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

                     A S I A   P A C I F I C

          Wednesday, July 15, 2020, Vol. 23, No. 141

                           Headlines



A U S T R A L I A

MINISO MASTER: First Creditors' Meeting Set for July 23
ODYNS HOLDINGS: First Creditors' Meeting Set for July 22
QUEENSLAND HERITAGE: First Creditors' Meeting Set for July 23
WALDEN CLOUD: First Creditors' Meeting Set for July 22
WIRECARD AUSTRALIA: First Creditors' Meeting Set for July 23

WIRECARD AUSTRALIA: Placed in Voluntary Administration
YOUTEAM PTY: First Creditors' Meeting Set for July 22


C H I N A

CIFI HOLDINGS: Fitch Assigns BB Rating on New USD Bonds
SICHUAN TRUST: To Sell Offices in Desperate Bid to Repay Debt
TACOMA (NANJING): Goes Bankrupt After Failure to Attract Investors


H O N G   K O N G

DALIAN WANDA: Moody's Affirms Ba1 CFR, Outlook Stable
MELCO RESORTS: S&P Assigns BB Rating on New USD Unsecured Notes


I N D I A

AISHWARYA IMPEX: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
DEWAN HOUSING: PNB Reports $491 Million Loan as Fraud
DOABA KHALSA: CARE Keeps D on INR31.21cr Debt in Not Cooperating
GINGER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
HMM INFRA: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating

JYOTI CHANDRASHEKHAR: CARE Cuts Rating on INR6.97cr Loan to D
K. G. ISPAT: CARE Lowers Rating on INR4cr LongTerm Bank Loans to D
KAYTX INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
KILBURN CHEMICALS: CARE Keeps D on INR206cr Debt in NonCooperating
LALITPUR POWER: Fitch Withdraws BB+(EXP) Rating on $750MM Notes

MONALISA CERAMICS: CARE Lowers Rating on INR15cr LT Loan to C
MOTHERSON SUMI: Moody's Confirms Ba1 CFR & Alters Outlook to Neg
NATIONAL PLASTIC: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
PARAS BHAVANI: CARE Keeps D Debt Ratings in Not Cooperating
PATNA SAHIB: CARE Keeps D on INR21.75cr Debt in Not Cooperating

R V PLASTIC: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
R. P. STEEL: CARE Keeps D on INR17cr Loans in Not Cooperating
RAHIL COLD: CARE Keeps C on INR3.25cr Debt in Not Cooperating
RECMET ALLOYS: CARE Lowers Rating on INR9.95cr LT Loan to C
SAGAR WOVEN: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating

SAHARA HOSPITALITY: CARE Keeps D Debt Ratings in Not Cooperating
SANGHVI FORGING: CARE Keeps D Debt Ratings in Not Cooperating
SATURN RINGS: CARE Keeps D on INR40cr Debt in Not Cooperating
SHIV GORAKH: CARE Keeps D Debt Ratings in Not Cooperating
TATA STEEL: Moody's Confirms Ba2 CFR & Alters Outlook to Negative

TAYAL SONS: Ind-Ra Withdraws 'BB' LongTerm Issuer Rating
TEXTRADE INT'L: CARE Keeps D Debt Ratings in Not Cooperating
THREE STAR: CARE Lowers Rating on INR0.21cr LT Loan to C
UNITED METALIK: CARE Lowers Rating on INR15cr LT Loan to B+
UTOPIAN SUGAR: CARE Keeps D on INR136cr Debt in Not Cooperating



N E W   Z E A L A N D

ASSET FINANCE: S&P Alters Outlook to Negative & Affirms 'B-/B' ICRs
VIADUCT QUAYS: Sofitel Auckland Harbour Goes Into Liquidation


S I N G A P O R E

HYFLUX LTD: Pison Assures Awareness of Tight Timelines
SINGAPORE: Slumps Into Recession with GDP Down 12.6% in Q2

                           - - - - -


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A U S T R A L I A
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MINISO MASTER: First Creditors' Meeting Set for July 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Miniso
Master Franchisee Pty Ltd will be held on July 23, 2020, at 11:30
a.m. via webinar facilities only.

Philip Campbell Wilson and Said Jahani of Grant Thornton Australia
Limited were appointed as administrators of Miniso Master on July
13, 2020.


ODYNS HOLDINGS: First Creditors' Meeting Set for July 22
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Odyns
Holdings Pty. Ltd. ATF The Odyns Trust and Cloud Abacus Holdings
Pty. Ltd. ATF The Cloud Abacus Trust, will be held on July 22,
2020, at 3:00 p.m. via  telephone conference.

Jason Glenn Stone and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of Odyns Holdings on July 11, 2020.


QUEENSLAND HERITAGE: First Creditors' Meeting Set for July 23
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Queensland
Heritage Pty Ltd will be held on July 23, 2020, at 3:00 p.m. at the
offices of BDO Offices, Level 10, at 12 Creek St, in Brisbane City,
Queensland.

Andrew Peter Fielding and Helen Newman of BDO were appointed as
administrators of Queensland Heritage on July 13, 2020.


WALDEN CLOUD: First Creditors' Meeting Set for July 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of Walden Cloud
Group Pty. Ltd. ATF The Walden Cloud Group Trust, trading as
Peppers The Sands Torquay, will be held on July 22, 2020, at 10:30
a.m. via telephone conference.

Jason Glenn Stone and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of Walden Cloud on July 11, 2020.


WIRECARD AUSTRALIA: First Creditors' Meeting Set for July 23
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Wirecard
Australia Pty Ltd will be held on July 23, 2020, at 11:00 a.m. via
electronic only.

Andrew Peter Fielding and Nicholas Martin of BDO were appointed as
administrators of Wirecard Australia on July 13, 2020.


WIRECARD AUSTRALIA: Placed in Voluntary Administration
------------------------------------------------------
Banking Day reports that Wirecard's Australian and New Zealand
businesses were officially placed in voluntary administration on
July 13.

Around 70 local and Kiwi staff were notified of the decision
following the appointment of Andrew Fielding and Nicholas Martin
from BDO Business Restructuring as administrators of the Australian
operation, the report says.

Banking Day relates that Melbourne staff were told that BDO would
make an assessment on whether the business was viable and would try
to identify potential buyers.

Wirecard AG, a German-listed global payments company filed for
insolvency last month after special audits of its latest financial
report found that EUR2 billion of cash could not be accounted for.

That revelation resulted in the arrest of several former directors
of the group, including the former chief executive, Markus Braun.

The collapse of the Australian and NZ subsidiaries comes after
Banking Day revealed on June 26 that the local entities continued
to trade in the last 12 months only with financial support from
their German-owned parent companies.

Banking Day, citing latest accounts filed with ASIC, discloses that
Wirecard Australia A&I Pty Ltd was balance sheet insolvent at the
end of December last year, with net liabilities of AUD4.3 million.

This business, which recently launched a prepaid Visa card in
partnership with STA Travel, appears to have received a AUD10
million lifeline from its German parent in May that allowed it to
stay in business, the report relates.

Wirecard NZ Limited has also been losing money and reported net
liabilities of NZD3.5 million at the end of 2018.

It continued to trade because its German parent agreed to pump
additional capital into the business last year, the report notes.

According to Banking Day, a raft of Australian banks including
Bendigo Bank, ME Bank and Cuscal, use a Wirecard-owned software
platform known as Cadencie to manage parts of their credit and
debit card operations.

Cadencie is also used by more than 20 other banks throughout Asia
and the Middle East.

These banks could soon be forced to acquire the business and
restructure it as a utility if a buyer for the Cadencie technology
cannot be found, the report relates.

Banking Day says Wirecard also owns Finsim-branded products that
provide anti-fraud and anti-money laundering software services to
several of the major banks including Westpac.

However, the sale of any part of Wirecard's Australia operation
could be complicated by the fact that the company is being sued by
a former Sydney client for alleged misleading or deceptive conduct
under NSW fair trading laws.

In a statement of claim lodged with the Supreme Court of New South
Wales in April, Finstro Holdings says that Wirecard Australia
failed to deliver it access to Cuscal services that would have
enabled it to launch a prepaid scheme debit card, Bangking Day
relates.

Finstro claims that it was misled by Wirecard into believing that
the German-owned subsidiary could help it launch the card product
by March 2019, according to the report.

Wirecard Australia is defending the claim, saying in court
documents that Finstro was not able to issue a prepaid card because
it did not hold a financial services licence, adds Banking Day.


YOUTEAM PTY: First Creditors' Meeting Set for July 22
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Youteam Pty.
Ltd. will be held on July 22, 2020, at 3:00 p.m. via telephone
conference.

Jason Glenn Stone and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of Youteam Pty on July 12, 2020.




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C H I N A
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CIFI HOLDINGS: Fitch Assigns BB Rating on New USD Bonds
-------------------------------------------------------
Fitch Ratings has assigned CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) proposed US dollar green bonds a rating of 'BB'. The
proposed notes represent the first-time issuance of green bonds by
CIFI, and are rated at the same level as CIFI's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The proceeds will be used to refinance existing debt.

CIFI's Issuer Default Rating reflects its stable financial profile
as the China-based property developer continues its nationwide
expansion. CIFI's leverage - measured by net debt/adjusted
inventory after proportionately consolidating joint ventures (JVs)
- declined to 44% by end-2019 from 48% at end-2018, and Fitch
expects leverage to remain at around 45% due mainly to pressure on
the company to restock its land bank. CIFI's large exposure to JVs
and reliance on non-controlling interests' capital contribution
also complicate the leverage outlook. The two factors constrain
CIFI at the current rating.

KEY RATING DRIVERS

Stable Leverage, Limited Headroom: Fitch believes CIFI's leverage
will remain at around 45% due to disciplined financial management.
Still, the headroom to deleverage will be limited due to continued
land replenishment and high reliance on capital from
non-controlling interests, whereas homebuilders with fewer of these
interests can dispose of stakes in projects to reduce leverage.
CIFI's leverage dropped to 44% by end-2019, from 48% in 2018, on
strong sales cash collection, lower leverage on the JV level, an
increase in trade and project-related payables and continued
capital contribution from non-controlling interests

Land Replenishment Pressure: Fitch believes that land bank pressure
will continue to be one of the key risks for CIFI to sustain growth
momentum. A company of CIFI's size would usually have land bank
enough for three years of sales to be resilient in business cycles,
in Fitch's view. However, CIFI had an attributable land bank of
26.5 million sq m at end-2019, and Fitch estimates that the
available-for-sale portion is around 20.5 million sq m, equivalent
to less than three years of sales, in light of CIFI's aim to
increase sales by 15% in 2020.

Management budgeted around 50% of total cash revenue, or CNY57
billion, for land acquisitions in 2020. CIFI spent 57% of total
cash revenue from sales proceeds and the non-development property
segment, or CNY55 billion, on land acquisitions in 2019, compared
with 68% in 2018.

Large Scale, Rising Sales: CIFI's total sales rose by 32% to CNY201
billion in 2019, while the average selling price (ASP) increased by
5% to CNY16,700/sq m after falling by 4% in 2018. CIFI's
attributable sales, which accounted for 50% of total sales, rose by
32% to CNY100 billion in 2019, according to management. CIFI aims
to increase its attributable sales as a percentage of total sales
to 55% in 2020 and 60% in 2021, to increase profit attributable to
shareholders. It aims to achieve CNY230 billion in total sales in
2020, a 15% increase on 2019, with CNY380 billion of saleable
resources. CIFI generated CNY80.7 billion sales in 1H20, or an 8.7%
decrease yoy, due to the coronavirus outbreak.

Margin to be Maintained: Fitch believes CIFI's diversified project
portfolio across cities of different tiers allows the company to
maintain a fast-churn strategy without sacrificing overall project
margins. CIFI's EBITDA margin, after adding back capitalised
interest, increased slightly to 23.8% in 2019 from 21.6% in 2018.
The EBITDA margin after adjusting for acquisition revaluation was
higher, at 29% in 2019 and 31% in 2018. The acquisition
revaluations are likely to continue and margins appear more
volatile, as M&A is an important channel for CIFI's land
acquisition plans.

DERIVATION SUMMARY

CIFI's attributable sales of CNY100 billion in 2019 are higher than
that of Sino-Ocean Group Holding Limited (BBB-/Stable, Standalone
Credit Profile: bb+) and most peers rated 'BB-', including KWG
Group Holdings Limited (BB-/Stable), Times China Holdings Limited
(BB-/Stable) and Yuzhou Properties Company Limited (BB-/Stable).

Sino-Ocean continued its geographical focus on Tier 1 and affluent
Tier 2 cities, while CIFI increased its focus on Tier 2 and 3
cities in 2018-2019. CIFI's leverage of around 44% at end-2019 is
higher than Sino-Ocean's 40%. Sino-Ocean also has recurring EBITDA
interest coverage from quality investment properties, which was at
0.4x in 2018.

CIFI's leverage is higher than that of KWG, Times China and Yuzhou,
but CIFI has a stronger business profile with better geographical
diversification and nationwide presence.

KEY ASSUMPTIONS

  - Attributable contracted sales flat at CNY100 billion in
2020-2021.

