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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, May 8, 2020, Vol. 23, No. 93

                           Headlines



A U S T R A L I A

ANGEION GROUP: First Creditors' Meeting Set for May 14
BIOPTIV PTY: Second Creditors' Meeting Set for May 18
CARDIGAN COMMERCIAL: First Creditors' Meeting Set for May 15
CARRIAGEWORKS: Calls In Administrators Amid Coronavirus Pandemic
CCUBE FINANCIAL: Second Creditors' Meeting Set for May 15

CUDECO LIMITED: Former Workers Win Reprieve Following Liquidation
EMU GROUP: Second Creditors' Meeting Set for May 15
JW CORP: Second Creditors' Meeting Set for May 15
LNG LTD: Appoints PricewaterhouseCoopers as Administrators
THUNDER FINCO: Bank Debt Trades at 21% Discount



C H I N A

CBAK ENERGY: Agrees with Atlas to Swap $100,000 Note for Equity
JMU LIMITED: Changes Name to "Mercurity Fintech Holding Inc."


H O N G   K O N G

MARLIN ENTERPRISE: Bank Debt Trades at 16% Discount
PANDA GREEN: S&P Withdraws 'CCC-' LongTerm Issuer Credit Rating
SPI ENERGY: Delays Filing of Annual Report Over COVID-19


I N D I A

ARGIL CERAMICS: CRISIL Withdraws B+ Rating on INR4cr Cash Loan
BL KASHYAP: CRISIL Keeps D Debt Ratings in Not Cooperating
BLACK BIRD: CRISIL Moves B+ on INR7.6cr Credit to Not Cooperating
BRMSCO GARMENTS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
DANU WIND: Ind-Ra Affirms 'D' Term Loan Rating

EN EN ELECTRICAL: CRISIL Lowers Rating on INR7.49cr Loan to 'D'
GADDALA FINANCIAL: CRISIL Moves B on INR10cr Debt to NonCooperating
GANPATI AGRI-BUSINESS: Ind-Ra Moves BB+ Rating to Non-Cooperating
GOUNIDHI DAIRY: CRISIL Assigns 'D' Rating to INR5.25cr Term Loan
HOTEL DEE: CRISIL Lowers Ratings on INR10cr Loans to 'D'

INTEGRATED WEAVING: CRISIL Moves B+ Ratings From Not Cooperating
KRISHNA AUTOMOTIVES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
LAKSHMI KALAVATHI: CRISIL Lowers Ratings on INR10cr Loans to B+
MANNA INDUSTRIES: CRISIL Lowers Rating on INR22cr Loan to 'D'
MORAYA POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

MOUNT VELOUR: CRISIL Lowers Ratings on INR10cr Loans to 'D'
NAGARJUNA FERTILIZERS: Ind-Ra Affirms 'D' LongTerm Issuer Rating
NANDI COTTON: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
NAVEEN FILTERS: CRISIL Lowers Rating on INR6cr Cash Loan to B+
NORTELS SERVICE: CRISIL Keeps B- on INR10cr Debt in Not Cooperating

P. L. ASSOCIATES: CRISIL Keeps B on INR6.5cr Debt in NonCooperating
PARADIGM TUNNELING: CRISIL Keeps C on INR3 Loan in Not Cooperating
PIPE & METAL: CRISIL Keeps D on INR10 Bank Loans in Not Cooperating
PRAGANA DANWAR: CRISIL Keeps B- on INR6.8 Loans in Not Cooperating
PRATIBHA INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating

R AND M INTERNATIONAL: CRISIL Reaffirms D Rating on INR6.9cr Loan
RANAR AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating
SHREENIDHI METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
SOLENTA CERAMIC: CRISIL Reaffirms B+ Rating on INR6.18cr Loan

TIRUPATI AGENCIES: CRISIL Cuts Ratings on INR7.6cr Loans to 'D'
TRIMAX IT: NCLT Approves Ebix's Revival Plan
UMACHI FOODS: CRISIL Lowers Rating on INR9cr Loan to 'D'
UNISHIRE URBANSCAPE: CRISIL Moves D Debt Rating to Not Cooperating
VEEKESY SLIPPERS: CRISIL Lowers Rating on INR11cr Loan to B+

VENKHATA SRINIVASA: CRISIL Lowers Rating on INR6cr Loan to 'D'
VIJAY TEXTILES: Ind-Ra Affirms 'D' LongTerm Issuer Rating
VIJETA BROKING: CRISIL Migrates 'B+' Rating to Not Cooperating


I N D O N E S I A

[*] Fitch Takes Neg. Actions on 6 Palm-Oil Producers in 2 Countries


J A P A N

[*] JAPAN: Coronavirus-Linked Bankruptcies Rise Sharply in April


N E W   Z E A L A N D

AIR NEW ZEALAND: 300 Pilots Lose Jobs, 900 Pilots to Take 30% Cut
ALTUS UNMANNED: Drone Company Goes Into Liquidation


S I N G A P O R E

AVATION PLC: Fitch Lowers LT IDR to 'B', On Watch Negative


V I E T N A M

AN BINH: Moody's Alters Outlook on B1 Issuer Ratings to Negative
VIETNAM SHIPBUILDING: Bank Debt Trades at 56% Discount

                           - - - - -


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

ANGEION GROUP: First Creditors' Meeting Set for May 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of Angeion
Group Pty Ltd will be held on May 14, 2020, at 10:00 a.m. via Skype
for Business.

Geoffrey Trent Hancock of PKF was appointed as administrator of
Angeion Group on May 4, 2020.



BIOPTIV PTY: Second Creditors' Meeting Set for May 18
-----------------------------------------------------
A second meeting of creditors in the proceedings of Bioptiv Pty.
Limited has been set for May 18, 2020, at 2:00 p.m. via virtual
meeting.

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

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

Claudio Trimboli of Charles & Co was appointed as administrator of
Bioptiv Pty on April 2, 2020.

CARDIGAN COMMERCIAL: First Creditors' Meeting Set for May 15
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Cardigan
Commercial Pty Ltd will be held on May 15, 2020, at 10:00 a.m. via
teleconference only.

Richard Lawrence and Kathleen Vouris of Hall Chadwick were
appointed as administrators of Cardigan Commercial on May 5, 2020.


CARRIAGEWORKS: Calls In Administrators Amid Coronavirus Pandemic
----------------------------------------------------------------
Victoria Pengilley at ABC News reports that Sydney cultural centre
Carriageworks has been forced to call in administrators due to
coronavirus.

ABC relates that the company, well known for its live performances
and art exhibits, announced it had called in voluntary
administrators KPMG on May 4 following the cancellation of dozens
of events.

In a statement, the organisation said 75 per cent of its revenue
was generated outside of government funding, mainly through onsite
events and programs, ABC relays.

"The sudden cancellation or postponement of six months of
activities due to restrictions on public gatherings has resulted in
an irreparable loss of income," ABC quotes a spokesperson as
saying.

It's one of many arts companies across the country that have felt
the pressure under new coronavirus restrictions.

ABC says the NSW Government is yet to announce a targeted stimulus
package for the arts sector.

According to ABC, Carriageworks is believed to be the largest
contemporary multi-arts centre in Australia and presents work by
hundreds of home-grown and foreign artists and companies every
year.

But in recent weeks, iconic events like the Sydney Writers'
Festival, Mercedes-Benz Fashion Week Australia and the design event
Semi Permanent, part of the VIVID program, have all been cancelled
or postponed.

ABC relates that CEO Blair French said the organisation would
usually attract one million visitors a year to its site in Redfern
and up to 5,000 people to its weekend Farmers Market.

"But with restrictions on social gatherings likely to remain in
place for some time to come, the Board determined that it had no
alternative but to place the company into Voluntary
Administration," the report quotes Mr. French as saying.

ABC adds that Mr. French said almost half of the precinct's core
staff had been stood down, with those remaining to move to a
three-day week in recent weeks.

"Focusing on essential work only we have been striving to find a
way through the impact of the COVID-19 lockdown," Mr. French said.

On May 4, the organisation appointed Phil Quinlan and Morgan Kelly
from accounting firm, KPMG, as Voluntary Administrators, ABC
discloses.

They're believed to working with Carriageworks executives and
stakeholders to "try and secure the future of Australia's largest
multi-arts precinct".

"We will be exploring the possibility of a Deed of Company
Arrangement to stabilise Carraigeworks's financial position and
allow it to continue its important role for Australian arts and
culture," ABC quotes Mr. Quinlan as saying.  "All options are on
the table."


CCUBE FINANCIAL: Second Creditors' Meeting Set for May 15
---------------------------------------------------------
A second meeting of creditors in the proceedings of CCube Financial
Software Pty. Limited and CCube Integrated Wealth Pty. Ltd. has
been set for May 15, 2020, at 10:00 a.m. via teleconference.

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

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

Mark Robinson and Riad Tayeh of de Vries Tayeh were appointed as
administrators of CCube Financial on April 2, 2020.


CUDECO LIMITED: Former Workers Win Reprieve Following Liquidation
-----------------------------------------------------------------
Eric Barker at ABC News reports that the former workers of a
north-west Queensland mine, who have been waiting for their wages
for more than six months, have been given a reprieve with the
company put into liquidation.

Chinese-backed CuDeco still owes workers and contractors more than
AUD60 million after its Rocklands Copper Mine, near Cloncurry, was
mothballed in July last year.

But with the company now in liquidation employees can recover up to
13 weeks' unpaid wages and have their leave paid out under the
Federal Government's Fair Entitlements Guarantee, according to
ABC.

"We will endeavour to get their [wages] through as soon as humanly
possible," ABC quotes Member for Kennedy Bob Katter as saying.  "It
just angers me that for all of their efforts and all the pain they
have suffered that they end up with very little."

ABC notes that the company's administrators last month executed a
potential agreement to start the mine again on the basis of raising
more capital, which it was unable to do before its
April 30 deadline.

While going into liquidation allowed the workers to recover some of
their money, the former contractors are unable to claim their
entitlements, ABC says.

According to documents seen by the ABC, the company still owed more
than AUD59 million to contractors, which included a number of local
businesses in the towns of Cloncurry and Mount Isa.

ABC relates that Member for Kennedy Bob Katter said it was unlikely
the contractors were ever going to see their money, which had been
a problem over the years.

"They'll get little to nothing by the time the dust settles," ABC
quotes Mr. Katter as saying.  "Most of the people that I played
rugby league with in Cloncurry, that were in business, were
destroyed in one way or another by actions such as this."

ABC adds that retail shareholders, who were set to lose millions of
dollars from the collapse of the company, were raising funds to
launch a class action.

Stuart McCullagh said he was unable to go into the details of the
potential class action, but said he was hoping it would give people
like him a chance to recover some funds, ABC relates.

"History tells us we'll receive nothing from liquidation, so our
only hope therefore is to make a class action," the report quotes
Mr. McCullagh as saying.  "Hopefully we will stand a chance of
recovering some of our investment through the courts."

                        About CuDeco Limited

CuDeco Limited -- http://www.cudeco.com.au/-- explores and
evaluates mineral properties in Australia. The company explores for
copper, cobalt, and gold deposits. It primarily owns a 100%
interest in the Rocklands Group copper project located in
Cloncurry, Queensland, Australia. The company was formerly known as
Australian Mining Investments Ltd. CuDeco Limited is headquartered
in Southport, Australia.

As reported in the Troubled Company Reporter-Asia Pacific in July
2019, Northwest Star said CuDeco, the owners of Rocklands Copper
mine near Cloncurry, has officially gone into receivership. The
mine has been closed since August 2018 and this was the company's
first announcement to the ASX since early May 2019 when it said it
was conducting an operational restart review.

On July 2, 2019, China Tonghai International Financial Limited
(CTIFL) appointed Kelly-Anne Trenfield, Ian Francis and Michael
Ryan of FTI Consulting as receivers and managers of CuDeco.

Matthew Joiner and Jeremy Nipps of Cor Cordis were appointed Joint
and Several Voluntary Administrators of the Company on July 5,
2019.


EMU GROUP: Second Creditors' Meeting Set for May 15
---------------------------------------------------
A second meeting of creditors in the proceedings of Emu Group Pty
Ltd has been set for May 15, 2020, at 11:00 a.m. at One Wharf Lane,
Level 20, 171 Sussex Street, in Sydney, NSW.

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 May 14, 2020, at 5:00 p.m.

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


JW CORP: Second Creditors' Meeting Set for May 15
-------------------------------------------------
A second meeting of creditors in the proceedings of JW Corporation
Pty Ltd (Formerly known as Jeanswest Corporation Pty Ltd), et al.,
has been set for May 15, 2020, at 10:00 a.m. via teleconference.

The other JW affiliates also included in the creditors meeting
are:

   -- JW Wholesale Pty Ltd (Formerly known as Jeanswest Wholesale
      Pty Ltd)

   -- JWI (A) Pty Ltd (Formerly known as Jeanswest Investments
      (Australia) Pty Ltd)

   -- GS Australia Pty Ltd (Formerly known as Glorious Sun
      (Australia) Pty Ltd)

   -- GS Corp Services Pty Ltd (Formerly known as Glorious Sun
      Corporate Services Pty Ltd)

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 May 14, 2020, at 4:00 p.m.

James Henry Stewart and Peter Gothard of KPMG were appointed as
administrators of JW Corporation et al. on Jan. 15, 2020.


LNG LTD: Appoints PricewaterhouseCoopers as Administrators
----------------------------------------------------------
The Advocate reports that the future of a proposed liquefied
natural gas export terminal near Lake Charles appears bleak after
the parent company appointed administrators who are tasked to deal
with potential insolvency.

In Australia, where LNG Ltd. is headquartered, administration is
akin to Chapter 11 bankruptcy reorganization in the United States.
It remains unclear whether the company will restructure and
continue to pursue its Louisiana LNG project, the report says.

The Advocate relates that demand for LNG has slowed while oil
prices have dropped significantly in recent months. The company
said it was unable to secure customer contracts, especially after
the coronavirus pandemic began several months ago.

PricewaterhouseCoopers was appointed as the voluntary
administrators in late April, the report discloses. The company's
CEO and several other executives resigned from their posts shortly
before. PwC is reviewing the company's finances and will be
contacting its creditors soon, The Advocate relates.

LNG Ltd. had proposed building Magnolia LNG in Louisiana. It was
slated to be taken private by Singapore-based LNG9 PTE Ltd. in a
US$75 million deal, but investors withdrew their bid after an
initial loan fell through.

The Advocate notes that LNG Ltd. was on track to run out of money
in May and had only US$8.3 million left in cash as of December
2019.

It received a Paycheck Protection Program loan from the U.S. Small
Business Association totaling US$388,552 in recent weeks.

Magnolia LNG was expected to export 8.8 million tons of LNG each
year, but has not started construction. The project already has
permits from the Federal Energy Regulatory Commission, the report
adds.

Liquefied Natural Gas Limited (LNGL) --
https://www.lnglimited.com.au/site/content/ -- operates as a
natural gas exploring company. The Company develops and operates
liquefied natural gas production projects.


