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

                     A S I A   P A C I F I C

          Thursday, May 28, 2020, Vol. 23, No. 107

                           Headlines



A U S T R A L I A

ADANI ABBOT: Moody's Alters Outlook on Ba2 Sr Sec. Rating to Stable
EMBASSY FOODS: Second Creditors' Meeting Set for June 5
LENORE HOLDINGS: Second Creditors' Meeting Set for June 4
MAYFAIR 101: High Court Appoints Dye & Co as Receivers
R. SHRESTHA: Second Creditors' Meeting Set for June 3

RESIMAC TRIOMPHE 2020-2: S&P Puts Prelim B Rating to Class F Notes
SOUND DIAGNOSTICS: First Creditors' Meeting Set for June 4
TEXTURE MASTERS: First Creditors' Meeting Set for June 5
VIRGIN AUSTRALIA: Cyrus Capital Plans to Keep Airline Full Service


C H I N A

CHINA AOYUAN: Moody's Affirms CFR at B1, Outlook Positive
GUANGZHOU R&F: Moody's Cuts CFR to B1, Outlook Negative
SUNSHINE 100: Fitch Affirms Then Withdraws 'CCC-' IDR
TIANNENG POWER: Shares Suspended as Short Seller Questions Profits


F I J I

FIJI AIRWAYS: Fiji Government to Guarantee Loans Totaling FJD455MM


I N D I A

ADITYA AUTOMOBILE: CRISIL Cuts Rating on INR12cr Loan to 'B+'
AISHWARYA FEEDS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
ANUKUL AGROTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
DHANYA TMT: CRISIL Keeps D INR13cr Debt Rating in Not Cooperating
IMMENSE INDUSTRIES: CRISIL Keeps 'D' Debt Ratings in Not Coop.

INNOVATIVE TECHNOMICS: CRISIL Keeps D Debt Ratings in Not Coop.
JET AIRWAYS: Insolvency Process Deadline Extended Till Aug. 21
K.K.R. INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Coop.
KARTHIKEYA AGRO: CRISIL Lowers Rating on INR12cr Loan to 'D'
MAHARAJA AGRO: CRISIL Keeps 'D' Debt Ratings in Not Cooperating

MONTAGE PROMOTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
MY CAR: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
MY STORE: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
NAV NIRMAN: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
NAVANIDHI ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Coop.

NEEDHISHREE BUILDCON: CRISIL Keeps B Debt Rating in Not Coop.
NOBLE CASHEW: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
PEE GEE: CRISIL Keeps 'B-' Debt Ratings in Not Cooperating
PMW METAL: CRISIL Lowers Rating on INR5.0cr Cash Loan to 'B'
PRIYADARSHINI SAHAKARI: CRISIL Keeps D Debt Ratings in Not Coop.

ROCHEM GREEN: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
SAHIBZADA AJIT: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
SAYONA COLORS: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
SELVARANI DHALL: CRISIL Keeps 'D' INR10cr Debt Rating in Not Coop.
SELVARANI IMPEX: CRISIL Keeps 'D' Debt Ratings in Not Cooperating

SIVA ENGINEERING: CRISIL Keeps 'D' Debt Ratings in Not Coop.
STAR AGRO: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
STAUNCH NATURAL: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
SURYODAY COTEX: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
[*] NCLT Order to Make MCA Party in All Insolvency Cases Quashed



I N D O N E S I A

GARUDA INDONESIA: Seeks $500MM Bond Payment Extension
PAKUWON JATI: Fitch Affirms LT IDR at BB, Outlook Stable


M A C A U

MELCO RESORTS: Moody's Confirms Ba2 CFR, Outlook Negative


N E W   Z E A L A N D

GREEN CABS: Taxi Company Goes Into Liquidation
MILLENNIUM & COPTHORNE: Cuts Hundreds of Jobs During Pandemic


S I N G A P O R E

PACIFIC INTERNATIONAL: Agrees w/ Lenders on Debt Deal

                           - - - - -


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A U S T R A L I A
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ADANI ABBOT: Moody's Alters Outlook on Ba2 Sr Sec. Rating to Stable
-------------------------------------------------------------------
Moody's Investors Service has revised the outlook on Adani Abbot
Point Terminal Pty Ltd's ratings to stable from positive and
affirmed the Ba2 senior secured ratings.

AAPT is part of an obligor group that has economic ownership of the
Abbot Point Coal Terminal in North Queensland under a 99-year lease
with state-owned lessor, North Queensland Bulk Port Authority.

RATINGS RATIONALE

"The outlook revision to stable considers the weakening operating
conditions and rising ESG risks facing AAPT's coal mining
counterparties, " says Arnon Musiker, a Moody's Senior Vice
President.

Weakening coal industry conditions and declining investor appetite
for the coal sector are increasing the risk that existing coal
miners in AAPT's service area will not undertake sufficient
investment to maintain their production over the medium to long
term. Such a scenario would in turn challenge AAPT's ability to
renew its take-or-pay contracts with these mines over time.

The continuation of stable cash flows generated under these
take-or-pay contracts - with established coal miners - is a key
credit underpin for the terminal given their production track
records and ownership in certain instances by highly rated
counterparties. Renewal of these contracts on equivalent terms
however remains dependent on the coal mines' long-term confidence
and capacity to pay.

Moody's also understands that certain miners are contracting for
tonnage with AAPT on a shorter-term basis, which potentially raises
the terminal's exposure to volume risk and cyclical factors to the
extent they are not converted into long term contracts.

The outlook change to stable also considers refinancing risk, with
AUD170 million maturing in November 2020, AUD150 million in
September 2021 and a further USD500 million of notes maturing in
2022. Moody's understands that AAPT is in the process of
refinancing this year's maturing debt.

AAPT's rating recognises that metallurgical coal producers
currently account for the majority of AAPT's contracted throughput,
with long-term fundamentals for metallurgical coal facing fewer
structural challenges than thermal coal. Whilst metallurgical
producers are being affected by the deep and prolonged downturn in
industrial and steel production, Moody's recognises that the high
quality and cost competitiveness of Australian coal increases its
resilience to the downturn.

Thermal on the other hand faces a decline in demand from the
transition to lower emission generation - which may be accelerated
by the current economic crisis - as well as gas given the latter's
low prices. AAPT will retain material exposure to thermal coal
volumes as the greenfield Carmichael mine ramps up after scheduled
completion in late 2021.

Carmichael is being sponsored by Adani Mining (Pty) Ltd, which is a
corporate entity separate to the AAPT obligor group. Adani Mining
is ultimately wholly owned by Adani Enterprises Limited (unrated)
and will be one of ten users of AAPT.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The coal sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to industrial demand and sentiment.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

In the face of such challenges and exposure to carbon transition
risk, the rating recognises AAPT's plans to strengthen its capital
structure, mainly by gradually repaying outstanding debt by 2050.

Moody's expects AAPT's financial leverage - as measured by the
ratio of funds from operations to debt - to range around the high
single digit percentage level, after factoring in the tariff reset
in 2022.

The rating also considers the company's debt maturity profile and
associated refinance risk, with a USD500 million bond maturing in
late 2022 presenting material refinancing risk given investors'
growing focus on ESG-related risks. That said, Moody's recognizes:
(1) the company's track record of refinancing, having raised around
AUD1 billion to refinance maturities in recent years, (2) the
support shown by AAPT's ultimate sponsor for refinancing - most
recently by a cash infusion in April 2020 to fund an AUD100 million
maturity - and (3) the ability of other coal-exposed issuers - such
as DBCT Finance Pty Ltd. (Baa3 stable) and coal haulage network
Aurizon Network Pty Ltd (Baa1 stable) - to raise debt funding in
recent months.

AAPT's Ba2 rating is underpinned by the visibility of its cash
flows under take-or-pay style contracts with a diversified set of
users which provide it with the right to pass through all operating
costs and earn a rate of return on its asset base. AAPT also has
the contractual ability to recoup lost revenue from failed
counterparties on tariff reset dates.

Environmental and social factors were important considerations in
this rating action, AAPT is exposed through its counterparties to
the ESG issues typical for the coal mining industry, including
increasing global demand for renewable energy that is detrimental
to demand for coal. From an environmental perspective the coal
mining sector is also viewed as: (i) very high risk for air
pollution and carbon regulations; (ii) high risk for soil and water
pollution, land use restrictions, and natural and man-made hazards;
and (iii) moderate risk for water shortages. Specific social issues
with respect to the terminal include its linkages to coal mines.

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

AAPT's ratings are unlikely to be upgraded given industry
conditions, and in the absence of substantial progress (in Moody's
view) being achieved on refinancing the USD500 million bond in
2022.

The rating could experience negative pressure if Moody's expects
AAPT's FFO/debt to fall below 7% on a consistent basis. Such a
situation could result from tariff declines following the 2022
reset, or termination of a material contract without an equivalent
replacement. The rating could also experience negative pressure if
Moody's believes that the capital structure (and particularly the
level of leverage and amortisation strategy) is inconsistent with
escalating ESG risk. Such could be indicated by the company
experiencing challenges in refinancing debt maturities.

The principal methodology used in these ratings was Generic Project
Finance Methodology published in November 2019.

EMBASSY FOODS: Second Creditors' Meeting Set for June 5
-------------------------------------------------------
A second meeting of creditors in the proceedings of Embassy Foods
Pty Ltd has been set for June 5, 2020, at 10:30 a.m. at Level 19, 2
Riverside Quay, in Southbank, 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 June 4, 2020, at 4:00 p.m.

Martin Ford and Michael Fung of PricewaterhouseCoopers were
appointed as administrators of Embassy Foods on May 1, 2020.

LENORE HOLDINGS: Second Creditors' Meeting Set for June 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of Lenore Holdings
Pty Ltd has been set for June 4, 2020, at 11:00 am. at the offices
of Hamilton Murphy Advisory (WA) Pty Ltd, Unit 18, 28 Belmont
Avenue, in Rivervale, WA.  

