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

                     A S I A   P A C I F I C

          Thursday, April 16, 2020, Vol. 23, No. 77

                           Headlines



A U S T R A L I A

ADDCAR MINING: Second Creditors' Meeting Set for April 22
HARRIS SCARFE: Creditors Approve Spotlight Group Deal
SOUTHSTAR HOMES: First Creditors' Meeting Set for April 21
THORN ABS 1: Fitch Puts 'BBsf' on Class E Notes on Watch Negative
TOBCOTT PTY: First Creditors' Meeting Set for April 23

VIRGIN AUSTRALIA: Considers Going Into Administration
YEEND & ASSOCIATES: Second Creditors' Meeting Set for April 22


C H I N A

CHINA FORTUNE: Fitch Affirms 'BB-' LongTerm IDR
MIE HOLDINGS: Fitch Cuts LT IDR to 'C' on Missed Coupon
TIANQI LITHIUM: Debt Woes Deepens Amid Coronavirus Crisis


I N D I A

ARYAN CONSTRUCTION: ICRA Cuts Rating on INR30cr Loan to B+
BALPRADA HOTELS: ICRA Reaffirms 'D' Rating on INR91cr LT Loan
BINA TUBE: ICRA Reaffirms 'B+' Rating on INR8.08cr Term Loan
CAPSTONE CERAMIC: ICRA Moves 'B+' Ratings to Not Cooperating
CLARIDGE COLLISION: First Creditors' Meeting Set for April 23

DHANALAKSHMI SRINIVASAN HOTELS: ICRA Reaffirms D on INR52cr Loan
DHANALAKSHMI SRINIVASAN: ICRA Reaffirms D Rating on INR28cr Loan
EAST COAST ENERGY: ICRA Keeps D on INR5995cr Debt in NonCooperating
GALAXY CONCAB: ICRA Withdraws 'B' Rating on INR10cr LT Loan
GUJARAT COTFIB: ICRA Maintains 'D' Debt Ratings in Not Cooperating

HERITAGE FINLEASE: Ind-Ra Affirms BB+ on INR210MM Bank Loan
JMD LIMITED: ICRA Reaffirms 'D' Rating on INR55.39cr LT Loan
JSW STEEL: Moody's Puts Ba2 CFR on Review for Downgrade
M.G. BROTHERS: ICRA Lowers Ratings on INR10cr Loans to 'B+'
MALLIKARJUNA PARBOILED: ICRA Keeps B+ Rating in Not Cooperating

MEGHDOOT GINNING: ICRA Keeps 'B' on INR30cr Debt in NonCooperating
NG FERTILIZERS: ICRA Cuts Rating on INR46cr LT Loan to B+
ORIX PACKAGING: ICRA Moves 'B+' Debt Ratings to Not Cooperating
P KISHANCHAND: ICRA Withdraws 'B' Rating on INR3cr LT Loan
SARJU VITRIFIED: ICRA Withdraws 'B' Rating on INR36cr Loan

SRINIVASAN CHARITABLE: ICRA Reaffirms D Rating on INR175cr Loan
SRINIVASAN HEALTH: ICRA Reaffirms 'D' Rating on INR181cr Loan
SVR ELECTRICALS: ICRA Maintains 'B' Debt Rating in Not Cooperating
T.K. ENGINEERING: ICRA Maintains C Rating in Not Cooperating
TECHNICO (INDIA): ICRA Lowers Rating on INR6.14cr Loan to B+

TINNA TRADE: ICRA Lowers Rating on INR20cr LT Loan to B+
VELKO INFRATEK: ICRA Lowers Rating on INR15cr LT Loan to B+


J A P A N

[*] JAPAN: Coronavirus Menaces Ailing Regional Banks


M A L A Y S I A

RESORT SAVERS: Has $663K Net Income for Year Ended Dec. 31, 2019


N E W   Z E A L A N D

NEW ZEALAND: To Introduce Measures to Help Firms Facing Insolvency


S I N G A P O R E

HIN LEONG: In Talks With Lenders Owed at Least US$3 Billion


S O U T H   K O R E A

KCC CORP: Moody's Withdraws Ba1 Corp. Family Rating

                           - - - - -


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A U S T R A L I A
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ADDCAR MINING: Second Creditors' Meeting Set for April 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of:

     -- Addcar Mining Solutions Pty Ltd
     -- Addcar Engineers Pty Ltd
     -- Addcar Holdings Pty Ltd
     -- Addcar Management Services Pty Ltd
     -- Addcar Contracting Services Pty Ltd
     -- Addcar Equipment Hire Pty Ltd
     -- Addcar Engineers Civil Services Division Pty Ltd
     -- Pipelion Manufacturing Pty Ltd
     -- Addcar Highwall Mining Pty Ltd
     -- Addcar USA Interest Pty Ltd

has been set for April 22, 2020, at 3:00 p.m. via teleconference.


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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 21, 2020, at 5:00 p.m.

Jonathan Henry, Jason Preston and Jamie Harris of McGrathNicol were
appointed as administrators of Addcar Mining on March 9, 2020.


HARRIS SCARFE: Creditors Approve Spotlight Group Deal
-----------------------------------------------------
Australian Financial Review reports that unsecured creditors of
Harris Scarfe have approved a deal to sell the department store
chain to Spotlight Group, but not before questioning a AUD70
million payout to private equity firm Allegro Funds.

Under a deed of company arrangement, unsecured creditors owed
between AUD146 million and AUD236 million will receive between 1.3
cents and 20.5 cents in the dollar, with landlords lucky to get
about 4 cents in the dollar.  But Allegro, the only secured
creditor, will be paid in full, AFR says.

According to AFR, Allegro bought Harris Scarfe from Greenlit Brands
(formerly Steinhoff Asia Pacific) last November as part of a 'take
it or leave it' package deal with discount department store chain
Best & Less and New Zealand retailer Postie.

AFR says the shares in Harris Scarfe were acquired for a nominal
sum, as the business was loss-making.

However, an entity controlled by Allegro, Finance RM, became the
first-ranking secured creditor after taking over AUD20.45 million
of secured debt facilities provided to Harris Scarfe, as well as
guarantees for AUD48.9 million of wider debt in the Greenlit Brands
group, AFR recalls.

When Allegro pulled the plug on Harris Scarfe only a week after
taking control and the company went into administration in
December, Allegro's Finance RM lodged a proof of debt for AUD69.4
million.

AFR relates that one unsecured creditor owed AUD200,000 said the
payment to Allegro "rubbed salt into the wound".

"Somehow they were able to slap a AUD70 million debt on the PPSR
(Personal Property Securities Register) - none of us were able to
lodge a PPSR, they had us on 90 days terms and a lot of the debt
with us was [incurred] in September, October and November," said
the supplier, who asked not to be named.

"A lot of that stock was in their warehouses or stores and we would
have been able to get a lot of that back if we'd been able to lodge
the PPSR," he said.

Unsecured creditors voiced their anger at a virtual meeting on
April 9, when a majority of creditors approved the DOCA, clearing
the way for Spotlight Group to buy Harris Scarfe for AUD22.3
million in cash and the assumption of about AUD26 million in
liabilities, according to AFR.

Harris Scarfe's administrators, Duncan Clubb and Andrew Salway,
told creditors they had reviewed the circumstances behind Allegro's
security and sought legal advice on whether it was valid, AFR
relates. The review concluded that the security was valid and
enforceable.
The administrators also looked at whether the Allegro transaction
with Greenlit Brands could be considered a creditor defeating
disposition and therefore voidable, AFR says.

"We have not been provided access to the sale agreement and cannot
comment on the price paid," the report said, AFR relays.

"As part of the sale transaction, the previous secured creditor's
debt and security was acquired and assigned to Finance RM.
Accordingly, it is our view that . . . sale transaction does not
constitute a creditor defeating disposition."

Unsecured Harris Scarfe creditors will receive between 1.3 cents
and 20.5 cents in the dollar under a proposed deed of company
arrangement, AFR notes.

                        About Harris Scarfe

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

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


SOUTHSTAR HOMES: First Creditors' Meeting Set for April 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Southstar
Homes Pty Ltd will be held on April 21, 2020, at 11:00 a.m. via
teleconference.

Andrew Schwarz and Jon Howarth of AS Advisory were appointed as
administrators of Southstar Homes on April 7, 2020.


THORN ABS 1: Fitch Puts 'BBsf' on Class E Notes on Watch Negative
-----------------------------------------------------------------
Fitch Ratings has placed all rated classes of Thorn ABS Warehouse
Trust No. 1 that securitized loans to SME and self-employed
borrowers on Rating Watch Negative due to the ramifications
emanating from the coronavirus pandemic. Fitch identified the SME
and self-employed sectors as particularly vulnerable to the
economic impact of the pandemic because they have fewer resources
to weather a prolonged period of low or no cash flow.

Thorn ABS Warehouse Trust No. 1       

  - Class A; LT AAAsf; Rating Watch On

  - Class B AU3FN0043949; LT AAsf; Rating Watch On

  - Class C AU3FN0043956; LT Asf; Rating Watch On

  - Class D AU3FN0043964; LT BBBsf; Rating Watch On

  - Class E AU3FN0043972; LT BBsf; Rating Watch On

KEY RATING DRIVERS

Coronavirus, Macroeconomic Factors and SME Borrower Credit Risk

Fitch reviewed the Thorn ABS Warehouse Trust No. 1 transaction for
exposure to industries identified as highly vulnerable to the
impact of the coronavirus pandemic, as described in "Fitch Ratings
Updates CLO Sensitivity Stress for Coronavirus Vulnerabilities",
dated 7 April 2020. These industries include: automobiles; energy,
oil and gas; gaming, leisure and entertainment; lodging and
restaurants; metals and mining; retail; and transportation and
distribution. In addition, Fitch looked at SME sectors, such as
fitness, and services particularly affected by the containment
measures.

The RWN reflects the notes' sensitivities to increased
vulnerability to credit losses in each of the respective loan
portfolios, as a result of pandemic-related disruption to the SME
sector.

Thorn ABS Warehouse No. 1 is in its revolving period and has not
deleveraged since closing in 2017. As a result, Fitch expects the
imposition of pandemic-related stress, which is above the stress
Fitch expectsed at closing, to result in a downward revision of the
ratings.

Fitch expects a sharp economic contraction to hit major economies
in 1H20. It forecasts GDP to fall by 2.2% in Australia in 2020.
Fiscal stimulus and balance-sheet support has been extended to
large swathes of the Australian economy. Widening deficits and
easing monetary and fiscal policy will limit the depth of the
initial downturn, but it only expects these policies to become more
effective once the health crisis subsides. The Australian
government has implemented specific support for the SME sector;
however, this support may not be enough for all small businesses to
service their debt.

