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

                     A S I A   P A C I F I C

          Thursday, July 23, 2020, Vol. 23, No. 147

                           Headlines



A U S T R A L I A

CARRIAGEWORKS: Arts Venue Lifted Out of Voluntary Administration
HERON RESOURCES: In Talks with Financiers to Ward Off Insolvency
NARRABRI BOWLING: Second Creditors' Meeting Set for July 29
PALM BEACH: First Creditors' Meeting Set for July 30
VIRGIN AUSTRALIA: Too Early to Call Sale a Success, Moore Says



C H I N A

LESHI INTERNET: Delists From Shenzhen Exchange


I N D I A

A. B. KANISHA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
A.S. EMPORIUM: CRISIL Keeps B+ on INR5cr Debt in Not Cooperating
AA AGRO ENERGY: CRISIL Keeps D on INR24cr Loans in Not Cooperating
AARCOT CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
ABC CHEMICAL: CRISIL Lowers Rating on INR12cr Loan to B+

ABHIGNA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
AGARWAL CORP: CRISIL Keeps D on INR10cr Loans in Not Cooperating
AGRASEN SHIP: CRISIL Lowers Rating on INR3cr Cash Loan to B+
AKSHAR ELECINFRA: CRISIL Lowers Rating on INR2cr Cash Loan to B+
ANNAPURNA SEEDS: CRISIL Keeps B+ on INR6cr Debt in Not Cooperating

ARYA TRADER: CRISIL Keeps B+ on INR15cr Loans in Not Cooperating
ASIAN BEVERAGE: CRISIL Keeps D Debt Ratings in Not Cooperating
ASSAM AIR: CRISIL Lowers Rating on INR14.59cr Loan to B+
AUTO SHELL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AXLEO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating

BABA NAGA: CRISIL Keeps B Debt Ratings in Not Cooperating
BABBOO RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
BHAWNA HOUSING: CRISIL Keeps on INR12.5cr Debt in Not Cooperating
CENTRO PROJECTS: CRISIL Keeps D on INR7cr Debt in Not Cooperating
CHANDRA ENGINEERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

CROWN CORP: CRISIL Keeps B on INR3.4cr Debt in Not Cooperating
DHAULAGIREE POLYOLEFINS: CRISIL Keeps B+ Ratings in Not Cooperating
DUTCH BLUE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
EAST WEST: CRISIL Keeps B+ on INR0.98cr Debt in Not Cooperating
EMS AND EXPORTS: CRISIL Keeps C on INR2cr Debt in Not Cooperating

ESVEEAAR DISTILLERIES: CRISIL Keeps B- Rating in Not Cooperating
EXQUISITE PRINT: CRISIL Keeps B+ Debt Ratings in Not Cooperating
FIVE VISION: CRISIL Lowers Rating on INR28.14cr Loan to B+
JET AIRWAYS: Receives Two Financial Bidders
SOVIKA AVIATION: Insolvency Resolution Process Case Summary

STL EXPORTS: Insolvency Resolution Process Case Summary
TRADCO DEESAN: Insolvency Resolution Process Case Summary
UB FOODS: CRISIL Reaffirms B+ Rating on INR4.5cr Cash Credit
V2 RETAIL: NCLT Closes Insolvency Proceedings vs. Retailer


J A P A N

MITSUI OSK: Moody's Cuts CFR to Ba3 & Alters Outlook to Stable
NIPPON YUSEN: Moody's Cuts CFR to Ba2 & Alters Outlook to Stable


N E W   Z E A L A N D

CRYPTOPIA: GNY Issues Notice to Grant Thornton Over Liquidation


S I N G A P O R E

HYFLUX LTD: Sias Says Contact With Widjaja Was Courtesy Call
XIHE HOLDINGS: OCBC Seeks Interim Judicial Managers for Group

                           - - - - -


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

CARRIAGEWORKS: Arts Venue Lifted Out of Voluntary Administration
----------------------------------------------------------------
Linda Morris at The Sydney Morning Herald reports that
Carriageworks, NSW's most high profile arts casualty of the
COVID-19 lockdown, has been saved from liquidation with it set to
reopen as a much leaner organisation.

According to SMH, the creditors overwhelmingly voted to accept a
multimillion-dollar philanthropic-led bailout of the multi-arts
venue at a teleconference meeting on July 21, guaranteeing the
entitlements of staff and returning between 20 and 30 cents in the
dollar to unsecured creditors.

The arts organisation was likely to emerge from its near-death
experience more "financially risk-averse" in terms of its future
artistic program, chief executive officer Blair French said, SMH
relays.

SMH relates that on-site activity would return only as COVID-19
restrictions were lifted, Mr. French said, while the reopening of
the Carriageworks Farmers Market is planned for early August. Staff
would return part-time, on a needs basis, over coming weeks as the
organisation built up its operations.

Some redundancies were likely as operational costs would need to be
cut but the staffing structure had yet to be finalised and no
decisions had been made, Mr. French said.

"Over the next 18 months the program will be largely focused on
Australian artists, companies and work and we will certainly be
working with a reduced programming budget for the foreseeable
future," the report quotes Mr. French as saying. "However within
that framework, there is still a lot we can do to support
adventurous contemporary work across artforms and to work
effectively with our numerous artistic partners.

"This approach, coupled with a planned operational reorganisation
and our work with commercial partners and clients is undertaken to
ensure that we build resilience and are able to withstand any
further COVID-19 impacts.

"We are very aware of how difficult the operating environment
remains for arts companies, artists, and venues but now, thanks to
the support of those who have rallied around us, have the
opportunity to approach these challenges with some confidence."

Administrator Phil Quinlan from KPMG Australia had recommended
creditors accept the proposal to lift the venue out of
administration, after receiving confirmation that a long-term lease
had been secured from Create NSW along with five years of
guaranteed funding, SMH says.

Immediately after the vote, KPMG signed a deed of company
arrangement and control of operations was returned to the
Carriageworks' board of directors headed by chair Cass O'Connor,
according to SMH.

The result ends a push within government for the Sydney Opera House
to take over operations of the Eveleigh Railway Yards venue.

Carriageworks was placed into voluntary administration on May 4
after COVID-19 shutdowns forced it to cancel or postpone all its
major upcoming events, including the Sydney Writers' Festival,
Mercedes-Benz Fashion Week Australia and its weekend markets.

Carriageworks is the largest multi-arts centre in Australia. Phil
Quinlan and Morgan Kelly of KPMG were appointed as administrators
of Carriageworks Limited on May 4, 2020.


HERON RESOURCES: In Talks with Financiers to Ward Off Insolvency
----------------------------------------------------------------
Louise Thrower at Goulburn Post reports that the company operating
Woodlawn Mine is negotiating with financiers in an attempt to bat
off insolvency.

According to the report, Heron Resources CEO Tim Dobson said the
company is not trading insolvent and that scenario is a "worst
case."

