/raid1/www/Hosts/bankrupt/TCRAP_Public/200413.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

          Monday, April 13, 2020, Vol. 23, No. 74

                           Headlines



A U S T R A L I A

FREEDOM OIL: Second Creditors' Meeting Set for April 22
KELLIE M BARBER: First Creditors' Meeting Set for April 23
NAW BARREL: First Creditors' Meeting Set for April 20
NAW ESTATE: First Creditors' Meeting Set for April 20
RONDEL MEDICAL: Second Creditors' Meeting Set for April 20

SAMSON OIL: Terry Barr to Retire as CEO and Managing Director
VIRGIN AUSTRALIA: Egan-Jones Lowers Senior Unsecured Ratings to CC


C H I N A

CAR INC: Moody's Cuts CFR & Senior Unsecured Rating to Caa1
CHINA HONGQIAO: Moody's Alters Outlook on B1 CFR to Stable
CHINA SCE: S&P Alters Outlook to Negative on Slow Revenue Growth
CHINA: More Than 240,000 Cos. Declare Bankruptcy in Jan-Feb 2020
GCL NEW ENERGY: S&P Cuts ICR to 'CCC' on Heightened Liquidity Risk

GUANGXI FINANCIAL: Moody's Places Ba1 CFR on Review for Downgrade
HAINAN AIRLINES: Calls for Meeting on Plan to Defer Debt Repayment
HNA GROUP: Unit's Creditors Defer Put Option on Bonds
IDEANOMICS INC: Signs Deal to Sell up to $50-Mil. Common Shares
PEARL HOLDING III: S&P Lowers ICR to to 'CCC+', On Watch Negative

YESTAR HEALTHCARE: Moody's Cuts CFR & Sr. Unsec. Rating to B1
YUZHOU PROPERTIES: Moody's Places Ba3 CFR on Review for Downgrade


H O N G   K O N G

CATHAY PACIFIC: Egan-Jones Lowers Senior Unsecured Ratings to BB-
CITIC RESOURCES: Moody's Alters Outlook on Ba2 CFR to Negative
SPI ENERGY: Appoints Dongying's Zhang Jing to Board of Directors


I N D I A

A2Z INFRASERVICES: CARE Assigns 'D' Rating to INR10.63cr Loan
BHARAT AGRO: CRISIL Moves B+ Rating to Not Cooperating Category
BSCPL AURANG: CARE Reaffirms 'D' Rating on INR826.96cr Loan
CARDIO FITNESS: CRISIL Migrates D Debt Ratings to Not Cooperating
D.R. THANGAMAALIGAI: CRISIL Moves B+ Ratings to Not Cooperating

DAKSHIN ODISHA: CARE Reaffirms D Rating on INR163cr LT Loan
DOLAGURI TEA: CRISIL Migrates B+ Ratings to Not Cooperating
IL&FS SECURITIES: CARE Reaffirms 'D' Rating on INR525cr Loan
INTEGRATED WEAVING: CRISIL Moves 'B+' Ratings to Not Cooperating
JAIPRAKASH ASSOCIATES: CARE Reaffirms 'D' Ratings on Loans

JAYPEE INFRATECH: CARE Reaffirms D Rating on INR6,550cr Loan
JOSEPH VELUPUZHAKKAL: CRISIL Moves B Rating to Not Cooperating
KASI ANNAPURNESWARI: CRISIL Keeps 'B+' Ratings in Not Cooperating
MAHAVIR STHAN: CRISIL Lowers Rating on INR4cr Cash Loan to B+
NANDHRA ENGINEERING: CARE Cuts Rating on INR48.45cr Loan to B

NIKHIL CONSTRUCTION: CARE Cuts Rating on INR31cr Loan to D
OM CIRCUIT: CARE Lowers Rating on INR5.60cr Loan to B-
P.K. METAL: CARE Keeps 'D' on INR6.45cr Debt in Not Cooperating
R V ENTERPRISE: CARE Keeps B+ on INR6.16cr Debt in Not Cooperating
RUBY BUILDERS: CRISIL Moves B+ Ratings to Not Cooperating Category

SOMANDA VINEYARDS: CRISIL Cuts Rating on INR5cr Loan to B+
SUSHIL ANSAL: CRISIL Keeps D on INR24.cr Debt in Not Cooperating
V.R.K. ASSOCIATES: CARE Lowers Rating on INR12cr Loan to D


I N D O N E S I A

GAJAH TUNGGAL: S&P Lowers ICR to 'CCC+' on Refinancing Risks
MODERNLAND REALTY: Moody's Cuts CFR to B3, Outlook Negative
SAKA ENERGI: Fitch Lowers LongTerm IDR to BB, Outlook Negative


J A P A N

JAPAN: COVID-19 Related Bankruptcies Tally 51


P H I L I P P I N E S

CEBU AIR: Egan-Jones Lowers Senior Unsecured Ratings to B+


S I N G A P O R E

EZION HOLDINGS: Virus and Singapore Shutdown Delays Rescue Deal


S O U T H   K O R E A

KOREA RESOURCES: S&P Cuts SACP to 'b-' on Weak Operating Condition
KT CORP: Egan-Jones Lowers Senior Unsecured Ratings to BB+


T A I W A N

TAIWAN: Egan-Jones Lowers Senior Unsecured Ratings to BB+


T H A I L A N D

FAH MAI: Sept. 30 Financial Results Cast Going Concern Doubt


V I E T N A M

AES-VCM MONG DUONG: Fitch Alters Outlook on BB Rating to Stable

                           - - - - -


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

FREEDOM OIL: Second Creditors' Meeting Set for April 22
-------------------------------------------------------
A second meeting of creditors in the proceedings of Freedom Oil and
Gas Ltd has been set for April 22, 2020, at 10:00 a.m. via virtual
meeting.

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 22, 2020, at 10:00 a.m.


Steven Nicols of Nicols + Brien was appointed as administrator of  
Freedom Oil on March 21, 2020.


KELLIE M BARBER: First Creditors' Meeting Set for April 23
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Kellie M
Barber Pty Ltd will be held on April 23, 2020, at 2:30 p.m. at the
offices of Hamilton Murphy, Level 1, at 255 Mary Street, in
Richmond, Victoria.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of Kellie M on April 9, 2020.


NAW BARREL: First Creditors' Meeting Set for April 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of NAW Barrel
Holdings Pty Ltd will be held on April 20, 2020, at 10:00 a.m. at
the offices of PricewaterhouseCoopers, at 2 Riverside Quay, in
Southbank, Victoria.  

Daniel Austin Walley and Martin Francis Ford of
PricewaterhouseCoopers were appointed as administrators of NAW
Barrel on April 9, 2020.


NAW ESTATE: First Creditors' Meeting Set for April 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of NAW Estate
Pty Ltd will be held on April 20, 2020, at 11:00 a.m. at the
offices of PricewaterhouseCoopers, at 2 Riverside Quay, in
Southbank, Victoria.  

Daniel Austin Walley and Martin Francis Ford of
PricewaterhouseCoopers were appointed as administrators of NAW
Estate on April 6, 2020.


RONDEL MEDICAL: Second Creditors' Meeting Set for April 20
----------------------------------------------------------
A second meeting of creditors in the proceedings of Rondel Medical
Group Pty Ltd has been set for April 20, 2020, at 11:30 a.m. at the
offices of SM Solvency Accountants, Level 10/144 Edward Street, in
Brisbane, Queensland.

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 4:30 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Rondel Medical on March 16, 2020.


SAMSON OIL: Terry Barr to Retire as CEO and Managing Director
-------------------------------------------------------------
Samson Oil and Gas Limited had advised that effective March 31,
2020, there will be a number of changes to its Board of Directors
and management structure.

Terry Barr is retiring from his position as Samson's CEO and
managing director but will remain on the Board of Directors. He
will be replaced as CEO by Mr. Tristan Farel, Samson's current
CFO.

Mr. Farel will also join the Samson Board of Directors as managing
director.

Mr. Barr will assume the position of chairman of the Board,
replacing Dr. Peter Hill, who is retiring from the Samson Board.

Mr. Farel stated, "We are grateful to Dr. Hill for his years of
service, with distinction, as our Chairman in these unusually
challenging times for the company and our industry. And while we
regret the loss of Mr. Barr's services on a day to day basis, we
are pleased that he will continue to be closely involved with the
company as Chairman and that he will remain available for
assistance and guidance throughout this transition."

Tristan Farel, in his new role as CEO, has entered into an
employment contract for a period of three years at an annual salary
of $250,000.

As Chairman, Terry Barr will be paid a Chairman's fee of $60,000
and the non-executive directors Greg Channon and Nicholas Ong will
be paid an annual fee of $45,000. These Board fees represent a
further 25% reduction on the prior fee structure.

                         About Samson Oil

Headquartered in Perth, Western Australia, Samson Oil & Gas Limited
-- http://www.samsonoilandgas.com-- is an independent energy
company primarily engaged in the acquisition, exploration,
exploitation and development of oil and natural gas properties,
primarily with a focus in Montana and North Dakota.

Samson Oil reported a net loss of $7.15 million for the fiscal year
ended June 30, 2019, compared to a net loss of $6.04 million for
the fiscal year ended June 30, 2018. As of Dec. 31, 2019, the
Company had $35.68 million in total assets, $52.90 million in total
liabilities, and a total stockholders' deficit of $17.22 million.

Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2019, citing that the Company is in violation of its debt
covenants, incurred a net loss from operations, has cash outflows
from operations, and its current liabilities exceed its current
assets as of and for the year ended June 30, 2019. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.


VIRGIN AUSTRALIA: Egan-Jones Lowers Senior Unsecured Ratings to CC
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 3, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Virgin Australia Holdings Limited to CC from B. EJR
also downgraded the rating on commercial paper issued by the
Company to C from B.

Virgin Australia Holdings Limited is an Australian-based
full-service airline providing domestic and international
operations.




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

CAR INC: Moody's Cuts CFR & Senior Unsecured Rating to Caa1
-----------------------------------------------------------
Moody's Investors Service has downgraded CAR Inc.'s corporate
family rating and senior unsecured rating to Caa1 from B2.

The outlook is changed to negative from ratings under review.

This rating action concludes Moody's review for downgrade initiated
on April 6, 2020.

RATINGS RATIONALE

"The downgrade reflects the challenges facing CAR's substantial
shareholder, UCAR Inc., which along with the misconduct at Luckin
Coffee Inc.[1] are increasingly dragging on CAR's credit profile
and are elevating the company's risks in terms of funding access,
change of control and default," says Gerwin Ho, a Moody's Vice
President and Senior Credit Officer.

On April 2, Luckin Coffee Inc. issued an announcement regarding an
internal investigation into misconduct. The chairman of Luckin
Coffee's board of directors, Charles Zhengyao Lu, is also the
chairman of the board of CAR and UCAR.

Subsequently, in an announcement dated April 6, UCAR announced
trading in its shares had been suspended. This was followed by an
announcement dated April 7 that it had received an inquiry from the
supervision department of the National Equities Exchange and
Quotations exchange subsequent to Luckin Coffee's announcement.

Finally, on April 9, CAR announced that UCAR had on April 3 sold 45
million CAR shares, representing 2.11% of its total issued share
capital. UCAR holds about 27.65% of CAR after the transaction. The
sale was executed at the request of UCAR's lenders.

UCAR had pledged its CAR shares as collateral for some of its
borrowing as of June 30, 2019[2], creating the risk of a change of
control that would accelerate CAR's debt repayments and impact its
operations.

As of December 31, 2019, UCAR and Legend Holdings Corporation were
substantial shareholders of CAR with shareholdings of 29.76%
(27.65% after aforementioned CAR shares sale) and 26.59%
respectively.

As such, the Caa1 rating factors in the risk posed by its
substantial shareholder -- UCAR -- to CAR's standalone credit
profile, with elevated refinancing, governance and business risk.
This risk largely offsets CAR's position as an industry leader in
China's car rental market and the financial flexibility it has to
reduce its fleet to generate liquidity.

CAR liquidity is weak. Although its restricted and unrestricted
cash of RMB5.9 billion was sufficient to cover its short-term debt
of RMB5.8 billion as of December 31, 2019, Moody's expects
cash/short-term debt to reach a lower level by the end of 2020 due
to term debt maturities in the next 12-18 months. This weakness is
exacerbated by the increasing drag from UCAR amid the current
challenging operating and funding environment, and uncertainty
around the proceeds from used car sales.

The rating also continues to be constrained by competition and
regulations related to online chauffeured car services.

The negative outlook reflects Moody's expectation that the
weakening operating environment and challenges at UCAR could weaken
CAR's funding access and financial profile.

Moody's credit assessment also takes into account the following
environmental, social and governance (ESG) considerations.

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

Independent directors make up a minority of CAR's board, although
the company is a listed and regulated entity. The company also has
a diversified shareholder base that includes major shareholders
such as Legend Holdings Corporation. Nevertheless, its action
factors in governance concerns given the common chairmanship of
Luckin Coffee, CAR and UCAR, as well as the drag from its
substantial shareholder UCAR.

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

The rating outlook could be revised to stable if there is material
improvement in CAR's liquidity, funding access and business
operations along with a substantial reduction in the risk
associated with UCAR's shareholding.

The rating could be downgraded if the company fails to meet its
financial obligations or fails to adhere to sound governance
standards.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including car rentals and fleet rentals in
China. CAR listed on the Hong Kong Stock Exchange in September
2014.


CHINA HONGQIAO: Moody's Alters Outlook on B1 CFR to Stable
----------------------------------------------------------
Moody's Investors Service has changed to stable from positive the
outlook on China Hongqiao Group Limited.

At the same time, Moody's has affirmed Hongqiao's B1 corporate
family and B2 senior unsecured ratings.

RATINGS RATIONALE

"The change in outlook to stable from positive reflects its
expectation that Hongqiao's earnings will weaken over 2020-21, amid
increasingly challenging market conditions and rising aluminum
price volatility," says Roy Zhang, a Moody's Vice President and
Senior Analyst.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. More specifically,
Hongqiao's exposure to commodity and manufacturing have left it
vulnerable to shifts in market sentiment, given its sensitivity to
end demand.

"That said, the rating affirmation reflects its expectation that
the company's large operating scale, cost competitiveness, modest
debt leverage, and good liquidity will provide the company with a
sufficient buffer against ongoing industry volatility," add Zhang.

Hongqiao has higher resilience than its domestic peers, given its
leading market position, large operating scale, integrated business
model and low-cost advantage.

The company's liquidity remains strong, as reflected by its high
cash to short term debt ratio of 131% at the end of 2019, which
gives it some financial flexibility in a challenging environment.

Hongqiao's leverage, as measured by total debt to EBITDA, declined
to 3.8x in 2019 from 4.0x in 2018, due to its reduced level of
absolute debt. Moody's expects its leverage to stay around 3.8x to
4.0x in the next 12-18 months.

However, its B1 corporate family rating is constrained by its
exposure to a single commodity class, risks stemming from
regulatory production controls, and the frequent changes in its
auditors in recent years.

The ratings also take into account the following environmental,
social and governance considerations.

Firstly, the company's bauxite mining, power generation, alumina
refinery and aluminum smelting operations are exposed to high
environmental and safety risks. However, these risks are somewhat
mitigated by its good operational track record and continuous
investment in related processes and facilities to meet higher
standards.

Secondly, 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
Hongqiao of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

Thirdly, on the governance front, the company has a track record of
changing auditors, while its ownership is concentrated in its key
shareholder, Mr. Zhang's family, who together held a 70.9% stake in
the company at the end of 2019. These risks are partially mitigated
by the higher board oversight exercised through the presence of a
strategic minority shareholder, CITIC Group Corporation (A3
stable).

The B2 senior unsecured bond rating is one notch lower than it
would otherwise be due to structural subordination risk. This risk
reflects the fact that the majority of Hongqiao's claims are at its
operating subsidiaries and have priority over its senior unsecured
claims at the holding company in a bankruptcy scenario.

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

Moody's could upgrade Hongqiao's ratings if it: (1) successfully
manages regulatory changes and industry cycles for a sustained
period; (2) meaningfully improves its credit metrics and liquidity
profile, whereby its adjusted debt/EBITDA stays below 3.5x and it
maintains positive free cash flow and higher cash coverage of
short-term debt on a sustained basis; and/or (3) establishes a
track record of prudent financial policy and management.

Moody's could downgrade the ratings if: (1) the company's
operations weaken as a result of an industry downturn or regulatory
change; (2) it fails to adhere to prudent financial management and
sound corporate governance standards; (3) it pursues aggressive
debt-funded expansion; (4) there is a material weakening in its
credit metrics, with its adjusted debt/EBITDA staying above 5.0x or
EBIT interest coverage staying below 2.0x for a prolonged period;
or (5) its liquidity profile deteriorates, thereby raising
refinancing risk.

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

Founded in 1994 and headquartered in Zouping, Shandong Province,
China Hongqiao Group Limited is the one of the largest aluminum
manufacturers in China and globally by production volume. The
company listed on the Hong Kong Stock Exchange in March 2011.

At the end of 2019, China Hongqiao Group Limited was 70.9% owned by
Mr. Zhang's family, 10.23% owned by CITIC Group Corporation. The
company posted revenue of RMB84 billion in 2019.