SME Loan Recovery Rates: Minimal credit was given to recoveries for
Thorn ABS Warehouse No. 1 at closing due to the nature of the
assets in the portfolio.

Portfolio Analysis: Fitch will conduct a full transaction analysis
within the next six months, including an assessment of asset credit
quality, asset security and portfolio composition. This assessment
is captured in the default and loss rates produced by Fitch's
Portfolio Credit Model. The PCM output will be based on the current
portfolio composition and pandemic sensitivity analysis and will be
compared with the PCM output corresponding to the Fitch-stressed
portfolio at the initial rating assignment and the rated notes'
credit enhancement levels.

Obligor Concentration: The transaction has obligor concentration
levels that are higher than that usually observed in consumer ABS
transactions. Therefore, Fitch has derived default assumptions that
take into account lessee concentration and correlation risk, in
line with its SME Balance Sheet Securitization Rating Criteria.

RATING SENSITIVITIES

Fitch will update the coronavirus stress scenario in line with
greater clarity on the unfolding macroeconomic environment, default
performance and recovery data and resolve the RWN status within the
next six months.

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

Fitch does not anticipate developments with a high likelihood of
triggering an upgrade, as per the RWN. The main constraint to the
rating is the transaction's exposure to SME and self-employed
borrowers, which it views as negative. Should the transaction be
upgraded, Fitch will consider the performance history of the
portfolio through this stressed period, the amount of deleveraging
and whether the cash flow analysis would likely support an
upgrade.

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

Fitch conducted rating sensitivity analysis on the closing date of
the transaction, incorporating increased levels of defaults and
reduced levels of recovery rates among other sensitivities, as
defined in its criteria.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that were material to
this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio as part of its
ongoing monitoring.

TOBCOTT PTY: First Creditors' Meeting Set for April 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Tobcott Pty
Ltd, trading as Motorcare Auto Solutions, will be held on April 23,
2020, at 11:00 a.m. via teleconference.

Nicholas David Cooper and Dominic Charles Cantone of Worrells
Solvency & Forensic Accountants were appointed as administrators of
Tobcott Pty on April 9, 2020.


VIRGIN AUSTRALIA: Considers Going Into Administration
-----------------------------------------------------
Guardian Australia reports that grounded airline Virgin Australia
is considering going into administration as it races against time
to get out from under a AUD4.8 billion debt pile.

Amid calls from the federal opposition leader, Anthony Albanese,
for the government to rescue the airline, it has hired insolvency
and turnaround experts at Deloitte to work on restructure
scenarios, Guardian Australia has learned.

Guardian Australia relates that it is believed that as part of the
restructuring effort Virgin Australia has also hired the debt
expert Jim McKnight of the investment bank Houlihan Lokey, who has
worked on some of Australia's biggest corporate collapses and
rescues including the shopping centre empire Centro, toll road
company BrisConnections and Network Ten.

In a statement to the stock exchange, the airline said it
"continues to consider the issues brought about by the Covid-19
crisis including discussions with respect to financial assistance
and restructuring alternatives which are ongoing".

It is believed administration, under which control of the company
would be handed to insolvency experts, is at one end of the range
of options being considered by Virgin Australia, according to
Guardian Australia.

Administrators have powers not available to company directors,
including the ability to force all creditors to take a haircut
under a deed of company arrangement. Administrators are also able
to disclaim uneconomic contracts, freeing the company from onerous
obligations, the report says.

To succeed, a deed of company arrangement requires support from
half the creditors, by number and amount owed.

According to the report, Virgin Australia has asked for a AUD1.4
billion loan from the government as part of a proposed broader AUD5
billion airline industry bailout, but so far the deputy prime
minister and transport minister, Michael McCormack, has resisted
calls to prop up the sector through a direct cash injection.

On April 14, the treasurer, Josh Frydenberg, said both Virgin
Australia and Qantas had "substantial shareholders" - a reference,
in Virgin Australia's case, to Singapore Airlines, the Chinese
state-owned group HNA and Etihad, which is owned by Abu Dhabi.

He said the government was "absolutely committed to the aviation
sector", pointing to a AUD1 billion support package it has already
announced, the report relays.

However, airline sources say the package does little to help
because AUD700 million of it is made up of waivers of fees that are
not charged when planes are grounded, Guardian Australia relates.

Guardian Australia adds that airline industry sources said the
sector is hopeful the government will fund key domestic routes,
which have become unprofitable because planes are about 30% full.

It is understood the government is looking at providing additional
support worth tens of millions of dollars for Virgin and Qantas, in
order to ensure secure and affordable access for passengers and
freight on essential domestic air routes.

There has also been speculation in government circles that a
foreign airline might swoop on Virgin Australia, the report says.

On April 14, Mr. Albanese dismissed this idea as unrealistic and
said that if Australia was going to lose the two-airline model, the
government should intervene.

"The idea that Virgin can disappear and someone will just come in
and pick up what's left is just a triumph of hope over reality,
which is why people in the government are talking about opening up
Australian domestic routes to foreign carriers, which would carry
foreign crew and pay foreign wages," the report quotes Mr. Albanese
as saying.

Asked whether any mooted assistance should be available to other
airlines, Mr. Albanese said it was Virgin that needed support now,
but the point was to bolster the industry as a whole.

"This isn't about favouring one airline or another. This is about
favouring an industry structure that serves the national
interest."

But Mr. Albanese said taxpayer money should not be given
unconditionally. He said Labor was flexible about the structure of
the support, but there was no reason the government could not make
a financial injection through equity with the ability to sell that
stake down the track, Guardian Australia relays.

"This is an ideal time - if anything this is the bottom of the
market, that's for sure," Mr. Albanese said.

Guardian Australia adds that the head of the Australian Competition
and Consumer Commission, Rod Sims, has also insisted Australia
needs new two airlines, and has launched an investigation into
attacks on Virgin Australia by Qantas and its chief executive, Alan
Joyce.

Since the outbreak of the coronavirus pandemic financial markets
have become increasingly nervous about Virgin Australia's financial
stability, according to Guardian Australia.

The company has been in the red every year for the past five years,
running up losses of more than AUD1.6 billion, Guardian Australia
discloses. It lost an additional AUD88 million in the six months to
the end of the year.

Of the AUD4.8 million the airline owes to its banks, AUD540 million
needs to be repaid or refinanced before the end of this calendar
year, the report notes.

At the start of the year, Virgin Australia had AUD900 million in
free cash, but has continued to burn money despite grounding its
fleet, Guardian Australia adds.

                       About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on March 26, 2020, lowered its issuer credit rating
on Virgin Australia to 'CCC' from 'B-', and lowered its related
issue ratings on the airline's debt to 'CCC-' from 'CCC+'.  At the
same time, S&P placed all ratings on CreditWatch with developing
implications. Recovery ratings on the debt remain unchanged at '5'.
S&P lowered its ratings on Virgin Australia to reflect its view
that the company's cash outflow and liquidity pressures have
intensified. This follows Virgin Australia's decision to
temporarily ground 125 aircraft, reduce domestic capacity by 90%,
as well as suspend international flights and Tigerair Australia in
response to heightened government-led COVID-19-related
restrictions. The airline will also defer certain supplier
payments.


YEEND & ASSOCIATES: Second Creditors' Meeting Set for April 22
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Yeend &
Associates Pty Ltd has been set for April 22, 2020, at 11:00 a.m.
via teleconference.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 21, 2020, at 5:00 p.m.

Stephen John Hundy of Worrells Solvency & Forensic Accountants was
appointed as administrator of Yeend & Associates on March 6, 2020.




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C H I N A
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CHINA FORTUNE: Fitch Affirms 'BB-' LongTerm IDR
-----------------------------------------------
Fitch Ratings has affirmed city-district developer China Fortune
Land Development Co., Ltd.'s Long-Term Foreign-Currency Issuer
Default Rating at 'BB-', with a Stable Outlook. Fitch has also
affirmed CFLD's senior unsecured rating and the ratings on all
outstanding bonds at 'BB-'.

The Stable Outlook reflects its expectations that CFLD's leverage
will continue to hover around 65% in 2019-2020 but will gradually
drop from 2021, as the China-based company's cash collection
bottomed out in 2Q18 and started improving in 2019. Fitch believes
higher cash receipts from property sales and government
reimbursements will help to support the additional investments to
be made to drive its growth.

KEY RATING DRIVERS

High Leverage, Improving Cash Collection: Fitch estimates leverage,
measured by net debt/adjusted inventory + accounts receivables, of
around 65% in 2019-2020 (70% at end-September 2019), higher than
2018's 50%. Fitch estimates CFLD had cash inflow of more than CNY25
billion from government reimbursements after a 20% increase in
government-related district revenue to CNY38 billion in 2019 and a
78% cash collection rate in 1Q-3Q19. CFLD's cash collection from
property sales rose to around 60% in 2019, from 45% in 2018, after
its diversification outside the pan-Beijing area, which was
severely hit by a zoning and land auction freeze and more stringent
home-purchase restrictions in 2018. Fitch estimates CFLD will
gradually deleverage from 2021, as its geographical diversification
gathers steam and cash-collection issues are addressed.

Sustained High District Investment: CFLD needs to pre-invest in
primary land and infrastructure in its industrial parks to support
a wider margin for its property-development projects surrounding
the parks. Fitch estimates CFLD invested over CNY30 billion in 2019
but expects investments to slow from 2021 due to the end of the
early development phases of its industrial parks outside the
pan-Beijing area. CFLD usually needs to wait for two to three years
before the government can recognize and reimburse the investment,
which can pressure its cash flow if the company is not able to
generate sufficient property sales to cover the investment.

Broadening Geographical Diversification: CFLD has expanded its
industrial parks beyond the pan-Beijing region including the areas
surrounding Nanjing, Hangzhou and Hefei. The contracted gross floor
area contribution from the pan-Beijing region decreased to 39% of
the total in 2019 from 48% in 2018 and 66% in 2017. Fitch thinks
CFLD's increasing reach will be crucial towards diversifying its
geographical risks and maintaining a healthy cash collection in the
long run.

Ping An Cooperation Boosts Profile: Ping An Life Insurance Company
of China, Ltd., CFLD's second-largest shareholder, held a 25% stake
as of end-March 2020. Ping An appointed two of its representatives
to CFLD's board, and CFLD has set up its southern headquarters in
Shenzhen with new management to cooperate with Ping An in
urban-complex development and asset-light investment-property
businesses to expand beyond its traditional industrial-park
development.

