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

                     A S I A   P A C I F I C

          Monday, April 6, 2020, Vol. 23, No. 69

                           Headlines



A U S T R A L I A

CCUBE FINANCIAL: First Creditors' Meeting Set for April 15
EMU GROUP: First Creditors' Meeting Set for April 15
FIRSTMAC MORTGAGE 1-2020: S&P Assigns BB Rating on E Notes
HARRIS SCARFE: Workers Outraged as 59 Staff Made Redundant
HARSYN PTY: Second Creditors' Meeting Set for April 9

ILLAWARRA HAWKS: First Creditors' Meeting Set for April 16
MELIOR AUSTRALIA: Second Creditors' Meeting Set for April 15
QIKID PTY: First Creditors' Meeting Set for April 14


C H I N A

AGILE GROUP: Moody's Alters Outlook on Ba2 CFR to Negative
CBAK ENERGY: Delays Form 10-K Filing Amid COVID-19 Pandemic
CHINA ZHENGTONG: Moody's Alters Outlook on B2 CFR to Negative
CIFI HOLDINGS: S&P Affirms 'BB' ICR, Outlook Stable
HNA GROUP: Swissport to Hire Houlihan Lokey to Advise on Debt

LUCKIN COFFEE: Forms Special Committee to Oversee Internal Probe
REMARK HOLDINGS: Delays Form 10-K Filing Due to COVID-19 Pandemic


H O N G   K O N G

SPEEDCAST INT'L: Moody's Lowers CFR to Ca, Outlook Negative
UNION MEDICAL: Moody's Withdraws 'B1' Corp. Family Rating


I N D I A

DHANLAXMI COTEX: CRISIL Keeps D on INR10cr Loans in Not Cooperating
FUTURE RETAIL: Fitch Lowers LT IDR to B-(EXP); On Watch Negative
ICHALKARANJI POWERLOOM: CRISIL Cuts INR25.07cr Loan Rating to D
MOTHER'S EDUCATIONAL: CRISIL Moves 'C' Rating to Not Cooperating
PALM STREET: CRISIL Moves 'B' on INR10cr Loan to Not Cooperating

PRIME AND SHINE: CRISIL Moves 'B' on INR1cr Debt to Not Cooperating
PROGRESSIVE CHARITABLE: CRISIL Moves B+ Ratings to Not Cooperating
ROMAX STEELS: CRISIL Moves 'B+' on INR7cr Loans to Not Cooperating
S. B. DISTRIBUTORS: CRISIL Moves B+ Debt Rating to Not Cooperating
SATYAWATI RICE: CRISIL Keeps 'B' Debt Ratings in Not Cooperating

SHEETAL INFRASTRUCTURE: CRISIL Cuts Rating on INR22cr Loan to B+
SHIRUPUR POWER: Insolvency Resolution Process Case Summary
SHIVANG CARPETS: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
SUNLIGHT EXTRUSION: Insolvency Resolution Process Case Summary
TATA MOTORS: S&P Lowers Issuer Credit Rating to 'B', Outlook Stable

TERRA DEVELOPERS: CRISIL Lowers Rating on INR20cr LT Loan to D
TERRA REALCON: CRISIL Lowers Rating on INR10cr Term Loan to D
THARU JANJATI: CRISIL Keeps 'B+' Debt Rating in Not Cooperating
THEME HOTELS: CRISIL Keeps 'D' in INR7.5cr Loan in Not Cooperating
THIRUMALA CHILD: CRISIL Keeps B on INR10cr Loans in Not Cooperating

TRIMURTI CORNS: CRISIL Keeps 'D' on INR16cr Loan in Not Cooperating
TULSIAN COAL: CRISIL Keeps 'D' on INR7cr Credit in Not Cooperating
UNIBAIT FEEDS: CRISIL Keeps 'B' on INR15cr Debt in Not Cooperating
V S N ESTATES: CRISIL Keeps 'B' on INR12cr Loan in Not Cooperating
VARAHA LAKSHMI: CRISIL Moves 'D' Debt Ratings to Not Cooperating

VEEYEM INTERIORS: Insolvency Resolution Process Case Summary
VIGNESH SUPER: CRISIL Moves 'B-' Debt Ratings to Not Cooperating
VIRUPA RENEWABLE: CRISIL Keeps B+ in INR10cr Debt in NonCooperating
VISHARAM TANNERS: CRISIL Moves 'B' Rating to Not Cooperating
WHITE GOLD AGRO: CRISIL Moves 'B' Debt Ratings to Not Cooperating

WHITE GOLD COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ZEROGRAVITY AESTHETICS: CRISIL Moves B Rating to Not Cooperating


J A P A N

NOMURA HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to BB
SOFTBANK GROUP: Egan-Jones Lowers Senior Unsecured Ratings to BB-
TOKYO ELECTRIC: Egan-Jones Lowers Senior Unsecured Ratings to BB+


N E W   Z E A L A N D

BAUER MEDIA: NZ Units Closes Down; Seeks Buyers for Magazines


S I N G A P O R E

AVAGO TECHNOLOGIES: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
SEMBCORP MARINE: Gives Notice of 3 Consecutive Years of Losses

                           - - - - -


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A U S T R A L I A
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CCUBE FINANCIAL: First Creditors' Meeting Set for April 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of CCube
Financial Software Pty. Limited and CCube Integrated Wealth Pty.
Ltd. will be held on April 15, 2020, at 11:00 a.m. at Level 2, at
151 Macquarie Street, in Sydney, NSW.

Mark Robinson of de Vries Tayeh was appointed as administrator of
CCube Financial on April 2, 2020.



EMU GROUP: First Creditors' Meeting Set for April 15
----------------------------------------------------
A first meeting of the creditors in the proceedings of Emu Group
Pty Ltd will be held on April 15, 2020, at 12:00 p.m. at One Wharf
Lane, Level 20, at 171 Sussex Street, in Sydney, NSW.

Andre Lakomy and Alan Walker of Cor Cordis were appointed as
administrators of Emu Group on April 1, 2020.


FIRSTMAC MORTGAGE 1-2020: S&P Assigns BB Rating on E Notes
----------------------------------------------------------
S&P Global Ratings assigned ratings to seven of the eight classes
of prime residential mortgage-backed securities (RMBS) issued by
Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac
Mortgage Funding Trust No. 4 Series 1-2020.

The ratings reflect:

-- S&P views of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P views of the credit support, which is sufficient to
withstand the stresses it applies. Credit support for the rated
notes comprises note subordination, excess spread, and lenders'
mortgage insurance on 6.2% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity reserve
equal to 1.1% of the outstanding note balance, subject to a floor
of A$1,100,000, and the principal draw function are sufficient to
ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Firstmac Ltd., available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

-- The fixed- to floating-rate interest-rate swap provided by
National Australia Bank Ltd. to hedge the mismatch between receipts
from fixed-rate mortgage loans and the variable-rate RMBS.

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

  RATINGS ASSIGNED

  Firstmac Mortgage Funding Trust No. 4 Series 1-2020

  Class     Rating       Amount (mil. A$)
  A-1       AAA (sf)     850.00
  A-2       AAA (sf)      70.00
  AB        AAA (sf)      35.00
  B         AA (sf)       15.00
  C         A (sf)        12.50
  D         BBB (sf)       7.50
  E         BB (sf)        4.09
  F         NR             5.91

  NR--Not rated.


HARRIS SCARFE: Workers Outraged as 59 Staff Made Redundant
----------------------------------------------------------
SmartCompany reports that workers at collapsed department store
Harris Scarfe are outraged after being made redundant earlier last
week, just a day after the Morrison government unveiled a AUD130
billion wage subsidy scheme they say could have saved their jobs.

SmartCompany relates that the redundancies, announced by Harris
Scarfe receivers Deloitte on March 31, have seen 59 staff laid off
- 16 from support centres in Melbourne and Adelaide and 43 across
nearly two-dozen stores nationwide.

But several workers served with redundancy notices have since told
SmartCompany they were given conflicting stories by management as
to why they were losing their jobs, first told the COVID-19
pandemic was the cause, before later receiving an email claiming
they'd been chopped in a company-wide restructure.

Retail union the SDA now said it's concerned Harris Scarfe has
fallen foul of the Fair Work Act. Staff said the union was not
consulted about the redundancies, which affect just under 5% of
Harris Scarfe's remaining 1,200 staff, according to SmartCompany.

It comes as suitor Spotlight Retail Group prepares to purchase the
struggling business before Easter, having been granted exclusive
negotiating rights last month, the report says.

Two staff members working at separate Harris Scarfe stores in South
Australia told SmartCompany they were first told they would lose
their jobs by their area manager on April 6, who said the layoffs
were a result of the COVID-19 pandemic.

The workers asked to remain anonymous discussing details of
correspondence they are not authorised to disclose.

After being sent home with redundancy notices effective from March
31, staff members emailed Harris Scarfe's human resources manager
to enquire about their eligibility under the federal government's
recently announced wage subsidy package.

SmartCompany says the JobKeeper scheme will provide employers with
AUD1,500 payments per fortnight for each full-time, part-time and
casual staff member with 12 months of tenure on their books,
starting in May and lasting for six months.

Harris Scarfe, which books AUD380 million in annual turnover, said
it intends to apply for the JobKeeper package but told redundant
staff on March 31 they would not be included in those efforts,
SmartCompany relays.

Asked why the staff members were not being included in Harris
Scarfe's JobKeeper application, a Deloitte spokesperson said it was
their understanding it would not be available, the report adds.

                        About Harris Scarfe

Harris Scarfe employs more than 1,800 staff and said the
appointment of DRS partners Vaughan Strawbridge, Kathryn Evans and
Tim Norman was made by an unnamed secured lender to the group.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
12, 2019, The Sydney Morning Herald said department store chain
Harris Scarfe has become the latest casualty of the flagging retail
sector after being placed into receivership.  The AUD380 million
chain has 66 stores across the country from Top Ryde in Sydney's
northern suburbs, Westfield Chermside and Carindale in Brisbane,
Canberra, Wagga Wagga down to Geelong in Victoria, Adelaide and
Hobart.