CHINA SCE: S&P Alters Outlook to Negative on Slow Revenue Growth
----------------------------------------------------------------
S&P Global Ratings revised its outlook on China SCE Group Holdings
Ltd. (CSCE) to negative from stable. At the same time, S&P affirmed
its 'B+' long-term issuer credit rating on CSCE and its 'B'
long-term issue rating on the company's outstanding senior
unsecured notes.

S&P said, "We revised the outlook to negative to reflect our view
that CSCE's heightened leverage may not improve substantially in
the next one to two years. The China-based property developer's
2019 results were significantly weaker than we had expected. The
deterioration stemmed from slower revenue recognition, weak
profitability, and continued high land investments.

"We expect CSCE's revenue to grow 38%-40% to Chinese renminbi (RMB)
28 billion-RMB29 billion in 2020, after an only 20% increase in
2019. The stronger revenue growth would support the company's
credit profile but there remains a risk of revenue slippage from
current forecast mainly due to destocking pressure for existing
projects. A solid 57% increase in contracted sales in 2019 as well
as RMB45 billion of sold but unrecognized revenue at the end of the
year will support the faster revenue growth as we anticipate about
50% of the unrecognized revenue will be recorded in 2020. Projects
worth RMB1.2 billion that faced delivery delays in 2019 are also
highly likely to be recognized in 2020, in our view.

"We believe destocking risks for existing projects could limit the
revenue catch-up in 2020. CSCE's projects in the outskirts of
tier-two cities could have weaker sell-through during the year.
Construction delays due to the COVID-19 pandemic may also lead to
additional delivery pressure for 2020, further risking
deleveraging.

"At the same time, we believe CSCE's gross margin will decline to
24%-26% in 2020-2021, constraining the improvement in leverage.
Projects acquired in 2017-2018 in tier-two cities, which have
higher land costs and price caps on sales, will be recognized in
2020-2021, limiting profitability. The margin for these projects is
also far inferior to highly profitable projects in Shanghai and
Beijing, which have provided significant margin uplift to CSCE
before. As of the end of 2019, the company has nearly 65% of its
land reserves in tier-two cites.

"We expect CSCE's leverage to remain elevated but gradually improve
over the next 12-18 months. We believe the company will likely
continue its debt-funded expansion to achieve its sales target of
over RMB100 billion by 2021. This is despite its moderate
contracted sales target of RMB93 billion for 2020. CSCE's plans to
develop shopping malls and rental apartments would incur RMB2
billoin-RMB3 billion capital expenditure annually.

"CSCE's recently built up land bank of 30.9 million square meters
is sufficient for three to four years of development, in our view.
This lessens the need for the company to replenish land and
supports more controlled debt growth. We expect CSCE's land
expenditure to be 65%-70% of the proceeds from contracted sales in
2020, compared with above 70% in 2019.

"In our base case, we expect CSCE's consolidated leverage to
improve to 8.0x-8.3x in 2020 and 7.5x-7.7x in 2021, from 9.5x in
2019. We also expect proportionately consolidated leverage to
improve to 7.0x–7.2x in 2020 and 6.5x-6.7x in 2021, from 8.8x in
2019. We expect joint venture projects to contribute RMB1
billion-RMB1.2 billion in EBITDA and RMB8 billion-RMB10 billion of
external guarantees annually in 2020-2021.

"CSCE's capital structure diversity and good access to debt capital
markets should continue to support its liquidity, in our view.

"The negative outlook on CSCE reflects our view that the company's
leverage, both consolidated and proportionate, will remain elevated
over the next 12 months. We believe CSCE's slower revenue
recognition from delivery delays and weaker margins than we expect
could postpone deleveraging. The company's continued expansion
appetite will also drive high land investments.

"We could downgrade CSCE if: (1) the company fails to control debt
growth owing to more aggressive debt-funded expansion; (2) it posts
materially lower revenue than RMB29 billion; or (3) its EBITDA
margin is weaker than 21%-22%."

CSCE's debt-to-EBITDA ratio (on a consolidated or proportionate
consolidated basis) exceeding 7.5x in 2020, or its debt-to-EBITDA
ratio not improving to close to 6.0x on a consolidated basis and
below 6.0x on a proportionate consolidated basis as of end-2021,
would indicate such deterioration.

S&P could revise the outlook to stable if CSCE achieves strong
revenue growth to above RMB33 billion-RMB34 billion and maintains
its current gross margin in 2020. Its debt-to-EBITDA ratio (on a
consolidated or proportionate consolidated basis) improving to
below 7.5x in 2020 and consolidated debt-to-EBITDA ratio improving
to 6.0x and proportionately consolidated leverage falling to less
than 6.0x as of end-2021 could trigger such an action.

CSCE mainly develops residential properties in China. Starting in
the Fujian province, the company has expanded into other cities
such as Shanghai, Beijing, and Tianjin. It has also relocated its
headquarters to Shanghai. CSCE's properties include residential
high-rise and low-rise apartments and villas, as well as other
commercial projects.

As of Dec. 31, 2019, the company has total contracted sales of
about RMB80.5 billion, representing a 57% annual growth compared
with the same period last year. Attributable contracted sales are
RMB38.6 billion, accounting for about 48% of total contracted
sales.


CHINA: More Than 240,000 Cos. Declare Bankruptcy in Jan-Feb 2020
----------------------------------------------------------------
supchina reports that all Chinese businesses, large and small, have
struggled since COVID-19 emerged at the beginning of this year,
forcing stores, restaurants, and factories to cut down on hours or
completely shutter. While the full economic impact of the outbreak
on China's economy is still uncertain, popular business writer Wu
Xiaobo detailed in a recent report that about 247,000 Chinese
companies declared bankruptcy in the first two months of 2020,
supchina says.

According to supchina, Wu Xiaobo's financial blog revealed that
Guangdong was the most impacted province, with over 30,000 firms
going out of business in January and February, followed by
Shandong, Jiangsu, Sichuan, and Zhejiang.

supchina relates that the observation echoes a string of previous
surveys showing many Chinese companies, especially small
businesses, feeling the pinch as the pandemic brought consumer
activity to a halt. Almost 36% of the private-owned firms that
responded to a survey conducted by Tsinghua University in February
said that they were hammered by the economic fallout from the
outbreak and did not expect to survive after a month, supchina
relays. In another survey released in February, more than 60% of
the small and medium-sized enterprises in Shandong said that they
could only hold out for a maximum of three months under current
conditions.

Unsurprisingly, Wu also noted that new companies were the most
vulnerable businesses affected by the crisis. Of the companies that
pulled the plug in January and February, roughly 55% were startups
under three years old, supchina notes.

When it comes to specific sectors, Wu said that companies in the
hospitality and retail industry have been going through a
particularly rough time because people were advised to practice
social distancing and avoid public places, supchina relays. This is
in line with a report released by China Chain Store and Franchise
Association (CCFA) about two months ago, which showed that retail
shops in China were experiencing a 50% sales drop, with restaurants
making only 30% of their normal profits. Other sectors that were
seriously impacted by the knock-on effect of the outbreak include
rental services, construction, and farming.

While the pandemic is devastating to most companies, some
businesses have been thriving in the crisis, supchina states.
According to business data platform Tianyancha, since February,
more than 28,000 companies across China have expanded their scope
to include healthcare-related services and the manufacture of
medical equipment such as thermometers and masks. Internet-based
firms have also seized the opportunity to grow as people face a new
reality in which online classes and virtual meetings have become
the norm, supchina says.

Wu's report also noted that given the large-scale closure of
government offices in January and February, a considerable number
of companies in serious financial trouble were unable to file for
bankruptcy, adds supchina. As China slowly grinds back into
activity starting this month, the report predicted that more
bankruptcy applications will go through in the next two months and
more companies will officially go out of business, supchina
relays.


GCL NEW ENERGY: S&P Cuts ICR to 'CCC' on Heightened Liquidity Risk
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
GCL New Energy Holdings Ltd. (GNE to 'CCC' from 'B-'. S&P also
lowered the issue rating on the China-based solar farm operator's
senior unsecured notes to 'CCC-' from 'CCC+'.

S&P said, "We lowered the rating on GNE to reflect the company's
weak liquidity. GNE has significant debt maturities over the next
12 months, and the company is trying to dispose of some of its
solar farm assets to boost liquidity. The downgrade also reflects
the GCL-Poly's continued breaches of covenants and its material
short-term debt maturities.

"We believe GNE's ability to dispose of a significant part of its
solar farms over the next few months would be crucial for its
credit profile, due to its weak liquidity. At end-2019, GNE had
about Chinese renminbi (RMB) 1.9 billion in cash and short-term
pledged deposits. At the same time, the company had about RMB13.6
billion in near-term debt (including RMB1.6 billion in debt being
reclassified due to breach of financial covenants), US$500 million
in senior unsecured notes due in January 2021, together with about
RMB4.5 billion of construction payables due in 2020. We expect GNE
to be able to roll over some of its near-term borrowings, but the
company would still require a large amount of additional cash
sources to repay some of the hard maturities and payables.

"GNE has disposed of some of its solar farms in the past, but we
believe a more massive and swift disposal plan(s) will be required
to meet the liquidity needs. Since the announcement of an
asset-light strategy (in 2018) through end-2019, GNE has disposed
of about 1.6 gigawatt (GW) of solar projects, which we expect to
generate cash proceeds of about RMB2.65 billion." It has also
deconsolidated about RMB9.4 billion of project debt. In January
2020, GNE announced its first-phase agreement with China Huaneng
Group Co. Ltd. (Huaneng) for the disposal of about 294 megawatt of
solar capacity, resulting in our estimate of cash proceeds of
RMB1.1 billion. Nonetheless, these amounts remain far insufficient
to meet liquidity needs in the coming 12 months.

Delays in GNE's receipt of outstanding subsidies has added to the
company's liquidity strain. At end-2019, GNE's outstanding subsidy
has increased to about RMB8.2 billion, representing a year-on-year
increase of RMB1.4 billion. The increase largely relates to solar
farms that are yet to be entitled to subsidies. Nonetheless, the
announcement from the Ministry of Finance (MOF) in March 2020
indicates that more of GNE's solar-farm projects could be entitled
to subsidies. Yet, S&P currently has low visibility on the timeline
and amount of outstanding subsidies GNE could receive from the
government.

In the announcement, the MOF has urged grid companies and
local-level finance bureaus to expedite the process of finalizing
the list of projects that could be entitled to renewable subsidies.
Projects that are already included into batches 1-7 of the
renewable subsidies catalogue will automatically be included in
this list, together with solar farm projects connected to grid on
or before end-July 2017 (end-2019 for wind projects). This
finalized list is likely to be announced on or before June 30,
2020. The MOF document also indicates that more renewable projects
beyond the earlier mentioned cut-off line could be included in
future versions of the list.

GCL-Poly's credit profile continues to constrain our assessment of
GNE's creditworthiness, given the close ties between both entities.
The parent's continued breaches of financial covenants, massive
short-term debt maturities, and weak cash generation restrain to
its ability to meet its near-term debt obligations.

GCL-Poly has again reported a breach of a financial covenant in its
2019 results, and is awaiting a waiver from the lender. The breach
has triggered cross-default clauses in other bank borrowings, and
could result in acceleration of payments of about RMB5.7 billion if
the waiver is not granted and lenders choose to accelerate
repayment.

S&P remains highly uncertain about GCL-Poly's ability to meet its
significant near-term debt maturities and payables. At end-2019,
GCL-Poly had about RMB17.9 billion of near-term debt (excluding
about RMB13.6 billion at the GNE level), while its cash and
short-term pledges have deteriorated to about RMB 5.4 billion
(excluding RMB1.9 billion at GNE's level). At the same time, the
company's solar material business continued to report a segment
loss in 2019. GCL-Poly could fall into a liquidity crisis if the
company encounters increasing difficulty in rolling over its
existing borrowings.

S&P said, "The negative outlook on GNE reflects our view that
GCL-Poly's (including GNE) already weak liquidity could further
deteriorate over the next 12-18 months.

"We may lower the rating on GNE if the company is unable to
materially improve its liquidity such that we believe it would face
a default scenario over the next 12 months, particularly regarding
the U.S. dollar notes due in January 2021. Such a scenario could
arise if GNE fails to significantly dispose of its solar-farm
assets, is unable to roll over existing borrowings, or if we
believe the company is unlikely to receive material amounts of
outstanding renewable subsidies.

"We may also lower the rating on GNE if GCL-Poly's liquidity
continues to deteriorate. This could occur if: (1) GCL-Poly
continues to breach its financial covenants and fails to obtain
waivers, such that lenders demand acceleration of payments; or (2)
the company has no detailed plan(s) to address and lower its
near-term debt maturities.

"We could upgrade GNE if liquidity at both GNE and GCL-Poly
improves significantly, such that we believe both entities may not
face a near-term credit crisis in the next 12 months."

At GNE's level, successful execution of significant solar-farm
disposals and ability to lower near-term and outstanding borrowings
could indicate improvement in liquidity.

Improvement in GCL-Poly's heavy short-term debt mix, permanent
resolution of breaches of financial covenant(s), together with a
significant recovery in the solar material businesses could trigger
a re-evaluation of the group credit profile.


GUANGXI FINANCIAL: Moody's Places Ba1 CFR on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service placed the ratings of Guangxi Financial
Investment Group Co., Ltd under review for downgrade including its
b1 baseline credit assessment, Ba1 long-term corporate family
rating, and Ba1 senior unsecured rating.

The outlook on GXFIG has been revised to ratings under review from
developing.

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, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. GXFIG has been one
of the companies affected by the shock through its exposure to
highly affected sectors, such as the wholesale, retail and
manufacturing sectors and small and micro-enterprises. 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 GXFIG of the breadth and
severity of the shock, and the deterioration in credit quality it
has triggered. GXFIG has considerable exposure to the wholesale and
retail and manufacturing sectors which are meaningfully affected by
the coronavirus outbreak. In addition, GXFIG's loan portfolio is
geographically concentrated in the Guangxi province and largely to
small and micro-enterprises, making the company particularly
vulnerable to business disruptions and economic downturns.

As of September 2019, GXFIG's primary microfinance subsidiary
Nanning Jintong Microfinance Co., Ltd's exposure to the wholesale
and retail sector and the manufacturing sector were 41.5% and
14.38%, respectively. GXFIG also has exposure to these sectors
through other subsidiaries such as the credit guarantee subsidiary.
In addition, the financial-services assets that will most likely be
transferred into the company as part of the restructuring of GXFIG
and Guangxi Investment Group are also of high asset risks and
therefore exposed to the impact of economic downturns.

The central and provincial government has announced various relief
policies and fiscal and monetary measures to support entities in
the real economy, including sectors and small and micro-enterprises
most affected by the coronavirus outbreak. While these measures
will help delay the recognition of asset quality deterioration and
formation of non-performing loans, their effectiveness in curbing
materially higher NPLs will depend on the severity and duration of
the outbreak and the implications of the outbreak for the global
economy.

GXFIG has weak profitability and increased operational risks and
complexity arising from the evolving business mix. In addition, it
has a low level of liquid assets compared to the amount of debt
maturing in one year including the USD500 million bond due in
January 2021. While GXFIG has been working on refinancing options
for the outstanding USD bond, Moody's believes that the options are
subject to high uncertainties given the current volatile market
conditions.

In terms of governance considerations, Moody's has made one-notch
downward qualitative adjustment on opacity and complexity to
reflect GXFIG's complex organizational structure, evolving business
model as well as centralized governance.

Offsetting these credit challenges are GXFIG's franchise in
financial services in Guangxi and a good level of capital adequacy
supported by various capital injections from the provincial
government. Moody's also expects GXFIG to benefit from further
capital injections from the government as it prepares itself for
applying for a financial holding company license.

The Ba1 CFR currently incorporates a three-notch government
support, reflecting its continued expectation of a strong level of
support from the Guangxi government in times of need -- although
there are uncertainties arising from the restructuring -- based on
GXFIG's strategic importance, political linkage as well as the
various support it has received from the Guangxi government.

As part of the restructuring plan to consolidate GXFIG into Guangxi
Investment Group, a company 100% directly owned by the Guangxi
provincial government, GXFIG has become a wholly-owned subsidiary
of GIG with the change of business registration having occurred and
the chairman of GIG having become the new chairman of GXFIG. Over
time, the financial services-related assets under GXFIG and GIG
will be consolidated to form a financial holding company. The first
transfer of GIG's financial services-related assets -- which is
GIG's 51% ownership in Guangxi Investment Group Capital Management
Company Limited -- into GXFIG has been completed in March 2020.
That said, many details on the restructuring and surviving entity
are still being determined by the government and the company
management.

Meanwhile, the change from a state-owned enterprise directly owned
by the provincial government to a subsidiary of another SOE weakens
the level of government intervention in GXFIG. However, the
provincial government has recently announced positive developments
partially mitigating this concern. For example, the provincial
government injected a couple of SOEs into GXFIG for free in 2018
and 2019, and additional capital in 2020.

The review will focus on (1) the degree and extension to which the
impact of coronavirus and economic downturns will impair the
company's business including asset quality and profitability; (2)
the credit profile of the businesses to be transferred into GXFIG
as part of the ongoing restructuring in the near term and how they
would affect the company's asset quality, profitability and capital
adequacy; (3) the flexibility of GXFIG to adapt its cost structure
and preserve and/or raise liquidity, as well as its progress on
repayment/refinancing plans for the debt maturing in the next
twelve months; (4) the impact of governmental actions to support
small and micro enterprises in the company's main markets; (5)
whether the level of government support would change as the company
continues to go through its restructuring.

