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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

          Monday, June 8, 2020, Vol. 23, No. 114

                           Headlines



A U S T R A L I A

FINETEA PTY: Second Creditors' Meeting Set for June 15
RGD CONSTRUCTIONS: Second Creditors' Meeting Set for June 12
THE STORE: First Creditors' Meeting Set for June 17
TUCHUZY BONDI: Enters Into Voluntary Administration
[*] Fitch Affirms Ratings on 40 Tranches from 5 Latitude Trusts



C H I N A

DR. PENG: Moody's Cuts CFR Caa3, Outlook Neg.
HONGHUA GROUP: Fitch Affirms LT IDR at 'B', Outlook Stable
SEAZEN GROUP: Moody's Puts Ba3 Sr. Unsec. Rating to Proposed Notes
ZHENRO PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B+'
[*] CHINA: Shenzhen Drafts First Personal Bankruptcy Laws



I N D I A

ABT INVESTMENT: CARE Keeps D INR100cr Debt Rating in Not Coop.
ADANI GREEN: Fitch Affirms $500MM Sr. Sec. Notes Rating at BB+
ANLON HEALTHCARE: CARE Keeps 'D' Debt Ratings in Not Cooperating
ANONDITA HEALTHCARE: CARE Lowers Rating on INR9cr Loan to 'B'
ANVITHA LIFE: Ind-Ra Moves 'B' LT Issuer Rating to Non-Cooperating

ARCL ORGANICS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
BASANT CITY: CARE Downgrades Rating on INR50cr Loan to D
CHAWLA INTERNATIONAL: CARE Cuts Rating on INR2.25cr Loan to C
GB GLOBAL: CARE Reaffirms D Rating on INR879.63cr LT Loan
GSR ECO: CARE Downgrades Rating on INR19cr LT Loan to 'D'

GUPTA AND COMPANY: CARE Lowers Rating on INR7cr Loan to 'C'
HONEY JEWELLERY: CARE Lowers Rating on INR10cr LT Loan to 'B'
INMARK RETAIL: CARE Lowers Rating on INR19.05cr Loan to 'D'
KANACHUR ISLAMIC: CARE Lowers Rating on INR140.cr Loan to 'C'
KARAN AUTOMOBILES: CARE Lowers Rating on INR6.0cr Loan to B-

KP POLYOLEFIN: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
KRUSHNARAJ BIO: CARE Lowers Rating on INR12.50cr LT Loan to D
LAXMI COTSPIN: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
MADURAI KRISHNA: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
MANJU AGRO: CARE Lowers Rating on INR13.50cr LT Loan to 'D'

MANMEET SINGH: CARE Lowers Rating on INR3.0cr LT Loan to 'C'
OASIS TRADELINK: CARE Keeps 'D' Debt Ratings in Not Cooperating
PALAPARTHI SUPER: CARE Keeps D INR70cr Debt Rating in Not Coop.
PAWAN EDIFICE: CARE Keeps D INR11.44cr Debt Rating in Not Coop.
PRASHANTI EDUCATIONAL: CARE Cuts Rating on INR12cr Loan to B+

S. SATYANARAYANA: CARE Lowers Rating on INR12cr Loan to 'C'
SHIV GRAMOUDYOG: CARE Lowers Rating on INR11cr Loan to B-
SHREE CHHATRAPATI SAHAKARI: CARE Cuts INR45cr LT Loan Rating to B
SINDHANUR GANGAVATHI: CARE Keeps D INR180cr Debt Rating in Non-Coop
SRI MADAN GOPAL: CARE Keeps D INR10cr Debt Rating in Not Coop.

SRISHTI BUILDERS: CARE Lowers Rating on INR9.0cr LT Loan to C
STAR RAISON: CARE Lowers Rating on INR40cr LT Loan to 'D'
STERLING BIOTECH: CARE Keeps D Debt Ratings in Not Cooperating
STERLING OIL: CARE Keeps D INR299.72cr Debt Rating in Not Coop.
TIRUPATI COLD: CARE Keeps D INR5.54cr Debt Rating in Not Coop.

TIRUPATI TRADING: CARE Lowers Rating on INR8cr LT Loan to 'B'
UNOSACK FLEXIBLE: CARE Lowers Rating on INR5.0cr Loan to C/A4
VIKAS COTTON: CARE Keeps B INR8.54cr Debt Rating in Not Cooperating
ZEN SHIPPING: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
[*] What's at Risk if India is Cut to Junk; UBS Lists Out Scenarios



J A P A N

DTC THREE: Fitch Affirms Class E Notes Rating at 'BBsf'


M A L A Y S I A

UMATRIN HOLDING: Posts $95K Net Income in 2019


N E W   Z E A L A N D

AIR NZ: Hanging Tough on Refunds Amid Growing Brand Damage


P H I L I P P I N E S

PHILIPPINE AIRLINES: Posts PHP9.38BB Net Loss in Q1
ROXAS HOLDINGS: Sells Sugar Mills and Other Assets to URC


S I N G A P O R E

EAGLE HOSPITALITY: Directors Under Probe Over Rule Breaches
HIN LEONG: Winson Demands Payment from OCBC for Fuel Deal


S O U T H   K O R E A

ASIANA AIRLINES: Creditors Issue Ultimatum to HDC on Takeover


S R I   L A N K A

SRI LANKA INSURANCE: Fitch Affirms IFS Rating at B, Outlook Neg.


X X X X X X X X

[*] Global Air Transport Industry Hit Hard By Covid-19

                           - - - - -


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

FINETEA PTY: Second Creditors' Meeting Set for June 15
------------------------------------------------------
A second meeting of creditors in the proceedings of Finetea Pty Ltd
has been set for June 15, 2020, at 11:00 a.m. via telephone
conference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 12, 2020, at 5:00 p.m.

Peter Gountzos and Michael Carrafa of SV Partners were appointed as
administrators of Finetea Pty on May 8, 2020.

RGD CONSTRUCTIONS: Second Creditors' Meeting Set for June 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of RGD
Constructions Pty Ltd and RGD Group Pty Ltd has been set for June
12, 2020, at 10:00 a.m. and 12:00 p.m., respectively, via virtual
meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 11, 2020, at 12:00 p.m.

John Park and Kelly-Anne Trenfield of FTI Consulting were appointed
as administrators of RGD Constructions and RGD Group on May 8,
2020.

THE STORE: First Creditors' Meeting Set for June 17
---------------------------------------------------
A first meeting of the creditors in the proceedings of The Store
(1998) Pty Ltd will be held on June 17, 2020, at 11:00 a.m. via
teleconference only.

Dominic Cantone and Nicholas Cooper of Worrells Solvency & Forensic
Accountants were appointed as administrators of The Store on June
4, 2020.

TUCHUZY BONDI: Enters Into Voluntary Administration
---------------------------------------------------
Alexis Carey at news.com.au reports that designer mecca Tuchuzy --
a Sydney fashion institution since 1995 -- has just become
Australia's latest retail victim.

News.com.au says the iconic store has been a Bondi fixture for
decades, attracting a throng of well-heeled customers thanks to its
slew of designer clothing, shoes and accessories.

However, the business entered voluntary administration on June 3,
with director Daria Sakic appointing McGrathNicol partners Barry
Kogan and Katherine Sozou to the task, the report discloses.

"Today (founder and director Daria Sakic) made the hard decision to
put Tuchuzy Bondi into voluntary administration," an email to
suppliers and customers read, according to The Daily Telegraph.

"We all hope that this restructure will lead our business to a
better and stronger future."

According to news.com.au, administrator Barry Kogan also confirmed
Tuchuzy would continue trading while "an urgent assessment to
determine the best course of action to preserve its business" was
undertaken.

In a statement sent to news.com.au, the administrators confirmed
they had taken over and "intend to continue operating the company
whilst seeking a sale of the business as a going concern or
recapitalisation by way of a Deed of Company Arrangement".

A first statutory meeting of creditors must be held within eight
business days after the administration begins and is expected to
take place on June 16.

Any interested parties should contact the Administrators' office by
Friday, June 12, the report notes.

The email sent to customers reportedly stated that the tough retail
climate was a factor in the store's downfall, and that the business
would not be able to honour gift cards or vouchers online,
news.com.au relays.

Over the years, Tuchuzy built a cult following thanks to its
selection of popular and emerging Australian and global designers.
It stocks a huge range of renowned labels including Chloe, Givenchy
and Jean Paul Gaultier.  In 2013, Tuchuzy also launched an
e-commerce channel to reach customers beyond trendy Bondi.

[*] Fitch Affirms Ratings on 40 Tranches from 5 Latitude Trusts
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 40 tranches across five
Latitude credit card trusts. The transactions are securitisations
of Australian and New Zealand credit card receivables originated by
Latitude Finance Australia entities.

The social and market disruption caused by the coronavirus and the
related containment measures did not negatively affect the ratings,
because there is sufficient credit enhancement in Fitch's base case
scenario of the impacts and adequate liquidity to support the
current ratings.

The Stable Outlook is based on the notes' ability to withstand the
sensitivity to higher defaults stemming from the pandemic.

Australian Sales Finance and Credit Cards No.2 Trust

Class A1 notes affirmed at 'AAAsf'; Outlook Stable

Class A2 notes affirmed at 'AAAsf'; Outlook Stable

Class B notes affirmed at 'Asf'; Outlook Stable

Class C notes affirmed at 'BBBsf'; Outlook Stable

Class D notes affirmed at 'BBsf'; Outlook Stable

Australian Sales Finance and Credit Cards Trust

Class A notes affirmed at 'AAAsf'; Outlook Stable

Class B notes affirmed at 'AAsf'; Outlook Stable

Class C notes affirmed at 'Asf'; Outlook Stable

Class D notes affirmed at 'BBBsf'; Outlook Stable

Class E notes affirmed at 'BBsf'; Outlook Stable

Latitude Australia Credit Card Master Trust

2017-2 Class A1 (AU3FN0037826) notes affirmed at 'AAAsf; Outlook
Stable

2017-2 Class A2 (AU3FN0037834) notes affirmed at 'AAAsf; Outlook
Stable

2017-2 Class B (AU3FN0037842) notes affirmed at 'AAsf; Outlook
Stable

2017-2 Class C (AU3FN0037859) notes affirmed at 'Asf; Outlook
Stable

2017-2 Class D (AU3FN0037867) notes affirmed at 'BBBsf; Outlook
Stable

2017-2 Class E (AU3FN0037875) notes affirmed at 'BBsf; Outlook
Stable

2017-VFN notes affirmed at 'Asf; Outlook Stable

2018-1 Class A1 (AU3FN0041513) notes affirmed at 'AAAsf; Outlook
Stable

2018-1 Class A2 (AU3FN0041521) notes affirmed at 'AAAsf; Outlook
Stable

2018-1 Class B (AU3FN0041539) notes affirmed at 'AAsf; Outlook
Stable

2018-1 Class C (AU3FN0041547) notes affirmed at 'Asf; Outlook
Stable

2018-1 Class D (AU3FN0041554) notes affirmed at 'BBBsf; Outlook
Stable

2018-1 Class E (AU3FN0041562) notes affirmed at 'BBsf; Outlook
Stable

2019-1 Class A1 (AU3FN0050035) notes affirmed at 'AAAsf; Outlook
Stable

2019-1 Class A2 (AU3FN0050050) notes affirmed at 'AAAsf; Outlook
Stable

2019-1 Class B (AU3FN0050068) notes affirmed at 'AAsf; Outlook
Stable

2019-1 Class C (AU3FN0050076) notes affirmed at 'Asf; Outlook
Stable

2019-1 Class D (AU3FN0050084) notes affirmed at 'BBBsf; Outlook
Stable

2019-1 Class E (AU3FN0050092) notes affirmed at 'BBsf; Outlook
Stable

Latitude New Zealand Credit Card Master Trust

Class 2018-1 A (NZLATD1001R5) notes affirmed at 'AAAsf'; Outlook
Stable

Class 2018-1 B (NZLATD1002R3) notes affirmed at 'AAsf'; Outlook
Stable

Class 2018-1 C (NZLATD1003R1) notes affirmed at 'Asf'; Outlook
Stable

Class 2018-1 D (NZLATD1004R9) notes affirmed at 'BBBsf'; Outlook
Stable

Class 2018-1 E (NZLATD1005R6) notes affirmed at 'BBsf'; Outlook
Stable

2018-VFN notes affirmed at 'BBBsf'; Outlook Stable

New Zealand Sales Finance and Credit Cards Trust

Class A notes affirmed at 'AAAsf'; Outlook Stable

Class B notes affirmed at 'AAsf'; Outlook Stable

Class C notes affirmed at 'Asf'; Outlook Stable

Class D notes affirmed at 'BBBsf'; Outlook Stable

Class E notes affirmed at 'BBsf'; Outlook Stable

KEY RATING DRIVERS

Coronavirus-Related Economic Shock:

Fitch has made assumptions about the spread of the coronavirus and
the economic impact of the related containment measures. As a
base-case (most likely) scenario, Fitch assumes a global recession
in 1H20 driven by sharp economic contraction in major economies,
with a rapid spike in unemployment, followed by a recovery that
begins in 3Q20 as the health crisis subsides. As a downside
(sensitivity) scenario in the Rating Sensitivities section, Fitch
takes into consideration a more severe and prolonged period of
stress, with recovery to pre-crisis GDP levels delayed until around
the middle of the decade.

Coronavirus-Related Impact:

The measures put in place to limit the spread of the virus have
affected the economies of Australia and New Zealand, with many
businesses temporarily shut with little or no income. Fitch expects
this to affect the performance of credit cards, particularly
charge-offs, across all rating levels.

Fitch's' baseline expectation is for asset performance to
deteriorate in the near term due to the economic downturn. Recovery
post the pandemic is expected to start in 3Q20, but the return to
pre-pandemic levels is likely to be protracted. Fitch forecasts
Australia's GDP to shrink 5.0% in 2020 with unemployment rising to
7.5% while New Zealand's GDP is forecast to shrink 5.9% in 2020 and
unemployment to hit 7.9%. This deterioration of macroeconomic
conditions will be partly offset by a low interest rates and the
introduction of central bank and government stimulus in both
markets.

Stable Historical Performance and Collateral Characteristics:

Charge-off performance has remained stable over the last year with
gross charge-offs across all Australia trusts averaging 4.7% and
New Zealand charge-offs averaging 3.6%. The monthly payment rate, a
measure of how quickly consumers are paying off their credit card
debt, averaged 14.6% in Australia and 11.0% in New Zealand over the
past year. Fitch has maintained its MPR steady state at 12.5% for
Australia and 9.75% for NZ. Yield has remained steady over the past
year across the transactions, averaging 14.7% in Australia and
15.2% in New Zealand. Fitch has maintained its gross yield steady
state at 13.0% in both countries.

In reviewing the steady state assumptions, Fitch took into
consideration the historical performance of the Latitude credit
card portfolio, historical performance of a comparable US
transaction during the global financial crisis, as well as
Latitude's response to the crisis.

In reviewing the experience of the comparable transaction during
and after the global financial crisis, including the length of the
post-stress recovery period, Fitch determined that while yield and
MPR levels remained relatively unaffected, charge-offs increased
during the stress and remained elevated for an extended period of
time after the crisis. Charge-offs were observed to be 30% higher
than the pre-stress period.

Based on the considerations, Fitch increased the charge-off steady
state assumption to 6.8% for the Australian transactions and to
5.5% for the NZ transactions to account for prolonged weak asset
performance. Previously the charge-off steady states were 5.25% and
4.25%, respectively. Charge-off multiples were adjusted to reflect
Fitch's through-the cycle approach and resulted in about a 5%
increase in the default rate for 'AAAsf' rating levels up to a 30%
increase in defaults for 'Bsf' rating levels. There were no changes
made to the MPR or yield steady states. Fitch also revised the
lower purchase rate stress in the Latitude NZ transactions to align
the stress to the Latitude Australia transactions.

Potential performance deterioration at a portfolio level is partly
offset by support measures, such as reduced or deferred payments of
interest offered by Latitude to assist customers affected by the
pandemic. Fitch reviewed the ability of the transactions to
continue meeting obligations if a significant proportion of
borrowers take up payment assistance, and determined that they can
withstand about 75% of borrowers receiving payment assistance
before liquidity support would be drawn on. This is well above the
issuer's estimated figure of 3.6% of total credit card receivables
on some sort of payment assistance arrangement.

The transaction was cash-flow modelled using the revised steady
state assumptions with the notes passing all relevant cash flow
modelling stresses. The Stable Outlook is based on the notes'
ability to withstand the higher charge-off rate applied to take
into account the effects of the coronavirus pandemic.

Originator and Servicer Quality:

Fitch believes Latitude is an effective and capable originator and
servicer due to its long and consistent record. Latitude, through
previous ownership, has been managing large consumer receivable
portfolios for over a decade in Australia and New Zealand. Fitch
reviewed Latitude's underwriting and servicing capabilities and
found them satisfactory. Latitude is not rated and servicer risk is
mitigated through back-up arrangements. Fitch undertook an onsite
operational review and found that the operations of the originator
and servicer were comparable with other non-bank credit card
providers. During the pandemic Latitude's servicing and collections
teams have continued to work in the office with no disruption to
servicing procedures.

Counterparty Risk:

Fitch's rating on the notes is dependent on the financial strength
of certain counterparties. Fitch believes this risk is mitigated as
evident from the ratings of the applicable counterparties to the
transaction. Counterparty risk was evaluated in the initial
transaction analysis through the review of transaction
documentation, legal opinion and structural features.

Interest Rate Risk:

Interest rate risk is mitigated by available credit enhancement.

A summary of the steady states and rating stresses applied in the
cash flow modelling analysis is shown:

Australia

Steady States:

Charge-offs: 6.8%

MPR: 12.5%

Gross yield: 13.00%

Purchase rate: 100%

Rating Stresses:

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf

Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.50x

MPR (% decrease): 40.00% / 35.00% / 30.00% / 25.00% / 20.00%

Gross yield (% decrease): 35.00% / 30.00% / 25.00% / 20.00% /
15.00%

Purchase rate (% decrease): 90.00% / 85.00% / 75.00% / 65.00% /
55.00%

New Zealand

Steady States:

Charge-offs: 5.5%

MPR: 9.75%

Gross yield: 13.00%

Purchase rate: 100%

Rating Stresses:

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf

Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.50x

MPR (% decrease): 40.00% / 35.00% / 30.00% / 25.00% / 20.00%

Gross yield (% decrease): 35.00% / 30.00% / 25.00% / 20.00% /
15.00%

Purchase rate (% decrease): 90.00% / 85.00% / 75.00% / 65.00% /
55.00%

In addition to the above stresses, Fitch has applied 50% haircuts
to interchange and late fee income and has excluded merchant
service fees when performing its cash flow analysis.

RATING SENSITIVITIES

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

Long-term asset performance improvement, such as decreased
charge-offs, increased MPR or increased portfolio yield, driven by
a sustainable positive change to underlying asset quality. This
would contribute to a positive revision of Fitch's asset
assumptions, which could positively affect the notes' ratings.

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

A longer pandemic than Fitch expects that causes macroeconomic
fundamentals and consumers' financial position in Australia and New
Zealand to worsen beyond Fitch's baseline scenario. Credit
enhancement ratios cannot fully compensate for credit losses and
cash flow stresses associated with the assigned ratings, all else
being equal.

Downgrade Sensitivity:

Fitch evaluated the sensitivity of the ratings to decreased yields,
increased charge-offs and decreased MPRs over the life of the
transactions. The model indicates that note ratings are sensitive
to an increase in defaults and a reduction in MPRs, with less
sensitivity to lower yields. The full results of the analysis are
shown below:

Australian Sales Finance and Credit Cards Trust

Rating sensitivity to increased charge-off rate:

Current ratings: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Increase base case by 25%: 'AA+sf' / 'AA-sf' / 'A-sf' / 'BBB-sf' /
'BB-sf'

Increase base case by 50%: 'AA+sf' / 'A+sf' / BBB+sf' / 'BB+sf' /
'B+sf'

Increase base case by 75%: 'AA-sf' / 'Asf' / 'BBBsf' / 'BBsf' /
'Bsf'

Rating sensitivity to reduced MPR:

Current ratings: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Decrease base case by 15%: 'AA+sf' / 'AA-sf' / 'A-sf' / 'BBB-sf' /
'BB-sf'

Decrease base case by 25%: 'AAsf' / 'A+sf' / 'BBB+sf' / 'BB+sf' /
'BB-sf'

Decrease base case by 35%: 'AA-sf' / 'A-sf' / 'BBBsf' / 'BBsf' /
'B+sf'

Rating sensitivity to reduced yield:

Current rating: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Decrease base case by 15%: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 25%: 'AAAsf' / 'AAsf' / 'Asf' / 'BBB-sf' /
'BB-sf'

Decrease base case by 35%: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBB-sf' /
'B+sf'

Rating sensitivity to combined increase in charge-off rate and
reduced MPR:

Current rating: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Increase base case by 25% and decrease by 15%: 'AAsf' / 'Asf' /
'BBB+sf' / 'BB+sf' / 'B+sf'

Increase base case by 50% and decrease by 25%: 'A+sf' / 'BBB+sf' /
'BB+sf' / 'BB-sf' / below 'Bsf'

Increase base case by 75% and decrease by 35%: 'BBB+sf' / 'BBB-sf'
/ 'BB-sf' / 'Bsf' / below 'Bsf'

Australian Sales Finance and Credit Cards No.2 Trust

Rating sensitivity to increased charge-off rate:

Current ratings: 'AAAsf' / 'AAAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Increase base case by 25%: 'AA+sf' / 'AA+sf' / 'Asf' / 'BBBsf' /
'BB-sf'

Increase base case by 50%: 'AAsf' / 'AAsf' / 'A-sf' / 'BB+sf' /
'B+sf'

Increase base case by 75%: 'AA-sf'/ 'AA-sf'/ 'BBB+sf'/ 'BBsf' /
'Bsf'

Rating sensitivity to reduced MPR:

Current ratings: 'AAAsf' / 'AAAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Decrease base case by 15%: 'AA+sf' / 'AA+sf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 25%: 'AAsf' / 'AAsf' / 'A-sf' / 'BBB-sf' /
'BB-sf'

Decrease base case by 35%: 'A+sf' / 'A+sf' / 'BBB+sf' / 'BBsf' /
'B+sf'

Rating sensitivity to reduced yield:

Current rating: 'AAAsf' / 'AAAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Decrease base case by 15%: 'AAAsf' / 'AAAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 25%: 'AAAsf' / 'AAAsf' / 'Asf' / BBBsf' /
'BB-sf'

Decrease base case by 35%: 'AA+sf' / 'AA+sf' / 'Asf' / 'BBB-sf' /
'B+sf'

Rating sensitivity to combined increase in charge-off rate and
reduced MPR:

Current rating: 'AAAsf' / 'AAAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Increase base case by 25% and decrease by 15%: 'AAsf' / 'AAsf' /
'A-sf' / 'BB+sf' / 'B+sf'

Increase base case by 50% and decrease by 25%: 'Asf' / 'Asf' /
'BBBsf' / 'BB-sf' / 'Bsf'

Increase base case by 75% and decrease by 35%: 'BBB+sf' / 'BBB+sf'
/ 'BBsf' / 'Bsf' / below 'Bsf'

