/raid1/www/Hosts/bankrupt/TCRAP_Public/200722.mbx        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 22, 2020, Vol. 23, No. 146

                           Headlines



A U S T R A L I A

AUCTUS RESOURCES: Second Creditors' Meeting Set for July 28
AUSTRALIA: Faces Avalanche of Corp Failures in Sept. 'Fiscal Cliff'
HALLMARK GROUP: Jamie's Italian on Pitt Street Shuts for Good
RESIMAC BASTILLE 2020-1NC: S&P Assigns Prelim B Rating on F Notes
SAMSON OIL: Has $8.4M Net Income for the Quarter Ended March 31

SWEET LIFE: Second Creditors' Meeting Set for July 28
UNION STANDARD: ASIC Suspends AFS Licence Following Administration


C H I N A

CAR INC: UCar to Sell Stake in Car Rental Co. to BAIC Subsidiary
CBAK ENERGY: Lender Agrees to Swap $250,000 Note for Equity
CHINA: Small Lenders are Filling Up on Riskiest Bank Debt
HELENBERGH CHINA: Fitch Affirms B+ LongTerm IDR, Outlook Stable
ZHENENG JINJIANG: Moody's Confirms Ba3 CFR & Alters Outlook to Neg.

ZIJIN MINING: Fitch Cuts LT IDR & Sr. Unsec. Rating to BB+


H O N G   K O N G

LIONBRIDGE CAPITAL: Fitch AffirmsB+ LongTerm IDR, Outlook Positive


I N D I A

A. K. L. INFRACON: ICRA Keeps B+ Debt Ratings in Not Cooperating
ABHISHEK AUTOMOTIVES: ICRA Keeps B Debt Ratings in Not Cooperating
ACCORD MOTORS: ICRA Lowers Rating on INR10cr Loans to B+
ANDHRA FERRO: ICRA Keeps D Debt Ratings in Not Cooperating
B. V. COT SPIN: ICRA Keeps D Debt Ratings in Not Cooperating

BGR MINING: Ind-Ra Moves 'D' Issuer Rating to Not Cooperating
BLUE WHALE: Insolvency Resolution Process Case Summary
CONCRETE UDYOG: ICRA Withdraws B+ Rating on INR12cr LT Loan
DISH INFRA: ICRA Withdraws C- Rating on INR200cr LT Loan
GANTA SRIRAM: ICRA Keeps B+ Debt Ratings in Not Cooperating

HIRA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
IL&FS: Aims to Resolve Nearly 60% of Debt
INDIANA HOSPITAL: ICRA Keeps B Debt Ratings in Not Cooperating
INSTYLE EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
JOHNSON JEWELERS: Ind-Ra Lowers LongTerm Issuer Rating to 'B-'

METAWOOD DISPLAY: ICRA Keeps D Debt Ratings in Not Cooperating
MUZAFFARPUR VIDYUT: Ind-Ra Moves D Issuer Rating to NonCooperating
NETMATRIX CROP: ICRA Lowers Rating on INR38.50cr Loan to B+
PADMAVATHI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
PANNAGESHWAR SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating

PATODIA GINNING: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
PRACHI PRIVATE: Ind-Ra Affirms BB Issuer Rating, Outlook Negative
PRIME URBAN: Ind-Ra Lowers LongTerm Issuer Rating to 'B-'
PROSEED FOUNDATION: ICRA Keeps B+ on INR10cr Debt in NonCooperating
RADHA KRISHNA: ICRA Keeps B+ Debt Ratings in Not Cooperating

RAVINDRA RICE: ICRA Keeps B+ on INR16.5cr Loan in Not Cooperating
RAVIRAJ HI-TECH: ICRA Keeps D Debt Ratings in Not Cooperating
S.K. AGROS: ICRA Keeps B Debt Ratings in Not Cooperating
SIDDIRAMESHWAR AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
SRINIVASA HAIR: ICRA Lowers Rating on INR25cr LT Loan to B+

SUNNY EXPORTS: ICRA Keeps D on INR8cr Bank Loans in Not Cooperating
SWARAJ INDIA: Ind-Ra Hikes Issuer Rating to 'BB+', Outlook Stable
TEAM ENGINEERS: ICRA Keeps B- on INR7.5cr Loans in Not Cooperating
VASAVI COTTON: ICRA Keeps B- Debt Ratings in Not Cooperating
VEERAJ CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating

VENKATA UMASHANKAR: ICRA Keeps D Debt Ratings in Not Cooperating
VIRGIN ROCK: ICRA Keeps B+ Debt Ratings in Not Cooperating
VODAFONE IDEA: Ind-Ra Withdraws 'B' LongTerm Issuer Rating
ZIBON CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating


I N D O N E S I A

AGUNG PODOMORO: Fitch Cuts IDR to CCC- on Liquidity Risk Increase


J A P A N

LEOPARD ONE: Moody's Reviews Ba1 on Class E Notes for Downgrade
WHITE BEAR: Hoshino Resorts Sponsors Travel Agency's Restructuring


M A L A Y S I A

AIRASIA BHD: Has Fair Chance of Raising Capital to Survive

                           - - - - -


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

AUCTUS RESOURCES: Second Creditors' Meeting Set for July 28
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Auctus
Resources Pty Ltd and Auctus Minerals Pty Ltd has been set for July
28, 2020, at 1:30 p.m.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 27, 2020, at 4:30 p.m.

Richard Tucker and John Bumbak of Kordamentha were appointed as
administrators of Auctus Resources on March 20, 2020.


AUSTRALIA: Faces Avalanche of Corp Failures in Sept. 'Fiscal Cliff'
-------------------------------------------------------------------
Reuters reports that Australia faces an avalanche of business
failures in its transport and hospitality sectors after government
subsidies end in September, insolvency lawyers and economists said,
while some argue that so-called 'zombie' firms should be allowed to
fail.

About 240,000 businesses in tourism and professional services are
at high risk of failing during the September 'fiscal cliff', when
widespread wage subsidies are set to end, economists at Deloitte
said on July 20, Reuters relays.

Despite the pain, it has never been more important to let otherwise
'zombie' companies with endemic operational flaws fail, so as to
allow capital to flow to productive firms critical to the recovery
of the economy, they said, according to Reuters.

"Money that is just floating around in businesses that aren't
really providing an effective output to the economy is
problematic," Reuters quotes John Winter, the chairman of the
Australian Restructuring Insolvency & Turnaround Association, as
saying.

"The challenge with those businesses that should have gone broke in
this period, but haven't because of the government's stimulus, is
that they are still racking up debts, and those debts are to
somebody else.

"It could be the bank, it could be their landlord, but it could
also be other businesses, their suppliers, so it's not a victimless
crime when you let zombie companies trade while insolvent."

In March, complementing a AUD160-billion stimulus package,
Australia scrapped strict insolvent trading obligations on
businesses and lengthened creditors' notice period to act on debts,
letting many firms keep trading without paying rent, tax and loans,
Reuters recalls.

Reuters relates that banks alone have about 220,000 business loans
worth over AUD60 billion on loan repayment holidays and as the
clock ticks down to September, analysts said the risks of
foreclosures "en masse" are rising.

"We believe this is likely to weigh heavily on small businesses
which employ 35% of the workforce," UBS told clients in a note.

"As wage subsidies, rental relief and loan deferrals come to an
end, this could lead to a second wave of unemployment."

About 40% of businesses across hospitality, professional services,
and transport say they only have cash for less than three months of
operations, Deloitte's report found.

"I think it is going to be profoundly challenging," Reuters quotes
Maria O'Brien, the head of Baker McKenzie's restructuring and
insolvency practice in Australia, as saying.   "I do anticipate
that there will be really substantial numbers of insolvent
enterprises, because revenues are not coming back - they would not
come back immediately and they may not come back ever in a whole
range of sectors."

But while further fiscal stimulus is expected, some businesses
should accept voluntary administration, some argued, Reuters says.

This bankruptcy process is akin to Chapter 11 in allowing
moratoriums against certain creditor claims, which might offer the
best way to help businesses survive, Reuters notes.


HALLMARK GROUP: Jamie's Italian on Pitt Street Shuts for Good
-------------------------------------------------------------
Scott Bolles at Good Food reports that restaurateurs are circling
the Pitt Street digs of Jamie's Italian, a restaurant that might
just hold a Sydney record for having been read its last rites.

According to the report, the celebrity eatery first survived the
executioner when Jamie Oliver Group bought back the chain in 2016
after its local operator, Keystone Group, went into receivership.
When Jamie Oliver Restaurant Group (Australia) Pty Ltd collapsed in
2018, Brisbane-based Hallmark Group was the white knight. COVID-19
proved the death-knell, with the troubled restaurant in liquidation
again.

Good Food relates that Haniel Rathod, from SV Partners, who is
looking after the Sydney leg of the fallen Jamie's souffle,
confirmed the prime Pitt Street site will be back in the hands of
the landlord once Hallmark (Sydney)-owned assets inside it are
dealt with.

SV Partners' report for the Sydney eatery makes for sobering
reading, Good Food says. The restaurant had just AUD6,749 in its
bank accounts when it closed. Unsecured creditors were in the red
for AUD222,599, as well as AUD61,073 in employee entitlements.

With cash flow issues and COVID-19 listed as the reasons for its
failure, suppliers and staff appear the big losers, Good Food
relates. Its closure adds to the list of celebrity food brands to
crash in Australia, but at least one local operator has expressed
interest to Good Food in taking the site.


RESIMAC BASTILLE 2020-1NC: S&P Assigns Prelim B Rating on F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Bastille Trust - RESIMAC Series 2020-1NC. RESIMAC Bastille Trust -
RESIMAC Series 2020-1NC is a securitization of nonconforming and
prime residential mortgages originated by RESIMAC Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio and that the credit support provided to each class of
notes are commensurate with the ratings assigned. Subordination and
lenders' mortgage insurance (LMI) cover for the rated notes provide
credit support. In addition, the transaction includes various
mechanisms to utilize excess spread to provide additional credit
support. The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. S&P's assessment of credit risk takes into account RESIMAC
Ltd. (RESIMAC)'s underwriting standards and approval process, which
are consistent with industrywide practices; the strong servicing
quality of RESIMAC.

-- That the rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the liquidity
facility, the principal draw function, the retention amount built
from excess spread, the amortization amount built from excess
spread if an amortization event is subsisting, and the provision of
an extraordinary expense reserve. S&P's analysis is on the basis
that the notes are fully redeemed by their legal final maturity
date and it does not assume the notes are called at or beyond the
call-option date.

-- The counterparty exposure to National Australia Bank Ltd. as
liquidity facility provider and Westpac Banking Corp. as bank
account provider.

-- The legal structure of the trust, which is established as a
special-purpose entity and meets S&P's criteria for insolvency
remoteness.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears. S&P said, "We have recently updated our outlook
assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. We
have also applied a range of additional stresses in our analysis to
assess the rated notes' sensitivity to liquidity stress and the
possibility of higher arrears." As of June 11, 2020, borrowers with
COVID-19-related hardship arrangements make up 15.0% of the pool
balance.

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

  PRELIMINARY RATINGS ASSIGNED

  RESIMAC Bastille Trust - RESIMAC Series 2020-1NC

  Class      Rating       Amount (mil. A$)
  A1         AAA (sf)     125.00
  A2         AAA (sf)     250.00
  AB         AAA (sf)      55.00
  B          AA (sf)       33.50
  C          A (sf)        13.50
  D          BBB (sf)       9.40
  E          BB (sf)        5.80
  F          B (sf)         1.80
  G          NR             6.00
  Z          NR             0.00

  NR--Not rated.


SAMSON OIL: Has $8.4M Net Income for the Quarter Ended March 31
---------------------------------------------------------------
Samson Oil & Gas Limited filed its quarterly report on Form 10-Q,
disclosing net income of $8,351,621 on $2,074,568 of operating
revenues for the three months ended March 31, 2020, compared to a
net loss of $3,800,567 on $2,478,768 of operating revenues for the
same period in 2019.

At March 31, 2020, the Company had total assets of $44,056,257,
total liabilities of $52,638,608, and $8,582,351 in total
stockholders' deficit.

Samson Oil said, "The Company had net income of $1.0 million for
the nine month period ended March 31, 2020, however, this was
largely due to the valuation of its derivative position which was
valued at $10.2 million, resulting in an unrealized gain of $10.0
million.  The Company would have recognized a net loss of $9.0
million without the unrealized gain on derivatives.  During the
fiscal year ended June 30, 2019, the Company had a net loss of $7.2
million.  The Company has had net cash outflows from operating
activities of $0.5 million and $5.4 million for the nine month
period ended March 31, 2020, and fiscal year ended June 30, 2019,
respectively.  At March 31, 2020, the Company's total current
liabilities of $49.6 million exceed its total current assets of
$9.6 million.  The Company's ability to continue as a going concern
is dependent on the re-negotiation of debt, the sale of assets
and/or raising further capital.  These factors raise substantial
doubt over the Company's ability to continue as a going concern and
therefore whether it will realize its assets and extinguish its
liabilities in the normal course of business and at the amounts
stated in the financial report.

"At March 31, 2020, the Company was in breach of several of its
covenants related to the Credit Agreement, resulting in borrowings
payable of $33.5 million being classified as current liabilities.

"On May 8, 2020, the Company received a Notice of Default,
Application of Default Interest and Reservation of Rights letter
(the "Default Notice") from its lender.  The Default Interest rate
shall be 200 points above the Applicable Interest Rate.  The
Company has accrued an additional $0.3 million of interest related
to this Default Notice.  The Company is currently negotiating with
the Lender in an effort to obtain a waiver for the breach.  As of
the date of this report, no waiver has been received.

"The Company is currently negotiating with a prospective party to
divest its wholly-owned subsidiary, Samson Oil and Gas, USA, Inc.
("Samson USA"), which it believes will result in proceeds that will
sufficiently cover the Company's obligations to the Lender and its
other creditors.  Although the Company is confident it will be able
to successfully recognize amounts in excess of the carrying value
of its oil and gas assets as a result of its ultimate divestment
there can be no assurances made that the Company will be able to
successfully execute this plan.  Given the current financial
situation it is possible that the Company may be forced to accept
terms on this transaction that are less favorable than would be
otherwise available."

