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

                     A S I A   P A C I F I C

          Friday, April 17, 2020, Vol. 23, No. 78

                           Headlines



A U S T R A L I A

AQUAGUARD INVESTMENTS: Second Creditors' Meeting Set for April 23
AUSSIE DISPOSALS: Collapses Into Voluntary Administration
AUSSIE DISPOSALS: First Creditors' Meeting Set for April 24
CBCH GROUP: Doesn't Have to Pay Rent Amid COVI-19, Court Rules
CS LOGISTIC: Rodgers Reidy Appointed as Administrators

HARTWIG GROUP: First Creditors' Meeting Set for April 27
QUALITAS CONSORTIUM: First Creditors' Meeting Set for April 24
SMALL STREET: Second Creditors' Meeting Set for April 24
YOUI PTY: ASIC Commences Proceedings for Alleged Breaches of Duty


C H I N A

HNA GROUP: Secures Investor Support for Yuan Bond Repayment Delay


I N D I A

ARENE LIFE: Ind-Ra Lowers Issuer Rating to 'BB+', Outlook Stable
ARYA TRADEX: Ind-Ra Withdraws 'B' LongTerm Issuer Rating
BRAHMAPUTRA AUTOMOBILES: CRISIL Assigns B Rating to INR3cr Loan
CHHOTEY LAL: CRISIL Withdraws B Rating on INR5cr Cash Credit
H.V. EQUIPMENTS: CRISIL Withdraws B Rating on INR4cr Overdraft

HARI BHOG: CRISIL Withdraws 'B+' Ratings on INR10cr Loans
KESHAV ENTERPRISES: CRISIL Assigns B+ Rating to INR.7cr Term Loan
LEER CHEM: CRISIL Assigns B+ Rating to INR15.15cr LT Loan
M.K.V. KANDASAMY: CRISIL Withdraws 'B' Rating on INR6cr Loan
MADHURIMA INDUSTRIES: CRISIL Assigns B Ratings to INR4.8cr Loans

MOHAN BREWERIES: CRISIL Assigns B Rating to INR20cr Cash Loan
PEOPLE'S EXPORTS: CRISIL Withdraws 'D' Rating on INR3.39cr Loan
RADIANCELPG PETROCHEM: CRISIL Assigns 'B+' Corp. Credit Rating
SHARAN SOLAR: CRISIL Withdraws 'B' Rating on INR11.5cr Term Loan
SHK CHEMTECH: CRISIL Assigns B+ Rating to INR14.5cr Term Loan

SHRINIWAS TRADING: CRISIL Withdraws B+ Rating on INR5cr Loans
SRILIN ELECTRONICS: CRISIL Assigns 'B' Rating to INR11.37cr Loan
SURAJ AGRO: CRISIL Withdraws B+ Rating on INR5cr Cash Credit
TATA STEEL: Moody's Places Ba2 CFR on Review for Downgrade
TATA STEEL: S&P Lowers ICR to 'B+' on Expected Rise In Leverage

VASAVI FOOD: ICRA Keeps B- Rating in Not Cooperating Category
VIJAY TRANSFORMERS: ICRA Keeps 'B-' Debt Ratings in Not Cooperating
YAMUNA MACHINE: ICRA Keeps B+ Debt Ratings in Not Cooperating


J A P A N

HOKKAIDO RAILWAY: To Put 1,450 Staff on Leave in Bid to Survive


S I N G A P O R E

CHINA HAIDA: Looks Into Freezing of Unit's Two Bank Accounts


T A I W A N

WAN HAI LINES: S&P Affirms 'BB+' ICR & Alters Outlook to Negative


X X X X X X X X

ASIA PACIFIC: IMF Sees Economic Growth at Standstill in 2020

                           - - - - -


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A U S T R A L I A
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AQUAGUARD INVESTMENTS: Second Creditors' Meeting Set for April 23
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Aquaguard
Investments Pty Ltd has been set for April 23, 2020, at 2:30 p.m.
via teleconference only.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 22, 2020, at 5:00 p.m.

Nicholas David Cooper and Dominic Charles Cantone of Worrells
Solvency & Forensic Accountants were appointed as administrators of
Aquaguard Investments on March 17, 2020.


AUSSIE DISPOSALS: Collapses Into Voluntary Administration
---------------------------------------------------------
Matthew Elmas at SmartCompany reports that outdoor and work
supplies retailer Aussie Disposals has collapsed into voluntary
administration after suffering a one-two punch from the bushfire
crisis and the COVID-19 pandemic.

According to SmartCompany, administrator Peter Goodin of Magnetic
Insolvency said the family-owned business is expected to close 11
of its 36 stores in a restructure aimed at slimming down operations
to a profitable position.

An unspecified number of the 120 staff employed by the business
will be terminated, but 14 franchised stores trading under the
brand and their staff will be unaffected, SmartCompany says.

SmartCompany relates that the business had been planning a
restructure for several years, but was pushed over the edge after
the bushfire crisis devastated its regional store network, and the
coronavirus outbreak saw trading deteriorate further.

"It was a perfect storm, there's no fighting that," the report
quotes Mr. Goodin as saying.

ANZ Bank, the company's largest creditor, has been briefed on the
administration and is said to be supportive of restructure
arrangements that would see Purvis maintain control of the company,
SmartCompany adds.

Founded in 1962, Aussie Disposals sells everything from tents to
military fatigues and is owned by Mark Purvis, who bought the
business from his father Peter Purvis in 1992.


AUSSIE DISPOSALS: First Creditors' Meeting Set for April 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Aussie
Disposals Pty Ltd will be held on April 24, 2020, at 10:30 a.m. at
345 South Gippsland Highway, in Dandenong, South Victoria.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of Aussie Disposals on April 14, 2020.


CBCH GROUP: Doesn't Have to Pay Rent Amid COVI-19, Court Rules
--------------------------------------------------------------
Dean Blake at Inside Retail reports that the Federal Court on April
13 made a ruling that collapsed fashion retailer Colette by Colette
Hayman will not need to pay AUD648,923 owing in rent due to the
extraordinary position it finds itself in.

Colette administrators Deloitte initially requested a 100 per cent
rent reduction from landlords, and were offered 9 per cent, the
report says.

According to Inside Retail, the administrators argued to the court
that due to the extraordinary position they find themselves in they
should not be personally liable for ongoing rent, and not pay any
rent, as doing so would deplete Colette Group's resources and limit
the benefit from a future sale as a going concern.

Inside Retail relates that Judge Markovic said Deloitte is right
and will not pay rent on 93 Colette stores due between the 1st and
14th of April.

"The administrators find themselves operating the Colette Group in
an ever-changing environment brought about entirely by external
factors," the report quotes Judge Markovic as saying.

"They need to be agile and able to react to the interests of
stakeholders. One of these groups is of course the creditors of the
Colette Group.

"When this application was viewed in that light, it was clear to me
that making the orders sought [were] in the interests of the
creditors of the Colette Group as a whole."

However, the judgement raises questions about what is considered an
'extraordinary' circumstance in the current retail environment -
with many retailers seeing the same conditions and difficulties as
Colette Group, Inside Retail relays.

According to the report, Stephen Spring, chief executive of
Australian Retail Lease Management, said this judgement could be a
disaster for landlords.

"The decision sheds some light on the way the Courts may interpret
lease and rent liability generally in the COVID-19 pandemic," Mr.
Spring told Inside Retail.

"Whilst there have been temporary changes to director's liabilities
under insolvent trading laws as a result of the COVID-19 pandemic,
many directors of companies that lease retail spaces are in the
same invidious position."

And with the decision now handed down, Mr. Spring is interested to
see how it will affect businesses seeking rent reductions in future
- especially those that have not appointed administrators, the
report relays.

Inside Retail relates that Mr. Spring said many centre managers are
asking small-to-medium businesses for extremely detailed financial
information as to cash, assets and liabilities - despite landlords
already knowing turnover figures that readily show the extent of
the downturn.

The issue is further complicated by the Federal Government's
commercial rent solution addressing a portion of rents payable
equal to the percentage of a business's revenue lost, the report
notes.

Many businesses have seen upwards of 70 per cent of their revenue
vanish, with physical spaces closing by government decree or in the
interest of public health, and online sales only able to recoup so
much of lost earnings, Inside Retail says.

CBCH Group, which trades under the Colette Hayman banner, appointed
Vaughan Strawbridge, Sam Marsden and Jason Tracy of Deloitte
Restructuring Services as voluntary administrators on Jan. 31,
2020.


CS LOGISTIC: Rodgers Reidy Appointed as Administrators
------------------------------------------------------
Brent Leigh Morgan and Geoffrey Niels Handberg of Rodgers Reidy
were appointed as administrators of CS Logistic Solutions Pty Ltd
on April 15, 2020.