Given that GXFIG's ratings are under review for downgrade, it is
unlikely that they will be upgraded in the near term. GXFIG's BCA
could be affirmed at b1 and its ratings could be confirmed at Ba1
if there is evidence that (1) GXFIG's asset quality and
profitability do not deteriorate materially from the impact of
economic downturn; (2) the company's liquidity profile improves
with a higher debt maturities coverage and refinancing risk
decreases.

GXFIG's BCA could be downgraded if (1) the company's asset quality
and profitability deteriorates materially as a result of the impact
of coronavirus and economic downturn; (2) the assets that GXFIG
will receive as part of the restructuring would significantly add
negative pressure on the company's asset quality, profitability and
capital adequacy; (3) the company's debt maturities coverage and
liquidity profile deteriorates, and the company faces difficulties
in executing its refinancing plans for the USD bond; or (4) the
company's capital adequacy weakens with its tangible common
equity/tangible managed assets ratio declining to below 12%.

GXFIG's ratings could also be downgraded if the BCA is downgraded
or if Moody's believes that support from the Guangxi provincial
government in times of need will weaken as a result of reduced
importance of the company's activities to the regional economy or
lower political linkage and/or government intervention.

The methodologies used in these ratings were Finance Companies
Methodology published in November 2019.

GXFIG is headquartered in Nanning, Guangxi. The company reported
assets of RMB84.5 billion as of year-end 2019.

HAINAN AIRLINES: Calls for Meeting on Plan to Defer Debt Repayment
------------------------------------------------------------------
South China Morning Post reports that Hainan Airlines called a
meeting with bondholders last week to seek a delay in repayment,
citing tight liquidity as the coronavirus pandemic slammed travel
and carriers worldwide.

SCMP relates that the airline, part of the debt-stricken HNA Group,
held a conference call on April 10 with holders of its CNY750
million (US$106.4 million) 4.35 per cent bond, according to a
Shanghai Clearing House filing on April 7. The 270-day bond matures
on April 17.

Revenue has dropped significantly due to the Covid-19 outbreak, the
company said in the filing, SCMP relays. Debt repayment pressure
has been relatively high in the past two years and the company is
likely unable to repay the short-term notes and hopes to extend the
repayment, it added.

According to SCMP, the carrier's financial crunch adds to a long
list of troubles faced by its parent company as ambitious
debt-funded expansion plans in the past five years turned sour. The
pandemic has only brought the industry to the precipice, with some
carriers grounding more than 90 per cent of capacity amid border
closures and travel bans.

The global aviation industry is expected to suffer more than US$252
billion of losses, with carriers in Asia-Pacific taking a US$88
billion hit, according to an industry organization, SCMP relays.
Including ancillary sectors, the damage could surpass US$2 trillion
this year, a think tank said.

SCMP adds that Hainan Airlines said passenger volume slumped 64.8
per cent year over year in February to about 5.09 million, while
freight volume shrank 39.2 per cent to 51,200 tonnes (56,400 short
tons). Both capacities fell by about 60 to 62 per cent.

Hainan Airlines said bondholders were given proposals on payment
extension on April 7, with replies on the proposals on the same
day.

HNA Group announced in February that its liquidity will be managed
by a working committee in a sign the government may be running out
of patience about the debt bomb, which at its peak in 2018 amounted
to US$108 billion, SCMP recalls.

The report says the committee has representatives from the
provincial government, civil aviation administrator and China
Development Bank.

HNA Group has been in talks to sell some of its assets, including
its stake in Hong Kong Airlines to no avail because of valuation
issues, among others. That is likely to have worsened amid the
pandemic, the report adds.

Based in Haikou, Hainan Province, the People's Republic of China,
Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- founded in
1993, is the fourth-largest carrier in China and the largest
non-government-owned airline in China.  Hainan Airlines is known
for its award-winning customer service, impeccable safety record
and on-time performance.  Hainan Airlines carries more than 14
million passengers annually.  Hainan Airlines currently flies to
more than 60 domestic and international cities, including the
capitals of every Chinese province.  Hainan Airlines' international
flights include Budapest, Brussels, Osaka and St. Petersburg.


HNA GROUP: Unit's Creditors Defer Put Option on Bonds
-----------------------------------------------------
Iris Ouyang at South China Morning Post reports that West Air, a
Chinese budget carrier owned by the HNA Group, has persuaded some
creditors to postpone receiving their bond payments, getting
much-needed breathing space as its indebted parent company
struggles for financial survival amid a national lockdown that has
grounded all but a handful of weekly flights.

The carrier, operating 35 aircraft from its base in Chongqing in
central China, persuaded bondholders to withdraw CNY292 million
(US$41.3 million) of put options, according to West Air's statement
to the Shenzhen Stock Exchange, where the bonds are traded, SCMP
relays. The 13-year old carrier eventually paid CNY235.9 million of
bonds on April 7, according to the statement.

SCMP says the deferment is a relief for West Air's parent HNA, one
of China's biggest global asset acquirers to emerge in the past two
decades.  SCMP notes that China's largest private-sector aviation
conglomerate, HNA is under de facto state ward by the local
authorities of Hainan province to trim its debt burden, as the
government tries to prevent its financial collapse from hurting the
broader banking system while the nation's economic growth slows to
its slowest pace in four decades.

HNA agreed in December to sell its stake in West Air for an
undisclosed price to Chongqing Yufu Assets Management Group, a
state-owned company based in the megacity and a minority partner in
the budget carrier, giving Yufu at least 70 per cent of the
airline. The deal, when completed, would give the municipal
authority of Chongqing, with a population of 31 million, its first
hometown carrier, SCMP notes.

HNA's sale to Yufu is a crucial step for the Chongqing municipality
to help repay West Air's debt, said a financial source familiar
with the plan, declining to be named. West Air did not respond to
requests for comment by South China Morning Post.

SCMP notes that West Air is not the sole unit facing financial
problems at HNA.  Hainan Airlines, China's biggest private carrier
and the HNA Group's flagship, has called a meeting of bondholders
on Feb. 10 to delay payments on CNY750 million worth of 270-day,
4.35 per cent notes that mature on April 17.

According to SCMP, the airlines' struggles to repay debt reflect
the wider financial woes faced by China's aviation industry, as the
coronavirus pandemic has forced regulators to ground flights to
deter air travel. The no-fly order has hit the industry hard,
leading to CNY24.6 billion in losses in February alone, of which
CNY21 billion was a direct loss by the country's carriers, SCMP
discloses citing data by the Civil Aviation Administration of China
(CAAC).

Worldwide airlines stand to lose a collective US$252 billion in
passenger revenue in 2020, making it the biggest annual slump in
civil aviation history, according to a forecast by the
International Air Transport Association (IATA), the global industry
guild, SCMP relays.

West Air had CNY12.42 billion in assets as of June 2019, little
changed from a year earlier, while liabilities fell 1.5 per cent to
CNY7.4 billion, SCMP reports citing Wind's data. Its debt-to-asset
ratio fell by 1 percentage point to 59.58 per cent, while gross
profit margin climbed 0.2 percentage point to 11.5 per cent.

China Chengxin International Credit Rating (CCXI) at the end of
March lowered its ratings for West Air to AA- from AA, SCMP adds.

                          About HNA Group

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

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

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


IDEANOMICS INC: Signs Deal to Sell up to $50-Mil. Common Shares
---------------------------------------------------------------
Ideanomics, Inc. entered into a Standby Equity Distribution
Agreement with YA II PN, Ltd. on April 3, 2020. Pursuant to the
SEDA, the Company will be able to sell up to $50,000,000 of its
common stock at the Company's request any time during the 36 months
following the date of the SEDA's entrance into force. The shares
would be purchased at 90% of the market price, which is defined as
the lowest daily volume weighted average price of the Company's
common stock during the five consecutive trading days commencing on
the trading day immediately following the Company's delivery of an
advance notice to YA, and would be subject to certain limitations,
including that YA could not purchase any shares that would result
in it owning more than 4.99% of the Company's common stock.

Pursuant to the SEDA, the Company is required to register all
shares which YA may acquire. The Company shall file with the
Securities and Exchange Commission a prospectus supplement to the
Company's prospectus, dated March 18, 2020, filed as part of the
Company's effective shelf registration statement on Form S-3, File
No. 333- 237251, registering all of the shares of Common Stock that
are to be offered and sold to YA pursuant to the SEDA.

Pursuant to the SEDA, the Company shall use the net proceeds from
any sale of the shares for working capital purposes, including the
repayment of outstanding debt. There are no other restrictions on
future financing transactions. The SEDA does not contain any right
of first refusal, participation rights, penalties or liquidated
damages. The Company did not pay any additional amounts to
reimburse or otherwise compensate YA in connection with the
transaction, except for a commitment fee equivalent to 1,000,000
shares of its common stock to be issued and offered to a subsidiary
of YA, and which shares are also registered pursuant to the
Company's effective shelf registration statement on Form S-3, File
No. 333- 237251.

YA has agreed that neither it nor any of its affiliates shall
engage in any short-selling or hedging of the Company's common
stock during any time prior to the public disclosure of the SEDA.

                           About Ideanomics

Ideanomics -- http://www.ideanomics.com/-- is a global company
focused on facilitating the adoption of commercial electric
vehicles and developing next generation financial services and
Fintech products. Its electric vehicle division, Mobile Energy
Global (MEG) provides financial services and incentives for
commercial fleet operators, including group purchasing discounts
and battery buy-back programs, in order to acquire large-scale
customers with energy needs which are monetized through pre-paid
electricity and EV charging offerings. Ideanomics Capital includes
DBOT ATS and Intelligenta which provide innovative financial
services solutions powered by AI and blockchain. MEG and Ideanomics
Capital provide our global customers and partners with better
efficiencies and technologies and greater access to global markets.
The company is headquartered in New York, NY, and has offices in
Beijing, China.

Ideanomics reported a net loss attributable to common stockholders
of $97.66 million for the year ended Dec. 31, 2019, compared to a
net loss attributable to common stockholders of $28.42 million for
the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had
$126.94 million in total assets, $66.95 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $58.73 million in total equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 16, 2020 citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

Ideanomics received a letter from the Listing Qualifications Staff
of The Nasdaq Stock Market LLC on Jan. 10, 2020, indicating that
the bid price for the Company's common stock for the last 30
consecutive business days had closed below the minimum $1.00 per
share required for continued listing under Nasdaq Listing Rule
5550(a)(2). Under Nasdaq Listing Rule 5810(c)(3)(A), the Company
has been granted a 180 calendar day grace period, or until July 8,
2020, to regain compliance with the minimum bid price requirement.


PEARL HOLDING III: S&P Lowers ICR to to 'CCC+', On Watch Negative
-----------------------------------------------------------------
S&P Global Ratings said it has taken various rating actions on four
China-based auto suppliers as follows:

  -- S&P placed its 'BBB' ratings on Johnson Electric Holdings Ltd.
on CreditWatch with negative implications.

  -- S&P placed its 'BBB-' ratings on Nexteer Automotive Group Ltd.
on CreditWatch with negative implications.

  -- S&P revised its outlook on Yanfeng Global Automotive Interior
Systems Co. Ltd. to negative from stable and affirmed its 'BBB-'
rating on the company.

  -- S&P lowered its ratings on Pearl Holding III Ltd. to 'CCC+'
from 'B-', and placed the ratings on CreditWatch with negative
implications.

S&P expects China's auto demand and production to drop 8% in 2020.
While auto sales and production momentum has started to improve
from March, when the local COVID-19 situation appeared to
stabilize, the speed and magnitude of recovery is still uncertain.
For the U.S. and Europe, S&P anticipates a 15%-20% drop in auto
consumption and production during the year on the expectation that
the pandemic will be under control by mid-year globally.

Weak demand prospects and the production disruption will take a
toll on auto suppliers' margins and cash flows, reducing their
rating buffers. S&P expects a considerable decline in the revenue
and profit of all the four companies this year. The ones with
higher global exposure, such as Johnson Electric and Nexteer, will
be hit harder.

Auto suppliers' financial performance is likely to improve in 2021,
with the global economy and auto sales recovering from the
pandemic. However, S&P believes the risk is tilted toward the
downside given the low visibility.

Environmental, Social, and Governance (ESG) credit factors for the
credit rating changes:

-- The COVID-19 outbreak (temporary production suspension and
supply chain disruption).

Nexteer Automotive Group Ltd.

S&P placed its 'BBB-' long-term issuer credit rating on Nexteer and
'BBB-' long-term issue rating on its senior unsecured notes on
CreditWatch with negative implications because it expects the
fallout of COVID-19 will significantly strain the company's
financial metrics in 2020. This comes after a difficult 2019 mainly
due to the General Motors-United Auto Workers strike and soft auto
sales in China.

Nexteer's China operations are only slowly ramping up given still
weak domestic demand and export delays. And the suspension of
production at the overseas plants of both Nexteer and most of its
auto original equipment manufacturer (OEM) customers since
mid-March will severely hit this U.S.-reliant auto supplier. As
such, S&P estimates Nexteer's revenue might fall by close to 20% in
2020. The company's adjusted EBITDA margin will also weaken further
after a contraction in 2019, as it contends with lower volume, high
fixed cost base, a difficult pricing environment, and additional
spending to manage the supply chain.

S&P said, "On the other hand, we believe Nexteer's net cash
position provides satisfactory liquidity cushion and should help
the company withstand near-term cash burn without additional
borrowings. In a stress scenario where the plant shutdown prolongs
beyond the third quarter of 2020, we believe Nexteer could leverage
on the financial resources of its Chinese state-owned parent, AVIC
Group, for additional liquidity sources."

CREDITWATCH

S&P said, "The CreditWatch placement reflects our view that
Nexteer's credit profile is under significant downward pressure
given the weak global auto demand outlook amid the COVID-19
fallout. We see increasing downside risks to the company's cash
flows and leverage position in 2020 given the rapid deterioration
in industry conditions, especially in relation to demand recovery
and production resumption in North America and Europe.

"We may lower the rating on Nexteer if the company's adjusted
EBITDA margin declines significantly with low likelihood of a
meaningful recovery. This may happen if Nexteer's operations are
disrupted for a prolonged period, or if the global auto demand
turns out to be much weaker than we currently expect. We may also
lower the rating if the company's free operating cash flow stays
negative for a prolonged period.

"We plan to resolve the CreditWatch placement over the next 90
days. The resolution hinges on greater visibility on the
development of the pandemic, the duration of Nexteer's production
suspension, and the impact of these factors on the company's
profitability and cash flows."

Johnson Electric Holdings Ltd.

S&P said, "We placed our 'BBB' long-term issuer credit rating on
Johnson Electric and 'BBB' long-term issue rating on its senior
unsecured notes on CreditWatch with negative implications. We
believe the company will face considerable profitability and
leverage pressure in fiscal 2021 (year ending March 31, 2021)."

Johnson Electric's revenue may see a low teens percentage decline.
The company has evenly distributed exposure across Europe, North
America, and Asia-Pacific (mainly in China). While Johnson
Electric's operations are slowly normalizing in China, the
company's production rates in Europe and North America are very
low. That's given production suspension at its major customers with
an uncertain resumption schedule.

S&P said, "We anticipate Johnson Electric's adjusted EBITDA margin
to shrink by at least 2-3 percentage points in fiscal 2021.
Although the company has taken cost mitigation measures, these are
unlikely to offset the impact from the low utilization rate and a
difficult pricing environment. We hence anticipate its
debt-to-EBITDA ratio to edge up to 1.0x-1.5x in fiscal 2021, from
an estimated 0.7x-0.9x in fiscal 2020.

"Nevertheless, we believe Johnson Electric has ample liquidity to
counter against market adversities. On the assumption that the
company's operations in the Europe and North America will gradually
normalize from May, we estimate the company will burn US$30
million-US$70 million of cash over April to September for working
capital and other operation needs. The company's cash balance and
committed credit facilities can well cover the cash burn and
short-term debt obligation in the next three-to-six months."

CREDITWATCH

S&P said, "The CreditWatch placement reflects our view that Johnson
Electric's credit profile is under significant downward pressure
given the weak demand outlook for the global automotive sector amid
COVID-19. We see increasing downside risks to the company's cash
flows and leverage in fiscal 2021 owing to the rapid deterioration
in industry conditions, especially in relation to the demand
recovery and production resumption in North America and Europe.

"We may lower the ratings on Johnson Electric by one notch if we
believe its debt-to-EBITDA ratio will exceed 1.5x on a sustained
basis, or its EBITDA margin will deteriorate significantly in
fiscal 2021 and is unlikely to recover meaningfully in fiscal 2022.
We may also lower the rating if the company's free operating cash
flow turns negative for a prolonged period.

"We plan to resolve the CreditWatch placement within 90 days after
reviewing Johnson Electric's credit profile based on its fiscal
2020 results, and the development of the pandemic and its strain on
the company's financial performance in fiscal 2021-2022."

Yanfeng Global Automotive Interior Systems Co. Ltd. (YFAI)

S&P said, "We revised our outlook on YFAI to negative from stable
and affirmed our 'BBB-' rating on the company. In our view, the
credit metrics of YFAI and its parent, Huayu Automotive Systems Co.
Ltd. (HASCO), are under considerable downward pressure in 2020,
given the challenging industry conditions. A path to recovery is
highly uncertain, depending on the evolution of the pandemic
globally.