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

                       https://is.gd/bkAjw8

Samson Oil & Gas Limited engages in the acquisition, development,
exploration, and exploitation of oil and natural gas properties
primarily in North Dakota, Montana, and Wyoming, the United
States.

It was incorporated in 1979 and is headquartered in Perth, Western
Australia.  Samson Oil & Gas Limited operates as a subsidiary of
National Nominees Limited.


SWEET LIFE: Second Creditors' Meeting Set for July 28
-----------------------------------------------------
A second meeting of creditors in the proceedings of The Sweet Life
Farms Australia Pty Ltd has been set for July 28, 2020, at 11:00
a.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 27, 2020, at 4:00 p.m.

Steve Naidenov and Ian Niccol of Aston Chace Group were appointed
as administrators of Sweet Life on April 21, 2020.


UNION STANDARD: ASIC Suspends AFS Licence Following Administration
------------------------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
suspended the Australian Financial Services (AFS) licence of
Sydney-based retail over-the-counter (OTC) derivatives issuer Union
Standard International Group Pty Ltd until Sept. 23, 2020.  Union
Standard operates under the brand USGFX and held AFS licence
302792.

The license was suspended under section 915B of the Corporations
Act 2001 (Cth) (Corporations Act) because Union Standard is under
external administration.

On July 8, 2020, Andrew Cummins and Peter Krejci of BRI Ferrier
(NSW) Pty Ltd were appointed as administrators of Union Standard.
For further information about the administration and what this
means for clients, please refer to http://briferrier.com.au/.

Although ASIC has suspended the licence, it has used its power
under s915H of the Corporations Act to allow the administrators to
conduct certain necessary activities under the licence during the
suspension period, including to have in place a dispute resolution
scheme and arrangements for compensating retail clients, to hold
professional indemnity insurance, and to allow the termination of
existing arrangements with current clients of Union Standard.  

Union Standard may apply to the Administrative Appeals Tribunal
(AAT) for a review of ASIC's decision.




=========
C H I N A
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CAR INC: UCar to Sell Stake in Car Rental Co. to BAIC Subsidiary
----------------------------------------------------------------
South China Morning Post reports that Chinese ride-hailing services
provider UCar, which is controlled by Charles Lu Zhengyao,
co-founder of scandal-hit Luckin Coffee, will sell all its shares
in Car Inc, the country's largest car rental company, to a
subsidiary of Beijing-based, state-owned car maker BAIC Group.

UCar will sell its 20.9 per cent shareholding, or no more than 443
million shares, in Car Inc to Jiangxi Jinggangshan BAIC Investment
Management for up to HK$1.4 billion (US$180.6 million), the company
said in a statement, the Post relays.

At HK$3.10 a share, the sale comes 86 per cent lower than a peak of
HK$22 a share recorded in May 2015. UCar said it will use the
proceeds to repay loans secured against the stock, and that it
aimed to optimise its debt structure, according to the Post.

The Post relates that the BAIC subsidiary was revealed as a buyer
in an announcement in early June, but it walked away from the deal
after Car Inc said on July 2 that it was in fact Shanghai-based,
state-owned SAIC Motor Corporation, another car maker, which would
acquire the 443 million shares from UCar and 170 million shares
from Amber Gem, a unit of US private equity firm Warburg Pincus.

But earlier on July 20, SAIC Motor said a wholly owned subsidiary,
SAIC Motor Hong Kong, had decided against acquiring the 613 million
shares in Car Inc because of a disagreement over terms of the
acquisition. Car Inc shares fell 4.9 per cent following the
announcement, before they were suspended from trading.

The Post relates that the stake sale is pending UCar's internal
decision-making procedures and government and regulator approvals.
In a separate announcement, the company said it will hold a
shareholder meeting on August 4 in Beijing to discuss the sale.

Car Inc's revenue and profit have slumped because of the
coronavirus outbreak. In the first quarter, it recorded a net loss
of CNY187.7 million (US$26.9 million), compared with net profit of
CNY390 million in the same period in 2019. Its revenue slumped by
28.4 per cent to CNY1.3 billion, the Post discloses.

The Post says the stock has been on a roller-coaster ride over the
past several months, slumping in April and May after the Luckin
accounting fraud emerged in early April. But it soared by more than
20 per cent in June and July, after news emerged about the
potential acquisition by BAIC and SAIC, respectively.

Mr. Lu has been entangled in the restructuring of Luckin Coffee,
the Post notes. He was dropped as chairman earlier this month as
the coffee chain start-up prepares to exit from Nasdaq barely 14
months after its stock debuted on the New York bourse amid great
fanfare.


CBAK ENERGY: Lender Agrees to Swap $250,000 Note for Equity
-----------------------------------------------------------
CBAK Energy Technology, Inc., entered into an exchange agreement
with Atlas Sciences, LLC (the "Lender"), pursuant to which the
Company and the Lender agreed to (i) partition a new promissory
note in the original principal amount equal to $250,000 from the
outstanding balance of certain promissory note that the Company
issued to the Lender on Dec. 30, 2019, which has an original
principal amount of $1,670,000, and (ii) exchange the Partitioned
Promissory Note for the issuance of 453,161 shares of the Company's
common stock, par value $0.001 per share to the Lender. According
to the Exchange Agreement, the Shares are required to be delivered
to the Lender on or before July 13, 2020 and the exchange will
occur upon the Lender's surrender of the Partitioned Promissory
Note to the Company on the date when the Shares are eligible for
free trading.

                         About CBAK Energy

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

CBAK Energy reported a net loss of $10.85 million for the year
ended Dec. 31, 2019, compared to a net loss of $1.96 million for
the year ended Dec. 31, 2018. As of March 31, 2020, the Company had
$94.20 million in total assets, $82.70 million in total
liabilities, and $11.50 million in total equity.

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


CHINA: Small Lenders are Filling Up on Riskiest Bank Debt
---------------------------------------------------------
Bloomberg News reports that China's cash-strapped small lenders are
expanding their pile of the riskiest kind of bank debt to shore up
their capital levels, bracing against an economic slowdown and
rising loan defaults.

A total of 19 banks have sold CNY339.6 billion (US$48.5 billion)
perpetual bonds, high-yielding subordinated bonds with no maturity
dates, as of July 10 this year, according to data compiled by
Bloomberg. Smaller lenders including Chongqing Three Gorges Bank
Co., Bank of Rizhao Co., and Huarong Xiangjiang Bank Corp.
accounted for more than 70% of the issuance, Bloomberg discloses.

According to Bloomberg, regional and local banks are rushing to
take advantage of demand amid a flood of stimulus from the central
bank to cushion the economy from the fallout of the virus outbreak.
The government is providing funding to shore up confidence in its
smaller lenders, with a plan to allow local governments to use
about CNY200 billion from bond sales to help them replenish
capital.

It's a turnaround from last year when a number of highly publicized
small bank failures caused yields on so-called Additional Tier 1
notes to blow out, Bloomberg states. Guilin Bank Co., which is AA+
rated, this year sold debt at a yield of 4.8%, compared with 5.4%
last year for similarly rated Weihai City Commercial Bank Co.

Even so, some analysts warned against the debt bonanza. "For some
smaller banks with weaker risk management capability and tighter
liquidity, there's risk and uncertainty that they may not be able
to make interest payments or redeem the debt," Bloomberg quotes May
Hu, a Beijing-based partner at KPMG's restructuring services
portfolio solutions groups, as saying. "Investors may suffer losses
as a result."

As China's perpetual bond market kicked off last year, the issuance
was dominated by the nation biggest lenders. Bank of China Ltd.
issued the first ever such bond in January 2019 after regulators
pledged support for the market, in a bid to boost lending. A total
of 16 banks raised CNY569.6 billion in such debt last year,
Bloomberg notes.

The issuance will allow the banks to replenish capital levels, now
in danger from rising bad debt. Small banks are facing a $349
billion shortfall in capital, Bloomberg discloses citing an
analysis by UBS Group AG, while the nation's financial regulator
puts that figure at only $50 billion.

According to Bloomberg, smaller lenders are also tapping other
channels to replenish capital. Xiamen Bank Co. on July 16 won the
green light from China Securities Regulatory Commission to carry
out an initial public offering, which would make it the first bank
to sell new shares in China this year.

Adding to confidence is a pick up in economic growth as China
appears to have brought the virus outbreak under control, says
Bloomberg. Gross domestic product expanded 3.2% in the three months
to June from a year ago, reversing a 6.8% decline in the first
quarter. Output in the first half was still down 1.6% from the same
period in 2019.


HELENBERGH CHINA: Fitch Affirms B+ LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed homebuilder Helenbergh China Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating at 'B+'.
The Outlook is Stable.

Helenbergh's diversified land bank in five regions in China
supports its rating, despite the weaker-than-peer quality of the
land bank, which is located mostly in Tier-2 and Tier-3 cities. Its
attributable contracted sales scale of about CNY44 billion a year
and 20%-25% EBITDA margin (after adding back capitalised interest
in cost of goods sold) are sufficient for a 'B+' rating.

Helenbergh's leverage, defined by net debt/adjusted inventory, fell
to 41% by end-2019 from 50% at end-2018 and Fitch expects it to
remain at around 41% in 2020, mainly due to a lower cash outflow
from land acquisitions and an improvement in the cash collection
rate of contracted sales proceeds.

KEY RATING DRIVERS

Lower Leverage: Helenbergh's 41% leverage is at the lower end among
its peers in the 'B+' category due to its conservative land-bank
acquisitions in 2019. Its land-bank life of about four to five
years may allow the company to deleverage gradually as it only
needs to use about 35%-40% of its contracted sales proceeds to
replenish its land bank to sustain its contracted sales growth. The
company may also reduce its leverage after a planned IPO on the
Hong Kong stock exchange, which has not been reflected in our
rating-case assumptions due to market uncertainties.

Diversified Land-Bank Locations: Helenbergh had an attributable
land bank of 26.5 million sq m at end-2019, which was
well-diversified in the Pearl River Delta, western China, Yangtze
River Delta, central China and Jing-Jin-Ji Region, although around
37% of the land bank was focused on Guangdong province. The company
acquired 5.8 million sq m of land in 2019 to support its fast
sales-churn strategy. Fitch expects its contracted sales to rise by
about 5% to CNY48 billion in 2020, mainly driven by an increase in
the gross floor area sold, after a gain of 28% to CNY46 billion in
2019.

Low-Cost Land Bank: The company obtains its land bank mainly
through acquisitions, public auctions and redevelopment of old
cities, which enabled it to buy land at low costs. Helenbergh's
average cost of land acquisition was CNY1,929 per sq m during
2017-2019, which accounted for only 18% of its contracted average
selling price of around CNY10,438 per sq m in 2019.

Balanced Profitability and Churn: Helenbergh's EBITDA margin was
24% in 2019 (after adding back capitalised interest), thanks to its
low-cost land bank. Fitch expects the average cost of the land bank
to account for 15%-20% of its residential ASP, which will enable
the company to sustain an average EBITDA margin of 20%-25%. Fitch
expects its sales churn, indicated by its contracted sales/total
debt, to be maintained above 1.0x due to its sufficient land bank
and saleable resources.

ESG - Financial Transparency and Governance Structure: Helenbergh
has an ESG Relevance Score of '4' for Financial Transparency and
Governance Structure as it has filed the application for its IPO,
but has limited public disclosure of its financial information, as
it is not yet a listed company. Fitch expects an improvement in the
timeliness of Helenbergh's financial disclosure to offshore
investors after the completion of its IPO. Helenbergh's ownership
is also concentrated on one individual.

DERIVATION SUMMARY

Helenbergh's business and financial profile is comparable with that
of its 'B+' peers such as Hong Kong JunFa Property Company Limited
(B+/Stable). Both companies have exposure to redevelopment
projects. Helenbergh has a larger scale and better regional
diversification in its land bank and faster sales churn than Junfa.
In addition, Helenbergh also has lower leverage than Junfa, but
Junfa has a higher EBITDA margin. Helenbergh's leverage ratio of
around 41%, defined by net debt/adjusted inventory, is comparable
with that of peers with a larger scale rated at 'B+'. Helenbergh
also has a longer land bank life than its peers.

Helenbergh's leverage is similar to that of some 'BB-' peers with a
similar scale such as Times China Holdings Limited (BB-/Stable) and
Yuzhou Properties Company Limited (BB-/Stable), which have leverage
of 40%-45%. Its leverage is also comparable with that of other
'BB-' peers such as Ronshine China Holdings Limited (BB-/Stable).

KEY ASSUMPTIONS

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

  - Consolidated contracted sales of CNY48 billion-60 billion a
    year in 2020-2022 (CNY46 billion in 2019)

  - Contracted ASP at CNY10,400-11,000 per sq m in 2020-2022
    (CNY10,438 per sq m in 2019)

  - Attributable land premium accounting for about 35% of
    attributable contracted sales in 2020-2022 (35% in 2019)

  - EBITDA margin (after adding back capitalised interest) of
    20%-25% in 2020-2022 (24% in 2019)

RATING SENSITIVITIES

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

  - Leverage (net debt/adjusted inventory) sustained below 40%
    (2019: 41%)

  - Scale expands to a level that is comparable with that of
    'BB-' peers

  - Improvement in financial transparency to public investors,
    including regular disclosure of full financial information

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

  - EBITDA margin (after adding back capitalised interest)
    sustained below 20% (2019: 24%)

  - Net debt/adjusted inventory sustained above 50%

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Helenbergh had cash of CNY17.6 billion
(including restricted cash of CNY7.4 billion) at end-2019, which
was sufficient to cover short-term debt of CNY13.3 billion. The
company can use the restricted cash for construction expenditure as
the funds are mainly restricted to guaranteeing mortgages for
customers.

Helenbergh has no capital instruments due in 2020, but has USD550
million in bonds due in October 2021. The company is applying for a
quota for refinancing.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Helenbergh has an ESG Relevance Score of 4 for Governance Structure
as its ownership is concentrated on one shareholder. It also has an
ESG Relevance Score of 4 for Financial Transparency as it has
limited public disclosure.

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


ZHENENG JINJIANG: Moody's Confirms Ba3 CFR & Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service has confirmed Zheneng Jinjiang
Environment Holding Co Ltd's Ba3 corporate family rating and the B1
senior unsecured debt rating on its US dollar notes due in July
2020.

The outlook has been changed to negative from ratings under
review.