DERIVATION SUMMARY

CFLD's business profile is in line with that of 'BB' category
credits. The company is a leading industrial-park developer in
China, with the majority of its revenue still generated from the
pan-Beijing region. CFLD receives non-property income from
government contracts and at the same time generates
property-development income from projects within its industrial
parks. CFLD has lower counterparty credit risk, as its business
model involves paying land premiums and taxes to local governments,
which are in turn used to pay the company. This significantly
strengthens its business profile relative to other homebuilders, as
it does not need to lock up capital in land reserves that are not
immediately needed for development. On the other hand, CFLD needs
to pre-invest in primary land and infrastructure in its industrial
parks to support a high value for its property-development projects
within the parks, but it has to wait for two to three years before
the government can reimburse the investment. The large investment
in district-related infrastructure can sometimes cause a drain on
CFLD's cash flow.

CFLD's financial profile is similar to that of Guangzhou R&F
Properties Co. Ltd. (BB-/Stable). CFLD's leverage, measured by net
debt/adjusted inventory + receivables, of 59% at end-2018 and
Fitch's expectation of around 65% in 2019-2020 are similar to R&F's
56% at end-2018 and 60% at-end 2017. CFLD's contracted sales of
CNY102 billion in 2019 are also close to R&F's attributable sales
of CNY138 billion. CFLD's overall EBITDA margin of 29.2% at
end-2018 is comparable with R&F's 28% at end-2018. Their leverage
is higher than that of other 'BB' and 'BB-' rated issuers such as
Seazen Group Limited's (BB/Stable) 44% and Sunac China Holdings
Limited's (BB/Stable) 38% at end-2018. However, CFLD's and R&F's
higher leverage is partially mitigated by meaningful
non-development property income.

KEY ASSUMPTIONS

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

  - Contracted sales of CNY92 billion in 2020 and no growth in
2021-2022

  - Government-related revenue to increase to CNY38 billion and
CNY39 billion in 2020-2021

  - District development expenditure of CNY35 billion in 2020 and
CNY25 billion in 2021

  - Gross margin of around 42% in 2020-2021

RATING SENSITIVITIES

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

  - Large decline in housing contracted sales from the 2019 level

  - Difficulty in receiving cash receipts from government

  - Net debt/adjusted inventory + accounts receivables above 65%
for a sustained period

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

  - Net debt/adjusted inventory + accounts receivables sustained
below 55%

  - Diversification beyond the pan-Beijing area such that the
region's revenue accounts for less than 40% of total revenue

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch estimates that CFLD will have around
CNY90 billion debt due and puttable in 2020, including around CNY30
billion in bonds. Fitch believes CFLD will be able to secure
sufficient bond issuance quota to refinance most of its bonds with
new issuance, and the bank loans can be rolled over due to CFLD's
strong banking relationships and its position as a major affiliate
of Ping An.

CFLD issued a USD1.2 billion offshore bond in early 2020 with a
coupon rate of 7%-8% to refinance its USD920 million senior notes
due December 2020 and 6.65% USD350 million perpetual notes that
will have a coupon step-up to over 10% if not redeemed in December
2020. CFLD also issued CNY1 billion in onshore bonds at only 5.5%
in March 2020. CFLD will use the cash generated and lower-cost debt
instruments to repay most of its existing higher cost loans in
2H20, according to management.

ESG CONSIDERATIONS

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

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.

MIE HOLDINGS: Fitch Cuts LT IDR to 'C' on Missed Coupon
-------------------------------------------------------
Fitch Ratings has downgraded China-based MIE Holdings Corporation's
Long-Term Issuer Default Rating to 'C', from 'CC', and has affirmed
the rating of MIE's USD248.4 million 13.75% senior notes due April
2022 at 'C' with a Recovery Rating of 'RR6'.

The downgrade follows MIE's announcement that it was unable to pay
the semi-annual interest payment of USD17 million on its US-dollar
senior notes on April 12, 2020.

KEY RATING DRIVERS

Missed Coupon; Grace Period: MIE has announced that it was unable
to pay the semi-annual coupon of USD17 million on its USD248.4
million 13.75% notes, which was due on April 12, 2020. The company
has a 30-day grace period until 11 May 2020 to satisfy the payment
obligations.

Severe Liquidity Crunch: MIE's interest coverage was below 1x in
2019 and Fitch estimates that the company had about CNY13.7 million
in unrestricted cash at the end of the year. Fitch expectss MIE's
cash flow generation for 2020 to be further hampered by the sharp
decline in the oil price; its EBITDA would be less than CNY200
million (2019 estimate: CNY400 million) based on its latest oil
price deck, after taking into account headquarter costs against
annual interest obligation of around CNY530 million.

Impaired Capital Structure: MIE has debt of about CNY1.8 billion
maturing in 2H20, in addition to its outstanding interest
obligation. Its financing access remains weak, with minimal
unencumbered access and concentrated lenders. MIE has yet to
publish its 2019 financial results, as the auditing process has not
been completed due to the high uncertainty regarding its ability to
meet interest payments and extend its near-term debt maturities.

Potential Restructuring of Senior Notes: MIE has announced that it
is in discussion with certain holders of its US-dollar senior notes
with respect to a potential restructuring. Details are not yet
available.

DERIVATION SUMMARY

MIE's rating of 'C' follows a missed coupon on April 12, 2020 and
the start of the company's 30-day grace period.

KEY ASSUMPTIONS

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

  - Limited access to new funding

  - Flat to low-single-digit growth in oilfield production between
    2020 and 2022

  - Fitch oil-price assumptions for Brent: USD35/barrel (bbl)
    in 2020, USD45/bbl in 2021 and USD53/bbl in 2022

Key Assumptions for Fitch's Bespoke Recovery Analysis

  - MIE's domestic operations would be liquidated rather than
    reorganized in a bankruptcy.

  - Fitch applies a 60% advance rate to MIE's Daan oilfield,
    75% to accounts receivable and 60% to inventory.

  - Fitch applies a 50% discount to MIE's residual equity
    value in Emir Oil, which is valued based on its last
    sale price in 2016.

The recovery estimate for senior unsecured debt, predominantly
consisting of the 2022 US dollar senior notes, is 0%, which
corresponds to a Recovery Rating of 'RR6'.

RATING SENSITIVITIES

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

  - No positive rating action is envisaged. Fitch will revisit
    MIE's credit profile after completion of debt restructuring.

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

  - The IDR will be downgraded to 'RD' after the expiry of the
    grace period or completion of a distressed debt exchange

  - The IDR will be downgraded to 'D' if MIE enters into
    bankruptcy proceedings, administration, receivership,
    liquidation or other formal winding-up procedure or if
    it ceases operations

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Crunch: Fitch believes MIE does not have the funds to
cure the defaulted bond interest. The company's access to new
capital is limited.

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).

TIANQI LITHIUM: Debt Woes Deepens Amid Coronavirus Crisis
---------------------------------------------------------
Bloomberg News reports that the global health crisis has deepened
financial troubles at one of China's biggest producers of lithium
used in electric vehicle batteries.

The pandemic is set to batter this year's demand for the material
that's vital in powering new energy transport. Prices are at
four-year lows, and a deepening crisis in the global auto market
could create more corporate turbulence even as the long-term
outlook remains bright, Bloomberg says.

According to Bloomberg, China's two biggest suppliers, Tianqi
Lithium Corp. and Ganfeng Lithium Corp., have both issued profit
warnings in the past day, with Tianqi expecting a loss on low
prices among other factors. The economic turmoil is weighing
particularly heavily on Tianqi, which took on billions of dollars
of debt to fund an investment in Chile in 2018, the report says.

Bloomberg relates that the firm was downgraded by Moody's Investor
Service last month after flagging risks to its own debt servicing
capacity. It's even exploring a partial sale of its prized
Australian assets to help pay down $3.5 billion in loans, according
to an April 13 report in the Australian Financial Review, relays
Bloomberg.

"Tianqi's repayment ability in the short to medium term will be
under pressure," Bloomberg quotes Zhang Jing, Shanghai-based
analyst at Philip Securities, as saying by phone. "The wider spread
of the virus globally has impacted the lithium supply chain and the
price may be subject to fluctuations that will further affect the
company's cash flows."

According to Bloomberg, the coronavirus crisis has strengthened
headwinds for a lithium market that began 2020 facing a supply
glut. Passenger car sales in China plunged 80% in the first two
months of the year. Global lithium demand for the year will be 25%
lower than pre-virus forecasts, according to commodities
consultancy Roskill Information Services.

Bloomberg notes that Tianqi's debt woes stem from loans used to
fund the $4 billion purchase of a stake in a Chilean rival known as
SQM in early 2018, at the height of a premature price boom. A
tumbling market since then has left Tianqi struggling to pay off
debt as profits have dwindled. The maturity of $2.3 billion of that
loan was extended to November.

The company warned on March 23 that it has limited capacity to
raise new financing as shares of its major subsidiaries have been
pledged against the SQM loan. Repayment ability will depend on
operational performance, it said.

"Tianqi Lithium's liquidity is weak," Moody's Investor Service
wrote in a note on April 14. Refinancing risks are being
exacerbated by the unprecedented effects of the global economic
crisis on credit conditions, it said.  

The price of Tianqi's $300 million offshore note dropped to a
record low this week after halving since late March,
Bloomberg-compiled data show. The company is offering at least part
of its 50% stake in Talison Lithium, owner of the Greenbushes mine
and Kwinana refinery in Australia, the AFR, as cited by Bloomberg,
reported.

Bloomberg adds that Tianqi said it's expecting a net loss of
between CNY450 million and CNY510 million for the first quarter,
compared with net profit of CNY111 million a year earlier. It cited
lower lithium prices and sales amid "the industry cycle and
coronavirus outbreak" as well as foreign exchange losses.

Still, there are already signs of a tentative recovery in China's
auto market, and electric vehicles are a key target for policy
support as the government looks to reboot the economy. The
coronavirus outbreak is also unlikely to derail the global auto
industry's long-term shift to electrification.

"As long as the company works out the short-term debt issues, it is
not entirely pessimistic in the long run as there's still demand
for the metal," Philip Securities' Zhang said, Bloomberg adds.

                        About Tianqi Lithium

Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a leading lithium chemicals producer that mines,
makes and sells lithium minerals and lithium chemicals.  The
company owns a 51% stake in the Greenbushes lithium mine in Western
Australia. It also owns a 25.9% stake in Chilean chemical producer,
Sociedad Quimica y Minera de Chile S.A.