THUNDER FINCO: Bank Debt Trades at 21% Discount
-----------------------------------------------
Participations in a syndicated loan under which Thunder Finco Pty
Ltd is a borrower were trading in the secondary market around 79
cents-on-the-dollar during the week ended Fri., May 1, 2020,
according to Bloomberg's Evaluated Pricing service data.

The $205 million facility is a term loan.  About $204 million of
the loan remains outstanding.  The loan is scheduled to mature on
November 26, 2026.

The Company's country of domicile is Australia.




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

CBAK ENERGY: Agrees with Atlas to Swap $100,000 Note for Equity
---------------------------------------------------------------
CBAK Energy Technology, Inc., entered into an exchange agreement
with Atlas Sciences, LLC, pursuant to which the Company and the
Lender agreed to (i) partition a new promissory note in the
original principal amount equal to $100,000 from the outstanding
balance of certain promissory note that the Company issued to the
Lender on July 24, 2019, which has an original principal amount of
$1,395,000, and (ii) exchange the Partitioned Promissory Note for
the issuance of 312,500 shares of the Company's common stock, par
value $0.001 per share to the Lender. According to the Exchange
Agreement, the Shares are required to be delivered to the Lender on
or before May 1, 2020 and the exchange will occur upon the Lender's
surrender of the Partitioned Promissory Note to the Company on the
date when the Shares are eligible for free trading.

                         About CBAK Energy

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

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

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


JMU LIMITED: Changes Name to "Mercurity Fintech Holding Inc."
-------------------------------------------------------------
JMU Limited announced the results of its 2020 Annual General
Meeting which was held on April 30, 2020 in Beijing, where it
adopted a special resolution, effective immediately, to approve the
change of company name to "Mercurity Fintech Holding Inc."

The Company believes that the new name will better reflect the
Company's business scope since the divestment of the Company's food
supply chain business in 2019.

                          About JMU Limited

Headquartered in Shanghai, People's Republic of China, JMU Limited
currently operates an online platform for providing
business-to-business services to food-industry suppliers and
customers in China.

Michael T. Studer CPA P.C., in Freeport, New York, USA, the
company's auditor since 2019, issued a "going concern"
qualification in its report dated June 28, 2019, citing that the
Group experienced a net loss of approximately $25.3 million, $161.9
million and $123.2 million for the years ended Dec. 31, 2016, 2017
and 2018, respectively, and negative cash flows from operations of
approximately $5.8 million, $9.9 million and $4.3 million for the
years ended Dec. 31, 2016, 2017 and 2018, respectively. As at Dec.
31, 2018, the Group's current liabilities exceeded its current
asset by $15.7 million and there was a capital deficiency of $22.2
million. These conditions raise substantial doubt about the Group's
ability to continue as a going concern.




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

MARLIN ENTERPRISE: Bank Debt Trades at 16% Discount
---------------------------------------------------
Participations in a syndicated loan under which Marlin Enterprise
Ltd is a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., May 1, 2020,
according to Bloomberg's Evaluated Pricing service data.

The $135 million facility is a term loan.  About $31.6 million of
the loan remains outstanding.  The loan is scheduled to mature on
July 7, 2024.

The Company's country of domicile is Hong Kong.



PANDA GREEN: S&P Withdraws 'CCC-' LongTerm Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings said that it has withdrawn its 'CCC-' long-term
issuer credit rating on Panda Green Energy Group Ltd. at the
company's request. The rating outlook was positive at the time of
the withdrawal.



SPI ENERGY: Delays Filing of Annual Report Over COVID-19
--------------------------------------------------------
SPI Energy Co., Ltd., filed a current report on Form 6-K with the
Securities and Exchange Commission notifying the delay in the
filing of its Annual Report on Form 10-K for the year ended Dec.
31, 2019. The Company is relying on order issued by the U.S.
Securities and Exchange Commission dated on March 25, 2020 (Release
No. 34-88465), providing conditional relief to public companies
that are unable to timely comply with their filing obligations as a
result of the outbreak of COVID-19, to extend the due date for the
filing of the Annual report until June 14, 2020 (45 days after the
original due date).

The outbreak of COVID-19 has posed a significant impact on the
Company's ability to file on a timely basis its Annual Report on
Form 20-F for the year ended Dec. 31, 2019.

SPI Energy said, "As a result of the global outbreak of the
COVID-19, the Company is unable to meet the filing deadline of the
Annual Report. The Company's business and facilities are located in
Australia, Italy, US, Greece, Hong Kong and Japan. In order to
avoid the risk of the virus spreading, the Company has been
following the recommendations of local health authorities to
minimize exposure risk for its employees, including the temporary
closures of its corporate offices, having employees work remotely
and travel restrictions or suspension. As such, the Annual Report
will not be completed by the filing deadline, due to insufficient
time to facilitate the internal and external review process."

                  Risk Factor Related to COVID-19

"Our business and financial results may be materially adversely
affected by the current COVID-19 pandemic outbreak.

"The pandemic of a novel coronavirus (COVID-19) has resulted in a
widespread health crisis that has adversely affected the economies
and financial markets worldwide. Government efforts to contain the
spread of the coronavirus through lockdowns of cities, business
closures, restrictions on travel and emergency quarantines, among
others, and responses by businesses and individuals to reduce the
risk of exposure to infection, including reduced travel,
cancellation of meetings and events, and implementation of
work-at-home policies, among others, have caused significant
disruptions to the global economy and normal business operations
across a growing list of sectors and countries.

"Our operating results substantially depend on revenues derived
from sales of PV project assets, provision of electricity and our
Australian subsidiary's trading of PV components. As the COVID-19
spread continues, the measures implemented to curb the spread of
the virus have resulted in supply chain disruptions, insufficient
work force and suspended manufacturing and construction works for
solar industry. One or more of our customers, partners, service
providers or suppliers may experience financial distress, delayed
or defaults on payment, file for bankruptcy protection, sharp
diminishing of business, or suffer disruptions in their business
due to the outbreak. These preventative measures have also impacted
our daily operations. The efforts enacted to control COVID-19 have
placed heavy pressure on our marketing and sales activities.
Moreover, due to the decrease in prices of crude oil, the demand
for solar energy can decrease in the near future. We continue to
assess the related risks and impacts COVID-19 pandemic may have on
our business and our financial performance. In light of the rapidly
changing situation across different countries and regions, it
remains difficult to estimate the duration and magnitude of
COVID-19 impact. Until such time as the COVID-19 pandemic is
contained or eradicated and global business return to more
customary levels, our business and financial results may be
materially adversely affected."

                    About SPI Energy Co., Ltd.

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

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

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




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I N D I A
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ARGIL CERAMICS: CRISIL Withdraws B+ Rating on INR4cr Cash Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Argil
Ceramics (AC) 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        0.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit           4         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

   Term Loan             2.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with AC 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 AC. 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 AC 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 Continues the ratings on the bank facilities of AC to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of AC 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.

Established in 2007, Morbi-based AC manufactures quartz stone. It
is promoted by Mr Mahadev Varneshiya, Mr Ramesh Varneshiya, and
their family members.


BL KASHYAP: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on the bank facilities of BL Kashyap and
Sons Ltd (BLK; part of the BLK group) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'. Also, the company is under
Corporate Debt Restructuring (CDR).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        375        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           248        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cheque Discounting      2        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BLK for obtaining
information through letters and emails dated March 31, 2019, April
13, 2020 and April 21, 2020 apart from telephone calls. However,
the issuer has remained non-cooperative.

'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 have been arrived at without any
management interaction, and are based on the best available,
limited or dated information on the company'.

Detailed Rationale

Despite repeated attempts to engage with BLK's management, CRISIL
has not received any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on its credit
quality. CRISIL believes the information available is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with 'CRISIL BB' category or lower'.

Based on the last available information, the ratings on the bank
facilities of BLK continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'. Also, the company is under Corporate Debt
Restructuring (CDR).

BLK was established as BL Kashyap and Sons Pvt Ltd (BLKSPL) in
1989, by Mr Vinod Kashyap, Mr Vineet Kashyap, and Mr Vikram
Kashyap. The company was reconstituted as a public limited company
with the current name in 1995. The promoters have been active in
the real estate sector since 1978; they transferred their business
to BLKSPL on its formation.

BLK provides construction services to customers in the commercial,
residential, and industrial segments. The company has also ventured
into real estate development and related services, such as
furnishing. It has partly restructured its debt under a CDR, which
was approved on December 31, 2014.


BLACK BIRD: CRISIL Moves B+ on INR7.6cr Credit to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Black Bird
Retail India Private Limited (BBR) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7.6      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BBR for obtaining
information through letters and emails dated April 21, 2020 and
April 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 BBR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BBR is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' category or lower'.

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

BBR is primarily a men's apparel retail chain in Karnataka. It
sells apparels under the brand name 'Black Bird' through franchise
stores located across Karnataka.


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

The instrument-wise rating actions are:

-- INR60.7 mil. Term loan due on May 2022 migrating to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR100.0 mil. Fund-based working capital migrating to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR50.0 mil. Non-fund-based facilities migrating to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
7, 2019. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2008, BGPL is managed by TK Vijayan. It manufactures
polypropylene woven sack/high-density polyethylene and fabrics at
its unit in Kochi, Kerala.


DANU WIND: Ind-Ra Affirms 'D' Term Loan Rating
----------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Danu Wind Parks
Private Limited's (DWPPL) term loan at 'IND D'. The agency has
simultaneously migrated the rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR2.676,3 bil. Term loan due on March 31, 2034, affirmed and
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects the absence of clarity on operational
performance and DWPPL's timely debt service since the last rating
action.

The rating has been migrated to the non-cooperating category as
DWPPL did not provide information related to its business and
financial profiles, despite continuous requests and follow-ups by
the agency.

COMPANY PROFILE

DWPPL was formed in 2011 to build and operate a wind power plant in
Kurnool, Andhra Pradesh. Danu-I, located in Dhone, was commissioned
in December 2016 with a project cost of INR1,740 million, which was
funded through a debt of INR1,170 million and equity of INR570
million. Danu-II, located in Nellakote, was partly commissioned in
July 2017 and fully commissioned in December 2017 with a project
cost of INR2, 252.60 million, which was funded through a debt of
INR1,690 million and equity of INR562.60 million.


EN EN ELECTRICAL: CRISIL Lowers Rating on INR7.49cr Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of En En
Electrical Engineers Private Limited (EEPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.6        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term    2.16       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

   Secured Overdraft     2.75       CRISIL D (Downgraded from
   Facility                         'CRISIL BB-/Stable')

   Term Loan             7.49       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The rating downgrade reflects the delays in the repayment of term
loans on account of weak liquidity.

The ratings continues to reflect the leveraged capital structure,
and susceptibility to risks inherent in tender-based operations in
a highly competitive segment. These weaknesses are partially offset
by the extensive experience of the promoters in the electrical
contracts segment.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing:  The company has delayed the servicing
of interest and principal on its term loan due to weak liquidity
resulting from stretch in collections. The interest and principal
repayments for February 2020 have been made with delays. Further
the working capital limits are fully utilised.

* Leveraged capital structure:  The financial risk profile is
constrained by leveraged capital structure, as indicated by
networth and gearing of INR4.40 crore and 2.09 times, respectively,
as on March 31, 2019.

* Susceptibility to risks inherent in tender-based operations in a
highly competitive segment:  Revenue and profitability depend
entirely on ability to win tenders. Also, entities in this segment
face intense competition, and have to bid aggressively to get
contracts, which restricts the operating margin. Also, given the
cyclicality inherent in the construction industry, ability to
maintain profitability through operating efficiency becomes
critical.

Strength

* Extensive industry experience of the promoters:  The promoters'
experience of over three decades in the electrical contracts
segment has given them an understanding of the dynamics of the
market, and enabled them to establish relationships with suppliers
and customers.

Liquidity Poor

The liquidity profile of the company is poor which is reflected in
insufficient fund for the timely repayment of debt obligation and
fully utilized bank limits.

Rating Sensitivity Factors
  
Upward factors

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

* Improvement in working capital cycle with Gross Current Assets
(GCA) to less than 100 days supported by improvement in collection
cycle.

Incorporated in 1997 and based in Anantapur, Andhra Pradesh, EEPL
undertakes electrical contract works, including erection, testing,
and commissioning of electrical sub-stations and lines. It is owned
and managed by Mr Aswartha Reddy and Ms Jayasree Indukuri.


GADDALA FINANCIAL: CRISIL Moves B on INR10cr Debt to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on the long-term bank facilities of
Gaddala Financial Services Private Limited (GFS) to 'CRISIL
B/Stable Issuer Not Cooperating'.

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

CRISIL has been consistently following up with GFS for procuring
information. CRISIL requested cooperation and information from the
issuer through its letter dated March 26, 2020, April 8, 2020 and
April 13, 2020 apart from several telephone calls. 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'.

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on the
long-term bank facilities of GFS to 'CRISIL B/Stable Issuer Not
Cooperating'.

Analytical Approach

For arriving at the rating, CRISIL has considered the standalone
business and financial risk profile of GFS.

The company is promoted by Mr John Gaddala and he has acquired this
company from Mr Poorna Chandra Rao in 2009. Earlier the company was
called 'Vanki Neni' and this company operated as a hire purchase
company. Mr John Gaddala post acquisition of this company started
its operations as an mfi in 2010.The company is a microfinance
institution (mfi) offering unsecured loans to individuals. However
unlike the other mfis they do not operate in SHG or JLG business
models. The company directly lends to individuals. GFS is based out
of Telangana confined to only few districts such as Warangal,
Mahubudabad, Jangaon and Hyderabad.


GANPATI AGRI-BUSINESS: Ind-Ra Moves BB+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ganpati
Agri-Business Pvt Ltd's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR170 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR37.82 mil. Term loan due on September 2020 Migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
3, 2019. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Ganpati Agri-Business was incorporated in 2011 by Atul Kumar Singh
and his wife Shavi Singh, who are both the directors. The company
manufactures poultry and cattle feed, comprising mustard cake,
de-oiled mustard cake, rice bran, and de-oiled rice bran.


GOUNIDHI DAIRY: CRISIL Assigns 'D' Rating to INR5.25cr Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Gounidhi Dairy (GND).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             5.25       CRISIL D (Assigned)

   Proposed Term Loan    2.00       CRISIL D (Assigned)

   Cash Credit           0.50       CRISIL D (Assigned)

   Proposed Fund-Based
   Bank Limits            .25       CRISIL D (Assigned)

The rating reflects delay in servicing term debt by GND. The rating
also factors its delayed ramp-up in the operations. These
weaknesses are partially offset by the entrepreneurial experience
of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing of debt:  The firm has delayed in meeting its
term debt obligation due to stretched liquidity which is due to
cost overrun of the project.

* Delayed ramp up in operations:  The firm's plant was ready and
partial operation started in May 2019. However, the company is yet
awaiting for live cattle and hence full operation is not started
leading to lower revenues estimated at around INR2 crore in fiscal
2020. The project earlier was also delayed due to cost overrun in
constructing the dairy farm. Going ahead, timely ramp up of
operations will be critical. Also, the firm will be exposed to
intense competition.