Latitude Australia Credit Card Master Trust

Series 2017-2

Rating sensitivity to increased charge-off rate:

Current ratings: 'AAAsf' / 'AAAsf' /'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Increase base case by 25%: 'AAAsf' / 'AA+sf' / 'AA-sf' / 'A-sf' /
'BBB-sf' / 'BB-sf'

Increase base case by 50%: 'AAAsf' / 'AAsf' / 'A+sf' / 'BBB+sf' /
'BB+sf' / 'B+sf'

Increase base case by 75%: 'AAAsf' / 'AA-sf' / 'Asf' / 'BBBsf' /
'BBsf' / below 'Bsf'

Rating sensitivity to reduced MPR:

Current ratings: 'AAAsf'/ 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 15%: 'AAAsf' / 'AA+sf' / 'AA-sf' / 'A-sf' /
'BBB-sf' / 'BB-sf'

Decrease base case by 25%: 'AAAsf' / 'AAsf' / 'A+sf' / 'BBB+sf' /
'BB+sf' / 'B+sf'

Decrease base case by 35%: 'AAAsf' / 'A+sf' / 'A-sf' / 'BBBsf' /
'BBsf' / 'B+sf'

Rating sensitivity to reduced yield:

Current ratings: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 15%: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' /
'BBBsf' / 'BB-sf'

Decrease base case by 25%: 'AAAsf' / 'AAAsf' / 'AA-sf' / 'Asf' /
'BBB-sf' / 'B+sf'

Decrease base case by 35%: 'AAAsf' / 'AA+sf' / 'AA-sf' / 'A-sf' /
'BBB-sf' / 'B+sf'

Rating sensitivity to combined increase in charge-off rate 'And
reduced MPR:

Current ratings: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Increase base case by 25% and decrease by 15%: 'AAAsf' / 'AAsf' /
'Asf' / 'BBB+sf' / 'BB+sf' / 'B+sf'

Increase base case by 50% and decrease by 25%: 'AA+sf' / 'Asf' /
'BBB+sf' / 'BB+sf' / 'BB-sf' / below 'Bsf'

Increase base case by 75% and decrease by 35%: 'AA-sf' / 'BBB+sf' /
'BBB-sf' / 'BB-sf' / 'Bsf' / below 'Bsf'

Series 2018-1

Rating sensitivity to increased charge-off rate:

Current ratings: 'AAAsf'/ 'AAAsf' / 'AAsf'/ 'Asf' / 'BBBsf' /
'BBsf'

Increase base case by 25%: 'AAAsf' / 'AA+sf' / 'AA-sf' / 'A-sf' /
'BBB-sf' / 'BB-sf'

Increase base case by 50%: 'AAAsf' / 'AAsf' / 'A+sf' / 'BBB+sf' /
'BB+sf' / 'B+sf'

Increase base case by 75%: 'AAAsf' / 'AA-sf' / 'Asf' / 'BBBsf' /
'BBsf' / 'Bsf'

Rating sensitivity to reduced MPR:

Current ratings: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 15%: 'AAAsf' / 'AA+sf' / 'AA-sf' / 'A-sf' /
'BBBsf' / 'BB-sf'

Decrease base case by 25%: 'AAAsf' / 'AAsf' / 'A+sf' / 'BBB+sf' /
'BBB-sf' / 'BB-sf'

Decrease base case by 35%: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBBsf' /
'BB+sf' / 'B+sf'

Rating sensitivity to reduced yield:

Current ratings: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 15%: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' /
'BBBsf' / 'BB-sf'

Decrease base case by 25%: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' /
'BBBsf' / 'B+sf'

Decrease base case by 35%: 'AAAsf' / 'AAAsf' / 'AA-sf' / 'A-sf' /
'BBB-sf' / 'B+sf'

Rating sensitivity to combined increase in charge-off rate 'And
reduced MPR:

Current ratings: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Increase base case by 25% and decrease by 15%: 'AAAsf' / 'AAsf' /
'Asf' / 'BBB+sf' / 'BB+sf' / 'B+sf'

Increase base case by 50% and decrease by 25%: 'AA+sf' / 'Asf' /
'BBB+sf' / 'BBB-sf' / 'BB-sf' / below 'Bsf'

Increase base case by 75% and decrease by 35%: 'A+sf' / 'BBB+sf' /
'BBB-sf' / 'BB-sf' / 'Bsf' / below 'Bsf'

Series 2019-1

Rating sensitivity to increased charge-off rate:

Current ratings: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Increase base case by 25%: 'AAAsf' / 'AA+sf' / 'AA-sf' / 'A-sf' /
'BBB-sf' / 'BB-sf'

Increase base case by 50%: 'AAAsf' / 'AAsf' / 'A+sf' / 'BBB+sf' /
'BB+sf' / 'B+sf'

Increase base case by 75%: 'AAAsf' / 'AA-sf' / 'Asf' / 'BBBsf' /
'BBsf' / 'Bsf'

Rating sensitivity to reduced MPR:

Current ratings: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 15%: 'AAAsf' / 'AA+sf' / 'AA-sf' / 'A-sf' /
'BBBsf' / 'BB-sf'

Decrease base case by 25%: 'AAAsf' / 'AAsf' / 'A+sf' / 'BBB+sf' /
'BBB-sf' / 'BB-sf'

Decrease base case by 35%: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBBsf' /
'BB+sf' / 'B+sf'

Rating sensitivity to reduced yield:

Current ratings: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 15%: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' /
'BBBsf' / 'BB-sf'

Decrease base case by 25%: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' /
'BBBsf' / 'B+sf'

Decrease base case by 35%: 'AAAsf' / 'AAAsf' / 'AA-sf' / 'A-sf' /
'BBB-sf' / 'B+sf'

Rating sensitivity to combined increase in charge-off rate 'And
reduced MPR:

Current ratings: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Increase base case by 25% and decrease by 15%: 'AAAsf' / 'AAsf' /
'Asf' / 'BBB+sf' / 'BB+sf' / 'B+sf'

Increase base case by 50% and decrease by 25%: 'AA+sf' / 'Asf' /
'BBB+sf' / 'BBB-sf' / 'BB-sf' / below 'Bsf'

Increase base case by 75% and decrease by 35%: 'A+sf' / 'BBB+sf' /
'BBB-sf' / 'BB-sf' / 'Bsf' / below 'Bsf'

Series 2017-VFN:

Rating sensitivity to increased charge-off rate:

Rating: 'Asf'

Increase base case by 25%: 'Asf'

Increase base case by 50%: 'A-sf'

Increase base case by 75%: 'BBB+sf'

Rating sensitivity to reduced MPR:

Rating: 'Asf'

Decrease base case by 15%: 'Asf'

Decrease base case by 25%: 'A-sf'

Decrease base case by 35%: 'BBB+sf'

Rating sensitivity to reduced yield:

Rating: 'Asf'

Decrease base case by 15%: 'Asf'

Decrease base case by 25%: 'Asf'

Decrease base case by 35%: 'Asf'

Rating sensitivity to combined increase in charge-off rate 'And
reduced MPR:

Rating: 'Asf'

Increase base case by 25% and decrease by 15%: 'A-sf'

Increase base case by 50% and decrease by 25%: 'BBBsf'

Increase base case by 75% and decrease by 35%: 'BBsf'

New Zealand Sales Finance And Credit Cards Trust

Rating sensitivity to increased charge-off rate:

Current ratings: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Increase base case by 25%: 'AAAsf' / 'AA-sf' / 'Asf' / 'BBBsf' /
'BBsf'

Increase base case by 50%: 'AA+sf' / 'A+sf' / 'A-sf' / 'BBB-sf' /
'BB-sf'

Increase base case by 75%: 'AAsf' / 'Asf' / 'BBB+sf' / 'BB+sf' /
'B+sf'

Rating sensitivity to reduced MPR:

Current ratings: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Decrease base case by 15%: 'AA+sf' / 'AA-sf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 25%: 'AA+sf' / 'A+sf' / 'A-sf' / 'BBB-sf' /
'BBsf'

Decrease base case by 35%: 'AA-sf' / 'Asf' / 'BBB+sf' / 'BB+sf' /
'BB-sf'

Rating sensitivity to reduced yield:

Current ratings: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Decrease base case by 15%: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 25%: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 35%: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BB-sf'

Rating sensitivity to combined increase in charge-off rate 'And
reduced MPR:

Current ratings: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf'/ 'BBsf'

Increase base case by 25% and decrease by 15%: 'AA+sf' / 'A+sf' /
'A-sf' / 'BBB-sf' / 'BB-sf'

Increase base case by 50% and decrease by 25%: 'A+sf' / 'A-sf' /
'BBBsf' / 'BBsf' / 'B+sf'

Increase base case by 75% and decrease by 35%: 'A-sf' / 'BBBsf' /
'BBsf' / 'B+sf' / below 'Bsf'

Latitude New Zealand Credit Card Master Trust

Series 2018-1

Rating sensitivity to increased charge-off rate:

Current ratings: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Increase base case by 25%: 'AA+sf' / 'AA-sf' / 'Asf' / 'BBBsf' /
'BBsf'

Increase base case by 50%: 'AAsf' / 'A+sf' / 'A-sf' / 'BBB-sf' /
'BB-sf'

Increase base case by 75%: 'AA-sf' / 'Asf' / 'BBB+sf' / 'BB+sf' /
'B+sf'

Rating sensitivity to reduced MPR:

Current ratings: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Decrease base case by 15%: 'AA+sf' / 'AA-sf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 25%: 'AAsf' / 'A+sf' / 'BBB+sf' / 'BBB-sf' /
'BBsf'

Decrease base case by 35%: 'A+sf' / 'A-sf' / 'BBBsf' / 'BB+sf' /
'BB-sf'

Rating sensitivity to reduced yield:

Current ratings: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Decrease base case by 15%: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 25%: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' /
'BBsf'

Decrease base case by 35%: 'AA+sf' / 'AA-sf' / 'Asf' / 'BBBsf' /
'BB-sf'

Rating sensitivity to combined increase in charge-off rate 'And
reduced MPR:

Current ratings: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf'

Increase base case by 25% and decrease by 15%: 'AAsf' / 'A+sf' /
'BBB+sf' / 'BBB-sf' / 'BB-sf'

Increase base case by 50% and decrease by 25%: 'A+sf' / 'BBB+sf' /
'BBB-sf' / 'BBsf' / 'Bsf'

Increase base case by 75% and decrease by 35%: 'BBB+sf' / 'BBB-sf'
/ 'BBsf' / 'B+sf' / below 'Bsf'

2018-VFN:

Rating sensitivity to increased charge-off rate:

Rating: 'BBBsf'

Increase base case by 25%: 'BBBsf'

Increase base case by 50%: 'BBB-sf'

Increase base case by 75%: 'BB+sf'

Rating sensitivity to reduced MPR:

Rating: 'BBBsf'

Decrease base case by 15%: 'BBBsf'

Decrease base case by 25%: 'BBBsf'

Decrease base case by 35%: 'BBB-sf'

Rating sensitivity to reduced yield:

Rating: 'BBBsf'

Decrease base case by 15%: 'BBBsf'

Decrease base case by 25%: 'BBBsf'

Decrease base case by 35%: 'BBBsf'

Rating sensitivity to combined increase in charge-off rate and
reduced MPR:

Rating: 'BBBsf'

Increase base case by 25% and decrease by 15%: 'BBB-sf'

Increase base case by 50% and decrease by 25%: 'BBsf'

Increase base case by 75% and decrease by 35%: 'B+sf'

Upgrade Sensitivity

Rating sensitivity to decreased charge-off rate

Australian Sales Finance and Credit Cards Trust

Decrease charge-off base case by 25%: 'AAAsf' / 'AAAsf' / 'AA+sf' /
'Asf' / 'BBBsf'

Australian Sales Finance and Credit Cards Trust No. 2 Trust

Decrease charge-off base case by 25%: 'AAAsf' / 'AAAsf' / 'AA-sf' /
'A-sf' / 'BBBsf'

Latitude Australia Credit Card Master Trust

Series 2017-2

Decrease charge-off base case by 25%: 'AAAsf' / 'AAAsf' / 'AA+sf' /
'AA-sf' / 'A-sf' / 'BBB-sf'

Series 2018-1

Decrease charge-off base case by 25%: 'AAAsf' / 'AAAsf' / 'AAAsf' /
'AA-sf' / 'A-sf' / 'BBB-sf'

Series 2019-1

Decrease charge-off base case by 25%: 'AAAsf' / 'AAAsf' / 'AAAsf' /
'AA-sf' / 'A-sf' / 'BBB-sf'

Series 2017-VFN

Decrease charge-off base case by 25%: 'AAsf'

New Zealand Sales Finance And Credit Cards Trust

Decrease charge-off base case by 25%: 'AAAsf' / 'AAAsf' / 'AAsf' /
'Asf' / 'BBBsf'

Latitude New Zealand Credit Card Master Trust

Series 2018-1

Decrease charge-off base case by 25%: 'AAAsf' / 'AA+sf' / 'AA-sf' /
'Asf' / 'BBBsf'

Series 2018-VFN

Decrease charge-off base case by 25%: 'Asf'

Coronavirus Downside Scenario Sensitivity:

Fitch believes its current assumptions are adequate to sustain its
base coronavirus pandemic scenario. Fitch also examined a downside
scenario that envisions a re-emergence of infections in major
economies and no meaningful recovery until around the middle of the
decade. Fitch tested this scenario by increasing charge-offs by
30%.

Australian Sales Finance and Credit Cards Trust

Increase charge-off base case by 30%: 'AA+sf'/ 'AA-sf'/ 'A-sf'/
'BBB-sf'/ 'BB-sf'

Australian Sales Finance and Credit Cards Trust No. 2 Trust

Increase charge-off base case by 30%: 'AA+sf' / 'AA+sf'/ 'Asf'/
'BBB-sf'/ 'BB-sf'

Latitude Australia Credit Card Master Trust

Series 2017-2

Increase charge-off base case by 30%: 'AAAsf' / 'AA+sf' / 'AA-sf' /
'A-sf' / 'BBB-sf' / 'B+sf'

Series 2018-1

Increase charge-off base case by 30%: 'AAAsf' / 'AA+sf' / 'AA-sf' /
'A-sf' / 'BBB-sf' / 'BB-sf'

Series 2019-1

Increase charge-off base case by 30%: 'AAAsf' / 'AA+sf' / 'AA-sf' /
'A-sf' / 'BBB-sf' / 'BB-sf'

Series 2017-VFN

Increase charge-off base case by 30%: 'Asf'

New Zealand Sales Finance And Credit Cards Trust

Increase charge-off base case by 30%: 'AA+sf' / 'AA-sf' / 'Asf' /
'BBBsf' / 'BBsf'

Latitude New Zealand Credit Card Master Trust

Series 2018-1

Increase charge-off base case by 30%: 'AA+sf' / 'AA-sf' / 'A-sf' /
'BBBsf' / 'BBsf'

Series 2018-VFN

Increase charge-off base case by 30%: 'BBBsf'

Some of the outstanding subordinate tranches may be able to support
higher ratings based on the output of Fitch's proprietary cash flow
model. Enhancement levels are set to maintain a constant rating
level per class of issued notes and may provide more than the
minimum enhancement necessary to retain issuance flexibility, since
the credit card programme is set up as a continuous funding
programme and requires that any new issuance or note reductions do
not affect the rating of existing tranches. Therefore, Fitch may
decide not to assign or maintain ratings above the current
outstanding ratings in anticipation of future issuance or
reductions.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that were
material to this analysis. Fitch has reviewed the results of a
third-party assessment of the asset portfolios as part of its
ongoing monitoring and concluded that there were no findings that
affected the ratings analysis.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

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.

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

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).



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

DR. PENG: Moody's Cuts CFR Caa3, Outlook Neg.
---------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Dr. Peng Telecom & Media Group Co., Ltd. to Caa3 from
Caa1.

At the same time, Moody's has downgraded Dr. Peng Holding Hongkong
Limited's senior unsecured rating to Caa3 from Caa1. The notes are
unconditionally and irrevocably guaranteed by Dr. Peng Telecom.

The outlook on the ratings remains negative.

RATINGS RATIONALE

The downgrade follows the announcement by Dr. Peng Holding Hongkong
Limited on May 29, 2020 that the majority of its noteholders have
accepted the extension of the maturity date on its USD notes by 18
months to December 1, 2021 from June 1, 2020, with partial
principal redemption before that date [1][2].

The extension represents an economic loss for noteholders as the
original payment promises will not be met, thus triggering the
downgrade. Moody's views this amendment as a way for Dr. Peng
Telecom to avoid default given its constrained liquidity profile.
The proposal can therefore be viewed as a distressed exchange,
which is a default under Moody's definition.

This amendment highlights the severe challenges facing Dr. Peng
Telecom because of the intense competition among broadband internet
access operators in China and the uncertainty over its ongoing
business transformation. This situation will continue to strain the
company's cash flow and liquidity.

The negative outlook reflects Moody's continued concerns over the
company's tight liquidity and ability to arrange funding on time to
meet its obligations.

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

Moody's could upgrade the ratings if the company makes significant
progress on servicing its debt obligations and improves its
liquidity.

Moody's would downgrade the ratings further if there is an event of
default on its general debt obligations or other transaction that
could lead to a significant principal loss for its noteholders.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Dr. Peng Telecom & Media Group Co., Ltd. is a telecommunications
operator in China and offers, among other things, broadband
internet access and application services.

Headquartered in Beijing, the company was founded in 1985 and
listed on the Shanghai Stock Exchange (600804.CH) in 1994.

HONGHUA GROUP: Fitch Affirms LT IDR at 'B', Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Chinese land-drilling rig manufacturer
Honghua Group Limited's Long-Term Foreign-Currency Issuer Default
Rating at 'B'. The Outlook is Stable. Fitch has also affirmed
Honghua's senior unsecured rating and the rating on its USD200
million 6.375% senior unsecured notes due 2022 at 'B' with a
Recovery Rating of 'RR4'.

Honghua's ratings incorporate a one-notch uplift from its
Standalone Credit Profile of 'b-'. This is based on potential
support from its controlling shareholder, China Aerospace Science
and Industry Corporation Limited, as Fitch assesses the legal,
operational and strategic ties between Honghua and CASIC as
moderate under its Parent and Subsidiary Rating Linkage criteria.

KEY RATING DRIVERS

Moderate Linkage with CASIC: CASIC became Honghua's largest
shareholder after an equity placement in 2017 with 29.98% of
Honghua's shares and treats Honghua as a subsidiary in its
accounts. Honghua's and CASIC's operations are largely independent,
although Fitch understands from management that CASIC regards
Honghua's expertise in land-drilling equipment as complementary to
its energy business.

CASIC appointed three board members and several key senior managers
to Honghua, including the chairperson and chief financial officer.
CASIC, through a subsidiary, has provided tangible support to
Honghua in the form of credit facilities and two low-interest
shareholder loans totalling CNY600 million since 2017. In addition,
CASIC has supported Honghua in building business relations with
Chinese central state-owned enterprises in the oil and gas sector
and power and energy industries.

Higher Leverage in 2019: Honghua's 2019 EBITDA declined by 5% to
CNY496 million after adjusting for CNY125 million in impairment
losses on trade receivables and contract assets. Honghua's FFO net
leverage was higher than Fitch expected, reaching 8.2x in 2019,
from 4.9x a year earlier, due to higher-than-forecast impairment
charges, working capital-outflows and capex. The company's 2019 FFO
fixed-charge coverage amounted to 1.9x, which did not breach its
negative sensitivities.

Pressure from Low Oil Prices: Fitch expects a sustained decline in
oil prices to negatively affect Honghua's earnings and cash flows
but the company will be able to maintain adequate liquidity and
keep its financial metrics within the sensitivities for its rating
over the rating horizon to 2023. Fitch believes Honghua's FFO
fixed-charge coverage may decline to 1.4x in 2022, above its
negative trigger, and recover to 1.9x in 2023.

Rising China Contribution: China accounted for 51% of Honghua's
2019 revenue, which rose to CNY2.2 billion from CNY967 million in
2017, likely benefitting from CASIC's ownership and better
relationships with key customers such as Chinese national oil
companies. The company said China's revenue contribution may reach
about 60% in 2020, potentially offsetting the impact of low oil
prices. The company also has operations in the Middle East, Europe
and Central Asia.

DERIVATION SUMMARY

Honghua's 'B' rating incorporates a one-notch uplift for potential
support from CASIC. The rating also reflects Fitch's expectation
that the company will be able to maintain adequate liquidity to
meet its debt obligations and keep its financial metrics within the
sensitivities for its rating level over the rating horizon to 2023.
However, its SCP remains weaker than the rating of its domestic
oilfield equipment and service peers, such as Anton Oilfield
Services Group (B/Stable).

KEY ASSUMPTIONS

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

  - Revenue falls by 7.5% and 15% in 2020 and 2021

  - EBITDA margin declines to 9.6% in 2020 and 8.5% in 2021

  - Capex of CNY150 million a year in 2020 and 2021

Recovery Rating Assumptions:

Its recovery analysis is based on liquidation value. The
liquidation value is derived from the value of balance sheet assets
that can be realised in a sale or liquidation process, and 10%
administrative claim.

The Recovery Rating assigned to Honghua's senior unsecured debt is
'RR4' because under Fitch's Country-Specific Treatment of Recovery
Ratings Rating Criteria, China falls into the Group D of countries
in terms of creditor friendliness. Recovery Ratings of issuers with
assets in this group are capped at 'RR4'.

RATING SENSITIVITIES

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

  - Evidence of stronger legal, operational and strategic linkages
with CASIC

  - FFO adjusted net leverage sustained below 4.5x (2019: 8.2x)

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

  - Evidence of weaker legal, operational and strategic linkages
with CASIC

  - FFO fixed-charge coverage below 1.2x for a sustained period
(2019: 1.9x)

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Honghua had CNY1.9 billion of short-term debt
at end-2019. This should be covered by CNY890 million of available
cash and CNY6.3 billion of undrawn borrowing facilities, including
the unused facilities of around CNY1.2 billion provided by CASIC.
However, these facilities are uncommitted as committed credit
facilities are not common in the Chinese banking environment. Fitch
believes that Honghua's financing ability has improved with CASIC's
shareholding.

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).

SEAZEN GROUP: Moody's Puts Ba3 Sr. Unsec. Rating to Proposed Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to the proposed notes to be issued by Seazen Group Limited
(Ba2 stable).

The proceeds of the notes will be used to repay the company's
offshore debt that will mature within one year.

RATINGS RATIONALE

"The proposed notes will improve Seazen Group's liquidity but not
have a material impact on its credit metrics, because the proceeds
will be mainly used for refinancing," says Kaven Tsang, a Moody's
Senior Vice President.

Moody's projects that Seazen Group's revenue/adjusted debt and
EBIT/interest coverage will moderate to 70%-75% and around
3.0x-3.5x in the next 12-18 months from 81% and 4.1x, respectively,
in 2019. This is driven by an expected increase in debt to support
its growth plan after it temporarily suspended land acquisitions in
the second half of 2019.

Nevertheless, these projected metrics will remain appropriate for
its Ba2 corporate family rating.

Seazen Group's Ba2 CFR mainly reflects the credit profile of Seazen
Holdings Co., Ltd. (Ba2 stable), the company's 67.2%-owned mainland
subsidiary that accounts for most of its operations and financial
profile.