HARTWIG GROUP: First Creditors' Meeting Set for April 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of The Hartwig
Group Pty Ltd will be held on April 27, 2020, at 10:00 a.m. at the
offices of McLeod & Partners, Level 9, at 300 Adelaide Street, in
Brisbane, Queensland.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Hartwig Group on April 15, 2020.


QUALITAS CONSORTIUM: First Creditors' Meeting Set for April 24
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Qualitas
Consortium Pty Ltd will be held on April 24, 2020, at 10:00 a.m. at
the offices of BRI Ferrier, Level 10, at 45 William Street, in
Melbourne, Victoria.

David Coyne of BRI Ferrier was appointed as administrator of
Qualitas Consortium on April 15, 2020.


SMALL STREET: Second Creditors' Meeting Set for April 24
--------------------------------------------------------
A second meeting of creditors in the proceedings of Small Street
Property Holdings Pty Ltd has been set for April 24, 2020, at  
10:00 a.m. via teleconference only.  

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 23, 2020, at 5:00 p.m.

Kristen Beadle and David Ross of Hall Chadwick were appointed as
administrators of Small Street on March 24, 2020.


YOUI PTY: ASIC Commences Proceedings for Alleged Breaches of Duty
-----------------------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
commenced proceedings in the Federal Court against Youi Pty Ltd
(Youi) for alleged breaches of the Insurance Contracts Act 1984, in
relation to Youi's duty of utmost good faith in handling a building
and contents insurance claim made by a policyholder.

The policyholder first made an insurance claim in January 2017
following a severe hailstorm in their home town of Broken Hill in
November 2016.

ASIC alleges that Youi failed to meet the standard imposed by the
duty in handling the claim as it took nearly two years to settle,
with the repairs to the home finally being completed in November
2018.

ASIC is seeking declarations in relation to s13 of the Insurance
Contracts Act.

At the time that this conduct took place, the Insurance Contracts
Act did not impose any pecuniary penalties for a breach of the duty
of utmost good faith, and so in these proceedings ASIC seeks
declarations that Youi breached the duty.

On March 13, 2019, the law was changed so that for any conduct in
breach of that duty after that date ASIC may also seek pecuniary
penalties.

Earlier this year, the Government also consulted on Exposure Draft
legislation to regulate insurance claims handling as a financial
service.  If passed, these changes will enhance ASIC's ability to
promote fair, transparent and timely claims handling.

Youi was an Insurance Case Study detailed in the Financial Services
Royal Commission Volume 2 Final Report (page 415).




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C H I N A
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HNA GROUP: Secures Investor Support for Yuan Bond Repayment Delay
-----------------------------------------------------------------
Bloomberg News reports that the beleaguered HNA Group Co. has
pulled off an escape from a domestic bond default after a hastily
arranged creditor meeting that caused a stir in China's investment
community.

The heavily indebted Chinese conglomerate said April 15 it has
garnered enough support from bondholders for a proposal to extend
by one year the maturity of a CNY390 million (US$55 million) 7.1%
note that originally comes due April 15, Bloomberg relates citing a
company filing.

According to Bloomberg, HNA Group said that three investors holding
CNY345 million in principal of the bond, representing 98.3% of the
valid votes at a creditor meeting April 14, agreed to its proposal
to delay repayment of the bond.

The news came after another HNA Group bond, a 5.99% yuan note due
2022, suffered a record slump earlier April 15, Bloomberg says. The
selloff followed an apology by the conglomerate that said at the
meeting was arranged quickly and without sufficient preparation.

Bloomberg relates that the company, whose restructuring is being
overseen by a government-led work group, asked bondholders via
email to register for the meeting at around 6:30 p.m. April 14,
giving them only a half-hour to complete the task, according to
four bondholders. The meeting started after 8:00 p.m., with the
investors required to submit their feedback by 9:30 p.m., according
to a company statement on ChinaBond.

According to Bloomberg, the short notice and tight schedule
associated with the meeting triggered widespread criticism among
investors, with some HNA Group bondholders complaining about an
extreme lack of time for them to register.

In the apology letter issued via its official WeChat social media
account, the company said it asked investors to vote on the
maturity-extension plan with "inadequate notice and preparation."
It pledged to be more transparent in relevant disclosures to ensure
investors' lawful rights and interests, Bloomberg relays.

"It is a very flawed process, and it will make credit investors
hurt a lot," Bloomberg quotes Qi Junwen, a fund manager at Yongan
Guofu Asset Management Co., as saying. He added that such a move
will deal a blow to investors' confidence, which may prompt them to
shun weaker debt issuers and cause such borrowers increased
refinancing difficulties, Bloomberg relays.

                          About HNA Group

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

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

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




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

ARENE LIFE: Ind-Ra Lowers Issuer Rating to 'BB+', Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Arene Life
Sciences Limited's (ALSL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR350 mil. (increased from INR300 mil.) Fund-based working
     capital limit downgraded with IND BB+/Stable/IND A4+ rating;

-- INR225 mil. Term loan due on January 31, 2026, assigned with
     IND BB+/Stable rating; and

-- INR25 mil. Fund-based working capital limit assigned with IND
     BB+/Stable/IND A4+ rating.

Analytical Approach: Ind-Ra has taken a standalone view of ALSL for
assessing the FY18-FY19 financials and a consolidated view of ALSL
and its 51% parent SR Drugs & Intermediates Pvt Ltd (SR Drugs),
which increased its stake in the former during 1HFY20, for
assessing the details of FY20 and beyond, while arriving at the
ratings. There are strong operational and strategical linkages
between the two entities. Moreover, SR Drugs has provided a
corporate guarantee to ALSL's debt.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: The downgrade reflects ALSL's high
average peak working capital utilization of 97.6% for the 12 months
ended January 2020. The company's gross working capital cycle
remained long at 183 days in FY19 (FY18: 202 days) on high
inventory holding days of 103 (102). ALSL did not have enough
drawing power to utilize the limits at end-March 2019 and the
current ratio slipped much lower to 1.09x at FYE19 (FYE18: 1.2x).
However, its cash flow from operations turned positive to INR241.4
million in FY19 (FY18: negative INR47.3 million) on a lower working
capital requirements in comparison to last year.

ALSL reported revenue of INR3,068.6 million in 9MFY20 (FY19:
INR2,781.1 million) that is likely to have improved in 4QFY20 on
the improved business of its anti-retroviral segment. The
significant revenue increase in 9MFY20 was attributed to the
increase in the business from existing customers such as JSC
Pharmasyntez, Russia to INR944.5 million (FY19: INR769.6 million),
MSN Life Sciences Pvt Ltd to INR367.1 million (INR178.2 million)
and the addition of new customers like Aurobindo Pharma Ltd ('IND
AA+'/Rating Watch Evolving), Emcure Pharmaceuticals Ltd to its
customer portfolio.

The company had a healthy profitability margin of 8.2% in FY19
(FY18: 8.6%) with the return on capital employed of 22.2% (25.0%).
The healthy margins lead to strong credit metrics with interest
coverage (operating EBITDA/gross interest expense) of 5.9x in FY19
(FY18: 5.4x) and net leverage (adjusted net debt/operating EBITDAR)
of 3.0x (3.2x). In 8MFY20, ALSL's profitability improved to 10.4%
on account of an increase in the in-house manufacturing of
intermediates, which also resulted in a sharp fall in the imports
from China during the same period. Ind-Ra expects the company will
source its raw materials from European markets despite the
supply-side disruption and will be able to pass on any increase in
the cost to the customers due to its long-standing relationships
with them.

ALSL received INR225 million sanction in March 2020, of which
INR100 million will be reimbursed to SR Drugs that infused INR230
million for the CAPEX of Unit II. The total CAPEX envisaged for the
construction of Unit II is INR543.6 million which started FY18
onwards. At end-December 2019, INR60 million CAPEX was pending,
majorly for the installation of capital equipment.

The company derived the majority of its revenue from its single
anti-retroviral therapeutic segment that contributed around 74% in
9MFY20 (FY19: 64%). In this segment, JSC Pharmasyntez alone
contributed 30.8% to the total revenue in 9MFY20 (FY19: 27.7%). On
top of it, ALSL sells these drugs majorly to moderate-to-strong
creditworthiness Indian pharma companies such as MSN Life Sciences,
Aurobindo Pharma ('IND AA+'/Rating Watch Evolving) and Emcure
Pharmaceuticals Limited. Ind-Ra expects the strong business
profiles of these customers in their respective geographies to
mitigate the concentration risk to some extent.

RATING SENSITIVITIES

Positive: The company's ability to maintain the revenue and EBITDA
margin, leading to the net leverage reducing and sustaining below
2.5x and an improvement in the liquidity position, coupled with an
increase in the drawing power, will be positive for the ratings.

Negative: A substantial fall in the revenue and EBITDA margin due
to the raw material risk resulting in the net leverage exceeding
and sustaining above 3.0x along with liquidity deterioration will
trigger a negative rating action.

