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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

          Monday, July 27, 2020, Vol. 23, No. 149

                           Headlines



A U S T R A L I A

ALL TRADES: Goes Into Administration; Aug. 3 Creditors' Meeting Set
CRUISE & MARITIME: First Creditors' Meeting Set for Aug. 5
DURO FELGUERA: Second Creditors' Meeting Set for July 31
FINDON PHARMACY: Second Creditors' Meeting Set for Aug. 3
PRIME GLOBAL: Chief Executive Officer Resigns

RSD (QLD): Second Creditors' Meeting Set for Aug. 4
SAMSON OIL: BNY Mellon Terminates Deposit Agreement
VILLAGE PHARMACY: Second Creditors' Meeting Set for Aug. 3
ZAOUD PLUMBING: First Creditors' Meeting Set for Aug. 3


C H I N A

CHINA: Launches CNY100-Billion Bond Bailout Fund for State Firms
FANTASIA HOLDINGS: Fitch Rate New USD Unsec. Notes 'B+'
FUJIAN YANGO: Fitch Affirms B- LongTerm IDR, Outlook Stable
KANGMEI PHARMACEUTICAL: Guangdong Hengjian to Take Over Drugmaker


I N D I A

BHALKESHWAR SUGARS: ICRA Reaffirms D Rating on INR175.50cr Loan
BLISS HOTELS: ICRA Withdraws B+ Rating on INR40cr Loans
CHANDAN TEXTILES: ICRA Keeps B Debt Ratings in Not Cooperating
GEEKAY STEEL: ICRA Moves B+ on INR15cr Debt to Not Cooperating
GVR BEHARI: Ind-Ra Keeps 'D' Term Loan Rating in Non-Cooperating

GVR PANNA: Ind-Ra Keeps 'D' Term Loan Rating in Non-Cooperating
HARIHARAN SPINNERS: ICRA Withdraws B Rating on INR8.44cr Loan
JAIN IRRIGATION: ICRA Reassigns C Rating to INR285cr Loan
JEEVISHA FOODS: ICRA Keeps B+ on INR10.30cr Debt in Not Cooperating
JL HOTELS: ICRA Lowers Rating on INR21.50cr Loan to B+

K G N ELECTRICALS: ICRA Keeps B+ on INR5cr Debt in Not Cooperating
LALWANI INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB-'
MAHASHAKTI POLYCOAT: ICRA Withdraws B Rating on INR3cr Debt
MAHE EDUCATIONAL: ICRA Keeps B+ on INR1.5cr Debt in Not Cooperating
MAX PROPERTIES: ICRA Keeps D on INR9.5cr Loans in Not Cooperating

MODERN AGRO: ICRA Keeps B+ on INR9cr Debt in Not Cooperating
MONAD EDUKASIONAL: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
NORTH WESTERN KARNATAKA: ICRA Rates INR250cr Term Loans 'B+'
PERFECT ALUMINIUM: ICRA Keeps B+ on INR10cr Debt in Not Cooperating
PLATINO CLASSIC: ICRA Keeps B+ on INR10cr Debt in Not Cooperating

PRANEE INFRASTRUCTURE: ICRA Keeps D Debt Rating in Not Cooperating
PRESTIGEBULK HANDLING: ICRA Keeps B Issuer Rating in NonCooperating
R.H. SORTEX: ICRA Keeps D on INR5.62cr Debt in Not Cooperating
RAIGARH FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
ROSA POWER: ICRA Reaffirms B+ Rating on INR2,667cr Term Loans

ROYAL TYRES: ICRA Keeps D Debt Ratings in Not Cooperating
SARAVANA BUILDWELL: ICRA Keeps D on INR10cr Debt in Not Cooperating
SAROJA AVIATION: ICRA Moves B- on INR29cr Debt to Not Cooperating
SHARADHA TIMBERS: ICRA Keeps D Debt Ratings in Not Cooperating
SILVERLINE INVESTMENTS: ICRA Keeps D Ratings in Not Cooperating

SLN RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
SMELTERS PRIVATE: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
TRT BUILDERS: ICRA Keeps C+ on INR6.5cr Debt in Not Cooperating
VADIM INFRA: ICRA Keeps D Debt Ratings in Not Cooperating
VASU COCO: ICRA Keeps D on INR43cr Debt in Not Cooperating