The Ba2 CFR also reflects its strong sales execution, growing
recurring rental income from its retail malls, and good liquidity.
Additionally, the rating considers Seazen Group's exposure to the
regional economy of the Yangtze River Delta and its sizable joint
venture business exposures.

The Ba2 CFR is also supported by its good liquidity. Its cash
balance of RMB65.6 billion as of December 2019 could cover 1.6x of
its maturing debt as of the same date.

Moody's expects the company's cash holdings, together with its cash
flow from operating activities, to be enough to cover its maturing
debt (including onshore puttable bonds) and committed land payments
over the next 12-18 months.

Seazen Group's total contracted sales declined 28% year-on-year to
RMB49.0 billion for the first four months of 2020 due to
coronavirus-related disruptions. However, Moody's expects
contracted sales will recover towards RMB275 billion-RMB280 billion
over the next 12-18 months, compared with RMB270.8 billion in 2019,
supported by the company's sales execution and solid hosing demand
in its core market of the Yangtze River Delta area.

With regard to governance considerations, Seazen Group's Ba2 CFR
takes into consideration the concentrated ownership by the
company's former chairman, who holds a total 71% stake in the
company. This risk is partly mitigated by the company's established
governance structures and standards that are required for companies
listed on the Hong Kong Stock Exchange and by the Securities and
Futures Commission of Hong Kong.

Additionally, Seazen Holdings is listed on the Shanghai Stock
Exchange and is subject to the governance standards of the
exchange.

The Ba3 senior unsecured bond rating is one notch lower than Seazen
Group's Ba2 CFR because of the risk of structural subordination.

This subordination risk reflects the fact that most of Seazen
Group's claims are at the operating subsidiary level and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
likely recovery rate for claims at the holding company will be
lower.

The stable outlook reflects Moody's expectation that the company
will maintain resilient contracted sales and liquidity over the
next 12-18 months, and that it will maintain uninterrupted access
to its major sources of funding over the same period.

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

Moody's could upgrade Seazen Group's rating if it successfully
executes its sales plan through the cycles, and maintains strong
liquidity and prudent financial management practices.

Specifically, Moody's could upgrade the rating if (1)
revenue/adjusted debt exceeds 80%; (2) EBIT/interest coverage is
above 4.0x-4.5x, and (3) rental income/interest coverage exceeds
50%, all on a sustained basis.

A significant reduction in contingent liabilities associated with
JVs or lower risks of providing funding support to JVs could also
be credit positive. This could be a result of reduced usage of JVs
or a significant improvement in the financial strengths of its JV
projects.

On the other hand, Moody's could downgrade the rating if (1) its
contracted sales growth slows; (2) its credit metrics weaken, with
EBIT/interest coverage falling below 3.5x, or revenue/adjusted debt
falling below 65%-70% on a sustained basis; or (3) its liquidity
deteriorates, as reflected by cash/short-term debt falling below
1.25x.

Moody's could also downgrade the rating if the company's contingent
liabilities associated with JVs or the risks of providing funding
support to JVs increase significantly. This could be a result of a
significant deterioration in the financial strengths and liquidity
of its JV projects or a substantial increase in investment in new
JV projects.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Seazen Group Limited operates through its 67.2%-owned mainland
subsidiary, Seazen Holdings, and engages primarily in residential
development in China. Seazen Group was founded in 1996 by Wang
Zhenhua, who is the former chairman of Seazen Group and Seazen
Holdings. Wang Zhenhua is the largest shareholder of Seazen Group,
holding a 71% stake in the company, and has been involved in the
property development business in China (A1 stable) since 1993. The
company had a land bank spread across 105 cities in China, with a
total gross floor area of around 123.6 million square meters as of
the end of December 2019.

ZHENRO PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B+'
-------------------------------------------------------------
Fitch Ratings has assigned Zhenro Properties Group Limited's
(B+/Stable) proposed US dollar senior notes a 'B+' rating, with a
Recovery Rating of 'RR4'.

The notes are rated at the same level as Zhenro's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. Zhenro intends to use the net proceeds from the issue
to primarily refinance its existing debt.

Zhenro's ratings are supported by the China-based company repaying
its debt through equity issuance, a slowdown on land-bank
acquisition and internally generated cash flow, which have reduced
its leverage - defined by net debt/adjusted inventory, including
proportional consolidation of joint ventures and associates - to
44% by end-2019, from 55% in 1H19. Fitch believes Zhenro can
sustain leverage below 50% as it pursues a less aggressive growth
strategy than in the past two years.

Zhenro's Issuer Default Rating reflects its high-quality and
diverse land bank, healthy contracted sales growth, sales churn and
good margin. The rating is constrained by a small land bank, which
creates some pressure to replenish land and limits room for
significant deleveraging.

KEY RATING DRIVERS

Leverage Profile to be Maintained: Fitch believes Zhenro can
sustain a leverage profile commensurate with a 'B+' rating.
Leverage increased to 55% in 1H19, but subsequent debt repayment
from equity issuance, reduction in land acquisition and internal
cash generation cut leverage to 44% by end-2019. Zhenro spent
CNY24.8 billion on land acquisitions in 2019, which contributed
around 37% of the year's attributable contracted sales. Chinese
homebuilders have been more active in acquiring land in Tier 2
cities during 2019, resulting in higher land premiums.

More Balanced Capital Structure: Its cash/short-term debt ratio was
stable at 1.8x in 2019. Fitch also expects funding costs to
continue to fall, as more expensive trust loans are replaced with
lower-cost financing. Zhenro has diversified its funding sources
since its IPO in 2018. The proportion of unsecured borrowings
increased to 45% of total debt in 2019, from 34% in 2018. The
company continues to replace onshore non-bank borrowings with
offshore funding.

High-Quality Land Bank: Zhenro's land bank is focused on Tier 2
cities and is diversified across China's eastern, northern,
south-eastern, western and central regions. No single city accounts
for a significant portion to total sales, avoiding concentration
and regional-policy risks. This allowed Zhenro to achieve robust
attributable contracted sales growth in the previous three years,
with attributable sales reaching CNY66.7 billion in 2019. The
average selling price dropped to CNY15,488/square metre (sq m),
from CNY16,765/sq m in 2018, due to a lower proportion of sales
from Tier 2 cities, but was still higher than that of most 'B+'
category peers.

Relatively Small Land Bank: Fitch estimates Zhenro's unsold
attributable land bank at end-1H19 was sufficient for around two
years of development. The company relies on continuous land
acquisition to sustain contracted sales growth. This is likely to
drive Zhenro to replenish land bank at market prices and could
limit its ability to keep land costs low, especially as it buys
more land parcels in Tier 2 cities, where there is more intense
competition among developers. Fitch forecasts Zhenro will keep its
land-bank life at current levels, as the company believes a larger
land bank would limit its flexibility to manage policy
uncertainties.

Zhenro acquired new land at an average cost of CNY5,968/sq m in
2019, 24% higher than in 2018. Land costs accounted for about 39%
of contracted sales ASP. Fitch expects the EBITDA margin to
gradually narrow from the 2018 level, following the same trend as
most other Chinese homebuilders.

Significant Minority Shareholders: Total non-controlling interest
in Zhenro's balance sheet increased to CNY13.2 billion in 2019,
from CNY8 billion in 2018, due to minority shareholders completing
capital injections for projects acquired in 2018. Total
non-controlling interest was 42.5% of total equity in 2019. Fitch
expects non-controlling interests to stay stable, as Zhenro sought
higher shareholdings in its land acquisitions during 2019.

DERIVATION SUMMARY

Zhenro's relatively small land bank constrains its rating to the
'B+' category, while its sustainable contracted sales scale and
diverse and quality land bank are comparable with those of 'BB-'
peers. Zhenro's unsold attributable land bank at end-2019 was
equivalent to around two years of gross floor area sold, which is
similar to that of Zhongliang Holdings Group Company Limited
(B+/Stable), but shorter than that of fast-churn peers.

Zhenro's leverage is at the higher end of 'B+' peers, but is
complemented by a high-quality land bank, which drives its
contracted sales scale and satisfactory margin. Attributable
contracted sales of CNY67 billion and an EBITDA margin of 22% in
2019 were comparable with those of 'BB-' peers, such as Yuzhou
Properties Company Limited (BB-/Stable).

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY62 billion-85 billion a
year in 2020-2022 (2019: CNY67 billion)

  - 0%-2% rise in ASP each year in 2020-2022 (2019: CNY15,488)

  - Annual land premium to be maintained at around 2.5 years of
land-bank life, accounting for about 40%-55% of attributable
contracted sales (2019: 37%)

Recovery Assumptions:

  - Cash balance is adjusted such that only cash in excess of the
higher of accounts payables and three months of contracted sales is
factored in

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

  - 60% haircut to investment properties

  - 30% haircut to accounts receivables

  - 60% standard haircut to net property, plant and equipment

  - No haircut on restricted cash

RATING SENSITIVITIES

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

  - Leverage (net debt/adjusted inventory) sustained below 45%

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, above 25% for a sustained period

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

  - Leverage (net debt/adjusted inventory) above 55% for a
sustained period

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, below 20% 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

Sufficient Liquidity: Zhenro had unrestricted cash of CNY28.4
billion, pledged deposits of CNY1.8 billion, restricted cash of
CNY5.1 billion, undrawn bank credit facilities and an unused
onshore and offshore bond issuance quota for refinancing at
end-2019, which were enough to cover short-term borrowings of
CNY20.0 billion. Zhenro in 2H19 raised CNY2.8 billion from the debt
and equity capital markets to repay debt and for refinancing
purposes.

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).

[*] CHINA: Shenzhen Drafts First Personal Bankruptcy Laws
---------------------------------------------------------
Reuters reports that Shenzhen has drafted China's first personal
bankruptcy laws as the southern city tackles broader economic
troubles stemming from the coronavirus outbreak, paving the way for
others to follow suit.

According to Reuters, the rules are intended to give "honest and
unfortunate" debtors the chance to escape the mire of debt and make
a comeback, the city government said in an official post on June
3.

Despite corporate bankruptcy laws nationwide since 2007,
individuals are still held personally liable for business debts,
making their recovery particularly difficult, Reuters says citing
draft rules posted on a Shenzhen government website on June 2.

Reuters relates that the draft rules, open for public comment until
June 18, allow Shenzhen residents who cannot pay their debts to
apply for personal bankruptcy if they have paid social insurance in
the city for at least three years.

Once approved, applicants will spend at least three years in a
supervised "probation" period before all or part of their debts are
wiped clean. During this time their expenditure will be supervised,
the draft rules, as cited by Reuters, said.

A Reuters analysis showed 76 entities filed for bankruptcy with the
Shenzhen Intermediate People's Court in May, up 85% from a year
earlier.

Individual businesses made up more than a third of Shenzhen's 3.3
million registered commercial entities, with many involved in
e-commerce or freelance work, Reuters discloses citing official
figures.

"After the epidemic, it's unclear just how many business owners
will be forced on to the country's defaulter list if they fail,"
Reuters quotes Yin Yanrong, a partner in the Guangdong Baocheng law
firm, as saying.

Creditors owed more than CNY500,000 ($70,228.66) will also be able
to apply to the court for bankruptcy liquidation of the debtor,
according to Reuters.

Several lawyers told Reuters they expect other regions to roll out
similar trials. The move also aims to rid the economy of risks such
as credit-fuelled personal consumption and bubbles like that in
Shenzhen's red-hot real-estate market.

"Shenzhen, as a leading pilot area, usually gives priority to new
policies," Reuters quotes Chen Xiaorui, a lawyer with the Guangdong
Nuoming law firm, as saying.



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

ABT INVESTMENT: CARE Keeps D INR100cr Debt Rating in Not Coop.
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A B T
Investments (India) Private Limited (AIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      100        CARE D; Issuer not cooperating;
   Debenture                       Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had vide its press release dated March 4, 2019 placed the
rating of AIPL under the issuer non cooperating category as it had
failed to provide information for monitoring of the rating. AIPL
continues to be non-cooperative and in line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which, however, in CARE's opinion is
not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The ratings take into account ongoing delays in NCD repayments by
the company ascertained by CARE as part of its due diligence
exercise.

Detailed description of the key rating drivers

At the time of last rating on March 4, 2019 the following were the
rating strengths and weaknesses (updated for FY19 financials).

Key Rating Weakness

* Delays in debt servicing:  The company being a holding company
does not have its own operations. On account of the delays in
expected cash flows from its group companies, the company has not
made its principal payments towards its NCD issue due from
November 30, 2017 and also its interest due on February 28, 2018,
May 31 2018, August 31 2018 and March 31 2019.

* Weak Financial risk profile of SSL (underlying security company):
The NCD issue is secured by pledging the shares of Shakti Sugars
Limited (SSL) held by AIPL. As indicated by the auditors in the
audit report of SSL for FY19, the company has been making delays in
servicing of debt obligations.

Key Rating Strengths

* Well experienced promoter group:  The Sakthi group has been
operational for over eight decades and has presence in diverse
industries. Dr. M. Manickam, Chairman of the group is a third
generation entrepreneur and has over three decades of industrial
experience. He holds a MBA degree from University of Michigan. The
day to day operations of the group companies are managed by his
children. The promoters are supported by well-experienced
management team who have been with the group for long period.

A B T Investments (India) Private Limited (AIPL) belongs to the
Coimbatore based ABT group of companies having presence in
diversified industries including Sugar, Auto Components, Power, IT
services, transportation & logistics, energy and textiles. AIPL was
formed after the demerger and consolidation of the companies under
ABT group. AIPL is an investment and holding company and has no
other operations. The Company has holdings in various group
companies of ABT group.

ADANI GREEN: Fitch Affirms $500MM Sr. Sec. Notes Rating at BB+
--------------------------------------------------------------
Fitch Ratings has affirmed Adani Green Energy Limited Restricted
Group 1's USD500 million senior secured notes at 'BB+'. The Outlook
is Stable. AGEL RG1 includes three subsidiaries of Adani Green
Energy Limited.

The US dollar notes are issued in part by each of the three SPVs in
the restricted group. The notes are stapled together to mimic the
structure of the restricted pool. The issuers directly own
operating assets and are not merely lenders to the operating
entities, unlike other rated issuance from most Indian restricted
groups. All covenants or triggers are on an aggregate basis. Each
SPV guarantees the note obligations of the other two SPVs, although
the notes constitute each issuer's obligations only on a several
basis.

RATING RATIONALE

The affirmation reflects the credit profile of AGEL RG1, which
operates solar generation assets across India with a combined
capacity of 930MW. The rating is underpinned by long-term
fixed-price power purchase agreements, commercially proven
technology and experienced operations and maintenance contractors,
and is weighed down by the entities' limited operating record.
Noteholders benefit from a standard security package and robust
covenants restricting distributions. The notes have a bullet
repayment due 2024, although refinancing risk is mitigated by a
senior debt restricted amortisation account. Fitch assumes the
notes will be refinanced at maturity, with the refinancing debt to
be amortised across the remaining PPA terms.

Fitch considers revenue from sovereign-backed NTPC Limited
(BBB-/Stable) and Solar Energy Corporation of India, to which AGEL
RG1 contracts 57% of its total capacity, as fully contracted
revenue and apply the fully contracted project threshold. SECI's
credit quality does not constrain the rating, as revenue exposure
to SECI presents a systematic sector risk.

Fitch applied a variation to the Renewable Energy Project Rating
Criteria with respect to the counterparty risk related to the state
distribution companies. Fitch does not rate the state companies
that purchase power from AGEL RG1 under PPAs, but Fitch does not
believe a default by one of the companies would necessarily lead to
a default of the transaction. However, Fitch sees it prudent to
apply the merchant project threshold for the revenue from the state
distribution companies. Therefore, Fitch applies a revenue-based
weighted-average threshold to determine the rating, while cash flow
is evaluated based on contracted prices. The project generates an
average annual debt-service cover ratio of 1.35x, with a minimum of
1.15x under Fitch's rating case, which is commensurate with a 'BB+'
rating.

KEY RATING DRIVERS

Experienced Contractors; Proven Technology: Operation Risk −
Midrange

AGEL RG1 consists of 930MW polycrystalline solar projects, which
are a proven technology with a long operating history. Fitch
regards the operation of these types of solar projects as
straightforward. The solar modules are provided by internationally
known suppliers. Operation and maintenance work is carried out by
an affiliate company, Adani Infrastructure Management Services
Limited, under seven-year fixed-price contracts with 2% annual
price escalation. Replacement operators are readily available in
the market. However, the operation risk assessment is constrained
to 'Midrange', as the operating cost forecast is not validated by
an independent technical advisor and the solar projects have a
limited operating history.

Limited Operating Record: Revenue Risk (Volume) − Midrange

The energy-yield forecast produced by third-party experts indicates
an overall P50/one-year P90 spread between 6% and 16%, leading to a
'Midrange' volume risk assessment. The performance of the projects
has been largely in line with their P90 forecasts since
commissioning, other than between September 2019 and January 2020,
when an extended monsoon affected energy production. Curtailment
risk is limited in light of the must-run status of Indian renewable
energy plants.

Long-Term Fixed-Price PPAs: Revenue Risk (Price) − Stronger

AGEL RG1 contracts 40% of its total capacity with NTPC and 17% with
SECI, with the remaining capacity contracted with various state
distribution companies under 25-year fixed-price PPAs, which
protect the portfolio from merchant price volatility. Fitch
assesses price risk as 'Stronger'.

Refinancing Risk Mitigated by Protective Structural Features: Debt
Structure - Midrange

The debt is a senior secured five-year bullet bond. The bullet
repayment structure presents significant refinancing risk. However,
the notes benefit from a senior debt restricted amortisation
account that requires issuers to pre-fund a proportion of debt by
maturity. The notes also require issuers to submit a refinancing
plan 12 months before maturity. Noteholders benefit from protective
structural features to restrict distributions. The debt has a
six-month debt service reserve. All cash will be trapped if the
12-month backward-looking DSCR drops to below 1.35x or if the
project life cover ratio drops to below 1.6x. Distribution will
also be restricted if there is a reduction of the EBITDA mix from
sovereign-backed off-takers to less than 55% or if aggregate cash
flow available for debt service (CFADS) from sovereign-backed
off-takers over the remaining PPA lives is insufficient to cover
75% of the outstanding debt.

PEER GROUP

Both AGEL RG1 and Adani Green Energy Limited Restricted Group 2
(AGEL RG2 , note rating: BBB-/Stable; underlying credit rating:
bbb) benefit from long-term fixed-price PPAs. Both restricted
groups contract about 60% of capacity with sovereign-backed
off-takers, although AGEL RG2 generates a higher proportion of
revenue under PPAs with sovereign-backed off-takers under Fitch's
rating case. The two restricted groups have limited operating
records and their operating cost forecasts are not validated by an
independent engineer. AGEL RG2's debt is partially amortising, with
a 24% balloon repayment at maturity. This compares with a five-year
bullet bond for AGEL RG1, which has higher refinancing risk.
However, this is mitigated by its protective structural features,
including a senior restricted amortisation account and various
distribution lock-up tests.

Fitch also views Azure Power Solar Energy Private Limited (APSEPL,
note rating: BB/Stable) to be comparable with AGEL RG1. Both
projects benefit from long-term fixed-price PPAs, although AGEL RG1
benefits from a stronger credit quality profile of off-takers, with
57% of capacity contracted with sovereign-backed off-takers against
14% for APSEPL. Both issuers have a limited operating record and do
not validate operating cost forecasts by an independent engineer
and their debt comprises five-year bullet bonds. However, AGEL RG1
benefits from a stronger distribution lock-up test, debt service
reserve account and capex reserve account.

RATING SENSITIVITIES

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

Positive rating action is unlikely given the uncertainty of the
refinancing terms, structure and future coverage profile upon the
maturity of the notes.

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

Average annual DSCR across the PPA terms drops below 1.30x
persistently as a result of:

energy production underperforming long-term projections due to low
solar resource or operational issues; or

less favourable refinancing terms and structure than the
assumptions made in Fitch's financial analysis.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Public Finance 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 three 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.

TRANSACTION SUMMARY

AGEL RG1 is a restricted group consisting of three SPVs under Adani
Green Energy Limited, with total capacity of 930MW across India.
The restricted group issued five-year senior secured notes due 2024
to refinance its debt.

FINANCIAL ANALYSIS

Fitch assumes the bullet principal repayment will be refinanced
upon maturity by fully amortising debt across the remaining PPA
terms at a higher refinancing interest rate of 12%. Fitch's base
case assumes a P50 energy production throughout the forecast period
until the end of the PPAs and a 5% production haircut to reflect
limited operating history. Fitch also applies three-month stress to
the receivable day assumption for state distribution company
off-takers. Fitch's base case generates an average annual DSCR of
1.50x, with a minimum of 1.29x.

Fitch's rating case assumes a one-year P90 energy yield throughout
the forecast period, 5% production haircut and 0.6% annual solar
degradation. Fitch also applies a 10% stress on operating expenses
and a three-month stress to the receivable day assumption for state
distribution company off-takers. The assumptions generate an
average annual DSCR of 1.35x, with a minimum of 1.15x.

Its CFADS calculation is different from that in the legal
documentation for the notes. Its CFADS calculation includes funding
of capex for repowering and working capital movement but does not
include opening cash available in the operating account, if not
distributed, at the start of the financial year.

CRITERIA VARIATION

Fitch applied a variation to the Renewable Energy Project Rating
Criteria with respect to the counterparty risk related to the state
distribution companies. Fitch does not rate the state companies
that purchase power from AGEL RG1 under PPAs, but Fitch does not
believe a default by one of the companies would necessarily lead to
a default of the transaction. However, Fitch believes it is prudent
to apply the merchant project threshold for the revenue from the
state distribution companies.

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).

ANLON HEALTHCARE: CARE Keeps 'D' Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anlon
Healthcare Private Limited (AHPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       11.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank       3.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 7, 2019, placed the
rating of AHPL under the 'issuer non-cooperating' category as AHPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 21, 2020, April 23, 2020 and April 27, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The ratings take account its on-going delays and irregularity in
servicing its debt obligations.

Detailed description of the key rating drivers

At the time of last rating in March 7, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing delay in debt servicing:  There were delays in debt
servicing till March, 2020 due to poor liquidity position of the
company.

Liquidity: Poor

Liquidity position of AHPL remained poor marked by below unity
current ratio of 0.99 times as on March 31, 2019 as well as cash
flow from of operating activities remained at negative INR0.81
crore. Unencumbered cash and bank balance with the company remained
at INR0.25 crore.

Rajkot-based (Gujarat), AHPL was incorporated in March 2014 by
three directors namely Mr Punit Rasadia, Mr Vaibhav Ramani and Mr
Meet Vachhani. The company has setting up a unit for manufacturing
of pharma intermediates and ingredients. The company has commenced
its commercial operations in last quarter of FY18. The
manufacturing facility of the company is located at Gondal, Rajkot.

ANONDITA HEALTHCARE: CARE Lowers Rating on INR9cr Loan to 'B'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Anondita Healthcare Private Limited (AHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       9.00       CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 25, 2019, placed the
ratings of AHPL under the 'issuer non-cooperating' category as the
company had failed to provide information for monitoring of the
rating. AHPL continues to be non-cooperative despite repeated
requests for submission of information through numerous phone calls
and emails dated May 13, 2020 and May 11, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The rating has been revised by taking into account non-availability
of information and no due diligence conducted with banker due to
non-cooperation by Anondita Healthcare Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information non-availability risk as a key factor in its assessment
of credit risk. Further, the ratings take into account
stabilisation risk associated with newly setup debt funded project
and presence in competitive nature of medical disposable products
industry. The rating, however, draws comfort from experienced
promoters and synergies with group associates.