As reported in the Troubled Company Reporter-Asia Pacific on March
30, 2020, Moody's Investors Service downgraded to Caa1 from B2
Tianqi Lithium Corporation's corporate family rating. Moody's has
also downgraded the senior unsecured rating on the bonds issued by
Tianqi Finco Co., Ltd and guaranteed by Tianqi Lithium to Caa2 from
B2.  The ratings outlook remains negative.




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

ARYAN CONSTRUCTION: ICRA Cuts Rating on INR30cr Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Aryan
Construction & Associates (ACA), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based           5.00       [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   moved to 'Issuer Not
                                   Cooperating' category

   Non-fund based/     30.00       [ICRA]B+ (Stable); ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   moved to 'Issuer Not
                                   Cooperating' category

Rationale

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

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

Aryan Construction & Associates (ACA) was incorporated in 2007. It
is involved in civil construction work, primarily construction and
upgrade of roads. The firm is enlisted as a Class-1 contractor (for
road work) of Public Works Department, Uttrakhand (PWD, Uttrakhand)
and Public Works Department, Uttar Pradesh (PWD, UP). The firm
participates in tenders issued by PWD, UP and undertakes road
construction work mainly for the National Highways. The contracts
awarded are related to upgrade of roads, mainly the national
highways.

The management of the firm is being taken care by two partners,
i.e. Mr. Sanjay Tyagi and Mr. Kapil Mohan Tyagi, with profit
sharing of 70% and 30%, respectively.


BALPRADA HOTELS: ICRA Reaffirms 'D' Rating on INR91cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Balprada
Hotels And Hospitality Services Private Limited (BHHS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–Fund       91.0       [ICRA]D; Rating reaffirmed
and
   Based–TL                        removed from the 'Issuer Not
                                   Cooperating' category

   Short Term–Non        6.0       [ICRA]D; Rating reaffirmed
and
   Fund Based                      removed from the 'Issuer Not
                                   Cooperating' category

Rationale

The ratings take into account the ongoing delays in servicing of
debt obligations by BHHS due to its stretched liquidity position.
Initially, the property witnessed time and cost overruns.

Subsequently, its performance was affected by the slowdown in the
hospitality industry, which adversely impacted its cash flows.
Further, with high leverage and significant leakages in terms of
interest cost, the company was dependent on additional loans from
the promoters. The ratings are also constrained by limited
experience of promoters in the hospitality sector, risks associated
with a single property and net losses since inception. Though ICRA
notes that the operational metrics as characterised by occupancy
and average room revenue (ARR) of the hotel has improved year on
year.

Key rating drivers

Credit challenge

* Delays in debt servicing:  The company has not been able to
service its term loan obligations on time due its stretched
liquidity position because of high interest and depreciation
expenses. The company have been delaying itsloan repayments by up
to 60 days.

Liquidity position: Poor

BHHS's liquidity is poor as it has been delaying in servicing of
its debt repayment obligations.

Rating sensitivities

* Positive triggers:  ICRA could upgrade BHHS's rating if the firm
demonstrates improvement in its liquidity position and consequently
becomes regular in its debt servicing.

Balprada Hotels and Hospitality Private Limited (BHHS) is a
subsidiary of BHHS Limited. The company has developed a 185 room
4-star hotel at Golf Course Road in Gurgaon at a cost of INR178
crores. The hotel has been funded by debt of INR100 crore and
promoters' contribution of INR78 crores. The hotel project (to be
operated under the DoubleTree by Hilton brand) started commercial
operations in March 2012.


BINA TUBE: ICRA Reaffirms 'B+' Rating on INR8.08cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Bina Tube
Private Limited (BTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          2.00       [ICRA]B+ (Stable); reaffirmed
   Term Loan            8.08       [ICRA]B+ (Stable); reaffirmed
   Bank Guarantee       0.80       [ICRA]A4; reaffirmed
   Unallocated          0.12       [ICRA]B+ (Stable)/A4;
                                   Reaffirmed

Rationale

The ratings reaffirmation takes into consideration the extensive
experience of the promoters of BTPL in the steel industry and their
association with TATA Steel Industry (TSL) in manufacturing various
products, including electric resistant welding steel pipes (ERW).
This is reflected in a year-on-year (YoY) growth in operating
income (OI) to INR12.40 crore in FY2019. The ratings also take into
consideration the healthy financial risk profile indicated by
robust interest coverage of 3.78 times, high operating margin of
28.92% and debt service coverage ratio (DSCR) of 2.14 times in
FY2019. Moreover, the company is insulated from inventory risk and
raw material price volatility risk, which are borne by TSL.

The ratings, however, continue to be constrained by BTPL's small
scale of operation and its dependence on TSL. The company also
faces the risk of non-revival of the agreement between the two
companies. ICRA also takes note of the high utilisation of bank
limits in the past few months and the modest net worth position.

The Stable outlook on [ICRA]B+ rating reflects the benefits the
company is expected to derive from its experienced promoters and
its association with TSL.

Key rating drivers and their description

Credit strengths

* Revenue growth in past three years due to healthy demand:  BTPL
has seen a continuous rise in OI to INR12.40 crore in FY2019 from
INR8.11 crore in FY2016 (an increase of 53%) on account of steady
demand from TSL.

* Promoters with more than one decade of experience in steel
industry:  The promoters have extensive experience in the ferrous
industry, given the established relationship with TSL.

* Lower power cost from TATA Power provides competitive advantage:
Apart from receiving raw materials from TSL, the company receives
power supply from TATA Power at a rate of INR6 per unit. The cost
has substantially come down from earlier INR9-9.50 per unit
(Jharkhand State Electricity Board) and going forward, this will
help the company to further improve its operating margins.

Credit challenges

* Small scale of operation:  Even with healthy demand and YoY
improvement in OI, BTPL's scale of operation remains constrained at
INR12.40 crore in FY2019.

* Highly leveraged capital structure:  The gearing level of the
company stood high at 4.36 times in FY2019 on account of low net
worth of INR2.92 crore.

* High client-concentration risk:  TSL being the sole customer of
BTPL, it faces the risk of non-renewal of contract. Moreover, the
company's performance depends on the demand from TSL and thus, the
performance of the latter is a major driver of the overall
performance of BTPL.

Liquidity position: Stretched

The working capital utilisation was high at 97% for the 10-month
period that ended in January 2020. The company's overall liquidity
is expected to remain stretched due to scheduled debt repayment
obligations. Thus, generation of adequate cash accruals will remain
crucial. However, given the past track record, the promoters are
expected to provide funding support for any cash flow mismatch over
the medium term.

Rating sensitivities

Positive triggers: An upward movement in rating could happen if
there is substantial and sustained growth in revenues and
profitability. TOL/TNW to fall below 3 times on a sustained basis.

Negative triggers: Negative pressure on company's ratings could
arise if there is deterioration in performance of the entity
evidenced by lower cash accruals, further deterioration in working
capital cycle, or if any major debt-funded capital expenditure,
weakens liquidity. DSCR less than 1.1 times on a sustained basis.

BTPL was incorporated in 2015. The company is involved in the
manufacture and supply of ERW black steel metallic tubes of
different sizes. The unit at present is an authorised conversion
agent of TSL tubes division. The promoters of BTPL are Mr. Pradeep
Kumar Mukherjee and Mr. Probal Mukherjee.


CAPSTONE CERAMIC: ICRA Moves 'B+' Ratings to Not Cooperating
------------------------------------------------------------
ICRA has moved the rating for the bank facilities for INR11.26
crore of Capstone Ceramic (India) LLP to 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/A4; ISSUER
NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based–         3.00       [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

   Fund-based–         7.05       [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                      COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

   Non-Fund-based–     1.21       [ICRA]A4; ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

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

Established in October 2017, as a limited liability partnership
firm, CCL commenced commercial production in May 2018, with its
product profile comprising digitally printed wall tiles of 12"X18".
Its manufacturing unit is located at Morbi, the ceramic tile
manufacturing hub of Gujarat and is equipped to manufacture 33,750
metric tonne (MT) of tiles per annum.


CLARIDGE COLLISION: First Creditors' Meeting Set for April 23
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Claridge
Collision Repairs Pty Ltd, trading as Claridge Crash, will be held
on April 23, 2020, at 11:00 a.m. via teleconference.

Nicholas David Cooper and Dominic Charles Cantone of Worrells
Solvency & Forensic Accountants were appointed as administrators of
Claridge Collision on April 9, 2020.


DHANALAKSHMI SRINIVASAN HOTELS: ICRA Reaffirms D on INR52cr Loan
----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Dhanalakshmi Srinivasan Hotels Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based
   Term Loan           52.00       [ICRA]D; reaffirmed

Rationale

The rating reflects the continuing delays in meeting interest and
principal repayment obligations by the company on bank loans due to
tight liquidity position arising from the mismatch in cash flows
between lumpy fee collections and periodical debt repayment
obligations. The debt levels have increased over years which have
been availed for undertaking large capital expenditure in the past.
The group's financial profile remains weak characterised by net
losses, stretched capital structure and coverage indicators. The
rating also considers the intense competition in the industry, and
presence of regulatory risks in having to comply with the standards
set by regulatory bodies, for the educational institutions. Going
forward, the group's ability to generate higher accruals would be
key to meet its debt repayment obligations.

Key rating drivers and their description

Credit challenges

* Delays in servicing debt obligations:  There are continuing
delays in servicing the debt repayment obligations (both interest
and principal) of the trust.

* Weak Financial risk profile and constrained liquidity:  Owing to
large debt funded capex in the recent years, the group has elevated
debt levels, which coupled with net losses has resulted in
stretched capitalisation and coverage indicators with consolidated
gearing of 17.8 times as on March 31, 2019 and consolidated
TD/OPBITDA of 8.7 times for FY2019.

With steady losses, the group's liquidity position is tight and
accordingly there are delays in servicing interest and principal
obligations.

* Intense competition and regulatory risks:  The group is exposed
to intense competition from other educational institutions/hotels
in the vicinity. Moreover, the education sector in India remains
highly regulated and the group's earnings remain vulnerable to
regulatory risks.

Liquidity Position: Poor

The group's liquidity profile is poor and remains constrained by
net losses and high debt repayment obligations.  Turnaround in
operations or infusion of equity will be critical in improvement in
the liquidity position of the group.

Rating sensitivities

Positive triggers - ICRA could upgrade the ratings with
regularisation of debt servicing obligations on a sustained basis.

Negative triggers - NA

DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.

