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

                     A S I A   P A C I F I C

          Friday, July 10, 2020, Vol. 23, No. 138

                           Headlines



A U S T R A L I A

AUSTRALIAN TECHNOLOGY: S&P Withdraws B- LT Issuer Credit Rating
CORONADO GLOBAL: S&P Downgrades ICR to B, On Watch Negative
CRYSTAL BLUE: Second Creditors' Meeting Set for July 21
EMPIREAL LTD: Second Creditors' Meeting Set for July 16
LJ HOOKER: US Billionaire Eyes AUD35MM Investment

LJX PTY: Second Creditors' Meeting Set for July 16
M8SRATES HOLDINGS: First Creditors' Meeting Set for July 16
MONSTER APPLIANCES: First Creditors' Meeting Set for July 17
ROADKNIGHT MOTELS: First Creditors' Meeting Set for July 17
SAPPHIRE XXIII 2020-1: S&P Assigns B (sf) Rating to Cl. F Notes

SWEET LIFE: Second Creditors' Meeting Set for July 16
WALKER.1 PTY: Second Creditors' Meeting Set for July 16


C H I N A

BRIGHT SCHOLAR: Fitch Affirms BB- LT IDR, Outlook Stable
CAR INC: S&P Places CCC Long-Term ICR on CreditWatch Positive
CBAK ENERGY: Centurion ZD Raises Going Concern Doubt
CBAK ENERGY: Incurs $2.35 Million Net Loss in First Quarter
CHINA PHARMA: Says Substantial Going Concern Doubt Exists

DATASEA INC: Has $557,000 Comprehensive Loss for March 31 Quarter
FANTASIA HOLDINGs: Fitch Affirms B+ LT IDR, Outlook Stable
GREENTOWN CHINA: Moody's Rates New USD Sr. Unsec. Debt Ba3
KAISA GROUP: Fitch Assigns B Rating to New USD Sr. Unsec. Notes
KAISA GROUP: Moody's Puts B2 Sr. Unsec. Rating to New USD Notes

LUCKIN COFFEE: Probe Says Chairman Knew of Fabricated Transactions
YANGO JUSTICE: Moody's Puts B2 Sr. Unsec. Rating to New USD Notes


H O N G   K O N G

ANDO HOLDINGS: Has $46,000 Comprehensive Loss for March 31 Quarter
GREENPRO CAPITAL: Needs More Cash to Remain as a Going Concern
STUDIO CITY: Moody's Hikes Sr. Unsec. Ratings to B1, Outlook Neg
STUDIO CITY: S&P Rates New USD Sr. Unsec. Notes BB-, on Watch Neg.
ZZLL INFORMATION: Lo and Kwong CPA & Co Raises Going Concern Doubt



I N D I A

ACCURA SPINTEX: CRISIL Reaffirms B+ Rating on INR14.50cr LT Loan
AGARWAL RUBBER: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
ANUBHA INDUSTRIES: Ind-Ra Keeps BB+ Rating, Outlook Negative
AVADH INFRA: CRISIL Keeps B+ INR25cr Debt Rating in Not Cooperating
AZURE POWER: Fitch Affirms BB- Rating on $500MM Sr. Notes

BAVA INFRASTRUCTURE: CRISIL Assigns B Rating to INR11cr Cash Debt
BHAGWAT PRINTING: CRISIL Assigns B+ Rating to INR9cr Cash Loan
CASABLANCA MULTIVENTURES: Ind-Ra Affirms D Issuer, Non Coop. Rating
ELLJAY TEXTILES: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
EXTOL EDUCATION: Ind-Ra Lowers Bank Loan Rating to D

GRANDCITY HOSPITALITY: CRISIL Moves D Debt Ratings to Not Coop.
JAWAHAR SAHAKARI: CRISIL Lowers Rating on INR23.5cr Loan to B+
JEEVAN MATA: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
JOY COFFEE: CRISIL Reaffirms B+ Rating on INR13cr Secured Loan
MUMBAI INT'L. AIRPORT: Ind-Ra Cuts Bank Loan Rating to B, Keeps RWN

NAMASTE EXPORTS: CRISIL Reaffirms B- Rating on INR5.5cr Loan
PATEL MOTORS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Negative
PLAZMA GRANITO: CRISIL Hikes Rating on INR20cr Term Loan to B+
PLK MANUFACTURING: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
PUMA HOSIERY: CRISIL Assigns B Rating to INR1.52cr Term Loan

RAGHAVENDRA POULTRY: CRISIL Moves D Debt Ratings to Not Coop.
RAJALAKSHMI POULTRY: CRISIL Moves D Debt Ratings to Not Coop.
RAJHANS INFRATECH: CRISIL Moves D INR16cr Debt Rating in Not Coop
RARE ROCKS: CRISIL Migrates B+ Debt Rating from Not Cooperating
RASAPOORNA FOODS: CRISIL Assigns B Rating to INR8.5cr Loan

RAVIRAJ FOILS: Ind-Ra Withdraws BB+ Issuer Non-Cooperating Rating
RJ CYLINDER: CRISIL Lowers Rating on INR7.72cr Loan to B+
SB ENERGY: Fitch Assigns BB-(EXP) Rating to New $600MM Notes
SHARVI AGRO: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
SHIMLA TOLLS: CRISIL Migrates D Debt Ratings to Not Cooperating

SHREE SAIRAM: CRISIL Moves B+ Rating on INR9.5cr Loan to Not Coop.
SRI KPR INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to B+
SRI KPR INFRA: Ind-Ra Lowers Long Term Issuer Rating to B+
STAR REALCON: CRISIL Migrates D Debt Ratings to Not Cooperating
SUSEE PREMIUM: CRISIL Migrates B Debt Ratings to Not Cooperating

SUTARIYA GEMS: CRISIL Reaffirms B+ Rating on INR10cr Cash Loan
SWARNA CONSTRUCTIONS: CRISIL Moves B- Debt Ratings to Not Coop.
TECHNO FORGE: Insolvency Resolution Process Case Summary
TILAK EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
TUMMALA INFRASTRUCTURE: CRISIL Assigns B Rating to INR69cr Loan

VASAVI THANGA: CRISIL Moves B Rating on INR7cr Debt to Not Coop.
VEERA BRAHMENDRA: CRISIL Moves C Debt Ratings to Not Cooperating
VELKAR ENGINEERING: CRISIL Keeps B- Debt Ratings in Not Coop.
VISTA PHARMACEUTICALS: Ind-Ra Lowers LT Issuer Rating to D
VODAFONE IDEA: Ind-Ra Keeps B LT Issuer Rating on RWN

VTC KANYAKUMARI: CRISIL Moves B Debt Ratings to Not Cooperating


I N D O N E S I A

MODERNLAND REALTY: Fitch Downgrades LT Issuer Default Rating to C
MODERNLAND REALTY: Moody's Downgrades CFR to Ca, Outlook Negative
MODERNLAND REALTY: S&P Cuts Issuer Credit Rating to SD


M A L A Y S I A

AIRASIA GROUP: In Talks to Secure Funding of Over $230 Million


N E W   Z E A L A N D

MTF RAMBLER 2019: Fitch Affirms BB+sf Rating on Class E Notes
RIO TINTO: To Close NZ Aluminium Smelter, 1,000 Jobs to Go


S I N G A P O R E

HIN LEONG: Restructuring Proposed for Ocean Tankers Unit
KRISENERGY LTD: Extends Restructuring Completion Date in Loan Deal


S O U T H   K O R E A

EMARINE GLOBAL: Turner Stone & Co LLP Raises Going Concern Doubt

                           - - - - -


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

AUSTRALIAN TECHNOLOGY: S&P Withdraws B- LT Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings said that it has withdrawn its 'B-' long-term
issuer credit rating on Australian Technology Innovators Pty Ltd.
at the issuer's request. The outlook at the time of withdrawal was
stable. S&P also withdrew its 'B-' and 'CCC' issue ratings on the
company's term loans.


CORONADO GLOBAL: S&P Downgrades ICR to B, On Watch Negative
-----------------------------------------------------------
On July 7, 2020, S&P Global Ratings lowered its long-term issuer
credit rating on Australia-based metallurgical (met) coal company
Coronado Global Resources Inc. to 'B' from 'B+'. S&P also placed
the ratings on CreditWatch with negative implications.

S&P said, "We lowered the rating on Coronado to reflect our view
that lower prices and sales volumes will weaken Coronado's credit
metrics in the year ending Dec. 31, 2020. That's because we expect
coal markets to remain challenged in 2020 due to the fallout of the
COVID-19 pandemic on global industrial activity and the subsequent
global economic recession. EBITDA will likely fall substantially in
2020 with average realized met coal prices 35%-40% below 2019
levels. In addition, sales volumes will be lower compared with that
in 2019 due to operational issues at the Curragh coal mine,
Queensland, in the first quarter and lower export volumes from the
U.S.

"Our forecast incorporates a recovery in 2021 with volumes in
Coronado's met coal sales recovering close to 2019 levels. In
addition, we assume met coal prices (free-on-board basis) will
rebound to about US$160 per ton (/t). As a result, we expect
adjusted debt to EBITDA to exceed 5x for 2020, and then falling to
about 2x in 2021. That said, there remains material uncertainty
around the timing and pace of recovery, with Coronado having
limited operational or financial flexibility to respond should coal
prices remain persistently low.

"While management has taken actions to preserve cash, we anticipate
Coronado's free operating cash flows are likely to be negative for
fiscal 2020. In our view, recent actions taken to reduce
noncritical cash outflows such as temporarily idling U.S.
operations has somewhat supported cash flow from operations while
prices were depressed through the first half of 2020. However, even
with the company's 40% reduction in capital expenditure (capex) for
fiscal 2020, we anticipate that free operating cash flows and
discretionary cash flow are likely to be negative, and therefore,
constrain debt reduction for the period. In addition, we understand
that the company could pursue the deferred Curragh mine expansion
plans if the external operating environment improves, and note that
there is some flexibility in the timing of this expansion. The risk
of negative free operating cash flow will likely increase if the
company chooses to proceed with expansion plans without a material
end-market recovery.

"In our view, the company's shareholder-friendly actions over the
past 18 months have increased its debt burden as the pricing
environment weakened. While the rating can accommodate shareholder
returns in the normal course of operations, our expectations for
Coronado as a majority financial sponsor-owned entity was that any
distributions would not compromise its longer term financial
health. Coronado's total distributions of about US$720 million
since its initial public offering in October 2018, has resulted in
a heavy debt burden as prices weakened. We now believe that
Coronado is unlikely to be able to adhere to its conservative 0.5x
leverage target (net debt to EBITDA) through industry cyclicality
in the medium term.

"Relative to peers, Coronado's higher fixed cost base and
break-even cost positions have weighed on its earnings generation
in the lower pricing environment. Coronado's ability to generate
free cash in a lower pricing environment is constrained when we
consider all-in sustaining costs (including royalties, rebates,
transportation costs, and stay-in business capex). Even under most
reasonable market conditions consistent with a longer term
benchmark average price, we do not believe EBITDA margins could
sustain above 35%. In our view, this will likely limit the
portfolio's operating efficiency until the Curragh mine expansion
plan is complete and Coronado achieves the benefits of increased
production tonnage and associated lower Stanwell rebates."
Furthermore, in the longer term, some of these fixed obligations
will disappear when the existing coal supply agreement with
Stanwell expires.

Coronado's reduced sources of liquidity (as of March 31, 2020) may
limit its ability to manage disruptions over the next 12 months. In
the first quarter, the company's potential sources of liquidity
reduced by about US$133 million to US$113 million (US$18 million
cash, and US$95 million undrawn revolving credit facility as of
March 31, 2020, availability is subject to conditions outlined in
the waiver letter). This was driven by increased negative working
capital movements (largely receivables), capex, and payment of
dividends. However, S&P expects the company to see some operating
cash flow relief in the second quarter due to the temporary idling
of U.S. mines during April 2020 to May 2020 and liquidation of
inventory to meet sales contracts of these mines.

The company's financial covenant waivers for its syndicated
facility agreement until Feb. 28, 2021, will alleviate risks of a
covenant breach. S&P said, "In our opinion, the decision to seek
certain waivers, as set out in the waiver letter, is prudent and
necessary given the likely breach of covenants based on our
forecasts for fiscal 2020. Nevertheless, we believe there is a risk
of covenant breaches beyond Feb. 28, 2021 if market conditions do
not materially improve. In the event of reduced covenant headroom
beyond the waiver period, we would not assume future waivers to be
available in our base case."

The CreditWatch negative placement reflects the risk that the
external operating environment will not materially improve over the
next quarter, pressuring the group's liquidity and access to
funding markets. The CreditWatch placement incorporates S&P's
expectation that the group will actively pursue measures to remedy
any liquidity shortfall within a timely manner.

S&P said, "We could lower the rating if we anticipate that
persistently weak market conditions will continue to strain the
group's liquidity position, including covenant headroom into 2021.
We could also lower the rating if funding markets are not
supportive of the group's recapitalization, should it become
necessary.

"We could affirm the rating with a stable or negative outlook if a
broader market recovery is of sufficient scale to generate positive
free operating cash flow, stabilize the company's liquidity
position, and facilitate a clear deleveraging path."

CRYSTAL BLUE: Second Creditors' Meeting Set for July 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of Crystal Blue
Group Pty Ltd has been set for July 21, 2020, at 11:00 a.m. The
meeting will be held virtually via Zoom.

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 20, 2020, at 5:00 p.m.

David James Hambleton of Rodgers Reidy was appointed as
administrator of Crystal Blue on June 16, 2020.


EMPIREAL LTD: Second Creditors' Meeting Set for July 16
-------------------------------------------------------
A second meeting of creditors in the proceedings of Empireal Ltd
and LJX Holdings Pty Limited has been set for July 16, 2020, at
11:30 a.m. via teleconference.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 15, 2020, at 4:00 p.m.

Ryan Eagle, Philip Quinlan and Amanda Coneyworth of KPMG were
appointed as administrators of Empireal Ltd and LJX Holdings on
June 11, 2020.

LJ HOOKER: US Billionaire Eyes AUD35MM Investment
-------------------------------------------------
Elite Agent reports that US billionaire Michael Fuchs has his
sights on the Australian market, with plans to inject AUD35 million
equity into LJ Hooker.

In 1991, New York-based Mr. Fuchs and a childhood friend foundered
RFR Holdings, a real estate portfolio now worth north of AUD20
billion, Elite Agent discloses.

Their assets include the Seagram Building, the Chrysler Building,
and Hotel Paramount in Manhattan, Dexter Station in Seattle, and
The Jaffa Residences in Tel Aviv.

Now, he is looking to inject AUD35 million equity into LJ Hooker,
which, along with a AUD34 million loan from existing lender ICG,
will allow the business to recapitalize, Elite Agent states.

According to Elite Agent, the proposed investment from Mr. Fuchs
comes after he first bought into LJ Hooker in 2009.

He was one of a high profile consortium that included Janusz
Hooker, grandson of founder Sir Leslie Hooker, who bought the
business from Suncorp for AUD67 million.

In 2015, Mr. Hooker bought out numerous shareholders, including
RAMS founder, John Kinghorn, former LJ Hooker chairman, Greg
Paramor, and property developer Syd Fischer, staking a bigger claim
in the family business, recalls Elite Agent.

At the time, then-chief executive Grant Harrod said, "the
company’s ownership now rests with a tight group of investors who
are each strategically valuable to the company".

Network Chief Graeme Hyde will lead the rebuilding of the company,
which was founded in Maroubra, NSW, in 1928.

According to Property Observer, LJ Hooker has appointed KPMG to
help restructure the group via a voluntary administration process.

Property Observer relates that LJ Hooker chairman Janusz Hooker has
sought out three KPMG accountants as administrators to five known
LJ Hooker entities.

It came as LJ Hooker Group's directors reportedly seek to
recapitalise the wider business with fresh funds, along with a wish
to simplify its operations and carry less debt, Property Observer
states.

Philip Alexander Quinlan and Amanda Goni Coneyworth of KPMG were
appointed as administrators of Empireal Ltd, LJX Pty Limited; LJX
Holdings Pty Limited, LJHRES Holdings Pty Limited and LJH RES Ltd
on June 11, 2020.

LJX PTY: Second Creditors' Meeting Set for July 16
--------------------------------------------------
A second meeting of creditors in the proceedings of LJX Pty Limited
has been set for July 16, 2020, at 11:00 a.m. via teleconference.


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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 15, 2020, at 4:00 p.m.

Ryan Eagle, Philip Quinlan and Amanda Coneyworth of KPMG were
appointed as administrators of LJX Pty on June 11, 2020.

M8SRATES HOLDINGS: First Creditors' Meeting Set for July 16
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of m8srates
Holdings Pty Ltd, trading as MoneyLoop, will be held on July 16,
2020, at 11:00 a.m. via teleconference facilities.

John McInerney and Said Jahani of Grant Thornton Australia Limited
were appointed as administrators of m8srates Holdings on July 6,
2020.

MONSTER APPLIANCES: First Creditors' Meeting Set for July 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Monster
Appliances Pty Ltd will be held on July 17, 2020, at 10:00 a.m. via
teleconference facilities.

Andrew Reginald Yeo and Gess Michael Rambaldi of Pitcher Partners
were appointed as administrators of Monster Appliances on July 7,
2020.

ROADKNIGHT MOTELS: First Creditors' Meeting Set for July 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Roadknight
Motels Pty Ltd in its own right and ATF Roadknight Motels Unit
Trust will be held on July 17, 2020, at 10:00 a.m. The meeting of
creditors will be held virtually.

David Coyne of BRI Ferrier was appointed as administrator of
Roadknight Motels on July 8, 2020.

SAPPHIRE XXIII 2020-1: S&P Assigns B (sf) Rating to Cl. F Notes
---------------------------------------------------------------
S&P Global Ratings assigned ratings to eight classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Sapphire
XXIII Series 2020-1 Trust. Sapphire XXIII Series 2020-1 Trust is a
securitization of nonconforming and prime residential mortgages
originated by Bluestone Group Pty Ltd. and Bluestone Mortgages Pty
Ltd. (collectively Bluestone).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread.

-- The underwriting standards and centralized approval process of
the seller, Bluestone.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.0% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Commonwealth Bank of Australia to hedge the mismatch
between receipts on the fixed-rate mortgage loans and the
variable-rate RMBS.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears. S&P said, "We have recently updated our outlook
assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. We
have also applied a range of additional stresses in our analysis to
assess the rated notes' sensitivity to liquidity stress and the
possibility of higher arrears." As of June 30, 2020, borrowers with
COVID-19-related hardship arrangements make up 8.19% of the pool
balance.

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

  RATINGS ASSIGNED

  Sapphire XXIII Series 2020-1 Trust

  Class      Rating         Amount (mil. A$)
  A1S        AAA (sf)        70.00
  A1L        AAA (sf)       175.00
  A2         AAA (sf)        61.25
  B          AA (sf)         15.75
  C          A (sf)          10.50
  D          BBB (sf)         7.00
  E          BB (sf)          2.45
  F          B (sf)           3.50
  G1         NR               2.45
  G2         NR               2.10

  NR--Not rated.


SWEET LIFE: Second Creditors' Meeting Set for July 16
-----------------------------------------------------
A second meeting of creditors in the proceedings of The Sweet Life
Farms Australia Pty Ltd has been set for July 16, 2020, at 11:00
a.m. via virtual facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 15, 2020, at 4:00 p.m.

Steve Naidenov of Aston Chace Group was appointed as administrator
of Sweet Life on April 21, 2020.

WALKER.1 PTY: Second Creditors' Meeting Set for July 16
-------------------------------------------------------
A second meeting of creditors in the proceedings of:

   - Walker.1 Pty Ltd (formerly trading as "Maxiplas Pty Limited")
   - Walker.2 Pty Ltd (formerly "Maxiplas Roto Pty Limited")
   - Walker.3 Pty Ltd (formerly "Maxiplas Injection Moulding Pty
     Limited")

has been set for July 16, 2020, at 10:00 a.m., 12:00 p..m. and 3:00
p.m., respectively, at the offices of Tarquin Koch Accounting &
Insolvency Services, Unit 2, at 23-25 Beulah Road, in Norwood, SA.


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 15, 2020, at 5:00 p.m.

Tarquin Koch of Tarquin Koch Accounting & Insolvency Services was
appointed as administrator of Walker.1 Pty on April 27, 2020.




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

BRIGHT SCHOLAR: Fitch Affirms BB- LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Bright Scholar Education Holdings
Limited's Long-Term Issuer Default Rating and senior unsecured
rating at 'BB-'. The Outlook on the Long-Term IDR is Stable. The
'BB-' rating on the company's USD300 million 7.45% senior notes due
2022 has also been affirmed.

The affirmation reflects its expectation that Bright Scholar's
financial profile will remain solid despite temporary disruptions
caused by the coronavirus pandemic and containment measures. The
ratings on Bright Scholar reflect the company's solid position as
the largest operator of international and bilingual schools that
cover kindergarten to 12th grade in China by enrolment. The ratings
also incorporate the education industry's strong growth prospects
and stable cash flow generation, as well as the company's
synergistic relationship with Chinese homebuilder Country Garden
Holdings Company Limited (BBB-/Stable).

The ratings are constrained by the company's relatively small
operating scale. Its operating model and expansion strategy could
also be affected by regulatory changes.

KEY RATING DRIVERS

Slower Acquisitions: Fitch expects Bright Scholar to adopt a
conservative financial approach and reduce acquisitions in the next
year or two due to uncertainty related to the coronavirus. The
company's acquisitions in the last year focused on complementary
education services and overseas schools as there were restrictions
on its acquisitions of K-12 schools domestically.

Revenue grew by a rapid 49.1% in the financial year to August 2019
(FY19), boosted by contributions from new acquisitions, but Fitch
expects the growth rate to slow with a focus on organic growth in
the near term. In the medium term, Fitch expects the company to
seek growth opportunities to complement its K-12 education
services.

Increased Diversification: The newly acquired businesses overseas
have increased Bright Scholar's diversification. The company now
has operations in 10 provinces in China, the UK, the US and Canada.
Revenue from overseas schools accounted for 28% of total revenue in
the first half of FY20, from 7% in FY19. The expansion of
complementary education services also diversifies the company's
revenue streams, with revenue contribution from K-12 schools
falling to 57% in 1H FY20 from 74% in FY19.

Solid Financial Profile: Fitch expects EBITDA margin to narrow in
FY20 due to slower revenue growth, before rebounding in FY21 as
school operations resume. Fitch believes Bright Scholar has a
prudent financial policy to weather challenges posed by COVID-19.
Therefore, FFO adjusted net leverage will stay below 2x in the next
two years, supported by strong free cash flow generation and the
absence of large acquisitions. Capex will be moderate due to the
limited number of new schools in FY20 and FY21 and will be funded
by operating cash flow. The company has a net cash position, which
gives it some financial flexibility to invest in growth.

COVID-19 Impact: K-12 schools in China were mostly shut in February
to May. Revenue from international and bilingual schools feel due
to a lack of non-tuition revenue, such as meals and boarding fees.
However, tuition income is intact as it offered online learning
during this period.

Fitch estimates the company will lose about four months' revenue
from its kindergartens in FY20 due to the school closure. Bright
Scholar says 89% of students in its K-12 schools have returned to
campus by early June. Fitch expects complementary education
services and overseas schools to be more affected due to
uncertainties about their re-opening.

Regulatory Uncertainty: The private education sector in China is
highly regulated and subject to stringent regulatory scrutiny.
Fitch expects current regulations to have limited impact on Bright
Scholar's existing school operations, but regulatory risk exists as
the rules are evolving rapidly. Proposed regulations will limit
Bright Scholar's ability to acquire kindergartens and schools
providing compulsory education as it is a listed company. In
addition, the company is required to hand over existing
community-affiliated kindergartens to local education authorities
or turn them into inclusive kindergartens.

DERIVATION SUMMARY

Bright Scholar may be compared with 361 Degrees International
Limited (B+/Stable), a Chinese maker of sportswear with modest
operations and a sustained net cash position. Bright Scholar has a
stronger financial profile with higher EBITDA margin and more
stable cash flow generation. Bright Scholar also has a stronger
market position, while 361 Degrees is a marginal player in the
sportswear industry. These factors can offset a slightly smaller
operating scale than 361 Degrees and justify a rating higher than
361 Degrees.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

  - 25% revenue growth in FY20, moderating to 15% in FY21, driven
by organic growth

  - EBITDA margin of 16% in FY20 due to the impact of the
coronavirus pandemic, before improving to 22% by FY23 (FY19:18.8%)

  - CNY200 million in capex in FY20 and CNY300 million-700 million
per year in FY21-FY23 (FY19: CNY2,199 million)

  - Acquisition payment of CNY40million in FY20

  - No dividend payment

RATING SENSITIVITIES

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

  - Positive rating action is not expected in the medium term until
Bright Scholar achieves a substantially larger operating scale
without material deterioration in its financial profile

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

  - Significant deterioration in operating performance

  - FFO adjusted net leverage sustained above 2.0x (FY19: 1.4x)

  - Evidence of greater government, regulatory or legal
intervention leading to an adverse change in the company's
operating and business profile

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Bright Scholar had CNY1.5 billion of readily
available cash as of February 2020, which is more than sufficient
to cover its short-term bank borrowings of CNY804 million. In
addition, Bright Scholar has strong access to offshore capital
markets. It completed an equity placement in 2018 and issued a
USD300 million bond in 2019.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has chosen to use the multiple approach to capitalise leases
for Bright Scholar and assess leverage on an adjusted leverage
basis. Fitch thinks the multiple approach is more appropriate for
education services companies under the Generic Navigator, like
Bright Scholar, as leasing school and facility premises form a core
element of its operations. A multiple of 8x was used as the company
is based in China.

Bright Scholar typically collects tuition and fees at the beginning
of the semester and there is usually a large "contract liabilities"
on its balance sheet. Fitch has classified part of cash that is not
expected to generate EBITDA (i.e. contract liabilities * (1-EBITDA
margin)) as "not readily available", and this amount is excluded
from net debt calculations.

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).

CAR INC: S&P Places CCC Long-Term ICR on CreditWatch Positive
-------------------------------------------------------------
On July 8, 2020, S&P Global Ratings placed its 'CCC' long-term
issuer credit rating on CAR Inc. and the 'CCC' long-term issue
rating on the company's senior unsecured notes on CreditWatch with
positive implications.

SAIC's acquisition could help improve CAR's liquidity. S&P believes
CAR could have better access to funding in the form of better
banking relationships once the deal is consummated. Currently, CAR
has limited refinancing capability and faces debt maturities of
US$300 million in February 2021. The company plans to repay the
U.S. dollar notes with operating cash flow and proceeds from used
car sales.

