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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

          Wednesday, July 8, 2020, Vol. 23, No. 136

                           Headlines



A U S T R A L I A

CORONADO GLOBAL: Moody's Cuts CFR to B1, Alters Outlook to Negative
EQUESTRIAN AUSTRALIA: Second Creditors' Meeting Set for July 14
HALLMARK (PERTH): Second Creditors' Meeting Set for July 15
PEPPER SPARKZ 1: Fitch Affirms Class F Notes Rating at Bsf
RENU WASTE: Second Creditors' Meeting Set for July 14

SOUTHERN FRESH: Second Creditors' Meeting Set for July 13
THORN ABS 1: Fitch Maintains BBsf Class E Notes Rating on Watch Neg


C H I N A

HNA GROUP: Got U.S. Bailout Funds Through American Units
MODERN LAND: Moody's Rates Proposed USD Notes B3
SUNAC CHINA: Moody's Rates Proposed Sr. Unsecured USD Notes B1
SUNAC CHINA: S&P Assigns B+ Rating to New USD Sr. Unsecured Notes
TAHOE GROUP: Misses Repayment on CNY1.6 Billion Bond



I N D I A

ADITYASAI COTSPIN: Ind-Ra Gives B+ LT Issuer Rating, Outlook Stable
AGRA OIL: ICRA Keeps B+ INR12.50cr Debt Rating in Not Cooperating
ASHOKA POLY: ICRA Lowers Rating on INR15.16cr Loan to B+
BALAJI SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
BALBIR ALLOYS: ICRA Lowers Rating on INR4cr LT Loan to B

BHAGABATI BUILD: ICRA Keeps B Debt Ratings in Not Cooperating
BUDDHA SORTEX: ICRA Keeps B+ INR6.75cr Debt Rating in Not Coop.
D.R. BUILDESTATE: ICRA Lowers Rating on INR7.50cr Loan to B+
EMINENT DEALERS: ICRA Lowers Rating on INR14cr Loan to B+
G.N. BULLION: ICRA Keeps D Debt Rating in Not Cooperating

GVR ASHOKA: Ind-Ra Affirms Sr. Project Term Loan Rating at D
HOSLEY INDIA: ICRA Moves B+ INR1cr Debt Rating to Not Cooperating
K MOHAN: ICRA Lowers Rating on INR53cr ST Loan to D
KRISHNENDU BHAKTA: ICRA Keeps B+ Debt Ratings in Not Cooperating
LALITA FOAMEX: ICRA Keeps D Debt Ratings in Not Cooperating

MAHESHWARI INDUSTRIES: ICRA Withdraws B Rating on INR7cr Loan
MANGAL SPONGE: ICRA Keeps B- Debt Ratings in Not Cooperating
MONTFORT EDUCATIONAL: ICRA Keeps B Debt Ratings in Not Coop.
NIK-SAN ENGINEERING: Ind-Ra Moves BB+ Rating to Non-Cooperating
NISHI FOREX: ICRA Lowers Rating on INR17cr LT Loan to B+

OPTIFLEX INDUSTRIES: Ind-Ra Withdraws B+, Non-Cooperating Rating
PATEL MICRON: ICRA Raises Rating on INR4.68cr Term Loan to B+
PREETI TEXTILE: ICRA Keeps B Debt Ratings in Not Cooperating
PREMIER SEAFOODS: Ind-Ra Corrects June 30, 2020 Rating Release
RANJAN FABRICS: ICRA Keeps B+ INR8.25cr Debt Rating in Not Coop.

SANDOR LIFESCIENCES: ICRA Reaffirms B- Rating on INR35cr Loan
SANOOR CASHEWS: ICRA Reaffirms B Rating on INR2.0cr LT Loan
SCHOOL BOOK: ICRA Moves B+ Debt Ratings to Not Cooperating
SILVERTOSS INDUSTRIES: Ind-Ra Assigns BB- Long Term Issuer Rating
STRAWBERRY CONSTRUCTIONS: ICRA Cuts Rating on INR90cr Loan to B+

STRAWBERRY STUDIO: ICRA Cuts Rating on INR12.70cr LT Loan to B+
TANMAY POLYFILMS: ICRA Keeps B- Debt Ratings in Not Cooperating
UNITED SEAMLESS: ICRA Withdraws D Rating on INR289cr Loan
VIDYUT BONDS: ICRA Reaffirms D Rating on INR589.70cr Loan
VIJAI MARINE: ICRA Lowers Rating on INR5.40cr Cash Loan to B+

WELCOME DISTILLERIES: ICRA Keeps B+ Debt Ratings in Not Coop


I N D O N E S I A

BANK BUKOPIN: Inches Closer to Solving Liquidity Problems
PAN BROTHERS: Moody's Cuts CFR to B3, Outlook Negative


J A P A N

NISSAN MOTOR: Secures JPY832.6 Billion to Shore Up Cash Position


S I N G A P O R E

HYFLUX LTD: Ascendas Reit Not Proceeding with Moratorium Carve-Out
ZENROCK COMMODITIES: Said to Be Winding Down by August

                           - - - - -


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A U S T R A L I A
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CORONADO GLOBAL: Moody's Cuts CFR to B1, Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service has downgraded Coronado Global Resources
Inc.'s corporate family rating to B1 from Ba3.

At the same time, Moody's has changed the outlook on the rating to
negative from stable.

RATINGS RATIONALE

"The rating downgrade reflects Coronado's weak cash generation amid
soft coal prices, and the reduction in the flexibility against its
financial covenants unless coal prices improve," says Saranga
Ranasinghe, a Moody's Vice President and Senior Analyst.

"At the same time, the negative outlook reflects Moody's
expectation that Coronado's credit metrics will remain weak over
the next 12 months," adds Ranasinghe.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Moody's regards
the coronavirus outbreak as a social risk under its environmental,
social and governance framework, given the substantial implications
for public health and safety.

More specifically, Coronado is exposed to weak metallurgical coal
prices, which are likely to remain low over the next 12 months as
the coronavirus-led economic downturn reduces demand for steel and
consequently, metallurgical coal.

Given the current weak price environment and Moody's expectation
that metallurgical coal will remain at the low end of its
medium-term price assumptions of USD110--USD170 per ton over the
next 6-9 months, Moody's estimates Coronado's leverage--as measured
by debt/EBITDA--will breach the 3.0x threshold set for its previous
rating.

Despite the weakening in credit metrics, Moody' expects Coronado to
have sufficient liquidity given the availability under the USD550
million syndicated facility. However, this liquidity headroom will
erode if prices remain low for a prolonged period. The company has
received a covenant waiver until February 2021.

An inability to obtain further covenant relief from banks prior to
the breach will likely result in a ratings downgrade.

The B1 rating reflects Coronado's position as a low cost, high
quality metallurgical coal producer with geographically diversified
operations in Australia and the United States.

At the same time, the rating is constrained by the company's
reliance on two operations for about 80% of earnings, as well as
significant customer concentration risk.

Further, Coronado's margins and cash generation are constrained by
the high royalty arrangements and makes the company more challenged
at lower price levels when compared to its peers, primarily
reflecting the long-term agreement in place with the Queensland
government's Stanwell Corporation at its Curragh operation. The
agreement requires Coronado to supply thermal coal to Stanwell at
an agreed contract price, which is currently less than the cost of
supply. Moody's expects that this agreement will expire in 2027,
once a pre-determined amount of energy has been delivered to the
power stations.

Coronado's rating also takes into account the elevated and
immediate exposure of the coal sector to environmental risk. The
environmental impact of the coal industry includes issues such as
carbon emissions, land use, waste management, and water and air
pollution caused by its mining, processing and end-use. These
issues could materially increase regulatory costs, affect
Coronado's profitability, and/or reduce demand for Coronado's
products.

However, Moody's views Coronado as somewhat insulated from these
risks over the next several years given its focus predominately on
the export of high-quality metallurgical coal from its US and
Australian operations. Moreover' Moody's expects demand for
metallurgical coal will be less impacted by environmental risks
than thermal coal over the next several years. Coronado's thermal
coal production, which is more exposed, also benefits from its high
quality and from long-term contracts in place at what Moody's views
as below market rates.

Coronado also faces risk from its concentrated private equity
ownership (80%). Moody's also expects that Coronado will continue
to emphasize shareholder returns, consistent with management's
public announcements, and return any surplus cash flow to
shareholders, unless there is an acquisition or need to build cash.
The company's dividend policy is to distribute 60% to 100% of free
cash flow.

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

An upgrade is unlikely over the next 12-18 months, given the
negative outlook.

The outlook could return to stable if Coronado improves its credit
metrics on a sustained basis, and maintains sufficient liquidity to
cover its cash needs over the next 12-18 months.

Specific indicators that Moody's would consider for a change in
outlook to stable include adjusted debt/EBITDA below 4.0x and
sufficient headroom under the financial covenants for an extended
period.

Moody's could downgrade the ratings if (1) Coronado is unable to
increase the available liquidity headroom either through cash flows
from operations, asset sales and/or further debt issuance over the
next 5-6 months; (2) it fails to obtain a further covenant waiver
if prices do not improve; or (3) if it engages in aggressive
shareholder distributions or investments, reducing available
liquidity.

The principal methodology used in this rating was Mining published
in September 2018.

Coronado Global Resources Inc. was founded in 2011 with the
intention to acquire and develop existing metallurgical coal
operations. It is majority-owned (80%) by The Energy & Minerals
Group (EMG), a private investment firm. CRN is listed on the
Australian Stock Exchange.

EQUESTRIAN AUSTRALIA: Second Creditors' Meeting Set for July 14
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Equestrian
Australia Limited has been set for July 14, 2020, at 10:00 a.m. via
online videoconference.

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 July 10, 2020, at 12:00 p.m.

Catherine Margaret Conneely and Craig Peter Shepard of KordaMentha
were appointed as administrators of Equestrian Australia on June 9,
2020.

HALLMARK (PERTH): Second Creditors' Meeting Set for July 15
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Hallmark
(Perth) Pty Ltd has been set for July 15, 2020, at 2:30 p.m. via
teleconference.

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

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

Anne Meagher of SV Partners was appointed as administrator of
Hallmark (Perth) on March 30, 2020.

PEPPER SPARKZ 1: Fitch Affirms Class F Notes Rating at Bsf
----------------------------------------------------------
Fitch Ratings has taken rating actions on two Pepper SPARKZ Trusts,
which consist of notes backed by pools of first-ranking Australian
automotive and equipment loan and lease receivables originated by
Pepper Asset Finance Pty Limited, a subsidiary of Pepper Group Pty
Limited. The notes were issued by BNY Trust Company of Australia
Limited as trustee.

Fitch has upgraded the class B notes and affirmed the remaining
five tranches from Pepper SPARKZ Trust No. 1 to reflect credit
enhancement build-up. Fitch has concurrently downgraded the class F
notes and affirmed the remaining six tranches from Pepper SPARKZ
Trust No.2. The class F notes were downgraded due to the notes'
sensitivity to the potential increase in defaults and decrease in
recoveries as a result of the coronavirus pandemic.

For SPARKZ 1, the social and market disruptions caused by the
coronavirus and related containment measures did not negatively
affect the ratings because there is sufficient credit enhancement
to cover expected higher defaults and reduced recoveries, and
because Fitch views liquidity protection as sufficient to support
the current and upgraded ratings. The sensitivity of the ratings to
scenarios more severe than currently expected is provided in the
Rating Sensitivities section.

The Stable Outlook on all of the notes from SPARKZ 1 and the senior
notes (classes A1-a, A1-x, B and C) from SPARKZ 2 reflect the
liquidity support and the notes' ability to withstand the
sensitivity to higher defaults and lower recoveries stemming from
the pandemic.

For SPARKZ 2, the Outlook on the class D and E notes have been
revised to Negative from Stable, while the Outlook on the class F
notes, which have been downgraded, is also Negative. This is
because the notes have not yet built up sufficient credit
enhancement to cover the potential increase in defaults and
decrease in recoveries as a result of the pandemic.

The potential rise in defaults and fall in recoveries do not have
any rating impact on classes A1-a, A1-x, B and C, which is in line
with Fitch's through-the-cycle approach. Under this approach, lower
rating levels tend to be more vulnerable to deterioration in
macroeconomic conditions.

Pepper SPARKZ Trust No. 1

  - Class A1-a AU3FN0048633; LT AAAsf; Affirmed

  - Class B AU3FN0048658; LT AA+sf; Upgrade

  - Class C AU3FN0048666; LT Asf; Affirmed

  - Class D AU3FN0048674; LT BBBsf; Affirmed  

  - Class E AU3FN0048682; LT BBsf; Affirmed  

  - Class F AU3FN0048690; LT Bsf; Affirmed

Pepper SPARKZ Trust No.2

  - Class A1-a AU3FN0052338; LT AAAsf; Affirmed

  - Class A1-x AU3FN0052346; LT AAAsf; Affirmed

  - Class B AU3FN0052353; LT AA+sf; Affirmed

  - Class C AU3FN0052361; LT A+sf; Affirmed

  - Class D AU3FN0052379; LT BBB+sf; Affirmed

  - Class E AU3FN0052387; LT BB+sf; Affirmed

  - Class F AU3FN0052395; LT B+sf; Downgrade

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 contractions in major economies with a rapid spike in
unemployment, followed by a recovery that begins in 3Q20 as the
health crisis subsides.

Fitch's downside (sensitivity) scenario in the Rating Sensitivities
section below 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
virus spread are affecting Australia's economy, with many
businesses continuing to experience a decline in income. Fitch
expects these measures to affect loan performance and this has been
factored into its revised base-case assumptions.

Liquidity Risk from Payment Holidays: Fitch has reviewed the
ability of the transactions to survive a significant proportion of
borrowers being offered and taking up a payment holiday. The
transactions benefit from liquidity facilities sized at 1.25% of
the outstanding A1-a, A1-x, B and C notes balance. The transactions
can withstand over 85% of the portfolio being granted a payment
holiday for six months, which is well above the 7.7% of receivables
under payment holiday arrangements as of end-May, before needing to
draw on the facilities.

Obligor Default Risk: Obligor default and recovery rates are key
assumptions in Fitch's quantitative analysis. Fitch took into
consideration the historical performance of Pepper's portfolio in
reviewing the base case assumptions, as well as the performance of
US auto loan receivables during the global financial crisis. The
base case default rates were increased by 1.5x and recovery rates
were reduced by 0.9x as a result.

