/raid1/www/Hosts/bankrupt/TCRAP_Public/200410.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, April 10, 2020, Vol. 23, No. 73

                           Headlines



A U S T R A L I A

BARON FORGE: Second Creditors' Meeting Set for April 17
HARRIS SCARFE: Creditors in the Red Despite Spotlight Deal
NIANIAKAS PTY: Second Creditors' Meeting Set for April 17
STELLER 202: Second Creditors' Meeting Set for April 20
SWC MANAGEMENT: Second Creditors' Meeting Set for April 17



C H I N A

ENN ECOLOGICAL: Fitch Alters Outlook on 'BB' LT IDR to Evolving
LAI FUNG: Fitch Cuts LT IDR to B+, Outlook Stable
RED STAR: Fitch Cuts LT IDR & Senior Unsecured Rating to BB+
SUNSHINE 100: Fitch Cuts LT IDR to CCC- & Sr. Unsec. Rating to C


H O N G   K O N G

FAR EAST HORIZON: Fitch Cuts LT IDR to BB+, Outlook Negative


I N D I A

AMARPRAKASH DEVELOPERS: Ind-Ra Lowers LT Issuer Rating to 'D'
AUTO FRICTION: Insolvency Resolution Process Case Summary
AWATE ENGINEERING: Insolvency Resolution Process Case Summary
CASTAL EXTRUSION: Insolvency Resolution Process Case Summary
CHAHAL PARIVAHAN: Insolvency Resolution Process Case Summary

CITRON ECOPOWER: Ind-Ra Affirms 'B-' Bank Loan Ratings, Outlook Neg
CLASSIC BOTTLE: Insolvency Resolution Process Case Summary
CLOVER ENERGY: Ind-Ra Hikes Rating on INR527MM Loan to B-
CRAYONS ADVERTISING: Insolvency Resolution Process Case Summary
ENVIRON ENERGY: Insolvency Resolution Process Case Summary

FAST TRAX: Insolvency Resolution Process Case Summary
FUSIBLE METALS: Insolvency Resolution Process Case Summary
GOLDFISH PHARMA: Insolvency Resolution Process Case Summary
H.S. INDIA: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
HINDUSTAN ONLINE: Insolvency Resolution Process Case Summary

HPCL-MITTAL ENERGY: Moody's Alters Outlook on Ba2 CFR to Negative
KISANVEER SATARA: CRISIL Cuts Rating on INR147.77cr Loan to 'D'
KRUSHNA ENTERPRISES: CRISIL Keep D on INR4cr Debt in NonCooperating
LAKSHMINARASIMHA POULTRY: CRISIL Keeps C Rating in Not Cooperating
MAPLE RENEWABLE: Ind-Ra Hikes Loan Rating to B-, Outlook Negative

P.P. STEEL CORP: CRISIL Cuts Rating on INR15cr Cash Loan to B+
RAYALSEEMA EXPRESSWAY: Ind-Ra Corrects Feb. 4 Ratings Release
RCM INFRASTRUCTURE: CRISIL Keeps 'D' Ratings in Not Cooperating
S&H GEARS PRIVATE: Insolvency Resolution Process Case Summary
S. M. ENTERPRISES: CRISIL Cuts Rating on INR15cr Overdraft to B+

S. RASIKLAL: CRISIL Keeps D Debt Ratings in Not Cooperating
S.R.M. SMART HOOPS: CRISIL Lowers Rating on INR3.25cr Loan to B+
SABITRI INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating
SAHU KHAN: CRISIL Lowers Rating on INR12cr Loan to B+
SAISHAKTI AGENCIES: CRISIL Cuts Rating on INR25cr Loan to B+

SCHOLARS ACADEMY: CRISIL Keeps B on INR19cr Loans in NonCooperating
SELVAM BROILERS: CRISIL Lowers Rating on INR17cr Loan to B+
SHIRT COMPANY: Insolvency Resolution Process Case Summary
SHIVAM COTEX: CRISIL Lowers Rating on INR20cr Loan to B+
SHREE RAM SAW: Insolvency Resolution Process Case Summary

SHREEMUKH INFRA: CRISIL Keeps B+ on INR18cr Debt in Not Cooperating
SHRUTHI MILK: CRISIL Cuts Rating on INR10cr Cash Loan to B+
SIKKO INDUSTRIES: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
SIRI CONSTRUCTIONS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB-'
SOBHANA JEWELLERS: CRISIL Lowers Rating on INR11cr Loan to B+

SREEVALSAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
SUBAM TEXTILES: CRISIL Lowers Ratings on INR16cr Loans to B+
VICOR STAINLESS: Insolvency Resolution Process Case Summary
WADHWA CONSTRUCTION: Ind-Ra Keeps 'BB+' Rating in Non-Cooperating
WADHWAGROUP HOLDINGS: Ind-Ra Keeps 'BB+' Rating in Non-Cooperating



J A P A N

JAPAN: Bankruptcies Rise in March as Coronavirus Halts Business


S I N G A P O R E

HYFLUX LTD: Asks for Postponement of Scheme Meetings


V I E T N A M

VIETNAM: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable
[*] Moody's Reviews 5 Vietnamese Financial Companies for Downgrade

                           - - - - -


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

BARON FORGE: Second Creditors' Meeting Set for April 17
-------------------------------------------------------
A second meeting of creditors in the proceedings of Baron Forge
(QLD) Pty Ltd has been set for April 17, 2020, at 10:30 a.m. at via
video-conference.

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 16, 2020, at 10:30 a.m.


Craig Peter Shepard, Andrew Knight and Jarrod Villani of
KordaMentha were appointed as administrators of Baron Forge on Dec.
17, 2019.


HARRIS SCARFE: Creditors in the Red Despite Spotlight Deal
----------------------------------------------------------
Sue Mitchell at Australian Financial Review reports that unsecured
creditors of department store chain Harris Scarfe are facing major
losses despite a AUD50 million rescue proposal from the Spotlight
Group.

According to a report to creditors, unsecured creditors who are
owed between AUD146 million and AUD236 million will receive between
1.3 cents and 20.5 cents in the dollar under a proposed deed of
company arrangement, AFR discloses.

The 66-store department store chain went into receivership in
December, less than a month after owner Greenlit Brands agreed to
sell the retailer to private equity firm Allegro Funds, which is
the only secured creditor, recalls AFR.

After closing about 22 loss-making stores, the receivers reached
agreement last month to sell the business as a going concern to AFR
Rich Listers Morry Fraid and Zac Fried's Spotlight Group.

AFR, citing creditors report, says Spotlight Group will pay between
AUD46 million and AUD55 million, comprising AUD22.3 million in
cash, a deferred consideration of AUD6.6 million for rent savings
achieved under new lease arrangements, the assumption of about
AUD20 million in liabilities and the assumption of about AUD6.5
million in employee entitlements.

Proceeds of between AUD3.25 million and AUD17.6 million will go
into a creditors trust, AFR relates.

According to AFR, unsecured creditors will be split into two pools
- trade creditors or suppliers who have supplied merchandise to the
group (Pool A) and any other creditors (Pool B) including
landlords.

Pool A creditors will get between 1.3 cents and 20.6 cents in the
dollar and Pool B creditors 1.3 cents to 4 cents. If there is a
surplus after the payment of 4 cents to both pools the surplus will
be paid to Pool A creditors on a pro-rata basis, AFR adds.

AFR says the administrators at BDO believe the DOCA is in the best
interests of creditors, even though the lower return scenario is
only marginally higher than the likely return (1¢ in the dollar)
if the company went into liquidation.

"The DOCA return provides more certainty in respect of quantum and
timing as there is no requirement to pursue a subrogated claim
against the secured debt cross-guarantors," the report, as cited by
AFR, said.

"Accordingly, it is our view that the DOCA provides for a higher
and more certain return to unsecured creditors and is therefore in
the best interests of creditors to resolve to execute the DOCA."

According to the report, Harris Scarfe lost AUD5.1 million before
interest and tax on sales of AUD388 million in 2018 and lost
AUD10.5 million in 2019 on sales of AUD383 million. The stores have
performed poorly since the COVID-19 outbreak and losses are
expected to continue, even though costs have been significantly
reduced, AFR notes.

AFR says the administrators blamed Harris Scarfe's collapse on
loss-making stores, most of which opened between 2014 and 2019, and
the retailer's inability to access funding after the sale to
Allegro, which is the first ranking secured creditor and will
receive a return of almost AUD70 million.

Despite the trading losses, the administrators found that Harris
Scarfe was solvent up until the date of the sale to Allegro on
December 2, AFR states.

"From this date, the financial support previously provided by the
parent entity was unavailable, the group had no working capital
funding and the group was not in a position to fund its ongoing
trading losses and meet its liabilities as and when they fell due,"
the report said, AFR relays.

"However, it is noted that the [sole] director took advice and
quickly took steps to place the group into administration when it
became apparent that the group had no financial support."

AFR adds that the administrators have not identified any unfair or
preferential payments, uncommercial transactions or potential
breaches by directors. However, if the company goes into
liquidation further investigations into compliance with director
duties will be undertaken.

                        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.


NIANIAKAS PTY: Second Creditors' Meeting Set for April 17
---------------------------------------------------------
A second meeting of creditors in the proceedings of Nianiakas Pty
Ltd has been set for April 17, 2020, at 10:30 a.m. via
video-conference.  

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 16, 2020, at 10:30 a.m.


Craig Peter Shepard and Andrew Knight of KordaMentha were appointed
as administrators of SWC Management on Dec. 17, 2019.


STELLER 202: Second Creditors' Meeting Set for April 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of Steller 202 Pty
Ltd has been set for April 20, 2020, at 10:00 a.m. through
telephone conference 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 17, 2020, at 5:00 p.m.

Timothy James Brace, Michael Carrafa & Peter Gountzos of SV
Partners were appointed as administrators of Steller 202 on Sept.
20, 2019.


SWC MANAGEMENT: Second Creditors' Meeting Set for April 17
----------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- SWC Management;

   -- SWC BF Constructions Pty Ltd (formerly Baron Forge
      Constructions Pty Ltd);

   -- SWC BF Contractors Pty Ltd (formerly Baron Forge Contractors

      Pty Ltd);

   -- Roman Glass Pty Ltd;

   -- The Edge Glass (Aust) Pty Ltd;

   -- SWC BF Equipment Pty Ltd (formerly Baron Forge Equipment Pty
  
      Ltd);

   -- SWC ES Pty Ltd (formerly Essential Stone Pty Ltd);

   -- GFA Enterprises Pty Ltd; and

   -- Paz Stone Pty Ltd

has been set for April 17, 2020, at 10:30 a.m. via
video-conference.  

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 16, 2020, at 10:30 a.m.


Craig Peter Shepard and Andrew Knight of KordaMentha were appointed
as administrators of SWC Management on Dec. 17, 2019.




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

ENN ECOLOGICAL: Fitch Alters Outlook on 'BB' LT IDR to Evolving
---------------------------------------------------------------
Fitch Ratings has revised the Rating Watch to Evolving from
Positive on ENN Ecological Holdings Co., Ltd.'s 'BB' Long-Term
Issuer Default Rating and the 'BB' rating on its USD500 million
7.5% senior unsecured notes issued by ENN Clean Energy
International Investment Limited. ENN EC indirectly holds 100% of
ENN Clean Energy International Investment Limited and guarantees
the US dollar-denominated notes.

Fitch continues to expect that ENN EC will complete its planned
acquisition of a 32.80% stake in ENN Energy Holdings Limited (ENN
Energy, BBB/Stable) from the two companies' common ultimate
controlling shareholder Chairman Wang Yusuo and his wife. Upon
completion of the deal, Fitch expects to assess ENN EC's rating
based on the consolidated group credit profile, which is much
stronger than the existing credit profile of ENN EC.

However, ENN EC's credit metrics on a standalone basis have
weakened due to declining prices of methanol and other commodities,
and Fitch expects these metrics to remain weaker than those
commensurate with its existing 'BB' rating in the next 12-24 months
because of the coronavirus-related impacts. If the company fails to
complete the deal, albeit it is not Fitch's base case assumption,
its 'BB' rating will face downward pressure, hence the Rating Watch
Evolving.

KEY RATING DRIVERS

Acquisition Pending Approval: ENN EC has announced it will acquire
the 32.80% stake held by ENN Group International Investment Limited
(EGII) and Essential Investment Holding Company Limited in ENN
Energy for a total consideration of CNY25.84 billion. ENN EC plans
to swap 9.97% of its shares in Australian liquefied natural gas
(LNG) company, Santos Limited, which is held by wholly owned
subsidiary United Faith Ventures Limited, for an equivalent value
of CNY7.09 billion in ENN Energy shares held by EGII. The remainder
will be financed by cash of CNY5.50 billion and issuance of 1,341
million new ENN EC shares at CNY9.88/share, amounting to a total
value of CNY13.25 billion. ENN EC plans to sell up to 246 million
new shares in a private placement to no more than 35 investors to
fund part of the CNY5.50 billion cash consideration.

The deal proposal has been submitted to the China Securities
Regulatory Commission (CSRC) and is pending approval from the
commission. ENN EC has replied to the first batch of questions from
the CSRC. Valuation of the transaction will remain unchanged and
valid until end-June 2020, despite the share price volatility of
ENN EC, Santos Limited and ENN Energy. Fitch thinks it is likely
that the deal will be completed in 2020.

Weakened Standalone Credit Profile: Fitch expects the
coronavirus-related impacts and low commodity prices to weigh
materially on ENN EC's 'BB' rating, if the deal fails. ENN EC's
funds from operations (FFO) adjusted net leverage improved to 3.4x
in 2019, from 4.0x in 2018, largely driven by strong dividend
income. This is unlikely to be sustained over the medium-term due
to weaker oil and methanol prices. Fitch expects ENN EC's average
methanol selling price to further drop, by 11% in 2020, after
averaging 23% lower in 2019, as a result of both the oil price
crash and the coronavirus-related toll on demand. Fitch forecasts
ENN EC's FFO adjusted net leverage to rise to 5.5x in 2020 before
deleveraging to 4.4x in 2021.

Moderate or Strong Linkage: If the transaction is completed, the
linkage between ENN EC and ENN Energy, based on its Parent and
Subsidiary Rating Linkage, is likely to be 'Moderate' or higher as
it will be underpinned by Mr Wang's effective control of ENN Energy
via his shares in ENN EC as well as the synergies realised along
the gas value chain as a result of the deal. ENN EC's
construction-engineering business also supports ENN Energy's gas
expansion and integrated energy projects. As a result, Fitch may
assess ENN EC based on the consolidated group profile.

