/raid1/www/Hosts/bankrupt/TCRAP_Public/200518.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, May 18, 2020, Vol. 23, No. 99

                           Headlines



A U S T R A L I A

BRIZFORM PTY: Second Creditors' Meeting Set for May 25
BURGLED PTY: Second Creditors' Meeting Set for May 25
DR ROEBUCK'S: First Creditors' Meeting Set for May 22
EVANGELINE ENTRECOTE: Second Creditors' Meeting Set for May 25
EVERSHINE INTERNATIONAL: Second Creditors' Meeting Set for May 22

HOMESTEAD HIGHFIELDS: Second Creditors' Meeting Set for May 25
LASTMILE AUTO: Second Creditors' Meeting Set for May 22
MICHAEL HILL: Closes Some Underperforming Stores
VIRGIN AUSTRALIA: Administrators Look for New Cash Sources


C H I N A

ANTON OILFIELD: Fitch Affirms LT IDR at 'B', Outlook Stable
LESHI INTERNET: To Be Delisted June 5 From Shenzhen Exchange
TAHOE GROUP: Fitch Cuts LT IDR & Senior Unsecured Rating to CC


I N D I A

AARADHYA DISPOSAL: CRISIL Lowers Rating on INR11cr Loan to B+
ACCURATE INFRA: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
ADITYA SALES: CRISIL Maintains B- Debt Ratings in Not Cooperating
AGARWAL TOUGHENED: CRISIL Lowers Rating on INR3.25cr Loan to B+
AL-BADRIYA WOOD: CRISIL Keeps 'B' Debt Ratings in Not Cooperating

AMISH DAIRY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ANMOL FEEDS: CRISIL Lowers Rating on INR7.5cr Cash Loan to B+
ARYA STEELS: CRISIL Lowers Rating on INR18cr Cash Loan to B+
BALDEO METALS: CRISIL Lowers Rating on INR5cr Cash Loan to 'B+'
BALODIA RICE: CRISIL Lowers Rating on INR2.25cr Cash Loan to B+

BHAWANI SAW: CRISIL Maintains B+ Debt Ratings in Not Cooperating
BHUMI GINNING: CRISIL Keeps B+ INR5cr Debt Rating in Not Coop.
BILAGI SUGAR: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
BINOD CAR: CRISIL Lowers Rating on INR4cr Cash Loan to B+
BRANCO INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating

BRC INFRA: CRISIL Lowers Rating on INR6cr Secured Loan to B+
CHABBRA'S ASSOCIATES: Ind-Ra Hikes Rating to 'BB+', Outlook Stable
DELUXE KNITTING: CRISIL Keeps 'C' Ratings in Not Cooperating
DESAI AND COMPANY: CRISIL Cuts Rating on INR6.0cr Loan to B+
DHUNDHWAL BROTHERS: CRISIL Cuts Rating on INR2cr Loan to 'B+'

DIMPLE CREATIONS: CRISIL Cuts Rating on INR6cr Loan to B+
DUDI AND COMPANY: CRISIL Cuts Rating on INR4.0cr Loan to B+
ENNJAY ENTERPRISES: CRISIL Cuts Rating on INR8.0cr Loans to B+
FRIENDS AGRICHEM: CRISIL Cuts Rating on INR7.8cr Loan to B+
FUTURE MOBILE: CRISIL Lowers Rating on INR75cr Cash Loan to B+

IVR HOTELS: Ind-Ra Affirms 'D' Issuer Rating, Moves to Non-Coop.
IVRCL LIMITED: Ind-Ra Affirms 'D' Issuer Rating, Moves to Non-Coop.
K MOHAN: CRISIL Withdraws 'C' Rating on INR38.5cr Loan
KVR INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating
MAHESHWARI FABTEX: CRISIL Cuts Rating on INR8cr Cash Loan to D

MOTHERS AGRO: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
NAYARA ENERGY: Moody's Withdraws Ba3 CFR for Business Reasons
PHOSPHATE COMPANY: Ind-Ra Moves BB Issuer Rating to Non-Coop.
TOPSUN ENERGY: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
VENUS INDUSTRIAL: CRISIL Moves B+ Ratings from Not Cooperating

WHISTLE MEDIA: CRISIL Keeps 'B' Debt Ratings in Not Cooperating


J A P A N

AEON CO: Egan-Jones Lowers Senior Unsecured Ratings to BB+
RENOWN INC: Files for Bankruptcy Protection


P A K I S T A N

PAKISTAN: Moody's Reviews B3 Issuer & Unsec. Ratings for Downgrade


S I N G A P O R E

CONERGY ASIA: BlackRock Values $1.8-Mil. Loan at 83% of Face


S R I   L A N K A

NATIONAL SAVINGS BANK: S&P Withdraws 'B' Issuer Credit Ratings

                           - - - - -


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

BRIZFORM PTY: Second Creditors' Meeting Set for May 25
------------------------------------------------------
A second meeting of creditors in the proceedings of Brizform Pty
Ltd has been set for May 25, 2020, at 11:00 a.m. via virtual
meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 22, 2020, at 4:00 p.m.

Mitchell Herrett of Brizform Pty was appointed as administrator of
Brizform Pty on April 17, 2020.

BURGLED PTY: Second Creditors' Meeting Set for May 25
-----------------------------------------------------
A second meeting of creditors in the proceedings of Burgled Pty Ltd
has been set for May 25, 2020, at 11:00 a.m. at the offices of
Romanis Cant, 2nd Floor, at 106 Hardware Street, in Melbourne,
Victoria.

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 21, 2020, at 5:00 p.m.

Anthony Robert Cant and Renee Di Carlo of Romanis Cant were
appointed as administrators of Burgled Pty on April 9, 2020.

DR ROEBUCK'S: First Creditors' Meeting Set for May 22
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Dr Roebuck's
(Australia) Pty Ltd will be held on May 22, 2020, at 2:30 p.m. via
virtual meeting.

Barry Frederic Kogan -- bkogan@mcgrathnicol.com -- and Katherine
Sozou -- ksozou@mcgrathnicol.com -- of McGrathNicol were appointed
as administrators of Dr Roebuck's on May 12, 2020.

EVANGELINE ENTRECOTE: Second Creditors' Meeting Set for May 25
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Evangeline
Entrecote Pty Ltd, trading as Evangeline Cafe & Coffee Connection
on Tunstall Squarehas, been set for May 25, 2020, at 2:30 p.m. at
Level 15, 114 William Street, Melbourne VIC

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 22, 2020, at 4:00 p.m.

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of Evangeline Entrecote on April 28,
2020.

EVERSHINE INTERNATIONAL: Second Creditors' Meeting Set for May 22
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Evershine
International Pty Ltd has been set for May 22, 2020, at 11:30 a.m.
at the offices of Macquarie Gordon & Co, St James Trust Building
Suite 820, Level 8, at 185 Elizabeth 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 21, 2020, at 11:30 a.m.

Angus Carnegie Gordon of Macquarie Gordon & Co was appointed as
administrator of Evershine International on April 17, 2020.

HOMESTEAD HIGHFIELDS: Second Creditors' Meeting Set for May 25
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Homestead
Highfields Limited has been set for May 25, 2020, at 2:30 p.m. via
telephone conference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 22, 2020, at 4:00 p.m.

Jason Walter Bettles of Worrells Solvency & Forensic Accountants
was appointed as administrator of Homestead Highfields on April 21,
2020.

LASTMILE AUTO: Second Creditors' Meeting Set for May 22
-------------------------------------------------------
A second meeting of creditors in the proceedings of Lastmile Auto
Logistics Pty Ltd has been set for May 22, 2020, at 11:00 a.m. via
teleconference only.  
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

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

David Anthony Ross and Gaurav Mishra of Hall Chadwick were
appointed as administrators of Lastmile Auto on April 17, 2020.

MICHAEL HILL: Closes Some Underperforming Stores
------------------------------------------------
Stephanie Palmer-Derrien at SmartCompany reports that Michael Hill
has announced that, while it is gradually starting to reopen some
stores, COVID-19 has dealt a death blow to some "underperforming"
stores.

Five Australian stores, three in New Zealand and one in Canada will
not reopen post-crisis, a statement said, SmartCompany relates.

The business, which has stores in Australia, New Zealand and
Canada, was frank about the state of play in the retail space, says
SmartCompany.  While digital trading has grown over the past three
weeks, it appears it's not quite enough, and the business will
continue to focus on cutting costs throughout.

According to SmartCompany, chief executive Daniel Bracken said he
anticipates the next six months to be "challenging".

The statement noted that the business has been in negotiations with
landlords "to reach reasonable commercial arrangements that reflect
the reality of the consumer marketplace and trading conditions”.

But, it also said further store closures are likely, the report
relays.

Headquartered in Brisbane, Australia, Michael Hill International
Ltd. is a speciality retailer of jewellery in North America and
Oceania. As at June 30, 2018, it operates 312 stores in Australia,
New Zealand and Canada.

VIRGIN AUSTRALIA: Administrators Look for New Cash Sources
----------------------------------------------------------
Patrick Hatch and Sarah Danckert at The Sydney Morning Herald
reports that Virgin Australia is down to its last AUD100 million
and its administrators are looking for new sources of cash to keep
it alive amid fears they could run out before finalising the sale
of the collapsed airline.

Mining tycoon Andrew "Twiggy" Forrest is behind one of eight
indicative bids that Deloitte expected to receive by the end of May
15, The Sydney Morning Herald and The Age can reveal. Deloitte's
lead administrator Vaughan Strawbridge said the eight would most
likely be reduced to a shortlist of three serious bidders on May
18.