"We anticipate HASCO and YFAI's revenue to decline by low teens in
2020, consistent with our expectation of a 15% decline in global
auto sales. Revenue loss and low utilization rates will compress
HASCO and YFAI's profitability. We estimate the EBITDA margin of
HASCO will drop by 2-3 percentage points in 2020 from an estimated
9.1% in 2019. We expect YFAI's EBITDA margin to drop by 1.5-2
percentage points in the year from 6% in 2019.

"Shrinking EBITDA, potential working capital outflow, and high
capital spending will turn YFAI's free operating cash flow to
negative in 2020 and push up its debt-to-EBITDA ratio toward 1.5x.
On the other hand, we expect HASCO to remain in net cash position,
given its high cash balance and low gross debt.

"While we envisage improving financial performances for both HASCO
and YFAI in 2021, on the back of a moderate auto sales recovery
globally, the risk is tilted toward the downside given the low
visibility."

OUTLOOK

S&P said, "The negative outlook reflects our view that both YFAI
and its parent's financial metrics will be under considerable
downward pressure, given the weak global auto demand outlook amid
the COVID-19 fallout, and the production suspension of YFAI and its
customers in the U.S. and Europe.

"We would lower the rating on YFAI if the auto demand recovery is
much slower than our expectation, such that the company's
debt-to-EBITDA ratio stays above 1.5x and HASCO's adjusted EBITDA
margin falls below 6% for a sustained period.

"We could revise the outlook to stable if YFAI and HASCO restore
their financial strength either due to stronger-than-expected auto
demand recovery or management managing the companies' cost
positions in response to the downturn. An indication is that YFAI's
debt-to-EBITDA ratio stays meaningfully below 1.5x and HASCO's
EBITDA margin improves to almost 8%."

Pearl Holding III Ltd.

S&P said, "We lowered our long-term issuer credit rating on Pearl
and long-term issue rating on its senior secured notes to 'CCC+'
from 'B-'. We also placed both ratings on CreditWatch with negative
implications. In our view, Pearl Holding III Ltd.'s capital
structure is unsustainable, given its thin cash on hand, continual
negative cash flow generation, high coupon repayment obligations,
and limited refinancing channels. We also believe rapidly
deteriorating industry conditions amid the COVID-19 outbreak may
further hinder the company's refinancing prospects and lead to
higher non-payment risk.

"While we expect Pearl to repay the upcoming coupon in June,
Pearl's heavy reliance on external liquidity sources under the
current volatile market conditions increases the company's
non-payment risk. As a small, privately owned enterprise, Pearl's
funding channels will remain narrow, with limited assets available
for further pledge. We believe the company will have difficulty
obtaining new committed credit facilities, especially given its
deteriorating financial performance and the worsening industry
conditions amid the COVID-19 outbreak."

CREDITWATCH

S&P said, "We placed the ratings on Pearl on CreditWatch with
negative implications because we see increased non-payment risk for
the company's debt obligation, given rapidly deteriorating industry
conditions. Weak auto demand amid the COVID-19 outbreak could
significantly reduce Pearl's operating cash flows, deplete its cash
on hand, and hinder its refinancing activities.

"We may lower the ratings on Pearl by one or more notches if we
believe the company is unlikely to come up with any concrete
refinancing plan, or if we believe the likelihood of debt
restructuring has increased.

"We plan to resolve the CreditWatch placement within the next 90
days, after reviewing the company's first-quarter results and its
refinancing progress for its short-term debt maturities and
upcoming coupon payments."


YESTAR HEALTHCARE: Moody's Cuts CFR & Sr. Unsec. Rating to B1
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and senior unsecured rating of Yestar Healthcare Holdings
Company Limited to B1 from Ba3.

The outlook on the ratings remains negative.

RATINGS RATIONALE

"The downgrade and negative outlook reflect its expectation that
Yestar's liquidity and operating performance will weaken over the
next 12-18 months, leaving it vulnerable to operating environment
fluctuations amid its higher funding needs, and positioning it in
the B rating category," says Gerwin Ho, a Moody's Vice President
and Senior Credit Officer.

"Moody's expects its liquidity headroom to narrow due its rising
working capital needs, outstanding payments associated with
previous acquisitions, and USD200 million bond due in September
2021," adds Ho, who is also Moody's Lead Analyst for Yestar.

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

More specifically, Yestar's weakening profitability, modest revenue
scale and high funding needs over the next 12 to 18 months have
left it vulnerable to shifts in market sentiment, given its
sensitivity to consumer demand.

Moody's expects Yestar's working capital needs will rise with the
growth of its In Vitro Diagnostic distribution and service
provision business, given the longer payment terms associated with
this business. The company's medical business, which includes the
higher-margin IVD business, grew 14% to RMB4.4 billion in 2019 when
compared to 2018, accounting for 90% of the company's total
revenues. As a result of its growing IVD business, the company's
accounts receivable days increased to 109 in 2019 from 73 in 2016.

The risk associated with longer receivable days is partially
mitigated by the company's strong credit controls, high exposure to
hospitals and clinics in developed first-tier cities and provinces,
and geographically diverse customer base. The ratio of impaired
accounts receivable has been low, averaging around 1.3% over 2017
to 2019.

At the same time, Moody's expects Yestar's short-term debt will
rise to fund the company's payments associated with its previous
acquisitions. As of December 31, 2019, Yestar's current liabilities
included amounts payable to non-controlling shareholders of its
acquired subsidiaries, who have the option to sell their remaining
interests to Yestar. The amounts payable reached RMB1.4 billion.

Moody's notes that as announced on 15 August 2019, Yestar has no
definitive legally binding agreement or contract detailing the
terms and conditions of the proposed acquisition for the remaining
interests, and that the proposed acquisition is subject to further
negotiation.

On 27 March 2020, Yestar announced that it would acquire a 20%
equity stake in Guangzhou Hongen Medical Diagnostic Technologies
Company Limited, and that its previous obligation to acquire a 30%
equity stake in Hongen had been released. Yestar will pay for its
acquisition of Hongen by transferring the tissue diagnostic
business of its Roche Diagnostic Products distribution operations
in Guangdong, which is valued at RMB77 million. The transaction is
expected to close by the end of 2020. Moody's does not expect this
transfer to significantly affect Yestar's revenues.

However, the company's plans for settling the remaining outstanding
payables remain uncertain. As such, Moody's assumes that Yestar
will start gradually paying down its payments to non-controlling
shareholders of its acquired subsidiaries over time, using internal
resources and short-term bank borrowings.

Yestar's liquidity is weak. Specifically, Moody's expects its cash
to short-term debt, including restricted cash and current lease
liabilities, will decline below 100% at the end of 2020 from 172%
at the end of 2019.

The company's restricted and unrestricted cash of RMB665 million at
December 31, 2019 and operating cashflow over the next 12 months
will be sufficient to cover its short-term debt, estimated payments
associated with its acquisitions, and investment needs over the
next 12 months.

However, Moody's expects Yestar's liquidity headroom will narrow
significantly over the next 12 months on the back of its USD200
million bond due on 15 September 2021.

Nonetheless, the company has demonstrated a track record of access
to diversified funding channels, including USD bonds and public
equity financing, as evidenced by its issuance of new shares to
FUJIFILM Holdings Corporation (A2 stable) in December 2018, and
also as evidenced by its repayment flexibility in its
acquisition-related payments.

Nevertheless, any further weakening in its liquidity position or
inability to prefund meaningfully ahead of its USD bond maturity
will pressure its rating.

Yestar's B1 corporate family rating reflects the company's solid
position in the distribution of medical consumable products in
China and strong and sustainable partnership with leading global
companies including Roche Holding AG (Aa3 positive) and FUJIFILM
Holdings Corporation (A2 stable).

Although Yestar's partnership with Roche only began in 2014, the
company has demonstrated its ability to cultivate strategic
long-term supplier relationships, such as its relationship with
FUJIFILM since 2001. FUJIFIM held a 9.7% stake in Yestar as of 30
June 2019.

Yestar's revenue grew 10% to RMB4.9 billion in 2019 when compared
to 2018, driven by growth in its medical business, which was
supported by an increase in market share in lower tier hospitals in
its existing network and an expansion in geographical coverage.

At the end of 2019, Yestar had a medical consumable distribution
network covering four first-tier cities and eight provinces in
China, up from four first-tier cities and seven provinces at the
end of 2018.

Moody's expects Yestar's revenue to grow modestly at 2% over the
next 12 months. The rise reflects the continued growth in demand
for medical consumable products in China, which partially offsets
the adverse impact of the coronavirus outbreak on patient traffic
at hospitals, in particular in the first quarter of 2020, and the
weakening demand in non-medical business.

Yestar's leverage, as measured by adjusted debt/EBITDA, was stable
at about 2.1x in 2019 compared with 2.1x in 2018, as its EBITDA
rose in line with adjusted debt, which reached about RMB1.9 billion
at the end of 2019.

Moody's expects Yestar's leverage will rise to about 2.6x in the
next 12-18 months, which reflects Moody's expectation for lower
EBITDA resulting from slower revenue growth and margin contraction,
as well as a rise in debt level to fund its business growth and
payments associated with its acquisitions.

At the same time, Yestar's rating is constrained by its modest
size, high supplier concentration and sizeable funding needs
associated with its acquisitions.

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

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 Yestar of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

From a governance perspective, Yestar's ownership is concentrated
in a small number of shareholders, including its chairman and CEO
who had also pledged a portion of his shares. Management had also
adopted an acquisition-driven growth strategy. This situation is
partially mitigated by Yestar's status as a listed and regulated
entity and track record of maintaining sound corporate governance.

Yestar's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. This is
because creditors at the holding company benefit from cash flow
generation across a number of operating subsidiaries, mitigating
structural subordination risk.

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

The ratings outlook could return to stable if (1) Yestar improves
its liquidity over the next 12-18 months, (2) it stabilizes its
working capital cycle as it pursues business growth, and (3) it
uses long-term -- rather than short-term -- funding to address its
financing needs.

Financial metrics that Moody's would consider for a change in the
outlook to stable include Yestar's cash to short-term debt reaching
above 2.0x over the next 12-18 months.

Downward ratings pressure could emerge if (1) Yestar fails to
improve its liquidity position, in particular with respect to
making progress on pre-funding its upcoming USD200 million bond due
in September 2021; (2) its operating performance deteriorates; (3)
it pursues a more aggressive financial management policy, or (4) it
fails to maintain sound corporate governance.

Credit metrics indicative of downward rating pressure include
Yestar's adjusted debt/EBITDA rising above 3.5x or cash to
short-term falling debt below 1x on a sustained basis.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

Headquartered in Shanghai and listed on the Hong Kong Stock
Exchange since October 2013, Yestar Healthcare Holdings Company
Limited is one of the largest distributors of Roche Holding AG's
(Aa3 positive) diagnostics products in China and is also a leading
distributor of FUJIFILM Holdings Corporation's (A2 stable) film
products in the country.


YUZHOU PROPERTIES: Moody's Places Ba3 CFR on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade Yuzhou
Properties Company Limited's Ba3 corporate family rating and B1
senior unsecured debt ratings.

The outlook was changed to ratings under review from stable.

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

"The review for downgrade of Yuzhou's ratings reflects its concerns
over the company's ability to improve its credit metrics to levels
appropriate for its Ba3 CFR amid weakening economic conditions,
given the company's continued debt growth to fund its business
expansion," says Celine Yang, a Moody's Assistant Vice President
and Analyst.

Moody's expects the company's leverage, as measured by
revenue/adjusted debt, will trend towards 45%-50% over the next
12-18 months. At the same time, its interest coverage, as measured
by adjusted EBIT/interest, will likely gradually improve to 2.5x
over the next 12-18 months as the company recognizes more pre-sold
properties. However, Yuzhou's credit metrics remain weak for its
Ba3 CFR, even after taking into consideration the increasing
contribution from its joint-venture and associates companies, which
are not consolidated into its financials.

Yuzhou's leverage weakened to 35.8% in 2019 from 44.6% in 2018, due
to its continued debt-funded growth and a slight decline in
recognized revenue. At the same time, its EBIT/interest weakened to
2.0x from 3.0x during the same period, driven by higher debt and an
approximate 4.5 percentage point decline in its gross margin.

Moody's review will focus on (1) Yuzhou's willingness and ability
to deleverage, (2) its ability to maintain sales growth and improve
revenue recognition; (3) its ability to maintain good liquidity to
address its maturing debt in the coming 12-18 months, including
puttable bonds.

An upgrade is unlikely given the review for downgrade.

However, the ratings could be confirmed if Yuzhou (1) maintains
good liquidity, (2) executes its contracted sales growth while
maintaining stable margins, and (3) improves its credit metrics,
with revenue/adjusted debt trending to 60%-65% and EBIT/interest
coverage exceeding 2.5x-3.0x on a sustained basis.

A material reduction in contingent liabilities associated with
joint ventures, or lower risks of providing funding support to
joint ventures could also be positive to the ratings. This could be
a result of reduced usage of joint ventures or material improvement
in the financial strengths of its joint venture projects.

Moody's could downgrade the rating if its contracted sales growth,
liquidity, profit margin or credit metrics weaken. Credit metrics
indicative of a downgrade include (1) cash/short-term debt below
1.5x, (2) EBIT interest coverage below 2.5x, and (3)
revenue/adjusted debt failing to trend back to 60%, all on a
sustained basis.

Moody's could also downgrade the rating if the company's contingent
liabilities associated with joint ventures increase materially, or
if there is a heightened risk that it will need to provide funding
support to joint ventures. This could be the result of a material
deterioration in the financial strengths and liquidity of its joint
venture projects or a substantial increase in investment in new
joint venture projects.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the concentrated ownership in its
controlling shareholder, Mr. Lam Lung On, who held a 57.38% stake
in the company as of December 31, 2019 and Yuzhou's relatively high
dividend payout ratio of 46.8% in 2019 compared to 35%-36.5% in the
previous four years.

Yuzhou's CFR also takes into consideration the presence of internal
governance structures and disclosure standards, as required under
the Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange. The company has three special committees; the Audit
Committee, the Remuneration Committee and the Nomination
Committees, which are all chaired by an independent non-executive
director.

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

Yuzhou Properties Company Limited is a property developer that
focuses on residential housing in the Yangtze River Delta and the
West Strait Economic Zone. Established in Xiamen in the mid-1990s,
Yuzhou is one of the city's largest developers. The company moved
its headquarters to Shanghai in 2016.

Yuzhou listed its shares on the Hong Kong Stock Exchange in 2009.
At December 31, 2019, Yuzhou's land bank totaled 20.12 million
square meters in saleable gross floor area.




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

CATHAY PACIFIC: Egan-Jones Lowers Senior Unsecured Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Ltd to BB- from BB+.

Cathay Pacific Airways Ltd., also known as Cathay Pacific or
Cathay, is the flag carrier of Hong Kong, with its head office and
main hub located at Hong Kong International Airport.


CITIC RESOURCES: Moody's Alters Outlook on Ba2 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of CITIC Resources Holdings Limited.

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

RATINGS RATIONALE

"The negative outlook reflects its expectation that CITIC
Resources' EBITDA and cash flow will take a hit from the low oil
and commodity prices over the next 12 months, in turn weakening its
credit metrics," says Chenyi Lu, a Moody's Vice President and
Senior Credit Officer, and the International Lead Analyst for CITIC
Resources.

Moody's expects oil prices to average $40-$45 per barrel in 2020
and $50-$55 per barrel in 2021. Under these prices, the company's
adjusted debt/EBITDA will rise to 9.7x by the end of 2020, which is
high for its current standalone credit strength.

"Nevertheless, its affirmation of the CFR reflects CITIC Resources'
strong liquidity position, track record of reducing debt over the
last two years, and its plans to suspend dividend payments, contain
capital expenditures and control operating costs in 2020," says Jin
Wu, a Moody's Vice President and Senior Credit Officer, and also
the Local Market Lead Analyst for CITIC Resources.

The company's cash balance/short-term debt registered a still
healthy 1.36x at the end of December 2019. Moreover, the company
has stable debt funding, because 75.8% of its borrowings were
provided by CITIC Limited (A3 stable), a key shareholder.

CITIC Resources' Ba2 corporate family rating reflects its
standalone credit profile and a three-notch uplift based on Moody's
assessment of a high likelihood of extraordinary support from its
parent CITIC Group Corporation (CITIC Group, A3 stable) in times of
financial stress.

Moody's support assessment considers (1) CITIC Resources' role
within CITIC Group as the overseas platform for natural resource
acquisitions and development; (2) the high reputational risk for
CITIC Group if CITIC Resources were to default; and (3) the track
record of parental support, as demonstrated by the $500 million
shareholder loan granted to the company in 2017.

CITIC Resources' standalone credit profile also reflects (1) its
production track record at its Karazhanbas oil field; (2) its
moderately diversified portfolio of resources, including oil, coal
and other metals; and (3) the financial and liquidity management
oversighted by its state-owned shareholder.

On the other hand, its standalone credit profile is constrained by
(1) its small scale in the oil exploration and production (E&P)
sectors; (2) its exposure to the volatility in oil, coal and metal
prices; and (3) its modest credit metrics.