Detailed description of the key rating drivers

At the time of last rating on March 25, 2019 the following were the
rating weaknesses and strengths (Updated for the information
available from the Registrar of Companies):

Key Rating Weaknesses

* Stabilization risk associated with newly setup debt funded
project:  The company has setup newly facilities for manufacturing
of Latex based powder free surgical gloves in Guwahati, Assam. The
plant was set up with total expenditure for INR12.05 crore which
was funded by term loan of INR9.00 crore and promoters funding in
form of equity and unsecured borrowings of INR3.00 crore. Further,
update on project status is not available.

* Presence in competitive nature of medical disposable products
industry:  The fortune of company is linked with demand of medical
disposable products from healthcare institutes and hospitals. AHPL
is operating in competitive and fragmented nature of industry due
to presence of multiple players offering similar range of products.
Additionally company has limited bargaining power with big players
operating in domestic market.

Key Rating Strengths

* Experienced promoters and synergies with group associates:  AHPL
was incorporated in August, 2009 by Mr. Anupam Ghosh. Mechanical
engineer by qualification, Mr. Anupam Ghosh ventured in the
business of manufacturing of and trading of latex condom in 2004
with the proprietor firm "Anondita Healthcare". Further, the firm
ventured into manufacturing and trading of surgical gloves. AHP
will manufacture the gloves for Anondita Healthcare, its sister
concern. Anondita Healthcare has a track record of executing orders
for manufacturing and supply of condoms and surgical gloves to
various reputed client base since 2008. Hence, the positive group
support from Anondita Healthcare provides long term revenue
visibility.

Delhi based AHPL was incorporated in August, 2008 and was promoted
by Mr. Anupam Ghosh. AHPL is engaged into manufacturing of special
type of surgical gloves which are powder free gloves. Anondita
Healthcare supplies gloves to hospital and institutes and
department engaged in scientific research and medical research i.e.
Department of Atomic Energy, Department of Health and family
welfare, AIIMS Raipur and Safdarjang and Rajasthan Medical
Corporation limited.

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


The instrument-wise rating actions are:

-- INR60 mil. Term loan-1 due on FY24 migrating to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR60 mil. Proposed term loan migrating to non-cooperating
     category with Provisional IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
30, 2019. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Anvitha Life Care was established in June 2016 to set up an
intermediate facility with a reactor volume of 9,000 liters for
manufacturing intermediates.


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

The instrument-wise rating actions are:

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

-- INR20 mil. Proposed fund-based limits* migrated to non-
     cooperating category with Provisional IND BB- (ISSUER NOT
     COOPERATING) rating; and

-- INR103.5 mil. Non-fund-based limits migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
27, 2019. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in March 1992 by Suraj Ratan Mundhra, ARCL Organics
(formerly Allied Resins & Chemicals Limited) is a chemical
manufacturer with a 39,600-metric-ton-per-annum site in the
Gobindapur area of West Bengal.


BASANT CITY: CARE Downgrades Rating on INR50cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Basant City Centre Malls Private Ltd (BCCMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       50.00      CARE D; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 3, 2019, placed the
rating of bank facilities of BCCMPL under the 'issuer
non-cooperating' category as BCCMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BCCMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and letter/emails dated April 9, 2020 and May 13, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The revision in rating of the bank facilities of Basant City Centre
Malls Private Ltd (BCCMPL) is on account of the ongoing delays in
debt servicing as per the confirmation received from lender by
CARE.

Detailed description of the key rating drivers

At the time of last rating on January 3, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies and feedback from the
lender):

Key Rating Weaknesses

* Ongoing delays in debt servicing:  There are ongoing delays in
debt servicing of the rated term loan and the account has been
classified as NPA. Earlier, the project construction activity
started in November 2014 and was scheduled to be completed by June
2017; however, owing to delay in financial closure and due to
change in scope to setup a fully commercial space as against the
earlier plan of setting up a residential plus commercial complex,
the completion of the construction was delayed. Further, with
company's decision to not launch the project for sale till
completion of construction in December 2018 lead to delay in
attaining envisaged sales and realizing potential revenue lead to
straining of the company's cash flow.

Key Rating Strengths

* Resourceful promoter with track record in construction business:
BCCMPL is promoted by Mr Basant Kumar Patil, who is well-known
personality from the Kannada Film Industry in Karnataka. In the
past, Mr Patil (through M/s Basant Constructions) has constructed 2
software parks, 130-bed hospital in HSR Layout Bangalore and owns
Hotel Basant Residency, a 3-Star property with 50 rooms, 3
restaurants and a party hall in Bangalore.

* Favorable location of the project: The project is located at
Court Circle on Travellers Bungalow Road in Hubali, which is the
heart of the city. The project has various amenities such as bus
stand, schools, hospitals, etc, in its near vicinity.

Analytical approach: Standalone

Basant City Centre Malls P Ltd. (BCCMPL) was incorporated in 2007
by Mr. Basant Kumar Patil to undertake the construction of
residential and commercial building in Hubali, Karnataka. The
project was initially planned to construct premium residential and
commercial structures consisting of two towers of eight floors each
with total developable area of 5.54 lsf. However the plan has been
revised to develop a fully commercial property. The project is
being executed under JDA whereby the company has 60% share and
remaining with landowner.

CHAWLA INTERNATIONAL: CARE Cuts Rating on INR2.25cr Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Chawla International (CLI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       2.25       CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

   Short term Bank      5.50       CARE A4; Issuer not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CLI to monitor the rating
vide e-mail communications/letters dated May 4, 2020, May 7, 2020,
May 11, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on CLI's bank
facilities will now be denoted as CARE C; Stable; ISSUER NOT
COOPERATING and CARE A4; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the rating takes in account non-availability of
information and no due diligence conducted due to noncooperation by
Chawla International with CARE'S efforts to undertake a review of
the rating outstanding.

Detailed description of the key rating drivers

At the time of last rating in March 14, 2019 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

* Small scale of operations with low profitability: CLI is a
relatively small player in trading and export business with revenue
and PAT of INR42.95 crore and INR0.11 crore respectively in FY18
provisional. The profit margins of the firm remained low marked by
PBILDT margin of 0.92% and PAT margin of 0.27% in FY18
provisional.

* Volatile commodity prices with linkages to vagaries of the
monsoon and regulated nature of the industry: CLI is primarily
engaged in trading and export of products like coal, rice, wheat,
maize etc. Wheat and rice being an agricultural produce and staple
food, its price is subject to intervention by the government. In
the past, the prices of the same have remained volatile mainly on
account of the government policies in respect of Minimum Support
Price (MSP) & controls on its exports. Further to be noted, the
prices of both the commodities are also sensitive to seasonality,
which is highly dependent on monsoon. Any volatility in the prices
will have an adverse impact on the performance of the same.

* Partnership nature of business: CLI, being a partnership firm, is
exposed to inherent risk of partners' capital being withdrawn at
time of personal contingency. Furthermore, limited ability to raise
capital and poor succession planning may result in dissolution of
the firm.

* Intensely competitive nature of the industry with the presence of
many unorganised players: Commodity products trading is highly
fragmented and competitive due to presence of many players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. West Bengal, Assam and
nearby states are a major paddy and wheat and other agro
commodities growing area with many processing unit operating in the
area. Besides, coal mines also are located in and around the area.
High competition restricts the pricing flexibility of the industry
participants and has a negative bearing on the profitability.

Key Rating Strengths

* Experienced partners: The firm is managed by Mr J S Chawla,
partner, with the help of other three partners. The partners have
over two decades of experience in trading and export operation.

Chawla International (CLI) was established in 1994 as a partnership
firm by Mr. J. S Chawla along with his family members. The firm is
in the business of trading and exports of coal and agro based
commodities like maize, wheat, rice etc. The firm generated around
60% of total turnover from coal trading and remaining from agro
based commodities trading. The firm derived around 91% of total
sales during FY18, provisional from exports to Bangladesh and
Bhutan and balance from domestic market.

GB GLOBAL: CARE Reaffirms D Rating on INR879.63cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of GB
Global Limited (GGL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       879.63     CARE D; ISSUER NOT COOPERATING
   Facilities                      Ratings reaffirmed. ISSUER
                                   NOT COOPERATING on the basis
                                   of best available information
    
   Short-term Bank       87.50     CARE D; ISSUER NOT COOPERATING
   Facilities                      Ratings reaffirmed. ISSUER
                                   NOT COOPERATING on the basis
                                   of best available information  

   Non-Convertible       57.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Ratings reaffirmed. ISSUER
                                   NOT COOPERATING on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GGL to monitor the rating(s)
vide e-mail communications dated May 13, 2020, May 14, 2020 and May
15, 2020. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on GGL's bank facilities and instruments will
now be denoted as CARE D, ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating continue to takes into account ongoing delays in debt
servicing and intimation of Corporate Insolvency resolution process
by creditors under NCLT order dated December 5, 2019.

Detailed description of the key rating drivers

At the time of last rating on March 29, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from audited financial available from Stock Exchange
fillings):

Key Rating weakness:

* Ongoing delays in debt servicing:  Delays in servicing of debt
obligation by the company due to its weakened liquidity position.
Further, the creditors of the company has initiated Corporate
Insolvency Resolution process to recover dues.

GB Global Limited (GGL) (Earlier known as Mandhana Industries
Limited) is engaged primarily in manufacturing of textile fabric
(grey and finished fabric). As on March 31, 2015, GGL had a yarn
dyeing capacity of 4.3 mn kg per annum, weaving capacity of 36 mn
mtrs of grey fabric per annum, fabric processing capacity of 72.60
mn mtrs per annum and garmenting capacity of 6.60 mn pieces per
annum. The garmenting facility is located at Bangalore while all
other facilities are located at MIDC, Tarapur. Apart from this, GGL
has also commenced 1 mn piece garmenting facility at Baramati in
March 2015.

GB Global Ltd. is currently under Corporate Insolvency Resolution
process.

GSR ECO: CARE Downgrades Rating on INR19cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of GSR
ECO Bricks Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        19.00      CARE D Revised from CARE B;
   Facilities                       Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of GSR
ECO Bricks Private Limited takes into account delays in serving
interest payments in term loan facilities.

Detailed description of the key rating drivers

Key rating Weaknesses

* Delays in meeting of debt obligations:  GSR ECO Bricks Private
Limited facing liquidity issues from past few months due to which
the company is unable to make the interest payments on time
resulted in delays in serving interest in term loan facilities.

Key Rating Strengths

* Experienced promoter with more than three decades in
manufacturing industry:   GEBPL was incorporated in the year 2014
started its operation from April 2015. Mr. Jagan Mohan Rao is the
Managing Director,is a B. Tech Graduate and has more than three
decades of experience in Civil Works like Canals, Real Estate and
Cold Storage Facilities. The other promoter, Ms. Sitaramamma also
has an experience of more than a decade in construction field. Due
to long experience of promoters, GEBPL was able to establish long
term relationship with customers and suppliers.

GSR Eco Bricks Private Limited (GEBPL) was incorporated as a
private limited company in February 2014, by Mr. Jagan Mohan Rao
along with Sitaramamma. Mr. Jagan Mohan Rao is the managing
director and looks after the day to day activities of the company.
The company has its registered office in Prakasam (Dist), Andhra
Pradesh. The company is engaged in manufacturing of Automated
Aerated Concrete Blocks and with installed capacity of 800 Q.M per
month.

GUPTA AND COMPANY: CARE Lowers Rating on INR7cr Loan to 'C'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gupta and Company Developers Private Limited (GCDPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       7.00       CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GCDPL to monitor the rating
vide e-mail communications/letters dated May 7, 2020, May 11, 2020
and May 13, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on GCDPL's
bank facilities will now be denoted as CARE C; Stable; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating has been revised on account of no due diligence
conducted and non-availability of requisite information due to
non-cooperation by GCDPL with CARE's efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 13, 2019 the following were the
rating strengths and weaknesses.

Key Rating Weakness

* Small scale of operations with moderate profitability margins:
GCDPL is a relatively small player in the civil construction
industry marked by its total operating income of INR7.45 crore
(Rs.3.28 crore in FY16) with a PAT of INR0.19 crore (Rs.0.03 crore
in FY16) in FY17. Further, the net worth base and total capital
employed was low at INR4.16 crore and INR8.22 crore, respectively,
as on March 31, 2017. Moreover, during 11MFY18, the company has
booked revenue of INR9.88 crore.  Furthermore, the profitability
margins of the company remained moderate marked by PBILDT margin of
15.71% (39.66% in FY16) and PAT margin of 2.62% (0.84% in FY16) in
FY17.

* Exposure to volatility in input prices and working capital
intensive nature of business: The major input materials required
for the company are cement, sand, stone chips and metals, the
prices of which are volatile in nature. Further the orders executed
by the company does not contain price escalation clause and thus
the company remains exposed to the price volatility of the input
materials. This apart, any increase in labour prices will also
impact its profitability being present in a highly labour intensive
industry. GCDPL being engaged in construction activity is working
capital intensive by nature. Accordingly, the average utilization
of cash credit was about 90% during last 12 months ended February
28, 2018.

* Moderate capital structure and debt coverage indicators:  The
capital structure of the comapny remained moderate marked by debt
equity ratio and overall gearing ratio of 1.05x and 1.05x
respectively as on March 31, 2017. The debt coverage indicators
also remained moderate in last three years (FY15-FY17). The
interest coverage ratio has improved and remained at 2.31x in FY17.
Furthermore, the total debt to GCA remained at 8.16x in FY17.

* Intense competition with tender driven process risk:  The company
has to bid for the contracts based on tenders opened by the various
public sector units. Upon successful technical evaluation of
various bidders, the lowest bid is awarded the contract. The
company receives projects which majorly are of a short to medium
tenure (i.e. to be completed within maximum period of one to two
years). Apart from this, present economic slowdown is also having a
negative bearing on the construction sector which may also hinder
the growth of the company. Furthermore, orders are generally tender
driven floated by government units indicating a risk of non-receipt
of contract in a competitive industry.

Key Rating Strengths

* Experienced promoters:  The company is promoted by Mr. Amit Kumar
Bagaria & Mrs. Pramila Devi Prasad. Mr. Amit Kumar Bagaria is
having an experience of eighteen years as he was involved in sub-
contractor business before establishment of GCDPL. Mr. Amit Kumar
Bagaria looks after the day-to-day operations of the company.
Healthy order book position indicating satisfactory revenue
visibility: GCDPL has healthy order book position
aggregating INR26.04 crore (3.49x of FY17 total operating income)
as on Mar.28, 2018, which is to be executable by December 2018,
providing a satisfactory long term revenue visibility.

Incorporated in September 2007, Gupta & Company Developers Pvt.
Ltd. (GCDPL) was promoted by Mr. Jay Narayan Kumar and Mr. Raju
Ranjan. Since its inception, the company has been engaged in civil
construction activities in the segment like construction of
bridges. GCDPL participates in tenders and executes orders for the
National Highway Division, Hazaribagh.

HONEY JEWELLERY: CARE Lowers Rating on INR10cr LT Loan to 'B'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Honey Jewellery (HJ), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       10.00      CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 28, 2019, placed the
rating of HJ under the 'issuer noncooperating' category as HJ had
failed to provide information for monitoring of the rating. HJ
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 14, 2020, May 11, 2020 and May 7, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Honey Jewellery with CARE'S efforts to undertake
a review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further, the rating continues to remain constrained owing to firm's
small scale of operations with low net worth base, low
profitability margins, leveraged capital structure and weak debt
coverage indicators. The rating is further constrained by risk
associated with constitution of the entity being a proprietorship
firm, vulnerability of margins to gold price fluctuations and
competition from various organized or unorganized players and
unfavorable supply outlook. The rating, however, draws comfort from
experienced proprietor coupled with long track record of
operations, and moderate operating cycle.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small though growing scale of operations:  HJ's scale of
operations has remained small as evident from total operating
income (TOI) and gross cash accruals of INR58.49 crore and INR0.52
crore, respectively, in FY17 (refers to the period April 1 to March
31). Further, the firm's capital base also stood relatively small
at INR2.21 crore as on March 31, 2017. The small scale limits the
firm's financial flexibility in times of stress and deprives it of
scale benefits. Though, the risk is partially mitigated by the fact
that the scale of operations has been growing continuously. For the
period FY15-FY17, HJ's total operating income grew from INR39.37
crore in FY15 to INR58.49 crore in FY17 reflecting a compounded
annual growth rate (CAGR) of around 22% attributable to higher
quantity.

* Low profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margins of the firm
have been historically on the lower side for past three financial
years (FY15-FY17) owing to limited value addition and intense
market competition given the highly fragmented nature of the
industry. Further, high interest burden on its bank borrowings also
restricts the profitability of the firm. Furthermore, the operating
margins are also associated with the designing aspect of the
jewellery. Normally designer jewellery fetches normally high
margins. PBILDT and PAT margin stood low at 1.90% and 0.79%
respectively in FY17. The capital structure of the firm stood
leveraged as on last three balance sheet dates (FY15-FY17) on
account of relatively low net worth base against high debt levels
owing to high dependence on external borrowings to meet working
capital requirements. Overall gearing stood high at 3.41x as on
March 31, 2017. Further, owing to high debt levels against low
profitability position, the debt service coverage indicators stood
weak as marked by interest coverage and total debt to GCA stood
weak at 1.88x and 14.51x during FY17.

* Vulnerability of margins to gold price fluctuations: The prices
of gold have experienced high volatility in the past. Therefore,
any adverse change in prices of the same is likely to have a
significant impact on margins of the players in the G&J industry.
Further, the high price gold can also have an adverse impact on the
demand for jewellery, thereby exposing the company to risk of
decline in sales volume. The risk is more evident now that the
prices has registered considerable volatility and could leave the
company carrying costly inventory in case of sudden decline in
prices.

* Competition from various organized or unorganized players and
unfavorable supply outlook: HJ operates in the Gems & Jewellery
(G&J) industry, which is a fragmented industry with a high level of
competition from both the organized and unorganized sector.
Further, with presence of various players, the same limits
bargaining power which exerts pressure on its margins.

Key Rating Strengths

* Experienced proprietor coupled with long track record of
operations:  Mr. Sumit Verma looks after the overall operations of
the firm. He is a graduate and has an accumulated experience of
more than one decade in gems & jewellery industry through his
association with this entity. HJ has considerable track record in
this business which has resulted in long term relationships with
both suppliers and customers.

* Moderate operating cycle:  Being a jewellery retailer, it is
critical for the firm to provide a wide range designs to its
customers to cater their immediate demand. This resulted in to
average inventory days of around 64 days for FY17.  Further, the
firm sells mainly on cash basis; however, to few customers it gives
credit period of around 5-10 days. The firm purchases on both cash
and credit basis. The company purchases gold on cash or on advance
basis and gems and diamonds are generally bought on credit of up to
2 months. The average payable period stood at around 26 days for
FY17. Entailing all led to moderate operating cycle.

Varanasi, Uttar Pradesh based Honey Jewellery (HJ) was established
in April, 2007 as a proprietorship firm and is currently being
managed by Mr. Sumit Verma. The firm is engaged in the wholesale
and retail trading of silver and gold jewellery (anklets, toe
rings, utensils, necklaces, earrings, rings, and bangles). The firm
operates through its two showrooms located at Varanasi and
Gorakhpur, Uttar Pradesh. The company purchases the readymade
jewellery from manufacturers based in Uttar Pradesh, Gujarat, West
Bengal, Maharashtra and Tamil Nadu and sells the same to
distributors and retail customers. Ayush Ornaments Private Limited
(incorporated in 2009) is an associate concern engaged in the same
line of business.

INMARK RETAIL: CARE Lowers Rating on INR19.05cr Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Inmark Retail Private Ltd (IRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      19.05       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE C; Stable
                                   Issuer Not Cooperating on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 21, 2019, placed
the rating of bank facilities of IRPL under the 'issuer
non-cooperating' category as it had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
Inmark Retail private Limited continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and letter/emails dated May 13, 2020 and May
14, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The revision in rating of the bank facilities of Inmark Retail
Private Ltd is on account of ongoing delays in debt repayment as
per the confirmation received from lender by CARE.

Detailed description of the key rating drivers

At the time of last rating on February 21, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies and feedback from the
lender):
Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in
debt servicing of the rated term loan and the account has been
classified as NPA.

* Significant deterioration in financial risk profile in FY17 with
stretched liquidity: Company's sales declined from INR68.5 crore
in FY16 to INR59.3 crore in FY17 and consequently, company's PBDIT
margin declined from 22.2% in FY16 to 13.6% in FY17. The company's
networth remained negative at INR28.9 crore as on Mar'17 (Mar'16:
Negative INR17.0 crore). Further, the company's working capital
cycle stretched further from 146 days in FY16 to 214 days in FY17
due to increase in inventory holding.

* Geographical concentration risk:  IRPL's scale of operations
continues to remain small and is susceptible to geographical
concentration risk. Out of 18 retail stores being operated, 8 are
in Karnataka and remaining in Andhra Pradesh and Telangana region
covering a total area of 1.24 lakhs sq. ft.

Key Rating Strengths

* Experienced management:  IRPL is promoted by Mr Naseer Ahmed. He
was the former Minister of state for small scale industries in
State of Karnataka, India during October 1990 to November 1992. The
day-to-day operations of the company are looked after by Mr Naseer,
who is adequately supported by a group of professionals.

Originally incorporated as M/s. Scotts Dresses Private Limited on
July 23, 2008 by Mr. Naseer Ahmed, the company's name was changed
to M/s. Inmark Retail Private Ltd (IRPL) in Sep 2011. The company
is engaged in the business of retailing fashion apparels through
various retail shops under the brand INMARK.

KANACHUR ISLAMIC: CARE Lowers Rating on INR140.cr Loan to 'C'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kanachur Islamic Education Trust (KIET), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      140.00      CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable
                                   Issuer Not Cooperating on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 3, 2019, placed the
rating of bank facilities of KIET under the 'issuer
non-cooperating' category as KIET had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KIET continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 9, 2020 and May 13, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The revision in rating of bank facilities of Kanachur Islamic
Education Trust is on account of absence of critical information on
financial and operational performance of colleges, schools and
hospitals operated by the Trust and its future capex details. CARE
is unable to assess the Trust's ability to service the debt
obligations and hence the revision in rating.

Detailed description of the key rating drivers

At the time of last rating on January 3, 2019 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Weak capital structure owing to debt availed for the setup of
medical college and hospital:  The capital structure is weak due to
high debt funded capex undertaken towards the setup of the medical
college and the tertiary hospital. In the coming years, till the
operations of hospital stabilizes and cash accruals from medical
college increases with new batches every year, the promoters are
expected to support the trust for meeting the debt obligations of
the trust.

* Weak profitability levels owing to high interest cost and
operational expenditure on the hospital business:  The
profitability of the Trust has been weak over the years, falling
over the years from net profit of INR0.52 crore in FY14, to net
losses of INR0.42 crore in FY15, deteriorating further to net loss
of INR2.49 crore in FY16, owing to the large level of operational
cost incurred over the years on the hospital.