According to the Herald, Credit Suisse is advising Mr. Forrest, who
is expected to try to use the second round of the sale process to
team up with one of the leading bidders -- private equity firms BGH
Capital, Bain Capital and Canadian asset manager Brookfield.

Indian conglomerate InterGlobe Enterprises -- which owns 38 per
cent of budget airline IndiGo, India's largest airline by
passengers and fleet -- also made an indicative bid for Virgin on
May 15, sources confirmed.

The Herald says shortlisted bidders will be able to talk to
Virgin's existing management, aircraft lessor, airports and unions
to put together their own business plans and make binding rescue
bids by June 12.

The Herald relates that Mr. Strawbridge said he remained confident
of securing a new owner by the end of June, which will go to a vote
of creditors in mid-August. However, there are growing concerns
about Virgin's remaining liquidity and whether it can last until
August, according to sources close to two of the leading bidders
and one major creditor, who spoke on the condition of anonymity to
discuss the confidential matters.

According to the report, Deloitte confirmed on May 15 the airline
had AUD100 million in unrestricted cash thatwould last at least
until mid-June. After that, the cash required until a new owner
takes control in August would depend on their plan to restart the
airline from its pandemic hibernation.

"There will be a future funding requirement but that's not here,
that's not now -- it is something that we are working through," Mr.
Strawbridge said in an interview with this masthead. "The business
was after funding prior to our appointment. There are options
around additional liquidity, we haven't had to push the button on
any of those at this point but we do have options."

Mr. Strawbridge said options to raise more cash included funding
from banks, bidders or even government support, noting that the
Queensland government had offered financial support funding for
Virgin before it collapsed last month, the Herald relays.

Virgin collapsed in April with debts of almost AUD7 billion after
the COVID-19 pandemic forced it to ground almost its entire fleet
and cut off new sources of revenue.

The US$515 billion (AUD798 billion) Canadian asset manager
Brookfield has discussed a joint bid with Queensland state-owned
investment powerhouse QIC, which has been mandated to inject AUD200
million to AUD300 million to ensure Virgin's headquarters remain in
Brisbane. QIC ruled out bidding alone on May 15.

Melbourne private equity firm BGH Capital has teamed up with
Australia's largest superannuation fund, AustralianSuper, for its
bid.

The US$105 billion (AUD165 billion) US firm Bain Capital is bidding
alone with advice from former Jetstar chief executive Jayne
Hrdlicka and restructuring experts KordaMentha, which managed the
Ansett insolvency two decades ago, the Herald says.

                      About Virgin Australia

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

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income.  Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months.  More than 10 parties have expressed an
interest, Deloitte related on April 21.

According to Bloomberg, Virgin Australia, which has furloughed 80%
of its 10,000 workers, will continue to operate some flights for
essential workers, freight and the repatriation of Australians. The
airline's frequent flyer program is a separate company and is not
in administration.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20, 2020.

On April 29, 2020, the company and certain affiliates filed
petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.



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C H I N A
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ANTON OILFIELD: Fitch Affirms LT IDR at 'B', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed China-based Anton Oilfield Services
Group's Long-Term Issuer Default Rating at 'B'. The Outlook is
Stable. At the same time, Fitch has affirmed Anton's senior
unsecured rating and the rating on the company's 9.75% bonds
maturing 2020 at 'B'. The Recovery Rating is 'RR4'.

The affirmation reflects its view that the company will be able to
maintain adequate liquidity to meet its debt obligations and keep
its financial metrics within the rating sensitivities for its
rating level over the rating horizon to 2023, despite its
expectation of a revenue and EBITDA contraction as a result of a
double hit from COVID-19 lockdowns and lower oil prices.

Fitch expects Anton's work load in the domestic market to continue
to rise in 2020 as China's gas production is expected to remain
steady despite the oil price decline. Anton's 1Q20 revenue in China
rose strongly despite a lockdown imposed in February. Fitch expects
some price and receivable collection pressure from lower oil
prices, which may be partially passed down to Anton's suppliers.
Fitch believes Anton now has greater flexibility in operating
expenditure (opex) and capex than in the last oil price downturn in
2015-2016, a result of the company's continuous efforts in
improving operational flexibility and transferring to an
asset-light model in the past few years. Fitch expects revenue from
its Iraqi operations to drop in the short term due to a delay in
order execution and new order bidding as a result of the travel
restrictions imposed under the coronavirus pandemic. Iraq's revenue
contribution could drop to 20%-30%, from a high of 40%.

Anton's liquidity is also adequate. The company issued USD300
million in bonds in end-2019, which could be used to repay the
USD300 million in bonds maturing this December. The company also
has adequate bank credit facilities to support its working-capital
needs, while the renewal of maturing loans and drawing down of
facilities have also been smooth so far.

KEY RATING DRIVERS

China Market Resilient: Fitch expects Anton's China operations to
be resilient under the oil price downturn due to its higher
exposure to gas exploration and production. Gas prices in China are
regulated, which reduces the impact of the oil price decline.
China's upstream producers are still committed to lifting gas
production for environmental reasons. China's lockdown measures in
February led to some delays in order execution for certain
oilfields, and delays in new order tendering. However, Anton's
order execution continued to rise by 34% yoy in 1Q20, although new
orders fell by 17%. Fitch expects its service price to decline,
leading to a slight drop in China revenue in 2020.

Weaker Iraqi Market: Contract executions in Iraq declined 26% yoy
in 1Q20. New orders, excluding its Majnoon contract extension, were
only CNY10 million. Management said this was mostly due to delays
in project execution and new orders for some of the projects owned
by Chinese oil companies due to COVID-19 travel restrictions. Fitch
thinks Anton may be able to take advantage of low oil prices to
gain an edge over its competitors due to its lower costs. However,
the backlog and new order decline may lower visibility for revenue
from Iraq. Uncertainty over the duration of the pandemic's impact
on order execution and new order bidding remains as the Iraqi
lockdown continues and confirmed cases rise. Fitch therefores
expect revenue from Iraq to drop by over 30% in 2020 and decline
further in 2021.

Anton's Majnoon integrated production management contract was
renewed by the Iraqi government for another year to 1H21. However,
management estimates the revenue contribution will drop to CNY400
million from CNY700 million previously. Management said this is
mainly due to a lower work load, while unit prices remain
unchanged. Payment from Majnoon was normal in 1Q20, but it thinks a
payment delay later in 2020 is likely, as low oil prices will
significantly lower the Basra Oil Company and the Iraqi
government's ability to pay for its services. Fitch did not factor
in an extension for Majnoon beyond 1H21 due to uncertainties over
Iraq's changing geo-political landscape.

Opex and Capex Flexibility: The company has moved its staff costs
to a work-load-linked basis. This, together with headcount cuts and
operational efficiency gains, could help it lower operating costs.
Receivable days from key customers will rise, although management
expects to pass through some of the price and receivable collection
pressure to suppliers. Anton is entering into some contracts with
suppliers that only require the company to pay suppliers after it
is paid by customers. Its counterparty profile has also improved
over the years with a higher contribution from Chinese national oil
companies, which have shorter receivable days than private oil
companies.

Anton's move towards an asset-light business model takes advantage
of its key strength in winning orders due to its technological
knowhow and marketing capability. This gives it flexibility in
cutting capex, without hurting future cash flows. The oversupply of
equipment since the last oil price downturn has also made equipment
readily available to Anton through leasing or cooperation with
equipment suppliers. Payable days for equipment could also rise as
oil prices fall, cutting cash capex further.

Backlog to Drop: Fitch expects Anton's backlog to drop as a result
of a revision and weaker new orders. Anton revised down its CNY1.2
billion backlog in Iraq, as management estimates the lockdown and
travel ban will affect the progress of some drilling, well
completion and work-over project implementation, although the
contracts remain valid. It also lowered CNY350 million in order
backlog in China, as it gave up some asset-heavy projects with long
working-capital turnover periods to preserve cash. As a result, the
backlog dropped to CNY4.8 billion by end-1Q20. Fitch expects more
backlog revisions for the rest of 2020 as oil prices dropped
further in early 2Q20 and Iraq remains under lockdown. Fitch
expects its backlog/bill ratio to drop to 1.3x in 2020, from a
historical 1.5x-1.6x.

Leverage Rising, Commensurate with 'B': Fitch expects EBITDA and
funds from operations to drop due to shrinking volume in Iraq
because of the pandemic and overall price pressure from low oil
prices. Fitch conservatively factored in a continuous high
working-capital outflow, as Fitch forecasts payables will not
increase as much as receivables, while there will also be inventory
pressure. Fitch believes the company has capex flexibility; thus,
Fitch expects free cash flow will be slightly negative in 2020
before returning to positive from 2021. Fitch expects FFO net
leverage to increase to 3.4x in 2020, from 2.4x in 2019, and return
to the 2019 level in 2022 when oil prices normalise.

DERIVATION SUMMARY

Anton's scale and market position are much weaker than that of
Precision Drilling Corporation (Precision, B+/Negative). Precision
has a leading market share in Canada with approximately 31% of
active rigs in key Canadian basins, and Fitch estimates it has the
fourth-largest market share in the US.

However, Precision's revenue contraction from the oil price
downturn may be wider as it focuses on the North American market,
where drilling activity has dropped more significantly. Fitch
expects Precision to continue generating FCF, but its leverage
ratio will rise materially due to much lower EBITDA, breaching its
negative trigger in 2020-2021. Anton's EBITDA decline, on the other
hand, will be lower due to its resilient Chinese operations. Fitch
expects leverage to rise, but it will remain below its downgrade
trigger.