Strong Combined Credit Profile: ENN Energy's strong performance in
2019 has kept the pro forma consolidated credit profile strong,
despite ENN EC's cyclical weakness. ENN Energy's EBITDA rose by
20.8% to CNY9.1 billion, driven by solid gas sales growth and a
sharp rise in revenue from integrated energy and value-added
businesses. ENN Energy's retail gas sales volume rose by 14.7% to
19.9 billion cubic metres in 2019 and remained resilient amid the
coronavirus outbreak with only a 5% decline in the first two months
of 2020.

The pro forma consolidated group credit profile will benefit from
lower business risks due to stable cash flows from ENN Energy's
city-gas projects. Diversification between commodity and defensive
utility sectors can help the combined group better weather cyclical
volatility - for example, the weak oil price hurts ENN EC's
profitability through methanol price exposure but will be
compensated by ENN Energy's lowering of gas-procuring costs. Fitch
forecasts FFO adjusted net leverage of the combined group at 3.0x
in in 2020 and 2.7x in 2021 assuming no share placement, which will
support the consolidated group credit profile at close to ENN
Energy's rating level.

DERIVATION SUMMARY

ENN EC's rating is supported by its business diversification, with
operational benefits from being part of the ENN group, and a
moderate financial profile. The rating is constrained by the
company's evolving business profile and exposure to cyclical
sectors with higher business risks. Fitch expects ENN EC's net
leverage to rise to 5.5x in 2020 due to the temporarily weak
commodity prices and recover to 4.4x in 2021.

ENN EC is rated on a par with Indonesia-based PT Chandra Asri
Petrochemical Tbk (CAP, BB-/Stable), whose ratings reflects its
parent PT Barito Pacific Tbk's (B+/Stable) diversified businesses
across the petrochemical and energy industries, its leading market
position as Indonesia's largest petrochemical producer, and a
strong record of geothermal operation with long-term contracts
driving stable revenue. CAP has much lower leverage than ENN EC,
but this is offset by ENN EC's stronger vertical integration and
business diversification, as well as higher financial flexibility
from its 10.07% stake in Santos.

KEY ASSUMPTIONS

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

  - Average methanol selling price to decline by 11% yoy in 2020
and rebound by 8% in 2021 and 5% in 2022;

  - Fitch's Qinhuangdao coal price deck of USD74/t in 2020, USD79/t
in 2021 and USD78/t in 2022;

  - 5% yoy decrease in engineering revenue in 2020 before mild
growth from 2021;

  - Annual capex of around CNY650 million-750 million in the next
few years.

RATING SENSITIVITIES

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

  - Fitch may take positive rating action on ENN EC if the proposed
transaction with ENN Energy is completed in accordance with the
proposed terms, after which Fitch is likely to assess ENN EC based
on the consolidated credit profile of the group.

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

  - If the transaction with ENN Energy fails to be completed, Fitch
would remove ENN EC's ratings from RWE and take negative rating
action if its FFO adjusted net leverage stays above 3.5x for a
sustained period, its EBITDA margin is sustained below 15% over the
next three years, or there is deterioration of the financing or
liquidity position of ENN EC's controlling shareholders and their
related businesses.

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

Adequate liquidity: The company has adequate liquidity as its cash
and cash equivalents on hand of CNY2.4 billion and unused credit
facilities of CNY4.2 billion can cover its short-term debt
maturities of CNY3.3 billion at end-2019. In addition, ENN EC's
10.07% stake in Santos offers an additional liquidity buffer, if
needed.

Fitch believes ENN EC's options to refinance its USD500 million
bonds due in February 2021 include issuance of new US dollar bonds,
drawing down banking facilities, issuance of domestic medium-term
note and bridge loans from banks.


LAI FUNG: Fitch Cuts LT IDR to B+, Outlook Stable
-------------------------------------------------
Fitch Ratings has downgraded Lai Fung Holdings Limited's Long-Term
Foreign- and Local-Currency Issuer Default Ratings to 'B+' from
'BB-'. The Outlook on the IDR is Stable. Fitch has also downgraded
the Hong Kong property company's senior unsecured rating and the
rating on its USD350 million senior notes due 2023 to 'B+' with a
Recovery Rating of 'RR4' from 'BB-'.

The downgrade reflects Fitch's expectation that Lai Fung's
non-development EBITDA interest cover will remain below 1.0x due to
the bigger-than-expected operating cash outflows from its Hengqin
Novotown commercial project. Fitch estimates Lai Fung's
non-development EBITDA interest cover will rebound to about 1.0x in
the financial year ending July 2021 (FY21), assuming an improvement
in visitor numbers for the theme parks and higher occupancy rates
for the hotel at Novotown when facilities reopen after their
closure in late January due to the coronavirus.

KEY RATING DRIVERS

Weaker-than-Expected Non-Development EBITDA: Lai Fung's
non-development EBITDA, including hotels and service apartments, in
1HFY20 fell to HKD125 million from HKD222 million in 1HFY19,
resulting in a drop of its non-development EBITDA interest coverage
to 0.5x from 0.9x. The investment-property EBITDA drop was due to
bigger operating losses than Fitch's expectation from Novotown in
its initial operating period, as visitors to the theme parks and
occupancy of the Hyatt Regency hotel did not reach profitable
levels.

Novotown May Contribute in FY21: Fitch expects Novotown to make a
positive EBITDA contribution in FY21, assuming the theme parks and
hotels reopen during mid-2020. Fitch expects 70% occupancy for the
hotel and 85% occupancy for the mall, with 400,000 visitors to the
theme parks in FY21. Fitch previously expected Novotown to break
even in 2HFY20, which may be delayed due to COVID-19. There may be
further delays in achieving profitability if the facilities at
Novotown do not reopen during May-July.

Positive Development Cash Flow: Fitch expects Lai Fung's
property-development segment to generate positive cash flow as the
apartments, known as cultural studios, at Novotown and the Shanghai
Wuli Bridge project have been completed, which will generate sales
revenue and cash inflows in FY20 and FY21. Fitch expects the
operating profit margin for property development to remain high, at
above 50%, in FY20 and FY21, underpinned by low land costs. Lai
Fung's operating profit margin for the property-development
business was 72% in 1HFY20.

Increasing Long-Term Investment-Property Contribution: Fitch
expects Lai Fung's non-development EBITDA interest coverage to
increase significantly in FY23, after the completion of the
Shanghai Northgate Plaza redevelopment in FY22, which will add
about 694,000 square feet of office space, a shopping centre and
car parks to its rental portfolio.

No Rating Impact from Parent: Fitch currently rates Lai Fung based
on its standalone credit profile as the linkage between Lai Fung
and its parent, Lai Sun Development Company Limited (LSD), is
assessed as weak. The potential privatisation and share offer by
LSD may result in a stronger linkage between Lai Fung and the
parent and Fitch may assess Lai Fung based on the consolidated
profile of LSD. However, Fitch does not think this will have
implications for the rating in light of the relative credit
profiles of the two entities.

DERIVATION SUMMARY

Lai Fung's non-development EBITDA/interest cover of 0.5x-1.0x sets
it apart from most Chinese homebuilders that rely on more risky
development-property sales to service their debt. Lai Fung's
leverage, defined by net debt/adjusted inventory, of 21% also
compares favourably with 'B' category peers' leverage of about
50%.

Lai Fung has smaller business scale and a significantly weaker
financial profile than Asia-Pacific property peers such as PT
Pakuwon Jati Tbk (BB/Stable). Both companies have stable
investment-property portfolios, which provide a buffer to fund
their development-property businesses. Lai Fung's
investment-property portfolio has higher quality as it focuses on
first-tier cities in China such as Shanghai and Guangzhou, compared
with Jakarta and Surabaya for Pakuwon Jati. Lai Fung, however, has
lower interest coverage of 0.5x-1.0x than Pakuwon Jati's 5x.

KEY ASSUMPTIONS

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

  - Flattish rental income for mature investment properties in
Shanghai and Guangzhou in FY20-FY23

  - EBITDA for Novotown will be negative in FY20 and turn positive
in FY21

  - Annual capex of HKD1 billion for FY20-FY22 and HKD2 billion for
FY23

  - Hong Kong dollar at 1.1 to Chinese yuan over FY20-FY23

Recovery Rating Assumptions:

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

  - 10% administration claims

  - Advance rate of 75% applied to adjusted development-property
inventory post margin-adjusted customer deposits

  - Advance rate of 60% applied to property, plant and equipment

  - Advance rate of 65% applied to investment properties at its
book value as the investment properties' assessed value is about
65% of the book value

  - Advance rate of 100% applied to restricted cash, which consists
of guarantees for the company's bank borrowings

  - Lai Fung's cash on hand was sufficient to pay trade creditors

The recovery rate is 100% based on the above assumptions. China is
in Group D of countries in terms of creditor friendliness and its
Recovery Rating is subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

  - Non-development EBITDA/gross interest coverage sustained above
1.2x (1HFY20: 0.5x)

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

  - Non-development EBITDA/gross interest coverage sustained below
1.0x beyond 2020

  - Weakening of LSD's consolidated financial profile

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Lai Fung had total cash of HKD2,463 million,
including restricted cash of HKD1,214 million, sufficient to cover
its short-term debt of HKD1,090 million at end-January 2020.


RED STAR: Fitch Cuts LT IDR & Senior Unsecured Rating to BB+
------------------------------------------------------------
Fitch Ratings has downgraded China-based Red Star Macalline Group
Corporation Ltd.'s Long-Term Foreign-Currency Issuer Default
Rating, its senior unsecured rating and rating of its USD300
million senior notes due 2022 to 'BB+' from 'BBB-'. The Outlook on
the IDR is Stable.

The downgrade reflects Fitch's assessment that RSM's financial
profile will deteriorate as the result of the disruptions caused by
the coronavirus outbreak and the uncertainties surrounding the
recovery of the overall economy. Fitch believes that RSM's credit
metrics may not recover to the levels commensurate to a 'BBB-'
rating in the medium term.

KEY RATING DRIVERS

Financial Profile to Worsen: Fitch estimates RSM's financial
profile will be negatively affected by the disruptions caused by
the coronavirus outbreak and the uncertainties surrounding the
macro economy. Fitch believes RSM's leverage may rise above 8.0x
and interest coverage fall below 2.0x in 2020.

RSM's malls were mostly closed during February and the company has
given one-month rental waivers to tenants of its self-owned malls,
as well as various concessions to owners of franchised malls. Most
of RSM malls have re-opened and there have been increased footfall
throughout March 2020. Fitch does not expect RSM to grant further
concessions to tenants.

Nevertheless, recovery of the mall's operations has just begun and
is subject to economic uncertainties, and therefore leverage and
interest coverage may be sustained at the above levels. RSM has put
its expansion plans on hold because of the outbreak and may review
the pace of its capex, which will affect the sustainability of its
leverage profile.

High Leverage from Expansion: RSM's capex in the past few years has
caused high leverage. Fitch estimates RSM's leverage - measured by
adjusted net debt/recurring EBITDAR - to be close to 8.0x and
recurring EBITDAR/gross interest plus rents is at round 2.0x, based
on RSM's unaudited financials for 2019. The ratios were 7.8x and
2.1x, respectively, in 2018.

Market Leader: Fitch expects RSM to maintain its leadership
position with its portfolio of owned and managed malls. RSM has a
total of 337 malls, spread across 212 cities. RSM accounted for a
15.2% share in the chain home-improvement retail mall sector in
2018. RSM benefits from ongoing home-refurbishment demand from the
rising number of home buyers in the primary and secondary markets
and from existing property owners, who form more than 60% of total
buying demand.

Large Short-Term Maturities: RSM's 2019 cash and bank balances were
at CNY7.2 billion, which is not enough to cover short-term debt of
CNY12.5 billion. The company issued CNY500 million domestic
medium-term notes in January 2020 at an interest rate of 5.70%, and
has a remaining quota of CNY500 million. It also issued CNY500
million of public corporate bonds on 10 March 2020 with a coupon
rate of 4.95% and has a remaining quota of CNY1.5 billion.

RSM has pledged investment properties with a book value of CNY69
billion to obtain borrowings, with CNY29 billion of debt secured
against such assets. RSM also has unpledged investment properties
and construction in progress with a book value of CNY18 billion.
These provide additional capacity to borrow.

China's overall funding environment is looser after the outbreak,
although there are inherent execution risks in refinancing large
amounts of short-term maturities, especially in a volatile
environment.

DERIVATION SUMMARY

RSM's rating is driven by resilient rental income from its
investment properties, mostly in strong locations in first- and
second-tier cities. Its recurring interest coverage of 2.1x in 2018
and 2.0x estimated for 2019 is at the low end of a 'bbb' financial
profile. Fitch believes the ratio could remain below 2.0x in the
medium term, which is more in line with a 'bb' range.

RSM has larger assets, EBITDA scale and asset diversification than
Hysan Development Company Limited (A-/Stable) and Nan Fung
International Holdings Limited (BBB-/Stable). However, the quality
of its assets is lower than that of Hysan, as Nan Fung's assets are
in Hong Kong's prime shopping district and attract stronger
institutional interest. RSM's asset portfolio is larger and more
diversified with that of Nan Fung. RSM's financial profile is
significantly weaker than that of Hysan. Its coverage and leverage
ratio are weaker than Nan Fung's.

RSM's business profile is weaker than that of Dalian Wanda
Commercial Management Group Co., Ltd. (BB+/Stable; Standalone
Credit Profile: bbb+) due to its significantly smaller scale and
Wanda Commercial's assets attracting stronger institutional
interest. RSM's recurring EBITDAR/gross interest plus rent coverage
ratio was lower than Wanda Commercial's 2.3x in 2018. Leverage has
been historically higher for RSM.

KEY ASSUMPTIONS

  - Average occupancy for owned and leased malls at 93%-95%

  - One-month rental waiver granted to self-owned portfolio in
2020E

  - No increase in average effective rent from 2021E onwards

  - 20%-25% dividend payout

  - 6.0% funding cost for new borrowings

RATING SENSITIVITIES

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

  - Adjusted net debt/recurring EBITDAR below 8.0x for a sustained
period

  - Recurring EBITDAR/gross interest plus rent expenses above 2.0x
for a sustained period

  - Improvement in parent's consolidated credit profile

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

  - Adjusted net debt/recurring EBITDAR above 10x for a sustained
period

  - Recurring EBITDAR/gross interest plus rent expenses below 1.7x
for a sustained period

  - Weakening of parent's consolidated credit profile

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

Adequate Liquidity: RSM's unaudited 2019 cash and bank balances
were at CNY 7.2 billion, against short-term debt of CNY12.5
billion. The company has a remaining onshore issuance quota
totalling CNY2 billion. RSM has CNY29 billion of debt secured
against investment properties with a book value of CNY69 billion.
RSM also has unpledged investment properties and construction in
progress with a book value of CNY18 billion. These provide
additional capacity to borrow.