Some uncertainties remain with SAIC's acquisition of CAR. The
acquisition by SAIC (not rated) is still subject to a number of
conditions, including but not limited to regulatory approval and
completion of due diligence on CAR.

SAIC is unlikely to become CAR's controlling shareholder despite
becoming its largest shareholder. SAIC plans to acquire up to
28.92% of CAR from UCAR Inc. and Amber Gem Holdings Ltd., a
special-purpose vehicle of Warburg Pincus LLC. S&P said, "Although
SAIC could become CAR's largest shareholder, we are unlikely to
consider potential extraordinary support from SAIC after the stake
purchase. We expect SAIC to receive a similar number of seats on
CAR's board of directors as UCAR (two directors) when UCAR had a
similar stake in CAR prior to its share disposal." This will match
the number of director seats held by Legend Holdings Corp., with
the remaining seats held by three independent directors and one
executive director (CAR's CEO).

S&P said, "We expect CAR to continue to focus on the car rental
business after the takeover. This is because SAIC is seeking to
accelerate its transition from an auto original equipment
manufacturer to an integrated mobility product and services
provider with the help of CAR. SAIC launched its mobility brand,
Xiangdao Chuxing, in late 2018, offering ride-hailing and car
rental services mainly for business clients.

"The CreditWatch placement with positive implications reflects our
view that CAR's liquidity could improve if SAIC becomes the largest
single shareholder. The degree of upgrade would depend on the level
of ongoing support from SAIC should it successfully complete the
stake purchase, and CAR's financing options for its upcoming debt
obligations, especially the US$300 million notes due in February
2021.

"We expect to resolve the CreditWatch placement after the
transaction is finalized, which will likely occur before the end of
the third quarter of 2020."


CBAK ENERGY: Centurion ZD Raises Going Concern Doubt
----------------------------------------------------
CBAK Energy Technology, Inc. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $10,853,435 on $22,194,348 of net revenues for the year
ended Dec. 31, 2019, compared to a net loss of $1,957,482 on
$24,433,304 of net revenues for the year ended in 2018.

The audit report of Centurion ZD CPA& Co. states that the Company
has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of December 31, 2019.  All these
factors raise substantial doubt about its ability to continue as a
going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $95,583,557, total liabilities of $81,925,501, and a total
equity of $13,658,056.

A copy of the Form 10-K is available at:

                       https://is.gd/hCKWS3

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc., incorporated on Oct. 4, 1999, is a holding
company. The Company and its subsidiaries are principally engaged
in the manufacture, commercialization and distribution of a range
of standard and customized lithium ion (Li-ion) rechargeable
batteries for use in an array of applications. The Company's
products are sold to packing plants operated by third parties
primarily for use in mobile phones and other electronic devices.
The Company conducts its manufacturing activities in China.


CBAK ENERGY: Incurs $2.35 Million Net Loss in First Quarter
-----------------------------------------------------------
CBAK Energy Technology, Inc., reported a net loss of $2.35 million
on $6.90 million of net revenues for the three months ended March
31, 2020, compared to a net loss of $2.81 million on $5.17 million
of net revenues for the three months ended March 31, 2019.

The Company has financed its liquidity requirements from short-term
bank loans, other short-term loans and bills payable under bank
credit agreements, advances from its related and unrelated parties,
investment from investors and issuance of capital stock.

As of March 31, 2020, the Company had $94.20 million in total
assets, $82.70 million in total liabilities, and $11.50 million in
total equity.

As of March 31, 2020, the Company had cash and cash equivalents of
$0.2 million.  Its total current assets were $28.3 million and its
total current liabilities were $60.2 million, resulting in a net
working capital deficiency of $31.9 million.  These factors raise
substantial doubts about the Company's ability to continue as a
going concern.

Cost of revenues increased to $6.7 million for the three months
ended March 31, 2020, as compared to $5.4 million for the same
period in 2019, an increase of $1.3 million, or 24%.  Included in
cost of revenues were write down of obsolete inventories of $0.4
million for three months ended March 31, 2020, while it was $62,772
for the same period in 2019.  The Company writes down the inventory
value whenever there is an indication that it is impaired. However,
further write-down may be necessary if market conditions continue
to deteriorate.

Gross profit for the three months ended March 31, 2020 was $0.2
million, or 3.0% of net revenues as compared to gross loss of $0.2
million, or 4.4% of net revenues, for the same period in 2019.  The
Company's Dalian facilities commenced manufacturing activities in
July 2015.  With the Company's sustained effort, the quality
passing rate of its product has improved due to cost control and
enhancement construction on production line.  As a result, the
Company recorded a gross profit for the three months ended March
31, 2020.

Research and development expenses decreased to approximately $0.3
million for the three months ended March 31, 2020, as compared to
approximately $0.4 million for the same period in 2019, a decrease
of $0.1 million, or 31%.  The decrease was primarily resulted from
the decrease of salaries and social insurance expenses by
approximately $0.1 million due to the suspension of the Company's
operations in the first quarter of 2020 caused by COVID-19.

Sales and marketing expenses decreased to approximately $0.1
million for the three months ended March 31, 2020, as compared to
approximately $0.4 million for the same period in 2019, a decrease
of approximately $0.3 million, or 74%.  As a percentage of
revenues, sales and marketing expenses were 1.4% and 7.0% for the
three months ended March 31, 2020 and 2019, respectively.  The
decrease was primarily resulted from the decrease of salaries and
social insurance expenses by approximately $0.1 million due to the
suspension of the Company's operations in the first quarter of 2020
caused by COVID-19.

General and administrative expenses decreased to $1.1 million, or
16.2% of revenues, for the three months ended March 31, 2020, as
compared to $1.4 million, or 27.9% of revenues, for the same period
in 2019, representing a decrease of $0.3 million, or 23%. The
decrease was primarily resulted from the decrease of salaries and
social insurance expenses by approximately $0.3 million due to the
suspension of the Company's operations in the first quarter of 2020
caused by COVID-19.

Provision for doubtful accounts increased to $0.7 million for the
three months ended March 31, 2020, as compared to $0.1 million for
the same period in 2019.  The Company determines the allowance
based on historical write-off experience, customer specific facts
and economic conditions.

As a result of the above, the Company's operating loss totaled $2.0
million for the three months ended March 31, 2020, as compared to
$2.5 million for the same period in 2019, representing a decrease
of $0.5 million, or 22%.

Finance expense, net was $0.4 million for the three months ended
March 31, 2020, as compared to $0.3 million for the same period in
2019, representing an increase of $0.1 million.  Interest expenses
increased as a result of our higher average loan balances.

Income tax was nil for the three months ended March 31, 2020 and
2019.

A full-text copy of the Form 10-Q is available for free at the
Securities and Exchange Commission's website at:

                     https://is.gd/iVNoFQ

                       About CBAK Energy

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

CBAK Energy reported a net loss of $10.85 million for the year
ended Dec. 31, 2019, compared to a net loss of $1.96 million for
the year ended Dec. 31, 2018.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated May 14, 2020, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2019.  All these factors raise substantial
doubt about its ability to continue as a going concern.

CHINA PHARMA: Says Substantial Going Concern Doubt Exists
---------------------------------------------------------
China Pharma Holdings, Inc. filed its quarterly report on Form
10-Q, disclosing a comprehensive loss of $857,929 on $1,763,955 of
revenue for the three months ended March 31, 2020, compared to a
comprehensive income of $418,134 on $2,929,273 of revenue for the
same period in 2019.

At March 31, 2020, the Company had total assets of $22,435,664,
total liabilities of $14,055,992, and $8,379,672 in total
stockholders' equity.

The Company disclosed that there are conditions raising substantial
doubt about its ability to continue as a going concern within one
year after the date that the financial statements are issued.

As of March 31, 2020, the Company had cash and cash equivalents of
$0.1 million and an accumulated deficit of $26.6 million.  The
Company's Chairperson, Chief Executive Officer and Interim Chief
Financial Officer has advanced an aggregate of $742,880 at March
31, 2020 to provide working capital and enable the Company's
required payments related to its construction loan facility.  The
Company anticipates operating losses to continue for the
foreseeable future due to, among other things, costs related to the
production of its existing products, debt service costs and costs
of selling and administrative organization.

To alleviate the conditions that raise substantial doubt about the
Company's ability to continue as a going concern, management plans
to enhance the sales model of advance payment, and further
strengthen its collection of accounts receivable.  Further, the
Company is currently exploring strategic alternatives to accelerate
the launch of nutrition products.  In addition, management believes
that the Company's existing fixed assets can serve as collateral to
support additional bank loans.

In April 2020 the Company obtained a line of credit from a bank for
an aggregate amount of RMB 10,000,000 (approximately $1.4 million),
of which RMB 5,000,000 (approximately $0.7 million) have been
advanced to the Company.  While the current plans will allow the
Company to fund its operations in the next twelve months, there can
be no assurance that the Company will be able to achieve its future
strategic alternatives raising substantial doubt about its ability
to continue as a going concern.

A copy of the Form 10-Q is available at:

                       https://is.gd/GNqgZx

China Pharma Holdings, Inc., through its subsidiary, develops and
manufactures pharmaceutical products for human use in a range of
high-incidence and high-mortality diseases and medical conditions.
China Pharma Holdings markets its products to hospitals and private
sellers in the Peoples Republic of China.


DATASEA INC: Has $557,000 Comprehensive Loss for March 31 Quarter
-----------------------------------------------------------------
Datasea Inc. filed its quarterly report on Form 10-Q, disclosing a
total comprehensive loss of $557,020 on $0 of revenues for the
three months ended March 31, 2020, compared to a total
comprehensive loss of $342,790 on $0 of revenues for the same
period in 2019.

At March 31, 2020, the Company had total assets of $6,405,366,
total liabilities of $2,356,640, and $4,048,726 in total
stockholders' equity.

The Company said, "For the nine months ended March 31, 2020 and
2019, the Company had a net loss of $1.71 million and $1.28
million, respectively.  The Company has an accumulated deficit of
$7.26 million as of March 31, 2020.  This raises substantial doubt
about the Company's ability to continue as a going concern.  There
can be no assurance that the Company will become profitable or
obtain necessary financing for its business or that it will be able
to continue in business."

A copy of the Form 10-Q is available at:

                       https://is.gd/xNDH8A

Datasea Inc., through its subsidiaries, engages in the development
and distribution of information technology (IT) systems and network
security solutions in the People's Republic of China.  The Company
was formerly known as Rose Rock, Inc. and changed its name to
Datasea Inc. in October 2015.  Datasea Inc. was incorporated in
2014 and is headquartered in Beijing, the People's Republic of
China.


FANTASIA HOLDINGs: Fitch Affirms B+ LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Fantasia
Holdings Group Co., Limited's Long-Term Foreign-Currency Issuer
Default Rating at 'B+'. The Outlook is Stable. Fitch has also
affirmed its senior unsecured rating and the ratings on its
outstanding senior notes at 'B+' with a Recovery Rating of 'RR4'.

Fantasia's ratings are supported by the company's moderate
leverage, quality land bank, and healthy margins, though these are
somewhat offset by its lower churn rate. The ratings are mainly
constrained by Fantasia's small scale with attributable contracted
sales of CNY26.8 billion in 2019.

KEY RATING DRIVERS

Stable Leverage: Fitch forecasts Fantasia's leverage, measured by
net debt/adjusted inventory, will remain stable at around
end-2019's level of 44% in 2020-2021, even as Fitch expects the
company to spend around 40% of its sales proceeds on land
acquisition, higher than the 2017-2019 average of 35% of sales
proceeds. This is to support continued contracted sales growth in
the next two years before its pipeline of urban redevelopment
projects (URP) begin to contribute significantly to sales from
2021-2022.

Quality Land Bank: Fantasia had a total land bank of 17.3 million
sq m, equivalent to saleable resources of around CNY200 billion, at
end-2019, which covers around four years of development based on
the company's sales target of CNY45 billion for 2020. Fantasia had
46 URPs with total planned gross floor area (GFA) of 19.5 million
sq m, equivalent to saleable resources of around CNY380 billion.
Chinese Tier 1 and 2 cities accounted for over 90% of the land
bank.

Fitch expects its average selling prices to rise as the company has
been increasingly participating in public auctions for land parcels
in prime locations in Chinese Tier 1 and 2 cities since 2019. This
is a change from its policy before 2019 when Fantasia mainly
acquired land through M&As as it was cheaper but required a longer
development period with more complications. They were also mostly
large parcels of land located in less prime areas of the same Tier
1 and 2 cities.

Healthy Margin, Low Churn Rate: Fantasia's EBITDA margin, excluding
capitalised interest, widened to 27% in 2019, from 25% in 2018,
driven by cost savings. Fitch forecasts the EBITDA margin will
narrow over the next few years due to lower gross profit margins of
25%-28% on land acquired from public auctions in 2020. Management
believes there is room for margin improvement subsequently, driven
by URPs, which have higher margins of over 50%.

Fantasia's 2019 churn rate, measured by attributable contracted
sales/total debt, of 0.7x was relatively low, even as it rose from
0.55x in 2018, because of the company's involvement in URPs and its
earlier strategy of acquiring large plots of land through M&As,
which typically require a longer development time. Fitch expects
Fantasia's churn rate to gradually improve, but remain lower than
that of peers.

Colour Life Proportionally Consolidated: Fitch proportionally
consolidates Fantasia's 52% interest in Colour Life, as its cash
flows are not directly accessible to Fantasia due to its listed
status. Fitch expects Fantasia to receive CNY65 million in
dividends declared in 2019 by Colour Life. Most of Fantasia's
non-development property (DP) EBITDA is from Colour Life. Fitch
forecasts Colour Life's EBITDA will rise steadily, driven by
increasing revenue-bearing GFA. Fantasia had a non-DP EBITDA
interest coverage ratio of 0.19x (2018: 0.20x) at end-2019.

Ratings Constrained by Scale: Fantasia's attributable contracted
sales of CNY26.8 billion in 2019 remained lower than most 'B+'
peers' CNY40 billion-50 billion. Contracted sales rose 33% yoy in
1H20 to CNY17.5 billion, or 39% of its annual target, and
management believes Fantasia can meet its full-year target. Fitch
takes a more conservative view and forecast attributable contracted
sales will rise by 7% to CNY28.7 billion in 2020, driven by a 10%
gain in total contracted sales that is partially offset by a
decline in attributable interest as the company increasingly
cooperates with joint-venture partners.

DERIVATION SUMMARY

Fantasia can be compared with 'B+' peers such as Helenbergh China
Holdings Limited (B+/Stable), Hong Kong JunFa Property Company
Limited (B+/Stable), Hong Yang Group Company Limited (B+/Stable)
and Sinic Holdings (Group) Company Limited (B+/Stable).

Fantasia's 44% leverage is similar to that of most of its peers,
except for Sinic, which had significantly higher leverage of 57%
but also higher attributable contracted sales of CNY45 billion and
a wider EBITDA margin of 32%.

Fantasia's attributable contracted sales of CNY27 billion is lower
than most of its peers' CNY40 billion-50 billion, except for Hong
Yang, which had similar attributable contracted sales of CNY30
billion.

Fantasia's EBITDA margin of 27% is within the 17%-32% range of its
peers, but its churn rate, or contracted sales/gross debt, of 0.7x
was lower than the 0.9x-1.7x of its peers due to its focus on
long-cycle URPs.

Fantasia's land bank quality and geographical diversification are
similar to that of most of its peers, except for Helenbergh, which
has significant exposure to Tier 3 cities, and Junfa, which focuses
on Kunming. Fantasia focuses on Tier 1 and 2 cities with some
national diversification, while its non-DP EBITDA interest coverage
of 0.3x is higher than Sinic's 0.1x and better than Helenbergh,
which does not have coverage.

KEY ASSUMPTIONS

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

  - Attributable contracted sales growth of 7% and 10% in 2020 and
2021, respectively

  - EBITDA margin (excluding capitalised interest) of around 27% in
2020 and 2021 (2019: 27%)

  - Cash collection rate of 87% and 89% in 2020 and 2021,
respectively (2019: 86%; 2018: 91%)

  - Land purchase cost of 43% and 40% of sales proceeds in 2020 and
2021, respectively (2019: 35%)

  - Construction cost of 32% of sales proceeds in 2020 and 2021
(2019: 38%)

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Fantasia would be liquidated in
a bankruptcy.

Fitch has assumed a 10% administrative claim.

Liquidation Approach

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

  - 60% advance rate applied to excess cash (CNY12,258 million)

  - available cash of CNY18,956 million (excluding Colour Life:
CNY1,845 million)

  - minimum cash of CNY6,699 million, or three months of sales,
which is more than trade payables of CNY4,564 million

  - 100% advance rate applied to restricted cash (excluding Colour
Life: CNY91 million)

  - 75% advance rate applied to net inventory given an EBITDA
margin of around 25%-30%

  - 70% advance rate applied to trade receivables (excluding Colour
Life: CNY658 million)

  - 60% advance rate applied to property, plant and equipment
(excluding Colour Life: CNY203 million)

  - 40% advance rate applied to financial investments (debt
instruments of CNY1,420 million)

  - 30% advance rate applied to investment properties, given a 2%
rental yield on completed investment properties (excluding Colour
Life: CNY155 million)

The CNY1,522 million recovery value of Fantasia's stake in Colour
Life is based on the going-concern approach, which implies a 42%
discount to Colour Life's closing price on July 6, 2020.

The Recovery Rating is capped at 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings Criteria, China
falls into Group D of creditor friendliness, and instrument ratings
of issuers with assets in the group are subject to a soft cap at
the issuer's IDR.

RATING SENSITIVITIES

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

  - Significant increase in attributable contracted sales

  - Leverage, measured by net debt/adjusted inventory, sustained at
below 40%

  - EBITDA margin (excluding capitalised interest) sustained at
above 25%

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

  - Leverage, measured by net debt/adjusted inventory, sustained at
above 50%

  - EBITDA margin (excluding capitalised interest) sustained at
below 20%

  - Sales efficiency, measured by attributable contracted
sales/gross debt, sustained at below 0.6x

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fantasia had CNY20.0 billion of available cash
and CNY11.0 billion of short-term debt at end-2019, resulting in an
available cash-to-short-term debt ratio of 1.8x. The company also
had CNY34 billion of undrawn credit facilities.

Fantasia has issued USD750 million in offshore bonds in 2020, more
than covering all of its offshore maturities of around USD400
million for the year. It is currently applying for an additional
quota to refinance 2021 maturities.

ESG CONSIDERATIONS

Fantasia Holdings Group Co., Limited: Waste & Hazardous Materials
Management; Ecological Impacts: 4

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

GREENTOWN CHINA: Moody's Rates New USD Sr. Unsec. Debt Ba3
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured debt
rating to Greentown China Holdings Limited's proposed USD notes.

The rating outlook is stable.

Greentown will use the proceeds to refinance existing
indebtedness.

RATINGS RATIONALE

"The proposed note issuance will not have a material impact on
Greentown's credit metrics, because the proceeds will mainly be
used to refinance existing debt," says Celine Yang, a Moody's
Assistance Vice President and Analyst.

Greentown's Ba3 corporate family rating (CFR) incorporates its
standalone credit strength and a two-notch rating uplift based on
Moody's expectation that the company will receive extraordinary
financial support from its largest shareholder China Communications
Construction Group (Limited) (CCCG), in times of financial
distress.

The stable outlook on Greentown's rating reflects Moody's
expectation that the company will maintain its sales execution,
stable financial profile and adequate liquidity over the next 12-18
months.

Greentown's B2 standalone credit strength reflects its (1)
well-established market position in property development in
Hangzhou city and Zhejiang Province, (2) long operating track
record, good brand name, quality products and large nationwide land
bank, and (3) improved financial management and funding costs as
part of CCCG; and (4) good liquidity.

On the other hand, the B2 standalone credit strength is constrained
by its continuously high debt leverage, partially because of its
ongoing need to purchase land to sustain sales growth and longer
project development cycle given its high product quality
standards.

Moody's expects Greentown's debt leverage, as measured by
revenue/adjusted debt, to improve moderately to 44%-45% in the next
12-18 months from 39% in 2019, because it will scale back land
acquisition from the high levels recorded in 2019. In addition, its
adjusted EBIT/interest will improve slightly to 2.4x-2.5x from 2.3x
during the same period.

Greentown's contracted sales increased 33.8% to RMB66.1 billion in
the first six months of 2020 compared to the same period last year.
Moody's expects its contracted sales to grow slightly to around
RMB140 billion in 2020 from RMB135 billion in 2019.

Greentown's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. This is
because, despite its status as a holding company, Moody's expects
support from CCCG to Greentown to flow through the holding company
rather than flowing directly to its main operating companies,
thereby mitigating any differences in expected loss that could
result from structural subordination.

In terms of environmental, social and governance (ESG)
considerations, Greentown's Ba3 CFR takes into consideration (1)
the company's high leverage; (2) the presence of strong
shareholders; (3) the disclosure of significant related-party
transactions as required under the Corporate Governance Code for
companies listed on the Hong Kong Exchange; and (4) the presence of
diversified board of directors and three special committees
(including audit, remuneration and nomination committees) that are
chaired by INEDs.

Moody's has also considered that Greentown issued additional 323
million shares to Xinhu Zhongbao Co., Ltd. (B3, Negative) in May
2020, which effectively reduced CCCG's ownership of Greentown to
25.06% from 28.78% previously, bringing it closer to the change of
control threshold of 25% for a few of its offshore bonds. A
shareholding below such threshold could trigger a repayment
acceleration by its bondholders.

Nevertheless, Moody's expects the support from CCCG to remain
unchanged, given (1) it still has significant influence on the
company as its largest shareholder; (2) CCCG occupies four out of
six executive director seats on the company's board; (3) it has
demonstrated a willingness to provide financial support through a
keepwell deed and a deed of equity purchase, as well as through an
investment and liquidity support undertaking for Greentown's senior
and perpetual bonds; and (4) it has a strong ability to provide
support, underpinned by its large scale, strong business and
financial profile, and good access to funding.

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

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

Greentown's rating could be upgraded if it strengthens its
financial and liquidity positions.

Specifically, Moody's could upgrade the rating if (1)
revenue/adjusted debt exceeds 55%-60%; and (2) EBIT interest
coverage rises above 2.5x.

A material reduction in contingent liabilities associated with
joint ventures or lower risks of providing funding support to joint
ventures could also be positive to the ratings. This could be a
result of reduced usage of joint ventures or material improvement
in the financial strengths of its joint venture projects.

Moody's could downgrade the rating if (1) contracted sales growth
slows; (2) credit metrics weaken, with EBIT/interest coverage
falling below 1.5x, or revenue/adjusted debt falling below 40% on a
sustained basis; or (3) liquidity deteriorates, as reflected by
cash/short-term debt falling below 1.0x.

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

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

Greentown China Holdings Limited is a major property developer in
China, with a primary focus in Hangzhou City and Zhejiang
Province.

At December 31, 2019, the company had 142 projects with a total
gross floor area of 38.7 million square meters (sqm), with 22.4
million sqm attributable to the company.

KAISA GROUP: Fitch Assigns B Rating to New USD Sr. Unsec. Notes
---------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Kaisa Group
Holdings Limited's (B/Stable) proposed US dollar senior unsecured
notes a rating of 'B' with a Recovery Rating of 'RR4'.

The proceeds will be used to refinance existing offshore
indebtedness. The two tranches of notes are due in September 2023
and April 2025.

The proposed notes are rated at the same level as Kaisa's senior
unsecured rating as they constitute the company's direct and senior
unsecured obligations.

Kaisa's ratings are underpinned by a strong asset base that
supports scale expansion, which is at a level comparable with 'BB'
category homebuilders. The company had a large and well-located
land bank, comprising 176 projects in 47 cities across five major
economic regions in China at end-2019. Its geographical
diversification mitigates project and region-related risks and
gives it flexibility when launching new projects to support sales
growth.

Kaisa is able to secure a large land bank at low cost in China's
Greater Bay Area through its urban regeneration project (URP)
business, which supports its high EBITDA margin of over 30%. Kaisa
also acquires land through bidding and M&A, although more than 30%
of its projects are URPs.

Kaisa's ratings are constrained by high leverage - measured by net
debt/adjusted inventory (URPs and investment properties at original
cost) - of 63% at end-2019, although this has fallen from above 70%
in 2018. Fitch expects Kaisa's leverage to increase to 66%-67% in
2020-2021 as Fitch assumes slowing contracted sales and sales
collection and a fall in non-property development revenue in 2020
stemming from the coronavirus pandemic.

KEY RATING DRIVERS

URPs a Business Strength: Fitch believes Kaisa's URP business
offers operational flexibility, as its high profitability allows
the company to sustain price cuts in a market downturn. Kaisa can
also sell stakes in its URPs at a profit because of their low land
cost. Kaisa's long experience in the URP business has enabled it to
secure a large land bank with a high gross profit margin of over
40%. This supports its EBITDA margin, excluding capitalised
interest in cost of goods sold, of 30%-33%. A large URP pipeline of
147 projects, covering 40 million square metres (sq m), will
provide a consistent stream of projects entering the sales phase.

Kaisa's long record of converting URPs to land bank offers some
operational flexibility with land replenishment. URPs require a
longer development cycle and thus funds are trapped for a longer
period and incur higher funding costs without immediate cash flow
and profit contribution, raising Kaisa's leverage above that of
peers without as large an exposure to URPs. The nature of the
business and the high profitability mean Kaisa can operate at a
higher leverage than other Chinese homebuilders for a sustained
period.

High Leverage Constrains Rating: Fitch estimates that Kaisa's
leverage will stay above 66%-67% in 2020-2022, compared with 63% in
2019 and 73% in 2018. The lower leverage in 2019 was due to URP
disposals to minority shareholders, which boosted available cash.
Fitch believes Kaisa's scale will be insufficient to support
deleveraging due to its high land-replenishment budget and interest
burden in the next year or two. Reliance on the non-URP
homebuilding business, which has a lower margin, and business
growth that is faster than Fitch expects, may limit Kaisa's
capacity to deleverage. Fitch expects Kaisa to spend 35%-36% of
sales receipts on land replenishment and conversion of URP into
land bank, from 23%-31% in 2018-2019.

Large and Premium Land Bank: Fitch believes Kaisa's quality land
bank will support contracted sales in the next two years. Its
premium asset base can also buffer liquidity if conversion of its
URP to land bank takes longer than the company expects, as it can
easily find buyers for its well-located URPs, especially in
Shenzhen. Kaisa's land bank totaled 26.8 million sq m, with
estimated sellable resources of CNY527 billion at end-2019, of
which just over half was in the Greater Bay Area and 3.3 million sq
m in Shenzhen.