VNKC AGROCOM: Ind-Ra Lowers LongTerm Issuer Rating to 'D'


J A P A N

JAPAN: Delayed Olympics Leaves Hotels Deserted, Economy in Limbo


S I N G A P O R E

SINGAPORE PRESS: Hearing Date on Units' JM Bid Set for Aug. 17


S O U T H   K O R E A

SOUTH KOREA: Falls Into Recession as Pandemic Hits Activity


X X X X X X X X

TONGA: Asks China to Restructure Heavy Bilateral Debt Load

                           - - - - -


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

ALL TRADES: Goes Into Administration; Aug. 3 Creditors' Meeting Set
-------------------------------------------------------------------
ABC News reports that the largest commercial employer of
apprentices and trainees in Australia, All Trades Queensland, has
gone into administration.

ABC says the company director has appointed John Park and Joanne
Dunn from FTI Consulting as voluntary administrators, effective
immediately.

Administrators will conduct an independent assessment of the
financial position and ongoing viability of the company.

According to ABC, Mr. Park said apprentices and trainees employed
by the company will continue in their current roles and will be
updated as the administration progresses.

"The administrators are mindful that ATQ is a major commercial
employer . . . and plays an important role in developing the
careers of many tradespeople," ABC quotes Mr. Park as saying.

"Our aim is to maximise the prospects of the business continuing
via a market trade sale or recapitalisation through a deed of
company arrangement.

"ATQ has a solid competitive position and some attractive assets.

"Notwithstanding recent challenges, the assets will be potentially
attractive to other businesses and potential acquirers.

"We anticipate a healthy level of interest."

ABC relates that Minister for Training and Skills Development
Shannon Fentiman said skills and training are a key priority for
the Queensland Government.

"The Department of Employment, Small Business and Training will be
working with ATQ to make sure apprentices, trainees and students
are supported," the report quotes Ms. Fentiman as saying.

"At this time, training for students will continue as will the
placements of apprentices and trainees with their host employer."

The administrators will provide a high-level update at a creditors'
meeting scheduled to be held on August 3, ABC notes.


CRUISE & MARITIME: First Creditors' Meeting Set for Aug. 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Cruise &
Maritime Voyages Pty Ltd will be held on Aug. 5, 2020, at 11:00
a.m. via electronic facilities only.

Marcus William Ayres and Kenneth Michael Whittingham of Duff &
Phelps were appointed as administrators of Cruise & Maritime on
Aug. 5, 2020.


DURO FELGUERA: Second Creditors' Meeting Set for July 31
--------------------------------------------------------
A second meeting of creditors in the proceedings of Duro Felguera
Australia Pty Ltd has been set for July 31, 2020, at 2:00 p.m. via
online conference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 30, 2020, at 4:00 p.m.

Rahul Goyal, John Bumbak and Scott Langdon of KordaMentha were
appointed as administrators of Duro Felguera on Feb. 28, 2020.


FINDON PHARMACY: Second Creditors' Meeting Set for Aug. 3
---------------------------------------------------------
A second meeting of creditors in the proceedings of Findon Pharmacy
Pty Ltd, trading as Priceline Pharmacy Findon, has been set for
Aug. 3, 2020, at 3:00 p.m. at the offices of  

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 30, 2020, at 5:00 p.m.

Stuart Otway and Alan Geoffrey Scott of SV Partners SA were
appointed as administrators of Findon Pharmacy on June 29, 2020.


PRIME GLOBAL: Chief Executive Officer Resigns
---------------------------------------------
Weng Kung Wong resigned as chief executive officer, interim chief
financial officer, and secretary and as a member of the Board of
Directors of Prime Global Capital Group Incorporated.

On July 15, 2020, Maylee Gan Suat Lee and Soo Choon Meng resigned
as directors of the Company and as members of the Board of
Directors.

The company said the resignations were not due to any disagreement
with the Company on any matter relating to its operations, policies
or practices.

On July 15, 2020, Muhamad Zakaria Bin Othman was appointed as chief
executive officer, interim chief financial officer, and secretary
and as a member of the Board of Directors.