Precision's liquidity position is better than that of Anton.
Precision has no significant maturities due until end-2023 and it
also has an undrawn USD500 million revolving facility, while Anton
has working capital loans that have to be renewed or rolled over
annually, although the process has been smooth so far.

KEY ASSUMPTIONS

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

  - Revenue to decline 18% in 2020, 8% in 2021, and recover from
2022

  - EBITDA margin of 29%-31% in 2020-2020, and rebound to 33% from
2022

  - Working-capital outflow of around CNY300 million in 2020-2022

  - Capex to drop below CNY100 million in 2020, and gradually
increase to CNY160 million in 2021, and over CNY200 million in
2022-2023

RATING SENSITIVITIES

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

  - Sustained generation of positive FCF to reduce net debt

  - FFO net leverage below 2.5x, FFO interest coverage above 3.5x
on a sustained basis

  - Material increase in business scale in terms of revenue and
EBITDA

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

  - FFO net leverage sustained above 3.5x, or FFO interest coverage
sustained below 2.5x

  - Higher contribution from lower-quality counterparties,
including local or national oil companies in lower-rated
sovereigns.

  - Deterioration in trading performance, including new orders,
project execution or margins that are worse than its expectations

  - Deterioration of liquidity, which includes evidence of failure
to draw down facilities, decline in available credit facilities, a
spike in interest costs, or other signs of weakening financing
capability

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Risk Manageable: Anton had available cash of CNY2.4
billion at end-2019, as the company had just completed the USD300
million bond issuance in December 2019. It has CNY2.7 billion in
short-term debt, among which, USD300 million (CNY2.1 billion) is a
US dollar bond that matures in December 2020, CNY92 million is a
scheduled repayment of its finance lease, and the remaining CNY0.5
billion are working-capital loans. Fitch expects its cash on hand
to be used to pay down its US dollar bonds and scheduled finance
lease payment.

The company had available bank facilities of CNY0.7 billion at
end-2019. Management said available facilities increased further in
2020 despite the oil price crash. The company paid down some bank
loans by end-2019, and according to management, most facilities
remain available, and some interest may drop when the facilities
are redrawn. Fitch expects the credit facilities to be sufficient
for Anton's working-capital needs, while the renewal or rolling
over of facilities and matured loans has been smooth so far. Its
facilities are from a diverse group of banks, which helps to
alleviate the potential liquidity crunch from a single-lender
withdrawing facility.

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).

LESHI INTERNET: To Be Delisted June 5 From Shenzhen Exchange
------------------------------------------------------------
Shen Xinyue and Denise Jia at Caixin Global report that the listing
of Leshi Internet Information & Technology Corp. is finally being
terminated on the Shenzhen Stock Exchange after three consecutive
years of losses and a suspension of trading for a year.

According to Caixin, the once high-flying video streaming site,
founded by fugitive and now bankrupt tycoon Jia Yueting, reported
negative net assets for 2018, and trading of its shares has been
suspended since May 13, 2019.

Caixin relates that things haven't turned around, though the
company is still operating. In its 2019 annual report, Leshi
disclosed its net loss nearly tripled and reported continued
negative net assets, triggering the delisting.

After the listing is terminated, the company' stock will enter a
transitional period starting June 5 and will be finally removed
after 30 days, Caixin says.

Leshi attributed the widening loss to debt claims related to its
sports and cloud service units. The claims are related to its
promise to repurchase shares from investors in the two units if
they failed to go public within an agreed period.

Caixin notes that the company has been mired in massive debt woes
since its parent LeEco was hit with a cash crunch after years of
aggressive expansion. Jia fled China to the U.S. and has not
returned since the summer of 2017, leaving behind CNY11.9 billion
($1.7 billion) of debts. Jia was blacklisted as a debt defaulter by
a Chinese court. In October, Jia filed for bankruptcy in the U.S.

Leshi Internet Information & Technology Corp., Beijing engages in
Internet video, and film and television production and distribution
businesses in China.

TAHOE GROUP: Fitch Cuts LT IDR & Senior Unsecured Rating to CC
--------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Tahoe Group
Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating and
senior unsecured rating to 'CC' from 'CCC+'. The Recovery Rating on
its senior unsecured rating is 'RR4'.

The downgrade follows signs of constrained liquidity at various
operating subsidiaries and weaker access to funding from non-bank
financial institutions. A lawsuit by Huaneng Trust, a substantial
lender that Tahoe has cooperated with for years, suggests that the
weakened funding access is not limited to smaller NBFIs. Fitch
believes Tahoe faces material near-term refinancing risks,
especially on a CNY1.5 billion medium-term note due July 5, 2020.

KEY RATING DRIVERS

Lawsuits at Subsidiaries: Tahoe announced on 11 May 2020 that
various court orders have been executed against the company and its
chairman over guarantees given to operating subsidiaries, with a
total amount of CNY1.9 billion. The announcement suggests that a
number of operating subsidiaries are facing liquidity constraints,
and the legal dispute with Tibet Trust announced on April 26 may
not have been an isolated incident. The company confirmed in
another announcement on 13 May there were other borrowings that
were not repaid on time.

Uncertainty over Refinancing: Tahoe plans to repay the CNY1.5
billion medium-term note due July 5 through new onshore issuance.
Fitch understands that the new bond quota will only be approved by
the regulator after Tahoe submits its 2019 annual results in
mid-June, leaving less than 20 days for the issuance. Tahoe had
CNY5.6 billion of cash on its consolidated balance sheet at
end-March 2020, but the recent lawsuits suggest that a large
portion of that is held at project companies to support ongoing
operations, leaving a limited amount for debt repayment.

In addition, Tahoe has USD840.5 million in offshore debt due over
the next 12 months. It has secured an offshore issuance quota of
USD550 million, though refinancing plans may face material
execution risks due to the current low market prices of its bonds.

Reliant on NBFI Financing: Tahoe is highly reliant on borrowings
from trust and asset-management companies, which accounted for
around 61% of total debt, while only 18% of total borrowings as of
end-1Q20 were from bank development loans. The lawsuits by trust
companies announced over the past month may further erode the
company's access to NBFI funding. In addition, Tahoe appears to
have limited access to the local bond market, as it has not issued
any domestic corporate bonds since August 2018.

Tight Liquidity: Tahoe had CNY70.2 billion in debt maturing or
puttable within 12 months as of end-1Q20, including CNY55.5 billion
in loans and CNY14.7 billion in capital-market debt. The company's
cash balance of CNY5.6 billion can only cover 8% of short-term
debt. Uncertainties over sales, especially for high-end products,
this year could add pressure on its liquidity.

ESG Governance - Management Strategy: Tahoe has an ESG Relevance
Score of '4' for management strategy in light of its weak liquidity
management. Tahoe's management strategy has a negative impact on
its credit profile, and is relevant to the rating in conjunction
with other factors. Fitch believes a clearer and longer record of
consistently improving liquidity by management would help in
removing the rating constraint.

ESG Governance - Financial Transparency: Tahoe has an ESG Relevance
Score of '4' for financial transparency. The company applied
aggressive accounting policies before it changed its auditor to
Dahua CPA, whose stricter accounting standards led to the
reclassification of some long-term borrowings as short-term debt in
2019. Tahoe's financial transparency has a negative impact on the
credit profile, and is relevant to the rating in conjunction with
other factors.

DERIVATION SUMMARY

Tahoe's ratings are constrained by its tight liquidity and
aggressive financial profile. Tahoe's business profile is similar
to that of higher-rated peers because of its large contracted sales
scale, premium land bank and diversification across regions and
products.

Tahoe's attributable sales scale of around CNY70 billion is much
larger than the around CNY20 billion of Guorui Properties Limited
(B-/Negative), which also has tight liquidity. However, Guorui's
leverage of 50%-55% is lower than that of Tahoe and it has a longer
land-bank life of over 10 years, compared with Tahoe's three
years.

Tahoe has a stronger business profile with a more diversified land
bank and much larger scale than Xinhu Zhongbao Co., Ltd.
(B-/Stable). Tahoe has over 90 projects across five economic areas
while Xinhu Zhongbao's land bank is concentrated in Shanghai and
the Yangtze River Delta with a total of 30 projects. Xinhu
Zhongbao's sales of CNY16 billion in 2019 were smaller than that of
Tahoe. Xinhu Zhongbao's churn rate, measured by contracted
sales/total debt, of below 0.25x is lower than Tahoe's 0.6x, but
its EBITDA margin, excluding capitalised interest, of over 30% is
wider than Tahoe's 25%-30%.

Xinhu Zhongbao's leverage of around 90% is higher than that of
Tahoe. However, Fitch believes Xinhu Zhongbao's near-term liquidity
is adequate following its recent asset sales.

KEY ASSUMPTIONS

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

  - Contracted sales to decrease by 10% in 2020 and stay flat
thereafter (2019: -3%)

  - 20% of sales proceeds to be used for land acquisition in 2020
and 2021 (2019: nil)

  - Cash collection rate of 75% in 2020 and 78% in 2021 (2019:
78%)

  - EBITDA margin, excluding capitalised interest, of around 28% in
2020 and 2021 (2019: 23.5%)

Key Recovery Rating Assumptions:

  - The recovery analysis assumes that Tahoe would be liquidated in
a bankruptcy rather than continue as a going concern due to the
asset-heavy nature of the Chinese homebuilding sector.

  - Fitch has assumed a 10% administrative claim.

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

  - Tahoe's cash balance at end-1Q20 was lower than accounts
payable, so Fitch attributed a 100% advance rate to cash while
including accounts payable as first priority in the distribution
waterfall.