HARSYN PTY: Second Creditors' Meeting Set for April 9
-----------------------------------------------------
A second meeting of creditors in the proceedings of:

   - Harsyn Pty Ltd;
   - Harrin Australia Pty Limited;
   - Harris Scarfe Insurance Pty Ltd;
   - Allens Stores Pty Limited;
   - Storecon Pty Limited; and
   - Bronsonbay Pty Limited

has been set for April 9, 2020, at 12:00 p.m. via Webinar
facilities.   

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 8, 2020, at 4:00 p.m.

Duncan Clubb and Andrew Sallway of BDO were appointed as
administrators of Harsyn Pty on Dec. 11, 2019.


ILLAWARRA HAWKS: First Creditors' Meeting Set for April 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Illawarra
Hawks Pty Ltd will be held on April 16, 2020, at 11:00 a.m. at the
offices of Jones Partners, Level 13, at 189 Kent Street, in Sydney,
NSW.

Michael Gregory Jones of Jones Partners was appointed as
administrator of Illawarra Hawks on April 2, 2020.


MELIOR AUSTRALIA: Second Creditors' Meeting Set for April 15
------------------------------------------------------------
A second meeting of creditors in the proceedings of Melior
Australia Pty Ltd has been set for April 15, 2020, at 12:00 p.m. at
the offices of Pitcher Partners, Level 11, at 12-14 The Esplanade,
in Perth, WA.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 14, 2020, at 4:00 p.m.

Bryan Kevin Hughes and Daniel Bredenkamp of Pitcher Partners were
appointed as administrators of Melior Australia on Sept. 8, 2019.


QIKID PTY: First Creditors' Meeting Set for April 14
----------------------------------------------------
A first meeting of the creditors in the proceedings of QikID Pty
Limited will be held on April 14, 2020, at 10:00 a.m. via virtual
meeting.

Anthony Elkerton of DW Advisory was appointed as administrator of
QikID Pty on March 31, 2020.





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

AGILE GROUP: Moody's Alters Outlook on Ba2 CFR to Negative
----------------------------------------------------------
Moody's Investors Service changed the outlook on Agile Group
Holdings Limited to negative from stable.

At the same time, Moody's has affirmed Agile's Ba2 corporate family
rating and the Ba3 senior unsecured rating on the bonds issued by
Agile.

RATINGS RATIONALE

"The change in outlook to negative reflects Agile's weakened credit
metrics because of its increased debt to fund its expansion. While
we expect the company's credit metrics over the next 12-18 months
will gradually improve, they will continue to position the company
at the weaker end of its Ba2 CFR," says Kaven Tsang, a Moody's
Senior Vice President.

"The negative outlook also reflects the uncertainty over the
company's ability to execute on its deleveraging plan in view of
the challenging operating environment," adds Tsang.

Specifically, Moody's expects Agile's debt leverage, as measured by
revenue/adjusted debt, will trend to around 60% over the next 12-18
months from 51.2% in 2019, and for EBIT/interest to recover to 3.0x
from 2.3x over the same period. These credit metrics will still
position the company at the weaker end of it current rating.

The recovery in its financial metrics is driven by expected revenue
growth in its property development business following strong
presales over the past 2-3 years. Such growth in the property
management business, along with increased capacity and the
continuing ramp-up of its environmental protection business will in
turn support revenue growth.

While Agile's presales fell 40% year-on-year in the first two
months of 2020 due to the impact of coronavirus outbreak, the
impact on full-year presales will be mitigated by the company's
sizable saleable resources in Southern and Eastern China given
strong economic fundamentals and housing demand in these areas.
Moody's expects Agile's presales will stay largely flat at
RMB115-120 billion in 2020.

Additionally, Moody's expects Agile will control its debt growth
over the next 12-18 months by scaling down acquisitions. Moody's
expects the company will spend around RMB35-40 billion, or around
30% of its presales proceeds, to acquire new land and other
non-property development businesses in 2020 and 2021.

Agile's Ba2 CFR reflects its (1) strong market position and solid
track record of property development in core Guangdong and Hainan
markets; (2) track record of disciplined financial management; (3)
good liquidity, with good access to offshore debt and banking
markets; and (4) improving geographic diversification that could
temper regional economic and regulatory risks.

At the same time, its Ba2 rating incorporates the company's modest
financial metrics, and exposure to financial and execution risks
associated with its expansion in non-property businesses.

Agile's 2019 results were weak, as reflected by a decline in
revenue/adjusted debt and EBIT/interest to respectively 51.2% and
2.3x in 2019 from 54% and 4.1x in 2018. The weak results were
mainly the result of slower-than-expected revenue growth due to
delays in the ramp-up of its environmental protection business, a
decline in its gross margin, increased debt to fund business growth
and an associated increase in interest expenses.

In terms of environmental, social and governance (ESG) factors, the
Ba2 CFR considers Agile's concentrated ownership by its key
shareholder, the Chen family, which held a total 67.1% stake in the
company as of December 31, 2019. The Ba2 CFR has also considered
the family's track record of injecting equity of around HKD1.6
billion into the company to support its liquidity and refinancing
needs during the difficult time in 2014.

In addition, 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. China's property sector has been one of the sectors
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, given Agile's exposure to regional
markets in China, it is exposed to shifts in market sentiment in
these unprecedented operating conditions. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Agile's liquidity position is good. The company's cash-on-hand of
RMB42.6 billion as of December 31, 2019 can fully cover its
short-term debt of RMB42.5 billion. Moody's also expects its cash
holding and operating cash flow to be sufficient to cover its
maturing debt, committed land premiums and dividend payments in the
next 12-18 months.

Additionally, Agile has diversified access to different onshore and
offshore funding. In particular, the company has a long track
record of accessing both offshore banks and capital markets when
compared with its Ba-rated peers.

Agile's Ba3 senior unsecured bond rating is one notch below its CFR
because of the risk of structural subordination. This subordination
risk reflects the fact that most of Agile's claims are at the
operating subsidiaries and have priority over claims at the holding
company in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.
As a result, the expected recovery rate for claims at the holding
company will be lower.

Factors that would lead to an upgrade or downgrade of the ratings:

Upward rating pressure is unlikely given the negative outlook.
However, the outlook could be revised to stable if Agile (1)
successfully executes its business expansion plan as indicated by
meeting its presales target and ramps up its environmental
protection business; (2) maintains its strong liquidity position;
and (3) improves its credit metrics, with revenue/adjusted debt
trending to 65%-70% and EBIT/interest coverage trending to
3.0x-3.5x on a sustained basis.

Downward rating pressure could develop if Agile's presales decline,
the company fails to ramp up its environmental protection business
or the company turns to a more aggressive expansion strategy in its
property or non-property businesses, such that its credit metrics
remain weak.

Metrics Moody's would consider for a downgrade include
EBIT/interest coverage failing to trend to 3.0x-3.5x or
revenue/adjusted debt failing to trend back to 65%-70% over the
next 12-18 months.

Any sign of weakening liquidity, with cash/short-term debt
consistently below 1.0x, will also pressure the rating.

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

Agile Group Holdings Limited is one of China's major property
developers. As of December 31, 2019, the company had a land bank
with a total attributable planned GFA of 39.70 million sq.m. in 75
cities across different regions in China, Hong Kong and overseas.


CBAK ENERGY: Delays Form 10-K Filing Amid COVID-19 Pandemic
-----------------------------------------------------------
CBAK Energy Technology, Inc., said in a Form 8-K filed with the
Securities and Exchange Commission that it will be unable to file
its 2019 Annual Report on Form 10-K by March 30, 2020 due to
circumstances related to COVID-19.  All of the Company's operating
subsidiaries, employees and production facilities are located in
China which has been affected by the outbreak of COVID-19 since
December 2019.  From January to February 2020, the Chinese
government imposed nationwide travel restrictions and quarantine
control, and the Company largely suspended its operations during
this period.  As a result, the Company's finance department will be
unable to complete the preparation of the Company's consolidated
financial statements and the 10-K without undue hardship and
expense to the Company until after March 30, 2020.

The Company is relying on the SEC order under Section 36 of the
Securities Exchange Act of 1934, as amended, dated March 25, 2020
(Release No. 34-88465) to extend the due date for the filing of the
10-K until May 14, 2020 (45 days after the original due date).  The
Company will work diligently to comply with such requirement and,
at this time, management believes that it will need the entire
available extension period.

The Company is supplementing the risk factors previously disclosed
in the Company's Annual Report on Form 10-K for the year ended Dec.
31, 2018 and its subsequent Quarterly Reports on Form 10-Q with the
following risk factor:

"Our business operations have been and may continue to be
materially and adversely affected by the outbreak of the
coronavirus (COVID-19).

"An outbreak of respiratory illness caused by COVID-19 emerged in
late 2019 and has spread within the PRC and globally.  The
coronavirus is considered to be highly contagious and poses a
serious public health threat.  The World Health Organization
labeled the coronavirus a pandemic on March 11, 2020, given its
threat beyond a public health emergency of international concern
the organization had declared on January 30, 2020.

"Any outbreak of health epidemics or other outbreaks of diseases in
the PRC or elsewhere in the world may materially and adversely
affect the global economy, our markets and our business.  In the
first quarter of 2020, the COVID-19 outbreak has caused disruptions
in our manufacturing operations and temporary closure of our
offices.  A prolonged disruption or any further unforeseen delay in
the procurement, manufacturing and assembly process within our
production facilities could continue to result in delays in the
shipment of our products to customers, increased costs and reduced
revenue.

"As the coronavirus epidemic expands globally, the world economy is
suffering a noticeable slowdown.  If this outbreak persists,
commercial activities throughout the world could be curtailed with
decreased consumer spending, business operation disruptions,
interrupted supply chain, difficulties in travel, and reduced
workforces.  The duration and intensity of disruptions resulting
from the coronavirus outbreak is uncertain.  It is unclear as to
when the outbreak will be contained, and we also cannot predict if
the impact will be short-lived or long-lasting.  The extent to
which the coronavirus impacts our financial results will depend on
its future developments.  If the outbreak of the coronavirus is not
effectively controlled in a short period of time, our business
operation and financial condition may be materially and adversely
affected as a result of any slowdown in economic growth, operation
disruptions or other factors that we cannot predict."