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 June 3, 2020, at 2:00 p.m.

Stephen Robert Dixon of Hamilton Murphy Advisory (WA) Pty Ltd was
appointed as administrator of Lenore Holdings on Feb. 21, 2020.

MAYFAIR 101: High Court Appoints Dye & Co as Receivers
------------------------------------------------------
Ben Butler and Ben Smee at Guardian Australia report that more than
AUD85 million that retirees have poured into a fund controlled by
Dunk Island owner Mayfair 101 is at risk, after receivers were
appointed over more than a dozen companies in the group.

The Victorian supreme court appointed Nicholas Giasoumi and Hamish
MacKinnon, of Dye & Co, as receivers of the companies on May 22
after Mayfair 101 failed to make AUD3 million in loan repayments to
the IPO Wealth Fund, Guardian Australia discloses.

There have been complaints from residents in Mission Beach, on the
Queensland mainland near Mayfair 101's flagship Dunk Island
project, that the group had indefinitely stalled on dozens of
contracts to purchase their properties. There is also an ongoing
investigation into its affairs by the corporate watchdog.

According to Guardian Australia, the move is a major blow for
Mayfair 101 and its high-profile founder James Mawhinney, who have
been racing against time and the coronavirus pandemic to buy more
than AUD200 million worth of property in the Mission Beach area as
part of an ambitious plan to turn the region into a tourism hub.

In March, Mayfair 101 began to delay up to 60 scheduled property
settlements at Mission Beach, in some cases with less than 24
hours' notice.

Guardian Australia relates that the company cited a "materially
adverse event" clause in property sale contracts that allowed it to
stall on settlements indefinitely. Letters to property owners from
a lawyer representing Mayfair said the pandemic had "impacted the
ability of my client to fulfil its obligations under the
contract".

Guardian Australia says Messrs. Giasoumi and MacKinnon will now
investigate whether there has been any misconduct at the companies
they now control and try to determine the value of a string of
investments including cryptocurrencies, apps and an Indian stock
exchange.

Mr. Giasoumi told Guardian Australia he did not know where Mayfair
101 founder and director Mawhinney was.

"We're trying to make contact with the director and haven't been
successful yet," the report quotes Mr. Giasoumi as saying.

He said his staff would visit the Mayfair 101 office on May 25 and
an investigation into the operation of the companies was under
way.

There is no allegation Mr. Mawhinney has done anything wrong.

He could not be reached through his public relations agent, Joanne
Painter of Icon Agency.

In an email sent to Guardian Australia following publication of
this article, Icon Agency's head of PR, Matt Thomas, said the
company no longer represented the Mayfair 101 group "and has not
done so for several weeks".

He said Guardian Australia's queries had been passed on to Mayfair
101.

Guardian Australian adds Mr. Giasoumi said he didn't believe IPO
Wealth members had any rights over the property at Dunk Island,
which Mayfair 101 bought in September for more than AUD30 million.

In a letter sent to fund members on May 22, Vasco Trustees said it
also had not been able to speak to Mayfair 101 since the group
failed to pay the AUD3 million the previous week, "despite a number
of attempts to contact them," the report relates.

The IPO Wealth Fund is one of a number of ways the Mayfair 101
group has raised money from investors it has spruiked its wares to
through full-page advertisements in newspapers and websites,
Guardian Australia discloses.

As of June last year investors had tipped AUD95m into the fund, of
which AUD86 million had been loaned to a company called IPO Wealth
Holdings, which trades as Mayfair 101 Holdings.  This was the
fund's only investment.

Mr. Giasoumi said IPO Wealth Holdings then lent the money to 15
other investment vehicles, over which he has also been appointed
receiver, the report adds.

R. SHRESTHA: Second Creditors' Meeting Set for June 3
-----------------------------------------------------
A second meeting of creditors in the proceedings of R. Shrestha Pty
Ltd has been set for June 3, 2020, at 2:00 p.m. via Teleconference
Only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 2, 2020, at 4:00 p.m.

Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of R. Shrestha on April 28, 2020.


RESIMAC TRIOMPHE 2020-2: S&P Puts Prelim B Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2020-2 (see list). RESIMAC
Triomphe Trust - RESIMAC Premier Series 2020-2 is a securitization
of prime residential mortgages originated by RESIMAC Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including that this is a closed portfolio, which means
no further loans will be assigned to the trust after the closing
date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for the rated notes and lenders' mortgage insurance
on 13.4% of the loans in the portfolio, which covers 100% of the
face value of these loans, accrued interest, and reasonable costs
of enforcement. Credit support also comprises a turbo mechanism,
whereby available excess spread is applied to the principal
waterfall after the call-option date.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws, and a
liquidity facility equal to 1.5% of the outstanding balance of the
notes, are sufficient under our stress assumptions to ensure timely
payment of interest.

-- The extraordinary expense reserve of A$150,000, funded by
RESIMAC Ltd. before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 might put upward pressure on mortgage
arrears over the longer term. S&P said, "We recently updated our
outlook assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. The
collateral pool at close for this transaction will not include any
loans where the borrower has applied for a COVID-19 hardship
payment arrangement. Nevertheless, we undertook additional
cash-flow sensitivity analysis to assess the rated notes'
sensitivity to delays in borrower payments should some loans enter
hardship arrangements following the closing date."

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."

  PRELIMINARY RATINGS ASSIGNED

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-2

  Class      Rating        Amount (A$ mil.)
  A1         AAA (sf)      149.50
  A2         AAA (sf)      288.00
  AB         AAA (sf)       34.00
  B          AA (sf)        13.00
  C          A (sf)          7.50
  D          BBB (sf)        3.50
  E          BB (sf)         2.00
  F          B (sf)          1.25
  G          NR              1.25
  NR--Not rated.

The issuer has not informed S&P Global Ratings Australia Pty Ltd.
whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

SOUND DIAGNOSTICS: First Creditors' Meeting Set for June 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sound
Diagnostics Pty Ltd will be held on June 4, 2020, at 1:15 p.m. via
virtual meeting.

Robert Michael Kirman and Matthew Wayne Caddy of McGrathNicol were
appointed as administrators of Sound Diagnostics on May 25, 2020.

TEXTURE MASTERS: First Creditors' Meeting Set for June 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Texture
Masters Pty Ltd, formerly trading as Rockcote WA, will be held on
June 5, 2020, at 2:30 p.m., via teleconference only.

Grahame Robert Ward and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of Texture Masters on May 26, 2020.

VIRGIN AUSTRALIA: Cyrus Capital Plans to Keep Airline Full Service
------------------------------------------------------------------
The Sydney Morning Herald reports that the Richard Branson-linked
investment fund Cyrus Capital has said it wants to maintain Virgin
Australia as a full-service international airline competing
head-to-head with Qantas if it wins the race to buy the collapsed
carrier.

The New York-based group -- which has a history of investing in
airlines with Mr. Branson's Virgin Group -- has told unions and
state governments its long-term plan is for Virgin to remain
roughly the same size it was before going into voluntary
administration in April, the Herald relates citing sources close to
the bid.

According to the Herald, the revelation of Cyrus' ambitions come
amid growing fears that Virgin's new owners could drastically slash
the size of its operations or turn it into a budget airline, at the
loss of jobs and competition for the travelling public.

Cyrus is competing against US private equity fund Bain Capital,
Melbourne-based outfit BGH Capital and the American ultra-low cost
airline specialist Indigo Partners, the report notes.

Sources close to Cyrus' bid who spoke on the condition of anonymity
to discuss confidential matters said the fund would cut some
regional routes from Virgin's domestic network but otherwise
continue flying between capital cities and major regional centres,
the Herald relays.

The Herald adds that the international flying would gradually
return as demand recovers from COVID-19, with a new fleet of
fuel-efficient Boeing 787 Dreamliners to replace Virgin's Boeing
777s and Airbus A330s within the next five years.

Virgin would keep most of its 75 Boeing 737s for domestic flights
but other aircraft types -- including eight A320s, 14 Fokker 100s
and 14 ATR72 turbo-propeller planes -- would likely be cut, sources
said.

The Herald relates that one union source with knowledge of the
discussions said that while Cyrus' vision was encouraging, they
hoped it was genuine and based on a detailed assessment of Virgin's
business and not simply because it was "behind in the process".

Cyrus was a surprise addition to the four shortlisted bidders
chosen for the second round of the sale process run by
administrators Deloitte on May 25, the Herald notes.

According to the report, unions representing Virgin's 9,000 workers
-- who make up the biggest group of creditors -- have said they
will back any bidder that keeps as many jobs as possible, protects
worker entitlements and has a long-term plan for a viable airline.

Virgin ran at a loss for seven consecutive years, totalling AUD1.9
billion, before it collapsed in April with debts of close to AUD6.8
billion, the report notes.

Cyrus believes it can improve Virgin's financial performance with a
simplified fleet, choosing where to fly and how often it flies more
carefully and by emphasising customer experience, rather than by
returning Virgin to its budget roots as some in the airline
industry have advocated, according to the Herald.

Wall Street titan and Cyrus' founder Stephen Friedheim is leading
the fund's bid with his long-term advisor Jonathan Peachey, who was
previously CEO of Richard Branson's Virgin Group in the USA and a
director of both Virgin America and Virgin Atlantic, the report
discloses.

Second-round bids are due this Friday [May 29] and administrator
Deloitte is expected to narrow the field to two bidders over the
weekend, the report discloses. Final bids are due on June 12 and
the administrators will put a deal to a creditors' vote in
mid-August.

                      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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CHINA AOYUAN: Moody's Affirms CFR at B1, Outlook Positive
---------------------------------------------------------
Moody's Investors Service has affirmed China Aoyuan Group Limited's
B1 Corporate Family Rating and its B2 senior unsecured ratings on
its existing bonds.

The outlook remains positive.