SUNSHINE 100: Fitch Cuts LT IDR to CCC- & Sr. Unsec. Rating to C
----------------------------------------------------------------
Fitch Ratings has downgraded Sunshine 100 China Holdings Ltd's
Long-Term Foreign-Currency Issuer Default Rating to 'CCC-', from
'CCC+'. At the same time, Fitch has downgraded the company's senior
unsecured rating to 'C', from 'CCC', with a Recovery Rating of
'RR6', from 'RR5'.

The downgrade of Sunshine 100's IDR reflects its view of high
refinancing risk for its USD400 million senior notes due in
September, as it is uncertain whether the company will receive
asset disposal consideration on time or if it will be able to issue
new offshore notes - two major sources for repaying the near-term
maturity - under the current market conditions. Fitch believes
Sunshine 100 will continue to face tight liquidity and high
refinancing risk in 2021, especially in the second half when CNY4.4
billion equivalent in offshore capital market debt becomes due.

The downgrade of Sunshine 100's senior unsecured rating follows the
downgrade in its IDR and a lower Recovery Rating.

KEY RATING DRIVERS

Uncertain Refinancing Plan: Sunshine 100 plans to repay its
offshore note due in September with uncollected consideration from
assets disposed in 2019, new offshore issuance and domestic sales
proceeds. Fitch believes there is great uncertainty around the new
offshore issuance in light of unfavorable market conditions. In
addition, there is a risk of delay in the receipt of asset disposal
consideration from Kaisa Group Holdings Limited (B/Stable), which
it expected in early 2H20.

Fitch expects Sunshine 100 to continue facing tight liquidity and
high refinancing risk in 2021, with CNY2.5 billion in domestic
corporate bonds and CNY4.4 billion in equivalent offshore debt due
during the year. Fitch believes Sunshine 100 has limited access to
the domestic capital market, as all of its outstanding domestic
bonds were issued in 2015 and 2016 and it currently has no
corporate bond issuance quota. Fitch believes the repayment of its
large offshore maturities in 2H21 depends on a recovery in the
offshore capital market.

Tight Liquidity: Sunshine 100's available cash/short-term debt
ratio further deteriorated to 34% in 2019, from 38% in 2018 and 57%
in 2017, leaving little liquidity headroom amid a high
concentration of debt maturities in 2020 and 2021. Volatile credit
conditions and rising uncertainty in the performance of smaller
homebuilders' contracted sales have increased liquidity risk,
especially for Sunshine 100, which has a large exposure to
commercial property sales, whose demand is more cyclical and less
visible.

High Leverage: Leverage, measured by net debt/adjusted inventory,
improved to 65% in 2019, from 69% in 2018, after the company
received more than CNY3 billion in consideration from assets
disposals. Fitch estimates stable leverage for 2020, as the company
expects to receive the majority of its remaining disposal
consideration. However, leverage is likely to trend up from 2021 if
no further asset sales are achieved, due to the company's weak
internal cash generation. Management expects to receive government
compensation for primary-land development from 2020, which could
lower leverage from 2020.

Weak Internal Cash Generation: Sunshine 100's internal cash
generation is weak because of its slow sales efficiency, low
profitability and lack of effective management of its commercial
properties. The company has been seeing constantly negative free
cash flow over the past decade and has had to rely on additional
debt funding and asset sales to meet its liquidity gap.

Recovery Rating of 'RR6': The recovery of Sunshine 100's offshore
senior unsecured debt in the event of default fell to zero in 2019,
based on Fitch's recovery analysis, implying a recovery rating of
'RR6'. This is due to the lower advance rate assigned to its
investment properties, which had a rental yield of only 1.6% in
2019.

ESG - Management Strategy: Sunshine 100 has an ESG score of 4 for
management strategy. Management shifted the company's strategic
focus to the sale of commercial property in 2014. However, Fitch
believes demand for commercial products is more cyclical than that
for residential products, which lowers the visibility of contracted
sales. Sunshine 100's management strategy has a negative impact on
the credit profile, and is relevant to the rating in conjunction
with other factors.

ESG - Financial Transparency: Sunshine 100 has an ESG score of 4
for financial transparency. Fitch thinks the company applies
aggressive accounting policies and had some failure in financial
reporting in the past. Sunshine 100 did not disclose loans provided
to a third party over 2016-2018 in a timely or proper manner. It
did not disclose the transactions until a book loss allowance of
CNY902 million was booked to the loans in its 2018 annual results.
Sunshine 100 has exposure to financial disclosure risk which, in
combination with other factors, impacts the rating.

DERIVATION SUMMARY

Sunshine 100's ratings reflect the uncertainty of its refinancing
plan for offshore debt maturing in the short term.

Both Sunshine 100 and Guorui Properties Limited (B-/Negative) have
tight liquidity, but Sunshine 100's near-term refinancing risk is
higher, as its bond maturity is more imminent. Both companies have
large land bank that can support over 10 years of sales. However,
Sunshine 100's contracted sales size is smaller and less visible
than that of Guorui and its leverage is higher.

Skyfame Realty (Holdings) Limited (B-/Stable) is the closest peer
of Sunshine 100 in terms of business model. Apart from building
traditional residential units, they both engage in residential and
commercial complexes in second and third tier cities. Skyfame and
Sunshine 100 have similar sales scale of around CNY10 billion, but
Skyfame has better land bank quality, with more than 75% of land in
tier one and two cities. This makes its contracted sales more
predictable compared with those of Sunshine 100. Skyfame's churn
rate is more than double that of Sunshine 100 and its leverage is
lower.

KEY ASSUMPTIONS

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

  - Sales gross floor area to fall by 5% in 2020, then recover by
in 2021

  - Gross margin of property development business staying above 20%
over the next two years

  - Land acquisitions/contracted sales, as measured by gross floor
area, remaining at 0.5x

  - Consideration from asset disposals announced in 2019 is
received

  - Government compensation for primary land development is not
factored in to the rating case, as its timing is uncertain

Key Recovery Rating Assumptions

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

  - Cash: available cash cannot cover trade payables, so trade
payables are added to the creditor repayment waterfall as the
highest priority creditor. Restricted cash is given a 100% advance
rate.

   - Accounts receivables: standardised advance rate of 70%

- Adjusted inventory: advance rate of 70% to reflect a development
property EBITDA margin of 20%-25%

  - Investment property: advance rate of 20% to reflect the
location of Sunshine 100's investment property and low rental
yield

  - Land and building: standardised 60% advance rate

  - Offshore debt is subordinated to the debt of onshore
subsidiaries. Offshore debt includes US-dollar senior notes and
convertible bonds, which are unsecured and rank last in the
creditor repayment waterfall

  - Offshore unsecured debt has zero recovery under the waterfall
calculation, implying a Recovery Rating of 'RR6'.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  - Meaningful progress towards the repayment and refinancing of
the September maturity

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  - No meaningful progress towards the repayment and refinancing of
the September maturity

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

Refinancing Uncertain: Sunshine 100's ratings reflect Fitch's view
of significant uncertainty in the refinancing of the company's
USD400 million offshore senior notes due in September 2020. The
company had reported cash of CNY2.4 billion and restricted bank
deposits of CNY1.6 billion at end-2019. This was insufficient to
cover short-term borrowings of CNY10.6 billion, which include the
USD400 million senior notes and a CNY1 billion domestic bond, both
maturing in September 2020. The remaining CNY7.0 billion in
short-term debt was loans from banks, financial institutions and
third parties, of which CNY6.7 billion was secured and pledged by
the company's properties or bank deposits. Fitch believes this debt
is likely to be rolled over.

Sunshine 100 does not have any domestic bond issuance quota and
plans to refinance its CNY1 billion corporate bond due 16 September
with new trust loans. Fitch believes this is possible with support
from its unencumbered assets of CNY20 billion at end-2019. The
company also had uncommitted undrawn credit facilities of CNY12.4
billion.




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

FAR EAST HORIZON: Fitch Cuts LT IDR to BB+, Outlook Negative
------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating of
Far East Horizon Limited to 'BB+' from 'BBB-'. The Outlook is
Negative. The agency also downgraded the ratings on the medium-term
note programme and notes issued under the programme by Far East
Horizon and the subordinated perpetual bond issued by its SPV.

KEY RATING DRIVERS

Fitch has sharply reduced its GDP growth forecast for the world and
China due to the impact from the COVID-19 pandemic. The
uncertainties surrounding these forecasts are extremely high and
risks are on the downside.

Far East Horizon's downgrade is driven by the expectation that
asset quality and profitability will deteriorate, which will lead
to higher leverage as the operating environment has significantly
weakened. The Negative Outlook reflects the potential for further
pressure on Far East Horizon's credit profile from the significant
slowdown in economic activities if the pandemic lasts longer than
expected. This could further weigh on the company's asset quality,
which in turn will weaken profitability and Fitch's assessment of
leverage.

Far East Horizon's IDR also takes into account its strong franchise
and market position as the second-largest leasing company in China
with leading positions in healthcare and education. The ratings
factor in a business model that is in part focused on non-cyclical
sectors, which include advisory as well as industrial operations
such as hospitals, schools and construction. However, this does not
protect the company from weakening operating environments for the
different parts of its business. The industrial activities also add
to the complexity of the organisational structure and are reflected
in its ESG Relevance Score of 4 for Group Structure.

Far East Horizon's funding and liquidity profile remains adequate,
supported by its established franchise and market position,
although funding conditions could become more challenging for the
sector as a whole. The company also has a high level of
unencumbered assets, which could be used for asset-backed
securitization, and a large amount of unused credit lines to
support its funding needs and reduce short-term refinancing risks.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

Far East Horizon's IDR could be downgraded if the company's asset
quality deteriorates and the non-performing asset ratio rises to
over 5% (2019: 1.11%), which meaningfully weaken profitability.
Leverage exceeding 6x (2019: 5.9x) would also weigh on the ratings
with a lower tolerance for leverage in a weaker environment.

Further, any disruption or material deterioration in its funding
and liquidity access will also lead a rating downgrade.

A downgrade could also be triggered by an opportunistic shift in
Far East Horizon's business model towards greater risk-taking
without a commensurate increase in risk buffers or meaningful
increase in the scale of its hospital operation that brings
additional risks to its credit profile.

The Negative Outlook could be revised to a Stable Outlook if the
economic impact of the coronavirus pandemic eases and the company's
asset quality and profitability show resilience, while it maintains
an adequate funding and liquidity profile and leverage of 5x-6x
through the downturn.

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

An upgrade is less likely in the short term given the medium-term
leverage target of 5x-6x and rising asset quality and profitability
pressures in the current operating environment. Upward rating
momentum could emerge with a more stable operating environment and
if the company were to demonstrate its ability to maintain its
credit and risk profile and franchise through the current downturn,
while further reducing leverage to below 5x on a sustained basis.

Any changes to the rating of Far East Horizon's MTN programme and
subordinated debt will be directly correlated with movements in Far
East Horizon's IDR. Any material changes in Far East Horizon's
liability structure that would lead Fitch to believe that the loss
severity of the subordinated securities has increased could also
lead to wider notching.

BEST/WORST CASE RATING SCENARIO

Ratings of Financial Institutions 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch adjusts Far East Horizon's leverage ratio, measured by
debt/tangible equity, to include 50% of the junior subordinated
debt issued by King Talent Management Limited as debt and 50% as
equity, based on Fitch's Non-Financial Corporates Hybrids Treatment
and Notching Criteria. King Talent is an SPV that is wholly owned
by Far East Horizon and the subordinated debt is irrevocably and
unconditionally guaranteed by Far East Horizon.




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

AMARPRAKASH DEVELOPERS: Ind-Ra Lowers LT Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Amarprakash
Developers Private Limited's (Amarprakash) Long-Term Issuer Rating
to 'IND D (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT
COOPERATING)'.The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating.

The instrument-wise rating actions are:

-- INR2,321.7 bil. Long-term loan(long-term) downgraded with IND
     D (ISSUER NOT COOPERATING) rating;

-- INR565 mil. Long-term loan(long-term) downgraded with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR750 mil. Proposed long-term loan* withdrawn.

* The rating has been withdrawn as it has been outstanding for
more than 90 days.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Amarprakash; the
details of the same are unavailable.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in a rating upgrade.

COMPANY PROFILE

Incorporated in 2008, Amarprakash is a Chennai-based residential
and commercial real estate developer.


AUTO FRICTION: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Auto Friction Components India Pvt Ltd
        Industrial Estate
        Pappanamcode
        Trivandrum 695019

Insolvency Commencement Date: March 18, 2020

Court: National Company Law Tribunal, Cochin Bench

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

Insolvency professional: Mr. Raju Palanilkunnathil Kesavan

Interim Resolution
Professional:            Mr. Raju Palanilkunnathil Kesavan
                         CGNRA-9(33/1183A), Kodamassary Lane
                         Chalikkavattom, Vennala P.O.
                         Kochi 682028
                         E-mail: rajupkin@gmail.com

                            - and -

                         M/s Agasti & Associates
                         Chartered Accountants
                         First Floor, 79
                         6th Cross Road
                         Girinagar, Kochi 682020

Last date for
submission of claims:    April 4, 2020


AWATE ENGINEERING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Awate Engineering Private Limited
        Plot No. D-61/62
        MIDC Ranjangaon
        Tal-Shirur
        Dist. Pune 421220

Insolvency Commencement Date: March 20, 2020

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: September 16, 2020
                               (180 days from commencement)

Insolvency professional: Laxman Digambar Pawar

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

Last date for
submission of claims:    April 3, 2020


CASTAL EXTRUSION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Castal Extrusion Private Limited
        Room No. 8, 1st Floor
        23A, Netaji Subhas Road
        Kolkata, West Bengal 700001

Insolvency Commencement Date: March 18, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 13, 2020
                               (180 days from commencement)

Insolvency professional: Niraj Agrawal

Interim Resolution
Professional:            Niraj Agrawal
                         C/o M/s H.K. Agrawal & Co.
                         125, Netaji Subhas Road
                         5th Floor, Room No. 52
                         Kolkata 700001
                         West Bengal
                         E-mail: niraj@execonservices.com

                            - and -

                         Apex Insolvency Professionals LLP
                         Central Plaza
                         41 B.B. Ganguly Street
                         5th Floor, Room No. 5A
                         Kolkata 700012
                         E-mail: castal.cirp@gmail.com

Last date for
submission of claims:    April 1, 2020


CHAHAL PARIVAHAN: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Chahal Parivahan Pvt. Ltd.
        House No. 5, Shop No. 1
        Block B-5 Model Town City
        Delhi 110009

Insolvency Commencement Date: February 12, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 10, 2020
                               (180 days from commencement)

Insolvency professional: Nitin Jain

Interim Resolution
Professional:            Nitin Jain
                         E-337, Ground Floor
                         Greater Kailash-I
                         New Delhi
                         National Capital Territory of Delhi
                         110048
                         E-mail: nitinjain@
                                 ichinencapitalservices.com

                            - and -

                         E-10A, Kailash Colony
                         Greater Kailash
                         New Delhi 110048
                         E-mail: nitinjain@aaainsolvency.com
                                 chahal.parivahan@
                                 aaainsolvency.com

Last date for
submission of claims:    April 3, 2020


CITRON ECOPOWER: Ind-Ra Affirms 'B-' Bank Loan Ratings, Outlook Neg
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Citron Ecopower
Private Limited's (Citron) bank loan ratings at 'IND B-'. The
Outlook is Negative.