This rating action concludes the review for downgrade on the
ratings of ZJE that was initiated on 28 May 2020.

RATINGS RATIONALE

"The ratings confirmation reflects its expectation that ZJE's
immediate refinancing pressure will be substantially reduced after
it has secured a term loan facility of around USD270 million for
repaying the USD200 million USD bond maturing on July 27, 2020,"
says Ralph Ng, a Moody's Assistant Vice President and Analyst.

"Nonetheless, the negative outlook reflects ongoing uncertainties
over its refinancing of upcoming maturities, in particular the
syndicated loan of USD200 million, which is due in June 2021, given
the company's weak liquidity position over the next 12-18 months,"
adds Ng.

On July 15, 2020, ZJE announced that it has secured a 3-year term
loan facility of up to USD270 million, including USD207.9 million
available immediately and increased limit of no more than USD62.1
million. Subject to certain conditions precedent, including filing
with the National Development and Reform Commission, the loan
proceeds will be used for general corporate purposes, including
mainly to refinance the USD200 million bond and any existing
indebtedness of the company.

Moody's expects that, as a minority owned but consolidated
subsidiary of Zhejiang Provincial Energy Group Co. Ltd (ZEG, A2
stable), ZJE will continue to benefit from financial and
operational supports from the state-owned shareholder, such as
greater access to credit markets and lower financing costs, as
reflected in the terms under the new term loan facility.

The negative ratings outlook takes into account Moody's expectation
that over the next 12-18 months, ZJE will continue to face
repayment pressures, in particular from the syndicated loan of
USD200 million, in the absence of any support from ZEG.

For 2020-2021, Moody's expects that ZJE's average annual capital
spending will register around RMB2 billion, with adjusted funds
from operations to debt of around 10%-11%, and FFO interest
coverage of about 3.0x.

The senior unsecured debt rating is one notch lower than the CFR
due to subordination risk.

In terms of environmental, social and governance factors, Moody's
has considered the company's focus on waste-to-energy, as well as
its business strategy, financial policy, regulatory risk and
corporate governance structure.

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

ZJE's outlook can return to stable if the repayment pressure from
its upcoming maturities is substantially reduced and ZJE's
liquidity position improves materially. ZJE's higher strategic
importance to ZEG and stronger evidence of provision of support
from ZEG will also support a stable outlook.

ZJE's ratings will be under downward pressure if (1) ZJE's
liquidity position does not stabilize or if it pursues further
debt-funded expansions or overseas projects that weaken its
financial and business profile; (2) there are changes in China's
regulatory environment that adversely affect the company's
profitability.

Financial metrics for a ratings downgrade include RCF to debt
remaining below 8%, and FFO interest cover below 2.25x over a
prolonged period.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Zheneng Jinjiang Environment Holding Co Ltd is a Singapore-listed
waste-to-energy operator in China. Zhejiang Provincial Energy
Group, via its subsidiaries, is ZJE's single largest shareholder,
owning 29.57% of the company as of the end of June 2020.

ZJE operates along the whole value chain in the WTE sector, from
planning and construction to the operation and management of WTE
facilities.

As at the end of 2019, ZJE had 21 operating WTE facilities and four
operating resource recycling projects, with a total waste treatment
capacity of 30,380 tons/day and electricity generation capacity of
632MW, covering 13 provinces in China.


ZIJIN MINING: Fitch Cuts LT IDR & Sr. Unsec. Rating to BB+
----------------------------------------------------------
Fitch Ratings has downgraded Zijin Mining Group Co., Ltd's
Long-Term Issuer Default Rating and senior unsecured rating to
'BB+' from 'BBB-'. The ratings have been removed from Rating Watch
Negative and the Outlook is Stable.

The rating actions follows Zijin's completion of the acquisition of
50.1% of Tibet Julong Copper Co., Ltd., which will increase Zijin's
net leverage to around 4.0x between 2020 and 2021, above the 2.5x
level at which Fitch would consider a negative rating action.

Zijin's ratings continue to be supported by its well-diversified
portfolio of precious and base metals, low cost positions,
high-yielding assets with long mine life and strong cash-flow
generation ability.

KEY RATING DRIVERS

Acquisition Drives Up Leverage: Fitch expects the Julong
acquisition cost and associated capex in 2020 and 2021 to increase
Zijin's funds from operations net leverage to 4.1x in 2020 and 3.9x
in 2021. Zijin's EBITDA and FFO generation will remain strong from
an increase in gold and copper production, as well as stabilising
global commodity prices. Still, Fitch expects Zijin to incur free
cash-flow deficits in the next 24 months due to the increased
capex, which will limit its deleveraging capacity in the near
term.

Julong has one of the largest copper deposits in China, with around
8 million tonnes of copper. It also has 400,000 tonnes of
molybdenum deposits. Fitch expects Zijin to invest around CNY12
billion over the next two years to bring Julong's mine into
production, with the company estimating annual output of
150,000-170,000 tonnes once production ramps up. Fitch does not
expect Julong to commence full production until 2022, hence cash
flow contributions from Julong to Zijin will be limited in the near
term.

Production to Increase Significantly: Zijin's acquisition spree
between 2018 and 2020 will see its gold and copper production rise
sharply from 2020, offsetting Zijin's loss of the Porgera gold mine
from 2H20. Fitch expects Zijin's gold production to reach 41 tonnes
in 2020 and over 50 tonnes in 2021, from around 39 tonnes in 2019.
Fitch also expects its copper production to rise to around 440,000
tonnes in 2020 and 550,000 tonnes in 2021, from around 370,000
tonnes in 2019, as several major copper assets in the Democratic
Republic of Congo and Serbia enter production. Zijin's acquisitions
mean that deleveraging is unlikely in the near term, despite the
increased mineral production and profit.

Strong Acquisition Appetite: Zijin is also in the process of
acquiring 100% of Canadian-listed gold miner Guyana Goldfields Inc.
for a total cash consideration of CAD323 million (CNY1.7 billion).
Guyana's mines are in production and Zijin expects them to
contribute 5-7 tonnes of gold production annually. Fitch views
Zijin's aggressive acquisition strategy as credit-negative and a
strain on its credit metrics, as several key assets Zijin has
purchased require two to three years to develop, driving up
leverage in the near term.

Strong 1H20 Performance: Fitch expects Zijin to deliver strong
first-half results on the back of rising gold prices and increased
copper production volume. The rapid recovery in commodity prices,
such as copper, will also contribute to Zijin's profitability.
Fitch believes Zijin's gold production was not greatly affected by
disruptions at the Porgera Gold Mine in Papua New Guinea and
continued to increase in 1H20. The potential loss of Porgera will
be offset by the ramping up gold production from Zijin's other
assets in 2H20.

DERIVATION SUMMARY

Zijin is better diversified than gold miners Kinross Gold
Corporation (BBB-/Positive) and Yamana Gold Inc. (BBB-/Stable), due
to its growing copper business, which will become a major profit
contributor. Zijin's copper and gold businesses also complement
each other during commodity price volatility. However, the rated
gold miners have higher mining profitability due to their first
quartile position on the cost curve and lower leverage than Zijin.

Zijin is smaller in scale than Anglo American plc (BBB/Stable) and
Freeport-McMoRan Inc. (BB+/Stable), and has higher net leverage
than Anglo American. However, Zijin's cash flow generation is less
volatile than Freeport's as Zijin does not rely on a single major
asset for a large portion of its profitability.

KEY ASSUMPTIONS

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

  - Gold price of USD1,400/oz in 2020 and USD1,300/oz in 2021.

  - Copper price of USD5,300/tonne in 2020, USD5,800 in 2021 and
USD6,200 in 2022

  - CNY10 billion-12 billion of capex each year in 2020 and 2021

  - 60% dividend payout ratio each year in 2020 and 2021

RATING SENSITIVITIES

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

  - FFO net leverage sustained below 2.5x

  - Sustained positive free cash flow generation

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

  - FFO net leverage sustained above 3.5x

  - Sustained negative free cash flow generation

  - Significant increase in exposure to markets with high
geopolitical and operating environment risks

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Zijin has a multitude of onshore and offshore
funding sources, as well as ample liquidity from major banks. Zijin
had around CNY100 billion in unused credit facilities as of
end-2019 and CNY6 billion in cash, against around CNY20 billion in
short-term debt.

ESG CONSIDERATIONS

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.




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

LIONBRIDGE CAPITAL: Fitch AffirmsB+ LongTerm IDR, Outlook Positive
------------------------------------------------------------------
Fitch Ratings has affirmed HongKong-based Lionbridge Capital Co.,
Limited's 'B+' Long-Term Issuer Default Rating with a Positive
Outlook. Fitch has also affirmed the 'B' rating with a Recovery
Rating of 'RR5' on the USD160 million 9.75% senior unsecured note
due October 2020 issued by New Lion Bridge Co., Ltd. and guaranteed
by Lionbridge. All ratings were removed from Rating Watch Evolving,
on which they were placed on April 2, 2020.

KEY RATING DRIVERS

IDR

The rating action follows the completion of CCB Trust Co., Ltd's
purchase of a 30% stake in Lionbridge, raising its stake to 32%.
CCBT, as a key shareholder, has also provided access to significant
funding lines, reducing risks related to refinancing. More positive
operating conditions within China's truck-financing sector, driven
by rising demand for trucks from the logistics and infrastructure
sectors after the coronavirus economic shutdown, have also lowered
Lionbridge's asset-quality risks.

The Positive Outlook on the rating reflects Fitch expectation of
the benefits that are likely to accrue from the strategic alliance
and the funding facilities as a result of CCBT's involvement in the
company. The additional funding options are likely to lower funding
costs and give Lionbridge greater operational flexibility,
enhancing its competitive position and franchise strength. Fitch
also expects overall profitability to benefit from increased
business volume and the lower funding costs.

CCBT is majority-owned by China Construction Bank Corporation (CCB,
A/Stable), the second-largest state bank in China. The investment
and alliance with Lionbridge will allow the CCB group to expand its
inclusive financing, which is a policy focus of the Chinese
government. CCBT has approved the provision of a CNY3 billion
credit facility directly to Lionbridge in addition to a keep well
agreement for Lionbridge's offshore borrowings. CCB has also
entered a partnership agreement with Lionbridge and granted a CNY10
billion loan facility to originate loans directly for the bank.

Lionbridge's IDR is based on its consolidated profile, which
considers the high integration between the company and its
operating subsidiary, Lionbridge China, and limited restrictions on
the flow of funds between the two companies. The rating reflects
its standalone credit profile as Fitch believes any extraordinary
support from CCBT remains uncertain. Fitch expects Lionbridge to
continue to operate independently with the level of integration
between Lionbridge and CCBT, as well as Lionbridge's role in the
overall CCB group, to be limited.

Fitch expects Lionbridge's asset-quality risks to be contained due
to the robust demand for trucks from the logistics and
infrastructure sectors in China. Market conditions have supported
truck lessees' cash flow generation and debt-servicing capability,
allowing Lionbridge to maintain stable asset quality and continued
access to the asset-backed securities market.

Funding support provided by CCBT, in Fitch's view, mitigates the
risks associated with Lionbridge's high leverage and refinancing
pressure. Strong asset growth raised the company's leverage to 6.9x
by end-1H20, which remains a relative weakness of Lionbridge's
credit profile. CCB and CCBT's credit facilities could meaningfully
ease the company's funding pressure and add flexibility to
leverage.

SENIOR DEBT AND RECOVERY RATING

The senior notes issued by New Lion Bridge constitute general,
unsecured and unsubordinated obligations of Lionbridge. The notes
rank pari passu with Lionbridge's other unsecured and
unsubordinated obligations, and are subordinated to the secured
debt of Lionbridge and all the debt obligations of Lionbridge
China.

The notes are rated one notch below Lionbridge's Long-Term IDR,
with a Recovery Rating of 'RR5', to reflect their below-average
recovery prospects and structural subordination. The debt issued by
New Lion Bridge is structurally subordinated to the debt of
Lionbridge China and the recovery of Lionbridge's equity investment
in Lionbridge China will be limited in the event of liquidation as
nearly all the operating assets are on Lionbridge China's books.

RATING SENSITIVITIES

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

  - A strengthening of Lionbridge's franchise as a result of its
improved funding flexibility, a sustained improvement of
Lionbridge's profitability to above 2% of pretax income to average
assets, and an ongoing strengthening of the funding profile,
coupled with a reduction in leverage to 6x on a permanent basis.

  - Further strengthening in the strategic linkages between
Lionbridge and CCBT, characterised by increased ownership and
stronger integration, would lead to a rating uplift from its
standalone credit profile.

  - The narrowing of the notching between the rating on notes
issued by New Lion Bridge and Lionbridge's IDR is unlikely due to
the structural subordination of the notes.

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

  - Weaker linkages between CCBT and Lionbridge, which would be
evident from lower provision of funding and reduced ownership. This
could be triggered by Lionbridge's underperformance, particularly
in its asset quality.

  - The rating on the notes issued by New Lion Bridge and
guaranteed by Lionbridge will be downgraded if Lionbridge's IDR is
downgraded. The notching between the rating on the notes issued by
New Lion Bridge and Lionbridge's IDR could be widened further if
the recovery prospects of the downstream funds to Lionbridge China
weaken and cause the recovery rate of the notes issued by New
Lionbridge to drop to or below 10%.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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




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

A. K. L. INFRACON: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR11.00 crore bank facilities of A.
K. L. Infracon Pvt Ltd (AKLIPL) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-       5.50       [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain under the 'Issuer Not
                                Cooperating' category

   Bank Guarantee    5.50       [ICRA]A4; ISSUER NOT
                                COOPERATING; Rating continues
                                to remain under the 'Issuer Not
                                Cooperating' category

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

AKLIPL is involved in construction of buildings, roads, bridges,
canals and sewerage distribution system in West Bengal and Sikkim.
The promoter has been involved in the civil-construction business
for more than three decades through its erstwhile proprietorship
concern, M/s. A.K. Engineers since 1982. However, the operations of
the concern were transferred to AKLIPL in July 2013.