The company suspended operations in March and made 90 direct
employees redundant, the Post recalls. At the time, Mr. Dobson
cited coronavirus travel and other restrictions and a metal market
downturn as key factors. The mine relied on a proportion of
interstate workers.

In May, Heron also terminated the contract of Pybar Mining
Services, which had been commissioned to deliver mining at the
lead, copper and zinc operation, near Tarago. It was given 30 days'
notice and no production has occurred at the site since March.

The Post relates that Mr. Dobson said Pybar had made a financial
claim against Heron but declined to name a figure. The company had
about 80 employees at Woodlawn.

But they are not the only ones. The CEO told The Post there was "a
whole bunch" of unsecured creditors.

On July 8, six people, including current and former employees of a
creditor staged a picket outside the mine gate, holding placards
that included a list of some parties owed money and blocking the
entry with vehicles.

Mr. Dobson said there was only one direct Heron worker involved,
which he did not understand as all laid off employees were paid
their entitlements, the Post relays.

"It was a bit of a show, unfortunately, but we totally understand
that creditors want to know when they will be paid," the Post
quotes Mr. Dobson as saying.  "We can't give them an answer at this
stage because we are working on a solution to avoid insolvency."

Mr. Dobson said there was a "long list" of creditors but could not
state the exact number, adds the Post.

According to the Post, negotiations are underway with senior debt
provider, Orion Mine Finance, to extend its standstill agreement
beyond June 26. That company has loaned AUD90 million for the
Woodlawn venture. As a secured creditor it would have control over
all assets and Heron's bank funds if it became insolvent. Anything
above the AUD90 million would go to unsecured creditors, the report
notes.

Two other international finance companies would be among them. Mr
Dobson said Greenstone Finance of London and Minneapolis-based
Castlelake had loaned AUD210 million between them. But as their
equity was in the form of shares and convertible notes, they were
also unsecured creditors, the Post discloses.

Orion has now extended its loan default waiver three times.

"Since the shutdown we have been trying to negotiate a way forward
with these three groups and to get money in," Mr. Dobson, as cited
by the Post, said.

"The reason it has taken so long is that they are based all around
the world and we want to achieve a solution that makes sense to
them individually."

He was hopeful of a breakthrough and said his main aim was to avoid
insolvency and find a path forward to "bring Woodlawn back to
life." Mr. Dobson acknowledged mining services would have to be
re-tendered. Workers would also have to be found. Heron opted for
redundancy over stand-down, saying the mineral market could take
six to 12 months to recover, the Post notes.

Some 50 to 60 contractors also lost work as a result of the
shutdown.

Since then, Heron has approached the federal and state governments
for support. Mr. Dobson said he'd received no response from Hume MP
Angus Taylor and talks with the state were "bogged down in
bureaucracy across five departments."

However the CEO said it was clear in March that Heron was on a
trajectory to run out of cash in two months without a major
injection. When zinc prices "collapsed" and many of Heron's
contract workers were called back to Western Australia due to
border closures, the board decided to "stop the cash burn."

The Post says Mr. Dobson started in the job on March 23 and said he
never would have expected the shutdown two days later.

A community consultative committee has been kept informed of
events. It will meet again in two weeks.

Meantime, the mine is in care and maintenance mode. Despite some
recovery in zinc prices, Mr. Dobson said he can't give any
guarantees on a restart date, the report adds.

Heron Resources (ASX:HRR) -- https://www.heronresources.com.au/ --
engages in the exploration and development of base and precious
metal deposits.


NARRABRI BOWLING: Second Creditors' Meeting Set for July 29
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Narrabri
Bowling Club Ltd, trading as Narrabri Sporties and Club Motor Inn,
has been set for July 29, 2020, at 11:00 a.m. via Zoom
teleconference and at Narrabri Sporties, 176 Maitland Street, in
Narrabri, NSW (physical attendance limit as per government
regulation).

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 5:00 p.m.

Alan Hayes of Hayes Advisory was appointed as administrator of
Narrabri Bowling on April 24, 2020.


PALM BEACH: First Creditors' Meeting Set for July 30
----------------------------------------------------
A first meeting of the creditors in the proceedings of Palm Beach
Developments Pty Ltd will be held on July 30, 2020, at 10:00 a.m.
via teleconference only.

Christopher John Baskerville of Jirsch Sutherland was appointed as
administrator of Palm Beach on July 20, 2020.


VIRGIN AUSTRALIA: Too Early to Call Sale a Success, Moore Says
--------------------------------------------------------------
Patrick Hatch at Brisbane Times reports that the federal
government's 'emissary' to the Virgin Australia administration,
former Macquarie boss Nicholas Moore, said the airline's sale is on
the right path but it was still too early to tell whether the
process has been a success.

In his first public comments since being appointed as a go-between
for the government, Virgin's administrator Deloitte and possible
bidders looking to relaunch the airline, Mr. Moore said the
agreement reached for US private equity firm Bain Capital to buy
Virgin was promising, according to Brisbane Times.

"It's probably too early to tell until . . . we've actually seen
the [deed of company arrangement] and seen the final resolution of
how this situation will play out," he told a hearing of the Senate
select committee on the government's response to COVID-19 on
July 21, Brisbane Times relays.

"But certainly it appears to be going down a path that gives, I
think, stakeholders in the company quite a degree of comfort that
there is an end point in sight, but we're not there yet."

Deloitte has agreed to sell Virgin to Bain Capital for an as-yet
undisclosed sum. A deed of company arrangement (DOCA) will be put
to a vote of creditors, owed AUD6.8 billion, in August, SMH
discloses. Meanwhile, a group of Virgin's bondholders are also
pushing a rival proposal that could see them take control of the
airline, the report says.

According to Brisbane Times, the Morrison government appointed Mr.
Moore in April to act as its eyes and ears in the Virgin collapse
and sale process, but his exact role caused some confusion among
key stakeholders at the time as they looked to the government to
provide financial assistance to keep Virgin flying.

Brisbane Times relates that Mr. Moore told the committee his role
was to act as "a path between potential bidders and the government"
as part of a wider Treasury working group, and that he had been in
daily contact with Deloitte throughout the process.

Questions were also raised about Mr. Moore's involvement when
Macquarie emerged as a potential bidder for Virgin, the report
states. But Mr. Moore told the committee on July 21 that he
submitted a full list of his personal interests when he took on the
role in April, and that Treasury had also hired an external probity
advisory to monitor his involvement.

                      About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income.  Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months.  More than 10 parties have expressed an
interest, Deloitte related on April 21.  

Virgin Australia, which has furloughed 80% of its 10,000 workers,
will continue to operate some flights for essential workers,
freight and the repatriation of Australians, Bloomberg said. The
airline's frequent flyer program is a separate company and is not
in administration.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20, 2020.

The company owes AUD6.8 billion to lenders, bondholders, aircraft
lessors, trade creditors and employees.