Strengths

* Entrepreneurial experience of partners:  The partners of the
firm, the Soni family has been in the dairy industry for the past
five years enabling them to establish relationships with suppliers
and customers.

Liquidity Poor

Weak liquidity is reflected in delay in debt servicing. Bank lines
of INR0.50 crore, which was utilised at 87% over the 8 months
through January 2020. Going ahead, quick ramp up in operations and
prudent working capital management will be a key rating driver.

Rating Sensitivity factors

Upward Factors

* Timely track record of servicing debt for more than 90 days
* Ramp up in operations post completion of plant.

GND was established as a partnership firm in December 2016 and
started its operations in May 2019. The firm is promoted by Mr
Munnalal Soni, Ms Rachna Soni, Ms Rajni Soni, Ms Shobha Soni, Mr
Vinay Kumar Soni, and Mr Virendra Soni. The firm is setting up a
mechanised modern dairy farm in Shahdol, Madhya Pradesh.


HOTEL DEE: CRISIL Lowers Ratings on INR10cr Loans to 'D'
--------------------------------------------------------
CRISIL has downgraded the rating on the long term bank facilities
of Hotel Dee Emm Residency (HDER) to 'CRISIL D Issuer Not
Cooperating' as It was recently brought to CRISIL's attention that
there are delays in the interest servicing of the term loan.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term     0.1         CRISIL D (ISSUER NOT   
   Bank Loan Facility                 COOPERATING; Downgraded
                                      from 'CRISIL B/Stable
                                      ISSUER NOT COOPERATING')

   Rupee Term Loan        9.9         CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL B/Stable
                                      ISSUER NOT COOPERATING')

CRISIL has been consistently following up with HDER for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 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 HDER, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HDER is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the rating on the long
term bank facilities of HDER is has downgraded to 'CRISIL D Issuer
Not Cooperating' as It was recently brought to CRISIL's attention
that there are delays in the interest servicing of the term loan.

Set up as a partnership firm in 2014 by Mr Tek Chand Sood, Ms Madhu
Sood, and Mr Sumit Sood, HDER operates Hotel Dee Emm Residency in
Shimla. The hotel, which had 5 rooms, is being expanded to 47
rooms, and will also have a restaurant, coffee shop, lounges, and a
conference hall. Post-renovation and expansion, the hotel is
expected to commence operations in the fourth quarter of fiscal
2018.


INTEGRATED WEAVING: CRISIL Moves B+ Ratings From Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL had migrated its rating on
the long-term bank facilities of Integrated Weaving India Private
Limited (IWIPL) to 'CRISIL B+/Stable Issuer Not Cooperating'.
However, the firm has subsequently begun sharing information
necessary for a comprehensive rating review. CRISIL is, therefore,
migrating its rating from 'CRISIL B+/Stable Issuer Not Cooperating'
to 'CRISIL B+/Stable'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term        5         CRISIL B+/Stable (Migrated
   Bank Loan Facility                  from 'CRISIL B+/Stable
                                       ISSUER NOT COOPERATING')

   Term Loan                 10        CRISIL B+/Stable (Migrated
                                       from 'CRISIL B+/Stable
                                       ISSUER NOT COOPERATING')

The rating continues to reflect IWIPL's modest scale and exposure
to intense competition and below average financial risk profile.
These weakness are partially offset by the extensive experience of
the promoters and the low working capital intensity in operations.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale and exposure to intense competition:  The Company
has a modest scale of operations estimated at about INR8.8 crore
for the fiscal 2020. Revenue estimated to have improved in fiscal
2020 following doubling of its capacity during the year. The
textile industry is intensely competitive with many unorganised
players having small capacities which also constrains the
scalability and profitability of the company.

* Below-average financial risk profile:  Financial risk profile is
below average marked by small networth of about INR6 crores and
moderate gearing of 2.1 times estimated as on March 31, 2020. The
debt protection metrics were moderate as reflected in its estimated
interest coverage of over 3 times for fiscal 2020.

Strengths

* Extensive experience of the promoters:  Benefits from the
promoters' experience of over 10 years in the textile industry, and
their keen grasp of industry dynamics, and healthy relations with
customers should continue to help IWIPL mitigate demand risk.

* Low working capital intensity in operations:  IWIPL undertakes
job work and its working capital intensity is low:  Gross current
assets has remained lower than 80 days during the last 2 years.
Further the company does not maintain any inventory and does not
have payables as it undertakes only job work and the receivables
stood at 65 days as on March 31, 2019.

Liquidity Stretched

The company doesn't have any working capital facilities which
constrain its liquidity. Cash accrual of about INR1.5-2 crore
should be sufficient to service annual debt obligations of INR1.2
crore over the medium term. The promoters are also likely to
support the company in the form of unsecured loans which will also
support the liquidity.

Outlook: Stable

CRISIL believes that IWIPL will continue to benefit from the
extensive experience of the promoters in the textile industry over
the medium term.

Rating Sensitivity Factors

Upward factors

* Net cash accruals to repayment of about 1.5 times

* Increase in scale of operations and profitability

Downward factors

* Net cash accrual to repayment of less than 1.1 times
* Decline in scale of  operations and operating profit.

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


KRISHNA AUTOMOTIVES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sree Krishna
Automotives Hyderabad Private Limited's (SKAH) Long-Term Issuer
Rating to 'IND BB+ (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER
NOT COOPERATING)' / Negative. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The instrument-wise rating action is:

-- INR850 mil. Fund-based working capital limits downgraded with
     IND BB+ (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects the fact that SKAH has a lower public rating
from another rating agency, with which the company has been
cooperative.

The rating also factors the likely fall in the company's revenue
and credit profile in FY21 due to the lockdown-driven slowdown in
the economic activity and the subsequent impact on discretionary
consumer spending.

COMPANY PROFILE

SKAH started commercial operations in October 2007 in Hyderabad and
is engaged in the business of dealership of automobiles (Honda,
Jaguar & Land Rover and Jeep) along with selling spare parts and
providing after-sale services.


LAKSHMI KALAVATHI: CRISIL Lowers Ratings on INR10cr Loans to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sri Lakshmi
Kalavathi Cotton Traders (SLK) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

CRISIL has been consistently following up with SLK for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 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 SLK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SLK 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 bank
facilities of SLK Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Balarama Krishna Spinning Mills Pvt Ltd
and Sri Lakshmi Kalavathi Cotton Traders. This is because both
entities, together referred to as the BRK group, are managed by the
same promoters, operate in similar line of business, and have
significant operational and financial linkages.

SLK was set up as a partnership firm in 1991, which was
subsequently reconstituted as a company. It undertakes ginning and
pressing of raw cotton, and sells cotton lint and cotton seeds. BRK
was incorporated in the year 2005. The company is engaged in the
manufacture of cotton yarn. The group is promoted by Mr. V Balarama
Krishnaiah and his family members.


MANNA INDUSTRIES: CRISIL Lowers Rating on INR22cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Manna Industries Limited (MIL) to 'CRISIL D' from 'CRISIL
B+/Stable'.  The downgrade reflects overutilization in working
capital limit for more than 30 days.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term       7.5        CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL B+/Stable')

   Secured Overdraft       22.0        CRISIL D (Downgraded from
   Facility                            'CRISIL B+/Stable')

The ratings continue to reflect the company's modest scale of
operations. These weaknesses are partially offset by the benefits
derived from the extensive entrepreneurial experience of the
promoter.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations:  MIL's business risk profile is
constrained by its modest scale of operations in the intensely
competitive granite industry. Modest scale of operations restricts
company's ability to take advantages associated with economies of
scale that other big players in the industry are able to leverage
upon.

* Delays in servicing of debt:  The firm has delayed in meeting its
debt obligations due to stretched liquidity

Strength:

* Extensive entrepreneurial experience of the promoters:  MIL
benefits from the extensive industry experience of its promoters in
the mining industry. The company is promoted and managed by Mr.U
Kondal Rao, who has more than a decade of experience in mining.
This has aided the company in establishing strong client and
supplier relationships. CRISIL believes that MIL will continue to
benefit from the extensive industry experience of promoters over
the medium term.

Liquidity Poor

The liquidity profile of the company is poor which is reflected in
the overutilization of the working capital limit for more than 30
days.

Rating Sensitivity factors

Upward factors

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

* Sustained improvement in financial risk profile

Incorporated in 2011 and based in Hyderabad (Telangana), MIL is
engaged in granite and laterite mining. The Company is promoted and
managed by Mr. U Kondal Rao.


MORAYA POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Moraya Polymers
Private Limited (SMPPL) continues to be 'CRISIL B+/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Rupee Term Loan        6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SMPPL for obtaining
information through letters and emails dated November 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in February 2013, Pune-based SMPPL manufactures PET
bottles for Bisleri International Pvt Ltd. The company started
commercial operations from September 2013. The company is promoted
by Mr. Santosh Sawant, Mr. Ajay Galande and Mr. Rohidas Landhghe.


MOUNT VELOUR: CRISIL Lowers Ratings on INR10cr Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mount Velour Rubber Works Private Limited (MVRPL) to 'CRISIL D'
from 'CRISIL B/Stable'. The downgrade reflects continuous
overdrawal in its working capital limit for more than 30 days due
to its weak business performance during fiscal 2020.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             9        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility      1        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The ratings also reflect its modest scale of operations in
competitive segment and below average financial risk profile. The
above weaknesses is partly offset by promoter's extensive
experience.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing:  MVRPL's working capital limit remains
overdrawn for more than 30 days from January - 2020 due to drop in
demand for its end product and low realization.

* Modest scale of operations in competitive segment:  Due to demand
slowdown from automobile players revenue is estimated to decline by
25% for fiscal 2020 to about INR50 crores (INR36 crores till
December ' 2019). Scale remains small due to intense competition in
the rubber and tyre industry.

* Below-average financial risk profile:  The company has very small
net worth estimated at about 2.4 crores as on March 31, 2020 and
subsequently its capital structure remains leveraged with estimated
gearing of about 5 times as on the same date. With estimated
deterioration in operating profitability at less than 1% level in
fiscal 2020, debt protection metrics shall remain weak over the
medium term.

Strengths

* Extensive experience of promoters and reputed clientele: Industry
presence of around four decades has enabled the promoters to build
a strong network of reputed customers.

Liquidity Poor

MVRPL's liquidity is poor. Its accruals are estimated to be weak in
fiscal 2020 and subsequently it is likely to rely more on bank
borrowing to meet its incremental working capital requirement. Its
bank limit has remained overdrawn for more than 30 days from
January - 2020, constraining its liquidity further.

Rating Sensitivity Factors

Upward Factors

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

* Interest coverage of over 1.1 times.

Set up in 1977 as a partnership firm by Mr M Usman and his
associates and reconstituted as a private limited company in 2005,
MVRWL manufactures block rubber. The company is based in Nilambur,
Kerala.


NAGARJUNA FERTILIZERS: Ind-Ra Affirms 'D' LongTerm Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nagarjuna
Fertilizers and Chemicals Limited's (NFCL) Long-Term Issuer Rating
at 'IND D'.

The instrument-wise rating actions are:

-- INR8.03 mil. Fund-based limit (Long-term) affirmed with IND D
     rating;

-- INR11.80 mil. Non-fund-based limit (Short-term) affirmed with
     IND D rating; and

-- INR4.73 mil. Long-term loans due on FY21-FY24 affirmed with
     IND D rating.

KEY RATING DRIVERS

The affirmation reflects NFCL's continued delays in debt servicing
during the 12 months ended March 2020, due to its tight liquidity
position.

RATING SENSITIVITIES

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

COMPANY PROFILE

Established in 1987, NFCL manufactures and supplies plant
nutrients. The company has two urea plants in Andhra Pradesh, with
a total capacity of 1.19mmtpa. It also trades in other fertilizers
such as di-ammonium phosphate, mono-ammonium phosphate, muriate of
potash, water-soluble fertilizers, micronutrients, bio-products,
customized fertilizers, and seeds.


NANDI COTTON: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Nandi Cotton
Ginning Mill Private Limited's (NCGM) Long-Term Issuer Rating to
'IND D' from 'IND BB-'. Simultaneously, Ind-Ra has reassigned NCGM
a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR6.2 mil. (reduced from INR21.0 mil.) Term loans* due on
     October 2020 downgraded and reassigned with IND B/Stable
     rating; and

-- INR 154.8 mil. (increased from INR 140 mil.) Fund-based
     facilities# downgraded and reassigned with IND B/Stable/IND
     A4 rating.

* Reassigned 'IND B'/Stable after being downgraded to 'IND D'
# Reassigned 'IND B'/Stable/'IND A4' after being downgraded to
    'IND D'

KEY RATING DRIVERS

The downgrade reflects NCGM's delay in debt servicing in July and
October 2019 for over three days due to its stressed liquidity
position.

The reassignment of the 'IND B' Long-Term Issuer Rating reflects
NCGM's timely debt servicing for the five months ended March 2019,
due to an improvement in its liquidity position.

Liquidity indicator - Poor: NCGM's liquidity position was poor as
reflected in maximum average fund based utilization of 100.7%
during the last 12 months ended March 2020 (with 100% utilization
in all months except January 2020 (108.7%)). The company's cash
flow from operations remained negative at INR82 million in FY19
(FY18: negative INR6 million) due to unfavorable changes in the
working capital on an increase in receivables. Furthermore, the
company's working capital cycle deteriorated to 211 days in FY19
(FY18: 150 days) due to an increase in receivable days to 186
(111). The company has availed moratorium on interest and principal
on term loans and interest on working capital facilities for the
period of March 2020 to May 2020 in pursuant to the Reserve Bank of
India's circular on March 27, 2020.

The ratings reflect NCGM's continued small scale of operations
despite an improvement in revenue to INR501.2 million in FY19
(FY18: INR493.4 million). The revenue increased owing to growth in
sales volumes and improved capacity utilization. The company
achieved revenue of INR481.7 million during 9MFY20.

NCGM's EBITDA margins remained modest despite improving to 7.2% in
FY19 (FY18: 5.4%) on account of the normalization of cotton prices,
which helped reduce variable cost. The company's margins were at
6.4% during 9MFY20. The return on capital employed was at 9.1% in
FY19 (FY18: 7.0%).

The ratings also factor in NCGM's moderate credit metrics as
reflected in the net leverage (adjusted net debt/operating EBITDA)
of 8.8x in FY19 (FY18: 8.6x) and interest coverage (operating
EBITDA/gross interest expense) of 1.2x (1.2x). The deterioration in
the leverage was due to a rise in debt levels mitigating the
improvement in absolute EBITDA to INR35.9 million in FY19 from
INR26.6 million in FY18.

However, the ratings continue to benefit from the promoters' more
than two decades of experience in the textile industry.

RATING SENSITIVITIES

Negative: A further stretch in the liquidity position, along with a
decline in the revenue or EBITDA resulting in a sustained
deterioration in the credit metrics, could lead to negative rating
action.