-- INR2.750 bil. Term loan due on November 30, 2028, affirmed with

     IND B-/Negative rating; and

-- INR250 mil. Overdraft affirmed with IND B-/Negative rating.

KEY RATING DRIVERS

The affirmation reflects Citron's moderate operational performance
in FY19 that was slightly lower than Ind-Ra's base case
expectations. It also reflects the company's receivable days being
in line with estimates for the capacity of 66.45 megawatts (MW)
tied up with group captive consumers.

The Negative Outlook reflects Citron's weak debt service coverages.
The project's average receivable days for the group captive
consumers (accounting for around 94% of FY19 revenue) grew to 82
days in 8MFY20 from 51 days for the same period in FY19. However,
they reduced to an average of 64 days over December 2019-February
FY20.

The ratings remain constrained by the regulatory risk associated
with a group captive business, as any changes in Electricity Rules,
2005 notified by the Ministry of Power and/or the regulations
notified by Tamil Nadu Electricity Regulatory Commission may
directly impact the project cash flows.

Liquidity Indicator – Stretched: The absence of a debt service
reserve (DSR) equivalent to two quarter's debt servicing strains
Citron's liquidity. However, an extension has been granted for the
creation of the same till June 2020. The working capital had been
utilized at an average of 40.52% for the trailing 12 months ended
January 2020. The company has unutilized working capital limits of
around INR148 million.

Citron's average plant load factor (PLF) of 19.48% over April
2019-February 2020 reflects that the performance of the plant was
stable with no major improvement in generation. The plant exhibited
an average PLF level of 19.31% during FY19, lower than the P90
estimates (23.23%).

In August 2019, debt at Citron's holding company and guarantee
provider Leap Green Energy Private Limited was refinanced through
an external commercial borrowing loan from its parent company AIRRO
(Mauritius) Holdings II where there is deferment of interest till
August 2021. Debt refinancing at the sponsor level, coupled with
improved cash flow in Citron ensured timely debt servicing between
August 2019 and February 2020.

The ratings continue to be supported by the presence of a
medium-term power purchase agreement for the entire capacity with
captive consumers, where power is directly sold to industries or
commercial entities and tariffs will track the state's industrial
tariff. Also, the presence of diversified off-takers for the
captive business reduces the receivable risk to a certain extent.

RATING SENSITIVITIES

Negative: A significant increase in operating expenses beyond
Ind-Ra's base case and the non-creation of DSR by June 2020, any
increase in the receivable days beyond 70 days or any adverse
revenue impact could lead to negative rating action.

Positive: The creation and maintenance of DSR for a sustained
period, sustained plant generation above P90 level and debt service
coverage ratios higher than 1.2x  could result in a positive rating
action.

COMPANY PROFILE

Incorporated on March 8, 2016, Citron is a special purpose vehicle
that was formed by Leap Green Energy to operate two wind power
plants (42.45MW and 33.00MW) in Tamil Nadu.


CLASSIC BOTTLE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Classic Bottle Caps Pvt. Ltd.
        E, 14/B, I Extension
        Mohan Co-operative Industrial Estate
        New Delhi DL 110044
        IN

Insolvency Commencement Date: February 13, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 10, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Rattan Chaudhry

Interim Resolution
Professional:            Mr. Rattan Chaudhry
                         F-86, Tekhand
                         New Delhi 110020
                         E-mail: rattan_chaudhry@yahoo.co.in
                                 cirpclassicbottle@gmail.com

Last date for
submission of claims:    March 13, 2020


CLOVER ENERGY: Ind-Ra Hikes Rating on INR527MM Loan to B-
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded the rating on
Clover Energy Private Limited's (CEPL) debt facilities to 'IND B-'
from 'IND D'. The Outlook is Negative.

The detailed rating action is:

-- INR527.30 mil. (reduced from INR776.9 mil.) Rupee term loan
     due on September 2025 upgraded with IND B-/Negative rating.

KEY RATING DRIVERS

The upgrade reflects CEPL's timely debt servicing since August
2019. The Negative Outlook reflects the company's
lower-than-expected operational performance in FY19 due to the
subdued wind patterns observed in Tamil Nadu.

The rating is constrained by CEPL's reduced average plant load
factor (PLF) of 20.51% for 11MFY20 from 21.50% in the corresponding
period last year. Wind power projects are highly susceptible to any
deviation in the wind speed and pattern that could impair their
debt servicing ability.

CEPL's average machine availability and grid availability were at
96.47% and 92.32%, respectively, over April 2019-February 2020.

Liquidity Indicator – Stretched: CEPL's rating remains
constrained by the absence of a debt service reserve account. The
rating is constrained by the regulatory risk associated with a
group captive business, as any changes in Electricity Rules, 2005
notified by the Ministry of Power and/or the regular regulations
notified by the Tamil Nadu Electricity Regulatory Commission may
directly impact the project cash flows.

In August 2019, the debt at CEPL's holding company and guarantee
provider Leap Green Energy Private Limited was completely
refinanced through an external commercial borrowing of INR6,170
million. The refinanced debt has an interest and principal
moratorium for two and four years, respectively, resulting in low
debt servicing obligations at the holding company level in the
medium term.
The debt refinancing at the sponsor level, coupled with improved
cash flow in CEPL, ensured timely debt servicing between August
2019 and February 2020.

The rating continues to be supported by the presence of a
medium-term power purchase agreement for the entire capacity with
captive consumers, where power is directly sold to industries or
commercial entities and tariffs will track the state's industrial
tariff. Also, the presence of diversified off-takers for the group
captive business partly reduces the receivable risk.

RATING SENSITIVITIES

Negative: Increased receivables beyond 90 days and forward-looking
minimum debt service coverage ratio below 1.15x will result in a
rating downgrade.

Positive: PLF higher than P90 estimates, the creation and
maintenance of reserves and forward-looking minimum DSCR above 1.2x
could lead to a rating upgrade.

COMPANY PROFILE

CEPL owns and operates a combined wind power capacity of 71.50
megawatts (MW) across Tamil Nadu.


CRAYONS ADVERTISING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Crayons Advertising Private Limited
        NSIC Complex
        Maa Anandmayee Marg
        Okhla Industrial Estate
        Phase-III, New Delhi 110020

Insolvency Commencement Date: March 19, 2020

Court: National Company Law Tribunal, Ghaziabad Bench

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

Insolvency professional: Pranav Kumar

Interim Resolution
Professional:            Pranav Kumar
                         3F, CS-70, Third Floor
                         Ansal Plaza, Sector-1
                         Vaishali, Ghazibad 201010
                         U.P., India
                         E-mail: pranavcs@outlook.com
                         Mobile: 9810793994

Classes of creditors:    Operational & Financial Creditors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Santosh Sharma
                         Mr. Avneesh Srivastava
                         Mrs. Shalini Agarwal

Last date for
submission of claims:    April 3, 2020


ENVIRON ENERGY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Environ Energy Corporation India Private Limited
        60A, D.H. Road
        Thakurpukur, Kolkata
        WB 700063
        India

Insolvency Commencement Date: March 16, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 12, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Pankaj Kumar Tibrewal

Interim Resolution
Professional:            Mr. Pankaj Kumar Tibrewal
                         Chitra 3E, Duke Residency
                         13 Chanditala Lane
                         Ashok Nagar Park
                         Tollygunge, Regent Park
                         Kolkata, West Bengal 700040
                         E-mail: tibrewalpankaj@yahoo.com

                            - and -

                         AAA Insolvency Professionals LLP
                         Mousumi Co-operative Housing Society
                         15B, Ballygunge Circular Road
                         Kolkata 700019
                         E-mail: environenergy@aaainsolvency.com

Last date for
submission of claims:    March 30, 2020


FAST TRAX: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Fast Trax Food Private Limited
        B-3, Friends Colony (West)
        Main Mathura Road
        South Delhi
        DL 110065
        India

Insolvency Commencement Date: March 20, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Naresh Kumar Munjal

Interim Resolution
Professional:            Naresh Kumar Munjal
                         125, 2nd Floor, Kailash Hills
                         New Delhi 110065
                         E-mail: nkmunjalcacs@yahoo.co.in
                                 irpfasttraxfood@gmail.com

Last date for
submission of claims:    April 3, 2020


FUSIBLE METALS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Fusible Metals Private Limited
        H.No. 222E, First Floor
        Opposite Barat Ghar
        Main Market, Badarpur
        New Delhi 110044
        India

Insolvency Commencement Date: March 16, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: September 14, 2020
                               (180 days from commencement)

Insolvency professional: Brahm Datt Verma

Interim Resolution
Professional:            Brahm Datt Verma
                         First Floor , B-1/1
                         Pink Apartments
                         Sector-13, Rohini
                         Delhi 110085
                         E-mail: bdverma.rp@gmail.com
                                 cirp.fusible@gmail.com

Last date for
submission of claims:    April 1, 2020


GOLDFISH PHARMA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Goldfish Pharma Private Limited
        5-5-35/304/9/1/NR
        Mythri Nagar
        Behind Huda Truck Parking
        Kukatpally Hyderabad
        TG 5000072
        India

Insolvency Commencement Date: March 19, 2020

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: September 15, 2020

Insolvency professional: Satyanaryana Veera Venkata Chebrolu

Interim Resolution
Professional:            Satyanaryana Veera Venkata Chebrolu
                         Flat No. 201 Chandana Residency
                         M I G 512 and 513
                         Near Temple Bus Stop
                         K P H B Colony, Kukatpally
                         Hyderabad Telangana 500072
                         E-mail: chvvsniob@yahoo.co.in

                            - and -

                         K-Source Insolvency Professional Services
                         Pvt Limited
                         Flat No. 104, Kavuri Supreme Enclave
                         Opp. Punjab & Sindh Bank
                         Kavuri Hills, Madhapur
                         Hyderabad 500003
                         E-mail: ipgoldfishpharma@gmail.com
                         Mobile: 9291240612

Last date for
submission of claims:    April 2, 2020


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

The instrument-wise rating action is:

-- INR157.5 mil. Term loan due on March 2022 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 11, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

HSIL was incorporated in 1989 under the name of Hotel Silver Plaza
Private Limited. Subsequently, the constitution was changed to a
public limited company and was listed on BSE Ltd. HSIL operates a
three-star hotel named Lords Plaza which comprises 134 rooms, a
multi-cuisine restaurant named Blue Coriander, a sky grill
restaurant named Lime tree; six banquet halls and one liquor shop.


HINDUSTAN ONLINE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Hindustan Online Trade Private Limited
        Plot No. 1, New Rajdhani Enclave
        Vikas Marg, Delhi 110092

Insolvency Commencement Date: March 18, 2020

Court: National Company Law Tribunal, Bench-V, New Delhi

Estimated date of closure of
insolvency resolution process: September 14, 2020
                               (180 days from commencement)

Insolvency professional: Vishnu Dutt

Interim Resolution
Professional:            Vishnu Dutt
                         219, Anarkali Bazar
                         Jhandewalan Extension
                         New Delhi 110055
                         E-mail: vishnudutt2050@yahoo.com

                            - and -

                         Mantrah Insolvency Professional
                         Private Limited
                         1203, Vijaya Building
                         Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: hindustanonline.cirp@gmail.com

Last date for
submission of claims:    April 2, 2020


HPCL-MITTAL ENERGY: Moody's Alters Outlook on Ba2 CFR to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed HPCL-Mittal Energy Limited's
Ba2 corporate family rating and Ba3 senior unsecured bond rating.

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

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The refining
industry has been one of the sectors most significantly affected by
the shock due to the sharp drop in demand for transportation fuel
resulting from the standstill in global travel.

More specifically, the weaknesses in HMEL's credit profile have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and the company remains
vulnerable to the outbreak continuing to spread.

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

Demand for transportation fuel -- gasoil, gasoline and aviation
turbine fuel, which together constituted around 56% of total
petroleum product consumption in India between April 2019 and
February 2020 -- has declined substantially because of unparalleled
travel restrictions and a slowdown in economic activity following
the implementation of a 21-day nationwide lockdown in India from
March 25 to curb the spread of the coronavirus.

Consequently, HMEL's refinery capacity utilization will reduce to
around 90% for the fiscal year ending March 31, 2021 (fiscal 2021)
as compared to Moody's previous expectation of 100% utilization.
The revised capacity utilization incorporates the company's planned
shutdown in 2020.

"The change in outlook to negative reflects Moody's view that a
lower refinery capacity utilization combined with a possibility of
a prolonged weakness in refining margin will weaken HMEL's earnings
and cash flows and delay improvement in its credit metrics," says
Sweta Patodia, a Moody's Analyst.

Moody's base case now assumes that HMEL's EBITDA, excluding effects
of inventory value gains or losses, will decline to around INR31
billion for fiscal 2021 compared to INR53 billion in fiscal 2019.

The weaker earnings will be mitigated by the deferral of cash
outflows relating to the company's ongoing expansion into
petrochemicals. The company now expects its cash outlay to be
around 30% lower than Moody's earlier estimates. At the same time,
HMEL will also benefit from release of working capital based on the
extended credit period it has negotiated with its crude suppliers.
Moody's treats supplier credit or factoring as debt like
obligations and adjust its credit metrics accordingly.

Consequently, Moody's expects that HMEL's leverage, as measured by
debt/EBITDA, will increase to around 9.5x-10.0x by March 2021
compared to Moody's earlier expectation of around 7.0x-7.5x.

While Moody's expects HMEL's leverage to start recovering from
fiscal 2022, a sustained weakness in refinery throughput or margins
will delay such recovery in its credit metrics.

HMEL's Ba2 CFR is supported by the company's high complexity
refinery that generates strong refining margins, and by its 15-year
offtake agreement with Hindustan Petroleum Corporation Ltd. (HPCL,
Baa2 negative) that provides high visibility over sales volumes.

The rating, however, is constrained by the moderate scale of the
company's operations, with a single refinery and crude distillation
unit, and by its exposure to the cyclical nature of the refining
industry.

HMEL's Ba2 CFR incorporates a two-notch uplift based on Moody's
expectation that the company will receive extraordinary support
from its shareholder and key off-taker, HPCL. This assumption of
support reflects HMEL's strategic importance to HPCL, its 49%
ownership by HPCL, as well as HPCL's management oversight and track
record of providing financial and operational assistance to HMEL.