RATINGS RATIONALE

"The affirmation of China Aoyuan's B1 CFR reflects its expectation
that China Aoyuan will be able to execute its business plans
despite the challenging operating conditions in China's property
sector," says Celine Yang, a Moody's Assistant Vice President and
Analyst.

"The positive outlook reflects its expectation that China Aoyuan's
credit metrics will improve over the next 12-18 months, driven by
improved revenue recognition from its sizable pre-sold,
unrecognized contracted sales and its controlled debt growth," adds
Yang.

Specifically, Moody's expects China Aoyuan's debt leverage -- as
measured by revenue/adjusted debt -- will improve to 70%-80% in the
next 12-18 months from 48% in 2019, underpinned by its strong
contracted sales growth over the past one to two years. Similarly,
its interest coverage -- as measured by adjusted EBIT/interest
coverage -- will likely improve to around 3.0x in the next 12-18
months from 2.4x in 2019.

China Aoyuan's contracted sales fell 19% year-on-year to RMB23.0
billion in the first four months of 2020 due to the impact from the
coronavirus outbreak. But Moody's expects contracted sales will
remain largely stable in 2020 when compared to 2019, supported by
abundant saleable resources and the company's good execution track
record. The company registered 29% year-on-year growth in
contracted sales to RMB118.1 billion in 2019.

China Aoyuan's B1 CFR continues to reflect its (1) strong execution
capability even during previous down cycles; (2) established brand
in the economically strong Guangdong Province; and (3) good access
to onshore and offshore funding.

On the other hand, the B1 CFR is constrained by its high debt
leverage and the execution risk associated with its rapid business
expansion. The CFR also considers its modest debt capital
structure, given its relatively high level of short-term debt.
China Aoyuan's short-term debt accounted for around 44% of its
total reported debt as of year-end 2019, up slightly from 41% as of
year-end 2018.

Moody's regards the impact of the deteriorating global economic
outlook amid the rapid and widening spread of the coronavirus
outbreak as a social risk under its environmental, social and
governance framework, given the substantial implications for public
health and safety.

With respect to governance risk, China Aoyuan's B1 CFR has
considered the company's concentrated ownership by its key
shareholders, Guo Zi Wen and Guo Zi Ning, who held a total 55.2%
stake in the company as of January 2, 2020. Such risk is partially
mitigated by the presence of internal governance structures and
disclosure standards, as required under the Corporate Governance
Code for companies listed on the Hong Kong Stock Exchange.

The company also has three special committees, namely an audit
committee, remuneration committee and nomination committee. All
these committees are either chaired by or dominated by independent
nonexecutive directors and can have a supervision function.

The company has a stable dividend policy, as seen by its dividend
payout of around 35%-40% of its net profit over the past three
years.

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

China Aoyuan's rating could be upgraded if the company (1) achieves
sustainable growth in its contracted sales and revenue through the
cycles without sacrificing its profitability; (2) maintains prudent
practices in its land acquisitions and financial management; (3)
improves its credit metrics, such that EBIT/interest registers 3.0x
or above and revenue/adjusted debt stays within 75%-80% or above on
a sustained basis; and (4) maintains good liquidity, such that its
cash on hand consistently covers its short-term debt and there is
sufficient capacity under its maintenance covenants for bank
loans.

A rating downgrade is unlikely, given the positive outlook.

However, the outlook on the rating could return to stable if
contracted sales growth slows or becomes more volatile, or if the
company's credit metrics weaken, such that its (1) EBIT interest
coverage falls below 2.5x; (2) revenue/adjusted debt fails to trend
toward 70%; or (3) liquidity weakens, with its cash holdings
slipping below 1.0x short-term debt.

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

China Aoyuan Group Limited is one of the leading property
developers in China focusing on the development of mass market
properties. In March 2019, China Aoyuan spun off its property
management arm, Aoyuan Healthy Life Group Company Limited. (Aoyuan
Healthy Life), which was listed on Hong Kong Stock Exchange.

As of December 31, 2019, the company had property projects in
China, Australia, Canada, Hong Kong and Macao, with a total land
bank of about 45.0 million square meters in gross floor area, which
can cover around three years of property development.

GUANGZHOU R&F: Moody's Cuts CFR to B1, Outlook Negative
-------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the
corporate family rating of Guangzhou R&F Properties Co., Ltd. and
to B2 from B1 the CFR of R&F Properties Company Limited.

All the outlooks are changed to negative from rating under review.

This concludes the review on the ratings of Guangzhou R&F and R&F
HK initiated on April 3, 2020.

RATINGS RATIONALE

"The downgrade of Guangzhou R&F's CFR reflects its concern over its
weak operating cash flow and the sizeable amount of debt maturing
over the next 12-18 months," says Kaven Tsang, a Moody's Senior
Vice President.

Despite the company's reported annual contracted sales of RMB138
billion in 2019, Moody's estimates that its operating cash flow
before land payments registered around RMB10 billion, representing
about 7% of contracted sales, a level that is far below that of its
rated Chinese property peers.

This weakness in Guangzhou R&F's operating cash flow is unlikely to
materially improve in the near term, given its weak 5% growth in
contracted sales in 2019 and the 23% year-on-year decline in
contracted sales in the first four months of 2020.

The company's cash collection rate also declined in 2019 while its
accounts receivable increased. If there is no improvement in these
areas, the company's financial strength will remain weak.

Guangzhou R&F had RMB62 billion in debt maturing over the next 12
months at the end of 2019. The company's cash holdings of RMB38
billion at the end of 2019 and estimated operating cash flows for
the next 12 months will not be sufficient to cover these debt
repayments. Therefore, the company will need to raise new debt to
fund its upcoming debt maturities.

The company's debt leverage is high with its low revenue/adjusted
debt ratio of 45% in 2019. Moody's expects the ratio will be at
50%-55% over the next 12-18 months. The company's high debt
leverage reduces its ability to borrow more, in turn constraining
business growth. Guangzhou R&F's high debt levels will also keep
EBIT/interest modest at 2.2x-2.7x in the next 12-18 months,
compared with 2.2x in 2019.

Moreover, the weak economic situation in China and cautious
investor risk appetite increase uncertainty over Guangzhou R&F's
ability to raise new debt at reasonable cost to repay its maturing
debt.

Guangzhou R&F's B1 CFR reflects the company's track record of
operating through the cycles in China's residential development
market and its geographically diversified land bank in China. It
also considers the rating constraints of weak liquidity and high
debt leverage.

The downgrade of R&F HK's CFR to B2 reflects the weakened ability
of its parent to provide financial and operational support in times
of need and the potential deterioration in its standalone credit
quality in view of the challenging operating environment for its
hotel business.

R&F HK's CFR B2 rating incorporates a one-notch uplift based on
Moody's assessment of support from Guangzhou R&F in times of need,
because of (1) Guangzhou R&F's full ownership of R&F HK and its
intention to maintain its stake; (2) R&F HK's role as the primary
platform for the group to raise funds from offshore banks and
capital markets to invest in property projects in China, as well as
for overseas investments; (3) Guangzhou R&F's track record of
financial support to R&F HK, including the provision of keepwell
deeds and equity interest purchase undertakings of R&F HK's
guaranteed bonds in recent years; and (4) the reputational risks
for Guangzhou R&F if R&F HK were to default.

R&F HK's liquidity position is also weak. As of December 31, 2019,
R&F HK had cash holdings, including restricted cash, of RMB 7.99
billion, compared to short-term debt of RMB12.3 billion. The
company relies on support from Guangzhou R&F to access funding.

In terms of environmental, social and governance factors, Moody's
has considered the concentrated ownership by Guangzhou R&F's key
shareholders.

Nevertheless, Guangzhou R&F's nine-member board of directors
includes three independent non-executive directors and two
non-executive directors. Additionally, the company is subject to
other internal governance structures and standards required under
the Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange.

The company is transparent in disclosing its business and financial
activities. Its financial management favours the use of debt
leverage that maximizes return to shareholders, and its dividend
payouts are higher than many of its rated peers.

The negative outlooks reflect Guangzhou R&F and R&F HK's high
refinancing needs over the next 12-18 months. The negative outlook
of Guangzhou R&F also reflects its weak operating cash flow due to
low cash collection rates and/or rising accounts receivable.

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

Moody's could downgrade Guangzhou R&F's CFR if (1) it does not
improve its liquidity position in the near term; (2) contracted
sales decline to a greater extent than that of its rated peers; or
(3) its credit metrics weaken, with revenue/debt falling below 50%
or EBIT/interest falling below 2x.

An upgrade of Guangzhou R&F's CFR is unlikely given the negative
rating outlook. However, the outlook could return to stable if the
company refinances its existing short-term debt, improves its
operating cash flow, and cash coverage over short term debt -- i.e.
cash/short-term debt -- to 1x.

Moody's could downgrade R&F HK rating if (1) Guangzhou R&F's rating
is downgraded, (2) there is a reduction in the ownership by or
weakening in support from Guangzhou R&F, or (3) it accelerates its
development business and/or takes on aggressive land acquisitions
that lead to a material deterioration in its debt leverage and
liquidity.

The outlook on R&F HK's CFR could return to stable if its liquidity
improves and the outlook on Guangzhou R&F returns to stable.

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

Established in 1994 and listed on the Hong Kong Stock Exchange in
2005, Guangzhou R&F Properties Co., Ltd. is a large developer in
China's residential and commercial property sector. At the end of
2019, the company's land bank totaled 57.9 million square meters
(sqm) in attributable saleable area, spread across 97 cities in
China and 6 cities overseas, including Australia, the UK, Malaysia,
Korea, and Cambodia. Mr. Li Sze Lim and Mr. Zhang Li are the
company's co-founders and owned 30.99% and 29.52% equity interests,
respectively, as of December 31, 2019.

R&F Properties Company Limited and its subsidiaries are principally
engaged in the development and sale of properties, property
investments and hotel operations in China. The company was
established in Hong Kong on 25 August 2005. It serves as an
offshore funding vehicle and holding company for some of Guangzhou
R&F's property projects in China.