  - 25% haircut to net inventory and joint-venture net assets in
light of Tahoe's EBITDA margin of 25%-30%

  - 65% haircut to investment properties after considering Tahoe's
low rental yield and the quality of its investment property assets

  - 30% standard haircut to account receivables

  - 40% standard haircut to net property, plant and equipment

  - 70% haircut to available-for-sale financial securities

Based on its calculation of the adjusted liquidation value after
administrative claims, Fitch estimates the recovery rate of the
offshore senior unsecured debt to within the 'RR4' recovery range.

RATING SENSITIVITIES

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

  - Evidence of improved access to funding channels

  - Introduction of new material liquidity sources, such as asset
sales and capital injections

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

  - The start of a default or default-like process

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

Tight Liquidity: Tahoe's cash balance of CNY5.6 billion was
insufficient to cover its CNY70.2 billion in debt maturing or
puttable within 12 months at end-1Q20. Tahoe's short-term debt
obligations included CNY8.9 billion in domestic corporate bonds,
CNY5.8 billion (USD840.5 million) in senior notes and CNY55.5
billion in financial institution loans. Fitch sees limited access
to capital-market funding and weakened access to NBFI funding for
Tahoe.

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

Tahoe has an ESG relevance score of '4' for Governance - Management
Strategy and Financial Transparency, which has a negative impact on
the company's credit profile and is relevant to the rating in
conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.



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

AARADHYA DISPOSAL: CRISIL Lowers Rating on INR11cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Aaradhya
Disposal Industries Private Limited (ADIIL) to 'CRISIL B+/Stable
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')
  
   Term Loan             7.75       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ADIIL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 ADIIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ADIIL 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 ADIIL to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

ADIIL was previously set up as a partnership firm in 2013 (refers
to calendar year, January 1 to December 31) and was reconstituted
with its current name in 2015. It manufactures paper cups, paper
cup blank and paper cup bottom roll. The manufacturing facility is
located in Dewas, Madhya Pradesh. The company is promoted by Mr
Sunil Maheshwari and Mr Anil Maheshwari.

ACCURATE INFRA: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Accurate Infra
Industries Private Limited (AIIPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         3        CRISIL D (ISSUER NOT COOPERATING)
   Term Loan           8        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with AIIPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 AIIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AIIPL 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 AIIPL continues to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in 2012, Accurate Infra Industries Private Limited
(AIIPL) is promoted by Mr. Jagdish Poriya. The company manufactures
Autoclave Aerated Conctrete Blocks (AAC) which are used in building
construction.

ADITYA SALES: CRISIL Maintains B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aditya Sales (AS)
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              9         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AS for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 AS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AS 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 AS continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

AS, a partnership firm incorporated by Mr. Shailendra Agarwal and
Ms. Abhilasha Agarwal, is an auto-dealer for Honda's two-wheeler
passenger segment in Lucknow (Uttar Pradesh).

AGARWAL TOUGHENED: CRISIL Lowers Rating on INR3.25cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Agarwal
Toughened Glass India Private Limited (ATGPL) to 'CRISIL B+/Stable
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Electronic Dealer      2         CRISIL B+/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Revised from
   (e-DFS)                          'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         3.25      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Standby Letter         0.45      CRISIL B+/Stable (ISSUER NOT
    of Credit                       COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ATGPL for obtaining
information through letters and emails dated
October 15, 2019 and April 11, 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 ATGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ATGPL 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 ATGPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

Established in 2009, the company manufactures toughened glass and
is promoted by Mr Uma Shankar Agarwal and Mr Mahesh Kumar Agarwal.
The business operations commenced in May 2016 and the company is
based out of Jaipur, Rajasthan.

AL-BADRIYA WOOD: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Al-Badriya Wood
Industries (ABWI) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.4       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       2         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1.18      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)


   Term Loan              1.17      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ABWI for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 ABWI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ABWI 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 ABWI continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

Incorporated in 2005, ABWI is a Mangalore (Karnataka)-based firm
engaged in trading in and processing timber. The firm is promoted
and managed by Mr. Anwar Sadath.

AMISH DAIRY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Amish Dairy And Foods
Private Limited (Amish) continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              1         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Fund-         1.25      CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

   Term Loan              5.75      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Amish for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 Amish, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Amish 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 Amish continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

Amish Dairy, incorporated in March 2015, is promoted by Mr Pradeep
Tiwari and his family. The company processes dairy products such as
milk, curd, and ghee under the Gowpad brand. Its manufacturing unit
is at Sivan in Bihar with installed capacity of processing 5000
lpd.

ANMOL FEEDS: CRISIL Lowers Rating on INR7.5cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Anmol Feeds
Private Limited (AFPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit       3.0       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with AFPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 AFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AFPL 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 AFPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.

AFPL, incorporated in 2001, manufactures feed for poultry, cattle,
and fish. Its daily operations are managed by promoter Mr. Amit
Kumar Sarawagi.

ARYA STEELS: CRISIL Lowers Rating on INR18cr Cash Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Arya Steels
Rolling India Limited (ASRIL) to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            18        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit        5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ASRIL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 ASRIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASRIL 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 ASRIL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Incorporated in 2006, ASRIL is promoted by Mr. Rajendra Prasad
Singla and operates a steel rolling mill. The company is based in
Kolhapur (Maharashtra).

BALDEO METALS: CRISIL Lowers Rating on INR5cr Cash Loan to 'B+'
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Baldeo Metals
Private Limited (BMPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit      30         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Fund-         2         CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BMPL for obtaining
information through letters and emails dated November 30, 2019 and
April 11, 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 BMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BMPL 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 BMPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

BMPL was initially established as Baldeo Metal Works, a
proprietorship firm, by Mr Shyam Bihari Goyal in 1990; the firm was
reconstituted as private limited company with the current name in
1997. BMPL primarily trades in nonferrous metals, particularly
copper.

BALODIA RICE: CRISIL Lowers Rating on INR2.25cr Cash Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Balodia Rice
Mill (BRM) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            2.25      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     0.09      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             1.66       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BRM for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 BRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BRM 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 BRM revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Set up as a partnership firm in December 1994, BRM mills
non-basmati rice under its own brand as well as on job-work basis
for the Food Corporation of India. The processing unit is located
in Saraipali, Chhattisgarh. Operations are managed by Mr Pawan
Agarwal, along with his son, Mr Akhil Agarwal and brother, Mr Manoj
Agarwal.

BHAWANI SAW: CRISIL Maintains B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhawani Saw
Mill-Bangalore (BSM) continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

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

   Letter of Credit     4.1         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   3.4         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with BSM for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 BSM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BSM 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 BSM continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

Established in 1986 as a partnership Firm, BSM is engaged in the
trading of timber logs. Based in Bangalore, Karnataka, the firm is
promoted and managed by Arjun K Patel, Jagadish Kumar, Kantilal A
Patel, and Shanta Ben B Patel.

BHUMI GINNING: CRISIL Keeps B+ INR5cr Debt Rating in Not Coop.
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhumi Ginning & Seeds
Processing Plant. (BGSPP) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BGSPP for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 BGSPP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BGSPP 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 BGSPP continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Set up in 2006 in Sankheda, Gujarat, as a partnership firm by Mr.
Parimal Shah, Mr. Satyam Shah, and their family members, BGSPP gins
and presses cotton.

BILAGI SUGAR: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bilagi Sugar Mill
Limited (BSML) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR2,446.79 bil. (outstanding as of March 31, 2020) Term loan
     due on FY28 assigned with IND B+/Stable rating; and

-- INR1,834.10 bil. Fund-based limits assigned with IND B+ /
     Stable / IND A4 rating.

KEY RATING DRIVERS

The ratings reflect BSML's weak credit metrics with interest
coverage (operating EBITDA/gross interest expenditure) of 1.32x in
FY19 (FY18: 1.96x) due to high-interest expense, resulting from
high external borrowings. The net adjusted leverage (net
debt/operating EBITDA) was elevated at 9.44x in FY19 (FY18: 11.84x)
due to high debt. BSML is incurring CAPEX amounting to INR970
million over FY20-FY21 to set up a 60-kilo liter per day ethanol
unit; the company plans to commence the manufacturing of ethanol
from sugar season (SS) 2021-2022. The CAPEX is being funded through
a term loan of INR682.5 million and an equity infusion of INR290
million by the promoters. The agency expects BSML's credit metrics
to remain weak in the long term due to the additional debt taken by
the company.

Liquidity Indicator - Poor: BSML's cash flow from the operation was
negative INR576 million in FY19 (FY18: negative INR166 million),
mainly due to a high inventory of INR2,239 million (INR1,812
million). Its operations are being financed through additional
debt. BSML's gross working capital cycle was long at 420 days in
FY19 (FY18: 630) due to high inventory days of 420 (630) owing to a
sharp fall in sugar prices, coupled with sugar release quota by the
central government. Ind-Ra expects the inventory days to have
remained high in FY20 and increase further in the initial quarters
in FY21 due to the company's inability to sell the allocated sugar
quota in April 2020, coupled with the unsold stock of March 2020.

BSML's peak utilization of working capital limits averaged 100% of
drawing power over the 12 months ended in January 2020. In addition
to the sugar inventory build-up, the working capital might be
affected by a stretch of receivables caused by the lockdown. The
company also had cane arrears amounting to INR700 million at
end-March 2020. BSML raised an additional working capital loan of
INR520 million on March 31, 2020, and has availed moratorium (in
accordance with the Reserve Bank of India's circular) over March
2020 to May 2020 from two banks

The rating factor in the inherent volatility in the sugar industry
characterized by structural weakness in the form of regulated/fixed
input prices (cane costs) and market-linked sugar prices.
Furthermore, intense competition results in the millers paying cane
prices in excess of fair and remunerative prices. This leads to
volatility in the margins of sugar players and results in the
accumulation of cane arrears in the event of an imbalance in demand
and supply, and a consequent crash in prices.