COMPANY PROFILE

ALSL was incorporated in 2004 and manufactures active
pharmaceutical ingredients and intermediates. It has two
manufacturing plants located at Pashamylaram (Unit I) and
Choutuppal (Unit II), in Hyderabad. ALSL has a total product
portfolio of 32 APIs and 30 intermediates manufacturing therapeutic
categories such as anti-retroviral (medication for the treatment of
infection by retroviruses, primarily HIV), anti-hypertensive
(therapeutic intention of preventing, controlling, or treating
hypertension) and anti-platelet (drugs that prevent blood clots).
Besides this, the company also manufactures drugs in therapeutic
segments such as anti-viral, anti-depressant, anti-fungal,
anti-convulsant, and analgesics. SR Drugs, which manufactures
intermediate drugs, holds a 51% stake in ALSL which was increased
during 1HFY20 from 33%.


ARYA TRADEX: Ind-Ra Withdraws 'B' LongTerm Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Arya Tradex
Private Limited's Long-term Issuer Rating of 'IND B (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:

-- The 'IND B' rating on the INR100 mil. Non-fund-based
     facilities are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no dues certificate from the lender. Furthermore, Arya
Tradex has merged with Arya Fin-Trade Services (India) Private
Limited with the order of the National Company Law Tribunal
(Ahmedabad bench) dated March 15, 2019, with effect from April 1,
2018, and thus, has ceased to exist.

Ind-Ra had migrated Arya Tradex's and Arya Fin-trade Services
(India)'s ratings to the non-cooperating category on March 18,
2019, and May 24, 2019, respectively, as the issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency.

COMPANY PROFILE

Incorporated in 2014, Arya Tradex was engaged in the broking and
trading of commodities. It was active on both the MCX and National
Commodity and Derivatives Exchange.


BRAHMAPUTRA AUTOMOBILES: CRISIL Assigns B Rating to INR3cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Brahmaputra Automobiles (BA).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     2.35      CRISIL B/Stable (Assigned)

The rating reflects the firm's modest scale and working
capital-intensive nature of operations, weak financial risk
profile, and exposure to risk from intense competition and
investments in group companies. These rating weaknesses are
partially offset by the extensive experience of the proprietor and
the firm's sound operating efficiencies.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amidst intense competition:  The
automotive sector has a large number of players in the mini,
compact, mid-size, executive, commercial vehicle segments. BA also
faces competition from the unorganised used car market, and from
dealers of other leading automobile manufacturers. Hence, exposure
to intense competition will continue to restrict BA's scalability
and operating flexibility.

* Working capital-intensive operations:  Gross current assets stood
at 205.7 days as on March 31, 2019, and ranged between 206 and 289
days over the past three fiscals, led by large receivables and
inventory.  

* Weak financial risk profile:  Financial risk profile is marked by
high total outside liabilities to tangible networth (TOL/TNW) ratio
of 10 - 21 times for the three fiscals ending March 31, 2019.  Debt
protection metrics were weak, due to high gearing and low cash flow
from operations. Interest coverage and net cash accrual to total
debt ratios stood at 1.22 times and -0.0 time, respectively, for
fiscal 2019.

* Extensive exposure to group companies:  BA has investments of
INR31.07 lakh in its group companies, via equity, and loans and
advances as on March 31, 2019 (forming 109% of the current
networth). CRISIL believes any further exposure to group companies,
impinging BA's own cash accrual, could weaken liquidity, and hence,
will remain a rating sensitivity factor.

Strength:

* Extensive experience of the proprietor:  The two-decade-long
experience of the proprietor, in the automotive dealership
industry, strong understanding of market dynamics, and established
relationships with suppliers and customers, will continue to
support the business risk profile.

Liquidity Stretched

Liquidity was weak, due to the fully utilised cash credit limit,
yet will be aided by expected cash accrual of over INR10 crores,
against zero debt in the medium term. Current ratio was low at 1.02
times on March 31, 2019.

Outlook: Stable

CRISIL believes BA will continue to benefit from its longstanding
relationships with principals, and extensive experience of its
management, in mitigating risk inherent in the trading business.

Rating Sensitivity factors

Upward factors:

  * Sustained growth in revenue or profitability, leading to net
    cash accrual of over INR20 lakh

  * Better working capital management, with gross current assets
    improving to less than 150 days

Downward factors

  * Stagnation of business due to weak demand, leading to negative
    net cash accrual, or a stretch in receivables or pile-up of
    inventory weakening liquidity

  * Sustenance of relationship with major vendors

  * Any major debt-funded capex

BA was set up in 2012, as a proprietorship firm. It operates an
authorised dealership for commercial vehicles of SML Isuzu Ltd. The
firm operates through showrooms and a service centre in Guwahati,
Assam. Operations are managed by Mr Keshab Chandra Das.


CHHOTEY LAL: CRISIL Withdraws B Rating on INR5cr Cash Credit
------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Shri
Chhotey Lal Cold Storage And A.I. (SCLCSAI) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

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

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SCLCSAI. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for SCLCSAI
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of SCLCSAI to
'CRISIL B/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of SCLCSAI
on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

SCLCSAI is an Uttar Pradesh-based partnership firm providing cold
storage facilities for potatoes, fruits, and milk.


H.V. EQUIPMENTS: CRISIL Withdraws B Rating on INR4cr Overdraft
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of H.V.
Equipments Private Limited (HVEPL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       12         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL A4'; Rating Withdrawn)

   Bank Guarantee        1         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

   Overdraft             4         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

   Proposed Bank         4         CRISIL A4 (ISSUER NOT
   Guarantee                       COOPERATING; Migrated from
                                   'CRISIL A4'; Rating Withdrawn)

CRISIL has been consistently following up with HVEPL for obtaining
information through letters and emails dated March 23, 2020 and
March 27, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HVEPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for HVEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of HVEPL to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of HVEPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Incorporated in 1984, HVEPL, promoted by Mr S S Verma, installs ash
handling and mill reject systems for public sector enterprises. It
mainly provides dense phase pneumatic conveying systems to thermal
power and cement plants, and paper mills. The company has a
fabrication and design unit in Noida.


HARI BHOG: CRISIL Withdraws 'B+' Ratings on INR10cr Loans
---------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Hari Bhog
Overseas (HBO) on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

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

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

CRISIL has been consistently following up with HBO for obtaining
information through letters and emails dated March 23, 2020 and
March 27, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HBO. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for HBO is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of HBO to 'CRISIL
B+/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of HBO on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

HBO was set up in 2012 as a partnership between Mr Ashok Kumar, Mr
Jagdish Chander, and Mr Brij Mohan. The firm mills and processes
basmati and non-basmati rice. Its production facilities are located
in Jundla, Karnal, Haryana. It has a milling and sorting capacity
of around 10 tonnes per hour, utilized at around 75-80%.


KESHAV ENTERPRISES: CRISIL Assigns B+ Rating to INR.7cr Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Keshav Enterprises - Navi Mumbai (KE).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             .7         CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    .1         CRISIL B+/Stable (Assigned)

   Secured Overdraft  
   Facility              .7         CRISIL B+/Stable (Assigned)


The rating reflects KE's modest, though growing scale and working
capital intensive operations. These weakness are partially offset
by the extensive industry experience of the proprietor.

Analytical Approach

Unsecured loans (INR1.73 crore as on March 31, 2019) extended by
the proprietor are treated as debt as these are need-based and may
be withdrawn if not required in the business.


Key Rating Drivers & Detailed Description

Weakness

* Modest, though growing scale of operation:  Revenue has remained
below INR5 crore over the last three fiscals through 2019. Though
revenue is expected to grow, it should remain modest over the
medium term. KE's modest scale in the intensely competitive
Industrial Machinery and consumables industry will continue limit
its operating flexibility.

* Working capital intensive operations:  Gross current assets of
269 days as on March 31, 2019 are driven by inventory and debtors
of 186 days and 95 days, respectively. Debtors are high as the firm
is required to extend long credit period to its reputed customer
base. Furthermore, due to its business need, it holds inventory.
Stretched creditors (244 days) partially supports its working
capital requirement.

Strength

* Extensive industry experience of the proprietor:  The proprietor
has an experience of over 18 years in industrial machinery and
consumables industry. This has given him an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity Stretched
Cash accrual are expected to remain modest over INR52 lakhs
annually, however, these are sufficient against yearly maturing
term debt obligation of INR6.7 - INR19.9 lakhs over the medium
term. Bank limit utilisation was moderate averaging 55% for the
last 12 months through February, 2020. Furthermore, funding in the
form of unsecured loan from the proprietor should support
liquidity.

Outlook: Stable

CRISIL believe KENM will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating Sensitivity Factor

Upward factor

* Improvement in scale and profitability leading to cash accrual
over INR1.5 crore.

* Prudent working capital cycle

Downward factor

* Decline in operating profitability by 200 basis points

* Major debt-funded capital expenditure

Based in Mumbai, KENM was establish in 2002 by Premsingh Kumpawat.
It is engaged in business of manufacturing, supplying & renting of
scaffolding materials.