SUNSHINE 100: Fitch Affirms Then Withdraws 'CCC-' IDR
-----------------------------------------------------
Fitch Ratings has affirmed and withdrawn Sunshine 100 China
Holdings Ltd.'s Long-Term Foreign-Currency Issuer Default Rating of
'CCC-'. At the same time, Fitch has affirmed and withdrawn the
company's senior unsecured rating of 'C' with a Recovery Rating of
'RR6'.

The ratings were withdrawn with the following reason: For
Commercial Purposes.

KEY RATING DRIVERS

The affirmation reflects Fitch's assessment that there are no
material changes to Sunshine 100's credit profile since the last
rating action on April 7, 2020.

In that review, Fitch downgraded Sunshine 100's IDR to 'CCC-' from
'CCC+' on the high refinancing risk for its USD400 million senior
notes (USD0.6 million repurchased and cancelled by 26 May) due in
September, as it was uncertain whether the company would receive
asset disposal consideration on time or if it would be able to
issue new offshore notes - two major sources for repaying the
near-term maturity - under the current market conditions. Fitch
believes Sunshine 100 will continue to face tight liquidity and
high refinancing risk in 2021, especially in the second half when
CNY4.4 billion equivalent (CNY0.2 billion repurchased and cancelled
by 26 May) in offshore capital market debt becomes due.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as the ratings have
been withdrawn.

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.

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

Sunshine 100 has an ESG relevance score of 4 for Governance

  - Management Strategy and an ESG Relevance Score of 4 for
Governance

  - Financial Transparency.

These factors have a negative effect on the company's credit
profile and are relevant to the rating in conjunction with other
factors.

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

TIANNENG POWER: Shares Suspended as Short Seller Questions Profits
------------------------------------------------------------------
Bloomberg News reports that a Chinese maker of electric vehicles
plunged in Hong Kong after a critical report questioned the firm's
accounting.

Tianneng Power International Ltd. fell as much as 8.7% on May 27
before trading was suspended, Bloomberg says.  CloudyThunder
Research, which calls itself a group of unidentified "activist
investors," said the company’s shares were "worth close to zero"
in a report published on its website, Bloomberg relays.

"The report is totally irresponsible and purely speculative," a
spokesman for Tianneng told Bloomberg News by phone. "If we are not
a company with normal operations, we won’t be able to keep paying
out dividends in the capital market."

According to Bloomberg, the critical report claims Tianneng
overstated its profits, average selling price and sales volume, as
well as calling for regulators to carefully review the company’s
application to list its one of its divisions in China.
CloudyThunder Research said it has short interest in Tianneng
Power's stock and stands to make significant gains from a drop in
the shares.

Bloomberg notes that financial reporting at China Inc. has come
under intense scrutiny from investors after wave of scandals in
recent months. In April, Luckin Coffee Inc. shocked shareholders by
saying a senior manager and some staff may have fabricated
transactions worth billions of yuan. The revelation triggered an
81% drop in Luckin’s stock and sparked declines in other Chinese
firms whose accounting has been questioned by short sellers.
Bloomberg relates that less than a week later TAL Education Group,
a tutoring business whose founder is one of China’s richest
people, said an internal audit found an employee had inflated sales
by forging contracts. (Both TAL and Luckin were short-selling
targets of Carson Block’s Muddy Waters Capital.)

Before May 27's drop, shares of Tianneng Power had more than
doubled in value since a March low, one of the best-performing
stocks on the Hang Seng Composite Index, Bloomberg says. The
company in December said it planned to spin off its battery
operations and list the company on Shanghai’s Star Board, pending
regulatory approval.

The company reported CNY1.7 billion ($238 million) in net profits
for 2019, up 41% from a year earlier. Battery operations made up
about three-quarters of revenue, according to data compiled by
Bloomberg.

Tianneng Power International Limited manufactures motive battery
products. The Company's batteries are used predominantly in
electric bikes.



=======
F I J I
=======

FIJI AIRWAYS: Fiji Government to Guarantee Loans Totaling FJD455MM
------------------------------------------------------------------
Xinhua News Agency reports that the Fijian parliament approved on
May 25 the motion for the government to guarantee the Fiji Airways
borrowing of FJD455 million (about USD203.2 million).

According to Xinhua, Fiji's Civil Aviation Minister Aiyaz
Sayed-Khaiyum said in parliament that this includes domestic
borrowings of up to FJD191.1 million and off-shore borrowings of up
to USD117.1 million. And this will be valid for 3 years effective
from May 30 this year.

Fiji Airways, the national airline, is feeling the full brunt of
the COVID-19 impacts resulting in job losses, the grounding of
flights and this cannot continue, he said, adding that the
government guarantee will keep Fiji Airways up and running, Xinhua
relays.

Xinhua relates that the minister said that despite earning
near-zero revenue, the national carrier has to pay monthly fixed
costs of FJD38 million and this comprises of aircraft loans and
leases of FJD20.2 million, employee costs, fixed payments for
aircraft maintenance, and other costs totalling FJD6 million.

Fiji Airways will also be exempted from paying the guarantee fee,
the report relays.

Xinhua says Fiji Airways has recently extended the suspension of
international flights through to the end of June, and is in the
process of reducing scheduled flights for July and August.

A 20 percent permanent salary reduction has been implemented for
all retained employees effective June 1, 2020.

According to Xinhua, Fiji Airways also announced in a statement
that it has decided to lay off more than 700 staff members
including all cabin crew and all 79 expatriate pilots from May 25.

Eight expatriate executives have also had their employment
terminated, with five expatriate staff remaining, including the CEO
Andre Viljoen, the report relates. The airline has six local
executives, who will all retain their jobs and now constitute the
majority of the leadership team.

The national carrier said that it has done the workforce
adjustments as a consequence of the current and foreseeable
operating environment, Xinhua relays.

"The adjustments are necessary and unavoidable as the COVID-19
crisis endures, causing the further suspension of scheduled
international services and ensuring that the airline will receive
virtually zero revenue in the coming months," the national carrier
said.

Tourism is the backbone of the Fijian economy, and it is dependent
on a strong and sustainable national carrier. Fiji Airways said
that it will be vital in leading Fiji's economic recovery post
COVID-19, the report adds.  

Fiji Airways (formerly Air Pacific) is the national carrier of the
Republic of Fiji and is majority-owned by Fiji's National Provident
Fund. Based at Nadi International Airport, Fiji Airways provides a
network of domestic and international services that spans the
Pacific, North America, Asia, New Zealand and Australia. The
carrier operates a mixed fleet of Boeing and Airbus aircraft.



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

ADITYA AUTOMOBILE: CRISIL Cuts Rating on INR12cr Loan to 'B+'
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Aditya
Automobile Spares Private Limited (ASPL) to 'CRISIL B+/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

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

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated December 31, 2019 and
April 17, 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 ASPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASPL 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 ASPL revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

ASPL, incorporated in 2001 is into trading of two-wheeler
automobile components of various OEMs. The company is part of
Aditya group based out of Coimbatore, which is also into trading of
auto components for various other OEMs including commercial,
passenger and light commercial vehicles. Mr P. Selvakumar, manages
the operations.

AISHWARYA FEEDS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aishwarya Feeds'
Long-Term Issuer Rating to 'IND D' from 'IND BB- (ISSUER NOT
COOPERATING).'

The instrument-wise rating actions are:

-- INR290 mil. Fund-based limits (Long-term/Short-term)
     downgraded with IND D rating; and

-- INR4.3 mil. Long-term loan due on August 2019 is withdrawn
     (paid in full).

KEY RATING DRIVERS

The downgrade reflects Aishwarya Feeds' delays in debt servicing in
January 2020 due to its stretched liquidity position. The maximum
overutilization of its working capital facilities was 31 days in
January 2020.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1975, Aishwarya Feeds is a Namakkal (Tamil
Nadu)-based partnership concern. It is involved in poultry feed
production and egg sales.

ANUKUL AGROTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Anukul Agrotech
Private Limited (AAPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Buyer`s Credit         10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Standby Letter          2        CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING)

CRISIL has been consistently following up with AAPL for obtaining
information through letters and emails dated October 15, 2019 and
April 17, 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 AAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AAPL 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 AAPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

AAPL was set up in 2005 by Jaipur-based Goenka family. The company
trades in dry fruits, mustard oil, and spices. The family has
extensive experience in the trading of commodities. AAPL has a
shell-cracking unit for almonds in Jaipur. The operations are
managed by Mr. Gopal Goenka and his son Mr. Rishi Goenka.

DHANYA TMT: CRISIL Keeps D INR13cr Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhanya TMT Private
Limited (DTPL) continues to be 'CRISIL D Issuer Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         13       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with DTPL for obtaining
information through letters and emails dated November 30, 2019 and
April 17, 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 DTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DTPL 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 DTPL continues to be 'CRISIL D Issuer Not
Cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of DTPL and Dhanya Steel Industries Pvt Ltd
(DSIPL). This is because the two companies, together referred to as
the Dhanya group, are in similar lines of business and under a
common promoter group, and have significant business and financial
linkages with each other.

Established in 2012, Bengaluru-based DTPL (earlier knows as Amsteel
Industries Private Limited) manufactures thermo-mechanically
treated (TMT) bars.

IMMENSE INDUSTRIES: CRISIL Keeps 'D' Debt Ratings in Not Coop.
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Immense Industries
Private Limited (IIPL) continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       35        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Incorporated in 1988, IIPL trades in yarn and metal products (scrap
ingots). Daily operations of the Delhi-based company are managed by
Mr Somnath Harjai.

INNOVATIVE TECHNOMICS: CRISIL Keeps D Debt Ratings in Not Coop.
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Innovative Technomics
Private Limited (ITPL) continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         6         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       2         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ITPL for obtaining
information through letters and emails dated October 15, 2019 and
April 17, 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 ITPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ITPL 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 ITPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Incorporated in 1993, manufactures high-voltage soft starters,
high-speed testing equipment, and linear motor systems.