Muhamad Zakaria Bin Othman, age 39, is currently a director of
Vetho Phoenix Sdn Bhd and Gaeawave Sdn Bhd, both of which are
investment companies. Mr. Zakaria is also a director in various
other companies who are in the field of property holding,
investment holding, locally and international companies.

                        About Prime Global

Prime Global Capital Group Incorporated, through its subsidiaries,
is principally engaged in the operation of a durian plantation,
leasing and development of the operation of oil palm and durian
plantation, commercial and residential real estate properties in
Malaysia.

Prime Global reported a net loss of $267,321 for the year ended
Oct. 31, 2019, compared to a net loss of $553,962 for the year
ended Oct. 31, 2018. As of Jan. 31, 2020, the Company had $45.27
million in total assets, $17.90 million in total liabilities, and
$27.36 million in total equity.

ShineWing Australia, in Melbourne, Australia, issued a "going
concern" qualification in its report dated Jan. 28, 2020 citing
that the Company has a working capital deficiency, and accumulated
deficit from recurring net losses maturing in less than one year as
of Oct. 31, 2019. All these factors raise substantial doubt about
its ability to continue as a going concern.


RSD (QLD): Second Creditors' Meeting Set for Aug. 4
---------------------------------------------------
A second meeting of creditors in the proceedings of RSD (QLD) Pty
Ltd has been set for Aug. 4, 2020, at 10:00 a.m. via electronic
facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 3, 2020, at 5:00 p.m.

Frank Lo Pilato and Jonathon Colbran of RSM Australia Partners were
appointed as administrators of RSD (QLD) Pty on April 30, 2020.


SAMSON OIL: BNY Mellon Terminates Deposit Agreement
---------------------------------------------------
The Bank of New York Mellon, as depositary, delivered a Notice to
Holders of American Depositary Shares Evidenced by American
Depositary Receipts Representing Deposited Ordinary Shares of
Samson Oil & Gas Limited.  The Termination Notice is the result of
the Depositary's determination that, in light of the delisting of
the Company's ordinary shares from the Australian Stock Exchange,
the Depositary could no longer act as Depositary for the ADSs
pursuant to the Deposit Agreement dated Jan. 4, 2008 among the
Company, the Depositary, and the Holders.

The Termination Notice explains that, because of the impending
termination of the Deposit Agreement, the Company's Level I ADR
Program will be terminated effective at 5:00 PM Eastern Time on
Friday, Aug. 14, 2020.  The Termination Notice follows the
Company's determination that, as a result of the ASX delisting of
its ordinary shares, it could not appoint a successor depositary
bank after the Depositary's resignation.

The Company has agreed to pay the Depositary a cancellation fee of
$100,000 in connection with the termination of the Deposit
Agreement and ADR Program in exchange for the Depositary's
agreement not to charge the Holders any cancellation fees when they
surrender their ADRs in order to receive the underlying ordinary
shares of the Company.

Holders have four months to surrender their ADRs for delivery of
the underlying ordinary shares of the Company after release of the
Termination Notice.  After Tuesday, Dec. 15, 2020, however, the
Depositary may sell the ordinary shares represented by ADRs that
are not claimed by Holders.  In such an event, separate
instructions for obtaining payment of the sale proceeds will be
delivered to the remaining Holders.

Because its securities are registered under the Securities Exchange
Act of 1934, the Company will support the development of a U.S.
over the counter trading market for its ordinary shares to replace
the existing over the counter trading market for the ADSs.  While
there can be no assurance that such a market will be successfully
established, the Company believes that it represents the best
opportunity for Holders to maintain some liquidity for their
investment in the Company.

                        About Samson Oil

Headquartered in Perth, Western Australia, Samson Oil & Gas Limited
-- http://www.samsonoilandgas.com/-- is an independent energy
company primarily engaged in the acquisition, exploration,
exploitation and development of oil and natural gas properties,
primarily with a focus in Montana and North Dakota.