LEER CHEM: CRISIL Assigns B+ Rating to INR15.15cr LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on the
bank facilities of Leer Chem India Private Limited (Leer).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft               1.85       CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility     15.15       CRISIL B+/Stable (Assigned)

The rating reflects Leer's modest scale of operation owing to
nascent stage of operations and working capital intensive
operations. These weakness are partially offset by extensive
industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation:  Incorporated in June 2017, Leer's
scale of operation remains modest with operating income of INR20.57
crore in FY 2019 which has increased from INR0.54 crore in FY 2018.
Extensive industry experience of the promoter has led to strong
networking in the industry which is expected to support further
business growth and help in stabilizing business risk profile, over
the medium term.

* Working capital intensive operations:  Working capital
requirement is intense marked by GCA Days of more than 200 days in
FY 2019. The same is due to high credit period extended to the
customers owing to the nature of business, where revenue
realization remains dependent on the end user's realization.
However, moderate credit period received from the suppliers
partially mitigates intense working capital requirement.

Strength:

* Extensive industry experience of the promoters:  The promoters
and related parties have extensive experience in the leather and
related industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers. The same is reflected in healthy
revenue growth rate as well as improvement in operating margin,
despite nascent stage of operations.

Liquidity Stretched

Average bank limit utilization for the last 12 months ended on
February, 2020 is moderate at less than 70%. Net cash accrual is
sufficient against repayment obligations. Current ratio is moderate
ata round 1 times, as on March 31, 2019.

Outlook: Stable

CRISIL believes Leer will continue to benefit over the medium term
from its longstanding relationships with principals and experience
of the management to mitigate the inherent risk in trading
business.  

Rating Sensitivity factors

Upward factors

* Net cash accruals in excess of INR60 lakh backed by increase in
scale of operations while maintaining moderate margin

* Efficient working capital management and no major debt funded
capex plans

Downward Factors

* Net cash accruals lesser than INR40 lakh owing to reduced scale
of operations or fall in operating margin

* Working capital management further intensifying or major debt
funded capex

Incorporated in 2017, Leer Chem India Private Limited (Leer) is
engaged in the business of trading of chemicals which are used in
the leather industry that include footwear, automobile interiors,
clothing, furniture, etc. The company is promoted by Devika
Chakraborty and is based out of Chennai, Tamil Nadu. The company
currently has branches in Tamil Nadu, West Bengal and Uttar
Pradesh.


M.K.V. KANDASAMY: CRISIL Withdraws 'B' Rating on INR6cr Loan
------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Sri
M.K.V. Kandasamy Nadar Firm (MKVKNF) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Cash Credit            .65      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Foreign Letter        6.00      CRISIL B/Stable (ISSUER NOT
   of Credit                       COOPERATING; Rating Withdrawn)

   Proposed Short Term   3.35      CRISIL A4 (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with MKVKNF for obtaining
information through letters and emails dated February 3, 2020 and
February 7, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MKVKNF. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MKVKNF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating category
or lower. Based on the last available information, the ratings on
the bank facilities of MKVKNF continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of MKVKNF
on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MKVKNF and its sister concern M.K.V.K.
Timbers and Saw Mills (MKVKTSM). This is because the two firms,
together referred to as the MKVK group, are under common promoters,
in the same line of business, and have fungible cash flows between
them.

Established in 1987 in Pavoorchatram, Tamil Nadu, MKVKNF, promoted
by Mr KP Arunachalarajan and Mr J Thilagam, processes and trades in
timber. MKVKTSM trades in timber, cement, asbestos, bamboo, and
thermo-mechanically treated bars.


MADHURIMA INDUSTRIES: CRISIL Assigns B Ratings to INR4.8cr Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Madhurima Industries Private Limited (MIPL)

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          1.5        CRISIL B/Stable (Assigned)
   Term Loan            3.3        CRISIL B/Stable (Assigned)

The rating reflects MIPL's exposure to risks related to project
implementation during the initial phase of operations, and subdued
financial risk profile owing to debt-funded capital expenditure.
These weaknesses are partially offset by its promoters funding
support.

Analytical Approach

Unsecured loans (Estimated at INR3.22 crore as on June 2019)
extended by promoters are treated as neither debt nor equity as
they're expected to remain in the business over the medium term.


Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to project implementation risks:  Currently, the company
is under process of setting up a cold storage unit for storage of
agro commodities. The unit is expected to be operational by 10-12
months and hence timely completion of capex and ramp up of
operations there after are key rating sensitivity factors.

* Weak financial risk profile:  The capex for for cold storage is
estimated to be funded in 3:1 debt equity ratio and hence financial
risk will remain weak over the medium term.

Strength:

* Promoters' fund support and expected favourable debt repayment
structure:  Equity and Unsecured loans of INR1.00 crore and INR3.22
crore, respectively, and expected moratorium of 6 months on term
debt is expected to support liquidity in the initial years of
operations.

Liquidity Poor

Net cash accruals are expected to remain over INR50 lakhs per year
in FY21 and FY22 which will be sufficient against term debt
obligations of INR36-39 lakhs during the same period. Timely
funding support from promoters and bank term loan to meet its capex
and working capital requirements will remain a monitorable.

Outlook: Stable

CRISIL believes that MIPL will continue to benefit from funding
support of its promoters in the form of equity and/ or unsecured
loans.

Rating Sensitivity factors

Upward factors

  * Cash accruals of more than INR1.0 crore in fiscal 2021

  * Prudent working capital cycle

Downward factors

  * Cash accruals lower than INR50 lakhs in fiscal 2021

  * Stretch in working capital cycle

MIPL incorporated in April, 2019 and promoted by Madhurima Tiwari
and Apoorv Tiwari has proposed to acquire a running cold storage
facility of four chamber in Fatehpur, Uttar Pradesh; commercial
operations are expected to commence in first quarter of FY21.


MOHAN BREWERIES: CRISIL Assigns B Rating to INR20cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned the 'CRISIL B/Stable' rating to the long-term
bank facility of Mohan Breweries and Distilleries Limited (MBDL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL B/Stable (Assigned)

The rating reflects MBDL's susceptibility to regulatory risks and
volatility in raw material prices, geographic concentration in
revenue, limited pricing power, and weak financial risk profile.
The weaknesses are partially offset by the extensive experience of
the promoter in the breweries and distilleries industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to regulatory risks and geographic concentration in
revenue:  Tamil Nadu (TN) accounts for more than 90% of MBDL's
revenue. In TN, the state-owned Tamil Nadu State Marketing
Corporation controls distribution. Thus, any regulatory change or
implementation of the proposal to prohibit sale of liquor in TN
will adversely affect the business.

* Susceptibility to volatility in input prices and limited pricing
power:  For the Indian-made foreign liquor (IMFL) and brewery
segment, molasses, malt, and barley are the key raw materials. As
these materials are agriculture based and depend on the monsoon,
their prices are volatile. The company has limited pricing power,
as the prices are controlled by regulatory authorities.

* Weak financial risk profile:  The financial risk profile is weak
because of eroded networth on account of loss. Debt protection
metrics were weak, as reflected in interest coverage of 0.45 time
and negative net cash accrual to adjusted debt ratio in fiscal
2019.

Strength:

* Extensive experience of the promoter in the breweries and
distilleries industry:  The promoter's experience of 40 years has
helped develop an understanding of market dynamics and establish
strong relationships with suppliers and customers.

Liquidity Stretched

The bank limit was moderately utilised at 86.07% on average during
the 12 months through December 2019. The cash accruals expected
over the medium term will not be sufficient to meet debt
obligation. However, need based fund support from promoters will
provide support to the liquidity.

Outlook: Stable

CRISIL believes MBDL will continue to benefit from its promoter's
extensive experience and established relationships with clients.

Rating Sensitivity Factors

Upward factors

  * Increase in operating margin, leading to higher cash accrual

  * Improvement in interest coverage to more than 1.5 times

Downward factors

  * Decline in revenue or operating margin below 5 %

  * Increase in working capital requirement, weakening the
    liquidity and financial risk profile

Incorporated in 1982 by Mr M Nandagopal and family members, MBDL
manufactures IMFL and beer products. It has a manufacturing plant
in Chennai, TN.


PEOPLE'S EXPORTS: CRISIL Withdraws 'D' Rating on INR3.39cr Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of People's
Exports Private Limited (PEPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          .5      CRISIL D (ISSUER NOT COOPERATING;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawn)

   Foreign Bill        1.5      CRISIL D (ISSUER NOT COOPERATING;
   Purchase                     Migrated from 'CRISIL D'; Rating
                                Withdrawn)

   Packing Credit      3        CRISIL D (ISSUER NOT COOPERATING;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawn)

   Proposed Long       1.61     CRISIL D (ISSUER NOT COOPERATING;
   Term Bank Loan               Migrated from 'CRISIL D'; Rating
   Facility                     Withdrawn)

   Term Loan           3.39     CRISIL D (ISSUER NOT COOPERATING;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawn)

CRISIL has been consistently following up with PEPL for obtaining
information through letters and emails dated March 23, 2020 and
March 27, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PEPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for PEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of PEPL to 'CRISIL
D/ CRISIL D Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of PEPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
PEPL was incorporated in 1990, promoted by the Pippal family. The
company, based in Agra, manufactures shoes.