Fitch also adjusted its rating stress multiples and haircuts to
reflect Fitch's through-the-cycle approach and to account for the
fact that its base cases incorporate an additional element of
economic stress. The revised assumptions are shown below and were
applied in this analysis.

Base-case default expectations (and 'AAAsf' default multiples) are
as follows:

Tier A: 4.7% (4.2x)

Tier B: 9.3% (4.0x)

Tier C: 16.5% (3.2x)

The recovery base case applied was 17.2% for all risk grades with a
55.8% 'AAAsf' recovery haircut.

As of the June payment date, 30+ day arrears were 1.9% for SPARKZ 1
and 1.3% for SPARKZ 2, compared with the 1Q20 Dinkum ABS Index 30+
day arrears of 2.29%. All losses (0.6% for SPARKZ 1; 0.1% for
SPARKZ 2) have been covered by excess spread.

Fitch expects loan performance to deteriorate in the near term, but
to continue to support the Stable Outlooks for most of the notes.
Fitch forecasts Australia's GDP to contract by 2.7% in 2020, with
an unemployment rate of 7.1% by end-2020. This is to be partially
offset by a low cash rate of 0.25% and the application of both
central bank and government stimulus measures. Fitch expects GDP
growth to bounce back to 3.1% in 2021 and for the unemployment rate
to fall to 6.7% in the medium term.

Cash Flow Dynamics: Cash flow analysis was performed for SPARKZ 1
and the class A1-a, C, D, E and F notes can withstand all Fitch
stresses at their current rating levels. The class B notes have
been upgraded one notch to 'AA+sf' from 'AAsf', reflecting the
increase in credit enhancement supporting the notes.

Cash flow analysis was also performed for SPARKZ 2 and the class
A1-a, A1-x, B and C notes can withstand all Fitch stresses, at
their current rating levels. The Outlooks on the class D and E
notes have been revised to Negative and the Outlooks on the class F
notes, which have been downgraded by one notch, is also Negative,
reflecting their ratings' vulnerability to downgrade due to the
potential increase in defaults and decrease in recoveries as a
result of the pandemic.

Structural Risk: Structural risk was evaluated in the initial
transaction analysis through the review of transaction
documentation, legal opinions and structural features. There have
been no material changes to any transaction since closing.

Counterparty Risk: Counterparty risk was evaluated in the initial
transaction analysis through the review of transaction
documentation, legal opinions and structural features. There have
been no material changes to any transaction counterparties since
closing.

Servicer, Operational Risk: All receivables were originated by
Pepper Asset Finance, which demonstrated an adequate capability as
originator, underwriter and servicer. Fitch undertook an onsite
operational review and found that the operations of the servicer
were consistent with the market standards for auto and equipment
lenders. Collection and servicing activities have not been
disrupted by the pandemic, as staff members are able to work
remotely and have access to the office, if needed.

Residual Value Risk: There is no residual value exposure in this
transaction. However, there is a small exposure to balloon loans.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transactions face when one assumption − defaults and/or
recoveries − is stressed, while holding others equal. The
modelling process uses the estimation and stress of default and
recovery assumptions to reflect asset performance in a stressed
environment. The results below should only be considered as one
potential outcome, as the transactions are exposed to multiple
dynamic risk factors.

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

Macroeconomic conditions, loan performance and credit losses that
are better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for the credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal.

SPARKZ 1

The class A1-a notes are rated at 'AAAsf', which is the highest
level on Fitch's scale. The ratings cannot be upgraded.

Upgrade Sensitivity:

Impact on note ratings of multiple factors

Class B / C / D / E / F

Current rating: AA+sf / Asf / BBBsf / BBsf / Bsf

Decrease defaults by 10%; increase recoveries by 10%: AAAsf / AAsf
/ A-sf / BBB-sf / B+sf

SPARKZ 2

The class A1-a and A1-x notes are rated at 'AAAsf', which is the
highest level on Fitch's scale. The ratings cannot be upgraded.

Upgrade Sensitivity:

Class B / C / D / E / F

Impact on note ratings of multiple factors

Current rating: AA+sf / A+sf / BBB+sf / BB+sf / B+sf

Decrease defaults by 10%; increase recoveries by 10%: AAAsf / AA-sf
/ A-sf / BB+sf / B+sf

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

A longer pandemic than Fitch expects that leads to deterioration in
macroeconomic fundamentals and consumers' financial position in
Australia beyond Fitch's baseline scenario. Available credit
enhancement cannot compensate for higher credit losses and cash
flow stresses, all else being equal. Fitch conducted sensitivity
analysis by increasing gross default levels and decreasing recovery
rates over the life of the transaction.

SPARKZ 1

Downgrade Sensitivity:

Impact on note ratings of increased defaults:

Class A1-a / B / C / D / E / F

Current rating: AAAsf / AA+sf / Asf / BBBsf / BBsf / Bsf

Increase defaults by 10%: AAAsf / AA+sf / Asf / BBBsf / BBsf /
below Bsf

Increase defaults by 25%: AAAsf / AAsf / A-sf / BBB-sf / B+sf /
below Bsf

Increase defaults by 50%: AA+sf / A+sf / BBBsf / BBsf / below Bsf /
below Bsf

Impact on note ratings of decreased recoveries:

Current rating: AAAsf / AA+sf / Asf / BBBsf / BBsf / Bsf

Reduce recoveries by 10%: AAAsf / AA+sf / Asf / BBBsf / BBsf /
below Bsf

Reduce recoveries by 25%: AAAsf / AA+sf / Asf / BBBsf / BBsf /
below Bsf

Reduce recoveries by 50%: AAAsf / AA+sf / Asf / BBBsf / BBsf /
below Bsf

Impact on note ratings of multiple factors:

Current rating: AAAsf / AA+sf / Asf / BBBsf / BBsf / Bsf

Increase defaults by 10%; reduce recoveries by 10%: AAAsf / AA+sf /
Asf / BBBsf / BBsf / below Bsf

Increase defaults by 25%; reduce recoveries by 25%: AAAsf / AAsf /
A-sf / BBB-sf / B+sf / below Bsf

Increase defaults by 50%; reduce recoveries by 50%: AA+sf / A+sf /
BBBsf / BB-sf / below Bsf / below Bsf

SPARKZ 2

Downgrade Sensitivity:

Class A1-a / A1-x / B / C / D / E / F

Impact on note ratings of increased defaults:

Current rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf /
B+sf

Increase defaults by 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BB-sf / below Bsf

Increase defaults by 25%: AA+sf / AAAsf / A+sf / A-sf / BB+sf /
B+sf / below Bsf

Increase defaults by 50%: AA-sf / AAAsf / Asf / BBBsf / BB-sf /
below Bsf / below Bsf

Impact on note ratings of decreased recoveries:

Current rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf /
B+sf

Reduce recoveries by 10%: AAAsf / AAAsf / AA+sf / A+sf / BBBsf /
BBsf / below Bsf

Reduce recoveries by 25%: AAAsf / AAAsf / AA+sf / A+sf / BBBsf /
BBsf / below Bsf

Reduce recoveries by 50%: AAAsf / AAAsf / AA+sf / Asf / BBBsf /
BBsf / below Bsf

Impact on note ratings of multiple factors:

Current rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf /
B+sf

Increase defaults by 10%; reduce recoveries by 10%: AAAsf / AAAsf /
AAsf / Asf / BBB-sf / BB-sf / below Bsf

Increase defaults by 25%; reduce recoveries by 25%: AA+sf / AAAsf /
A+sf / BBB+sf / BB+sf / Bsf / below Bsf

Increase defaults by 50%; reduce recoveries by 50%: AA-sf / AAAsf /
A-sf / BBB-sf / B+sf / below Bsf / below Bsf

Coronavirus Downside Scenario Sensitivity:

Fitch has added a coronavirus downside sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in major economies and no meaningful
recovery until around the middle of the decade. Under this more
severe scenario, Fitch tested an increased WA default base case of
9.7% as well as lower WA base case recoveries of 15.5% (multiple
factors). This compares with default and recovery base cases of
7.3% and 17.2%, respectively in the baseline scenario. The 'AAAsf'
default multiple is reduced to 3.3x, compared with 4.0x in the
baseline scenario, to reflect the higher degree of stress already
included in the base case, while the 'AAAsf' recovery haircut is
also reduced to 53.5%, from 55.8% in the baseline. Nevertheless, in
this downside scenario, Fitch still models a material uplift even
in 'AAAsf' default rates.

SPARKZ 1

Impact on note ratings of multiple factors:

Class A1-a / B / C / D / E / F

Current rating: AAAsf / AA+sf / Asf / BBBsf / BBsf / Bsf

Downside scenario: AAAsf / AA+sf / A-sf / BBB-sf / Bsf / below Bsf

SPARKZ 2

Impact on note ratings of multiple factors:

Class A1-a / A1-x / B / C / D / E / F

Current rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf /
B+sf

Downside scenario: AAAsf / AAAsf / AA-sf / A-sf / BB+sf / Bsf /
below Bsf

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 not reviewed the results of
any third-party assessment of the asset portfolio information as
part of its ongoing monitoring.

Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was available to Fitch for these
transactions.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of Pepper's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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).

RENU WASTE: Second Creditors' Meeting Set for July 14
-----------------------------------------------------
A second meeting of creditors in the proceedings of Renu Waste Pty
Ltd has been set for July 14, 2020, at 3:00 p.m. via teleconference
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 13, 2020, at 4:00 p.m.

Desmond Teng and Gavin Moss of Chifley Advisory were appointed as
administrators of Renu Waste on June 20, 2020.

SOUTHERN FRESH: Second Creditors' Meeting Set for July 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of Southern Fresh
(AUST) Pty Limited has been set for July 13, 2020, at 11:0 a.m. at
One Wharf Lane, Level 20, at 171 Sussex Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 12, 2020, at 4:00 p.m.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Southern Fresh on June 5, 2020.

THORN ABS 1: Fitch Maintains BBsf Class E Notes Rating on Watch Neg
-------------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative on Thorn ABS
Warehouse Trust No. 1. The transaction consists of notes backed by
a pool of first-ranking Australian automotive and
commercial-finance receivables originated by Thorn Group Limited.
The notes were issued by Perpetual Corporate Trust Limited as
trustee for Thorn ABS Warehouse Trust No. 1.

Thorn ABS Warehouse Trust No. 1

  - Class A; LT AAAsf; Rating Watch Maintained

  - Class B AU3FN0043949; LT AAsf; Rating Watch Maintained

  - Class C AU3FN0043956; LT Asf; Rating Watch Maintained

  - Class D AU3FN0043964; LT BBBsf; Rating Watch Maintained  

  - Class E AU3FN0043972; LT BBsf; Rating Watch Maintained  

KEY RATING DRIVERS

Expected Coronavirus Scenario

Fitch has made assumptions about the spread of the coronavirus and
the economic impact of the related containment measures. Under its
base-case (most likely) scenario, Fitch assumes a global recession
in 1H20 driven by sharp economic contractions in major economies
with a rapid spike in unemployment, followed by a solid recovery
that begins in 3Q20 as the health crisis subsides. For Australia,
Fitch's baseline scenario includes GDP shrinking by 2.7% in 2020
with unemployment rising to an annual average of 7.1%, which would
result in material deterioration of asset performance. This
deterioration in macroeconomic conditions will be partly offset by
a low official cash rate of 0.25% and stimulus measures from the
central bank and government. The Australian government has
implemented specific support for the SME sector, but this support
may not be enough for all small businesses to service their debt.

Coronavirus Exposure and Sensitivity to Assumptions

Fitch expects the economic impact of the coronavirus and the
associated containment measures in Australia to be particularly
significant for SME borrowers. To make an initial assessment of the
vulnerability of the ratings to increased defaults on this
portfolio, Fitch increased base case defaults from its most recent
assessment of 5.3% to 12.8%.

Fitch also reduced recovery values from 10% to 0% to reflect
current data and the price uncertainty as the supply of equipment
increases, demand falls and the recovery and sale timelines extend
under the expected economic scenario.

When modelling these adjustments, preliminary results show the
ratings of the tranches placed on RWN are sensitive to the
assumptions and negative rating action would result if the
assumptions materialise However, Thorn Equipment Finance has said
that it is in the process of restructuring Thorn ABS Warehouse
Trust No. 1. As part of resolving the RWN, Fitch will review the
new structure and will conduct a full analysis, including an
assessment of asset credit quality, asset security and portfolio
composition, which are captured in the rating default rate and
rating loss rate produced by Fitch's Portfolio Credit Model. The
PCM output will be based on the coronavirus sensitivity analysis
and a proxy portfolio that has been stressed to the portfolio
parameters.

Liquidity: Fitch has reviewed the ability of the transaction to
survive a significant proportion of borrowers being offered, and
taking up, a payment holiday. The transaction can withstand
approximately 60% of the portfolio in delinquency or receiving
payment holidays before needing to draw upon liquidity support. In
addition, the transaction benefits from a reserve sized at the
larger of AUD1.5 million and the scheduled monthly payments related
to the two largest bill and collect parties. The reserve would be
able to cover at least 79% of the portfolio with a payment holiday
for six months, assuming the remaining 21% pays on interest-only
terms and there are no principal collections.

Portfolio Analysis: At end-May 2020, the portfolio's arrears
significantly increased, with 30.5% of loans 30+ days past due.
This figure includes all loans that currently have COVID-19 related
payment suspensions, and resulted in the early amortisation trigger
being met. The portfolio has experienced net losses of AUD6.6
million since closing, all of which were fully absorbed by excess
spread.

Obligor Concentration: The underlying portfolio is granular, with
an average receivable balance of AUD18,820 and the top five
obligors making up 1.4% of the portfolio.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
positive rating action/upgrade:

Fitch does not currently anticipate developments with a high
likelihood of triggering an upgrade as all tranches are on RWN. The
main constraint on the transaction's ratings is the transaction's
exposure to SME obligors, which is considered negative. In
addition, even if the actual portfolio shows lower defaults and
losses (at all rating levels) than the Fitch's stressed portfolio
assumed at closing, an upgrade of the notes during the revolving
period is unlikely, given the portfolio credit quality may still
deteriorate, not only by natural credit migration, but also by
substitution of assets during the revolving period.

After the end of the revolving period, upgrades may occur in case
of a better than initially expected portfolio credit quality and
performance, leading to higher credit enhancement and excess spread
available to cover for losses on the remaining portfolio.

The main factors that could, individually or collectively, lead to
negative rating action/downgrade:

- As detailed, for the purpose of the evaluation of the
vulnerability of this transaction to stress stemming from the
coronavirus and related containment measures, Fitch has tested the
transaction for an increase in the default probability of the
borrowers as well as lower recoveries. The ratings on the notes are
sensitive to these stresses and are likely to be downgraded based
on the current transaction structure.