The ratings further factor in BSML's small scale of operations even
as the revenue rose 65% YoY to INR2,474.18 million in FY19,
primarily due to over 115% increase in sugar sales volumes to
74,406 metric ton, coupled with an increase in recovery to 10.89%
in FY19 from 10.37% in FY18. However, the company's revenue growth
dropped to 7% YoY in FY20.  Ind-Ra further expects the company to
achieve subdued revenue growth in FY21 on account of the crushing
operations being affected due to lockdown, supply chain
disruptions, labor shortage, and reduced user industry demand.

The ratings are supported by the company's healthy EBITDA margin
even as it declined marginally to 23% in FY19 from 25% in FY18 due
to an increase in cane procurement cost. The management expects to
have achieved a margin of 25% in FY20. The company has a long-term
power supply contract of 20 years with the Hubli Electricity Supply
Company. Ind-Ra expects ethanol production to aid EBITDA margins;
however, getting a license to manufacture ethanol and enter tie-ups
with oil manufacturing entities to supply ethanol will be key for
BSML.

The ratings further factor in BSML's operational track record of
over 15 years.

RATING SENSITIVITIES

Negative:  Further liquidity deterioration or a further
deterioration in the operating performance will be negative for the
ratings. Any cost and time overrun in the CAPEX will be negative
for the ratings.

Positive: A significant improvement in the working capital cycle
along with operating performance positions, leading to an
improvement in the leverage below 5x on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2001, BSML has an integrated sugar plant with a
cane crushing capacity of 10,000 tons crushed per day and a
cogeneration capacity of 38MW with its factory in Badagandi,
Bagalkot Karnataka. Additionally, the company is in the process of
setting up 60 kiloliters per day ethanol unit. The registered
office of the company is in Bilagi, Bagalkot District.

BINOD CAR: CRISIL Lowers Rating on INR4cr Cash Loan to B+
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Binod Car
World Private Limited (Binod) to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

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

   Channel Financing       4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      1.55     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with Binod for obtaining
information through letters and emails dated
October 15, 2019 and April 11, 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 Binod, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Binod 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 Binod Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

Binod was incorporated in November 2010 by three brothers: Mr Arun
Agarwal, Mr Niraj Agarwal and Mr Vineet Agarwal. It is an
authorised dealer for Nissan's passenger cars and sports utility
vehicles.

BRANCO INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Branco Industries
Private Limited (BIPL) continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Buyers Finance         4         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              3.6       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BIPL for obtaining
information through letters and emails dated November 30, 2019 and
April 11, 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 BIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BIPL 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 BIPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

BIPL, incorporated in 2014, has recently set up manufacturing unit
of brass parts and components. The company is promoted by Mr Sanjay
Jain, Mr Rajesh Jain, Mrs Neena Jain, Mr Ayush Jain and Mr Sunil
Kumar Jain. The recently established manufacturing unit is located
in Jammu and has an installed capacity of 1000 metric tonne per
annum (MTPA) each for rods/sections and brass components.

BRC INFRA: CRISIL Lowers Rating on INR6cr Secured Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of BRC Infra
Private Limited (BRC) to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Secured Overdraft      6       CRISIL B+/Stable (ISSUER NOT
   Facility                       COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with BRC for obtaining
information through letters and emails dated December 31, 2019 and
April 11, 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 BRC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BRC 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 BRC Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

BRC was originally incorporated as CRK Infrastructure Developers
Pvt Ltd (CRK Infra) on July 5, 2007. Mr B Ramesh and his business
associates took over the residential project Sree Hema Durga Siv
Hills at Puppalaguda, Hyderabad (Andhra Pradesh), which was being
implemented by CRK Infra. CRK Infra's name was changed to the
current one in December 2011. BRC is currently executing this
project.

CHABBRA'S ASSOCIATES: Ind-Ra Hikes Rating to 'BB+', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Chabbra's
Associates' (CA) Long-Term Issuer Rating to 'IND BB+' from 'IND BB
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based limits upgraded with IND BB+/Stable
     rating; and

-- INR385 mil. Non-fund-based limits affirmed with IND A4+
     rating.

The upgrade reflects the sharp increase in CA's revenue in FY20P
(P: provisional results), driven by aggressive bidding and
increased participation in tenders, the continued strength of the
credit metrics despite a sharp increase in debt levels, and
moderate revenue visibility. Also, despite the COVID-19 situation,
the government of Telangana paid dues of INR300 million to the
company in April 2020, thereby improving its liquidity position.

KEY RATING DRIVERS

CA's operating revenue grew by 11.1% YoY to INR2,000 million in
FY20P (FY19: up 133.3% YoY). As of March 31, 2020, CA had an order
book of INR4,390 million, indicating moderate revenue visibility of
2.19x of the company's revenue in FY20P. The company's revenue had
increased sharply in FY19 due to the execution of more number of
orders. Toll plaza collection accounted for 24.3% of the company's
revenue in FY19, while the civil construction business constituted
75.7%. The toll plaza agreement is scheduled to expire in July
2020.

Also, despite a substantial increase in debt levels to INR188
million in FY20P (FY19: INR153 million), CA's credit metrics
remained strong on the back of healthy EBITDA margins. In FY20P,
gross interest coverage (operating EBITDAR/gross interest expense)
declined to 4.6x (FY19: 5.1x), as the rise in debt levels to an
increase in interest costs. The net financial leverage (total
adjusted net debt/operating EBITDAR) remained fairly stable at 1.2x
in FY20P (FY19: 1.1x) as the increase in absolute EBITDA to INR142
million in FY20P (FY19: INR122 million) almost offset the rise in
debt levels. The EBITDA margin increased slightly to 6.9% in FY20P
(FY19: 6.8%; FY18: 8.3%) due to a decline in raw material costs.
The RoCE was 22% in FY19 (FY18: 15%).

Liquidity Indicator – Adequate: The average maximum fund-based
limit utilization was around 84% over the 12 months ended in March
2020.  The cash flow from operations increased to INR52 million in
FY19  (FY18:  INR9 million), as the networking capital cycle
improved to 41 days  (90 days) due to a decrease in the debtor
days. The unrestricted cash balance stood at INR25million in FY19
(FY18: INR1 million). The company has scheduled debt repayment
obligations of INR 39.1 million FY21 and INR 1.23 million in FY22.
However, the receipt of INR300 million from the government of
Telangana in  April 2020 has reduced the stress on the company's
liquidity position.CA has not availed the Reserve Bank of
India-moratorium.

However, the ratings continue to be constrained by the moderate
geographical concentration risk, given that CA's projects are
largely based in Andhra Pradesh (25% of order book), Telangana (49%
of order book) and Jharkhand (26% of order book). Also, the
business is a partnership.

The ratings are supported by the promoters' experience of over two
decades in civil construction (buildings and roads).

RATING SENSITIVITIES

Positive: Significant growth in the revenue and margins, leading to
the net leverage remaining below 2.5x, and maintaining the
liquidity position, all on a sustained basis, would lead to
positive rating action.

Negative: Decline in the revenue and fall in the EBITDA margins,
leading to the net leverage rising above 3x, along with
deterioration in the liquidity position, all on a sustained basis,
would lead to a rating downgrade.

COMPANY PROFILE

Incorporated in February 1997, CA is a partnership firm based in
Secunderabad, Hyderabad. The firm is primarily engaged in civil
construction. In addition, it is engaged in the toll plaza
collection. It is promoted by Suresh Kumar Chabbra, Ramesh Kumar
Chabbra, and Vidya Devi Chabbra.

DELUXE KNITTING: CRISIL Keeps 'C' Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Deluxe Knitting Mill
(DKM) continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting      0.5        CRISIL C (ISSUER NOT
                                    COOPERATING)

   Mortgage Loan         8.0        CRISIL C (ISSUER NOT
   Facility                         COOPERATING)

   Packing Credit        3.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with DKM for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 DKM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DKM 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 DKM continues to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

Established as a partnership firm at Tiruppur, Tamil Nadu, in 1987,
DKM exports knitted garments.

DESAI AND COMPANY: CRISIL Cuts Rating on INR6.0cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Desai and
Company (DSC) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.8        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit           6.0        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    0.18       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              .2        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with DSC for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 DSC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DSC 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 DSC revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Set up in 1939 as a partnership firm, DSC is an authorised dealer
of Tractors and Farm Equipment Ltd and Force Motors Ltd.

DHUNDHWAL BROTHERS: CRISIL Cuts Rating on INR2cr Loan to 'B+'
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Dhundhwal
Brothers (DB) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         6         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Overdraft              2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from    
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     2         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from    
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with DB for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 DB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DB 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 DB revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Incorporated in 1993, Dhundhwal Brothers (DB), is promoted by
Dhundhwal Family. The firm is engaged into civil construction. The
firm is into construction of road.

DIMPLE CREATIONS: CRISIL Cuts Rating on INR6cr Loan to B+
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Dimple
Creations Private Limited (DCPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting        4        CRISIL A4 (ISSUER NOT
   under Letter of                  COOPERATING; Revised from
   Credit                           'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Packing Credit         15        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Term Loan               6        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with DCPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 DCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DCPL 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 DCPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.

DCPL, set up in 1981, manufactures and exports readymade garments
for kids and women. The company was promoted by Ms Vandana Nayyar
and her husband - Mr Praveen Nayyar. Currently, operations managed
by Ms Vandana Nayyar's daughter - Ms Ravija Nayyar and her husband
- Mr Sharad Duggal.