  - Attributable land purchases and construction cash costs at
around
    60% and 25%, respectively, of contracted sales proceeds in
2020-2021.

  - Property development revenue gross profit margin (excluding
    capitalised interests) at 25%-28% in 2020-2021.

  - JV management fee and rental revenue to increase to CNY5
billion
    in 2020 and CNY5.5 billion in 2021.

RATING SENSITIVITIES

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

  - Leverage - measured by net debt/adjusted inventory including
JV
    proportionate consolidation - sustained at below 35%

  - Maintaining high cash flow turnover despite the JV business
    model and consolidated contracted sales/debt at over 1.2x

  - Land bank sufficient for three years of sales

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

  - Substantial decrease in contracted sales

  - Net debt/adjusted inventory including JV proportionate
    consolidation above 45% for a sustained period

  - EBITDA margin (excluding acquisition revaluation gain) at
    below 25% for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity, Low Funding Cost: CIFI had unrestricted cash of
CNY45 billion at end-2019, enough to cover short-term debt of CNY21
billion. CIFI's average funding cost remained stable at 6% in 2019
(2018: 5.8%), and should stay low due to its diversified onshore
and offshore funding channels, as well as its active
capital-structure management.


SICHUAN TRUST: To Sell Offices in Desperate Bid to Repay Debt
-------------------------------------------------------------
Caixin Global reports that embattled Sichuan Trust Co. Ltd., which
failed to repay over CNY20 billion (US$2.9 billion) to investors,
has said it is trying to repay the debt within a year by selling
its underlying assets.

Caixin relates that the firm, which has been on regulators' radar
for more than two years due to concerns about risky business
practices, failed to repay the principal and interest on a trust
product that matured in May. That triggered a wave of protests by
investors outside the company's headquarters in Chengdu, capital of
the southwestern province of Sichuan, Caixin says. The protesting
investors were able to meet with several of the privately owned
firm's top brass, including Chairman Mou Yue and President Liu
Jingfeng, who said at the time that the company would do whatever
it takes to solve the problem within one year, according to a video
of the meeting seen by Caixin.

According to Caixin, Sichuan Trust said much the same thing last
week in another meeting with regulators and investors over its
"trust of trust" (TOT) products, which take investors' money to buy
other trust products that have invested in a wide variety of assets
including bonds, stocks and loans to private companies and local
government financing vehicles. Executives disclosed at the meeting
that four of its shareholders refused to invest more in the firm,
Caixin discloses citing a statement released July 8. It also
pledged to sell its underlying assets within a year to repay the
debt and agreed to sell its Chuanxin office building and the firm's
stake in Hongxin Securities Co. Ltd. Work to evaluate and sell
those assets is already under way, it said in the statement.

However, such assets could probably only bring in some CNY5
billion, paling in comparison to the firm's massive debt hole, an
industry source said. "The fact that several existing shareholders
did not want to pour more money in reflects how big a problem (the
firm faces)," the source said.

Liu said in a June meeting that the outstanding value of the
company's TOT products stood at CNY25.3 billion, about CNY13
billion of which are set to mature this year, Caixin has learned
from investors who were present. About CNY10.35 billion will mature
next year, and another CNY1.92 billion of the products will mature
in 2022, he said.

Caixin notes that Sichuan Trust is just the latest such firm to run
into trouble in a sector already reeling from the effects of a
crackdown on shadow banking and economic slowdown amid the
coronavirus pandemic. In May, the company denied rumors that its
capital pooling business had been frozen and it would be taken over
by regulators, the report recalls.

Sichuan Trust has employed KPMG for auditing work, and the results
will likely come out at the end of this month, when local
regulators and the firm will be able to come up with a further plan
to deal with the risks, the firm said in a recent meeting with
investors, Caixin relays.

Sun Tianqi, head of the People's Bank of China's financial
stability bureau, said at a briefing on July 10) that regulators
and local governments are studying how to deal with the risks that
Sichuan Trust and Anxin Trust Co. Ltd. have exposed and that the
central bank is working closely with them, adds Caixin.

Caixin relates that Sun said that investors need to develop better
awareness of the relationship between earnings and risk, and that
regulators should prevent moral hazard when dealing with products
involved in the cases.

It's not just Sichuan Trust and Anxin Trust that are mired in debt.
Regulators have categorized six of China's 68 trust firms as
high-risk, Caixin has learned. Some of them, including Yunnan
International Trust Co. Ltd., Zhongrong International Trust Co.
Ltd., Cedar International Trust Co. Ltd. and Zhongtai Trust Co.
Ltd., have also seen investors coming to them for repayment in
recent months.

Just last year, regulators punished nearly one-third of 68 trust
firms for violations including illicit off-balance-sheet lending
and illegal real estate investments, levying at least CNY22 million
in fines, Caixin notes.

Sichuan Trust Company Limited is a company based in China, with its
head office in Chengdu. It operates in the Funds, Trusts, and Other
Financial Vehicles industry.


TACOMA (NANJING): Goes Bankrupt After Failure to Attract Investors
------------------------------------------------------------------
Luo Guoping and Denise Jia at Caixin Global report that a Chinese
company that launched a $2.8 billion government-backed
semiconductor project four years ago is going bankrupt after it
failed to attract investors even as China tries to become
self-sufficient in computer chips.

Tacoma (Nanjing) Semiconductor Technology Co. Ltd. was ordered by
Nanjing Intermediate People's Court of Jiangsu Province to undergo
compulsory liquidation and bankruptcy, Caixin relates citing a
national enterprise bankruptcy information website run by the
Supreme People's Court.

Caixin relates that the project, supported by the Nanjing Economic
and Technology Development Zone, was launched in 2016 and
designated a major local investment project. The plan included
creation of an 8-inch wafer fabrication plant and supporting
producers covering the entire business chain of chip production.

Caixin says the Nanjing project was part of China's ambitious plan
to produce 40% of the semiconductors it uses by 2020 and 70% by
2025. The plan resulted in massive investment by the central
government and spurred an enthusiastic response from private equity
and venture capital investors.

But construction of the Tacoma project has been halted since March
2019 because of a capital crunch, according to Tacoma Chairman Li
Ruiwei, also known as Joseph Lee.

When the project was halted, the fab plant was 90% built. The
Nanjing city government invested CNY384 million (US$54.9 million)
in the project, but the lack of other investors made the project
unable to continue, Mr. Li said, Caixin relays.

When Mr. Li pitched the project to the Nanjing government, he
promised it wouldn't need government funding and he would look for
outside investors, a person close to the project told Caixin. But
at a 2016 ribbon-cutting ceremony, there was still no outside
funding.

"The idea was to go ahead with the project and look for money as
you go," the person close to the project said.

Caixin notes that Mr. Li lined up Israeli chipmaker TowerJazz as a
partner. The Nasdaq-listed company makes wireless communication
chips and camera sensors and its clients include Intel and Texas
Instruments.

TowerJazz didn't contribute any cash to the project but was
contracted as a technical consultant. Tacoma paid TowerJazz $30
million under a technology license agreement. TowerJazz also
promised to purchase as much as 50% of Tacoma's targeted 40,000
wafers a month.

Mr. Li approached other investors, including Hubei TECH
Semiconductors Co. Ltd., JAC Capital and Peng Capital, but no
substantial progress was made, Caixin relates.

Unable to pay wages to employees, Tacoma was put on a list of
discredited persons subject to sanctions in late 2019. Li was
restricted from luxury consumption for not paying employees' wages
after a ruling in a labor dispute, according to Caixin.

Caixin adds that the Nanjing Economic and Technology Development
Zone now plans to bring in new investors to help complete the plant
and capitalize the project's technology and other assets.




=================
H O N G   K O N G
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DALIAN WANDA: Moody's Affirms Ba1 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has affirmed the following ratings:

  -- Dalian Wanda Commercial Management Group Co., Ltd.'s (DWCM)
     Ba1 corporate family rating (CFR);

  -- Wanda Commercial Properties (HK) Co. Limited's (Wanda HK)
     Ba3 CFR; and

  -- The Ba3 senior unsecured ratings on the bonds issued by
     Wanda Properties Overseas Limited and Wanda Properties
     International Co. Limited

Both Wanda Properties Overseas and Wanda Properties International
are wholly owned subsidiaries of Wanda HK. The rated bonds are
guaranteed by Wanda HK and supported by deeds of equity interest
purchase undertakings and keepwell deeds between DWCM, Wanda HK and
the bond trustee.

All the outlooks of the above companies remain stable.

RATINGS RATIONALE

"DWCM's Ba1 CFR reflects its strong brand and track record of
developing and managing commercial properties in China, and
improved business profile after the disposal of its residential
development business," says Kaven Tsang, a Moody's Senior Vice
President.

"The rating also considers its sizable recurring rental income and
strong cash position," adds Tsang, also Moody's Lead Analyst for
DWCM. "These strengths temper the risk associated with its high
gross debt leverage, exposure to low-tier cities, and the execution
risks related to its expansion plan amid challenging retail
conditions and a slowing economy."

While the company's rental and management fee income will drop in
2020 from 2019 due to the coronavirus outbreak, the company's
operating performance should gradually improve as retail sales and
foot traffic to DWCM's retail malls have been recovering as the
disruptions fade.

Moody's expects the company's rental income will gradually recover
in H2 2020 and 2021, supported by the company's strong retail mall
management and track record. The company has registered a high
occupancy rate of over 99% and stable average rent of around
RMB100-110 per square meter per month for its retail malls over the
past 3-4 years.

As such, Moody's expects DWCM's net debt/EBITDA will recover to
around 4.5x in 2021 after an expected increase to around 6.0x in
2020 from 4.0x in 2019. Similarly, its EBITDA/interest coverage
will recover to 2.5x-3.0x in 2021 after an expected decline to 2.1x
in 2020 from 3.0x in 2019.

These projected ratios continue to support DWCM's CFR at the Ba1
level.

The company's improved business profile, driven by reduced
development and industry risks after the disposal of its
residential development business, will mitigate the company's
temporary weakness in financial metrics.

The company's high exposure to low-tier cities and planned
expansion, also primarily in low-tier cities, entail operating and
execution risk amid China's slowing economic growth. However,
Moody's expects DWCM has the expertise and experience to manage the
business risks in low-tier cities. Its asset-light strategy will
also reduce its funding needs and the financial risk associated
with its expansion in low-tier cites.

DWCM's Ba1 CFR is also constrained by its private company status.
However, corporate governance risk is partly mitigated by the
presence of independent directors and reputable shareholders, such
as Tencent Holdings Limited (A1 stable) and other investors, who
appoint their representatives to the board of directors to balance
the interests of the shareholders, creditors and other
stakeholders.

DWCM's liquidity is adequate, underpinned by its sizable amount of
RMB65.7 billion of cash on hand as of December 31, 2019 and stable
rental income of around RMB35-40 billion per annum. Moody's expects
the company's cash holdings and operating cash flow will be
sufficient to cover its maturing debt and committed capex for its
portfolio shopping malls over the next 12-18 months.

The stable outlook reflects Moody's expectation that DWCM will
maintain financial metrics supportive of its Ba1 CFR and have
adequate cash resources to support its operating and refinancing
needs over the next 12-18 months.

The affirmation of Wanda HK's Ba3 CFR reflects the company's
standalone credit profile plus a two-notch uplift based on Moody's
expectation that the company will receive support from its parent
DWCM in times of need.

Moody's expectation of support considers DWCM's 100% ownership of
Wanda HK, the parent's full control over the company, and Wanda
HK's role as the primary platform for DWCM's offshore funding and
investment.

Moody's also expects DWCM will maintain its ability to provide
support, if needed, as reflected by its Ba1 CFR and its track
record of providing timely funding support to Wanda HK.

Wanda HK's standalone credit profile reflects its small scale,
exposure to the difficult operating conditions for its hotel
business, weak credit metrics and thin equity base, given its role
as the group's core platform for offshore funding and overseas
investment. These weaknesses are mitigated by its good liquidity
and the parent's close control over the company.

Wanda HK's liquidity position is good, underpinned by its ample
amount of cash holdings. As of year-end 2019, the company's cash
balance of about RMB7.5 billion covered about 3.4x its short-term
debt of about RMB2.2 billion as of the same date. Moody's expects
Wanda HK will have sufficient liquidity resources to meet its
operating and refinancing needs in the next 12-18 months.

Wanda HK's stable outlook primarily reflects Moody's expectation
that DWCM will provide financial support to the company in times of
stress, given the close links between the two companies.

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

DWCM's Ba1 CFR could be upgraded if it successfully achieves its
business growth plan and improves its financial metrics, with
adjusted net debt/EBITDA falling below 4.0x-4.5x and
EBITDA/interest rising above 3.0x-3.5x.

DWCM's Ba1 CFR could be downgraded if the company shows (1) weak
liquidity, (2) slower-than-expected growth in rental and management
fee income, or (3) a deterioration in its credit metrics.

Credit metrics that would indicate negative rating pressure include
adjusted net debt/EBITDA rising above 6.0x-6.5x and EBITDA/interest
falling below 2.0x on a sustained basis.

Additionally, any evidence of a material leakage of funds from DWCM
or a notable deterioration in the company's corporate governance
and transparency could strain its rating.