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017.  As of Sept. 30, 2019, CBAK Energy had
$110.40 million in total assets, $98.90 million in total
liabilities, and $11.50 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Dec. 31, 2018. All these
factors raise substantial doubt about its ability to continue as a
going concern.


CHINA ZHENGTONG: Moody's Alters Outlook on B2 CFR to Negative
-------------------------------------------------------------
Moody's Investors Service has affirmed China ZhengTong Auto
Services Holdings Ltd.'s B2 corporate family rating and the B2
senior unsecured debt ratings on the notes issued by ZhengTong.

At the same time, Moody's has changed the outlook on the company's
ratings to negative from stable.

RATINGS RATIONALE

"The negative outlook reflects its view that ZhengTong's operating
performance in 2020 will likely be weaker than we had previously
expected due to the coronavirus outbreaks, stretching its metrics
and raising refinancing risk," says Roy Zhang, a Moody's Assistant
Vice President and Analyst.

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,
ZhengTong's exposure to retail and discretionary consumption have
left it vulnerable to shifts in market sentiment, especially given
its sensitivity to consumer demand.

"That said, the impact is partially mitigated by ZhengTong's
leading market position in the less competitive luxury and
ultra-luxury segments, its resilient business model, and its strong
banking relationships," adds Zhang.

While new vehicle sales have started to recover as auto retailers
resume operation, Moody's expects slower economic growth and weaker
consumer confidence will affect auto demand in China. In the first
two months of 2020, the coronavirus outbreak and closure or retail
stores resulted in a 42% drop in China auto sales according to the
China Association of Automobile Manufacturers. This steep decline
follows an 8.2% drop in auto sales in 2019.

Moody's expects ZhengTong's revenue will decline by 5.2% in 2020
due to lower business volumes. The company has 20 stores in Hubei
province, which has been heavily affected by the coronavirus. These
stores accounted for 14.2% of its total stores in China at the end
of June 2019.

The impact is partially mitigated by ZhengTong's leading market
position. Moody's expects ZhengTong will benefit from industry
consolidation and be able to capture a good share of sales once
demand recovers in the second half of 2020 and over 2021. ZhengTong
also benefits from its focus on the luxury and ultra-luxury
segments, where penetration is still low in China and demand is
more resilient.

ZhengTong's after-sales services also generate recurring revenue
with high margins, mitigating the impact from industry downturns
and improving business stability. This segment generated gross
profits of RMB2.0 billion in 2018, accounting for roughly 45% of
total gross profit.

As a result, Moody's expects ZhengTong's leverage, measured by
total debt to EBITDA, to increase to 7.1x at the end of 2020, up
from 6.5x at end June 2019.

Moody's B2 corporate family rating continues to reflect the
company's strong position in China's fast-growing luxury car
dealership market, its large network, strong geographic coverage,
the diversity of its brand offering and the high contribution of
after-sales business. However, the rating is constrained by its
high funding needs and weak liquidity.

ZhengTong's liquidity is weak. ZhengTong generally relies heavily
on short-term financing, but has so far been able to rollover this
short-term debt. At the end of June 2019, the company had reported
unrestricted cash of RMB4.5 billion and restricted cash of RMB2.1
billion, with RMB18.7 billion of reported debt due in the next 12
months.

Moody's expects that the company will be able to continue rolling
over its debt, given its profitable operations, strong market
position and inventory of branded cars. The company also has a
track record of accessing diversified funding channels, including
bank loans, commercial paper, syndicated loans, auto OEM financing
and funding through the interbank market.

ZhengTong's issuance of a USD173 million bond in the first quarter
of 2020 has also improved its maturity profile.

In addition, its strategic relationships with automakers and highly
liquid working capital provide strong buffers against its liquidity
needs. Moreover, it can access public equity funding via ZhengTong
and its subsidiary, Shanghai Dongzheng Automotive Finance Co.,
Ltd's (SDAFC), listings in Hong Kong if needed.

The senior unsecured bond rating on the proposed USD notes is
unaffected by subordination to claims at the operating company
level, because such claims are not material, based on Moody's
expectation that the majority of the claims will remain at the
holding company level.

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

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

In terms of governance risk, the company's ownership is
concentrated in its key shareholder, who held a 56.4% stake as of
30 June 2019. In addition, only a minority of its board comprises
of independent directors. These concerns are partly mitigated by
the company's listed status.

In terms of financial policy, the company relies on debt-funded
growth, which is partially mitigated by its improving non-debt
funding channel through SDAFC's listing.

Moody's could change the outlook to stable if ZhengTong (1)
maintains its business profile and access to diversified long-term
funding sources, (2) strengthens its liquidity profile, and (3)
sustains its debt leverage below 7x.

Moody's could downgrade the rating if ZhengTong's (1) business
profile weakens, (2) revenue and/or margins decline due to
deteriorating market conditions or the termination of contracts
with vehicle suppliers, (3) liquidity position or funding access
weakens, or (4) interest coverage - as measured by EBITDA/interest
- falls below 2.0x or leverage rises above 7.0x, on a sustained
basis.

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

Incorporated in 1999, China ZhengTong Auto Services Holdings Ltd.
is one of the leading players in the luxury car dealership market
in China. Headquartered in Beijing, its operation encompassed 141
dealerships across 17 provinces at the end of June 2019. The
company mainly focuses on luxury and ultra-luxury brands.
ZhengTong's shares listed on the Hong Kong Stock Exchange in
December 2010. Mr. Wang and his family owned 56.4% of the company
at the end of June 2019.


CIFI HOLDINGS: S&P Affirms 'BB' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on CIFI Holdings (Group) Co. Ltd. and its 'BB-' long-term issue
rating on the China-based developers' outstanding senior unsecured
notes.

S&P said, "We affirmed the rating because we expect CIFI to reduce
its leverage from 2020, after a spike in 2019. The company will do
this through more moderate targeted growth, accelerated revenue
recognition, and controlled land spending.

"The affirmation reflects our view that CIFI's growth appetite will
slow down now that the company has reached contracted sales scale
of Chinese renminbi (RMB) 200 billion in 2019. We expect contracted
sales to grow a moderate 13%-15% in 2020 to RMB225 billion–RMB230
billion, versus 31% in 2019 and 47% in 2018. CIFI's related
spending on land should moderate accordingly as well.

"We consider CIFI's overall market position to have improved with
increasingly diversified project coverage and steadily growing
scale, and more stable profitability as a result. In our view, the
company will maintain its relatively balanced geographical
diversification, with Yangtze Delta Region contributing 45%-48% of
sales and the central western regions' portion edging up to close
to 20% in 2020. Contribution from Greater Bay Area, the wider
southern region, and Bohai Rim will make up the remaining about
35%. These are all competitive markets in China, and CIFI's ability
to cement its presence in these places highlights its operating
strength.

"We believe CIFI's adjusted debt growth will ease in 2020 and 2021,
supported by a solid land bank and more disciplined spending on
land acquisitions. This is because the company's land bank has
reached more than 50 million square meters (sqm), which can support
over three years of development needs. We estimate the ratio of
land spending to cash receipt from contracted sales will fall to
50% in 2020, from 54% in 2019 and above 60% in 2018.

"The slower debt growth is also based on our expectation that CIFI
will use its recent and upcoming onshore and offshore issuances
mostly for refinancing. The company is likely to use its recent
offshore issuances, including the US$500 million senior notes in
October 2019 and US$567 million senior notes in January 2020, to
refinance coming maturities."

The 33% debt growth in 2019 was mainly driven by relatively high
land purchases, and a large number of project starts requiring
development loans. It also stemmed from holding a higher cash
balance and greater consolidation of new projects carrying some
debt acquired during the year.

S&P said, "We expect CIFI's revenue recognition will continue to
rise by 30% in 2020, supported by rapid contracted sales growth in
2018 and 2019. This is also reinforced by the increasing
consolidation ratio of newly acquired land, standing at 76% in 2019
versus 50% in 2018. As a result, we expect the company's
consolidated debt-to-EBITDA ratio to improve to 5.7x-5.9x in 2020
from a peak of 6.3x in 2019.

"CIFI's see-through ratio (where joint venture projects are
proportionally consolidated) will remain 4.6x-5.0x, versus 5.0x in
2019, given lower leverage at the project level. We expect EBITDA
contribution from these projects to continue rising to above RMB8
billion or higher in 2020 and 2021, from RMB6.8 billion in 2019. We
anticipate the proportionate share of debt will be limited, at most
close to 3x EBITDA, given the debt is mainly construction loans
incurred at the project level.

"We expect CIFI's liquidity to be relatively strong despite the
COVID-19 outbreak. This is supported by the company's high cash
balance of over RMB57 billion as of Dec. 31, 2019, versus
short-term debt of RMB21.

"The stable outlook reflects our expectation that CIFI will
continue to expand its sales scale at a moderate pace with
controlled debt growth. We estimate the company's consolidated
debt-to-EBITDA ratio will be lower at 5.5x-6.0x, with the
see-through ratio at around 5.0x over the next 12-18 months.

"We may lower the rating if CIFI's sales and delivery execution is
weaker than we expect or debt-funded expansion is more aggressive
than we anticipate, such that the company's consolidated
debt-to-EBITDA ratio rises above 6.0x or see-through debt-to-EBITDA
ratio increases above 5.5x for an extended period.

"Although rating upside is limited in the next 12 months, we could
upgrade CIFI if the company continues its strong sales growth
momentum with a higher attributable ratio. An upgrade trigger could
be its consolidated and see-through debt-to-EBITDA ratios declining
toward 4x on a sustainable basis."

CIFI, an investment holding company, invests in, develops, and
manages properties in China. As of Dec. 31, 2019, the company has a
land bank with total gross floor area of approximately 50.7 million
sqm. CIFI was founded in 2000 and is headquartered in Shanghai.