In FY2019, on a consolidated basis, the group reported a net loss
of INR6.6 crore on an operating income of INR286.8 crore, as
compared to a net loss of INR48.2 crore on an operating income of
INR290.4 crore in the previous year.


DHANALAKSHMI SRINIVASAN: ICRA Reaffirms D Rating on INR28cr Loan
----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Dhanalakshmi Srinivasan Charitable and Educational Trust, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based
   Term Loan           28.00       [ICRA]D; reaffirmed

Rationale

The rating reflects the continuing delays in meeting interest and
principal repayment obligations by the trust on bank loans due to
tight liquidity position arising from the mismatch in cash flows
between lumpy fee collections and periodical debt repayment
obligations. The debt levels have increased over years which have
been availed for undertaking large capital expenditure in the past.
The group's financial profile remains weak characterised by net
losses, stretched capital structure and coverage indicators. The
rating also considers the intense competition in the industry, and
presence of regulatory risks in having to comply with the standards
set by regulatory bodies, for the educational institutions. Going
forward, the group's ability to generate higher accruals would be
key to meet its debt repayment obligations.

Key rating drivers and their description

Credit challenges

* Delays in servicing debt obligations:  There are continuing
delays in servicing the debt repayment obligations (both interest
and principal) of the trust.

* Weak Financial risk profile and constrained liquidity:  Owing to
large debt funded capex in the recent years, the group has elevated
debt levels, which coupled with net losses has resulted in
stretched capitalisation and coverage indicators with consolidated
gearing of 17.8 times as on March 31, 2019 and consolidated
TD/OPBITDA of 8.7 times for FY2019.  With steady losses, the
group's liquidity position is tight and accordingly there are
delays in servicing interest and principal obligations.

* Intense competition and regulatory risks:  The group is exposed
to intense competition from other educational institutions / hotels
in the vicinity. Moreover, the education sector in India remains
highly regulated and the group's earnings remain vulnerable to
regulatory risks.

Liquidity Position: Poor

The group's liquidity profile is poor and remains constrained by
net losses and high debt repayment obligations.

Turnaround in operations or infusion of equity will be critical in
improvement in the liquidity position of the group.

Rating sensitivities

Positive triggers - ICRA could upgrade the ratings with
regularisation of debt servicing obligations on a sustained basis.

Negative triggers - NA

DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.

In FY2019, on a consolidated basis, the group reported a net loss
of INR6.6 crore on an operating income of INR286.8 crore, as
compared to a net loss of INR48.2 crore on an operating income of
INR290.4 crore in the previous year.


EAST COAST ENERGY: ICRA Keeps D on INR5995cr Debt in NonCooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR5595.00-crore bank facility of
East Coast Energy Private Limited (ECEPL) continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-      4,927.00    [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                    rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

   Unallocated        668.00    [ICRA]D; ISSUER NOT COOPERATING;
                                rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

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

ECEPL was developing a 1320 MW (2 X 660 MW) supercritical
coal-based power project near Kakarapalli village in the Srikakulam
district of Andhra Pradesh. The company is promoted by Asian Genco
Pte Limited, Cobalt Power Private Limited (majorly held by Navayuga
group), Athena Energy Ventures Private Limited, Abir Infrastucture
Limited & Associates and PTC India Financial Services Limited.


GALAXY CONCAB: ICRA Withdraws 'B' Rating on INR10cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Galaxy
Concab (India) Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–Fund      10.00       [ICRA]B (Stable); ISSUER NOT
   Based/Cash                      COOPERATING; Withdrawn
   Credit             
                                   
   Long Term–           1.00       [ICRA]B (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Withdrawn


   Short Term–         15.00       [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING; Withdrawn

   Long Term/          6.00        [ICRA]B (Stable)/[ICRA]A4;
   Short Term–                     ISSUER NOT COOPERATING;
   Fund Based                      Withdrawn

Rationale

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

Key rating drivers and their description

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

Galaxy Concab (India) Private Limited was established in 2006 with
the manufacturing facility situated at Kamla Bhawan, Moti Lal Atal
Road, Jaipur. The company manufactures low-tension cables (LT XLPE
(Cross Linked Polyethylene) and LT PVC (polyvinyl Chloride)
Cables), which are used in the high-voltage transmission of power.
The company also trades in High Tension Cables. In addition, the
company also undertakes job work for LT cables.


GUJARAT COTFIB: ICRA Maintains 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for the bank facilities for INR14.08 crore of
Gujarat Cotfib continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/D; ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based–       13.75       [ICRA]D; ISSUER NOT COOPERATING;

   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-Fund-based     0.33       [ICRA]D; ISSUER NOT COOPERATING;
   Limits-Bank                   Rating continues to remain under
   Guarantee                     'Issuer Not Cooperating'
                                 Category

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

Established in 2008, Gujarat Cotfib (GC) is a partnership firm. The
firm reconstituted its partnership in 2016 wherein out of existing
nine partners, six partners took retirement and the firm is
presently managed by three partners i.e. Mr. Girdhar Vekariya, Mr.
Amit Vekariya and Mr. Vijay Vekariya. GC is engaged in the business
of cotton ginning and pressing of raw cotton to produce cotton
bales and cottonseeds. The firm is also engaged in crushing of
cotton seeds to produce cotton seed oil and oil cake. The firm's
manufacturing facility is located at Tapi Gujarat and is currently
equipped with 40  ginning machines and 1 pressing machine having a
capacity to produce 350 cotton bales per day and 8 expellers to
produce cotton seed oil with a capacity of producing 15 tons of oil
per day.


HERITAGE FINLEASE: Ind-Ra Affirms BB+ on INR210MM Bank Loan
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Heritage Finlease
Limited's (HFin) bank loan rating at 'IND BB+' with a Stable
Outlook.

The detailed rating action is:

-- INR210 mil. Bank loan affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation factors in HFin's continued small scale of
operations, franchise as well as its significant operational
linkages with its parent group entity, Heritage Foods Limited
(HFL). As of 3QFY20, HFin was majorly owned by the Nara family
(through Nirvana Holdings Private Limited 92%), while HFL (owned
51% by the Nara family) held 4%. The rating also factors in HFin's
modest infrastructure with small team size and key credit and field
operations being carried out at arm's length with HFL. The group
has maintained business oversight as three out of HFin's five board
members are also on the boards of the group companies. Further, the
group's key infrastructure such as administrative premises are
shared with the group's other entities, indicating high group
synergies

HFin provides loans to dairy farmers and milk accumulators against
the tripartite arrangement of milk consideration payable by HFL to
the dairy farmers (majorly in Andhra Pradesh and Telangana,
accounting for around 84% of loan book, as of 3QFY20). HFL has a
dominant market presence in Andhra Pradesh with a turnover of
INR22,378 million during 9MFY20. HFin has low penetration of about
1% among HFL's farmers (over three lakhs), implying its modest
importance towards the group's operations. The agency believes this
provides substantial headroom for HFin to expand its operations in
the HFL network.

The rating is constrained by the company's high product
concentration, as dairy loans accounted for 99% of assets under
management, as of 3QFY20 (INR322 million) disbursed through the
tripartite arrangement. HFin follows a 180 days' non-performing
assets (NPA) recognition policy; gross NPA in 9MFY20 was 1.5%
(FY19: 1.1%) and 90-days past due was 2.1%, as of 3QFY20. The
portfolio is granular with top 50 loans forming 13% of the total
portfolio in 1HFY20, with the annualized credit cost of 0.86% in
9MFY20 (FY19: 0.71%). A discontinuance of milk supply by the
farmers to HFL can lead to an increase in the credit losses. HFin
started disbursing personal loans in November 2019 (loan book of
INR3 million as of 3QFY20), primarily to HFL employees and through
institutional tie-ups with salaried individuals, and this the
management believes will help control credit cost and ease
collections. Ind-Ra believes the company's asset quality will
remain one of the key monitorables, as the ongoing lockdown has
impacted transportation across different sectors, including that of
essential goods as well.

Liquidity Indicator- Adequate: HFin had comfortable Tier-1
capitalization ratio of 37% at end-December 2019, well above the
regulatory requirement. Its asset-liability profile, too, is
comfortable as the company provides loans of shorter tenure (less
than one year) and funds its operations through a mix of equity
capital (3QFY20: INR117 million), cash credit line from banks
(INR250 million) and inter-corporate deposits (INR15 million) from
the parent company. It had a utilized bank limit of INR22 million,
as at FYE20. In the upcoming six months starting April 2020, the
company has fixed opex and debt servicing of INR50 million. The
bank loans are guaranteed by the parent entity. There are no major
outflows for the company and its 3QFY20 leverage (debt/equity)
stood at 1.67x (FY19:1.64x).

The rating is also supported by the company's sustained yields in
the dairy loan segment (annualized yield as of 9MFY20: 17.2%;
around 18% average over past five years). The agency believes the
yields are likely to sustain based on the company's borrower
profile, as it faces low competition in rural areas as the
borrowers' credit profile is comparatively weak for a bank. As most
operations are in-housed through the group, the operating costs are
low (annualized as of 9MFY20: 2.6%; pre-provisioning operating
profit annualized as of 9MFY20: 8.8% ; FY19: 9.1%) despite the
retail nature of business. The credit costs have remained modest
(annualized credit cost as of 9MFY20: 0.86%; FY19: 0.7%), however,
in the aftermath of the lockdown, Ind-Ra believes there could be an
impact on asset quality across non-banking finance companies and as
a consequence, credit cost. The mitigating factor for HFin thought
is that for a default to occur, the farmer has to stop supplying
milk to the HFL ecosystem. As of 9MFY20, the company had an
annualized return on average assets of 5.4% (FY19:6.4%) and return
on average equity of 14.9% (FY19:17.2%).

RATING SENSITIVITIES

Positive: Expansion of business, along with a gradual strengthening
of its franchise with maintained asset quality and profitability,
which would provide sufficient internal capital to finance loan
growth could trigger a rating upgrade. An increase in the
importance of HFin to the overall group's profitability along with
an increase in operational and/or financial linkages with HFL, too,
could result in a positive rating action.

Negative: Reduced group ownership or decline in the operational
linkages with HFL could result in a downgrade. HFin's ratings could
also be downgraded on higher-than-expected asset quality
deterioration; weakening of the pre-provision operating profit
buffer, and NPAs exceeding 4%.

COMPANY PROFILE

HFin is a Hyderabad-based non-banking finance company that provides
loans to milk-supplying cattle farmers towards the purchase of
livestock. HFin is a captive financier for the farmers of HFL. HFin
has been in the lending business since 1996 and had loans
outstanding around INR322 million at end-December 2019.