Wanda HK's rating could be upgraded if DWCM's CFR is upgraded, and
the company maintains its strategic and economic importance to the
parent.

However, a downgrade of DWCM's CFR will result in a downgrade of
Wanda HK's CFR and the ratings of its guaranteed bonds.

Furthermore, Wanda HK's rating could face downward pressure if its
standalone credit profile deteriorates, or there is a reduction in
the level of ownership by DWCM or the strategic and economic
importance of the company to DWCM is reduced.

The principal methodology used in rating Dalian Wanda Commercial
Management Group Co., Ltd. was REITs and Other Commercial Real
Estate Firms published in September 2018.

Dalian Wanda Commercial Management Group Co., Ltd. (DWCM) develops
and operates commercial properties in China. At the end of 2019,
the company operated 323 rental malls across over 160 cities in
China.

As of December 2019, the company was 45.0% owned by Dalian Wanda
Group Co., Ltd. The chairman of Dalian Wanda Group, Wang Jianlin,
and his family also owned about 6.8% of the company. Additionally,
an investment consortium led by Tencent Holdings Limited (Tencent,
A1 stable) and comprising JD.com, Inc. (Baa2 positive), Sunac China
Holdings Limited (Ba3 stable) and Suning Commerce Group Co., Ltd.
owned 14.2% of the company.

Wanda Commercial Properties (HK) Co. Limited (Ba3 stable) is the
primary offshore funding and investment platform for DWCM. The
company's main assets include a 65.04% equity interest in Hong
Kong-listed Wanda Hotel Development Company Limited, as well as
investment in one overseas properties and hotel project in the US.


MELCO RESORTS: S&P Assigns BB Rating on New USD Unsecured Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
U.S. dollar-denominated senior unsecured notes that Melco Resorts
Finance Ltd. proposes to issue. At the same time, S&P placed the
rating on CreditWatch with negative implications. Melco Resorts
Finance plans to use the net proceeds from the note issuance to
repay the loan outstanding under the 2020 revolving credit facility
and for general corporate purposes.

S&P said, "Our 'BB' issue rating on the notes reflects our issuer
credit rating on Melco Resorts (Macau) Ltd. (MRM; BB/Watch Neg/--).
We view MRM as the core operating subsidiary and the major driver
of the group's credit profile. Melco Resorts Finance is one of the
financing subsidiaries of Melco International Development Ltd.,
which is the ultimate parent of MRM.

"We believe the risk of subordination is insignificant in Melco
Resorts Finance's capital structure. As of March 31, 2020, the
company had about US$3.0 billion in senior unsecured notes and
about US$253 million term loan outstanding under the 2015 senior
secured credit facilities.

"All our ratings on MRM and Studio City Co. Ltd. (BB-/Watch Neg/--)
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 fallout 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."




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

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

The instrument-wise rating actions are:

-- INR150.00 mil. Fund-based working capital limit migrating to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     / IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR46.14 mil. Term loan due on March 2024 migrating to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 8, 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 2011, Aishwarya Impex was engaged in providing cold
storage rental services. It ventured into the trading of prawns in
January 2015 and the processing of shrimps in FY18.


DEWAN HOUSING: PNB Reports $491 Million Loan as Fraud
-----------------------------------------------------
The Wall Street Journal reports that one of India's biggest
state-run banks said it had fallen victim to its third
multimillion-dollar fraud in as many years, a stark illustration of
the bad debts and weak defenses against misconduct that plague the
country's financial system.

The Journal relates that Punjab National Bank said on July 9 that a
customer, the ailing property lender Dewan Housing Finance Corp.,
had defrauded it of the equivalent of $491 million.  In a separate
statement, the bank said that its board had approved a plan to
raise about $1.33 billion by selling shares and bonds.

In a stock-exchange filing, India's second largest state-owned
lender said it had reported the Dewan Housing case to India's
central bank, the Journal relays.  Punjab National Bank said it
took a $166 million provision, based on "prescribed prudential
norms."  It didn't give any details of the alleged fraud, the
Journal notes.

The Reserve Bank of India took control of Dewan Housing last year,
citing corporate-governance concerns and payment defaults. The
central bank put an administrator in charge of the company and
started an insolvency-resolution process.  

                             About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
5, 2019, Deccan Herald said the Mumbai bench of the National
Company Law Tribunal (NCLT) on Dec. 2, 2019, admitted a petition by
the Reserve Bank of India (RBI) seeking bankruptcy proceedings to
resolve DHFL. The move came in after the Reserve Bank on Nov. 29,
2019, made an application for bankruptcy proceedings to resolve the
credit and liquidity crisis at the company, which became the first
financial sector player being sent for bankruptcy. RBI appointed R
Subramaniah Kumar as the company's administrator. Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.


DOABA KHALSA: CARE Keeps D on INR31.21cr Debt in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Doaba
Khalsa Trust (DKT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       31.20      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 29, 2019, placed the
rating of DKT under the 'issuer noncooperating' category as DKT
failed to provide information for monitoring of the rating. DKT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated June 16, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 29, 2019, the following were
the rating weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations

Doaba Khalsa Trust was established in 1998 under the India Trust
Act, 1882 to impart higher education. The trust operates with Mr.
Mohinder Singh Batth as its chairman. It is currently operating
three campuses, one each in Mohali, Ropar and Nawanshahar (Punjab)
under the name 'Doaba Group of Colleges'. The colleges offer
graduation, postgraduation and diploma courses in engineering and
technology, management and pharmacy. The different courses offered
are approved by AICTE (All India Council of Technical Education),
PTU (Punjab Technical University), Jalandhar, SCERT (State Council
of Educational Research and Training), Punjab, PU (Punjab
University), Chandigarh and PSBTE (Punjab State Board of Technical
Education), Chandigarh.


GINGER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Ginger Enterprises Limited (SGEL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      34.50       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank     27.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SGEL to monitor the
rating(s) vide e-mail communications & letters dated June 15, 2020,
June 17, 2020 & June 18, 2020 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on SGEL's
bank facilities will now be continued as CARE D; ISSUER NOT
COOPERATING.

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

The rating takes in account delays in debt servicing, overdrawals
in cash credit account and instances of devolvement of letters of
credit.

Detailed description of the key rating drivers

At the time of last rating on June 25, 2019, the following were the
rating strengths and weaknesses:

Key Rating Strengths

* Experienced promoters: SGEL formerly known as Ginger Clothing
Private Limited was promoted by Mr. Sanjay Kumar Tayal. Mr. Sanjay
Kumar Tayal has more than two decades of experience in the textile
industry. Mr. Keshav Tayal has more than 8 years of experience and
is ably supported by a team of well-qualified and experienced
professionals. He has been instrumental in setting up the company's
garmenting business and has launched the company's brand 'League'.

* Diversified Customer Base: SGEL has a well-diversified customer
base and does not face customer concentration risk as its top 5
customers contributed only 8% to the total sales.

* Moderate debt coverage indicators: Term debt at SGEL comprised
mainly of unsecured loans from promoters to the extent of INR18
crore as on March 31, 2016. During FY16 (refers to the period April
1 to March 31), SGEL had raised INR105 crore to acquire a mall in
Nagpur for commercial purpose. This led to increase in borrowings
as of March 31, 2016 which resulted in the company's debt to equity
ratio, overall gearing and total debt to GCA deteriorating to
1.02x, 1.43x and 11.71x as on March 31 2016 from 0.28x, 0.68x and
4.93x as on March 31 2015 respectively. On account of higher
interest outgo, the interest coverage ratio of the company
deteriorated to 2.71x in FY16 as compared to 3.28x in FY15. The
above deal however did not materialise and the loan was repaid in
FY17 out of the investments created from the said loan pending
finalization of the deal.

Key Rating Weaknesses

* Stable operations; Low profitability margins: SGEL reported flat
sales in FY16 of INR426.98 crore as against INR420.39 crore in
FY15. The share of revenues from yarn and texturising segment,
fabric stood at 39% and 56% respectively. The company has no
expansion plans in the immediate future.

During FY16, the PBILDT margin remained stable at 5.91%, PAT margin
however, deteriorated to 0.04% mainly on account of write off of
INR2.09 crore towards insurance claim not settled relating to the
fire in Dadra plant in FY14.

* Low bargaining power against large suppliers: SGEL has low
bargaining power against the large suppliers as the company
procures polyester chips from well-established domestic players and
gets credit of 15-20 days. The prices of polyester chips are
inherently volatile in nature being a derivative of crude oil.
Fragmented and competitive industry leading to low pricing power:
SGEL operates in a highly commoditized and fragmented polyester
yarn and garment industry marked by a large number of organised as
well as unorganised players coupled with low entry barriers.
Intense competition limits the pricing abilities of the players in
the industry.  

Shree Ginger Enterprises Limited (SGEL) formerly known as Ginger
Enterprises Limited was incorporated in 2002 and promoted by Mr.
Sanjay Kumar Tayal, presently managed by Mr. Keshav Tayal. The
company is engaged in the manufacturing of Partially Oriented Yarn
(POY), Polyester Texturised Yarn (PTY), knitted fabric and
readymade garments. In March 2009 the company acquired assets of a
sick company viz. M/S Ramakrishna Filaments Ltd., at a
consideration of INR17.10 crore (including other expenses) from
Andhra Bank under SARFAESI Act, 2002. The company started its PTY
operations in FY10 (refers to the period April 1 to March 31). The
company started commercial production of POY, and FDY in the last
week of December 2010. The company has manufacturing capacities of
POY (50 TPD), FDY (15 TPD), DTY (70 TPD) and knitting (1600 TPA)
located at Silvassa. The two garment manufacturing units of the
company are located at Dombivli with a combined capacity of 7
million pieces per annum.


HMM INFRA: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained HMM Infra
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:

-- INR115 mil. Fund-based limit* maintained in non-cooperating
     category and withdrawn; and

-- INR230 mil. Non-fund-based working capital limits** maintained

     in non-cooperating category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+
   (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 it has
received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.

COMPANY PROFILE

Established in 1996, HMM Infra manufactures heavy steel
structures.


JYOTI CHANDRASHEKHAR: CARE Cuts Rating on INR6.97cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jyoti Chandrashekhar Bawankule (JCB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.97      CARE D Revised from CARE BB-;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of JCB
factors in delays in repayment of debt obligation.

Key rating sensitivity

Positive factors

* Demonstration of a default free track record of over 90 days

Detailed description of the key rating drivers

Key Rating Weakness

* Delays in servicing of debt obligations: There have been delays
in the servicing of interest and principal repayment on term loan
availed by the entity, the same was on account of poor liquidity
position.

Liquidity Position: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations and modest cash balance of INR0.55 crore as on March
31, 2020. This has constrained the ability of the firm to repay its
debt obligations on timely basis.

Jyoti Chandrashekhar Bhawankule was established in April, 2016.
Since its inception the entity was engaged in lease rental
business. From January 2020, the firm is engaged in providing
banquet hall rental services for hosting wedding functions,
corporate meetings, conferences etc.

The entity was promoted by Mrs. Jyoti Chandrasekhar Bawankule (wife
of Mr. Chandrashekhar Krishnarao Bawankule). Mrs. Jyoti
Chandrasekhar Bawankule looks after the day-to-day operations of
the entity along with adequate support from other expert
professionals.


K. G. ISPAT: CARE Lowers Rating on INR4cr LongTerm Bank Loans to D
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of K.
G. Ispat Private Limited (KGIPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       4.00      CARE D; Issuer not Cooperating;
   Facilities                     Revised from CARE B-; Issuer
                                  not Cooperating; on the basis
                                  of best available information

   Short-term Ban       1.25      CARE A4; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 29, 2019 placed the
ratings of KGIPL under the 'issuer non-cooperating' category as
KGIPL had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. KGIPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 12, 2020,
June 15, 2020 and June 16, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings are revised on account of ongoing-delays in debt
servicing.

Key Rating Weakness

Detailed description of key rating drivers

* On-going delays in debt servicing: There are ongoing delays in
debt servicing for more than 30 days, due to weak liquidity
position of the company.

Indore (Madhya Pradesh) based, KGIPL was incorporated in 2004, is
promoted by Mr. Rajkumar Gupta & Ms. Deepti Gupta. They both
jointly manage the operations of the company. KGIPL is engaged in
trading of iron & steel scrap and products. KIPL primarily purchase
MS scrap and MS bars, angles, pattis, ingots and other MS products
and primarily sells to manufacturers of MS products and dealers.
KGIPL primarily sells in the state of Madhya Pradesh.


KAYTX INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kaytx
Industries Private Limited (KIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      40.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 26, 2019, placed the
rating(s) of KIPL under the 'issuer non-cooperating' category as
KIPL had failed to provide information for monitoring of the
rating. KIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated June 15, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 26, 2019, the following was the
rating weakness:

Key Rating Weakness

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations by KIPL. The company has been
classified as Non-Performing Asset (NPA) by the bank.