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 pool
and the transaction. There were no findings that were material to
this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio as part of its
ongoing monitoring.

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
=========

HNA GROUP: Got U.S. Bailout Funds Through American Units
--------------------------------------------------------
Shirley Zhao at Bloomberg News reports that HNA Group Co., the
troubled conglomerate that's being taken over by the Chinese state,
is among recipients of the billions of dollars in
coronavirus-relief loans handed out by the U.S. government.

HNA Group North America LLC and HNA Training Center NY LLC, two of
the Haikou, Hainan-based group's units, got between $350,000 and $1
million each from the Paycheck Protection Program, Bloomberg
discloses citing a list posted by the U.S. Department of the
Treasury. The program was introduced earlier this year by the U.S.
Small Business Administration to help struggling companies pay
workers hit by pandemic lockdowns.

A representative for HNA declined to comment, Bloomberg notes.

Bloomberg says HNA, which shot into international limelight between
2016 and 2017 after spending more than $40 billion on acquisitions
across six continents, is now facing liquidity risks following the
debt-fueled binge. Earlier this year, Chinese authorities announced
the government would start taking control of the group, likely
paving the way for speedy asset disposals and boosting HNA's
ability to repay about $75 billion of debt.

HNA Group North America was established to facilitate the
conglomerate's inroads in the U.S., directing investments and
identifying suitable joint venture partners or acquisitions,
according to a 2015 interview with then company president Daniel
Chen by Leaders Magazine, Bloomberg recalls. Mr. Chen is now
chairman and chief executive officer of the company, as well as the
president of HNA Group, according to the group's website.

The Small Business Administration has approved about 4.9 million
loans totaling $521 billion as of July 6, according to the
program's website, adds Bloomberg.

                          About HNA Group

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

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

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

MODERN LAND: Moody's Rates Proposed USD Notes B3
------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured debt
rating to Modern Land (China) Co., Limited's (B2 stable) proposed
USD notes.

The company plans to use the notes' proceeds to refinance existing
debt.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Modern Land's debt
maturity profile and improve its liquidity position without a
material impact on its credit metrics, as the company will use the
proceeds to refinance existing debt," says Celine Yang, a Moody's
Assistant Vice President and Analyst.

Moody's expects Modern Land's debt leverage--as measured by
revenue/adjusted debt--to weaken to 55%-60% over the next 12-18
months from 78% in 2019, as an increase in the company's adjusted
debt will likely outpace its moderate revenue growth stemming from
its lower consolidated contracted sales growth in 2019. Similarly,
Moody's expects the company's EBIT/interest will moderate to
1.8x-2.0x over the next 12-18 months from 2.2x in 2019. These
levels remain appropriate for its B2 corporate family rating.

Modern Land's total contracted sales declined about 14.8%
year-on-year to RMB14.2 billion for the first six months of 2020,
primarily driven by the disruptions from the coronavirus outbreak.
Moody's expects the company's total contracted sales to remain
largely flat in 2020 compared to 2019, considering its sufficient
saleable resources, track record of good sales execution and the
relatively stable economies in its core markets.

Modern Land's B2 CFR reflects the company's (1) niche in marketing
and selling comfortable and eco-friendly homes; (2) ability to
consistently grow its contracted sales; and (3) weakening but still
adequate liquidity.

On the other hand, Modern Land's CFR is constrained by its lower
profitability when compared to its Chinese developer peers, and
weak interest coverage driven by debt-funded growth and high
refinancing cost.

In terms of governance considerations, Moody's has taken into
consideration the concentrated ownership by Modern Land's founder
and chairperson, Mr. Zhang Lei, who held an approximate 65.95%
stake in the company as of April 30, 2020. Such concentrated
ownership is counterbalanced by the company's established
governance structures and standards as required by the relevant
code for companies listed on the Hong Kong Stock Exchange.
Furthermore, the company has three special committees in place, an
audit committee, remuneration committee and nomination committee,
two of which are chaired and dominated by the company's independent
non-executive directors.

Modern Land's liquidity position is adequate. Moody's expects that
the company's cash holdings and operating cash flow will be
sufficient to cover its dividend payments, maturing debt and
committed land payments over the next 12-18 months. As of December
2019, the company's cash balance of RMB11.4 billion (including
restricted cash) could cover 120% of its short-term debt of RMB9.5
billion as of the same date.

Modern Land's B3 senior unsecured debt rating is one notch lower
than the company's B2 CFR due to structural subordination risk.
This risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Modern Land's senior
unsecured claims 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 Modern Land
will maintain adequate liquidity and that its credit metrics will
remain appropriate for its ratings over the next 12-18 months.

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

Moody's could upgrade Modern Land's ratings if the company
establishes a track record of (1) growing its scale and improving
its profit margin; (2) maintaining a reasonable cash balance, with
cash/short-term debt above 1.5x; and (3) strong financial
discipline in its land acquisitions, with EBIT/interest coverage
above 2.5x-3.0x and revenue/adjusted debt above 70%-75%, both on a
sustained basis.

Moody's could downgrade Modern Land's ratings if (1) the company's
liquidity and ability to generate operating cash flow fall below
Moody's expectations because of declining contracted sales and
aggressive land acquisitions; (2) the company's revenue recognition
is slower than expected, or its profit margins decline further,
leading to further weakness in its interest coverage and financial
flexibility; or (3) the company engages in material debt-funded
acquisitions.

Metrics indicative of a potential downgrade include Modern Land's
cash balance, both restricted and unrestricted, falling below 100%
of short-term debt or the company's EBIT/interest coverage falling
below 1.5x on a sustained basis.

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

Modern Land (China) Co., Limited was founded in 2000 in Beijing by
Mr. Zhang Lei, now its chairman, who is a real estate developer in
China. The company specializes in developing green housing units,
and is one of the few early leaders in China's green and
eco-friendly lifestyle market.

Modern Land was listed on the Hong Kong Stock Exchange in July
2013. As of December 2019, the company had a gross land bank of
around 11.9 million square meters in terms of gross floor area.

SUNAC CHINA: Moody's Rates Proposed Sr. Unsecured USD Notes B1
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the proposed
senior unsecured USD notes to be issued by Sunac China Holdings
Limited (Ba3 stable).

The rating outlook is stable.

The company plans to use the proceeds from the issuance mainly to
refinance existing debt.

RATINGS RATIONALE

"The proposed notes will lengthen Sunac's debt maturity profile and
will not have a material impact on its credit metrics, because the
proceeds will mainly be used to refinance its existing debt," says
Danny Chan, a Moody's Assistant Vice President and Analyst, and
also Moody's Lead Analyst for Sunac.

Moody's expects Sunac's credit metrics will remain moderate for its
Ba3 corporate family rating in the next 12-18 months. Despite the
slowdown in land purchases in the first half of 2020, Moody's
expects that the company will continue to pursue mergers and
acquisitions amid industry consolidation, which will impact its
capital and partly offset the benefits from its solid revenue
growth due to strong sales over the past two to three years.

Consequently, Moody's expects Sunac's revenue/adjusted debt will
stay between 46%-50% over the next 12-18 months from around 46% in
2019. Similarly, the company's interest-servicing ability, as
measured by adjusted EBIT/interest coverage, will stay at around
2.1x-2.3x from around 2.2x over the same period.

Sunac's gross contracted sales fell 8.8% to RMB195.3 billion in the
first six months of 2020 compared with last year, because of the
impact of the coronavirus outbreak. But Moody's expects its
contracted sales will slightly increase in 2020 when compared with
2019, supported by good quality land resources, strong brand name
and good sales execution.

The company reported 21% growth in contracted sales to RMB556.2
billion for 2019, following 27% and 140% growth in 2018 and 2017
respectively.

Sunac's Ba3 corporate family rating reflects its strong sales
execution, leading brand and market position in China's Tier 1 and
Tier 2 cities, as well as the good quality of its land bank. The
rating also considers Sunac's good liquidity profile, driven by its
rapid asset turnover business model.

However, the CFR is constrained by Sunac's modest credit metrics, a
result of the company's business expansion and sizable acquisitions
over the past years.

The B1 rating on the proposed notes reflects the risk of structural
subordination, given the fact that the majority of claims are at
the operating subsidiaries 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, reducing the expected recovery rate for claims at
the holding company level.

Sunac's liquidity is adequate. Its cash holding of around RMB126
billion as of December 31, 2019 largely covers its short-term debt
of RMB136 billion. Moody's expects the company's cash holding,
together with the expected operating cash inflow, will cover its
committed land purchases, dividend payments, as well as, capital
spending and payables for its previous acquisitions, over the next
12-18 months.

The stable outlook on Sunac's CFR reflects Moody's expectation that
the company will continue to maintain its healthy revenue growth,
improve its profitability, control its investments in non-property
businesses and maintain its leverage over the next 12-18 months.

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

Upward rating pressure could emerge if Sunac: (1) demonstrates its
ability to exercise restraint in its non-core business investments;
(2) maintains its solid liquidity position; and (3) improves its
credit metrics, such that its adjusted revenue/debt rises above
70%-75% and adjusted EBIT/interest rises above 3.0x-3.5x on a
sustained basis.

Material reduction in contingent liabilities associated with joint
ventures could also be positive for the ratings.

However, Moody's could downgrade the ratings in case of: (1) a
material decline in its contracted sales; (2) a weakening in its
liquidity position; (3) substantial investments in non-property
development businesses; or (4) a weakening in credit metrics, such
that its adjusted revenue/debt falls below 50%-60% and adjusted
EBIT/interest drops below 2.0x-2.5x on a sustained basis.

Downward rating pressure could also increase if the company's
exposure to contingent liabilities associated with joint ventures
increases materially.

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

Listed on the Hong Kong Stock Exchange on October 7, 2010, Sunac
China Holdings Limited is an integrated residential and commercial
property developer with projects in China's main economic regions.
The company develops a diverse range of properties, including
high-rise and mid-rise residences, detached villas, town houses,
retail properties, offices and car parks.

SUNAC CHINA: S&P Assigns B+ Rating to New USD Sr. Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes by
Sunac China Holdings Ltd. (BB-/Stable/--). The China-based
developer intends to use the net proceeds primarily to refinance
its existing offshore debt.

S&P said, "We rate the notes one notch below the issuer credit
rating on Sunac to reflect structural subordination risk. As of
Dec. 31, 2019, Sunac's capital structure consisted of about Chinese
renminbi (RMB) 252 billion in secured debt and RMB112 billion in
unsecured debt (external guarantee included). As such, the
company's secured debt ratio is around 69%, which is significantly
above our notching-down threshold of 50% for issues. The issue
rating is subject to our review of the final issuance
documentation.

"We do not expect the new issuance to significantly affect Sunac's
credit profile. The company achieved RMB556.2 billion of total
contracted sales for 2019, which is at the upper end of our
forecast. This is despite a moderate 9% year-on-year decline in
sales to about RMB195 billion during the first half of 2020 due to
the COVID-19 outbreak. We anticipate the company will maintain
strong sales execution and sustainable profitability, while
continuing to gradually improve its financial leverage through cash
collection and more controlled spending in the core development
business. This tempers the leverage surge in 2019 due to debt
spike, and is reflected in our stable rating outlook on the
company."


TAHOE GROUP: Misses Repayment on CNY1.6 Billion Bond
----------------------------------------------------
South China Morning Post reports that Tahoe Group failed to repay
investors of a domestic bond, in a sign of increasing financial
strain on the mainland's aggressive home builders as the
coronavirus pandemic exacerbated a liquidity crunch.

SCMP relates that the Shenzhen-listed company was unable to make
payment for bond principal and interest worth CNY1.6 billion
(US$228 million) due on July 6 "despite efforts to raise funds in
many ways", Tahoe Group said in a stock exchange filing on July 7.
The bond, with a face value of CNY1.5 billion, was sold in July
2017 with an annual coupon of 7.5 per cent.

"Due to the impact of an overall downward-trending property sector
and the coronavirus pandemic, the company's inventory sell-through
rate has fallen, and the sales prospect has worsened," the
Fujian-based developer said, SCMP relays.

While most of China's real estate sector has gradually recovered
from the shock of the Covid-19 outbreak, some of the
highly-leveraged players in and outside the industry are still
struggling to restore their cash flow. The world's second-largest
bond market saw a 40 per cent jump in missed corporate bond
repayments totalling CNY64 billion this year through May, SCMP
discloses citing Wind Information.

Tahoe Group is facing a liquidity squeeze caused by a large amount
of debt at high financing cost, with the debt load maturing in a
concentrated period of time, it said. It has borrowed massively
from investment trust companies and had CNY23.6 billion in debt
past due as of June 12, it said in the stock exchange filing, SCMP
relays.

It is the largest Chinese developer to have defaulted on a bond
repayment so far, the report states. Its ranking has slipped to
42nd in 2019 from 20th in 2018, according to industry consultancy
China Real Estate Information Corporation. Its sales plunged 44 per
cent in the first half this year to CNY25.4 billion from a year
earlier, CRIC estimated.

SCMP says the group's financial problem has not only upset
creditors. Hundreds of buyers of its pre-sold flats across the
nation have staged protests outside its sales centres after
construction stalled, fearing that the developer will run out of
cash to complete its projects.

This week's bond delinquency is likely to foreshadow more troubles
later this year as the developer comes up against a wall of debt
maturity, the report notes.

                         About Tahoe Group

Tahoe Group Co., Ltd operates real estate development businesses.
The Company provides house loans, housing renovation, housing
loans, real estate brokerage, property management, and other
services. Tahoe Group also operates hotel management, investment
management, and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific on May
18, 2020, Fitch Ratings downgraded China-based homebuilder Tahoe
Group Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating
and senior unsecured rating to 'CC' from 'CCC+'. The Recovery
Rating on its senior unsecured rating is 'RR4'.

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



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

ADITYASAI COTSPIN: Ind-Ra Gives B+ LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Adityasai Cotspin
Pvt. Ltd. (ACPL) a Long-Term Issuer Rating of 'IND B+' with a
Stable Outlook.

The instrument-wise rating action is:

-- INR170 mil. Fund based working capital limits assigned with
     IND B+/Stable rating.

KEY RATING DRIVERS

The rating reflects the company's modest scale of operations as
reflected by revenue of INR688 million in FY20 (FY19:INR289
million). The revenue grew in FY20 on better monsoon, resulting in
higher crop production. The company shut its operations from March
22, 2020, owing to the COVID-19 led lockdown and resumed operations
by April 10, 2020; started receiving daily orders from April 15,
2020. Since then and up to June 11, 2020, the company had booked
revenue of about INR60 million.