On March 31, 2019, 73% of total debt in HMEL's capital structure
was secured, meaning claims of bondholders are subordinated to
those of secured lenders. Consequently, Moody's rates the company's
senior unsecured bonds one notch below its CFR.

As of December 31, 2019, HMEL's cash and cash equivalents of INR7.9
billion along with expected cash flow from operations of around
INR17-18 billion will be sufficient to cover routine capital
expenditures of around INR10.6 billion and INR9.3 billion of debt
maturities over the next 12 months.

HMEL's ratings also consider the following environmental, social
and governance factors.

First, HMEL is exposed to increasing environmental regulations and
safety risks associated with its refining business, which is among
the 11 sectors that Moody's has identified as having elevated
environmental risk. However, these risks are somewhat mitigated by
the company's track record of environmental compliance and its high
refining complexity with increasing downstream integration.

Second, the ratings consider HMEL's aggressive financial strategy,
as evidenced by its largely debt-funded and ongoing petrochemicals
capacity expansion. This is mitigated by the company's low
shareholder returns, long-dated debt maturity profile and an
undertaking from its sponsors to cover certain shortfalls in
internal cash generation and cost overruns. The ratings also
consider HMEL's limited public disclosure of its financial and
operating performance, given its status as a private company in
India.

Third, HMEL is privately owned and its ownership is concentrated in
HPCL and Mittal Energy Investments, which each hold a 49% stake.
HMEL's board consists of nine directors, out of which only two are
independent. HPCL is in turn 51.1% owned by Oil and Natural Gas
Corporation Ltd. (Baa2 negative), which is 67.7% owned by the
Government of India (Baa2 negative). Mittal Energy Investments is a
100% subsidiary of Mittal Investments SARL. The indirect, partial
ownership by the Government of India mitigates some of the risks
arising from its concentrated ownership structure.

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

Moody's is unlikely to upgrade the ratings until HMEL completes its
ongoing expansion and successfully ramps up its petrochemical
plant. Moody's could change the outlook to stable if HMEL (1) ramps
up its capacity utilization to its historical average of around
110%, and (2) reduces its leverage to under 5.0x.

Moody's could downgrade the ratings if there is a sustained decline
in either refining margins or operational efficiency, resulting in
a significant deterioration in HMEL's earnings and cash flow. At
the same time, any material cost overruns that necessitate higher
borrowings or delays in construction and/or ramp-up after physical
construction that defer the earnings contribution from the project,
will also exert negative ratings pressure.

Specifics metrics that would indicate a downgrade include adjusted
debt/EBITDA staying above 5.0x and debt/capitalization staying
above 65% beyond March 2022.

Moody's could also downgrade the ratings if (1) Moody's downgrades
HPCL's ratings, or (2) there is a change in the relationship
between HPCL and HMEL that lowers Moody's assessment of the level
of support incorporated into HMEL's ratings.

The principal methodology used in these ratings was Refining and
Marketing Industry published in November 2016.

HPCL-Mittal Energy Limited, which commenced operations in 2011,
owns an 11.3 million metric tons per annum (mmtpa) refinery in
Bathinda, Punjab, with a Nelson Complexity Index of 12.6, making it
one of the highest complex refineries in Asia.


KISANVEER SATARA: CRISIL Cuts Rating on INR147.77cr Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Kisanveer Satara Sahakari Sakhar Karkhana Limited (KSSSKL) to
'CRISIL D' from 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Pledge Loan            25        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility    147.77     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Term Loan              53.23     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade is driven by delays in debt servicing by the society
because of poor liquidity.

The rating continues to reflect the below-average financial risk
profile, working capital-intensive operations, and exposure to
regulatory changes and cyclicality in the sugar industry. The
society benefits from KSSSKL's established market position in the
sugar industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing of debt:  The society has delayed the
servicing of interest and principal of long term loans due to poor
liquidity.

* Weak financial risk profile:  Financial risk profile is marked by
a modest networth of Rs 25.6 crore, and high total outside
liabilities to tangible networth ratio of 32 times as on March 31,
2019, driven by sugar stock and payables during the season. Debt
protection metrics are average, as reflected in interest coverage
and net cash accrual to total debt ratios, of 1.5 times and 0.06
time, respectively, for fiscal 2019.

* Large working capital requirement:  Gross current assets were
high at 468 days, due to sizeable inventory of 300 days, as on
March 31, 2019. The crushing activity occurs between November and
April, and the company has to hold sugar inventory after the
crushing season, as sale as based on sugar sales quota.
Receivables, however, are low, as payments are received
immediately.

* Exposure to regulatory changes and cyclicality in the sugar
industry:  The sugar industry is cyclical and highly regulated.
Production and availability of sugarcane are highly dependent on
monsoon, cane prices and prices of alternative crops. The
government regulates the domestic demand-supply scenario, by
restricting imports and exports, and managing prices of sugar and
cane procurement.

Strength:

* Established market position in the sugar industry:  Presence of
nearly five decades in the domestic sugar industry, and strategic
location of the mill in the sugarcane growing belt, will continue
to support KSSSKL's business risk profile.

Liquidity Poor

Liquidity is constrained by delays in repayment of long term loan
obligations.

Rating Sensitivity factors

Upward factors

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

  * Improvement in working capital cycle.

KSSSKL is a cooperative sugar mill, at Bhuinj in Satara district of
Maharashtra. It was set up in 1968, by the late Mr Kisan Mahadeo
(Abasaheb) Veer and Mr Prataprao Bhosale. The society is currently
chaired by Mr Madan Bhosale.


KRUSHNA ENTERPRISES: CRISIL Keep D on INR4cr Debt in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Krushna
Enterprises (SKE; part of Maa Kalika group) continues to be 'CRISIL
D Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        4         CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SKE 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 SKE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SKE 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 SKE continues to be 'CRISIL D Issuer not
cooperating'.

The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr Pawan Kumar Jajodia and his son, Mr Jay Jajodia.


LAKSHMINARASIMHA POULTRY: CRISIL Keeps C Rating in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Lakshminarasimha
Poultry Farms Private Limited (SLNP; PART OF THE SRI LAKSHMI
NARASIMHA GROUP) continues to be 'CRISIL C Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       23.53      CRISIL C (ISSUER NOT COOPERATING)
   Long Term Loan    17.50      CRISIL C (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SLNP 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 SLNP; PART OF THE SRI LAKSHMI
NARASIMHA GROUP, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on SLNP; PART OF THE SRI LAKSHMI NARASIMHA
GROUP is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' category
or lower'.

Based on the last available information, the ratings on bank
facilities of SLNP; PART OF THE SRI LAKSHMI NARASIMHA GROUP
continues to be 'CRISIL C Issuer not cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SLNP and K.J.L. Poultries Pvt Ltd (KJL),
together referred to as the Sri Lakshmi Narasimha group. This is
because both the companies are under a common management and have
considerable operational and business synergies with each other.

Set up in 2004, SLNP is engaged in the poultry business. SLNP is
promoted by Mr. Satyanarayana Raju and his family members. Set up
in 2011, KJL is also engaged in the poultry business.


MAPLE RENEWABLE: Ind-Ra Hikes Loan Rating to B-, Outlook Negative
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Maple Renewable
Power Private Limited's (MRPPL) rupee term loan rating to 'IND B-'
from 'IND D'. The Outlook is Negative.

The detailed rating action is:

-- INR499.46 mil. (reduced from INR722.5 mil.) Rupee term loan
     due on September 2025 upgraded with IND B-/Negative rating.

KEY RATING DRIVERS

The upgrade reflects MRPPL's timely debt servicing since August
2019. The Negative Outlook reflects the company's
lower-than-expected operational performance in FY19 due to the
subdued wind patterns observed in Tamil Nadu.
                                                                   
                                                                  

The rating is constrained by MRPPL's reduced average plant load
factor (PLF) of 20.42% for 11MFY20 from 21.25% in the corresponding
period last year. Wind power projects are highly susceptible to any
deviation in the wind speed and pattern that could impair their
debt servicing ability.

MRPPL's average machine availability and grid availability were at
96.71% and 93.80%, respectively, over April 2019-February 2020.

Liquidity Indicator – Stretched: MRPPL's rating remains
constrained by the absence of a debt service reserve account. The
rating is constrained by the regulatory risk associated with a
group captive business, as any changes in Electricity Rules, 2005
notified by the Ministry of Power and/or the regular regulations
notified by the Tamil Nadu Electricity Regulatory Commission may
directly impact the project cash flows.

In August 2019, the debt at MRPPL's holding company and guarantee
provider Leap Green Energy Private Limited was completely
refinanced through an external commercial borrowing of INR6,170
million. The refinanced debt has an interest and principal
moratorium for two and four years, respectively, resulting in low
debt servicing obligations at the holding company level in the
medium term.

The debt refinancing at the sponsor level, coupled with improved
cash flow in MRPPL, ensured timely debt servicing between August
2019 and February 2020.

The rating continues to be supported by the presence of a
medium-term power purchase agreement for the entire capacity with
captive consumers, where power is directly sold to industries or
commercial entities and tariffs will track the state's industrial
tariff. Also, the presence of diversified off-takers for the group
captive business partly reduces the receivable risk.

RATING SENSITIVITIES

Negative: Increased receivables beyond 100 days and forward-looking
minimum debt service coverage ratio below 1x will result in a
rating downgrade.

Positive: PLF higher than P90 estimates, the creation and
maintenance of reserves and forward-looking minimum debt service
coverage ratio above 1.2x could lead to a rating upgrade.

COMPANY PROFILE

MRPPL owns and operates a combined wind power capacity of 61.50MW
across Tamil Nadu.


P.P. STEEL CORP: CRISIL Cuts Rating on INR15cr Cash Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of P. P. Steel
Corporation (PP) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with PP 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 PP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PP 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 PP revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

PPSC is a partnership firm established in 1991 by Mr. Naveem
Pasricha, Mr. Dipak Patni, Mr. Rakesh Kumar Patni, and Mrs. Kanta
Rani, and is based in Faridabad (Haryana). It trades in wire rods,
steel rounds, and bars. It procures products from Jindal Steel and
Power Ltd (JSPL), Rashtriya Ispat Nigam Ltd (RINL), and Gerdau
Steels.


RAYALSEEMA EXPRESSWAY: Ind-Ra Corrects Feb. 4 Ratings Release
-------------------------------------------------------------
India Ratings and Research rectifies a ratings release on
Rayalseema Expressway published on February 4, 2019, to correctly
state the company's name as Rayalseema Expressway Private Limited.
The amended version is as follows:

India Ratings and Research (Ind-Ra) has upgraded the rating of
Rayalseema Expressway Private Limited's (REPL) bank loans and
placed the rating on Rating Watch Evolving (RWE) as follows:

-- INR7.030 bil. Senior project bank loans (long-term) upgraded;
     Placed on RWE with IND BB/RWE rating.

KEY RATING DRIVERS

The upgrade reflects timely debt servicing by REPL since November
2018 and the prepayment of the INR2,000 million of additional loans
(which are not rated by Ind-Ra) by the new sponsor, Brookfield
Asset Management Inc. (Brookfield).

The RWE reflects the acquisition of a 90% stake on November 6,
2018, by Kinetic Holdings 1 PTE Ltd., an investment company of
Brookfield; the probable changes the new management to undertake on
the operation and maintenance of the project; and the possible
change in undertakings as a part of the loan agreement. Ind-Ra
expects the sponsor to provide timely financial support to the
project in times of distress.

The ratings are supported by Brookfield's established track record
of owning and operating infrastructure assets globally across
utilities, transportation, energy, communications infrastructure,
and sustainable resources. In the Indian road segment, Brookfield
has three toll projects, including REPL, and four annuity projects.
Brookfield acquired these projects over February 2016-November
2018.

The ratings are supported by the independent engineer's report for
December 2018 that the cumulative physical progress of REPL was
95.53% against the scheduled progress of 100%. The construction was
delayed due to land acquisition delays. The independent engineer
has recommended extension of time up to June 30, 2019, for the
completion of balance works. Of the four toll plazas (TP), three
are operational. The provisional commercial operation date (PCOD)
certificates for TP1 and TP2 were received on January 10, 2016, and
TP4 on March 26, 2018.

Pursuant to the commencement of operations at TP4, there has been a
substantial increase in traffic and toll revenue. The combined
average traffic per day in terms of passenger car units increased
to about 54,000 in 9MFY19 from about 36,000 in FY18. The average
daily revenue for the three toll plazas was INR2.93 million in
9MFY19 (FY18: INR1.58 million for two toll plazas).

The ratings, however, are constrained by the inherent risks in
toll-based projects such as future traffic growth rate estimate,
uncertainty over regulatory changes and resistance towards toll
hikes. However, as observed in the past four years of the
operational history of REPL, traffic and toll collection have
substantially risen. The commencement of operations at TP3 may
result in an increase in toll collection, leading to improved
coverage metrics.

The ratings are constrained by a moderate debt structure. The rated
debt of INR7,030 million will amortize in 50 structured quarterly
installments ending December 2030. The additional term loans have a
scheduled amortization up to March 2031 in 44 structured quarterly
installments. The rating factors in the reduction in REPL's
additional debt by the prepayment of INR2000 million and the
subsequent improvement in the project's leverage by the sponsor. As
of January 31, 2019, the cash balance in the escrow account of REPL
was INR27.67 million. Furthermore, the creation of reserves, as
stipulated in financing documents, will ease the liquidity
concerns. Ongoing sponsor support for improvement in the
operational and financial performance of the project will remain
key rating sensitivity.

RATING SENSITIVITIES

The RWE indicates the ratings will either be upgraded, downgraded
or affirmed. Ind-Ra will resolve the RWE once there is more clarity
about the new management's business and financial plans for REPL.
Ind-Ra will monitor timely support from sponsors towards any
shortfall in debt servicing, reserve creation, and operating
expenses.

COMPANY PROFILE

REPL is a special purpose vehicle that was incorporated to
implement a 188.75km lane expansion (two to four) on the
Kadapa-Mydukur-Kurnool part of National Highway 18 in Andhra
Pradesh, under a 30-year concession from National Highways
Authority of India ('IND AAA'/Stable).


RCM INFRASTRUCTURE: CRISIL Keeps 'D' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of RCM Infrastructure
Limited (RCM) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         88        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            13.29     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Foreign Letter         10        CRISIL D (ISSUER NOT
   of Credit                        COOPERATING)

   Funded Interest         1.71     CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Inland/Import          20        CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING)

   Letter Of Guarantee    70        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Open Cash Credit       10        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital        17        CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with RCM 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 RCM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RCM 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 RCM continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2009, RCM is a turnkey contractor for civil
engineering activities, primarily road construction and laying of
drinking water pipelines. RCM's operations are managed by its
promoter-director Mr. K S Chowdry.


