update our assumptions
and estimates accordingly."


SOFTBANK GROUP: Blasts Moody's for ‘Biased' Ratings Downgrade
---------------------------------------------------------------
Pavel Alpeyev at Bloomberg News reports that SoftBank Group Corp.
lashed out at Moody's Corp. after its debt was downgraded by two
notches, accusing the ratings company of "bias" and "creating
substantial misunderstanding" days after the investment group
announced a $41 billion asset sale program intended to shore up
confidence.

According to Bloomberg, SoftBank's shares slid as much as 8.4%
early in Tokyo trade. The Moody's downgrade -- lowering SoftBank's
corporate family rating and senior unsecured rating to Ba3 from Ba1
-- pushed the company deeper into junk territory, the report says.
It comes at a critical time for founder Masayoshi Son, who this
week set in motion his biggest play yet to silence critics and
shore up his company's crumbling shares and bonds.

"Such a downgrade, which deviates substantially from Moody's stated
rating criteria, will cause substantial misunderstanding among
investors who rely on ratings in making investment decisions,"
SoftBank said in a statement, which also asked Moody's to withdraw
the rating, Bloomberg relays.

Bloomberg relates that while SoftBank had JPY1.7 trillion ($15
billion) of cash and equivalents on hand at the end of December, it
also has a huge debt load: The firm faces JPY1.68 trillion of bonds
and loans coming due over the next two fiscal years and a total of
about JPY3.6 trillion over the following four-year period.

The company, which also operates the $100 billion Vision Fund, is
vulnerable to economic shocks given that debt, and its ties to
unprofitable startups from WeWork to Oyo Hotels, the report says.
Many of the Vision Fund's biggest bets lie in what's known as the
sharing economy, which has been particularly hard-hit by the
pandemic that's causing millions of people to stay indoors. Travel
spending has slumped as a result.

SoftBank is said to be targeting the sale of $14 billion of stock
in the Chinese e-commerce leader Alibaba Group Holding Ltd., as
well as slices of its domestic telecom arm and Sprint Corp., which
is merging with T-Mobile US Inc., according to Bloomberg. But
SoftBank risked unloading some of its most prized assets at a
discount given the downturn, Moody's said in its statement,
Bloomberg relays.

"Asset sales will be challenging in the current financial market
downturn, with valuations falling and a flight to quality,"
Bloomberg quotes Motoki Yanase, a Moody's senior credit officer in
Tokyo, as saying.  "SoftBank's decision to withdraw its corporate
and foreign currency bond ratings by Moody's probably wouldn't save
the company from higher new borrowing and refinancing costs."

The scale of the endeavor unveiled by SoftBank on March 23
surprised investors, Bloomberg discloses. Despite several days of
gains, however, the stock remains down about 30% from its 2020
peak, underscoring persistent concerns that tumbling technology
valuations will damage Son's company. S&P Global Ratings said this
week the asset sales could ease downward pressure on SoftBank's
credit quality.

The rout triggered by the coronavirus has spread to credit markets
and sparked a surge in the cost of insuring debt against default --
including that of SoftBank, whose credit-default swaps are near
their highest level in about a decade. Apollo Global Management,
the alternative asset management house co-founded by Leon Black,
has placed a short bet against bonds issued by SoftBank because of
its tech exposure, according to the Financial Times.

Headquartered in Tokyo, SoftBank Group Corp. is a Japanese holding
company, with subsidiaries engaged in various businesses, including
telecommunications, internet and other technology businesses.

As reported in the Troubled Company Reporter-Asia Pacific on March
19, 2020, S&P Global Ratings revised to negative from stable the
outlook on its long-term issuer credit rating on Japan-based
investment holding company SoftBank Group Corp. S&P affirmed the
'BB+' long-term issuer credit rating. S&P also affirmed long-term
senior unsecured ratings at 'BB+' and subordinated debt at 'B+'.




=====================
P H I L I P P I N E S
=====================

CEBU AIR: Egan-Jones Lowers Senior Unsecured Ratings to BB
----------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cebu Air, Incorporated to BB from BB+.

Cebu Air, Incorporated, operating as Cebu Pacific and informally
and colloquially known as Cebu Pac, is a Philippine low-cost
airline based on the grounds of Mactan-Cebu International Airport,
Lapu-Lapu City, Metro Cebu, in the Philippines. It is Asia's oldest
budget or low-cost carrier airline, founded in 1988.




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

[*] SINGAPORE: Virus Closures May Hit REITs Harder Than GFC
-----------------------------------------------------------
The Business Times reports that the coronavirus outbreak may hit
Singapore real estate investment trusts (REITs) harder than the
global financial crisis (GFC) did, according to Jefferies Financial
Group.

BT relates that Singapore announced on March 24 its strictest
measures yet to combat the spread of the virus, including shutting
bars and cinemas, and deferring or canceling events starting from
11:59 p.m. on March 26. Public venues such as retail malls and
museums will have to ensure that groups do not exceed 10 people.

Those measures will further test investor appetite for Singapore's
REITs, BT notes. With a 26% plunge, a gauge tracking them is
heading for its worst quarterly drop since 2008 even though the
firms offer the region's highest yields, the report says. Unit
prices have tumbled in recent weeks on mounting virus concerns and
a sell-everything mentality in global markets.

The trusts have "factored in severe declines" into distribution per
unit, but the impact on net operating income might be bigger than
during the global financial crisis, Jefferies analyst Krishna Guha
wrote in a note, according to BT. "Current valuations are not even
close to GFC troughs," and the closure of public venues can last
longer, the report said.