HNA GROUP: Swissport to Hire Houlihan Lokey to Advise on Debt
-------------------------------------------------------------
Aaron Kirchfeld and Luca Casiraghi at Bloomberg News report that
Swissport International AG, the airport ground services firm owned
by beleaguered Chinese conglomerate HNA Group Co., hired advisers
to review its debt as passenger air traffic grinds to a halt
because of coronavirus restrictions.

The company appointed boutique financial services firm Houlihan
Lokey Inc. and lawyers White & Case LLP to help the firm
"strengthen its financial position," it said on April 3, Bloomberg
relays.

Bloomberg News reported Swissport hired Houlihan on April 2 as it
considers a restructuring of its EUR1.6 billion (US$1.7 billion) of
debt.

“Swissport is engaging with governments and financial
institutions to seek support in these unprecedented times,” it
said in an emailed statement.

The company will lay off 40,000 employees by the end of the month,
more than half of its workforce, it said.

According to the report, Swissport is joining a growing list of
companies in vulnerable industries such as travel, energy and
retail trying to lessen their debt load or requesting state aid.
Offshore drilling firm Valaris Plc last month hired advisers to
help plug the hole in its balance sheet left by plunging oil
prices.

TUI AG, the world's biggest tour operator, secured a 1.8
billion-euro loan from state-run KfW bank, in one of the biggest
bailouts in Germany so far stemming from the virus, the report
relates.

Bloomberg says Swissport refinanced its debt just last summer.
Restrictions imposed on air travel because of the coronavirus
pandemic, however, triggered a liquidity crisis.

The company said last week it could run out of cash by early summer
if the outbreak is harsher than expected or if it's unable to
secure government support and third-party financing, the report
adds.

Swissport's junior debt collapsed 41 cents on the euro to 5 cents
on April 3, according to data compiled by Bloomberg. It was trading
above face value a month ago. Its secured bonds fell 11 cents on
the euro to 48 cents, the data show.

"While Swissport had over 300 million euros in available liquidity
as per February 2020, the company is taking additional steps to
manage its cash position and further strengthen its ability to
navigate through the crisis and cope with the market collapse," the
statement, as cited by Bloomberg, said.

HNA's attempts to sell Swissport, which it bought for CHF2.7
billion (US$2.8 billion) in 2015, have failed in the past. China
began assuming control of debt-laden HNA last month, paving the way
for a hastened selloff of the once-sprawling conglomerate's
remaining assets, Bloomberg notes.

                          About HNA Group

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

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

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


LUCKIN COFFEE: Forms Special Committee to Oversee Internal Probe
----------------------------------------------------------------
Luckin Coffee Inc., on April 2, 2020, announced that the Company's
Board of Directors has formed a special committee to oversee an
internal investigation into certain issues raised to the Board's
attention during the audit of the consolidated financial statements
for the fiscal year ended December 31, 2019.

The Special Committee is comprised of three independent directors
of the Board, Mr. Sean Shao, Mr. Tianruo Pu and Mr. Wai Yuen Chong,
with Mr. Shao serving as its chairman. The Special Committee has
retained independent advisors, including independent legal advisors
and forensic accountants, in connection with the Internal
Investigation. The Special Committee has retained Kirkland & Ellis
as its independent outside counsel. Kirkland & Ellis is assisted by
FTI Consulting as an independent forensic accounting expert. The
Internal Investigation is at a preliminary stage.

The Special Committee on April 2 brought to the attention of the
Board information indicating that, beginning in the second quarter
of 2019, Mr. Jian Liu, the chief operating officer and a director
of the Company, and several employees reporting to him, had engaged
in certain misconduct, including fabricating certain transactions.
The Special Committee recommended certain interim remedial
measures, including the suspension of Mr. Jian Liu and such
employees implicated in the misconduct and the suspension and
termination of contracts and dealings with the parties involved in
the identified fabricated transactions.  The Board accepted the
Special Committee's recommendations and implemented them with
respect to the currently identified individuals and parties
involved in the fabricated transactions. The Company will take all
appropriate actions, including legal actions, against the
individuals responsible for the misconduct.

The information identified at this preliminary stage of the
Internal Investigation indicates that the aggregate sales amount
associated with the fabricated transactions from the second quarter
of 2019 to the fourth quarter of 2019 amount to around RMB2.2
billion. Certain costs and expenses were also substantially
inflated by fabricated transactions during this period. The above
figure has not been independently verified by the Special
Committee, its advisors or the Company's independent auditor, and
is subject to change as the Internal Investigation proceeds.  The
Company is assessing the overall financial impact of the misconduct
on its financial statements. As a result, investors should no
longer rely upon the Company's previous financial statements and
earning releases for the nine months ended September 30, 2019 and
the two quarters starting April 1, 2019 and ended September 30,
2019, including the prior guidance on net revenues from products
for the fourth quarter of 2019, and other communications relating
to these consolidated financial statements. The investigation is
ongoing and the Company will continue to assess its previously
published financials and other potential adjustments.

Luckin Coffee will release additional information concerning the
Internal Investigation in due course and is committed to taking
appropriate measures to improve its internal controls.

Based in China, Luckin Coffee Inc. (NASDAQ: LK) --
https://www.luckincoffee.com/ --- has pioneered a technology-driven
retail network to provide coffee and other products of high
quality, high affordability, and high convenience to customers.
Empowered by big data analytics, AI, and proprietary technologies,
the Company pursues its mission to be part of everyone's everyday
life, starting with coffee.


REMARK HOLDINGS: Delays Form 10-K Filing Due to COVID-19 Pandemic
-----------------------------------------------------------------
Remark Holdings, Inc., has decided to delay the filing of its
Annual Report on Form 10-K for the year ended Dec. 31, 2019 by up
to 45 days.  The Company is relying on the relief provided by the
Securities and Exchange Commission Order Under Section 36 of the
Securities Exchange Act of 1934 Modifying Exemptions from the
Reporting and Proxy Delivery Requirements for Public Companies, SEC
Release No. 34-88465, dated March 25, 2020.  The Company intends to
file its 2019 10-K approximately 45 days after March 30, 2020, or
May 14, 2020.  The Company maintains offices in the cities of
Chengdu, Shanghai and Hangzhou in China.  As early as January 2020,
in response to the early stages of what would become the COVID-19
pandemic, national and local governmental authorities in China
began to shut down most forms of public transportation and impose
restrictions on travel, public gatherings and non-essential
businesses.  The restrictions prevented the Company's employees
from leaving their homes, from being able to obtain needed
information from vendors and customers and, as a result, from
completing tasks essential to its accounting and financial
reporting process on a timely basis.  As a result, the Company said
it will not be able to timely review and prepare its financial
statements for the year ended Dec. 31, 2019.

The Company intends to update the risk factors previously disclosed
in its most recent periodic reports filed under the Securities
Exchange Act of 1934, as amended, to include the following risk
factor:

"Our business operations may be harmed by the effects of the recent
global outbreak of a novel strain of coronavirus, COVID-19, first
identified in Wuhan, China.  We maintain significant operations in
China relating to our KanKan business.  In an effort to halt the
outbreak of COVID-19, national and local governmental authorities
in China have placed significant restrictions on travel and other
activities within China, leading to extended business closures.
These restrictions and business closures have limited our
operational capabilities, which could have a material impact on our
business.

"The virus has also spread rapidly across the globe, including the
U.S.  The pandemic is having an unprecedented impact on the U.S.
economy as federal, state and local governments react to this
public health crisis, which has created significant uncertainties.
These uncertainties include, but are not limited to, the potential
adverse effect of the pandemic on the economy, our vendors, our
employees and customers and customer sentiment in general. C
ontinued impacts of the pandemic could materially adversely impact
global economic conditions, our business, results of operations and
financial condition, including our potential to conduct financings
on terms acceptable to us, if at all, and may require significant
actions in response, including but not limited to expense
reductions or pricing discounts, in an effort to mitigate such
impacts.  In addition, any significant disruption to communications
and travel, including travel restrictions and other potential
protective quarantine measures implemented by governmental
authorities to combat the pandemic may make it much more difficult,
or temporarily or permanently impossible, for us to provide certain
products and services to our customers.

"The extent of the impact of the pandemic on our business and
financial results will depend largely on future developments,
including the duration and severity of the outbreak, the length of
the travel restrictions and business closures imposed by domestic
and foreign governments, the impact on capital and financial
markets and the related impact on the financial circumstances of
our customers, all of which are highly uncertain and cannot be
predicted.  This situation is changing rapidly, and additional
impacts may arise that we are not aware of currently."

                       About Remark Holdings

Remark Holdings -- http://www.remarkholdings.com/-- delivers an
integrated suite of AI solutions that enable businesses and
organizations to solve problems, reduce risk and deliver positive
outcomes. The company's easy-to-install AI products are being
rolled out in a wide range of applications within the retail,
financial, public safety and workplace arenas. The Company also
owns and operates digital media properties that deliver relevant,
dynamic content and ecommerce solutions. The company is
headquartered in Las Vegas, Nevada, with additional operations in
Los Angeles, California and in Beijing, Shanghai, Chengdu and
Hangzhou, China.

Remark reported a net loss of $21.56 million for the year ended
Dec. 31, 2018, following a net loss of $106.73 million for the year
ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $21.48
million in total assets, $41.71 million in total  liabilities, and
a total stockholders' deficit of $20.22 million.

Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor
since 2011, issued a "going concern" qualification in its report
dated April 1, 2019, citing that the Company has suffered recurring
losses from operations and negative cash flows from operating
activities and has a negative working capital and a stockholders'
deficit that raise substantial doubt about its ability to continue
as a going concern.




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

SPEEDCAST INT'L: Moody's Lowers CFR to Ca, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded Speedcast International
Limited's Corporate Family Rating and senior secured term loan
rating to Ca from Caa1.

The rating outlook remains negative.