* Regulatory risks associated with the education industry:  Despite
the increasing trend of privatization of the education sector in
India, educational institutes have to adhere to the
regulations set by the regulatory authorities. The sector is
regulated by the Ministry of Human Resources at the national level,
by the education ministries in each state, as well as Central
bodies like University Grants Commission (UGC) and 14 other
professional councils like All India Council for Technical
Education, Medical Council of India etc. The operating and
financial flexibility of the higher education sector are limited,
as regulations govern almost all aspects of operations, including
fee structure, number of seats, changes in curriculum and
infrastructure requirements. Karnataka is one among the states
which has largest concentration of educational institutions
especially Medical and Engineering colleges.

Key Rating Strengths

* Experienced and resourceful promoters:  The promoters, Monu
family has been involved in the education business for the last 15
years. They also have business interest in the areas of timber,
commodities trading, hospitality, and real estate development,
under its brand name 'Kanachur'. Mr UK Monu, has an experience of
over 40 years in the timber business, and has served as Vice
President of South India Plywood manufacturers.

Incorporated in 2001, KIET was founded by Mr U. K. Monu along with
his family members, to set up educational institute in Mangalore.
Initially it started with a school (affiliated to CBSE board) in
the year 2001, and over the years, it has started two new
educational institutes, Kanachur PU College and Kanachur Institute
of Management Science. In the year 2016-17, the Trust started
medical college and hospital. The Trust's campus is spread across
25 acres in the outskirts of Mangalore and runs about 7 educational
institutions.

KARAN AUTOMOBILES: CARE Lowers Rating on INR6.0cr Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Karan Automobiles (A Unit of Bikaner Distributors Private Limited)
(KAS), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      6.00       CARE B-; Issuer not cooperating;
   Facilities                     Revised from CARE B; Stable
                                  Issuer Not Cooperating on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 18, 2019, placed
the rating(s) of KAS under the 'issuer non-cooperating' category as
KAS had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. KAS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 11,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised on account of non-availability of
requisite information.

The rating continue to remain constrained on account of its
significant decline in scale of operations along with operating
loss, highly leveraged capital structure and weak debt coverage
indicators and stressed liquidity position. The ratings are,
further, constrained on account of its limited bargaining power
with principal automobile manufacturers.

The ratings, however, derive strength from the experienced
management in the industry and authorized dealer of Hero
Motor Corp Limited.

Detailed description of the key rating drivers

At the time of last rating on February 18, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Significant decline in scale of operating along with operating
loss:  During FY17 the TOI of the company significantly declined
over FY16 owing to demonetization and mismanagement in the
company. Further, owing to significant decline in scale of
operation the registered operating loss in FY17. Till December 31,
2017, KAS has achieved a turnover of Rs 18.14 crore.

* Highly leveraged capital structure and weak debt coverage
indicators:  The capital structure of the company stood highly
leveraged with an overall gearing as on March 31, 2017,
deteriorated significantly mainly on account of adjustment of net
loss to reserve and increase in debt. Further, the debt coverage
indicators of KAS stood weak as on March 31, 2017 due to negative
Gross Cash Accruals.

* Stressed liquidity position:  The liquidity position of the
company stood stressed marked by almost full utilization of its
working capital limit in last twelve month ended December, 2017 and
elongated operating cycle owing to high inventory holding and
collection period which is partially offset by high creditor's
period.

* Limited bargaining power with principal automobile manufacturers:
KAS business model is purely in the nature of trading wherein a
dealer has very less bargaining power over principal manufactures.
The margin on products is set at a particular level by the
principal manufacturer thereby restricting the company to earn
incremental income.

Key Rating Strengths

* Experienced management in the industry: Overall affairs of the
company are handled by Mr. Mahendra Singh Punia, director, who is
graduate by qualification and has around a twenty five years of
experience in the industry and he is equally supported by Mr Karan
Choutala. Authorized dealership agreements with Hero Motor Corp
Limited KAS enjoys the leverage of being an authorized dealer of
Hero Motor Corp Limited which is one of the largest two wheelers
manufacturers in India.

Jaipur (Rajasthan) based Karan Automobiles (A Unit of Bikaner
Distributors Private Limited) (KAS) was established in 2003 by
Mr Karan Chautala and Mr Mahender Sing Punia. KAS is an authorized
dealer of Hero Motor Corp Limited (HMCL) to sell and purchase of
motor cycles and spare parts. KAS also authorized to services of
the motor cycles. The showroom of KAS is located in Bikaner
(Rajasthan).

KP POLYOLEFIN: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KP Polyolefin
Sacks Private Limited's (KPPSPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR110.0 mil. Fund-based limits affirmed with IND BB+ / Stable

     / IND A4+ rating;

-- INR30.0 mil. Non-fund-based limits affirmed with IND A4+
     rating; and

-- INR23.21 mil. Term loans due on December 2020 Withdrawn (paid
     in full).

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
factor in the support provided to KPPSPL by its associate company,
Krishnapatnam Port Company Limited (KPCL; holds 28.17% stake in
KPPSL) in view of the strong legal and strategic and moderate
operational linkages between the entities. KPCL has given a
corporate guarantee for the entire debt of KPPSPL.

KEY RATING DRIVERS

The affirmation reflects KPPSPL's continued moderate credit metrics
due to the modest EBITDA margins. In FY20, the metrics weakened due
to the fall in the absolute EBITDA to INR38.88 million (FY19:
INR53.71 million). The gross interest coverage (operating
EBITDA/gross interest expense) was 2.23x in FY20 (FY19:2.51x), and
the net leverage (adjusted net debt/operating EBITDAR) was 2.67x
(2.49x). The numbers for FY20 are provisional.

The ratings are constrained by the modest EBITDA margins as it is
inherent to the business. The margins are vulnerable to the
volatility in input prices, as the main raw material –
polypropylene – is a derivative of crude and petroleum products.
The EBITDA margin increased to around 12.13% in FY20 (FY19: 8.24%)
due to a decline in raw material prices. The return on capital
employed was 3.7% in FY20 (FY19: 7.1%).

Ind-Ra has factored in the decline in the scale of operations to
small from medium. The revenue fell sharply to INR320.54 million in
FY20 (FY19: INR651.44 million)  because of a slowdown in the
overall industry growth coupled with a decline in the sales of
tarpaulin due to a change in the government regulations regarding
the product's pricing and subsidy. The industry's growth was
affected by a fall in demand from the fertilizer sector, which is a
major end-user, owing to a drop in the latter's imports.

Liquidity Indicator – Stretched: The average utilization of the
working capital limits during the 12 months ended April 2020
remained high at 97.47%. However, the company's cash flow from
operations remained positive and increased to INR38.68 million in
FY20 (FY19: INR20.73 million) due to a fall in the working capital
requirements. The working capital cycle remained stretched at 229
days in FY20 (FY19: 115 days) due to an increase in receivable days
to 155 days (109 days). The cash and cash equivalent increased to
INR0.63 million at FYE20 (FYE19: INR0.03 million). KPPSPL has not
availed the Reserve Bank of India-prescribed moratorium.

The ratings continue to be supported by the usage of KPPSPL's
packaging products across various industries, including
fertilizers, food, sugar and textiles, thereby ensuring continuous
demand.

The ratings also benefit from the founder's experience of over a
decade in the plastic industry.

RATING SENSITIVITIES

Negative: Any decline in the scale of operations, leading to
deterioration in the credit metrics, on a sustained basis, will be
negative for the ratings.  

Positive: An increase in the scale of operations, leading to an
improvement in the credit metrics, with the interest coverage
exceeding 3.5x, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2011, KPPSPL manufactures woven fabric, bags, sacks
and tarpaulin for cargo packaging. The company is promoted by KPCL
and Middle East Industrial Investment LLC. Its manufacturing
facility has an installed capacity of 6,500 metric tons per annum.



KRUSHNARAJ BIO: CARE Lowers Rating on INR12.50cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Krushnaraj Bio Fuel Private Limited (KBFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       12.50      CARE D Revised from CARE B;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of KBFPL
takes into account the ongoing delays in servicing of debt
obligations.

Rating Sensitivities

Positive Factors
* Demonstration of default free track record of over 90 days.

Detailed Rationale & Key Rating Drivers

Key rating weaknesses

* Delays in servicing of debt obligations:  As per interaction with
the banker, there are on-going delays in servicing of the interest
portion of the cash credit and term loan and the account has been
classified under SMA-0 category. The delays are on account of the
time overruns in the project and inadequacy of cash flows from the
operations.

Liquidity: Poor

Liquidity position of the company is poor marked by lower accruals
as against the repayment obligations. This has constrained the
ability of the company to repay its debt obligations on a timely
basis.

Krushnaraj Bio Fuel Private Limited (KBFPL) was incorporated by Mr.
Sourabh Dahiwal and Mr. Sunil Mangwani on August 31, 2018. The
company is currently in process of setting up its manufacturing
facility for production of bioethanol at its plant located near
Borwand, Nanded with an installed capacity of 60,000 liters per
day.

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

The instrument-wise rating actions are:

-- INR140 mil. Proposed term loan downgraded with Provisional IND

     BB+ (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Proposed fund based limits downgraded with
     Provisional IND BB+ (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects deterioration in Laxmi Cotspin's revenue,
operating profitability, and credit metrics over 6MFY20. As per
6MFY20 financials, the company achieved revenue of INR690.05
million (6MFY19: INR 837.6 million) with operating profitability of
4.95% (9.41%). The credit metrics of the company deteriorated
significantly as reflected in the interest coverage (operating
EBITDA/interest) of 2.3x in 6MFY20 (FY19: 3.5x) on account of
reduction in the operating EBITDA to INR34.19 million (INR78.78
million). The agency estimates the net leverage (total adjusted net
debt/operating EBITDA), too, to have deteriorated to 5.6x as of
FY20 (FY19: 3.45x) due to the reduction in operating EBITDA.

Ind-Ra expects further deterioration in the company's operating and
financial profile in FY21 on account of reduction in demand and
operational disruptions in the textile sector due to the COVID-19
led lockdown.

The ratings have been maintained in the non-cooperating category as
the company has not provided information about the working capital
utilization, revised projections, sanction letters and updated
management certificate despite continuous requests and follow-ups.

COMPANY PROFILE

Laxmi Cotspin is engaged in the business of cotton ginning and
spinning, with an installed capacity of 48 automatic double roll
gin machines, 16,800 spindles and 1,200 rotors. The company
manufactures 100% combed cotton wrap and hosiery yarns in counts of
30s-40s.


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


The instrument-wise rating actions are:

-- INR30 mil. Fund-based limits migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) rating;

-- INR30 mil. Term loan issued March 2024 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR4 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
24, 2019. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Madurai Krishna Network is engaged in the distribution of cable
networks and has three satellite channels. The company has recently
started the distribution of direct-to-home connections well.

MANJU AGRO: CARE Lowers Rating on INR13.50cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Manju Agro Private Limited (MAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       13.50      CARE D; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable Issuer Not
                                   Cooperating on the basis of
                                   best available information

   Short term Bank       2.50      CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE A4; issuer
                                   Not cooperating on the basis of

                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MAPL to monitor the rating
vide e-mail communications/letters dated May 4, 2020, May 7, 2020,
May 11, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on MAPL's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

At the time of last rating in March 20, 2019 the following were the
rating strengths and weaknesses; (Updated the information available
from Ministry of Corporate Affairs)

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing:  There are ongoing delays in the debt
servicing of the company.

Manju Agro Private Limited (MAPL) was incorporated on January 10,
1996 by Mr. Rajendra Kumra Daga and Mr. Ravi Daga (son of Mr.
Rajendra Kumar Daga). Since its inception, the company has been
engaged in rice milling and processing business at its plant
located in Raipur district of Chhattisgarh with aggregate installed
capacity of 43,200 metric tons per annum. The company mainly deals
with raw and parboiled rice.

MANMEET SINGH: CARE Lowers Rating on INR3.0cr LT Loan to 'C'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Manmeet Singh Bhatia (MSB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        3.00      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

   Short Term Bank
   Facilities            8.00      CARE A4; Issuer not
                                   cooperating; Based on best
                                   available information

Detailed Rationale & Key rating Drivers

CARE had, vide its press release dated February 15, 2019, placed
the ratings of MSB under the 'issuer non-cooperating' category as
MSB had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MSB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated May 6,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The ratings of MSB have been revised on account of non-availability
of requisite information.

The ratings continue to remain constrained on account of its
fluctuating scale of operations with moderate profitability
margins, leveraged capital structure with weak debt coverage
indicators, moderate liquidity position. The ratings are, further,
constrained on account of high business risk due to regulated
nature of liquor industry, constitution as a partnership concern
and trading nature of business characterized by low profitability
and high competition. The rating, however, derives strength Rich
experience of partner group in liquor trading business, Favorable
demand outlook with steady increase in consumption of alcohol.

Detailed description of the key rating drivers

At the time of last rating on February 15, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weakness

* Fluctuating scale of operations with moderate profitability
margins:  Total Operating Income (TOI) of the firm has shown
fluctuating trend during the past three financial years ended FY17
owing to tender driven nature of business. MSB's PBILDT and PAT
margins for FY17 marginally deteriorated to 3.20% and 1.55%
respectively as compared to 5.52% and 2.35% respectively in FY16
mainly due to higher license fee of INR29.09 crore. Leveraged
capital structure with weak debt coverage indicators The overall
gearing, declined from 2.05 times as on March 31, 2016 to 8.59
times as on March 31, 2017 mainly on account of higher amount
withdrawn by the partners and infusion of unsecured loans. Total
debt to GCA improved from 7.88 times as on March 31, 2016 to 6.42
times as on March 31, 2017 mainly on account of higher increase in
GCA level as compared to debt level. Interest coverage
(PBILDT/Interest) remained at 1.96 times in FY17 from 1.86 times in
FY16 improved mainly on account of increase in absolute PBILDT
levels with though partially offset by higher interest cost in
FY17.

* Moderate Liquidity position: During February-March of every year,
the firm requires large amount of fund for bidding for the shop
licenses and upon allotments it has to pay 5% of annual license fee
as security deposit to the government. Further, the firm has to
maintain ready stock of products at all its retail shops which is
to be procured from wholesalers with a credit period of 5-10 days.
The working capital requirements of the firm remains moderate as
depicted by average utilization of around 60 to 70% of fund based
working capital limits for 12 months period ended January, 2017.
The current ratio remained moderate at 1.08 times in FY 17 whereas
the quick ratio remained at below unity.

* High business risk due to regulated nature of liquor industry and
constitution as partnership concern:  The Indian liquor industry is
highly regulated. The industry is witnessing high taxes and
numerous regulations from government which impacts the pricing
flexibility of the industry. The State Governments levy various
duties like excise duty, sales tax, license fee, state-level import
and export duty, bottling fee, welfare levy, assessment fee,
franchise fee, turnover tax, surcharge etc. The state governments
are also given liberty to enact the bye-laws for liquor industry on
their own; hence any significant policy changes adversely affect
the whole industry.

* Trading nature of business characterized by low profitability and
high competition:  MSB is engaged in wholesale and retail business
of liquor in Madhya Pradesh. As the business operations are of
trading nature, the profitability margins of the firm are
restricted. Further, liquor trading business is highly fragmented
due to presence of large number of outlets thereby limiting the
profitability margins of the firm. As per provisional 10MFY18
results, the company has registered turnover INR17.5 crore.

Key Rating Strengths

* Rich experience of partner group in liquor trading business:  The
promoters of MSB have rich experience in liquor trading business.
MSB is managed by Mr Manmeet Singh Bhatia, Mr Jagjeet Singh Bhatia
and Mr Devendra Singh Bhatia who of more than a decade experience
in liquor trading business.

* Favorable demand outlook with steady increase in consumption of
alcohol:  Indian Liquor industry is one of the growing industries
despite being subjected to high taxes and innumerable regulations
by government. CL shares more than 50% of total liquor consumption
on account of low cost and easy availability. However, in last five
years IMFL segment has seen higher growth rate of around 10-12%
than CL whose growth rate was around 5-8%.The factors such as
rising income levels and changing mind-sets which are more open to
the consumption of alcoholic beverages drives the growth of IMFL
segment.

Manmeet Singh Bhatia (Madhya Pradesh) (MSB) was formed in 2003 as a
partnership firm by Mr. Manmeet Singh Bhatia, Mr. Jagjeet Singh
Bhatia and Mr. Devendra Singh Bhatia. The firm is engaged in the
retailing of country made and Indian Made Foreign Liquor (IMFL) in
Madhya Pradesh. The firm has licenses for 2 shops for FY 2017-18.

OASIS TRADELINK: CARE Keeps 'D' Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oasis
Tradelink Limited (OTL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       15.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short term Bank      15.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 25, 2019, had reviewed the
ratings of OTL under the 'Issuer Non-cooperating' category as the
company had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. OTL continues to be
noncooperative despite requests for submission of information
through e-mails, phone calls and a letter/e-mail dated May 13,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on May 25, 2019, the following were the
rating strengths and weaknesses (updated based on the best
available information).

Key Rating Weaknesses

* Ongoing delays in debt servicing:  As per interaction with the
banker there are ongoing delays in debt servicing owing to the
stretched liquidity and weak financial profile of the company.

Ahmedabad-based OTL, incorporated in 1996 as Oasis Tradelink
Private Limited, is engaged in the business of edible oil
packaging, branding and marketing. OTL sells its product under the
brand name of 'Maruti' which is a well-recognized name in edible
oil segment in Gujarat. It primarily procures wash oil from the
seed crushers and gets it refined from other oil refining entities
on job-work basis, post which, it carries out the packaging,
marketing and distribution of the end products. OTL is promoted by
Mr. Snehal B. Patel and his family members and has a packaging unit
in Kadi, Gujarat.

PALAPARTHI SUPER: CARE Keeps D INR70cr Debt Rating in Not Coop.
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Palaparthi
Super Specialty Hospital Private Ltd. (PSSH) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       70.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 19, 2019 placed the
ratings of PSSH under the 'issuer non-cooperating' category as PSSH
had failed to provide information for monitoring of the rating.
PSSH continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated May 4, May 5 and May 6. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating).

Detailed description of the key rating drivers

At the time of last rating on March 19, 2019 the following were the
rating strengths and weaknesses

Key Rating Weaknesses

* Delay in meeting the debt obligations on time:  The company has
been delaying in meeting the debt obligations on time on account of
strain in the liquidity position.

Incorporated in September 2011, Palaparthi Super Speciality
Hospital Private Limited (PSSH) has been promoted by Dr. Silas J.
Charles and his wife MrsVasantha Charles. PSSH has set up a
super-specialty hospital under the banner 'Hope International
Hospital' with 350 beds capacity (74 beds in Intensive Care Unit
(ICU) and 276 beds in General ward) in Kakinada, Andhra Pradesh.
The hospital has commenced its operations from November 1, 2015.

PAWAN EDIFICE: CARE Keeps D INR11.44cr Debt Rating in Not Coop.
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pawan
Edifice Private Limited (PEPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       11.44      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 20, 2019, placed
the rating of PEPL under the 'issuer non-cooperating' category as
PEPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PEPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and an email dated May 4,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating takes into account ongoing delays in debt servicing
obligations on account of stretched liquidity position of the
company.

Detailed description of the key rating drivers
At the time of last rating on September 20, 2019 the following were
the rating weaknesses:

Key Rating Weaknesses

* Delays in debt servicing obligations: There are instances of
delays in debt servicing obligations by the company on account
of weak liquidity position. Considerable slowdown in booking of
PEPL's ongoing township project 'Viverra' has adversely impacted
the cashflows and liquidity position of the company.

PEPL, a part of Vadodara-based Pawan group, is owned and managed by
Mr. Chetan Shah & his family members. The Pawan group has been
involved in the construction and development of several real estate
projects in and around Vadodara. Till date, the Pawan group has
developed 56 projects across residential and commercial segments.

PRASHANTI EDUCATIONAL: CARE Cuts Rating on INR12cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Prashanti Educational and Welfare Society (PEWS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      12.00       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB; Stable Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 14, 2019, placed
the rating(s) of PEWS under the 'issuer non-cooperating' category
as PEWS had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PEWS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 13,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised on account of non-availability of
requisite information.

The rating continue to remain constrained on account of its
moderate liquidity position and its presence in highly regulated
education industry with regard to approvals and accreditations.
The rating, however, continue to derives strength from the
experienced and qualified promoters, continuous growing Total
Operating Income (TOI) along with moderate enrolment ratio, healthy
profitability margins and moderate solvency position.

Detailed description of the key rating drivers

At the time of last rating on February 14, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Moderate liquidity position:  PEWS collects 50% of fee in the
beginning of academic year in July for all courses and remaining is
received in December and some of the students that society caters
are belongs to Schedule Tribe (ST), Schedule Cast (SC) and Other
Back ward Cast (OBC), where students receive scholarship for higher
education from the government. However, the operating expenses of
the society are spread evenly throughout the year. Hence, liquidity
of PEWS remained moderate.

* Highly regulated education industry with regard to approvals and
accreditations:  PEWS is being in the education sector also highly
regulated by the norms of governing bodies. These regulations on
operations of PEWS put limitation on the revenue growth of PEWS.

Key Rating Strengths

* Experienced and qualified promoters in the education sector: PEWS
is engaged in the field of education since past ten years. Mr
Lakhanlal Gupta, Chairman, has more than three decades of
experience in taxation consultancy and is involved in the strategic
decision making of the society. Mr Avnish Gupta (Vice Chairman), is
a practicing Chartered Accountant since more than 18 years as well
as is engaged in teaching at Institute of Chartered Accountants of
India (ICAI), Ujjain since a decade. He looks after the overall
control, supervision, expansion and development of the society. Mr
Vishal Gupta (Treasurer), is an advocate and looks after the
treasury functions of the society. Mrs Savita Gupta, wife of Mr
Lakhanlal Gupta, looks after the day to day operations of PEWS.
Apart from the management, PEWS has appointed well qualified and
experienced academicians on the advisory board of its institutes.

* Continuous growing Total Operating Income (TOI) alongwith
moderate enrolment ratio:  Total Operating Income (TOI) of PEWS has
shown continuous growth in past three financial year ending FY17.
Further, the entire spectrum of the revenue of PEWS is well
disseminated and gets generated from various courses offered
through four colleges which reduce dependence of income on any
solitary source. However, enrolment no. of students declined in
AY18 but remained moderate at 505 as against 603 in AY17.  Till
December 26, 2017, PEWS has achieved a turnover of INR5.98 crore.

* Healthy profitability margins and moderate solvency position:
Profitability margins of PEWS stood healthy marked by SBID and
Surplus Margins of 61.42% and 12.13% respectively. Further, the
capital structure of PEWS stood moderate with an overall gearing of
1.30 times as on March 31, 2017. Further, debt service coverage
indicators of PEWS stood moderate with total debt to GCA in FY17
deteriorated y-o-y mainly due to decrease in GCA level.
  
Ujjain (Madhya Pradesh) based PEWS was established in 2007 by the
Prashanti Group (Gupta family) to set up educational institutions.
PEWS manage four education institutes, namely, Prashanti Institute
of Technology & Science (PITS), Prashanti Institute of Management
(PIM), Prashanti College of Professional Studies (PCPS) and
Prashanti Industrial Training Institute (PITI). These institutes
offer graduation, post-graduation and diploma courses in varied
fields such as Engineering, Management and Education.