S&H GEARS PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: S&H Gears Private Limited
        104 A, Wing Atalantic Apartment
        Co Op Hsg Soc Ltd
        Swami Samarth Nagar
        Lokhandwala Complex
        Andheri (West), Mumbai
        MH 400053
        India

Insolvency Commencement Date: January 24, 2020

Court: National Company Law Tribunal, Indore Bench

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

Insolvency professional: Mr. Navin Khandelwal

Interim Resolution
Professional:            Mr. Navin Khandelwal
                         206, Navneet Plaza
                         5/2 Old Palasia
                         Indore 452001
                         E-mail: navink25@yahoo.com
                                 cirpshgears@gmail.com

Last date for
submission of claims:    April 1, 2020


S. M. ENTERPRISES: CRISIL Cuts Rating on INR15cr Overdraft to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of S. M.
Enterprises - Indore (SME) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              15        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SME 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 SME, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SME 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 SME revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

SME, formed in 1991 at Indore (Madhya Pradesh), is a special
purpose vehicle, which has undertaken a commercial project
'Maloo-01' at Ring Road, Indore (MP). It is promoted by Mr Sunil
Maloo and Ms Shibani Maloo.


S. RASIKLAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of S. Rasiklal and Co.
(S. Rasiklal) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Adhoc Limit           1          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Foreign Exchange      0.6        CRISIL D (ISSUER NOT
   Forward                          COOPERATING)

   Packing Credit        4.65       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Post Shipment        15.75       CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Proposed Long Term    12         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with S. Rasiklal for
obtaining information through letters and emails dated August 31,
2019 and February 06, 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 S. Rasiklal, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on S.
Rasiklal 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 S. Rasiklal continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

Set up in 1969 as a proprietorship concern by Mr. Rasiklal Shah, S.
Rasiklal was reconstituted as a partnership firm in 1972. The firm
is currently managed by Mr. Pravin Shah and his family. The firm
manufactures and exports cut and polished diamonds. It is also
engaged in the trading of polished diamonds.


S.R.M. SMART HOOPS: CRISIL Lowers Rating on INR3.25cr Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of S.R.M. Smart
Hoops Private Limited (SRM) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             7.67       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/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 revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

SRM was set up in 2012 by Neeraj Agarwal and his brother Bhartendu
Agarwal, as an authorised, sole dealer for Mercedes for the entire
UP region, except cities under NCR and also has the 'First Right of
Refusal' for the said territory with Mercedes. SRM presently has
two showrooms, one each at Lucknow and Kanpur.


SABITRI INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sabitri Industries
Private Limited (SIPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           28.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             42.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SIPL 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 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 continues to be 'CRISIL D Issuer not
cooperating'.

SIPL, incorporated in November 2009 and promoted by Mr. Dillip
Kumar Agarwalla, commissioned a 37-tonne-perhour raw and par-boiled
rice processing unit in Jajpur, Odisha, in June 2014. Commercial
operations commenced in October 2014.


SAHU KHAN: CRISIL Lowers Rating on INR12cr Loan to B+
-----------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sahu Khan
Chand Foods (SKF) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             12        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with SKF 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 SKF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SKF 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 SKF revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

Established in 2008, SKF is a partnership concern of Ms Bhagwati
Devi, Mr Mausam Gupta, Ms Neeru Chaudhary, Mr Nirmal Gupta, Mr
Rakesh Chandra and Mr Tejendra Chaudhary. The firm processes and
trades frozen fruits and vegetables (majorly green peas 'sold under
brand name Sahu Fresh) at two of units located in Sambhal, Uttar
Pradesh. The company has a storage capacity to process 5400 MT of
vegetables annually.


SAISHAKTI AGENCIES: CRISIL Cuts Rating on INR25cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Saishakti
Agencies (SSA) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              25       CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with SSA 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 SSA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSA 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 SSA revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

SSA, set up as a proprietorship firm in 2010, commenced operations
in July 2010. It is managed by Mr. Manik Hans. The firm has one
showroom in Bhubaneshwar. It operates in the branded jewellery
industry and trades in a wide variety of gold, platinum, diamond,
gemstones, and studded jewellery under the Tanishq brand of Titan
Co Ltd.


SCHOLARS ACADEMY: CRISIL Keeps B on INR19cr Loans in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Scholars Academy
Education Trust (SAET) continues to be 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       5        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               14        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SAET 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 SAET, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAET 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 SAET continues to be 'CRISIL D Issuer not
cooperating'.

SAET was founded on May 8, 2008, under the Indian Trust Act, 1882.
It promotes Scholar's Institute of Technology and Management, an
engineering college spread over a 10-acre campus in greater
Guwahati. The promoter, Mr Sudip Lodh, is also the proprietor of
Scholar's Academy, which is a coaching institute for engineering
and medical exams since 1994.


SELVAM BROILERS: CRISIL Lowers Rating on INR17cr Loan to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Selvam
Broilers Private Limited (SBPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             17        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Long Term Loan           0.65     CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with SBPL 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 SBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBPL 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 SBPL revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

Established in 1987, Namakkal (Tamil Nadu)-based Selvam Broilers
Pvt Ltd (SBPL) is engaged in poultry business, primarily sale of
poultry feed, day old broiler chicks and hatching eggs. The company
is promoted and run by Dr. P. Selvaraj, who is a bachelor degree
holder in Veterinary Medicine.


SHIRT COMPANY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shirt Company (India) Pvt. Ltd.
        2, Bradyglady Plaza
        1/447 Senapati Bapat
        Marg Lower Parel
        Mumbai MH 400013
        India

Insolvency Commencement Date: February 26, 2020

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Vakati Balasubramanyam Reddy

Interim Resolution
Professional:            Vakati Balasubramanyam Reddy
                         E-505, Galaxy Apartments
                         Near Bhantara Bhavan
                         Qureshi Nagar, Kurla East
                         Mumbai City, Maharashtra 400070
                         E-mail: vbsreddy7@gmail.com
                                 2020cirp@gmail.com

Last date for
submission of claims:    March 30, 2020


SHIVAM COTEX: CRISIL Lowers Rating on INR20cr Loan to B+
--------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shivam Cotex
(SC) to 'CRISIL B+/Stable Issuer not cooperating' from 'CRISIL
BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan               2.3      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SC 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 SC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SC 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 SC revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

SC, set up in 2013, is promoted by Mr. Jayesh Aghera and his
family. Based in Wankaner, Gujarat, it gins and presses cotton. It
started operations in November 2013.


SHREE RAM SAW: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shree Ram Saw Mill Private Limited
        Registered office address as per the MCA Records:
        67/10, Strand Road
        Kolkata West Bengal 700006
        India

Insolvency Commencement Date: March 16, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional:            Kanchan Dutta
                         Chatterjee International Centre
                         14th Floor, Flat No. 13A
                         33A, J.L. Nehru Road
                         Kolkata 700071
                         E-mail: kanchan@kgrs.in
                                 kdutta.ip@gmail.com

Last date for
submission of claims:    March 30, 2020


SHREEMUKH INFRA: CRISIL Keeps B+ on INR18cr Debt in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shreemukh Infra
Projects Private Limited (Shreemukh) continues to be 'CRISIL
B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft      18        CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with Shreemukh 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 Shreemukh, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Shreemukh
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 Shreemukh continues to be 'CRISIL B+/Stable Issuer
not cooperating'.

Shreemukh Infra was set up in 2008 by Mr. Yarram Vijay Kumar, Mr.
Parmodh Bansal, Mr. Rajiv Agarwal, and Mr. Santosh Kumar. The
company is currently developing a residential project in
Secunderabad (Telangana).


SHRUTHI MILK: CRISIL Cuts Rating on INR10cr Cash Loan to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shruthi Milk
Products Private Limited (SMPPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

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

   Long Term Loan         10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SMPPL 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 SMPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMPPL 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 SMPPL revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

Incorporated in 2009, SMPPL is in the business of processing milk
and milk products. The company is promoted by Mr. Kannaiah Reddy.


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

The instrument-wise rating actions are:

-- INR70 mil. Fund based limits maintained in non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Proposed fund-based limits maintained in non-
     cooperating category with Provisional IND B+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

While the company's financials are available in the public domain,
Ind-Ra does not have information regarding the company's liquidity
management, the utilization of its current debt facilities,
outstanding debt facilities or the projections for the next five
years. Hence, the agency has not taken a rating action.

COMPANY PROFILE

Sikko was founded by Mr. Jayantibhai Kumbhani in 1997 as a
proprietorship firm in Ahmedabad, Gujarat. Initially, it operated
as Sikko Sprayers & Export Company and manufactured knapsack
sprayers for spraying pesticides. In 2000, it was renamed Sikko
Sprayers Private Limited. In 2009-10, it was renamed Sikko
Industries Limited.


SIRI CONSTRUCTIONS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB-'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Siri
Constructions Infrastructure Private Limited's (SCIPL) Long-Term
Issuer Rating to 'IND BB-' from 'IND BB+ (ISSUER NOT COOPERATING)'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. (increased from INR70 mil.) Fund-based facilities
     Long-term rating downgraded and short-term rating affirmed
     with IND BB-/Stable/IND A4+ rating;

-- INR250 mil. (increased from INR230 mil.) Non-fund-based
     facilities affirmed with IND A4+ rating;

-- INR30 mil. Proposed fund-based facilities withdrawn (not
     availed); and

-- INR100 mil. (increased from INR20 mil.) Proposed non-fund-
     based facilities* affirmed with Provisional IND A4+ rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility by
SCIPL to the satisfaction of Ind-Ra.

The downgrade reflects SCIPL's stretched liquidity position and
reduced revenue.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: SCIPL's utilization of fund-based
limits was almost full and that of non-fund-based limits was at an
average of 56.1% during the 12 months ended February 2020. There
have been instances of overutilization of the fund-based facilities
in the six months ended February 2020. Its net cash conversion
cycle deteriorated to 71 days in FY19 (FY18: 35 days) on an
increase in debtor days to 123 days (FY18: 4 days) due to the
delayed receipt of payments from the state government (Telangana).
It is cash and cash equivalent remained low at INR5.6 million in
FY19 (FY18: INR2.9 million). The cash flow from operations remained
stable at INR30 million in FY19 (FY18: INR31 million). The free
cash flow from operations turned positive in FY19 to INR24 million
(FY18: negative INR66 million).

The rating factor in a decline in the company's revenue to INR534
million in FY19 (FY18: INR646 million) due to the delayed receipt
of payment from the Telangana government. However, the scale of
operations remained medium. From FY20, SCIPL started undertaking
central government work also. As of December 31, 2019, the
company's revenue was INR290 million and it had a healthy order
book of INR2,852 million (5.3x of FY19 revenue), likely to be
executed till FY23. In addition, as of December 31, 2019, the
company had an L1 order of INR837 million. Furthermore, SCIPL has
plans to participate in orders worth of INR1,500 million over the
next six months. Ind-Ra expects the revenue in FY20 to remain
almost unchanged year-on-year considering the 9MFY20 revenue and
the orders in hand.

The ratings also factor in SCIPL's continued modest credit metrics
due to a fall in the absolute EBITDA to INR78 million in FY19
(FY18: INR91 million), although there was a reduction in the total
debt to INR173 million (INR216 million). In FY19, the interest
coverage (operating EBITDA/gross interest expense) was 3.2x (FY18:
3.6x) and net leverage (adjusted net debt/operating EBITDAR) was
2.2x (FY18: 2.3x). The net leverage, excluding full unsecured
loans, was 1.6x in FY19 (FY18: 2.2x). Ind-Ra expects the credit
metrics to remain modest in FY20 on a further fall in the absolute
EBITDA and the scheduled repayment of loans. In FY20, SCIPL did not
incur any major debt-led CAPEX. However, the company has CAPEX
plans of a maximum of INR50 million in FY21 for the purchase of
machinery/equipment, all of which will be financed externally.

The ratings are constrained by the company's high customer
concentration risk. In FY19, the top three customers contributed
around 94.35% (FY18: 89.1%) to its total revenue. Ind-Ra expects
the customer concentration risk to remain high based on the orders
in hand.

The ratings are supported by the company's continued healthy EBITDA
margin as the company essentially undertakes high-margin projects.
In FY19, the margin improved slightly to 14.6% (FY18: 14.1%) due to
a reduction in the cost of raw material consumed; the return on
capital employed was 16.5% (20.2%). However, Ind-Ra expects the
margin to fall in FY20 on increased operating expenses.

The ratings continue to be supported by the promoter's experience
of around two decades in the civil construction business leading to
long-standing ties with its suppliers.

RATING SENSITIVITIES

Negative: Any decline in the scale of operation, leading to
deterioration in the credit metrics with interest coverage below
2.0x or further deterioration in the liquidity, could be negative
for the ratings.

Positive: A substantial improvement in the scale of operation,
leading to improvement in the credit metrics along with an
improvement in the liquidity, could be positive for the ratings.

COMPANY PROFILE

SCIPL was incorporated in February 2014 in Hyderabad, Andhra
Pradesh and took over the business of M/s Siri Constructions, a
partnership firm of the promoters, which became operational in
April 2006. SCIPL executes civil construction projects namely
construction of buildings, roads, an underground drainage system
and an Irrigation project among others.


SOBHANA JEWELLERS: CRISIL Lowers Rating on INR11cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sree Sobhana
Jewellers (SSJ) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Inventory Funding     11         CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         0.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash
   Credit Limit           2.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SSJ 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 SSJ, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSJ 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 SSJ revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

Set up in 2004, SSJ retails branded jewellery. The firm operates a
single Tanishq jewellery showroom in Guntur (Andhra Pradesh). SSJ
is promoted by Mr. RVH Pramodh and his family members.


SREEVALSAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sreevalsam
Educational Trust (SET) continues to be 'CRISIL D Issuer not
cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term       6.48       CRISIL D (ISSUER NOT
   Bank Loan Facility                  COOPERATING)

   Term Loan               53.52       CRISIL D (ISSUER NOT
                                       COOPERATING)

CRISIL has been consistently following up with SET 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 SET, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SET 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 SET continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 1990, SET undertakes engineering, procurement, and
construction of fire protection systems such SET, based in Thrissur
(Kerala), was set up in 2010, and is setting up a medical college,
SIMS, in Edappal (Kerala). The institute will offer a five-year
undergraduate course in medicine, and is likely to commence
operations in 2017-18 (refers to financial year, April 1 to March
31).


SUBAM TEXTILES: CRISIL Lowers Ratings on INR16cr Loans to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sri Subam
Textiles (SST) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Buyer's Credit          1        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit             6        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan          9        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SST 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 SST, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SST 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 SST revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

Set up in 1991 as a proprietorship firm by Mr. P.S. Eswaran, SST is
engaged in production of cotton yarn and sale of grey cloth. The
firm is based out of Tirupur district in Tamil Nadu.