Limited Near-Term Impact from Non-Controlling Interests: Kaisa's
non-controlling interests rose to CNY30.0 billion in 2019, from
CNY14.7 billion 2018, and its minority interests as a portion of
total equity increased to 54%, from 39%. Fitch believes that higher
non-controlling interest may reduce the company's financial
flexibility in the medium term, but the effect on cash flow in the
next 12 months is likely to be limited, as the non-controlling
interest projects are still in early development stages. Around one
third the non-controlling interests were related to unconverted
land in Shenzhen's Nanshan district. In 2019, the company sold some
minority interests in projects in the Greater Bay Area to
developers, including CIFI Holdings (Group) Co. Ltd. (BB/Stable),
Yango Group Co., Ltd. (B+/Stable) and Agile Property Holdings
Limited.

Lower Contracted Sales: Fitch believes Kaisa's attributable
contracted sales target of CNY100 billion in 2020 is challenged by
China's slowing economy. The company only achieved 11.5% of its
contracted sales target in 1Q20 (15.7% in 1Q19), which is similar
to 'B+' and 'B' rated peers. Fitch expects Kaisa's contracted sales
to fall by 3% to CNY85 billion in 2020, with lower gross floor area
sales contributing to the decline, and for the company to achieve
CNY90 billion in contracted sales in 2021. However, as more than
80% of its land bank is residential and more than half is located
in the Greater Bay Area, Kaisa's contracted sales are more
predictable than those of 'B' and 'B-' rated peers.

DERIVATION SUMMARY

Kaisa's attributable sales scale in 2019 was comparable with that
of 'BB' category peers, such as Logan Property Holdings Company
Limited (BB/Stable) and China Aoyuan Group Limited (BB-/Positive),
and exceeded the CNY40 billion-50 billion sales of Yuzhou
Properties Company Limited (BB-/Stable), KWG Group Holdings Limited
(BB-/Stable) and Times China Holdings Limited (BB-/Stable). Over
half of Kaisa's land bank by gross floor area is in the Greater Bay
Area, a similar level to that of Logan, China Aoyuan and Times
China. Kaisa's EBITDA margin of over 30%, excluding capitalised
interest, is at the higher end of 'BB' category peers due to its
high-margin URPs.

Kaisa's closest peer among 'B' category issuers is Yango Group.
Yango's sales scale is larger than that of Kaisa and its land bank
is more diversified, but its EBITDA margin of around 28%, excluding
capitalised interest, is narrower than Kaisa's more than 30%.
Yango's leverage, measured by net debt/adjusted inventory, of 63%
in 2019 was similar to Kaisa's leverage level. Yango's moderately
stronger business profile justifies the one-notch rating
difference.

Kaisa's leverage of 63%-67% is lower than Tahoe Group Co., Ltd's.
(CC) above 70%. Kaisa and Tahoe, whose land bank is more exposed to
the Pan-Bohai Area, the Yangtze River Delta and Fujian province,
have similar scale and margin. However, Tahoe's shorter land-bank
life of two to three years pressures its leverage and its liquidity
is tighter than that of Kaisa.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to drop by 3% in 2020, but rise
by 6% in 2021 (2019: up by 26%)

  - Attributable land premium/contracted sales at 36% in 2020 and
35% in 2021 (2019: 31%)

  - Cash collection rate of around 75% in 2020 and 83% in 2021
(2019: 72%)

  - Construction cost/sales proceeds at 30%-32% in 2020-2021
(2018-2019: 30%-33%)

  - Dividend payout ratio of 15% of net income (2019: 15%)

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory, sustained
below 60%

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

  - Leverage, measured by net debt/adjusted inventory, above 70%
for a sustained period

  - EBITDA margin, excluding capitalised interest in cost of goods
sold, below 25% for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Cash Meets Short-Term Obligations: Kaisa had cash and cash
equivalents of CNY27 billion at end-2019, short-term bank deposits
of CNY2.5 billion, long-term bank deposits of CNY1.6 billion and
restricted cash of CNY6.0 billion, against CNY32 billion in
short-term debt. Kaisa raised USD800 million of five-year senior
unsecured notes in January 2020 and USD400 million of short-term
notes, greatly improving liquidity.

The company also has total credit lines of CNY146 billion, of which
CNY107 billion is unused. In addition, Kaisa obtained a CNY11
billion asset-backed securities quota in 2019, of which CNY2.6
billion was issued. Kaisa's average funding cost reached 8.8% in
2019 (8.4% in 2018).

SUMMARY OF FINANCIAL ADJUSTMENTS

Face value adjustment has been applied to the company's outstanding
bonds. Interest-bearing borrowings from non-financial institutions,
which the company booked in other payables, was adjusted to debt.

ESG CONSIDERATIONS

Kaisa has an ESG Relevance Score of 4 for Waste and Hazardous
Materials Management; Ecological Impact as Kaisa is one of the key
URP developers in Guangdong province. This is one of the key rating
drivers that support the ratings on the company.

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

KAISA GROUP: Moody's Puts B2 Sr. Unsec. Rating to New USD Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed USD notes to be issued by Kaisa Group Holdings Ltd
(B1 stable).

Kaisa plans to use the notes' proceeds to refinance its existing
medium to long-term offshore debt due within one year.

RATINGS RATIONALE

"The proposed bond issuance will improve Kaisa's liquidity position
and lengthen its debt maturity profile without a material impact on
its credit metrics, given that the company will use the proceeds to
refinance existing debt," says Danny Chan, a Moody's Assistant Vice
President and Analyst.

Moody's expects Kaisa to maintain healthy revenue growth in the
next one to two years, driven by its robust contracted sales
registered in the past two years, while its debt growth is likely
to slow on the back of controlled land acquisitions and increasing
urban redevelopment projects conversion.

As a result, the company's revenue/adjusted debt will improve
gradually to 50%-55% over the next 12-18 months from 42% in 2019.
Its adjusted EBIT/interest coverage will also improve to 2.0x-2.5x
from 1.8x over the same period, supported by continuous revenue
growth and an improving gross margin.

Kaisa's total contracted sales reached about RMB36.0 billion for
the first six months of 2020, representing a slight growth of 3.8%
when compared to the corresponding period in 2019. Moody's expects
the company's sales to grow slightly in the next 12-18 months with
the support of its strong brand name, quality saleable resources
and stable economic growth in its core markets.

Kaisa's B1 corporate family rating (CFR) reflects its strong brand
and sales execution in the Guangdong-Hong Kong-Macao Bay Area (the
Greater Bay Area), its established track record of completing
high-margin urban redevelopment projects, and its good-quality land
bank in high-tier cities such as Shenzhen.

On the other hand, the rating is constrained by the company's
moderate credit metrics and history of debt restructuring.

Kaisa's liquidity profile is adequate. Moody's expects Kaisa's cash
holdings together with its operating cash flow will be sufficient
to cover its maturing and committed land payments over the next
12-18 months.

The company's cash holdings of RMB32.8 billion (including
restricted cash of RMB6.0 billion) were sufficient to cover its
short-term debt of RMB31.9 billion as of December 2019.

Kaisa's B2 senior unsecured rating is one notch lower than the
company's B1 corporate family rating due to structural
subordination risk. This risk reflects the fact that the majority
of Kaisa's claims are at its 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. As a result, the
likely recovery rate for claims at the holding company will be
lower.

Kaisa's stable outlook reflects Moody's expectation that the
company will maintain healthy contracted sales growth and adequate
liquidity over the next 12-18 months.

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

Kaisa's rating could be upgraded if the company (1) maintains its
adequate liquidity; (2) diversifies its funding channels; and (3)
improves its adjusted EBIT/interest coverage to above 3.0x-3.5x and
revenue/adjusted debt to above 75%-80% on a sustained basis.

On the other hand, Moody's could downgrade the rating if the
company fails to achieve sales growth or aggressively acquires land
beyond Moody's expectation, such that its financial metrics and
liquidity deteriorate.

Credit metrics that could trigger a downgrade include (1)
revenue/adjusted debt falling below 50%; (2) adjusted EBIT/interest
coverage falling below 2.0x; or (3) cash to short-term debt falling
below 1.0x-1.5x on a sustained basis.

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

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the Greater Bay
Area. At December 31, 2019, the company's land bank comprised an
aggregate gross floor area of 26.8 million square meters of
saleable resources across 47 cities in China.

Kaisa is also engaged in property management and non-property
related businesses. As of April 2020, Kaisa was 39.25% owned by its
founder, Mr. Kwok Ying Shing and his family members.

LUCKIN COFFEE: Probe Says Chairman Knew of Fabricated Transactions
------------------------------------------------------------------
The Wall Street Journal reports that an investigation into the
accounting misdeeds at Luckin Coffee Inc. has concluded that the
company's chairman knew--or should have known--about the fabricated
transactions that inflated the Chinese coffee chain's sales last
year, according to a person familiar with the matter.

A report detailing the internal probe also said that Charles Lu,
Luckin's co-founder and chairman, didn't fully cooperate with the
investigation, the Journal relays.

According to the Journal, the monthslong probe was conducted by a
special committee of Luckin's board with the assistance of law firm
Kirkland & Ellis LLP.  It found evidence that Mr. Lu had knowledge
of certain related-party transactions that weren't properly
disclosed.

The Journal relates that three-year-old Luckin, an upstart rival to
Starbucks Corp. in China, listed on the Nasdaq Stock Market in May
2019. It revealed just 11 months later that more than $300 million
of its 2019 sales were fabricated.

The company's American depositary shares are in the process of
being delisted from the exchange, and Luckin's market
capitalization has fallen below $1 billion, from more than $12
billion in January this year, the report notes.

                        About Luckin Coffee

Based in China, Luckin Coffee Inc. (NASDAQ:
LK)--https://www.luckincoffee.com/--has pioneered a
technology-driven retail network to provide coffee and other
products of high quality, high affordability, and high convenience
to customers. Empowered by big data analytics, AI, and proprietary
technologies, the Company pursues its mission to be part of
everyone's everyday life, starting with coffee.

As reported in the Troubled Company Reporter-Asia Pacific on April
7, 2020, China Daily said that Luckin Coffee Inc, the so-called
rival to Starbucks in China, has exposed itself to the risks of
delisting and even bankruptcy due to severe fabrication of sales
data, experts said.

China Daily related that the Nasdaq-listed Chinese coffee chain saw
its share price crash more than 75 percent to $6.40 on April 2
after the company disclosed that its earnings results were
substantially inflated. It dropped nearly 15 percent more in the
first two hours of trading on April 3.

Liu Jian, chief operating officer and a director of the company,
and several employees reporting to him, had engaged in misconduct,
including fabricating transactions, a company statement said on
April 2.

The aggregate sales associated with fabricated transactions amount
to around CNY2.2 billion (US$310 million) during the April to
December period last year, according to Luckin's preliminary
internal investigation, the statement said.

YANGO JUSTICE: Moody's Puts B2 Sr. Unsec. Rating to New USD Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed USD notes to be issued by Yango Justice
International Limited, a wholly-owned subsidiary of Yango Group
Co., Ltd (Yango, B1 stable), and guaranteed by Yango.

The rating outlook is stable.

Yango plans to use the bond proceeds to refinance its existing
offshore indebtedness.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Yango's debt maturity
profile without materially impacting its credit metrics, as the
company will use the proceeds to refinance its existing debt," says
Celine Yang, a Moody's Assistant Vice President and Analyst.

Moody's expects that Yango's revenue/adjusted debt will trend
towards 65%-70% over the next 12-18 months from 48% in 2019, driven
by the company's strong revenue growth thanks to solid contracted
sales recorded in the past one to two years.

Similarly, the company's interest coverage -- as measured by
adjusted EBIT/interest -- will improve to around 2.5x-3.0x from
2.2x during the same period.

Yango's total contracted sales declined around 6.1% to RMB63.1
billion in the first five months of 2020 compared to the same
period last year, primarily due to coronavirus-induced disruptions.
Nevertheless, Moody's expects that the company's sales will stay
largely flat in 2020 compared with 2019, supported by Yango's
demonstrated sales execution capability, sufficient saleable
resources and the relatively stable housing demand in its core
markets.

Yango's B1 corporate family rating (CFR) reflects the company's
commitment to strengthening its financial profile, as well as its
high-quality land reserves, large operating scale, good liquidity
and ability to access funding in both onshore and offshore
markets.

On the other hand, the rating is constrained by the company's
improving but still high debt leverage because of its debt-funded
expansion in the past two to three years to support its rapid
growth.

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

The company had a cash balance of RMB42.0 billion that could cover
about 1.3x of its RMB33.5 billion of short-term debt as of December
31, 2019.

The stable outlook reflects Moody's expectation that Yango will (1)
execute its sales plans; (2) remain disciplined in land
acquisitions, (3) improve its leverage; and (4) maintain good
liquidity over the next 12-18 months.

The B2 senior unsecured rating for Yango's guaranteed bonds is one
notch lower than the company's B1 CFR due to structural
subordination risk. The risk reflects the fact that the majority of
Yango's claims are at its 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. As a result, the likely recovery rate
for claims at the holding company will be lower.

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

Moody's could upgrade Yango's ratings if the company (1) remains
disciplined in its land acquisitions and financial management; (2)
continues to improve its funding channels; (3) maintains good
liquidity; and (4) improves its debt leverage while maintaining
contracted sales growth.

Credit metrics indicative of an upgrade include Yango's (1)
revenue/adjusted debt rising above 70%-80%; and (2) adjusted
EBIT/interest staying above 3.0x on a sustained basis.

On the other hand, Moody's could downgrade Yango's ratings if (1)
the company generates weak contracted sales; (2) its profit margin
declines materially; (3) its liquidity weakens; and (4) its debt
leverage or exposure to trust financing rises materially.

Credit metrics indicative of a rating downgrade include Yango's (1)
EBIT/interest coverage falling below 2.0x; (2) revenue/adjusted
debt falling below 50%-55%; or (3) cash/short-term debt falling
below 1.0x; on a sustained basis.

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

Founded in 1995 in Fuzhou, Yango Group Co., Ltd is a Chinese
property developer that focuses on the Greater Fujian and Yangtze
River Delta regions. The company was listed on the Shenzhen Stock
Exchange in 2002. Yango's operations are mainly focused on
mass-market residential property development. The company had a
total land bank of around 32.9 million sqm at December 31, 2019.



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

ANDO HOLDINGS: Has $46,000 Comprehensive Loss for March 31 Quarter
------------------------------------------------------------------
Ando Holdings Ltd. filed its quarterly report on Form 10-Q,
disclosing a comprehensive loss of $45,519 on $0 of revenue for the
three months ended March 31, 2020, compared to a comprehensive loss
of $11,420 on $0 of revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $2,502,494,
total liabilities of $2,718,341, and $215,847 in total
stockholders' deficit.

The Company said, "For the period from inception on August 22, 2015
through March 31, 2020, the Company has had minimal operations, and
has accumulated a deficit of $287,012.  In view of this, the
Company's ability to continue as a going concern is dependent upon
the Company's ability to continue operations and to achieve a level
of profitability large enough to cover the Company's expenses.  The
Company intends on financing its future development activities and
its working capital needs largely from the sale of public equity
securities, with some additional funding from other traditional
financing sources, until such time that funds provided by
operations are sufficient to fund working capital requirements.
The financial statements of the Company do not include any
adjustments relating to the recoverability and classification of
recorded assets, or the amounts and classifications of liabilities
that might be necessary should the Company be unable to continue as
a going concern.  Management has evaluated these factors and has
determined that they raise substantial doubt about the Company's
ability to continue as a going concern within one year after the
date that the financial statements are issued."

A copy of the Form 10-Q is available at:

                       https://is.gd/roy228

Ando Holdings Ltd., an investment holding company, provides
financial services.  It offers insurance planning services; and
sells the insurance products.  The Company was formerly known as PC
Mobile Media Corp. and changed its name to Ando Holdings Ltd. in
September 2017.  Ando Holdings Ltd. was founded in 2015 and is
based in Tsim Sha Tsui, Hong Kong.


GREENPRO CAPITAL: Needs More Cash to Remain as a Going Concern
--------------------------------------------------------------
Greenpro Capital Corp. filed its quarterly report on Form 10-Q,
disclosing a comprehensive loss of $284,135 on $816,541 of total
revenues for the three months ended March 31, 2020, compared to a
comprehensive loss of $496,901 on $462,048 of total revenues for
the same period in 2019.

At March 31, 2020, the Company had total assets of $7,751,302,
total liabilities of $4,673,450, and $3,077,852 in total
stockholders' equity.

During the three months ended March 31, 2020, the Company incurred
a net loss of $242,515 and used cash in operations of $572,935 and
at March 31, 2020, the Company had a working capital deficiency of
$2,217,970.  The Company said that these factors raise substantial
doubt about its ability to continue as a going concern within one
year of the date that the financial statements are issued.  In
addition, the Company's independent registered public accounting
firm, in its report on the Company's December 31, 2019 financial
statements, has expressed substantial doubt about the Company's
ability to continue as a going concern.

Greenpro Capital said, "The Company's ability to continue as a
going concern is dependent upon improving its profitability and the
continuing financial support from its shareholders.  Management
believes the existing shareholders or external financing will
provide the additional cash to meet the Company's obligations as
they become due."

A copy of the Form 10-Q is available at:

                       https://is.gd/mZyHMz

Greenpro Capital Corp., a multinational conglomerate, provides
financial consulting and corporate services to small and
medium-size businesses primarily in Hong Kong, Malaysia, and China.
The Company was formerly known as Greenpro, Inc. and changed its
name to Greenpro Capital Corp. in May 2015. Greenpro Capital Corp.
was founded in 2013 and is headquartered in Hung Hom, Hong Kong.


STUDIO CITY: Moody's Hikes Sr. Unsec. Ratings to B1, Outlook Neg
----------------------------------------------------------------
Moody's Investors Service has upgraded Studio City Finance
Limited's senior unsecured ratings to B1 from B2, and has assigned
a B1 rating to its new proposed senior unsecured notes.

The outlook on Studio City Finance's ratings is negative.

Studio City Finance plans to use the proceeds from the new notes to
refinance Studio City Company Limited's senior secured notes due in
2021 and partially fund its capital spending.

RATINGS RATIONALE

"The upgrade of Studio City Finance's senior unsecured rating
reflects lower subordination risk for senior unsecured bondholders,
following the planned redemption of the company's secured debt,"
says Sean Hwang, a Moody's Assistant Vice President and Analyst.

Studio City Finance's senior unsecured ratings are now on par with
the company's B1 corporate family rating, given Moody's expectation
that after the refinancing, senior unsecured obligations will
dominate the company's liability structure.

"In addition, the planned note issuance and equity offering are
credit positive because they will boost the company's liquidity and
offset the impact of coronavirus-induced operating disruptions on
its capital structure," adds Hwang.

Along with the proposed notes offering, Studio City International
Holdings Limited plans to raise approximately USD450 million -
USD500 million in new equity. Melco Resorts & Entertainment Limited
(MRE), the ultimate parent company, will commit to purchasing any
equity not taken up by other investors to ensure approximately
USD450 million - USD500 million of gross proceeds are raised. Net
equity proceeds will be contributed to Studio City Finance.

Moody's expects the equity and bond transactions will increase
Studio City Finance's liquidity which should be sufficient to cover
the company's cash needs over the next 12 months, including its
ongoing cash burn and phase two expansion capital spending. The
company will also have no material debt maturities until 2024, once
the 2021 notes are repaid.

Moody's also believes that this development demonstrates parental
support for Studio City Finance and Melco group's prudent financial
policy.

That said, the rating outlook remains negative, reflecting Moody's
expectation for a steep drop in earnings and sizeable negative free
cash flow this year amid coronavirus-related disruptions and the
uncertainty around recovery prospects.

Studio City Finance reported a negative EBITDA of USD18 million for
the first quarter of 2020, compared with USD85 million in positive
EBITDA a year earlier. Moody's believes the loss will be deeper in
the second quarter, given the very low level of gaming activity in
Macao SAR.

While Moody's expects Studio City Finance's earnings and cash flow
to improve gradually from the second half of 2020 once disruptions
ease, Fitch believes the company's financial metrics in 2021 will
fall short of 2019 levels. In addition, there is significant
downside risk to this assumption.

Studio City Finance's B1 ratings continue to incorporate its
standalone credit quality and a one-notch uplift, reflecting
Moody's expectation of extraordinary support from MRE in times of
need, given Studio City Finance's strategic importance to its
parent.

The standalone credit quality reflects the improved competitive
standing of its Studio City property following a successful ramp up
of casino operations since its opening in 2015, which is
counterbalanced by the risk associated with the company's
geographic concentration in Macao SAR.

In terms of environmental, social and governance (ESG)
considerations, the ratings factor in Melco group's conservative
financial policy, as evidenced by Studio City International
Holdings Limited's proposed equity offering.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the impact of the related disruptions on the
company's operations and substantial implications for public health
and safety.

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

Given the negative outlook, a ratings upgrade is unlikely. But
Studio City Finance's outlook could return to stable if the company
improves its earnings and maintains a balanced financial policy,
such that its debt/EBITDA falls below 7.5x-8.0x and EBITDA/interest
exceeds 1.8x on a sustained basis.

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

Specifically, credit metrics indicative of a downgrade includes its
debt/EBITDA above 7.5x-8.0x and EBITDA/interest below 1.8x on a
sustained basis.

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

STUDIO CITY: S&P Rates New USD Sr. Unsec. Notes BB-, on Watch Neg.
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to
Studio City Finance Ltd.'s proposed U.S.-dollar-denominated senior
unsecured notes and placed it on CreditWatch with negative
implications. All subsidiaries of Studio City Finance will
guarantee the notes. The rating on the notes is subject to S&P's
review of the final issuance documentation. Studio City Finance
plans to use proceeds from the notes to fully redeem the
outstanding amount of its 2016 US$850 million senior secured notes
and to partially fund Studio City's remaining project.

S&P said, "Our 'BB-' issue rating on the notes reflects our issuer
credit rating on Studio City Co. Ltd. (Studio City; BB-/Watch
Neg/--), given that we see minimal subordination risks on a pro
forma basis. We expect Studio City's secured debt ratio to fall
close to 0% after the notes issuance, from about 59% as of
end-2019. Following the notes issuance and the early repayment of
its 2016 notes, Studio City Finance's capital structure will
consist of its US$600 million senior unsecured notes issued in 2019
and the proposed senior unsecured notes. The company also has
US$128,000 term loan outstanding under the senior secured credit
facilities.

"At the same time, we raise our long-term issue rating on Studio
City Finance's 2019 notes to 'BB-' from 'B+' and place it on
CreditWatch with negative implications. We believe the proposed
notes issuance and the redemption in full of its outstanding 2016
notes, if completed as planned, will significantly lower the
subordination risks of the 2019 notes.

"All our ratings on Melco Resorts (Macau) Ltd. (MRM; BB/Watch
Neg/--) and Studio City have been on CreditWatch with negative
implications since Feb. 6, 2020, amid the uncertainty surrounding
the duration of COVID-19-related restrictions that have battered
Macau's gaming and tourism industries.

"We aim to resolve the CreditWatch when we have more information on
the extent and impact of the COVID-19 outbreak. If the pandemic is
not contained and if we believe travel restrictions will extend
well into the third quarter, we may lower the ratings. That may
also mean Melco Resorts & Entertainment Ltd. will not reduce its
debt leverage to 3.5x by 2021."

ZZLL INFORMATION: Lo and Kwong CPA & Co Raises Going Concern Doubt
------------------------------------------------------------------
ZZLL Information Technology, Inc. filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K, disclosing
a net income of $452,600 on $277,099 of net revenue for the year
ended Dec. 31, 2019, compared to a net loss of $122,454 on $91,019
of net revenue for the year ended in 2018.

The audit report of Lo and Kwong C.P.A. & Co. states that the
Company has net current liabilities and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $1,165,484, total liabilities of $1,907,162, and a total
stockholders' deficit of $741,678.

A copy of the Form 10-K is available at:

                       https://is.gd/l6qmY9

ZZLL Information Technology, Inc., through its subsidiaries,
provides consumer-to-consumer, business-to-consumer, and
business-to-business-sales services via web portals. Its online
media syndicates video in a cloud-based, multimedia conduit serving
a growing, global community of content creators, news outlets, and
leading brands. ZZLL Information Technology, Inc. is based in North
Point, Hong Kong.




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

ACCURA SPINTEX: CRISIL Reaffirms B+ Rating on INR14.50cr LT Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Accura Spintex Private Limited (Accura).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .36       CRISIL A4 (Reaffirmed)

   Cash Credit           4.00       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan       14.50       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.50       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect average financial risk profile and
susceptibility to changes in government policies. These weaknesses
are partially offset by the extensive experience of the promoters
in the cotton industry and proximity to cotton-growing belts.

The lockdown and other measures taken by various central and state
governments towards containment of COVID-19 are expected to have a
moderate impact on the business risk profile of Accura. The
operations of the company is expected to start from July 2020.
While the revenue in fiscal 2021 is expected to be subdued, low
fixed cost structure is expected to limit the extent of negative
impact on the profit margins in fiscal 2021 despite decline in
scale. Further, unutilised bank lines and timely funding support
from promoters will support liquidity over the medium term.

CRISIL has also taken into cognizance, moratorium being granted by
the bankers in debt servicing of interest on working capital
facilities and repayment obligation on term loan till August 31,
2020 as permitted by the Reserve Bank of India (RBI), which should
contain the risk of default.

Analytical Approach

Unsecured loan to the tune of INR8 crore as on March 31, 2020 have
been treated as neither debt nor equity as it will be retained in
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: The total outside liabilities to
adjusted networth ratio was high, at around 2.52 times as on March
31, 2020, on account of substantial working capital debt and debt
funded capex in fiscal 2018. The networth was modest, at around
INR7.3 crore as on March 31, 2020. The capital structure is
expected to improve over the medium term on account of moderate
accretion to reserves and repayment of term debt.

* Susceptibility to changes in government policies: The central
government fixes the minimum support price (MSP) for each crop
every year. When the price of any variety of cotton is lower than
the MSP, Cotton Corporation of India and National Agricultural
Co-operative Marketing Federation intervene immediately and
purchase cotton at the MSP without any quantitative limits to
support farmers' interest. Government policy interventions will
remain a rating sensitivity factor and could affect profitability
in terms of raw material price fluctuation.

Strengths

* Extensive industry experience of the promoters: The promoters'
experience of a decade in the cotton ginning and spinning industry
through group entities should support the business risk profile in
the initial phase of operations.