ABHISHEK AUTOMOTIVES: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Abhishek Automotives Private Limited (AAPL) continues to remain
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit        8.45      [ICRA]B (Stable); ISSUER NOT
                                COOPERATING; Rating continues
                                to remain under the 'Issuer Not
                                Cooperating' category

   Term Loan          1.55      [ICRA]B (Stable); ISSUER NOT
                                COOPERATING; Rating continues
                                to remain under the 'Issuer Not
                                Cooperating' category

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

Incorporated in 2006, and promoted by Mr. Mahendra Patni and Mr.
Abhishek Patni, Abhishek Automotives Pvt. Ltd. (AAPL/company) is an
authorized dealer of cars manufactured by Hyundai Motors India
Limited (HMIL). The company has four showrooms/outlets in
Chhindwara, Seoni, Balaghat and Betul areas of Madhya Pradesh. The
largest showroom is located in Chhindwara and is spread across an
area of 40000 square feet, which acts as a 3S i.e. sales service
and spares outlet.

AAPL has two group companies; Shubh Cars Pvt. Ltd., which is an
authorised dealer of Honda Cars India Limited and Abhishek Agencies
which is a TVS Scooty dealership.


ACCORD MOTORS: ICRA Lowers Rating on INR10cr Loans to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Accord
Motors, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       9.00       [ICRA]B+ (Stable) ISSUER NOT
                                COOPERATING; Rating downgraded
                                from [ICRA]BB- (Stable) and
                                continues to remain in the
                                'Issuer Not Cooperating' category

   Unallocated       1.00       [ICRA]B+ (Stable) ISSUER NOT
                                COOPERATING; Rating downgraded
                                from [ICRA]BB- (Stable) and
                                continues to remain in the
                                'Issuer Not Cooperating' category

Rationale

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

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

As part of its process and in accordance with its rating agreement
with Accord Motors, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.

Mr. Purushottam Miglani and Mr. Manmeet Miglani established Accord
Motors in 2009 as a partnership firm, to deal in passenger vehicles
(PV) and light commercial vehicles (LCV) manufactured by Mahindra &
Mahindra (M&M). The firm runs three showrooms in Chhindwara, Seoni
and Balaghat areas of the Jabalpur district of Madhya Pradesh. Its
largest showroom is in Chhindwara, spread across 35,000 square
feet, which acts as a sales, service and spares (3S) outlet.


ANDHRA FERRO: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR112.00-crore bank facilities of
Andhra Ferro Alloys Limited continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]D/D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         30.00     [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/CC                Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Long Term-         15.00     [ICRA]D ISSUER NOT COOPERATING;
   Fund Based TL                Rating continues to remain in the
                                'Issuer Not Cooperating' category


   Long Term-         25.00     [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based               Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Short Term-         8.50     [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                   Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Long Term/         33.50     [ICRA]D/D ISSUER NOT
   Short Term-                  COOPERATING; Rating continues to
   Unallocated                  remain in the 'Issuer Not
                                Cooperating' category

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

Incorporated in 1986, Andhra Ferro Alloys Limited is engaged in the
production of ferro alloys. The company has two units - unit1 is
located at Srinivasanagar, Pendurthi, Vizianagaram district
(installed capacity is 3.5 million volt ampere (MVA)) and unit 2 is
located at Garbham, Vizianagaram district (installed capacity of
15.5 MVA). The unit 1 was dismantled during February 2009 and AFAL
is setting up 11MVA capacity ferro alloy unit each at unit 1 and 2.
The total cap-ex at unit 2 is Rs 26.34 crore funded by a term loan
of Rs 15.00 crore and is expected to be completed by April 2016.
The total capex at unit 1 is Rs 27.56 crore and was proposed to be
funded by term loan of Rs 17.00 crore; however the company has
deferred the construction of unit 1. AFAL is promoted and managed
by Mr. Brajendra Khandelwal who has over 25 years of experience in
the ferro alloy industry.


B. V. COT SPIN: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR21.15 crore bank facilities of B.
V. Cot Spin Industries continue to remain under Issuer Not
Cooperating category. The rating is denoted as '[ICRA]D ISSUER NOT
COOPERATING'; Rating continues to remain under 'Issuer Not
Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       18.00      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Term Loan          3.15      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

Established in 2012, B. V. Cot Spin Industries (BVCSI) is a
partnership firm with Mr. Babu Patel, Mr. Piyush Patel and Mr.
Bhavin Patel along with their family members as partners. The firm
gins and presses raw cotton to produce cotton bales and
cottonseeds. The commercial production of the firm commenced in
November 2013. BVCSI possesses 54 cotton ginning machines, with an
installed capacity of manufacturing 300-350 bales per 12 hours.


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

The detailed rating actions are:

-- INR1.250 bil. Fund-based working capital limits (Long-
     term/Short-term) affirmed and migrated to the non-cooperating

     category with IND D (ISSUER NOT COOPERATING) rating;

-- INR6.0 bil. Non-fund-based working capital limits (Short-term)

     affirmed and migrated to the non-cooperating category with   

     IND D (ISSUER NOT COOPERATING) rating;

-- INR7,743.1 bil. Term loans (Long-term) due on June 2022
     affirmed and migrated to the non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR837.4 mil. Proposed term loans (Long-term) is withdrawn*.

* the company has not utilized the facilities, as confirmed by the
lenders.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on June
13, 2019. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the ratings.

KEY RATING DRIVERS

The affirmation reflects BGR's instances of delays in debt/interest
servicing during the past 12 months.

The ratings have been migrated to NCO category as the company did
not participate in the rating exercise and has not provided the
no-default certificate for the past 12 months.

COMPANY PROFILE

Incorporated in 1988, BGR is a Hyderabad-based mining contractor,
majorly involved in overburden removal and coal extraction.


BLUE WHALE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Blue Whale Machinery Technologies Private Limited
        284, 2nd Floor, Between 17th and 18th Cross
        Sampige Road, Malleswaram
        Bangalore 560003
        Karnataka, India

Insolvency Commencement Date: July 10, 2020

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: January 6, 2021
                               (180 days from commencement)

Insolvency professional: Srinivas Thatikonda

Interim Resolution
Professional:            Srinivas Thatikonda
                         Flat No. 6, Nanda Ashirwad Apartments
                         No. 1, Canara Bank Colony
                         2nd Main, Chandra Layout
                         Bengaluru 560072
                         Karnataka
                         E-mail: srinivas@srinivasthatikonda.com

Last date for
submission of claims:    July 28, 2020


CONCRETE UDYOG: ICRA Withdraws B+ Rating on INR12cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Concrete Udyog Limited, as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-        12.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                 COOPERATING; Withdrawn

   Long Term-         5.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                 COOPERATING; Withdrawn
   
   Short Term-       13.00       [ICRA]A4; ISSUER NOT
   Non-Fund Based                COOPERATING; Withdrawn

Rationale

The rating assigned to Concrete Udyog Limited has been withdrawn at
the request of the company and based on the no objection
certificate received from the banker, and in accordance with ICRA's
policy on withdrawal and suspension. ICRA is withdrawing the rating
and that it does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed.

Key rating drivers
The key rating drivers have not been captured as the rated
instrument(s) are being withdrawn.

Liquidity position
Liquidity position has not been captured as the rated instruments
are being withdrawn.

Rating sensitivities
Rating sensitivities have not been captured as the rated
instruments are being withdrawn

CUL is engaged in the manufacturing of PCC Poles and PSC Pipes with
its manufacturing facilities situated in Jhansi and Jabalpur. The
major raw materials used by the company are cement and HT/GI Wire.
The concrete poles industry is intensely competitive and fragmented
marked by the presence of numerous smaller players in the
unorganized segment. This exerts pricing pressure on all the
players in the industry. Moreover, given the raw-material intensity
in the business, CUL's profitability remains susceptible to adverse
movements in the prices of major raw-materials; the risk being
further pronounced because the product procurement is not always
order backed. CUL has an installed capacity of ~127000 pieces per
annum for PCC Poles and 4800 pieces per annum for the manufacturing
of PSC Pipes. The capacity utilizations have been moderate at
75-85% in FY2016 & FY2017.


DISH INFRA: ICRA Withdraws C- Rating on INR200cr LT Loan
--------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Dish
Infra Services Private Limited (DISPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         200.0      [ICRA]C-; re-affirmed and
   Loans                        Withdrawn

   Long-term/       (200.0)     [ICRA]C-/[ICRA]A4; reaffirmed
   Short-term,                  and Withdrawn
   Fund-based/
   Non-fund
   Based Limits     

Rationale

While assigning the ratings, ICRA has taken a consolidated view of
Dish Infra Services Private Limited (DISPL), along with its parent,
Dish TV India Limited (DTIL or Dish TV), post amalgamation of
Videocon d2h Limited (Vd2h) into DTIL.

The ratings of [ICRA]C-/[ICRA]A4 on the INR200.0 crore bank
facilities of DISPL have been withdrawn at the request of the
company upon receipt of no dues certificates from the bankers, in
accordance with ICRA's policy on withdrawal and suspension of
rating of bank facilities.

The cash accruals of the company had weakened in 9M FY2020
(vis-a-vis 9M FY2019) owing to muted subscriber additions as well
as lower average revenue per user (ARPU). Coupled with significant
upcoming debt repayments, this translates into a poor liquidity
position for the company. The financial flexibility of the Essel
Group's promoters also remains weak as evinced in continued high
pledged promoter share-holdings. The promoters' shareholding in the
key listed entity of the Group, Zee Entertainment Enterprises
Limited (ZEEL), stood at 4.8% as on March 31, 2020 (of which,
16.38% was pledged). Furthermore, of the 54.56% of promoter's
shareholding in DTIL as on March 31, 2020, ~93.46% was pledged.
ICRA also notes the high potential liability of unpaid license fees
of ~Rs. 3,256.5 crore (as on March 31, 2019) on DTIL. This disputed
liability is, at present, subjudice. In the event of an adverse
verdict, cash outflows could be sizeable, resulting in further
weakening of the company's financial profile.

Direct-to-home (DTH) is a capital and technology-intensive industry
and DTIL is expected to remain in the investment mode over the near
term. DTIL also faces intense competition in the industry from
other DTH players, especially DD Freedish, as well as from
alternative technology platforms such as over-the-top (OTT) media
services, digital cable and internet protocol television (IPTV),
which can impact DTIL's subscriber acquisition plans and ARPU
improvement.

With a net active subscriber base of 23.95 million as on December
31, 2019, DTIL is among the top players in the domestic DTH / cable
industry. The current estimated analogue subscriber base of 20
million in India provides a huge opportunity for subscriber
addition and thus revenue growth. Nonetheless, the same will depend
on competition and ARPU movement.

Key rating drivers and their description

Credit strengths

* Among the top players in the domestic DTH/cable industry: With a
net active subscriber base of 23.95 million as on December 31,
2019, DTIL is among the top players in the domestic DTH / cable
industry.

* Digitisation of cable TV systems in India augurs well for revenue
growth: The Ministry of Information and Broadcasting (MIB),
Government of India, had laid down several deadlines for complete
digitisation of cable TV systems in India, which have witnessed
several deferments. While the sunset date for digitisation of Phase
4 areas was March 31, 2017, around 20 million subscribers remain on
the analogue mode, providing huge opportunity for subscriber
addition and, thus, revenue growth. Nonetheless, the same will
depend on competition and the
movement in ARPU.

Credit challenges

* Poor liquidity profile: The liquidity position of the company has
deteriorated owing to weakening of accruals due to muted subscriber
additions and moderation in ARPU. Coupled with significant upcoming
debt repayments, this has resulted in a poor liquidity position for
the company.

* Weak financial flexibility of the promoter Group: The financial
flexibility of the Essel Group's promoters remains weak. The
promoters' shareholding in the key listed entity of the Group,
ZEEL, stood at 4.8% as on March 31, 2020 (of which, 16.38% was
pledged). Furthermore, of the 54.56% of promoter's shareholding in
DTIL as on March 31, 2020, ~93.46% was pledged. On May 29, 2020,
Yes bank acquired ~24.19% of the paid-up share capital of DTIL (as
at March 31, 2020), pursuant to invocation of pledge on
default/breach of terms of credit facilities sanctioned by
Yes Bank to promoter Group companies including Essel Business
Excellence Services Limited, Essel Corporate Resources Private
Limited, Living Entertainment Enterprises Private Limited, Last
Mile Online Limited, Pan India Network Infravest Limited, RPW
Projects Private Limited, Mumbai WTR Private Limited and Pan India
Infraprojects Private Limited.

* Intensely competitive nature of DTH business: The company faces
intense competition from other DTH players, especially DD Freedish,
as well as from alternative technology platforms like OTT media
services, digital cable and IPTV, which can impact DTIL's
subscriber acquisition plans and ARPU improvement. Following the
entry of the new player, Reliance Jio, the competition in the
industry has further increased.

* Relatively lower ARPU than peers: DTIL's ARPU stood at INR200-205
per month in H1 FY2020, lower than other major players, given the
higher percentage of its subscriber base in the non-metro areas,
which are typically low ARPU generating regions.

* High potential liability on account of unpaid licence fees;
adverse ruling could weaken DTIL's financial profile: DTIL has a
high potential liability of unpaid licence fees of INR3,256.5 crore
as on March 31, 2019, for which the matter is at present subjudice.
Any adverse ruling for the same could result in moderation in the
financial profile.

* Capital and technology-intensive DTH industry requires constant
investments: DTH is a capital and technologyintensive industry, and
DTIL is expected to remain in the investment mode over the near
term.

Liquidity position: Poor

The liquidity position of the company is poor. The cash accruals of
the company have weakened on a YoY basis in 9M FY2020 owing to
muted subscriber additions and continued muted ARPU. Moreover, the
company has significant upcoming debt repayments in FY2021.

DISPL is a wholly-owned subsidiary of DTIL, which is a part of the
Essel Group of companies. Dish TV (combination of DTIL and DISPL)
is India's first DTH company to launch its service in May 2005. As
on December 31, 2019, it provided more than 700 channels and
services including 31 audio channels and 71 high definition (HD)
channels and services. Dish TV leverages multiple satellite
platforms including Asiasat 5, SES-8 and GSAT-15, making its total
bandwidth capacity equal to 1,278 MHz, the largest held by any DTH
player in the country. The company has a vast distribution network
of over 3,700 distributors and over 400,000 dealers that span
across 9,400 towns in the country. Furthermore, with effect from
March 22, 2018, Vd2h has been merged into and with DTIL, with
October 1, 2017 being the appointed date of the amalgamation. The
total net subscriber base of DTIL (representing the combined
entity) stood at 23.95 million as on December 31, 2019. With effect
from April 1, 2015, DTIL's infrastructure and support business has
been transferred to DISPL. The scheme has enabled the management to
streamline operations, wherein DTIL focuses on branding and
distribution, and DISPL focuses on DTH-related infrastructure and
service-related aspects. DTIL's other subsidiary is Dish TV Lanka
(Private) Limited in Sri Lanka, wherein it holds 70% of the share
capital and the balance 30% is held by Satnet. This company
commenced its operations in July 2015. DTIL also has a subsidiary
named C&S Medianet Private Limited, wherein it holds a 51% stake,
with the balance being held by Siti Networks Limited. C&S acts as a
negotiating agency for content/advertisement sales/carriage, etc,
for the television channel distribution industry (DTH and cable).