In terms of environmental, social and governance (ESG) factors,
CITIC Resources' main oil and gas E&P operations are exposed to
elevated carbon transition risk over the long term. However, the
company supplies oil and gas products to China, a large-scale
economy with sustained demand for oil and gas.

In addition, the company's good track record of operating in the
oil and gas E&P sector has limited accidents and environmental
hazards.

CITIC Resources demonstrates reasonable transparency in its
information disclosure and has a seven-member board of directors
with three independent non-executive directors, in accordance with
the listing requirements of the Hong Kong Stock Exchange. Moreover,
the company is supervised by its state-owned parent, which reports
to the State Council of China through the Ministry of Finance.

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

Given the negative outlook, an upgrade of the company's CFR is
unlikely. However, the rating outlook could return to stable if
CITIC Resources reduces its debt/EBITDA to 6.5x on a sustained
basis and maintains strong liquidity.

On the other hand, downward rating pressure could emerge if (1)
parental support for the company weakens; or (2) the company's debt
leverage remains elevated and is unlikely to trend towards
debt/EBITDA 6.5x over a prolonged period.

The principal methodology used in this rating was Independent
Exploration and Production Industry published in May 2017.

CITIC Resources Holdings Limited is an energy and natural resources
investment holding company, with interests in aluminum smelting;
coal; import and the export of commodities; manganese; and bauxite
mining and alumina refining. It also has interests in the
exploration, development and production of oil. The company serves
as the principal natural resources and energy arm of its parent,
CITIC Group.


SPI ENERGY: Appoints Dongying's Zhang Jing to Board of Directors
----------------------------------------------------------------
SPI Energy Co., Ltd. has appointed Mr. Zhang Jing to its board of
directors to replace Mr. Zhou Lang, who resigned as a director of
the Company on March 28, 2020. Mr. Lang has been engaged by SPI
Energy as a technology consultant, to advise the Company on its
solar business.

Mr. Jing has served as a director of Hong Kong Dongying Financial
Group since 2012, where he manages the group's private equity
operations. He has also been an independent director of New City
Construction Development Group Co., Ltd. and China International
Capital Corporation since 2012. He served as a deputy general
manager of China Yituo Group Co., Ltd. and a director and chief
financial officer of First Tractor Co., Ltd. from 1997 to 2007. Mr.
Zhang Jing received the Master degree in Management Engineering
from Jiangsu University.

                      About SPI Energy Co., Ltd.

SPI Energy -- http://www.spigroups.com-- is a global provider of
photovoltaic solutions for business, residential, government and
utility customers, and investors. The Company develops solar PV
projects that are either sold to third party operators or owned and
operated by the Company for selling of electricity to the grid in
multiple countries in Asia, North America and Europe. The Company's
subsidiary in Australia primarily sells solar PV components to
retail customers and solar project developers. The Company has its
operating headquarter in Hong Kong and its U.S. office in Santa
Clara, California. The Company maintains global operations in Asia,
Europe, North America, and Australia.

SPI Energy reported a net loss attributable to shareholders of the
Company of $12.28 million for the year ended Dec. 31, 2018,
compared to a net loss attributable to shareholders of the Company
of $91.08 million for the year ended Dec. 31, 2017. As of Dec. 31,
2018, SPI Energy had $188.73 million in total assets, $188.7
million in total liabilities, and $70,000 in total equity.

Marcum Bernstein & Pinchuk LLP, in Beijing, China, the Company's
auditor since 2018, issued a "going concern" opinion in its report
dated April 30, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a significant working capital deficiency, has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.




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

A2Z INFRASERVICES: CARE Assigns 'D' Rating to INR10.63cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of A2Z
Infraservices Ltd (AZIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank
   Facilities             10.63      CARE D Assigned

   Long Term Bank
   Facilities             37.29      CARE C; Stable Reaffirmed

   Short Term Bank
   Facilities             26.72      CARE A4 Assigned


Detailed Rationale & Key Rating Drivers

The rating assigned to the long term facilities (term loan) of
INR10.63cr takes into account the ongoing delays in debt servicing.
Further, rating continues to be constrained by its weak financial
risk profile, intense competition and dependency on availability of
manpower. However, rating derives strength from AZIL's experienced
promoter, its geographically diversified operations.

Positive Sensitivity

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

Key rating weakness

* Weak financial risk profile: AZIL's financial risk profile stood
weak on account of huge term loan repayment due:
Although the overall gearing of the company has improved
marginally to 0.83x as on March 31, 2019 as against 1.06x as on
March 31, 2018, mainly on account of repayment of the term debt
during and lower working capital utilizations during FY19 (refers
to the period from April 01 to March 31). The same resulted in
improvement in total debt to gross cash accruals to 7.48x as on
March 31, 2019 as against 9.89x as on March 31, 2018.

* Intense Competition:  Company operates in a highly fragmented
industry marked by the presence of a large number of players in the
organized and unorganized sector. Small and medium sized
unorganized players with few clients and services dominate the
market. International players have also entered the Indian market
to tap the growing opportunity which makes the market even more
competitive.

* Dependence on availability of manpower and high attrition:
AZIL's services are totally dependent on availability of the
requisite manpower. To meet the increasing need of the manpower,
the company recruits through references from its existing
employees. The company recruits semi-skilled or unskilled labour
and provides them training. The prominent concern for the company
is employee attrition as majority of the laborers are
unskilled/semi-skilled and belonging to generally daily/weekly wage
type category.

Key Rating Strengths

* Experienced promoter group:  The company is a part of the A2Z
group, which includes multiple entities providing Engineering
Procurement and Construction for power transmission & distribution
Lines, facility management services, renewable energy generation,
and Municipal Solid Waste (MSW) management services etc.

* Geographically diversified operations and reputed customer base:
AZIL has a pan-India presence with offices in 13 locations
including Bangalore, Chennai, Hyderabad, Kolkata, Bhubaneshwar,
Delhi, Noida, Pune, Ahmedabad, Mumbai, Punjab, Coimbatore and
Indore. Its major customers include the Indian Railways, Integral
Coach Factory, Society of Integrated Coastal Management, GMR (Delhi
International Airport, T-3), Tata Consultancy services, Delhi Metro
Rail Corporation.

Liquidity analysis: Poor

There are on-going delays in servicing of debt obligation of term
loan facility availed from YES Bank as per banker's feedback. The
liquidity profile of the company stood weak as reflected by
elongated operating cycle at 22 days in FY19 as against 44 days for
FY18, mainly due to high collection period of 106 days in FY19.
AZIL's average fund based working capital utilization
remains high.

A2Z Infraservices Ltd (AZIL), a wholly owned subsidiary of A2Z
Infra Engineering Limited (AIEL) (erstwhile A2Z Maintenance and
Engineering Services Ltd) (rated CARE D; INC) was initially
incorporated in April 2008 as A2Z Facilities Management Services
Private Limited. The company was incorporated with the objective of
taking over the Facility Management Services (FMS) business of
AIEL. AZIL is engaged in providing facility management, security
management and property management services such as housekeeping
services, security services, operations and maintenance (O&M),
cleaning services etc.


BHARAT AGRO: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bharat Agro
Product (BAP) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            4.7      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     3.3      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BAP for obtaining
information through letters and emails dated December 31, 2019,
March 13, 2020 and March 18, 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 BAP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BAP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

BAP has setup a green field project for manufacturing of rice
flakes (Poha). The firm has commenced operation from April, 2018.


BSCPL AURANG: CARE Reaffirms 'D' Rating on INR826.96cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of BSCPL
Aurang Tollway Limited (BATL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      826.96       CARE D Reaffirmed
   Facilities         

Detailed Rationale & Key Rating Drivers

The reaffirmation in the ratings assigned to the bank facilities of
BATL is primarily due to continued delays in the company's ability
to meet debt obligations accruing, owing to cash flow mismatch.

Rating Sensitivities:

Positive Factors:

* Regularization of debt and continuous delay free track record for
at least 90 days.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Cash flow mismatch and stretched liquidity, resulting in ongoing
delays in debt servicing:  The company's TOI has been relatively
stable during FY19 at INR114.93 crore (INR119.70 crore in FY18)
despite achieving COD on November 17, 2018. However, the same has
been on the lower side vis-à-vis what was envisaged at the time of
market survey. Consequently, coupled with higher interest cost, the
company reported net loss of INRINR 106.23 crore in FY19 (INR105.23
crore in FY18). Owing to lower than envisaged toll collection,
there has been a cash flow mismatch resulting in delays in
servicing of debt obligations.

* Inherent revenue risk associated with toll-based road projects:
With major part of cash outlay being fixed in nature in the form of
payments to the concession authority, committed maintenance cost
and interest rates; cash flows of toll based projects are
inherently sensitive to traffic growth, traffic composition,
traffic diversion to any alternative routes, interest rate changes
etc.

* Absence of fixed MM agreement:  The company proposes to undertake
Major maintenance (MM) once in every 5 years and the same is
expected to be spread over 3 years owing to the length of the
stretch. The company has not created Major Maintenance Reserve
(MMR) as stipulated from year of commencement of operations. Due to
the absence of fixed price major maintenance contracts, the project
company is exposed to risks arising from price variation with
respect to the key raw materials.

* Interest rate risk:  The cash flows of BATL shall remain exposed
to variations in interest rate on the project debt as the loans are
subject to interest rate resets. As a result, steep increases in
the interest rate will subject the SPV to cash flow risk.

Key Rating Strengths

* Experienced promoters:  BATL is as SPV, promoted by BSCPL
Infrastructure Limited (BSCPL) which currently holds 100% stake in
the company. BSCPL is engaged in various infrastructure segments
such as roads, bridges, irrigation projects, airports, real estate
and Hydro power plants projects for over 3 decades.

* Fixed-price & Fixed-time construction contract with reputed EPC
player:  BATL has entered into a fixed-time fixed-price EPC
agreement with BSCPL. BSCPL has considerable experience in
execution of roads and bridges. Given that BSCPL has considerable
experience in road works along with fixed price fixed-time
contract, the construction risk has been mitigated to a large
extent.

* Favorable route albeit presence of alternate routes:  The 150.40
km length project road stretch falls in the districts of Raipur and
Mahasamund in Chhattisgarh state. The project road passes through
Burnwarpura sanctuary which is one of the major tourist
attractions. The settlements of Saraipali, Basna, Pithora, Patewa
and Tumgaon lie along the project corridor. However, the existence
of alternate routes is a significant risk factor associated with
the project which has led to diversion of traffic resulting in
lower toll collection. On the project road there are 3 alternative
routes available to avoid the proposed toll plazas.

* Presence of fixed price O&M agreement with a reputed EPC player:
As per the CA, the company is mandated to undertake routine as well
as periodic maintenance of the stretch in line with NHAI standards.
The company has entered into fixed O & M contract with BSCPL as per
the agreement dated May 2, 2016 for a fixed price. Comfort is
derived from the same.

BSCPL Aurang Tollway Limited (BATL) is a Special Purpose Vehicle
(SPV) incorporated in September 2011 by BSCPL Infrastructure
Limited (BSCPL) and BSCPL Infra Projects Limited (BIPL), which
currently holds 99% and 1% stake in the company respectively. The
project was awarded for Design Engineering, Finance, Construction,
Operation and Maintenance of Orissa Border to Aurang section
(Chhattisgarh) from KM 88.50 to KM 238.90 of NH 6 (now renamed as
NH53) in the state of Chhattisgarh under National Highway
Development Programme (NHDP) Phase IIIA on Build, Operate and
Transfer (Toll) basis (Project) by National Highways Authority of
India (NHAI).


CARDIO FITNESS: CRISIL Migrates D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Cardio Fitness
India Private Limited (CFPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           8.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Foreign Exchange      3.32      CRISIL D (ISSUER NOT
   Forward                         COOPERATING; Rating Migrated)

   Letter of Credit      4.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    1.68      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CFPL for obtaining
information through letters and emails dated March 2, 2020 and
March 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 CFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

CFPL was set up by Mr Deepak Dewan in New Delhi in 1995. The
company offers a range of cardio- and strength-training products
and support services. Its products include computerized treadmills,
cross-trainers, and steppers.


D.R. THANGAMAALIGAI: CRISIL Moves B+ Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of D.R.
Thangamaaligai (DRT) to 'CRISIL B+/Stable Issuer not cooperating'.

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

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

CRISIL has been consistently following up with DRT for obtaining
information through letters and emails dated March 2, 2020 and
March 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 DRT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DRT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

DRT was set up in 2014 as a sole proprietorship firm by Mr. D
Rajappa. The firm, based in Chennai (Tamil Nadu) is engaged in gold
jewellery retailing. The daily operations of the firm are managed
by Mr. D Rajappa.


DAKSHIN ODISHA: CARE Reaffirms D Rating on INR163cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Dakshin Odisha Urja Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities           163.00     CARE D Reaffirmed


Detailed Rationale & Key Rating Drivers

The reaffirmation of the rating assigned to the bank facilities of
Dakshin Odisha takes into account the continuing delays in the
servicing of debt obligations by the company. The delays in the
servicing of debt obligations by the company are on account of
non-payment of additional interest charged by the lender due to
non-perfection of security.

Rating Sensitivities

Positive Factors

  * Perfection of security and payment/waiver of penal interest.

  * Creation of DSRA.

  * Revision in tariff upward to around original tariff of
    INR4.43 per unit

  * Improvement in the financial risk profile of promoter (i.e.
    Essel Green Energy Private Limited)

Detailed description of the key rating drivers

* Delays in servicing of debt obligations:  The company has
delayed the payment of additional interest being charged by the
lender due to non-perfection of security. As confirmed by the
banker, the said additional interest is being accrued and not paid
by the company. As on March 31, 2019, the interest of INR0.52 crore
is accrued and due on borrowings.

* Weak financial risk profile of promoters:  Essel Green Energy
Private Limited (EGEPL, rated CARE D/Issuer Not Cooperating) is the
promoter company of Dakshin Odisha Urja Private Limited (DOUPL)
operating solar PV project of capacity 40 MW in Bargarh District of
Odisha through DOUPL. EGEPL, promoted by Essel Infraprojects
Limited (EIL, rated CARE D/Issuer Not Cooperating), is the holding
company for the solar portfolio of the Essel Group, and also
provides O&M services to the projects owned by the Essel Group. EIL
had losses to the tune of INR198 crore in the year FY19. The
company is also monetizing its solar portfolio to reduce debt at
the holding company level.

Liquidity Position: Stretched

Liquidity position of DOUPL is stretched as current ratio of the
company stood at 0.18 times as on March 31, 2019 and the cash and
bank balance stood at INR1.38 crore as on December 31, 2019.

Dakshin Odisha Urja Private Limited is a Special purpose vehicle
(SPV) of Essel Green Energy Private Limited (EGEPL, rated CARE C
(CE)/Issuer Not Cooperating) and is developing solar PV project of
total capacity 40 MW in Bargarh District of Odisha. The Power
Purchase Agreement (PPA) has been executed between DOUPL and Solar
Energy Corporation of India Limited (SECI) for the purchase of
solar power for a period of 25 years at a tariff of INR4.43 per
unit which has been revised to INR3.74 per Kwh due to delay in
commissioning.


DOLAGURI TEA: CRISIL Migrates B+ Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of The Dolaguri
Tea Co Private Limited (DTCPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.5       CRISIL B+/Stable (ISSUER NOT  
                                    COOPERATING; Rating Migrated)

   Long Term Loan         2         CRISIL B+/Stable (ISSUER NOT  
                                    COOPERATING; Rating Migrated)

   Standby Line of        0.5       CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DTCPL for obtaining
information through letters and emails dated March 2, 2020 and
March 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 DTCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DTCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

DTCPL processes Assam CTC (crush-tear-curl) tea. The company
acquired the defunct pabhodan tea estate in 2010 and has since been
undertaking uprooting and plantation activities. It also set up a
bought-leaf factory, which started commercial production in May
2013. Presently the company is managed by Mr Nippon Kumar
Talukdar.


IL&FS SECURITIES: CARE Reaffirms 'D' Rating on INR525cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of IL&FS
Securities Services Limited (ISSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Bank facilities
   (non-fund based)       525        CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of rating of bank facilities of ISSL takes into
account continued instances of irregularities in servicing of debt
by the company. Earlier in August, 2019, CARE had revised the
ratings of ISSL to 'CARE D' on account of stretched liquidity
position of the company resulting in the company defaulting on its
payment obligations towards its trading members following inability
to find resolution related to certain disputed trades. ISSL's
inability to make payments led to disabling of the trading terminal
by the stock exchange and invocation of guarantee by the
exchange clearing house. The non-fund based facilities have now got
converted into fund based and continue to be out of order.

Rating Sensitivities

Positive Factors

Timely servicing of debt for a period of three consecutive months

Negative Factors. Not applicable

Liquidity: Poor

The liquidity profile of the company is severely constrained
leading to the company continuing to default on its debt
obligations.

Analytical approach: CARE has taken a view based on the standalone
financial profile of ISSL, factoring in the parentage and
operational linkages with IL&FS Ltd.