The rating is constrained by ACPL's modest credit metrics. Its high
net leverage (total adjusted net debt/EBITDA) deteriorated to 7.8x
in FY20 (FY19: 6.5x) due to an increase in the working capital debt
to INR125 million (INR85 million). Its interest coverage (operating
EBITDA/gross interest expense), too, declined to 1.6x in FY20
(FY19: 1.7x) owing to an increase in the finance costs to INR10
million (INR6 million). FY20 financials are provisional in nature.

Liquidity Indicator - Stretched: ASCPL's average maximum fund-based
utilization remained around 85% during the 12 months ended May
2020. The company's cash flow from operations turned negative at
INR58 million in FY20 (FY19: INR31 million) due to unfavorable
changes in the working capital owing to an increase in receivables
days to 47 (11). The company's net working capital cycle, however,
shrunk to 77 days in FY20 (FY19: 95 days) due to a decrease in the
inventory days to 42 (102). The company has not availed of the
moratorium on interest on working capital facilities pursuant to
the Reserve Bank of India's circular on 27 March 2020. The cash and
cash equivalent was weak at INR0.49 million as at FYE20 (FYE19:
INR0.2 million).

The rating factors in the company's modest EBITDA margin, which
contracted to 2.3% in FY20 (FY19: 3.5%) due to an increase in cost
of materials consumed. Its return on capital employed stood at 10%
in FY20 (FY19: 6.6%) and operating EBITDA has remained modest
during the past five years (FY16-FY20).

The ratings, however, are supported by the promoters' over a
decade's experience in the cotton industry.

RATING SENSITIVITIES

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

Positive: An improvement in the liquidity position along with a
substantial growth in the revenue and EBITDA margin, leading to an
improvement in the credit metrics with interest coverage sustaining
above 1.75x, could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2008, ACPL is promoted by the Warangal,
Telangana-based Reddy family and is engaged in cotton ginning and
pressing. The daily operations are managed by B Ravinder Reddy and
Veda Prakash. The company's facility in Warangal has capacity of
350 bales per day.


AGRA OIL: ICRA Keeps B+ INR12.50cr Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR12.50 crore bank facilities of
Agra Oil & General Industries Limited continue to remain under
Issuer Not Cooperating category. The long-term rating is denoted as
[ICRA]B+ ISSUER NOT COOPERATING with a Stable outlook.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-         12.50      [ICRA]B+ (Stable); ISSUER NOT
   Working Capital                COOPERATING; Rating continues
   Facilities                     to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Agra Oil & General Industries Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

AOGIL was incorporated in 1972 as a proprietorship firm and was
later converted into a private limited company. It manufactures
mustard oil and mustard cake at its unit in Agra, UP, which has a
seed-crushing capacity of 32,000 metric tonne per annum (MTPA). It
is also involved in the trading of mustard oil and cake. Along with
manufacturing operations, the company is involved in trading of
mustard oil and cake. In edible oil, all the company's sales are in
the branded segment, named Krishna and Swastik. AOGIL is the
flagship company of the Goyal Group, which encompasses various
business such as mustard oil production as well as trading of
cattle feed, packaging products, refrigeration of agro product,
mushroom cultivation, manufacturing of soap noodles, allied
chemicals and real estate development for around four decades.


ASHOKA POLY: ICRA Lowers Rating on INR15.16cr Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ashoka
Poly Laminators Limited (APLL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–        15.16      [ICRA]B+ (Stable); ISSUER NOT
   Fund Based                   COOPERATING Rating downgraded
                                from [ICRA]BB-(Stable) and
                                continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long Term–        3.53       [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                  COOPERATING Rating downgraded
                                from [ICRA]BB-(Stable) and
                                continues to remain under
                                'Issuer Not Cooperating'
                                category

   Short Term–       0.50       [ICRA]A4; ISSUER NOT
COOPERATING;
   Non fund Based               Rating continues to remain under
                                'Issuer Not Cooperating' category

Rationale

The Long-Term rating downgrade is because of lack of adequate
information APLL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Ashoka Poly Laminators Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Ashoka Poly Laminators Limited (APLL) is a closely held company
promoted by the members of the Goel family. It was established in
2003. APLL manufactures packaging material that is used in
industries such as fertilisers, chemicals, packaged food and
transportation. The company manufactures laminated and
non-laminated HDPE and PP fabrics and bags. Its manufacturing
facility is located in Bareilly, Uttar Pradesh.

BALAJI SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR80.00 crore bank facilities of
Shri Balaji Sugars and Chemicals Pvt Ltd continue to remain under
Issuer Not Cooperating category. The long-term rating is denoted as
[ICRA]D ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        65.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    the 'Issuer Not Cooperating'
                                category

   Long Term         15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Shri Balaji Sugars and Chemicals Private Limited (SBSCPL) was
incorporated in the year 2011. The company has setup a 3500 TCD
sugar plant and 18 MW cogeneration unit in Bijapur district in
North Karnataka. The first phase of the project initially was to
start commissioning from March 2014. The date of commissioning was
later postponed to November 2014. However, the plant's commercial
operations commenced on March 23, 2015 for the first phase which
essentially involves the sugar plant and the co-gen unit. In the
second phase, the company is planning to integrate the existing
phase 1 unit with a 60 KLPD1 distillery.

BALBIR ALLOYS: ICRA Lowers Rating on INR4cr LT Loan to B
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Balbir
Alloys Private Limited (BAPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term          4.00      [ICRA]B(Stable) Revised from
   fund-based                   [ICRA]B+(Stable)
   limit              
                                
   Short-term         1.50      [ICRA]A4; Reaffirmed
   fund-based
   limit              

Rationale

The revision in the long-term rating reflects BAPL's weakening
liquidity position due to continuous net losses incurred during the
past three years, and extension of financial support to its
associate/Group companies. Moreover, the ratings factor in its
declining scale of operations, which is expected to reduce further
in FY2021 due to the Covid-19 pandemic.

The ratings are constrained by the high customer concentration risk
with almost the entire sales to Balbir Rolling Mills Private
Limited (98% in FY2020). The company also faces high product
concentration risk with its presence limited to manufacturing of
ingots, which is susceptible to cyclicality in steel industry and
raw material price fluctuations. The ratings note the highly
commoditised and fragmented nature of the secondary steel industry,
which results in competition and restricts its profitability.

However, the ratings draw comfort from the extensive experience of
the promoters in the steel industry and the company's comfortable
capital structure, indicated by a gearing of 0.64 time, as on March
31, 2019.

Key rating drivers and their description

Credit strengths

* Established experience of promoters in steel industry: BAPL's
production facility for ingots is in Silvassa. The company is
promoted by Mr. Prabhat Bhushan and his son Mr. Vishal Bhushan, who
have extensive experience in the steel industry for more than three
decades.

* Comfortable capital structure: BAPL's capital structure stood
comfortable with the gearing at 0.64 time as on March 31, 2019,
which improved from 0.71 time as on March 31, 2018 due to lower
working capital requirements. The gearing stood at 0.80 time as on
January 31, 2020.

Credit challenges

* Shrinking scale of operations along with continuous net losses:
The company's operating income (OI) declined continuously since
FY2016 because of the challenging demand scenario, which affected
the prices of ingots/billets. The manufacturing plant was shifted
to Silvassa in September 2017 and the installed capacity dropped
significantly to 18,000 MTPA from 79,200 MTPA, which led to the
drop in OI in FY2018. As the plant started at a lower capacity (for
the entire year) from FY2019, the sales volume dropped further,
resulting in a 25% reduction in OI to INR61.46 crore. Till January
31, 2020, it registered an OI of INR36.27 crore and the turnover is
further expected to decrease in the near term due to the Covid-19
pandemic. Even though the company registered an operating profit of
INR1.20 crore in FY2019, high interest cost resulted in a net loss
of INR0.02 crore. With a fall in  realisations, BAPL registered an
operating loss of INR1.00 crore and a net loss of INR1.96 crore in
10M FY2020 (April 1, 2019 to January 31, 2020).

* Liquidity profile impacted by extension of financial support to
associate/Group entities: BAPL has invested INR3.29 crore in shares
of its associate companies (owned by family members) as on January
31, 2020, which has hampered its liquidity.

* High customer concentration risk: With a predominant share of its
revenues (98% in FY2020) coming from Balbir Rolling Mills Private
Limited, the company faces high customer concentration risk.

* High product concentration risk; susceptible to cyclicality in
steel industry and raw material price fluctuations: With high
product concentration due to its presence only in manufacturing of
ingots, BAPL is exposed to cyclicality in the steel industry, as
witnessed in the past. The company's revenues were impacted on
account of the sluggish demand in the steel industry leading to
lower price realisations, thus resulting in operating losses in 10M
FY2020. The raw material cost accounts for more than 80% of its
revenues, highlighting the raw material-intensive nature of its
operations. Given that a part of the total inventory is freehold in
nature, any adverse movement in steel prices could have a cascading
impact on BAPL's profitability.

* Highly commoditised and fragmented nature of secondary steel
industry results in competitive pressures and restricts scope for
improvement in profitability: Due to low entry barriers, the
company faces stiff competition from several organised and
unorganised players in the domestic market, which limits its profit
margins as well as ability to pass on the price fluctuation risk to
the customers.

Liquidity position: Poor

The company's liquidity profile has remained poor due to weak cash
accruals over the years. The utilisation of working capital
facility from the bank has been high with an average utilisation of
69% in the 12-month period that ended in May 2020. The working
capital utilisation has moderated from January 2020 as BAPL availed
a loan against property (LAP). It has an annual long-term loan
repayment of ~Rs. 0.93 crore for the LAP. Moreover, expectation of
lower cash generation amid a slump in demand would keep BAPL's
liquidity under pressure in the near term.

Rating sensitivities

Positive triggers - An upward movement in rating could take place
if there is a turnaround in operations, along with a significant
increase in scale. Effective management of liquidity profile may
also be considered for upgrading the ratings.

Negative triggers - Negative pressure on the rating could arise if
there is further decline in sales and widening of losses. Moreover,
delay in recovery of advances or extension of further advances to
associate/Group companies may trigger a rating downgrade.

Balbir Alloys Private Limited was incorporated in 1991 and it is a
part of the Balbir Group of companies. The company manufactures
mild steel (MS) ingots. It had its manufacturing plant in Murbad
(Thane) till August 2017. From September 2017, the company took
over the existing running unit (with all its assets and attached
rights) of Balbir Steel Rolling Private Limited in Silvassa (Dadra
and Nagar Haveli). Consequently, its installed capacity changed
from 79,200 MTPA (Murbad) to 18,000 MTPA (Silvassa).

BAPL recorded a net loss of INR0.02 crore on an OI of INR61.46
crore in FY2019 and a net loss of INR1.96 crore on an OI of
INR36.27 crore for the 10-month period ended January 31, 2020
(provisional numbers).

BHAGABATI BUILD: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR10.35-crore bank facilities of
Bhagabati Build & Constructions Pvt. Ltd. Continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based–       6.00       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

   Fund Based-       1.35       [ICRA]B (Stable); ISSUER NOT
   Standby Line                 COOPERATING; Rating Continues
   of Credit                    to remain under issuer not
                                cooperating category

   Non-Fund Based    3.00       [ICRA]A4; ISSUER NOT COOPERATING;
   Bank Guarantee               Rating Continues to remain under
                                issuer not cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Incorporated in 2010, BBCPL has been promoted by Mr. Bibhuti Bhusan
Routray and Mr. Bichitrananda Routray. It is engaged in civil
construction, particularly road construction, in the state of
Odisha and is a registered super class contractor with PWD, Odisha.

BUDDHA SORTEX: ICRA Keeps B+ INR6.75cr Debt Rating in Not Coop.
---------------------------------------------------------------
ICRA said the rating for INR6.75-crore of Buddha Sortex Rice
Industries Private Limited (BSRIPL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+ (Stable) ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based         6.75      [ICRA]B+(Stable) ISSUER NOT
   limits                       COOPERATING; Rating continues
                                to be in 'Issuer Not Cooperating'
                                category

ICRA has been seeking information from the entity so as to monitor
its performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the credit risk profile of the
entity.

BSRIPL, was established in 2013 and is involved in milling and
sorting of non-Basmati rice. The company's unit located at
Hetimpur, Deoria (UP) has an installed capacity of 8 tonne/hour.
The company caters to both domestic and export customers. The
day-to-day operations of the company are managed by Mr. CP Gupta.

D.R. BUILDESTATE: ICRA Lowers Rating on INR7.50cr Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of D.R.
Buildestate Private Limited, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–         0.50      [ICRA]B+ (Stable); ISSUER NOT
   Fund Based–CC                COOPERATING; Rating downgraded
                                from [ICRA]BB- (Stable) and
                                continues to remain under
                                'Issuer Not Cooperating' category

   Long Term–         7.00      [ICRA]B+ (Stable); ISSUER NOT
   Non Fund Based               COOPERATING; Rating downgraded
                                from [ICRA]BB- (Stable) and
                                continues to remain under
                                'Issuer Not Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding D.R. Buildestate Private Limited's performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with D.R. Buildestate Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

D.R. Buildestate Private Limited (DRB) was started in 2001 by Mr.
Devendra Kumar and is closely held with 90% of the stake in the
name of Mr. Devendra Kumar, who is also the Chairman and the
managing director of DRB. The remaining 10% is held by Mrs. Rajni
Singh, wife of Mr. Devendra Kumar. The company is engaged in civil
construction work majorly road construction, building construction
in the National Capital Region (NCR).


EMINENT DEALERS: ICRA Lowers Rating on INR14cr Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Eminent
Dealers Pvt. Ltd. (EDPL), as:

                   Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Long Term–Fund    8.50      [ICRA]B+ (Stable); ISSUER NOT
   Based–CC                     COOPERATING; Rating downgraded
                               from [ICRA]BB- (Stable) and
                               continues to remain under
                               'Issuer Not Cooperating' category

   Long Term–Fund   14.00      [ICRA]B+ (Stable); ISSUER NOT
   Based–TL                    COOPERATING; Rating downgraded
                               from [ICRA]BB- (Stable) and
                               continues to remain under
                               'Issuer Not Cooperating' category

   Short Term–       0.50      [ICRA] A4; ISSUER NOT
COOPERATING;
   Non fund Based              Rating continues to remain in the
                               'Issuer Not Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding EDPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated
entity".