RADIANCELPG PETROCHEM: CRISIL Assigns 'B+' Corp. Credit Rating
--------------------------------------------------------------
CRISIL has assigned its 'CCR B+/Stable' Corporate Credit Rating for
Radiancelpg Petrochem Private Limited (RPL).

The rating reflects nascent stage of operations in fragmented
industry and vulnerability to changes in government regulations.
These weaknesses are partly offset by promoters experience in
trading of Liquefied petroleum gas (LPG).

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stage of operation in the fragmented LPG cylinder trading
business:  RPL is expected to commence operations from April 2020.
The segment is highly fragmented and has numerous small-scale
unorganised players catering to local demand, which may restrict
scalability.

* Vulnerability to changes in government regulations:  The LPG
cylinder manufacturing business is subject to stringent
regulations. Therefore, any unfavorable government policy or
regulatory changes could weaken business prospects of RPL in the
medium term.

Strengths:

* Promoter's long experience in industry:  RPL's promoters has more
than 15 years of experience in multiple industry include more than
10 years of experience in trading of LPG. This is expected to
benefit RPL in the medium term.

Liquidity Poor

RPL has poor liquidity marked by modest cash accruals estimated
around INR0.52-0.6 crores in fiscal 2021 and fiscal 2022 against
its repayment obligation of INR0.18 cr and INR0.4 crores
respectively. RPL is yet commence its operation and utilization of
bank lines will remain key monitorable factors among other.

Outlook:

CRISIL believe RPL will continue to benefit from the extensive
experience of its management.

Rating sensitivity factor

Upward factor:

  * Timely commencement of its operations and generating net cash
    accruals of INR1.5 crores

  * Moderately managing its working capital requirement leading
    to moderate financial risk profile.

Downward factor:

  * Delay in commencement of operations leading to net cash
    accruals below INR0.5 crores

  * Stretch in working capital management, weakening its
    financial risk profile especially liquidity

RPL is Mumbai based entity, established in February 2020 and will
commence its operations from April 2020. RPL is engaged into
trading and job work business of LPG gases. RPL is promoted by Mr.
Tukaram Nagargoje and Mr. Amit Deshpande. RPL is setting up its
plant in Pune, and Mumbai, Maharashtra.


SHARAN SOLAR: CRISIL Withdraws 'B' Rating on INR11.5cr Term Loan
----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Shri
Sharan Solar Private Limited (SSSPL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             11.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with SSSPL for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSSPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for SSSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of SSSPL to 'CRISIL
B/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of SSSPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Incorporated in May 2016 and promoted by ACS Logistics, Mr
Mallikarjun, Dr Vamdana Kamshetty, and Dr Santosh Kamshetty, SSSPL
operates a 2.2 megawatt (DC) solar photovoltaic power plant near
Gokak, Karnataka.


SHK CHEMTECH: CRISIL Assigns B+ Rating to INR14.5cr Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of SHK Chemtech Industries LLP (SHK).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             14.5       CRISIL B+/Stable (Assigned)

   Working Capital
   Facility              12         CRISIL B+/Stable (Assigned)

The rating reflects SHK's exposure to risks related to ongoing
project, average financial risk profile and susceptibility to
volatile raw material prices. These weaknesses are partially offset
by the extensive experience of its partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to ongoing project:  SHK is
implementing ethanol and ethyl acetate manufacturing plant which is
expected to commence commercial operations in May, 2020. The firm
will be exposed to intense competition from other players in the
segment. Timely completion and successful stabilisation of
operations at the new unit will remain a key monitorable.

* Average financial risk profile:  The project is funded in a
debt-equity ratio of 1 time. With the addition of working capital
debt, SHK is expected to have an average financial risk profile
with gearing high at around 2.5 times and moderate debt protection
metrics over the medium term.

* Susceptibility to volatile raw material prices:  The availability
and prices of key raw material, special denatured spirits, prepared
from molasses, is seasonal and susceptible to availability of
sugarcane. Hence, both profitability and revenue are likely remain
vulnerable to the above-mentioned factors.

Strength:

* Extensive experience of the partners:  The partners' experience
of more than 25 years in the chemicals and sugar based ethanol
industry, their understanding of the dynamics of the market, and
healthy relationships with suppliers and customers should continue
to support the business

Liquidity Stretched

Liquidity is stretched. The company will be in initial phase during
fiscal 2021, generation of sufficient cash accruals to cover term
debt obligation of INR2.5 crore remains critical. Funding support
from promoters during exigency also remains critical.

Outlook: Stable

CRISIL believes SHK will continue to benefit from the extensive
experience of its partners, and healthy relationships with clients.


Rating Sensitivity factors

Upward Factors

* Strong ramp-up in operations and higher-than-expected operating
profitability leading to net cash accrual of over INR5 crore per
anum

* Improvement in financial risk profile

Downward Factors

* Lower-than-anticipated revenues and/or profitability leading to
net cash accrual to debt repayment ratio of less than 1 time

* Considerable delay in the commencement of operations or
substantial increase in working capital requirements

Established in 2018, SHK is setting up a plant to manufacture
ethanol and ethyl acetate in Latur district of Maharashtra. The
plant is expected to be commissioned in May, 2020. SHK is owned and
managed by Mr Prathmesh Kocheta, Mrs Ananda Kocheta and other
partners.


SHRINIWAS TRADING: CRISIL Withdraws B+ Rating on INR5cr Loans
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Shriniwas
Trading Co. (STC) on the request of the company and after receiving
no objection certificate from the bank. The rating action is
in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.75      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

   Proposed Long Term
   Bank Loan Facility     3.25      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

   Warehouse Receipts     5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with STC for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of STC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for STC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of STC to 'CRISIL
B+/Stable Issuer not cooperating'.

STC was set up in 2005 as a partnership between Mr Shriniwas
Edupungati and Ms Sarika Paga The Nagpur (Maharashtra)-based firm
executes milling and sorting of non-basmati rice.


SRILIN ELECTRONICS: CRISIL Assigns 'B' Rating to INR11.37cr Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the bank
facilities of Srilin Electronics Private Limited (SEPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          1.24       CRISIL B/Stable (Assigned)
   Term Loan           11.37       CRISIL B/Stable (Assigned)

The rating reflects SEPL's exposure to risks related to ongoing
project and its expected leveraged capital structure. These
weakness are partially offset by its extensive industry experience
of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to ongoing project:  With less than 10
% of project cost incurred, SEPL is exposed to risks related to
project implementation. Timely completion of project and
stabilization of its operations remain key rating sensitivity
factors over the medium term.      

* Expected leveraged capital structure:  SEPL is expected to have
an average financial risk profile with high gearing and moderate
debt protection metrics. The project is aggressively funded through
a debt-equity ratio 1.62 times.

Strengths:

* Extensive industry experience of the promoters:  The promoters
have an experience of over 5 years in electrical components
industry. This has given them an understanding of the dynamics of
the market. Promoters' experience is expected to support SEPL in
timely completion of the project and stabilization of operations.

Liquidity Poor

SEPL is expected to generate sufficient cash accruals to meet
repayment obligations over the medium term. The promoters are
likely to extend support in the form of equity and unsecured loans
to meet its working capital requirements and repayment obligations

Outlook: Stable

CRISIL believes that SEPL will benefit over the medium term from
its promoter extensive industry experience.

Rating Sensitivity Factors

Upward factors

* Revenue of INR11 Cr with operating profitability of 30 % for
FY22

* Timely completion of the project and stabilization of operations

Downward factors

* substantial delay in commencement of operations

* cash accruals below INR0.30 Cr for FY22

SEPL was incorporated in year 2017. SEPL is currently setting up a
plant to manufacture printed circuit board.  Commercial operations
are expected to be commenced in April, 2021. Directors of Srilin
Electronics Private Limited are Mr. Nandapu Venkata Ramana Rao, Ms.
Nandepu Sri Lakshmi Rani, Mr. Nandepu Sai Venkata Akhil and Ms.
Lakshmi Sahaja Vejju.

Day to day operations would be looked after by Mr. Nandepu Sai
Venkata Akhil, who is an engineer by profession.