DUDI AND COMPANY: CRISIL Cuts Rating on INR4.0cr Loan to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Dudi and
Company (Dudi) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         12        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

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

   Proposed Long Term      4.0      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with Dudi for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 Dudi, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Dudi 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 Dudi revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Set up in 2000, Dudi & Co. (Dudi), is promoted by Dudi Family. The
company is engaged into civil construction. The company is into
construction of roads and bridges.

ENNJAY ENTERPRISES: CRISIL Cuts Rating on INR8.0cr Loans to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Ennjay
Enterprises (EE) to 'CRISIL B+/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        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 EE for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 EE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EE 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 EE Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

Ennjay Enterprises is a proprietorship concern of Mr N Jayaprakash,
and is based in Kollam. The firm processes raw cashews.

FRIENDS AGRICHEM: CRISIL Cuts Rating on INR7.8cr Loan to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Friends
Agrichem Private Limited (FAPL) to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

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

   Long Term Loan          2.2      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      7.8      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with FAPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 FAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on FAPL 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 FAPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

FAPL is promoted by Mr Neeraj Goyal and his family located in Kota
district of Rajasthan. The company was established in 2009 and is
engaged in milling, polishing and sorting of basmati rice. It also
commenced operations of its dal unit in November 2017.

FUTURE MOBILE: CRISIL Lowers Rating on INR75cr Cash Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Future Mobile
LLP (FML) to 'CRISIL B+/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            75        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with FML for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 FML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on FML 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 FML Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

Set up in 2016, FML, promoted by Mr. Madhav Sheth is the sole
authorized online retailer of OPPO mobiles in India.

IVR HOTELS: Ind-Ra Affirms 'D' Issuer Rating, Moves to Non-Coop.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IVR Hotels and
Resorts Limited's (IHRL) Long-Term Issuer Rating at 'IND D' and has
simultaneously migrated it to the non-cooperating category. 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 rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR450 mil. Term loans (Long-term) issued on FY24 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 IHRL's continued delays in debt servicing
during the 12 months ended April 2020.

RATING SENSITIVITIES

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

COMPANY PROFILE

IHRL is a subsidiary of IVRCL Limited ('IND D').  It is developing
a golf township project in Sriperumbudur, Chennai.

IVRCL LIMITED: Ind-Ra Affirms 'D' Issuer Rating, Moves to Non-Coop.
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IVRCL Limited's
Long-Term Issuer Rating at 'IND D' and has simultaneously migrated
it 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 these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR16.800 bil. Consortium fund-based limits (long-term)
     affirmed and migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR19.460 bil. Long-term loans (long-term) due on FY24
     affirmed and migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR2.0 bil. Non-convertible debentures (long-term) issued on
     December 2009 ISIN INE875A07014 12.15% coupon rate matured on

     December 19, 2013 affirmed and migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR48.50 bil. Consortium non-fund based limits (long-
     term/short-term) affirmed; 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 failure of IVRCL's corporate debt
restructuring process and the initiation of insolvency proceedings
against the company. IVRCL reported continued delays in debt
servicing during the 12 months ended in April 2020.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

Hyderabad-based IVRCL provides engineering, procurement, and
construction services to the sectors of irrigation, water supply,
transportation, buildings, and industrial structures. It is listed
on the National Stock Exchange and Bombay Stock Exchange.

K MOHAN: CRISIL Withdraws 'C' Rating on INR38.5cr Loan
------------------------------------------------------
CRIISL has reaffirmed its 'CRISIL C' rating on the long term bank
facilities of K Mohan and Company (Exports) Private Limited
(KMCPL). CRISIL has also withdrawn its rating on the proposed long
term bank loan facility of Rs.38.5 crores based on the managements
request, which is in line with CRISIL's policy on withdrawal of its
ratings.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              10        CRISIL C (Reaffirmed)

   Export Packing Credit     8        CRISIL C (Reaffirmed)
   Proposed Working

   Capital Facility         38.5      CRISIL C (Withdrawn)

The rating reflects the benefits that below-average financial risk
profile and working capital-intensive operations. These rating
weaknesses are partially offset by Extensive experience of the
promoters in the readymade garment industry and funding support
from the promoters.

Analytical Approach

CRISIL has treated unsecured loans of INR27.88 crore as on 31st
March 2019 as neither debt nor equity as it is expected to be
retailed in the company over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile:  Financial risk profile is
marked by a negligible networth due to past losses and high gearing
estimated as on March 31, 2020. Debt protection metrics were also
weak, with interest coverage ratios of below unity in fiscal 2020.

* Working capital-intensive operations:  Operations are moderately
working capital-intensive, as reflected in gross current assets of
88 days as on March 31, 2019, driven by inventory of 34 days.
Payables of around 101 days and bank limit have aided working
capital management.

Strengths:

* Extensive experience of the promoters in the readymade garment
industry:  The promoters, the Mahtaney family, have been engaged in
the textile business for over three decades. Their longstanding
presence has helped the company establish a strong track record
with customers. KMCPL exports its customised garments to countries
such as US, Switzerland, Canada and Australia.

* Funding support from the promoters:  The promoters have extended
support via unsecured loans, which stood at INR27.88 crore as on
March 31, 2019. These loans carry no interest. Going forward, this
support is expected to continue over the medium term.

Liquidity Poor

In the absence of any debt obligation, net cash accrual of around
expected in the near term, will be subdued. Bank limit utilisation
was almost full, averaging around 99% for the 12 months ended
February, 2020. Need-based funding support from the partners is
expected to continue.

Rating Sensitivity factors

Upward factors:

* Growth in revenue by 25% and turn around in the operating margin,
leading to better cash accrual
* Improved working capital management

Downward factors:

* Weakening of the business risk profile, due to revenue de-growth
or further fall in profitability
* Stretch in working capital cycle, weakening gearing or interest
coverage ratio
* Delays in repayment of interest on working capital debt

KMCPL, based in Bengaluru, Karnataka, was established in 1973 and
is managed by Mr. Raju M Mahtaney. The firm manufactures and
exports readymade garments.

KVR INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Kvr Industries
Private Limited (KVRIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          27.08       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest       1.92       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Long Term Loan       16.00       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KVRIL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 KVRIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KVRIL 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 KVRIL continues to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in 2009, KVRIL manufactures newsprint paper and
writing and printing paper. The company is promoted by Mr. Kotha
Venkata Rao.

MAHESHWARI FABTEX: CRISIL Cuts Rating on INR8cr Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Maheshwari Fabtex Private Limited (MFPL) to 'CRISIL D from 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Long Term Loan         1.5       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term     0.5       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')
     
The downgrade reflects delays in servicing of term debt obligations
and irregularities in cash credit account for over 3 months.

The rating continues to reflect the company's small scale of
operations in the highly competitive textile trading industry and
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters.


Key Rating Drivers & Detailed Description

* Delays in debt servicing:  There have been irregularities in the
cash credit account along with delays in debt servicing by the
company, for more than 3 months period.

Weaknesses

* Small scale of operations:  Despite improvement, scale of
operation remains modest because of intense competitive pressure:
operating income is estimated at INR61 crore in fiscal 2019.
Furthermore, competition from cheaper imports, limited value
addition, and product differentiation constrains the bargaining
power of traders. Operating margin (3.3% in fiscal 2019) has,
therefore, remained thin.

* Below-average financial risk profile:  Financial risk profile is
weak. Networth remained modest at an estimated INR3.47 crore as on
March 31, 2019. Total outside liabilities to adjusted networth
ratio was high at 4.63 times (provisional) but likely to improve
over the medium term, backed by the absence of any capital
expenditure and gradual repayment of loans. Debt protection metrics
were average, with interest coverage and net cash accrual to total
debt ratios estimated at 1.6 times and 0.08 time, respectively, in
fiscal 2019.

Strengths

* Extensive experience of the promoters:  Benefits from the
promoters' experience of two decades and their healthy
relationships with suppliers and customers should continue to
support the business. Clients include players such as Raymond Ltd,
Bombay Dyeing, S Kumar, and Grasim Industries. The company has also
started weaving grey fabric on job work basis for Bombay Dyeing.

Liquidity Poor

Liquidity is poor as can be seen from continued irregularities in
working capital facility as well as delays in repayments of term
loan obligations.

Rating Sensitivity Factors
Upward factors

* Track record of timely debt servicing for at least over 90 days
* Improvement in financial risk profile.

Incorporated in 2002, MFPL primarily trades in grey and shirting
fabric. In 2009, it started undertaking job work (for weaving grey
fabric from yarn) for local dealers and traders. The manufacturing
unit is in Bhiwandi, while the head office is in Mumbai. The
promoters also operate two other entities: Khator Fibre and Fabrics
Ltd and Goyal Creations Pvt Ltd. Operations are managed by Ms Bina
Devi Khator and her nephew, Mr Praful Khator.

MOTHERS AGRO: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mothers Agro Foods
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 action is:

-- INR60.00 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
14, 2019. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Mothers Agro Foods was incorporated in 2004 by TP Varkey and Dhanya
Varkey in Ernakulum. The company is engaged in wheat processing.


NAYARA ENERGY: Moody's Withdraws Ba3 CFR for Business Reasons
-------------------------------------------------------------
Moody's Investors Service has withdrawn Nayara Energy Limited's Ba3
corporate family rating and its negative outlook.

RATINGS RATIONALE

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

Nayara Energy Limited is a refiner and supplier of petroleum
products in India and overseas. It operates the country's second
largest single-site refinery in Gujarat, with a nameplate capacity
of 405 thousand barrels per day and a high complexity index of
11.8.