ISSL, incorporated in July 2006, is a subsidiary of Infrastructure
Leasing & Financial Services Limited (IL&FS), rated ['CARE D']
which currently holds a stake of 81.24% in the company. It was a
Strategic Business Unit of IL&FS offering Securities & Transaction
advisory services before it was hived off as a separate company in
FY 2007. The other shareholders are IL&FS Employee Welfare Trust
(9.01%), Orix Corporation, Japan (4.75%) and a private equity fund,
Croupier Prive Mauritius (5.00%). ISSL is a Professional Clearing
Member (PCM) for the equity derivatives and currency derivatives
segment on various exchanges like BSE, NSE and MSX. It also offers
capital market services like custodial services, depository
services, transaction processing, back office for loan against
shares and other back office services. ISSL does the origination
for loan against shares business but the business is booked in a
group company, IL&FS Financial Services Limited (IFIN) rated ['CARE
D'].


INTEGRATED WEAVING: CRISIL Moves 'B+' Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Integrated
Weaving India Private Limited (IWIPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Term Loan     9.8      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              5.2      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with IWIPL for obtaining
information through letters and emails dated March 2, 2020 and
March 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 IWIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IWIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2016, IWIPL is based in Tamil Nadu. Mr
Krishnakumar, Mr Arun and Mr Mohan Kumar are the promoters. The
company manufactures viscose yarn and exclusively undertakes job
work for Lucky Yarn.


JAIPRAKASH ASSOCIATES: CARE Reaffirms 'D' Ratings on Loans
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jaiprakash Associates Ltd (JAL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank     21,244.97      CARE D Reaffirmed
   Facilities         

   Short-term Bank     2,513.00      CARE D Reaffirmed
   Facilities          

   Long-term/Short-    5,457.23      CARE D/CARE D Reaffirmed
   term Bank
   Facilities          

   Long-term Non-      1,438.23      CARE D Reaffirmed
   Convertible
   Debentures
   (aggregate) IV,
   VIII, X, XII,
   XIII               

Detailed Rationale & Key Rating Drivers

The ratings of the bank facilities and instruments of JAL continue
to factor in delays in debt servicing by the company due to its
weak liquidity.

Rating Sensitivities:

Positive Factors:

* Timely track record of debt servicing by the company for
continuous 3 months

* Sustainable improvement in the financial and business performance
of the company

Detailed description of the key rating drivers

Weak financial performance in FY19: During FY19 (standalone), the
company reported loss of INR773.50 crore on total operating income
of INR6976.41 crore as against profit of INR351.71 crore on total
operating income of INR5847.04 crore during FY18. Major portion of
revenue was booked on account of sale of land under Debt Asset Swap
with lenders. On account of deterioration in the company's
financial performance over the past few years and delay in receipt
of funds through sale of assets, the liquidity position of the
company has continued to remain weak, leading to ongoing delays in
debt servicing.

Approved restructuring exercise of debt: The lenders have approved
a deep restructuring of the company's debt in Joint lender's forum
dated 22.06.17 with the cut-off date being 30.09.16 for the
outstanding amount of debt in JAL (including JCCL) as on 30th
September, 2016 of INR31,646 Cr (JAL INR29,037 Cr. and JCCL
INR2,609 Cr respectively). With an objective to make debt
sustainable, the total debt has been classified into 2 buckets-
Bucket 1, consisting of debt already transferred to UTCL (Ultra
Tech Cement Ltd) of INR11,689 crore, while bucket 2A, consisting of
the amount of residual debt to be retained in JAL (INR6,367 crore)
and bucket 2B, to be transferred to a new SPV (a specified Real
Estate undertaking of JAL) of INR13,590 crore. Debt in bucket 2A is
being retained in JAL and would be serviced as per the restructured
terms. For the debt in bucket 2B, proposed to be transferred to
Jaypee Infrastructure Development Limited (JIDL) upon approval of
Scheme of arrangement by Hon'ble NCLT, Allahabad, Optionally
convertible debentures (OCDs) shall be issued by JIDL for a tenor
of 20 years, with redemption in 5 years commencing from the 16th
year. The restructuring exercise is yet to be fully concluded.
Master Restructuring Agreement (MRA) dated Oct 31, 2017 has been
executed by lenders for sustainable portion of debt and since Q4
FY18, JAL has started servicing of debt under Bucket 2A as per the
above restructuring plan.

For Bucket 2B, NCLT approval is still awaited. Since the
restructuring exercise has not been fully executed, the rated debt
amounts are considered prior to giving the effect of
restructuring.

Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.


JAYPEE INFRATECH: CARE Reaffirms D Rating on INR6,550cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jaypee Infratech Limited (JIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities           6,550      CARE D Reaffirmed

   NonConvertible
   Debentures             211.95   CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities and instruments of JIL
continue to factor in delays in debt servicing by the company due
to its weak financial performance and stretched liquidity
position.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Weak financial performance and stretched liquidity position:  The
liquidity position of the company continues to remain weak on
account of weak financial performance, leading to ongoing delays in
debt servicing.

JIL is a special purpose vehicle promoted by Jaiprakash Associates
Ltd (JAL, rated 'CARE D'), holding 60.98% stake as on December 31,
2019, to develop and operate a 165-km six-lane (extendable to eight
lanes) access-controlled toll expressway between Noida and Agra in
Uttar Pradesh (E'way project). The E'way project achieved
Commercial Operations Date (COD) and commenced toll collection in
August 2012, post receipt of substantial completion certificate.
Also, JIL has been granted rights by Yamuna Expressway Development
Authority (YEDA), a state government undertaking, for the
development of approximately 6,175 acres of land (443.30 mn sq ft
of real estate) along expressway in five different parcels in Uttar
Pradesh for residential, commercial, amusement, industrial and
institutional development. The land for real estate development is
provided on 90-year lease.

On account slowdown in real estate sales and high debt levels, the
company's financial performance in FY19 (refers to the period April
01 to March 31) was weak, resulting in weak liquidity position and
ongoing delays in debt servicing as discussed with the company and
confirmed with bankers. The company is currently under the
Corporate Insolvency Resolution Process by virtue of the order
dated August 9, 2017 of National Company Law Tribunal (NCLT),
Allahabad Bench Mr. Anuj Jain as Interim Resolution Professional
(IRP). Recently the NCLT in its order declared a PSU viz. NBCC Ltd
as successful bidder to take over the assets of Jaypee Infratech
Limited.


JOSEPH VELUPUZHAKKAL: CRISIL Moves B Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Joseph
Velupuzhakkal (JV) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         2        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            8        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JV for obtaining
information through letters and emails dated March 2, 2020 and
March 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 JV, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JV is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of JV to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 1985, JV undertakes roads and irrigation projects in
Kannur for the various departments of Kerala and Karnataka state
governments.


KASI ANNAPURNESWARI: CRISIL Keeps 'B+' Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Kasi
Annapurneswari Kamat Hotels Private Limited (Sri) continues to be
'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            .4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        7.0        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    2.6        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Sri Kasi Annapurneswari Kamat Hotels Pvt Ltd (Sri Kasi) was
established in April 2015 for the purpose of operating and running
a chain of restaurants and parcel counters in Vijayawada. Mr. Sri
S.Subba Raju and family manage the operations of the company.


MAHAVIR STHAN: CRISIL Lowers Rating on INR4cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shri Mahavir
Sthan Nyas Samiti (SMSNS) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     1         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              8         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

SMSNS, formerly Mahavir Mandir Trust, is registered as a trust
under Bihar State Board of Religious Trusts. It is managed by Mr
Kishore Kunal. The trust monitors working and development of
Mahavir Mandir (MM) in Patna, Bihar. MM collects donations, and
generates surplus from sale of ladoos. It also funds philanthropic
works of three healthcare facilities'Mahavir Cancer Sansthan,
Mahavir Vaatsalya Aspatal, and Mahavir Arogya Sansthan-in Patna.


NANDHRA ENGINEERING: CARE Cuts Rating on INR48.45cr Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nandhra Engineering and Construction (SPV) Private Limited (NEC),
as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         48.45      CARE B; Stable; Issuer Not
   Facilities                        Cooperating, Revised from
                                     CARE BB-; Stable on the basis
                                     of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NEC to monitor the rating
vide e-mail communications/letters dated February 3, 2020, February
5, 2020, February 6, 2020, February 6, 2020, February 7, 2020,
February 10, 2020, February 13, 2020, February 19, 2020, February
21, 2020, February 28, 2020 and numerous phone calls. However,
despite our repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on Nandhra
Engineering and Construction (SPV) Private Limited's bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

The rating has been revised on account of delay in financial
closure for the project. The rating further continues to be
constrained by the project execution risk and Operations and
Maintenance risk. The rating however, derives strength from the
inherent strengths of the hybrid annuity model (HAM) based road
projects and credit quality of the underlying annuity receivables
from PWD, GoM.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project execution risk with delay in financial closure: NEC is
exposed to inherent construction risk attached to the BOT road
projects as the project is in nascent stage of construction. The
company signed the concession agreement on February 06, 2019 and
achieved appointed date from PWD, GoM on March 25, 2019. As per the
earlier estimates provided, the project was scheduled to be
completed within 730 days from the appointment date (March 25,
2019) i.e. March 24, 2021, at a total project cost of INR189.00
crore funded through debt of INR39 crore, construction grant from
PWD, GoM of INR113.40 crore and balance through promoter's
contribution of INR36.60 Crore. However, the project is yet to
achieve financial closure. O&M risk associated with the project:
Although inflation indexed O&M annuity partly mitigates O&M risk,
the company may still face the risk of a sharp increase in the O&M
cost due to more than envisaged wear and tear.

Key Rating Strengths

Favourable clauses in model Concession Agreement (CA) of HAM
projects: The model CA of HAM projects includes favourable clauses
such as provision for granting provisional completion certificate
of the project in case 100% of the work is completed on the Right
of Way (RoW) which becomes available to it within 180 days of the
appointed date. Further, HAM model entails lower sponsor
contribution during construction period considering 60%
construction support from PWD, GoM and availability of 10%
mobilization advances on bid project cost (BPC) at bank rate. BPC
and O&M cost shall be inflation indexed (through a Price Index
Multiple (PIM)), which protects the developers against price
escalation to an extent.

Assured cash flow due to annuity nature of the revenue stream once
the project becomes operational: During operational phase, cash
flow is largely assured in the form of annuity payments from PWD,
GoM on semi-annual basis covering 60% of the project completion
cost along with interest annuity at 'bank rate plus 3%' on reducing
balance and inflation indexed O&M annuity. However, establishment
of timely receipt of annuities post commencement of operations
shall remain a key rating sensitivity.

Nandhra Engineering and Construction (SPV) Private Limited (NEC), a
Special Purpose Vehicle of Nandhra Engineering and Construction
(India) Private Limited (NECC), has entered into 10 year Concession
Agreement (CA; excluding the construction period of 730 days from
appointed date) with Public Works Department, Government of
Maharashtra (PWD, GoM) for development and maintenance of a road
project. The project entails Rehabilitation, Up-gradation and
Widening of the existing carriageway to Four-lane standard with
construction of new pavement, rehabilitation of existing pavement,
construction and/or rehabilitation of major and minor bridges,
culverts, road intersections, interchanges, drains etc. on hybrid
annuity basis for road Joining two Taluka places in Akola and
Buldhana District (Warwand undri Ambe Takali Balapur) SH- 274 &
SH-269.


NIKHIL CONSTRUCTION: CARE Cuts Rating on INR31cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nikhil Construction (NC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       26.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB+; Stable
                                   on the basis of best available
                                   information

   Short term Bank      31.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE A4+ on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NC to monitor the rating(s)
vide e-mail communications/letters dated January 13, 2020, March
14, 2020 and numerous phone calls. However, despite our repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings of Nikhil
Construction's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The ratings have been revised on account of banker feedback
highlighting delay in repayment of loan obligations (not rated by
CARE) and subsequently the account of Nikhil Construction being
classified as Non-Performing Asset (NPA).

Detailed description of the key rating drivers

Key Rating Weakness

* Bank Account Classified as Non-Performing Asset:  The bank
account of the firm was classified as NPA due to delay in interest
servicing in one of the bank facilities (not rated by CARE) during
the month of December 2019 to March 12, 2020. Since the account was
overdue for more than 90 days it was classified as NPA in first
week of March 2020, however the same has been regularized on March
12, 2020.

Nikhil Construction (NC), promoted by Mr. Balasaheb Pasalkar was
incorporated in 1995 as a proprietary firm. In April 2009 the same
was converted to a Partnership firm with his three sons, Mr. Yogesh
Pasalkar, Mr. Narendra Pasalkar and Mr. Nikhil

Pasalkar being the partners. The firm is based out of Pune,
Maharashtra. NC is engaged in the business of civil construction
with specialization & expertise in irrigation and road projects. NC
has successfully completed the road and building projects in past
amounting to INR450.25 crore in last five years ending March 31,
2018 for various entities including Pune municipal corporation
(PMC) and other public sector bodies.


OM CIRCUIT: CARE Lowers Rating on INR5.60cr Loan to B-
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Om
Circuit Boards Private Limited (OCBPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        5.60        CARE B-; Stable; Issuer Not
   Facilities                        Cooperating, Revised from
                                     CARE B; Stable on the basis
                                     of best available information

   Long term/Short       2.40        CARE B-; Stable/CARE A4;
   Term Bank                         Issuer not cooperating;
   Facilities                        Revised from CARE B; Stable
                                     on the basis of best
                                     available

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from OCBPL to monitor the rating
vide e-mail communications dated March 16, 2020, March 14, 2020,
March 13, 2020, January 15, 2020, December 27, 2019 and numerous
phone calls. However, despite our repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on OCBPL's bank facilities will now be denoted
as CARE B-; Stable / CARE A4 ISSUER NOT COOPERATING.

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

The rating is revised by taking into account no due-diligence
conducted due to non-cooperation by OCBPL with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The revision of ratings to the bank facilities of Om
Circuit Boards Private Limited are constrained by the foreign
exchange fluctuation risk, project execution and stabilization risk
regarding operations and its presence in a highly competitive
industry.

The ratings, however, drive comfort from qualified promoters.

Detailed description of the key rating drivers

At the time of last rating on April 23, 2019, the following were
the rating weaknesses and strengths:

Key Rating Weakness

* Project execution and stabilization risk regarding operations:
The total cost is envisaged at INR14 crore which will be funded by
promoter's contribution and term loans of INR6 crore and INR8 crore
respectively. As on March 20, 2019, the company has incurred
INR6.50 crore which is ~46% of the total project cost. The same
have been funded through promoter contribution (i.e share capital
and unsecured loans) and bank debt of Rs 5 crore and Rs 1.50 crore
respectively. The commercial operations of the company are
projected to start from August 2019 only after undertaking of the
entire capital expenditure. Execution of remaining project within
envisaged time and cost remains a risk for the company. Moreover,
stabilization of unit remains a concern. Additionally, the capital
structure is expected to remain leveraged due to debt funded capex
undertaken.

* Highly competitive and fragmented nature of industry:  The
electrical industry is characterised by large number of organised
and unorganised players thereby reducing the bargaining power. The
electrical industry is fragmented with high competitive intensity
by presence of large number of small & mid-size players due to low
entry barriers. Furthermore, with increasing growth opportunities
for electrical innovations and government support/incentives, more
players are entering the industry thereby increasing the
competition.

* Foreign exchange fluctuation risk:  The business operations of
the company involve imports resulting in cash outflow in foreign
currency. Further, its import procurement would stood around 90%
for thereby exposing ROPL to volatility in foreign exchange rates.
This exposes the company to fluctuations in rupee against foreign
currency for the uncovered portion.

Key Rating Strengths

* Qualified management:  The company is managed by Mr. Paramveer
Singh and Mr. Deepak Kumar who are both graduate by qualification
and hold an experience of more than two decades in the similar
industry through their association with similar another firm of
theirs i.e.De Tales electronics. They are supported by qualified
Tier-II level management.

Delhi-based SN Overseas Fashion Private Limited was incorporated on
September 2016 and will commence its operations from July-August
2019. The company changed its name from SN Overseas Fashion Private
Limited to OM Circuit Boards Private Limited on March 06, 2020. It
is currently promoted and managed by Mr. Mr. Paramveer Singh and
Mr. Deepak Kumar. The company basically aims to manufacture printed
Circuit Boards for LED Lightings, Medical Instruments, Mobile
Phones and for related electrical products. The company is having
manufacturing facility at greater Noida at an installed capacity of
8000 sq. metre per month for two side circuit boards and 3000 sq.
metre per month for multi-layer circuit boards. The main raw
material for their manufacturing process remains Copper Clad
Laminate Sheets which is entirely imported from countries like
Germany, Taiwan, China, Korea etc. While the chemical used for the
same is imported from USA.


P.K. METAL: CARE Keeps 'D' on INR6.45cr Debt in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.K. Metal
Industries (PK) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.45      CARE D; ISSUER NOT COOPERATING;
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PK to monitor the rating
vide e-mail communications dated March 17, 2020, March 14, 2020,
February 26, 2020,February 6, 2020, January 13, 2020, December 26,
2019 and numerous phone calls. However, despite our repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on PK's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating takes into account no due-diligence conducted due to
non-cooperation by PK with CARE'S efforts to undertake a review of
the rating outstanding. CARE views information availability risk as
a key factor in its assessment of credit risk. The rating assigned
to the bank facilities of P.K. Metal Industries takes into
consideration ongoing delays in debt servicing by the firm on
account of stretched liquidity position.

Detailed description of the key rating drivers

At the time of last rating on December 18, 2019, the following were
the rating weaknesses:

Key Rating Weakness

* Delays in debt servicing: There are ongoing delays in debt
servicing due to closure of the factory and stretched liquidity
position of the firm.