Positive: An improvement in the liquidity position, along with
substantial growth in the revenue and EBITDA margin, leading to an
improvement in the credit metrics, could lead to positive rating
action.

COMPANY PROFILE

NCGM is engaged in the ginning and pressing of cotton (equipped
with 36 ginning machines). It has a daily installed capacity of 300
bales.


NAVEEN FILTERS: CRISIL Lowers Rating on INR6cr Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Naveen Filters Pvt Ltd (NFPL) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Long Term Loan         0.31      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Non-Fund Based
   Limit                  2.50      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects weakening of business risk profile as
reflected in decline in revenue to INR45 crore in fiscal 2020
(estimated) from INR60 crore in the previous fiscal due to slowdown
in automobile sector and CoVID19 related issues. CRISIL expects
revenue to decline further during fiscal 2021 on account of
lockdown due to CoVID19. As a result of declining revenue and
sustenance of term debt, net cash accrual is expected to be lower
at INR60-65 lakh for fiscal 2021 against repayment obligation of
INR60 lakh. This tight matching between net cash accrual and
repayment obligation has led to stretching of liquidity though the
position is supported by moderately utilized bank lines.

The ratings continue to reflect an established relationship with
customers, extensive experience of the promoters in the automotive
(auto) filter industry, and a moderate financial risk profile. The
strengths are partially offset by a modest scale of operations in a
highly fragmented industry, and large working capital requirement.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive industry experience of the promoters and an established
relationship with customers:  The promoters have an experience of
over four decades in filter manufacturing. This has helped to forge
an established relationship with customers and suppliers. The
company has a long association with clients including Mahindra &
Mahindra Ltd (19 years), Tata Motors Ltd (21 years), TVS Motor
Company Ltd (8 years), and Ashok Leyland Ltd (6 years). It has a
long-term certification from the Association of State Road
Transportation Undertakings (ASRTU). The company has also built a
strong product profile, which has helped in getting repeat orders.

* Moderate financial risk profile:  The total outside liabilities
to adjusted networth (TOLANW) ratio was moderate at 2.5 times as on
March 31, 2020 (estimated), because of limited reliance on working
capital debt. The ratio is likely to increase on account of
expected long-term borrowing to support planned capital expenditure
(capex), but should remain below 3.3 times over the medium term.
Interest coverage ratio was average at 2.3 times for fiscal 2020
(estimated), though financial risk profile is constrained by
networth of INR7 crore as on March 31, 2020 (estimated).

Weaknesses:

* Modest scale of operations in a fragmented industry:  Despite
being in the business for over 40 years, the scale of operations
has remained small as reflected in revenue of INR45 crore in fiscal
2020 (estimated). Moreover, the operating margin was low at 2.7%
for fiscal 2020 because of the fragmented nature of the industry
and weak bargaining power with large customers. The scale of
operations should increase, but remain modest, over the medium
term.

* Working capital-intensive operations:  Gross current assets was
105 days as on March 31, 2020 (estimated), on account of inventory
and debtors at 20 days and 80 days, respectively. Credit of three
months is given to customers because of intense competition.

Liquidity Poor

Net cash accrual (NCA) is expected to be modest at INR60-65 lakh
for fiscal 2021 against repayment obligation of INR60 lakh. This
tight matching between NCA and repayment obligation has led to
stretching of liquidity though the position is supported by
moderately utilized bank lines.

Outlook: Stable

CRISIL believes NFPL will continue to benefit from the extensive
industry experience of its promoters and its established customer
base.

Rating Sensitivity factors

Upward factors

* Increase in revenue to INR60 crore or above with sustenance of
profitability

* Improvement in financial risk profile due to deleveraging

Downward factors

* Decline in net cash accrual to INR55 lakh or below due to
decrease in revenue or profitability

* Worsening of financial risk profile due to further leveraging of
capital structure

NFPL was formed by Mr B D Kataria as a proprietary concern, Naveen
Filter Industries, in 1979; the firm was reconstituted as a private
limited company with the current name in 2005. The company
manufactures oil, gas, and air filters, which are used in the auto
industry. It has three manufacturing units: at Baddi in Himachal
Pradesh; Swaroop Nagar in New Delhi; and Rai in Haryana. It is
certified by ASRTU.


NORTELS SERVICE: CRISIL Keeps B- on INR10cr Debt in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nortels Service
Apartments Private Limited (NSAPL) continues to be 'CRISIL
B-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         5.7       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     4.3       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with NSAPL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 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 NSAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NSAPL 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 bank
facilities of NSAPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

NSAPL, incorporated in 2000, manages service apartments in Chennai.
The company is promoted by Mr. Sri Krishnan, Mr. Sunil Nair, Mr. A
Murugappan, Mr. S Narayanan, and Mr. Lui Ki.


P. L. ASSOCIATES: CRISIL Keeps B on INR6.5cr Debt in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of P. L. Associates (PL)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Foreign Letter
   of Credit              5.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PL for obtaining
information through letters and emails dated September 30, 2019 and
March 9,  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 PL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PL 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 bank
facilities of PL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

PL, set up in 2010 in Gandhidham, is promoted by Mr Salabh Kumar
Agarwal. It processes and trades in pine wood logs and lumbers.


PARADIGM TUNNELING: CRISIL Keeps C on INR3 Loan in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Paradigm Tunneling
Private Limited (PTPL) continues to be 'CRISIL C/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         8         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            3         CRISIL C (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       3         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PTPL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 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 PTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PTPL 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 bank
facilities of PTPL continues to be 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2013, PTPL commenced commercial operations in
2015-16 (refers to financial year, April 1 to March 31). It
undertakes contracts for water drainages, tunnelling, and water
pipelining projects. It is jointly promoted by Mr. Sydney Kairanna,
Mr. Vinay Shetty, and Indel Corporation Pvt Ltd.


PIPE & METAL: CRISIL Keeps D on INR10 Bank Loans in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Pipe & Metal (India)
(PMI) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.75       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Fund-        4.25       CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING)

CRISIL has been consistently following up with PMI for obtaining
information through letters and emails dated September 30, 2019 and
March 9,  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 PMI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PMI 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 bank
facilities of PMI continues to be 'CRISIL D Issuer not
cooperating'.

Set up in 1986, PMIis a Ghaziabad (Uttar Pradesh)-based
proprietorship firm of Mr. Narendra Gupta. It trades in iron and
steel tubes and pipes in Uttar Pradesh, Haryana, Delhi, and
Rajasthan.


PRAGANA DANWAR: CRISIL Keeps B- on INR6.8 Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Pragana Danwar Food
Processor Private Limited (PDFPPL) continues to be 'CRISIL
B-/Stable Issuer not cooperating'.

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

   Term Loan            6.0         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PDFPPL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 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 PDFPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PDFPPL 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 bank
facilities of PDFPPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Incorporated in September 2011, PDFPPL is engaged in the business
of milling of non-basmati rice. It also mills rice on job work
basis for Food Corporation of India. The directors of the company
are Mr Nag Banish Singh, Mrs Raj Mani Devi, Mr Vivek Singh Nag and
Mr Vishal Singh Nag. The manufacturing facility is located in
Patna, Bihar.


PRATIBHA INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on the bank facilities of Pratibha
Industries Ltd (PIL)  continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.  

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Short Term Loan        2.74      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan            108.83      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been following up with PIL for getting information
through letters and emails, dated October 31, 2019, March 31, 2020
and April 15, 2020 apart from various 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 PIL's management, CRISIL
has not received any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on its credit
quality. CRISIL believes the information available is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with 'CRISIL BB' category or lower'.

Based on the last available information, the ratings on the bank
facilities of PIL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'. Also, the company is under Corporate Insolvency
Resolution Process (CIRP) since February 2019.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PIL and its wholly-owned subsidiaries
Prime Infrapark Pvt Ltd, Muktangan Developers Pvt Ltd, Pratibha
Holding (Singapore) Pte Ltd and Pratibha Infra Lanka (Pvt) Ltd.

Incorporated in 1982, PIL is promoted by Mr Ajit Kulkarni and
undertakes infrastructure development with a focus on water supply
and environment engineering assignments, and urban infrastructure
projects. In the urban infrastructure segment, it is engaged in
building and modernisation of airports and railway stations, and
construction of roads, high-rise buildings, mass housing projects,
and shopping malls. In the water supply segment, it executes laying
of water pipelines; construction of sewerage treatment plants,
water reservoirs, and water storage systems; and tunnelling
projects.


R AND M INTERNATIONAL: CRISIL Reaffirms D Rating on INR6.9cr Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of R and M International Private Limited (RMIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         0.6       CRISIL D (Reaffirmed)

   Cash Credit            6.9       CRISIL D (Reaffirmed)

   Proposed Fund-
   Based Bank Limits      1.1       CRISIL D (Reaffirmed)

   Term Loan              1.4       CRISIL D (Reaffirmed)

The ratings reflect delay in servicing term loan and instances of
overutilization of cash credit limits for more than 30 days as a
result of stretched liquidity and working capital intensive
operations. The rating also reflects RMIPL's weak financial risk
profile. These weakness are partially offset by promoter's
technical expertise in strengthening of civil structures.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensive operations:  Gross current assets were
above 500 days over the last three fiscals through 2019 driven by
elongated receivables and high inventory levels of 433 days and 259
days, respectively as on March 31, 2019. Debtors are high due to
delay in receipts from various government entities. Further,
inventory levels vary based on outstanding orderbook during year
end. The working capital requirement is partially offset by
creditors stretched to 370-745 days.

* Weak financial risk profile:  Capital structure is highly
leveraged as reflected in gearing and total outside liabilities to
networth at 4.65 times and 8.47 times as on March 31, 2019 on
account of modest networth (Rs 1.97 crore) and high reliance on
working capital debt. Debt protection metrics were subdued on
account of low profitability (interest coverage and net cash
accrual to adjusted debt were at 1.58 times and 0.05 time as on
March 31, 2019).

Strengths

* Promoter's technical expertise in strengthening of civil
structures:  Dr Gopal Rai, the Managing Director, holds a PhD from
IIT Bombay in Civil Engineering and has significant technical
knowledge in strengthening of civil structures.

Liquidity Poor

Liquidity is poor as reflected in delay in servicing of term debt
obligation and instances of overdrawals in cash credit limit for
more than 30 days in the last 12 months. This was on account of
stretched working capital cycle driven by high debtor and inventory
levels.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for more than three months

* Improvement in financial risk profile, especially in liquidity
profile.

RMIPL was incorporated in 2009 in Mumbai by Dr Rachna Rai and Mrs
Meena Sarda. Subsequently Mrs Meena Sarda resigned and Dr Gopal Rai
(husband of Dr Rachna Rai) joined the company as MD and CEO. The
company undertakes repair and strengthening of civil structures
using fibre wrapping and pre-stressing using carbon laminates. It
also undertakes water proofing of civil structures. The company
executes projects in Maharashtra, Karnataka, Andhra Pradesh,
Gujarat, Bihar, Uttar Pradesh, Delhi, etc.


RANAR AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ranar Agrochem
Limited (RAL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Foreign Letter
   of Credit             18         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             29.1       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RAL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 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 RAL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RAL 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 bank
facilities of RAL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

RAL manufactures single super phosphate (SSP), di calcium phosphate
(DCP), and nitrogen, phosphorous, and potassium (NPK) granulated
mixed fertilizers. The company's manufacturing units are located at
Visakhapatnam (AP).


RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Renganayagi
Varatharaj College of Engineering (RVCE) continues to be 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         20        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RVCE for obtaining
information through letters and emails dated September 30, 2019 and
March 9,  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 RVCE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RVCE 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 bank
facilities of RVCE continues to be 'CRISIL D Issuer not
cooperating'.

RVCE is an engineering college in Sivakasi, Tamil Nadu, managed by
the KRTA Varatharaj Educational Trust. The college is affiliated to
Anna University of Technology, Tirunelveli, and accredited to
All-India Council for Technical Education. The college is managed
by Chairman Mr V Kesavan, Secretary Mr V Ragavan, and
correspondent, Ms Brindha J Ragavan.


SHREENIDHI METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shreenidhi Metals
Private limited (SMPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

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

   Inland/Import          1         CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING)

   Term Loan              2.34      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SMPL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 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 SMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMPL 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 bank
facilities of SMPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SMPL is engaged in the manufacturing and trading of aluminum
Circles, Squares, and Hexagon plates. The company was formed by
promoters Mr. Prahlad Maloo and Family. SMPL was formed in the year
2013 and started operations in August 2014. SMPL had an installed
capacity of 1,800 metric ton per annum (MTPA) at its manufacturing
plant located at Vadodara, Gujarat.


SOLENTA CERAMIC: CRISIL Reaffirms B+ Rating on INR6.18cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Solenta Ceramic LLP (SCL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.39       CRISIL A4 (Reaffirmed)

   Cash Credit           3          CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    0.43       CRISIL B+/Stable (Reaffirmed)
  
   Term Loan             6.18       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations, large working capital requirement, susceptibility to
volatility in raw material and fuel (gas) prices in the competitive
wall tile industry. The weaknesses are partially offset by the
partners' extensive experience, strategic location of plant, and
above-average debt protections metrics.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest, scale of operations:  Although revenue is estimated to
have risen around 80% in fiscal 2020 to INR23-24 crore on account
of stabilisation of unit which commenced operations in July 2018,
it remained modest, given the firm's presence in the intensely
competitive ceramic tile industry. Furthermore, Covid-19 and the
measures to contain the pandemic will keep the business under
pressure over the medium term. Ability to revert to operational
stability will remain a key monitorable.

* Large working capital requirement:  The firm has gross current
assets (GCAs) of 195 days driven by receivables of around 100 days.
Operations will remain working capital intensive over the medium
term.

* Susceptibility to volatility in raw material and fuel (gas)
prices:  Operations will likely remain susceptible to fluctuations
in raw material and fuel prices as competition limits ability to
pass on increase in input prices.

Strengths:

* Partners' extensive experience in the ceramic industry and
strategic location of plant:  The decade-long experience of the
partners in the ceramic industry, their strong understanding of
local market dynamics, and healthy relationships with customers and
suppliers will continue to support the business risk profile.

The manufacturing facility is in Morbi, Gujarat, which is a tile
manufacturing hub. This ensures easy availability of raw materials
and labour.

* Above-average debt protection metrics:  Interest coverage and net
cash accrual to adjusted debt (NCAAD) ratio are estimated at
3.5-3.6 times and 0.20 time, respectively, in fiscal 2020.

Liquidity Stretched

Liquidity is constrained by limited cushion between expected annual
accrual of INR1.4-1.5 crore and debt obligation of INR1.2-1.3 crore
over the medium term. Bank limit utilisation was moderate, at 80%
on average over the 6 months through February 2020.

Outlook: Stable

CRISIL believes SCL will continue to benefit from the extensive
experience of its partners.