KIPL was incorporated in 2005 by Mr. Satish Dutt to undertake
manufacturing and trading of steel structures including channels,
angles, joists, etc. Subsequently, the company was acquired by the
current promoters on April 1, 2011. KIPL is promoted by Mr.
Parshotam Lal Aggarwal and Mr. Salil Aggarwal. The company has an
integrated manufacturing facility and offers manufacturing,
fabrication and galvanization of structured steel products with an
installed capacity of 60000 MT per annum for steel structures,
30000 MT per annum for galvanization plant and 300 MT per day of
fabrication capacity, as on March 31, 2017. The product of the
company find application mainly in railway electrification, power
projects, etc. The company is a registered vendor with Indian
Railways, Power Grid Corporation of India Limited (PGCIL; rated
CARE AAA; Stable), Delhi Metro Rail Corporation Limited, Tata Power
Company Limited (Tata Power; rated CARE AA; Stable) and several
state electricity boards amongst others. Further, the company has
formed three Joint Ventures to undertake EPC projects for Indian
Railways- M/s UBCKIPL-GIL JV, M/s Kaytx-Enrich-BC JV and M/s
Katyx-UBC-BC JV, with KIPL holding 29% shareholding in the JVs,
respectively. KIPL has two group companies, namely, R.P Steel
Industries (RPSI; rated CARE D; Issuer Not Cooperating) and R P
Rolling Mill Private Limited (RPRM). RP Steel is a proprietorship
concern of Mr. Parshotam Aggarwal and is engaged in trading of iron
and steel long products including rounds, billets, blooms, pig iron
etc., since 1984. RPRM is not engaged in any business but receives
lease income from property owned by it.


KILBURN CHEMICALS: CARE Keeps D on INR206cr Debt in NonCooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kilburn
Chemicals Limited (KCL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      206.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 27, 2019, placed the
ratings of KCL under the 'issuer non-cooperating' category as KCL
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. KCL continues to be
non-cooperative despite repeated requests. In line with the extant
SEBI guidelines, CARE has reviewed the ratings.

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

Detailed description of the key rating drivers

At the time of last rating on March 27, 2019, the following were
the rating strengths and weaknesses (updated for information
available):

Detailed description of the key rating drivers

Key Rating Weaknesses:

* Ongoing delays in debt servicing: There are ongoing delays in
debt servicing by the company. The TIO2 plant commissioned by the
company in March 2018 is not operational.

* Delays in stabilization of plant: The company announced
commencement of commercial operations on March 22, 2018.  However,
the plant faced issues in stabilisation in some of the processes
and the production cycle was not smooth. The entire operation was
shut down from October 2018 because of liquidity and technical
issues.

KCL was incorporated in August 1990 as Southern Tioxide Ltd. It was
taken over by the current promoter, Mr. Sandeep Kumar Jalan (MD of
KCL) in 1992. The company had set up a TiO2 (Anatase grade) plant
in Tuticorin, Tamil Nadu with an installed capacity of 10
tonnes/day (TPD) which commenced operation in the year 1994. The
plant was sold in October 2011 due to operational issues.
Meanwhile, in March 2011, KCL had been allotted land in Dahej,
Gujarat for setting up a second TiO2 manufacturing facility. KCL
has set up a new facility for manufacturing rutile grade TiO2
through sulphate route with an installed capacity of 16,500 TPA
(with 49,500 TPA capacity of Ferrous Sulphate Heptahydrate (FSH) as
by-product) in Gujarat in Petroleum, Chemicals and Petrochemicals
Investment Region (PCPIR).


LALITPUR POWER: Fitch Withdraws BB+(EXP) Rating on $750MM Notes
---------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB+(EXP)' expected rating with a
Stable Outlook assigned to Lalitpur Power Generation Company
Limited's (LPGCL) proposed USD750 million notes due 2030. The
expected rating was assigned on January 6, 2020.

Fitch is withdrawing the expected rating as the expected rating is
no longer expected to convert to a final rating. LPGCL's
forthcoming debt issuance is no longer expected to proceed as
previously envisaged.


MONALISA CERAMICS: CARE Lowers Rating on INR15cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Monalisa Ceramics India Private Limited (MCIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       15.00      CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B+;
                                   ISSUER NOT COOPERATING; On the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 28, 2019, placed the
rating(s) of MCIPL under the 'issuer non-cooperating' category as
Monalisa Ceramics India Private Limited had failed to provide
information for monitoring of the rating. Monalisa Ceramics India
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated May 26, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating.

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

The revision in rating factors in significant decline in the scale
of operations, operating and net losses incurred during FY19, weak
debt converge indicators and elongated working capital cycle during
FY19 and eroded tangible networth base as on March 31, 2019. CARE
also views information availability risk as a key factor in its
assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on June 26, 2019 the following were the
rating strengths and weaknesses: (updated for the information
available from Registrar of Companies):

Key rating Weakness

* Low scale of operations coupled with operating and net losses
during FY19: The total operating income has significantly declined
by 98.48% and stood low at INR2.50 crore in FY19 (vis-à-vis
INR164.55 crore in FY18). Owing to this MCIPL has posted operating
and net losses during FY19.

* Highly leverage capital structure and weak debt coverage
indicators: The capital structure remained distressed as indicated
by the negative overall gearing as on March 31, 2019 (vis-à-vis
2.17x as on FY18) primarily on account of networth erosion due to
net losses occurred in FY19. Owing to above it posted cash losses
which resulted in deterioration in interest coverage
and total debt/GCA in FY19.

* Working capital intensive nature of operations coupled with
stress liquidity position: The operations continue to remain
working capital intensive in nature with funds blocked in
receivables followed by inventory. Further operating cycle has
elongated from 68 days in FY18 to 3271 days in FY19 owing to
significantly deterioration in collection period due to low
realization during FY19. The net cash flow from operating activity
stood positive during FY19, the unencumbered cash & bank balance
was around INR0.19 crore as on March 31, 2019 as well. Moreover
liquidity position of the company remained weak marked by current
ratio and quick ratio remained below unity level as on March 31,
2019.

* Presence in highly fragmented and competitive industry and
linkage to cyclical real estate sector: MCIPL operates in single
segment of ceramic industry, i.e. porcelain flooring tiles, which
is highly competitive and fragmented with the presence of numerous
organized as well as unorganized players operating in the domestic
market. Furthermore, most of the demand for the tiles comes from
the real estate industry, which, in India is highly fragmented and
cyclical. Thus, any negative impact on real estate industry will
adversely affect the prospects of the ceramic tiles industry as
well as the company.

Key Rating Strengths:

* Experienced management: The management of the company is vested
in the hand of Mr. Shaikh Mashooq Safi and Mr. Suraj Parekh,
Directors, who has combined experienced to more than 15 years of
experience in trading of tiles.

Incorporated in September 2010, as a private limited company, by
Mr. Shaikh Mashooq Safi and Mr. Suraj Parekh, Monalisa Ceramics
India Private Limited (MCIPL) is engaged in trading of ceramic
tiles, mainly porcelain flooring tiles under the brand name of
"Monalisa". The company procured around 90% of its material from
domestic market and rest imported from China. MCIPL has its
registered office in Vile Parle (Mumbai), branch office at Delhi
and godowns at Bhiwandi and Dadar. Further the company sells its
products all over India via distributors and currently has tie-up
with more than 15 distributors.


MOTHERSON SUMI: Moody's Confirms Ba1 CFR & Alters Outlook to Neg
----------------------------------------------------------------
Moody's Investors Service has confirmed Motherson Sumi Systems
Limited's Ba1 corporate family rating (CFR).

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

This rating action concludes the review for downgrade that was
initiated on March 27, 2020.

RATINGS RATIONALE

"The confirmation of Motherson's rating reflects our view that
while the challenges brought by the coronavirus pandemic will keep
the company's credit profile weak in the fiscal year ending March
2021 (fiscal 2021), its financial metrics should start to recover
the following year," says Kaustubh Chaubal, a Moody's Vice
President and Senior Credit Officer.

However, even with a recovery, Motherson's leverage and
profitability will stay weak for its Ba1 CFR, reflected in the
negative outlook. The negative outlook also reflects weak liquidity
and the company's upcoming refinancing tasks under more challenging
market conditions.

"The negative outlook indicates the risk of a downgrade if the
global auto industry does not recover, with a
slower-than-anticipated recovery in the company's financial
metrics," adds Chaubal, who is also Moody's Lead Analyst on
Motherson.

Moody's expects Motherson's leverage, as measured by adjusted
debt/adjusted EBITDA, will spike to an estimated 5.0x by the end of
fiscal 2021, up from 3.1x a year earlier, and stay in breach of the
3.5x downgrade trigger. However, Motherson should be able to
restore leverage to 3.0x within around a year, by fiscal 2022. The
company's EBITA margin, which was already under pressure before the
pandemic, having declined to 5% in fiscal 2020, will also further
slip to 2% in fiscal 2021 before slowly rising to 5% in fiscal
2023.

Moody's forecasts the global automotive sector will see a 20%
decline in unit sales in 2020, with a steep contraction in the
first three quarters followed by modest growth in the fourth
quarter, before rebounding by approximately 11% in 2021.
Nevertheless, future vehicle demand could be weaker than these
estimates, with competitive intensity remaining high, and Motherson
could encounter greater headwinds than anticipated.

The widening spread of the coronavirus outbreak, deteriorating
global economic outlook, falling oil prices and asset price
declines are creating a severe and extensive credit shock across
many sectors, regions and markets. The global automotive industry
is one of the sectors most severely impacted by the outbreak.
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.

Around INR40 billion, or around one-third of Motherson's total
consolidated reported debt of INR118 billion as of March 2020,
matures in calendar 2021. This includes a revolving credit facility
(RCF) of EUR575 million (EUR120 million drawn as of March 2020)
that is due in June 2021 and a USD400 million bond due in December
2021. The rating action incorporates Moody's expectation that
Motherson will fully refinance the bond at least 12 months ahead of
its scheduled maturity. Moody's also expects the company to have
refinanced its RCF by December 2020. Any departure from these
expectations will immediately pressure the company's CFR.

Motherson announced in July 2020 that it will split its domestic
wiring harness business to form a new entity, and that it will
merge with Samvardhana Motherson International Limited (SAMIL),
which currently holds 33% of Motherson. Both transactions will be
cashless and will be undertaken by an issuance of shares. Since
SAMIL currently holds the balance 49% shareholding in SMRP, this
reorganization will result in Motherson emerging as SMRP's sole
shareholder. The transaction currently awaits regulatory approvals
and is expected to be completed by September 2021. Pro forma for
this reorganization, Moody's expects Motherson's leverage to rise
by 0.7x and its EBITA margin to decline by around 0.7%.
Nevertheless, the business benefits -- such as a 100% shareholding
in SMRP and operational synergies with SAMIL -- should outweigh the
marginal deterioration of its credit metrics.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the adverse impact that the pandemic
will have on Motherson's operating performance and credit metrics
in fiscal 2021, as well as the uncertainty of their recovery. The
outlook also incorporates Moody's negative outlook on the
automotive and auto-part-supplier industries, given the sectors'
weak recovery in 2020.

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

Given the current market situation, an upgrade of the ratings to
investment-grade is unlikely in the near term.

However, the outlook could change to stable if Motherson's credit
metrics recover to pre-outbreak levels as a result of improvements
in the market situation, though timely refinancing of the company's
scheduled debt maturities is a prerequisite for such outlook
stabilization.

Moody's could upgrade Motherson's rating if the company's adjusted
EBITA margins improve to 7.0%, debt/EBITDA drops back to below 3.0x
and free cash flow turns positive, all on a sustained basis.

Moody's could downgrade the rating if Motherson fails to return to
meaningful operating profit generation in the second half of 2020,
which will enable the company to reduce the cash burn. A downgrade
is also likely if demand remains weaker and more prolonged than
anticipated, leading to further balance sheet deterioration and a
longer recovery of credit metrics in line with a Ba1 credit rating
(EBITA margins of at least 5.0%; debt/EBITDA not exceeding 3.5x on
a sustained basis).

Moody's would also likely downgrade the rating if Motherson is
unable to refinance its RCF and bond by December 2020, particularly
given the current highly volatile operating environment and
tightening liquidity in the international debt capital markets.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Automotive
Supplier Methodology published in January 2020.

COMPANY PROFILE

Headquartered in Delhi, Motherson Sumi Systems Limited is the
flagship entity of the Samvardhana Motherson Group (SMG), with
global operations.

The company was formed in 1986 through a technical and financial
collaboration with Sumitomo Wiring Systems, Japan, a wholly owned
subsidiary of Sumitomo Electric Industries, Ltd. (A1 negative).

As of June 2020, Sumitomo Wiring held a 25.3% stake in Motherson,
while the founding Sehgal family held a 2.9% direct stake and a
30.2% indirect stake through their investment vehicle, Samvardhana
Motherson International Limited (SAMIL).


NATIONAL PLASTIC: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed National Plastic
Industries Limited's (NPIL) Long-Term Issuer Rating at 'IND BB+'
with a Stable Outlook and has simultaneously withdrawn the rating.


The instrument-wise rating actions are:

-- INR36.3 mil. Term loan# due on June 2023 affirmed & withdrawn;

-- INR272.5 mil. Fund-based facilities* affirmed & withdrawn; and

-- INR20 mil. Non-fund-based facilities** affirmed & withdrawn.

#Affirmed at 'IND BB+'/Stable before being withdrawn
*Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn
**Affirmed at 'IND A4+' before being withdrawn

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.