* Proximity to cotton-growing belts: The Company is based in
Rajkot, Gujarat, which is a part of the cotton-growing belt in the
state. The manufacturing unit is near Saurashtra, Gujarat, which is
the hub for cotton ginning industries. Proximity to the ginning
industries will help reduce logistics cost and ensure availability
of raw material for continuous business operations, thus making
operations more cost-effective.

Liquidity Stretched

Liquidity is marked by moderate cash accrual of INR2-3 crore in
fiscal 2021 and fiscal 2022 against repayment obligation of around
INR2 crore. Company has access to cash credit limit of INR4 crore
utilized to the tune of 60% as on June 2020. Unutilised bank lines
and fund support from promoter is expected to support liquidity
over the medium term.

Outlook: Stable

CRISIL believes Accura will continue to benefit over the medium
term from the extensive experience of its promoters

Rating Sensitivity Factor

Upward Factor
* Improvement in cash accrual to over INR3.5 crore on sustained
basis
* Improvement in capital structure and sustained working capital
cycle.

Downward Factor
* Net cash accrual/Repayment obligation of less than 1
* Larger-than-expected debt-funded capex or acquisition, or
more-than-expected capital withdrawals, weakening the financial
risk profile, particularly liquidity.

Accura was incorporated in 2016, promoted by the Bhalodiya and
Jalawadia families. The company has set up a facility for
manufacturing cotton yarn, and started operations in May 2018. The
facility is in Rajkot, and has an installed capacity of 11.4 tonne
per day.

AGARWAL RUBBER: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Agarwal Rubber
Limited's (ARL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR500 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable/IND A4+ rating; and

-- INR330 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects ARL's continued medium scale of
operations, as indicated by the revenue of INR1,590 million in FY20
(9MFY20: INR1,298 million; FY19:INR1,723 million; FY18: INR1,796
million). The revenue declined for the second consecutive year
because of the slowdown in the auto sector and impact of the
COVID-19 outbreak on the company's exports, since the
pandemic-related disruptions had started in the beginning of the
last quarter of FY20 in other countries.  Ind-Ra expects the
revenue of the company to decrease further in FY21 due to the
ongoing economic slowdown.

The ratings reflect the continued modest credit metrics due to the
modest EBITDA margins. The metrics improved in FY20, as the
absolute EBITDA turned positive at INR145 million (9MFY20: INR127.4
million; FY19: EBITDA loss of INR34.3 million). The interest
coverage (operating EBITDA/gross interest expense) is estimated to
be  1.9x in FY20 (9MFY20: 1.9x; FY19: not meaningful) and the net
leverage (total adjusted net debt/operating EBITDAR) is estimated
to be 4.3x  (FY19: not meaningful). Ind-Ra expects the overall
credit metrics of the company to remain at similar levels in FY21,
backed by the absence of any debt-funded capex.

The ratings continue to factor in the company's modest EBITDA
margins on account of intense competition in the industry. After
having reported an EBITDA loss in FY19, mainly due to a fire that
broke out at the company's unit in April 2018, ARL turned
profitable again FY20, with an EBITDA margin of 9.1% (9MFY20:
9.8%), supported by better realizations. Ind-Ra expects the margins
to decline to 8.5%-8.7% in FY21on account of the disruptions in
operations due to the COVID-19 outbreak and the associated
lockdown. The RoCE is likely to have been 8% in FY20 (FY19:
negative RoCE; FY18:1%).

Liquidity Indicator - Poor: ARL's average utilization of its
working capital limits was 95.9% over the 12 months ended May 2020.
Despite the increase in the operating EBITDA in FY20, the cash flow
from operations turned negative at end-FY20 (FY20: negative INR137
million; FY19: INR56 million), as the working capital cycle
elongated to 148 days (FY19: 97 days) on account of operational
disruptions during the last quarter of the year. The net cash
conversion cycle of the company remained in the range of 90-188
days over FY16-FY20. Ind-Ra expects the net cash conversion cycle
to remain elongated in FY21 on account of high debtor and inventory
days.

However, the cash flow from operations is likely to turn positive
in FY21, backed by the likely receipt of the second insurance claim
during July-August 2020.  Ind-Ra believes the timely receipt of the
insurance claim will be essential to improve the company's
liquidity profile.

ARL has availed the Reserve Bank of India-prescribed debt
moratorium for its long-term facilities over March-August 2020. In
addition, in May 2020, the company availed a COVID-19 emergency
loan of INR50 million, which is likely to be repaid within 18
months, to meet its immediate working capital requirements.  ARL
has repayment obligations of INR37 million and INR49 million for
FY21 and FY22, respectively, which are likely to be met through its
internal accruals.

The ratings, however, benefit from the company's diversified
geographical presence, as it caters to both domestic and export
markets. The export market contributed about 47% to ARL's revenue
in FY20, and the domestic market accounted for the balance 53%,
thereby helping it to withstand any slowdown in either of the
markets.

The ratings are also supported by ARL's promoters' experience of
more than three decades in the manufacturing of tires and tubes.

RATING SENSITIVITIES

Negative: A sharper-than-expected decline in the revenue and
operating profitability, and delay in the receipt of the insurance
claim, leading to increased likelihood of deterioration in the
liquidity profile  and credit metrics, will lead to a negative
rating action.

Positive: An increase in the revenue and operating profitability,
along with the timely receipt of the insurance claim, leading to an
improvement in the liquidity profile and credit metrics, with the
interest coverage exceeding 2.5x, all on a sustained basis, will
lead to a positive rating action.

COMPANY PROFILE

Incorporated in 1983, ARL manufactures and sells tires and tubes.
Its manufacturing unit is in Patancheru, Medak District, near
Hyderabad. The company sells its products under the brand names,
ARL and Maruti.


ANUBHA INDUSTRIES: Ind-Ra Keeps BB+ Rating, Outlook Negative
------------------------------------------------------------
India Ratings and Research (Ind-Ra) rates Anubha Industries Private
Limited at 'IND BB+' with a Negative Outlook. As part of the
ongoing rating review exercise and in line with the regulatory
requirement, Ind-Ra had requested the issuer on March 30, 2020,
April 20, 2020 and June 10, 2020, for updated information on the
company's performance. In view of the COVID-19 led lockdown, the
issuer has informed the agency that it needs more time to provide
the required data. The company has availed moratorium until
September 2020.

Ind-Ra is working with Anubha Industries to see if any information
can be readily provided, so that the agency can update its credit
view as per the regulatory requirement. Ind-Ra will try to complete
the process by August 27, 2020, using the best available
information. If Ind-Ra is unable to do so due to lack of adequate
data, then the rating may have to be migrated into the issuer
non-cooperating category, so that banks are aware that the agency
is unable to update its credit view.  


AVADH INFRA: CRISIL Keeps B+ INR25cr Debt Rating in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Avadh
Infrastructure Private Limited (AIPL) continues to remain in the
'Issuer Not Cooperating' category.


                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            25        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated June 12, 2020 and June
17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AIPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

AIPL, promoted by Mr. Arvind J Ramani and family, was initially
established as Akaar Builders, a proprietorship firm in 1993.
Later, it was reconstituted as a partnership firm in 1998 and as a
private limited company in 2004, when it was given its current
name. The company was initially a construction contractor in
Gujarat but since fiscal 2010, it has shifted its focus to real
estate development.

In 2012, AIPL also entered into compressed natural gas (CNG)
distribution business. The station became operational in May 2012
and the company has entered into an agreement with Gujarat State
Road Transport Corporation to supply CNG to all its buses in
Porbandar and Junagadh route. Further, it has installed 0.8
megawatt windmill near Jamnagar in Gujarat in 2013 to generate
power and to support the Gujarat State Petroleum Corporation CNG
station.

AZURE POWER: Fitch Affirms BB- Rating on $500MM Sr. Notes
---------------------------------------------------------
Fitch Ratings has affirmed the rating on Azure Power Energy Ltd.'s
(APEL) USD500 million senior notes due 2022 at 'BB-'. The rating on
the notes reflects the credit profile of a restricted group of
operating entities under Azure Power Global Limited (APGL), a
company engaged in solar power generation in India.

APEL, a subsidiary of NYSE-listed APGL, used the proceeds of the US
dollar notes to subscribe mainly to Indian rupee-denominated debt
issued by the entities in the restricted group. The US dollar note
holders benefit from a first charge over the shares of the APEL,
and the rupee debt in turn is secured by a first charge on all
assets (excluding current assets and receivables) and the cash flow
of the operating entities in the restricted group. APEL will not
undertake any business activity other than investing in the rupee
debt via issuance of the US dollar notes.

The affirmation reflects APEL's adequate liquidity and sound
financial profile, with a fully operational portfolio and Fitch
expects no capex. This is despite its expectations of declining
power demand amid the prevailing coronavirus pandemic in India,
which is likely to increase curtailment risk and extend receivable
days for renewable energy producers, including APEL, during
financial year ending March 2021 (FY21). Fitch expects APEL's
financial profile to revert to levels adequate for its rating in
FY22, based on its expectation of gradual recovery in India's
economic growth, which should lead to some improvement in the
receivable position.

KEY RATING DRIVERS

Pandemic to Affect Operational Performance: Fitch expects power
generation from the restricted group to decline by about 5% in FY21
due to lower power demand in light of the coronavirus pandemic,
even though the company has not faced any significant curtailment
so far. The restricted group's operating performance in FY20 was
largely in line with Fitch's expectation, driven by mostly stable
average plant load factor (PLF) levels of around 18.5%.

Increasing Receivables: Fitch's rating case assumes an increase in
the receivable days by 90 days for most state counterparties and 60
days for sovereign-backed entities during FY21, on account of
payment delays, before recovering gradually from FY22. The
restricted group's receivable position increased to 162 days in
FY20 (FY19: 137 days) due to higher receivables from the state
utilities of Andhra Pradesh and Karnataka.

Fitch expects the restricted group's free cash flow to decline to
INR0.5 billion in FY21, from INR2.2 billion in FY20, before
recovering in FY22. However, Fitch believes management's intension
to not upstream any cash from the restricted group would help
manage liquidity if receivables deteriorate.

Temporary Dip in Financial Ratios: Fitch expects the restricted
group's EBITDA net interest expense coverage ratio to fall to 1.6x
- below its negative sensitivity of 1.8x - in FY21, based on its
assumptions. Fitch expects the rating headroom to remain tight as
the ratio recovers to 1.8x in FY22, supported by normalisation of
PLFs and gradual improvement in receivables. However, if the
government's financial package for Indian state distribution
companies gets fully implemented, the FY22 receivables could be
lower than its assumptions, further improving the restricted
group's liquidity and credit metrics.

Its current EBITDA interest cover is lower compared with its
previous expectations of an improvement in interest cover to about
2.0x over the next two years. This is mainly on account of the
APGL's plan not to add any new asset to the restricted group.

Moderate to Weak Counterparties: Most state utilities have
relatively weaker credit profiles, but the risk is mitigated by
exposure to NTPC Limited (BBB-/Negative) and Solar Energy
Corporation of India Limited (SECI), which have more robust credit
profiles, and the diversification among the other counterparties.
The power purchase agreements (PPAs) with NTPC and SECI make up 33%
of its capacity, and the state-owned power distribution utilities
account for the rest. This is also reflected in the restricted
group's receivable position: 82 days from NTPC and SECI versus 200
days from state utilities in FY20.

Refinancing Risk: The US dollar notes face refinancing risk, as
Fitch estimates the cash balance at restricted group level will be
insufficient to repay the notes at maturity in 2022. Management's
intension to not upstream any further cash from the restricted
group until refinancing, along with the high remaining average life
of the assets, would help reduce refinancing risk, in Fitch's view.
Furthermore, Fitch believes with Caisse de depot et Placement du
Quebec (AAA/Stable) becoming APGL's majority shareholder owning
50.9%, and International Finance Corporation's continued
association with the group, should support access to funding in the
banking and capital markets.

Seasoned, Well-Diversified Operations: The restricted group's
portfolio of 621MW of solar assets is fairly seasoned, with all its
assets operating for more than two years and producing a stable
performance. The assets are highly diversified in terms of
geography and number of assets, which limits location, weather and
counterparty risks. The portfolio consists of 17 assets in eight
states, with no state accounting for more than 31% of generation
capacity.

Price Certainty, Volume Risks: The restricted group benefits from
long-term PPAs for all of its capacity. All of the PPAs have terms
of 25 years, except one 10MW project in Uttar Pradesh with a
12-year term. The long-term PPAs provide protection from price
risk, but production volumes may vary with solar radiation
patterns. Fitch continues to believe that attempts by distribution
utilities in the states of Andhra Pradesh and Punjab to reduce
tariffs in their PPAs will be unsuccessful. Any tariff revision
will be treated as an event risk in its credit assessment. However,
such attempts from distribution utilities could lead to increase in
receivable days and further reduce the rating headroom for APEL.

DERIVATION SUMMARY

APEL's business profile benefits from 100% exposure to stable and
predictable solar-based power plants and a lower counterparty risk
profile, with a third of its capacity contracted to
sovereign-backed counterparties.

In comparison with APEL, Greenko Dutch B.V.'s (GBV, US dollar
notes: BB) credit profile benefits from a more diversified
portfolio with a total capacity of 1,075MW spread across wind
(41%), solar (37%) and hydro (22%) with a long operating history.
The rating on GBV's notes also benefits from its expectation of
improvement in its financial profile, supported by management's
intention to deleverage by retaining cash in the restricted group
or using it to add new renewable assets with little or no
additional debt. A better financial profile due to cash retention
in GBV's restricted group, which Fitch expects will lead to
deleveraging, justifies GBV's credit profile at one notch higher
than that of APEL.

APEL benefits from its 100% solar portfolio, along with a better
offtaker profile, in comparison with Neerg Energy Ltd (US dollar
notes: BB-), which has a wind-dominated portfolio. Even though
Fitch expects the coverage ratios for the two entities to be
comparable over its forecast period of FY21-FY23, APEL's more
stable solar portfolio and a better counterparty profile justifies
APEL's notes being rated one notch higher than Neerg's standalone
credit assessment of 'b+'. Neerg's bond rating receives a one-notch
uplift to the standalone credit assessment of the restricted group
due to linkages with the ReNew Power Private Limited (BB-/Stable).

KEY ASSUMPTIONS

  - PLFs in line with historical performance for most of the
assets, with a lower assumption for FY21 to factor in the impact of
the pandemic.

  - Plant-wise tariff in accordance with the PPAs.

  - EBITDA margins of 84%-94% over the medium term for most of the
assets.

  - Average receivable period to increase to about 240 days in
FY21, as Fitch expects the payments from the state distribution
companies may be delayed due to the pandemic. Thereafter, Fitch
factors in an improvement of 20-25 days every year starting FY22.

  - No new assets to be added to the restricted group, since the
entity would focus on refinancing plans. This is also in line with
management guidance.

  - No dividend payouts in the medium term.

  - The working capital requirements to be funded through internal
cash only, as management plans to retain cash at the restricted
group level before refinancing.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

Fitch does not expect positive rating action on the US dollar notes
issued by APEL in the near term. Nevertheless, a sustained
improvement in APEL's leverage - measured by net debt/operating
EBITDA - to below 3.5x, and net interest cover of 2.3x or more, may
result in a positive rating action, assuming the consolidated
credit profile of APGL does not deteriorate materially. Fixed
charges include the cost of foreign-exchange hedging.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  - Net interest coverage falling below Fitch's expectation of
1.8x, on a continuing basis, over the medium term.

  - Significant, prolonged deterioration of the restricted group's
receivable position.

  - Significant increase in refinancing risk, including on account
of any significant weakening of parent's credit profile.

  - Failure to adequately mitigate foreign-exchange risk.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: The US dollar notes that mature in November
2022 represent most of the borrowings of the restricted group,
which leads to minimal debt maturities over the next two years.
Fitch expects management to fund any working capital needs
internally, as it does not plan to upstream any further cash from
the restricted group. In addition, Fitch does not foresee
management augmenting any capacity at the restricted group level.
Fitch expects the company to start looking for refinancing of the
US dollar notes around 12-18 months prior to the scheduled
maturity.

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).

BAVA INFRASTRUCTURE: CRISIL Assigns B Rating to INR11cr Cash Debt
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Bava Infrastructure Developers Private Limited
(BIDPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           11         CRISIL B/Stable (Assigned)

The rating reflects BIDPL's e the small scale of operations in the
intensely competitive civil construction industry, working capital
intensive operations and weak financial risk profile. These
weaknesses are partially offset by its extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in the intensely competitive civil
construction segment: The scale is restrained by modest execution
capabilities in an intensely competitive industry, characterised by
numerous small scale players, owing to low entry barriers.
Moreover, revenue depends on BIDPL's ability to bid successfully.
Revenues are estimated at INR30 crores for fiscal 2020.

* Working capital intensive operations: The company's operations
are working capital intensive as reflected by Gross current assets
at over 200 days over the last three fiscals ended March 31,
2020.Its large working capital requirements arise from its high
debtor levels. Working capital requirements are expected to remain
high over the medium term.

* Weak financial risk profile: Gearing is aggressive at estimated
over 4.45 times as on March 31, 2020. Networth stood at INR5 crores
as on March 31, 2020.However the financial risk profile is
supported by comfortable debt protection metrics, as reflected by
interest coverage ratio of 1.94 times and net cash accruals to
total debt (NCA/TD) of 0.11 times respectively as on March
31,2020.

Strength

* Extensive industry experience of the promoters: The promoters
have an extensive experience of in civil construction industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers.

Liquidity Stretched

The sanctioned bank limits of INR11 crores have been fully
utilised. While there have been instances of over utilisation of
the working capital limits, it has been regularised within a day or
two. Accruals are expected at around INR2.5 - INR3 crores which is
expected to be sufficient against annual debt obligations of INR2.4
crores. Unsecured loans form promoters are expected to support
liquidity at times of exigencies. Unsecured loans stood at INR0.05
crores as on March 31, 2020.

Outlook: Stable

CRISIL believe BIDPL will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating Sensitivity Factors

Upward Factors
* Substantial improvement in revenues along with sustained margins
resulting in accruals of over INR3.5 crores
* Improvement in working capital cycle.

Downward Factors
* Decline in scale of operations leading to fall in revenue and/or
profitability margins leading to lower cash accruals
* Large debt-funded capital expenditure and/or witnesses a
substantial increase in its working capital requirements reflected
in GCA of over 300 days thus weakening its liquidity & financial
profile.

BIDPL was incorporated in 2009,.Based out of  Mangalore, Karnataka,
the company is engaged in civil construction works. BIDPL is owned
& managed by Mr.Moideen Bava, Mr.Mahsoof Ahmed and Ms.Nageena
Moideen Bava.

BHAGWAT PRINTING: CRISIL Assigns B+ Rating to INR9cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Bhagwat Printing Press (BPP).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (Assigned)
   Cash Credit            9         CRISIL B+/Stable (Assigned)

The ratings reflect BPP's modest scale of operations and
below-average financial risk profile. These weakness are partially
offset by the extensive experience of the proprietor in the
printing industry.

Analytical Approach

Unsecured loan of INR8.35 crore as on March 31, 2020, has been
treated as neither debt nor equity as it is expected to remain in
the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue is estimated to have been
modest at INR34 crore in fiscal 2020. The business risk profile is
constrained by its modest scale in the intensely competitive
printing industry, which will continue to limit its operating
flexibility.

* Below-average financial risk profile: BPP has below-average
financial profile, as indicated by low networth and high gearing of
INR1.29 crore and 6.94 times, respectively, as on March 31, 2020.
The debt protection measures are below-average with estimated
interest coverage and net cash accrual to total debt ratio at 1.67
times and 0.02 time, respectively, in fiscal 2020. The financial
risk profile is likely to remain subdued over the medium term.

Strengths:

* Extensive industry experience of the proprietor: The proprietor
has experience of over six decades in the printing industry. This
has given him an understanding of the market dynamics and helped
establish strong relationships with suppliers and customers.

Liquidity Stretched

Bank limit utilisation was low around 43% on average for the 12
months through May 2020. Cash accrual is expected above
INR0.15-0.30 crore against nil term debt obligation. In addition,
it will cushion the liquidity. The current ratio was moderate at
1.72 times on March 31, 2020. Liquidity is supported by the
unsecured loan of INR8.35 crore as on March 31, 2020, from the
proprietor. The firm has availed moratorium for debt servicing of
interest payments until August 2020.

Outlook: Stable

CRISIL believes BPP will continue to benefit from the extensive
industry experience of its proprietor and established relationships
with clients.

Rating Sensitivity factors

Upward factors
* Sustained improvement in scale of operation by 20% and
improvement in operating margin, leading to higher cash accrual
* Improvement in the working capital cycle

Downward factors
* Decline in revenue by 25% and decline in profitability
* Capital Withdrawal by the proprietor, weakening the financial
risk profile
* Stretch in the working capital cycle

Set up in 1999 as a proprietorship by Mr. Hari Om Agarwal, BPP
prints and publishes government textbooks for government schools.

CASABLANCA MULTIVENTURES: Ind-Ra Affirms D Issuer, Non Coop. Rating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Casablanca
Multiventures Private Limited's (CMPL) Long-Term Issuer rating at
'IND D' and simultaneously migrated it to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limits (Long-term/Short-
     term) affirmed and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR140 mil. Non-fund-based limits (Short-term) affirmed and
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS
The affirmation reflects the delays in debt servicing by CMPL for
over 30 days, owing to its tight liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2015, Mumbai-based CMPL is engaged in the trading
of agricultural commodities and computers, hard drives, LED lights,
etc.


ELLJAY TEXTILES: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Elljay Textiles
Private Limited's (ETPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. (increase from INR70 mil.) Fund-based working
     capital limit affirmed with IND B+/Stable/IND A4 rating;

-- INR32.5 mil. (reduced from INR40 mil.) Non-fund-based working
     capital limit affirmed with IND A4 rating; and

-- INR2.1 mil. (reduced from INR6.67 mil.) Term loan due on
     December 2020 affirmed with IND B+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects ETPL's continued small scale of operations
even as revenue grew to INR322.3 million in FY20 (FY19: INR298.7
million) due to the higher number of orders received from the
existing customers and increased capacity utilization. Ind-Ra
expects the revenue and EBITDA margins of 1QFY21 to have been
affected by the impact of the nationwide COVID-19-led lockdown,
which would lead to a moderation in the overall revenue for the
year. FY20 financials are provisional in nature.

Liquidity Indicator – Stretched: ETPL's average use of fund-based
and non-fund-based limits was 42% and 44%, respectively, during the
12 months ended 2020. The cash flow from operations turned positive
at INR11.5 million in FY20 (FY19: INR40.9 million) due to an
increase in the top-line. The net cash conversion cycle remained
elongated despite improving to 130 days in FY20 (FY19: 148 days),
owing to a shorter receivables period of 27 days (59 days) as well
as inventory days of 111 (119). ETPL has availed the Reserve Bank
of India-prescribed moratorium for its cash credit limit over
March-August 2020. Ind-Ra expects the liquidity position to remain
stretched in FY21, with the high utilization of the working capital
limits due to a stretched receivables cycle, resulting from the
impact of the COVID-19 outbreak and the associated lockdown.

The ratings continue to be constrained by the company's modest
EBITDA margins due to intense industry competition and fluctuating
raw material prices. The margin declined to 5.9% in FY20 (FY19:
6.5%) due to a sustained increase in cotton prices, higher
electricity costs incurred with the production of higher count
yarn. The return on capital employed was 5.6% in FY20 (FY19:
5.9%).

The rating factor in ETPL's modest credit metrics improved in FY20
due to a fall in the interest expenses to INR5.5 million (FY19:
INR7.6 million) and debt to INR118.0 million (INR129.0 million).
The net financial leverage (adjusted net debt/operating EBITDA) was
6.1x in FY20 (FY19: 6.6x) and the interest coverage (operating
EBITDAR/gross interest expense + rents) was 3.4x (2.6x). Ind-Ra
expects the credit metrics to be at similar levels in the medium
term, in the absence of any debt-led CAPEX plans.

The ratings continue to factor in the promoters' experience of over
two decades in the cotton yarn-dyed woven fabric manufacturing
business, leading to its established relationships with customers
and suppliers. Furthermore, the company's operations are based in
Tamil Nadu, one of the biggest hubs in the country for textile and
garment manufacturers.

RATING SENSITIVITIES

Negative: Any worsening of the liquidity or a fall in the revenue
as well as operating profitability, leading to deterioration in the
credit metrics, will be negative for the ratings.

Positive: An improvement in the liquidity, revenue, and operating
profitability, leading to an improvement in credit metrics, will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, ETPL is a Tamil Nadu-based cotton yarn
manufacturer with a total installed capacity of 27,440 spindles.


EXTOL EDUCATION: Ind-Ra Lowers Bank Loan Rating to D
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Extol Education
Society's (EES) bank facilities to 'IND D (ISSUER NOT COOPERATING)'
from 'IND BB (ISSUER NOT COOPERATING)'. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.

The detailed rating actions are:

-- INR37.04 mil. Term loan (long-term) due on November 2018
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Bank overdraft facility (long-term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects the classification of EES's bank facilities
as non-performing assets by the lender.

RATING SENSITIVITIES

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

COMPANY PROFILE

EES is an educational society registered under Madhya Pradesh
Society Registration Act in 1996. The society runs a college, which
became operational in 1997, and a school, which became operational
in 2005; both are located at Bhopal, Madhya Pradesh.


GRANDCITY HOSPITALITY: CRISIL Moves D Debt Ratings to Not Coop.
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Grandcity
Hospitality Private Limited (GCH) to 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Proposed Long      2.7       CRISIL D (ISSUER NOT COOPERATING;
   Term Bank Loan               Rating Migrated)
   Facility            
   
   Term Loan         12.3       CRISIL D (ISSUER NOT COOPERATING;

                                Rating Migrated)

CRISIL has been consistently following up with GCH for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GCH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GCH is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of GCH to 'CRISIL
D Issuer not cooperating'.

Grand City Hospitality Private Limited (GCH) was incorporated in
2011. The company has recently established a 51 room four star
hotel in Lucknow (UP) for which it has a marketing and management
tie up with Lemon tree. The hotel operations have commenced from
29th January 2019 onwards. The firm is being managed by Mr. Praveen
Kumar and Mr. Paramjeet Singh.

JAWAHAR SAHAKARI: CRISIL Lowers Rating on INR23.5cr Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Jawahar
Sahakari Soot Girni Limited (JSSGL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           9.0        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan            23.5        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects the stretch in liquidity, as seen in decline
in cash accrual and almost fully utilised bank limit in the six
months through April 2020 (because of large working capital
requirement following sizeable inventory). Estimated cash accrual
of around INR2.8 crore was insufficient to meet debt obligation of
over INR3 crore for fiscal 2020. With expected decline in revenues,
the cash accruals will be tightly matched with scheduled debt
repayments in fiscal 2021 as well.