JMD LIMITED: ICRA Reaffirms 'D' Rating on INR55.39cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Jmd
Limited (JMD), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      55.39       [ICRA]D; Rating reaffirmed and
   Based TL                        removed from the 'Issuer Not
                                   Cooperating' category

   Long Term-Fund       2.00       [ICRA]D; Rating reaffirmed and
   Based/CC                        removed from the 'Issuer Not
                                   Cooperating' category

   Short Term-          9.61       [ICRA]D; Rating reaffirmed and
   Non Fund Based                  removed from the 'Issuer Not
                                   Cooperating' category

Rationale

The ratings take into account the ongoing delays in servicing of
debt obligations by JMD due to its stretched liquidity position.
The company's cash flows have been adversely impacted by weak sales
velocity and collections on account of the slowdown in the real
estate market. The ratings are also constrained by the absence of
new launches by the company in the past three years and high
reliance on customer advances for meeting the remaining project
expenses.

The rating continues to take into account the risk arising from
geographical concentration as all its projects are based in
National Capital Region (NCR). These apart, ICRA has taken note of
JMD's promoters' extensive experience in the real estate business.

Key rating drivers

Credit challenge

* Delays in debt servicing:  The company has not been able to
service its term loan obligations on time due its stretched
liquidity position because of non-receipt of timely payment from
clients. The company have been delaying its loan repayments by up
to 60 days.

Liquidity position: Poor

JMD's liquidity is poor as it has been delaying in servicing of its
debt repayment obligations.

Rating sensitivities

Positive triggers - ICRA could upgrade JMD's rating if the firm
demonstrates improvement in its liquidity position and consequently
becomes regular in its debt servicing.

JMD Limited (JMD) is a public limited company engaged in commercial
and residential real estate development in Delhi, Gurgaon, Noida,
Verna and Ludhiana. JMD was promoted in 1989 by Mr. Sunil Bedi. Its
business focuses on residential and commercial developments. JMD's
first project was JMD Regent Square, MG Road Gurgaon which was
completed in 2001. As on date, the company has completed a total of
11 projects, aggregating to more than 1.7 million square feet of
sold/leased area. The Group has also completed its first hotel
project, DoubleTree by Hilton, in Gurgaon (Haryana) in FY2012.


JSW STEEL: Moody's Puts Ba2 CFR on Review for Downgrade
-------------------------------------------------------
Moody's Investors Service has placed under review for downgrade JSW
Steel Limited's Ba2 corporate family rating and the Ba2 senior
unsecured rating.

The ratings outlook has been revised to ratings under review from
stable.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The steel sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment.

More specifically, the weaknesses in JSW's credit profile,
including its exposure to steel demand for manufacturing and
volatile material costs, have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions, and
it 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 JSW of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

In March, JSW announced that following the nationwide lockdown
initiated by the Indian government and the various advisories from
local and state governments, production at most of its plants has
either scaled down or been suspended [1].

"The review for downgrade reflects its expectation that weak steel
demand will strain JSW's credit profile, at least through the
fiscal year ending March 2021," says Kaustubh Chaubal, a Moody's
Vice President and Senior Credit Officer. "In fact, there is a
distinct possibility JSW will remain in breach of its downgrade
triggers for its Ba2 CFR."

Even ahead the coronavirus outbreak, sluggish economic growth, weak
demand and narrow product spreads had led to a deterioration in
JSW's credit profile. Profitability -- as measured by EBITDA/ton --
for JSW's Indian steel operations declined by 30% during the nine
months ended December 2019 to INR8,168 from INR11,677 in fiscal
2019.

"The review reflects its concern that JSW will face significant
challenges due to the coronavirus-led economic downturn, with
declining sales, weak earnings and free cash flow generation
because of tepid demand from automakers, manufacturing and other
steel consuming industries," adds Chaubal, who is also Moody's Lead
Analyst for JSW.

Moody's review for downgrade will focus on: (1) the outbreak's
impact on JSW's operations in light of increasing restrictions on
people's movement and the potential for a further shutdown of
operations to ensure employee safety; (2) the impact of the
outbreak on demand, steel prices and product spreads; (3) an
analysis of JSW's asset base, cost structure, likely cash burn rate
and liquidity, as well as management's strategy for coping with
prolonged, low and volatile commodity prices; (4) the impact of
potential countermeasures such as capex deferment as well as any
government measures to support the steelmaker's operations and
consumers in its main markets; and (5) its resilience in various
stress testing scenarios, especially with respect to liquidity.

Moody's expects to conclude the review within 90 days.

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

Given the current market situation, an upgrade of JSW's ratings is
unlikely in the near term. However, the outlook could return to
stable if improved market conditions lead to a recovery in metrics
to pre-outbreak levels.

Moody's could downgrade JSW's CFR if leverage remains in excess of
4.5x or EBIT/interest coverage below 2.0x, and EBIT margin below
12%, all on a sustained basis. Downward ratings pressure could also
build if JSW undertakes a large debt-financed acquisition without
an immediate and meaningful counterbalancing effect on earnings,
thereby resulting in a sustained increase in leverage. Execution
risks related to the timely and seamless integration of a potential
acquisition could also pressure the ratings.

ESG CONSIDERATIONS

In terms of environmental, social and governance factors, the
ratings reflect the elevated environmental risk facing steel
producers in terms of carbon regulation and air pollution. However,
JSW uses advanced technologies for producing steel, such as Corex.
The company also reuses industrial waste gases at its captive power
plants and maximizes reutilization of treated waste water. Other
investments include a pipe conveyor belt to transport iron ore from
mines to its plant to reduce the use of trucks.

JSW's ownership is concentrated in the promoter group led by Mr.
Sajjan Jindal, which held a 42.3% stake as of December 31, 2019.
The associated risks are partially mitigated by the presence on the
board of independent directors and nominees from key shareholders,
such as JFE Steel Corporation, indicating adequate board oversight.
JSW's disclosures and governance practices are in line with those
of large listed Indian corporates, and Moody's assesses governance
risk as moderate for JSW and manageable for its ratings.

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

JSW Steel Limited is one of the largest producers of steel products
in India, with an installed steelmaking capacity of 18 million tons
per annum (mtpa). JSW's international operations comprise: (1) 1.2
million net tonnes plates and pipes mills in Texas; (2) a 3.0 mtpa
hot rolling mill and a 1.5 mtpa electric arc furnace at Ohio; and
(3) a 1.32 mtpa long steel production facility in Piombino, Italy.


M.G. BROTHERS: ICRA Lowers Ratings on INR10cr Loans to 'B+'
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of M.G.
Brothers Industries Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      6.75       [ICRA]B+(Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating downgraded
                                  from [ICRA]BB-(Stable) and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Long Term-          3.25       [ICRA]B+(Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating downgraded
                                  from [ICRA]BB-(Stable) and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

Rationale

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

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

Incorporated in July 2000, MG Brothers Industries Private Limited
(MGBIPL) is the sole authorized dealer for sale of Machines, Spares
and services of TELCON Construction Equipment in Nellore District
and the sole authorized dealer of TAFE Tractors along with the sale
of spare parts and services in Chittoor. The company is also
engaged in development of land for commercial purposes.


MALLIKARJUNA PARBOILED: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR7.50 crore bank facilities of
Mallikarjuna Parboiled Binny Rice Mill to remain under Issuer Not
Cooperating category. The long-term & short-term rating is denoted
as [ICRA]B+ (Stable)/A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       5.00       [ICRA]B+ (Stable); ISSUER NOT
   Based/CC                        COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term-Fund       0.97       [ICRA]B+ (Stable); ISSUER NOT
   Based TL                        COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term/Short      1.53       [ICRA]B+ (Stable)/A4; ISSUER
   Term-Unallocated                NOT COOPERATING; Rating
                                   continue to remain in 'Issuer
                                   Not Cooperating' category

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

Mallikarjuna Parboiled Rice Mill (MPRM) founded in the year 1989.
MPBRM is engaged in the milling of paddy and produces raw and
boiled rice. The rice mill is located at Nalgonda district of
Andhra Pradesh. The installed production capacity of the plant is 7
tons per hour.


MEGHDOOT GINNING: ICRA Keeps 'B' on INR30cr Debt in NonCooperating
------------------------------------------------------------------
ICRA said the rating for the bank facilities for INR30.00 crore of
Meghdoot Ginning & Pressing Industries Private Limited continues to
remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–         30.00       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Meghdoot Ginning & Pressing Industries Private Limited was
incorporated in 1999 by Mr. Bharat Shah, Mr. Anand Shah, Mr. Ajay
Shah and the other family members. The company is engaged in the
business of ginning and pressing of raw cotton with the capacity to
manufacture around 200 bales1 per day of cotton bales. The
promoters of the company are also associated with other associate
concerns namely PD Cotton Pvt. Ltd. and Shah Punamchand Devchand,
which are involved in trading of cotton bales.


NG FERTILIZERS: ICRA Cuts Rating on INR46cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of NG
Fertilizers & Chemicals Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      46.00       [ICRA]B+(Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-Fund      20.00       [ICRA]B+(Stable) ISSUER NOT
   Based TL                        COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category
Rationale

The ratingis downgraded because of lack of adequate information
regarding NG Fertilizers & Chemicals Private Limited performance
and hence the uncertainty around its credit risk.

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

As part of its process and in accordance with its rating agreement
with NG Fertilizers & Chemicals Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Incorporated in 2012, NG Fertilizers & Chemicals Private Limited
was promoted by Mr. N. Harikiran and his wife Mrs. Prasanthi.
NGFCPL commenced operations from April 2014 and is primarily
engaged in the manufacturing of Single Super Phosphate (SSP) in
granule & powder form; Soil nutrients and plant conditioners with a
total installed capacity of 200,000 MTPA. The manufacturing unit of
the company is located in Krishna district of Andhra Pradesh. The
promoter of the company Mr. N. Harikiran who is managing director
has around 13 years of experience in various businesses. Major
products manufacture by the company are SSP, Plant nutrient and
Soil conditioner, Growth booster and NPK which is sold under their
own brand name Aadhar Gold Akshaya, Abhaya Athidhi and Amravathi
respectively in South India through dealer network of 682 which is
spread across Andhra Pradesh, Telangana, Orissa, Karnataka, Tamil
Nadu and Kerala. Also the company has marketing agreement with
Nagarjuna Fertilizers and Chemicals limited (NFCL, CARE D/D)
Greenstar Fertilizers Limited (ICRA BBB/Stable), and Indian potash
Limited (BWR A1+) for supply of SSP powder and granule. NGFCPL has
total 493 employees including marketing and manufacturing division.