JET AIRWAYS: Insolvency Process Deadline Extended Till Aug. 21
--------------------------------------------------------------
Business Standard reports that at a time when fresh bids have been
invited for the grounded Jet Airways, the deadline for completion
of its insolvency resolution process has been extended till August
21 due to the nation-wide lockdown, imposed to contain the spread
of the coronavirus (Covid-19) pandemic.

The full service carrier, which shuttered operations in March 2019,
is under Corporate Insolvency Resolution Process (CIRP) and the
time period given for its completion was to end on June 13.

Business Standard, citing a regulatory filing, says 69 days of
lockdown period from March 24 to May 31 would be excluded for
computing the CIRP deadline.

The nationwide lockdown to curb spreading of coronavirus infections
was announced on March 24 and has been extended thrice. It is now
to end on May 31.

"Therefore, the revised timeline for completion of the CIRP of Jet
is now August 21, 2020, subject to any further extension of the
lockdown by the state government of Maharashtra or the central
government, as the case may be," the filing submitted to the stock
exchanges on May 22 said, Business Standard relays.

As per the filing, Maharashtra government imposed a lockdown owing
to the pandemic with effect from March 24, and the airline's
registered office is in Mumbai.

In March, the National Company Law Appellate Tribunal (NCLAT) said
lockdown period ordered by the Centre and state governments,
including the period as may be extended either in whole or part of
the country, where the registered office of the corporate debtor
may be located, would be excluded from being counted under the
CIRP, Business Standard notes.

This is applicable to cases where CIRP has been initiated and
pending before any bench of the National Company Law Tribunal or in
appeal before the NCLAT, the filing said quoting the tribunal.

According to Business Standard, Ashish Chhawchharia, the insolvency
resolution professional managing the affairs of Jet Airways, has
called for fresh Expressions of Interest (EoIs) for the airline and
the EoI submission deadline is May 28. Resolution plans have to be
submitted by July 11.

Business Standard notes that the airline's Committee of Creditors
(CoC) authorised inviting fresh bids.

"This has been authorised in view of the prevailing circumstances
arising on account of the COVID-19 pandemic, and with the objective
to maximise the chances of a successful resolution of Jet for the
benefit of all stakeholders," the filing said.

It is the fourth time that EoIs have been invited for the airline.

Earlier this month, Jet Airways' proposed sale of its business in
the Netherlands to KLM was scrapped as the European country's
airport slot coordination organisation, ACNL, rejected the deal.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

K.K.R. INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Coop.
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of K.K.R. International
(KKR) continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit         2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

KKR, set up as a proprietorship firm in 2010, manufactures and
trades in men's garments and knitted fabric. Mr Sunil Kumar Arora
and Mr Amit Kumar Arora are the proprietors.

KARTHIKEYA AGRO: CRISIL Lowers Rating on INR12cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Karthikeya
Agro Industries (KAI) to 'CRISIL D' from 'CRISIL B+/Stable'.  The
downgrade reflects overutilization of its working capital limit for
more than 90 days, driven by poor liquidity.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The rating also factors in the company's susceptibility to climatic
conditions and volatility in raw material prices. This weakness is
partly offset by promoter's extensive industry experience.

Key Rating Drivers & Detailed Description

* Delay in servicing of interest & over utilization of fund based
facility: KAI has over utilized its fund based facility for more
than 90 days due stretched liquidity.

Weakness

* Susceptibility to climatic conditions and volatility in raw
material prices: Dependence of the rice crop on rainfall can lead
to fluctuations in availability and prices of paddy, and thus,
could impact the business risk profile of rice processors such as
KAI. Also production may be impacted by pests or crop infection
could impact revenues.

Strength
* Promoter's extensive industry experience: Promoters extensive
experience of more than a decades in rice milling business and
understanding of the dynamics of the local market help them
anticipate price trends and calibrate purchasing and stocking
decisions. It has enabled the firm to establish strong relationship
with its customer and suppliers.

Liquidity Poor

KAI has poor liquidity as reflected by overutilization on fund
based working capital limits for more than 90 days.

Rating Sensitivity factors
Upward Factor

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

* Sustainable improvement in financial risk profile and working
capital management.

KAI was established in 2013, in Nellore, Andhra Pradesh, by Mr. G.
Madhusudhana Rao along with his wife Ms. G Naga Malleswari. It
processes rice and sells mainly to wholesalers and brokers in all
over India.

MAHARAJA AGRO: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maharaja Agro Foods
Private Limited (MAPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         7        CRISIL D (ISSUER NOT COOPERATING)
   Term Loan           23       CRISIL D (ISSUER NOT COOPERATING)

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

MAPL, incorporated in 2011, processes milk (pasteurises and chills)
and allied products. It is promoted by Mr. Bijender Nagar and Mr.
Sunder Singh. Its manufacturing facility is in Alwar, Rajasthan,
and has installed capacity of 0.5 million litres per day. The
company commenced operations in December 2013.

MONTAGE PROMOTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on the long term bank facilities of Montage
Promoters Private Limited (MPPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

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

   Proposed Long Term     8.55      CRISIL D (ISSUER NOT  
   Bank Loan Facility               COOPERATING)

   Term Loan               .95      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MPPL for obtaining
information through letters and emails dated October 15, 2019 and
April 17, 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 MPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPPL 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 rating on the long
term bank facilities of MPPL continues to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in September 2009 and promoted by Mr. Rajesh Shukla,
Ms. Anupama Shukla, and Ms. Shweta Shukla, MPPL trades in agro
commodities (cotton bales), fast-moving consumer goods (Mad-Croc
energy drink), and apparel (Bentbrass Golf); it is also engaged in
distribution of pharmaceuticals products.

MY CAR: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of My Car (Indore)
Private Limited (MCIPL) continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee      3        CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit        33.02     CRISIL D (ISSUER NOT COOPERATING)
   Term Loan            .98     CRISIL D (ISSUER NOT COOPERATING)

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

MCIPL, set up in 2009 by Mr. Saurabh Garg, is an authorised dealer
of Maruti Suzuki India Ltd (MSIL) in Madhya Pradesh. It has two
showrooms in Indore. The company also deals in MSIL spare parts.

MY STORE: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of MY Store Private
Limited (MSPL) continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee      1        CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit        10        CRISIL D (ISSUER NOT COOPERATING)
   Term Loan           5        CRISIL D (ISSUER NOT COOPERATING)

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

MSPL, incorporated in 2008, by Mr. Saurabh Garg, operates
franchisee stores of brands like Levi's, Nike, Arvind Lifestyle.
The company also operates one multibrand retail store under the
name ' MyWays. The company has 30 retail shops across 10 cities
including Mumbai, Pune, Bhopal, Delhi NCR, etc. The registered
office of the company is in Bhopal.

NAV NIRMAN: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nav Nirman Sewa
Samiti (NNSS) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      5.35       CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan              22.00       CRISIL D (ISSUER NOT
                                      COOPERATING)

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

NNSS was established in 2008 by Mr Ajay Goyal (chairman) and his
relatives. The society runs the Samalkha Group of Institutions
(SGI), which offers graduate and post-graduate courses in
engineering and management. The campus is at Samalkha (Haryana).

NAVANIDHI ELECTRONICS: CRISIL Keeps D Debt Ratings in Not Coop.
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Navanidhi Electronics
Private Limited (NEPL) continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.85       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      2.00       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Open Cash Credit      7.65       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

NEPL was set up as a partnership firm named NNE in 1983, and got
its current name in 1984.  NNE was engaged in design, development,
manufacture and testing of amplifiers, filters, broadband antennae,
power combiners /dividers and telecom masts. Mr Adithe Ramanadha
Sastry is the promoter. The manufacturing and assembly facility is
based in Hyderabad.

NEEDHISHREE BUILDCON: CRISIL Keeps B Debt Rating in Not Coop.
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Needhishree Buildcon
Private Limited (NBPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Rupee Term Loan        10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

NBPL, incorporated in 2010, is constructing a residential building,
Ornate, in Jagriti Vihar, Meerut. Mr. Narendra Kumar Sharma, Mr.
Vinod Kumar Tyagi and Mr. Chetan Prakash, along with their family
members, are the promoters. The company is a part of the
Meerut-based Needhishree group, the promoters of which have
extensive experience in the real estate industry.

NOBLE CASHEW: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Noble Cashew
Industries (NCI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Buyer`s Credit         2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit           12         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Set up in 1982 by Mr. Jacob.C. Luke and Mr. Biju Luke Jacob, NCI is
engaged in processing of raw cashew nuts and sale of cashew
kernels. The firm is based out of Kollam, Kerala.

PEE GEE: CRISIL Keeps 'B-' Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Pee Gee International
(Delhi) (PGI) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Buyer`s Credit        6          CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit           6          CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

Set up as a proprietorship firm in 2002 by Mr Gauri Shankar,
Delhi-based PGI trades in aluminium scrap and other metals.

PMW METAL: CRISIL Lowers Rating on INR5.0cr Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of PMW Metal And Alloys Private Limited (PMW) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.0       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Long Term Loan         4.6       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Fund-         0.1       CRISIL B/Stable (Downgraded
   Based Bank Limits                from 'CRISIL B+/Stable')

The downgrade reflects the expected weakening of PMW's business and
financial risk profiles, and liquidity. Revenue and net cash
accrual for fiscal 2020 are estimated to be lower than CRISIL's
earlier expectation, and will remain subdued in fiscal 2021 on
account of the lockdown to contain the spread of Covid-19. This
will impact the company's debt protection metrics over the medium
term as it has sizeable debt obligation.

The rating continues to reflect the company's modest scale of
operations and weak financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoter in the
lead battery industry.