The ratings reflect JSSGL's modest scale of operations in the
intensely competitive textiles industry and susceptibility of raw
material prices to changes in government policy.These weaknesses
are partially offset by a moderate capital structure, and
management's extensive experience in the cotton yarn business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in intensely competitive segment:
The scale of operations is improving, however has remained modest
as indicated by estimated revenue of INR69 crore in fiscal 2020.
The cotton yarn industry in the region is highly fragmented with
established as well as small players, which has increased
competition and impacts sharp scalability and restricts pricing
power.

* Susceptibility to volatility in raw material prices and changes
in government policies: The government fixes a minimum support
price for cotton every year. Also, availability of cotton depends
on the extent of rainfall. Cotton prices are also affected by
change in international demand. Volatility in availability and
prices of cotton affects margins of cotton yarn manufacturers.

Strengths:

* Extensive experience of the management: Presence of over 30 years
in the cotton yarn industry has enabled the management to develop a
strong understanding of market dynamics and establish healthy
relationships with suppliers and customers. This has enabled the
society to ramp up operations in a short span of time.

* Moderate capital structure: Gearing and total outside liabilities
to adjusted networth ratio were moderate at 1.03 times and 1.05
times, respectively, as on March 31, 2020. Though the society has
been incurring losses due to depreciation in the three fiscals
through 2020, it is supported by receipt of interest subsidy under
TUFS (Technology Upgradation Fund Scheme) and additional subsidy
received from the Government of Maharashtra.

Liquidity Stretched

Liquidity is stretched with the cash accruals expected to remain
between INR2.8 crore-Rs.2 crore against a repayment obligation of
INR3 crore. The bank limit of INR9 crore is utilized at average at
93% over past 12 months ending April 2020. Although, the society
has availed moratorium from its bank and relied upon temporary
overdraft limit from the bank in some months to manage working
capital requirements, overall low gearing and adequate current
ratio results in financial flexibility to contract working capital
debt in case of exigency.

Outlook: Stable

CRISIL believe JSSGL will continue to benefit from the extensive
experience of its promoter, and established relationships with
customers.

Rating Sensitivity factors

Upward Factors
* Sustained increase in revenue and operating profitability leading
to cash accrual of more than INR4.5 crore
* Steady improvement in debt protection metrics and liquidity

Downward Factors
* Further decline in operating margin below 3% resulting in cash
accrual of less than INR2 crore
* Stretch in working capital cycle and any large, debt-funded
capital expenditure weakening capital structure and liquidity.

JSSGL is a co-operative society engaged in manufacturing of cotton
yarn with an. installed capacity of 23,712 spindles in Dhamangaon
in Amaravati district of Maharashtra.

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

The instrument-wise rating actions are:

-- INR47.50 mil. Proposed term loan migrated to non-cooperating
     category with Provisional IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR10 mil. Proposed fund-based working capital limit migrated
     to non-cooperating category with Provisional IND BB+ (ISSUER
     NOT COOPERATING) / Provisional IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR49.50 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
21, 2019. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2012, JTPL is engaged in the processing and job work of
grey fabrics at its facility in Bhiwandi. Its registered office is
in Bhiwandi (Thane, Maharashtra).


JOY COFFEE: CRISIL Reaffirms B+ Rating on INR13cr Secured Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on long term
bank loan facilities of Joy Coffee Curing Works (JCCW).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Secured Overdraft
   Facility               13        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the pronounced stretch in JCCW's
working capital-intensive nature of operations and below-average
financial risk profile. The rating also factors in the firm's
modest scale of operations and limited value addition. These
weaknesses are partially offset by the benefit expected to accrue
to JCCW from the extensive experience of its partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* High working capital intensity: The high working capital
requirement is reflected in gross current assets of 120-130 days as
on March 31, 2020, because of large inventory held during the
procurement season for coffee beans. Inventory is over 100 days as
of March 31, 2020. Operations will remain working capital intensive
over the medium term.

* Below-average financial risk profile: The firm had a small
networth of INR6 crore and TOLTNW ratio of 2.5 times, estimated as
on March 31, 2020. The interest coverage ratio was subdued at 1.2
times in fiscal 2020. CRISIL believes that the financial risk
profile of the group will remain below-average for the near term.

* Modest scale of operations and limited value addition: JCCW's
scale of operations is modest annual revenue ranging between INR50
and 75 crores. The firm has estimated revenues of INR60 crore in
fiscal 2020. The operations are expected to be impacted in the
first quarter of fiscal 2021 due to COVID led lockdown. Operating
margin is typically range-bound, on account of limited value
addition.

Strength:

* Extensive experience of partners: The promoters have been in the
coffee curing business for over 25 years. JCCW has built stable
relationships with all industry stakeholders, which is expected to
benefit the firm in the medium term.

Liquidity Poor

The average bank limit utilization for the last 12 months ended on
May 2020 is high at around 100%. Net cash accrual is negative owing
to withdrawals however there are no major repayment obligations
against the same. The accruals are expected to remain modest at
around INR0.2 - INR0.3 crore over the medium term.

Outlook: Stable

CRISIL believes JCCW will continue to benefit from the extensive
experience of its promoters and established relationships with key
suppliers and customers.

Rating Sensitivity factors

Upward factors:
* Revenue growth of more than 25% and an increase in operating
margin to over 7% over the medium term, leading to strong accruals
* Efficient working capital management and maintenance of modest
capital structure

Downward factors:
* Stretch in working capital cycle with GCA of over 150 days
leading to higher reliance on debt to fund the working capital
requirement, thereby weakening the liquidity profile.
* Deterioration in capital structure owing to capital withdrawal by
partners or increased debt levels.

Established in 1992 as a partnership firm, JCCW is engaged in
curing and processing of raw coffee to coffee beans. Based in
Chikmagalur, Karnataka, the day-to-day operations of the firm are
managed by Mr. Francis George.

MUMBAI INT'L. AIRPORT: Ind-Ra Cuts Bank Loan Rating to B, Keeps RWN
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mumbai
International Airport Limited's (MIAL) bank facility ratings to
'IND B' from 'IND BB+' while maintaining them on Rating Watch
Negative (RWN), as follows:

-- INR61.410 bil. Long-term bank loans downgraded; maintained on
     RWN with IND B/RWN rating;

-- INR21.550 bil. Long-term bank loan against airport development

     fee (ADF) receivables downgraded; maintained on RWN with IND
     B/RWN rating;

-- INR3.50 bil. Term loans against real estate deposits due on
     May 2025 downgraded; maintained on RWN with IND B/RWN rating;

     and

-- INR11.350 bil. Bank facilities* downgraded; maintained on RWN
     with IND B/RWN rating.

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
factor in the support provided by MIAL to Navi Mumbai International
Airport Private Limited (NMIAL). MIAL has undertaken to support
NMIAL's equity requirements and cost overruns, and has agreed to
provide a corporate guarantee for the replenishment of the latter's
debt service reserve account (DSRA) for four years from the
commencement of operations.

KEY RATING DRIVERS

The downgrade and RWN reflect the inordinate delays in MIAL's real
estate monetization (REM) and the developing situation regarding
passenger traffic, the stretched liquidity position and limited
cash flow visibility, and thus, the uncertainties regarding timely
debt servicing post the lifting of the moratorium. The COVID-19-led
air travel restrictions since the beginning of FY21 have had a
severe impact on passenger movements, leading to reduced cash
accumulations and subdued liquidity. Also, the management has
indicated that the delay in monetization from earlier timelines is
on account of uncertainty due to the pandemic. Furthermore, the
Central Bureau of Investigation has filed a first information
report on the company and its directors, alleging siphoning of
funds. This could possibly restrict or delay any fund-raising plans
to tide over any liquidity mismatch. Ind-Ra will monitor all these
aspects on an ongoing basis.

Since March 2019, MIAL has faced multi-notch downgrades due to the
revision in the REM timelines. The monetization plan has been
revised multiple times till date - from August 2019 to December
2019 to February 2020 to April 2020; considering the prevailing
environment, the plan is likely to be delayed further. The company
had approvals from the senior lenders to service loans against real
estate deposit from general cash flows until March 2020 and
thereafter covered under the Reserve Bank of India-prescribed
moratorium. While the option to exercise the put option has been
deferred to August 31, 2020, the heightened risk of delay in REM
has led to the present downgrade.

Despite resumption of domestic travel in May 2020, domestic air
traffic movements and domestic passengers fell 88% yoy and 92% yoy,
respectively, in June 2020. With the longer-than-expected impact of
the COVID-19 outbreak, air traffic is likely to remain subdued over
the near term. Furthermore, with the lack of clarity on resumption
of international flights, the recovery in passenger traffic is
likely to be slow, thereby impacting revenue visibility. Also the
management has indicated that some of the non-aeronautical
concessionaires have sought protection under the force majeure
provisions, leading to further uncertainty with respect to cash
flows.

Liquidity Indicator – Poor: MIAL had liquidity worth INR2,520
million as of July 3, 2020 (including INR440 million of DSRA,
INR1,210 million of unutilized CC limits and INR770 million in the
proceeds account). Against this, the company had a potential
pending liability of revenue share of the preceding four months of
around INR960 million, for which it has sought deferment by
invoking the force majeure clause under the operation, management
and development agreement. The company has been generating average
monthly revenue of INR600 million (unadjusted for revenue share) in
the last two months (as per the management) and the same is likely
to increase over the medium term, albeit at a slower pace than
envisaged earlier.

MIAL's liquidity is likely to remain poor until REM, considering
the monthly debt obligation (post moratorium) of around INR760
million and the monthly operating expenses of INR600 million-700
million. The management has indicated that MIAL has already availed
both the Reserve Bank of India-prescribed debt moratoriums. While
the loan against ADF had been prepaid to the extent of nearly two
months as of March 2020, the collections are likely to be subdued
due to the longer–than-anticipated impact of the COVID-19
pandemic on passenger movement.

After having infused INR9,050 million in NMIAL till March 2019,
MIAL has not infused any additional funds in the company.
Furthermore, the management has indicated that it shall not
undertake any capex works until adequate liquidity is maintained
for debt servicing.

RATING SENSITIVITIES

The RWN indicates that the rating may be affirmed or downgraded.
The agency will resolve the RWN after monitoring the timely receipt
of deposits from REM, assessing the impact of the COVID-19 outbreak
on passenger movements the cash flows and liquidity position of the
company. The agency believes that liquidity position is poor for
all facilities, and hence, has clubbed the resolution of RWN.

COMPANY PROFILE

MIAL is a joint venture company held by a GVK group-led consortium,
comprising GVK Airport Holdings Ltd. (50.5% stake), South
Africa-based Bid Services Division (Mauritius) Limited (13.5%) and
ACSA Global Limited (10%) and Airports Authority of India (26%).

Under a 30-year concession, the government of India has granted
MIAL the right to operate, maintain, develop, design, construct,
upgrade, modernize, finance and manage Chhatrapati Shivaji Maharaj
International Airport. MIAL provides domestic and international
airport services to the Mumbai metropolitan area.


NAMASTE EXPORTS: CRISIL Reaffirms B- Rating on INR5.5cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
bank facilities of Namaste Exports Limited (NEL). The ratings
continue to reflect weak operating performance and poor debt
protection metrics. The rating also constrained by small scale of
operations in highly fragmented industry for leather garments
export and susceptibility of margins to adverse movement in forex
rates. These weaknesses are mitigated by promoters' extensive
experience in this line of business.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing
   Credit                4.5        CRISIL B-/Stable (Reaffirmed)

   Foreign Bill
   Discounting           2          CRISIL B-/Stable (Reaffirmed)

   Letter of Credit      1          CRISIL A4 (Reaffirmed)

   Proposed Working
   Capital Facility      5.5        CRISIL B-/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness:

* Weak operating performance and financial risk profile: NEL's weak
operating performance is reflected in the company's limited pricing
power and also, owing to relatively high fixed costs. Continues
cash losses by the company resulting in erosion in its net worth
base. NEL's net worth is estimated to have reduced to INR3.26 cr as
on 31st March 2020 from INR4.87 crores as at March 31, 2019.
Consequently, NEL is expected to report the high gearing of over 2
times over the medium term.

* The small scale of operations in a highly fragmented industry for
leather garments export: NEL has a small scale of operations, as
reflected in its estimated revenues of appx INR30.0 crore in fiscal
2020. The operations are expected to be impacted in the first
quarter of fiscal 2021 due to Covid led lockdown. Additionally, the
overseas market is highly competitive due to competition from other
players across the globe as well as from domestic players.

* Susceptibility of margins to adverse movement in foreign exchange
(forex) rates:  About 95% of the company's sales are from exports.
The company hedges 50% of its export receivables through forward
contracts, while the balance remains uncovered exposing the company
to forex fluctuation risk.

Strengths:
* Promoters' extensive experience in the leather industry:
The promoters have been in this line of business for over 3 decades
and have built long-standing relationships with several customers.

Liquidity Poor

Liquidity is poor marked by cash losses. The company does not have
long term repayment obligations, however fund base limits were
utilized at more than 80 per cent during the 12-month period ended
Jan 2020.


Outlook: Stable
CRISIL believes NEL will continue to benefit from the extensive
experience of its promoters and established relationships with key
suppliers and customers.

Rating Sensitivity factors

Upward factors:
* Sustained improvement in scale of operations by 25% and
break-even at operating margin level, leading to higher cash
accruals
* Sustainable improvement in financial risk profile and working
capital management.

Downward factors:
* Decline in operating profitability by over 200 basis point
* Substantial increase in its working capital requirements unless
promoters capital infusion.

Established in 1988 by Mrs. Madhura Bhat, NEL is engaged in the
manufacture and exports of leather garments. About 95% of total
turnover is from exports to countries including Italy, Spain,
France, US, Canada. The company sells its products to famous
fashion brands including Bugatti, Spengler, Milestone, and Tommy
Hilfiger.

PATEL MOTORS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Negative
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Patel Motors
(Indore) Private Limited's (PMPL) Outlook to Negative from Stable
while affirming its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating action is:

-- INR410 mil. Fund-based limit Outlook revised to Negative from
     Stable; affirmed IND BB+/Negative rating.

KEY RATING DRIVERS

The Outlook revision reflects the year-on-year deterioration in
PMPL's revenue in FY20 and the likelihood of it declining further
in FY21 due to the downward trend in the global automobile
industry. According to the provisional results for FY20, the
company's revenue declined 10.7% yoy to INR6,216.7 million due to a
fall in the volumes and a shift to Bharat Stage VI from Bharat
Stage IV, whose production was low and demand was high during
4QFY20. However the scale of operations remains large. Around 50%
of the company's revenue is contributed by the sale of Maruti
Suzuki India Limited's vehicles, and the rest by Eicher Motors
Limited's and Tractors and Firms Equipment Limited's vehicles, and
after-sale services.

The impact of the COVID-19-led lockdown on PMPL was lower than what
Ind-Ra expected due to the location of the company's showrooms in
the green zones of Madhya Pradesh. The company restarted its
operations post the nation-wide lockdown from June 2020; however,
the sales have been slow.

The ratings reflect PMPL's weak credit metrics with the gross
EBITDA interest coverage (operating EBITDA/gross interest expense)
of 1.62x in FY19 (FY18: 1.65x) and net leverage (Ind-Ra adjusted
net debt/operating EBITDAR) of 5.79x (5.76x). The slight
deterioration in the credit metrics was marked by the increased
short-debt to INR587.42 million from INR468.41 million and the
subsequent increase in the interest cost.   

The margins continued to be average at 2.7% in FY19 (FY18: 2.8%)
due to the dealership nature of the business. The return on capital
employed was 12% in FY19 (FY18: 13%). In FY20, Ind-Ra estimates the
margins to have improved due to the dealer margins that improved
for all Maruti Suzuki dealers in India.

Liquidity Indicator – Stretched: The average maximum utilization
of PMPL's fund-based limits for the 12 months ended May 2020 was
67.2%. Its cash flow from operations turned positive to INR3.68
million in FY19 from negative INR96.04 million in FY18 mainly due
to changes in the working capital cycle. The net working capital
cycle elongated to 46 days (42 days) due to increase in inventory
days to 36 days from 29 days. At FYE19, cash and cash equivalent
stood at INR5.48 million. The company had availed the Reserve Bank
of India-prescribed moratorium for interest payment over March-May
2020

The ratings also factor in the vast experience of the promoters in
the dealership business with renowned original equipment
manufacturers such as Maruti Suzuki, Eichers Motors and Tractors
and Firms Equipment for more than three decades.

RATING SENSITIVITIES

Positive: The gross interest coverage staying over 1.5x on a
sustained basis, along with an improvement in the operating
profitability and liquidity while maintaining the scale of
operations will lead to a positive rating action.

Negative: The gross interest coverage falling and sustaining below
1.5x or substantial deterioration in the liquidity could lead to a
negative rating action.

COMPANY PROFILE

PMPL was incorporated in 1985 as a partnership firm. In 1993, the
firm was reconstituted as a private limited company. The company
has 23 showrooms and 15 workshops in Madhya Pradesh, and runs a
driving school in Indore. It has an authorized dealership of
Tractors and Farm Equipment for tractors, VE Commercial Ltd. for
Eicher Motor's trucks and buses, and commercial and passenger
vehicles of Maruti Suzuki.


PLAZMA GRANITO: CRISIL Hikes Rating on INR20cr Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Plazma Granito Private Limited (PGPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the short term rating at
'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL A4 (Reaffirmed)

   Cash Credit           7          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan            20          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects improvement in company's business risk profile
on the back of steady growth in revenues and operating margins.
Company's revenues increased to INR38.91 Crore in fiscal 2020 from
INR26.03 Crore in fiscal 2019 along with operating margins
increasing to 20.08% in fiscal 2020 compared to 16.54% in fiscal
2019. The same was on the back of addition of new customers and
sales in export market. Improved operating performance is expected
to sustain over the medium term. Further, company's financial risk
profile has also improved. Networth stood at INR7.91 Crore as on
March 31, 2020 compared to INR6.89 Crore as on March 31, 2019. The
same is on the back of steady accretion to reserves and nil
dividend payout. Company's interest coverage ratio increased to
2.48 times in fiscal 2020 from 1.34 times in fiscal 2019. Improved
business and financial risk profile is expected to sustain over the
medium term.

The ratings continue to reflect the company's large working capital
requirement and exposure to intense competition. This weakness is
partially offset by the promoter's extensive industry experience
and improved profitability.

Analytical Approach

Unsecured loans amounting to INR5.74 Crore as on March 31, 2020
have been treated as neither debt nor equity due to track record of
non-withdrawal of the same.

Key Rating Drivers & Detailed Description

Weakness:
* Large working capital requirement: Working capital requirement is
large as indicated by estimated gross current assets which stood at
231 days as on March 31, 2020 driven by high receivables of 118
days and inventory of 107 days.

* Exposure to intense competitive pressure: The ceramic tiles
industry is highly fragmented, with the unorganised segment
accounting majority of the overall market share. Furthermore, PGPL
has to compete with reputed brands such as Kajaria, Nitco, Somani,
and Asian Granito, along with cheap imports from China.

Strengths:
* Extensive experience of the promoters: Benefits from
three-decade-long experience of the promoters, their strong
understanding of local market dynamics, and healthy relations with
customers and suppliers should continue to support the business.

* Improvement in profitability: Operating profit before interest,
depreciation, and tax increased to INR7.81 crore in fiscal 2020
(provisional) from INR4.30 crore in fiscal 2019, backed by an
increase in exports share and sale of premium products.

Liquidity Poor
PGPL has poor liquidity driven by highly utilised bank lines. PGPL
has access to fund based limits of INR7 Crore, utilized to the tune
of 97% on average for 12 months ended March 2020. Company is
expected to generate cash accruals in the range of INR4.00-4.50
crore per annum in fiscal 2021 and 2022 against repayment
obligation of INR3.36 Crore each for the same period. Current ratio
stood at 4.12 times as on March 31, 2020 along with unencumbered
cash and bank balance estimated at INR1.63 Crore as on March 31,
2020. The company does not have any significant debt funded capex
plans over the medium term.

Outlook: Stable

CRISIL believes PGPL will continue to benefit over the medium term
from the extensive experience of its promoters.

Rating Sensitivity factors

Upward Factor
* Improvement in revenues by 20% along with operating margins
sustaining at current levels
* Sustenance of financial risk profile at current levels

Downward Factor
* Decline in revenues by 20% or significant decline in operating
margins
* Larger than expected capital withdrawals or large debt funded
capex.

Incorporated in 2014, PGPL is based in Morbi, Gujarat. The company
manufactures vitrified tiles. Commercial operations began in March,
2017.

PLK MANUFACTURING: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of PLK Manufacturing Unit (PLK).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's weak financial risk
profile, and its modest scale amid intense competition and
susceptibility of operating margins to volatile gold prices. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the gold jewellery industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue of INR45.03 crore estimated
in fiscal 2020, reflects the modest scale, restricting scalability,
and bargaining power against customers and suppliers, given the
intense competition in the industry with large number of players.
Moreover, with the ongoing pandemic, the demand for the gold
jewellery is estimated to remain sluggish, thus impacting the
business risk profile of small as well as large players in the gold
industry.

* Below-average financial risk profile: Capital structure is weak
marked with estimated low networth of INR3-3.10 crore as on March
31, 2020, gearing and total outside liabilities to adjusted
networth (TOLANW) ratio was estimated at 2.25 times and 2.26 times,
respectively as on March 31, 2020. Debt protection metrics were
subdued, with interest coverage and net cash accrual to adjusted
total debt (NCATD) ratios estimated at 1.5-1.6 times and 0.04-0.5
time, respectively, in fiscal 2020. With low operating margins and
low accretion to reserves, the financial risk profile is expected
to remain at similar level over the medium term.

* Susceptibility of operating margins to volatile gold prices: The
firm is exposed to risks related to volatility in gold prices. The
firm has maintained huge stock of gold jewellery historically and
thus operating profitability has been fluctuating over the last
three fiscals through fiscal 2020 in the range of 4.7 per cent in
fiscal 2018 to ~3.1 per cent in fiscal 2020.

Strength:

* Extensive experience of the promoters: The four-decade-long
experience of the partners in the gold jewellery business, and
their strong relationships with various customers, have helped the
firm establish its market position in Kerala.  This has resulted in
year-on-year growth in revenue from INR18.66 crore in fiscal 2017
to ~Rs 45.03 crore in fiscal 2020.

Liquidity Poor

Liquidity is marked by low cash accrual of INR0.1-0.3 crore
expected in fiscal 2021 and fiscal 2022, though against no maturing
debt. Bank limit of INR7 crore has been fully utilised for the 12
months ended March 31, 2020. Cash and bank balance stood at INR0.01
crore as on March 31, 2019.Improvement in cash accruals and timely
enhancement of bank lines to fund the working capital requirement
over the near term, shall remain key monitorable.

Outlook: Stable

CRISIL believes PLK will continue to benefit from the extensive
experience of its promoters in the gold jewellery industry.

Rating Sensitivity factors

Upward factors

* Steady growth in revenue, and higher operating margin, leading to
net cash accrual of over INR1 crore
* Improvement in debt protection metrics and capital structure,
backed by lower debt levels

Downward factors
* Stagnant business performance, due to weak demand, or reduction
in operating margin, or large capital withdrawals by the partners
leading to lower cash accrual
* Weakening of financial risk profile, with TOLANW exceeding 4
times

Set up in 2015, Kerala-based PLK manufactures gold ornaments. The
firm was set up by Mr. Jomy Varghese and Mr. Jimmy Varghese as a
partnership firm.

PUMA HOSIERY: CRISIL Assigns B Rating to INR1.52cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Puma Hosiery Mill (PHM).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            1.52        CRISIL B/Stable (Assigned)
   Packing Credit       3.50        CRISIL A4 (Assigned)
   Foreign Bill
   Discounting          2.91        CRISIL A4 (Assigned)
   Auto loans            .20        CRISIL B/Stable (Assigned)
   Cash Credit           .37        CRISIL B/Stable (Assigned)

The ratings reflect the firm's modest scale of operations and large
working capital requirement in the highly fragmented readymade
garments industry. These weaknesses are partially offset by the
extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale in a highly fragmented industry: Scale of operations
remained modest with revenue at INR8.89 crore in fiscal 2020.
Moreover, the firm faces competition from a large number of
unorganised players in the readymade garments industry, given the
low entry barriers defined by limited reliance on capital and
technology. The fragmentation limits the pricing flexibility and
bargaining power of all players. Also, the threat from large
integrated players limits revenue growth and constrains
profitability.

* Large working capital requirement: Gross current assets were at
161-226 days over the three fiscals ended March 31, 2020, driven by
sizeable receivables (due to limited bargaining power with
customers) and large inventory.

Strength:
* Extensive industry experience of the partners: Experience of over
three decades in the readymade garments industry has given the
partners an understanding of the dynamics of the market and helped
establish relationships with suppliers and customers.

Liquidity Stretched
Working capital facilities were fully utilised over the 12 months
through March 2020. Annual net cash accrual is expected at INR50-60
lakh each in fiscals 2021 and 2022 against yearly debt obligation
of around INR25 lakhs.

Outlook: Stable

CRISIL believe PHM will continue to benefit from the extensive
experience of the partners and its established relationships with
clients.

Rating Sensitivity factors

Upward factors
* Significant revenue growth and prudent working capital management
resulting in net cash accrual of more than INR80 lakh
* Sizeable capital infusion improving the financial risk profile
and liquidity

Downward factors
* Decline in operating margin below 10%
* Stretch in working capital cycle weakening the liquidity

Established in 2010, PHM is owned and managed by Ms P Sudha, Ms R
Latha and Mr. S Jothi Manikandan. The firm manufactures readymade
hosiery garments such as T-shirts, shirts and sweatpants for men,
women and kids. Its manufacturing facility is in Tiruppur, Tamil
Nadu.

RAGHAVENDRA POULTRY: CRISIL Moves D Debt Ratings to Not Coop.
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Raghavendra Poultry Farm (SRHPF; a part of the Sri Poultry group)
to 'CRISIL D Issuer not cooperating'.

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

   Term Loan         4.80       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with SRHPF for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRHPF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SRHPF is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SRHPF to
'CRISIL D Issuer not cooperating'.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of SRHPF and Sri Rajalakshmi Poultry
Farm (SRPF). That is because these two firms, together referred to
as the Sri Poultry group, have similar nature of operations,
operational & financial fungibility, and a common management.