RATINGS RATIONALE

"The downgrade reflects Speedcast's missed interest and principal
amortization payment due March 31, 2020 and the forbearance
agreement with its lenders, which we consider an event of default,"
says Sean Hwang, a Moody's Assistant Vice President and Analyst.

On April 2, 2020, Speedcast announced that it had entered into a
forbearance agreement with its secured term loan and revolving
credit facility lenders[1]. The agreement will provide the company
with temporary relief from lender actions until April 17, 2020 in
relation to its covenant breach and the aforementioned
non-payment.

The missed payment highlights the severe challenges facing
Speedcast and its key customers because of the significant
disruptions in their operations and falling oil prices amid the
coronavirus outbreak. This situation will strain the company's cash
flow and liquidity, further raising the likelihood of significant
debt restructuring.

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

The negative outlook on Speedcast's ratings reflects the high
uncertainty over the prospect of recovery.

Factors that would lead to an upgrade or downgrade of the ratings:

Moody's could downgrade the ratings further if recovery prospects
weaken further for Speedcast's lenders.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Speedcast International Limited is a global provider of satellite
communications and network services in remote locations, mainly
serving customers in the maritime, energy, enterprise and
government segments.


UNION MEDICAL: Moody's Withdraws 'B1' Corp. Family Rating
---------------------------------------------------------
Moody's Investors Service withdrew Union Medical Healthcare
Limited's B1 corporate family rating.

The outlook at the time of the withdrawal was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Established in 2005, UMH is an integrated medical service and
healthcare provider. UMH's revenue totaled HKD1.1 billion in the
first half of fiscal year ending March 2020, within which around
90% was contributed by aesthetic medical services, medical
services, and beauty and wellness services. The company is listed
on the Hong Kong Stock Exchange in March 2016, with 74% indirectly
owned by Chi Fai Tang, the chairman and CEO.




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

DHANLAXMI COTEX: CRISIL Keeps D on INR10cr Loans in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhanlaxmi Cotex (DC)
continues to be 'CRISIL D Issuer not cooperating'.

                  Amount
   Facilities   (INR Crore)   Ratings
   ----------   -----------   -------
   Cash Credit        8       CRISIL D (ISSUER NOT COOPERATING)

   Term Loan          2       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with DC for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DC is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' category or lower'.

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

Set up in 2013, DC is a partnership firm promoted by the Patel
family. The firm undertakes cotton ginning and pressing operations
at its production facility in Kadi (Gujarat). DC started its
commercial production in October 2014.


FUTURE RETAIL: Fitch Lowers LT IDR to B-(EXP); On Watch Negative
----------------------------------------------------------------
Fitch Ratings has downgraded Indian retailer Future Retail
Limited's (FRL) expected Long-Term Issuer Default Rating (IDR) to
'B-(EXP)', from 'BB(EXP)', and the expected rating on its USD500
million 5.6% senior secured notes due in 2025 to 'B-(EXP)' with a
Recovery Rating of 'RR4', from 'BB(EXP)'. Fitch has simultaneously
placed the ratings on Rating Watch Negative (RWN).

The expected rating is based on the yet-to-be restructured FRL
entity; under the restructuring, FRL will buy the in-store
infrastructure assets it currently leases from Future Enterprises
Limited and the cross-guarantee arrangements between FRL and Future
Enterprises will cease. Fitch will look to convert the expected
ratings to final once the transaction is completed and the
cross-guarantee is removed, ensuring that the final terms and
conditions of the notes conform to its understanding.

The downgrade reflects the heightened risk to FRL's liquidity
position due to a sharp fall in its share price, which has prompted
lenders at its promoter shareholder - Future Corporate Resources
Pvt Ltd (FCRPL) - to demand more of FRL's shares as collateral. The
sustained fall in FRL's share price has lowered FCRPL's flexibility
to submit more shares as collateral. Nearly all of FCRPL 41.1%
stake in FRL has been pledged to lenders and certain lenders are
attempting to invoke pledges on shares that amount to an 8% stake
in FRL following a breach of the collateral coverage requirement.
This has raised the risk of a reduction in the stake held by
permitted holders, primarily the promoters - Amazon.com, Inc.
(A+/Positive) and related entities - which together hold around a
49% stake in FRL, to below 26%; a threshold that could trigger a
change of control redemption on FRL's US-dollar bond.

The RWN reflects the high and immediate risk to the promoter
group's efforts to reduce share pledges and restore financial
flexibility at FCRPL in a timely manner, particularly in the
current challenging environment, which has seen a continuous drop
in FRL's share price amid the coronavirus pandemic. FRL's liquidity
positon is vulnerable to a prolonged pandemic and a failure to
resolve the debt situation at FCRPL could damage FRL's
relationships with lenders, compounding the overall liquidity
risk.

Fitch aims to resolve the RWN upon further clarity on FCRPL's plan
to resolve the debt situation and improve its financial
flexibility.

KEY RATING DRIVERS

High Execution Risk: Fitch understands that the promoter group is
evaluating multiple options to lower debt and free-up pledged FRL
stakes; these include the monetisation of stakes in other entities
and investment properties as well as raising equity from new and
existing partners. These steps, if successful, will raise financial
flexibility at the promoter entities and lower the risk of a change
of control being triggered for the redemption for the US-dollar
bonds. Nonetheless, a subdued valuation, a high level of share
pledges at the group's other listed entities and a lack of
liquidity in the current environment pose risks. Possible delays in
finalising new investments and lenders enforcing their rights
following the breach of collateral cover requirements could also
present significant challenges, despite a court ruling providing
interim relief until May 4, 2020 from lenders invoking pledges on
FRL shares.

Consequences of Pandemic: FRL's operating performance is vulnerable
to the developing coronavirus pandemic, which has prompted the
Indian government to impose a nationwide lockdown until mid-April.
FRL's stores will remain open, but can only sell groceries and
other essential items that carry lower margins compared with
discretionary items, such as apparel. Fitch believes this will
significantly hurt FRL's profitability and cash flow in the quarter
ending June 2020, followed by gradual stabilisation over the
following few quarters. Fitch believes FRL's banking relationships
will enable it to secure additional lines to manage the increased
liquidity needs over the next few quarters. Nonetheless, a default
at the promoter entities or a prolonged disruption due to the
coronavirus pandemic could pose significant liquidity risk,
notwithstanding the government's supportive measures.

ESG - Governance: FRL has an ESG Relevance Score of 5 for
Governance Structure. The constrained financial flexibility and
impending risk of default at FCRPL underscores FRL's promoters'
aggressive approach in balancing growth investment at its operating
companies with limiting leverage and preserving balance-sheet
flexibility and this is negatively affecting FRL's rating. Fitch
believes the restrictions in the bond documentation limit the risk
of cash leakage to promoter entities. Nonetheless, a default at the
promoter entities will cause significant reputational damage and
could constrain FRL's ability to secure additional working capital
lines to tide it over during the period of pressured liquidity due
to the coronavirus pandemic.

DERIVATION SUMMARY

FRL's business profile compares well with China-based retailer,
Golden Eagle Retail Group Limited (BB/Stable). FRL has larger
scale, better diversification across India and exposure to a
fast-growing consumer market, but heightened liquidity risk due to
adverse credit developments at its founder family entity and weaker
financial profile results in a four-notch lower rating than Golden
Eagle.

Both FRL and US-based retailer, Burlington Stores, Inc.
(BB+/Negative), are supported by exposure to expanding markets and
have competitive advantages. Nonetheless, Burlington benefits from
a larger scale, which, combined with FRL's vulnerable liquidity
position, justifies a multiple-notch higher rating.

J.C. Penney Corporation, Inc. (CCC-) has a significantly larger
scale than FRL, but its lower rating reflects significant business
interruption and heighted liquidity risks from the coronavirus
pandemic, which have aggravated the challenges from continued
market share losses prior to the pandemic.

KEY ASSUMPTIONS

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

  - Sales to rise by 6% in the financial year ending March 2021
(FY21) as the coronavirus pandemic hurts sales, particularly in
FRL's non-food segment, over 1HFY21. This is likely to partly
offset the benefit from India's structural shift to organised
retail, new stores and the additional sales Fitch expects from a
deal with Amazon from FY21. Sales to rise by more than 20% in FY22
following normalisation post the pandemic and growth from new
stores and the Amazon tie-up.

  - EBITDA margin to decline to 4.5% in FY21 (FY20 estimate: 5.3%),
despite the benefit of lower rental expenses following the purchase
of in-store assets from Future Enterprises. The decline is likely
to be caused by a falling non-food segment margin due to the
pandemic. The EBITDA margin should improve to 8.0% in FY22.

  - Annual capex as percentage of sales to remain at around 3% over
FY20-FY22.

  - Dividends to resume in FY22.

Recovery Rating Assumptions

  - Fitch's recovery analysis is based on FRL's liquidation value
in a distressed scenario of approximately INR77 billion from the
liquidation of assets, which are composed primarily of inventory,
receivables and owned property, plant and equipment (PP&E), as that
is higher than its going-concern value of INR50 billion.

  - The going-concern value is based on a going-concern EBITDA of
INR10 billion and a 5x multiple. The EBITDA assumes a rightsizing
of the business assuming interest, opex and maintenance capex is
covered. The 5.0x multiple is toward the higher end of the 5.4x
median multiple for retail going-concern reorganisations to reflect
FRL's leading market position in India. It is lower than 9x - the
level that FRL was trading on March 26, 2020.

  - Fitch has applied a 70% advance rate against receivables and a
50% rate against inventory and PP&E as a proxy for the orderly
liquidation value of the assets. Fitch has applied 10% for
administrative claims.

  - Fitch assumes debt of INR66.4 billion as at end-March 2020. FRL
has a predominantly secured debt structure, with secured working
capital and secured US-dollar notes accounting for the majority of
debt. Fitch assumes that FRL's available but undrawn lines will be
fully drawn.