DTIL (consolidated) reported an operating income (OI) of INR2,687.3
crore, an operating profit before depreciation, interest and tax
(OPBDITA) of INR1,562.8 crore, and a net loss of INR198.6 crore in
9M FY2020. From Q1 FY2020 onwards, the company has been netting off
its programming costs from the total revenues, following the
implementation of the New Tariff Order (NTO) with effect from April
1, 2019. Adjusting for the change in reporting, the company's OI
(as per the previous tariff regime) stood at INR4,402.2 crore,
OPBDITA at INR1,390.6 crore, and net loss at INR325.3 crore in 9M
FY2020, as against an OI of INR4,767.4 crore, an OPBDITA of
INR1,629.3 crore and a profit after tax (PAT) of INR197.9 crore in
9M FY2019.


GANTA SRIRAM: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR.10.00-crore bank facilities of
Ganta Sriram Educational Society continue to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-         0.70       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                 COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term-         5.20       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/TL                 COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term-         4.10       [ICRA]B+(Stable) ISSUER NOT
   Unallocated                   COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

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

Ganta Sriram Educational Society was established in 2007. The
society runs "Ramachandra College of Engineering" in Eluru, West
Godavari district of Andhra Pradesh. The college is affiliated to
Jawaharlal Nehru Technological University, Kakinada. The courses
run by college are recognised and approved by All India Council for
Technical Education (AICTE).


HIRA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has continued the ratings for the INR9.00 crore bank
facilities of Hira Cotton Fibers. The rating is now denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING"; Rating continues to
remain under 'Issuer Not Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term         7.00       [ICRA]B+ (Stable); ISSUER NOT
   Cash                         COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Long Term-        2.00       [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                    COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

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

HCF, a partnership firm promoted by Khandelwal family of Sendhwa,
is engaged in cotton ginning and pressing. HCF's ginning unit based
at Chopda in District Jalgaon (Maharashtra) is equipped with 30
ginning machines and a bale pressing machine, whereby it
manufactures lint from kapas (raw cotton) and undertakes pressing
operation to produce cotton bales. Cotton seed, which is by-product
of ginning operation, is sold to oil extraction units.


IL&FS: Aims to Resolve Nearly 60% of Debt
-----------------------------------------
Reuters reports that Infrastructure Leasing & Financial Services
(IL&FS) said on July 20 it expected to resolve about 57% of its
near trillion rupee ($13.35 billion) debt pile even as the pandemic
delayed the resolution process in some of the group companies.

About 50% of the debt is expected to be resolved by March 2021, the
indebted infrastructure lender's board said in a progress report,
with 18% already addressed as of June end, Reuters relates. The
board had said in an update in October that it aimed to resolve 50%
of the debt by March this year.

"So far whatever we have achieved, I do believe, is relatively
successful given the current macro-economic situation, because this
has been a triple whammy for all of us: bad lending, no follow up,
and economic disaster all around," Vice-Chairman Vineet Nayyar told
reporters, Reuters relays.

The new board, led by banker Uday Kotak, was appointed by the
government in 2018 after a series of defaults by IL&FS and its
group companies triggered concerns of a bad debt crisis in India's
shadow banking sector, recalls Reuters.

Since then, management has put several of its group companies up
for sale to raise funds to pay off creditors.

The total number of group entities has fallen to 276 from 347, the
company said, adding that only 60 group entities will remain by
March 2021, according to Reuters.

The coronavirus pandemic has led to one bidder walking away from a
road project at the last minute and is expected to erode the value
of bids in real estate assets, Managing Director CS Rajan said,
Reuters relays. The claims process is also a challenge, with
liquidity constraints at state governments, he added.

"This is the game plan we have given considering the risks, to the
best of our judgment," Reuters quotes IL&FS' non-executive chairman
Uday Kotak as saying. "Therefore we are putting out transparently
things as we see today, and our reasonable estimate of how things
look as we go forward."

                            About IL& FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific, the
Indian Express related that the Indian government, in October 2018,
stepped in to take control of crisis-ridden IL&FS by moving the
National Company Law Tribunal (NCLT) to supersede and reconstitute
the board of the firm which has defaulted on a series of its debt
payments. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.


INDIANA HOSPITAL: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR.25.00-crore bank facilities of
Indiana Hospital and Heart Institute Limited Continues to remain
under 'Issuer Not Cooperating' category'. The ratings are denoted
as "[ICRA]B(stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-         1.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                 COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term-        23.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based/TL                 COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term-        (3.80)      [ICRA]B (Stable) ISSUER NOT
   Interchangeable               COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

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

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

Originally incorporated as Alif Institute of Medical Sciences
Private Limited on 7th August, 2006, Indiana Hospital and Heart
Institute Limited operates the 163 bed tertiary care
multi-specialty hospital named Indiana Hospital and Heart Institute
(Indiana Hospital) located at Mangalore. The company has been
promoted by two brothers – Dr. Yusuf Kumble and Dr. Ali Kumble.
The company started its operations in November of 2011 and the
hospital was officially inaugurated in May 2012. Since then, the
hospital has been continuously upgrading its facilities to include
more departments, newer machines and a larger number of doctors-
both in-house and visiting.


INSTYLE EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR62.00 crore bank facilities of
Instyle Exports Private Limited continue to remain under Issuer Not
Cooperating category. The rating is denoted as '[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING'; Rating continues to remain under 'Issuer
Not Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term:        52.75      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Long Term:         5.50      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                    Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Short Term:        3.75      [ICRA]D; ISSUER NOT COOPERATING;
   Nonfund based                Rating Continues to remain under
   Limits                       the 'Issuer Not Cooperating'
                                category

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

Instyle Exports Private Limited (IEPL) was incorporated in 1981 for
manufacturing and exports of garments. IEPL supplies women's
garments primarily blouses, skirts, jackets, trousers, etc. IEPL
has two manufacturing facilities, both located in Gurgaon, Haryana,
with a collective manufacturing capacity of 4 Lakh pieces per
month. The company primarily exports to European countries like
Germany, France, Denmark, Netherlands, and Turkey.


JOHNSON JEWELERS: Ind-Ra Lowers LongTerm Issuer Rating to 'B-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Johnson
Jewelers' (JJ) Long-Term Issuer Rating to 'IND B-' from 'IND B+'.
The Outlook is Stable. The instrument-wise rating actions are given
below:

-- INR120 mil. (reduced from INR150 mil.) Fund-based working
capital limits downgraded
     with IND B-/Stable rating.

The downgrade reflects a continued decline in JJ's operational
performance and likely further deterioration in its credit profile
in FY21 owing to the COVID-19 pandemic and lockdown, as well as the
increase in gold prices.

KEY RATING DRIVERS

The downgrade reflects a continued decline in JJ's small scale of
operations. The revenue declined to INR468.55 million in FY20
(FY19: INR902 million) due to an increase in the price of gold as
well as intense market competition. FY20 financials are provisional
in nature. Ind-Ra expects the company's sales to decline in FY21,
owing to the COVID-19 lockdown.

The ratings are constrained by JJ's modest EBITDA margin of 5.1% in
FY20 (FY19: 2.8%). The margin expanded on account of inventory gain
and profitable investments in gold and diamonds. The return on
capital employed stood at 11.7% in FY20 (FY19: 12.8%).

The ratings also factor in the company's modest credit metrics. The
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.06x (1.12x) due to the fall in absolute EBITDA
toINR24.09 million (INR25.35 million). The company's net leverage
(net debt/EBITDA), however, marginally improved to 7.13x in FY20
(FY19: 7.46x) due to a decline in the external borrowings. Ind-Ra
expects the credit metrics to deteriorate significantly in FY21 on
account of a significant deterioration in the operating profit
backed by the decline in revenues. The company's EBITDA is lower
than its interest expenses and the management plans to mitigate the
risk of delay in interest serving by infusing unsecured loan and
reducing the inventory holding.

Liquidity Indicator - Poor: JJ had a few instances of
over-utilization of its fund-based working capital limits over the
12 months ended March 2020. Its average utilization of fund-based
working capital facilities, too, was high at around 91.82% over the
same period. Moreover, the net cash conversion cycle elongated to
143 days in FY20 (FY19: 77 days) owing to an increase in inventory
days to 143 days (78 days). JJ's cash flow from operations turned
positive to INR10.06 million in FY20 (FY19: negative INR21.30
million). At FYE20, the cash and cash equivalents stood at INR1.14
million (FYE19: INR0.94 million). The company has availed the
Reserve Bank of India-prescribed moratorium on all its fund-based
working capital installments for March-August 2020 and on all the
interest obligations for June-August 2020. Ind-Ra expects the
company's liquidity position to deteriorate in FY21 on account of
the expected decline in revenue, with high utilization of the
working capital limits due to a stretch in inventory days as the
company has to maintain a significant amount of finished goods in
their showrooms for retail customers.

The ratings, however, continue to benefit from the founders'
experience of over 10 years in the jewelry trading business.

RATING SENSITIVITIES

Negative: A lower-than-expected deterioration in the revenue and
credit metrics along with failure to reduce inventory holding will
be negative for the ratings.

Positive: A substantial improvement in the revenue, leading to an
improvement in the credit metrics with interest coverage rising
above 1.3x will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1996 as a proprietorship firm, JJ is engaged in
retail and wholesale trading of gold, diamond, silver, and other
precious gem-studded jewelry. The firm has its own showroom in
Ahmedabad, which is run by Mr. Anil Soni.


METAWOOD DISPLAY: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR20.00 crore bank facilities of
Metawood Display System continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term,        20.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                   Rating continues to remain under
   Limit                        'Issuer Not Cooperating'
                                Category

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

Metawood Display Systems ('MDS') was established in 1997 as a
partnership firm by Mr. Sachin Doshi and Mr. Chandravadan Doshi.
MDS is engaged in manufacturing and trading of modular furniture
used in offices, educational institutes and homes. Its product
profile includes workstations, partitions, storages, meeting
tables, institutional furniture etc. which are designed and
developed as per the needs of the customers.


MUZAFFARPUR VIDYUT: Ind-Ra Moves D Issuer Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Muzaffarpur Vidyut
Vitaran Limited's (MVVL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR728.2 mil. Term loan (Long-term) due on June 30, 2027
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR100 mil. Fund-based working capital facility (Long-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR415.4 mil. Non-fund-based working capital facility (Short-
     term) migrated to non-cooperating category with IND D (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

Founded in April 2013, MVVL is a special purpose vehicle, sponsored
by Utilities Grid Solutions Limited. The sponsor is owned by Essel
Utilities Distribution Company Limited, which is an engineering
procurement and construction arm of Pan India Network Infravest.
MVVL operated as a power distribution franchise in the Muzaffarpur
circle in Bihar.


NETMATRIX CROP: ICRA Lowers Rating on INR38.50cr Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Netmatrix Crop Care Limited, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        11.25      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                COOPERATING; Rating downgraded
                                from [ICRA]BB-(Stable) ISSUER
                                NOT COOPERATING and continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Long Term-        16.95      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based TL                COOPERATING; Rating downgraded
                                from [ICRA]BB-(Stable) ISSUER
                                NOT COOPERATING and continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Long Term-        38.50      [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                  COOPERATING; Rating downgraded
                                from [ICRA]BB-(Stable) ISSUER
                                NOT COOPERATING and continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Short Term-        3.50      [ICRA]A4 ISSUER NOT COOPERATING;
   Non Fund Based               Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

Rationale

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

As part of its process and in accordance with its rating agreement
with Netmatrix Crop Care Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
products, primarily Chlorpyrifos Technical which is the single
largest used organophosphate insecticide. The company operates
through its manufacturing facilities at Vapi, Gujarat and
Visakhapatnam, Andhra Pradesh. The company is managed by Mr. B.
Chandrasekar, who has more than 25 years of experience in the
agro-chemical industry.


PADMAVATHI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR.11.00-crore bank facilities of
Padmavathi Cotton Industries continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         4.50       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                 COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term-         6.50       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/TL                 COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

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

Padmavathi Cotton Industries, located at Chintapally Mandal in
Nalgonda district of Telangana, is a partnership firm established
in March 2015 and started its operations on 28th January 2016. The
firm is engaged in cotton ginning. The ginning facility includes 48
double roller gins, auto pressing and an auto feeder. The installed
capacity of the ginning and pressing unit is 351000 Quintals of
kappas per annum.


PANNAGESHWAR SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR43.14 crore bank facilities of
Pannageshwar Sugar Mills Limited continue to remain under Issuer
Not Cooperating category. The rating is denoted as '[ICRA]D ISSUER
NOT COOPERATING'; Rating continues to remain under 'Issuer Not
Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–       25.14      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                    Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Fund based        18.00      [ICRA]D; ISSUER NOT COOPERATING;
   limits–Cash                  Rating Continues to remain under
   Credit                       the 'Issuer Not Cooperating'
                                category

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

Established in 1999, Pannageshwar Sugar Mills Limited (PSML) is
involved in manufacture and sale of sugar. The company promoted by
Late Shri Gopinath Munde launched its commercial operations in the
season 2001-2002. The company is currently chaired by Mrs.
Pradnyatai Gopinath Munde – Khade, Chairman and Managing
Director.


PATODIA GINNING: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M/s Patodia
Ginning Factory's Long-Term Issuer Rating of 'IND D (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR8.69 mil. Term loan (long-term)* due on April 2018
     maintained in non-cooperating category and withdrawn; and

-- INR141.31 mil. Fund-based facilities (long-term)* maintained
     in non-cooperating category and withdrawn.