On April 29, 2020, the company and certain affiliates filed
petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.

As reported in the Troubled Company Reporter-Asia Pacific on June
29, 2020, The Sydney Morning Herald said Virgin Australia
administrator Deloitte said it has agreed to sell the bankrupt
airline to American private equity giant Bain Capital, after rival
bidder Cyrus Capital Partners withdrew its rescue offer due to a
"lack of engagement".

Joint administrator Vaughan Strawbridge said in a statement that
Bain had presented a "strong and compelling bid" for Virgin that
would "secure the future of Australia's second airline". However,
neither Deloitte nor Bain would reveal the size of the bid, how
many jobs will be lost or how much would be paid to creditors,
which are owed AUD6.8 billion, SMH said.




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

LESHI INTERNET: Delists From Shenzhen Exchange
----------------------------------------------
Eric Ng at South China Morning Post reports that Leshi Internet
Information and Technology, once dubbed "China's Netflix", ended
its nearly 10-year run as a listed entity on July 20, with its
market value sinking 99.6 per cent from its peak five years ago.

According to the report, the video-streaming service provider
marked its exit unchanged at CNY0.18, giving it a valuation of
CNY718 million (US$102.7 million), a far cry from CNY170 billion in
2015. Some CNY121 million worth of shares changed hands.

"Once the company's stock is delisted, it cannot re-list on the
bourse," Leshi said in a statement late on July 17, the Post
relays. The company was founded by embattled Chinese entrepreneur
Jia Yueting, who last year filed for Chapter 11 bankruptcy
protection in the U.S.

It entered delisting proceedings on June 5, after reporting huge
losses for a third consecutive year in 2019 and crossing the
threshold for delisting, the Post says. It debuted on ChiNext, a
technology board for Chinese start-ups on the Shenzhen Stock
Exchange, in 2010.

Leshi, once seen as a potential Chinese technology titan, is part
of embattled Chinese conglomerate LeEco founded and headed by Jia.
Various companies controlled by Jia owed Leshi some CNY7.53
billion, the Post notes.

Once dubbed "China's Steve Jobs", he had envisioned building an
empire to rival U.S. technology giants Apple, Tesla and Amazon, the
report states.

Jia's LeEco was also the parent of electric car start-up Faraday
Future, which was keen to take on rival Tesla. But an aggressive
expansion plan left the group cash-strapped, the report relates.

Jia filed for Chapter 11 bankruptcy last October, the Post recalls.
He said at the time that he had repaid US$3 billion worth of debt
while another US$2 billion was outstanding and that he controlled a
33 per cent stake in Faraday.

On July 2, California-based Faraday, which calls itself a "shared
intelligent mobility company", said Jia's bankruptcy reorganisation
procedures have been completed and a trust would be established to
compensate Leshi shareholders, the Post reports.

"With the implementation of a partnership system at Faraday as well
as that of my bankruptcy restructuring plan, I no longer own shares
in the company," Jia said in a post on Chinese social media
platform Weibo.

Leshi's shareholders can be compensated by the trust if certain
conditions are met, he said without elaborating, the Post adds.

According to the report, Leshi said in a stock exchange filing on
July 2 that it had not received any compensation plan or
arrangement from Jia or his debt restructuring team, adding it was
impossible for Leshi to determine whether getting compensation from
the trust was feasible.

Leshi's net loss for last year widened to CNY11.3 billion from
CNY4.1 billion in 2018. Revenue slumped 69 per cent to CNY490
million. In 2017, it posted its first annual loss of CNY11.6
billion, the Post discloses.

SCMP notes that Sunac China Holdings, one of the mainland's largest
developers, spent US$2.2 billion to buy an 8.6 per cent stake in
Leshi through a share placement in 2017, becoming its
second-largest shareholder.

Sunac also dispatched personnel to help reorganise the company, but
failed in its bid to bail it out, adds SCMP.

Leshi Internet Information & Technology Corp., Beijing engages in
Internet video, and film and television production and distribution
businesses in China.




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

A. B. KANISHA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of A. B.
Kanisha Timbers (ABKT) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      4.25       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.29       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with ABKT for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ABKT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ABKT is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ABKT
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

ABKT was set up in 2009 as a proprietorship firm by Mr. M.Britto.
The company is engaged in trading of wood logs.


A.S. EMPORIUM: CRISIL Keeps B+ on INR5cr Debt in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of A.S.
Emporium (ASE) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ASE for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2001 as a partnership firm by Mr. Selvaraj and his wife
Mrs Subhadra, ASE trades in knitted fabric. The firm is based in
Tirupur, Tamil Nadu.


AA AGRO ENERGY: CRISIL Keeps D on INR24cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of AA Agro
Energy Private Limited (AAE) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan          9        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AAE for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AAE, incorporated in 1983 by Mr. Ashok Kumar Agarwal, was earlier a
manufacturer of sewage pipe and bricks, and subsequently set up its
rice unit in fiscal 2014. The plant at Banur, Mohali (Punjab)
processes basmati rice, with total milling and sorting capacity of
12 tonnes per hour.


AARCOT CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Aarcot
Ceramic Private Limited (ACPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Term Loan         4.6       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     4.4       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with ACPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ACPL, incorporated in Morbi (Gujarat) in 2013, is promoted by Mr.
Jitendra Lavjibhai Dekavadiya and Mr. Lakhmanbhai Madhavbhai
Zalariya. The company has set up a factory to manufacture digital
wall tiles and started commercial operation in November 2014.


ABC CHEMICAL: CRISIL Lowers Rating on INR12cr Loan to B+
--------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of ABC
Chemical Exports Private Limited (ACEPL), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .25        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Foreign Bill         5.00        CRISIL B+/Stable (ISSUER NOT
   Purchase                         COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Foreign Letter      12.00        CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ACEPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ACEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ACEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ACEPL
revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

Incorporated in 1984, ACEPL is engaged in export of pigments,
resins chemicals and additives used in manufacturing of printing
inks, paints, plastics, textile and rubber. ACEPL is promoted by
Mr. Thadani and has its registered office in Mumbai (Maharashtra).


ABHIGNA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Abhigna
Rice and Parboiled Industries (ARPI) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         2.3       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.7       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with ARPI for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2012, ARPI mills and processes paddy into rice, rice
bran, broken rice and husk. Its milling unit is in Mahbubnagar
(Telangana). The firm has four partners: Mr. Kondaiah, Mr.
Venkataiah, Mr. Narasimhulu and Mr. Bhaskar.


AGARWAL CORP: CRISIL Keeps D on INR10cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Agarwal
Corporation (AC) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     3         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with AC for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AC, set up in 2001, is a proprietorship concern owned by Ms.
Manjula Agarwal. It trades in iron and steel products, including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, and thermo-mechanically treated bars, ingots, and billets.
Mr. Ashwini Agarwal (husband of Mrs. Manjula Agarwal) manages the
firm's operations.