Analytical Approach

Unsecured loans (INR5 crore as on March 31, 2020) extended to PMW
by the promoter and his family members have been treated as 75%
equity and 25% debt as the loans are subordinated to bank debt and
should remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: Although revenue rose to INR19 crore
in fiscal 2020 from INR4.31 crore in fiscal 2019 on account of
operationalisation of the new unit for manufacturing lead, the
scale remains small. The modest scale and low capacity utilisation
led to low operating margin and negative net cash accrual in fiscal
2020. CRISIL believes revenue will remain modest in fiscal 2021 on
account of disruption in business because of the nationwide
lockdown to contain Covid-19.
  
* Weak financial risk profile: Networth was modest estimated at
INR5.71 crore and gearing high at 1.72 times as on March 31, 2020.
Debt protection metrics were below average in fiscal 2020, as
indicated by interest coverage of less than 1 time.

Strength:
* Experienced management and reputed clientele: The promoter's
experience of 10 years in the battery industry has helped the
company establish long-term relationships with customers such as
Luminous Power Technologies.

Liquidity Poor

Liquidity may remain constrained by large working capital
requirement and low net cash accrual. Bank limit was fully utilised
in the 4 months through March 2020. Cash accrual, expected at INR20
lakh in fiscal 2021 will be insufficient to meet debt obligation.
However, the promoter has been continuously extending unsecured
loans for timely debt servicing. Current ratio was low estimated at
0.92 time as on March 31, 2020.

Outlook: Stable

CRISIL believes PMW will continue to benefit from the experience of
its promoter in the battery industry.

Rating Sensitivity factors

Upward factors

* Sustained increase in revenue and operating margin, leading to
cash accrual of more than INR1.20 crore

* Efficient working capital management resulting in better debt
protection metrics and liquidity

Downward factors

* Decline in revenue or profitability leading to interest coverage
less than 1.40 times

* Substantial increase in working capital requirement or withdrawal
of unsecured loans by the promoter, weakening liquidity and
financial risk profile

PMW was established in 2011 by Mr Jagdish Prasad Karnani. The
company provides charging facility to battery manufacturers at its
unit at Gagret in Una, Himachal Pradesh. It set up a lead cube
manufacturing plant in 2019.

PRIYADARSHINI SAHAKARI: CRISIL Keeps D Debt Ratings in Not Coop.
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Priyadarshini
Sahakari Soot Girni Limited (PSSGL) continues to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           15         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             24         CRISIL D (ISSUER NOT
                                    COOPERATING)

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

PSSGL was established in 1991 in Yavatmal (Maharashtra) to assist
development of the small-scale cotton yarn manufacturing industry
in the region. It was formed as a joint initiative of the
Government of Maharashtra with the local farmer members. PSSGL
manufactures cotton yarn.

ROCHEM GREEN: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rochem Green Energy
Private Limited (RGEPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.35       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    16.61      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             25.04      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RGEPL for obtaining
information through letters and emails dated October 15, 2019 and
April 17, 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 RGEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RGEPL 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 RGEPL continues to be 'CRISIL D Issuer Not
Cooperating'.

RGEPL was incorporated in 2010. Mr Prayas Goel and Mr Prerak Goel
own 51% and 49% stakes, respectively. Currently, RGEPL is operating
a municipal solid waste plant in Pune in collaboration with the
Pune Municipal Corporation. RGEPL is also undertaking EPC
(engineering, procurement and construction) of the solid waste
management project.

SAHIBZADA AJIT: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sahibzada Ajit Singh
Educational Trust (SAS) continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         10        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft              22        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Based on the last available information, the ratings on bank
facilities of SAS continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

SAS was formed in 1994 by Mr S Gurbachan Singh. The trust operates
more than 30 schools and colleges, including engineering,
management and polytechnic institutes. Most of the schools operate
under the name, Dhilwan International Public School (DIPS),
affiliated with Central Board of Secondary Education (CBSE). The
society started its first school in Dhilwan, Punjab, in 1994. The
institutions are in Jalandhar, Amritsar, Kapurthala, Hoshiarpur and
Fazilka districts of Punjab.


SAYONA COLORS: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sayona Colors Private
Limited (Sayona) continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            45        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       40        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Established in 2004 in Ahmedabad as a proprietorship concern
(Sencient India) by Mr. Paresh Patel (key promoter and managing
director) and reconstituted as a private limited company (Sencient
India Export Pvt Ltd) in 2007, Sayona manufactures synthetic food
colours. Name was changed to the current one in 2009.

SELVARANI DHALL: CRISIL Keeps 'D' INR10cr Debt Rating in Not Coop.
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Selvarani Dhall
Industries (SDI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         10       CRISIL D (ISSUER NOT COOPERATING)

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

Set up in June 2015, Selvarani Dhall Industries (SDI) is engaged in
trading and processing of pulses. The company is promoted by Mr
Surulivel and has started operations from Oct 2015.

SELVARANI IMPEX: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Selvarani Impex (SI)
continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Established in 2013 as a partnership firm SI derives 85 % of its
revenues from trading of pulses. It also mills and processes paddy
into rice, rice bran, broken rice, and husk. The operations are
managed by Mr. S Siva and Mr. S Surulivel.

SIVA ENGINEERING: CRISIL Keeps 'D' Debt Ratings in Not Coop.
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Siva Engineering
Company (Siva) continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         10        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            17        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      5.34     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Siva, set up in 1978 as a partnership firm, constructs bridges,
buildings, and water-treatment plants, primarily in Tamil Nadu. Its
operations are managed by Mr R Muthuswamy and Mr Siva Subramaniam.

STAR AGRO: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Star Agro Marine
Exports Private Limited (SAME) continues to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill           91        CRISIL D (ISSUER NOT
   Discounting                      COOPERATING)

   Foreign Letter         14        CRISIL D (ISSUER NOT
   of Credit                        COOPERATING)

   Long Term Loan         17.45     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit         50        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Standby Letter         96        CRISIL D (ISSUER NOT
   of Credit                        COOPERATING)

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

Established in 1998 by Mr. Shaik Abdul Aziz, the Star group
undertakes cultivation, processing, and export of shrimp. The group
is based in Nellore (Andhra Pradesh) with its subsidiaries in
United States of America and United Kingdom.

STAUNCH NATURAL: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Staunch Natural
Resources Private Limited (SNRPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      5        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

SNRPL, incorporated in 2008, commenced operations in fiscal 2011.
The company trades in mill scale, iron ore fines, and imported mild
steel scrap. It has two directors: Mr. Nandish Parekh and Mr Aditya
Golecha.

SURYODAY COTEX: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Suryoday Cotex
Private Limited (SCPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     3.12      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               .88      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

SCPL, which was set up in 2013, trades in raw cotton in Rajkot
(Gujarat). The key promoter, Mr Jaideep Gida has been engaged in
the cotton business for close to a decade, through the group
company, Suryoday Enterprise.

[*] NCLT Order to Make MCA Party in All Insolvency Cases Quashed
----------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) quashed an order of the National Company Law
Appellate Tribunal (NCLT) directing that the Ministry of Corporate
Affairs (MCA) be made a party to every case under the Insolvency
and Bankruptcy Code (IBC) on May 25.

According to ET, the appellate tribunal said the NCLT’s order,
was beyond the power of the tribunal as it was tantamount to the
imposition of a new rule in a compelling fashion.

The impugned order making it applicable throughout the country to
all the benches of NCLT is untenable and it suffers from material
irregularity and patent illegality in the eye of law, said the
judgment of the three-judge bench headed by Justice Venugopal M.,
ET relays.

"The NCLAT ruled that the MCA need not be a party to all Section
7,9 and 10 applications, although they may be impleaded in certain
cases based on exercise of judicial principles and following
principles of natural justice. Although the MCA has been central in
the implementation of the IBC, their being a party to every single
IBC fillings is not only excessive but perhaps counterproductive,"
ET quotes Richa Roy, partner at Cyril Amarchand Mangaldas, as
saying.

In November 2019, the NCLT had directed the MCA, through its
secretary, be party to all cases under IBC on the grounds that
authentic records would be made available by officers of the MCA,
ET recalls.

ET says the Centre challenged the order arguing that such
rulemaking was the exclusive domain of the government. It further
said that authentic records could be furnished by the Registrar of
Companies and certified copies could be made available for a fee.

The NCLAT order added that such "wholesale, blanket and omnibus
directions" cannot be issued in a single stroke" and impleadment of
the MCA can only be determined on a case-to-case basis, ET reports.



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

GARUDA INDONESIA: Seeks $500MM Bond Payment Extension
------------------------------------------------------
The Jakarta Post reports that publicly listed national flag carrier
Garuda Indonesia is asking for a three-year extension on US$500
million worth of global sukuk (global Islamic bonds) due on June 3
to address a major liquidity problem caused by the COVID-19
outbreak.

The proposal was submitted to the Financial Service Authority
(OJK), the Indonesian Stock Exchange (IDX) and the Singapore Stock
Exchange (SSE) on May 19, the report says.

According to the Post, the airline will formally ask for approval
from bondholders to extend the Islamic bonds during their meeting,
which will be held at the end of the grace period on June 10.

"The COVID-19 outbreak has had a significant impact on the
airline’s financial performance. However, we are optimistic that
we will be able to pull through this difficult situation and adapt
to a new normal," the report quotes Garuda president director Irfan
Setiaputra as saying in a statement on May 19.

With the extension, Garuda will be able to strengthen its liquidity
and improve its overall financial performance, he said.

Garuda Indonesia booked $3.25 billion in short-term liabilities
last year, including $498.9 million in sukuk bonds, the Post
discloses citing the airline's 2019 financial report. Flight
disruptions caused by emergency measures to curb the spread of
COVID-19 have dealt a major blow to the country’s airlines,
including Garuda.

According to a letter available on the IDX website signed by Garuda
finance director Fuad Rizal, Garuda’s flight traffic dropped by
83 percent year-on-year (yoy) in April as the government banned
flights between major cities in the country, the Post relays.

The number of passengers decreased by 45 percent in the January to
April 30 period, compared to the same months last year. Travel
restrictions imposed by several countries also led to a 95 percent
decline in international flights, the Post adds.