Nayara is 49.13% owned by a wholly owned subsidiary of PJSC Oil
Company Rosneft and 49.13% owned by Kesani Enterprises Company
Limited, a consortium led by the commodity trader, Trafigura, and
the Russian private equity group United Capital Partners PE
Investment Ltd. The remaining 1.74% stake is held by retail
investors.

PHOSPHATE COMPANY: Ind-Ra Moves BB Issuer Rating to Non-Coop.
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated The Phosphate
Company 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:

-- INR180 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR220 mil. Non-fund-based working capital limits Migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
14, 2019. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in February 1949, The Phosphate Company is one of the
oldest single super phosphate manufacturing units in eastern India.
The company commenced commercial production started at Rishra in
the Hooghly district of West Bengal in the 1950s. It was founded by
the Bangur and Khaitan families, who are accredited with
industrialization in eastern India.


TOPSUN ENERGY: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Topsun Energy
Limited's (TEL) Long-Term Issuer Rating to 'IND BB+ (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND BB+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR25.7 mil. Term loan due on September 2019 downgraded with
     IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR315 mil. Fund-based facility downgraded with IND BB+
     (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR522 mil. Non-fund-based facility downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

TEL has a lower public rating from another credit rating agency,
with which the company has been cooperative.

COMPANY PROFILE

Incorporated in 2007, TEL manufactures photovoltaic modules at its
facilities in Gandhinagar and Mehsana. It has a total capacity of
100MW at an efficiency level of 320-watt peak crystalline modules.
In addition, the company is engaged in the integration and
installment of rooftop solar panels and solar water pumps.


VENUS INDUSTRIAL: CRISIL Moves B+ Ratings from Not Cooperating
--------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its ratings
on the bank facilities of Venus Industrial Corporation Private
Limited (VICPL) to 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating' vide Rating Rationale dated January 16, 2020.
However, VICPL has subsequently provided the necessary information
and CRISIL has migrated the ratings to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

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

   Import Letter           0.5      CRISIL A4 (Migrated from
   of Credit Limit                  'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Long Term Loan         24        CRISIL B+/Stable (Migrated    
                                    from 'CRISIL BB+/Stable
                                    ISSUER NOT COOPERATING'

   Proposed Fund-          8.5      CRISIL B+/Stable (Migrated
   Based Bank Limits                from 'CRISIL BB+/Stable
                                    ISSUER NOT COOPERATING'

The rating action reflects significant deterioration in financial
risk profile. The Total outside liabilities to total net worth has
deteriorated to 5.7 times as on March 31, 2020 from 4.43 times as
on 31st March 2018, due to significant debt funded capital
expenditure undertaken over the last three fiscals ending FY2020.
The debt funded capital expenditure has led to increase in fixed
debt obligation to around INR16.55 crores in FY20. However, due to
lower expected turnover and constrained profitability, the net cash
accruals are expected to be lower at around INR9 crores in FY20.
Hence, the NCA/LTD ratio has significantly deteriorated to 0.44
time in FY2020 from around 2 times in FY2018, implying
deterioration in overall financial flexibility of the group. The
gap between net cash accruals and repayment is expected to remain
significant in FY21 also. The rating factors in support from
promoters in terms of unsecured loans in time bound manner.

With nation-wide lockdown since 24th March 2020 to combat COVID-19,
the business and financial risk profiles is expected to remain
impacted. That said, the ability of the business to revert back to
operational stability and any relief measures given by the
government will be a key monitorable, and CRISIL will continue
monitoring these events.

The ratings on the bank facilities of VICPL reflects susceptibility
of margins to volatility in raw material prices and weak financial
risk profile. These strengths are partially offset by extensive
experience of the promoters in the industry with established
customer base and diversified product profile.

Analytical Approach

CRISIL has consolidated the business and financial risk profile of
VICPL with its group companies Venus Stampings Private Limited
(VSPL) and Shivani Locks Pvt Ltd (SLPL) together referred as the
Venus group, as all the companies are engaged in similar line of
business and have common management.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Financial risk profile is weak, as
reflected in high TOL/TNW of 5.7 times as on 31st March 2020 and
weakened debt protection metrics. The interest coverage has
deteriorated to 1.6 times in FY20 from 3 times in FY2018 and NCAAD
of 0.06 time in FY20 from 0.21 time in FY2018. Going forward, the
financial risk profile is expected to remain weak due to
deterioration in overall business risk profile.

* Susceptibility of margins to volatility in raw material prices:
The main raw material is steel coils and sheets. The prices of
steel have been volatile in the past. Because of the competitive
nature of the business, the company has limited ability to pass on
the price hike to its customers. This is also reflected in its low
and volatile operating margin between 2.5-5.5% over last three
years ending fiscal 2020.

Strengths

* Extensive experience of promoters in the industry with
established customer base:  The group's promoters have been in the
precision component industry for more than three decades, and have
developed understanding of the dynamics of the industry and local
market, which has helped the group expand its product portfolio and
establish strong customer relationships leading to repeat orders.
This has led to a moderate scale of operations reflected in
turnover of INR543.7 crores in FY2020.

Liquidity Poor

Liquidity is weak marked by Bank line utilization of an average of
75% for the past 12 months ending March 2020. Further, the net cash
accruals are expected to be around INR1-2 crores in FY21 against
repayment of INR16.55 crores. The deficit is expected to be met
through infusion of unsecured loans and higher bank limit
utilization. The unsecured loan is at INR14.75 crores as on
March 31, 2020.

Outlook: Stable

CRISIL believes that Venus group will benefit over the medium term
from its promoters' extensive experience in the auto components
industry.

Rating Sensitivity Factors

Upward Factors

*Improvement in scale of operations and operating margins leading
to net cash accruals of more than INR20 crores
*Improvement in financial risk profile

Downward Factors
*Deterioration in operating margins to below 3%
*Stretch in liquidity profile marked by bank limit utilization
beyond 95%.


                          About the Group

VICPL was incorporated in 1996 by Mr. D N Kathuria, Mr. R D
Kathuria & Mr. K L Kathuria. The company is engaged in the
manufacturing of precision sheet metal components, primarily, to
the automotive industry. The company's manufacturing facilities are
situated at Faridabad, Haryana.

SLPL was incorporated in 1988 by Mr. D N Kathuria, Mr. K L
Kathuria, Mr. Naresh Kathuria and Mr. Raj Kathuria. The company is
engaged in the manufacturing of precision sheet metal components,
primarily, to the automotive industry. The company's manufacturing
facilities are situated at Faridabad, Haryana.

VSPL was incorporated in 1985 by Mr. KrishanLal Kathuria and
family. The company is engaged into manufacturing of electrical
lamination for electric motors, starter motors, alternators, wiper
motors, radiator fan motors, switch gear controls and energy
meters. The company's manufacturing facilities are situated at
Faridabad, Haryana.

WHISTLE MEDIA: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Whistle Media Network
Private Limited (WMNPL) continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash          10        CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

   Proposed Short          3        CRISIL A4 (ISSUER NOT
   Term Bank Loan                   COOPERATING)
   Facility                
                                    
   Proposed Term          35        CRISIL B/Stable (ISSUER NOT
   Loan                             COOPERATING)

CRISIL has been consistently following up with WMNPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 WMNPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on WMNPL 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 WMNPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

Incorporated in 2014 by Mr. KalyanSundaram WMNPL is planning to
broadcast 'Whistle TV' a hindi music channel which is expected to
launch in March 2018.



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

AEON CO: Egan-Jones Lowers Senior Unsecured Ratings to BB+
----------------------------------------------------------
Egan-Jones Ratings Company, on May 5, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Aeon Co Limited to BB+ from BBB-.

Headquartered in Chiba, Chiba, Japan, Ion kabushiki gaisha,
commonly written AEON Co., Ltd., is the holding company of AEON
Group.




RENOWN INC: Files for Bankruptcy Protection
-------------------------------------------
The Japan Times reports that Renown Inc. said May 15 it filed for
bankruptcy protection after the coronavirus pandemic hit sales
sharply in recent months.

Founded in 1902, Renown filed for protection from creditors with
the Tokyo District Court under the civil rehabilitation law. It was
the first bankruptcy of a listed company in Japan since January
2019, The Japan Times discloses citing credit research firm Teikoku
Databank.

Renown was saddled with debts totaling JPY13.88 billion ($129
million), the report notes.

The coronavirus outbreak triggered more than 150 corporate
bankruptcies in Japan as of May 15, according to the research
firm.

As the spread of the virus has prompted people to stay home,
Renown's sales at retail stores fell 42.5 percent in March from a
year before, The Japan Times relates. They plunged 81 percent in
April when major department stores, its major sales channels,
suspended operations amid the pandemic.

According to the report, the maker of D'urban brand suits posted a
net loss of JPY6.7 billion in the March-December period in 2019
after failing to collect JPY5 billion in outstanding debts from a
Hong Kong-based affiliate of the Shandong Ruyi group. The Chinese
textile group holds a 53 percent stake in Renown.

Renown came under the control of the Shandong Ruyi group in 2010 to
restore its financial health.

The Japanese apparel maker once enjoyed brisk sales as the industry
leader before the burst of the nation's asset-bubble economy in the
early 1990s.

But it struggled to widen its customer base, including younger
clientele, and faced fierce competition from rivals such as Fast
Retailing Co., the operator of the Uniqlo clothing chain.