                          About the Group

The Sri Poultry group was set up by Mr. B H Thippeswamy and family
in Kodihally (Karnataka).

SRPF is engaged in poultry farming with capacity of 60,000 birds;
it also operates a 1 megawatt (MW) solar roof top plant and has a
25-year power-purchase agreement (PPA) with BESCOM.

SRHPF is engaged in poultry farming with capacity of 75,000 birds;
it also operates a 1 MW solar roof top plant and has a 25-year PPA
with BESCOM.

RAJALAKSHMI POULTRY: CRISIL Moves D Debt Ratings to Not Coop.
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Rajalakshmi Poultry Farm (SRPF; a part of the Sri Poultry group) to
'CRISIL D Issuer not cooperating'.

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

   Term Loan         4.80       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with SRPF for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRPF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SRPF is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SRPF to
'CRISIL D Issuer not cooperating'.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of Sri Raghavendra Poultry Farm (SRHPF)
and SRPF. That is because these two firms, together referred to as
the Sri Poultry group, have similar nature of operations,
operational & financial fungibility, and a common management.

                          About the Group

The Sri Poultry group was set up by Mr. B H Thippeswamy and family
in Kodihally (Karnataka).

SRPF is engaged in poultry farming with capacity of 60,000 birds;
it also operates a 1 megawatt (MW) solar roof top plant and has a
25-year power-purchase agreement (PPA) with BESCOM.

SRHPF is engaged in poultry farming with capacity of 75,000 birds;
it also operates a 1 MW solar roof top plant and has a 25-year PPA
with BESCOM.

RAJHANS INFRATECH: CRISIL Moves D INR16cr Debt Rating in Not Coop
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rajhans
Infratech Private Limited (RIPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan          16        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with RIPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RIPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of RIPL to
'CRISIL D Issuer not cooperating'.

Incorporated in 1982, RIPL develops real estate in Noida, Uttar
Pradesh. Mr. Ramesh Goel and Mrs Neelam Goel are the promoters.

RARE ROCKS: CRISIL Migrates B+ Debt Rating from Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with the Securities
and Exchange Board of India guidelines, had migrated its ratings on
bank facilities of Rare Rocks (RR) to 'CRISIL B+/Stable/CRISIL A4;
issuer not cooperating'. However, the company's management has
subsequently started sharing the requisite information for a
comprehensive review of the ratings. Consequently, CRISIL is
migrating the ratings to 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.75       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Foreign Exchange      0.45       CRISIL A4 (Migrated from
   Forward                          'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Letter of Credit      1.00       CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Packing Credit        3          CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    0.35       CRISIL B+/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Rupee Term Loan       2.45       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

The ratings reflect the firm's modest scale of operations, amidst
intense competition and customer concentration in revenue, and
susceptibility to change in economic cycles in US and UK, and
fluctuation in foreign exchange (forex) rates. These weaknesses are
partially offset by the extensive experience of the partners in the
granite industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition and customer
concentration: Intense competition in the granite industry has kept
RR's scale of operations modest, as reflected in estimated revenue
of INR24.6 crore in fiscal 2020. Further, the firm sells 75% of its
produce to a single customer in the US, and thus remains exposed to
customer concentration risk.

* Susceptibility to economic cycles in overseas markets, and
fluctuation in forex rates: The firm derives a sizeable chunk of
income from granite exports to US and UK. Hence, revenue and
profitability remain vulnerable to economic cycles in these
markets, and sharp movement in forex rates.

Strengths

* Moderate financial risk profile: Financial risk profile is marked
by a moderate networth and gearing of INR9.74 crore and 0.99 time,
respectively, as on March 31, 2020. Debt protection metrics are
adequate, with interest coverage and net cash accrual to adjusted
debt ratios, estimated at 3.41 times and 0.18 time, respectively
for fiscal 2020.

* Extensive experience of the partners: The decade-long experience
of the partners in the granite industry, and their established
relationships with customers and suppliers, will continue to
support the business risk profile.

Liquidity Stretched

Liquidity may remain stretched, amidst low cash accrual and high
bank limit utilisation. Expected cash accrual of INR1.5-2.0 crore,
though modest, should suffice to cover the maturing debt of
INR0.30-0.90 crore, over the medium term. Bank limit has been fully
utilised over the 12 months through April 2020.

Outlook: Stable

CRISIL believes RR will continue to benefit from the extensive
experience of its partners, and their established relationships
with key customers.

Rating sensitivity factors

Upward factors
* Sustained growth in revenue by 20% and steady operating margin,
leading to higher cash accrual
* Adequate diversification in geographic reach

Downward factors
* Decline in revenue and profitability, or any large capital
withdrawal, leading to cash accrual of less than INR0.90 crore
* Larger-than-expected, debt-funded capital expenditure, or
substantial capital withdrawal by partners, weakening the financial
risk profile.

RR was formed as a partnership firm by Mr. Majeti Rakesh and his
family in 2010. The firm is based out of Andhra Pradesh and
processes and exports granite blocks to the US and UK.

RASAPOORNA FOODS: CRISIL Assigns B Rating to INR8.5cr Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rasapoorna Foods Pvt Ltd (RFPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              3.5       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     8.5       CRISIL B/Stable (Assigned)

The rating reflects RFPL's modest scale of operations and
below-average financial risk profile. These weaknesses are
partially offset by extensive experience of the promoters in the
hotels and catering business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: Exposure to intense competition in the
hotels and catering business has led to subdued scale of
operations.  This will continue to limit RFPL's operating
flexibility.

* Below-average financial risk profile: The financial risk profile
is constrained by modest net-worth and leveraged capital structure.
Net-worth and gearing are estimated at INR1.95 crore and 1.76
times, respectively, as on March 31, 2020. In the absence of
significant equity infusion, the financial risk profile will remain
constrained over the medium term.  

Strength:

* Extensive industry experience of the promoters: The promoters
have experience of over 10 years in the hotels and catering
business. This has given them a strong understanding of the
dynamics of the business, and enabled them to establish healthy
relationships with suppliers and customers.

Liquidity Stretched

Net cash accrual is expected at INR30-40 lakh in the coming fiscal,
which is tightly matched against maturing debt obligation of
INR25-30 lakh. Utilisation of overdraft facility is at 70% over the
12 months through May 2020. In addition to unutilised overdraft
facility, liquidity is supported by unsecured loans infused by the
promoters.

Outlook: Stable

CRISIL believes RFPL will continue to benefit from the extensive
experience of its promoters, and established relationships with
clients.

Rating Sensitivity factors

Upward factors
* Revenue growth of 25-30% along with improvement in the operating
margin, leading to higher cash accrual
* Improvement in the working capital cycle

Downward factors
* Decline in operating profitability by over 50 basis points on a
sustainable basis
* Larger-than-expected, debt-funded capital expenditure weakening
the capital structure and liquidity

Incorporated in 2013, RFPL is based in Seethammadhara,
Visakhapatnam, in Andhra Pradesh. It provides catering services.
RFPL is owned and managed by NSRP Varma, N Lakshmi, NSN Varma and B
Subba Raju.

RAVIRAJ FOILS: Ind-Ra Withdraws BB+ Issuer Non-Cooperating Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Raviraj Foils
Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR54.3 mil. Long-term loan* due on October 2020 maintained in

     non-cooperating category and withdrawn;

-- INR140 mil. Fund-based limit* maintained in non-cooperating
     category and withdrawn; and

-- INR67.5 mil. Non-fund based limit# maintained in non
     cooperating category and withdrawn.

* Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn

# Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer 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 the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Incorporated in 1996, Ahmedabad-based Raviraj Foils manufactures
light (6-12 microns) and medium gauge (15-50 microns) aluminum
foils used for food and pharmaceutical packaging. RFL has five
rolling mills with a combined installed rolling capacity of
28,000mtpa.


RJ CYLINDER: CRISIL Lowers Rating on INR7.72cr Loan to B+
---------------------------------------------------------
CRISIL has downgraded its ratings on long-term bank facilities of
R. J. Cylinder Industries (RJC) to 'CRISIL B+/Stable' from CRISIL
BB-/Stable.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          3.97       CRISIL B+/Stable (Downgraded
   Overdraft facility               from 'CRISIL BB-/Stable')

   Long Term Loan        7.72       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects delay of around one year in commencement of
the firm's commercial operations. This has reduced the
stabilisation period prior to debt servicing, and thus, constrains
liquidity.

The rating continues to reflect risks arising from the nascent
stage of operations. These rating weaknesses are partially offset
by healthy business prospects in the North East, and considerable
experience of the partners across diverse industries.

Key Rating Drivers & Detailed Description

Weaknesses:

* Initial stage and small scale of operations: The firm's
manufacturing unit at Nagaon, (Assam) with a capacity of 6 lakh
cylinders per annum, started commercial operations from February
2020. The scale of business may remain small in the initial stages,
with 50-60% of capacity likely to be utilised in fiscal 2021.

* Delay in commencement of commercial operation, reducing cushion
for stabilisation of operations, prior to debt servicing: The firm
was expected to commence commercial operations from April 2019, and
repayments were to start from fiscal 2020, with a six month period
factored in for stabilisation. However, in fiscal 2020, nationwide
tenders were cancelled, as some abnormality was detected in the
tendering process. This led to delay in the commericalisation, with
operations commencing only by end of February 2020. The Covid-19
pandemic then led to a halt in operations, which then resumed only
in June 2020. However, as term loan repayment started from April
2020, the firm did not get sufficient time to stabilise its
operations, and this has constrained liquidity.

Strengths:

* Potential benefits from the untapped north-eastern market: At
present, there are only 13 liquefied petroleum gas (LPG) bottling
plants in the North-east region, of which seven are in Assam, and
only one plant is operational. Moreover, there are three refineries
of Indian Oil Corporation in Assam, and the entire demand for empty
cylinders is met through supplies from Kolkata and other states.
Hence, the market is largely untapped. Also, stringent entry
barriers, in the form of necessary certifications, limit the
competition.

* Experience of the partners in diverse industries: The partners,
members of the Nahata family, have been engaged in diverse
businesses, such as construction, real estate, retailing and cement
manufacturing. They traded in jute and salt, before setting up the
civil construction business at Nagaon in 1975. Their flagship, UCN
Construction Company Ltd (rated 'CRISIL BBB-/Stable/CRISIL A3') has
a healthy track record and reputation in the business. Although the
LPG cylinder unit was set up only in fiscal 2018, the longstanding
presence of the partners in the Assam region, should help the
company ramp up scale quickly.

Liquidity Stretched

Liquidity may remain weak, marked by expected cash accrual of
INR0.3-0.4 crore in fiscal 2021, against maturing debt of around
INR1.16 crore. The mismatch is likely to be covered through funding
support from the partners. Cash accrual of INR1.2-1.4 crore is
expected per fiscal, against a similar debt obligation in the
medium term. Bank limits utilisation has been moderate, averaging
around 50% over the last five months through May, 2020 (utilisation
started only in calendar year 2020). Current ratio should be
adequate at 1-1.3 times over the medium term.

Outlook: Stable

CRISIL believes RJC will benefit from its assured revenue
visibility over the medium term.

Rating sensitivity factors

Upward factors
* Growth in revenue to over INR40 crore, and operating margin to
more than 6%
* Quicker-than-expected ramp up in scale of operations

Downward factors
* Revenue of less than INR25 crore and low profitability, widening
the gap between cash accrual and maturing debt
* Lower revenue visibility due to delay in acquiring new tenders

RJCI was set up as a partnership between Mr. Manoj Nahata, Mr.
Sanjay Kumar Nahata, Mr. Amit Nahata, Mr. Piyush Kumar Nahata, and
RJ Cement Industries Pvt Ltd. The firm has set up a unit to
manufacture empty cylinders, with an installed capacity of 6 lakh
units per annum at Nagaon. Commercial operations started in
February 2020.

SB ENERGY: Fitch Assigns BB-(EXP) Rating to New $600MM Notes
------------------------------------------------------------
Fitch has assigned SB Energy Holdings Limited's (SBEH) Restricted
Group 1's (SBE RG1) proposed notes of up to USD600 million due 2025
an expected rating of 'BB-(EXP)'. The Outlook is Stable.

The final rating is contingent upon the receipt by Fitch of final
documents conforming to information already received as well as the
final pricing and financial close on the proposed notes.

RATING RATIONALE

The proposed notes are guaranteed by 10 investment-holding SPVs
(guarantors) domiciled in the UK, which own five Indian SPVs. Each
Indian SPV owns a solar photovoltaic (PV) asset in India. The
combined capacity is 1,050MW. The issuer, guarantors and Indian
SPVs jointly form a restricted group.

The expected rating reflects high visibility of long-term stable
cash flow generated by solar PV asset portfolio in India and is
enhanced by the satisfactory quality of off-takers, solely
comprising of the sovereign-backed Solar Energy Corporation of
India (SECI) and NTPC Limited (BBB-/Negative), which have
relatively sound payment records compared with state-owned
distribution companies. However, both SECI and NTPC have stretched
receivable positions as their key customers, state-owned
distribution companies, are facing falling revenue and cash
collections due to lower electricity demand amid the coronavirus
pandemic. That said, SECI and NTPC's payments to power-generation
companies have been less affected by the pandemic than payments
made by state-owned distribution companies.

The expected rating also takes into account the refinance risk
arising from the bullet structure of the proposed notes. The
financial profile of SBE RG1 under Fitch's rating case is
commensurate with the proposed rating, according to the coverage
ratio guidance for fully contracted PV projects under Fitch's
Renewable Energy Project Rating Criteria.

The pandemic and related government containment measures have
created an uncertain global environment for the power sector. SBE
RG1's most recent performance data does not indicate material
stress or large changes in revenue or costs in the power sector,
but Fitch's ratings are forward-looking and Fitch will accordingly
monitor developments, particularly in relation to the severity and
duration of the pandemic, and revise its base- and rating-case
qualitative and quantitative inputs based on its expectations for
future performance and assessment of key risks.

KEY RATING DRIVERS

Fixed Tariff, Long-Term PPAs - Revenue Risk - Price: Stronger

SBE RG1 contracts 76% of its total capacity with SECI and the
remaining capacity with NTPC under 25-year fixed-price power
purchase agreements (PPAs); both entities are regarded as central
public sector enterprises. The PPAs protect the portfolio from
merchant price volatility. Both are 'Stronger' features and justify
an overall 'Stronger' assessment of price risk.

Robust Energy Yield, Geographically Diversified - Revenue Risk -
Volume: Midrange

Fitch assesses volume risk as 'Midrange'. The energy-yield
forecast, which was produced by a third-party technical advisor
(TA) for each project, indicates an overall P50/one-year P90 spread
of 7.7%, which is between 6.0%-16.0% and a 'Midrange' feature.
Coupled with a limited operating history, with nearly half of the
restricted group operating for less than six months, the overall
assessment is limited to 'Midrange'. Curtailment risk is minimal,
as solar plants are must-run stations and any back down by the grid
should be compensated in accordance with the Indian Electricity
Grid Code 2010, unless it is due to grid security or emergency
events. The curtailment risk is further mitigated by the
competitive tariffs of SBE RG1's assets.

Proven Technology, Strong In-House O&M Capabilities - Operation
Risk: Midrange

Fitch assesses operation risk as 'Midrange'. The contracts are
fixed-priced with an annual escalation and include comprehensive
operate and maintenance (O&M) requirements, including scheduled and
unscheduled maintenance implemented by experienced teams. O&M
contracts have 10-year terms, which are longer than the debt tenor
under the proposed five-year bullet. Fitch does not foresee any
issue to find replacement operators upon contract expiry, given the
prevalence of solar plants in India.

The cleaning is performed by robots and is outsourced to
third-party contractors under a 25-year fixed-price contract. All
the plants use proven PV crystalline technology, which has a long
operating history. Costs have been verified by a third-party
technical adviser and appear to be largely in line with the
industry. These are 'Stronger' features, but the restricted group
entities do not intend to keep maintenance reserve accounts, which
is a weakness. Operation risk is also restricted to 'Midrange'
because each plant is of a large size that and entails higher
operational complexity.

Ringfenced Structure, Manageable Refinance Risk - Debt structure:
Midrange

Fitch assesses the debt structure as 'Midrange'. Noteholders are
protected by a ringfenced structure and project-finance style
covenants. The proposed notes pay fixed interest rates and Fitch
expects the currency risk arising from US-dollar and Indian-rupee
fluctuation to be fully mitigated by currency hedging instruments.
Noteholders benefit from a six-month interest reserve account and
lock-up test at net debt/last twelve months EBITDA of 5.5x or
below. Refinancing risk is mitigated by adequate access to the
banking and capital market, with support from the long-term
remaining PPA tenors upon note maturity and an established
operating track record at the time of refinancing.

Financial Profile

Fitch's financial analysis is based on synthetic debt service cover
ratios (DSCR) over the remaining PPA life, given the proposed
notes' bullet structure, assuming the notes will be refinanced upon
maturity by long-term fully amortising debt. Fitch's base-case
synthetic DSCR profile averages 1.31x, with a minimum of 1.17x. The
synthetic DSCR averages 1.13x, with a minimum of 1.04x under
Fitch's rating case, which incorporates lower energy production,
increased degradation, higher expenses and a reasonably
conservative refinance interest rate.

PEER GROUP

SBE RG1's closet peer is the restricted group of Azure Power Solar
Energy Private Limited (APSEPL, senior secured rating BB/Stable),
which comprises of 10 entities (Azure RGII). Both restricted groups
receive a fixed price-tariff contracted under long-term PPAs and
have limited records. SBE RG1 has a stronger counterparty mix, with
is restricted to SECI and NTPC, while SECI and sovereign-back
entities only account for 22% of Azure RGII's capacity. Both
restricted groups have similar debt features, including a bullet
repayment structure and 'Midrange' assessment of the debt
structure. Azure RGII's covenant is slightly tighter because cash
is fully locked up for the last 2.25 years, while SBE RG1's tariff
is lower, largely mitigating curtailment risk, but resulting in
lower coverage ratios. However, SBE RG1's lower revenue
counterparty risk means its rating is determined by contracted
thresholds, which are lower than those of Azure RGII, which are
blended by contracted and merchant thresholds.

SBE RG1 can be also compared with Adani Green Energy Limited
Restricted Group 1 (AGEL RG1; senior secured rating: BB+/Stable)
and Adani Green Energy Limited Restricted Group 2 (AGEL RG2; senior
secured rating: BBB-/Negative). SBE RG1 has a stronger counterparty
profile and benefits from lower thresholds. However, AGEL RG1 and
RG2 have a tighter issuance structure, with notes issued directly
by operating entities, and more protective covenants. Coupled with
higher financial metrics, AGEL RG1 and RG2 are rated higher.

RATING SENSITIVITIES

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

Average synthetic annual DSCR in the Fitch rating case rising above
1.13x persistently.

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

Average synthetic annual DSCR in the Fitch rating case dropping
below 1.10x persistently, which could result from:

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

  -- working capital issues due to off-takers' payment delays; or

  -- less favourable refinancing terms and structure than the
assumptions made in Fitch's rating case.

TRANSACTION SUMMARY

The transaction is a proposed issuance of up to USD600 million of
senior secured notes due 2025 by SB Energy Investments Limited, a
wholly-owned subsidiary of SBEH. The net proceeds will be used to
subscribe to rupee-denominated debt issued or borrowed by the
entities in the restricted group, which will, in turn, use the
proceeds and existing cash and cash equivalents to repay debt,
create and onshore interest-service reserve account and onlend the
balance to SBEH and its subsidiaries outside of the restricted
group at an interest rate based on the note coupon.

FINANCIAL ANALYSIS

Fitch Cases

The base case reflects Fitch's view of long-term sustainable
performance. It includes P50 electricity output, a 5% production
haircut, and an annual degradation of 0.5%. Fitch focuses on the
coverage ratio measured by synthetic DSCR based on the portfolio's
debt servicing capability on a long-term basis as a result of the
bullet structure of the proposed notes. Fitch evaluates the
synthetic DSCR by incorporating a number of assumptions in relation
to the notes' refinancing upon maturity. The refinancing interest
rate is calculated based on the risk-free rate, country-risk
premium and asset-risk premium, with each parameter determined
according to Fitch's internal guideline. Under Fitch's base case,
the resulting synthetic DSCR profile averages 1.31x, with a minimum
of 1.17x.

The rating case reflects a reasonable combination of uncorrelated
stresses that could occur in a given year, but Fitch does not
expect to persist every year. On top of base-case stresses, the
rating case includes one-year P90 generation, higher average annual
degradation of 0.7%, and 10% stress to operating costs owed to
third-party contractors, in line with Fitch criteria for projects
with operation risk assessed as 'Midrange'. In addition, Fitch does
not assume the repayment of the principle amount lent to SBEH or
its subsidiaries outside of the restricted group for conservative
purposes and to avoid establishing cash-flow dependence on
creditors with unknown credit quality. These assumptions are in
line with similar solar projects and the contracted nature of the
portfolio's revenue. The synthetic DSCR profile under Fitch's
rating case averages 1.13x, with a minimum of 1.04x. Fitch's annual
DSCR is calculated each December end, which may differ from the
actual covenant testing dates.

The SBE RG1 portfolio demonstrates resilience to underperformance
when Fitch applies stress to key components, including break-even
degradation, break-even production, and break-even O&M costs.

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).

SHARVI AGRO: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sharvi Agro Mills
Private Limited's (SAMPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. (increased from INR86 mil.) Fund-based working
     capital limits affirmed with IND BB/Stable rating; and

-- INR3.09 mil. (reduced from INR19.04 mil.) Term loan due on
     March 2021 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects SAMPL's continued small scale of
operations, with revenue of INR619.16 million in FY20 (FY19:
INR631.24 million). The decline in the revenue in FY20 was due to
the lower execution of work orders. FY20 financials are provisional
in nature.

SAMPL's EBITDA margin remained modest even as it improved to 5.28%
in FY20 (FY19: 3.28%) due to a decline in the cost of raw materials
during the period. The return on capital employed was 11% in FY20
(FY19: 8%).

The ratings also factor in the SAMPL's moderate credit metrics,
with gross interest coverage (operating EBITDA/gross interest
expense) of 4.21x in FY20 (FY19: 2.84x) and net financial leverage
(adjusted net debt/operating EBITDAR) of 2.49x (4.38x). The credit
metrics improved in FY20 on a rise in the absolute EBITDA to
INR32.71 million in FY20 (FY19: INR20.71 million) along with the
scheduled repayment of long-term debt.

Liquidity Indicator – Stretched: SAMPL's average maximum
utilization of fund-based limits was 75% for the 12 months ended
June 2020. The company's cash flow from operations turned positive
to INR9.62 million in FY20 (FY19: negative INR21.65 million) on an
increase in the absolute EBITDA. Also, SAMPL's free cash flow
turned positive to INR9.13 million in FY20 (FY19: negative INR26.46
million). However, the net cash cycle deteriorated to 54 days in
FY20 (FY19: 44 days) on account of an increase in the average
inventory days and average receivable days. Additionally, the
company had unencumbered cash of INR10.65 million in FY20 (FY19:
INR4.69 million). Furthermore, the company does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

The ratings derive comfort from the promoters' over decade-long
experience in the rice milling and food processing business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue and operating
profitability, leading to an improvement in the overall credit
metrics, will be positive for ratings.

Negative: Any decline in the revenue or EBITDA margin, leading to
deterioration in the overall credit metrics with the interest
coverage declining below 2.0x and/or further pressure on the
liquidity position, will be negative for the ratings.

COMPANY PROFILE

SAMPL is engaged in processing and milling of paddy into rice, rice
ban, husk and others. Its plant is located in Nagri, Ranchi, and
has an installed capacity of 54,000 metric tons per annum.
Promoter-directors, Praveen Gupta, Praveen Kedia, and Shubham
Gopalka, manage the operations.


SHIMLA TOLLS: CRISIL Migrates D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shimla Tolls &
Projects Private Limited (STPPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1.5      CRISIL D (ISSUER NOT  
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     0.5      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             32.0      CRISIL D (ISSUER NOT  
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with STPPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of STPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on STPPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of STPPL to
'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 2010 and promoted by Mr. Parmod Sood, Mr.
Kanwaljeet Singh, and ANS Constructions Ltd, STPPL is constructing
a multi-level parking and commercial project (on a design, build,
operate, and transfer basis) near the Lift area of Shimla.

SHREE SAIRAM: CRISIL Moves B+ Rating on INR9.5cr Loan to Not Coop.
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Sairam
Communications (India) Private Limited (SSCPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSCPL for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SSCPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SSCPL to
'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2014, Chennai-based SSCPL is an authorized
distributor of Airtel SIM cards, mobile handsets, recharge vouchers
and Airtel DTH products to 200 retailers in Chennai region. The
operations of the company managed by Mr. S Ponkarthick and Mr.
Sushil Lalwani.

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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based cash credit downgraded with IND B+
     (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund based working capital downgraded with
     IND A4 (ISSUER NOT COOPERATING) rating.

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

Analytical Approach: Ind-Ra continues to take a consolidated view
of Sri KPR Industries and KPR Infra & Projects Limited ('IND B+
(ISSUER NOT COOPERATING)', collectively referred to as the KPR
Group, while arriving at the ratings on account of strong
operational linkages between them.

KEY RATING DRIVERS

The downgrade reflects a significant decline in the consolidated
revenue in FY20 to INR167.49 million (FY19: INR358.59 million) due
to a slowdown in the receipt of engineering, procurement and
construction orders as well as in the sales of pipes. Resultantly,
the company's absolute EBITDA declined to INR26 million in FY20
(FY19: INR112 million). The agency expects the company's overall
performance to be lower in FY21 due to the COVID-19 led lockdown.

The ratings are further constrained by the company's weak credit
metrics, which deteriorated significantly despite a reduction in
the debt level. The interest coverage (operating EBITDA/gross
interest expense) fell to 1.57x in FY20 (FY19: 4.58x) and net
leverage (net adjusted debt/operating EBITDAR) to 5.81x (2.61x) due
to the lower absolute EBITDA.

On standalone basis, too, the operational as well as financial
performance has slowed down in FY20. The revenue declined to
INR53.00 million in FY20 (FY19: INR104.00 million) and the company
booked EBITDA loss.

Liquidity Indicator- Stretched: Owing to the poor operational
performance, the group's cash flow from operations turned negative
to INR2.96 million in FY20 (FY19: INR36.26 million). The agency
expects the group's operations to have been impacted in 1QFY20 due
to the imposition of the lockdown, and hence, expects the liquidity
to continue being stretched in FY21 as well. The company has
availed of the moratorium benefit as allowed by the Reserve Bank of
India till August 2020 for the term loan.