ORIX PACKAGING: ICRA Moves 'B+' Debt Ratings to Not Cooperating
---------------------------------------------------------------
ICRA has migrated the rating for the bank facilities for INR6.35
crore of Orix Packaging Private Limited (OPPL) to 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–         4.85        [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

   Fund-based–         1.50        [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

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

Incorporated in 2016, Orix Packaging Pvt. Ltd. (OPPL) is promoted
by Mr.Ravi Kotadiya, Mr. Nilesh Moradiya, Mr. Pramod Moradiya and
family members. OPPL is engaged in manufacturing of laminated tubes
of four different diameters of 19, 22, 28 and 35 mm. The commercial
operations commenced in March 2017 with a capacity of 3 crore
laminated tubes per annum. The manufacturing facilities is located
at Morbi, Gujarat. OPPL has planned capex in FY2019 to double to 6
crore the capacity in FY2018.


P KISHANCHAND: ICRA Withdraws 'B' Rating on INR3cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of P
Kishanchand Textiles Limited, as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term fund
   based limit          (3.00)      [ICRA]B(Stable); Withdrawn

   Short-term non-
   fund based limit     15.00       [ICRA]A4; Withdrawn

Rationale

The ratings assigned for the bank facilities of P Kishanchand
Textiles Limited have been withdrawn at the request of the company
and based on the No Objection Certificate received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the ratings were last reviewed.

Key rating drivers

Key rating drivers have not been captured as the rated
instrument(s) are being withdrawn.

Incorporated in 1998 by Mr. Kishanchand Agarwal, P Kishanchand
Textiles Limited primarily trades in various fabrics, such as
viscose fabrics, denims and knits, which are sold through a network
of wholesalers across Maharashtra, Haryana, Punjab, Madhya Pradesh
and Delhi. The company has two warehousing facilities at Bhiwandi,
while its registered office is in Mumbai. In FY2015, the company's
operations were consolidated with its sister concern, Unicorn
Textiles Private Limited (UTPL), which is also involved in the same
business. Under this arrangement, UTPL bought a 99.90% stake in
PKTL, while it transferred its business operations to PKTL.


SARJU VITRIFIED: ICRA Withdraws 'B' Rating on INR36cr Loan
----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of to
Sarju Vitrified Pvt. Ltd. (SVPL), as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-based limits     36.00      [ICRA]B (Stable); ISSUER NOT
                                    COOPERATING; Withdrawn

   Non-fund-based         4.03      [ICRA]A4; ISSUER NOT
   limits                           COOPERATING; Withdrawn

Rationale

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

Key rating drivers and their description

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

Liquidity position
Not captured as the rating is being withdrawn.

Rating sensitivities
Not captured as the rating is being withdrawn.

Incorporated in July 2016, Sarju Vitrified Pvt. Ltd. ('SVPL') is
setting up a project at Morbi (Gujarat) to manufacture glazed
vitrified tiles (GVT), polished glazed vitrified tiles (PGVT) and
double charged vitrified tiles (DCVT) in two sizes—600 X 600 mm
and 800 X 800 mm. The proposed plant would have a manufacturing
capacity of 10,752 sq. m. of vitrified tiles per day. Commercial
operations are expected to commence from July 2017 and SVPL would
sell its products under its own brand, 'Sarju'.


SRINIVASAN CHARITABLE: ICRA Reaffirms D Rating on INR175cr Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Srinivasan Charitable and Educational Trust, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based
   Term Loan          175.00       [ICRA]D; reaffirmed

Rationale

The rating reflects the continuing delays in meeting interest and
principal repayment obligations by the trust on bank loans due to
tight liquidity position arising from the mismatch in cash flows
between lumpy fee collections and periodical debt repayment
obligations. The debt levels have increased over years which have
been availed for undertaking large capital expenditure in the past.
The group's financial profile remains weak characterised by net
losses, stretched capital structure and coverage indicators. The
rating also considers the intense competition in the industry, and
presence of regulatory risks in having to comply with the standards
set by regulatory bodies, for the educational institutions. Going
forward, the group's ability to generate higher accruals would be
key to meet its debt repayment obligations.

Key rating drivers and their description

Credit challenges

* Delays in servicing debt obligations:  There are continuing
delays in servicing the debt repayment obligations (both interest
and principal) of the trust.

* Weak Financial risk profile and constrained liquidity:  Owing to
large debt funded capex in the recent years, the group has elevated
debt levels, which coupled with net losses has resulted in
stretched capitalisation and coverage indicators with consolidated
gearing of 17.8 times as on March 31, 2019 and consolidated
TD/OPBITDA of 8.7 times for FY2019. With steady losses, the group's
liquidity position is tight and accordingly there are delays in
servicing interest and principal obligations.

* Intense competition and regulatory risks:  The group is exposed
to intense competition from other educational institutions/hotels
in the vicinity. Moreover, the education sector in India remains
highly regulated and the group's earnings remain vulnerable to
regulatory risks.

Liquidity Position: Poor

The group's liquidity profile is poor and remains constrained by
net losses and high debt repayment obligations.

Turnaround in operations or infusion of equity will be critical in
improvement in the liquidity position of the group.

Rating sensitivities

Positive triggers - ICRA could upgrade the ratings with
regularisation of debt servicing obligations on a sustained basis.

Negative triggers - NA

DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.

In FY2019, on a consolidated basis, the group reported a net loss
of INR6.6 crore on an operating income of INR286.8 crore, as
compared to a net loss of INR48.2 crore on an operating income of
INR290.4 crore in the previous year.


SRINIVASAN HEALTH: ICRA Reaffirms 'D' Rating on INR181cr Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Srinivasan Health And Educational Trust, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based
   Term Loan          181.00       [ICRA]D; reaffirmed

Rationale

The rating reflects the continuing delays in meeting interest and
principal repayment obligations by the trust on bank loans due to
tight liquidity position arising from the mismatch in cash flows
between lumpy fee collections and periodical debt repayment
obligations. The debt levels have increased over years which have
been availed for undertaking large capital expenditure in the past.
The group's financial profile remains weak characterised by net
losses, stretched capital structure and coverage indicators. The
rating also considers the intense competition in the industry, and
presence of regulatory risks in having to comply with the standards
set by regulatory bodies, for the educational institutions. Going
forward, the group's ability to generate higher accruals would be
key to meet its debt repayment obligations.

Key rating drivers and their description

Credit challenges

* Delays in servicing debt obligations:  There are continuing
delays in servicing the debt repayment obligations (both interest
and principal) of the trust.

* Weak Financial risk profile and constrained liquidity:  Owing to
large debt funded capex in the recent years, the group has elevated
debt levels, which coupled with net losses has resulted in
stretched capitalisation and coverage indicators with consolidated
gearing of 17.8 times as on March 31, 2019 and consolidated
TD/OPBITDA of 8.7 times for FY2019.  With steady losses, the
group's liquidity position is tight and accordingly there are
delays in servicing interest and principal obligations.

* Intense competition and regulatory risks:  The group is exposed
to intense competition from other educational institutions / hotels
in the vicinity. Moreover, the education sector in India remains
highly regulated and the group's earnings remain vulnerable to
regulatory risks.

Liquidity Position: Poor

The group's liquidity profile is poor and remains constrained by
net losses and high debt repayment obligations.

Turnaround in operations or infusion of equity will be critical in
improvement in the liquidity position of the group.

Rating sensitivities

Positive triggers - ICRA could upgrade the ratings with
regularisation of debt servicing obligations on a sustained basis.

Negative triggers - NA

DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.

In FY2019, on a consolidated basis, the group reported a net loss
of INR6.6 crore on an operating income of INR286.8 crore, as
compared to a net loss of INR48.2 crore on an operating income of
INR290.4 crore in the previous year.


SVR ELECTRICALS: ICRA Maintains 'B' Debt Rating in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR25.00-crore1 bank facilities of
SVR Electricals Private Limited Continues to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as
"[ICRA]B(Stable)/[ICRA]A42 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-           7.25       [ICRA]B(Stable); ISSUER NOT
   Fund Based-                     COOPERATING; Rating Continues
   Cash Credit                     to remain under issuer
                                   not cooperating category

   Short term-         12.00       [ICRA]A4; ISSUER NOT
   Non Fund Based                  COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Long Term/Short      5.75       [ICRA]B(Stable)/A4; ISSUER NOT
   Term–Unallocated                COOPERATING; Rating Continues

                                   to remain under issuer not
                                   cooperating category

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

SVR Electricals Private Limited was established in 1978 by Mr.
Venkateswara Rao in Guntur district in Andhra Pradesh. It started
its operations as a service provider for transformers following
which it ventured into manufacturing of transformers in 1992. The
company is involved in manufacturing of various ranges of
distribution transformers. Majority of its clients are Andhra
Pradesh and Telangana government power distribution companies.


T.K. ENGINEERING: ICRA Maintains C Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR280.00 crore bank facilities of
T.K. Engineering Consortium Private Limited continues to remain
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]C/[ICRA]A4 ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based          28.00      [ICRA]C ISSUER NOT COOPERATING;
   Limits–Cash                    Rating continues to remain
   Credit                         under the 'Issuer Not
                                  Cooperating' category

   Non-Fund Based     232.00      [ICRA]C/[ICRA]A4 ISSUER NOT
   Facilities–                    COOPERATING; Rating continues
   Bank Guarantee                 to remain under the 'Issuer Not
                                  Cooperating' category

   Unallocated         20.00      [ICRA]C/[ICRA]A4; ISSUER NOT
   Limits                         COOPERATING; Rating continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

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

T.K. Engineering Consortium Private Limited (TKECPL) was
established in February, 2008 and is promoted by the Techi family
based in Arunachal Pradesh. The company started commercial
operations in June, 2012 and has primarily been involved in the
construction of roads and highways in Arunachal Pradesh and Assam.
The company is registered as a Class – 1A contractor with the
Public Works Department (PWD), Assam. TKECPL operates through its
registered office in Nahar Lagun, Arunachal Pradesh.