Uttarakhand based PKML was established in year 2016 and was
promoted by Mr. Vishal Gaur. Currently, the firm is engaged in
manufacturing of aluminum sections for aluminium doors, windows
etc. The manufacturing facility of the firm is located at
Bhagwanpur, Rurki having an installed capacity of 6.5 metric tonnes
per day. The firm mainly caters to the domestic market. The firm
imports its raw material i.e. aluminum scarp (around 50%) from
Israel and Dubai and rest is purchased domestically from local
traders. The firm is using extrusion technology to make the
aluminum sections.


R V ENTERPRISE: CARE Keeps B+ on INR6.16cr Debt in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R V
Enterprise (RV) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       6.16       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RV to monitor the rating
vide e-mail communications/letters dated December 9, 2019, December
13, 2019, January 1, 2020, January 7, 2020, January 24, 2020,
February 10, 2020, February 18, 2020, February 28, 2020, March 18,
2020 and numerous phone calls. However, despite our repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on RV's bank facilities will
now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of RV have been revised
on account of non-availability of requisite information. The rating
continues to remain constrained on account of RV's partnership
nature of constitution with presence in the highly competitive
paint industry, small scale of operations coupled with customer
concentration risk and stretched liquidity position during FY18
(refers to the period April 1 To March 31). The rating also takes
into consideration the implementation and stabilization risk
associated with on-going debt-funded capex pertaining to
manufacturing of cleaning and washing liquids. However, the rating
continues to derive comfort from stabilization of its operations
post completion of capex pertaining to manufacturing of paints with
moderate profitability and capital structure and debt coverage
indicators during FY18. The rating, further, continues to derive
strength from experienced partners in the paint industry.

Detailed description of the key rating drivers

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Constitution as a partnership firm with presence in the highly
competitive paint industry: RV, being a partnership firm, is
exposed to inherent risk of partners' capital being withdrawn at
time of personal contingency which may put pressure on financial
flexibility of the firm. Also, the paint industry is fragmented
with presence of large number of players in organized and
unorganized markets, which intensifies competition.

* Small scale of operations with customer concentration risk: The
scale of operations marked by total operating income (TOI) remained
small INR3.81 crore during FY18 as against INR2.89 crore during
FY17, led by gradual stabilization of operations and resultant
increase in sales volume of its products. Furthermore, RV has
entered into contract with Asian Paints PPG Private Limited (APPPL)
and PPG Asian Paints Private Limited (PAPPL) for job work for
manufacturing of decorative, automotive and marine paints. For the
first 3 years, RV will solely be working for APPPL and total
revenue will solely be from the contract executed for APPPL. Hence,
the client concentration risk is high.

* Implementation and stabilization risk pertaining to on-going debt
funded capex: RV is envisaging foraying into home care products
segment mainly cleaning and washing liquids with installed capacity
of 500 MT per month, for which the envisaged project cost stands at
INR4.46 crore proposed to be funded through term loan of INR3.12
crore from bank and balance from infusion by the partners. Till
March 14, 2019, INR3.50 crore of the project cost has been
completed, funded through term loan of INR2.22 crore and balance
via partners' capital. The project is expected to be completed in
April 2019 (Q1FY19) and commercial operations are envisaged to
commence immediately post completion.

Key Rating Strengths

* Stabilization of its operations post completion of capex
pertaining to manufacturing of paints with moderate profitability:
RV had commenced its operations for manufacturing of paints from
August 2015, while FY17 was the first full year of operations. RV
has reported moderate operating profits marked by PBILDT of INR2.07
crore (54.15%) during FY18 as against INR1.57 crore (54.48%) during
FY17. Resultantly, PAT margin of RV also increased significantly
and remained moderate for FY18 at INR0.91 crore (23.78%) from
INR0.26 crore (8.93%) in FY17. The profit margins remained healthy
owing to job work nature of business.

* Moderate capital structure and debt coverage indicators:  Capital
structure of the firm improved and remained moderate marked by
overall gearing of 1.28 times as on March 31, 2018 as against 1.95
times as on March 31, 2017 owing to increase in the tangible net
worth led by infusion of capital by partners to the tune of INR0.81
crore during FY18 and accumulation of profits to reserves. Debt
coverage indicators of the firm also improved and remained
comfortable marked by total debt to gross cash accrual (TDGCA) of
3.74 years as on March 31, 2018 as against 6.08 years on March 31,
2017 owing to improvement in GCA level for FY18. Further, interest
coverage ratio also improved and remained comfortable at 4.02 times
during FY18 as against 2.37 times during FY17.

* Experienced Partners:  RV's operations are managed jointly by
three partners named Mr. Satish K. Shah, Mrs Rekha R. Myatra and
Mrs Neha K. Shah. Mr Satish Shah, key partner, has more than three
decades of experience in the same line of business via experience
in different entities.

Liquidity Position: Stretched

RV's liquidity position remained stretched marked by current ratio
of 1.42 times as on March 31, 2018 as against 0.39 times as on
March 31, 2017 on account of increase in current asset level led by
increase and short term loans and advances level. The operating
cycle remained negative at 136 days during FY18 compared to
negative 261 days during FY17 owing to high average creditors' days
during FY18. Total Cash and bank balance remained low at INR0.24
crore as on March 31, 2018 while cash flow from operating activity
during FY18 remained low at INR0.12 crore.  

Vapi-based (Gujarat) RV Enterprise (RV), a partnership firm was
established in 2015 by Mrs. Rekha Myatra, Mrs. Neha Shah and Mr.
Satish Shah with the purpose to manufacture decorative, automotive
and marine paints. RV has entered into agreement with Asian Paints
PPG Private Limited (APPPL) for a period of 60 months commencing
July 31, 2015 and PPG Asian Paints Private Limited (PAPPL) (CRISIL
AA; Stable/A1+, in April 2019) for a period of 36 months commencing
June 12, 2018, subsidiaries of Asian Paints Limited (CRISIL AAA;
Stable/A1+, reaffirmed in June 2019) for undertaking job work of
manufacturing their products which primarily includes industrial,
decorative, automotive and marine paints. RV had commenced
commercial operations for undertaking this job work from August,
2015 from its manufacturing plant located at Vapi, Valsad, Gujarat
with installed capacity of 1,100 MT per month as on March 31, 2018.
Under the agreement with PAPPL, RV cannot manufacture own product
and sell the same under his own name. However, the agreement with
APPPL is nonexclusive agreement and hence RV also supplies similar
products manufactured for APPPL being oil based coating paints, to
builders and construction contractors, which comprise around 10% of
its total sales volumes.


RUBY BUILDERS: CRISIL Moves B+ Ratings to Not Cooperating Category
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ruby Builders
and Promoters (RBP) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Drop Line              22       CRISIL B+/Stable (ISSUER NOT
   Overdraft                       COOPERATING; Rating Migrated)
   Facility               
                                   
   Long Term Loan          8       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft              10       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     30       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RBP for obtaining
information through letters and emails dated December 31, 2019,
March 13, 2020 and March 18, 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 RBP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RBP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RBP to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in 1994 by Mr R Manoharan, RBP is a partnership firm engaged
in development of residential real estate projects in Chennai.


SOMANDA VINEYARDS: CRISIL Cuts Rating on INR5cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Somanda
Vineyards & Resorts Private Limited (Somanda) 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')

   Proposed Working       2.5       CRISIL B+/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Rupee Term Loan        1.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

Somanda, incorporated in 2009 by Mr Pradeep Pachpatil and Ms
Manjusha Pachpatil, runs a winery-cum-resort, Beyond, with total 46
rooms capacity in Nashik. The facility has in-house winery, testing
room, restaurant, amphitheatre, boutique, lawn, villas, and flats.


SUSHIL ANSAL: CRISIL Keeps D on INR24.cr Debt in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sushil Ansal
Foundation (SAF) continues to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan          24.8      CRISIL D (ISSUER NOT COOPERATING)

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

SAF was established in December 2010. The trust is currently
running AITM, located at Sushant Golf City, Lucknow; Sushant Golf
City is a township being set up by a group company, Ansal
Properties and Infrastructure Ltd. AITM offers several technical
and management courses affiliated with the requisite authorities;
it has a total intake capacity of 600 students. The trust is also
in the process of expanding the infrastructure to set up a private
university, Ansal University, in the same campus, for which the
approvals are under process.


V.R.K. ASSOCIATES: CARE Lowers Rating on INR12cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
V.R.K. Associates Private Limited (VRKPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       12.00      CARE D; Revised from CARE B-;
   Facilities                      Stable

Detailed Rationale and key rating drivers

The revision to the ratings assigned to the bank facilities of
VRKPL takes into account of delay in debt servicing.

Rating Sensitivities

Positive Factors:

* Improvement in the liquidity position as reflected by timely
servicing of interest obligation in CC.

Key Rating Weaknesses

* Ongoing Delays:  There has been an ongoing delay in the interest
servicing of the working capital borrowings due to stretched
liquidity position.

Liquidity Position - Stretched

Liquidity is marked by tightly matched accruals to repayment
obligations as marked by Continuous overdrawal in the working
capital borrowings for more than 30 days during the period of
November 1, 2019 to March 23, 2020.

Uttar Pradesh based V.R.K. Associates Private limited (VRK) is a
private limited company and was incorporated in February 2001 and
managed by Mr. Vijay Prakash, Mr. Vaibhav Gupta, Ms. Rashmi
Kesarwani and Ms. Shanti Devi. The company is involved in various
activities which include running a hotel in Sarnath, Uttar Pradesh
by the name of "Buddha Resort", Indane Gas Agency business by the
name "VRK Indane service" and a retail jewelry shop for the
Gitanjali Group by the name "VRK Jewells". In November 2019,
company has started a new Hotel, Hotel Pinnacle Gate.




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

GAJAH TUNGGAL: S&P Lowers ICR to 'CCC+' on Refinancing Risks
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Gajah Tunggal to 'CCC+' from 'B-'. S&P also lowered its long-term
issue rating on the company's US$250 million senior secured notes
to 'CCC+' from 'B-'.

S&P lowered the ratings on PT Gajah Tunggal Tbk. because it
believes the coronavirus outbreak will undermine tire sales, while
margins will suffer from a weakening Indonesian rupiah (IDR). Lower
raw material prices will temper but not fully offset these effects.
This will most likely weaken the company's liquidity, through
reduced discretionary cash flow and potential covenant breaches. In
addition, the company has not made decisive progress in the
refinancing of its term loans.

Tire sale volumes will likely decline significantly in 2020 amid
severe economic disruptions caused by the COVID-19 pandemic. Since
the onset of the virus, the European and American automotive
industries have been hit hard, with demand slumping and production
halted at multiple carmakers. S&P projects global light vehicle
sales to decline by almost 15% in 2020 to less than 80 million
units. Lower new vehicle volumes will trickle down to tire
manufacturers such as Gajah Tunggal.

Even though replacement accounts for about 80% of Gajah Tunggal's
domestic sales, S&P believes faltering demand for road transport
and tumbling consumer sentiment will reduce demand for tires. S&P
expects sales volumes in the radial and TBR (truck and bus radial)
segments, to compress by at least 9%, while bias and motorcycles
volumes could shrink by 5%. This could also exacerbate price
competition among domestic producers.

Gajah Tunggal's cash flows are sensitive to rupiah volatility given
most of the company's costs are in U.S. dollars, while less than
40% of its revenue is in U.S. dollars or other foreign currencies.
In addition, capital expenditures and financing costs are largely
paid in U.S. dollars. Even though the company has USD/IDR call
spread agreements in place, the hedges only protect up to IDR14,811
on its term loans, and do not cover interest. With the IDR
currently testing the 16,000 level, Gajah Tunggal may not have
enough protection against foreign exchange risks. S&P estimates
EBITDA could reduce by more than 20% in 2020 while total debt would
increase by more than 5%, should the rupiah remain persistently at
the 16,000 level.

Current rubber prices are trending at US$130/ton, compared with
US$170/ton on average in 2019. However, S&P believes lower
commodity prices will only temper the negative impact from the
depreciating rupiah and lower sales volumes. Back in 2018 when
rubber prices declined by more than 20% from 2017 against a 6%
depreciation in the rupiah, raw materials costs still rose by more
than 7% to IDR8.5 trillion.

Gajah Tunggal's short-term debt will likely remain close to IDR2
trillion over the next 12-18 months, higher than IDR1.8 trillion in
2018 and IDR1.1 trillion in 2017. Amortized payments on the
company's syndicated bank loan will increase above IDR750 billion
in 2020 and over IDR900 billion in 2021, from IDR730 billion in
2019. Such amounts are sizable compared with a cash balance that we
estimate was about IDR900 billion as of Dec. 31, 2019. A cash
balance that falls short of the significant overall debt burden
increases refinancing risk for Gajah Tunggal. It will also limit
the company's financial flexibility amid industry headwinds.

Annual maintenance investments of about US$30 million will consume
most of the company's operating cash flows through 2021 and limit
cash accumulation. S&P said, "We project free operating cash flows
to fall below IDR150 billion in 2020 before resuming above IDR300
billion in 2021. That level is insufficient to repay the
amortization on Gajah Tunggal's syndicated bank loan, let alone
working capital facilities. The company will therefore need to draw
on its cash balance to service the difference or increase
short-term debt. We estimate that the company will need to raise in
aggregate at least IDR800 billion both in fiscal 2020 and 2021 to
service its debt."

As of September 2019, Gajah Tunggal's debt-to-EBITDA covenant was
4.02x and debt-service coverage ratio (DSCR) at 1.09x. This
provides limited headroom for lower EBITDA or rising debt.
Moreover, these maintenance covenants will tighten to 4.35x and
1.1x, respectively, for the period ending March 2020.

With its US$250 million notes maturing in August 2022, Gajah
Tunggal's average debt maturity profile is likely to be short, at
slightly over two years. That compares with about three years in
2018 and about four years post refinancing of its US$500 million
notes in 2017.

A successful refinancing or roll-over of working capital loans will
depend on elements beyond the company's control, including changing
investor appetite or yield conditions. Given the current global
recession, S&P believes that lenders' tumbling confidence may
significantly protract Gajah Tunggal's refinancing process.

S&P said, "The negative outlook reflects our view that weakening
earnings may be precipitating Gajah Tunggal's need for
refinancing.

"We may downgrade Gajah Tunggal if the company's liquidity position
weakens further over the next 12 months. This could materialize if
the company fails to refinance its term loans.

"We may revise the outlook to stable once we have a better
visibility on the company's ability to service its debt obligations
in the next 12 months."

Gajah Tunggal was founded in 1951 and is headquartered in Jakarta.
The company produces and markets tires for cars (12.1 million
passenger car radial and 3.9 million bias units sold in 2018),
motorcycles (26.5 million), and truck and bus radials (0.5
million). It also manufactures other rubber related products. Gajah
Tunggal sells and distributes products in Indonesia, the Americas,
Asia, Europe, Africa, Australia, and the Middle East.


MODERNLAND REALTY: Moody's Cuts CFR to B3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Modernland Realty Tbk (P.T.) to B3 from B2.

At the same time, Moody's has downgraded the backed senior
unsecured rating of the 2021 notes issued by JGC Ventures Pte. Ltd.
and the 2024 notes issued by Modernland Overseas Pte. Ltd. to B3
from B2. Both JGC Ventures Pte. Ltd. and Modernland Overseas Pte.
Ltd. are wholly owned subsidiaries of Modernland and the notes are
guaranteed by Modernland and most of its subsidiaries.

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

RATINGS RATIONALE

"The downgrade reflects its expectation that a drop in demand for
residential properties and industrial land caused by the
coronavirus outbreak and slower economic growth will weaken
Modernland's earnings and credit metrics to levels no longer
consistent with its B2 rating," says Jacintha Poh, a Moody's Vice
President and Senior Credit Officer.

"The negative outlook reflects Modernland's increased refinancing
risk, as the company will likely be reliant on external funding to
address its 2021 maturity amid challenging market conditions for
fund raising," adds Poh.

Based on Moody's assumption that Modernland achieves marketing
sales of around IDR2.5 trillion in 2020, the company's credit
metrics will remain weak with adjusted debt/homebuilding EBITDA
around 6.5x and homebuilding EBIT/interest expense below 2.0x. For
the 12 months ended September 30, 2019, Modernland recorded
adjusted debt/homebuilding EBITDA of 7.4x and homebuilding
EBIT/interest expense of 1.3x.

Modernland held cash and cash equivalents of IDR339 billion ($21
million) as of September 30, 2019. Moody's expects the company to
generate around IDR1 trillion in cash from operations between
October 2019 and September 2021, which will be insufficient to
cover the repayment of its $150 million 2021 notes. Consequently,
Modernland will likely rely on external funding to address its
notes maturity.

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 property
sector has been one of the sectors affected by the shock given its
sensitivity to consumer demand and sentiment.

More specifically, the expected weakening in Modernland's credit
profile and its exposure to Indonesia 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
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on Modernland of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

Moody's has considered governance risk around Modern Group's
history of debt restructuring. Moody's has also considered the
founding family's concentrated ownership of Modernland, although
this risk is mitigated by the oversight exercised through the board
which for the majority consists of independent commissioners.

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

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

Given the negative outlook, a ratings upgrade is unlikely over the
next 12-18 months. Nevertheless, the outlook could return to stable
if Modernland (1) improves its liquidity by refinancing its 2021
notes; and (2) continues to execute its core marketing sales, such
that adjusted homebuilding EBIT/interest expense stays above 1.0x.