S. SATYANARAYANA: CARE Lowers Rating on INR12cr Loan to 'C'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.
Satyanarayana and Company, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           12.00      CARE C; Stable/CARE A4;
   Short Term                      Issuer not co-operating;
   Bank Facilities                 Revised from CARE B+; Stable
                                   on the basis of best available
                                   information

   Long-term             2.50      CARE C; Stable; Issuer not
   Bank Facilities                 cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 1, 2019, placed the
ratings of S. Satyanarayana and Company under the 'issuer
non-cooperating' category as firm had failed to provide information
for monitoring of the rating. S. Satyanarayana and Company
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 04, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by S. Satyanarayana
and Company with CARE's efforts to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on April 1, 2019 the following were the
rating strengths and weakness

Key Rating Weaknesses

* Small scale of operation:  Although SSC has been in business
since 1976, the company operates at a relatively small scale with
total operating income of INR39.99 in FY17 with low net worth base
of INR4.99 crore as on March 31, 2017 as compared to other peers in
the industry even though total operating income increase by CAGR of
41.26% during FY15-FY17 on account of increase in
execution of projects. Till 11MFY18 the firm has achieved total
operating income of INR14.00 crore.

* Highly fragmented and intensely competitive construction
business:  The firm is engaged in civil engineering which is highly
fragmented industry due to presence of large number of organized
and unorganized players in the industry resulting in huge
competition

* Risk inherent in a partnership firm:  The firm being a
partnership firm is exposed to inherent risk of capital withdrawal
by partners due its nature of constitution.  Any significant
withdrawals from the capital account would impact the net worth and
thereby the firm's capital structure.

Key Rating Strengths

* Long experience of promoters and management in civil engineering
industry:  Mr. S. Satyanarayana, Managing Partner, has experienced
of more than three decades in infrastructure sector particularly
ports works (including construction of jetty and dredging work).
Mr.S.Saryanarayana is supported by his son Mr.S.Madhav who has more
than decade of experience in contracts works for various government
and private organization.

* Reputed client base with long-term relationship: SSC mainly
caters to government and large private organisation like
Visakhapatnam Port Trust, AVR Infra Pvt Ltd, ITD Cementation India
Private Limited and Visakhapatnam Port Logistic Park Limited. The
presence of such entities in its client base strengthens the
business risk profile of the firm.

* Increase in total operating income:  The total operating income
of the company increased steadily y-o-y at a CAGR of 41.26% i.e.,
from INR20.04 crore in FY15 to INR39.99 crore in FY17, primarily on
account of increase in execution of projects.

* Satisfactory profitability margins:  The profitability margins of
the firm remain at comfortable level. However the PBILDT margin has
decreased from 23.72% in FY 16 to 16.98% in FY 17 due to increase
in material cost at the back of increase in cost of steel and
cement.  The PAT margin of the firm has increased from 2.85% in
FY16 to 6.38% in FY17 due to decrease in interest and depreciation
charges at the back of repayment of vehicle and machinery loans
along with increase in PBILDT.

* Improvement in operating cycle days:   The operating cycle of the
firm remains satisfactory at 4 days on account of timely payments
for the execution of projects within 1 month from its clients. The
operating cycle improved from 56 days in FY16 to 4 days in FY17 on
account of decrease in average inventory period from 55 days in
FY16 to 29 days in FY17. The average inventory days decreased on
account of decrease in work in process from FY16 to FY17 due to
execution of projects in hand. The firm makes payment to suppliers
within 2 months.

* Improved capital structure and debt coverage indicators:  The
capital structure of the firm has been remained leveraged. The debt
to equity and overall gearing ratio has improved from 3.24x and
3.93x respectively as on March 31, 2016 to 1.39x to 2.36x
respectively as on March 31, 2017 due to decrease in total debt at
the back of repayment of long term loans and increase in net worth
on account of accretion of profits to capital. The debt coverage
indicators of the firm have been comfortable. The PBILDT interest
coverage ratio of the firm has improved from 2.85x in FY16 to 4.25x
in FY17 due to increase in PBILDT in absolute terms and decrease in
financial expenses. The total debt/GCA improved from 5.90x in FY16
to 2.70x in FY17 due to increase in GCA and decrease in total debt
levels.

SSC was incorporated in December 2012 by Mr. S. Satyanarayana and
his family. The promoters are involved in the construction business
since 1976 through a partnership firm. In 2003, Mr S. Satyanarayan
dissolved the partnership firm and started a proprietorship firm
under the name of 'S. Satyanarayana' involved in civil construction
of ports, roads, railway lines and others. In December 2012, the
promoter floated another partnership firm named S. Satyanarayana &
Co (SSCO). The proprietorship firm has not been dissolved yet
though all the registration of the proprietorship firm have been
transferred to the partnership firm. The firm has executed work for
West Quay Multiport Private Limited, AVR Infra Pvt Ltd, ITD
Cementation India Private Limited, Vishakhapatnam Port Trust and
Vishakhapatnam Port Logistic Park Limited. The firm is also engaged
in hire business from FY15.

SHIV GRAMOUDYOG: CARE Lowers Rating on INR11cr Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shiv
Gramoudyog Sansthan (SGS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       11.00      CARE B-; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 29, 2019, placed the
rating of SGS under the 'issuer non-cooperating' category as SGS
had failed to provide information for monitoring of the rating. SGS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 14, 2020, May 11, 2020 and May 7, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Shiv Gramoudyog Sansthan with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the rating continues to remain constrained
owing to society's small and declining scale of operations coupled
with low corpus base, low profitability margins, leveraged capital
structure and weak debt coverage indicators. The rating is further
constrained by elongated operating cycle and presence in highly
competitive industry, along with susceptibility of margins to
volatility in the prices of raw material. The rating, however,
draws comfort from experienced members and long track record of
operations.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small and declining scale of operations coupled with low corpus
base:  The scale of operations of the society has remained small as
marked by total operating income and gross cash accruals of
INR22.57 crore and INR0.31 crore respectively during FY17 (refers
to the period April 1 to March 31). Furthermore, the corpus fund
stood small at INR3.53 crore as on March 31, 2017. The small scale
limits the society's financial flexibility in times of stress and
deprives it from scale benefits. Furthermore, with the low base of
own funds, its operations are highly susceptible to any business
shock, thereby limiting its ability to absorb losses or financial
exigencies. For the period (FY15-FY17), SGS's total operating
income has been declining on a y-o-y basis from INR36.19 crore in
FY15 to INR22.57 crore in FY17 attributable to decline in quantity
sold which was on account of high competition faced by SGS from
organized players. The society has achieved the total operating
income of approximately INR22.00 crore in 11MFY18 (refers to the
period April 01 to February 28).

* Low profitability margins, leveraged capital structure and weak
debt coverage indicators:  Profitability margins of the society
continue to remain low owing to highly competitive nature of
business and dominated by large players. SBIDT margin stood at
9.62% in FY17 as against 7.61% in FY16 on account of change in
product mix. Consequently, the surplus margin also improved and
stood at 0.29% in FY17 as against 0.23% in FY16. The capital
structure of the society continues to remain leveraged on account
of high dependence on bank borrowings to meet the working capital
requirements coupled with low corpus base. Overall gearing stood at
4.63x as on March 31, 2017 as against 4.70x as on March 31, 2016
owing to retention of profits to reserves. The debt coverage
indicators as marked by interest coverage and total debt to GCA
continues to remain weak owing to low profitability position and
high debt levels. Interest coverage and total debt to
GCA stood at 1.17x and 52.78x respectively for FY17.

* Elongated operating cycle:  The operating cycle of the society
continue to remain elongated for FY17. Furthermore, the operating
cycle of the society elongated from 273 days for FY16 to 333 days
for FY17 mainly attributed to increase in average collection
period. The average collection period was around 345 days in FY17
as SGS receives payment once its products are sold by the retailers
to consumer. Being a highly competitive business, the average
collection period remained high and SGS has to give extended credit
period to its customers. SGS maintains adequate inventory in the
form of raw material for smooth functioning of its manufacturing
process. Also, SGS maintains inventory in the form of finished
goods to meet out the demand of its customers. The same resulted
into average inventory holding period of 98 days in FY17. The
society gets payable period of around four months from its
suppliers due to long-standing relationship resulting in average
creditor's period of 111 days for FY17. The working capital
requirements were largely met through bank borrowings which
resulted into almost full utilization of the average working
capital limits.

* Highly competitive industry, along with susceptibility of margins
to volatility in the prices of raw material:  There is a stiff
competition in the soap and detergent industry due to presence of
many organized and unorganized players. A large marketing spend and
established distribution network of the major FMCG companies and
their dominant positions in Tier-I and Tier-II cities leads to a
stiff competition for SGS. Moreover, the raw material constitutes
more than 70-80% of cost of sales in last three financial years
(FY15-FY17). The society is exposed to the raw material price
volatility risk due to the volatility experienced in the prices of
non-edible oil, soda ash, etc., which are linked to market prices.
They constitute a major component of the raw material and hence any
volatility in their prices has a direct impact on the profitability
margins of the society.

Key Rating Strengths

* Experienced members and long track record of operations:  SGS was
incorporated in 1987 by Mr. Rajesh Kumar Rohra and his family
members having experience of more than 3 decades in the fast moving
consumer goods industry through his association with SGS. Mr.
Rajesh Kumar Rohra looks after the overall operations of the entity
wherein he is supported by his family members and Mr. Anuj Pandey
(Head of Finance) having experience of more than a decade through
his association with SGS.

Uttar Pradesh based Shiv Gramoudyog Sansthan (SGS) is a cooperative
society established in 1987 and registered under the Societies
Registration Act. It was founded by Mr. Rajesh Kumar Rohra and his
family members. The society is engaged in the manufacturing of
detergent powder, detergent cake & laundry soap (oil based) and all
the products manufactured are sold under the brand name "Moar" or
"More". SGS has two manufacturing units located in Chaubepur Kalan,
Kanpur. SGS sells its products to PAN India basis through a network
of stockist and dealers on commission basis. The raw materials
required are dolomite powder, calcite powder, soda ash, acid
slurry, non-edible oil etc. which are procured from various
suppliers namely Tata Chemicals Limited, Gujarat Heavy Chemicals
Limited, Gesu Chemicals Limited, etc.

SHREE CHHATRAPATI SAHAKARI: CARE Cuts INR45cr LT Loan Rating to B
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Chhatrapati Sahakari Sakhar Karkhana Limited (SCSSKL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       45.00      CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 27, 2019 placed the
rating of SCSSKL under the 'issuer non-cooperating' category as
SCSSKL had failed to provide information for monitoring of
the rating. ABC continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter and email dated April 15, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings have been revised on account of non-availability of
latest operational and financial information of the firm,
uncertainty around the outbreak of covid-19 and its impact on the
firm's operations.

Detailed description of the key rating drivers

At the time of last rating on February 27, 2019 the following were
the rating strengths and weaknesses

Key Rating Weaknesses

* Cyclicality and agro-climatic risk associated with the sugar
industry:  Sugarcane is the key raw material used for the
manufacture of sugar and sugar-related products. The availability
and yield of sugarcane depends on factors like rainfall,
temperature and soil conditions, demand-supply dynamics, government
policies etc. The production of sugarcane and hence sugar is
cyclical in nature, wherein production of sugarcane is on an
uptrend for two years and then declines over the next two years,
before trending up again. Reduced quantum of sugar cane production
results in shortage in sugar production with increase in sugar
prices. This translates into prompt payment to farmers resulting
into increase in cane acreage.

* Working capital intensive nature of operations:  The operating
cycle of the SCSSKL improved to 401 days during FY17 from 537 days
during FY16. The decrease in operating cycle was largely on account
of the liquidating of the finished goods inventories (largely sugar
stock). The finished goods inventories (Sugar) stood at INR166.98
crore as on March 31, 2017 as against INR213.63 crore as on March
31, 2016.  Nevertheless, company had a free cash and cash
equivalents to the tune of INR12.63. crore as on March 31, 2017
which provide liquidity cushion to the company.The average CC
utlisation of the SCSSKL stood at 90% ended January 31, 2018.

Key Rating Strengths

* Experienced Promoters:  Shri Chhatrapati Sahakari Sakhar Karkhana
Ltd (SCSSKL) was currently promoted by Amarsinh Rajendrakumar
Gholap aged 38 to undertake sugar and sugar related production. The
gholab group with its successful track record of operating
businesses with a local connect has resulted into wide acceptance
among the farmers enabling SCSSKL in cane procurement initiatives
over such a scale of about 3 lakh to 7 lakh MT over the last three
sugar seasons. Mr Amar singh is graduated with B.Sc. from Pune
University and has experience of 5 years in sugar industry. He is
also actively involved in the strategy and new projects evaluation
of the organization.

* Partially integrated nature of business model of sugar plant
resulting in some degree of de-risking of core sugar business:
SCSSKL, with an installed capacity of 3500 TCD (Now it is 6500 TCD)
and 18 MW (as on October 31, 2017) is relatively an average size
player in the sugar industry. The partially integrated nature of
facility of SCSSKL enables diversification of revenue stream and
betters SCSSKL ability to absorb the fluctuations in the prices of
raw material (sugarcane), finished goods and cyclicality, inherent
to the sugar industry.

* Good relations with the local populace leading to adequate
procurement of cane and presence in a high recovery zone along with
special Research and development department on sugarcane:  The
sugar plants of SCSSKL are located in the sugarcane cultivation
area in Pune, Maharashtra. The command area of SCSSKL comprises of
over 80 villages with total land under sugarcane cultivation to the
tune of about 18,000 hectares (total command area is 30,000
hectare), translating into availability of nearly 17 lakh MT of
sugarcane for SS 2017-18. The command area is well irrigated over
the years with consistent supply of water through the river like
Krishna which is 1km away from plant and from which water is
distributed to agriculture lands and industries in region through
the Uga4rkhurd and Jewargi, respectively. Favorable climatic
condition and adequate irrigation facilities have rendered
sugar-cane with a high recovery rate ranging between 10.5%-11.0%.

* Financial risk profile marked by growth in Total operating income
albeit having leveraged capital structure in FY17: The total
operating income (TOI) of the SCSSKL registered a y-o-y growth of
37.70% during FY17 to INR233.87 crore, on account of better
realisation of sugar prices. The PBILDT margins of the SCSSKL
deteriorated by 770 bps to 8.81% during FY17 led by increase in the
raw-material cost. The total debt of SCSSKL increased to INR305.87
crore as on March 31, 2017 as against debt of INR215.07 crore as on
March 31, 2016 on account of the high reliance on external fund
based working capital bank borrowing. The increase in debt was due
to increase in inventory storage on expectation of increase sugar
price in future led to highly leveraged capital structure marked by
debt to equity and overall gearing of 2.72x and 2.91x respectively
as on March 31, 2017.

Shree Chhatrapati Sahakari Sakhar Karkhana Limited (SCSSK) was
incorporated by on April ,1955 as a cooperative society. The first
crushing season of the sugar factory was conducted in the Sugar
Season (SS, refers to the period from October to March) 1957-58
with an installed capacity of 3500 tonnes of cane crushed per day
(TCD).SCSSK was Currently promoted by Mr.Amarsingh Rajendrakumar
Gholap as a chairman, and is engaged in manufacturing of sugar &
and co-generation of power. The company has a combined crushing
capacity of about 3500 tonnes of cane per day (TCD) located near
Bhavinagar Taluka Indapur in Pune Region. The company is planning
to expand the sugar crushing capacity from 3500 TCD to 6500 TCD.
The said project is completed as on November 30, 2017.

SINDHANUR GANGAVATHI: CARE Keeps D INR180cr Debt Rating in Non-Coop
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sindhanur
Gangavathi Tollway Private Limited (SGTPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       180.00     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 19, 2019 placed the
ratings of SGTPL under the 'issuer non-cooperating' category as
SGTPL had failed to provide information for monitoring of the
rating. SGTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and emails dated May 04, 2020, May 05, 2020 and May 06, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating).

Detailed description of the key rating drivers

At the time of last rating on March 19, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in the repayment of debt obligations:  The company has
been delaying in meeting the debt obligations on time on account of
strain in the liquidity position.

Sindhanur Gangavathi Tollway Private Limited (SGTPL) is a Special
Purpose Vehicle (SPV) promoted in July 2012 by GKC Projects Limited
(GKC), for implementing a project envisaging development of
existing 2-lane Sindhanur-Gangavati-Ginigera section from Km. 79.00
to Km. 162.00 (length 83 km) of SH-23 in the state of Karnataka to
2-lane with paved shoulders (widening by about 3 m) on DBFOT toll
basis. Government of Karnataka (GoK) has entrusted Karnataka Road
Development Corporation Ltd. (KRDCL), to invite proposals for
selection of entrepreneurs for taking up construction, widening and
strengthening of the State Highways in Karnataka on BOT basis. GKC
was declared as the successful bidder for the project quoting
lowest grant of INR4.59 crore. KRDCL has issued Letter of Award
(LoA) to GKC on June 22, 2012. SGTPL was incorporated on July 11,
2012 as the Project SPV to implement the project. SGTPL has signed
Concession Agreement (CA) with KRDCL on August 24, 2012. The
concession period is 24 years (including construction period of 2
years). The project has achieved its COD dated December 5, 2015,
against expected date of January 8, 2016.


SRI MADAN GOPAL: CARE Keeps D INR10cr Debt Rating in Not Coop.
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Madan
Gopal Bhikamchand Marketing Private Limited (SMGPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term/Short-      10.00     CARE D/CARE D; Issuer not
   Term Bank                       cooperating; Based on best
   Facilities                      available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 12, 2019, placed
the rating(s) of SMGPL under the 'issuer non-cooperating' category
as SMGPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SMGPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 11,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on February 12, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Irregularity in debt servicing: There are instances of delays in
debt servicing in the past.

Jaipur (Rajasthan) based, Sri Madan Gopal Bhikam Chand Marketing
Private Limited (SMPL) was established in 2006 as a private limited
company by Mall Family. SMPL is engaged in trading and exports of
agricultural products, such as spices, animal feeds, and herbs. It
also trades in lac, used in bangles and paints, in the domestic
market. SMPL exports to Srilanka, Bangladesh and Dubai. In domestic
market SMPL serving mainly Rajasthan and Madhya Pradesh.

SRISHTI BUILDERS: CARE Lowers Rating on INR9.0cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Srishti Builders (SB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       9.00       CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2019, placed the
rating(s) of SB under the 'issuer noncooperating' category as SB
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 11,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised on account of non-availability of
requisite information.  The rating continue to remain constrained
on account of its project implementation and salebility risk
associated with the remaining flats and subdued outlook for the
cyclical real estate sector.  The ratings, however, derive strength
from the experienced promoters in the real estate industry.

Detailed description of the key rating drivers

At the time of last rating on March 05, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Project implementation and salebility risk associated with the
remaining flats:    The firm started construction of residential
project named "Royal Artena" from June 2015, which is expected to
be completed by the end of March, 2018. Further, there is
salability risk is also associated with the un-booked units.
Subdued outlook for the cyclical real estate sector The real estate
industry in India is highly fragmented with most of the real estate
developers having a city-specific or regionspecific presence.
Further, in light of the ongoing economic downturn, the sector is
facing issues on many fronts.

Key Rating Strengths

* Experienced promoters in the real estate industry:  The firm is a
part of Srishti group which is one of the major groups of Kota,
engaged in the wide range of real estate projects.  The group
started real estate business in 2005 and then the group expanded
its business in construction of residential projects.

Kota (Rajasthan) based Srishti Builders (SB) was formed in
February, 2015 by Mr. Sanjay Khatri and Mr. Ajay Khatri.
Subsequently, in June, 2015, there is change in the partnership
deed with introduction of 3 partners. SB is engaged in the
development of housing projects in Kota, Rajasthan. The firm is a
part of Srishti group which is engaged in the wide range of
projects in real estate industry. SB is mainly engaged in the real
estate development activities and is currently working on one
residential project namely 'Royal Artena' in Kota with total
saleable area of 87,102 Square Feet (Sq Ft) consisting of basement
plus ground floor plus 12 floors.

STAR RAISON: CARE Lowers Rating on INR40cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Star
Raison Landmarks, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       40.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; ISSUER
                                   NOT COOPERATING on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has revised the rating assigned to the long term bank facility
of Star Raison Landmarks to 'CARE D, Issuer not cooperating' on
account of delay in the servicing of debt obligations by the firm.

CARE had, vide its press release dated September 03, 2019; placed
the rating(s) of Star raison Landmarks (SRL) under the 'issuer
non-cooperating' category as Star Raison Landmarks had failed to
provide information for monitoring of the rating as agreed to in
its Rating Agreement. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Key Rating Weakness

* Delay in servicing of debt obligation:  There are delays in the
servicing of debt obligation by the firm related to long term bank
facilities on account of poor liquidity position.

SRL is a partnership firm, incorporated in March 2011, by Star
Relacon Pvt. Ltd. (SRPL), Pinnacle Housing Pvt. Ltd. (PHPL) and the
promoters of SRPL & PHPL. The company is engaged in development of
a residential real estate project namely 'The Essentia' in Bhiwadi
(Rajasthan).

STERLING BIOTECH: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Biotech Limited (SBL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      3,768       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short term Bank       69.68     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SBL to monitor the rating
vide e-mail communications dated May 12, 2020, May 7, 2020, and
April 30, 2020, etc. and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, SBL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on SLB's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

Key Rating Weaknesses

Due to the weakened liquidity position there are on-going delays in
servicing of interest and default in repayment of debt obligation
by the company.

Sterling Biotech Limited (SBL), promoted by Mr. Nitin Sandesara
(Managing Director), is the flagship and a listed company of the
Vadodara based Sandesara group. SBL is mainly engaged in the
manufacturing of pharmaceutical grade gelatin which has wide range
of applications such as capsules, tablets, etc. It manufactures
Di-calcium Phosphate (DCP, a by-product of gelatine) and Co-enzyme
Q10 (CoQ10). DCP is mainly used by poultry feed manufacturers while
CoQ10 is used as a dietary supplement used to boost human memory
and immunity. SBL's manufacturing facility is located at Vadodara,
Gujarat. The group has over 27 years of industrial experience and
has diversified interests ranging from Pharmaceuticals, Healthcare,
Oil & Gas, Engineering Infrastructure, etc. The other companies of
the Sandesara group are Sterling Port Ltd, Sterling Oil Resources
Ltd, Sterling SEZ & Infrastructure Ltd, PMT Machines Ltd, etc.

STERLING OIL: CARE Keeps D INR299.72cr Debt Rating in Not Coop.
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Oil Resources Limited (SORL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      299.72      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SORL to monitor the rating
vide e-mail communications dated May 12, 2020, May 6, 2020, April
30, 2020 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on SORL's bank
facilities continue to be denoted as CARE D; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

Key Rating Weaknesses

Due to the weakened liquidity position, there are on-going delays
in servicing of interest and default in repayment of debt
obligation by the company.

Sterling Oil Resources Limited (SORL), incorporated in March 2007,
a Sandesara Group company, was incorporated in India for
undertaking oil exploration and production activities in oil
prolific areas across the globe. SORL through its 100% subsidiaries
in Mauritius and British Virgin Island (BVI) holds 90% stake in
Sterling Oil Exploration & Energy Production Company Limited
(SEEPCO, the operator of the oil block), a company incorporated in
Nigeria to acquire and operate Oil Exploration and Production
businesses in Nigeria.