VICOR STAINLESS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vicor Stainless Private Limited
        A-201 Mondel Squre No. 833/P/834/P.881/P
        TP-23 F.P Opp Prahladnagar Garden
        S.G. Highway, Ahmedabad
        GJ 380015

Insolvency Commencement Date: March 12, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: September 7, 2020

Insolvency professional: Sunit Jagdishchandra Shah

Interim Resolution
Professional:            Sunit Jagdishchandra Shah
                         303, 3rd Floor, Abhijeet-1
                         Opp. Bhuj Mercantile Bank
                         Mithakhali Six Roads
                         Navrangpura, Ahmedabad 6
                         E-mail: sunit78@gmail.com
                                 cirp.vspl@gmail.com

Last date for
submission of claims:    March 31, 2020


WADHWA CONSTRUCTION: Ind-Ra Keeps 'BB+' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Wadhwa
Construction & Infrastructure Private Limited's (WCIPL) term loan
rating of 'IND BB+' on Rating Watch Negative (RWN) and
simultaneously withdrawn it.

The detailed rating action is:

-- INR6.50 bil. Term loan# due on FY24 maintained on RWN and
     withdrawn;

# Rating was 'IND BB+'/RWN before being withdrawn

Analytical Approach: Ind-Ra continues to factor in WCIPL's strong
strategic, operational and legal linkages with its 100% parent,
Wadhwagroup Holdings Private Limited (WGHPL).

The maintenance of RWN reflects a similar action taken by Ind-Ra on
WGHPL.

KEY RATING DRIVERS

Strong Linkages with Parent: WGHPL has provided an irrevocable and
unconditional guarantee to the term loan raised by WCIPL for its
real estate project in Panvel. As of January 2020, the project
accounted for about 48% and 34% of WGHPL's expected sales in terms
of the total future area and sales value, respectively.
Furthermore, it accounted for more than 50% of the total area under
the development of the company's ongoing projects and launched
projects. Also, WCIPL has received interest-free loans of INR4,590
million from related parties (Wadhwa and Associates Realtors Pvt
Ltd), thus exhibiting strong strategic and operational importance.


Project Details: WGHPL plans to develop a 19.36 million square feet
(sf) township in Panvel; of this, the development of 6.0 million sf
has started. The total project cost for the area of 6.0 million sf
is INR20.3 billion, which is being funded by equity worth INR4.5
billion of equity, the debt of INR6.5 billion and internal accruals
amounting to INR9.3 billion. The company has already incurred the
land cost of INR1.26 billion. The company plans to develop a
commercial area of 0.6 million sf, which would result in
diversification of the overall cash flows of the project. Out of
the total project cost, INR15.5 billion will be incurred for the
residential project, and the remaining for the commercial project.


Under the first phase of the project, which was launched in May
2018, WCIPL launched a total area of 1.2 million sf until February
2020. Of this, the company has already sold around 52%, recording
the sales value of INR7,238 million. The company also launched a
bungalow scheme of 240 plots in FY20, achieving sales of 17% worth
INR750 million till February 2020. As of February 2020, the company
had recorded collections of INR2,479 million from the above two
projects.

Moderate Construction Risk: As the project is in the nascent
construction stages, it is exposed to construction-related risks.
Having received all the approvals for the residential segment
(total saleable area of 3 million sf), the company started
construction on 16 buildings as of January 2020 and is scheduled to
complete the same in three phases. Each phase would cover a
saleable area of around 1 million sf. This would enable the company
to defer the construction costs for the second and third phases in
the event of a slow offtake.

Experience of Parent Company: The agency also takes comfort from
WGHPL's strong track record of developing more than 15 million sf
over five decades.

Rating Withdrawal: Ind-Ra is no longer required to maintain the
ratings as the agency has received a no-objection certificate from
the lenders. This is consistent with the Securities and Exchange
Board of India's circular dated March 31, 2017, for credit rating
agencies.

COMPANY PROFILE

WCIPL is a wholly-owned subsidiary of WGHPL and is coming up with
its first real estate project in Panvel.


WADHWAGROUP HOLDINGS: Ind-Ra Keeps 'BB+' Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) maintained Wadhwagroup Holdings
Private Limited's (WGHPL) Long-Term Issuer Rating of 'IND BB+' on
Rating Watch Negative (RWN) and simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR21,940.7 bil. Term loan (Lease rental discounting)# due on
     2020-2033 maintained on RWN and withdrawn; and

-- INR5.777 bil. Term loan# due on 2020-2028 maintained on RWN
     and withdrawn.

# Rating was 'IND BB+'/RWN before being withdrawn

The maintenance of RWN indicates the continued uncertainty around
the COVID-19 outbreak, which could delay the recovery in the sector
and thereby impact the credit and liquidity profiles of WGHPL in
the near term.

KEY RATING DRIVERS

Weakened Financial Profile: WGHPL's financial profile deteriorated
in FY19, primarily due to the increased debt levels because of the
funding requirements for new projects. During FY19, the company's
net leverage (net debt/(inventory+ receivables+ unbilled revenue +
advances to suppliers-customer advances-liabilities under JV))
deteriorated to 116% (FY18: 93%). Furthermore, while the company's
sales efficiency ratio (pre-sales/net debt) improved during FY19,
it remained moderate at 0.46x (FY18: 0.38x) due to the high debt
levels.  The gross debt, excluding lease rental discounting (LRD)
loans, increased by 25.6% YoY to INR27.3 billion in FY19.

Subdued Presales: The company's presales improved into INR12.7
billion in FY19 (FY18: INR8.4 billion) but were subdued INR3.3
billion during 9MFY20due to the lack of new launches. The COVID-19
outbreak in the country would result in a slowdown in construction
pace and sales velocity in the near term; this could impact WGHPL's
collections, exerting further pressure on its credit and liquidity
profile.  

Liquidity Indicator - Stretched: As of December 2020, the balance
collection from already sold units amounted to INR6.8 billion,
while the undrawn debt was around INR7 billion, against which the
balance cost to be incurred on these projects stood at INR14.8
billion. This has resulted in limited financial flexibility.
Furthermore, the fixed construction time schedule under the Real
Estate (Regulation and Development) Act (RERA) and the high net
debt inventory ratio has hampered the company's ability to
refinance its near-term debt maturities. As of December 2019, WGHPL
had near-term debt maturities of INR4.0 billion and INR3.0 billion,
apart from interest cost of around INR3.3 billion and INR2.8
billion, in FY21 and FY22, respectively. Also, the company has
lease rental discounting obligations against its commercial
properties, for which the debt service coverage ratio is lower than
1.0x. The company plans to raise funds by divesting its commercial
properties; the proceeds would be used towards the repayment of
debt. During FY20, WGHPL sold a few units in one of its commercial
properties for a total amount of around INR1.5 billion. The company
expects to receive the proceeds in 1QFY21.  

Geographic and Project Concentration Risk: The Mumbai Metropolitan
Region is likely to account for more than 90% of WGHPL's total
future sales over the medium term. Any significant fall in prices
or region-specific unfavorable event will severely impact the
company's cash flows. Furthermore, as of FY19, a single project,
Panvel Wise-City, accounts for about 48% and about 34% of the total
sales in terms of area and value, respectively. This project is in
the nascent stage of development and is exposed to construction
risk, leading to uncertainty over future collections.   

Cyclicality and Regulatory Risk: The Indian real estate industry is
highly cyclical with volatile cash flows. Moreover, the real estate
sector is subject to multiple regulatory approvals; thus, the
timely receipt of regulatory approval is critical for the timely
launches of new projects and sales/collections.

Rating Withdrawal: Ind-Ra is no longer required to maintain the
ratings as the agency has received a no-objection certificate from
the lenders. This is consistent with the Securities and Exchange
Board of India's circular dated March 31, 2017, for credit rating
agencies.

COMPANY PROFILE

WGHPL has been executing residential projects since 1971. It has
completed more than 56 residential and 24 commercial projects to
date, with a total saleable area of more than 11 million sf. The
company also generates revenue from lease rental income from its
commercial properties, which accounted for around 22% of the total
consolidated FY18 revenue of the company.




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

JAPAN: Bankruptcies Rise in March as Coronavirus Halts Business
---------------------------------------------------------------
Reuters reports that bankruptcies among Japanese companies rose for
a seventh straight month in March as the coronavirus outbreak
slammed the brakes on business activity across the country.

Reuters relates that Tokyo Shoko Research, which tracks Japanese
bankruptcies, said there were 740 in March, up 11.8 % from a year
earlier. Among them, 12 firms went bankrupt due to the coronavirus
pandemic as declines in inbound tourism hit sectors such as
accommodation and restaurants, the research firm said.

That brings the total of number of business bankruptcies caused by
the outbreak so far this year to 20 with another 25 in the process
of filing for bankruptcy, Reuters says.

According to Reuters, Japanese Prime Minister Shinzo Abe on April 7
declared a state of emergency to fight coronavirus infections in
major population centres, giving authorities more power to press
people to stay at home and businesses to close.

Reuters relates that the government also rolled out a nearly $1
trillion stimulus package to soften the economic blow, but the
social distancing policies to prevent the virus spread raise
worries that more firms may go into bankruptcy in coming months.

For the fiscal year ended March 2020, there were 8,631
bankruptcies, up 6.4% from the previous year and the first increase
in 11 years, as a labour shortage, October’s sales tax hike and
the coronavirus impact hit businesses, Reuters discloses.




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

HYFLUX LTD: Asks for Postponement of Scheme Meetings
----------------------------------------------------
Claudia Chong at The Business Times reports that Hyflux Ltd on
April 7 filed urgent applications in the High Court to postpone the
scheme meetings scheduled to take place on April 22 and 23, in view
of the enhanced measures by the Singapore government to battle the
Covid-19 outbreak.

BT says the company is also requesting an extension of its
moratorium from April 30, 2020, to July 30, 2020 or until further
order.

According to BT, creditors were scheduled to vote on proposed
schemes of arrangement later this month, based on Utico's rescue
package for the troubled water-treatment firm and three of its
subsidiaries.

But Hyflux on April 8 said that it has become "impossible" for the
company to physically convene the scheme meetings as
originallyintended, and as required under the present statutory
regime. Unless the government legislates alternative arrangements
for the convening of meetings, it will need more time to prepare
for and organise them, it said, adds BT.

                           About Hyflux

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

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, WongPartnership applied to discharge themselves due to
difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to
Reuters.




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

VIETNAM: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable
------------------------------------------------------------
Fitch Ratings has revised the Outlook on Vietnam's Long-Term
Foreign-Currency Issuer Default Rating to Stable, from Positive,
and has affirmed the rating at 'BB'.

KEY RATING DRIVERS

The Outlook revision reflects the impact of the escalating COVID-19
pandemic on Vietnam's economy through its tourism and export
sectors, and weakening domestic demand.

The affirmation reflects Vietnam's strong medium-term growth
prospects, lengthening record of macrostability, lower government
debt levels and stronger external finances compared with peers,
including foreign-exchange reserves built up over the previous few
years during more favourable economic conditions.

Fitch projects Vietnam's GDP growth to slow to 3.3% in 2020, from
7.0% in 2019, on account of the pandemic. This would be the lowest
annual growth rate since the mid-1980s. Growth in 1Q20 slowed to
3.8%, from about 7.0% in 4Q19. The 2020 forecast is highly
uncertain and subject to downside risk, depending on the evolution
of the pandemic, both within Vietnam and in its major export
markets. Vietnam has so far recorded a relatively low number of
COVID-19 cases, but these could increase, and large parts of the
country are already subject to curbs on economic and business
activity to prevent the spread.

The tourism and export sectors are particularly vulnerable to
weaker activity. Tourism accounts for about 10% of GDP directly,
but its contribution to overall GDP is considerably higher through
indirect spillovers. Tourist arrivals for March fell by about 68%
yoy. Its baseline assumes the outbreak is contained by the
second-half of this year and the global tourism industry starts to
recover at a gradual pace.

Fitch expects exports to contract sharply, given the fall in demand
in Vietnam's key export markets, including the US and China,
although the latter has begun to recover; about 23% of total
exports were to the US at end-2019, while about 16% were to China.
Weak export demand will affect foreign direct investment (FDI)
inflows into the manufacturing sector. Realised FDI in 1Q20 was
down by 6.6% from a year ago.

Fitch expects the current account to shift to a modest deficit in
2020, from a surplus of around 3.0% in 2019, as exports, tourism
and remittances decline However, it should return to surplus in
2021 as the global economy recovers. Fitch has used provisional
numbers for the revised GDP series, for these calculations.

Domestic demand is likely to stay muted as strict measures aimed at
maintaining social distancing to contain spread of the virus are
put in place. The authorities are implementing policies to mitigate
the impact, including relief measures to assist households and the
tourism and transport sectors. Specifics include payment extensions
for value-added, personal income and land taxes for those affected
by the outbreak, and cash handouts to workers who have lost jobs.

The relief package to combat COVID-19 so far amounts to VND171
trillion (around 2.1% of GDP). Additional measures may be
introduced if downward economic pressures intensify, including an
acceleration of infrastructure spending.

Fiscal consolidation is likely to be delayed due to the pandemic
relief measures and higher spending to cushion the economic impact
of the outbreak. Fitch expects the budget deficit to widen to 6.5%
of GDP in 2020, from an estimated 3.4% in 2019, and for gross
general government debt to increase to 42.5% of GDP, from about 38%
of GDP in 2019, which is in line with the 'BB' median. The
projected deficit and debt levels could rise if the outbreak lasts
longer than Fitch expects. Its calculations are based on the
provisional numbers for the revised GDP series.

The State Bank of Vietnam (SBV) has eased monetary policy since
September last year by a cumulative 125bp cut in the policy rate,
including 100bp in March. The exchange rate has weakened marginally
against the US dollar, and by much less than regional peers.
Foreign exchange reserves have increased in recent years, providing
the SBV some capacity to stabilise currency volatility. Foreign
currency reserves reached a record high of USD78.5 billion in 2019,
driven by inflows associated with a large current-account surplus,
foreign currency purchases by the SBV and significant FDI inflows
as Vietnam benefitted from trade diversion from the US-China trade
dispute. Vietnam's external liquidity ratio is likely to remain far
above the 'BB' median, at around 300%, under its baseline
assumptions.

Fitch expects economic momentum to rebound in 2021, with growth
projected at 7.3% as external and domestic demand gradually recover
in line with global and regional trends. Exports and tourism are
likely to rebound and FDI in the manufacturing sector should pick
up, supporting strong medium-term growth prospects.