COMPANY PROFILE

Sri KPR Industries, which is listed on the Bombay Stock Exchange
Limited, manufactures asbestos cement pressure pipes. It has an
installed capacity of 50,000 tons per annum. It caters to the rural
water supply and public health engineers departments of Andhra
Pradesh and Telangana.

The KPR Group has seven windmills: three each in Andhra Pradesh and
Tamil Nadu, and one in Madhya Pradesh.


SRI KPR INFRA: Ind-Ra Lowers Long Term Issuer Rating to B+
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sri KPR Infra &
Projects Limited's Long-Term Issuer Rating to 'IND B+ (ISSUER NOT
COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)' while
maintaining the rating in non-cooperating category. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the
best-available information. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR42.40 mil. Term loan due on June 2024 downgraded with IND
     B+ (ISSUER NOT COOPERATING) rating;

-- INR60.00 mil. Fund-based cash credit downgraded with IND B+
     (ISSUER NOT COOPERATING) rating; and

-- INR51.50 mil. Non-fund based working capital downgraded with
     IND A4 (ISSUER NOT COOPERATING) rating.

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

Analytical Approach: Ind-Ra continues to take a consolidated view
of KPR Infra & Projects Limited and  Sri KPR Industries ('IND B+
(ISSUER NOT COOPERATING)', collectively referred to as the KPR
Group, while arriving at the ratings on account of strong
operational linkages between them.

KEY RATING DRIVERS

The downgrade reflects a significant decline in the consolidated
revenue in FY20 to INR167.49 million (FY19: INR358.59 million) due
to a slowdown in the receipt of engineering, procurement and
construction orders as well as in the sales of pipes. Resultantly,
the company's absolute EBITDA declined to INR26 million in FY20
(FY19: INR112 million). The agency expects the company's overall
performance to be lower in FY21 due to the COVID-19 led lockdown.

The ratings are further constrained by the company's weak credit
metrics, which deteriorated significantly despite a reduction in
the debt level. The interest coverage (operating EBITDA/gross
interest expense) deteriorated to 1.57x in FY20 (FY19: 4.58x) and
net leverage (net adjusted debt/operating EBITDAR) to 5.81x (2.61x)
due to the lower absolute EBITDA.

Liquidity Indicator- Stretched: Owing to the poor operational
performance, the group's cash flow from operations turned negative
to INR2.96 million in FY20 (FY19:INR36.26 million). The agency
expects the group's operations to have been impacted in 1QFY20 due
to the imposition of the lockdown, and hence, expects the liquidity
to continue being stretched in FY21 as well. The company has
availed of the moratorium benefit as allowed by the Reserve Bank of
India till August 2020 for the term loan.

COMPANY PROFILE

Sri KPR Infra & Projects undertakes civil works of the rural water
supply and public health and municipal engineering departments of
Andhra Pradesh and Telangana.

Sri KPR Industries, which is listed on the Bombay Stock Exchange
Limited, manufactures asbestos cement pressure pipes. It has an
installed capacity of 50,000 tons per annum. It caters to the rural
water supply and public health engineers departments of Andhra
Pradesh and Telangana. The KPR Group has seven windmills: three
each in Andhra Pradesh and Tamil Nadu, and one in Madhya Pradesh.


STAR REALCON: CRISIL Migrates D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Star Realcon
Private Limited (SRPL) to 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Proposed Long      0.5       CRISIL D (ISSUER NOT COOPERATING;
   Term Bank Loan               Rating Migrated)
   Facility           
                                

   Secured Overdraft  8.5       CRISIL D (ISSUER NOT COOPERATING;
   Facility                     Rating Migrated)

CRISIL has been consistently following up with SRPL for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SRPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SRPL to
'CRISIL D Issuer not cooperating'.

SRPL was established in 2006 by Mr. Nitin Kumar Gupta and his son,
Mr. Goldy Gupta. The Delhi based company undertakes civil
construction activities and real estate development projects in
Delhi, Ghaziabad, Chennai, and Rajasthan.

SUSEE PREMIUM: CRISIL Migrates B Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Susee Premium
Automobiles Private Limited (SPAPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long          .25       CRISIL B/Stable (ISSUER NOT
   Term Bank Loan                   COOPERATING; Rating Migrated)
   Facility               
                                    
CRISIL has been consistently following up with SPAPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SPAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SPAPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SPAPL to
'CRISIL B/Stable Issuer not cooperating'.

Established in 1998, SPAPL is an authorised automobile dealer for
Ford. The firm operates with one showroom in Trichy. Mr. J Rajiv
Subramanian and Mr. S Jeyabalan are the promoters.

SUTARIYA GEMS: CRISIL Reaffirms B+ Rating on INR10cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Sutariya Gems Private Limited (SGPL) at 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        10.1       CRISIL B+/Stable (Reaffirmed)
   Proposed Long
   Term Bank Loan
   Facility              5.9        CRISIL B+/Stable(Reaffirmed)

The rating reflects SGPL's average financial risk profile, large
working capital requirements along with susceptibility to volatile
diamond prices amidst intense competition leading to moderate
operating profit margins. These weaknesses are partially offset by
established presence in the diamond industry backed by the
promoters' extensive experience

CRISIL has also taken into cognizance, moratorium being granted by
the bankers on the term loan repayments and interest on cash credit
facilities till August 31, 2020, as permitted by the Reserve Bank
of India (RBI), which should significantly contain the risk of
default. CRISIL believes although elongated, the company would see
a steady inflow of receivables from its customers, over the medium
term and would also be able to partially revive its export
operations over the next two-three months.

Analytical Approach

* Unsecured loans: The company has unsecured loans of INR11.29
crore as of March 31, 2019, brought in by the promoters. The
interest rate charged on this USL is 9% p.a. This USL are
subordinated to the bank facilities. CRISIL has treated the USL as
Neither Debt nor Equity.

* Preference Share Capital: 2% Preference shares of INR1.25 crores
were introduced by the promoters in 2009 at a premium of INR11.25
crores. The preference shares are treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Comfortable financial risk profile: Networth has been moderate at
INR14.35 crore as on March 31, 2019, with high total outside
liabilities to adjusted net worth ratio of 6.40 times. Also,
interest coverage and net cash accrual to adjusted debt ratios were
at 1.42 times and 0.03 time, respectively, in fiscal 2019.
Financial risk profile should remain average over the medium term.

* Large working capital requirements: Operations have been working
capital intensive, with gross current assets, inventory, and
receivables at 288 days, 113 days, and 178 days, respectively, as
on March 31, 2019. Working capital intensity is expected to
increase over the medium term.

* Susceptibility to volatile diamond prices amidst intense
competition and sluggish global demand resulting in moderate
operating profit margins: The diamond industry is highly fragmented
because of low entry barriers on account of relatively low capital
and technology requirements, attracting numerous un-organised
players across the country. SGPL is also exposed to risks related
to volatility in diamond prices. The company maintains inventory of
rough and polished diamonds of which rough diamonds are usually
procured from the international market. This makes the company
vulnerable to fluctuation in diamond prices and with relatively
limited value addition operating profitability has been moderate at
around 4% to 4.5% over the last three fiscals through 2019.

Strengths:

* Established market presence backed by experience of promoters:
Supported by extensive experience of the promoters, SGPL has
established its position in domestic and international cut and
polished diamond markets for around three decades. The promoters
have maintained longstanding relations with customers while
successfully navigating through several business cycles over the
years.

Liquidity Stretched

SGPL's liquidity position is getting stretched amidst sluggish
demand across key global markets which has resulted in inventory
glut and elongation in receivables. Accordingly, the bank limits
were almost fully utilized. The company has long term repayment
obligation of around INR1.15 crore per annum. The liquidity is
partially supported by, moratorium granted by the bankers on the
term loan repayments and interest on cash credit facilities till
August 31, 2020, as permitted by the Reserve Bank of India (RBI)
along with funding support in the form unsecured loans extended by
the promoters to the tune of INR11.29 crore as on March 31, 2019.
This funding support is expected to continue over the medium term.

Outlook: Stable

CRISIL believes that SGPL will maintain its established position in
the diamond industry over the medium term, supported by its
promoters' extensive industry experience and its established
relations with its customers.

Rating Sensitivity factors

Upward Factors:
* Improvement in financial risk profile with TOLANW below 2 times
* Significant improvement in net cash accruals through improved
scale of operations or improvement in profitability along with
geographical diversification

Downward Factors:
* Decline in operating profitability or stretch in working capital
cycle with GCA stretching beyond 320 days
* Large dividend payouts resulting in cash accruals and net worth
being lower than CRISIL's expectations
* Significant deterioration in debt protection metrics or capital
structure

SGPL was set up in 1986 as a partnership firm- Sutaria Brothers,
and was reconstituted as a private limited company in 2009. SGPL is
engaged in cutting and polishing of diamonds. The company is
headquartered in Mumbai (Maharashtra) and its processing facilities
are located in Surat (Gujarat).

SWARNA CONSTRUCTIONS: CRISIL Moves B- Debt Ratings to Not Coop.
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swarna
Constructions (SWC) to 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        9.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    3.5       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Secured Overdraft     5.5       CRISIL B-/Stable (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SWC for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SWC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SWC is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SWC to 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'.

SWC (formerly, G Ramamohan Rao & Co) was set up in 1968 in
Vijayawada, Andhra Pradesh, as a partnership firm by Mr. Kishore
Babu, Mr. Ramamohana Rao, Mr. Ramesh Babu, Mr. Jaya Prakasha Rao,
and Mr. R Srinivas. The firm undertakes irrigation and water supply
distribution contracts for government agencies.

TECHNO FORGE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Techno Forge Limited
        1022 GIDC Estate
        Ankleshwar, Bharuch
        GJ 390002
        IN

Insolvency Commencement Date: July 2, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: December 29, 2020

Insolvency professional: Bhavi Shreyans Shah

Interim Resolution
Professional:            Bhavi Shreyans Shah
                         C 201, Embassy Appt.
                         Near Ketav Petrol Pump
                         Dr. V.S. Road, Ahmedabad
                         Gujarat 380015
                         E-mail: ca.bhavishah@gmail.com

                            - and -

                         9/B, Vardan Complex
                         Nr. Vimal House
                         Lakhudi Circle
                         Navrangpura
                         Ahmedabad 380014
                         E-mail: ipbhavishah@gmail.com

Last date for
submission of claims:    July 20, 2020


TILAK EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Tilak
Exports (TE) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       3         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       2         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit         7         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.15      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              3.85      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with TE for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TE is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of TE
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

TE was set up as a partnership firm by Ms Manju Farsaiya in 1988,
the firm manufactures and exports ladies garments. The
manufacturing facility is located at Noida (Uttar Pradesh).

Net profit of INR0.13 crore was reported on net sales of INR22.43
crore, respectively, for fiscal 2017, vis-a-vis INR0.33 crore and
INR24.91 crore, respectively, in fiscal 2016.

TUMMALA INFRASTRUCTURE: CRISIL Assigns B Rating to INR69cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Tummala Infrastructure Limited (TIL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital       69         CRISIL B/Stable (Assigned)
   Term Loan              

   Proposed Long          0.01      CRISIL B/Stable (Assigned)
   Term Bank Loan
   Facility               

   Bank Guarantee         1.00      CRISIL A4 (Assigned)

   Overdraft              4.00      CRISIL A4 (Assigned)

The ratings reflect TIL's modest scale of operations amid intense
competition and working capital intensive operations. These
weaknesses are partially offset by its extensive industry
experience of the promoters

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: TILs
business profile is constrained by modest scale of operations
(revenue of INR0.80 Cr for FY20) in the intensely competitive civil
construction industry. The civil construction segment is intensely
competitive, with both large and small, unorganized players vying
for tenders. Moreover, revenue depends on TIL's ability to bid
successfully. However, business risk profile is expected to improve
over the medium as the company has order book of INR28.43 Cr to be
executed in the next 18-24 months.

* Working capital intensive operations:  Operations remain highly
working capital intensive as indicated by high gross current assets
of 10605 days as on March 31, 2020. Company has large amount of
funds pending from the projects executed during FY18 and FY19
amounting to around INR18 Cr as on March 31, 2020 in the form of
receivables and work in progress inventory. Realization of the same
is expected to ease the liquidity profile of the company and
accordingly remains a key rating sensitivity factor over the medium
term.

Strength:

* Extensive industry experience of the promoters:  The promoters
have an extensive experience of more than 25 years in civil
construction industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity Poor

Liquidity profile of the company is marked by high bank limit
utilization, negative cash accruals and funding support from
promoters.

Due to working capital intensive operations, bank limit utilisation
remains high at around 99.5 percent for the past twelve months
ending April 2020. Company had negative cash accruals for FY20.
However, promoters have been extending continuous support in the
form of unsecured loans. Unsecured loans from promoters stood at
INR14.64 Cr as on March 31, 2020. Promoters are expected to provide
need funding support over the medium term.

Outlook: Stable

CRISIL believe TIL will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating Sensitivity factors

Upward factor
* Improvement in working capital cycle with GCA below 300 days
while the revenue is over INR15 Cr
* Improvement in financial risk profile

Downward factor
* Revenue below INR5 Cr for FY21
* Further stretch in working capital cycle

TIL was incorporated in 2008, it is located in Andhra Pradesh. TIL
is owned & managed by Tummala Murali Krishna, Tummala Venkateswara
Rao, Tummala Venkata Rama Devi, Tummala Suneetha and Tummala
Padmaja. TIL is engaged in civil construction works.

VASAVI THANGA: CRISIL Moves B Rating on INR7cr Debt to Not Coop.
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vasavi Thanga
Maaligai (VTM) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VTM for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VTM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VTM is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of VTM to 'CRISIL
B/Stable Issuer not cooperating'.

Set up in 2006 as a proprietorship firm by Mr. A D Prabhukannt, VTM
retails gold jewellery.

VEERA BRAHMENDRA: CRISIL Moves C Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sree Veera
Brahmendra Swamy Spinning Mills Private Limited (SVPL) to 'CRISIL C
Issuer not cooperating'.

                   Amount
   Facilities   (INR Crore)    Ratings
   ----------   -----------    -------
   Cash Credit       6.50      CRISIL C (ISSUER NOT COOPERATING;
                               Rating Migrated)

   Working Capital   7.51      CRISIL C (ISSUER NOT COOPERATING;
   Term Loan                   Rating Migrated)

CRISIL has been consistently following up with SVPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SVPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SVPL to
'CRISIL C Issuer not cooperating'.

Set up in 2006 by Mr. G Sundararamaiah and his family, SVPL
manufactures cotton yarn at its plant in Guntur, Andhra Pradesh.

VELKAR ENGINEERING: CRISIL Keeps B- Debt Ratings in Not Coop.
-------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Velkar
Engineering And Industries Private Limited (VEI) continues to
remain in the 'Issuer Not Cooperating' category.

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

   Proposed               5         CRISIL B-/Stable (ISSUER NOT
   Overdraft                        COOPERATING)
   Facility               

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

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VEI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VEI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of VEI
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

VEI was established in April 2017 by Mr.Sanjeevan and Mr. Benedict
in Trichy,Tamil Nadu. The company is involved in design and
manufacturing processes for the engineering and fabrication
industry. The company performs orders based on their clientele's
requirements. The company is involved in the construction of
boilers, roofing, duct systems,etc and plans to enter the renewable
energy segment to construct solar panels.

VISTA PHARMACEUTICALS: Ind-Ra Lowers LT Issuer Rating to D
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vista
Pharmaceuticals Ltd's (VPL) Long-Term Issuer Rating to 'IND D' from
'IND BB-'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital facilities (Long-
     term/Short-term) downgraded with IND D rating;

-- INR30 mil. Non-fund-based limits (Short-term) downgraded with
     IND D rating; and

-- INR60 mil. Term loan (Long-term) due on March 2027 downgraded
     with IND D rating.

KEY RATING DRIVERS

The downgrade reflects VPL's delays in debt servicing and the
devolvement of four letters of credit  since January 2020 due to
liquidity issues.

RATING SENSITIVITIES

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

COMPANY PROFILE

Established in 1992, VPL manufactures pharmaceutical drugs such as
sulphamethoxazole, trimethoprim and isoxsuprime. VPL is a 100%
export oriented unit and caters to the US market. It is has a
manufacturing facility in Andhra Pradesh.


VODAFONE IDEA: Ind-Ra Keeps B LT Issuer Rating on RWN
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vodafone Idea
Limited's (VIL) Long-Term Issuer Rating of 'IND B' on Rating Watch
Negative (RWN).

The instrument-wise rating action is:

-- INR35 mil. Non-convertible debentures (NCDs) ISIN INE713G08046

     issued on June 12, 2015 8.25% coupon rate due on July 10,
     2020 maintained on RWN with IND B/RWN.

Analytical Approach:  Ind-Ra continues to take a consolidated view
of VIL and its subsidiaries while arriving at the ratings, because
of the close operational and strategic linkages among them.  

The maintenance of RWN reflects continued weakness in VIL's
liquidity since the last 10-12 months, given its weak financial
performance and the enforced payment of large, one-time regulatory
liabilities in March 2020. VIL's cash and equivalents reduced to
INR24.75 billion at FYE20 from INR125 billion at end-3QFY20. Ind-Ra
therefore believes post the NCDs payout on July 10, 2020, VIL will
be left with meager cash balances.

KEY RATING DRIVERS

Liquidity Indicator - Poor:  Ind-Ra believes VIL has negligible
financial flexibility to rise any additional funding amid the lack
of visibility on promoter support, raising the proportion of bank
debt under covenant breach and pledging of its 11.15% stake in
Indus Tower Limited as security for its non-fund based limits. VIL
cash and equivalents reduced at end-FY20, after factoring in
INR68.5 billion payment towards adjusted gross revenue (AGR) dues
to the Department of Telecommunication (DoT).

VIL's near-term liquidity is partially supported by Vodafone Group
Plc's infusion in April 2020, towards the crystallization of
contingent liabilities. Also, the probability of the Supreme Court
ruling in favor of deferred payment of the AGR-related dues will
support its medium-term liquidity. Despite these benefits, Ind-Ra
believes without substantial tariff hikes, VIL has limited headroom
to service its debt obligations and capex requirements using its
operational cash flows. VIL has also availed the loan moratorium
over March-August 2020 for bank debt under the Reserve Bank of
India's COVID-19 regulatory package scheme.

Key updates on VIL's liquidity position:

- Enforced Payment of Regulatory Liability: On 18 March 2020, the
Supreme Court (SC) ordered telecom companies (telcos) to pay the
liabilities to the DoT to comply with its 24 October 2020 judgment.
Subsequently, VIL made payments of INR68.5 billion to the DoT.
However, the SC is hearing the DoT's modification application that
proposes to provide reasonable time to telcos to make payments,
consider staggered payments with interest to duly protect the net
present value, and to cease the applicable interest after a
particular date. Any decision on the staggered payment will support
VIL's liquidity.

- Pledging of Indus Tower Stake: VIL disclosed that it has pledged
its stake in Indus Tower as security against bank guarantees of
INR19.4 billion in 4QFY20. VIL has an option to get the pledge
released by providing alternate security. In its rating review in
February 2020, Ind-Ra had considered that VIL shall receive a cash
inflow of INR51 billion by monetizing its stake in Indus Towers
post the conclusion of the merger of Bharti Infratel Limited with
Indus Towers.

- Rising Debt under Covenant Breach: At end-December 2019, VIL
classified INR102 billion from non-current borrowing to current
maturity of long-term borrowing for not meeting certain covenants
in the financing documents. VIL disclosed that such loans under
covenant breach had increased to INR143 billion at FYE20, which is
almost 85% of its total borrowings (excluding spectrum liabilities
and capital market borrowings). The company has requested the
lenders for waiver of financial covenants. It has represented that,
at this time, no lender has called for acceleration. Under the
current situation, the risk of acceleration of payment is high,
given the company's weak liquidity situation and concerns stemming
from its going concern status (in the absence of government
support). Any payment acceleration on VIL's financial liability
will have a negative impact on the ratings.

- Renewal of Non-fund-based Limits: VIL's non-fund-based limits in
the form of guarantees amounting to INR129 billion are due to
expire during FY21. Most of these guarantees are likely to have
been extended to the DoT as part of VIL's service commitments. The
non-renewal of these guarantees and the subsequent action by the
DoT, if any, may impact VIL's ongoing operations. Ind-Ra views
VIL's ability to renew these guarantees as weak, given it had to
pledge its stake in Indus Towers to get incremental non-fund-based
limits of INR19.4 billion.

- Accelerated Fund Infusion by Vodafone Group: In April 2020, the
Vodafone Group infused USD200 million (around INR15.3 billion) in
VIL as part of its contribution towards the crystallization of
contingent liabilities. Vodafone Group accelerated the fund
infusion to April 2020 from its earlier stated September 2020 to
provide VIL with liquidity to manage its operations. The total
amount of indemnity to be paid by the Vodafone Group is capped at
INR84 billion. Under the terms of the shareholder's agreement, the
group is obliged to make payments to VIL where amounts paid
pursuant to the contingent liabilities of Vodafone India Limited
exceed those of Idea Cellular Limited.  The agreement took effect
at the completion of the merger of Vodafone India and Idea Cellular
in August 2018.

Weak Market Position despite Moderate Improvement in Operational
Performance: VIL's revenue raised 6% qoq in 4QFY20 to INR117.5
billion and its average revenue per user rose to INR121 in 4QFY20
from INR109 in 3QFY20, supported by the tariff hikes implemented in
December 2019. However, Ind-Ra continues to believe VIL's
performance is weaker than other players' in the industry. VIL's
subscriber market share (visitor location register) declined to
29.8% in February 2020 from 36% in March 2019. Reliance Jio
Infocomm Limited ('IND AAA'/Stable) continues to be aggressive in
subscriber acquisition and has become the largest player in terms
of subscribers and revenue. Hence, VIL's market share continues to
be at risk. Ind-Ra believes the subscriber base is unlikely to show
a meaningful recovery in the near-to-medium term, given the
sustained competitive pressures.

Weakening Credit Metrics: VIL's revenue dropped 7% yoy in FY20 to
INR450 billion in FY20, despite the qoq revenue growth in 4QFY20.
EBITDA margins improved to 12.9% in FY20 from 10.9% in FY19 due to
the realization of synergies and tariff hikes made in 4QFY20.
Nonetheless, VIL's net leverage (net debt/EBITDA) remained high at
about 19x in FY20 (FY19: 23x), as gross debt remained high at
INR1,150 billion. Given the challenging financial conditions, VIL
may reduce its capital expenditure, which may impact its subscriber
growth; Ind-Ra has also moderated VIL's FY21-FY22 capex
projections. Even in such a scenario, VIL's gross leverage will
exceed 8x till FY22. Ind-Ra has not built-in any incremental capex
towards spectrum acquisition or 5G roll-out over the next two
years.

Third-largest Player in Indian Telecom Industry: Post the merger
with the erstwhile Idea Cellular, VIL has become India's
third-largest telecommunication service provider, with revenue
market share of 26.2% in 3QFY20 and a subscriber base of 291
million at end-4QFY20. The company has 92% population coverage,
with over 185,500 unique towers and 1,846MHz of total spectrum
holding. The merger has also complemented the circle presence of
both entities, as the erstwhile Idea Cellular had a strong presence
in rural areas, while the erstwhile Vodafone India had a strong
presence in urban areas.

Regulatory and Technology Risks: India's telecommunication services
industry, which is capital intensive in nature, is vulnerable to
changes in technology. According to media reports, the Indian
government is considering an additional spectrum auction and
roll-out of 5G technology by 2020, which might necessitate
additional investments by existing telecommunication players at a
time when they are yet to recover their investments in 4G
technology. Also, the telecom industry is highly regulated, which
makes players susceptible to adverse regulatory changes. For
instance, a reduction in the interconnect usage charges to
INR0.06/minute in October 2017 from INR0.14/minute earlier had a
sharp impact on the profitability of players.

RATING SENSITIVITIES

The RWN indicates that the ratings may be downgraded or affirmed.
Ind-Ra is likely to resolve the RWN once the agency receives
greater visibility on VIL's liquidity situation.

COMPANY PROFILE

VIL is a telecommunication service provider, offering voice and
data services across all 22 service areas in India. It has
broadband subscriber base of 118.25 million at end-February 2020.


VTC KANYAKUMARI: CRISIL Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of VTC -
Kanyakumari (VTC) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long          1         CRISIL B/Stable (ISSUER NOT
   Term Bank Loan                   COOPERATING; Rating Migrated)
   Facility               
                                    
CRISIL has been consistently following up with VTC for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VTC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VTC is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of VTC to 'CRISIL
B/Stable Issuer not cooperating'.

The VTC, established by Mr. Sreejith. S.R and N. Nandakumar, is
based in Kanyakumari (Tamil Nadu) and processes raw cashew nuts and
exports kernels to the Kingdom of Saudi arabia, Dubai, Finland and
Korea. The processing units have a capacity of 10 tonnes per day
(tpd).



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

MODERNLAND REALTY: Fitch Downgrades LT Issuer Default Rating to C
-----------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based developer PT
Modernland Realty Tbk's (MDLN) Long-Term Issuer Default Ratings
(IDR) to 'C' from 'CCC-'. At the same time, the USD150 million
notes due in 2021 and USD240 million notes due in 2024 issued by
wholly owned subsidiaries, and guaranteed by MDLN, have also been
downgraded to 'C' from 'CCC-', with a Recovery Rating of 'RR4'
maintained.

The downgrade follows the announcement by Indonesia Central
Securities Depository (KSEI) that the company's IDR150 billion bond
repayment - due on July 7, 2020 - is postponed until further notice
with a bondholders' meeting planned on July 14, 2020. The company
will then have 10 business days upon receiving written notice from
the trustee to cure the non-payment. Fitch believes that the
company will use the cure period to negotiate a restructure of the
IDR150 billion bond. The non-payment of IDR bonds could lead to
extensive debt restructuring because of cross-default clauses in
documentation for the company's USD150 million notes due 2021 and
USD240 million notes due 2024.

KEY RATING DRIVERS

Onshore Bonds Restructuring: MDLN has scheduled an IDR bondholders'
meeting on July 14, 2020, and said that it has also started the
restructuring discussions. Any debt restructuring that involves a
material reduction in terms for the bondholders would be considered
a distressed debt exchange (DDE) under Fitch's criteria. The
completion of a debt restructuring that would be treated as a DDE,
or failure to cure the payment default, would lead to a downgrade
to 'RD' (restricted default).