SURAJ AGRO: CRISIL Withdraws B+ Rating on INR5cr Cash Credit
------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Suraj
Agro Co-Operative Society Limited (SAS) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

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

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

   Warehouse Receipts     4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with SAS for obtaining
information through letters and emails dated March 23, 2020 and
March 27, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAS. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for SAS is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of SAS to 'CRISIL
B+/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of SAS on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

SAS was established in 2009 and currently it has around 400
members. SAS was engaged in the trading of commodities under price
stabilisation fund (PSF) scheme of GOI through NAFED, but from 2018
onwards it ventured into the manufacturing of seeds of grains like
wheat, gram, soybean, moong etc. From fiscal'19 the society has
discontinued the business of commodity trading and is solely into
the manufacturing of seeds. The society has a manufacturing
facility in Sri Ganganagar, Rajasthan and apart from manufacturing
in its own facility, the SAS also avails the job work from
different companies, including Star Agriseeds Private limited
(CRISIL BB/Stable), which belongs to one of the member of the SAS.


TATA STEEL: Moody's Places Ba2 CFR on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed under review for downgrade
Tata Steel Ltd.'s Ba2 corporate family rating. At the same time,
Moody's has downgraded Tata Steel's wholly owned subsidiary, Tata
Steel UK Holdings Limited's CFR to B3 from B2 and placed the CFR
under review for further downgrade.

The outlooks have 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 the credit profiles of Tata
Steel and TSUKH, including their exposure to steel demand for
manufacturing and volatile material costs, have left them
vulnerable to shifts in market sentiment in these unprecedented
operating conditions, and they remain 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 the companies of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

On April 1, Tata Steel announced that: (i) its mining operations
are currently operating at usual capacity; (ii) its integrated
steel facilities in India and Europe have started reducing
production; and (iii) it has suspended and put on care and
maintenance mode its downstream facilities, in anticipation of weak
steel demand [1].

Even ahead the coronavirus outbreak, sluggish economic growth, weak
demand and narrow product spreads had led to a deterioration in the
credit profiles of the two companies. Profitability -- as measured
by EBITDA/ton -- for Tata Steel's Indian operations declined by
almost 30% during the nine months ended December 2019 to INR11,290
from INR16,366 in the fiscal year ending March 2019 (fiscal 2019).
Meanwhile, the European operations returned to generating an EBITDA
loss after staying positive for almost four years.

"TSUKH's downgrade to B3 reflects its persistently weak credit
metrics with little respite expected over the next 12 to 18 months,
especially with the challenging industry conditions in Europe and
stressed pricing environment," says Kaustubh Chaubal, a Moody's
Vice President and Senior Credit Officer. "Moody's expects that the
credit profile of the European operations will remain weak, with
weak plant utilization levels and depressed prices raising
debt/EBITDA to double-digit levels."

TSUKH's CFR continues to incorporate two notches of uplift,
reflecting Moody's expectation of continued as well as distress
support from its shareholder, Tata Steel.

"The review for downgrade reflects its expectation that weak steel
demand will strain the credit profiles of both Tata Steel and
TSUKH, at least through the fiscal year ending March 2021, with
both companies likely to remain in breach of its downgrade
triggers," adds Chaubal, who is also Moody's Lead Analyst on Tata
Steel and TSUKH.

Moody's expects Tata Steel and TSUKH 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 and manufacturing
industries.

Moody's review for downgrade will focus on: (1) the outbreak's
impact on the operations of Tata Steel and TSUKH in light of
increasing restrictions on people's movement and the potential for
a shutdown of operations to ensure employee safety; (2) the impact
of the outbreak on demand, steel prices and product spreads; (3) an
analysis of their 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 steelmakers' operations and
consumers in their main markets; and (5) their resilience in
various stress testing scenarios, especially with respect to their
liquidity profiles.

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 the CFRs of Tata
Steel or TSUKH is unlikely in the near term. However, the outlooks
could return to stable if improved market conditions lead to a
recovery in metrics to pre-outbreak levels.

Moody's could downgrade Tata Steel's CFR if leverage remains in
excess of 4.5x or EBIT/interest coverage fails to improve to at
least 2.0x, both on a sustained basis.

Moody's could downgrade TSUKH's B3 CFR if the company continues to
generate an EBITDA loss. Moreover, even with improvements in
earnings, a failure to bring leverage back to around 7.0x will
strain the B3 CFR. Also, any revision in Moody's assumption of
support from Tata Steel will prompt a revision in the two-notch
uplift incorporated in TSUKH's rating.

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,
Tata Steel uses advanced technologies for producing steel,
including the use of pellets that use direct reduced iron and scrap
steel. The company also reuses industrial waste gases at its
captive power plants and maximizes reutilization of treated waste
water.

Ownership and control are key to Moody's assessment of governance
risk, with concentrated ownership having either a positive or
negative influence on corporate performance. TSUKH is wholly owned
by Tata Steel, which is 33% owned by Tata Sons. Whereas
concentrated ownership and control can raise potential conflicts of
interest and/or related-party transactions that are not aligned
with creditor interests, the concentrated ownership has benefited
Tata Steel, TSUKH and its creditors.

Moody's views governance risk as moderate with no overall impact on
the ratings of Tata Steel and TSUKH.

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

Tata Steel Ltd. is a leading steel producer with manufacturing
facilities in India (19.3 mt), the United Kingdom (3 mt), the
Netherlands (7.0 mt) and in Southeast Asia (2.4 mt). The company is
in the process of divesting the Southeast Asian operations. The UK
and the Dutch operations are housed under Tata Steel UK Holdings
Ltd.


TATA STEEL: S&P Lowers ICR to 'B+' on Expected Rise In Leverage
---------------------------------------------------------------
S&P Global Ratings, on April 14, 2020, lowered its long-term
foreign currency issuer credit rating on Tata Steel Ltd. and
subsidiary ABJA Investment Co. Pte. Ltd., and the issue rating on
various U.S.-dollar denominated senior unsecured notes ABJA has
issued, to 'B+' from 'BB-'.

At the same time, S&P Global Ratings lowered its rating on Tata
Steel UK Holdings Ltd. (TSUKH) to 'B' from 'B+' in line with the
rating action on its parent, Tata Steel. The short term rating on
TSUKH remains 'B'.

S&P said, "The downgrade mainly reflects our expectation that the
improvement in Tata Steel's earnings and financial profile, on
which the 'BB-' rating was based, is unlikely to materialize in the
next 12-18 months. This is mainly due to COVID-19 related
disruptions and the consequent economic effects.

"We lowered the rating on TSUKH following a similar action on its
parent, Tata Steel, given the continued strong linkage between the
subsidiary and the parent."

Even before recent developments, Tata Steel's earnings in the first
nine months of fiscal 2020 (ended March 31, 2020) had
underperformed our expectations. However, meaningful price hikes
between December 2019 and March 2020, together with a seasonally
stronger January–March quarter meant there was still potential
for the company's financial profile to improve. S&P now sees this
as unlikely.

S&P said, "We expect Tata Steel's leverage, measured by debt to
EBITDA, to be in the 6x-8x range in fiscals 2020 and 2021. This is
up from 3.3x as of March 2019 and our previous expectation of
around 5x in fiscal 2020 and 4x in fiscal 2021. We expect funds
from operations (FFO) to debt to be around 5% in both fiscals 2020
and 2021 (previous expectation was around 10%). These metrics are
no longer representative of a 'BB-' rating. We also expect EBITDA
interest cover to be below 2x in fiscal 2021.

"We see a more significant impact on Tata Steel's credit profile
coming from its higher cost European operations. While both the
company's Europe plants (in the U.K. and Netherlands) are still
running, they are doing so at significantly reduced capacity. In
our base case, we assume depressed volumes for at least one
quarter, followed by a recovery to more normal levels. Overall, we
currently assume around 15%-20% lower volumes in fiscal 2021
relative to fiscal 2020. While the company has taken cost reduction
initiatives over the past year, a sharp drop in volumes together
with pricing pressure will likely lead to a material EBITDA level
loss. Some form of government support (e.g., wage subsidy) is
possible and could partly mitigate the losses but it is difficult
to quantify such benefits at this point.

"We expect the company's Indian operations to be more resilient to
these developments due to their relative cost competitiveness. At
this point, we have only assumed a marginal 7%-10% reduction in
EBITDA in fiscal 2021 relative to fiscal 2020. We recognize there
is downside risk to this due to the significant slowdown in
economic activity expected (our economists have lowered fiscal 2020
GDP growth to 3.5% from 6.2% previously)."

On the positive side, Tata Steel has adequate liquidity going into
this downturn. With proactive refinancing, especially at the Tata
Steel Europe level, the company has no major debt repayments due.
On a consolidated basis, only around US$250 million is due in each
of the next two fiscal years. Tata Steel reported cash of around
Indian rupee (INR) 52 billion (around US$700 million) as of
December 2019. The company also has good financial flexibility as
part of the Tata group. Financial flexibility is reflected in the
company's strong banking relationships and good reputation in the
capital markets.

S&P said, "The negative outlook on TSUKH reflects that on its
parent, Tata Steel. The negative outlook on Tata Steel mainly
reflects our view that a more prolonged weakness in operating
conditions than we currently expect could lead to further
deterioration in Tata Steel's credit profile. This is particularly
likely to arise if weak market conditions persist for longer in
Europe, especially from the auto sector. The Indian operations
could also see a sharper drop in profitability compared to our base
case.