AGRASEN SHIP: CRISIL Lowers Rating on INR3cr Cash Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of
Agrasen Ship Breakers Private Limited (ASBPL), as:

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            3        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')
   
   Letter of Credit      25        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with ASBPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ASBPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ASBPL
revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

ASBPL is promoted by Mr. Rajneesh Bansal and his family based out
of Mumbai. The ASPL is into ship-breaking and supply of
reconditioning equipment.


AKSHAR ELECINFRA: CRISIL Lowers Rating on INR2cr Cash Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of Akshar
Elecinfra Private Limited (AEPL), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         12        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit             2        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit        1        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Short Term     3.5      CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Term Loan               1.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with AEPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AEPL
revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

Established in January 2009 and promoted by Mr. Niral Dave and Ms
Deval Dave, AEPL provides electrical installation services, and
lays down transmission lines, panels, and switchyards for thermal
and solar power plants. It also provides related consulting,
designing, relay testing, and services pertaining to electrical
balance of power to industrial and corporate clients. Its
registered office is in Vadodara, Gujarat.

Promoters have been in related business for over two decades
through group entities - Akshar Agencies Electrade Pvt Ltd
(formerly known as Akshar Agencies) and Akshar Electric Panel
Boards.


ANNAPURNA SEEDS: CRISIL Keeps B+ on INR6cr Debt in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Annapurna
Seeds and Farms (ASF) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ASF for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based out of Warangal (Andhra Pradesh), Annapurna seeds and farms
(ASF) is a sole proprietorship firm established in 1991 by Mr.
Venugopal Reddy. The firm is engaged in the grading, processing and
packaging of paddy seeds and has a processing plant in Warangal.


ARYA TRADER: CRISIL Keeps B+ on INR15cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Arya
Trader - Jhansi (ATJ) continues to remain in the 'Issuer Not
Cooperating' category.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Electronic Dealer       10        CRISIL B+/Stable (ISSUER NOT
   Financing Scheme                  COOPERATING)
   (e-DFS)                  
                                     
   Proposed Inventory       5        CRISIL B+/Stable (ISSUER NOT
   Funding                           COOPERATING)

CRISIL has been consistently following up with ATJ for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set-up in 2014, AJI is a proprietorship concern of Ravikant
Dubey-it began operations only in November 2015. The firm is a
super distributor of Patanjali products in 7 districts of Uttar
Pradesh-Fatehpur, Mahoba, Banda, Jalaun, Hamirpur, Lalitpur and
Jhansi. In December 2017, the districts of Auraiya and Etawah were
also awarded.


ASIAN BEVERAGE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Asian
Beverage Private Limited (ABPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Term Loan       16.9        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital        .1        CRISIL D (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with ABPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ABPL, set up in 2013, is based in Chennai; its operations are
managed by Mr. C Vijaya Kumar and Mr. S Arihanth. The company
manufactures fruit-based and carbonated soft drinks.


ASSAM AIR: CRISIL Lowers Rating on INR14.59cr Loan to B+
--------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of Assam
Air Products Private Limited (AAPPL), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3          CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit           3          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long        14.59       CRISIL B+/Stable (ISSUER NOT
   Term Bank Loan                   COOPERATING; Revised from
   Facility                         'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             9.41       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with AAPPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AAPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AAPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AAPPL
revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

AAPPL was incorporated in 1986 by Mr. Abhijit Barooah, a technocrat
entrepreneur with B.Tech from IIT, Delhi and M.S. from University
of Rochester, USA. AAPL is engaged in the business of bottling and
marketing of industrial gases. AAPL has bottling units at
Sivasagar, North Lakhimpur, Silchar and Bonaigaon in Assam. Besides
the bottling activity AAPL also has a presence in gas compression
activity. The company has its registered office located a Guwahati,
Assam.


AUTO SHELL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Auto
Shell Perfect Moulder Limited (ASPML) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       0.2       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Long Term Bank
   Facility               1.8       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash          1.0       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with ASPML for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASPML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ASPML is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ASPML
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

ASPML was established in 1979 by Mr. Krishnasamy Jeyabal. ASPML
manufactures shell-moulded grey cast iron and ductile iron
castings.


AXLEO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Axleo
Industries (Axleo) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    3.27       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             2.90       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital       4.33       CRISIL D (ISSUER NOT
   Demand Loan                      COOPERATING)

CRISIL has been consistently following up with Axleo for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Axleo manufactures tractor components, primary for Mahindra &
Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'). The firm was
established by Mr. R S Kamble in Mumbai.


BABA NAGA: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Baba Naga
Rice and General Mills (BNRGM) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Working       4         CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING)

CRISIL has been consistently following up with BNRGM for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BNRGM was incorporated by Mr. Rajpal Chadha in 1983.The firm is
currently managed by Mrs. Surestha Rani & his son Mr. Saurav Chadha
& daughter in law Ms Anchal Chadha. Since beginning, firm is
engaged in milling and sorting of basmati as well as nonbasmati
rice. It sells 1121 variety of basmati rice. The firm has a rice
milling and sorting facility based in Amritsar, Punjab with an
installed capacity of 12 tonnes per hour.


BABBOO RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Babboo
Rice and General Mills (BRGM) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Export Packing         2.5       CRISIL B/Stable (ISSUER NOT
   Credit & Export                  COOPERATING)   
   Bills Negotiation/
   Foreign Bill
   discounting            
                                    
   Warehouse              2.5       CRISIL B/Stable (ISSUER NOT
   Financing                        COOPERATING)

CRISIL has been consistently following up with BRGM for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BRGM was set up in 1978 as a partnership between two brothers, Mr.
Vijay Kumar Sethi and Mr. Surinder Sethi. The firm processes and
sells basmati rice, mainly the PUSA 1121 variety; it also deals in
non-basmati rice. Its plant at Amritsar (Punjab) has sorting and
milling capacities, each of 3 tonne per hour.


BHAWNA HOUSING: CRISIL Keeps on INR12.5cr Debt in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Bhawna
Housing Private Limited (BHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             12.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BHPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BHPL was set up by Mr. Bhagat Singh Baghel and his brother Mr.
Hirday Singh Baghel in 2002. The company undertakes construction
and development activity in and around Agra (Uttar Pradesh).


CENTRO PROJECTS: CRISIL Keeps D on INR7cr Debt in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Centro
Projects and Marketing (CPM) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              7         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CPM for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CPM, set up in 2014, operates Centro Mall at Kodungallur in Kerala.
Spread over 100,000 square feet, the mall became operational in
February 2016. The firm is promoted by Mr. Basheer and his wife Ms
Haseena.


CHANDRA ENGINEERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Chandra
Engineers (CE) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          4.45       CRISIL B+/Stable (ISSUER NOT
   Overdraft                        COOPERATING)
   facility              
                                    
   Rupee Term Loan       7.55       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CE for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a proprietorship firm in 1967, CE is promoted by Mr.
Satish Chandra. The firm manufactures various electrical and metal
sheet stamping components, which majorly find application in the
automotive, engineering and electronics industries. CE has
manufacturing facilities at Manesar, Haryana and Alwar, Rajasthan.