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

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders before
June 30, 2020. This is consistent with the Securities and Exchange
Board of India's circular dated March 31, 2017, for credit rating
agencies.

COMPANY PROFILE

M/s Patodia Ginning Factory is a manufacturer and wholesale
supplier of cottonseed oil cake, cotton cake, cotton seed, cotton
bales, raw cotton bales, and cotton fiber. It commenced production
in 2006.


PRACHI PRIVATE: Ind-Ra Affirms BB Issuer Rating, Outlook Negative
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Prachi (India)
Private Limited's (PIPL) Outlook to Negative from Stable while
affirming its Long-Term Issuer Rating at 'IND BB'.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limits affirmed; Outlook revised to
     Negative from Stable with IND BB/Negative/IND A4+ rating;

-- INR103 mil. (reduced from INR120.78 mil.) Term loans due on
     January 2028 affirmed; Outlook revised to Negative from
     Stable with IND BB/Negative rating;

-- INR54.52 mil. (reduced from INR60 mil.) Term loan* due on
     February 2028 assigned with IND BB/Negative rating; and

-- INR30 mil. Non-fund-based limits affirmed with an IND A4+
rating.

*The final rating has been assigned upon the receipt of the
executed loan documents for the above facilities by PIPL to the
satisfaction of Ind-Ra.

The Negative Outlook reflects PIPL's elongated working capital
cycle that led to a tight liquidity position in FY20 and Ind-Ra's
expectations that the cycle will remain stretched in FY21 due to
the COVID-19-led economic disruption.

KEY RATING DRIVERS

Liquidity Indicator – Stretched: PIPL's average maximum
utilization of fund-based limits was almost full (99.89%) for the
12 months ended May 2020. The cash flow from operations (CFO) had
turned negative to around INR28 million in FY19 (FY18: INR107
million) mainly due to the increase in working capital
requirements. The CFO is likely to have been negative in FY20 as
well due to a further increase in the working capital requirement.
The company's working capital cycle deteriorated to 142 days in
FY20 (FY19: 90 days; FY18: 75 days) due to an increase in inventory
and a stretch in the receivables due to the COVID-19 disruptions
during the year-end. PIPL's term loan repayment is high at around
INR17.69 million and INR24.73 million in FY21 and FY22,
respectively. The company has availed the Reserve Bank of
India-prescribed moratorium for the interest and principal
repayments over March-August 2020. FY20 numbers are provisional in
nature.

The affirmation reflects PIPL's continued medium scale of
operations with revenue of INR876.75 million in FY20 (FY19: 807.25
million). The revenue grew at a CAGR of 6.61% over FY18-FY20,
driven by both an increase in sales volume on the back of the
addition of new titles by the company and the addition of new
customers, and by an increase in sales prices.

The company's EBITDA margins remained modest even as they improved
to 7.51% in FY20 from 6.41% in FY19 due to a decline in the other
costs' contribution to the revenue to 42% from 45%. In FY19 (FY18:
6%), the margins improved on the back of reduced raw material
costs. The return on capital employed was 11.6% in FY20 (FY19:
10.7%).

The company achieved low revenue of around INR100 million in 1QFY21
(until June 26, 2020) due to the nationwide lockdown during April
2020. Ind-Ra believes the ongoing COVID-19 led disruptions will
have only a slight impact on the company's top line and EBITDA
margins in FY21 as the company, being in the education sector,
generates its major revenue over December-April. PIPL's management
expects most schools to operationalize fully post-November 2020.

The ratings also factor in the company's modest credit metrics with
the interest coverage (operating EBITDA/gross interest expense) of
2.31x in FY20 (FY19: 2.40x) and the net leverage (adjusted net
debt/operating EBITDAR) of 5.58x (6.15x). The interest coverage
declined slightly in FY20 due to an increase in the interest
expense to INR28.49 million (FY19: INR21.54 million) and the net
leverage improved mainly due to the increase in EBITDA to INR65.81
million (INR51.76 million). However, the company availed INR56.61
million of short-long term loans and INR28 million unsecured loans
from directors in FY20 to fund the increased working capital
requirements.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and the working
capital cycle leading to an improvement in the liquidity position
and the interest coverage remaining above 1.7x will lead to the
Outlook being revised back to Stable.

Negative: Lower-than-expected scale of operations or profitability
and/or further elongation of the working capital cycle leading to
further deterioration in the liquidity position and the interest
coverage falling below 1.7x will be negative for the ratings.

COMPANY PROFILE

Delhi-based PIPL was established in 1999 by Mukesh Tyagi, Rakesh
Tyagi, and Savitri Tyagi. The company is primarily engaged in the
publishing and distribution of textbooks and study material for
classes from nursery to 12. The company has outsourced activities
related to the printing and binding of books. The company supplies
its products to public schools across India.


PRIME URBAN: Ind-Ra Lowers LongTerm Issuer Rating to 'B-'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Prime Urban
Development India Limited's (PUDIL) Long-Term Issuer Rating to 'IND
B-' from 'IND B+' and has simultaneously migrated it to the
non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the ratings. The rating will
now appear as 'IND B- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR210 mil. Fund-based facilities Long-term rating downgraded;

     short-term rating affirmed and migrated to non-cooperating
     category with IND B- (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects a breach of Ind-Ra's negative rating
guidelines for revenue and profitability by PUDIL as the company
continued to report EBITDA losses in FY20. The EBITDA losses
widened to INR61 million in FY20 (FY19: INR8 million), primarily
due to a plunge in revenue to INR534 million (INR1,519 million)
resulting from a lower revenue contribution from the cotton segment
to INR501 million (INR1,293 million), along with an increase in
construction costs in the real estate segment. The credit metrics
thus remained weak.

Liquidity Indicator - Stretched: PUDIL's cash flow from operations
turned positive, but were low at INR68 million in FY20 (FY19:
negative INR13 million), due to an improvement in its working
capital cycle to negative 130 days from negative 9 days, resulting
from an increase in creditor period to 250 days from 107 days.
Also, the company had a meagre cash balance of INR2 million at
FYE20 (FYE19: INR6 million).

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

RATING SENSITIVITIES

Positive: An improvement in the operating profitability to a
positive level, leading to an improvement in the liquidity position
will be positive for the ratings.

Negative: Any further decline in the revenue or profitability,
leading to deterioration in the credit metrics or a further stretch
in the liquidity position will be negative for the ratings.

COMPANY PROFILE

Started operations in 1936, PUDIL is in the business of real estate
and trading of cotton yarn.


PROSEED FOUNDATION: ICRA Keeps B+ on INR10cr Debt in NonCooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Proseed Foundation (Proseed) continues to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-        9.86      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                    COOPERATING; Rating continues
                                to remain under the 'Issuer Not
                                Cooperating' category

   Unallocated        0.14      [ICRA]B+ (Stable) ISSUER NOT
                                COOPERATING; Rating continues
                                to remain under the 'Issuer Not
                                Cooperating' category

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

Incorporated in 2009, Proseed Foundation is a charitable trust
which has been promoted by the Career Point Group which has
presence in informal education (tutorial services) and formal
education (K-12 and higher education) segments. Till AY2014-15,
Proseed Foundation runs and operates Career Point Technical Campus
in Mohali (Punjab) which offers courses in engineering (B.Tech
course in 6 disciplines) and management (MBA in 3 disciplines).
However, since AY2015- 16 there is change in scope of operations
for the trust with closing of this technical institute and start of
residential school campus. The concept was borrowed from the group
company Career Point Limited, which already runs similar kind of
residential cum school campus in Kota since FY2000. The course is
divided into two parts Foundation Years (Grade 6th to 10th) and
Target Years (Grade 11th, 12th and 12th pass). The trust is headed
by Mr. Om Prakash  Maheshwari, who is also the executive director
and CFO of Career Point Limited (Flagship Company of the Career
Point group).


RADHA KRISHNA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR.15.00-crore bank facilities of
Sri Radha Krishna Rice Industry continue to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         11.25      [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                 COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term–          3.75      [ICRA]B+(Stable) ISSUER NOT
   Unallocated                   COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

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

Sri Radha Krishna Rice Industry was established as a partnership
firm in 2003 by Mr. K. Brahmaiah and other family members, who have
more than 20 years of experience in rice milling business. The rice
mill is located in the Nellore District of Andhra Pradesh and is
engaged in milling of paddy to produce boiled rice, broken rice and
bran. It has an installed capacity of 57,600 per annum.


RAVINDRA RICE: ICRA Keeps B+ on INR16.5cr Loan in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR16.50-crore bank facilities of
Ravindra Rice & General Mills continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based          16.50      [ICRA]B+(Stable) ISSUER NOT
   limits                         COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

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

RRGM is a partnership firm promoted by Mr. Ravindra and his family
members. The firm is primarily involved in milling of Basmati rice.
It is also involved in converting semi-processed rice into
parboiled Basmati rice. RRGM's milling unit is based out of
Jalalabad district, Ferozpur in close proximity to the local grain
market.


RAVIRAJ HI-TECH: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
Raviraj Hi-Tech Private Limited continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term-Term      9.93       [ICRA]D ISSUER NOT COOPERATING;
   Loan Limits                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long term-Cash      5.00       [ICRA]D ISSUER NOT COOPERATING;
   Credit Limits                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long term           0.07       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    Rating continues to remain
   Limits                         under 'Issuer Not Cooperating'
                                  Category

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

Established in 2000, Raviraj Hi-tech Private Limited (RHPL) is
engaged in manufacturing and supply of wide range of precision
machined components mainly used in variety of products and
sub-assemblies. RHPL currently manufactures precision machined
components mainly catering to automobiles and electronics
industries made out of raw materials such as mild steel, stainless
steel, aluminium and brass.


S.K. AGROS: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
S.K. Agros continue to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B(Stable) ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based         9.50      [ICRA]B(Stable) ISSUER NOT
                                COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Term Loan          0.50      [ICRA]B(Stable) ISSUER NOT
                                COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

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

S.K. Agros is a partnership firm, engaged in the business of
milling, processing and selling of basmati rice, and has a fully
automated plant at Fazilka (Punjab) which has a milling capacity of
4 tonnes per hour. The by-products of basmati rice viz husk, rice
bran and 'phak' are sold in the domestic market.


SIDDIRAMESHWAR AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR52.00-crore bank facilities of Sri
Siddirameshwar Agro Industries Private Limited continue to remain
under 'Issuer Not Cooperating' category'. The ratings are denoted
as "[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         45.00     [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Long Term-         1.25      [ICRA]B (Stable) ISSUER NOT
   Fund Based TL                COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Long Term/         6.78      [ICRA]B(Stable)/[ICRA]A4 ISSUER
   Short Term-                  NOT COOPERATING; Rating continues
   Unallocated                  to remain in the 'Issuer Not
                                Cooperating' category


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

Incorporated in the year 2009, Sri Siddirameshwar Agro Industries
Private Limited (SSAIPL) is engaged in trading and milling of paddy
and produces raw rice, steamed rice and boiled rice. The rice mill
is located at Kaloor village of Nizamabad district, Telangana. The
installed production capacity of the rice mill is 20 tons per hour.
SSAIPL sells its rice in the retail market under the brand name
'KCP'. SSAIPL had also previously ventured into trading, processing
and refining of soya and sunflower seeds which was discontinued in
FY2017.


SRINIVASA HAIR: ICRA Lowers Rating on INR25cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Srinivasa Hair Industries, as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-        25.00       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                 COOPERATING; Rating downgraded
                                 from [ICRA]BB(Stable) ISSUER
                                 NOT COOPERATING and continues
                                 To remain in the 'Issuer Not
                                 Cooperating' category

   Long Term-         8.31       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/TL                 COOPERATING; Rating downgraded
                                 from [ICRA]BB(Stable) ISSUER
                                 NOT COOPERATING and continues
                                 To remain in the 'Issuer Not
                                 Cooperating' category

   Long Term-Non     15.00       [ICRA]B+(Stable) ISSUER NOT
   Fund Based                    COOPERATING; Rating downgraded
                                 from [ICRA]BB(Stable) ISSUER
                                 NOT COOPERATING and continues
                                 To remain in the 'Issuer Not
                                 Cooperating' category

   Long Term-        0.19        [ICRA]B+(Stable) ISSUER NOT
   Unallocated                   COOPERATING; Rating downgraded
                                 from [ICRA]BB(Stable) ISSUER
                                 NOT COOPERATING and continues
                                 To remain in the 'Issuer Not
                                 Cooperating' category

Rationale

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

As part of its process and in accordance with its rating agreement
with Srinivasa Hair Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

Established by Mr. KK Gupta & family member in 1983, Srinivasa Hair
Industries (SHI) is primarily engaged in the export (trading) of
human hair and procures both remy (tonsured hair) as well as the
non-remy variety (fallen hair) for its business model. After
processing the hair, the hairs are exported to overseas
manufacturers of hair extensions, wigs, toupees, hair pieces and
hair weavings. The firm exports to more than 10 markets, with
China, Brazil, Italy, Spain and the USA being major markets.


SUNNY EXPORTS: ICRA Keeps D on INR8cr Bank Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
Sunny Exports Limited continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term         5.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain
   Limits                       under 'Issuer Not Cooperating'
                                category

   Long Term/       (2.25)      [ICRA]D/[ICRA]D ISSUER NOT  
   Short Term–                  COOPERATING; Rating continues
   Interchangeable              to remain under 'Issuer Not
   Limit                        Cooperating' category

   Unallocated      10.00       [ICRA]D/[ICRA]D ISSUER NOT
   Limits                       COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

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

Established in 2000, Sunny Exports is a partnership concern
involved in manufacturing polished diamonds of sizes up to 2 carats
and trading of polished diamonds of 2 to 10 carats. The partners of
the firm are Mr. Shailesh Parikh, Mr. Atul Parikh and his son, Mr.
Sunny Parikh. The firm has its manufacturing facility in Navsari
(Gujarat) and its marketing offices in Mumbai.


SWARAJ INDIA: Ind-Ra Hikes Issuer Rating to 'BB+', Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Swaraj India Agro
Limited's (SIAL) Long-Term Issuer Rating to 'IND BB+' from 'IND D'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR230.0 mil. Fund-based facilities upgraded with IND BB+ /
     Stable/IND A4+ rating; and

-- INR1,904.3 bil. Term loans due on October 2025 upgraded with
     IND BB+/Stable rating.