KEY RATING DRIVERS

The affirmation reflects NPIL's continued modest EBITDA margins due
to intense competition in the industry. In FY20, the EBITDA margins
declined to 5.09% (FY19: 7.26%) on account of an increase in
operating expenses. The company’s return on capital employed was
around 4.1%in FY20 (FY19: 7.6%).

Liquidity Indicator – Stretched: The company's average maximum
utilization of its fund-based limits was 91.5% for the 12 months
ended June 2020. The cash and cash equivalents remained low at
INR8.63 million in FY20 (FY19: INR7.3 million). Its net cash
conversion cycle improved to 148 days in FY20 (FY19: 161 days) on
account of a reduction in inventory holding period to 102 days (132
days), resulting from timely execution of orders. NPIL has availed
the Reserve Bank of India-prescribed debt moratorium from
Corporation Bank for the term loan and fund-based facility during
March-August 2020. It has not availed moratorium from Yes Bank
Limited.

Moreover, the company faces supplier concentration risk, with its
top three suppliers accounting around 77% of its purchases in FY19
- 57% from Reliance Industries Limited ('IND AAA'/Stable), 13% from
Haldia Petrochemicals Limited ('IND AA'/RWN) and 7% from Indian Oil
Corporation Limited ('IND AAA'/Stable).

The ratings also factor in NPIL's medium scale of operations as
indicated by revenue of INR1,142 million (FY19: INR1,111 million).
The interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.8x in FY20 (FY19: 2.5x) and net leverage (total
adjusted net debt/operating EBITDAR) to around 7.4x (5.4x) on
account of a fall in absolute EBITDA to INR58 million (INR81
million). The total debt of INR440 million at end-FY20 does not
include current maturities of long-term debt (end-FY19: INR444
million including current maturities of long-term debt).

However, the ratings continue to be supported by the promoter's
experience of more than three decades in the manufacturing of
injection moulded plastic products such as chairs, tables etc.,
which enabled the company to establish longstanding relationships
with its customers and suppliers.

COMPANY PROFILE

Incorporated in 1987, NPIL manufactures injection moulded plastic
products such as chairs, tables, coolers etc. Its head office is
located in Mumbai and has factories, one each in Silvassa, Nellore
and Patna with a combined installed capacity of 17,450 metric tons
per annum. The company is listed on BSE Ltd.


PARAS BHAVANI: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paras
Bhavani Steel Private Limited (PBSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      50.24       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank     22.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 2, 2019, placed the
ratings of PBSPL under the 'Issuer non-cooperating' category as
PBSPL had not provided the requisite information for monitoring the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PBSPL continues to
be non-cooperative despite requests for submission of information
through e-mails, phone calls and a letter/e-mail dated June 8,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on December 2, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Overdrawing in cash credit account exceeding 30 days and delay in
payment of term loan installments on account of PBSPL's poor
liquidity: PBSPL operates in an intensely competitive and
fragmented stainless steel products industry, which is cyclical in
nature with close linkages to the growth in the economy. The
competition has intensified in the recent times, with continued
slowdown in growth in demand. This has resulted in decline in
operating profitability for PBSPL in FY19. Coupled with sustained
high interest costs, the decline in operating profitability
resulted in lower cash accruals for the company, which barely
covered its repayment obligations. Further, withdrawal of funds by
the promoters (Rs.8.05 crore withdrawn in FY19 from outstanding
unsecured loans as on March 31, 2018) along with lower cash
accruals stretched PBSPL's liquidity and resulted into an instance
of overdrawals in its fund based working capital limits exceeding
30 days along with delay in payment of its term loan installments.

Incorporated in October 2007, PBSPL is engaged in manufacturing of
welded, seamless and stainless steel (SS) pipes at its
manufacturing facilities located at Odhav and Rajpur (Kadi), near
Ahmedabad in Gujarat. The company is promoted by Mr. Parasmal S.
Bohra and his family members. The company manufactures a
diversified range of steel rolled products like SS seamless tubes
and pipes and caters to various industries including construction,
automobile, textile, food processing and pharmaceuticals.


PATNA SAHIB: CARE Keeps D on INR21.75cr Debt in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patna Sahib
Charitable Educational Trust (PSCET) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.75      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 29, 2019, placed the
rating of PSCET under the 'issuer non-cooperating' category as
PSCET had failed to provide information for monitoring of the
rating. PSCET continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated June 15, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 29, 2019 the following was the
rating weakness:

Key Rating Weakness

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations by PSCET. The trust has been
classified as Non-Performing Asset (NPA) by the bank.

Established in December-2010 under the Societies Registration Act
XXI 1860, PSCET is engaged in the imparting of higher education. It
is operating from a single campus in Vaishali, Bihar under the name
'Patna Sahib Group of Colleges'. These include two colleges: Patna
Sahib Institute of Engineering and Technology offering bachelors in
Engineering and Patna Sahib Polytechnic College offering diploma
courses in engineering. The courses are approved by AICTE, New
Delhi and are affiliated to Aryabhatt Knowledge University, Patna.
The college had AY2011-2012 as its first academic session.


R V PLASTIC: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed R V Plastic
Limited's (RVPL) Long-Term Issuer Rating to 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR160 mil. (increased from INR140 mil.) Fund-based limits  
     affirmed with IND BB- /Stable/IND A4+ rating;

-- INR60 mil. Non-fund-based limits affirmed with IND A4+ rating;

     and

-- INR20 mil. Proposed fund-based working capital limit withdrawn

     (the issuer did not proceed with the instrument as
     envisaged).

KEY RATING DRIVERS

The affirmation reflects RVPL's modest margins, weak credit
metrics, and continued small scale of operations during FY20.
According to the provisional financials for FY20, the EBITDA
margins fell to 5.57% (FY19: 10.08%) due to an increase in the raw
material prices and other expenses. The company's return on capital
employed was 8.6% in FY20 (FY19: 8.3%). The gross interest coverage
(operating EBITDA/gross interest expenses) marginally improved to
1.22x in FY20 (FY19: 1.21x) due to a decline in the interest cost
to INR20.41 million (INR20.57 million). Its net leverage (adjusted
net debt/operating EBITDA) improved to 8.70x in FY20 (FY19: 9.47x)
due to an increase in absolute EBITDA to INR25.26 million (INR
23.18 million). The overall revenue improved to INR453 million in
FY20 (FY19: INR229.96 million) due to an increase in the sale
quantity of the traded products during the year.

Liquidity Indicator - Poor: RVPL's working capital utilization was
96.8% for the 12 months ended May 2020. Its cash flow from
operations deteriorated to negative INR30.17 million (FY18:
negative INR25.44 million) due to the unfavorable changes in the
working capital. The working capital cycle deteriorated to 412 days
in FY19 (FY18: 300 days), owing to an elongation of the receivables
period. The cash and cash equivalents amounted to INR0.05 million
at FYE19 (FYE18: INR4.74 million) against the total debt INR234.79
million.

RATING SENSITIVITIES

Positive: Substantial growth in the scale of operations leading to
an improvement in the credit metrics with the interest coverage
rising above 2.0x and liquidity improvement will be positive for
the ratings.

Negative: Deterioration in the scale of operations leading to a
decline in the credit metrics or deterioration in the liquidity
will be negative for the ratings.

COMPANY PROFILE

RVPL was incorporated in 1995 and is engaged in the trading of
plastic granules. The company has a registered office in New Delhi
and head office in Faridabad (Haryana).


R. P. STEEL: CARE Keeps D on INR17cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. P. Steel
Industries (RPSI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank     10.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 18, 2019, placed the
rating(s) of RPSI under the 'issuer non-cooperating' category as
RPSI had failed to provide information for monitoring of the
rating. RPSI continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated June 15, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 18, 2019, the following was the
rating weakness:

Key Rating Weakness

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations by RPSI. The firm has been
classified as Non-Performing Asset (NPA) by the bank.

Incorporated in 1984, R. P. Steel Industries (RPSI), managed by Mr.
Parshotam Aggarwal and his son Mr. Salil Aggarwal, is engaged in
the trading of various kinds of steel products. Originally, the
firm was constituted as a proprietorship firm with Mr. Parshotam
Aggarwal as its proprietor. From April 1, 2016 onwards, the firm
was reconstituted as partnership firm, with Mr. Parshotam Aggarwal
and Mr. Salil Aggarwal as its partners.


RAHIL COLD: CARE Keeps C on INR3.25cr Debt in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rahil Cold
Storage LLP (RCSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.25       CARE C; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 23, 2019 placed
the ratings of RCSL under the 'issuer non-cooperating' category as
RCSL had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. RCSL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 5, 2020, June
8, 2020, June 16, 2020 and June 23, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating done on September 23, 2019 the following
were the rating strengths and weaknesses:

Detailed description of key rating drivers

Key Rating Weaknesses

* Project implementation and stabilization risk:  RCSL was
implementing green field project to provide cold storage facilities
with proposed installed capacity of 3,500 metric tons per annum
(MTPA). The project was at very nascent stage and total capital
cost was INR32.04 crore with project debt/equity ratio of 2.55
times.

* Fragmented nature of industry coupled with competitive nature of
business: The entity operates in the cold storage services industry
which is highly fragmented with presence of numerous independent
small-scale enterprises owing to low entry barriers leading to high
level of competition in the segment. Furthermore, RCSL requires
storing fruits and vegetables in the season itself for future
off-season sale which allow RCSL to keep the profit margin
moderately high. However, higher profit margin attracts new players
to enter in the industry and thereby competition is bound to
increase in future.

Key Rating Strengths

* Experienced promoters in different industries albeit no relevant
experience in the storage service industry:  RCSL is promoted by
Shukla family led by Mr. Kaushikbhai Shukla and his son Mr. Rahil
Shukla. Mr. Kaushikbhai Shukla, also director at Rahil Builders
Private Limited, is actively involved in Agricultural activities.
Mr. Rahil Shukla will look after sales and other financial matters
at RCSL. Although, promoter possesses long experience in the other
industrial segments, they do not have any relevant experience in
cold storage facilities.

* Location advantage: RCSL has a locational advantage as its
manufacturing facilities are strategically located near to the
entry point of Gujarat and Maharashtra. Also there is abundant
water availability from Narmada Canal and transportation is
available at negligible cost along with skilled and low cost labour
availability. There is also major plantation in the area of lemon,
Potato, Banana, Tomato, Carrots and Pomegranates which will be
collected directly from the farm.

* Fiscal benefits from Government:  RCSL is eligible for capital
subsidy under National Horticulture Board (NHB) under the scheme
name 'Capital Investment Subsidy for
Construction/Modernization/Expansion of Cold Storage and Storages
for Horticulture Produce'. RCSL is also eligible for deduction of
150% of capital expenditure incurred to set up cold storage
facility under section 35AD of Income Tax Act, 1961.

RCSL was incorporated in July 2013 by Mr. Kaushikbhai Shukla and
Mr. Rahilbhai Shukla. RCSL was incorporated with main objective to
preserve fruits and food for longer duration at its cold storage
facilities, Bagodra with total installed capacity of 3,500 metric
tonne per annum (MTPA).


RECMET ALLOYS: CARE Lowers Rating on INR9.95cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Recmet Alloys Private Limited (RAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        9.95      CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B-;
                                   ISSUER NOT COOPERATING; On the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 24, 2019 placed the
ratings of RAPL under the 'issuer non-cooperating' category as RAPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. RAPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 5, 2020, June
8, 2020, June 15, 2020 and June 19, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of RAPL have been
revised on account of non-availability of requisite information.

The rating assigned to the bank facilities of RAPL takes into
account decline in scale of operations with operational losses
booked, leveraged capital structure and weak debt coverage
indicators during FY19 (FY; refers to the period April 1 to March
31) along with its presence in fragmented lead recycling and
smelting industry with limited pricing flexibility, inherent
cyclicality associated with the end-user industry and regulatory
risk pertaining to duty structure and compliance with environmental
norms.

The rating, however, continues to derive comfort from experience of
its qualified promoters with key management personnel having vast
experience in non-ferrous metal industry and locational advantage
of its manufacturing facility.

Detailed description of the key rating drivers

At the time of last rating on December 24, 2019 the following were
the rating strengths and weaknesses: (Updated from publically
available information)

Key Rating Weaknesses

* Decline in scale of operations with operational losses, leveraged
capital structure and weak debt coverage indicators: During FY19,
RAPL's scale of operation declined and reported Total Operating
Income (TOI) of INR11.79 crore as against INR22.69 crore during
FY18. RAPL reported operating loss to the tune of INR0.51 crore
during FY19 as against an operating profit of Rs0.15 crore in FY18.
Resultantly, RAPL reported net losses of INR2.37 crore during FY19.
Capital structure of RAPL as marked by overall gearing remained
leveraged at 3.78 times as on March 31, 2019, which deteriorated
from 1.73 times as on March 31, 2018. Debt coverage indicators
marked by total debt to gross cash accrual (TDGCA) and interest
coverage ratio remained weak in FY19 owing to operating losses
booked during FY19.