Insufficient Cash, Liquidity Pressures: Fitch believes MDLN is
unlikely to cure the non-payment of the IDR bonds within the grace
period, as the company does not have sufficient cash in the absence
of additional financing. MDLN reported cash balance of only IDR180
billion as of March 31, 2020. The company said that the coronavirus
pandemic has led to difficulties in collection from existing
customers, and payment deferrals or cancellations from presales
booked in 1Q20. MDLN is looking to raise cash from unsold
inventories and has offered discounts to accelerate sales. However,
these efforts may not be sufficient to plug the cash flow gap, as
the ongoing pandemic has weakened investment sentiment.

ESG - Governance: MDLN has ESG Relevance Scores of 5 for Management
Strategy and Financial Transparency. This follows its assessment
that financial management with respect to refinancing and
disclosure of pertinent information has deteriorated. This is
evident from the fact that, to date, the company has not been able
to secure funding for the IDR150 billion domestic bonds due on July
7, 2020. In addition, the company is unable to provide, and has not
provided, timely information on its liquidity position, cash
balance and concrete refinancing plan.

DERIVATION SUMMARY

MDLN's downgrade to 'C' reflects its decision to not make the
approximately USD10 million payment on its IDR bonds due and
payable on July 7, 2020. Upon notice from the trustee, the company
will enter a 10-day cure period.

KEY ASSUMPTIONS

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

  - Limited access to new funding

  - No presales in both industrial and residential segments in
2Q20, with presales to gradually resume in 3Q and 4Q

  - Zero collections from industrial property in 2Q20 and 3Q20

  - Around 25% of MDLN's residential presales are paid in cash or
by the company's in-house instalment schemes. Fitch has assumed
zero collections on these in 2Q20 and 3Q20

  - Collections from new residential presales to resume in 3Q20

  - No significant reduction in operating expenditure except for
marketing expenses, in line with lower presales

Key Recovery Rating Assumptions

The recovery analysis assumes MDLN would be liquidated in a
bankruptcy rather than be considered a going concern. Fitch has
also assumed a 10% administrative claim in the recovery analysis.

The estimate reflects Fitch's assessment of the value of trade
receivables under a liquidation scenario at 75% advance rate,
inventory at 50% advance rate, fixed assets at 50% advance rate,
investments in associates at 100% advance rate and land bank for
long-term development at 100% advance rate. Fitch believes the
company's reported land-bank value, which is based on historical
land costs, is at a discount to market value and, thus, its
assumption is conservative

The estimates result in a recovery rate corresponding to an 'RR1'
Recovery Rating for MDLN's senior unsecured notes. Nevertheless,
Fitch rates the senior notes at 'C' with a Recovery Rating of 'RR4'
maintained because under Fitch's Country-Specific Treatment of
Recovery Ratings criteria, Indonesia falls into Group D of creditor
friendliness. Instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR and Recovery
Rating at 'RR4'.

RATING SENSITIVITIES

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

  - If MDLN satisfies its debt obligation before the cure period
expires.

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

  - IDR will be downgraded to 'RD' if payment default is uncured,
or upon completion of DDE. Fitch will reassess MDLN's capital
structure once debt restructuring is completed.

LIQUIDITY AND DEBT STRUCTURE

Fitch believes MDLN does not have sufficient funds to cure the
non-payment of IDR150 billion domestic bond, and the company's
access to debt and capital market has been impaired.

ESG CONSIDERATIONS

MDLN has an ESG Relevance Score of 5 for Management Strategy, which
reflects its inability to secure refinancing for the domestic bond
due on July 7, 2020. MDLN has an ESG Relevance Score of 5 for
Financial Transparency as it is unable to provide, and has not
provided, timely information about its liquidity position, cash
balance, and refinancing plan.

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

MODERNLAND REALTY: Moody's Downgrades CFR to Ca, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Modernland Realty Tbk (P.T.) to Ca from Caa1.

At the same time, Moody's has downgraded the backed senior
unsecured rating of the 2021 notes issued by JGC Ventures Pte. Ltd.
and the 2024 notes issued by Modernland Overseas Pte. Ltd. to Ca
from Caa1. Both JGC Ventures Pte. Ltd. and Modernland Overseas Pte.
Ltd. are wholly owned subsidiaries of Modernland and the notes are
guaranteed by Modernland and most of its subsidiaries.

The outlook on all ratings remains negative.

RATINGS RATIONALE

"The downgrade of Modernland's ratings reflects our expectation of
a high likelihood of imminent default, including a potential debt
restructuring, because of a deterioration in the company's
operating cash flow generation and liquidity," says Jacintha Poh, a
Moody's Vice President and Senior Credit Officer.

"The negative outlook reflects uncertainty around the recovery rate
for the company's combined $390 million of notes in case of
default," adds Poh.

Modernland has postponed the principal payment of its IDR150
billion bond that is due July 7, 2020. The company will hold a
meeting with bondholders on July 14, 2020 with one of the agenda
items being the change of the bond's principal repayment date [1].

Modernland recorded cash outflows of IDR188 billion ($13 million)
in the first quarter of 2020. The company's cash and cash
equivalents also fell to IDR180 billion as of March 31, 2020 from
IDR554 billion as of December 31, 2019. Moody's expects cash flow
generation will stay weak in 2020 because coronavirus-led
disruptions have resulted in sales cancellations and delays in cash
collections.

Unless Modernland is able to secure external funding, the company
will not have sufficient funds to repay its IDR150 billion bond due
July 7, 2020 and meet interest payments of around IDR250 billion
semi-annually on its US dollar bonds -- $150 million 10.75% due
August 2021 and $240 million 6.95% due April 2024. A missed payment
on either obligation, not remediated within its respective cure
period, will lead to an event of default under the indentures of
its US dollar bonds.

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, low oil prices and high asset price volatility
have created an unprecedented credit shock across a range of
sectors and regions. Moody's regards the coronavirus outbreak as a
social risk under its environmental, social and governance (ESG)
framework, given the substantial implications for public health and
safety. The action reflects the impact on Modernland of
deterioration in credit quality it has triggered, given its
exposure to Indonesia's real estate sector which has left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions.

Moody's has considered governance risk around Modern Group's
history of debt restructuring. Moody's has also considered the
founding family's concentrated ownership of Modernland, although
this risk is mitigated by the oversight exercised through the board
which for the majority consists of independent commissioners.

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

An upgrade of Modernland's ratings is currently unlikely, and would
be conditional upon the company establishing a sustainable capital
structure and restoring its liquidity.

Modernland's ratings could be downgraded further in case of
default, including a formal debt restructuring, if Moody's
estimates that expected losses for the company's creditors will be
higher than those implied by the Ca rating.

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

Modernland Realty Tbk (P.T.) is an integrated property developer in
Indonesia that focuses on industrial town development, residential
development and township development. It also has small exposures
to the hospitality and commercial property segments. The company
listed on the Jakarta Stock Exchange in 1993, and is controlled by
the Honoris family through direct ownership and various holding
companies.

MODERNLAND REALTY: S&P Cuts Issuer Credit Rating to SD
------------------------------------------------------
On July 8, 2020, S&P Global Ratings lowered its long-term issuer
credit rating on PT Modernland Realty Tbk. to 'SD' (selective
default) from 'CCC-'. At the same time, S&P kept its 'CCC-'
long-term issue rating on the company's guaranteed U.S.
dollar-denominated senior unsecured notes on CreditWatch with
negative implications. The ratings were first placed on CreditWatch
on July 2, 2020.

S&P said, "We lowered the issuer credit rating on Modernland to
'SD' after the company failed to repay its IDR150 billion domestic
notes that matured on July 7, 2020. We understand the company is in
discussions with boldholders on a potential restructuring of the
notes. As such, we do not expect payment to be made within the
10-day grace period. We believe a restructuring of the domestic
notes is likely and could constitute a distressed exchange.

"We are keeping our 'CCC-' issue rating on Modernland's guaranteed
U.S. dollar senior unsecured notes on CreditWatch with negative
implications. We believe the company has limited sources to service
the coupon payment of US$8 million due in August and another US$8
million due in October this year. As of March 31, 2020, Modernland
had about IDR180 billion in cash and equivalents (equivalent to
US$13 million) and about US$8 million in coupon payment in April.
We understand the company is still working on various alternatives
to shore up liquidity. These include pushing asset sales and
pursuing receivable collections, which we believe is highly
uncertain due to the COVID-19 pandemic."

A default on the domestic notes due to an inability to repay or a
failure to restructure within the remedial period could also
trigger a cross-default on the company's guaranteed U.S. dollar
senior unsecured notes.

S&P could raise its issuer credit rating on Modernland if the
company completes the restructuring of its domestic notes and
continues to service its other debt obligations. S&P will lower its
rating on Modernland to 'D' if the company defaults on its other
debts.

Modernland is an Indonesia-based property developer. The company
primarily engages in residential and industrial township
development in the suburbs of Jakarta. Its major projects include
Jakarta Garden City, Modern Cikande, and Modern Bekasi.




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

AIRASIA GROUP: In Talks to Secure Funding of Over $230 Million
--------------------------------------------------------------
Reuters reports that Malaysian budget carrier AirAsia Group Bhd on
July 9 said it was in talks to raise more than MYR1 billion
($234.52 million) in funds, a day after its auditor cast doubt on
its ability to continue as a going concern.

AirAsia, like other airlines, has been slammed by the coronavirus
pandemic that has hammered demand for air travel. Its auditors have
said its 2019 earnings were prepared on a going concern basis,
which is dependent upon a recovery from the crisis and the success
of fundraising efforts, Reuters says.

According to Reuters, AirAsia said it was considering various
fundraising options, including debt and equity, and looking to at
least halve cash expenses this year.

"We have been presented with proposals in various forms of capital
raising, be it debt or equity, and are in ongoing discussions with
numerous parties, including investment banks, lenders, as well as
interested investors in seeking a favourable outcome for the
group," the airline said in a statement, Reuters relays.

Some financial institutions have indicated they would support a
funding request of over MYR1 billion, it said.

A part of the funding would come from a Malaysian government
guarantee loan programme, AirAsia said, adding its subsidiaries in
the Philippines and Indonesia have also applied for loans, Reuters
relays.

The airline has begun to cut jobs and salaries to save costs, and
is working on extensions with lessors, it said.

Earlier this week, the airline posted a first-quarter loss of
nearly $200 million, its biggest quarterly loss since its 2004
listing, Reuters discloses.

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.




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

MTF RAMBLER 2019: Fitch Affirms BB+sf Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings on 11 tranches of notes from
MTF Rambler Trust 2019 and MTF Sierra Trust 2017. The transactions
are securitisations backed by New Zealand automotive loan
receivables originated by Motor Trade Finance Ltd (MTF). The notes
were issued by Trustees Executors Limited in its capacity as
trustee of the respective trusts.

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 ratings.
The sensitivity of the ratings to scenarios more severe than
currently expected is provided in the Rating Sensitivities
section.

The Stable Outlook on the notes reflects the liquidity support and
the notes' ability to withstand the sensitivity to higher defaults
and lower recoveries stemming from the pandemic.

RATING ACTIONS

MTF Sierra Trust 2017

Class A NZSTMTFAT015; LT AAAsf Affirmed; previously at AAAsf

Class B NZSTMTFAT023; LT AA+sf Affirmed; previously at AA+sf

Class C NZSTMTFAT031; LT AA+sf Affirmed; previously at AA+sf

Class D NZSTMTFAT049; LT AAsf Affirmed;  previously at AAsf

Class E NZSTMTFAT056; LT Asf Affirmed;   previously at Asf

Class F;              LT A-sf Affirmed;  previously at A-sf

MTF Rambler Trust 2019

Class A NZRAMTFAT017; LT AAAsf Affirmed;  previously at AAAsf

Class B NZRAMTFAT025; LT AAsf Affirmed;   previously at AAsf

Class C NZRAMTFAT033; LT Asf Affirmed;    previously at Asf

Class D NZRAMTFAT041; LT BBB+sf Affirmed; previously at BBB+sf

Class E NZRAMTFAT058; LT BB+sf Affirmed;  previously at BB+sf

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 New Zealand'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
transactions' ability to survive a significant proportion of
borrowers taking a payment holiday. The transactions benefit from a
liquidity reserve sized at 1.0% of the notes balance. The
transactions can withstand over 90% of the portfolios being granted
a payment holiday for six months before needing to draw on the
facilities, which is significantly above the proportion of
receivables under payment holiday arrangements with MTF at
end-May.

Obligor Default Risk: Obligor default and recovery rates are key
assumptions in Fitch's quantitative analysis. Fitch took into
consideration the historical performance of the MTF portfolio in
reviewing the base case assumptions, as well as the performance of
US auto loan receivables during the global financial crisis and
MTF's response to the crisis. The base case default rates were
increased by 1.5x and recovery rates were reduced by 0.86x 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.

MTF Sierra

Base-case default expectations (and 'AAAsf' default multiples) are
as follows: 3.0% (4.0x)

Base-case recovery expectations (and 'AAAsf' recovery haircuts) are
as follows: 38.3% (44.8%)

MTF Rambler

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

High Risk: 10.8% (3.0x)

Medium Risk: 3.75% (4.2x)

Low Risk: 1.5% (5.25x)

The recovery base case applied was 38.7% for all risk grades with a
44.8% 'AAAsf' recovery haircut.

As of the June payment date, 30+ day arrears for MTF Sierra and MTF
Rambler were 2.06% and 1.18% respectively, compared with the 1Q20
Dinkum ABS Index 30+ day arrears of 2.29%, and cumulative net
losses of 0.65% and 0.2% respectively. The index for the Australian
ABS market is used as a comparison due to the similarities between
the two markets.

Fitch expects loan performance to deteriorate in the near term, but
to continue to support the Stable Outlook on the rated notes. Fitch
forecasts New Zealand's GDP to contract by 5.9% in 2020, with the
unemployment rate to increase to 7.9%. This is to be partially
offset by a low Official Cash Rate of 0.25% and the application of
both central bank and government stimulus measures. Fitch expects
GDP growth to bounce back to 5.1% in 2021 and for the unemployment
rate to fall to 6.8% in the medium term.

Cash-Flow Dynamics: For MTF Rambler, the issuer has advised that it
will be trapping excess spread in the next three-monthly payment
periods to a maximum of NZD2.5 million in the collective provision
account, which can be used for income shortfalls and losses in line
with transaction documents. Fitch has given credit to the
collective provision account in its cash flow modelling. Fitch
completed full cash flow modelling for the MTF Sierra and MTF
Rambler trusts, and determined that full and timely payment of
principal and interest was made to the notes in all cash flow
modelled scenarios at the respective rating levels.

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 the transactions since closing.

Counterparty Risk: Counterparty risks were evaluated in the initial
transaction analysis through the review of transaction
documentation, legal opinions and structural features and there
have been no changes to any transaction counterparties since
closing. Documented counterparty triggers constrain the rating of
the notes for all trusts to a maximum achievable rating of 'AA+sf'
(except class A notes).

Servicer, Operational Risk: All assets were originated by MTF,
which demonstrates adequate capability as originator, underwriter
and servicer, as evidenced by the historical delinquency and loss
performance of existing securitised trusts. Fitch undertook an
onsite operational review and found that the operations of the
originator and servicer were comparable with other auto and
equipment lenders in New Zealand. 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 are no residual value positions in the
portfolio and as such this key rating driver does not substantiate
the rating recommendation.

Rated Above Sovereign: Structured finance notes can be rated up to
six notches above New Zealand's Long-Term Local-Currency Issuer
Default Rating of 'AA+', supporting the 'AAAsf' rating on the class
'A' notes.

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 should only be considered as one potential
outcome, as the transactions are exposed to multiple dynamic risk
factors.

MTF SIERRA

Upgrade Sensitivity:

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

Class B / C / D / E / F

Current rating: AA+sf / AA+sf / AAsf / Asf / A-sf

Impact on note ratings of multiple factors

Decrease defaults by 10%; increase recoveries by 10%: AA+sf / AA+sf
/ AA+sf / AA-sf / Asf

Downgrade Sensitivity:

Class A / B / C / D / E / F

Current rating: AAAsf / AA+sf / AA+sf / AAsf / Asf / A-sf

Impact on note ratings of increased defaults:

Increase defaults by 10%: AAAsf / AA+sf / AA+sf / AA-sf / Asf
/BBB+sf

Increase defaults by 25%: AAAsf / AA+sf / AAsf / A+sf / A-sf /
BBBsf

Increase defaults by 50%: AAAsf / AA+sf / AA-sf / Asf / BBBsf /
BBB-sf

Impact on note ratings of decreased recoveries:

Reduce recoveries by 10%: AAAsf / AA+sf / AA+sf / AAsf / Asf
/BBB+sf

Reduce recoveries by 25%: AAAsf / AA+sf / AA+sf / AAsf / Asf
/BBB+sf

Reduce recoveries by 50%: AAAsf / AA+sf / AA+sf / A+sf / BBB+sf
/BB+sf

Impact on note ratings of multiple factors:

Increase defaults by 10%; reduce recoveries by 10%: AAAsf / AA+sf /
AA+sf / AA-sf / A-sf /BBB+sf

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

Increase defaults by 50%; reduce recoveries by 50%: AAAsf / AA+sf /
Asf / BBB+sf / BB+sf /BB-sf

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 default base case of
3.94% as well as lower base case recoveries of 34.5% (multiple
factors). This compares with default and recovery base cases of
3.0% and 38.3%, respectively in the baseline scenario. The 'AAAsf'
default multiple is reduced to 3.3x, compared with 4.0x in the
baseline scenario while the 'AAAsf' recovery haircut is reduced to
41.9%, compared with 44.8% in the baseline scenario, to reflect the
higher degree of stress already included in the base case.
Nevertheless, in this downside scenario Fitch still model a
material increase in 'AAAsf' default rates and decrease in 'AAAsf'
recovery rates.

Class A / B / C / D / E / F

Current rating: AAAsf / AA+sf / AA+sf / AAsf / Asf / A-sf

Downside scenario: AAAsf / AA+sf / AA+sf / AA-sf / A-sf / BBBsf

MTF RAMBLER

Upgrade Sensitivity:

The transaction is still in its initial two-year substitution
period and the portfolio is actively managed. At closing, Fitch
uses a standardised stress portfolio (the "Fitch's Stress
Portfolio") that is customised to the specific portfolio limits for
each transaction as specified in the transaction documents. 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 reinvestment period is unlikely,
given the portfolio credit quality may still deteriorate, not only
by natural credit migration, but also by reinvestment during the
revolving period.

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

Downgrade Sensitivity:

Class A / B / C / D / E

Current rating: AAAsf / AAsf / Asf / BBB+sf / BB+sf

Impact on note ratings of increased defaults:

Increase defaults by 10%: AA+sf / AA-sf / A-sf / BBB+sf / BB+sf

Increase defaults by 25%: AAsf / A+sf / BBB+sf / BBBsf / BB+sf

Increase defaults by 50%: A+sf / A-sf / BBBsf / BB+sf / BB-sf

Impact on note ratings of decreased recoveries:

Reduce recoveries by 10%: AA+sf / AA-sf / Asf / BBB+sf / BB+sf

Reduce recoveries by 25%: AA+sf / AA-sf / A-sf / BBB+sf / BB+sf

Reduce recoveries by 50%: AA+sf / A+sf / A-sf / BBBsf / BB+sf

Impact on note ratings of multiple factors:

Increase defaults by 10%; reduce recoveries by 10%: AA+sf / A+sf /
A-sf / BBBsf / BB+sf

Increase defaults by 25%; reduce recoveries by 25%: AA-sf / Asf /
BBBsf / BBB-sf / BBsf

Increase defaults by 50%; reduce recoveries by 50%: A-sf / BBBsf /
BB+sf / BB-sf / 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
5.4% as well as lower WA base case recoveries of 34.8% (multiple
factors). This compares with WA default and recovery base cases of
4.05% and 38.7%, respectively in the baseline scenario. The 'AAAsf'
WA default multiple is reduced to 3.5x, compared with 4.3x in the
baseline scenario while 'AAAsf' WA recovery haircut is reduced to
41.9%, compared with 44.8% in the baseline scenario, to reflect the
higher degree of stress already included in the base case.
Nevertheless, in this downside scenario Fitch still model a
material increase in 'AAAsf' WA default rates and decrease in
'AAAsf' WA recovery rates.

Class A / B / C / D / E

Current rating: AAAsf / AAsf / Asf / BBB+sf / BB+sf

Downside scenario: AA+sf / A+sf / BBB+sf / BBB-sf / BBsf

DATA ADEQUACY

Fitch checked the consistency and plausibility of the information
it received about the performance of the asset pools and
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.

Fitch sought a third-party assessment of the asset portfolio
information of MTF Sierra and MTF Rambler prior to transaction
closing, but none was available.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of MTF's 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.

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).

RIO TINTO: To Close NZ Aluminium Smelter, 1,000 Jobs to Go
----------------------------------------------------------
Reuters reports that Rio Tinto said on July 9 it will close its
aluminium smelter operation in New Zealand due to high costs and a
challenging market, putting over a thousand jobs on the line and
dealing a blow to the country's top power producers.

According to Reuters, the closure of the New Zealand Aluminium
Smelters venture, which is the country's single largest power user,
comes amid forecasts of massive job losses and a looming recession
in New Zealand, with the economy crippled by tough restrictions to
beat the spread of the coronavirus.

It also puts pressure on Prime Minister Jacinda Ardern, who
launched her re-election bid just last week, promising more jobs
and financial assistance to businesses, Reuters says.

Reuters relates that Finance Minister Grant Robertson said the
decision by Rio Tinto, the world's biggest iron ore miner, was
"disappointing" and the timing could not be worse.

"Given the challenging economic situation caused by COVID-19 it is
disappointing Rio Tinto has chosen to close the smelter at this
time, especially given the support New Zealand has shown the
company and how profitable they are globally," Reuters quotes Mr.
Robertson as saying.

New Zealand Aluminium Smelters consumes about 5,000 gigawatt hours
of electricity a year, roughly 12% of the country's power. The
smelter employs around 1,000 people directly and creates another
1,600 indirect jobs in the Southland region.

Reuters says Rio has been threatening to shutter the smelter for
years as it demanded further subsidies from the government.

According to the report, the company acknowledged the decision
"will have a significant impact on employees, the community and our
customers," but did not elaborate.

"Extensive discussions with a wide range of interested parties have
failed to secure a power contract that will enable the operation to
become both competitive and profitable," Rio Tinto said.

The smelter is a joint venture, with Rio holding a 79.4% stake and
Japan's Sumitomo Chemical Co holding 20.6%. Rio had an underlying
loss from it of NZ$46 million ($30.25 million) in 2019, Reuters
discloses.

                        About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international mining
group headquartered in the UK, combining Rio Tinto plc, a London
and NYSE listed public company, and Rio Tinto Limited, which is a
public company listed on the Australian Securities Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.



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

HIN LEONG: Restructuring Proposed for Ocean Tankers Unit
--------------------------------------------------------
Grace Leong at The Straits Times reports that restructuring
proposals have been made for Hin Leong Trading's shipping arm Ocean
Tankers, whose exposure to potential claims of US$2.67 billion
(SGD3.72 billion) allegedly stems from its dealings with the oil
trader.

Ernst & Young (EY), the court-appointed interim judicial manager
for Ocean Tankers, is due to start talks with Hin Leong founder Lim
Oon Kuin and his family, ST relates citing a report filed late on
July 7 with the High Court.

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, according
to the people, who asked not to be identified as the matter is
sensitive, according to Bloomberg News.

But Hin Leong told its creditors this month that total liabilities
reached US$4.05 billion as of early April, while assets were just
US$714 million, leaving a hole of at least US$3.34 billion,
according to screenshots of the presentation to a group of bankers
seen by Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, the Company was granted interim judicial management by
the the Singapore High Court.  Goh Thien Phong and Chan Kheng Tek
of PricewaterhouseCoopers Advisory Services (PwC) have been
appointed as interim judicial managers.

KRISENERGY LTD: Extends Restructuring Completion Date in Loan Deal
------------------------------------------------------------------
Fiona Lam at The Business Times reports that the completion date of
KrisEnergy Ltd's debt restructuring has been extended to September
30 from July 15, under an amended loan agreement with Kepinvest
Singapore.

Kepinvest, wholly owned by Keppel Corporation, is the lender in an
up to US$87 million credit facility agreement inked in April, the
report says. The borrowers are KrisEnergy's wholly-owned
subsidiaries KrisEnergy (Apsara) Company and KrisEnergy
(Cambodia).

BT relates that the failure to complete the restructuring of the
financial indebtedness of KrisEnergy and KrisEnergy (Asia) by July
15 was one of the mandatory prepayment events under the facility
agreement.

According to BT, Keppel said in a bourse filing on July 8 that the
extension of the completion date was meant to "facilitate a
consensual restructuring and to support KrisEnergy's management
whilst they discuss and obtain feedback from stakeholders on the
restructuring".

The Kepinvest credit facility was provided to finance KrisEnergy's
near-term development project at Cambodia Block A, an offshore oil
and gas asset in the Khmer Basin in the Gulf of Thailand. The
KrisEnergy group has a 95 per cent working interest in the 3,083
square kilometre project, BT notes.

Keppel reiterated that it reserves the right to evaluate
KrisEnergy's debt restructuring plan, and to approve or reject the
plan as Keppel deems fit in its best interests, adds BT.

Trading in KrisEnergy shares has been suspended since August 2019.

                      About KrisEnergy Limited

KrisEnergy Limited -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

In August 2019, the firm sought court protection from creditors'
legal action while it restructured its debts, according to The
Business Times.  Keppel Corporation, a creditor and shareholder of
KrisEnergy, then publicly came out to support the application and
KrisEnergy's management in formulating a restructuring plan.

Total debts stood at around US$558.8 million as at June 30, 2019,
according to KrisEnergy's presentation slides for its Sept. 10
informal investor meeting for noteholders and shareholders.



=====================
S O U T H   K O R E A
=====================

EMARINE GLOBAL: Turner Stone & Co LLP Raises Going Concern Doubt
----------------------------------------------------------------
eMARINE Global Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
KRW300,379,000 on KRW5,848,443,000 of total revenue for the year
ended Dec. 31, 2019, compared to a net loss of KRW1,138,660,000 on
KRW4,589,203,000 of total revenue for the year ended in 2018.

The audit report of Turner, Stone & Company, L.L.P. states that the
Company has suffered liquidity constraints due to recurring losses.
These conditions raise substantial doubt about its ability to
continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of KRW3,066,533,000, total liabilities of KRW7,582,108,000, and a
total stockholders' deficit of KRW4,515,575,000.

A copy of the Form 10-K is available at:

                       https://is.gd/nliud7

eMARINE Global Inc. is a maritime information and communications
technology provider based in South Korea.  The Company offers
electronic chart display and information systems, smart ship,
overseas solution distributions, simulator, and e-navigation
services.



                           *********


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

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

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

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