TECHNICO (INDIA): ICRA Lowers Rating on INR6.14cr Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Technico
(India) Private Limited, as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit–      6.14      [ICRA]B+ (Stable); ISSUER
NOT
   Term Loan                        COOPERATING; Rating
                                    downgraded from [ICRA]BB-
                                    (Stable) and moved to 'Issuer
                                    Not Cooperating' category

   Fund Based Limit–      4.50      [ICRA]B+ (Stable); ISSUER
NOT
   Cash Credit                      COOPERATING; Rating
                                    downgraded from [ICRA]BB-
                                    (Stable) and moved to 'Issuer
                                    Not Cooperating' category

   Non-fund Based        19.67      [ICRA]A4; ISSUER NOT
   Limit Bank                       COOPERATING; Rating moved to
   Guarantee                        'Issuer Not Cooperating'
                                    Category

   Untied Limits         4.69       [ICRA]B+ (Stable)/[ICRA]A4;
                                    ISSUER NOT COOPERATING;
                                    Rating downgraded from
                                    [ICRA]BB- (Stable)/[ICRA]A4
                                    and moved to 'Issuer Not
                                    Cooperating' category

Rationale

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

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

Incorporated in 1979, TIPL primarily undertakes turnkey contracts
for setting up fire detection and protection systems. TIPL's
operations comprise designing, manufacturing, installing and
maintaining of fire detection and protection systems, primarily in
industrial units. TIPL has an extensive experience and
specialisation in setting up fire detection and  protection system
for various power units and steel-manufacturing units. The company
has two manufacturing facilities located in Bhubaneswar and
Kolkata, though most of the operations are carried out in the
Kolkata unit at present.


TINNA TRADE: ICRA Lowers Rating on INR20cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Tinna
Trade Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based–         20.00       [ICRA]B+ (Stable) ISSUER NOT
   Long term                       COOPERATING; Rating downgraded
   Limits                          from [ICRA]BB-(Stable) and
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

   Fund based–         25.00       [ICRA] A4 ISSUER NOT
   Short term                      COOPERATING; Rating continues
   Limits                          to remain under the 'Issuer
                                   Not Cooperating' category

   Non fund based–     35.00       [ICRA] A4 ISSUER NOT
   Short term                      COOPERATING; Rating continues
   Limits                          to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated         20.00       [ICRA]B+ (Stable)/A4 ISSUER
   limits                          NOT COOPERATING; Long Term
                                   Rating downgraded from
                                   [ICRA]BB-(Stable) and
                                   continues to remain under
                                   the 'Issuer Not Cooperating'
                                   category

Rationale

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

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

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

Tinna Trade Limited (formerly Tinna Trade Private Limited)
commenced operations as a JV between Viterra Asia Pte. Ltd and
Tinna Rubber & Infrastructure Limited (TRIL) in 2009. However, in
May 2013, Viterra sold its entire stake in the company to TRIL
which became the sole promoter in the company post the global
acquisition of Viterra by Glencore. Further TTL has been converted
from Private Company to Public Company limited by shares.
Consequently, the name of the entity was changed to Tinna Trade
Limited (TTL) from Tinna Trade Private Limited on December 08,
2015. At present, TTL is an independent company as the company has
been demerged from TRIL in FY2018. TTL is engaged in the business
of importing and trading of various pulses and oilseeds in India.
It is also engaged in the trading of other agro commodities such as
wheat, crude degummed soyabean oil, cotton, maize etc.


VELKO INFRATEK: ICRA Lowers Rating on INR15cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Velko
Infratek Projects Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      4.00        [ICRA]B+(Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

   Long Term/          1.00        [ICRA]B+(Stable)/[ICRA]A4
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Long term Rating downgraded
                                   from [ICRA]BB(Stable)/A4 and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating is downgraded because of lack of adequate information
regarding Velko Infratek Projects Private Limited performance and
hence the uncertainty around its credit risk.

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

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

Founded in 1973 as a sole proprietorship under the name of
Velagapudi Ramarao, the name of the entity is changed to Velko
Infratek Projects Private Limited in January 2014. The company is a
special class contractor for Andhra Pradesh government and has
executed several projects for various government departments and
municipalities in the past like Vijayawada Municipal Corporation,
Public Health Department, A.P Transco, NABARD (National Bank of
Agriculture & Rural Development), APSIDC (Andhra Pradesh State
Irrigation Development Corporation Limited), APRWSSP (Andhra
Pradesh Rural Water Supply & Sanitation Project) etc. The company
is mainly into civil construction work of providing rural and urban
drinking water supply.




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

[*] JAPAN: Coronavirus Menaces Ailing Regional Banks
----------------------------------------------------
The Financial Times reports that the coronavirus pandemic threatens
to force Japan's large regional banking sector to regret aggressive
overseas investments and buy-to-let lending during its four-year
battle with negative interest rates.

According to the FT, analysts said many of about 70 listed regional
lenders are more vulnerable to rises in credit costs than the
country's megabanks because they are already under severe strain
from the demographic and economic decline of large portions of the
country.

The FT relates that as the regional lenders enter the 30-day
stretch ahead of full-year results in mid-May - the period in which
they must submit any big revisions to the Tokyo Stock Exchange -
Moody's has warned that they are vulnerable to even small setbacks
in asset quality because their cushions against loss are so thin.

"Stiff competition is driving down loan yields even though banks
are taking more risks, leaving banks vulnerable to any increase in
credit costs," wrote Tomoya Suzuki, Moody's analyst, the FT relays.
Average capital adequacy ratios across the sector had fallen to
less than 10 per cent, he said.

According to the FT, the regional banks held more than $3 trillion
in assets at the end of last year, more than the entire Italian
banking system.

The FT says that one of the biggest threats to earnings is
potentially high valuation losses on foreign securities. Regional
lenders have energetically accumulated these assets since 2016, as
the Bank of Japan's negative interest-rate policy drove a worldwide
hunt for yield.

That could also have created a hidden spread of risk across the
sector, according to Brian Waterhouse, a banks analyst at Windamee
Research, the FT relays. Smaller lenders lacking the courage or
expertise to invest overseas bought stakes in regional peers that
did, in the hope of benefiting from the dividend, he said.

The recent capitulation in global markets because of the
coronavirus pandemic is set to hit Japanese regional banks hard, he
added, with many of them having turned to alternative investments
overseas, particularly real estate and investment trusts in the US,
the FT adds.

"Quite a number are teetering on the edge of losses. I would expect
a flurry of downward revisions by Japanese regional banks," the FT
quotes Mr. Waterhouse as saying.

The FT relates that the sector also took a strong lead in a real
estate lending boom, which took Japan's system-wide real estate
loan balance to a record JPY81 trillion ($750 billion) last year -
higher than during the 1980s bubble.

Since 2013, Japan's regional banks have used various methods to
improve their appearance of health, according to analysts, the FT
says.  Regulators allowed them leeway to reverse their loan-loss
provisions to reflect the stronger economy, and they have sold
assets from their hefty securities portfolios. By 2018, 23 per cent
of regional banks' ordinary profits came from equity gains, the FT
notes.

Concerns over the regional banking sector have risen ahead of the
BoJ's semi-annual report on the state of the country's financial
system, which is expected later this month, according to the FT.

The FT relates that the last report, published in October, warned
that the increasingly aggressive overseas investments by larger
Japanese banks had made the country's financial system "more
susceptible to the effects of overseas financial cycles".

The FT adds that Mia Nagasaka at Morgan Stanley MUFG said that in
an environment of falling interest rates and rising credit costs,
regional banks' net income could drop by 20 per cent in the
financial year that began on April 1.

"The greatest downside risk within Japan's financial industries
under our coverage is for the regional banks," she said.




===============
M A L A Y S I A
===============

RESORT SAVERS: Has $663K Net Income for Year Ended Dec. 31, 2019
----------------------------------------------------------------
Resort Savers, Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net income
(attributable to shareholders) of $663,422 on $29,787,188 of
revenue for the year ended Dec. 31, 2019, compared to a net income
(attributable to shareholders) of $1,455,868 on $37,070,832 of
revenue for the year ended in 2018.

The audit report of Total Asia Associates PLT states that the
Company's income from operations and no operation raise substantial
doubt about its ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $12,600,537, total liabilities of $2,514,782, and a total
shareholders' equity of $10,085,755.

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

                       https://is.gd/Zhasc0

Resort Savers, Inc. trades in oil, gas, and lubricant products in
the People's Republic of China. It also provides nutrition
consultancy services and training, as well as sells health products
through an online store. The company is based in Puchong,
Malaysia.




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

NEW ZEALAND: To Introduce Measures to Help Firms Facing Insolvency
------------------------------------------------------------------
Reuters reports that New Zealand said on April 10 that it would
introduce new legislation to help companies facing insolvency due
to the coronavirus pandemic to remain viable and keep people
employed.

The new legislation gives directors of companies facing significant
liquidity problems a "safe harbour" from insolvency under the
Companies Act, Finance Minister Grant Robertson said in a news
conference, Reuters relates.

Mr. Robertson said the rules will also enable businesses affected
by the pandemic to place existing debts into hibernation until they
are able to start trading normally again, Reuters adds.




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

HIN LEONG: In Talks With Lenders Owed at Least US$3 Billion
-----------------------------------------------------------
Bloomberg News reports that banks have a combined exposure of at
least US$3 billion to Singapore's Hin Leong Trading (Pte.) Ltd. and
are in talks with the privately-held oil trader over how to shore
up its finances amid concerns over its liquidity, according to
people with knowledge of the matter.

Bloomberg relates that the group of lenders including HSBC Holdings
Plc, DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp.,
held a virtual meeting with the trader and its advisers on April
14, according to the people, who asked not to be identified because
they're not authorized to speak publicly. As many as 10 banks are
involved, according to one of the people. HSBC has the biggest
exposure at about $600 million, they said.

According to the report, Singapore's closely-knit oil trading
community is gripped by speculation over the predicament of one of
its biggest players and the potentially far-reaching impact its
difficulties could have on the market and trading partners. Before
crude's spectacular crash, it would have been almost unfathomable
that a company of Hin Leong's status could be in such a position.

Bloomberg reported last week that some banks wouldn't issue new
letters of credit to the trader because of concern over its ability
to repay the short-term debt. Nobody responded to calls or emails
to the company seeking comment. Spokespeople for HSBC, OCBC and DBS
declined to comment.

Founded by legendary self-made Chinese tycoon Lim Oon Kuin, Hin
Leong could be the latest casualty of the collapse in oil prices
and a heightened caution among lenders to finance commodity trades,
the report notes.

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.




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

KCC CORP: Moody's Withdraws Ba1 Corp. Family Rating
---------------------------------------------------
Moody's Investors Service has withdrawn KCC Corporation's Ba1
corporate family rating and negative outlook.

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

KCC Corporation is Korea's leading manufacturer of industrial
paints, building materials and PVC products by revenue. Momentive
Performance Materials Inc., a subsidiary of KCC, is one of the
largest global producers of silicone products and silicone
derivatives.



                           *********


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.

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



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