Sterling Biotech Ltd (SBL) is the flagship and a listed company of
the Vadodara based Sandesara group. It is mainly engaged in the
manufacturing of pharmaceutical grade gelatin which has wide range
of applications such as capsules, tablets, etc. The group has over
27 years of industrial experience and has diversified interests
ranging from Pharmaceuticals, Healthcare, Oil & Gas, Engineering
Infrastructure, etc. The other companies of the Sandesara group are
Sterling Biotech Ltd, Sterling Port Ltd, Sterling SEZ &
Infrastructure Ltd, PMT Machines Ltd, etc.

TIRUPATI COLD: CARE Keeps D INR5.54cr Debt Rating in Not Coop.
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Cold Storage (TCS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       5.54       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 3, 2019 placed the
ratings of TCS under the 'issuer non-cooperating' category as TCS
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. TCS continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 28, 2020,
April 30, 2020, May 4, 2020 and May 5, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating done on June 3, 2019 the following were
the rating weaknesses:

Detailed description of key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing:  TCS has been irregular in
servicing its debt obligation owing to weak liquidity position of
the firm.

Established in the year 2006, TCS is providing cold storage
facility for storing potatoes on a rental basis. TCS was
established by three partners and is managed by Mr. Hasmukhbhai
Padhiyar. TCS has an installed capacity of 8500 metric ton at its
facilities located at Mansa- Gujarat as on March 31, 2016.

TIRUPATI TRADING: CARE Lowers Rating on INR8cr LT Loan to 'B'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tirupati Trading Corporation (TTC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        8.00      CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 28, 2019, placed the
rating of TTC under the 'issuer non-cooperating' category as TTC
had failed to provide information for monitoring of the rating. TTC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 14, 2020, May 11, 2020 and May 7, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Tirupati Trading Corporation with CARE'S efforts
to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the rating continues to remain constrained
owing to firm's small scale of operations coupled with low net
worth base, low profitability margins, leveraged capital structure
and weak debt coverage indicators. The rating is further
constrained by risk associated with constitution of the entity
being a partnership firm and highly fragmented nature of industry
characterized by intense competition. The rating, however, draws
comfort from experienced promoters and moderate operating cycle.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations coupled with low net worth base: TTC's
scale of operations stood small as evident from total operating
income and gross cash accruals of INR61.65 crore and INR0.29 crore,
respectively in FY18 (refers to the period April 1 to March 31).
Furthermore, the net worth base also stood small at INR3.33 crore
as on March 31, 2018. The small scale of operations limits the
firm's financial flexibility in times of stress and deprives it of
scale benefits.

* Low profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margins of the firm
remained low during the past three financial years (FY16-FY18) on
account of trading nature of the business and highly fragmented
nature of industry characterized by intense competition. This
apart, high interest burden on its working capital borrowings also
restricts the net profitability of the firm. The capital structure
of the firm stood leveraged marked by overall gearing ratio which
stood above 3.20x as on past two balance sheet dates ending March
31, '17-'18 on account of low net worth base coupled with high
dependence on external borrowings to meet the working capital
requirements of the business. Further, owing to high debt levels
and low profitability position, debt service coverage indicators as
marked by interest coverage and total debt to GCA stood weak at
1.35x and 39.56x respectively during FY18.

* Highly fragmented nature of industry characterized by intense
competition: The spectrum of the trading industry in which the firm
operates is highly fragmented and competitive marked by the
presence of numerous players in India.  Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

Key Rating Strengths

* Experienced promoters: TTC's is a family runs business and its
operations are currently being managed by Mr. Vivek Bansal and Mrs.
Parul Bansal. Mr. Vivek Bansal is a graduate and has accumulated
experience of nearly three decades in agro industry. Prior to TTC
and VTC, he was associated in individual capacity in the same line
of business. He is ably supported by Mrs. Parul Bansal, who is a
post graduate and holds experience of nearly one and half decade in
this business through her association with this entity. TTC has
been operating in this business for nearly one and half decade,
which aid in establishing a healthy relationship with both
customers and suppliers.

* Moderate operating cycle: The firm maintains adequate inventory
of traded goods to cater the demand of its customers. Further,
being present in a highly competitive industry and having low
bargaining power with its customers, the firm normally extends
credit period of around one month to its customers. However, the
firm procures the traded products from its suppliers with maximum
credit period stood at around a week. The average utilization
remained around 65% utilized during the past 12 months ended
February, 2019.

Delhi based Tirupati Trading Corporation (TTC) was established in
October, 2004 as a partnership firm and is currently managed by Mr.
Vivek Bansal and Mrs. Parul Bansal sharing profit and losses
equally. The firm is engaged in the wholesale trading of food
grains like rice, pulses, maize, etc. to exporting companies
directly and through commission agents. The firm procures the
traded products from millers based in Punjab, Haryana and Uttar
Pradesh. The firm has one associate concern namely; "Vivek Trading
Company (VTC)" (established in 2001) engaged in the same line of
business.

UNOSACK FLEXIBLE: CARE Lowers Rating on INR5.0cr Loan to C/A4
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
UnoSack Flexible Packaging Private Limited (UFPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/            5.00      CARE C; Stable/CARE A4;
   Short Term                      Issuer not co-operating;
   Bank Facilities                 Revised from CARE B-; Stable/
                                   CARE A4; Issuer not Cooperating

                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22, 2019, placed the
rating of UFPPL under the 'issuer non-cooperating' category as had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. UFPPL continues to be noncooperative
despite repeated requests for submission of information through
e-mails, phone calls and an email dated May 6, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating of UFPPL has been revised on account of non-availability
of requisite information.

The ratings continue to remain constrained on account of its
financial risk profile marked by modest scale of operation with
moderate profitability margins, leveraged capital structure and
stressed liquidity position. The ratings are, further, constrained
on account of its profitability vulnerable to volatile raw material
prices and its presence in highly competitive and
fragmented industry. The ratings, however, derive strength from the
experienced management.

Detailed description of the key rating drivers

At the time of last rating on March 22, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weakness

* Modest scale of operation with moderate profitability margins:
The scale of operations of the company stood modest with Total
Operating Income (TOI) of INR11.09 crore in FY18 and tangible
net-worth of INR1.87crore as on March 31, 2018. During FY18, TOI of
the company has increased by 6.59% over FY17 owing to increase in
demand. In FY18, PBILDT margin declined by 178 bps and stood at
6.87% as against FY17 mainly due to higher material costs.

* Leveraged capital structure and stressed liquidity position: The
capital structure of the company stood leveraged with an overall
gearing of 4.11 times as on March 31, 2018, deteriorated from 3.73
times as on March 31, 2017 on account of higher increase in Total
Debt as compared to increase in net worth due to accretion of
profits to reserve. Further, the debt service coverage indicators
stood with interest coverage ratio of 0.96 times in FY18 and total
debt to GCA stood leveraged at 139.10 times as on March 31, 2018
declined over FY17 mainly on account of increase in Total Debt. The
liquidity position of the company stood stressed with operating
cycle at 275 days in FY18, due to higher inventory period. The
company maintains higher inventory period owing to volatile raw
material prices. It gives credit period of 30- 40 days to its
customers whereas gets credit period of 100-120 from suppliers. Due
to high inventory, the current ratio stood moderate at 1.30 times,
whereas, quick ratio of the company stood below unity at 0.19 times
respectively as on March 31, 2018.

* Profitability vulnerable to volatile raw material prices with
highly competitive and fragmented industry:  The primary raw
material required for manufacturing of woven sack bags is PP
granules, which is a crude oil derivative. Over the years, prices
of crude oil have been volatile and so are the prices of polymers.
Considering the volatility associated with raw material prices and
timing difference arising in procurement of raw material and
realization of sales, exposes the company's operating margins to
fluctuations. Further, the PP bag industry is dominated by players
operating in the small and medium-scale sector, resulting in high
fragmentation and intense competition. These players mainly cater
to regional demand and enjoy the benefits of lower cost in terms of
proximity to customers and raw material suppliers. Further, due to
low product differentiation and value addition, the industry is
highly competitive with price being the key differentiating
factor.

Key Rating Strengths

* Experienced management: Mr. Prafulla Hardia, Managing Director,
has experience of more than a decade in the industry and looks
after overall affairs of the company. Further, Mr Prafulla Hardia
is supported by Mr. Ashish Dubge and Mr Devendra who have
experience of more than a decade in the industry and looks after
Production and sales and marketing function respectively.

Indore (Madhya Pradesh)-based Uno Sack Flexible Packaging Private
Limited (UFPPL) was established in 2010 by Mr. Prafulla Hardia and
Mr. Murarilal Hardia. UFPPL commenced its operations from FY10.
UFPPL is engaged in the business of manufacturing of Flexible
Intermediate Bulk Container (FIBC) as well as PP fabric bag. The
manufacturing facility of UFPPL is located at Indore (Madhya
Pradesh) having installed capacity of 1800 Ton per Annum (TPA).
UFPPL procures raw material majorly from Reliance Industries
Limited. It sells its products majorly to the cement industry.

VIKAS COTTON: CARE Keeps B INR8.54cr Debt Rating in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vikas
Cotton Industries Private Limited (VCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank         8.54     CARE B; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 14, 2019 placed the
ratings of VCPL under the 'issuer non-cooperating' category as VCPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. VCPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 9, 2020,
April 15, 2020 and April 17, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating done on February 14, 2019 the following
were the rating strengths and weaknesses (updated for publically
available information).

Key Rating Weaknesses

* Moderate scale of operations and thin profit margins:  TOI of
VCPL continued to remain moderate at INR67.78 crore during FY19 as
against INR69.07 crore during FY18. Further, PBILDT margin also
continued to remain thin at 1.84% in FY19 as against 2.35% during
FY18 owing to increase in cost of raw material consumed. PAT margin
remained low at 0.13% during FY19.

* Moderate capital structure and weak debt coverage indicators:
Capital structure of the company remained moderate marked by
overall gearing of 2.01 times as on March 31, 2019 as against 1.99
times as on March 31, 2018. Debt coverage indicators of the company
remained weak marked by total debt to Gross Cash Accruals (TDGCA)
of 32.59 years as on March 31, 2019 as against 26.59 years as on
March 31, 2018 owing to decrease in GCA level during FY19. The
interest coverage ratio stood at 1.36 times during FY19 as against
1.31 times in FY18.

* Susceptibility of operating margin to cotton price fluctuation
and presence in a fragmented and seasonal cotton industry with
limited value addition along with exposure to adverse changes in
the government: The profitability of VCIPL is exposed to
fluctuations in raw cotton, which being an agricultural commodity
is subject to the vagaries of monsoon. VCIPL operates in an
industry characterized by high fragmentation and intense
competition on account of presence of a large number of small and
medium-scale units due to minimal technological and financial
investment requirement. Furthermore, due to limited value addition,
players present in this segment operate at a very low bargaining
power against its customers as well as suppliers. Furthermore, the
cotton supply and prices in India are highly regulated by the
government through Minimum Support Price (MSP) and export
regulations.

Key Rating Strengths

* Experienced promoters in cotton ginning business:  VCIPL is
promoted mainly by Mr Bhavin Patel who has an experience of about
10 years in the cotton ginning business through various business
ventures. Mr Bhavin Patel looks after overall operations and
management of the company.

* Strategically located within the cotton-producing belt of
Gujarat:  VCIPL's manufacturing facilities are located in Mehsana
district of Gujarat which is the largest producer of raw cotton in
India. It enjoys benefits in terms of lower logistics expenditure,
easy availability of raw material, labour, water and power
connection.

Liquidity position: Stretched

Overall liquidity position of VCPL remained stretched marked by
current ratio at 1.47 times as on March 31, 2019 as against 1.37
times as on March 31, 2018 with an elongated operating cycle at 63
days in FY19 as against 56 days during FY18.  Unencumbered cash and
bank balance INR0.30 crore and net cash flow from operations
remained at INR0.91 crore as on March 31, 2019.

Incorporated in the year 2005, VCIPL is promoted by two promoters
Mr Bhavinkumar Patel and Ms Palakben Patel. VCIPL is engaged into
the business of cotton ginning, pressing, seed crushing with an
installed capacity of 350 cotton bales per day as on March 31, 2017
at its facilities located at Mehsana-Gujarat.

ZEN SHIPPING: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Zen Shipping &
Ports India Private Limited's (ZSPIPL)  Long-Term Issuer Rating to
'IND BB' from 'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits upgraded with  
     IND BB/ Stable / IND A4+ rating; and

-- INR253 mil. Term loan due on June 2025 upgraded with IND BB /
     Stable rating.

The upgrade reflects an improvement in ZSPIPL's working capital
utilization and timely debt repayment during the five months ended
May 2020, with the facilities being utilized within the sanctioned
limits. However, the liquidity position continues to be stretched
due to a long working capital cycle.

KEY RATING DRIVERS

Liquidity Indicator – Stretched:  ZSPIPL had reported
overutilization of the limits during October-November 2019 due to a
temporary cash flow mismatch, resulting from  necessary adhoc
repairs of the ship and a change in charter contracts.  The
company's working capital cycle remained elongated at 184 days in
FY20 (FY19: 208 days) due to high inventory days (FY20: 138 days;
FY19: 140 days) and debtor days (FY20: 81 days; FY19: 94 days).
Receivables amounting to INR58 million, which relates to demurrage
income, were outstanding for more than 120 days at FYE20. The cash
flow from operations improved to INR151 million in FY20 (FY19:
INR43 million) owing to an increase in the absolute EBITDA to
INR232 million (INR183 million). At FYE20, the company had cash
balance of INR5 million (FYE19: INR2 million) as against a total
outstanding debt of INR430 million (INR567 million). The company
has availed the Reserve Bank of India-prescribed moratorium for its
term loans. The numbers for FY20 are provisional in nature.

The ratings factor in the continued small scale of operations, as
indicated by revenue of INR693 million in FY20 (FY19: INR550
million). The revenue increased due to improved charter rates. The
company's revenue fluctuates in line with factors such as the
freight rates/forex rates and the type of the charter the vessel is
put into i.e. time charter or voyage charter. Furthermore, ZSPIPL's
contracts with its customers are valid till October/November 2020
only; subsequently, the company will have to renegotiate or
participate in bidding for new contracts

The ratings reflect the  comfortable credit metrics. The metrics
improved in FY20 due to the partial repayment of long-term debt,
and the resultant fall in interest costs to INR46 million (FY19:
INR50 million), and an increase in the absolute EBITDA to INR232
million (INR183 million). The interest coverage (operating
EBITDA/gross interest expense) was 5x in FY20 (FY19: 3.6x), while
the net leverage (adjusted debt/operating EBITDAR) was 1.8x
(3.1x).

The ratings, however, are supported by the healthy EBITDA margins.
The margin improved marginally to 33.5% in FY20 (FY19: 33.1%) as a
result of a fall in other expenses. The RoCE was 18% in FY20
(11%).

The ratings are supported by the promoters' decade-long experience
in the shipping sector.

RATING SENSITIVITIES

Negative: Any further weakening in the liquidity position along
with deterioration in the operational performance would be negative
for the ratings.

Positive:  A significant improvement in the liquidity position
along with a sustained improvement in the operational performance,
with the net leverage remaining below 2x, will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2011, ZSPIPL is private stainless steel chemical
tanker vessel operator. The company initially commenced operations
as a ship management services provider engaged in marketing and
crew operations. In 2014, the company acquired two second hand
mid-sized stainless steel chemical tanker vessels; MT Tulip
(10,280dwt) and Bon Atlantico (14,003dwt).


[*] What's at Risk if India is Cut to Junk; UBS Lists Out Scenarios
-------------------------------------------------------------------
Subhadip Sircar at Bloomberg News reports that a cut in India's
sovereign rating to junk status may threaten the nation's chances
of being added to global bond indexes, steepen the bond yield curve
and weaken the rupee, according to UBS Group AG.

The Swiss bank expects S&P Global Ratings and Fitch Ratings to
lower their outlook on the rating to negative from stable over the
next couple of months, strategists led by Rohit Arora wrote in a
June 3 note, Bloomberg relays.

Earlier last week, Moody's Investors Service cut India's rating to
the lowest investment grade, putting it on par with S&P and Fitch
at a level above high-yield, the report notes.

According to Bloomberg, some scenarios from the UBS analysis are:

* A Threat to Bond Index Inclusion:  India's aim to be part of
global bond indexes will likely be undermined if two raters
downgrade the nation's rating. While a possible addition to
JPMorgan's GBI-EM won't be impacted, the chances of being included
in FTSE's WGBI and Bloomberg Barclays' Global Aggregate Index might
come undone.

* Limited Portfolio Outflows: With India not being part of major
bond index, there's no mechanical pass-through of a rating cut to
foreign outflows in debt. Currently, overseas investors hold about
$40 billion in sovereign and corporate rupee debt. If 20%-30% of
that is rating sensitive, a downgrade could lead to outflows of
about $10 billion. That would be 2.5% of forex reserves and will
have a negligible impact.

* Structurally High Term Premia: As markets move from investment to
speculative grade, term premia increase non-linearly, and the
impact on the curve shape could be long lasting. India's sovereign
bond yield curve has been gradually steepening since 2015 amid
worsening fiscal situation and declining household savings. The 2-
and 10-year spread steepening trend may continue and could hit 2010
high of 250 basis points in FY21.

* Weakening Rupee: Debt flows in India have risen in prominence,
with the cumulative balance of payments debt flows running at twice
the equity flows since 2014. A structural decline in this could
hurt the rupee when the current account again slips to a deficit.
Higher credit default swap rates would mean a higher cost of
external borrowing or a decline in those borrowings and eventual
capital outflows. That may hurt the rupee via both the channels.



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

DTC THREE: Fitch Affirms Class E Notes Rating at 'BBsf'
-------------------------------------------------------
Fitch Ratings has upgraded the class D and J notes of DTC Two
Funding Ltd. and the class D notes of DTC Three Funding Ltd. Fitch
has affirmed the other 14 classes of notes of eight DTC
transactions. The Outlooks on all the notes are Stable. The full
list of rating actions is as follows:

DTC Eight Funding Limited

  - Class A XS0289431727; LT AAAsf; Affirmed

  - Class B XS0289436791; LT AAsf; Affirmed

DTC Four Funding Limited

  - Class A-1 XS0205566259; LT AAAsf; Affirmed

  - Class A-2 XS0205566333; LT AAAsf; Affirmed

  - Class B XS0205566846; LT AAsf; Affirmed

DTC Three Funding Ltd.

  - Class C XS0186915079; LT AAAsf; Affirmed

  - Class D XS0186915400; LT AAAsf; Upgrade

  - Class E XS0186915822; LT BBsf; Affirmed

DTC Six Funding Limited

  - Class A XS0231899419; LT AAAsf; Affirmed

DTC Two Funding Ltd.

  - Class D XS0172730946; LT AAAsf; Upgrade

  - Class E XS0172731324; LT BBsf; Affirmed

  - Class J XS0172732306; LT AAAsf; Upgrade

DTC One Special Purpose Company

  - Class C XS0158761154; LT AAAsf; Affirmed

  - Class D XS0158761311; LT AAsf; Affirmed

  - Class E XS0158761402; LT BBsf; Affirmed

DTC Seven Funding Limited

  - Class A XS0273539089; LT AAAsf; Affirmed

DTC Five Funding Limited

  - Class A XS0213054132; LT AAAsf; Affirmed

TRANSACTION SUMMARY

The transactions are securitisations of mortgage loans backed by
multi-family apartment properties in Japan.

KEY RATING DRIVERS

Sufficient CE on Loss Expectations: The upgrades of the notes of
DTC Two and DTC Three reflect improvement in credit-enhancement
levels while our loss expectations remain relatively stable. Fitch
believes these notes have significant cushion for their current
ratings due to the stable performance in the underlying loans and
sequential principal repayment.

The affirmation of the 14 classes reflects stable performance in
the underlying loans and Fitch's view that available CE levels are
sufficient to support the current ratings.

Stable Loan Performance: Stable economic conditions, a low interest
rate environment and the master lease structure in place have
resulted in stable loan performance since the closing of the
transactions. There have only been 12 defaults to date and the
cumulative loss rate is lower than 0.35% among the eight DTC
transactions.

Coronavirus-Related Stresses: Fitch updated Japan's GDP and
unemployment rate forecasts amid the coronavirus pandemic. Fitch
forecasts Japan's GDP will contract by 5.0% in 2020, with the
unemployment rate increasing to 4.0%. Fitch expects this to affect
the underlying properties' performance, and assume high vacancy
rates as our base case in the analysis.

Alternative Loss Considerations: The number of loans has declined
significantly from the closing in all transactions due to high
prepayments over the past several years. Prepayments are slowing,
but Fitch considers potential small-pool risk, which leads us to
assume greater performance volatility in underlying loans in stress
scenarios.

Fitch continues to believe all the transactions have available cash
reserves to address liquidity risk, although their advance agents
have yet to be replaced, as stipulated under their transaction
documents.

RATING SENSITIVITIES

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

An upgrade may be prompted by stable-to-improved loan and property
performance coupled with paydowns that increase the CE. The class D
notes of DTC One would be upgraded with continued paydowns and an
increase of CE. Upgrades of the most junior rated tranches of DTC
One Special Purpose Company, DTC Two and DTC Three would be limited
based on sensitivity to concentrations or the potential for further
concentration unless the CEs improve sufficiently to provide a
buffer to the relevant rating levels.

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

The ratings may be downgraded if there is a decline in the
performance of the underlying properties, or an increase in
defaults or losses from underperforming loans. Downgrades to the
classes rated 'AAAsf' in DTC One, DTC Two and DTC Three are not
considered likely as the current CEs are sufficient and we expect
them to increase further through paydowns. Downgrades of other
notes are possible should net cash flows decline unexpectedly,
defaults occur or loss expectations increase.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the underlying
pools and the transactions. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third-party assessment of the underlying pools or conducted a
review of loan origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying pools ahead of the transactions' initial closing.
The subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is therefore satisfied that the underlying
pool information relied upon for its rating analysis was adequately
reliable.

Overall, Fitch's assessment of the underlying pool information
relied upon for the agency's rating analysis according to its
applicable rating methodologies indicates that it is adequately
reliable.

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

UMATRIN HOLDING: Posts $95K Net Income in 2019
----------------------------------------------
Umatrin Holding Limited reported net profit of $95,138 on $1.20
million of sales for the year ended Dec. 31, 2019, compared to a
net loss of $453,120 on $410,823 of sales for the year ended Dec.
31, 2018.

As of Dec. 31, 2019, the Company had $1.53 million in total assets,
$1.94 million in total liabilities, and a total deficit of
$409,949.

JLKZ CPA LLP, in Flushing, New York, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
May 29, 2020 citing that the Company had incurred substantial
losses with working capital deficits, which raises substantial
doubt about its ability to continue as a going concern.