Leisure and entertainment as a tenant category accounts for an
estimated 5 per cent of gross rental income for CapitaLand Mall
Trust and Frasers Centrepoint Trust, and up to 13 per cent for
Suntec Real Estate Investment Trust, the Jefferies note added, BT
relays.




===========
T A I W A N
===========

[*] Fitch Alters Outlook on 8 Taiwanese Securities Firms to Neg.
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on eight Taiwanese securities
companies to Negative from Stable and has affirmed their Issuer
Default Ratings and National Ratings.

The companies affected are Oriental Securities Corporation, Concord
Securities Co., Ltd., Grand Fortune Securities Co., Ltd. (GFS),
Shin Kong International Securities Co., Ltd. (SKIS), Ta Ching
Securities Co., Ltd., Tachan Securities Co., Ltd, Horizon
Securities Co., Ltd. and CL Securities Taiwan Company Limited
(CLST).

The Outlook revision reflects heightened uncertainty in the
operating environment arising from the coronavirus pandemic. It
also reflects the associated pressure on the companies' earnings
and profitability amid potential proprietary trading losses arising
from increased capital market volatility as well as lower revenue
generation from brokerage activities.

The affirmation reflects Fitch's view that the companies have
adequate capital buffers to withstand the immediate shock brought
about by the pandemic.

KEY RATING DRIVERS

The ratings of the eight entities are based on their modest company
profiles; namely, their small market franchise in a global context
with limited business diversification. However, the ratings also
incorporate their consistently low use of leverage and Fitch's
expectation of their ability to maintain adequate capital buffers
and liquidity through market shocks.

All eight securities companies had modest use of leverage as of
end-1H19, within a range of 1x-3x net tangible leverage, providing
sound capital buffer against market disruption given their simple
business models. In addition, the risk of high reliance on
wholesale funding, particularly in repo transactions for those with
larger fixed-income positions, are mitigated by sufficient
liquidity coverage for short-term funding and high credit-quality
fixed-income collateral, mostly in the forms of Taiwanese
government bonds and investment-grade private-sector bonds.

GFS, SKIS, Oriental and Concord are rated higher than the other
four entities. GFS has demonstrated an ability to sustain a
competitive underwriting business franchise backed by expertise and
a strong pipeline. SKIS' continued strength in electronic brokerage
and competitive cost structure has supported its superior
profitability. Oriental has a large equity base committed by the
Far Eastern group and its franchise also benefits from being part
of the group. Concord's rating is driven by its diversified
business model and large operating scale.

CLST and Horizon are rated at the lowest level among the peer
group. CLST's ratings are constrained by a high reliance on its
business partner and largest client, CLSA Limited, and a short
record of sustained profitability after the management buyout in
late 2016. Horizon's ratings are based on the prospect of weaker
and volatile profitability as well as its more modest franchise and
higher risk appetite for trading.

RATING SENSITIVITIES

Rating upgrades for all eight entities are less probable in light
of the current environment in addition to their modest franchises.

The Negative Outlook reflects increased potential for losses from
proprietary trading and pressure on brokerage revenue in the medium
term. Rating downgrades could arise from unexpected trading losses
from higher-than-expected exposure to market risk, credit losses
due to margin financing activity and a prolonged drop in brokerage
revenue generation that weakens capital and funding positions. A
weakening in franchise strength as a result of an inability to
navigate current conditions would also lead to negative rating
action.

In addition, rating pressure for Concord could come from an
inability to improve the quality and stability of its earnings
through broader product offerings. The ratings of Shin Kong and
CLST could come under pressure if the companies were exposed to
operational challenges amid the coronavirus pandemic that
undermined business continuity, given their more narrowly focused
business models.

Tachan Securities Co., Ltd

  - LT IDR BB; Affirmed; previously at BB

  - ST IDR B; Affirmed; previously at B

  - Natl LT BBB+(twn); Affirmed; previously at BBB+(twn)

  - Natl ST F2(twn); Affirmed; previously at F2(twn)

Horizon Securities Co., Ltd.

  - Natl LT BBB(twn); Affirmed; previously at BBB(twn)

  - Natl ST F3(twn); Affirmed; previously at F3(twn)

Grand Fortune Securities Co., Ltd.

  - Natl LT A-(twn); Affirmed; previously at A-(twn)

  - Natl ST F1(twn); Affirmed; previously at F1(twn)

Oriental Securities Corporation

  - LT IDR BB+; Affirmed; previously at BB+

  - ST IDR B; Affirmed; previously at B

Natl LT A-(twn); Affirmed; previously at A-(twn)

  - Natl ST F1(twn); Affirmed; previously at F1(twn)

Ta Ching Securities Co., Ltd.

  - Natl LT BBB+(twn); Affirmed; previously at BBB+(twn)

  - Natl ST F2(twn); Affirmed; previously at F2(twn)

CL Securities Taiwan Company Limited

  - Natl LT BBB(twn); Affirmed; previously at BBB(twn)

  - Natl ST F2(twn); Affirmed; previously at F2(twn)

Concord Securities Co., Ltd.

  - LT IDR BB+; Affirmed; previously at BB+

  - ST IDR B; Affirmed; previously at B

  - Natl LT A-(twn); previously at Affirmed A-(twn)

  - Natl ST F2(twn); previously at Affirmed F2(twn)

Shin Kong International Securities Co., Ltd.

  - Natl LT A-(twn); Affirmed; previously at A-(twn)

  - Natl ST F2(twn); Affirmed; previously at F2(twn)



                           *********


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

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

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

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