Renown Incorporated (TYO:3606) -- https://www.renown.com/ -- is a
Japan-based company mainly engaged in the textile business.  The
Company operates in three business segments.  The Textile segment
is involved in the manufacture, sale, subcontract processing and
manufacturing management of textile products, as well as the
manufacture of raw materials for its textile products.  The
Textile-related segment is involved in the inspection, inspection
guidance, quality control, quality assessment, logistics and
storage of textile products, in addition to the information
gathering business.  The Others segment is engaged in the design
and construction management for shops, the sale of real estate, the
insurance agency business, as well as the manufacture and sale of
processed food and juices.



===============
P A K I S T A N
===============

PAKISTAN: Moody's Reviews B3 Issuer & Unsec. Ratings for Downgrade
------------------------------------------------------------------
Moody's Investors Service has placed the Government of Pakistan's
local and foreign currency long-term issuer and senior unsecured B3
ratings under review for downgrade.

The decision to place the ratings under review for downgrade
reflects Moody's expectation that the government will request for
bilateral official sector debt service relief under the recently
announced G20 initiative. Suspension of debt service obligations to
official creditors would be unlikely to have rating implications;
indeed, such relief would increase the fiscal resources available
to the government for essential health and social spending due to
the coronavirus outbreak.

However, the G20 has called on private sector creditors to
participate in the initiative on comparable terms. Consistent with
Moody's approach globally, the review period will allow the rating
agency to assess whether Pakistan's participation in the initiative
would likely entail default on private sector debt, notwithstanding
the intended voluntary nature of private sector participation and
the fact that the country has not, to Moody's knowledge, indicated
interest in extending the debt service relief request to the
private sector; and, if so, whether any losses expected to arise
from that participation would be consistent with a lower rating.

The rapid spread of the coronavirus, sharp deterioration in global
economic outlook, and significant reduction in risk appetite are
creating a severe economic and financial shock. For Pakistan, the
current shock transmits mainly through a sharp slowdown in economic
activity, lower tax revenue as economic activity slows, and higher
government financing needs relative to pre-coronavirus levels.
However, ongoing reforms that pointed to nascent improvement in
credit fundamentals before the outbreak and financing from
development partners contain the pressure on the sovereign's
liquidity and external positions.

Concurrently, Moody's has also placed the B3 foreign currency
senior unsecured ratings for The Third Pakistan International Sukuk
Co Ltd under review for downgrade. The associated payment
obligations are, in Moody's view, direct obligations of the
Government of Pakistan.

Pakistan's Ba3 local currency bond and deposit ceilings remain
unchanged. The B2 foreign currency bond ceiling and the Caa1
foreign currency deposit ceiling are also unchanged. The short-term
foreign currency bond and deposit ceilings remain unchanged at
Not-Prime. These ceilings act as a cap on the ratings that can be
assigned to the obligations of other entities domiciled in the
country.

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

RATIONALE FOR INITIATING THE REVIEW FOR DOWNGRADE

The driver for the review for downgrade is Moody's expectation that
Pakistan will request bilateral debt service relief from G20
creditors under the recently announced initiative and the
associated possibility of losses to private sector creditors.

The initiative offers benefits for the world's poorest nations,
many of which have large external payment obligations and are
exposed to outflows of capital and depreciating exchange rates
during this unprecedented shock. Additional financial support and
liquidity relief will allow fiscal resources to be devoted to
essential health efforts and towards minimising the economic and
social impact of the outbreak.

However, the G20 has called on private sector creditors to
participate in the initiative on comparable terms. This suggests
that, for the countries that elect to seek official sector debt
service relief, the initiative may also lead to the suspension of
payments or renegotiation of private sector debt service
obligations. It is in this context that Moody's has placed
Pakistan's ratings under review, in line with the rating agency's
approach globally.

During the review period, Moody's will assess whether Pakistan's
participation in the initiative will indeed be implemented without
private sector participation, consistent with the intended
voluntary nature of private sector participation, or whether any
losses may be expected to arise for private sector creditors that
would be consistent with a lower rating. Pakistan has not indicated
any interest in extending the debt service relief to include
private sector creditors.

At this stage, Moody's assesses that the main impact of the
coronavirus shock is on Pakistan's economic growth, which raises
fiscal challenges and delays the government's fiscal consolidation
and debt reduction efforts. Ongoing and significant financial and
technical support from development partners, as well as the
effective use of monetary policy, mitigate the impact of the shock
on the sovereign's liquidity and external positions.

The Pakistani economy is relatively closed, with low reliance on
exports and private capital inflows and limited trade linkages.
However, the coronavirus outbreak presents a significant shock to
the domestic economy in part due to the measures aimed at
restricting the movement of people to prevent the spread of the
virus. Moody's expects Pakistan's economy to contract by around 1%
in fiscal 2020 (ending June 2020), and to grow by 2-3% in fiscal
2021 -- below potential.

The economic slowdown will weigh on government revenue and modestly
raise spending, in turn pushing the fiscal deficit wider to close
to 10% of GDP in fiscal 2020. As a result, Moody's projects the
government's debt burden to reach around 85-90% of GDP in fiscal
2020. However, the government's commitment to fiscal reforms,
including under its 2019-22 International Monetary Fund programme,
provides a crucial anchor for the continued expansion of its
revenue base when economic activity gradually normalises. Overall,
Moody's expects that the debt burden will return to a downward
trend after the initial shock.

The macroeconomic adjustments that have occurred over the past
18-24 months have also reduced external vulnerability risks in the
face of a potentially significant shock. Moody's projects the
current account deficit to be relatively narrow, around 2% of GDP
in this and the next fiscal year, as lower goods and oil imports
offset a fall in remittances inflows. Combined with financing
inflows from multilateral and bilateral official lenders, the
balance of payments is likely to be broadly stable, containing
pressure on the exchange rate. In turn, a stable balance of
payments will likely allow the State Bank of Pakistan, the central
bank, some scope to provide monetary accommodation, which will help
contain the government's interest payments. Risks remain on the
downside should external pressure be more severe than Moody's
currently assesses, whether because the current account widens
materially and/or because some external financing looks less secure
than the rating agency currently anticipates.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations are significant to Pakistan's credit
profile because it is vulnerable to climate change risk. Pakistan
is significantly exposed to extreme weather events, including
tropical cyclones, drought, floods and extreme temperatures. In
particular, the magnitude and dispersion of seasonal monsoon
rainfall influence agricultural sector growth and rural household
consumption. The agricultural sector directly accounts for around
20% of GDP and exports, and nearly 40% of total employment. As a
result, both droughts and floods can create economic, fiscal and
social costs for the sovereign.

Social considerations are material to Pakistan's credit profile.
Access to quality healthcare, education and utilities such as
electricity and water remains limited, especially in rural areas,
although the government is addressing these issues as a key
priority through its "Ehsaas" programme that is aimed at reducing
poverty and inequality, strengthening social safety nets and
promoting human capital development. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
For Pakistan, the epidemic exposes the challenge to the government
in enhancing healthcare and public services provision.

Governance considerations are significant to Pakistan's credit
profile. International surveys of various indicators of governance,
while showing some early signs of improvement, point to weak rule
of law and control of corruption, as well as limited government
effectiveness. These weaknesses are balanced against a lengthening
track record of effective checks and balances and judicial
independence for the level of development in the country.

WHAT COULD LEAD TO A CONFIRMATION OF THE RATING AT THE CURRENT
LEVEL

The rating would likely be confirmed at its current level should
Moody's conclude that participation in bilateral official sector
debt service relief would unlikely entail default on private sector
debt or, if it would, that any losses experienced would likely be
minimal.

Upon conclusion of the review, and under a scenario of no or
minimal loss for private sector creditors, expectations that
government financing, debt sustainability, and external
vulnerability risks are contained would likely be consistent with a
stable outlook at B3.

WHAT COULD CHANGE THE RATING DOWN

The rating would likely be downgraded should Moody's conclude that
participation in the G20 debt service relief initiative would
probably entail default on private sector debt and that losses
experienced would likely exceed the threshold consistent with a B3
rating.

Downward pressure on the rating would also stem from a renewed and
material deterioration in Pakistan's external position, including
through a significant widening of the current account deficit and
erosion of foreign exchange reserve buffers, which would threaten
the government's external repayment capacity and heighten liquidity
risks. A continued rise in the government's debt burden, without
prospects for stabilisation over the medium term, would
additionally put downward pressure on the rating.

GDP per capita (PPP basis, US$): 5,872 (2019 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): 3.3% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 8.0% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -8.9% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -4.8% (2019 Actual) (also known as
External Balance)

External debt/GDP: 37.9% (2019 Actual)

Economic resiliency: ba2

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On May 11, 2020, a rating committee was called to discuss the
rating of the Pakistan, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutions and governance strength, have not materially
changed. The issuer's fiscal or financial strength, including its
debt profile, has not materially changed. The issuer's
susceptibility to event risks has not materially changed.

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



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

CONERGY ASIA: BlackRock Values $1.8-Mil. Loan at 83% of Face
------------------------------------------------------------
BlackRock TCP Capital Corp. has marked its $1,773,807 loan extended
to privately held Conergy Asia & ME Pte. Ltd to market at
$1,479,533, or 83% of the outstanding amount, as of March 31, 2020,
according to a disclosure contained in a Form 10-Q filing with the
Securities and Exchange Commission for the quarterly period ended
March 31, 2020.

BlackRock is a lender under Conergy Asia's First Lien Term Loan,
which is scheduled to mature May 26, 2020.  

Conergy Asia & ME Pte. Ltd is in the Electric Utilities industry.



=================
S R I   L A N K A
=================

NATIONAL SAVINGS BANK: S&P Withdraws 'B' Issuer Credit Ratings
--------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term and 'B' short-term
issuer credit ratings on Sri Lanka-based National Savings Bank at
the bank's request. The outlook on the long-term rating was
negative at the time of the withdrawal.



                           *********


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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