"Flight disruptions have impacted the company’s financial
condition, with operating revenue decreasing by 89 percent in April
compared to that in the same month in 2019. The outbreak has also
led to negative cash flows as a result of a 47 percent increase in
the company’s trade payable arrears - or $236 million - during
the first quarter, from the last quarter of 2019," the statement,
as cited by the Post, read.

To cope with the difficult situation, Garuda Indonesia will receive
a capital injection of IDR8.5 trillion from the government, the
Post notes.

Analyst and the head of research of MNC Sekuritas, Edwin Sebayang
said Garuda’s request for an extension was necessary and
inevitable. However, the decision may also lead to a downgrade in
the company’s credit rating, the Post adds.

Going forward, Edwin said Garuda must be very careful in
maintaining its cash flow and had to apply strict cost efficiency
measures for the next two years, the report relays. Edwin estimates
that in the next two years, the aviation industry would face a
tough recovery as passenger demand would slowly return to normal
and a decline in revenue would likely continue.

"Thus, Garuda must implement cost efficiency measures because it
also has more debts, either from bank loans or from other bonds,"
the report quotes Edwin as saying.

The Post adds Edwin said that in the future, Garuda must only focus
on profitable routes within the country and across Asia instead of
insisting on operating long-haul but unprofitable flights such as
Jakarta-Amsterdam or Jakarta-London.

"Garuda must change the way it does business. It must put aside its
pride and focus on routes that can turn a profit and avoid those
that would only incur losses," he said.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.

As reported in the Troubled Company Reporter-Asia Pacific on May
12, 2020, Bloomberg News said Indonesia is finalizing a $1 billion
financial bailout plan for its flag carrier to help it stave off a
debt default after the coronavirus crisis forced the airline to
ground most of its planes. The rescue plan includes a proposal to
restructure PT Garuda Indonesia's $500 million sukuk due next month
and arrange new bridge loans of as much as $500 million to meet
working capital requirements for three to six months, Deputy
State-Owned Enterprises Minister Kartika Wirjoatmodjo said.

PAKUWON JATI: Fitch Affirms LT IDR at BB, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based developer PT Pakuwon
Jati Tbk's Long-Term Issuer Default Rating at 'BB'. The Outlook is
Stable. At the same time, the agency has affirmed PWON's senior
unsecured rating and the rating on its USD250 million notes due
2024, which were issued by its wholly owned subsidiary, Pakuwon
Prima Pte Ltd, at 'BB'.

Rating affirmation reflects PWON's comfortable rating headroom, as
Fitch estimates the company will turn net cash by end-2020. The
company's strong financial profile allows it to maintain sufficient
interest coverage, as measured by non-development EBITDA/net
interest, of above 3x over one to two years, despite the challenges
posed by the coronavirus pandemic. This underscores the Stable
Outlook.

Fitch forecasts PWON's cash inflow to plunge by around 40% yoy in
2020, as the pandemic hits property demand and slows presales,
while social-distancing measures lead to temporary store closures
at retail malls and reduce occupancy at hotels. Nevertheless, Fitch
believes PWON has flexibility in timing its expenditure and will be
able to maintain positive operating cash flows.

KEY RATING DRIVERS

Gradual Recovery from Pandemic: Fitch estimates that PWON's
non-development revenue and cash inflow will fall by 30%-40% in
2020, as the aggregate number of open shops dropped to around 25%
in Jakarta and 75% in Surabaya in April 2020. This was down from a
historical average of above 95% in both cities due to the
introduction of social-distancing measures to curb the spread of
the coronavirus. Surabaya was less affected by social-distancing
measures, hence more stores remained open.

Fitch's rating case factors in a gradual recovery in shopping-mall
store openings in Jakarta, as the government aims to relax social
distancing measures in phases, starting on June 1. This will
increase the aggregate number of open shops to 70% in 2020 and 80%
in 2021 across PWON's shopping-mall portfolio.

Fitch believes the impact on PWON will be mild, but the unknown
depth and duration of the pandemic in Indonesia presents risk to
the recovery of its non-development portfolio, with a prolonged
crisis pressuring its strong financial profile and rating, although
this is not its base case. PWON says it will not charge both rents
and service charges to tenants who are not allowed to open due to
government's social distancing measures. Tenants also have the
option to reschedule monthly rents payments in the second quarter
towards the end of their tenancy contracts. PWON's four hotels are
running at less than 20% occupancy and have limited staff.

Operating Flexibility Underwrites Cash Flow: Fitch expects PWON to
maintain positive operating cash flow in 2020, as it has the
flexibility to scale back construction to preserve cash. PWON has
not yet started its new project in Bekasi, and said it will push
back major construction work towards the end of the year, leaving
only a few ongoing projects that are part of existing developments.
The company also has room to defer construction within these
projects, as scheduled hand-over dates are in 2024. Its large
landbank also means acquisitions are discretionary and can be
deferred; PWON had around 500 hectares of landbank at end-2019,
sufficient to support more than 10 years of development.

Soft Property Demand: Fitch estimates PWON's presales will fall to
around IDR1.0 trillion in 2020 due to the postponement of new
project launches in Bekasi. Fitch's rating case also assumes lower
cash collection from presales to account for buyers deferring
payments during the pandemic. Fitch expects presales to gradually
return to around IDR2.0 trillion-3.0 trillion from 2022, in line
with a post-pandemic recovery. PWON reported total presales of
IDR1.5 trillion in 2019, the lowest in the past three years, due to
limited new project launches and continued muted demand for
property in Jakarta and Surabaya, where PWON's main estates are
located.

Robust Portfolio, Concentrated Assets: PWON's rating is driven by
its portfolio of mature and well-located investment properties in
Jakarta and Surabaya that generated USD140 million in EBITDA in
2019 and provided strong net interest coverage of more than 10x.
PWON's rating is constrained by high asset concentration, with more
than 70% of its investment property EBITDA stemming from four
mature mixed-use projects in two cities. PWON plans to develop more
investment properties; however, the pandemic may delay project
execution, such that Fitch does not expect asset concentration to
improve meaningfully over the medium-term to warrant a higher
rating.

Weak Links with Parent: Fitch assesses PWON's linkage with PT
Pakuwon Arthaniaga, a closely held business of the Tedja family
that owns 68.7% of PWON, as weak, and therefore rates PWON at the
standalone level. The parent has limited influence on cash flow
movements between the companies and plans to keep it this way and
there is protection in place for bondholders in bond documents and
local regulatory oversight of related-party transaction.
Nevertheless, Fitch may re-assess its approach in assessing PWON's
ratings if the parent and subsidiary demonstrate a change in cash
flow movement.

DERIVATION SUMMARY

PWON's profile is comparable with that of Indonesian property
developers, PT Bumi Serpong Damai Tbk (BSD, BB-/Stable) and Lippo
Malls Indonesia Retail Trust (LMIRT, BB/Negative).

PWON's property development business is riskier than BSD's because
it has a smaller presales scale and is focused on high-rise
projects, while BSD's development risk is mitigated by large,
low-cost landbank and project diversification within BSD City.
However, PWON's lower leverage and stronger non-development
EBITDA/net interest coverage more than offsets the development
risk. Therefore, Fitch rates PWON one notch higher.

Fitch believes PWON's investment properties are of better quality
than those of LMIRT, as indicated by higher occupancy and rent per
square foot. This, coupled with PWON's conservative capital
structure, leads to an overall stronger financial profile compared
with LMIRT. However, Pakuwon has higher exposure to the more risky
property-development business than LMIRT. The robust regulatory
framework for Singapore-listed REITs, which limits LMIRT's exposure
to development risk, compensates for LMIRT's weaker financial
profile. As a result, Fitch rates both companies at the same
level.

KEY ASSUMPTIONS

Aggregate number of shops that are open at 70% in 2020 and 80% in
2021

Average hotel occupancy at 30% in 2020 and 50% in 2021

Presales of IDR1.0 trillion in 2020 and IDR1.6 trillion in 2021

Development construction, capex and land acquisition totaling
IDR1.0 trillion in 2020 and IDR3.0 trillion in 2021

RATING SENSITIVITIES

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

Positive rating action is not probable in the medium term. Pakuwon
would need to have a larger, more granular and more mature
portfolio of assets before positive rating action would be
considered.

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

  - Weakening investment-property portfolio performance, which
would be indicated by falling occupancy rates and negative rental
reversions for a sustained period

  - Evidence of increased risk appetite and greenfield projects
leading to negative net operating cash flow over an extended
period

  - Non-development EBITDA/net interest expense falling below 3.0x
for a sustained period.

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

Strong Liquidity, Low Leverage: PWON's liquidity is supported by
IDR4.3 trillion cash against short-term debt of IDR960 billion.
PWON does not have significant debt maturities until 2024, when its
USD250 million bond is due. PWON had been operating conservatively
in the past few years, as evidenced by declining leverage and a
prudent property-development strategy. Fitch expects PWON to remain
conservative by timing its construction and capex amid the pandemic
and to keep a low leverage profile.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Fitch reclassified long-term inventory, customer deposits,
unearned rental income and advances from customers as part of
working capital

  - Fitch added back unamortised borrowing costs to total debt

  - Fitch clarified the definition in sensitivities from
"recurring" to "non-development" when calculating coverage for
consistency across the portfolio; this does not change the ratio or
the ratio calculation.

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).



=========
M A C A U
=========

MELCO RESORTS: Moody's Confirms Ba2 CFR, Outlook Negative
---------------------------------------------------------
Moody's Investors Service has confirmed the ratings of Melco
Resorts Finance Limited, Studio City Finance Limited and Studio
City Company Limited -- collectively addressed as the "Melco
group".

The affected ratings are (1) MRF's Ba2 corporate family rating and
senior unsecured ratings; (2) Studio City Finance's B1 CFR and B2
senior unsecured rating; and (3) Studio City Company's Ba3 backed
senior secured rating.