CROWN CORP: CRISIL Keeps B on INR3.4cr Debt in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Crown
Corporation Private Limited (CCPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         9.1       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      11.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Overdraft     3.4       CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with CCPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CCPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

CCPL, incorporated in 1978 is a 100% export unit. It primarily
exports batteries of submarines, torpedoes, and ships, and related
equipment to defence forces in emerging and developing countries.
CCPL is promoted by Mr. Suresh Nanda.


DHAULAGIREE POLYOLEFINS: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of
Dhaulagiree Polyolefins Private Limited (DPPL) continues to remain
in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      2.0        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   13.24       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with DPPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DPPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 1981 by Kolkata based Garodia family, DPPL
manufactures HDPE film, sheet, liners, polypouches, and tarpaulin
sheet for industrial use. The promoters, Mr. Mishri Lal Garodia and
Mr. Saurabh Garodia manage operations.


DUTCH BLUE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Dutch
Blue Fashions (DBF) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing         4         CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING)

   Proposed Long          2         CRISIL B+/Stable (ISSUER NOT
   Term Bank Loan                   COOPERATING)
   Facility               

   Term Loan              4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with DBF for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DBF was established in 1996 as a partnership firm by Mr. S Sreethar
Babu and Mr. S Mahalakshmi. The firm, based in Tiruppur, Tamil
Nadu, manufactures and exports RMG for men, women, and children.


EAST WEST: CRISIL Keeps B+ on INR0.98cr Debt in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of East West
Combined Industries (EWCI) continues to remain in the 'Issuer Not
Cooperating' category.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Discounting       9.02       CRISIL A4 (ISSUER NOT
   under Letter of                   COOPERATING)
   Credit               

   Overdraft               .98       CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Short Term    3.00       CRISIL A4 (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with EWCI for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EWCI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on EWCI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of EWCI
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

EWCI, set up in 2009, is a proprietorship firm of Mrs A
Gandhimathi, who looks after daily operations. The firm
manufactures components for kitchen appliances, primarily wet
grinder stones.

EMS AND EXPORTS: CRISIL Keeps C on INR2cr Debt in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of EMS and
Exports (EMS; a part of the Five Core group) continues to remain in
the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       37        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit             2        CRISIL C (ISSUER NOT
                                    COOPERATING)

   Packing Credit
   in Foreign Currency    16        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with EMS for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EMS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on EMS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of EMS
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Five Core Electronics Ltd (FCEL), EMS,
Indian Acoustics Pvt Ltd (IAPL), Visual and Acoustics Corporation
LLP (Visual), Digi Export Ventures Pvt Ltd (Digi), Happy Acoustics
Pvt Ltd (Happy), 5 Core Acoustics Pvt Ltd (5Core), and Neha Exports
(Neha). This is because all these entities, collectively referred
to as the Five Core group, have common management, brand,
customers, suppliers, and strong operational synergies.
Furthermore, 5Core is a wholly owned subsidiary of FCEL.

FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations. Incorporated in 2002,
FCEL is listed on the National Stock Exchange Emerge platform since
May 2018 and has manufacturing units in Delhi and Bhiwadi
(Rajasthan).

Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur (Uttarakhand). Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka (Delhi). Neha is a
proprietorship firm set up in 2009 and has a unit at Daruhera
(Gurugram).

Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are
private-limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core was set up in 2012 and has a unit in Bhiwadi.


ESVEEAAR DISTILLERIES: CRISIL Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Esveeaar
Distilleries Private Limited (EDPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit        1        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with EDPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on EDPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of EDPL
continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

EDPL was incorporated in 1970 as a proprietorship firm and was
later converted into a private limited company in 2007. The company
is engaged in distilling and blending of IFML.

EXQUISITE PRINT: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Exquisite
Print And Pack Private Limited (EPPPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Rupee Term Loan        1.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with EPPPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

EPPPL was set up at Kolkata in 2011, by the promoters, Mr. Anirudha
Khemka and Mr. Abhinav Agarwal. The company manufactures printed
corrugated and non-corrugated boxes. Commercial operations began
from July 2014.

FIVE VISION: CRISIL Lowers Rating on INR28.14cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of Five
Vision Promoters Private Limited (FVPPL), as:

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      6.86      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan               28.14     CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with FVPPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

FVPPL, incorporated in 2005, is a part of Ghaziabad (Uttar
Pradesh)-based SVP group. The company owns and operates a 3 screen
PVR multiplex. The multiplex-cum-shopping mall in Ghaziabad has a
total developed area of around 175,000 square feet and operates
under the name 'Opulent'. The company is promoted by Mr. Vijay
Kumar.


JET AIRWAYS: Receives Two Financial Bidders
-------------------------------------------
The Hindu reports that two of the four shortlisted bidders'
consortia submitted financial bids for the grounded Jet Airways to
the resolution professional ahead of July 21 deadline, sources
said. The carrier has been under insolvency proceedings at NCLT
since June 2019.

One consortium comprises Kalrock Capital and U.A.E.-based
businessman Murari Lal Jalan, while the other includes Flight
Simulation Technique Centre Pvt. Ltd., Big Charter Pvt. Ltd. and
Imperial Capital Investments LLC, the Hindu discloses.

The Resolution Professional has been directed to come up with the
resolution plan by Aug. 31, 2020 before the NCLT failing which the
airline will go for liquidation.

The details on the financial bids are yet to be disclosed, the
report says. Both the bidders have offered to restart the airline
with leased aircraft.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.


SOVIKA AVIATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sovika Aviation Services Private Limited
        A 101, Dynasty Business Park
        J B Nagar, Andheri Kurla Road
        Opp. ICICI Bank
        Andheri (East) Mumbai
        Bandra Suburban
        Maharashtra 400059

Insolvency Commencement Date: July 16, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 12, 2021

Insolvency professional: Jagdish Ratanlal Ahuja

Interim Resolution
Professional:            Jagdish Ratanlal Ahuja
                         JR Ahuja & Co
                         Company Secretaries
                         UG-329, Dreams Mall
                         LBS Road, Bhandup West
                         Mumbai 400078
                         E-mail: pcsjrahuja@gmail.com

                            - and -

                         JR Ahuja & Co
                         Company Secretaries
                         2C-1405, Dreams Complex
                         LBS Road, Bhandup West
                         Mumbai 400078
                         E-mail: saspl.cirp2020@gmail.com

Last date for
submission of claims:    July 31, 2020


STL EXPORTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: STL Exports Limited
        Taraganj Industrial Area
        A.B. Road, Sarangpur
        Rajgarh, MP
        India