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Eminent Dealers Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Eminent Dealers Pvt. Ltd. (EDPL) was incorporated in June 1999 and
was engaged in the real estate business. The promoters stopped
doing real estate business in 2013 under this entity and has set up
a manufacturing unit for regenerated/recycled polyester staple
fibre (RPSF) which would be using waste PET (polyethylene
terephthalate) bottles as raw material. The manufacturing facility
of the company is based out of Bhilwara in Rajasthan with an annual
capacity of ~10,800 MT.


G.N. BULLION: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR14.50 crore bank facilities of G.N.
Bullion Private Limited continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based–       14.50      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Rating Continues to remain under
                                issuer not cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in 2009, G. N. Bullion Private Limited (GNBPL) is
mainly involved in manufacturing and selling of gold jewellery in
the wholesale market. The company's jewellery manufacturing
operation is carried out on job-work basis. In addition, it
manufactures silver coins in small volumes at its own workshop in
Kolkata. The clientele of the company primarily comprises domestic
jewellery retailers in the eastern India.

GVR ASHOKA: Ind-Ra Affirms Sr. Project Term Loan Rating at D
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GVR Ashoka Chennai
ORR Limited's (GACOL) senior project term loan rating at 'IND D'.

The instrument-wise rating action is:

-- INR10.8 bil. Senior project term loan (long-term) due on
     January 2029 affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects GACOL's stretched liquidity position due
to delays in the receipt of annuity from the Department of Highways
and Minor Ports Development and the government of Tamil Nadu. As of
June 16, 2020, GACOL's cash balance was INR127.7 million, covering
less than a month's debt service, thus increasing the possibility
of default in the coming months if the debt needs servicing. There
have been persistent delays in the receipt of annuities with the
last installments being received in November 2019. As of June 27,
2020, the annuity due for April 2020 was not received. The debt
servicing was regular, post the receipt of annuity in November 2019
and the company has opted for the Reserve Bank of India's COVID-19
related moratorium.

RATING SENSITIVITIES

Positive: Consistent strong cash flow availability and the
maintenance of debt service coverage above 1x will be positive for
the rating.

COMPANY PROFILE

GACOL is a special purpose vehicle incorporated by GVR Infra
Projects Ltd and Ashoka Buildcon Ltd to develop and operate a
six-lane road project- Chennai Outer Ring Road Phase II- in
Chennai, Tamil Nadu. It has a 20-year concession, which expires in
March 2034, from the Highways and Minor Ports Development and the
government of Tamil Nadu to implement the project under the
build-operate-transfer annuity model.




HOSLEY INDIA: ICRA Moves B+ INR1cr Debt Rating to Not Cooperating
-----------------------------------------------------------------
ICRA has moved the long term and short-term ratings for the bank
facilities of Hosley India Private Limited (HIPL) to the 'Issuer
Not Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–         1.00      [ICRA]B+ (Stable); ISSUER NOT
   Fund based                   COOPERATING*; Rating moved to
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short Term–Fund   10.00      [ICRA]A4; ISSUER NOT
COOPERATING;
   Based Bills                  Rating moved to 'Issuer Not
   Discounting/                 Cooperating' category
   Packing Credit    

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

HIPL was incorporated in March 2013 by the Kumar family. Mr. Piyush
Kumar, Mrs. Suniana Paul Kumar and Mr. Ashish Raj Kumar are the
directors of the company at present. HIPL is a part of 'Hosley
Group' which has other companies in USA, China, Mauritius, Hongkong
and India. The company is manufacturing and trading home decor and
fragrance items. Its manufacturing facility is located in Noida,
Uttar Pradesh in an approximate area of about 75,000 sq. ft. The
product profile of the company includes perfumed wax candles,
incense sticks, iron art ware, glass art wares as well as wooden
art wares, and other handicraft and decorative items. 80-90% of the
products manufactured by the company are being exported to group
companies.

K MOHAN: ICRA Lowers Rating on INR53cr ST Loan to D
---------------------------------------------------
ICRA has revised the ratings on certain bank facilities of K Mohan
& Company (Exports) Private Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short Term-        53.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Long Term         (10.00)     [ICRA]D ISSUER NOT COOPERATING;
   Interchangeable               Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Short Term-       (68.00)     [ICRA]D ISSUER NOT COOPERATING;
   Interchangeable               Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Long Term/          3.50      [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                   COOPERATING; Rating continues
   Unallocated                   to remain in the 'Issuer Not
                                 Cooperating' category

Rationale

The ratings for the INR56.50-crore bank facilities of K Mohan &
Company (Exports) Private Limited Continues to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

KMCPL manufactures and exports readymade garments. The company is
owned and managed by Mr. Raju Mahtaney and Ms. Gitanjali Mahtaney.
The company was initially established as a partnership firm by late
Mr. K Mohandas Mahtaney (father of Mr. Raju ahtaney) in 1973 in
Mumbai. The operations were shifted from Mumbai to Bangalore in
1988 with 120 sewing machines, which were gradually ramped up to
the current capacity of 3,070 machines. Later in 2004, the firm was
converted into a private limited company. The company operates
through its six factories located in Bangalore. The product profile
mainly consists of knitted and woven garments
for men, women and kids. The promoters have set up a subsidiary
company in Bangladesh called PRM Fashions Private Limited which is
involved in similar line of business and commenced operations in
October 2016.

KRISHNENDU BHAKTA: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR9.85-crore bank facilities of
Krishnendu Bhakta Continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B+
(Stable)/[ICRA]A4  ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based–       3.25       [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

   Long Term         1.75       [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                  COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

   Non-Fund Based-   1.50       [ICRA]A4; ISSUER NOT COOPERATING;
   Bank Guarantee               Rating Continues to remain under
                                issuer not cooperating category

   Short Term        3.35       [ICRA]A4; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                issuer not cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Mr. Krishnendu Bhakta, proprietor of Krishnendu Bhakta (KB) forayed
into civil construction business in 1995. The firm is primarily
engaged in the execution of Government tenders for civil
construction contracts of roads, buildings and other construction
works. The firm operates through its registered office in Purba
Medinipur, West Bengal and is a registered contractor with Public &
Works Department (PWD), West Bengal and is also enlisted with
Digha.


LALITA FOAMEX: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR5.75 crore bank facilities of
Lalita Foamex Private Limited continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING."

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        1.00       [ICRA]D ISSUER NOT COOPERATING;
   Limit Cash                   Rating continues to remain under
   Credit                       'Issuer Not Cooperating' category

   Fund based        4.75       [ICRA]D ISSUER NOT COOPERATING;
   Limit term                   Rating continues to remain under
   Loan                         'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Lalita Foamex Private Limited (LFPL) incorporated in April, 2013 by
Mr. Bibekanada Pati and Mr. Aditya Pati in Bolangir, Odisha is
involved in manufacturing and sales of general purpose polystyrene
(GPPS) disposable products such as bowls, plates and dinnerware.
The manufacturing facility of the company commenced on 28th June,
2014 and has an annual installed capacity of 600 metric tonnes.

MAHESHWARI INDUSTRIES: ICRA Withdraws B Rating on INR7cr Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Maheshwari Industries (MI), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        7.00      [ICRA]B (Stable); ISSUER
   Cash Credit                  NOT COOPERATING; withdrawn

Rationale

The long-term rating assigned to the bank limit of INR7.0 crore of
MI have been withdrawn in accordance with ICRA's policy on
withdrawal and suspension and based on the request of the entity
and no objection certificate (NOC) provided by its banker. The
rated facility now stands reduced at INR4.75 crore accordingly ICRA
has considered NOC for the reduced amount. However, ICRA does not
have information to suggest that the credit risk has changed since
the time the ratings were last reviewed.

Key rating drivers
Key rating drivers has not been captured as the rated instruments
are being withdrawn.

Liquidity position
Liquidity position has not been captured as the rated instrument is
being withdrawn.

Rating sensitivities
Rating sensitivities have not been captured as the rated instrument
is being withdrawn.

Established in 1996 and promoted by Mrs. Meenakshi Maheshwari,
Maheshwari Industries (MI) a proprietorship concern is engaged in
trading of steel and steel products in Mumbai and nearby regions.
The operations of the firm are managed by Mr. Upendra Maheshwari
who has an experience of more than two decades in steel trading
business. MI has a warehouse in Kalamboli, Navi Mumbai.


MANGAL SPONGE: ICRA Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR35.50-crore bank facilities of
Mangal Sponge and Steel Private Limited Continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B- (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based–       25.00      [ICRA]B- (Stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

   Fund Based-        9.50      [ICRA]B- (Stable); ISSUER NOT
   Term Loan                    COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

   Non Fund Based–    1.00      [ICRA]A4; ISSUER NOT
COOPERATING;
   Bank Guarantee               Rating Continues to remain under
                                issuer not cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Established in 1997, MSSPL is a closely-held company promoted by
the Bilaspur-based Agrawal family. The company started production
of sponge iron in FY2005 followed by mild steel (MS) billets in
FY2010. MSSPL's plant is located at Bilha Industrial Area, Bilaspur
(Chhattisgarh). MSSPL has facilities for manufacturing sponge iron
and billets.


MONTFORT EDUCATIONAL: ICRA Keeps B Debt Ratings in Not Coop.
------------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of The
Montfort Educational Society Continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-OD      1.00      [ICRA]B (Stable); ISSUER NOT
                                COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

   Fund based         3.30      [ICRA]B (Stable); ISSUER NOT
   Term Loan                    COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

   Fund based         2.27      [ICRA]B (Stable); ISSUER NOT
   Term Loan                    COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

   Fund based         2.50      [ICRA]B (Stable); ISSUER NOT
   Term Loan                    COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

   Unallocated        0.93      [ICRA]B (Stable); ISSUER NOT
   Amount                       COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

The Montfort Educational society (Montfort or MES) was established
by Dr. John K V in 2006. The Montfort Educational society was
registered after the catholic saint, St. Louise Mary Gregone de
Montfort. The society started its first educational institution
under the banner K John Public School in 2007 in Eastern Nagpur.
The second institution under the same name was established in 2008
at Saoner, Nagpur. In April 2016, the society has also established
a nursery school at Besa in Nagpur.

NIK-SAN ENGINEERING: Ind-Ra Moves BB+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nik-San
Engineering Company 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 the rating. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR82.0 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR280.0 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
July 3, 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 2009, Nik-San Engineering Company is engaged in the
assembling and manufacturing of distribution transformers at its
manufacturing unit in Baroda  (Gujarat) which has a total
manufacturing capacity of 30,000 units per annum.


NISHI FOREX: ICRA Lowers Rating on INR17cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Nishi
Forex & Leisure Pvt. Ltd., as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term         17.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund-based                   COOPERATING; Rating downgraded
                                from [ICRA]BB+ (Stable);
                                continues to remain in the
                                'Issuer Not Cooperating'
                                Category

   Short term         3.00      [ICRA]A4 ISSUER NOT COOPERATING;
   Non-Fund                     Rating downgraded from [ICRA]A4+;
   Based                        continues to remain in the
                                'Issuer Not Cooperating' category

   Long term/        20.00      [ICRA]B+ (Stable)/[ICRA]A4;
   Short term-                  ISSUER NOT COOPERATING;
   Unallocated                  Rating downgraded from [ICRA]BB+
                                (Stable)/[ICRA]A4+; continues to
                                remain in the 'Issuer Not
                                Cooperating' category

Rationale

The ratings are downgrade because of lack of adequate information
regarding Nishi Forex & Leisure Pvt. Ltd. performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Nishi Forex and Leisure Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Incorporated in August 2014, Nishi Forex & Leisure Private Limited
is an Authorised Dealer II (AD II) license holder based in
Bangalore. Nishi primarily caters to foreign exchange needs of
corporate clients, retail customers and wholesale customer. It had
initially received the FFMC license from RBI in December 2014
before receiving the AD II licence in May 2018 which has enabled it
to undertake remittance related activities directly. While it
started its operations in Bangalore, it currently has branch
offices in Andhra Pradesh, Telangana, Tamil Nadu, Kerala and Delhi.
The company also provides air ticketing, tours and other travel
related services.

OPTIFLEX INDUSTRIES: Ind-Ra Withdraws B+, Non-Cooperating Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Optiflex
Industries' Long-Term Issuer Rating of 'IND B+' to the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR80 mil. Fund based limit * migrated to non- cooperating and

     Withdrawn; and

-- INR14.875 mil. Term Loan * due on March 2023 migrated to non-
     cooperating and withdrawn.

* Migrated to 'IND B+ (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

Optiflex Industries did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings as it has
received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Optiflex was established as a partnership firm in 2003 and
manufactures different kinds of wire and cables.


PATEL MICRON: ICRA Raises Rating on INR4.68cr Term Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Patel
Micron LLP (PML), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan          4.68      [ICRA]B+ (Stable); Upgraded from
                                [ICRA]B (Stable)

   Cash Credit        2.00      [ICRA]B+ (Stable); Upgraded from
                                [ICRA]B (Stable)

   Bank Guarantee     0.50      [ICRA]A4; Reaffirmed

Rationale

The upgrade in the ratings takes into account PML's healthy sales
growth in FY2019 and FY2020, driven by the ramp-up of sales volumes
post stabilisation of operations. Notwithstanding this, the firm is
expected to report a dip in its revenue in FY2021 because of the
ongoing Covid-19 pandemic. Further, the ratings continue to
favorably factor in the extensive experience of the partners in the
ceramic industry and the location-specific advantage enjoyed by the
firm, which ensures easy access to its Morbi (Gujarat)-based
customers.

The ratings, however, remain constrained by the firm's average
financial risk profile, as characterised by small-scale operations
and moderate debt coverage indicators. Further, the ratings are
limited by the intense competition and the vulnerability of
profitability to adverse movements in the key raw material prices.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that PML will continue to benefit from the extensive experience of
its partners in the ceramic industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of partners in ceramic tiles industry: The
key partners, Mr. Jayprakash Kaila and Mr. Pravinbhai Kaila, have
experience of over a decade in the ceramic industry through their
association with other entities in the same industry.

* Location-specific advantage: The firm's manufacturing facility is
in the ceramic hub of Morbi, which provides easy access to
prospective clients.

Credit challenges

* Average financial risk profile: The firm's scale of operations is
small—the operating income (OI) was INR19.80 crore in FY2020
(provisional figures); nonetheless, it improved significantly from
INR10.88 crore in FY2019. Its gearing level was ~0.70 times as on
March 31, 2020. The debt coverage indicators were at average
levels—interest coverage was 4.49 times, DSCR was 1.60 times,
TD/OPBDITA was 1.78 times and NCA/Debt was 27% in FY2020. Further,
as the firm is a partnership firm and has a small net-worth base
(~Rs. 6.30 crore as on March 31, 2020), it remains exposed to the
risk of capital withdrawals by the partners.