Moody's could downgrade the ratings if Modernland is unable to
refinance its 2021 notes by August 2020.

Modernland Realty Tbk (P.T.) is an integrated property developer in
Indonesia that focuses on industrial town development, residential
development and township development. It also has small exposures
to the hospitality and commercial property segments. The company
listed on the Jakarta Stock Exchange in 1993, and is controlled by
the Honoris family through direct ownership and various holding
companies.


SAKA ENERGI: Fitch Lowers LongTerm IDR to BB, Outlook Negative
--------------------------------------------------------------
Fitch Ratings downgraded Indonesia-based oil and gas producer PT
Saka Energi Indonesia's Long-Term Issuer Default Rating to 'BB'
from 'BB+' after the standalone credit profile of its parent PT
Perusahaan Gas Negara Tbk (PGN, BBB-/Stable) was revised to 'bb+'
from 'bbb-'. The Outlook on Saka's Long-Term IDR remains Negative.

Saka's rating is linked to the standalone credit profile of PGN,
using a top-down approach, as per its Parent and Subsidiary Rating
Linkage criteria. Fitch still see a high likelihood of PGN
providing extraordinary support for Saka if the latter is in
financial stress, due to significant reputation risk and the
cross-default clause in PGN's bonds.

However, Saka's rating Outlook remains Negative as Fitch believes
PGN no longer views Saka as a highly strategic subsidiary that is
required to improve integration with PGN, and therefore the linkage
between the two is weakening. However, the extent of weakening is
difficult to gauge as Saka's positioning continues to evolve. Fitch
expects to re-assess the linkage upon clarity of PGN's plan to
re-position Saka and arrest the weakening in its standalone credit
profile.

Fitch has also revised Saka's standalone credit profile to 'b-'
from 'b', due to its weakening financial and operating profile; and
limited support from PGN as Saka's investments have fallen over the
last two years.

Fitch expects Saka's operating cash flows to weaken considerably
based on its revised crude price assumptions. Saka will require
support from PGN to meet its external debt obligations as its cash
generation is likely to be much lower than its debt obligations in
the period to 2024. At the same time, Saka's liquidity is also
likely to weaken considerably following the potential USD255
million tax payment for one of its asset purchases. Fitch also
thinks Saka's ability to refinance debt on a standalone basis is
compromised due to its diminishing operating profile.

KEY RATING DRIVERS

Evolving Strategic Linkage with PGN: Fitch believes Saka's position
is misaligned within the ownership structure of Indonesia's
state-owned oil and gas companies following a state-driven
restructuring, which resulted in the transfer of the state's 57%
ownership of PGN to PT Pertamina (Persero) (BBB/Stable) and PGN's
acquisition of 51% of PT Pertamina Gas. Under the restructuring,
most state-owned Indonesian upstream oil and gas operations are
held under Pertamina and all state-owned gas distribution and
transmission companies are held under PGN.

Saka had a key role in PGN's vertical integration strategy until
early 2018, benefitting from large equity infusions and
intercompany loans since its inception in 2011, which helped it to
expand while maintaining a healthy capital structure. However,
Fitch believes the level of Saka's operational integration and
strategic importance to PGN has weakened since mid-2018 due to
PGN's positioning under Pertamina and its focus on mid- and
down-stream gas operations. This resulted in PGN considering a sale
of its Saka stake, although there is no clarity on the timing or
method for the sale.

Moderate Legal linkages with PGN: PGN's USD1.35 billion senior
notes due 2024 include a cross-default provision that applies to
all of Saka's debt. These legal linkages could break if PGN's notes
are prepaid. However, Fitch believes the likelihood of such an
event is remote. PGN's notes mature after Saka's USD625 million
notes become due. Fitch also considers the reputational risk -
which is enhanced by the cross-default provision - for PGN of a
potential default by Saka as significant.

One-Off Tax Payment: Saka's liquidity will weaken as a recent
Supreme Court ruling requires Saka to pay the Indonesian tax
authority USD255 million. Of the amount due, USD127 million is tax
owed on the 2014 acquisition of Hess Indonesia Pangkah Limited (now
known as Saka Indonesia Pangkah Limited), which held a 65%
participating interest in the Pangkah production sharing contract
(PSC). A further USD127 million is the penalty for delayed payment
of the tax. Saka now holds 100% of Pangkah PSC, which accounted for
around 22% of Saka's oil and gas production in 9M19. Saka says it
is coordinating the terms of the payment with the tax authority.

Weakening Operating Profile: Saka's operating profile remains weak,
with its proved reserve life at about four years based on 2019
production. Fitch does not expect any meaningful improvement in
Saka's reserve life until clarity emerges on its ownership
structure. Significant increase in reserve life is contingent on
reserve acquisitions, as Fitch assesses that Saka's organic reserve
replacement is likely to remain well below 1x because it has weak
contingent reserves against proved reserves and limited assets in
development. However, large investments are unlikely until its
ownership structure is finalized.

Weaker Financial Profile: Fitch expects Saka's leverage (net debt
to EBITDA) to weaken to over 9x in 2020 (2019: 3.4x), based on its
revised oil price assumptions. Fitch expects leverage to improve
but still remain between 5x and 6x from 2021 to 2024. Fitch expects
Saka's EBITDA to fall to less than USD150 million in 2020, and to
recover to between USD200 million and USD250 million per annum
until 2023. Fitch previously assumed over USD300 million of EBITDA
per annum from 2020 to 2023. Fitch has included the USD438 million
shareholder loan in Saka's debt.

DERIVATION SUMMARY

Saka's ratings are notched down from the standalone credit profile
of its parent PGN. The Negative Outlook reflects its opinion of
weakening operational and strategic linkages between Saka and PGN,
due to the misalignment of Saka's position within the new ownership
structure of state-owned oil and gas companies and PGN's potential
sale of its stake in Saka. Saka's ratings remain linked to PGN, as
Fitch expects continued support due to moderate legal linkages and
significant reputational risk of default to PGN.

KEY ASSUMPTIONS

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

  - Oil price of USD35/bbl in 2020, USD45/bbl in 2021, USD53/bbl in
2022 and USD55/bbl in 2023. Henry Hub natural gas prices of USD1.85
per million British thermal units (mmbtu) in 2020, USD2.2 in 2021,
USD2.35 in 2022 and USD2.22 in 2023 and thereafter (See Fitch
Ratings Cuts Oil Price Assumptions on Coronavirus Hit, Oversupply
dated April 2, 2020)

  - Oil & gas production to remain broadly stable until 2022 at 26
million barrels of oil equivalent per day (mboepd) to 28mboepd (28
mboepd in 2019).

  - Additional cash tax on the acquisition of some of its assets of
USD255 million in 2020

  - Capex of USD200 million in 2020, and USD80 million-180 million
thereafter.

RATING SENSITIVITIES

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

  - The Outlook maybe revised to Stable following clarity on Saka's
position if Fitch assesses that linkages between PGN and Saka
remain unchanged.

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

  - Fitch may downgrade Saka's IDR if the linkages between PGN and
Saka weaken. Fitch will reassess the impact of changes in the
ownership structure and could widen the notching from PGN's
standalone credit profile or revise the rating approach to bottom
up from Saka's standalone credit profile.

  - A weakening in PGN's standalone credit profile, provided there
are no changes in linkages between Saka and PGN

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

Liquidity Support from PGN Required: Saka will require additional
funding to meet its financial commitments, based on its forecasts.
Fitch expects this support to be forthcoming from PGN. Saka is
required to pay a one-off tax of up to USD255 million 2020, but its
cash balance at end-December 2019 USD231 million. Saka's
shareholder loan from PGN is due in 2021 and 2022, but Fitch think
this will be extended if required. Saka does not face any near-term
debt maturities, with its bonds falling due in 2024, but Fitch
expects the company to require PGN's support to repay its 2024 bond
maturities.

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

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



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

JAPAN: COVID-19 Related Bankruptcies Tally 51
---------------------------------------------
The Japan Times reports that the coronavirus crisis has triggered
51 bankruptcies so far, Tokyo Shoko Research Ltd. said April 10.

According to the report, the survey by the credit research company
covers COVID-19 related failures that left liabilities of JPY10
million or more in Japan.

The Japan Times relates that the 51 failures took place in 28
prefectures, with seven in Hokkaido, six in Tokyo, four in Hyogo,
and three each in Osaka and Fukuoka.

By industry, hotels and restaurants were hit hardest, with 12
hotels failing and seven eateries going belly up. The retail sector
is also starting to see failures due to the drop in customers
caused by governments' "stay at home" requests, the research firm
said.

At first, many virus-linked failures were related to the plunge in
tourists, but the ripple effect is now affecting other industries
gradually, a Tokyo Shoko Research official said, the report
relays.




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

CEBU AIR: Egan-Jones Lowers Senior Unsecured Ratings to B+
----------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cebu Air Incorporated to B+ from BB.

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




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

EZION HOLDINGS: Virus and Singapore Shutdown Delays Rescue Deal
---------------------------------------------------------------
The Business Times reports that the Covid-19 pandemic and ensuing
closure of non-essential workplace premises during Singapore's
"circuit breaker" period has delayed the application for Ezion
Holdings' proposed scheme of arrangement with white knight Yinson
Holdings, the troubled offshore and marine group said on April 10.


Under the rescue deal - which lapsed last October and was revived
in March this year, Ezion was supposed to see its debts of some
US$1.6 billion pared to about US$403 million, BT says. In return,
Malaysia-listed Yinson would fork out US$150 million for a 63.4 per
cent stake in the troubled offshore and marine group.

According to the report, Ezion said it will keep stakeholders
informed of any further developments.

In February, Ezion posted a narrower fourth-quarter loss of
US$167.1 million, compared with a loss of US$390.8 million the year
before, the report discloses. The group recorded lower other
operating expenses of US$71.8 million, down 80.3 per cent from
US$362.1 million, largely due to impairments and write-offs
incurred in 2018.

Trading in Ezion's shares has been suspended since March 1, 2019,
pending talks with a potential strategic investor. They last traded
at 4.3 Singapore cents each, BT notes.

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




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

KOREA RESOURCES: S&P Cuts SACP to 'b-' on Weak Operating Condition
------------------------------------------------------------------
On April 9, 2020, S&P Global ratings revised down its view of
mining business of Korea Resources Corp.'s (KORES) stand-alone
credit profile (SACP) to 'b-' from 'b'. S&P continues to see an
extremely high likelihood of extraordinary government support for
the Korea-based company.

S&P affirmed its 'A' long-term issuer credit rating on KORES and
the 'A' long-term issue ratings on the debt of the company and its
subsidiary.

The low asset quality of 's (KORES) overseas mining business
undermines its stand-alone credit worthiness.

S&P said, "We expect the company's operating performance to remain
weak with continuing operating losses over the next 12-24 months.
That is mainly due to lower metal prices and potential disruptions
in production at some mining sites due to COVID-19 pandemic. Copper
and nickel prices are down 15%-20% compared with the average prices
in 2019. Also, one of KORES' overseas mining assets, the Ambatovy
mine in Madagascar, has been temporarily shut since March 2020 as a
precautionary measure against COVID-19.

"In addition, we believe KORES' plans for asset disposals are
unlikely to materialize over the next 12 months, given the
weakening global economy. We anticipate the company will continue
to have negative operating cash flows over the next 12-24 months,
mainly due to ongoing losses at overseas mining projects. As such,
we expect KORES' debt to increase despite its limited capital
expenditure.

"KORES faces large near-term debt maturities, but we do not
anticipate any significant liquidity risk. The company's US$350
million bonds will mature on April 29, 2020, and Korean won (KRW)
90 billion-KRW130 billion in several Korean won-denominated bonds
will mature in May, July, August, and October 2020. However, we do
not foresee a significant liquidity risk for KORES, given the
company's good standing in the capital market. This is seen in
KORES' bond issuance in the domestic market in April 2020 despite
the challenging funding conditions.

"We believe KORES will continue to benefit from potential
government support. Our assessment of an extremely high likelihood
that the government of Korea (AA/Stable/A-1+) will provide
extraordinary support to the company remains unchanged. This
reflects KORES' role as Korea's sole mandated mineral resources
policy arm, and the government's full ownership, ongoing strong
financial support, and tight supervision and control. We also
expect KORES to continue to have strong access to credit markets
and benefit from low funding costs, given it is a major
government-related entity in Korea."

The timing of KORES' merger with Mine Reclamation Corp. (MIRECO)
remains highly uncertain. Korea's ministry of strategy and finance
(MOSF) announced the merger of KORES with MIRECO into a new entity
in March 2018. However, approval by the National Assembly is yet to
come. Although the government's support for the proposed bill
remains strong, in S&P's view, visibility on the timing of the
approval remains low.

S&P said, "The stable outlook on KORES reflects our expectation
that the company will continue to receive government support over
the next 12 to 24 months. That's because KORES serves an essential
policy role of securing mineral resources for economic development
in Korea.

"Although the company continues to have significant exposure to the
business cycles of the mineral resources sector, we believe strong
and consistent government support tempers the risk.

"We may lower the ratings on KORES if the likelihood of government
support unexpectedly weakens due to a change in the government's
strategy and priorities.

"We could also lower the rating by four notches to 'BBB-' if our
opinion of KORES' stand-alone credit profile declines to 'ccc+' or
lower. This could be as a result of: (1) KORES facing significant
liquidity pressure and refinancing difficulty due to its weakening
capital market standing; (2) a further delay in the company's
merger with MIRECO; or (3) weaker ongoing support from the
government.

"We may raise the ratings on KORES if we assess that the company's
public role has significantly enhanced and we see a higher
likelihood of government support.

"We may also raise the ratings if our assessment of KORES' SACP
improves by three notches to 'bb-', a scenario we consider remote."
This could be realized if: (1) the pending merger with MIRECO goes
through; and (2) KORES reduces its debt materially with a strong
turnaround in its mining business, potentially from higher
commodity prices and a faster ramp-up of major overseas exploration
and production (E&P) projects without any major production
disruptions.


KT CORP: Egan-Jones Lowers Senior Unsecured Ratings to BB+
----------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by KT Corporation to BB+ from BBB-.

KT Corporation, an abbreviation for Korea Telecom, is South Korea's
largest telephone company.




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

TAIWAN: Egan-Jones Lowers Senior Unsecured Ratings to BB+
---------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Taiwan to BB+ from BBB.

Taiwan, officially the Republic of China, is a state in East Asia.
Neighboring states include the People's Republic of China to the
north-west, Japan to the north-east, and the Philippines to the
south.




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

FAH MAI: Sept. 30 Financial Results Cast Going Concern Doubt
------------------------------------------------------------
Fah Mai Holdings, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $997,231 on $143,657 of total revenues for
the three months ended Sept. 30, 2019, compared to a net loss of
$171,753 on $15,362 of total revenues for the same period in 2018.

At Sept. 30, 2019, the Company had total assets of $2,175,764,
total liabilities of $1,391,265, and $784,499 in total
stockholders' equity.

Chief Executive Officer Louis Haseman said, "The Company has begun
to generate revenues but has sustained an operating loss of
$1,775,124 for the nine months ended September 30, 2019.  The
Company had working capital of $1,442,436 and an accumulated
deficit of $2,388,807 as of September 30, 2019.  These factors
raise substantial doubt about the Company's ability to continue as
a going concern.  The Company's continuation as a going concern is
dependent on its ability to generate sufficient cash flows from
operations and from stockholders to meet its obligations and/or
obtaining additional financing from its members or other sources,
as may be required."

A copy of the Form 10-Q is available at:

                       https://is.gd/2aFyMW

Fah Mai Holdings, Inc. operates as an investment holding company.
The Company, through its subsidiaries, focuses on acquiring and
divesting alternative assets, specifically rare whisky and similar
commodities. Fah Mai Holdings serves clients in the United States,
the United Kingdom, and Thailand.




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

AES-VCM MONG DUONG: Fitch Alters Outlook on BB Rating to Stable
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Vietnam-based AES - VCM
Mong Duong Power Co., Ltd's US dollar senior secured notes due 2029
to Stable from Positive, and affirmed the rating at 'BB'.

RATING RATIONALE

The debt securities are issued by Mong Duong Finance Holdings B.V.,
a Netherlands-domiciled SPV that acquires all of AES - VCM's
outstanding project-financing loans. Principal and interest
payments for the US dollar notes rely on payments made by AES - VCM
to the offshore SPV under the project-financing loans.

The rating actions follow the Outlook revision of the Vietnam
sovereign to Stable from Positive on 8 April 2020. The notes'
rating is capped at 'BB'/Stable by Vietnam's sovereign rating
(BB/Stable) due to the government's guarantee of Vietnamese state
counterparty obligations. The underlying rating is 'bbb-'.

RATING SENSITIVITIES

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

  - Upgrade of the sovereign rating of Vietnam to 'BB+' with no
deterioration in the underlying credit rating

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

  - Downgrade of the sovereign rating of Vietnam to 'BB-'

  - Operational difficulties or other developments that result in
the projected annual debt-service coverage ratio dropping below
1.20x in Fitch's rating case

BEST/WORST CASE RATING SCENARIO

International scale credit 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.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating is capped by the Vietnam sovereign rating.



                           *********


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
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Information contained herein is obtained from sources believed
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