Insolvency Commencement Date: July 7, 2020

Court: National Company Law Tribunal, Bhopal Bench

Estimated date of closure of
insolvency resolution process: January 14, 2021

Insolvency professional: Sajjan Kumar Dokania

Interim Resolution
Professional:            Sajjan Kumar Dokania
                         25, Globus Fab City
                         Kolar Road, Chuna Bhatti
                         Near Suyash Hospital
                         Bhopal, Madhya Pradesh 462016
                         E-mail: Sajjan_suman@hotmail.com

Last date for
submission of claims:    August 1, 2020


TRADCO DEESAN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shri Tradco Deesan Private Limited
        26, Anantwadi, 4th Floor
        Bhuleshwar, Mumbai 400002
        MH

Insolvency Commencement Date: July 16, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 11, 2021
                               (180 days from commencement)

Insolvency professional: CA Fanendra Harakchand Munot

Interim Resolution
Professional:            CA Fanendra Harakchand Munot
                         6th Floor, Mafatlal House Building
                         H T Parekh Marg
                         Backbay Reclamation
                         Mumbai 400020
                         Mobile: 9822791945
                         E-mail: fhmunot@gmail.com

                            - and -

                         101, Monoplex Plaza
                         Deep Bungalow Chowk
                         Model Colony
                         Pune 411016
                         E-mail: ip.shritradco@gmail.com

Last date for
submission of claims:    August 1, 2020


UB FOODS: CRISIL Reaffirms B+ Rating on INR4.5cr Cash Credit
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of UB Foods Private Limited (UB).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.5       CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                1.5       CRISIL A4 (Reaffirmed)

   Import Letter of
   Credit Limit           1.5       CRISIL A4 (Reaffirmed)  

   Proposed Long Term
   Bank Loan Facility     2.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's susceptibility of
operating performance to changes in regulation and volatile raw
material prices coupled with below average financial risk profile.
These weaknesses are partially offset by promoters' extensive
industry experience in the pulses processing business.

Analytical Approach

Unsecured loans amounting to INR1.21 crores as on March 31st, 2019
have been treated as neither debt nor equity (NDNE) as the same is
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility of operating performance to changes in regulation
and volatile raw material prices: Raw material accounts for
majority of the total revenue, which exposes the company to risks
relating to volatility in raw material prices. Moreover, the
domestic pulses industry is highly regulated in terms of raw
material prices and export/import policies which affects the
operating performance of the company.

* Below-average financial risk profile: Small networth and moderate
total outside liabilities to tangible networth ratio (TOLTNW)
(INR3.09 crore and 1.62 times as on March 31, 2019) along with
moderate interest coverage ratio of 1.39 times for fiscal 2019
represents below average financial risk profile.

Strength

* Promoters' extensive industry experience in the pulses processing
business and its established relationships with suppliers and
customers: The promoters have been engaged in pulses trading
business since the early sixties. Backed by promoters' experience
and their understanding of the dynamics of the local market,
company established healthy relationship with its suppliers and
customers.

Liquidity Poor

UB's liquidity profile remains poor marked by moderate net cash
accruals expected in the range of INR0.40-0.50 Crore in fiscal 2021
and 2022. However, the company does not have any repayment
obligations against the same. Company also has access to fund based
limits of INR4.50 Crore which remains utilised at an average of
82.07% for 12 months ended May 2020. Current ratio was moderate at
1.39 times as on March 31, 2019 along with unencumbered cash and
bank balance of INR0.24 Crore as on March 31, 2019. The company
does not have any debt funded capex plans over the medium term.

Outlook: Stable

CRISIL believes UB will continue to benefit over the medium term
from its promoters' extensive experience in the processing
industry.

Rating Sensitivity factors

Upward Factor

  * Improvement in revenues by 20% along with sustenance of margins
at current levels

  * Sustenance of financial risk profile marked by high return on
capital employed

Downward Factor

  * Fall in operating margins below 2% coupled with significant
decline in revenues

  * Large debt funded capex or dividend payout.

Incorporated in 2009, UB, promoted by Mr. Girdhari Agrawal, Ms Alpa
Agrawal, and Ms Sushiladevi Agrawal, processes and markets
agricultural products, mainly pulses. Its manufacturing units in
Jalgaon (Maharashtra) have processing capacity of 25,000 tonne per
year. It started commercial operations in September 2012.


V2 RETAIL: NCLT Closes Insolvency Proceedings vs. Retailer
----------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal has
closed insolvency proceedings against V2 Retail after operational
creditor settled payment-related dispute with the company.

A two-member bench of the NCLT allowed the application filed by the
Interim Resolution Professional (IRP) of V2 Retail to withdraw the
Insolvency petition against the company after the settlement with
the creditor, according to Livemint.com.

Livemint.com relates that the NCLT approved the settlement after it
perused the averments made in the application, as well as the
settlement agreement enclosed with the application and IRP received
his expenses.

"Under such circumstances, we think it is proper to approve the
settlement. Accordingly, we hereby allow the prayer of the IRP and
the company petition . . . stands dismissed as withdrawn and the
order dated June 25, 2020, by the CIRP was ordered to be initiated
in the present matter is hereby set aside," said the NCLT in its
order dated July 10, Livemint.com relays.

Earlier on June 25, the NCLT had admitted a plea against V2 Retail
Ltd by Totem Media Solutions and directed to initiate insolvency
proceedings against it. The tribunal had also appointed an interim
resolution professional to start the insolvency resolution process
of the retailer.

According to Livemint.com, the NCLT direction had come over a plea
filed by Totem Media Solutions, a company engaged into the sale of
advertising printing space, claiming a default totalling to
INR86.61 lakh along with the interest.

V2 Retail had contested the claims arguing that higher amount was
charged from it for publication of advertisement.

However, the tribunal had rejected the claims of V2 Retail, saying
that it had raised no dispute over the invoice notice sent by the
operational creditor.

"It has been established by the operational creditor that there is
no payment of the operational debt, the invoice or notice for
payment to the corporate debtor has been delivered by the
operational creditor and no notice of dispute has been received by
the operational creditor within 10 days of receipt of demand
notice," the NCLT, as cited by Livemint.com, had said.

On June 30, in an update to the stock exchanges, V2 Retail said it
has been intimated by the resolution professional about the
commencement of corporate insolvency resolution process.

"In view of the Section 17, 18 and 20 of the Insolvency and
Bankruptcy Code, 2016, the powers of the Board of Directors of
Corporate Debtor shall stand suspended and such powers shall be
vested with Mr Amit Gupta, an insolvency professional," V2 Retail
had said.

V2 Retail, promoted by Ram Chander Agarwal, had reported a revenue
of INR701.22 crore for FY 2019-20, the report discloses.