The upgrade reflects an improvement in SIAL's liquidity position
with no instances of overutilization of its fund-based limits
during the six months ended June 2020.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: SIAL's average peak utilization of
the fund-based limits (excluding pledge loan) continued to be high
at 96.2% and that of the pledge loan was 36.2% in the six months
ended June 2020. However, the total outside liabilities /total net
worth (unsecured debt is considered as quasi equity as it is a
subordinated debt) improved to 3.5x in FY20 (FY19: 5.6x, FY18:
5.6x) due to an increase in its preference shares by INR240
million, and an unsecured loan of INR87.5 million which was
partially used to fund the capex. SIAL's operating cash flow from
operations surged to INR403 million in FY20 (FY19: INR185 million,
FY18: negative INR819 million) owing to favorable changes in
working capital. The net working capital cycle improved to 451 days
in FY20 (FY19: 525 days) due to a decrease in receivable period to
31 days (48 days) and inventory holding period to 485 days (591
days). The management informed Ind-Ra that all cane arrears of FY20
were repaid in March 2020. The company has scheduled debt
repayments of INR422.9 million in FY21. FY20 numbers are
provisional in nature.

The ratings also factor in the company's medium scale of
operations. Its revenue declined to INR1,969.80 million in FY20
(FY19: INR2,509.43 million) mainly on account of a delay in
commencement of crushing, which could only start from December 2019
due to unexpected rains during November and December 2019. This
resulted in a reduction in gross crushing period to 112 days in
sugar season (SS) 19-20 (SS 18-19: 138 days). As a result, the
total quantity of cane crushed also declined substantially to
2,50,000 metric tons (mt) in SS19-20 (SS18-19: 6,38,000mt), leading
to a decline in sugar production to 22,375mt from 67,934mt. SIAL's
non-sugar revenue increased to INR624 million in FY20 (FY19: INR503
million). Ind-Ra believes an improvement in the operational
performance resulting from an increase in crushing days, and an
increase in recovery rate of sugar will be key for revenue growth
in FY21.

SIAL's EBITDA margin remained modest with a return on capital
employed of 8% in FY20 (FY19: 7%). The margin improved to 27.4% in
FY20 (FY19: 21.5%) mainly on account of an increased proportion of
high-margin non-sugar revenue in the sales mix. Ind-Ra believes
that the company's ability to increase its high-margin non-sugar
revenue (especially ethanol) would drive the EBITDA margin in
FY21.

The ratings also remain constrained by SIAL's weak credit metrics.
Its leverage (adjusted gross debt/EBITDA continued to be high at
7.2x in FY20 (FY19: 7.1x; FY18: 9.2x), mainly on account of high
debt levels. SIAL's interest coverage (interest expenses/EBITDA)
deteriorated to 1.9x in FY20 (FY19: 2.3x).

However, the ratings continue to be supported by the promoter's
over two decades of experience in the agri-based industry.

RATING SENSITIVITIES

Positive: A significant improvement in the crushing capacity in
SS20/21, leading to the leverage reducing below 4x, along with an
improvement in the liquidity position would be positive for the
ratings.

Negative: Further deterioration in the operating performance or
liquidity position or elongation of the working capital cycle would
be negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, SIAL manufactures sugar at its fully
integrated facility located in Phaltan taluka of Satara district of
Maharashtra. It has a sugarcane crushing unit with a daily capacity
of 5,000 tons, a 19.50MW cogeneration unit, and a 60,000 liters per
day distillery unit.


TEAM ENGINEERS: ICRA Keeps B- on INR7.5cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR7.50-crore bank facilities of Team
Engineers Advance Technologies India. Pvt. Ltd. continue to remain
under 'Issuer Not Cooperating' category'. The ratings are denoted
as "[ICRA]B-(Stable) ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         6.25      [ICRA]B-(Stable) ISSUER NOT
   Fund Based/CC                COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Long Term-         1.25      [ICRA]B-(Stable) ISSUER NOT
   Unallocated                  COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

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

Team Engineers was incorporated as a partnership firm in 1980 and
subsequently converted into a private limited company in
August'2011 and named Team Engineers Advance Technologies India
Private Limited (TEATIPL). TEATIPL is based out of Hyderabad and is
an ISO 9001:2008 certified company. In the initial years, the firm
was engaged in the business of developing emergency lighting
systems for general and industrial applications. Since 1990s, the
company has migrated to Digital Subscriber Line (DSL) based
technologies and currently the firm has a product portfolio of 30
products which includes DSL modems, Ethernet over TDM converters,
Ethernet over Fiber, Ethernet over DSL and other Ethernet access
devices which are deployed for various telecommunication
applications.


VASAVI COTTON: ICRA Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR.7.00-crore bank facilities of Sri
Vasavi Cotton Industries continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B-(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         2.50      [ICRA]B-(Stable) ISSUER NOT
   Fund Based/CC                COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Long Term-         3.49      [ICRA]B-(Stable) ISSUER NOT
   Fund Based TL                COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Long Term/         1.01      [ICRA]B-(Stable)/[ICRA]A4 ISSUER  
   Short Term–                  NOT COOPERATING; Rating
continues
   Unallocated                  to remain in the 'Issuer Not
                                Cooperating' category

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

Founded in year 2014 as a partnership firm, Sri Vasavi Cotton
Industries (SVCI) is engaged in cotton ginning and pressing
activities with a product mix of cotton lint and cotton seed. The
manufacturing unit of the firm is located at Gajwel village of
Medak district, Andhra Pradesh. The manufacturing unit comprises of
36 double roller gins with capacity to produce 583 quintals of
cotton lint per day.


VEERAJ CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Veeraj Construction continue to remain under Issuer Not Cooperating
category. The rating is denoted as '[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING'; Rating continues to remain under 'Issuer Not
Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–         3.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based–                  Rating Continues to remain under
   Cash Credit                  the 'Issuer Not Cooperating'
                                category

   Short Term –       6.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based               Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

Veeraj Construction, a partnership firm based out of Nashik,
Maharashtra, is involved in executing irrigation and water supply
projects on a turnkey basis. The firm was established as a
proprietorship firm in 2006 by Mr. Sanjay Kotecha who traces his
lineage to Kotecha Group which is a manufacturer of prestressed
pipes in India. The proprietorship concern was converted into a
partnership firm in 2009, with Mrs. Vandana Kotecha, wife of Mr.
Sanjay, as the other partner.


VENKATA UMASHANKAR: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR.33.00-crore bank facilities of
Sri Venkata Umashankar Spintex Private Limited continue to remain
under 'Issuer Not Cooperating' category'. The ratings are denoted
as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         33.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based TL                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

Sri Venkata Umashankar Spintex Private Limited, incorporated on 4th
May 2010 with an object to set up Cotton Spinning Mill with 20,160
spindles. The company is promoted by Sri Chundur Naga
Veeranjaneyulu and his family members who have been involved in the
cotton industry for more than 2 decades. The company has successful
ramp up of operations in July 2013 to manufacturing cotton yarn of
32s count.


VIRGIN ROCK: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR.7.41-crore bank facilities of
Virgin Rock Private Limited continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         3.00       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                 COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term-         3.00       [ICRA]B+(Stable) ISSUER NOT
   Fund Based TL                 COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term/         1.41       [ICRA]B+(Stable)/[ICRA]A4
   Short Term-                   ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain
                                 in the 'Issuer Not Cooperating'
                                 category

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

Incorporated in 2007, Virgin Rock Private Limited (VRPL) is
primarily into mining of granite. The company operates a quarry
based out of Srikakulam in Andhra Pradesh. The company also
acquired leasing rights for another quarry in Anakapalle, near
Visakhapatnam in FY2013 which is yet to be operational. The
majority of the sales of the company are from exports to Italy, US,
Poland, Taiwan, Hong Kong, China, Poland and Switzerland while a
small portion of it comes from the domestic market. The company
sells its product under brand name "Vizag Blue".


VODAFONE IDEA: Ind-Ra Withdraws 'B' LongTerm Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vodafone Idea
Limited's (VIL) Long-Term Issuer Rating of 'IND B'.  The rating was
earlier on Rating Watch Negative (RWN).

The instrument-wise rating action is:

-- INR35 mil. Non-convertible debentures (NCDs) INE713G08046
     issued on June 12, 2015 8.25% coupon rate due on July 10,
     2020 is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the NCDs
have been paid in full.

COMPANY PROFILE

VIL is a telecommunication service provider, offering voice and
data services across all 22 service areas in India. It had a
broadband subscriber base of 118.25 million at end-February 2020.


ZIBON CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has continued the ratings for the INR8.70 crore bank
facilities of Zibon Ceramic Pvt. Ltd. The rating is now denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING"; Rating
continues to remain under 'Issuer Not Cooperating' category.

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

   Term Loan           4.74     [ICRA]B+ (Stable); ISSUER NOT
                                COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Bank Guarantee      0.75     [ICRA]A4 ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Unallocated
   Limits              0.21     [ICRA]B+ (Stable)/[ICRA]A4 ISSUER
                                NOT COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

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

Incorporated in February 2014, Zibon Ceramic Pvt. Ltd. is engaged
in manufacturing of digitalised ceramic wall tiles through its
manufacturing facility located in Morbi, Gujarat, with an installed
capacity to manufacture ~9,000 boxes of ceramic wall tiles per day.
The company started commercial operations from July 2015 onwards.




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

AGUNG PODOMORO: Fitch Cuts IDR to CCC- on Liquidity Risk Increase
-----------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based developer PT Agung
Podomoro Land Tbk's Long- Term Issuer Default Rating and the rating
on the company's USD300 million 5.95% notes due 2024 to 'CCC-' from
'CCC+'. The Recovery Rating on the notes remains at 'RR4'. The
notes are issued by APLN's wholly owned subsidiary, APL Realty
Holdings Pte. Ltd., and guaranteed by APLN and several of its
subsidiaries.

The downgrade reflects APLN's heightened liquidity risk stemming
from the maturity of its IDR350 billion medium-term note due on
August 20, 2020. Fitch estimates that APLN no longer has sufficient
cash to repay the note following weak property sales and cash
collections stemming from the economic impact of the coronavirus
pandemic. The company expects to complete the sale of an investment
property by end-July, which, if successful, will materially improve
APLN's liquidity and support the repayment of the MTN. However,
Fitch believes there are meaningful risks to a timely completion of
this transaction.

APLN says it has around IDR500 billion of undrawn bank lines at the
subsidiary that issued the MTN, but confirmed that these lines will
not be available to repay the MTN because of banks' greater risk
aversion and tighter liquidity in the current environment.

KEY RATING DRIVERS

Weak Holdco Liquidity: The downgrade also reflects its expectations
that APLN may not have sufficient liquidity at the holding company
to meet the USD12 million coupon payment due in December 2020 on
its US dollar notes, unless it can complete sale of the investment
property or other external support is forthcoming. The pandemic has
weakened cash flow at APLN's property projects. This has
constrained APLN's ability to pay dividends to the holding company,
which is the parent guarantor of APLN's USD300 million unsecured
notes. In addition, there is a further USD127 million term loan due
in March 2021.

APLN said that it has received around IDR90 billion in dividends at
the holding company up to 1H20 (2019: IDR600 billion), and dividend
receipts for the 2H20 will depend on subsidiaries' capacity. In its
rating case, Fitch has assumed zero dividend receipts for 2H20,
with overall cash inflows of IDR150 billion in 2H20 supported by
rent income. Concurrently, Fitch has factored in significant
reductions in operating costs that APLN has been able to achieve at
the holding company. Based on its estimates, Fitch expects a cash
flow shortfall of around IDR100 billion at the holding company by
end-December, barring the timely completion of investment property
sale or other external arrangements.

Asset Sale Delays: APLN's plan to dispose of one of its investment
properties has faced significant delays, more recently due to the
pandemic. Temporary closure of non-essential shops from April to
mid-June due to social-distancing measures and continued low foot
traffic post re-opening have led to additional due diligence before
the transaction can be closed. Fitch thinks there is substantial
risk that the sale may be delayed further from company's end-July
target and have not factored in the sale in its rating case.

ESG - Governance: APLN's weak financial discipline and operational
execution led to the delays in securing the requisite funds for
refinancing near-term maturities, and improving its capital
structure. As a result, APLN has an ESG Relevance Score of 4 for
Management Strategy and Governance Structure under Fitch's
Environmental, Social, and Governance framework. The governance
score of 4 has a negative effect on the credit profile, and is
relevant to the ratings in conjunction with other factors.

Weak Links with Parent: Fitch assesses APLN's linkage with PT
Indofica, a closely held business of the sponsor's family that owns
80% of APLN, as weak, and therefore rate APLN at the standalone
level. Indofica has not extracted meaningful cashflows from APLN
over the last few years aside from limited dividends, and there is
protection in place for bondholders in bond documents and local
regulatory oversight of related-party transaction. Nevertheless,
Fitch may reassess its approach in assessing APLN's ratings if the
parent and subsidiary demonstrate a change in cash flow movement.

DERIVATION SUMMARY

APLN's 'CCC-' reflects the company's high liquidity risk
surrounding its ability to repay the IDR350 billion MTN due on
August 20, 2020, and weakening liquidity profile. The company's
ability to access domestic credit markets appears to have
deteriorated in light of banks' greater risk aversion and tighter
liquidity amid the current pandemic-driven economic downturn.

KEY ASSUMPTIONS

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

  - Holdco end-June cash balance of IDR50 billion

  - Holding company cash inflows of IDR150 billion in 2H20

  - Holding company operating costs and interest payments of IDR323
billion in 2H20

  - No asset or bulk land sales in 2H20

Key Recovery Rating Assumptions

The recovery analysis assumes that APLN will be liquidated in
bankruptcy rather than reorganised, because it is an asset-heavy
company.

Fitch has assumed a 10% administrative claim.

Liquidation Approach

The estimate reflects Fitch's assessment of the value of trade
receivables under a liquidation scenario at 75% advance rate,
inventory at 75% advance rate, fixed assets and investment
properties at 60% advance rate, and investments in associates at
100% advance rate.

Fitch assumes high inventory recovery because land is recognised at
the historical acquisition cost, and the current market value is
considerably higher. Fitch has also deducted from inventory
balance, advances from customer and balance from island G, I, F due
to uncertainty with regards to its development prospects.