  - The recovery waterfall results in a recovery-rate estimate
corresponding to a 'RR1' Recovery Rating for the USD500 million
secured notes, even after assuming that the remainder of secured
debt has a priority claim ahead of the notes. Nevertheless, Fitch
has rated the US-dollar notes at 'B-(EXP)', with a Recovery Rating
of 'RR4', because under Fitch's Country-Specific Treatment of
Recovery Ratings criteria, India falls into 'Group D' of creditor
friendliness. 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

  - Improvement in FRL's liquidity position, which could be driven
by a successful resolution of the debt situation at the promoter
entities and signing of new banking facilities at FRL.

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

  - Fitch may downgrade FRL's ratings if Fitch believes the
liquidity risks facing FRL have increased further; or

  - failure to complete a resolution of debt at FCRPL or any other
adverse action by FCRPL's lenders that could accelerate the
triggering of a change of control event, as defined in the bond
indenture.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Heightened Liquidity Risk: FRL's scheduled long-term debt
maturities in FY21 are manageable, at INR1.5 billion, and there are
no meaningful long-term debt maturities before 2025, when its
USD500 million secured notes mature. Nonetheless, FRL's liquidity
position faces heightened vulnerability from adverse credit
developments at FCRPL, which could lead to the redemption of the
US-dollar notes following the triggering of a change of control
event, as defined in the US-dollar notes indenture.

FRL is significantly reliant on short-term debt, which amounted to
INR33 billion as of end-September 2019. A default at the promoter
entities would also pose reputation risk for the wider Future group
and could damage FRL's banking relationships. Fitch believes this
magnifies the risks to FRL's operating cash flow and liquidity over
the next few quarters due to the coronavirus pandemic.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

FRL has an ESG Relevance Score of 5 for Governance Structure, which
reflects the shareholding concentration and presence of highly
leveraged related parties. This has a negative impact on the
company's credit profile and is highly relevant to the rating.

FRL has an ESG Relevance Score of 4 for Social Impact reflecting
the risk to its business from a move to online shopping. This has
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or to the way in which they
are being managed by the entity(ies).

ICHALKARANJI POWERLOOM: CRISIL Cuts INR25.07cr Loan Rating to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank loan
facilities of Ichalkaranji Powerloom Mega Cluster Limited (IPMCL)
to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      4.93       CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B+/Stable')

   Term Loan               25.07      CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The downgrade reflects on account of delay in the principle payment
of term loan for the month of December-2019, January-2020 and
February-2020. The delays are driven by weak liquidity arising from
delay in project completion leading to cost overruns as well.

IPMCL has exposures to risks related to stabilization of
operations, average demand risk and. the extensive industry
experience of the management.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in the payment of term loan obligations:  There has been
delay in the principle payment of term loan for the month of
Dec-2019, Jan-2020 and Feb-2020. This is due to delay in
commencement of commercial operation.

* Exposure to risks related to stabilization of operations:
Business risk profile is constrained on account of its start-up
nature of operations. The unit is expected to commence operations
in April, 2020. Timely stabilisation of operations and commensurate
ramp up will be critical and any significant delay in starting
commercial operations will remain key rating sensitivity factor.

* Exposure to intense competition:  IPMCL is exposed to market
risks associated with slowdown in demand, overcapacity in the
domestic industry, and stiff industry competition, which restrict
growth opportunities and pricing power with customers and
suppliers.

Strength:

* Extensive industry experience of the management:  The management
have an experience of over 15 years in textile industry. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity Poor

Liquidity is poor with delay of term loan payment for the month of
Dec-2019, January-2020 and February-2020 due to delaying of
commencement of commercial operation.

Rating Sensitivity factors

Upward factors

  * Track record of timely debt servicing for at least over 90
    days.

  * Timely stabilisation of commercial operation and improvement
    in business risk profile with working capital management.

IPMCL, incorporated in 2012, is currently setting up a unit for
sizing, warping, processing of fabric and yarn dyeing in
Ichalkaranji, Maharashtra. The plant is expected to be commissioned
in April 2020.  The company is promoted by Mr. Prakash K. Awade and
managed by Mr. Sunil S. Patil, Mr. Satish S. Koshti, Mr.
Satyanarayan Dalya, Mr. Laximikant Purohit and Mr. Jadhavji Patel.


MOTHER'S EDUCATIONAL: CRISIL Moves 'C' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mother's
Educational Charitable Trust (MECT) to 'CRISIL C Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan            5.4      CRISIL C (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MECT for obtaining
information through letters and emails dated December 31, 2019 and
February 19, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MECT to 'CRISIL C Issuer not cooperating'.

Established in February 2011, MECT is currently running two
educational institutions: Prakrit, which is a preschool and
Mother's Business School, Puri and is affiliated to CBSE.


PALM STREET: CRISIL Moves 'B' on INR10cr Loan to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Palm Street
Infrastructure and Developers Private Limited (PSIDPL) to 'CRISIL
B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Rupee Term Loan        10      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PSIDPL for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PSIDPL to 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2008 by Mr Sanjay Suri, Palm Street develops
residential real estate. At present, it has one ongoing project,
Panditwari, adjacent to Etlantis Club, Dehradun. The project
includes 36 3- bedroom, hall, kitchen (BHK) flats and 36 2-BHK
flats comprising a saleable area of 109,800 square foot.


PRIME AND SHINE: CRISIL Moves 'B' on INR1cr Debt to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Prime and
Shine Trading Private Limited (PSTPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Fund-         1        CRISIL B/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PSTPL for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PSTPL to 'CRISIL B/Stable Issuer not cooperating'.

PSTPL, based in West Bengal, was incorporated in 2011, promoted by
members of the Bothra family. The current directors are Mr Ankit
Jain, Ms Lata Kumari Bothra, and Ms Dipa Bothra. Operations are
managed by Mr Manish Bothra. The company exports cut and polished
diamonds to Singapore, and China.


PROGRESSIVE CHARITABLE: CRISIL Moves B+ Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Progressive
Charitable Trust (PCT) to 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       3.5     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan                1.5     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PCT for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PCT to 'CRISIL B+/Stable Issuer not cooperating'.

PCT was founded in 2010 and is currently being managed by Mr Mukul
Dagar under The Shikshiyan School brand. The location of the school
is Gugugram, Haryana.


ROMAX STEELS: CRISIL Moves 'B+' on INR7cr Loans to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Romax Steels
Private Limited (RSPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Term Loan     1       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan              1       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RSPL for obtaining
information through letters and emails dated December 31, 2019 and
February 19, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RSPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2014 by Mr Raj Kumar, RSPL manufactures non-alloy
steel ingots. The production facility at Ludhiana has an installed
capacity of 2500 tonne per month.


S. B. DISTRIBUTORS: CRISIL Moves B+ Debt Rating to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S. B.
Distributors (SBD) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Cash Credit            9       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term     1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SBD for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SBD to 'CRISIL B+/Stable Issuer not cooperating'.

SBD was established as a partnership firm between Mr Rajat Gupta,
Mr Rahul Gupta, and Mrs Bimal Gupta in 2000. It distributes the
pharmaceutical products of Cipla Ltd and Alembic Ltd, and caters to
stockists in Uttar Pradesh.


SATYAWATI RICE: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Satyawati Rice Mill
(SRM) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          14.50      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    .22       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan             .28       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SRM for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SRM was established in 1999 as a partnership firm, by Rakesh Kumar,
Brijesh Kumar, Kamal Prakash, and Vimal Prakash in Surajpur, Uttar
Pradesh. The firm is mainly engaged in milling and marketing of
higher grades of rice, including Basmati. The firm derives more
than 90 per cent of its revenue from sale of basmati rice. Its
milling capacity of 8 tonnes per hour is currently utilised at
about 70 per cent. The firm sells its produce to exporters.


SHEETAL INFRASTRUCTURE: CRISIL Cuts Rating on INR22cr Loan to B+
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sheetal
Infrastructure Private Limited (SIPL) revised to 'CRISIL B+/Stable
Issuer not cooperating' from 'CRISIL BB-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            22       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with SIPL for obtaining
information through letters and emails dated November 30, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Sheetal Infrastructure Private Ltd (SIPL) was incorporated in 2005
and is engaged in the development of residential real estate. The
company is mainly present in Ahmedabad and Gandhinagar. SIPL is
promoted and is currently being run by by Mr. Paras Pandit.


SHIRUPUR POWER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shirupur Power Private Limited

        Registered office:
        903, Shilp Building
        Opp. Navrangpura Telephone Exchange
        Ahmedabad, Gujarat 380009

        Corporate office:
        7th Floor, Abhijit-1
        Mithakhali Six Road
        EllisBridge, Ahmedabad
        Gujarat, India

        Plant:
        Nardana MIDC
        Village: Waghode
        Taluka: Shinkheda
        Dist.: Dhule
        Maharashtra, India

Insolvency Commencement Date: March 4, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 31, 2020

Insolvency professional: Mr. Savan Godiawala

Interim Resolution
Professional:            Mr. Savan Godiawala

Classes of creditors:    Mr. Savan Godiawala
                         Deloitte Touche Tohmatsu India LLP
                         19th floor, Shapath V
                         Beside Crowne Plaza
                         S.G. Highway, Ahemdabad
                         Gujarat 380015
                         E-mail: sgodiawala@deloitte.com
                                 inspplip@deloitte.com

Last date for
submission of claims:    April 3, 2020


SHIVANG CARPETS: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shivang Carpets
Private Limited (SCPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Corporate Loan        9      CRISIL D (ISSUER NOT COOPERATING)

   Foreign Bill
   Purchase              7      CRISIL D (ISSUER NOT COOPERATING)

   Packing Credit        2      CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long Term  
   Bank Loan Facility    1.1    CRISIL D (ISSUER NOT COOPERATING)

   Standby Line of
   Credit                0.9    CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SCPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SCPL was originally established in 2001 as a proprietorship firm by
Mr. Ranjeet Singh, and was reconstituted as a private limited
company in 2005, with Mr. Abhishek Singh, the founder's nephew,
joining as director. SCPL manufactures and exports floor coverings,
mainly hand-made woollen rugs and carpets, at its facilities in
Bhadohi, Uttar Pradesh. In 2007-08 (refers to financial year, April
1 to March 31), it started manufacturing polyester carpets, which
now account for 60 percent of its revenue.