"We could lower the rating on Tata Steel if, in our view, its
credit profile remains pressured for longer than we currently
expect. Indicators of such a scenario include EBITDA interest
coverage remaining well below 2x on sustained basis.

"We could revise the outlook back to stable if the impact of the
economic slowdown is less than our current expectation. A recovery
in credit metrics such that EBITDA/interest increases above 2x
would be supportive of such action."

Tata Steel is one of the largest steel producers globally with an
annual crude steel capacity of about 33 million tons--about 19
million tons in India and 10.5 million tons in Europe. Its India
operations benefit from domestic access to iron ore although it
still has to supplement its coal needs with imports. The company's
business position is a mix of low-cost highly efficient steelmaking
capacities in India that serve a high-growth market and high cost
capacities in Europe.

TSUKH, through its subsidiary TSNH, is the holding company for Tata
Steel's European steelmaking operations. TSUKH, through TSNH, has
an aggregate 10.5 million tons per annum (MTPA) of saleable steel
capacity split across two blast furnace sites (Port Talbot UK: 3.5
MTPA and IJmuiden, Netherlands: 7 MTPA) as well as several rolling
mills and color coating/galvanizing facilities across Europe. Tata
Steel has supported the company in the past through periodic equity
support to help finance its cash flow deficits.


VASAVI FOOD: ICRA Keeps B- Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Vasavi Food Processing Industries to remain under Issuer Not
Cooperating category. The long-term rating is denoted as [ICRA]B-
(Stable) ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       4.00       [ICRA]B- (Stable); ISSUER NOT
   Based CC                        COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term-Fund       3.12       [ICRA]B- (Stable); ISSUER NOT
   Based TL                        COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term-           2.88       [ICRA]B- (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continue
                                   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 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.

Vasavi Food Processing Industries (VFPI) was founded in August 2014
as partnership firm by Mr. M. Narsaiah and his family members. The
firm is engaged in the milling of paddy to produce raw and boiled
rice with an installed capacity of 4 tons per hour. The plant is in
Nizamabad district in Telangana.


VIJAY TRANSFORMERS: ICRA Keeps 'B-' Debt Ratings in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR12.00-crore bank facilities of
Vijay Transformers Continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B-(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       2.50       [ICRA]B-(Stable); ISSUER NOT
   Based-Cash                      COOPERATING; Rating Continues
   Credit                          to remain under issuer not
                                   cooperating category

   Short term-Non       5.45       [ICRA]A4; ISSUER NOT
   Fund Based                      COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Long Term/Short      4.05       [ICRA]B-(Stable)/A4; ISSUER
   Term–Unallocated                NOT COOPERATING; Rating
                                   Continues to remain under
                                   issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
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.

Vijay Transformers (VT) was established in 1992 by Mr Venkateswara
Rao as a proprietorship firm. The firm is involved in the
manufacturing of various ranges of distribution transformers. VT
has a sister concern called SVR Electricals Private Limited which
is also into the same line of business.


YAMUNA MACHINE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR13.41 crore bank facilities of
Yamuna Machine Works Ltd. continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         2.41        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         6.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         3.00        [ICRA]A4 ISSUER NOT
   Export Packing                  COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based–     1.50        [ICRA]A4 ISSUER NOT
   Bank Guarantee                  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.

Yamuna Machine Works Ltd. was established in the year 1990 as a
private limited company and later changed its status to a limited
company in 2012. The company was promoted by Mr. adhubhaiMangukia
and others. Since its inception, the company has been carrying on
the business of manufacturing and installation of textile
processing machineries.

YMWL is an ISO 9001:2008 certified company. The company has its
registered office in Kandivili (Mumbai) and a manufacturing unit in
G.I.D.C. Vapi, (Gujarat).




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

HOKKAIDO RAILWAY: To Put 1,450 Staff on Leave in Bid to Survive
---------------------------------------------------------------
The Japan Times reports that Hokkaido Railway Co. plans to put some
1,450 of its workforce, or 20 percent of all employees including
contract workers, on leave to offset growing loses from the
coronavirus pandemic.

"We need to take every possible measure for survival," the report
quotes JR Hokkaido President Osamu Shimada as saying at a news
conference on April 15.

Given the economic fallout from the coronavirus and continuing
financial difficulties, JR Hokkaido has become the first of the six
passenger units in the Japan Railways Group to take the measure
since they were born from the 1987 privatization and breakup of the
Japanese National Railways, according to the report.

The Japan Times relates that the railroad will ask employees take
leave from May 1 but plans to pay out allowances for the period,
which will last until July 23 - the final day companies paying such
allowances are eligible for special treatment under the
government's employment adjustment subsidy program.

The company is discussing the plan with its labor union, the report
notes.

According to the report, tourism in Hokkaido has plunged in the
wake of government quarantine measures and stay-at-home requests by
prefectural and municipal governments to slow the deadly pandemic.

In March, JR Hokkaido saw passenger traffic on its three major
routes, including one linking Sapporo and Iwamizawa stations on the
Hakodate Main Line, fall nearly 70 percent from the year-before
levels, the report says.

The company expects to see a JPY13 billion decrease in passenger
revenue by June, the Japan Times discloses.

JR Hokkaido decided earlier to cancel over 900 limited express
trains until the Golden Week holidays end in early May. It now
plans to suspend even more services, the report adds.




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

CHINA HAIDA: Looks Into Freezing of Unit's Two Bank Accounts
------------------------------------------------------------
Claudia Chong at The Business Times reports that China Haida Ltd
said in on April 15 that it has come to its attention that two bank
accounts of its wholly-owned subsidiary, Jiangyin Litai Ornamental
Materials Co, have been frozen following an interim court order
issued by a Sichuan court.  A third bank account has been
restricted, the report says.

According to BT, China Haida has made enquiries with Jiangyin
Litai's finance team, and obtained a copy of an interim court order
dated last Nov. 28, which is "seemingly relevant or connected to"
the freezing of the two bank accounts.

BT relates that the interim court order was made pursuant to an
application filed by one Zhang Kun against 12 respondents,
including Jiangyin Litai and China Haida chief executive Xu Youcai.
The purpose of the application was to preserve or freeze the assets
of the respondents up to a sum of CNY14 million (SGD2.83 million);
the outcome of that was in Mr. Zhang's favor, BT states.

China Haida said it appears that the application was made in
connection with a pending legal dispute over some lending/borrowing
affairs between the applicant and the respondents, the report
relays. The company said it is trying to get to the bottom of what
has happened, including the circumstances under which Jiangyin
Litai became involved and the extent to which its assets are
subject to preservation or restrictions. China Haida added that the
contents of the interim court order are scanty, and that it does
not provide details of the main or substantive legal dispute.

China Haida also said that Jiangyin Litai's finance team has been
slow to respond due to the Covid-19 outbreak in China, BT adds.

According to BT, the two current accounts of Jiangyin Litai have
been frozen for 12 months - one from March 10, 2020, and the other
from March 18. The balances of the accounts as of the effective
dates were not stated in the bank's confirmation to China Haida's
external auditors, but the balances as at Dec. 31, 2019 were
CNY753,726 and US$3,001.54 respectively.

The general-deposit account that is now subject to a pledge or
other restrictions had a balance of CNY913,256 as at Dec. 31, 2019.
That account lies with a different bank.

BT relates that the company is working with its auditors to find
out whether any other bank accounts of Jiangyin Litai have been
affected. Confirmation requests have been sent to all nine banks
with which Jiangyin Litai had a relationship. As of April 15, four
banks had replied; only two warrant special attention.

                          About China Haida

Based in Singapore, China Haida Ltd., -- http://www.haida.com.sg/
-- an investment holding company, manufactures and sells aluminum
panels for various applications in the building and construction
industries in the People's Republic of China. The company offers a
range of aluminum composite and aluminum single panels under the
Haida brand name. Its products are used in various interior and
exterior applications, such as curtain walls, wall claddings,
facades, ceilings, roof edgings, column claddings, shop fronts,
partitions, furniture, stairways, and elevators. The company also
provides spray-painting services. It also exports its products to
the United Arab Emirates, India, Japan, Vietnam, Sri Lanka, Turkey,
Kazakhstan, Russia, the United States, Mexico, Brazil, Peru,
Malaysia, Singapore, and internationally. The company was formerly
known as Comat Industrial Ltd. and changed its name to China Haida
Ltd. in October 2006.




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

WAN HAI LINES: S&P Affirms 'BB+' ICR & Alters Outlook to Negative
-----------------------------------------------------------------
S&P, on April 14, 2020, revised its rating outlook on Taiwan-based
container shipper Wan Hai Lines Ltd. to negative from stable. At
the same time, S&P affirmed the 'BB+' issuer credit rating on Wan
Hai.