Rating Sensitivity factors

Upward factors

  * Sustenance of revenue at INR20-25 crore and stable
    profitability

  * Moderate bank limit utilisation

Downward factors

  * Decline in cash accrual below INR1.2 crore

  * Large debt-funded capital expenditure, weakening the capital
    structure.

Set up in 2017, SCL manufactures ceramic wall tiles and is based in
Morbi. The firm is promoted by Mr. Ravikumar Daka and Mr. Vishal
Adroja.


TIRUPATI AGENCIES: CRISIL Cuts Ratings on INR7.6cr Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Tirupati Agencies Private Limited (TAPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .6        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit           7.0        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects continuous overdrawing of the cash credit
limit by the company for more than 60 days because of weak
liquidity.

TAPL has a small scale, large working capital requirement, and a
weak financial risk profile. However, it benefits from the
extensive experience of the promoter in the roller bearing trading
business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Overdrawn cash credit limit because of weak liquidity:  The
company has continuously overdrawn its cash credit account for more
than 60 days because of weak liquidity.

* Small scale of operations:  Operating income was a modest INR9
crore in fiscal 2019 on account of trading in ball bearings of odd
sizes, which have limited demand unlike regular sizes. The modest
scale restricts profitability. Moreover, geographical concentration
in revenue is high as the entire revenue comes from Kolkata and
Mumbai. The scale of operation is expected to remain modest because
of the Covid-19 pandemic.

* Weak financial risk profile:  Large working capital debt and
modest networth of INR5.65 Cr have resulted in high gearing (2.6
times as on March 31, 2019). Debt protection metrics are
constrained by high interest on the unsecured loan. However, a part
of the interest amount is ploughed back into the business, which
lowers cash outflow. Interest coverage was 0.49 time in fiscal 2019
and is expected at a similar level over the medium term.

* Large working capital requirement:  Gross current assets were at
733 days as on March 31, 2019, primarily on account of sizeable
inventory and substantial investment in group companies. The
investment in the group company can be brought back into the
business when needed.

Strength:

* Promoter's extensive experience:  The promoter has been in the
roller ball bearing trading business for over 5 decades, which has
helped the company establish a strong regional presence and build
healthy relationships with suppliers, and thereby sustain its
business risk profile.

Liquidity Poor

Weak liquidity has led to continuously overdrawing of cash credit
account for more than 60 days.

Rating Sensitivity factors

Upward factors:

* Timely servicing of debt with for at least three months

* Improvement in cash accrual vis-a-vis debt obligation.

TAPL, incorporated in 1981, trades in roller ball bearings of odd
sizes. The company has four warehouses, one in Kolkata and the
others in Mumbai. Operations are managed by the promoter-director
Mr Chandra Kant Khemka.


TRIMAX IT: NCLT Approves Ebix's Revival Plan
--------------------------------------------
The Economic Times reports that the dedicated bankruptcy court has
approved the revival plan for Mumbai-based Trimax IT Infrastructure
& Services from the local subsidiary of Nasdaq-listed Ebix Inc.

According to the report, Ebix Software India (ESIPL) will pay
upfront INR75 crore to acquire the company. The company owed over
INR1,918 crore to its lenders, including about INR1,700 crore to
financial creditors.

"It is made clear that the resolution applicant (Ebix Software)
shall takeover the corporate debtor (Trimax IT) with all its assets
and liabilities as per terms of the approved resolution plan," said
a Mumbai-bench of National Company Law Tribunal (NCLT) comprising
BSV Prakash Kumar and V Nallasenapathy in its 16-page order, ET
relays.

On May 4, while approving the resolution plan, the tribunal also
said, "we approve the resolution plan . . . which shall be binding
on the corporate debtor and its employees, members, creditors,
guarantors, resolution applicant and other stakeholders involved in
the resolution plan."

Last year in November, lenders approved the revival plan submitted
by Ebix Software with 75.22% voting in favor of the company. Avil
Menezes, the resolution professional (RP) was not immediately
available to comment on the NCLT's ruling, ET notes.

The liquidation value of the company was about INR103 crore while
the fair market value of the company was INR197 crore.

ET adds that Ashish Pyasi, associate partner Dhir & Dhir
Associates, said the resolution plan value provides for upfront
payment which is lesser than the liquidation value.

"However, after the judgment of the Supreme Court in MSL, the plan
can be for a value lesser than the liquidation value and it is well
within the commercial wisdom of committee of creditors while
approving the resolution plan," the report quotes Pyasi as saying.

Mumbai-based Trimax IT Infrastructure is into the business of
providing IT and integration services to around 10 state-owned
transport corporations in the country and also operates data
centres and works as an IT infrastructure solution provider.


UMACHI FOODS: CRISIL Lowers Rating on INR9cr Loan to 'D'
--------------------------------------------------------
CRISIL has downgraded the rating on the long term bank facilities
of Umachi Foods & Commodities Private Limited (UFC) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Working Capital      9         CRISIL D (ISSUER NOT
   Facility                       COOPERATING; Downgraded from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with UFC for obtaining
information through letters and emails, among others; apart from
telephonic communication. However, the issuer has remained
non-cooperative.

Investors, lenders, and all other market participants should
exercise due caution while using ratings 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

The rating reflects instances of delay in payment and
irregularities in the account conduct.

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

Therefore, on account of inadequate information, lack of management
cooperation, and delays in payments, the rating on the long term
bank facilities of UFC have been downgraded to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

UFC began operations in 2014; since then it has been engaged in
bulk trading of packaged basmati rice. The company is primarily
engaged in domestic supply as well as exports to the Middle-East.
The basmati rice is procured from rice mills directly as well as
through dealers and agents based in Delhi, Haryana, Punjab, and
Uttar Pradesh.


UNISHIRE URBANSCAPE: CRISIL Moves D Debt Rating to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on the non-convertible debentures
(NCDs) of Unishire Urbanscape Private Limited (UUPL; part of the
Unishire Urbanscape group) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL D'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Non Convertible    126       CRISIL D (ISSUER NOT COOPERATING;
   Debentures                   Rating Migrated)

CRISIL has been following up with UUPL for getting information
through letter and emails, dated March 16, 2020, March 30, 2020,
April 15, 2020 and April 17, 2020, apart from telephonic
communication. However, the issuer has remained non-cooperative.

'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 UUPL's management, CRISIL
has not received any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on its credit
quality. CRISIL believes the information available is consistent
with 'Scenario 1' outlined in the Framework for assessing
consistency of information with 'CRISIL BB' category or lower.

Therefore, on account of inadequate information, lack of management
cooperation, and delays in meeting debt obligation, CRISIL has
migrated the rating on the non-convertible debentures (NCDs) of
UUPL to 'CRISIL D Issuer Not Cooperating' from 'CRISIL D'. Unishire
has initiated legal proceedings in Hon'ble City Civil Courts and
with RERA against the investor.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of the following companies with UUSL:
Unishire Skyscapes LLP, Unishire Properties LLP, Unishire Homes
LLP, Unishire Regency Park LLP, and Unishire Developers Pvt Ltd.
These companies have been consolidated because they are co-obligors
to the NCDs. The projects under these companies are security
against the NCDs by way of exclusive first charge.

Incorporated in February 2011, UUPL develops real estate in
Bengaluru, Karnataka, and is a part of the Unishire group.


VEEKESY SLIPPERS: CRISIL Lowers Rating on INR11cr Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Veekesy Slippers India Private Limited (VSPL) to 'CRISIL
B+/Stable' from 'CRISIL BB+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB+/Stable')

   Long Term Loan          1.2      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB+/Stable')
   Proposed Cash  
   Credit Limit            3.17     CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB+/Stable')

The downgrade reflects a significant decline in revenue and
deterioration in capital structure. The operating revenue has
fallen to an estimated INR55.40 crore in fiscal 2020 from INR78.34
crore the previous year. The profit after tax (PAT) loss is
estimated at INR3.4 crore as against INR2.22 crore. The same has
weakened the capital structure and led to a below-average financial
risk profile marked by estimated total outside liabilities against
total networth ratio of 3.51 times as on March 31, 2020.

The rating reflects the large working capital requirements and
decline in scale of operations on account of increase in
competition from new and existing players. These weaknesses are
partially offset by the extensive experience of the promoter in the
footwear industry and established brand name.

Key Rating Drivers & Detailed Description

Weaknesses

* Intense competition constrains revenue:  Operating revenue is
estimated to have fallen significantly to INR55.40 crore in fiscal
2020 from INR78.34 crore in fiscal 2019 on account of
lower-than-expected sales growth owing to intense competition from
organised and unorganised players.

* Weak financial risk profile:  Financial risk profile is estimated
to have deteriorated marked by weakening of capital structure on
account of PAT losses in two consecutive years ended March 31,
2020. Gearing is estimated at a high 2.19 times as on March 31,
2020. Debt protection metrics are modest marked by estimated
interest coverage ratio of 0.47 time in fiscal 2020.

Strength

* Established market position in the domestic footwear industry:  
VKC, VSPL's established brand in the domestic footwear segment,
especially in southern India, and the company's network of more
than 150 dealers across the country should continue to support the
business.

Liquidity Poor

Bank limit utilisation is high at 91% on an average in the 12
months through December 2019. Cash accruals are expected to remain
insufficient to meet repayment obligations of INR0.35-0.81 crore in
the medium term. Promoter is expected to extend unsecured loans to
meet repayment obligations. Current ratio is estimated at a
moderate 1.28 times as on March 31, 2020.

Outlook: Stable

CRISIL believes VSPL will continue to benefit from the extensive
experience of its promoter.

Rating Sensitivity factors

Upward factors

* Increase in revenue by more than 40% or operating profitability
by 350 basis points resulting in higher-than-expected net cash
accrual.

* Improvement in liquidity.

Downward factors

* Fall in revenue by more than 10% or profitability to below 2.0%
resulting in lower-than-expected net cash accrual.

* Further stretch in working capital cycle on account of higher
inventory holding or elongation of debtors' days.

Incorporated in 2012, VSPL is a part of the VKC group of companies
and is based in Vijayawada, Andhra Pradesh. Promoted by Mr Abdul
Razak, the company manufactures polyurethane footwear.


VENKHATA SRINIVASA: CRISIL Lowers Rating on INR6cr Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Venkhata Srinivasa Infracon Private Limited (VSIPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.  The downgrade reflects continuous
overdrawing in the working capital facility for more than 30 days
owing to weak liquidity.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Overdraft           6        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

   Proposed Long       0.4      CRISIL D (ISSUER NOT COOPERATING;
   Term Bank Loan               Downgraded from 'CRISIL A4
   Facility                     ISSUER NOT COOPERATING')

CRISIL has been consistently following up with VSIPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 2019 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 VSIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VSIPL 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 downgraded its
ratings on the bank facilities of VSIPL to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

The downgrade reflects continuous overdrawing in the working
capital facility for more than 30 days owing to weak liquidity.

Incorporated in 2011, VSIPL is a sub-contractor and undertakes
projects in the civil construction segment, primarily earthwork
excavations (in open area, tunnel area, etc). Based in
Visakhapatnam (Andhra Pradesh), VSIPL is promoted by Mr. Siddareddy
Udaya Sridhar Reddy, Mr. Mudi Vikranth Reddy and Mr. Siddareddy
Vijaya.

Status of non cooperation with previous CRA:

VSIPL has not cooperated with Brickwork Ratings India Pvt Limited
which has classified it as issuer non cooperative vide release
dated April 22, 2020. The reason provided by Brickwork Ratings
India Pvt Limited is non-furnishing of information for monitoring
of ratings.


VIJAY TEXTILES: Ind-Ra Affirms 'D' LongTerm Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vijay Textiles
Ltd's Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR270.5 mil. (reduced from INR520.2 mil.) Term loan (Long-
     term) due on December 2021 affirmed with IND D rating;

-- INR665.7 mil. Fund-based working capital limit (Long-
     term/Short-term) affirmed with IND D rating; and

-- INR10.0 mil. Non-fund-based working capital limit (Long-
     term/Short-term) affirmed with an IND D rating.

KEY RATING DRIVERS

The downgrade reflects the continued delay in servicing debt
obligations by the company since December 31, 2019, due to
stretched liquidity. Further, the company has availed the
moratorium extended by the Reserve Bank of India for the deferment
of debt obligations for March-May 2020.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1990, Vijay Textiles has a 15
million-meter-per-annum home textile printing, dyeing, and
embroidery facility in the Mahbubnagar district near Hyderabad.
Vijay Textiles is listed on the Bombay Stock Exchange.

According to 9MFY20 provisional financials, Vijay Textiles' revenue
was INR538.6 million, EBITDA was INR204 million and interest
coverage (operating EBITDA/gross interest expense) was 1.2x.


VIJETA BROKING: CRISIL Migrates 'B+' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Vijeta
Broking India Private Limited (VIBPL) to 'CRISIL B+/Stable/CRISIL
A4 Issuer Not Cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       27       CRISIL A4 (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL A4+')

   Overdraft             5       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL BB/Stable')

CRISIL has been consistently following up with VIBPL for getting
information. CRISIL requested cooperation and information from the
issuer through its letters dated February 7, 2020 and
March 31, 2020, apart from telephonic communication. However, the
issuer has continued to be 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 VBIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VBIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating category
or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of VBIPL to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

The Vijeta group, a Mumbai-based capital market player, is promoted
by brothers Mr Yatin K Shah and Mr Mehul K Shah. VBIPL, the group's
flagship company, was set up in March 2008 to carry out broking and
trading operations in the equities and derivatives segments. The
promoter group is present in commodity trading through VMCPL. The
group operates with 12 branches in Maharashtra and Gujarat. It has
its own proprietary desk of 140 traders.




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I N D O N E S I A
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[*] Fitch Takes Neg. Actions on 6 Palm-Oil Producers in 2 Countries
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Fitch Ratings has taken negative rating actions across its coverage
of palm-oil producers in Indonesia and Malaysia after completing a
portfolio review. The review resulted in one rating downgrade and
two rating affirmations with Outlook revisions to Negative from
Stable. Simultaneously, Fitch Ratings Indonesia has downgraded the
ratings of four companies and revised the Outlook of one to
Negative from Stable after affirming the rating.

The portfolio review followed the revision in its Malaysian
benchmark crude palm oil price forecasts for 2020 and 2021, which
have been trimmed by USD30/tonne and USD15/tonne to USD520/tonne
and USD560/tonne, respectively. Fitch has lowered its palm-oil
demand expectations for 2020-2021 due to the sharp fall in CPO
prices, which is likely to discourage biodiesel blending due to the
wide palm oil-gas oil spreads, and reduced edible-oil demand as
people cut their travel and outside-food consumption. Supply is
also likely to rise due to better weather conditions and yields.
Fitch continues to assume a CPO price of USD600/tonne from 2022.

Fitch has downgraded PT Sawit Sumbermas Sarana Tbk's Long-Term
Foreign-Currency Issuer Default Rating to 'CCC+' from 'B-', and the
rating on the USD300 million 7.75% senior notes due 2023 issued by
its subsidiary, SSMS Plantation Holdings Pte. Ltd., to 'CCC+' from
'B-', with a Recovery Rating of 'RR4'. Fitch Ratings Indonesia has
also downgraded SSMS's National Long-Term Rating to 'BB-(idn)' from
'BBB-(idn)'. The Outlook is Stable.