SUNLIGHT EXTRUSION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s Sunlight Extrusion Private Limited
        501, 502, 513, 514, GIDC Estate
        Waghodia, Baroda 391760
        Gujarat, India

Insolvency Commencement Date: February 25, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 23, 2020

Insolvency professional: Mr. Abhishek Nagori

Interim Resolution
Professional:            Mr. Abhishek Nagori
                         330/348, Third Floor, Tower-A
                         Atlantis K-10
                         Opp. Vadorada Central
                         Sarabhai Main Road
                         Vadodara 390023
                         Gujarat, India
                         E-mail: jlnusb@gmail.com
                                 cirp.sepl@ddip.in

Last date for
submission of claims:    March 31, 2020


TATA MOTORS: S&P Lowers Issuer Credit Rating to 'B', Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings, on April 2, 2020, lowered its long-term issuer
credit rating on Tata Motors Ltd. and its long-term issue rating on
the company's senior unsecured notes to 'B' from 'B+'.

The impact of COVID-19 on the global automotive market will make a
large dent in the recent good progress that JLR's management has
made in steering the business back to profitability and improving
credit metrics. In turn, this would delay the improvement S&P had
expected in Tata Motors' credit profile.

S&P said, "Our previous 'B+' rating was predicated on our
expectation that revenues and profit margins at both JLR and Tata
Motors' Indian operations would improve steadily in fiscals
2020-2022 (year ending March 31). Even before the COVID-19
outbreak, JLR's sales volumes for fiscal 2020 were likely to
decline, while the Indian operations were affected significantly by
structural changes in the commercial vehicle segment and a slowing
economy.

"We have altered our assumptions given uncertainty in production
volumes and demand following the pandemic. We now forecast Tata
Motors' consolidated revenues to decline about 5% in fiscal 2021
following a sharp revenue drop in fiscal 2020. We expect reported
EBITDA margins of 7%-9% over this period (previous estimate:
9%-11%). Cash flow metrics, such the ratio of funds from operations
(FFO) to debt, are now expected to be around 5% versus our previous
expectations of 10%-12%.

"We view positively the management's focus on conserving cash amid
the changes in operating conditions. We expect consolidated capital
expenditure (capex) in fiscal 2021 to be at least 20% below fiscal
2020 levels. Management has also identified significant further
cost-cutting areas at JLR under "Project Charge +". Even so, we
anticipate free operating cash flow (FOCF) will be negative for the
next couple of years at least."

Tata Motors' recent announcement to subsidiarize its domestic
passenger car business and to explore mutually beneficial
partnerships could be positive. However, the plans are at an early
stage and are not expected to have a significant impact in fiscal
2021.

S&P said, "In our opinion, Tata Motors has adequate liquidity, both
at JLR and at the Indian operations, to face this challenging
period. The Indian operations' fundraising of Indian rupee (INR) 65
billion (about US$900 million) in October 2019 has bolstered
liquidity. The company raised INR30.2 billion through a
preferential issue of shares to Tata Sons Pte. Ltd., the holding
company of the Tata Group. It also issued 231 million warrants to
Tata Sons that would convert to one equity share. The exercise of
these warrants would bring in another INR34.7 billion. Tata Motors
has already received 25% of the warrant money with the rest to be
paid when the warrants are exercised (expected in the next 12
months).

"Although negative FOCF could weigh on liquidity over time, we
believe the company's financial flexibility as part of the Tata
Group would help it maintain adequate liquidity to support the 'B'
rating. Further, Tata Motors benefits from strong banking
relationships and a good reputation in capital markets. The company
has no large debt maturities in the next two to three years, which
also supports its liquidity.

"The stable outlook mainly reflects our view that Tata Motors will
maintain adequate liquidity over the next two years. This would
partly mitigate the company's weakening leverage and cash
flow-based metrics.

"While negative FOCF is a risk over the period, we believe Tata
Motors has financial flexibility as part of the Tata Group, though
the benefits are more pronounced at the Indian operations than at
JLR. The fundraising exercise in October 2019 illustrates the
financial options the company has. The Indian operations also face
less cash flow pressure despite weaker earnings relative to JLR,
thanks to a more manageable capex plan.

"A downgrade to 'B-' would largely be the result of a deterioration
in Tata Motors' liquidity position. In our view, this would be more
likely driven by lower financial flexibility and reduced
fundraising ability, than a deeper operational decline. That said,
a significant underperformance of earnings relative to our current
estimates could contribute to this scenario."

Absent significant developments, an upgrade in the next 12 months
is less likely given the negative outlook on JLR, which has a
significant influence on Tata Motors' credit profile. A rating
higher than that on JLR is possible if the Indian operations
strengthen appreciably such that JLR has a lower influence on the
consolidated financial profile. This is not S&P's expectation in
the next two years.


TERRA DEVELOPERS: CRISIL Lowers Rating on INR20cr LT Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Terra
Developers (TD) to 'CRISIL D' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         20       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating reflects delays in servicing of debt obligations, and
cyclicality inherent in the Indian real estate industry. These
weaknesses are partially offset by extensive experience of the
partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing of debt obligations:  The company has been
witnessing stretch in its liquidity to repay its debt obligation in
a timely and complete fashion.

* Vulnerable to cyclicality in the domestic real estate industry:
The real estate sector is cyclical, and marked by volatile prices,
opaque transactions, and a highly fragmented market structure.
Project execution and profitability shall remain vulnerable to
cyclical demand.

Strengths

* Extensive experience of the partners in the real estate business:
The three-decade-long experience of the partners in the real
estate industry and their track record of delivering three projects
successfully, in the residential and plotting segment, will
continue to support the business risk profile. All the projects
developed are promoted/launched under the brand Terra.

Liquidity Poor

Liquidity is expected to remain poor marked by consistent delays in
servicing of repayment of debt obligations. Negative networth of
INR50.11 crore as on March 31, 2018 due to significant withdrawal
of funds from the business, also impacted liquidity.

Rating Sensitivity Factors

Upward Factors

* Sufficient cash accruals to service debt obligations

* Track record of over three months for timely repayment of debt
obligations

* Improvement in business risk profile marked by improved
operating margins by over 400bps.

TD was formed as a partnership firm in 2013. The firm is currently
developing a residential project called 'Terra Heritage' at Bhiwadi
(Rajasthan).


TERRA REALCON: CRISIL Lowers Rating on INR10cr Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Terra
Realcon Private Limited (TD) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              10        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The rating reflects delays in servicing of debt obligations, and
cyclicality inherent in the Indian real estate industry. These
weaknesses are partially offset by extensive experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing of debt obligations:  The company has been
witnessing stretch in its liquidity to repay its debt obligation in
a timely and complete fashion.

* Vulnerable to cyclicality in the domestic real estate industry:
The real estate sector is cyclical, and marked by volatile prices,
opaque transactions, and a highly fragmented market structure.
Project execution and profitability shall remain vulnerable to
cyclical demand.

Strengths

* Extensive experience of the promoters in the real estate
business:  The three-decade-long experience of the partners in the
real estate industry and their track record of delivering three
projects successfully, in the residential and plotting segment,
will continue to support the business risk profile. All the
projects developed are promoted/launched under the brand Terra.

Liquidity Poor

Liquidity is expected to remain poor marked by consistent delays in
servicing of repayment of debt obligations. Current ratio was 1.12
times as on March 31, 2018.

Rating Sensitivity Factors

Upward Factors

* Sufficient cash accruals to service debt obligations

* Track record of over three months for timely repayment of debt
obligations

* Improvement in business risk profile marked by improved
operating margins by over 350bps.

Incorporated in 2007 and promoted by Mr Mahender Arora and Mr Sunil
Chutani, TRPL develops real estate and is currently constructing a
residential project, Terra Castle, in Bhiwadi, Rajasthan.


THARU JANJATI: CRISIL Keeps 'B+' Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Tharu Janjati Mahila
Vikas Samiti (TJMVS) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Fund-        1         CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING)

CRISIL has been consistently following up with TJMVS for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of TJMVS continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

TJMVS, set up in 1989, is a not-for-profit society and is managed
by Mr. K N Pandey. It is based in Lucknow, Uttar Pradesh, and is
engaged in various state and central government schemes such as
Kasturba Gandhi Balika Vidyalaya, Target Intervention, (Uttar
Pradesh Welfare for People Living with HIV/AIDS (UPNP+), Neer
Nirmal Pariyojna, in Lucknow and surrounding areas.


THEME HOTELS: CRISIL Keeps 'D' in INR7.5cr Loan in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Theme Hotels Private
Limited (THPL) continues to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           7.5      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with THPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2004, THPL owns and operates The Theme in Jaipur.
The Theme, started operations only in the second half of 2012-13
(refers to financial year, April 1 to March 31). THPL is promoted
by Mr. Prashant Kumar Khandelwal (through Pawanputra Hotels and
Resorts Pvt Ltd) and Mr. Satish Chandra Kumawat.


THIRUMALA CHILD: CRISIL Keeps B on INR10cr Loans in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Thirumala Child
Health Services Private Limited (TCHS) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            .75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility    2.35       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             7          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with TCHS for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2010 by Dr. Venkata Ramama Dandamudi and Dr. Sathish
Ganta, TCHS operates Little Stars Women & Child Hospital in
Hyderabad (Telangana).


TRIMURTI CORNS: CRISIL Keeps 'D' on INR16cr Loan in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Trimurti Corns Agro
Foods Private Limited (TCAFPL) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit         2.5      CRISIL D (ISSUER NOT COOPERATING)
   Export Packing
   Credit              2        CRISIL D (ISSUER NOT COOPERATING)

   Long Term Loan     16.97     CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with TCAFPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

For arriving at the rating, CRISIL has combined the business and
the financial risk profile of TCAFPL and Mrunmaha Agro Foods Pvt
Ltd (MAFPL). This is because these two companies, together referred
as the Trimurti group, are under a common management, are engaged
in a similar line of business, and have operational and financial
linkages. Furthermore, both these companies have given corporate
guarantees for each other's bank facilities.