Substantial declines in trading volume and freight rates could
materially pressure Wan Hai's revenue in 2020. In S&P's view,
disruption to people flows and supply chains amid the COVID-19
outbreak could bring a slump in global transportation demand. The
strict containment measures imposed by governments around the world
could lead to significantly weaker global economic growth and end
demand.

S&P said, "In our view, Wan Hai is not immune from the significant
industry headwinds, despite the company's relatively resilient and
strong demand growth on its key intra-Asia routes. The
diversification of production facilities away from China to
ASEAN--Association of Southeast Asian Nations--countries and robust
trade growth in Asia have support stronger demand growth on
intra-Asia trade routes. We expect container volume (or lifting
volume) carried by Wan Hai to decline by slightly more than 10% in
2020 with particular shrinkage in the second and third quarters.
Freight rates will come under pressure if the decline in trade
volume worsens oversupply in the industry. Nonetheless, we believe
the degree of decline in volume will be much milder for Wan Hai
than for its global long-haul peers."

Lower oil prices offer temporary relief for the impact of IMO 2020,
but cost pressures could rise substantially soon.

Amid multiple industry headwinds, S&P expects the new regulations
on the use of higher-cost low-sulfur fuel oil (under the industry's
IMO 2020 agreement) to further pressure Wan Hai's profitability. In
S&P's view, the gloomy industry prospects could impair the ability
of global container shipping companies to fully pass through to
customers the higher costs associated with low-sulfur fuel oil.

Meanwhile, a sharp decline in crude oil prices over the past few
weeks and a likely softening price trend over the next one to two
quarters could provide some relief to Wan Hai's cost burden, but
are unlikely to fully offset the negative effect of weak demand.
Additional cost pressures could also arise, further weighing on Wan
Hai's cost structure and weakening its margins. S&P assumes crude
oil will increase to US$50/barrel (bbl) in 2021 and US$55/bbl in
2022 from US$30/bbl during the rest of 2020.

Market conditions should stabilize in 2021 but a recovery is far
from guaranteed. S&P said, "Under S&P Global Ratings' current
baseline assumptions on the global COVID-19 pandemic, we expect the
industry to experience the greatest impact from the pandemic in the
first two quarters of 2020. This means Wan Hai's operating
environment should gradually recover from the third quarter of
2020, before normal operations resume in 2021. Accordingly, we
expect Wan Hai's lifting volume to rebound robustly in 2021 when
the turbulence caused by the outbreak fades and major economies
resume robust economic growth."

Intra-Asia trade is likely to post stronger growth than the global
market because of continued supply chain diversification and the
lowering trade barriers within the region. This should help Wan Hai
to improve its EBITDA substantially by 40%-50% in 2021, after a
likely decline of 10%-20% in 2020. Nonetheless, there remains
material downside risk, given the uncertainty over how soon
governments will bring the spread of COVID-19 under control to
allow economic activities to normalize to pre-pandemic levels.
Capex is likely to peak in 2020 at a time of weaker cash flow, but
could rapidly decline thereafter. Wan Hai began a significant
vessel renewal program well before the COVID-19 outbreak began,
with deliveries scheduled in 2020-2021. In addition, the company
has taken advantage of current low vessel prices and signed an
agreement to procure two already operational vessels each with a
capacity of 12,000 ton equivalent units (TEUs). As a result, the
carrier's capital expenditure (capex) is likely to increase to New
Taiwan dollar (NT$) 14 billion-NT$16 billion in 2020, and NT$9
billion-NT$11 billion in 2021, mainly for the acquisition of more
vessels.

S&P said, "We expect capex to decline materially in 2022, based on
our view that Wan Hai will continue to source around 30% of its
capacity from short-term charter hire for its intra-Asia operations
and to maintain operational flexibility. Wan Hai has been prudently
managing its capacity and maintains a high load factor, which was
more than 80% in 2019 and remained strong until the first quarter
of 2020. We also expect the company to remain cautious about its
expansion in the long-haul market. In particular, we expect the
company to focus on niche trade routes such as Asia to South
America without acquiring additional mega vessels over the next two
to three years, after the acquisition of the two 12,000 TEU
vessels."

Shrinking financial buffer with rising debt exposes the ratings to
material downside risk amid uncertainty over the impact of
COVID-19. Wan Hai's high capex needs and weakened profitability
could elevate the company's debt over the next one to two years.
Under S&P's baseline assumptions, it projects Wan Hai's adjusted
debt to increase to about NT$27 billion in 2020 from NT$16.7
billion in 2019, before declining in 2021. Accordingly, Wan Hai's
ratio of FFO to debt is likely to decline to 25%-30% in 2020, down
from 44.4% in 2019. The ratio is likely to improve to 41%-46% in
2021 and higher beyond 2021 if the company recovers its performance
and its capex decreases.

However, the forecast ratio still represents very limited buffer
for the ratings to accommodate additional COVID-19 risk if the
pandemic prolongs and more severely weakens global trade. In
addition, any material deviation from our current capital spending
assumptions could also keep Wan Hai's ratio of FFO to debt below
45% for a prolonged period. S&P views a ratio of 45% to be
appropriate for the current rating.

S&P said, "The negative outlook reflects material risk that the
COVID-19 pandemic could inflict a longer and deeper economic slump
than under our current expectation, and prevents Wan Hai from
recovering its profitability over the next nine to 18 months. This
could in turn lead to higher debt than under our base case and keep
the company's ratio of FFO to debt below 45% for a prolonged period
if the company does not adjust its capex plan. Our base case
assumes that capex will peak in 2020 before declining gradually
from 2021 onward. We also assume the ratio of FFO to debt will
improve to 41%-46% in 2021 with recovering profitability after
falling temporarily to 25%-30% in 2020.

"We may lower the rating if we believe that Wan Hai is unlikely to
restore its ratio of FFO to debt to above 45% over the next one to
two years. This could result from a sustained decline in global
trade volume that leads to severe deterioration in profitability
for a longer period than we currently expect, or the company taking
on more aggressive debt-funded capex for vessels and not reducing
its debt level at our projected pace.

"We may revise the outlook back to stable if we see a clear sign of
industry turnaround, such that we believe Wan Hai could restore its
cash flow generation and lift the ratio of FFO to debt to above 45%
through the current business cycle. Such a result could be
achievable if Wan Hai can sustain its good position in the faster
growing intra-Asia container shipping market with efficiency and
cost competitiveness, and the company can reduce its debt through
disciplined capex."




===============
X X X X X X X X
===============

ASIA PACIFIC: IMF Sees Economic Growth at Standstill in 2020
------------------------------------------------------------
Bloomberg News reports that economic growth in the Asia Pacific
region will likely slow to a standstill in 2020, something that
hasn't happened in the last 60 years, according to the
International Monetary Fund.

Changyong Rhee, director of the lender's Asia and Pacific
Department, urged governments in the region to utilize all policy
options to support their economies during the coronavirus pandemic,
including bilateral and multilateral swap arrangements, Bloomberg
says.

According to Bloomberg, Mr. Rhee said 17 countries in the region
have expressed interest in the IMF's two emergency financing
instruments - the Rapid Credit Facility and the Rapid Financing
Instrument.

The economic blow from coronavirus is shaping up to be far worse
than other crises, according to the IMF's outlook, Bloomberg
relays. The Asia Pacific region grew at an annual average rate of
4.7 percent throughout the Global Financial Crisis, for example,
and 1.3 percent during the Asian Financial Crisis.

Capital-flow measures should be considered to ensure external
stability, and central bank balance sheets should be used to help
small and medium-sized businesses, Mr. Rhee said in remarks
prepared for a virtual news conference during the IMF and World
Bank's annual spring meetings, which are being held remotely from
Washington this year, Bloomberg relays.

"This is not a time for business as usual," Bloomberg quotes Mr.
Rhee as saying. "Asian countries need to use all policy instruments
in their toolkits. In doing so, policy trade-offs will be
inevitable and will depend on policy space."

On April 14, in its first World Economic Outlook report since the
pandemic shut major economies, the IMF estimated global gross
domestic product will shrink 3 percent this year, down from the 3.3
percent expansion it forecast in January, Bloomberg discloses. That
would dwarf the 0.1 percent contraction in global GDP in 2009, and
likely will mark the deepest dive since the Great Depression nearly
a century ago.

"For 2021, there is hope: If containment policies succeed, we will
see a rebound in growth," Mr. Rhee, as cited by Bloomberg, said.
"However, it is highly uncertain how this year will progress."

Growth in China and India will decelerate but their economies will
still manage to expand 1.2 percent and 1.9 percent respectively,
the fund said, Bloomberg discloses. Real GDP in Japan is expected
to decline by 5.2 percent.

In an online news briefing after his opening remarks, Mr. Rhee said
Asia will only rebound when there's a global recovery. Containing
the virus will be crucial.

"It would be very difficult to imagine that Asia can recover on its
own," Bloomberg quotes Mr. Rhee as saying.



                           *********


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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