* Intense industry competition: The competitive intensity of the
industry is high because of low capital involvement and limited
entry barriers. The presence of numerous players in the unorganised
segment, with most of them based in Gujarat and operating with low
cost structures, creates a pressure on the firm's pricing.

* Profitability susceptible to volatility in raw material prices:
Raw material price is a major component that determines the cost
competitiveness of the industry. The firm has, however, little
control over the raw material prices. Thus, the margins are
expected to remain exposed to the movements in the raw material
prices and the firm's ability to pass on any increase to its
customers.

Liquidity position: Stretched

PML's liquidity position is expected to remain stretched owing to
the impending debt repayments. Additionally, the average working
capital limit utilisation was moderate at ~62%, against sanctioned
limits, from December 2018 to May 2020.

Rating sensitivities

Positive Triggers
* Substantial growth in revenue while maintaining profitability
levels
* Strengthening of the net-worth base

Negative Triggers
* Weakening of capital structure, debt coverage indicators or
liquidity profile of the firm.

Patel Micron LLP was incorporated in October 2016 by Mr. Jayprakash
Kaila, along with 20 other partners. The key promoters, namely Mr.
Jayprakash Kaila and Mr. Pravinbhai Kaila, have adequate experience
in the ceramic industry (including trading of ceramic raw
materials). The firm manufactures china clay powder, which is used
as a raw material in the ceramic tiles industry. The firm's
facility is in Morbi and has an installed manufacturing capacity of
48,000 metric ton of china clay powder per annum.


PREETI TEXTILE: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR5.89 crore bank facilities of
Preeti Textile continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–        1.00      [ICRA]B (Stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Fund-based         4.89      [ICRA]B (Stable); ISSUER NOT
   Term Loan                    COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Non-fund based-   (4.52)     [ICRA]A4 ISSUER NOT COOPERATING;
   FLC (Sublimit                Rating continues to remain under  
   Of term loans)               'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Preeti Textile is the proprietorship concern of Mrs. Preeti
Aggarwal. However, her husband Pankaj Aggarwal mainly handles
operations. He has around 15 years of experience in the textile
industry. He is also the director of Dass Embroidery Pvt. Ltd. and
a key management personal of Dass Exports, S. G. Creations, Alfa
Machinery Traders and Dhan Darshan Creation.

PREMIER SEAFOODS: Ind-Ra Corrects June 30, 2020 Rating Release
--------------------------------------------------------------
This announcement rectifies the version published on June 30, 2020
to correctly state the rating of the term loan prior to withdrawal.


The amended version is as follows:

India Ratings and Research (Ind-Ra) has upgraded Premier Seafoods
Exim Private Limited's (PSEPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR61.9 mil. (reduced from INR73.88 mil.) Long-term loan*# due

     on June 2024 upgraded and withdrawn;

-- INR180 mil. (increased from INR111.97 mil.) Fund-based working

     capital limit upgraded with IND BB-/Stable/IND A4+ rating.

*upgraded to 'IND BB-'/Stable before being withdrawn
#Ind-Ra is no longer required to maintain the ratings, as the
agency has received a no objection certificate from the lender.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017 for credit rating agencies.

KEY RATING DRIVERS

The upgrade reflects PSEPL's revenue growth to INR1,249 million in
FY20 (FY19: INR1,099 million), owing to the receipt of higher
number of orders. The company achieved revenue of INR170 million in
2MFY21. PESPL's revenue in 1QFY21 is likely to have been affected
by the COVID-19-led lockdown. However, according to the management,
exports demand started to improve from May 2020. The scale of
operations continues to be medium. The company has outstanding
orders worth INR164.9 million in hand and expects to receive orders
worth INR700 million orders to be executed by November 2020. FY20
numbers are provisional in nature.

The company's EBITDA margins remained modest despite improving to
5.2% in FY20 (FY19: 4.8%), mainly due to lower raw material prices
and the sale of its high-margin product i.e. ready-to-cook seafood.
The return on capital employed came in at 9% in FY20 (FY19: 10%).

The ratings also factor in PESPL's modest credit metrics. The
company's net adjusted leverage (net adjusted debt/EBITDA) improved
to 3.2x in FY20 (FY19: 4.1x) and EBITDA interest cover (operating
EBITDA/gross interest expense) was stable at 3.3x (3.3x). The
improvement in the net leverage was on account of the increase in
the operating EBITDA to INR65 million in FY20 (FY19:
INR53.1million). The credit metrics are likely to remain modest in
the medium term due to the expected dip in the operating EBITDA.

Liquidity Indicator – Stretched:  PSEPL's maximum utilization of
working capital limit was 90.4% during the 12 months ended May
2020. The cash flow from operations turned negative to INR33
million in FY20 (FY19:  INR1 million), due to changes in working
capital cycle. The cash and cash equivalent of the company stood at
INR5 million at FYE20 (FYE19: INR3 million). The company's fund
flow from operations remained positive over FY15-FY20 (FY20: INR37
million; FY19: INR32 million).The net working capital cycle
stretched to 53 days in FY20 (FY19: 34 days) on fewer payable days
at 8 in FY20 (FY19: 22). PSEPL availed the Reserve Bank of
India-prescribed moratorium for a part of long-term facilities over
March-May 2020.

Moderate Geographical Concentration: PSEPL derives 100% of its
revenue from exports, especially to markets in Japan, Europe,
Vietnam, China, Korea and the Middle East. The majority of the
exports during FY20 (66%) and FY19 (62%) were to Japan. The ratings
are supported by PSEPL's promoters who have over two decades of
experience in the culturing and processing of shrimp and fish.

RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in the liquidity position leading to higher operating
EBITDA, resulting in an increased visibility of the net leverage
falling below 5x, all on a sustained basis, will lead to a positive
rating action.

Negative: Higher-than-expected deterioration in the operating
performance and/or a further stretch in the working capital cycle,
and/or concentration on single-export geography, leading to
increased visibility of deterioration in the credit metrics and
liquidity position, will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2000, PSEPL processes sea-caught and cultured
shrimps. Based in Kerala, the company has three processing units,
one each in Cochin (Kerala), Aroor (Alappuzha) and Paradip
(Odisha), with daily processing capacity of 113mt per day, of which
80% capacity is utilized. The company primarily caters to customers
in Europe, Japan and other Asian countries.


RANJAN FABRICS: ICRA Keeps B+ INR8.25cr Debt Rating in Not Coop.
----------------------------------------------------------------
ICRA said the rating for the INR8.25 crore bank facilities of
Ranjan Fabrics Private Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable);
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based–       8.25       [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Based in Bhilwara, Rajasthan, RFPL manufactures processed finished
fabric for sale under its own brand as well as for private labels.
Mr. P. M Beswal who has been in this line of business for more than
three decades promotes the company.

SANDOR LIFESCIENCES: ICRA Reaffirms B- Rating on INR35cr Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sandor
Lifesciences Private Limited, as:

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Non-Convertible        35.00      [ICRA]B- reaffirmed; Outlook
   Debenture Programme               revised to Negative from
                                     Stable

Rationale

The revision in the outlook to Negative factors in the delay in
finalising of fund-raising options towards high nonconvertible
debenture (NCD) redemption, which is due on Jan. 8, 2021. Further,
the company is in discussion with the NCD investor to seek
extension for NCD redemption and timely receipt of approvals before
the due date remains a key rating monitorable.

The rating is also constrained by the weak financial risk profile
of the company, as reflected by the declining operating income over
the past three years, operating losses, negative net worth, and
coverage indicators. The rating is also constrained by tight
liquidity position, as reflected by high utilisation of working
capital limits owing to high receivables, and high dependence on
promoters' support for debt repayments and funding of cash losses.

The rating, however, derives comfort from the long experience of
the promoters in the medical drug distribution and a reputed
customer profile with the company undertaking research works for
All India Institute of Medical Sciences (AIIMS), Council of
Scientific and Industrial Research (CSIR) and Baif Development
Research Foundation etc.

Key rating drivers and their description

Credit strengths

* Experience of promoters in the medical diagnostic industry: The
promoters have over two decades of experience in the medical
diagnostic industry and drug distribution business through the
Group company, Sandor Medicaids Private Limited (SMPL). Further,
SLPL has established relationships with research institutions,
hospitals and doctors as reflected by repeat work done for them in
the past few years. The company has a reputed customer base, which
includes AIIMS, CSIR, Baif Development Research Foundation etc.

Credit challenges

* High refinancing risk: The company had raised INR35.00 crore
through zero coupon NCDs in January 2016 to purchase a ~31% stake
in SMPL and repay promoters' unsecured loans. The NCDs are due for
redemption on January 8, 2021. As per the debenture agreement
terms, the company is obligated to redeem debentures at a premium,
which shall give the debenture holders the agreed IRR of ~22%. The
company has to pay INR94.5 crore to redeem these NCDs on the agreed
due date. However, the company is in discussion with the NCD
investor to seek extension for NCD redemption. The
timely receipt of approvals will remain a key rating monitorable in
the near term.

* Weak financial risk profile: The financial profile of the company
has been weak with the operating income declining over the last
three years coupled with continued net losses, resulting in
negative net worth. The gearing and other coverage indicators
remained weak and negative as on March 31, 2020 owing to negative
net worth, and operating losses.

* High dependence on promoters' funds: The company has high
dependence on promoter' funds for debt repayments and funding of
operating losses over the years.

Liquidity position: Poor

SLPL's liquidity is poor with low free cash balances and full
utilisation of working capital limits in the past 12 months.
Further, the company has INR94.5 crore repayment due in
January 2021 towards NCD redemption and timely receipt of approval
for extension remains crucial in the near term.

Rating sensitivities

Positive triggers - Given the Negative outlook, the rating is
unlikely to be upgraded in the near term. The outlook may be
revised to Stable if SLPL manages to raise adequate funds for its
upcoming large debt repayments in a timely manner. Any improvement
in the business profile, which can lead to improved financial
performance, will also be a positive.

Negative triggers - Pressure on SLPL's rating could arise if there
is any delay in receiving the approvals on extension for NCD
redemption.

Promoted by Mr. Rajeev Sindhi, Sandor Lifesciences Private Limited
(SLPL), provides services in medical genetics, cellular biology,
protemics, genomics etc. The company is also a provider of trained
scientists and research assistants to the Centre for DNA
Fingerprinting and Diagnostics, operated by the Department of
Biotechnology, Ministry of Science and Technology and University of
Delhi. The company also provides bio-repository services following
standard protocols for inventory and tracking solutions. Also, the
R&D department of SLPL is recognised by the Department of
Scientific and Industrial Research.

SANOOR CASHEWS: ICRA Reaffirms B Rating on INR2.0cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sanoor
Cashews (SC), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term–Fund
   Based–CC             2.00      [ICRA]B (Stable); reaffirmed

   Short term–
   Fund Based           5.00      [ICRA]A4; reaffirmed

Rationale

The rating reaffirmation of SC continues to derive comfort from the
extensive experience of the partners in the cashew processing
industry and the established distribution channel across domestic
and export markets.

The ratings also factor in the firm's long relationship with its
clients as well as suppliers for the procurement of raw cashew nuts
(RCNs). ICRA also notes the favorable domestic demand prospects for
cashew in India. However, the ratings continue to be constrained by
the small scale of operations, low value additive nature of the
business and intense competition owing to the fragmented nature of
the cashew industry. The risk arising due to the partnership nature
of operations, including the risk of capital withdrawal, also
remains a concern. Like other players in the industry, the firm's
margins are vulnerable to volatility in cashew price movements and
forex fluctuations, although the latter is mitigated to an extent
by the hedging mechanisms adopted.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that SC will continue to benefit from the extensive experience of
the partners in the cashew processing industry.

Key rating drivers and their description

Credit strengths

* Significant experience of partners in the cashew processing
industry: The firm is involved in processing RCN to kernels since
1981 and the partners have extensive experience in the cashew
processing industry, which aids in the business.

* Established relationship with suppliers - The partners have
established strong relationship with suppliers, both in the
international and domestic markets, ensuring timely receipt of
materials.

* Favorable domestic demand prospects: The consumption of cashew is
on the rise in the country, particularly as an ingredient in
various food products, supporting the long-term demand prospects
for cashew. In the domestic market, cashew kernels are fetching
higher prices than the international markets.

Credit challenges

* Modest scale of operations: The firm has a small scale of
operations in the highly fragmented cashew industry, which
restricts the benefits arising from economies of scale. Net sales
improved to INR20.0 crore in FY2020 from INR18.7 crore in FY2019.

* Revenues and margins remain susceptible to volatilities in raw
material prices and foreign exchange rates: The procurement of raw
cashew nuts is seasonal. The prices of cashew kernels and RCNs vary
on a daily basis, depending on the international demand-supply
scenario, exposing the margins of the entity to price fluctuations.
Also, the availability of RCNs is subject to agro-climatic risks.
As the firm engages in import of RCN, it remains exposed to
volatilities in foreign exchange rates as well.

* Intense competition and lack of product differentiation limit
pricing flexibility: The domestic cashew industry is fragmented
with the presence of a large number of small-scale units. Lack of
product differentiation and intense competition restrict the
bargaining position and pricing flexibility of the firm, given the
moderate scale of operations.

* Inherent risk associated with a partnership firm: SC is exposed
to the risks associated with a partnership firm, including the risk
of capital withdrawal, as witnessed in FY2020, which can adversely
impact its capital structure.

Liquidity position: Stretched

The liquidity position of Sanoor Cashews remains stretched with the
firm's high utilisation of working capital facility, at an average
of 81%, for 18- month period from December 2018 to
May 2020. With negative cash flows from operations and further
capex of INR0.70 crore, there is limited buffer to meet any
contingencies, leading to a tight liquidity position.

Rating sensitivities

Positive triggers - ICRA could upgrade the ratings of the firm if
it is able to scale up the operations, while improving its
profitability and coverage indicators. Sizeable accretion to
reserves, leading to an improvement in the net worth position can
also lead to an upgrade. Specific credit metrics would be total
debt/ OPBITDA of less than 5.0 times and interest cover of more
than 2.0 times.

Negative triggers - Pressure on the rating could arise if the
company makes losses and the net cash accruals turn negative. Any
sizeable capital withdrawals, leading to a deterioration in the net
worth position or liquidity can also be a trigger for a rating
downgrade.