SSMS's rating is based on the consolidated profile of its parent,
PT Citra Borneo Indah, which owns 54% of the company. The downgrade
reflects its estimate that CBI's net debt/EBITDA leverage for 2019
increased to above 10x and EBITDA/interest coverage was below 1x,
implying high refinancing risk for its US dollar bonds despite
adequate near-term liquidity. Fitch expects leverage to decline to
below 10x and coverage to improve to above 1x in 2020, driven by
higher SSMS EBITDA due to better yields and CPO output. However,
losses at other CBI businesses, large outflows from related-party
transactions and acquisitions and an inability to control costs
could hamper an improvement in CBI's financial metrics.

The Outlook for Malaysia-based palm-oil producer Sime Darby
Plantation Berhad's Long-Term Issuer Default Rating has been
revised to Negative from Stable and all ratings have been affirmed
at 'BBB'. The Negative Outlook reflects the risk that the
coronavirus pandemic may further delay SDP's assets disposal plans.
This, combined with the revised CPO price assumptions, will likely
keep its leverage, measured as FFO net leverage, above the negative
rating sensitivity of 3x for an extended period. Fitch previously
expected SDP's leverage to fall closer to 3x by end-2021. However,
Fitch now expects the company's deleveraging trajectory to be
delayed by around one year.

PT Tunas Baru Lampung Tbk's Long-Term Issuer Default Rating has
been affirmed by Fitch at 'B+' but the Outlook has been revised to
Negative from Stable. The rating on the USD250 million 7% senior
unsecured notes due 2023, issued by wholly owned subsidiary TBLA
International Pte. Ltd. and guaranteed by TBLA and all its
majority-owned operating subsidiaries, has also been affirmed at
'B+' with a Recovery Rating of 'RR4'. Fitch Ratings Indonesia has
also revised the Outlook on the National Long-Term Rating to
Negative from Stable and at the same time affirmed the rating at
'A(idn)'.

TBLA's net debt-to-EBITDA leverage stood at 3.6x in 2019 and Fitch
expects the ratio to increase in 2020. However, Fitch also expects
leverage to decline from 2021 based on its estimate of increasing
EBITDA due to capacity expansion, higher product sales volumes and
better average CPO prices. TBLA's rating benefits from its
diversification into the sugar business as well as vertical
integration as it has substantial downstream refining and
processing capacity for palm oil and presence across the value
chain from plantations to refining in the sugar industry. However,
its working capital has been volatile and capex has often been
higher than its expectations. These present risks to deleveraging,
which are reflected in its Negative Outlook.

Fitch Ratings Indonesia has downgraded the National Long-Term
Ratings of PT Sinar Mas Agro Resources and Technology Tbk, PT Ivo
Mas Tunggal and PT Sawit Mas Sejahtera to 'A-(idn)' from 'A(idn)'.
The Outlook is Stable. Simultaneously, Fitch Ratings Indonesia has
chosen to withdraw the rating of SMART for commercial reasons.

The ratings for the three entities, which are based on the
consolidated profile of Golden Agri-Resources Ltd., have been
downgraded based on Fitch's expectation that although GAR's net
debt-to-EBITDA leverage will decline from the 2019 level of over
8x, the ratio will remain above its previous threshold for negative
rating action of 5.5x over the next three years. Fitch's
computation of GAR's leverage includes corporate guarantees but
excludes any inventory-related benefits. GAR's large scale and
vertical integration support its business and credit profile,
although its leverage is significantly higher than that of
similarly rated sector peers.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher- rated
category.

'BB' National Ratings denote an elevated default risk relative to
other issuers or obligations in the same country or monetary
union.

KEY RATING DRIVERS

SSMS

Leverage Outlier: Fitch estimates that SSMS's yield of fresh fruit
bunches fell 9% in 2019, compounding the effect of weaker CPO
prices on EBITDA. Another key factor behind its estimate of SSMS's
weak EBITDA in 2019 is a sustained increase in FFB cash production
costs, which rose to above USD55/tonne from USD49/tonne in 2017.
Fertiliser and labour were the main cost components that increased
over 2018-2019, in its view, and Fitch expects these costs to
continue to be a drag on earnings.

Free cash flow is likely to remain negative, but Fitch expects
leverage to decline to below 10x and coverage to improve to above
1x in 2020. Nonetheless, CBI's consolidated leverage is an outlier
and Fitch expects it to remain high over the next two years. Fitch
estimates higher EBITDA from SSMS due to better yields and CPO
output. However, losses at other CBI businesses, large outflows
from related-party transactions and acquisitions, and an inability
to control costs could hamper an improvement in CBI's financial
metrics. Sustained weakness in the metrics could compound risks
from a negative FCF profile, and cause SSMS's credit profile to
deteriorate further.

Strong Operating Metrics, Higher Costs: SSMS's yield at around 24.5
tonnes per hectare of owned mature area in 2018 was above the
representative industry average and Fitch estimates its yield was
also higher in 2019, despite a decline. This has supported SSMS's
business profile and offset risks from the concentration of its
planted acreage of around 70,000 hectares in a 60km radius in
Central Kalimantan. Fitch expects SSMS's yield to rebound from the
2019 level due to management's focus on boosting output through
increased fertiliser use. The company says it has engaged in
intensive fertiliser use since 2018 to improve yields over the long
term, increased its labour force and paid higher wages in
accordance with local regulations. Fitch expects costs to continue
to rise, mainly driven by wage inflation, unless the company takes
effective steps to improve operational efficiency.

Losses at Other Businesses: Fitch believes CBI's businesses outside
of SSMS, which include a CPO refinery, industrial-park development
and operations in shipping, forest products and timber, are
generally loss-making. The refinery, which started operations in
2018, has struggled to ramp up utilisation rates due to issues such
as insufficient tankage capacity. Fitch expects CBI to address the
issues and increase refinery throughput, but meaningful EBITDA
generation could take a few years. The outlook for better earnings
at the other businesses is unclear and continued losses at these
entities are a key risk to CBI's deleveraging.

ESG - Group Structure: SSMS has an ESG Relevance Score of '4' for
Group Structure. The parent's complex group structure and extensive
related-party transactions have increased cash flow volatility and
hurt SSMS's credit profile, in conjunction with other factors. A
sharp increase in receivables from CBI's related parties
contributed to the jump in leverage in 2018. Fitch has assumed that
such receivables, which were due to the advance reimbursement of
related parties' operational expenses, fell in 2019 and will remain
stable thereafter. However, Fitch sees significant risk of further
outflows due to these transactions continuing in the absence of
adequate disclosure and guidance.

Rating Based on Consolidated Profile: Fitch has assessed that the
parent, excluding SSMS, has a weaker consolidated credit profile as
several of its subsidiaries, other than SSMS, are loss-making.
Fitch also deems legal and operational linkages between SSMS and
CBI to be strong, as SSMS's US dollar notes have a cross-default
clause covering CBI and its other subsidiaries. There is also some
overlap between SSMS's board of commissioners and CBI's management,
in addition to the majority stake in SSMS.

SDP

Delay in Asset Disposals: SDP only disposed of MYR194 million in
non-core assets in 2019, significantly less than the company's
expectation of MYR1 billion and Fitch's expectation of MYR700
million. SDP said the delay was due to administrative processes and
pending government approvals. SDP expects to meet the MYR1 billion
disposal target for the full year. However, Fitch is only assuming
a minimal disposal in 2020 in its rating-case forecast due to the
challenging market environment and the risk that the transactions
may not be completed and proceeds not received as scheduled in
light of the ongoing pandemic and social distancing measures.

Lower Yield Offsets Cost Efficiency: SDP's FFB yield dropped to
19.7 tonnes/hectare in 2019 from 20.8 tonnes/hectares in 2018. The
drop was due to prolonged dry weather in Malaysia and Indonesia and
higher seasonal rainfall in Papua New Guinea. Lower plantation
productivity, coupled with the continued high operating costs in
Papua New Guinea and a high proportion of old trees in Indonesia,
offset the benefit from production-costs efficiency efforts in
Malaysia.

Limited Capex Flexibility: Palm-oil cultivation is inherently
capital intensive as companies must commit to regular upkeep and
replanting to maintain a plantation's productivity and a balanced
tree-age profile. Fitch therefore assumes total capex will be only
slightly lower in 2020 at MYR1.3 billion compared with the
historical average of around MYR1.6 billion.

Liberia Exit Supportive to Profile: SDP's disposal of its Liberian
palm-oil project supports its credit profile as it allows the
company to conserve cash in a challenging market environment. The
project was at a very early stage and faced operational issues. The
Liberian project accounted for less than 1% of consolidated CPO
production in 2019 and reported net losses of around MYR180 million
for the 12 months ended June 30, 2018. At the point of exit in
January 2020 SDP received a cash consideration of USD1 plus an
earn-out payment, which will be payable quarterly over eight years
starting April 2023. The earn-out payment will be based on average
future CPO prices and production in Liberia.

Largest Sustainable Oil Producer: SDP's rating reflects its
position as the world's largest palm-oil producer, with more than
600,000 hectares of planted area and annual downstream capacity of
3.8 million tonnes. Fitch regards SDP's high proportion of
certified-oil output as positive for its business profile, as it
provides the company with access to developed markets, where it can
earn higher downstream margins from more stable demand and
customisation. SDP reported that more than 90% of its oil output
was certified as sustainable; this is the highest certification
ratio among its peers.

TBLA

Yield Falls, Rebound Likely: TBLA's FFB yield fell by around 20% in
2019 to 17.6 tonnes per mature hectare due to drier weather
conditions. Its 2019 yield was also significantly lower than
Fitch's estimate of a representative industry average. However,
Fitch expects yields to improve in 2020 due to better weather
conditions, supported by the age profile of its plantations with
almost 80% of the trees being young or mature. Nonetheless, Fitch
assumes the yield will remain below the 2018 level of 21.7 tonnes
per mature hectare as the benefit from higher rainfall is likely to
accrue gradually.

Risk to Biodiesel Volumes: TBLA has secured a contract from PT
Pertamina (BBB/Stable) to supply 341,000 kilolitres of biodiesel
for 2020, which Fitch has largely reflected in its sales forecast.
Its sales volume assumption for 2020 implies a 13% increase from
the 2019 level, lower than Indonesia's target of a 45% jump in
biodiesel consumption in 2020 to 9.6 million kilolitres. TBLA's
biodiesel sales volumes almost doubled in 2019 and its estimates
for 2020 factor in a likely miss in the government's biodiesel
usage target due to a drop in fuel demand and low crude oil prices
in 2020. Fitch assumes TBLA's volume growth will improve to 15% in
2021, but Fitch sees risks from a prolonged weakness in demand.

Sugar Prices Likely to Moderate: Indonesia relies on raw sugar
imports as domestic output is significantly lower than demand.
However, import quotas allotted by the government to refiners such
as TBLA were sharply lower in 2019, which resulted in higher
prices. Sugar prices have jumped further in 1Q20. TBLA received 90
kilo tonnes of quota in 1Q20, compared with 70kt for full-year
2019, and Fitch expects further sugar import quotas in 2020 as the
government take steps to control prices. The decline in
international sugar prices should also result in lower domestic
prices, and Fitch forecasts that the benefit to 2020 sugar revenue
from a higher sales volume will be partly offset by a lower average
price.

ESG - Management Strategy: TBLA has an ESG Relevance Score of '4'
for Management Strategy. The company's working capital flows,
especially inventories, have been volatile while capex has often
been higher than its expectations. The company's working capital
outflow in 2019 was sharply lower, but its capex was higher. TBLA's
inventory is partly affected by the import of raw sugar, which
depends on when the government issues quotas and international
price trends. The company's spending on new planting and processing
capacity addition has often been higher than its expectations.

Fitch has assumed an increase in working capital days in 2020,
accounting for higher sugar import quotas as well as potential
pressure on trade receivables and payables from its buyers and
suppliers who may be looking to preserve liquidity in this
environment, and an improvement in 2021. Fitch also assumes
sustained capex for refining and biodiesel capacity expansion,
oil-palm and sugarcane planting, in addition to maintenance capex
of IDR400 billion-500 billion for 2020 and 2021.

Share Buyback Planned: TBLA has planned a buyback of IDR300 billion
in 2Q20 to support its share price, which is likely to contribute
to an increase in leverage in 2020. However, the company has
indicated it could re-evaluate its plan should its financial
profile weaken materially.

GAR Subsidiaries

Ratings Based on Consolidated Profile: Fitch rates the three palm
oil producers, SMART, IMT and SMS, based on GAR's consolidated
profile, due to strong legal, operational and strategic linkages.
Fitch assesses each subsidiary to be weaker than the rest of the
group (parent) as they focus on only specific segments of the total
palm-oil value chain. The subsidiaries have their own credit
facilities, but Fitch believes financial access is driven by the
parent. Several bank facilities at these subsidiaries benefit from
guarantees from GAR. The three subsidiaries each contribute 20%-50%
to consolidated EBITDA, before elimination, and are integral to
GAR's palm-oil business as together they account for around 70% of
the group's total CPO output.

Risks to Deleveraging: Fitch estimates GAR's net debt/EBITDA
leverage will decline from 8.3x in 2019 to 5.7x by 2022. Leverage
improvement over 2020-2022 is due to higher CPO output and prices
driving up EBITDA, as Fitch expects average debt over 2020-2022 to
remain largely flat compared with 2019. Fitch expects significantly
lower capex compared with around USD300 million spent in 2018 and
2019, in the absence of any significant expansion plans.

However, sustained discretionary investments and
weaker-than-expected operating metrics are the key risks to its
forecasts. GAR's leverage has been affected by USD292 million of
net investment-related cash outflow since 2017. These investments
have been made in plantations, technology and renewable-energy
assets, according to the company. The company expects to start
generating sufficient returns from these assets such that it will
have neutral-to-positive cash flow from investments on a net basis
from 2020.

Large Scale, Healthy Yields: GAR, which owned a planted area of
around 393,000 hectares on a consolidated basis as of end-2019, is
one of the largest palm-oil companies in the world in terms of
acreage. Its plantations, all of which are in Indonesia, had a FFB
yield of 21.5 tonnes per mature hectare in 2019, which was above
Fitch's estimate of a representative industry average. However, 86%
of its total planted acreage comprises prime and old trees of more
than six years old, which Fitch thinks implies there is limited
potential for overall yield improvement from maturing of acreage
and GAR is likely to need sustained replanting investment.

Benefits from Vertical Integration: GAR has a refining capacity of
around 5 million tonnes per annum of CPO, much larger than its CPO
output of 2.3 million tonnes in 2019. It also has biodiesel
capacity of 600,000 tonnes per annum and oleo chemical capacity of
240,000 tonnes per annum. Its refined product portfolio includes
olein and stearin, which can be further processed into oleo
chemicals and biodiesel. The EBITDA margin from refining and other
downstream operations is much more stable than from upstream CPO
production, although significantly lower. In addition, weaker input
prices of CPO usually boost downstream margins.