* Presence in fragmented lead recycling and smelting industry with
limited pricing flexibility: Lead smelting and recycling industry
is characterized by low value addition and weak entry barriers due
to low capital expenditure required for establishing the plant.
This has increased competition from the unorganized segment making
the industry fragmented. Being a commodity, lead prices in India
are governed by its price movements on the London Metal Exchange,
albeit with some time lag, leading to limited pricing flexibility.

* Inherent cyclicality associated with end-user industry along with
regulatory risk:   Lead alloys find its primary application in the
manufacturing of lead acid batteries for its use in automobiles,
invertors, solar power systems, etc., with the cyclical automobile
industry being the major end-user industry for lead acid batteries.
Furthermore, lead is hazardous in nature and can cause serious
damage to the environment; owing which it is under strict vigilance
of mainly the Ministry of Environment and Forests (MoEF) and
Central Pollution Control Board (CPCB). Any violations of stringent
pollution control norms can adversely affect the operations of the
company. Moreover, any change in duty structure on lead products
including battery scrap can impact the viability of its
operations.

Key Rating Strengths

* Experienced and qualified promoters and key management personnel
having vast experience in non-ferrous metal Industry:  The key
management personnel of RAPL namely Mr. Sanjay Saini, Mr. Rabindra
Agarwal, Mr. Kunj Behari Sarraf, Mr. Anup Agrawal and Mr. N K
Saxena are well-qualified and possess on an average more than a
decade of experience in nonferrous metal industry.

* Locational Advantage: RAPL's plant is well connected by road,
rail, air and sea routes to three of the India's best known ports
i.e. Kandla, Mundra as well as Jawaharlal Nehru Port, Mumbai, while
it also has easy access to fuel which is used in lead recycling &
smelting industry, i.e. Furnace oil/ Diesel/ Natural Gas based on
the competitive price of different fuels thereby saving overall
power & fuel cost.

New Delhi based RAPL was incorporated during October 2010 with
objective of setting up a Lead refining and smelting unit at
Jambusar, Bharuch district (Gujarat) at a proposed refining
capacity of 24,000 MT per annum. RAPL's registered office is in New
Delhi but all its operations are carried out from its Vadodara
(Gujarat) office as this is near to its plant in Jambusar, Bharuch
district (Gujarat). RAPL is promoted by Mr. Rabindra Agarwal, Mr.
Sanjay Saini, Mr. Kunj Behari Sarraf and Mr. Anup Agarwal with the
first three directors having experience of more than a decade into
Non-ferrous metal industry. RAPL has completed its project of
setting up Lead refining and smelting unit in April, 2016 the total
cost of the project was INR12.85 core which was funded through debt
to equity of 0.45 times. The plant has been set up on a land plot
purchased by the company at Jambusar having area of 34,095 sq.
meters.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR8.5 mil. Term loan due on February 2023 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR15 mil. Proposed fund-based limits migrated to non-
     cooperating category with Provisional IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 19, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, Shri Sagar Woven manufactures high-density
polyethylene fabrics and linear low-density polyethylene liner
bags. The company's manufacturing plant, located in Gandhinagar,
Gujarat, has an installed capacity of 2,550 million tonnes per
annum.


SAHARA HOSPITALITY: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sahara
Hospitality Limited (SHL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      486.7       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Long term Bank      20.67       CARE D; Issuer not cooperating;

   Facilities Cash                 Based on best available  
   Credit                          information

   Short term Bank     20.00       CARE D; Issuer not cooperating;
   Facilities Non                  Based on best available
   Fund Based                      information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SHL to monitor the rating(s)
vide e-mail communications & letters dated June 15, 2020, June 17,
2020 & June 18, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on SHL's
bank facilities will now be continued as CARE D; ISSUER NOT
COOPERATING.

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

The rating takes in account delays in debt servicing, overdrawals
in cash credit account and instances of devolvement of letters of
credit.

Detailed description of the key rating drivers

At the time of last rating on June 25, 2019 the following were the
rating strengths and weaknesses:

* Delays in debt servicing:  The ratings take into account the
delay in debt servicing obligation by the company due to its weak
liquidity position

SHL operates Sahara Star Hotel in Mumbai, the construction of which
was planned in three phases. Phase-I of the project was completed
in October 2007 wherein 223 rooms and 9 specialty restaurants
outlets where constructed. Phase II and III includes construction
of 209 rooms (186 rooms in phase-II and remaining in phase-III),
new restaurants, banquets and conference facilities, meeting rooms,
swimming pool (4100 sq ft), internationally branded salon, preview
theatre, gymnasium, health clubs, squash and badminton courts, a 5
floor tower with banquet hall, business centres, night clubs, event
hall (25 ft height), entertainment zone and pent house etc. The
Phase II of the project has been completed and is operational since
April 2015 and Phase III of the project achieved its commercial
operational date on March 31, 2016. The company has leased out some
portion on rental basis. The Phase III of the project has also been
completed.


SANGHVI FORGING: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sanghvi
Forging & Engineering Limited (SFEL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      123.49      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Long Term/Short      32.00      CARE D/CARE D; Issuer Not
   Term Bank                       Cooperating; Based on best
   Facilities                      Available information

   Short Term Bank       1.05      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 30, 2019, placed the
ratings of SFEL under the 'Issuer non-cooperating' category as SFEL
had not provided the requisite information for monitoring the
ratings. SFEL continues to be non-cooperative despite requests for
submission of information through e-mails, phone calls and a
letter/e-mail dated June 8, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on May 30, 2019, the following were the
rating strengths and weaknesses (updated for available
information).

Key Rating Weaknesses

* Ongoing delays in servicing of debt obligation: Due to stressed
liquidity, there are on-going delays in servicing of its debt
obligations.

* Initiation of Corporate Insolvency Resolution Process (CIRP):
CIRP has been initiated against SFEL in August 2019 under the
Insolvency and Bankruptcy Code (IBC).

Vadodara, Gujarat based SFEL, incorporated in 1989, is promoted by
Mr. Babulal Sanghvi. SFEL is engaged in manufacturing of forged
flanges & heavy forgings used in industrial forging and precision
machined components used in the non-automotive sectors such as oil
and gas, petrochemicals, chemicals, fertilizers, process equipment,
desalination & water treatment, ship building, defense,
instrumentation, etc. The company manufactures both standardized as
well as customized products. SFEL had an installed forging capacity
of 18,600 Metric Tonne Per Annum (MTPA) as on March 31, 2015 with
capability to handle a single job of up to 40 MT. SFEL caters to
the domestic as well as overseas markets, mostly in Europe, Middle
East, Canada and USA.


SATURN RINGS: CARE Keeps D on INR40cr Debt in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saturn
Rings & Forgings Private Limited (SRFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      40.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 28, 2019, placed the
rating(s) of SRFPL under the 'issuer non-cooperating' category as
Saturn Rings & Forgings Private Limited had failed to provide
information for monitoring of the rating. Saturn Rings & Forgings
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated May 26, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating takes into account the delays in the debt servicing.

Detailed description of the key rating drivers

At the time of last rating on June 26, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key rating Weakness

* Delay in debt servicing: As per interaction with banker, there
have been on-going delays in repayment of the debt obligation and
the account is classified as NPA on account of weak liquidity
position of the company owing to shortage of working capital
funds.

Key Rating Strengths:

* Experienced promoters and management team: SRFPL is being
promoted by the parent company Saturn Ventures & Advisors Private
Limited which is mainly managed by Mr. Satish Gopinath and Mr.
Viraj Ghatia. They are assisted by well qualified management who
has been associated with the steel ring division at Tata Steel,
Mahindra & Mahindra and MUSCO and have worked with Mr. Satish
Gopinath in the past.

Incorporated in 2012, Saturn Rings & Forgings Private Limited
(SRFPL) was setting-up a manufacturing unit for developing bearing
rings and other forged component products at Shirwal, Pune with
installed capacity of 74,250 MT. The company has completed entire
project within envisaged cost of INR77.34 crore (laboratory is in
finalisation stage) and commenced the commercial operations since
March 2016 (as against October 2015 envisaged earlier). The delay
was on account of receipt of consent to operate from Maharashtra
Pollution Control Board.


SHIV GORAKH: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Gorakh
Timber Private Limited continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      1.25        CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank    10.00        CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 30, 2019, placed the
rating of Shiv Gorakh Timber Private Limited under the 'issuer
non-cooperating' category as Shiv Gorakh Timber Private Limited had
failed to provide information for monitoring of the rating. SGTPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 8, 2020, June 5, 2020, June 4, 2020 and
June 2, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating in April 30, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Instances of delays in debt servicing: There were instances of
delays in servicing the debt obligations. The delays were on
account of weak liquidity position as the company has incurred net
losses in the past leading to erosion of net worth base.

The entity was established as a proprietorship firm in 1996 under
the name of 'Shiv Gorakh Timber' by Mr. Ravinder Mittal. It was
later converted into private limited company in February 2010. The
company is being currently being managed by Mr. Devinder Mittal and
Mr. Ravinder Mittal. The company is engaged in trading of timber
wood and timber logs at its facilities located in Haryana, Gujarat
and Punjab.


TATA STEEL: Moody's Confirms Ba2 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 corporate family
rating of Tata Steel Ltd., and has changed its outlook to negative
from ratings under review.

At the same time, Moody's has confirmed the B3 CFR of Tata Steel UK
Holdings Limited (TSUKH), a wholly-owned subsidiary of Tata Steel,
and changed its outlook to negative from ratings under review.

Subsequently, Moody's will withdraw the B3 CFR of TSUKH, for its
own business reasons.

This concludes the review for downgrade initiated on April 15,
2020.

RATINGS RATIONALE

"The confirmation of Tata Steel's Ba2 CFR recognizes that while the
company's credit profile will deteriorate due to the challenges
brought on by the pandemic, its key financial metrics will likely
recover to levels appropriate for its rating by the fiscal year
ending March 2023 (fiscal 2023)," says Kaustubh Chaubal, a Moody's
Vice President and Senior Credit Officer.

"However, Tata Steel's leverage and coverage will remain weak until
fiscal 2023, and the negative outlook indicates the risk of a
downgrade if the steel industry and the company's financial metrics
do not recover in line with our current expectations," adds
Chaubal.

Moody's expects the company's leverage, as measured by adjusted
debt/adjusted EBITDA, will increase to 7.5x by the end of fiscal
2021 from 6.6x a year earlier, and stay in breach of the current
4.5x downgrade trigger for its rating. However, its credit metrics
will steadily improve in fiscal 2022 and 2023, considering the
relatively strong business profile of its Indian operations, as
well as its brand strength, vertical integration and technological
capabilities, which will help the company sustain above-average
profitability.

Moody's expects steel consumption in India (Baa3 negative), which
is Tata's key operating market, will contract by at least 15%
through fiscal 2021 because of weak automotive and manufacturing
demand, even as infrastructure investments rise. India's economic
growth will also remain materially lower than in the past with real
GDP shrinking 3.1% in 2020.

A contracting steel market in India will hurt Tata, but this is
partially mitigated by the company's strong market position and
brand strength in the country. Moody's expects Tata Steel will
deploy any steel surpluses towards exports. The company's export
shipments surged in the first quarter of fiscal 2021 when domestic
demand was soft. Its key export destinations include the
Philippines, Malaysia, Southern Europe, the Middle East and China.

Moody's expects that steel consumption for the Euro region will
register a double-digit decline. TSUKH's credit profile, which
reflects Tata Steel's European operations, will remain weak with
little improvement expected over the next 12-18 months, especially
given the challenging industry conditions and the continued influx
of imports into the Euro region, which is pressuring steel prices.
In addition, weak plant utilization levels because of the decline
in steel demand will further pressure TSUKH's financial metrics,
with leverage staying above 15x for at least the next 18-24
months.

That said, the absence of any debt maturities at TSUKH over the
next five years provides a significant cushion to liquidity. The
company is also in the process of securing a EUR150 million
five-year term loan and a EUR200 million securitization facility to
strengthen its working capital. Moreover, support from Tata Steel
will be forthcoming, as reflected in the two-notch uplift of
TSUKH's CFR.

Subsequent to the confirmation of TSUKH's rating, Moody's has
decided to withdraw TSUKH's CFR for its own business reasons.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices and asset
price declines are creating a severe and extensive credit shock
across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The steel sector
has been one of the sectors most significantly affected by the
shock, given its sensitivity to consumer demand and sentiment.

More specifically, the weaknesses in Tata Steel's credit profile,
including its exposure to steel demand for manufacturing and
volatile material costs, have left it vulnerable to shifts in
market sentiment in the current unprecedented operating conditions,
and it remains vulnerable to further disruptions caused by the
ongoing pandemic.

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 of the breadth and severity of the shock on
Tata Steel, and the broad deterioration in credit quality it has
triggered.

Tata Steel's Ba2 CFR continues to reflect the company's: (1) large
global scale with operations spread across India and Europe; (2)
strong market position in India; and (3) globally cost-competitive
steel operations in India, a function of its vertical integration
with in-house production of key raw materials. The CFR continues to
incorporate a one notch uplift from Moody's expectation of timely,
ongoing and extraordinary support from Tata Steel's parent, Tata
Sons Ltd.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's view that tougher economic
conditions in Tata Steel's key markets will likely stay for an
extended period and that there are significant downside risks from
the pandemic, which could cause a delay in the company's recovery.
The outlook also incorporates Moody's expectation that Tata Steel's
credit profile will remain weak for a prolonged period, with
limited recovery anticipated at least over the next 18-24 months.