Fitch has added committed undrawn construction facilities totalling
IDR1 trillion as part of secured debt and inventory, and the net of
accounts payable and cash as part of secured debt.

The above estimates result in a recovery rate corresponding to an
'RR2' Recovery Rating for APLN's unsecured notes. Nevertheless,
Fitch rates the senior notes at 'CCC-' with a Recovery Rating of
'RR4' because under Fitch's Country-Specific Treatment of Recovery
Ratings Rating Criteria, Indonesia falls into Group D of creditor
friendliness. Instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR and Recovery
Rating at 'RR4'.

RATING SENSITIVITIES

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

Fitch may upgrade APLN's ratings if the company is able to
meaningfully improve its liquidity such that it is able to address
its debt servicing requirements and operating costs over a rolling
12-month period

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

Fitch may downgrade APLN's ratings by one or more notches if the
company fails to adequately address its debt servicing
requirements.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity, Near-Term Maturities: APLN's liquidity profile is
weak due to its MTN maturity of IDR350 billion due on the August
20, 2020, as well as its estimate that the company may not have
sufficient cash to meet the USD12 million coupon payment due in
December 2020. The company's consolidated amortising loans at the
project level totalling IDR63 billion in 2H20 appears manageable,
supported by consolidated cash balance as of end-March totalling
IDR767 billion. Fitch estimates IDR430 billion in negative cashflow
from operations in 2H20, including IDR690 billion of construction
costs, which APLN can fund using undrawn construction lines of
around IDR1 trillion as of end-May. However, APLN is facing a
USD127 million offshore loan due in March 2021, which the company
plans to repay using the proceeds from the sale of its investment
property.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

APLN has an ESG Relevance Score of 4 for Management Strategy and
Governance Structure. APLN's weak financial discipline and
operational execution led to the delays in securing the requisite
funds for refinancing near-term maturities, and improving its
capital structure.

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




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

LEOPARD ONE: Moody's Reviews Ba1 on Class E Notes for Downgrade
---------------------------------------------------------------
Moody's Japan K.K. has placed on review for downgrade six tranches
from four Japanese apartment loan securitization transactions. The
mortgaged properties were built by the same original builder, which
also acts as master lessee, property manager and paying agent.

The affected ratings are as follows:

(1) Leopard One Funding Limited

(Lead Analyst: Yusuke Nakamura / Analyst)

JPY550M Class D Notes, Baa2 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 21, 2003 Definitive rating assigned
Baa2 (sf)

JPY151M Class E Notes, Ba1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 21, 2003 Upgraded to Ba1 (sf)

(2) Leopard Two Funding Limited

(Lead Analyst: Yusuke Nakamura / Analyst)

JPY540M Class D Notes, Baa2 (sf) Placed Under Review for Possible
Downgrade; previously on Aug 30, 2004 Definitive rating assigned
Baa2 (sf)

JPY41 M Class E Notes, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on Aug 30, 2004 Definitive rating assigned
Baa3 (sf)

(3) L-Map One Funding Limited

(Lead Analyst: Yusuke Nakamura / Analyst)

JPY17,540M Class A Notes, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on May 22, 2006 Definitive rating assigned
Aaa (sf)

(4) ORIX APL-J Trust 1

(Lead Analyst: Naomi Fujiwara / Vice President - Senior Analyst)

JPY300 M Class D Trust Certificates, Baa1 (sf) Placed Under Review
for Possible Downgrade; previously on Nov 10, 2016 Upgraded to Baa1
(sf)

Underlying Assets: Apartment loans

RATINGS RATIONALE

The review for downgrade reflects the increased likelihood of a
deterioration in the performance of the underlying apartment loans
mainly due to rising uncertainty around the timing of repairs on
the underlying mortgaged properties with construction defects, in
turn due to a deterioration in the financial position of the
builder.

In 2018 and 2019, the builder of the mortgaged properties announced
that it had discovered construction defects in apartment buildings
that it had built that violate the Building Standard Law. The
builder had initially planned to complete repairs for the buildings
with obvious defects by June and December 2020 depending on their
investigation priority level. However, the builder recently
announced that it would not meet these dates and has not provided
new target completion dates.

According to the builder's report [1], inspection has been
completed for approximately 40% to 60% of properties in each
securitized pool. At this stage of the inspection process, about
0%-2% of the properties in each pool were found to have major
defects, 20%-40% were found to have minor defects and about 10%-20%
were found to have partial defects, while just 2%-6% were found to
have no defects.

Since the first announcement of apartment defects in 2018, vacancy
rates for the securitized apartment loans portfolio have increased
significantly, in accordance with the builder's portfolio vacancy
rate which increased to 20.6% in June 2020 from 7.2% in April 2018.
Future vacancy rates will mainly depend on the proportion of
properties with defects and the timing of any repairs. The
repayment of the underlying apartment loans relies on rent
collections from the mortgaged apartment buildings, making vacancy
rates a key factor to evaluate the performance of underlying pools.
The underlying apartment loans are non-recourse loans, meaning the
lender can only have recourse to the mortgaged property and not to
the borrower.

In addition, the builder serves as the paying agent, master lessee,
and property manager in the transactions. If the builder becomes
unable to continue its duties or if these contracts are terminated,
loan repayments will be negatively affected and may temporarily
stop. In order to secure rent income from the end-tenant, the
borrowers (apartment owners) would need to either enter into a new
master lease agreement with an alternative party or enter into
direct lease contracts with the end-tenant. If property defects are
left unfixed while the affected buildings experience low occupancy
rates, borrowers may opt not to act.

For Leopard One Funding Limited, Leopard Two Funding Limited and
ORIX APL-J Trust 1, the affected notes are the most junior class or
classes of rated notes. These mezzanine and junior notes have less
credit enhancement available to protect them, making them more
vulnerable to an increase in securitized portfolio losses relative
to the corresponding senior tranches. Credit enhancement for senior
classes of these transactions has substantially increased thanks to
fully sequential notes redemption since closing. Moody's notes that
interest dividend of the ORIX APL-J Trust 1 certificates can only
be paid from interest collection proceeds and the cash reserve.
This structure makes timely dividend payment vulnerable especially
in the scenario where loan defaults increase in a concentrated
manner. However, this risk is currently mitigated by the liquidity
reserve, which can cover more than 12 months of costs and interest
dividend payments in the absence of collections on the underlying
loans.

On the other hand, L-Map One Funding Limited has a target
subordination payment structure which allows collections from the
collateral pool to be used to redeem junior classes, provided that
the target credit enhancement for the senior class is met. This
structure has prompted the redemption of the junior classes in
reverse sequential order, which has limited the increase of credit
enhancement for the senior notes, making them vulnerable to an
increase in losses.

During the review period, Moody's will monitor vacancy rates and
developments related to the repair schedule, and evaluate their
impacts on the performance prospects of the underlying apartment
loans. Moody's will also factor in any update on the inspection
status of the properties.

Key assumptions and sensitivities have not been updated because the
deal is now under review.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" (Japanese)
published in May 2020.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that would lead to a ratings upgrade or downgrade include
developments around repair completion and vacancy rate that would
lead an improvement or deterioration in the credit quality of the
collateral pool, and the amount of credit enhancement available for
each class.

The rapid spread of the coronavirus outbreak, the government
measures put in place to contain it and the deteriorating global
economic outlook, have created a severe and extensive credit shock
across sectors, regions and markets. Moody's analysis has
considered the effect on the performance of small businesses from
the collapse in Japanese economic activity in the second quarter
and a gradual recovery in the second half of the year. However,
that outcome depends on whether governments can reopen their
economies while also safeguarding public health and avoiding a
further surge in infections. As a result, the degree of uncertainty
around Moody's forecasts is unusually high. Moody's regards the
coronavirus outbreak as a social risk under its environmental,
social and governance framework, given the substantial implications
for public health and safety.


WHITE BEAR: Hoshino Resorts Sponsors Travel Agency's Restructuring
------------------------------------------------------------------
The Japan Times reports that the coronavirus fallout is changing
the landscape for the travel and retail industries, with tourism
demand slumping and personal consumption hurt by the avoidance of
nonurgent travel outside home.

According to The Japan Times, hotel operator Hoshino Resorts Inc.
is sponsoring the restructuring of White Bear Family Co., a travel
agency based in Osaka.  The headwinds from COVID-19 led the
operator of the Shirokuma tour to go bankrupt with debts of JPY27.8
billion last month.

Behind the bailout is Hoshino Resorts' bid to tap the domestic
travel market, as government-imposed entry restrictions have nearly
wiped out foreign tourists from Japan, the report relays.

The Japan Times says Hoshino Resorts Chief Executive Officer
Yoshiharu Hoshino is confident about expanding its business during
these tough times. "We have hitherto expanded business while
working on business rehabilitation," he said.

The Japan Times relates that Hoshino Resorts aims to get a slice of
what could be diverted from the JPY2 trillion to JPY3 trillion that
has so far been spent annually overseas by Japanese.

But the domestic market outlook is bleak, as the number of daily
infection cases is increasing again.

Industry players have also been disappointed by the exclusion of
trips to and from Tokyo from the government's Go To Travel campaign
to shore up tourism demand through government-subsidized discounts
and vouchers for travelers, the report says.

Meanwhile, many restaurant chains are closing down their
loss-making establishments to survive the virus crisis.

With social-distancing measures cutting into profitability, some
operators may run into financial difficulties if stay-home efforts
intensify again.

This would trigger the acceleration of mergers and acquisitions
targeting distressed companies.

According to the report, Pepper Food Service Co., which runs the
Ikinari Steak restaurant chain, hopes to survive by selling strong
businesses. Some industry players, however, say the company faces
harsh competition as steak restaurants have a low barrier to
entry.

While supermarkets enjoyed brisk sales due to stay-home demand,
department stores had to close many outlets during the coronavirus
state of emergency between April and May, the report states.

Three major operators including Isetan Mitsukoshi Holdings Ltd.
have reported red ink, the report discloses.

Even before the coronavirus crisis, the industry was suffering from
structural problems due to the rise of online retailers and other
rivals, the report says.

"Moves toward realignment will gain momentum, involving stores in
areas pounded by the aging of the population as well as
long-established stores in the Tokyo metropolitan area," said an
executive at a major department store company.

The plight of the industry spilled over to some apparel-makers
whose main avenue of sales is through department stores.

Renown Inc. went bankrupt in May owing to funding difficulties. It
has yet to find a sponsor, the report notes.

Onward Holdings Co., which posted a net loss for March-May, is
trying to turn around its operations by teaming up again with Zozo
Inc., so that it can resume sales of its apparel products on the
Zozotown online marketplace, adds The Japan Times.




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

AIRASIA BHD: Has Fair Chance of Raising Capital to Survive
----------------------------------------------------------
The Straits Times reports that Malaysia's biggest airline AirAsia
should be able to weather its current financial difficulties, say
analysts.

Auditors have warned that its future is in "significant doubt",
with flights largely crippled by the Covid-19 pandemic, the report
says.

AirAsia - which also operates in five other Asian countries and has
been voted the top low-cost airline in the world 11 times - has
admitted that it is facing its biggest challenge in 19 years since
group chief executive officer Tony Fernandes bought the company for
a nominal sum of RM1, according to the report.

The Straits Times says the company needs to raise close to MYR2
billion over the next year to turn its fortunes around, a target
Mr. Fernandes is confident of reaching.

In a report earlier this month, Affin Hwang Capital analyst Isaac
Chow said that he expected AirAsia to continue running its business
as a going concern, with a boost to liquidity from new loans and
the raising of equity, The Straits Times recalls.

"Nonetheless, the business environment remains very challenging and
we expect AirAsia to continue reporting losses in the coming
quarters," the report said.

According to The Straits Times, CSG CIMB analyst Raymond Yap was
also "reasonably confident" that the carrier would survive the
Covid-19 pandemic.

"Taking AirAsia's assurances at face value, we are reasonably
confident that the carrier will survive Covid-19," The Straits
Times was quotes Mr. Yap as saying.

He said that a potential MYR1 billion loan to its local operations,
other loans to its other Asian operations, and an equity issue will
be able to raise close to MYR3 billion it needs to keep the airline
afloat, The Straits Times relays.

The Straits Times adds that an unqualified audit opinion statement
by Ernst & Young earlier this month said that the carrier's
liabilities exceeded its assets by MYR1.84 billion. The audit
opinion came days after the airline announced a record quarterly
loss of MYR803.8 million following the grounding of most of its
fleet in March.

AirAsia shares plunged 18% following the audit statement, and the
airline subsequently said that the share plunge triggered the
requisites for a Practice Note 17 (PN17), which applies to
financially distressed companies in the Malaysian stock exchange.
But the carrier will not be classified as a PN17 company because of
the government's ongoing relief measures over the pandemic, The
Straits Times states.

Mr. Fernandes has said the company continues to have strong cash
flow.

AirAsia had a net cash position of MYR2.1 billion at the end of
2019, despite posting a MYR286 million loss for the same year, The
Straits Times discloses. The airline, which posted a MYR1.7 billion
profit at the end of 2018, said that the loss was partly due to
accounting treatment after it restructured its aircraft ownership -
changing from owning to leasing its aircraft, and other measures
following its adoption of the Malaysian Financial Reporting
Standards (MFRS) 16.

However, a cash burn rate of MYR120 million monthly - mostly due to
the grounding of its fleet - led to the company seeking to raise
funds even before the auditor's statement.

"I won't run a company based on an audit report. We have been
working on this (finding investors and raising funds) since March.
We are in the process of raising debt and equity. Our cash flow is
still very strong," Mr. Fernandes said during an interview with
business radio station BFM, relays The Straits Times.

According to The Straits Times, aviation analyst Shukor Yusof from
Endau Analytics also said that he believed that the airline will
weather the crisis.

"I see them being able to overcome this. There is a fair chance of
them obtaining the funds," Mr Shukor said during an interview with
BFM, pointing to the airline's importance to the Malaysian economy
and its market leader position in South-east Asia, The Straits
Times relays.

Last month, South Korea's third biggest conglomerate SK Group said
that it is considering taking a 10% stake in the airline, which
will raise MYR334.2 million.

The airline has said that it plans to raise MYR1 billion from
financial institutions and another MYR1.4 billion via equities,
adds The Straits Times.

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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