DERIVATION SUMMARY

SSMS is rated three notches lower than TBLA, whose business profile
benefits from substantial downstream refining capacity for palm oil
and diversification into the sugar business, in addition to
oil-palm plantations. TBLA's leverage and coverage metrics are also
significantly better than that of CBI, whose metrics are outliers.
The rating differential between the two companies has continued to
widen on account of the significant deterioration in CBI's
financial profile over the last two years which, combined with lack
of visibility around CBI's businesses outside of SSMS and
significant related-party transactions, has raised refinancing
risks for SSMS.

SSMS's national rating is also weaker than that of GAR's
subsidiaries. GAR is much larger than SSMS in terms of planted
area, with owned acreage of around 393,000 hectares. GAR also
benefits from downstream diversification and its business profile
is assessed to be significantly stronger than that of SSMS, even
though leverage for both companies is relatively high. The notching
differential remains wide, but Fitch has taken similar negative
rating action on the GAR subsidiaries, although this is reflective
of GAR's increasing leverage.

The negative rating actions on GAR's subsidiaries on account of
increasing leverage mean that TBLA's national rating is now higher
than that of GAR's subsidiaries. TBLA's leverage is significantly
lower, which drives the higher rating despite a much smaller scale
in terms of plantation area and EBITDA. TBLA's diversification into
sugar and its upstream cost position offset its smaller scale.

SDP is rated the highest in Fitch's rated palm-oil universe due to
its position as the world's largest palm-oil producer by planted
area, and largest sustainable-oil producer. SDP's rating also
benefits from a sizeable land bank located near Malaysian urban
areas, which the company can monetise at high valuations to support
its liquidity.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for

SSMS

  - CBI to earn consolidated revenue of IDR5.5 trillion in 2019,
jumping to IDR6.1 trillion in 2020 and IDR7.2 trillion in 2021

  - CBI's consolidated EBITDA margin of 8% in 2019, 13% in 2020 and
16% in 2021

  - Annual group capex of around IDR750 billion

  - IDR300 billion inflow in 2019 from lower related-party
receivables

  - No acquisition-related spending or inflows from divestments

The recovery analysis assumes that SSMS would be reorganised as a
going-concern in bankruptcy rather than liquidated. Fitch also
assumes a 10% administration claim.

Going-Concern Approach

  - The USD300 million bonds are guaranteed by all of SSMS's key
operating subsidiaries, except PT Mitra Mendawai Sejati, as well as
by certain subsidiaries of CBI, which Fitch estimates are
loss-making. For recovery analysis, Fitch considers EBITDA and debt
at SSMS's consolidated level, as Fitch believes debt at CBI's other
subsidiaries is structurally subordinated and any losses at those
entities will not affect the valuation for SSMS's business
post-restructuring.

  - SSMS's going-concern EBITDA assumption of IDR900 billion is
lower than its earlier assumption of around IDR1 trillion. While
Fitch estimates SSMS's 2019 EBITDA to be significantly weaker than
its going-concern assumption, it also expects 2020 EBITDA to
improve, driven by better yields. If yields are maintained and
management controls cash costs for FFB production at around
USD50/tonne, Fitch estimates SSMS should be able to generate around
IDR900 billion of EBITDA on a sustained basis even if CPO prices
remain at USD500/tonne. This should also allow the business to be
free cash flow neutral and reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation.

  - An enterprise valuation multiple of 5.0x EBITDA is applied to
the going-concern EBITDA to calculate a post-reorganisation
enterprise value, which is unchanged from its previous analysis.

  - Fitch estimates SSMS had secured bank loans of IDR2.3 trillion
as of end-2019 and this secured debt has priority over the USD300
million senior unsecured notes in its debt waterfall.

  - The waterfall results in a recovery of around 40% for
noteholders. Hence, Fitch rates the senior unsecured notes at
'CCC+' with a Recovery Rating of 'RR4'. Fitch notes that there is
limited headroom within the Recovery Rating and any downward
revision of its estimate of SSMS's valuation or a further increase
in its debt could lead to significant recoveries and result in a
lower notching of the notes.

SDP

  - Maintain flat plantation and overhead fixed costs in 2020, in
line with company's cost-efficiency efforts

  - Capex scaled back to MYR1.3 billion in 2020 and MYR1.7 billion
thereafter

  - Disposal planned for the rest 2020 is delayed, and will only
resume in 2021

  - Dividend rate at 60% of profit after tax

TBLA

  - CPO output CAGR of 9% over 2020-2022

  - Sugar sales volume CAGR of 4% over 2020-2022

  - Average sugar price realisation of around IDR10,000/kg over
2020-2022

  - Annual capex of around IDR1.15 trillion over 2020-2022

  - Total dividend outflow of around IDR750 billion over 2020-2022

The recovery analysis assumes that TBLA would be considered a
going-concern in bankruptcy and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.

Going-Concern Approach

  - The going-concern EBITDA is assumed to be IDR1.9 trillion, at
around 10% discount to TBLA's 2019 EBITDA. This going-concern
EBITDA assumption factors in weak CPO prices and allows the
business to be free cash flow neutral. It also reflects Fitch's
view of a sustainable, post-reorganisation EBITDA level upon which
Fitch bases the enterprise valuation.

  - A multiple of 5.0x is applied to the going-concern EBITDA to
calculate a post-reorganisation enterprise value. This multiple has
also been used for other rated oil-palm companies and is unchanged
from its previous analysis. However, Fitch notes that the multiple
could be higher given TBLA's diversification into the sugar
business.

  - Fitch has assigned priority to IDR3 trillion of secured debt as
of end-2019 over unsecured debt of IDR5 trillion to calculate
recoveries. TBLA's unsecured debt includes the USD200 million
senior bonds due in 2023.

  - Fitch has rated the senior unsecured bonds at 'B+'/'RR4', even
though its analysis suggests a better Recovery Rating. This is
because, under its Country-Specific Treatment of Recovery Ratings
criteria, Indonesia is classified under the Group D of countries in
terms of creditor friendliness, and the instrument ratings of
issuers with assets located in this group of countries are subject
to a soft cap at the issuer's Issuer Default Rating.

GAR

  - CPO production of 2.35 million tonnes in 2020, increasing to
2.51 million tonnes by 2022

  - Annual downstream EBITDA of around USD200 million on average
over 2020-2022

  - Average annual capex of around USD200 million over 2020-2022

  - Average annual dividend of around USD70 million over 2020-2022

  - No further investment-related cash outflow on a net basis from
2020

RATING SENSITIVITIES

SSMS

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

  - Net debt/EBITDA below 5.5x for a sustained period

  - EBITDA/interest coverage above 1.5x on a sustained basis

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

  - Weakening liquidity or an increase in refinancing risk,
potentially evidenced by sustained negative FCF and coverage
remaining below 1x

SDP

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

  - Outlook may revert to Stable if SDP is on track to reduce
leverage closer to 3x by end-2021

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

  - Not on-track to reduce leverage closer to 3x by end-2021

  - Inability to improve free cash flow to neutral or positive on a
sustained basis

TBLA

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

  - Net debt/EBITDA leverage not on track to reach around 3.5x or
lower by 2021

  - Coverage, measured in terms of EBITDA/interest paid, below 3.0x
for a prolonged period (2019: 3.0x)

  - A weakening of its liquidity position

  - A material worsening of the regulatory regime for the sugar
industry in Indonesia that results in weaker volumes or EBITDA
margin for TBLA

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

  - Fitch may revise the Outlook to Stable if performance is better
than the sensitivities for negative rating action.

GAR's Subsidiaries

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

  - Net debt/EBITDA is sustained below 5.5x

  - EBITDA/interest paid above 3x on a sustained basis (2019:
2.6x)

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

  - Net debt/EBITDA above 6.5x on a sustained basis

  - EBITDA/interest paid below 3x on a sustained basis

  - Weakening of its liquidity position

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

SSMS

Medium-Term Liquidity Risk: Fitch estimates that CBI had readily
available cash of IDR2.4 trillion as of end-2019, of which IDR2.2
trillion was at the SSMS (consolidated) level. Fitch also estimates
that debt maturing for CBI in 2020 is around IDR220 billion. CBI's
considerable cash balance supports its near-term liquidity,
although Fitch sees risk of liquidity weakening over the next three
years due to negative FCF.

CBI could need refinancing in 2022 to address its bank loan
maturities if cash depletes as per its expectations. Thereafter,
the group faces a large repayment obligation of around IDR5
trillion in 2023, driven by the maturity of the USD300 million
notes. Fitch thinks sustained weakness in financial performance
could impair the group's refinancing ability.

SDP

Good Access, Laddered Profile: SDP's liquidity is supported by good
access to diversified funding sources, which benefits from its
position as the world-largest certified palm-oil producer by
planted acreage. SDP refinanced a MYR3.2 billion term loan due June
2020 in December 2019 through new term loans totalling MYR3.9
billion. SDP does not have any significant debt maturities in the
next 24 months after the refinancing. SDP's liquidity is also
supported by a portfolio of non-core assets totalling MYR1 billion,
which the company plans to dispose in 2020, and undrawn uncommitted
lines from lenders amounting to around MYR1.8 billion.

TBLA

Manageable Liquidity: TBLA reported a cash balance of around IDR520
billion (including cash in an interest reserve account for the US
dollar bonds) and had undrawn credit facilities of IDR2.7 trillion
at end-2019. It had short-term bank loans of IDR443 billion and a
current portion of long-term debt of IDR1.1 trillion. TBLA has
IDR411 billion in medium-term notes due 4Q20 and IDR239 billion of
MTN notes due 1Q21. A portion of the long-term debt due in 2020 is
likely to be refinanced through the IDR500 billion notes issued in
March 2020.

Fitch expects negative FCF to weaken TBLA's liquidity position, but
the company has some flexibility in reducing its growth capex and
returns to shareholders, which would improve the availability of
cash for debt repayment. Risks are also mitigated by TBLA's robust
banking relationships and the likely roll over of the majority of
the company's short-term bank loans as they are for working-capital
needs.

GAR

Manageable Liquidity: GAR had total debt of around USD3.4 billion
as of end-2019, of which around USD1.8 billion were short-term
loans and trust receipts. In comparison, it reported cash, cash
equivalents and time deposits of around USD270 million.

The short-term loans and trust receipts are mainly for
working-capital needs and generally rolled over every year.
However, Fitch expects GAR to rely on refinancing or a further
drawdown of available working-capital facilities to address its
long-term debt maturities of around USD300 million each year on
average for the next three years given its estimate of negative FCF
on average over the period. In addition to long-term bank loans,
GAR has USD111 million in MTN notes due in 1Q21.

GAR has been able to refinance its debt in the last few years and
Fitch thinks refinancing risks are substantially mitigated due to
its scale, business profile and diverse and long-standing banking
relationships. SMART has announced an IDR3 trillion bond programme,
under which the company issued IDR775 billion of notes in April
2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

TBLA

  - Unamortised transaction and issuance costs (2019: IDR75
billion) have been added back to debt,

  - Cash amounts reported as restricted cash, mainly related to
interest reserve account for the US dollar bond, have been treated
as readily available (2019: IDR123 billion),

  - Prepaid expenses, advances for purchases, biological assets
(plant produce not yet harvested), accrued expenses and advances
received from customers (including non-current portion) have been
included in working capital.

GAR

  - Convertible debt securities reported as short-term investments
have been excluded from readily available cash, since they can be
converted to equity (2019: USD450 million).

  - Total outstanding corporate guarantees (2019: USD514 million)
have been included as off-balance sheet debt.

  - Trust receipts payable, which are due to banks and bear
interest, have been included under debt and excluded from trade
payables (2019: USD239 million).

  - Rental income and income from sales of seedlings (2019: USD11
million) have been included in EBITDA, but changes in fair value of
financial assets have been excluded (2019: USD234 million).

  - Unamortised financing costs (2019: USD6 million) have been
added back to debt.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

SSMS has an ESG Relevance Score of '4' for Group Structure due to
the presence of significant related-party transactions and
inadequate transparency, which have a negative impact on the credit
profile and are relevant to the ratings in conjunction with other
factors.

TBLA has an ESG Relevance Score of '4' for Management Strategy. The
company's working-capital flows have been volatile while capex has
often been higher than its expectations. These indicate some
weakness in management control over operations and remain risks to
TBLA's financial and overall credit profile in conjunction with
other factors

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

PT Sawit Mas Sejahtera

  - Natl LT A-(idn); Downgrade

SSMS Plantation Holdings Pte. Ltd.      

  - Senior unsecured; LT CCC+; Downgrade

PT Ivo Mas Tunggal

  - Natl LT A-(idn); Downgrade

PT Tunas Baru Lampung Tbk

  - LT IDR B+; Affirmed
  
  - Natl LT A(idn); Affirmed

  - Senior unsecured; Natl LT A(idn); Affirmed

PT Sawit Sumbermas Sarana Tbk

  - LT IDR CCC+; Downgrade

  - Natl LT BB-(idn); Downgrade

TBLA International Pte. Ltd.      

  - Senior unsecured; LT B+; Affirmed

PT Sinar Mas Agro Resources and Technology Tbk

  - Natl LT A-(idn); Downgrade

  - Natl LT WD(idn); Withdrawn

Sime Darby Plantation Berhad

  - LT IDR BBB; Affirmed

  - Senior unsecured; LT BBB; Affirmed




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

[*] JAPAN: Coronavirus-Linked Bankruptcies Rise Sharply in April
----------------------------------------------------------------
The Japan Times, citing a recent survey, reports that bankruptcies
due to the effects of the new coronavirus sharply increased in
Japan in April, with the number reaching nearly 90, especially
affecting small- and medium-sized firms in the tourism and
accommodation sectors.

As of May 1, the number of bankruptcies linked to the spread of the
virus totaled 114, compared with 25 at the end of March, the Japan
Times discloses citing the survey conducted by Tokyo Shoko
Research.

After Prime Minister Shinzo Abe declared a state of emergency in
April, the Japanese economy has been affected by stay-at-home and
business closure requests, the report says.

The survey showed that the 114 bankruptcies happened in 35 out of
Japan's 47 prefectures and at least half of them were small in
scale, with debts of less than JPY300 million (US$2.8 million),
according to the Japan Times.

Of the total, 26, the largest portion, were from the accommodation
sector, followed by 16 among eateries and 10 among apparel
companies. By region, 38 bankruptcies, or over 30 percent, were
filed in Tokyo and its surrounding areas.

The Japan Times adds that analysts said business failures stemming
from the COVID-19 outbreak are feared to rise as authorities
continue to ask people to stay home as much as possible and to
tighten border controls, sharply reducing spending by foreign and
domestic tourists and consumers.

On May 4, Abe extended the state of emergency by more than three
weeks through the end of May, in a further blow to the tourism and
dining-out industries.