The Trimurti group processes agro-commodities such as sweet corn,
baby corn, and green peas, and manufactures frozen, non-frozen, and
ready-to-eat products. TCAFPL and MAFPL have a combined processing
capacity of 183 tonnes per day (tpd) at their manufacturing units
in Pune (Maharashtra).


TULSIAN COAL: CRISIL Keeps 'D' on INR7cr Credit in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Tulsian Coal
Syndicate (TCS) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit             7       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with TCS for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of TCS continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Setup in 1992, TCS undertakes trading of coal. TCS is managed by
Mr. Subhash Chand Tulsian and has its registered office at
Chandauli (Uttar Pradesh). The firm supplies coal to manufacturers
of cement, sugar, sponge iron and brick in Chandauli.


UNIBAIT FEEDS: CRISIL Keeps 'B' on INR15cr Debt in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Unibait Feeds Private
Limited (UFPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      15       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with UFPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2015, Unibait Feeds Private Limited (UFPL) will be
engaged in shrimp feed production and distribution. The day to day
operations of the company will be managed by Mr. Kongati Sambasiva
Rao and Mr. Kongati Siva Krishna.


V S N ESTATES: CRISIL Keeps 'B' on INR12cr Loan in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of V S N Estates (VSN)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Term Loan     12       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with VSN for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in August 2017 as a proprietorship concern by Mr. Vallure
Sivanath, VSN develops real estate in Vijayawada, where it is
currently setting up a mall with 15 shops.


VARAHA LAKSHMI: CRISIL Moves 'D' Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Varaha Lakshmi
Narasimha Swamy Educational Trust (VLN) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         1        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Long Term Loan     11        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with VLN for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VLN to 'CRISIL D Issuer not cooperating'.

Incorporated in 2007 by Mr. K V Satyanarayana, VLN runs two
educational institutions in Visakhapatnam (Andhra Pradesh),
offering graduate and post-graduate courses in engineering and
management.


VEEYEM INTERIORS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Veeyem Interiors (I) Private Limited
        Registered office as per MCA Records:
        Gala No. 1, Pawar House
        Opp. RBI Quarters
        Kamal Sagar Road
        Bhandup (East)
        Mumbai 400078
        Maharashtra

Insolvency Commencement Date: March 23, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 18, 2020

Insolvency professional: Mr. Hemantprakash Shyamsunder Jain

Interim Resolution
Professional:            Mr. Hemantprakash Shyamsunder Jain
                         7 Jyotikapark Society
                         Near Police Comm. Office
                         Shahibaug Road
                         Ahmedabad 380004
                         E-mail: hpsjca@gmail.com
                                 cirp.veeyeminteriors@gmail.com

Last date for
submission of claims:    April 6, 2020


VIGNESH SUPER: CRISIL Moves 'B-' Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vignesh Super
Speciality Hospitals Private Limited (VSSHPL) to 'CRISIL B-/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Long Term Loan        7.08     CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    2.92     CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VSSHPL for obtaining
information through letters and emails dated
December 31, 2019 and January 13, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VSSHPL to 'CRISIL B-/Stable Issuer not cooperating'.

Incorporated in 2008, Vijayawada-based (Andhra Pradesh) VSSHPL owns
and has rented out its hospital which has a capacity of 80 beds of
these average occupancy of 56 beds. VSSHPL is promoted and managed
by Mr. Dr. B.S. B.N. Choudary.


VIRUPA RENEWABLE: CRISIL Keeps B+ in INR10cr Debt in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Virupa Renewable
Energy Private Limited (VREPL) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       .25      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               9.75      CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with VREPL for obtaining
information through letters and emails dated
November 30, 2019 and February 6, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of VREPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

VREPL, incorporated in 2016 by Mr Sai Abhishek Cheeti, operates a 2
MW solar power plant located at Zaheerabad, Telangana which
commenced from April 2017 and has a power purchase agreement (PPA)
with TSSPDCL for 20 years.


VISHARAM TANNERS: CRISIL Moves 'B' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Visharam
Tanners Common Facility Centre Private Limited (Visharam) to
'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Term Loan          8       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Visharam for
obtaining information through letters and emails dated December 31,
2019 and January 13, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Visharam to 'CRISIL B/Stable Issuer not
cooperating'.

The company is a SPV set up a cluster of tanneries to process the
effluent generation from their units. Established in 2013, Visharam
is likely to commence operations in March 2019. The company is
based in Melvisharam (Tamil Nadu).


WHITE GOLD AGRO: CRISIL Moves 'B' Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of White Gold
Agro Industries (WGAI) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            6        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

  Proposed Cash
  Credit Limit            3        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

  Term Loan               1        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with WGAI for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of WGAI to 'CRISIL B/Stable Issuer not cooperating'.

WGAI, is a Ludhiana based company, is involved in manufacturing and
selling of cashew. The company has manufacturing facility based in
Ludhiana. The installed capacity of the plant is 1 tonne per day.
The firm started operations in December 2017.


WHITE GOLD COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of White Gold Cotton and
Oil Industries (WGCOI) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            8        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term
   Bank Loan Facility     4.41     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan              2.59     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with WGCOI for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of WGCOI continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

WGCOI is a partnership firm based in Surendranagar, Gujarat,
promoted by Mr. Rajubhai Kotecha and other business partners. It
commenced operations in cotton ginning and oil milling in January
2014.


ZEROGRAVITY AESTHETICS: CRISIL Moves B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Zerogravity
Aesthetics LLP (ZALL) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Cash Credit             9      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ZALL for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ZALL to 'CRISIL B/Stable Issuer not cooperating'.

ZALL was incorporated in May 2017, as a partnership firm of Mr
Harpreet Singh and his daughter, Ms Sania Singh. The firm trades in
imported cosmetic products, and is the authorised agent for the LA
Girl, and Amazon Keratin brands, and the Zerogravity LED face
massager.




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

NOMURA HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Nomura Holdings, Incorporated to BB from BB+.

Nomura Holdings, Incorporated is a Japanese financial holding
company and a principal member of the Nomura Group.



SOFTBANK GROUP: Egan-Jones Lowers Senior Unsecured Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by SoftBank Group Corporation to BB- from BB.

SoftBank Group Corporation is a Japanese multinational conglomerate
holding company headquartered in Tokyo.


TOKYO ELECTRIC: Egan-Jones Lowers Senior Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Tokyo Electric Power Company Holdings, Incorporated
to BB+ from BBB+.

Tokyo Electric Power Company Holdings, Incorporated, also known as
Toden or TEPCO, is a Japanese electric utility holding company
servicing Japan's Kanto region, Yamanashi Prefecture, and the
eastern portion of Shizuoka Prefecture. This area includes Tokyo.





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

BAUER MEDIA: NZ Units Closes Down; Seeks Buyers for Magazines
-------------------------------------------------------------
Radio New Zealand reports that Bauer Media, which has The Listener,
Woman's Day, New Zealand Woman's Weekly, North and South and Next,
said it is no longer viable and shut its doors on  April 2.

According to RNZ, Chief executive Brendon Hill said the Covid-19
lockdown had stopped magazine production and put the business in an
untenable position.

He said magazines depended on advertising and it was unlikely that
would recover to pre-crisis levels, RNZ relays.

RNZ relates that business advisory firm EY has been appointed to
work on an orderly wind-down of the business, and buyers are being
sought for the magazines.

New Zealand Bauer staff were told of the closure on April 2, the
report notes.

According to the report, Mr. Hill said local staff would get full
redundancy and other entitlements.

"This is a devastating blow for our committed and talented team who
have worked tirelessly to inform and entertain New Zealanders,
through some of the country's best-loved and most-read magazines,"
the report quotes Mr. Hill as saying.

Bauer carried out an urgent review of its New Zealand operations
and considered all options to keep part or all the business open,
including engaging with the New Zealand government, Mr. Hill, as
cited by RNZ, said.

"An active search is underway to find buyers for our New Zealand
assets, including our many iconic titles, however, so far an
alternative owner has not been found."




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

AVAGO TECHNOLOGIES: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 27, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Avago Technologies Limited to BB+ from BBB.

With offices in Singapore, Avago Technologies Limited manufactures
semiconductor products such as optoelectronics, radio-frequency and
microwave components, and application-specific integrated circuits.
The Company's products are used in mobile phones, consumer
electronics, enterprise and telecom networking gear, optical mice,
automotive electronics, and military and aerospace systems.


SEMBCORP MARINE: Gives Notice of 3 Consecutive Years of Losses
--------------------------------------------------------------
Vivienne Tay at The Business Times reports that Sembcorp Marine has
given notice that it has recorded pre-tax losses for three
consecutive years. However, the group's six-monthly average daily
market capitalisation is SGD2.46 billion as at April 2.

This means the group still meets the financial entry criteria to
avoid being placed on the Singapore Exchange's (SGX) watch list, BT
says.

According to bourse listing rules, mainboard-listed companies will
be placed on the watch list under the financial entry criteria if
they record pre-tax losses for the three most recently completed
consecutive financial years, and fail to maintain an average daily
market cap of at least SGD40 million over the last six months, the
report notes.

Companies in the watch list must take active steps to satisfy the
financial requirements within 36 months from the date they are
placed on the watch list.

That means recording a consolidated pre-tax profit for the most
recently completed financial year, based on the latest full-year
consolidated audited accounts, and having an average daily market
cap of SGD40 million or more. Otherwise, they will be delisted from
the SGX, or have their trading suspended with a view to delisting,
BT states.

SembMarine recorded a net loss of SGD137 million for fiscal 2019,
compared with a net loss of SGD74 million in fiscal 2018, BT
discloses citing the company's 2019 annual report.

This was mainly due to the accelerated depreciation of SGD48
million arising from its Tanjong Kling Yard and continued low
overall business volumes, the report relates. The loss was
partially offset by its repairs and upgrades segment, which rose on
improved margins and better product mix.



                           *********


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
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***