The Company had cash and cash equivalent of $171,678 and $36,431 as
of Dec. 31, 2019 and Dec. 31, 2018, respectively.  Umatrin said,
"Our company's operations have been funded through an equity
financing and a series of debt transactions, primarily with
shareholders, directors, and officers of our company and affiliated
entities. These related party debt transactions such as advances
have operated as informal lines of credit since the inception of
our company, and related parties have extended credit as needed
which our company has repaid at its convenience. We anticipate that
we will incur operating losses in the foreseeable future and we
believe we will need additional cash to support our daily
operations while we are attempting to execute our business plan and
produce revenues. If our related parties are unable or unwilling to
provide additional capital, we would likely require financing from
third parties. There can be no assurance that any additional
financing will be available to us, on terms we believe to be
favorable or at all. The inability to obtain additional capital
would have a material adverse effect on our operations and
financial condition and could force us to curtail or discontinue
operations entirely and/or file for protection under bankruptcy
laws."

A full-text copy of the Annual Report is available for free at the
Securities and Exchange Commission's website at:

                        https://is.gd/1jC3vf

                           About Umatrin

Umatrin Holding Limited (formerly known as Golden Opportunities
Corporation) was incorporated in the state of Delaware on Feb. 2,
2005. The Company was originally incorporated in order to locate
and negotiate with a targeted business entity for the combination
of that target company with the Company. On Jan. 6, 2016, the
Company acquired 80% of the equity interests of U Matrin Worldwide
SDN BHD in exchange for the issuance of a total of 100,000,000
shares of its common stock to the two holders of Umatrin, Dato' Sri
Eu Hin Chai and Dato' Liew. Immediately following the Share
Exchange, the business of Umatrin became the business of UMHL. The
UMHL operation office remained in Malaysia and the business market
will remain focus in Asia. Umatrin provides technology and services
to enable consumers, merchants and other participants to conduct
business in its cloud-based trading system.



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

AIR NZ: Hanging Tough on Refunds Amid Growing Brand Damage
----------------------------------------------------------
The New Zealand Herald reports that Air New Zealand is hanging
tough on refunds in the face of renewed pressure from Consumer NZ,
which says the airline will suffer lasting brand damage.

NZ Herald relates that the customer rights organisation said that
even those with non-refundable tickets were now prevented from
travelling to many places they had booked for, through no fault of
their own, and the airline was better placed to wear the financial
loss and refund them.

But Air New Zealand is on the front foot over its policy on
non-refundable flights, often less expensive Grabaseat fares; it is
not legally obliged to pay back cash, the report says.

According to NZ Herald, the airline said there would be tens of
thousands of potential refunds and if it was to "open the
floodgates" it would further jeopardise its already shaky financial
position.

NZ Herald relates that Chief revenue officer Cam Wallace said it
was trying to preserve cash rather than release it even though it
had a NZD900 million Government loan it could call on.

"If we were to open the floodgates and refund those that would
accelerate the requirement to use the loan and we would have to
make some even more aggressive changes to our cost base," the
report quotes Mr. Wallace as saying.

While he would not disclose how much paying out the non-refundable
tickets would cost, it could be close to NZD100 million.

Mr. Wallace would say the impact on the airline would be
"significant and material".

Air New Zealand has laid off 4,000 of its 12,500 staff and parked
up much of its fleet as travel restrictions here and around the
world have brought air travel to a near standstill.

"When you've got such a small trickle of revenue coming in the door
it just doesn't add up - we've got to make some calls," he said.

The airline was aware of the fallout.

"We are concerned about customers and we are concerned about the
brand impact."

After a Consumer NZ complaint to the Commerce Commission, Air NZ
refunded tickets bought in the United States or for travel through
that country and has done the same for those booked to Argentina, a
country it is no longer flying to.

"We hope that Kiwis understand the impact of this event on the
aviation sector and specifically Air NZ - this is an unparalleled
event in history and hopefully a once-in-a-lifetime occurrence. We
have been destroyed in terms of our revenue and we're trying to
manage our way through it," Mr. Wallace, as cited by NZ Herald,
said.

In a letter to Consumer NZ, Mr. Wallace said that for all
non-refundable airfares on cancelled flights the airline had taken
the "extraordinary step" of proactively placing these into credit.

"We are also enabling customers who have not had their flight
cancelled to elect to receive a credit if they do not wish to fly.
For customers with a fare credit, we have increased the level of
flexibility to use that credit."

Passengers now have until June next year to book with their credit
and a further 12 months to complete their travel. And for the first
time, credits can be used across several separate bookings.

But Consumer NZ's chief executive chief executive, Jon Duffy, said
the response from Air NZ was not satisfactory, NZ Herald relates.

"One or other of the parties has to wear the loss and consumers are
in the weaker position."

According to the report, Mr. Duffy said the airline had access to
funds and could use those or alternately the Government, which
already owns 52 per cent of the airline, could step in.

Mr. Duffy is meeting with the Consumer Affairs Minister Kris Faafoi
to find out what the Government will do about refunds. Regardless,
the damage had been done and there had been hundreds of complaints
about airlines' behavior, he said.

"I'm really surprised that they are holding the line against
overwhelming public opinion - they've done irreparable damage to
their brand."

NZ adds that Mr. Wallace said the airline apologised for the length
of time it was taking to process some requests and it was working
with travel agents who could redeploy workers to staff helplines.
The airline had also made several hundred refunds to non-qualifying
ticket holders on compassionate grounds.

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



=====================
P H I L I P P I N E S
=====================

PHILIPPINE AIRLINES: Posts PHP9.38BB Net Loss in Q1
---------------------------------------------------
BusinessWorld Online reports that the listed operator of flag
carrier Philippine Airlines (PAL) reported a net loss of PHP9.38
billion in the first quarter, more than 10 times higher than the
previous year's losses as travel restrictions caused by the
coronavirus pandemic "severely" hit its operations.

In the same quarter last year, its net loss attributable to equity
holders of the parent company was at PHP838.17 million.

In a regulatory filing, PAL Holdings, Inc. placed revenues in the
first quarter at PHP32.07 billion, 18.3% lower than the PHP39.24
billion posted a year ago, BusinessWorld relays.

Broken down, passenger revenues dropped 21.4% to PHP27.01 billion,
cargo revenues decreased 14.1% to PHP1.9 billion, while ancillary
revenues grew 18.4% to PHP3.16 billion as well as other sources of
revenues, which surged 137.6% to PHP3.43 million.

According to BusinessWorld, PAL attributed the drop in passenger
revenues to flight cancellations in March 2020 prompted by the
pandemic.

PAL's total expenses increased 5.2% to PHP38.63 billion from last
year's PHP36.71 billion. The company said the amount was "mainly
due to the increase in flying operations expenses particularly fuel
expenses as a result of hedging losses," BusinessWorld relays.

"This however was offset by the decrease in other group's operating
expenses due to reduced flight operations during the quarter," it
added.

PAL's total other charges went down by almost 10% to PHP2.73
billion from PHP3.03 billion, BusinessWorld discloses.

BusinessWorld adds that the company said its performance in the
first quarter "was severely affected by the economic condition of
the country."

"Nevertheless, the group is committed to keep the flag carrier
continuously flying in the safest condition even in the midst of
COVID-19 pandemic," it added.

PAL said further that it will continue to assess possibilities
available to mitigate the increasing risks it is currently facing.

                             About PAL

Philippine Airlines -- http://www.philippineairlines.com/-- is the
Philippines' national airline.  It was the first airline in Asia
and the oldest of those currently in operation.  With its corporate
headquarters in Makati City, Philippine Airlines flies both
domestic and international flights.  First taking off in 1941, the
carrier has grown into a fleet of about 40 aircraft (including five
Boeing 747-400s) flying to more than 20 domestic points and about
30 foreign destinations.


ROXAS HOLDINGS: Sells Sugar Mills and Other Assets to URC
---------------------------------------------------------
BusinessWorld Online reports that Roxas Holdings, Inc. and its
subsidiaries have agreed to sell a sugar mill and other assets to
consumer goods company Universal Robina Corp. (URC) as part of the
sugar miller's efforts to reduce its debt.

BusinessWorld relates that in a disclosure to the stock exchange on
June 5, Roxas Holdings said the sale of the assets, which include
an ethanol plant and other investment properties in La Carlota
City, Negros Occidental, is subject to the approval of the
Philippine Competition Commission and creditor banks.

Roxas Holdings and URC did not disclose the value of the deal, the
report notes.

According to BusinessWorld, Celso T. Dimarucut, executive
vice-president and chief financial officer of Roxas Holdings, said
the sale came after the company's decision to de-risk the business
by cutting existing debts.

"Our plan is to prepay all long-term debt and reduce short-term
debt to levels sufficient for our working capital needs,"
BusinessWorld quotes Mr. Dimarucut as saying.

Roxas Holdings President and Chief Executive Officer Hubert D.
Tubio said the sale of the La Carlota assets would allow the
company to refocus its resources on rebuilding its Nasugbu sugar
milling and refining facilities, among others.

"Over the years, demand for quality Central Azucarera Don Pedro
(CADP) refined sugar has not waned even with the influx of imports.
Industrial customers still prefer sourcing their requirements from
CADP considering its proximity to the National Capital Region," the
report quotes Mr. Tubio as saying.

According to the report, Chairman Pedro E. Roxas said the
transaction would not raise significant competition concerns for
the company as there are many players in Negros, which is
considered the country's sugar capital.

"We are hopeful that we can get the necessary approvals before the
start of the next Crop Year," he said.

On May 21, the company said that it had reduced its losses
attributable to equity holders to PHP92.75 million during the
second quarter of its fiscal year, ending March, BusinessWorld
discloses. Roxas Holdings revenues during the quarter fell 8.03% to
PHP2.52 billion.

Roxas Holdings, Inc., engages in the business of manufacturing
sugar and allied products. The Company has the following
subsidiaries: Central Azucarera Don Pedro, Inc.; Central Azucarera
de la Carlota, Inc.; CADP Insurance Agency, Inc.; Roxol Bioenergy
Corp.; CADP Port Services, Inc.; RHI Agri-Business Development
Corporation; RHI Pacific Commercial Corp.; San Carlos Bioenergy,
Inc.; Najalin Agri Ventures, Inc.; Roxas Power Corporation; and
Northeastern Port Storage Corporation.



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

EAGLE HOSPITALITY: Directors Under Probe Over Rule Breaches
-----------------------------------------------------------
The Straits Times reports that current and former directors and
officers managing Eagle Hospitality Trust (EHT) are under
investigation over suspected breaches of disclosure rules.

According to the report, the Monetary Authority of Singapore (MAS)
and the Commercial Affairs Department said on June 5 that the probe
stems from a referral by the Singapore Exchange Regulation (SGX
RegCo).

It follows a review announced by the MAS and SGX RegCo on April 20
into possible breaches of regulations and listing rules, the report
says.

The MAS and CAD said the scope of the investigation will be widened
if evidence reveals other offences may have occurred, the report
relays.

EHT is a stapled trust comprising Eagle Hospitality Reit (EH-Reit)
and Eagle Hospitality Business Trust. Trading of EHT units was
voluntarily suspended on March 24 after the trust defaulted on a
loan of SGD341 million, according to The Straits Times.

The default followed the failure of Urban Commons, the master
lessee of EHT's properties, to pay security deposits and make
timely rental payments since last December, the report relays.

Separately, Hong Kong-listed property firm Far East Consortium
International has inked a non-binding conditional proposal with
Urban Commons, The Straits Times adds.

This could involve it acquiring a 70 per cent stake in EH-Reit's
manager and trustee-manager, the report notes.  

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust (Eagle H-REIT) and Eagle Hospitality Business Trust (Eagle
H-BT). Eagle HT has a well-diversified portfolio of primarily
freehold, internationally branded hotels, across 11 major U.S.
metropolitan statistical areas.

HIN LEONG: Winson Demands Payment from OCBC for Fuel Deal
---------------------------------------------------------
Alfred Cang at Bloomberg News reports that the spectacular collapse
of Singapore oil trader Hin Leong Trading has sparked another legal
skirmish between one of its banks and a trading rival.

Bloomberg relates that Winson Oil Trading has taken OCBC Bank to
court, demanding payment for a sale of fuel to the troubled trader
that was financed by the bank.

The Singapore lender said it does not have to pay Winson because it
has "serious doubts" about Hin Leong's paperwork and cargo backing
the finance deal, Bloomberg relates citing court documents.

According to Bloomberg, the Winson suit comes just weeks after a
Singapore court dismissed an application by Unipec Singapore for an
injunction to stop Credit Agricole from paying Hin Leong for a
diesel shipment.

Bloomberg says the Chinese oil trader made similar claims of fraud
against Hin Leong, which collapsed in April after its founder Lim
Oon Kuin admitted the company hid millions in losses and unloaded
fuel pledged for loans.

Twenty-three banks, including OCBC, are owed almost US$4 billion
(SGD5.6 billion) by the trader.

In a June 1 statement filed to the High Court, Winson said OCBC,
Singapore's third-biggest bank, failed to pay US$30.4 million from
a letter of credit it issued to finance a diesel trade for Hin
Leong. The breach of the payment has caused loss and damage to
Winson, it claims.

The letter of credit for Hin Leong was issued by OCBC in favor of
Winson on April 6, and was irrevocable, Winson said in the court
document, Bloomberg relays. OCBC missed the payment deadline of May
18, and the letter of credit was to expire on June 2, it said.

On April 23, OCBC sent an e-mail to Winson, saying it would not be
honouring the letter of credit.

"There are serious doubts over the authenticity of the documents
presented to us, and/or the transaction contemplated therein,
and/or the existence of the cargo that is to be pledged to the
bank," OCBC was quoted as saying in Winson's statement, Bloomberg
relays.

In the message, OCBC said Hin Leong had admitted to executing
"fraudulent paper transactions" for the deal.

Established in 1998, Winson is a regional energy company with
businesses ranging from oil trading to bunkering and supply chain
services. It has offices and projects in Hong Kong, Singapore,
Taiwan and mainland China, according to its website. The company
said in April that it does not have any open account receivables
with Hin Leong.

The case is scheduled for a pre-trial conference on July 8,
Bloomberg adds citing court documents.

                          About Hin Leong

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

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, according
to the people, who asked not to be identified as the matter is
sensitive, according to Bloomberg News.

But Hin Leong told its creditors this month that total liabilities
reached US$4.05 billion as of early April, while assets were just
US$714 million, leaving a hole of at least US$3.34 billion,
according to screenshots of the presentation to a group of bankers
seen by Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, the Company was granted interim judicial management by
the the Singapore High Court.  Goh Thien Phong and Chan Kheng Tek
of PricewaterhouseCoopers Advisory Services (PwC) have been
appointed as interim judicial managers.



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

ASIANA AIRLINES: Creditors Issue Ultimatum to HDC on Takeover
-------------------------------------------------------------
Yonhap News Agency reports that creditors of HDC Hyundai
Development Co.'s planned takeover of Asiana Airlines Inc. issued
an ultimatum to the company to notify them of its intent to follow
through on the original deal, financial sources said June 5.

Yonhap relates that the sources said that a formal proof of intent
letter was recently sent to HDC. The letter asked HDC to reply by
June 27, for the process to move forward and to determine if leeway
can be given on delaying the purchase, amid the novel coronavirus
outbreak that has devastated the global airline industry.

The original pact, signed on Dec. 27 between creditors, such as
Korea Development Bank (KDB) and the Export-Import Bank of Korea
(Eximbank), and the consortium set up by HDC and Mirae Asset
Daewoo, calls for the transaction to be completed in six months
time, Yonhap says. HDC and its partner pledged to buy 30.77-percent
stakes in Asiana for KRW2.5 trillion (US$2.06 billion).

The agreement, however, has a clause that allows for more time due
to holdups in the authorization process by foreign governments. Of
the six governments that have been contacted to approve the tieup,
five, including the U.S. and China, have given assent, with Russia
expected to follow suit shortly, the report notes.

Related to the latest action taken by creditors, financial market
watchers said it may be a move to lay groundwork for a legal case
down the line if things do not go according to plan, says Yonhap.

They added that HDC has received the letter, but has not
responded.

"The lack of response does not mean that the agreement has fallen
through, especially since the June 27 date can be extended," a
source, who declined to be identified, said, Yonhap relays.

HDC and Mirae Asset, meanwhile, are at an impasse as the unexpected
COVID-19 pandemic has changed the landscape of the airline sector
with most companies struggling to stay afloat as air passenger
traffic has nosedived across the board, the report adds.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.



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

SRI LANKA INSURANCE: Fitch Affirms IFS Rating at B, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed the Insurer Financial Strength Rating of
Sri Lanka Insurance Corporation Limited at 'B'. The Outlook is
Negative. The agency has simultaneously affirmed SLIC's National
IFS Rating at 'AAA(lka)' with a Stable Outlook.

KEY RATING DRIVERS

SLIC's ratings reflect its 'Favourable' business profile, and
capital position and financial performance that are better than
that of the industry. These strengths are partially offset by its
high exposure to sovereign-related investments, which caps its
investment and asset risk score on the international rating scale
at 'ccc+' under Fitch's credit-factor scoring guidelines.

The Negative Outlook on SLIC's international IFS Rating reflects
the agency's expectations of a further increase in the insurer's
investment-related risks, which are heightened in the international
rating scale because of its sizeable exposure to assets linked to
the Sri Lankan sovereign (B-/Negative).

Fitch assesses SLIC's business profile as 'Favourable' compared
with other Sri Lankan insurance companies due to its leading
business franchise, diversified participation and stable business
lines across life and non-life insurance sectors, and its large
domestic operating scale. In light of this ranking, Fitch scores
SLIC's business profile at 'b+' under its credit-factor scoring
guidelines on the international rating scale. SLIC is Sri Lanka's
second-largest life insurer and third-largest non-life insurer
based on gross written premiums.

SLIC's risk-based capital ratios of 434% for its life and 208% for
its non-life segments, which measure its capital position, were
well above the industry average and the 120% regulatory minimum.
Fitch expects the insurer's sufficient capital buffers,
strengthened partly by its large unallocated participating
surpluses, to somewhat mitigate the impact from any potential
investment losses stemming from volatile financial markets as a
result of the coronavirus pandemic.

Fitch believes the fallout in economic activity due to the pandemic
will hamper the industry's new business growth. Fitch expects new
business generation for life insurance to be subdued over the near
term as most insurers predominantly use agency networks that rely
on human interaction for distribution. In addition, Fitch expects
non-life business growth to slow in light of the government's
temporary restriction on the import of motor vehicles to control
currency depreciation.

Fitch expects the potential pressure on earnings from the slowdown
in premiums and softer investment yields to be somewhat mitigated
by lower claims from motor insurance lines due to fewer traffic
accidents following restrictions on travel to contain the spread of
the coronavirus. SLIC has consistently maintained its non-life
combined ratio below 100% (2019: 95%) for the previous five years,
buoyed by its scale advantages and prudent underwriting practices.

RATING SENSITIVITIES

The IFS Rating remains sensitive to any material change in Fitch's
rating case assumptions on the pandemic. Periodic updates to its
assumptions are possible in light of the rapid pace of changes in
government action in response to the pandemic, and the speed with
which new information is available on the medical aspects of the
outbreak.

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

IFS Rating

  - A material adverse change in Fitch's rating assumptions on the
coronavirus impact.

  - A further increase in its investment and asset risks on a
sustained basis.

  - Deterioration in the Fitch Prism Model score to well below
'Somewhat Weak' for a sustained period.

  - Significant deterioration in financial performance and earnings
for a sustained period.

  - Significant weakening in SLIC's business profile.

National IFS Rating

  - Significant weakening in SLIC's business profile.

  - Deterioration in the RBC ratio to below 350% for the life and
200% for the non-life businesses for a sustained period or a
significant increase in non-core investments.

  - Deterioration in the non-life combined ratio to well above 100%
for a sustained period.

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

IFS Rating

  - Significant reduction in SLIC's investment and asset risks on a
sustained basis will lead to a revision of the rating Outlook to
Stable.

  - A material positive change in Fitch's rating assumptions on the
coronavirus impact.

  - A positive rating action is prefaced by Fitch's ability to
reliably forecast the impact of the pandemic on the financial
profile of both the Sri Lankan insurance industry and SLIC.

  - Sustained maintenance of SLIC's 'Favourable' business profile;
and

  - Maintenance of the Fitch Prism Model score well into the
'Adequate' level on a sustained basis.

National IFS Rating

  - An upgrade is not possible as its 'AAA(lka)' National IFS
Rating is already the highest score on the National Rating scale.

BEST/WORST CASE RATING SCENARIO

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

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).



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

[*] Global Air Transport Industry Hit Hard By Covid-19
------------------------------------------------------
CC0 Public Domain reports that the coronavirus pandemic has badly
impacted the air transport industry because it resulted to the
massive layoffs, rescue plans, grounding of planes, and
bankruptcies.

The International Air Transport Association (IATA) has estimated
global airlines will lose $314 billion (286 billion euros) in 2020
revenues.

That's a 55 percent dive compared to 2019, and air traffic will not
bounce back to where it stood before the virus until 2023, the IATA
says.

Some of the major casualties are:

   * Latam Airlines is the newest carrier that file for bankruptcy
protection on May 26, 2020. It has over 42,000 employees and has
entered into voluntary reorganization under the U.S. Chapter 11,
that allows companies that are no longer able to repay debts to
restructure devoid of creditors' pressure.

   * Avianca, with 20,000 employees, also filed for bankruptcy in
the U.S.

   * Cash-strapped giant Virgin Australia also collapsed on April
21, going into administration.

   * The pandemic has also led to the collapse of South Africa's
Comair and South African Airways (SAA), Britain's Flybe and four
subsidiaries of Norwegian Air Shuttle in Sweden and Denmark.

   * Air Canada plans to lay off more than half of its workforce,
or at least 19,000 employees. British Airways will shed 12,000 jobs
or 30 percent of its workforce, US Delta Air Lines will carry out
10,000 redundancies (11 percent), while Scandinavia's SAS will lay
off 5,000 jobs (40 percent).

   * Other job losses will come at United Airlines in the US (3,450
officials), Britain's Virgin Atlantic (3,150), Ireland's Ryanair
(3,000) and Aer Lingus (900), Icelandair (2,000), Brussels Airlines
(1,000), Hungary's Wizz Air (1,000) and Fiji Airways (758). US
plane manufacturer Boeing has announced 16,000 layoffs, or 10
percent of its workforce in the civil aviation sector. In the
engine sector, US manufacturer General Electric and Britain's
Rolls-Royce have also slashed 12,600 and 9,000 jobs respectively.

Governments of different countries came to the rescue to help
airline companies that went under.

German airline group Lufthansa struck a EUR9 billion ($9.8 billion)
rescue deal with the government on Monday, under which Berlin will
become its main shareholder. Also in Germany, charter firm Condor,
a subsidiary of bankrupt travel agency Thomas Cook, secured 550
million euros in loans, underwritten by the state.

France and the Netherlands have rushed to the rescue of Air
France-KLM with a plan of between EUR9 billion and EUR11 billion.

Most of the big American air companies have asked for support from
a massive $2.2 trillion US stimulus package intended to help
impacted industries, of which $50 billion is earmarked for the
civil aviation sector.

Italy has decided to nationalise Alitalia.

Britain has pledged a 600-million-pound ($740-million) public loan
to Easyjet.

Switzerland has guaranteed 1.2 billion euros in loans to Swiss and
Edelweiss, two subsidiaries of Lufthansa.

New Zealand has loaned some NZ$900 million ($551 million) to Air
New Zealand.

Dubai and Turkey have also announced that they will come to the aid
of Emirates and Turkish Airlines, but have not yet provided
figures.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



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