LIQUIDITY

Tata Steel's liquidity is good. It had short-term liquid
investments of USD500 million and cash of USD1.1 billion at the end
of March 2020. The company's cash sources also include undrawn
capex lines of USD400 million, funds equivalent to USD650 million
from an INR bond issuance and USD150 million term loan facility
raised in June 2020, and USD2 billion of expected cash flow from
operations during April 2020 to September 2021. As a result, it has
sufficient funds to meet its approximately USD4.6 billion of debt
maturities, capex and dividend payments over the next 18 months.
These estimates include about USD2.7 billion of short-term
borrowings which are typically rolled-over.

Moody's expects Tata Steel to continue to rely on its short-term,
364-day working capital facilities to tide over temporary
mismatches caused by working capital volatility this year. Given
its association with the Tata Group, Tata Steel continues to have
strong access to the domestic capital markets, with long-standing
relationships with Indian and multinational banks.

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

Given the negative outlook, an upgrade of the CFR is unlikely in
the near term. However, the outlook could return to stable if
improved market conditions lead to an improving trajectory in Tata
Steel's metrics. Specifically, Moody's could change the outlook to
stable if its leverage declines to 5.0x and EBIT/interest coverage
rises to 1.5x.

The rating action incorporates Moody's expectation that Tata Steel
will continue to implement measures to restore its financial
profile and maintain its good liquidity. As such, any departure
from this expectation would immediately pressure the Ba2 CFR.

Moody's could downgrade Tata Steel's rating if its leverage remains
above 6.0x, or EBIT/interest coverage below 1.0x, both on a
sustained basis and Moody's does not see evidence of improvement in
fiscal 2022.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Steel Industry
published in September 2017.

Tata Steel Ltd. is a leading steel producer with manufacturing
facilities in India (19.3 mt), the United Kingdom (3 mt), the
Netherlands (7.0 mt) and in Southeast Asia (2.4 mt). The company is
in the process of divesting the Southeast Asian operations. The UK
and the Dutch operations are housed under Tata Steel UK Holdings
Limited.


TAYAL SONS: Ind-Ra Withdraws 'BB' LongTerm Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Tayal Sons
Limited's Long-Term Issuer Rating to 'IND BB (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)', and
simultaneously withdrawn it. 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 instrument-wise rating action is:

-- INR250 mil. Fund-based working capital limits* downgraded and
     withdrawn.

*Downgraded to 'IND BB (ISSUER NOT COOPERATING)' / 'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn.

KEY RATING DRIVERS

The company has not participated in the rating process. Tayal Sons'
financial performance deteriorated in FY19 and FY18, basis the
information available at the Ministry of Corporate Affairs. Tayal
Sons reported EBITDA loss of INR34.8 million and INR37.19 million
in FY19 and FY18, respectively. The company reported revenues of
INR10,029 million and INR10,827 million while the debt levels rose
to INR268.0 million from INR134.5 million, in FY19 and FY18,
respectively.

Additionally, the rating downgrade is pursuant to the Securities
and Exchange Board of India's circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. According
to this circular, any issuer having an investment-grade rating that
remains non-cooperative with rating agency for more than six months
should be downgraded to sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect its credit strength as the issuer has been
non-cooperative with the agency; therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

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

Tayal Sons are engaged in the trading of cotton bales. Its head
office is in Haryana. It has branches in Punjab, Rajasthan, and
Gujarat.


TEXTRADE INT'L: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Textrade
International Limited (TIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities-     55.00      CARE D; Issuer Not Cooperating;
   Non-fund-based-                 Based on best available
   ST- LC/BG                       Information

   Bank Facilities-    120.00      CARE D/CARE D; Issuer Not
   Fund-based-LT/                  Cooperating; Based on best
   ST-EPC/PSC                      Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TIL to monitor the rating(s)
vide e-mail communications & letters dated June 15, 2020, June 17,
2020 & June 18, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Textrade International Ltd.'s bank facilities will now be denoted
as CARE D/CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the company's weakened liquidity
position resulting from stretch in operating cycle. This liquidity
stretch could result in the company defaulting in its debt
obligations

Detailed description of the key rating drivers

At the time of last rating on June 21, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies)

* Weakened Liquidity position:  The company's liquidity position
has weakened with operating cycle deteriorating from 226 days in
FY18 to 260 days in FY19.  This liquidity stretch could result in
the company defaulting in its debt obligations.

Textrade International Ltd (TIL) involved in business of
manufacturing of home textile products. The company's home textiles
product range includes bedroom textiles, bathroom textiles, lounge
textiles and kitchen and table linen. TIL, primarily concentrates
on the home textiles market in US and EU. Textrade International
Ltd was originally started as a Partnership firm in 1984. In June
2004, a Pvt. Ltd company Textrade International Pvt. Ltd was
incorporated which took over the business of erstwhile partnership
firm. In May 2007, constitution of the company changed from Pvt.
Ltd. to Public Ltd. The main promoters of the company are Mr. Bipin
Doshi and his son Mr. Anish Doshi who together with their family
members hold 82.50% of equity capital of the company. In 2007, Anil
Dhirubhai Ambani Group (ADAG) has taken 17.39% stake in TIL through
investment company Crest Logistics and Engineers Private Limited
(formerly Sonata Investments Limited). TIL was earlier getting the
products manufactured through the manufacturing facilities of its
group company M/s. Worldtex Manufacturing Pvt. Ltd at Navi Mumbai.
As a part of its expansion strategy, TIL in July 2007, commissioned
a state of the art manufacturing unit at Special Economic Zone,
Sachin, Surat. Presently, TIL manufactures most of the home textile
products in house. TIL has long-standing relation with the leading
international retailers in USA and Europe with export contributes
over 90% of revenue. Its key customers include IKEA, Kohl's,
Wal-Mart and QVC.


THREE STAR: CARE Lowers Rating on INR0.21cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Three Star Marine Exports (TSME), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        0.21      CARE C; Stable; Issuer not
   Facilities                      Cooperating Revised from
                                   CARE B; Stable on the basis of
                                   Best available information

   Short-term Bank       9.50      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 22, 2019, placed the
rating(s) of TSME under the 'issuer not cooperating' category as
TSME had failed to provide information for monitoring of the
rating. TSME continues to be noncooperative despite repeated
requests for submission of information through e-mails dated June
8, 2020 to June 17, 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating

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

Detailed description of the key rating drivers

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

Key Rating Weakness

* Working capital intensive nature of operations:  TSME procures
sea foods like Shrimp/fish etc. from finishing harbours, fish
farmers and through agents. Apart from Kerala, TSME also procures
sea foods from Andhra Pradesh, Karnataka and Tamil Nadu. After
inspection, grading, weighing, cleaning, glazing, freezing and
packing, the finished sea food products are shipped in refrigerated
containers which are pre-cooled at - 18 C. The same results in
funds being blocked in inventory leading to working capital
intensive nature of operations marked by average inventory period
of 43 days in FY16. Generally, the sale of sea food products are
executed against letter of credit (usance LC of 60 days to 90
days). In FY16, TSME reduced the credit period offered which led to
marginally improved operating cycle from 50 days in FY15 to 43 days
in FY16.

Key Rating Strengths

* Long experience of the promoters in the same line of business:
Mr.Ashraf, 52years, has an overall experience of over 3 decades in
sea food peeling. Mr. Harshad, 28 years, has an overall experience
of 10 years, Mr. Naushad, 44 years, has an overall experience of 20
years and Mr. Nasmudeen, 42 years, has an overall experience of 20
years. All the four partners were partners in TSF prior to
establishment of TSME. Mr.Ashraf, Mr. Harshad and Mr. Naushad
manage the purchases while Mr. Nasmudeen manages the sales and
administration. Mr. P.M.Ahmedkutty, 67 years, is the Managing
Partner of TSME and has overall experience of over 3 decades. He
was engaged in similar business in the name of "P.M.A", a
partnership firm and is presently looking after plant management.
The partners were carrying on business in the name of TSF since
1980.

* Growth in total operating income and marginal increase in PAT
margin: In FY16 (A), total operating income (TOI) of the firm grew
by around 15% to INR19.20 crore over FY15 driven by increase in
orders on the back of expansion of client base during FY16. As TSME
is predominantly engaged in export, the profit margins are
susceptible to forex fluctuations. In FY16, PBILDT margin declined
by 129 bps to 4.60% over FY15 due to increase in material cost and
employee cost. However, with the decrease in the interest cost, the
PAT margin improved marginally by 17 bps to 0.49% in FY16 over
FY15. The interest cost decreased on the back of scheduled closure
of term loans. For H1FY17, TSME reported total revenue of INR18
crore. The firm has an orders book of INR7 crore (approx.) as on
October 17, 2016 which is expected to be executed before January
2017.

* Moderate capital structure and debt protection metrics:  The
capital structure of TSME remained moderate as on March 31, 2016.
The debt equity ratio improved from 0.24 x as on March 31, 2015 to
0.09 x as on March 31, 2016 on the back of scheduled repayment and
closure of term loans. High working capital utilization as on the
account closing date led to marginal improvement in the overall
gearing to 1.04x as on March 31, 2016 from 1.06x as on March 31,
2015. The interest coverage ratio improved to 1.54x in FY16
compared to 1.39x in FY15 on the back of decrease in the interest
cost, whereas the total debt/GCA deteriorated marginally to 8.57%
in FY16 compared to 8.17% in FY15 due to increase in total debt.

Three Star Marine Exports (TSME) is a partnership firm established
in 2011 by Mr. K. K. Ashraf, Mr. Harshad, Mr. Naushad, Mr.
Suharabi, Mr. Nasmudeen and Mr. P. M. Ahmedkutty. TSME is engaged
in export of processed sea food products with the present installed
capacity of 10 tons per day. The sea food products include Shrimp,
Cuttlefish, Squid, Octopus, Fish, Ribbon fish, Seafood mix etc. The
sea food products are sold under the brand name "TME".


UNITED METALIK: CARE Lowers Rating on INR15cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
United Metalik Private Limited (UMPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      15.00      CARE B+; Issuer not cooperating;
   Facilities                     Revised from CARE BB; Stable;
                                  On the basis of best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from UMPL to monitor the ratings
vide e-mail communications dated June 17, 2020, May 28, 2020 , May
19, 2020 , May 14, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on UMPL's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The ratings has been revised by taking into account
non-availability of requisite information and no due-diligence
conducted with banker due to non-cooperation by United Metalik
Private Limited with CARE'S efforts to undertake a review of the
rating outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on December 20, 2019 the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

* Small and growing scale of operations:  The company's scale of
operations during FY19 marked by total operating income and gross
cash accruals has improved and stood at INR48.47 crore and INR1.16
crore respectively during FY19 as compare to INR43.17 crores and
1.90 crores respectively in FY18 is on account of increase in
number of orders executed by the company and product sold with
higher profitability. Further, the net worth base stood moderate at
INR7.87 crore as on March 31, 2019.The small scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits. The scale of operations has improved mainly on
account of higher quantity sold to existing customers' addition of
new customer. Though, the risk is partially mitigated by the fact
that the scale of operation is growing continuously. The company
has achieved TOI of INR50.00crore during 9MFY20 (Provisional).

* Low Profitability Margins:   The profitability margins of the
company marked by PBILDT margin and PAT margin stood low and
declining for past three financial year i.e. FY17-FY19. The
profitability margins marked by PBILDT margin stood at 4.95% for
FY19(A) as against 8.31% for FY18 on account of increase in cost of
material purchased, labour expenses and advertisement expenses as
new brand of Mr. Cook is being introduced in FY20-21. The PAT
margins also stood low at 1.06 % in FY19 as against 3.00 % in FY18
is on account of increase in Interest on Secured and unsecured
loans.

* Weak coverage indicators:   The coverage indicators marked by
Interest coverage ratio and total debt to GCA ratio stood weak at
2.28x and 7.77x in FY19 (A) as against 3.02x and 2.87x for the FY18
(A) on account of decline in Profitability margins and gross cash
accruals during the year. The liquidity during the year has been
managed through incremental debt taken in FY19. The company total
debt has increased to INR9.02 crores as on March 31, 2019 from
INR5.47 crores as on March 31, 2018 as the company has taken cash
credit facility of INR3.55 crores from oriental bank of Commerce in
FY19.

* Liquidity Position- Stretched

Liquidity is marked by tightly matched accruals to repayment
obligations as marked by Total debt is 9.02 crores and total gross
cash accruals is INR1.61 crores in FY19. The current ratio and
quick ratio of 1.40x and 1.00x respectively as on March 31, 2019
(A) at the end of FY19 (A.) and low cash balance of INR0.29 crores
as on March 31, 2019(A). Its bank limits are 70% utilized during
the past 12 months ending December 31, 2019.