V2 Retail Limited is engaged in the business of retail sales of
garments, textiles, accessories and consumer durables products in
India. The Company carries on the business as trader, dealer,
agent, distributor, consignor, consignee, retailer, job work,
scourer, spinner, weaver, finisher, dyer, tailor and draper, and
cutter of garments. It is also engaged in the import and export of
all garments of men, women and children. The Company is also
engaged in the business of retailing of products, such as apparels
and household goods. The Company offers a portfolio of products,
including apparel and non-apparel. It sells ready-made and other
consumer goods, such as footwear, toys, games, handbags, cosmetics,
home furnishing, decor product and sports items. It has 27 stores
in India, out of which four are in Delhi- National Capital Region,
11 in Bihar, six in Uttar Pradesh, two in Odisha, and one each in
Uttarakhand, Jharkhand, Karnataka and Assam.




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J A P A N
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MITSUI OSK: Moody's Cuts CFR to Ba3 & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Japan K.K. has downgraded the corporate family rating of
Mitsui O.S.K. Lines, Ltd. to Ba3 from Ba2 and changed the outlook
to stable from negative.

RATINGS RATIONALE

"The downgrade of Mitsui O.S.K.'s corporate family rating reflects
its expectations that its leverage will remain very high," says
Mariko Semetko, a Moody's Vice President and Senior Credit
Officer.

Moody's expects that MOL's debt/EBITDA could reach 10x this year on
very weak earnings, a significant increase from the already high
8.6x for the fiscal year ended March 31, 2020.

MOL's credit quality was weakly positioned prior to the coronavirus
outbreak to absorb the expected decline in demand and profits from
the negative impact on global trade. MOL's investments in growth
areas hinder deleveraging.

Although medium-to-long term contracts for dry bulk shipping,
liquid tankers, LNG and offshore businesses generate relatively
stable profit, profit from short term contacts are affected --
often quite significantly -- by volatile shipping volumes and
freight rates.

The shipping sector is showing some signs of recovery from capacity
reductions to be in line with lower demand for container shipping
and a return of Chinese economic activity which will lead to demand
for dry bulk shipping. However, these drivers of recovery may be
disrupted or delayed, if the pandemic continues to delay reopening
of economic activity and a second wave of the outbreak spreads.

MOL remains exposed to the volatile containership business, which
is conducted through its Ocean Network Express joint venture. The
segment will be a constrain to MOL's cash flow over the next few
years because the rates of charterships that are on-lent to ONE are
lower than MOL's lease payments to the original shipowners.

MOL's Ba3 rating reflects (1) the company's very high leverage, (2)
pressure on earnings as a result of the coronavirus outbreak, (3)
the industrywide overcapacity and volatile freight rates, and (4)
high investments in growth areas leading to high debt balances.
These factors are somewhat mitigated by (1) its well-established
presence among Japanese shipping companies and (2) its large scale
with diversified shipping portfolio, and (3) financing flexibility
afforded by its mostly unencumbered balance sheet.

Environmental, social and governance considerations incorporated
into's action are primarily related to the social risks caused by
the coronavirus outbreak and the ensuing deterioration in the
global economic outlook and trade activity.

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

The stable outlook reflects Moody's expectations that the company's
earnings will recover gradually as the pandemic dissipates and
economic activities return, although the recovery could take
several years.

An upgrade is unlikely in the foreseeable future. Longer term,
Moody's could upgrade the rating if the company materially reduces
its debt, improves earnings, and reduces its market exposure, which
would be enough to ensure that (1) its debt/EBITDA stays below 7.5x
and (2) retained cash flow/net debt is sustained above 9%.

Moody's could downgrade the rating if MOL does not show a clear
path toward improving its credit metrics, for example, if its (1)
debt/EBITDA stays above 9.0x or (2) retained cash flow/net debt
remains below 5% for a prolonged period.

The principal methodology used in this rating was Shipping Industry
(Japanese) published in January 2018.

Headquartered in Tokyo, Mitsui O.S.K. Lines, Ltd. is one of the
world's largest shipping companies by fleet size.


NIPPON YUSEN: Moody's Cuts CFR to Ba2 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Japan K.K. has downgraded the corporate family rating of
Nippon Yusen Kabushiki Kaisha to Ba2 from Ba1 and changed the
outlook to stable from negative.

RATINGS RATIONALE

"The downgrade of Nippon Yusen's corporate family rating reflects
its expectations that its leverage will remain very high," says
Mariko Semetko, a Moody's Vice President and Senior Credit
Officer.

Moody's expects that NYK's debt / EBITDA will approach 9x this year
on very weak earnings, a significant increase from 7.3x for the
fiscal year ended March 2020. Retained cash flow to net debt will
also likely decline this year to about 10% from 12% last year.

NYK's credit quality was weakly positioned prior to the coronavirus
pandemic to absorb the expected decline in profits from the
negative impact on global trade from the outbreak. The company's
profit mix, which has a sizable low-margin logistics business,
keeps its profitability much weaker than those of similarly rated
peers, and Moody's expects material deleveraging will take several
years.

Although medium-to-long term contracts for dry bulk shipping,
liquid tankers, LNG and offshore businesses generate relatively
stable profit, the remaining profit from short term contracts
swings widely from volatile shipping volumes and freight rates.

The shipping sector is showing some signs of recovery from capacity
reductions to be in line with lower demand for container shipping
and a return of Chinese economic activity which will lead to demand
for dry bulk shipping. However, these drivers of recovery may be
disrupted or delayed, if the pandemic continues to delay reopening
of economic activity and a second wave of the outbreak spreads.

NYK's Ba2 rating reflects (1) the company's weak financial profile,
including its very high leverage, (2) the uncertainty in its
earnings and cash flow because of the impact of coronavirus
outbreak, and (3) the continued industrywide overcapacity and
volatile freight rates. At the same time, these factors are
somewhat offset by the company's (1) strong banking relationships
that mitigate refinancing risk, (2) large scale and diversified
shipping portfolio, and (3) financing flexibility afforded by its
unencumbered balance sheet.

Environmental, social and governance considerations incorporated
into's action are primarily related to the social risks caused by
the coronavirus outbreak and the ensuing deterioration in the
global economic outlook and trade activity.

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

The stable outlook reflects Moody's expectations that the company's
earnings will recover gradually as the pandemic dissipates and
economic activities return, although the recovery could take
several years.

An upgrade is unlikely in the foreseeable future. Longer term,
Moody's could upgrade the rating if the company materially reduces
its debt, improves earnings, and reduces its market exposure, which
would be enough to ensure that (1) its debt/EBITDA is sustained
below 7.0x and (2) it retained cash flow/net debt remains above
13%.

Moody's could downgrade the rating if NYK does not show a clear
path toward improving its credit metrics, for example, if its (1)
debt/EBITDA stays above 8.0x or (2) retained cash flow/net debt is
sustained in the high single digits in percentage terms for a
prolonged period.

The principal methodology used in this rating was Shipping Industry
(Japanese) published in January 2018.

Headquartered in Tokyo, Nippon Yusen Kabushiki Kaisha is one of the
world's largest shipping companies by fleet size.