The outlooks for the three entities have been revised to negative
from ratings under review.

This concludes the review for downgrade initiated on March 16,
2020.

RATINGS RATIONALE

"The ratings confirmation mainly reflects Melco group's
strengthened liquidity buffers, allowing the group to withstand a
meaningful but temporary cash burn caused by its weakened operating
performance amid coronavirus-related disruptions," says Sean Hwang,
a Moody's Assistant Vice President and Analyst.

Melco Resorts & Entertainment Limited -- the ultimate holding
company of the Melco group -- held consolidated cash of $1.2
billion at the end of March 2020 and signed a new $1.9 billion
five-year revolving credit facility in April 2020, out of which
$1.6 billion remained undrawn following the first drawdown in early
May 2020. MRE also disposed of its 9.99% stake in Crown Resorts
Limited (Baa2 negative) for around $355 million in April 2020.
Moody's expects that these sources of liquidity will be sufficient
to cover MRE's cash needs, at least for the next 12 months.

While Moody's expects Studio City Finance's liquidity sources will
be insufficient to cover the expected cash burn and planned capital
spending for the next 12 months, this concern is mitigated by the
likelihood of support from its parent if needed. Also Moody's
believes that its planned spending can be delayed as needed
depending on how the necessary funding shapes up.

Moody's also expects the companies to retain access to funding,
given the recent signing of the revolving credit facility and other
global gaming companies' recent bond issuance.

"That said, the rating outlooks are negative, reflecting the
lingering uncertainties over the timing and extent of future
earnings recovery and its expectation for significant negative cash
flow and debt growth that will continue until sufficient recovery
takes hold," adds Hwang.

MRE's consolidated revenue declined 41% to $811 million in the
first quarter of 2020 from $1,383 million a year earlier, mainly as
a result of the stringent travel restrictions and facility closures
in its key markets, namely Macau and the Philippines. This revenue
decline has led to its reported EBITDA falling to $55 million from
$388 million over the same period. Moody's expects the company's
EBITDA to be negative in the second quarter of 2020.

The steep drop in earnings, coupled with the group companies
planned capital spending for the year -- including the Studio City
phase two expansion and MRE's integrated resort development in
Cyprus -- means that the companies will record significant negative
free cash flow this year. Their large negative free cash flow will
increase net debt levels.

While Moody's expects the companies' operating performance and
financial metrics will recover once the coronavirus-related
disruptions ease, the timing and pace of such recovery remains
highly uncertain. In Moody's view, the prospect of recovery will
rest mostly on the easing of quarantine requirements and China's
resumption of the individual visa scheme for Chinese citizens
visiting Macao. Moody's does not expect the companies' earnings in
2021 to recover fully to the 2019 levels.

MRF's credit quality and ratings are driven by the consolidated
credit quality of its parent, MRE, because MRF is 100%-owned by
MRE, and MRE relies heavily on MRF for profit generation and
funding. MRE's credit quality, in turn, continues to benefit from
the Melco group's established operations and high-quality assets,
which support robust cash flow generation. This factor mitigates
the risk associated with its geographic concentration in Macau and
its increasingly aggressive financial policy.

Studio City Finance's ratings continue to incorporate a one-notch
uplift from its standalone credit profile, reflecting Moody's view
that its parent MRE is likely to extend extraordinary support to it
in times of need, given the company's strategic importance to the
parent and the parent's good liquidity holdings. Studio City
Finance's standalone credit profile reflects its improved market
position following the successful ramp-up of its property, which is
counterbalanced by its geographic concentration in Macau and the
expected debt growth as a result of its phase-two expansion
project.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The gaming sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in MRF's and Studio City Finance's
credit profile, including their exposure to travel disruptions and
discretionary consumer spending have left it vulnerable to shifts
in market sentiment in these unprecedented operating conditions,
and they remain vulnerable to the outbreak continuing to spread.

In terms of environmental, social and governance considerations,
the ratings also factor in the high concentration of ultimate
ownership in a controlling shareholder. These risks are mitigated
by the Melco group's good liquidity buffers and the board oversight
exercised through independent board directors.

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

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

MRF's outlook can return to stable if the Melco group under MRE
improves its earnings, contains debt growth and continues to
maintain sizeable cash. This can be evidenced by MRE's adjusted
debt/EBITDA falling below 4.5x-5.0x on a sustained basis.

MRF's ratings could be downgraded if Moody's believes that MRE's
adjusted debt/EBITDA is unlikely to return to below 4.5x-5.0x on a
sustained basis, due to a sustained weakness in earnings or a
significant increase in debt, or if MRE's liquidity weakens
significantly. This situation can result from a protracted severe
impact of the coronavirus outbreak or continuation of an aggressive
financial policy during the earnings downturn.

Studio City Finance's outlook can return to stable if the company
improves its earnings and maintains a balanced financial policy
such that its debt/EBITDA falls below 7.5x-8.0x and EBITDA/interest
exceeds 1.8x on a sustained basis.

On the other hand, Studio City Finance's ratings could be
downgraded if (1) its operations are unlikely to recover
sufficiently or (2) it engages in aggressive debt-funded capital
spending, resulting in tight liquidity and high leverage on a
sustained basis.

Specifically, downward rating pressure is likely to emerge if its
debt/EBITDA exceeds 7.5x-8.0x and EBITDA/interest remains below
1.8x on a sustained basis.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

Melco Resorts Finance Limited is a wholly-owned subsidiary of Melco
Resorts & Entertainment Limited, which is listed on the NASDAQ
exchange and is majority-owned by the Hong Kong-listed Melco
International Development Ltd. All of Melco Resorts Finance's
operations are currently located in Macau.

Through Melco Resorts (Macau) Limited, Melco Resorts Finance
operates two wholly-owned casinos in the territory, namely, Altira
Macau and City of Dreams. It also has non-casino focused operations
at its Mocha Clubs, and provides both gaming and non-gaming
services to Studio City.

Studio City Finance Limited is a holding company incorporated in
the British Virgin Islands. Through its subsidiaries, it develops
and operates the Studio City property, an Asian-focused integrated
gaming and entertainment resort located at Cotai in Macau.



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

GREEN CABS: Taxi Company Goes Into Liquidation
----------------------------------------------
Radio New Zealand reports that nation-wide taxi company Green Cabs
has gone into liquidation, reportedly cutting 160 jobs.

According to RNZ, Palliser Insolvency's Heath Gair was appointed
interim liquidator by the Wellington High Court on May 25 after the
company went into voluntary liquidation.

RNZ relates that Mr. Gair said the "marginally profitable" company
became insolvent during the lockdown when it was forced to cease
trading.

The company received NZD120,873 through the Government's Covid-19
wage subsidy for 18 staff.

These staff were also owed holiday pay and notice entitlements and
it was anticipated employees will be paid their entitlements in
full, Mr. Gair said, RNZ relays.

Inland Revenue, shareholders, and various trade contractors are
among the other creditors.

RNZ adds that the company was discussing the sale of business
assets and expected a sale of the business to allow Green Cab
driver contractors to trade again in the short term.

Launched in 2007, Green Cabs had branches in five cities around New
Zealand.

MILLENNIUM & COPTHORNE: Cuts Hundreds of Jobs During Pandemic
-------------------------------------------------------------
Radio New Zealand reports that Millennium & Copthorne Hotels, one
of New Zealand's largest hotel chains, has cut hundreds of staff in
the wake of Covid-19.

At its annual shareholder meeting on May 26, chair Graham McKenzie
said more than 1,300 employees worked for them before Covid.

The company had been forced to make decisions that affected more
than 70 percent of its employees, he said.

"We have lost and will be losing many long-serving and very loyal
employees as a direct result of this crisis. We are sorry to see
them go and hopefully we will see some of them again when tourism
gets back to more normal levels," the report quotes Mr. McKenzie as
saying.

It was off the back of their best year in the company's history in
2019, with more than NZD229.7 million in group revenue.

According to RNZ, Mr. McKenzie said they were now facing their most
challenging year ever.

International visitors accounted for about half of Millennium &
Copthorne Hotels' business.

The occupancy rate during April dropped from 83.7 percent in 2019
to 1.5 percent this year, the report says.

"There will not be a sudden recovery. Flights will resume slowly
and international visitors will be understandably cautious. Even a
trans-Tasman bubble will be some time away," Mr. McKenzie said.



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

PACIFIC INTERNATIONAL: Agrees w/ Lenders on Debt Deal
-----------------------------------------------------
Reuters reports that Pacific International Lines Pte (PIL) has
agreed with most of its financial lenders to defer debt payments
and is in talks with a unit of Singapore state investor Temasek
Holdings for a potential investment.

According to Reuters, PIL said in a statement on May 26 that it had
made significant progress in cutting asset costs due to the
challenges the sector has been facing but the coronavirus pandemic
had made matters worse over the past month.

"Due to the situation, the company had commenced discussions with
15 of its financial lenders with a view to concluding a formal
agreement concerning a debt-reprofiling plan with these
stakeholders," the privately held firm said.

Reuters says yYears of overcapacity, low freight rates and global
trade tensions have been impacting the industry.

PIL, the world's 10th largest container ship operator, said it had
obtained in-principle approval of financial lenders, who
represented about 97.6 per cent of its total debt, to defer
principal and interest payments until Dec 31, 2020.

It added that it was in talks with the other lenders to obtain
similar approval.

Reuters adds that PIL also said it had entered into a six-month
exclusive agreement with Heliconia Capital Management, a
fully-owned subsidiary of Temasek, regarding a potential
investment.

PIL, which is being advised by Evercore Asia (Singapore) Pte Ltd on
its strategic and capital raising plans, said it is currently in
early negotiations with Heliconia.

Heliconia confirmed it was in talks with PIL but declined further
comment, Reuters notes.

Pacific International Lines (Private) Limited (PIL) provides marine
support services. The Company offers liner container, 3rd party
logistics, port, and tracking services. PIL serves customers
worldwide.


                           *********


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,
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

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