Established in 1981, Sanoor Cashews (SC) is a partnership firm
managed by Mr. Ganesh N Kamath. SC processes RCNs and converts the
same into kernels and allied products like cashew nut shell liquid
(CNSL), cashew shell cakes etc. The firm imports RCN from Africa
and Indonesia, in addition to domestic purchases from Kerala,
Maharashtra and Goa. It also produces and exports desiccated
coconut powder and flakes. The firm's manufacturing facility is
located in Karkala and has an aggregate installed capacity to
process ~8 tonnes per day of RCN. The firm is ISO 9001:2015
certified.

In FY2020, on a provisional basis, the firm reported a net profit
of INR0.6 crore on an operating income of INR20.0 crore compared to
a net loss of INR2.0 crore on an operating income of INR18.7 crore
in the previous year.

SCHOOL BOOK: ICRA Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR9.00-crore bank facilities of
School Book Company Moved to 'Issuer Not Cooperating' category'.
The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         6.00      [ICRA]B+(Stable); ISSUER NOT
   Fund Based-                  COOPERATING; Rating Moved to
   Cash Credit                  issuer not cooperating category
   
   Long Term–         3.00      [ICRA]B+(Stable); ISSUER NOT
   Fund Based–                  COOPERATING; Rating Moved to
   Term Loan                    issuer not cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

School Book Company (SBC) is based in Mangalore and is engaged in
the trading of notebooks, stationary paper, the stationary items
(normally used in offices and schools) and textbooks (school and
general). It also has a digital printing solution based on demand.
The firm was established in 1922 and has a multi-storey central
warehouse in Mangalore for its trading and distribution operations,
two retail shop in Mangalore (Car Street and
KS Rao Road) and a digital printingpress. It is being managed by 10
partners of Bhandary family.

SILVERTOSS INDUSTRIES: Ind-Ra Assigns BB- Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Silvertoss
Industries Private Limited (SILVERTOSS) a Long-Term Issuer Rating
of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limits assigned with
     IND BB-/Stable rating; and

-- INR430 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SILVERTOSS's small scale of operations with
revenue of INR1,040.35 million in FY19 (FY18: INR1,309.67 million).
The revenue declined in FY19 due to the lower demand of timber
products and subdued business prospects. Moreover, Ind-Ra expects
the revenue to have declined further in FY20 as reflected from the
sales of INR527.3 million booked till end-February 2020.
SILVERTOSS's 1QFY21 revenue is likely to have been affected by the
impact of the COVID-19-led nation-wide lockdown.

The ratings are constrained by the company's weak credit metrics as
indicated by the interest coverage (operating EBITDA/gross interest
expenses) of 1.22x in FY19 (FY18: 1.57x) and net leverage (adjusted
net debt/operating EBITDA) of 4.83x (3.70x). The deterioration in
the credit metrics in FY19 was on account of the increase in the
debt levels due to the higher utilization of the working capital
limits.

Liquidity Indicator – Stretched: SILVERTOSS reported multiple
instances of over-utilization of its fund-based limits during the
12 months ended June 2020. However, the over-utilization instances
were regularized within one to two days. The company's cash flow
from operations remained negative at INR5.30 million in FY19 (FY18:
negative INR44.27 million) owing to higher working capital
requirements. SILVERTOSS's free cash flow also remained negative at
INR28.77 million in FY19 (FY18: negative INR47.89 million).
Moreover, the net cash cycle deteriorated to 172 days in FY19
(FY18: 128 days) on account of an increase in the average
receivable days to 78 (47) as the entity provides a long credit
period to its customers due to the increasing competition in the
timber industry. Furthermore, the inventory days also increased to
200 in FY19 (FY18: 182) as SILVERTOSS maintained a larger stock of
raw material to avoid any disruption in its manufacturing process.
The cash and cash equivalents stood at INR2.29 million at FYE19
(FYE18: INR1.01 million). Ind-Ra expects the liquidity position to
remain stretched over the short-to-medium term on account of higher
working capital requirements. Furthermore, the company does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

The ratings are further constrained by SILVERTOSS's modest EBITDA
margin, which marginally rose to 4.72% in FY19 from 4.30% in FY18
owing to fall in raw material cost. Its return on capital employed
was 7% in FY19 (FY18: 9%). During 11MFY20, the company booked
operating margin of 7.24%.

The ratings are, however, supported by the founders' experience of
around three decades in the business of processing, cutting and
selling of timber.

RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in the credit metrics with interest coverage above 2.0x
and improved liquidity profile will be positive rating action.

Negative: A decline in the scale of operations along with
deterioration in the credit metrics and/or deterioration in the
liquidity will be negative for the ratings.

COMPANY PROFILE

SILVERTOSS is promoted by Anand Kumar Singh. The company was
incorporated in September 2002 as Silvertoss Suppliers Pvt Ltd. It
processes, cuts and sells timber. The company also builds makes
door/window frames as per orders. SILVERTOSS also trades timber
logs and timber products. The company is part of SK Group based in
Kolkata.


STRAWBERRY CONSTRUCTIONS: ICRA Cuts Rating on INR90cr Loan to B+
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Strawberry Construction Private Limited (SCPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–         90.00     [ICRA]B+(Stable) ISSUER NOT
   Fund Based                   COOPERATING/Rating downgraded
                                from [ICRA]BB- (Stable) and
                                Continues to remain under
                                'Issuer Not Cooperating'
                                Category

Rationale

The ratings for the INR90.00 crore bank facilities of SCPL and
continues to remain under 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B+ (stable); ISSUER NOT
COOPERATING".

The Long-Term rating downgrade is because of lack of adequate
information Strawberry Constructions Private Limited's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Strawberry Constructions Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated  November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

The Mumbai-based, Strawberry Construction Private Limited (SCPL)
was incorporated on October 12, 1993. Promoted by Mr. Bharat S.
Shah, Mr. Rashesh B. Shah and Mr. Rajiv B. Shah, SCPL is engaged in
the construction and development of residential and commercial
complexes.

STRAWBERRY STUDIO: ICRA Cuts Rating on INR12.70cr LT Loan to B+
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Strawberry Studio Exports Private Limited's (SSEPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term/        12.70      [ICRA]B+ (Stable)/[ICRA]A4 ISSUER
   short term-                  NOT COOPERATING; Ratings moved to
   Fund based                   'Issuer Not Cooperating' category
                                and Long-term rating downgraded
                                from [ICRA]BB- (Stable)

   Short term         0.98      [ICRA]A4 ISSUER NOT COOPERATING;
   Non-fund                     Rating moved to 'Issuer Not
   Based                        Cooperating' category

Rationale

The long-term rating downgrade is because of lack of adequate
information on SSEPL's performance and hence the uncertainty around
its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of noncooperation by
the rated entity". The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with SSEPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

SSEPL was incorporated as a proprietorship concern for the
manufacturing of ladies and kids wear in 1996 by second generation
entrepreneur Mr. Hemant Ruparleia. Mr. Hemant had previously worked
in his father Mr. Atul Ruparleia's business at Maestro fashion. In
1999, the proprietorship was incorporated as a private limited
company and post 1999, the company shifted its focus to kids wear.
The company is engaged in the manufacturing and export of readymade
kids garments like skirts, dresses, tops etc. They deal in the
manufacturing of woven and trading of knitted garments.


TANMAY POLYFILMS: ICRA Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has continued the Long term and Short-Term ratings for the
bank facilities of Tanmay Polyfilms Private Limited to the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B-(Stable)/ [ICRA]A4 ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based–        3.00       [ICRA]B- (Stable); ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Fund-based–        3.50       [ICRA]B- (Stable); ISSUER NOT
   Term Loan                     COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Non fund based–    4.00       [ICRA]A4 ISSUER NOT
COOPERATING;
   Letter of Credit              Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Established in 1987, TPPL is primarily engaged in manufacturing of
rubber coated fabrics, rubber sheets and inflatables.  The company
has its plant in Khamgaon, Maharashtra with installed capacity of
~14 lakh meters annually. The company mainly provides cotton and
nylon rubber coated fabrics and also has facility to provide
finished end products like waterproof sheets, air pillows, water
bags etc.

UNITED SEAMLESS: ICRA Withdraws D Rating on INR289cr Loan
---------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of United
Seamless Tubulaar Private Limited (USTPL), as:

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund based/Non-        289.00     [ICRA]D/[ICRA]D ISSUER NOT
   fund Based (Long                  COOPERATING; rating
   Term/Short Term)                  Withdrawn

   Non-Convertible      1,006.50     [ICRA]D ISSUER NOT
   Debentures                        COOPERATING; rating
                                     Withdrawn

Rationale

The ratings assigned to the non-convertible debentures and bank
facilities of USTPL have been withdrawn in accordance with ICRA's
policy on withdrawal and suspension of credit rating, as the rated
instruments have been fully closed.

USTPL is involved in the manufacturing of seamless pipes with a
capacity of 350,000 MT per annum in Nalgonda district of Telangana.
The company was recently acquired by Maharashtra Seamless Limited
(rated at [ICRA]AA-(Negative)/[ICRA]A1+) under the Corporate
Insolvency Resolution Process.

VIDYUT BONDS: ICRA Reaffirms D Rating on INR589.70cr Loan
---------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Vidyut
Bonds by Transmission Corporation of Andhra Pradesh Limited (AP
TRANSCO), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bond Programme       589.70     [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation factors in the non-adherence to the
timelines prescribed in the structured payment mechanism for
servicing of Vidyut Bonds by Transmission Corporation of Andhra
Pradesh Limited (AP TRANSCO), with respect to key features such as
deposit of payments prior to the due date, leading to delays in
debt servicing. While the liabilities with respect to these Vidyut
Bonds were provisionally allocated to the two successor entities of
AP TRANSCO, i.e. Transmission Corporation of Telangana Limited (TS
TRANSCO) and AP TRANSCO (for residual Andhra Pradesh), post
bifurcation of the state of Andhra Pradesh in June 2014, the
entities have not been adhering to the terms of the bond payment
structure, leading to delays in servicing of the bonds in certain
instances. Further, ICRA takes note of the delay in finalisation of
assets and liabilities bifurcation between AP TRANSCO and TS
TRANSCO, and the susceptibility to further disputes regarding the
exact liabilities that are to be discharged by each entity.

Key rating drivers and their description

Credit strengths

* State-owned transmission utility: AP TRANSCO is the state
government owned transmission utility of Andhra Pradesh with
monopoly over power transmission operations in the state.

* Regulated operations: The operations of AP TRANSCO are regulated
and are guided by Multi Year Tariff (MYT) principles approved by
the State Electricity Regulatory Commission (SERC).

Credit challenges

* Delays in servicing of Vidyut Bonds: The AP Transco Vidyut Bonds
are serviced by Andhra Pradesh and Telangana based on provisional
bifurcation of bonds. There were delays due to non-adherence to the
structured payment mechanism, mainly with respect to deposit of
payments prior to the due date.

* Delay in finalisation of assets and liabilities apportionment
between AP TRANSCO and TS TRANSCO: Post bifurcation of Andhra
Pradesh in 2014, the assets and liabilities were bifurcated based
on the AP Reorganisation Act, 2014. However, the finalisation of
assets and liabilities apportionment among various entities in the
two states remains pending, thereby delaying the servicing of
obligations under Vidyut Bonds raised by APTRANSCO.

Liquidity position: Poor

The servicing of AP Transco Vidyut Bonds takes place via budgetary
support from the Governments of Andhra Pradesh and Telangana.
However, there has been a delay in servicing of the debt
obligations as the division of liabilities between the two states
is yet to be finalised, which consequently delayed the receipt of
funds for servicing of these bonds.

Rating sensitivities

Positive triggers – ICRA could upgrade the long-term rating if
the company demonstrates timely payment of debt servicing as per
the payment structure agreed with the bond holders.

AP Transco was incorporated in 1998, after the first transfer
scheme of State Electricity Reform Act for unbundling of erstwhile
Andhra Pradesh State Electricity Board into two entities, Andhra
Pradesh Power Transmission Corporation Limited and Andhra Pradesh
Power Generation Corporation Limited (APGENCO). As per the
Electricity Act, 2003, "Transcos" are not allowed to trade in
power, thus necessitating separation of trading and transmission
functions. Currently, AP Transco is involved in transmission and
state load dispatch-center activities. Post bifurcation of Andhra
Pradesh in June 2014, the entity was bifurcated into two entities,
namely TS Transco and AP Transco (for residual Andhra Pradesh).

VIJAI MARINE: ICRA Lowers Rating on INR5.40cr Cash Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Vijay
Marine Services (VMS), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        5.40      [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                  COOPERATING/Rating downgraded
                                from [ICRA]BB+ (Stable) and
                                Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Non Fund          20.00      [ICRA]A4 ISSUER NOT COOPERATING/
   based-Bank                   Rating Guarantee downgraded from
                                [ICRA]A4+ and Continues to remain
                                under 'Issuer Not Cooperating'
                                category

   Non Fund         (5.00)      [ICRA]A4 ISSUER NOT COOPERATING/
   based-Letter                 Rating Credit (Sublimit of bank
   of Credit                    downgraded from [ICRA]A4+ and
                                Continues to guarantee) remain
                                under 'Issuer Not Cooperating'
                                category

Rationale

The ratings for the INR25.40 crore bank facilities of VMS
Downgraded and continues to remain under 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+ (stable)/[ICRA]A4;
ISSUER NOT COOPERATING.

The Long-Term rating downgrade is because of lack of adequate
information Vijai Marine Services's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity".  The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Vijai Marine Services, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Vijay Marine Services (referred as VMS or the firm) was set up in
the year 1985 by Mr. Jairam Dialani as a proprietorship firm. The
firm started with ship repair works and gradually expanded its
activities to ship design and building. The firm has two shipyards
of 30,000 sq. meter and 3,000 sq. meter area, both located on the
banks of Zuari river. The firm carries out construction of vessels
from the larger shipyard and the smaller shipyard is utilized for
carrying out repair works. Both the yards comply with ISO 9001:2008
certifications of the IRQS (Indian Register of Quality Systems).
VMS mainly deals in design and manufacture of all types of marine
vessels, specifically built to client's requirements, mainly for 2
harbour/offshore support vessels, passenger and/or cargo vessels
for inland & coastal operations having maximum length of about 85
Meters.