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

CRYPTOPIA: GNY Issues Notice to Grant Thornton Over Liquidation
---------------------------------------------------------------
GNY, on Jan. 14, 2019, lost over 15 million LML tokens on the
Cryptopia Limited crypto currency exchange in New Zealand following
a hack on the exchange. The tokens were stolen from what was
described as a secure server run and managed by Cryptopia. The hack
resulted in the crash of the price of LML tokens listed elsewhere,
losing over 95% of its market value. The stolen tokens, now in
decentralised exchanges in unknown jurisdictions, are beyond
recovery.

From the beginning, GNY's approach was to engage constructively
with Cryptopia to understand what had happened, and try recover its
significant losses. Those attempts were unsuccessful. GNY had
difficulty receiving any information from Cryptopia.

On April 11, 2019, GNY issued proceedings against Cryptopia in the
New Zealand High Court.

On May 15, 2019, Cryptopia went into liquidation. David Ruscoe and
Malcolm Moore, of Grant Thornton New Zealand, were appointed as
liquidators. "Our High Court proceeding was automatically stayed.
The appointment of liquidators gave us some hope that we could
recover at least some of our losses. After all, liquidators are
required by law to protect, realise and distribute company assets,
or the proceeds of the realisation of the assets, of the company to
its creditors (and if anything remains, to the shareholders)."

On July 10, 2019, GNY submitted a creditor claim form to the
liquidators. On July 16, the liquidators sought further information
about its claim from GNY. GNY provided that information to the
liquidators in a detailed letter, with supporting documents, on
Sept. 25, 2019. In that letter, GNY set out several issues on which
it had sought clarification, and information, from the liquidators
about how they intended to conduct the liquidation, and investigate
the hack.

After nearly a year, the liquidators have yet to decide GNY's
claim.

On Oct. 1, 2019, the liquidators applied to the High Court for
directions as to the legal status of the cryptocurrencies within
Cryptopia's control, and whether the remaining cryptocurrency was
held on trust for accountholders or beneficially owned by the
company. The High Court released its judgment on April 8, 2020, and
concluded that the different cryptocurrencies on the Cryptopia
platform were held in separate trusts, with the beneficiaries of
each trust the accountholders holding that currency.

Through that period, the liquidators did not respond to GNY's
correspondence on its claim and concerns and questions about the
Hack and liquidation.

On May 12, 2020, GNY sought written confirmation from the
liquidators that its creditor claim was accepted. GNY sought
further written confirmation on June 17, 2020.

Only on June 24, 2020 - nearly a year after GNY's claim was made,
and nine months after GNY had provided the liquidators with the
further information sought - did the liquidators respond. That
response was brief. GNY considers it does not adequately address
its questions and concerns.

As a result, on July 21, 2020 GNY issued a notice to the
liquidators under sections 285 and 286 of the Companies Act 1993
alleging that they have failed to comply with one or more of their
duties.

In the notice, GNY alleges that:

   * The liquidators have failed to accept or reject GNY's claim
     despite having all the information requested from GNY.

   * The liquidators did not accurately describe GNY's claim to
     the Court. Nor have they reflected GNY's claim in their
     liquidation reports.

   * The liquidators have failed to investigate the Hack and how
     the company's security systems failed. GNY considers this
     investigation should be separate from the police
investigation
     underway which seeks to determine criminal liability.

   * The liquidators' recent liquidator report fails to adequately
     explain the work they have undertaken for their fees. Over
     the Nov. 15, 2019 to May 14, 2020 period, the liquidators
     have incurred NZ$955,618 in fees.

GNY is concerned that the total of the liquidators' fees and other
expenses in the liquidation have consumed more than half of the
receipts in the liquidation to date. These costs continue to mount
at the expense of creditors (like GNY) whose claims have not been
accepted or engaged with, in GNY's view, adequately. The
liquidators have paid themselves over NZ$1.7 million in this
liquidation.




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

HYFLUX LTD: Sias Says Contact With Widjaja Was Courtesy Call
------------------------------------------------------------
Claudia Chong at The Business Times reports that the Securities
Investors Association (Singapore), or Sias, has clarified that its
meeting with potential Hyflux investor Johnny Widjaja was in the
nature of an introductory courtesy call by the Indonesian
businessman on Sias.

Mr. Widjaja did not propose any terms for the holders of Hyflux's
perpetual securities and preference shares (PnPs) during the
meeting, said Sias, the report relays.

The Business Times reported on July 21 that Mr. Widjaja said he had
engaged with Sias regarding the PnP holders. He told BT that he
intended to address the concerns of the 34,000 holders in the last
quarter of this year, after the close of a proposed deal with
senior creditors offered by Pison Investments, which is Mr
Widjaja's investment vehicle.

Sias had earlier said that any proposal by investors must include a
firm offer for PnP holders and that the offer terms should be made
public as soon as possible, BT notes. It said it will not support
any plan to rescue Hyflux that lacks a concrete proposal to resolve
the debts due to the holders of the PnPs.

                           About Hyflux

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

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

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

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


XIHE HOLDINGS: OCBC Seeks Interim Judicial Managers for Group
-------------------------------------------------------------
Marissa Lee at The Business Times reports that OCBC Bank has filed
an application to appoint judicial managers over Xihe Holdings and
four of its vessel-owning subsidiaries, citing "strong distrust" in
Xihe's current management after evidence of fraud was uncovered at
sister company Hin Leong Trading in April.

Xihe is owned by Hin Leong founder Lim Oon Kuin (OK Lim) and his
son. In April, Hin Leong and its subsidiary Ocean Tankers sought
court protection.

According to the report, OCBC Bank said Lim has admitted improper
financial reporting at Hin Leong over a period of years, and it
said these serious irregularities also extended to the affairs of
Xihe Group.

"Especially in light of the interlinked businesses, common
ownership and leadership of the Xihe Group, Hin Leong and Ocean
Tankers, interim judicial managers need to be appointed urgently
over the debtor companies to investigate the serious irregularities
and prevent further prejudice to creditors," the bank wrote in its
filing with the Singapore High Court, BT relays.

BT relates that the bank has applied for Seshadri Rajagopalan and
Paresh Jotangia of Grant Thornton Singapore to be appointed as
interim judicial managers for Xihe Holdings and its subsidiaries Da
Xin Tankers, Hua Guang Shipping, Nan King Maritime and Hua Xin
Shipping.

BT says the bank claims that the Lim family members who own and
manage the Xihe Group caused the billion-dollar insolvencies of Hin
Leong and Ocean Tankers by allegedly fabricating fictitious gains,
forging documents on a massive scale, misusing secured inventory
and misleading banks into extending finance to Hin Leong.

"OCBC strongly distrusts the current management . . . or any
management appointed by the Xihe Group or the Lims," OCBC said,
adding that the appointment of independent judicial managers would
help restore the confidence of potential investors, BT adds.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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