* Exposure to volatility in raw material prices:   UMPL procures
the raw materials from domestic players on requirement basis. The
finished goods as well as raw material prices of Aluminium are
volatile in nature. The finished goods price moves in tandem with
raw material prices, but with a time lag. Since the raw material is
the major cost driver, any decline in finished goods price with no
decline in raw material price result in adverse performance of the
company. As the entity, does not have any backward integration for
its primary raw materials and procures the same from outside, it is
exposed to price volatility.

* Presence in a highly fragmented and competitive industry: UMPL
operates in a highly competitive industry marked by the presence of
a large number of players in the organized and unorganized sector.
The industry is characterized by low entry barriers due to low
technological inputs and easy availability of standardized
machinery for the production. This apart, its product being
intermediary steel products is subjected to the risks associated
with the industry like cyclicality.

Key rating strengths

* Experienced management and long track record of operations: UMPL
was incorporated in August 28, 2004 as private limited company by
Mr. Ikram Ellahi, Mr. Arif Ellahi and Mr. Navad Nowshah. All the
directors are graduate by qualification and Mr. Ikram Ellahi have
experience of more than three decades through their association
with this entity. They are associated with UMPL since its inception
and looks after overall business of the company. The long-standing
presence in industry through this entity and other associates has
enabled the company to establish a relationship with its customers
and suppliers in the industry.

* Moderate Capital Structure:  The capital structure of the company
stood moderate on the past three balance sheet dates ending March
2019 on account of limited debt levels against satisfactory net
worth base. The capital structure marked by overall gearing ratio
stood moderate at 0.67x as on March 31, 2019(A) as compare to 0.43x
as on March 31, 2018. The Net worth of the company stood INR7.87
crores as on March 31, 2019.

* Moderate operating cycle: UMPL has Moderate operating cycle
marked by operating cycle of 96 days in FY19 (A) as compare to 103
days in FY18 mainly on account of improvement in debtors' period
and creditor's period. The firm deals in large product portfolio;
they maintain adequate level of inventory in the form of raw
material and semi-finished product for smooth functioning of its
manufacturing process. The company also maintains inventory in form
of finished goods to meet the immediate requirement of its
customers. Entailing the same, resulted into average inventory of
around 48 days for FY19 (A). The firm enjoys credit period from its
local suppliers of up to two months resulting in average payables
period of 50days in FY19 (A). The working capital borrowing of the
company is 70% utilized during the past 12 months ending December
31, 2019.

Delhi based United Metalik Private Limited (UMPL) is a Private
Limited Company in August 28, 2004. The Company is managed by Mr.
Ikram Ellahi, Arif Ellahi and Navad Nuwshah. UMPL is engaged in
manufacturing of Pressure Cookers under the brand name of "United
Pressure Cooker". The manufacturing process involves procurement of
raw material, cutting, bending, processing and converting into
final product, and then does Quality check and packaging. The firm
procures its raw material, i.e., Aluminium, spare parts, steel
handle and safety valves. Aluminium is procured from the Hindalco
Industries (Aditya Birla Group) and remaining raw material is
procured from the local venders in Delhi NCR, Gujrat. The company
mainly sells its products to dealers and distributors to all over
India. In FY20, the Company is planning to manufacture stainless
steel pressure cooker and Black cookers in a brand name of Mr.
Cook.


UTOPIAN SUGAR: CARE Keeps D on INR136cr Debt in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Utopian
Sugar Limited (USL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       136.00     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 25, 2019, placed the
rating of USL under the 'issuer non-cooperating' category as USL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. USL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 3, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 25, 2019 the following were the
rating weaknesses (updated for information from ROC)

Key Rating Weaknesses

* Ongoing delays in Debt Servicing: As per the audited financial
for FY19, there are on-going delays in servicing of its debt
obligations of bank facilities by USL.

USL was incorporated in March, 2010 as a closely held limited
company (not listed) to undertake manufacturing of sugar and sugar
related products at Taluka Mangalwedha in Solapur, Maharashtra. USL
is promoted by Mr. Umesh P. Paricharak as Chairman and his brother
Mr. Uttam V. Patil as Managing Director (MD) having industry
experience of over two decades. USL has set up a green field
partially integrated cane processing plant with a crushing capacity
of 3,500 tonnes of cane crushed per day (TCD) and co-generation
power plant of 14.8 Mega-Watt (MW) at Taluka Mangalwedha in
Solapur, Maharashtra. The company commenced commercial production
from sugar season (SS) 2014-15 in December 2014 and crushed
sugarcane to the tune of 4.56 lakh MT. FY16 was the first full year
of commercial operations of the company.




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

ASSET FINANCE: S&P Alters Outlook to Negative & Affirms 'B-/B' ICRs
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on New Zealand based nonbank
lender Asset Finance Ltd. (AFL) to negative from stable. At the
same time, S&P affirmed its 'B-' long-term issuer credit rating and
B' short-term issuer credit rating on AFL.

In S&P's view, the heightened level of economic risks facing New
Zealand banks and nonbanks following the COVID-19 outbreak and its
containment measures is likely to be substantial but temporary.
However, S&P considers that the economic impact of the virus could
be more severe or prolonged than its current base-case
expectations. Consequently AFL could become more vulnerable to
adverse economic and business conditions to meet its financial
commitments.

S&P has affirmed its ratings on AFL because it expect that the
finance company should be able to meet its financial obligations in
the next 12 months, reflecting its view that:

-- AFL's March 2020 financial results are sound with improving
asset quality metrics.

-- AFL will maintain a strong level of capitalization with a
risk-adjusted capital ratio above 15% based on its capital
framework, which will provide some buffer to credit losses.

-- AFL's liquidity metrics have strengthened in recent months;
despite a decline in debenture reinvestment rates with AFL
attracting new deposits.

-- AFL will resolve some of its large nonperforming property
exposures in the next one year; and

-- AFL's management will take a cautious approach to the COVID-19
outbreak by curtailing lending growth, if needed to preserve its
balance sheet strength.

Nevertheless, S&P is of the view that should a downside scenario
materialize, AFL's financial risk profile, especially its capital
adequacy ratio and liquidity position, could become vulnerable to
deterioration.

The negative outlook reflects a one-in-three likelihood that AFL
will become more vulnerable to adverse business, financial, and
economic conditions to meet its financial commitments in the next
12 months. In such a scenario, S&P expects to lower its ratings on
AFL. This could occur if it formed a view that the COVID-19
pandemic and containment measures are having a significantly more
severe or prolonged economic impact on the New Zealand banks and
nonbanks than it currently expects.

S&P expects to revise its outlook on AFL to stable in the next year
if it considers that the COVID-19 pandemic and containment impact
pressures have subsided.


VIADUCT QUAYS: Sofitel Auckland Harbour Goes Into Liquidation
-------------------------------------------------------------
Stuff.co.nz reports that the five-star Sofitel Auckland Viaduct
Harbour has gone into liquidation, leaving at least 139 people out
of work.

Viaduct Quays Hotel, the registered company operating the
waterfront hotel, was put into liquidation on July 6.

It received NZD929,000 in Covid-19 wage subsidies for 139 staff,
Stuff notes.

According to Stuff, liquidator Jared Booth of Baker Tilly Staples
Rodway said liquidators had been told the business stopped trading
before they were appointed as a result of the financial impact of
Covid-19.

All staff wages had been paid, he said.

"Since the liquidator's appointment, all employee claims have been
cleared."

Stuff relates that the liquidators had been advised that the
liquidation should not result in loss to third party creditors, he
said.

Liquidators had been told that the hotel could not be used as an
isolation facility for returning New Zealanders.

If a company enters into liquidation, a liquidator is appointed to
investigate the company's financial affairs, establish the cause of
its failure and investigate possible offences by the company or a
director, according to Stuff.

Liquidated companies are closed down, and removed from the
Companies Register.

The hotel, which was joint winner of the 2019 HM Awards New Zealand
Hotel of the year, featured So Spa, Lava Dining, Sabrage Bar and 21
Viaduct Cafe, Stuff discloses.

United States president Barack Obama ate brunch at the Sofitel on
the last day of his 2018 visit to New Zealand.

Viaduct Quays Hotel sole shareholder is Prakash Pandey, Companies
Office records show. Its directors are Pandey and Grahame Fong.




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

HYFLUX LTD: Pison Assures Awareness of Tight Timelines
------------------------------------------------------
Sharon See at The Business Times reports that Pison Investments,
which previously expressed interest in investing in beleaguered
water-treatment firm Hyflux, said it is focused on the launch of
the invitation and on completing the purchase of eligible debts as
soon as possible.

The investment vehicle of Indonesian magnate and chief executive of
PT Havilah, Johnny Widjaja, made a formal cash offer for the debt
of Hyflux's bank lenders, note holders and other senior unsecured
creditors on July 9, BT relates.

On July 13, Mr. Widjaja said in a statement that the company would
like to assure perpetual securities and preference (P&P) holders,
share holders and other stakeholders that it is aware of the tight
timelines and the pressure on Hyflux to undertake and complete its
debt restructuring exercise, according to BT.

"Our objective in undertaking the invitation (and if successful) is
to facilitate an expedited-basis debt-restructuring exercise that
is fair and equitable for all stakeholders," the report quotes Mr.
Widjaja as saying.

He added that while the company has not addressed the perpetual
capital securities and preference shares, it intends to engage with
P&P holders through the Securities Investors Association Singapore
and its advisors as soon as it can after the close of the
invitation, BT relays.

BT says Mr. Widjaja has set aside S$200 million to purchase the
debts and to provide working capital to the group. His offer is
subject to a minimum offered discount of 91 per cent.

If he is able to buy out all the senior debt, he can retire
Hyflux's debts at a discount and take the company out of insolvency
without having to make any payments to holders of Hyflux's
perpetuals and preference shares (PnP), BT states.

Separately, Hyflux said in a statement on July 13 that it has
received Mr. Widjaja's statement and will make the appropriate
announcements when there are material developments, adds BT.

                           About Hyflux

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

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

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

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


SINGAPORE: Slumps Into Recession with GDP Down 12.6% in Q2
----------------------------------------------------------
Janice Heng at The Business Times reports that Singapore's gross
domestic product (GDP) plummeted 12.6 per cent year on year in the
second quarter, bringing the country into full-blown recession, as
Covid-19 "circuit-breaker" measures hit hard and external demand
stayed weak amid the global downturn, according to Ministry of
Trade and Industry (MTI) advance estimates on July 17.

BT relates that the second-quarter figure was worse than
economists' expectations of a 10.5 per cent fall, and much worse
than the first quarter's revised figure of a 0.3 per cent
contraction. The official forecast is for a full-year contraction
of between 7 per cent and 4 per cent.

On a quarter-on-quarter seasonally adjusted annualised basis, the
economy shrank 41.2 per cent in the second quarter, worsening from
the 3.3 per cent contraction the previous quarter.

With two straight quarters of both quarter-on-quarter and
year-on-year contraction, Singapore has entered both a technical
and full-blown recession respectively, the report notes.

"Circuit-breaker" measures were in place from April 7 to June 1,
with only some activities allowed to resume in the first phase of
reopening.

BT says the manufacturing sector was the only one to see positive
growth, up 2.5 per cent year on year in the second quarter, though
this had slowed from 8.2 per cent in the first quarter. This was
due mainly to a surge in output in the biomedical manufacturing
cluster.

But weak external demand and workplace disruptions during the
"circuit breaker" weighed on output in the chemicals, transport
engineering and general manufacturing clusters. On a
quarter-on-quarter seasonally adjusted annualised basis, the
manufacturing sector shrank by 23.1 per cent, a sharp reversal from
the previous quarter's 45.5 per cent growth, BT relays.

The services sector shrank 13.6 per cent year on year, steepening
from the previous quarter's 2.4 per cent fall.

Tourism-related sectors such as accommodation and air transport
continued to be stifled by global travel restrictions, while other
outward-oriented services such as wholesale trade and water
transport were hit by a fall in external demand as many countries
grappled with the pandemic, said MTI.

Meanwhile, "circuit-breaker" measures at home hurt
domestically-oriented services sectors such as food services,
retail, and business services.

According to BT, on a quarter-on-quarter seasonally adjusted
annualised basis, services-producing industries shrank 37.7 per
cent in the second quarter, extending the previous quarter's 13.4
per cent decline.

Construction was hardest hit by "circuit-breaker" measures as most
construction activities had to be put on hold, contracting 54.7 per
cent year on year, compared to the previous quarter's 1.1 per cent
fall, BT relays.

With most activities having stopped during the quarter, and
additional Covid-19 measures meaning manpower disruptions, the
sector shrank 95.6 per cent on a quarter-on-quarter seasonally
adjusted annualised basis, far worse than the first quarter's 12.2
per cent contraction, according to BT.

BT relates that the advance estimates are computed largely from
data in the first two months of the quarter, April and May. With
Phase Two of the post-"circuit breaker" reopening having begun
earlier than expected on June 19, it remains to be seen how much
this late boost will be reflected in the revised Q2 estimates, to
be released in August.

Dismal figures notwithstanding, Barclays economist Brian Tan still
expects the Monetary Authority of Singapore (MAS) to leave foreign
exchange policy settings unchanged in October, saying: "The MAS
appears to view fiscal policy as being notably more effective at
addressing the economic effects of the Covid-19 outbreak and the
'circuit breaker' compared to FX policy," BT relays.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***