WELCOME DISTILLERIES: ICRA Keeps B+ Debt Ratings in Not Coop
------------------------------------------------------------
ICRA said the rating for the INR32.00 crore bank facilities of
Welcome Distilleries Pvt. Ltd. continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund Based–       15.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Fund Based–        1.80       [ICRA]B+ (Stable) ISSUER NOT
   Stand by line                 COOPERATING; Rating continues
   of credit                     to remain under 'Issuer Not
                                 Cooperating' category

   Non Fund Based–    2.00       [ICRA]A4 ISSUER NOT
COOPERATING;
   Bank Guarantee                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Untied Limits     13.20       [ICRA]B+ (Stable)/[ICRA]A4
                                 ISSUER NOT COOPERATING; Rating
                                 continues to remain in the
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in 1986, Welcome Distilleries Private Limited (WDPL)
is promoted by Chhattisgarh-based Jaiswal family. The company is
involved in distillery business and operates a molasses/grain-based
distillery unit to manufacture RS, CL, ENA and IMFL. The
manufacturing facility of the company is located in Bilaspur
district of Chhattisgarh with an installed capacity of 60 kilo
litres per day (KLPD). The company had set up a unit at Rohtas,
Bihar for processing and packaging of country liquor, which became
operational in March 2015.



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

BANK BUKOPIN: Inches Closer to Solving Liquidity Problems
---------------------------------------------------------
The Jakarta Post reports that publicly listed Bank Bukopin is
inching closer to solving its liquidity problem amid reports that
customers are facing difficulties withdrawing their funds, sparking
concerns over the bank's health.

According to the Jakarta Post, the Financial Services Authority
(OJK) said in a statement on June 30 that it had approved the
shareholders' plan to inject more capital through a rights issue
after a series of leaked documents exposed commotion among
Bukopin's shareholders. The plan was actually approved during a
shareholders meeting on Oct. 24, 2019.

"We support Bank Bukopin's corporate action to restore its
customers' and the public's trust, especially regarding the bank's
services in the future," the OJK said in the statement, the Jakarta
Post relates.

The report says the approval also paved the way for South Korea's
KB Kookmin Bank to become Bank Bukopin's controlling shareholder.

"We are grateful for the shareholders' and the regulators' support
since the start of this capital injection process," the reort
quotes Bukopin president director Rivan Purwantono as saying in the
statement.

Bukopin has faced problems at a time when the country's banking
industry is experiencing slumping loan growth due to cooling
economic activity during the COVID-19 pandemic, the report notes.

Loan disbursement grew 5.7% annually in April, slowing from 7.9% in
March, the report discloses citing Bank Indonesia (BI) data.  At
the same time, third party funding expanded 8.08% year-on-year
(yoy), also cooling from 9.54% annual growth in March.

In June, media outlets reported that Bank Bukopin's customers were
seen lining up for hours just to withdraw or transfer money at the
bank's branch offices, the Jakarta Post recalls. Other customers
took to social media to complain that they could not withdraw money
from their accounts.

It was later revealed that the bank was limiting daily withdrawals
and requiring customers seeking to make withdrawals of more than
IDR10 million (US$692.98) to contact the bank two days prior.

The Jakarta Post relates that Bank Bukopin later issued a
statement, explaining the withdrawal limits at several branches
were "situational" so that the bank could still allow customers to
make transactions.

"This is an adjustment that we need to make and management will
continue to inform our customers," the bank said in a statement to
the Indonesia Stock Exchange (IDX) on June 25.

According to the report, the measure was taken because the bank's
consolidated short-term liquidity coverage, known as the liquidity
coverage ratio (LCR), stood at 112.03% in the first three months of
the year, while its consolidated long-term liquidity coverage,
known as the net stable funding rate (NSFR), stood at 100.31%.

Both figures were nearing the OJK's minimum threshold of 100%.

However, the OJK has since lowered the threshold to 85% for BUKU
III category banks--banks with core capital between IDR5 trillion
to IDR30 trillion, such as Bukopin--to stimulate the banking
industry amid the COVID-19 pandemic, the report states.

Meanwhile, the bank's loan-to-deposit ratio (LDR) stood at 90.92%
in the first quarter of this year, below the 92% maximum threshold
set by Bank Indonesia (BI). The figure, however, was significantly
higher than the 85.1% recorded in the first quarter of last year.

This situation triggered panic among some customers, with many
rushing to take their money out of the ailing bank, the Jakarta
Post notes.


PAN BROTHERS: Moody's Cuts CFR to B3, Outlook Negative
------------------------------------------------------
Moody's Investors Service has downgraded Pan Brothers Tbk (P.T.)'s
corporate family rating to B3 from B2.

At the same time, Moody's has downgraded to B3 from B2 the senior
unsecured rating on the 2022 notes issued by a wholly owned
subsidiary of Pan Brothers, PB International B.V., and guaranteed
by Pan Brothers and all of its subsidiaries.

The outlook on the ratings remains negative.

RATINGS RATIONALE

"The downgrade to B3 reflects the continued uncertainty with
respect to the refinancing of Pan Brothers' upcoming debt
maturities, including its fully drawn revolving credit facility,"
says Stephanie Cheong, a Moody's Analyst.

The company has a large amount of debt maturing over the next 12-18
months, including a $138.5 million revolving credit facility due
February 2021 and $171 million of senior unsecured notes due
January 2022.

"While the company is currently negotiating refinancing
arrangements for its revolving credit facility, a firm agreement is
not yet in place and so the timing of the execution of its plans
remains uncertain," adds Cheong, who is also Moody's Lead Analyst
for Pan Brothers, "Even assuming the company refinances the
revolving credit facility, refinancing risk will remain high given
the bond maturity in January 2022".

Pan Brothers liquidity is thin, with a cash balance of $39 million
and no availability under its $138.5 million revolving credit
facility as of March 31, 2020. Moody's expects the company to have
negative free cash flow through 2020-2021, meaning it will be
reliant on external funding to address its near-term debt
maturities.

Pan Brothers' liquidity buffer fluctuates as a result of its highly
seasonal working capital needs. While working capital tends to
unwind in the second half of the year, any unexpected delays in
orders or customer receivables, which could arise because of the
unpredictable nature of the current operating environment, will
pressure its already tight liquidity position.

Pan Brothers is exposed to the retail industry which has been
significantly affected by the coronavirus outbreak given its
sensitivity to demand and sentiment.

Nevertheless, Moody's expects Pan Brothers' earnings to remain flat
in 2020, given the company's ability to pivot its production to
other revenue channels, such as the production of masks and medical
jumpsuits, which will offset expected declines in its fashion
apparel sales.

However, higher debt levels as a result of increased working
capital needs will likely weaken its debt/EBITDA and EBITA/interest
expense to 5.2x and 1.8x respectively in 2020.

The outlook remains negative reflecting high refinancing risk and
weak liquidity.

In terms of environmental, social and governance factors, Moody's
has considered the governance risk stemming from Pan Brothers'
concentrated ownership by Ludijanto Setijo and Anne Patricia
Sutanto, who hold President and Vice President positions
respectively on the Board of Directors, with effective 22.88% and
9.09% respective stakes in the company.

These governance concerns are partially balanced by the presence of
two independent commissioners on its three-member board of
commissioners, and by the company's track record of a prudent
dividend policy and strong shareholder support.

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

Given the negative outlook, Moody's is unlikely to upgrade Pan
Brothers' ratings over the next 12-18 months. Nevertheless, the
outlook could return to stable if the company refinances and
extends its $138.5 million revolving credit facility as well as its
$171 million 2022 bond, and materially strengthens its liquidity
position, with its financial metrics remaining within its current
B3 rating parameters.

Moody's could further downgrade the ratings if Pan Brothers fails
to address its upcoming debt maturities, or if the negative impact
on revenues and working capital becomes more severe than currently
expected, such that its financial leverage exceeds 6.5x and
EBITA/interest falls below 1.0x over a prolonged period.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Pan Brothers Tbk (P.T.) is the largest listed manufacturer of
garment products in Indonesia, with a total production capacity of
117 million pieces of garments per year at March 31, 2020.

The company employs around 38,000 people across 12 manufacturing
locations in west and central Java.

Pan Brothers generated approximately $674 million in revenue for
the 12 months ended March 31, 2020.



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

NISSAN MOTOR: Secures JPY832.6 Billion to Shore Up Cash Position
----------------------------------------------------------------
Reuters reports that Nissan Motor Co has raised JPY832.6 billion in
financing from its creditors since April as it tries to shore up
its cash position in the face of falling sales due to the
coronavirus pandemic, its latest annual securities report showed.

In a filing to Japanese financial authorities on July 6, the
automaker said it had raised a total of JPY832.6 billion ($7.8
billion), including JPY712.6 billion announced in late May to
respond to the novel virus, Reuters relates.

According to Reuters, Japan's No. 2 automaker is struggling to
recover profitability after posting its first annual loss in 11
years, suffering from falling sales, a tarnished image and a
deteriorating cash position even before the virus outbreak sapped
global demand for cars.

Under new Chief Executive Makoto Uchida, Nissan has pledged to cut
JPY300 billion from its fixed costs over the next four years, by
slashing its production capacity and vehicle model range by around
one fifth.

Unveiling its recovery plan in late May, Mr. Uchida said improving
cash flow would be Nissan's biggest challenge, though the company
expected to have positive free cash flow in the second half of the
current financial year, compared with a negative JPY641 billion in
the year to March, Reuters relates.

In addition to the secured funding, Nissan has said it has JPY1.1
trillion in net cash in its automotive business, and credit lines
of up to JPY1.3 trillion.

But the company has acknowledged that more funding might be needed
to cushion the blow of the coronavirus if it continues to weigh on
sales in the coming months, Reuters says.

Nissan posted a 40% year-on-year fall in global vehicle sales
during the March-May period, when global automakers shuttered most
of their vehicle plants and car dealerships were closed to stem the
spread of the virus, the report notes.

                         About Nissan Motor

Nissan Motor Company Ltd, usually shortened to Nissan, is a
Japanese multinational automobile manufacturer headquartered in
Nishi-ku, Yokohama, Japan.

As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2020, Egan-Jones Ratings Company, on April 6, 2020, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by Nissan Motor Co., Ltd. to BB from BBB.



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

HYFLUX LTD: Ascendas Reit Not Proceeding with Moratorium Carve-Out
------------------------------------------------------------------
Vivienne Tay at The Business Times reports that Ascendas Real
Estate Investment Trust (Ascendas Reit) has informed the Singapore
High Court that it is "not presently proceeding" with its
application to be carved out of Hyflux Ltd's debt moratorium, the
troubled water treatment firm said on July 2.

According to the report, Hyflux's update followed a pre-trial
conference in the morning, which saw the High Court setting out
some revised dates for parties to file and serve affidavits and any
submissions ahead of the July 27 hearing.

On July 27, Justice Aedit Abdullah will hear the applications by an
unsecured working group (UWG) of banks and by ESR-Reit to be carved
out of the moratorium. The UWG comprises Mizuho, KfW, Bangkok Bank,
BNP Paribas, Standard Chartered Bank, CTBC Bank and Korea
Development Bank, BT discloses.

According to Hyflux's update on July 2, the court has directed
Hyflux and other creditors, if any, to file and serve their
unredacted substantive reply affidavits on the UWG's application by
July 11, BT relays. Hyflux must also file and serve its unredacted
substantive reply affidavit on ESR-Reit by that date.

By July 12, Hyflux and other creditors, if any, are to serve their
redacted substantive reply affidavits on the creditors and other
interested parties, relates BT.

ESR-Reit and the UWG will file and serve their respective
unredacted response affidavits by July 21.

If a carve-out is approved, the UWG plans to file an application to
appoint judicial managers to oversee Hyflux in place of the present
management, BT adds.

Hyflux's debt moratorium has been extended till July 30.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, WongPartnership applied to discharge themselves due to
difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to Reuters.

ZENROCK COMMODITIES: Said to Be Winding Down by August
------------------------------------------------------
Serene Cheong and Alfred Cang at Bloomberg News report that ZenRock
Commodities Trading Pte Ltd. has plans to wind down its business,
with employees across offices in the city-state and China set to
depart by August, according to people with knowledge of the
matter.

ZenRock Commodities is among a handful of trading houses in the
spotlight after oil's historic plunge earlier this year, which has
sparked feuds with international lenders and accusations of
dishonest deals in Asia's commodities hub, Bloomberg says.

Bloomberg relates that the company is expected to hand over
responsibilities to a judicial manager, said the people, who asked
not to be identified as the information is private. KPMG LLP was
named interim judicial manager in May, just as ZenRock was raided
by police following the allegations it used the same oil cargo to
obtain more than one bank loan, according to court documents seen
by Bloomberg.

Those accusations form part of its tussle with HSBC Holdings Plc,
which has an exposure of almost $49 million to the trader,
Bloomberg notes. The company owed more than $166 million to six
lenders as of April 17. It traded more than 15 million tons of oil
and petroleum products last year and posted a revenue of $6.15
billion in 2018, compared with $1.24 billion in 2016, based on
information on the website of Singapore's accounting regulator.

ZenRock was established in Singapore in 2014 by a group of veteran
oil traders including Xie Chun and Tony Lin. Xie used to work for
Unipec, the trading arm of Chinese state-owned oil refining giant
Sinopec, and Lin was previously at Vitol SA, the world's biggest
independent oil trader. The company had about 100 employees
globally, with about 60 of those based in Singapore. More than half
of its staff has already departed in recent weeks, according to one
of the people, Bloomberg relays.

According to Bloomberg, lenders such as HSBC, Natixis SA and CIMB
Group Holdings Bhd. and Singapore-based banks have found themselves
with sizable exposures to failed oil traders, including Hin Leong
Trading (Pte) Ltd., which was the biggest financial scandal to hit
the city-state in years.

Bloomberg relates that the plunge in crude prices prompted
creditors to seek more cash as the value of collateral shrunk,
which only brought more issues to the surface when companies
struggled to pay up. Banks have reduced credit lines and become
more cautious when financing commodity trades as a result, a move
that will hurt companies involved in the high-capital, low-yield
business of oil trading.

                    About ZenRock Commodities

Singapore-based ZenRock Commodities trades crude, oil products and
petrochemicals.  ZenRock has offices in Singapore, Shanghai and
Geneva.  The company was founded in Singapore in 2014 by a group of
veteran oil traders, including Xie Chun, formerly from Unipec, and
Tony Lin, formerly Vitol SA's China head.

Zenrock Commodities Trading Pte Ltd has been placed under the
management of a court-appointed supervisor following an application
by HSBC Holdings, the bank told Reuters on May 8, 2020.


                           *********


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
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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.



                *** End of Transmission ***