The 'BB' IDR also reflects the following key rating drivers:

Contingent liability risks associated with legacy issues at large
state-owned enterprises are a weakness for Vietnam's broader public
finances, although government debt and guarantees have fallen over
time. Government guarantees issued to state-owned entities and
potential banking-sector recapitalisation costs also weigh on
public finances. Fitch estimates gross general government debt/GDP
at 37.8% at end-2019.

In September 2019, payment on a government-guaranteed loan
contracted by the Ministry of Transport was delayed. Authorities
say this was due to a lengthy procedure in utilising an
accumulation fund for debt repayment of realised government
contingent liabilities. Steps have been taken to ensure the smooth
and timely execution of future payments, including an allocation of
funds for upcoming guaranteed payments in the 2020 budget and a
directive to the Ministry of Finance and other agencies to allocate
sufficient resources to ensure timely payments. Furthermore, Fitch
understands that measures have been taken to improve coordination
between the Ministry of Finance, Ministry of Planning and
Investment and the Ministry of Transport.

Structural weaknesses in the banking sector weigh on the sovereign
rating. The banking system's non-performing loans remain
under-reported and asset quality is likely to be weaker than
official data indicate. Some banks also continue to grapple with
legacy non-performing loans. The economic downturn in 2020 will
exert downward pressure on bank balance sheets, and could
ultimately pose risks to the sovereign balance sheet. Mitigating
these risks is a sharp slowdown in credit growth, which fell to
0.7% at March end-2020 compared to end-2019 level), and progress in
reducing non-performing loans; loan recoveries by Vietnam Asset
Management Company (VAMC) amounted to VND32.7 trillion in 2019. By
end-2019, 12 commercial banks, including Kienlongbank, Joint Stock
Commercial Bank For Foreign Trade of Vietnam (BB-/Positive),
Vietnam International Commercial Joint Stock Bank and Vietnam
Technological And Commercial Joint Stock Bank, had settled all
their bad debt through VAMC. By end-March 2020, there were two
additional banks, the Joint Stock Commercial Bank for Investment
and Development of Vietnam and VietCapital Bank.

Vietnam's per capita income and human development indicators are
weaker than those of peer medians. Fitch estimates per capita
income was USD3,419 at end-2019, against the 'BB' median of
USD6,188. Furthermore, Vietnam is in the 38th percentile on the UN
Human Development Index, compared with the 'BB' median's 55th
percentile. The country's World Bank Governance Indicator ranking
is in the 41st percentile, still below the peer median. On the Ease
of Doing Business Index, however, Vietnam ranks in the 64th
percentile, above the 'BB' median of the 60th percentile.

ESG - Governance: Vietnam has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators have in its
proprietary Sovereign Rating Model. Vietnam has a medium ranking at
the 41st percentile, reflecting a recent peaceful political
transition, a moderate level of rights for participation in the
political process, moderate institutional capacity, and a high
level of corruption compared with peers.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Vietnam a score equivalent to a
rating of 'BBB' on the Long-Term Foreign-Currency IDR scale.

In accordance with its rating criteria, Fitch's sovereign rating
committee decided not to adopt the score indicated by the SRM as
the starting point for its analysis at this stage because in its
view, the SRM output migration to 'BBB' has the potential to be
temporary.

Assuming an SRM output of 'BBB-', Fitch's sovereign rating
committee adjusted the output to arrive at the final Long-Term IDR
by applying its QO, relative to rated peers, as follows:

  - Structural Factors: -1 notch to reflect risks to macroeconomic
stability, including rapid credit growth and unresolved legacy
issues in the banking sector, to which Fitch assigns a Bank
Systemic Risk indicator of 'b'.

  - Public Finances: -1 notch to reflect high contingent liability
risks stemming from government guarantees for state-owned
enterprises and potential banking sector recapitalisation costs.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within its criteria that are not fully quantifiable and/or
not fully reflected in the SRM.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  - Sustained record of macroeconomic stability, demonstrated in
part by greater policy flexibility, including that related to the
external sector to ensure adequate currency flexibility and
maintenance of foreign exchange buffers.

  - Improvement in public finances, reflected in smaller budget
deficits or a decline in the general government debt ratio or
contingent liabilities.

  - A material reduction in risks posed to the sovereign balance
sheet from weaknesses in the banking sector.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  - A shift in the macroeconomic policy mix that results in
macroeconomic instability or an increase in macroeconomic
imbalances.

  - Crystallisation of contingent liabilities on the sovereign's
balance sheet.

  - Depletion of foreign-exchange reserves; for instance, through a
decline in foreign investment on a scale sufficient to destabilise
the economy.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

The global tourism industry experiences a gradual recovery
extending into 2021 after the initial, sharp shock from the
COVID-19 pandemic this year.

Global economic assumptions are consistent with Fitch's latest
Global Economic Outlook.

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

Vietnam has an ESG Relevance Score of 5 for Political Stability and
Rights, as World Bank Governance Indicators have the highest weight
in Fitch's SRM and are highly relevant to the rating and a key
rating driver with a high weight.

Vietnam has an ESG Relevance Score of 5 for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption, as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight.

Vietnam has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms, as strong social stability and voice and
accountability are reflected in the World Bank Governance
Indicators that have the highest weight in the SRM. They are
relevant to the rating and a rating driver.

Vietnam has an ESG Relevance Score of 4 for Creditor Rights, as
willingness to service and repay debt is relevant to the rating and
is a rating driver for the US, as for all sovereigns.

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).


[*] Moody's Reviews 5 Vietnamese Financial Companies for Downgrade
------------------------------------------------------------------
Moody's Investors Service has placed the long-term ratings and
assessments of three Vietnamese finance companies and two
Vietnamese banks on review for downgrade.

The three finance companies are VPBank Finance Company Limited (FE
Credit), Home Credit Vietnam Finance Company Limited (HCV), and
SHBANK Finance Company Limited (SHB Finance).

The two banks are Vietnam Prosperity Joint Stock Commercial Bank
(VP Bank), which fully owns FE Credit, and Saigon -- Hanoi
Commercial Joint Stock Bank (SHB), which fully owns SHB Finance.

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

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, and falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The consumer
finance industry in Vietnam is vulnerable to the disruptions given
its risky borrower profile and heavy reliance on wholesale funding.
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 Vietnamese consumer
finance companies and their parent banks of the breadth and
severity of the shock, and the deterioration in credit quality it
has triggered.

The government of Vietnam (Ba3 negative) has rolled out travel
restrictions and nationwide social distancing measures, including
barring foreign nationals from entering the country, restricting
people from leaving their homes and banning public gatherings of
more than two people. The government has also implemented or
announced measures to slow the disruption, such as lowering policy
rates, encouraging financial institutions to grant forbearance to
those affected, and allowing the affected to delay social security
payments. The success of these measures will depend on the severity
and duration of the outbreak.

The review for downgrade of FE Credit, HCV and SHB Finance reflects
Moody's expectation that the economic shock caused by the
coronavirus could have a negative impact on the companies' asset
quality, profitability and liquidity, because of the risky profile
of its borrowers and heavy reliance on wholesale,
confidence-sensitive funding. The impact will depend on the
severity and duration of the economic shock.

FE Credit, HCV and SHB Finance are consumer finance companies that
mainly operate in Vietnam. They have a high exposure to unsecured
products and target the low-income segment of the population, which
are vulnerable to economic shocks. The expected increase in
unemployment will likely weaken the overall debt-servicing-capacity
of borrowers in this segment, given their generally already
unstable and limited source of income.

In addition, the consumer companies' funding and liquidity position
could deteriorate due to lower collections from customers and
financial market volatility. Because they cannot accept retail
deposits, the companies heavily rely on wholesale funding, such as
inter-bank borrowing in local currency and US dollars and the
issuance of wholesale certificates of deposit. Their heavy reliance
on wholesale funding exposes them to potential refinancing risk if
the disruption to the financial markets persists. The companies'
liquid resources are modest, and a drop in collections could
therefore squeeze liquidity.

The review for downgrade on the ratings and assessments of VP Bank
takes into consideration the negative implications of a potential
deterioration in the credit profile of FE Credit on that of the
consolidated group. While loans extended by FE Credit accounted for
only 22% of the consolidated loan book, the consumer finance
subsidiary is a key revenue driver, contributing to around 43% of
the consolidated group's profit before tax in 2019. Given the
materiality of FE Credit, any weakening in its solvency will
pressure VP Bank's asset quality and profitability. Outside of VP
Bank's exposure to consumer finance, Moody's also expects pressure
on the quality of its loans to at-risk sectors, including wholesale
and retail, and export and tourism-related sectors. The degree of
negative impact will depend on the length of the disruption, which
is uncertain at this point.

Moody's expects a deterioration in SHB Finance's credit profile
will only have a modest impact on its parent, SHB, as the
subsidiary accounted for just 1% of consolidated total assets at
the end of June 2019. However, while SHB's asset quality improved
in 2019 following a sizable resolution of its legacy problem
assets, the review for downgrade on the ratings and assessments of
SHB reflects Moody's expectation that the bank's loans to small and
medium-sized enterprises (SMEs) in Vietnam -- which accounted for
31% of gross loans at the end of 2019 -- will pose renewed asset
risk, as these SMEs have limited financial buffers to withstand
revenue shocks. Compared to other rated Vietnamese banks, SHB's
loan loss reserves and capitalization are weak and will provide
little buffers against rising risks.

An upgrade is unlikely, given the review for downgrade.
Nevertheless, Moody's could confirm the ratings with a stable or a
negative outlook depending on macroeconomic conditions in Vietnam
and the severity and duration of the coronavirus outbreak on the
companies' credit metrics.

For FE Credit, HCV and SHB Finance, Moody's review for downgrade
will focus on the companies' ability to manage credit and liquidity
risk amid disruptions from the coronavirus outbreak.

The review will also focus on the effectiveness of domestic and
global policy responses in supporting economic activity, and
whether the global and local spread of the coronavirus will result
in further disruptions to economic activity in Vietnam.

Moody's could downgrade the ratings if the companies' solvency and
liquidity profile weaken materially as a result of a prolonged
outbreak and poor risk management.

For VP Bank and SHB, Moody's review for downgrade will focus on the
quality of the banks' consumer finance loans as well as loans to
borrowers operating in industries directly affected by the
coronavirus outbreak.

Moody's could downgrade the ratings and assessments if the banks'
BCAs are downgraded. The BCAs could be downgraded if the banks'
solvency weakens as a result of a prolonged outbreak of the
coronavirus. Any indication of a bank run or a limited access to
market funds will also be negative for the banks' BCAs.

The principal methodology used in rating VPBank Finance Company
Limited, Home Credit Vietnam Finance Company Limited, and SHBANK
Finance Company Limited was Finance Companies Methodology published
in November 2019. The principal methodology used in rating Vietnam
Prosperity Joint Stock Commercial Bank and Saigon -- Hanoi
Commercial Joint Stock Bank was Banks Methodology published in
November 2019.

VPBank Finance Company Limited (FE Credit), headquartered in Ho Chi
Minh City, reported total assets of VND71 trillion as of December
31, 2019.

Home Credit Vietnam Finance Company Limited (HCV), headquartered in
Ho Chi Minh City, reported total assets of VND22 trillion as of
September 30, 2019.

SHBANK Finance Company Limited (SHB Finance), headquartered in
Hanoi, reported total assets of VND2 trillion as of 30 June 2019.

Vietnam Prosperity Joint Stock Commercial Bank (VP Bank),
headquartered in Hanoi, reported total assets of VND377 trillion as
of December 31, 2019.

Saigon - Hanoi Commercial Joint Stock Bank (SHB), headquartered in
Hanoi, reported total assets of VND366 trillion as of December 31,
2019.

LIST OF AFFECTED RATINGS

Issuer: VPBank Finance Company Limited

Corporate Family Rating, Placed on Review for Downgrade, currently
B1

Outlook, Changed To Rating Under Review From Stable

Issuer: Home Credit Vietnam Finance Company Limited

Long-term Issuer Ratings (Foreign and Local Currency), Placed on
Review for Downgrade, currently B3

Corporate Family Rating, Placed on Review for Downgrade, currently
B3

Outlook, Changed To Ratings Under Review From Positive

Issuer: SHBANK Finance Company Limited

Long-term Issuer Ratings (Foreign and Local Currency), Placed on
Review for Downgrade, currently B3

Corporate Family Rating, Placed on Review for Downgrade, currently
B3

Outlook, Changed To Ratings Under Review From Stable

Issuer: Vietnam Prosperity Joint Stock Commercial Bank

Adjusted Baseline Credit Assessment, Placed on Review for
Downgrade, currently b1

Baseline Credit Assessment, Placed on Review for Downgrade,
currently b1

Long-term Counterparty Risk Assessment, Placed on Review for
Downgrade, currently Ba3(cr)

Long-term Counterparty Risk Ratings (Foreign and Local Currency),
Placed on Review for Downgrade, currently Ba3

Long-term Issuer Ratings (Foreign and Local Currency), Placed on
Review for Downgrade, currently B1

Long-term Senior Unsecured Medium-Term Note Program (Foreign
Currency), Placed on Review for Downgrade, currently (P)B1

Long-term Senior Unsecured Bond (Foreign Currency), Placed on
Review for Downgrade, currently B1

Long-term Deposit Ratings (Foreign and Local Currency), Placed on
Review for Downgrade, currently B1

Short-term Issuer Ratings (Foreign and Local Currency), Remain
unchanged at NP

Short-term Deposit Ratings (Foreign and Local Currency), Remain
unchanged at NP

Short-term Counterparty Risk Ratings (Foreign and Local Currency),
Remain unchanged at NP

Short-term Counterparty Risk Assessment, Remains unchanged at
NP(cr)

Outlook, Changed To Ratings Under Review From Stable(m)

Issuer: Saigon - Hanoi Commercial Joint Stock Bank

Adjusted Baseline Credit Assessment, Placed on Review for
Downgrade, currently b3

Baseline Credit Assessment, Placed on Review for Downgrade,
currently b3

Long-term Counterparty Risk Assessment, Placed on Review for
Downgrade, currently B1(cr)

Long-term Counterparty Risk Ratings (Foreign and Local Currency),
Placed on Review for Downgrade, currently B1

Long-term Issuer Ratings (Foreign and Local Currency), Placed on
Review for Downgrade, currently B2

Long-term Senior Unsecured Medium-Term Note Program (Foreign
Currency), Placed on Review for Downgrade, currently (P)B2

Long-term Deposit Ratings (Foreign and Local Currency), Placed on
Review for Downgrade, currently B2

Short-term Issuer Ratings (Foreign and Local Currency), Remain
unchanged at NP

Short-term Deposit Ratings (Foreign and Local Currency), Remain
unchanged at NP

Short-term Counterparty Risk Ratings (Foreign and Local Currency),
Remain unchanged at NP

Short-term Counterparty Risk Assessment, Remains unchanged at
NP(cr)

Outlook, Changed To Ratings Under Review From Stable



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***