While it is not included in the latest survey, the credit research
entity said there were more than 50 bankruptcies of companies with
debts of less than JPY10 million in April alone, including those
caused by the outbreak of the virus, in a sign that COVID-19 is
taking a toll on firms smaller in scale, The Japan Times relays.

In addition to large falls in revenues, fixed costs in forms of
rent and wages are also squeezing small- and medium-sized firms,
the report states.

According to the report, nearly 40 percent of small companies
polled in a late April survey by the research firm said they are
worried about payments, such as for salaries and purchases, that
are due "within three months."

The Japan Times says the government has taken steps to support
struggling companies, enacting an extra budget for fiscal 2020 late
last month to finance an economic package.

Under the package, small firms which have seen revenues cut by a
half due to the virus pandemic can apply to receive up to JPY2
million in cash, starting from May 1.

Private banks and regional financial institutions have also started
emergency loan services at zero interest rates and without
securities to companies worried about cash flow.

But a Tokyo Shoko Research official said that despite the support
measures, companies will still find it difficult to assess when
they can repay loans as it remains uncertain when the virus will be
contained, the report relates.

"More companies may choose to close down their businesses," the
official said.




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

AIR NEW ZEALAND: 300 Pilots Lose Jobs, 900 Pilots to Take 30% Cut
-----------------------------------------------------------------
Radio New Zealand reports that three-hundred Air New Zealand pilots
have lost their jobs under an agreement reached on the future of
1,200 jet pilots employed by the airline.

According to RNZ, the airline has had to make dramatic cuts to its
domestic and international flight schedules due to the effects of
the Covid-19 pandemic, and its Boeing 787/777 and Airbus A320
aircraft also face an uncertain future.

RNZ relates that the Air Line Pilots Association said the 300
pilots were being made redundant this week, with some taking
voluntary redundancy or accepting early retirement.

President Andrew Ridling said the affected pilots would be the
first to be called back when the aviation sector started to
recover, RNZ relays.

"We'd been in talks with Air New Zealand for a number of weeks to
save as many pilots' jobs as possible and ensure a fair process for
getting other pilots back in the air once the recovery gets
underway," RNZ quotes Mr. Ridling as saying in a statement.

Some pilots would also be able to take leave with pay if they wish,
he said.

"We successfully negotiated a furlough period which could be as
long as 10 years, with the furloughed pilots still able to choose
redundancy at any time in the first three years.

"In the meantime, these pilots are able to take employment
elsewhere."

Mr. Ridling said this was the best possible outcome in these
circumstances, RNZ relays.

About 900 jet pilots will remain on the airline's payroll, but will
take a 30 percent pay cut for the next nine months.

According to the report, Mr. Ridling said Air New Zealand
recognised the need to retain the skills of pilots so that they
could have people ready to return once demand increased.

"The airline needs a core group of pilots on its payroll and ready
to fly; and another group of pilots who can be brought back in, in
response to increased demand."

Based in Auckland, Air New Zealand Limited operates scheduled
passenger flights to 20 domestic and 32 international destinations
in 20 countries, primarily around and within the Pacific Rim.


ALTUS UNMANNED: Drone Company Goes Into Liquidation
---------------------------------------------------
Marty Sharpe at Stuff.co.nz reports that a New Zealand-based drone
company that established a foothold in the United States has gone
into liquidation.

Altus Unmanned Aerial Solutions International Ltd designed and
assembled drones, combining ruggedness with cutting-edge
technology, in Hastings. It went into liquidation following a
creditors' meeting on April 30, a month after a voluntary
administrator had been appointed.

The company sold and serviced the drones. Liquidator KhovJones
issued its first report this week, Stuff notes.

It stated that the company's focus was heavily concentrated on the
United States market but "the prospect of building the US market
was lost due to FAA complications".

"Over time, the viability of the business diminished, and the
shareholders could not agree on a specific direction or way forward
for the company. Other directors of the company resigned and left
the existing director with no other options but to place the
company into voluntary administration so the company could enter
into a formal insolvency process," the liquidators, as cited by
Stuff, said.

According to the report, liquidators had sought delivery of company
records, had frozen the company's bank accounts and issued notices
to the secured creditors asking for details of their debt and
securities.

Unsecured creditors were owed NZD394,500, preferential creditors
NZD227,300. The company had NZD7,400 in cash and undisclosed value
in plant and equipment.

When the company was formed in 2015, business development manager
Simon Morris said the drone design included a gas-fired parachute
which meant it won approval to fly where other drones had not,
particularly over crowds of people.  

They made several models, starting at NZD30,000 each, Stuff says.




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

AVATION PLC: Fitch Lowers LT IDR to 'B', On Watch Negative
----------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
of Avation PLC and its subsidiaries, Avation Capital S.A. and
Avation Group (S) Pte. Ltd., to 'B' from 'B+'. Fitch has also
downgraded the rating of Avation Capital's senior unsecured notes
guaranteed by Avation to 'B-' from 'B' and maintained a 'RR5'
Recovery Rating. The ratings remain on Rating Watch Negative.

KEY RATING DRIVERS

The downgrade of Avation's ratings reflects the increased risk
associated with its exposure to Virgin Australia Holdings Limited
(VAH, D) and Braathens Regional Airways AB after the airlines
entered administration in April 2020. Both VAH and Braathens are
expected to be restructured and resume operations after the
administration process. Fitch expects the resultant deterioration
in asset quality to lead to impairment charges and lower lease
yields for restructured leases. These will in turn weigh on
Avation's profitability and further increase leverage. VAH and
Braathens accounted for around 19% and 2%, respectively, of
Avation's run-rate revenue as of March 31, 2020.

Avation's leverage - measured by gross debt to tangible equity -
rose to 4.9x in 2019, and its capitalisation headroom to withstand
impairments fell, resulting in a rating downgrade on March 23,
2020. The developments at VAH and Braathens have further pressured
Avation's leverage, which Fitch expects to rise to above 5x due to
estimated impairment charges from the aircraft that Fitch expects
to be returned to Avation.

Avation has thus far granted lease rent deferrals to larger portion
of its lessees than higher-rated lessors, indicating increasing
asset risk. The short-term lease rent deferrals will not affect
overall profitability as long as the rents are eventually repaid,
but prolonged deferrals will increase loss severity in the event of
further lessee default. Rent deferral could also weaken the
company's cash flow, although the impact may be balanced by loan
repayment deferral granted by Avation's lenders. Avation's high
concentration in its top-five lessees, which amount to 69% of
revenue, including VAH, makes its credit profile susceptible to
credit deterioration at individual lessees.

VAH entered into administration on April 21, 2020 and was
downgraded to 'D' by Fitch. The administrators and the Australian
state and federal governments, alongside VAH, are seeking a new
buyer for the airline to ensure two viable airlines remain in
Australia. Fitch expects VAH's balance sheet to be restructured and
some of its leased ATRs to be returned to Avation, with the
remaining lease contracts expected to be renegotiated at a lower
lease rent. Avation's credit profile could weaken further depending
on the magnitude of terminated leases and aircraft returned. The
company expects both aircraft leased to Braathens to be retained
post administration.

Fitch believes Avation's funding access has been affected by its
deteriorating credit profile and the wider challenges faced by the
aviation sector. The company's ability to refinance its USD350
million unsecured debt maturing in May 2021 will increasingly
depend on the recovery of the airline industry and market
confidence in the aviation sector. Avation could seek to refinance
by securing its unencumbered aircraft, but this would reduce the
company's financial flexibility.

Fitch does not expect immediate liquidity or refinance risk for
Avation in light of its USD63 million of unrestricted cash at
end-March 2020, which provides some cushion against immediate
downturn pressure. The company also negotiates with banks to defer
some of its secured debt repayments to ease the liquidity pressure
while it grants lease rent deferral to its lessees. It has no large
refinance needs until its senior unsecured debt comes due in May
2021. Fitch believes Avation can maintain a positive cash position
for the next 12 months, but liquidity coverage of debt maturities
and purchase commitments over the next 12 months will remain below
1x, weaker than that of higher-rated peers.

RATING SENSITIVITIES

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

The Rating Watch Negative reflects sensitivity to negative
developments arising from VAH's and Braathens' restructuring
process. The ratings could be downgraded if Avation's asset quality
and profitability weaken further on the back of higher impairment
charges from these exposures and rising lessee defaults from
elsewhere in the portfolio, leading the leverage to rise above
6.0x. A substantial deterioration of cash flow due to large and
prolonged lease rent deferrals or heightened refinancing risk for
its senior unsecured debt due in May 2021 could also trigger
negative rating action. The rating could remain on Rating Watch
Negative beyond six months if there is limited visibility around
the company's ability to refinance its unsecured debt maturing in
May 2021.

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

The Rating Watch Negative could be revised to a Negative Outlook if
leverage is maintained at 5.0x-6.0x on a sustained basis and the
impact of the administration process at VAH and Braathens proves to
be in line with its expectation, while near-term liquidity risk
stays low and refinancing risk on the senior unsecured debt is
addressed.

The ratings could be put on Stable Outlook if the above-mentioned
financial metrics are achieved with improved liquidity coverage,
continued demonstration of residual-value risk management and an
easing of the health crisis, with air travel and broader economic
activity returning to pre-pandemic levels.

Fitch does not expect a rating upgrade over the near term. However,
Avation's ratings could be positively influenced by better scale
efficiencies, leverage falling to below 5.0x on a sustainable basis
and an improved funding and liquidity profile over the long term.
Fitch would also regard as positive improved fleet, geographic or
lessee diversification, provided such action is undertaken at a
moderate pace and does not adversely affect underwriting or pricing
terms.

The rating assigned to the unsecured debt is one notch below the
company's Long-Term IDR, reflecting below-average recovery
prospects, and is likely to move in tandem with the IDR. The
unsecured debt rating could be notched down further from Avation's
IDR should the assumption of aircraft value deteriorate beyond its
expectation in a stressed scenario or if secured debt increases as
a percentage of total debt, such that the unencumbered pool shrinks
and causes the expected recoveries on the senior unsecured debt to
decline.

BEST/WORST CASE RATING SCENARIO

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

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has adjusted its core leverage calculation by including
maintenance right assets and lease premiums in tangible equity.
This reflects Fitch's assessment that the balance sheet items
contain sufficient economic value to support creditors.

Fitch regards aircraft purchase rights as intangible assets until
they are exercised and reflected in the cost of the aircraft. As
such, Fitch excludes these from its calculation of tangible
equity.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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




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

AN BINH: Moody's Alters Outlook on B1 Issuer Ratings to Negative
----------------------------------------------------------------
Moody's Investors Service has changed the outlook of the long-term
local currency deposit rating, long-term local and foreign currency
issuer ratings of An Binh Commercial Joint Stock Bank to negative
from stable.

The outlook on ABB's long-term foreign currency deposit rating
remains negative.

Moody's has also affirmed the long-term local and foreign currency
issuer and deposit ratings of ABB at B1, its long-term local and
foreign currency Counterparty Risk Ratings at Ba3, its long-term
Counterparty Risk Assessment at Ba3(cr), its Baseline Credit
Assessment and adjusted BCA at b1, all short-term ratings at NP,
and its short-term CRA at NP(cr).

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. ABB has been
affected by the shock due to its sizable exposure to individual and
household businesses, as well as to the real estate and
construction sectors, all of which are vulnerable to the
disruptions caused by the coronavirus outbreak. Moody's regards the
coronavirus outbreak as a social risk under its environmental,
social and governance framework, given the substantial implications
for public health and safety.

Its action reflects the negative impact on ABB of the breadth and
severity of the shock, and the likely deterioration in the bank's
asset quality and profitability.

AFFIRMATION OF BCA FOR ABB

The affirmation of ABB's b1 BCA reflects its elevated asset risk
and weak problem loan coverage by reserves. Despite good progress
in resolving legacy problem loans in 2019, asset risk remains high
due to the bank's significant exposure to riskier sectors such as
individuals and household businesses, which typically have limited
financial buffers to withstand a prolonged cash flow crunch.
Similarly, the bank has significant exposure to the real estate and
construction sectors, which are more vulnerable to the economic
downturn due to their long investment cycles. Moody's expects
profitability to remain constrained by high credit costs while
capital will be stable as loan growth eases. Although ABB's
dependence on market funds has been increasing since 2015,
refinancing risk arising from these liabilities is somewhat
mitigated by the bank's good liquidity buffer.

MODERATE PROBABILITY OF GOVERNMENT SUPPORT

Moody's continues to incorporate a "Moderate" probability of
government support for ABB, taking into consideration the bank's
small market share, as well as the government's modest ability to
support the banking system. This does not result in any uplift
because the BCA is just one notch lower than the sovereign rating
of Ba3.

NEGATIVE OUTLOOK OF ABB

The negative outlook on ABB's ratings reflects Moody's expectation
that the disruptions from the coronavirus outbreak could lead to
higher problem loans and reduced profitability at ABB, placing
increased strain on its solvency and downward pressure on its BCA.
This is in view of the bank's significant exposure to the riskier
individuals and household businesses and real estate and
construction sectors, which increases its risk of credit losses
amid disruptions caused by the coronavirus outbreak.

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

Given the negative outlook, the BCA and long-term ratings of ABB
are unlikely to be upgraded over the next 12-18 months.
Nevertheless, Moody's could revise ABB's ratings outlook to stable
if the coronavirus outbreak stabilizes in Vietnam and in the
country's major trading partners such as the United States, China
and Europe.

However, Moody's could downgrade ABB's BCA and long-term ratings if
its asset quality deteriorates significantly. Weaker
capitalization, declining profitability, or tightening liquidity
conditions would also pressure the BCA and ratings.

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

An Binh Commercial Joint Stock Bank, headquartered in Ho Chi Minh
City, reported total assets of VND103 trillion as of December 31,
2019.

LIST OF AFFECTED RATINGS

Issuer: An Binh Commercial Joint Stock Bank

Adjusted Baseline Credit Assessment, affirmed at b1

Baseline Credit Assessment, affirmed at b1

Long-term Counterparty Risk Assessment, affirmed at Ba3(cr)

Long-term Counterparty Risk Ratings (Foreign and Local Currency),
affirmed at Ba3

Long-term Issuer Ratings (Foreign and Local Currency), affirmed at
B1; Outlook changed to negative from stable

Long-term Deposit Rating (Local Currency), affirmed at B1; Outlook
changed to negative from stable

Long-term Deposit Rating (Foreign Currency), affirmed at B1;
Outlook maintained at negative

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

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

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

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

Outlook, Changed To Negative from Stable


VIETNAM SHIPBUILDING: Bank Debt Trades at 56% Discount
------------------------------------------------------
Participations in a syndicated loan under which Vietnam
Shipbuilding Industry Group is a borrower were trading in the
secondary market around 44 cents-on-the-dollar during the week
ended Fri., May 1, 2020, according to Bloomberg's Evaluated Pricing
service data.

The $600 million facility is a term loan.  About $300 million of
the loan remains outstanding.  The loan was scheduled to mature on
June 25, 2015.

The Company's country of domicile is Vietnam.




                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***