Samson Oil reported a net loss of $7.15 million for the fiscal year
ended June 30, 2019, compared to a net loss of $6.04 million for
the fiscal year ended June 30, 2018.  As of March 31, 2020, the
Company had $44.06 million in total assets, $52.64 million in total
liabilities, and a total stockholders' deficit of $8.58 million.

Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2019, citing that the Company is in violation of its debt
covenants, incurred a net loss from operations, has cash outflows
from operations, and its current liabilities exceed its current
assets as of and for the year ended June 30, 2019.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


VILLAGE PHARMACY: Second Creditors' Meeting Set for Aug. 3
----------------------------------------------------------
A second meeting of creditors in the proceedings of Village
Pharmacy Burnside Pty Ltd has been set for Aug. 3, 2020, at 11:00
a.m. at the offices of SV Partners SA, Level 4, 12 Pirie Street, in
Adelaide, SA.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 30, 2020, at 5:00 p.m.

Stuart Otway and Alan Geoffrey Scott of SV Partners were appointed
as administrators of Village Pharmacy on June 29, 2020.


ZAOUD PLUMBING: First Creditors' Meeting Set for Aug. 3
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Zaoud
Plumbing Pty Ltd will be held on Aug. 3, 2020, at 11:00 a.m. at One
Wharf Lane, Level 20, 171 Sussex Street, in Sydney, NSW.

Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Zaoud Plumbing on July 22, 2020.




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C H I N A
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CHINA: Launches CNY100-Billion Bond Bailout Fund for State Firms
----------------------------------------------------------------
Caixin Global reports that China has set up a bailout fund with a
fundraising goal of CNY100 billion ($14.3 billion) to deal with
potential bond defaults by central government-controlled
state-owned enterprises (SOEs).

Caixin relates that the new fund, established by China Reform
Holdings Corp. Ltd. and 31 other centrally controlled SOEs, has so
far raised CNY10 billion from these enterprises, China's top SOE
watchdog said in a statement on July 24. The fund was designed to
supply emergency funding to centrally controlled SOEs short on cash
so they can avoid defaults.

China Reform, a state-owned investment company supervised by the
State-owned Assets Supervision and Administration Commission
(SASAC) under the central government, will manage the fund, company
Chairman Zhou Yubo was quoted by state-run newspaper China
Securities Journal as saying, Caixin relays.

According to Caixin, Ming Ming, an analyst at Citic Securities Co.
Ltd., said the fund will help further improve the creditworthiness
of centrally controlled SOEs, which have long helped keep China's
economy stable.

Currently, there are 5,090 bonds issued by centrally controlled
SOEs with the highest issuer credit rating of "AAA," Ming said.
These securities account for 75.8% of all bonds issued by the SOEs,
which indicates the majority of these companies pose a low credit
risk.

Caixin relates that the fund aims to strengthen the capital chains
of the SOEs and curb systematic financial risks in the country,
said Yuan Ye, a deputy head of SASAC, which oversees about 100
centrally owned SOEs.

The ongoing Covid-19 pandemic has had an adverse impact on
centrally controlled SOEs supervised by SASAC, Caixin notes. In the
first quarter this year, their total net profits plunged 58.8%
year-on-year. Twenty-six of the enterprises reported net losses. In
the first half of the year, the profit decline narrowed to 37.7%,
as the domestic economy recovered from the fallout of the pandemic,
Caixin says.

Founded in December 2010, China Reform had more than CNY420 billion
in assets at the end of 2019.


FANTASIA HOLDINGS: Fitch Rate New USD Unsec. Notes 'B+'
-------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Fantasia
Holdings Group Co., Limited's (B+/Stable) proposed US dollar senior
unsecured notes a 'B+' rating, with a Recovery Rating of 'RR4'. The
proposed notes are rated at the same level as Fantasia's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. The company plans to use the net proceeds
from the proposed issue to refinance existing debt and for general
corporate purposes.

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

KEY RATING DRIVERS

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

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

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

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

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

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

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

DERIVATION SUMMARY

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

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

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

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

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

KEY ASSUMPTIONS

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

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

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

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

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

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

Key Recovery Rating Assumptions

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

Fitch has assumed a 10% administrative claim.

Liquidation Approach

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

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

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

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

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

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

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

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

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

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

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

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

RATING SENSITIVITIES

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

  - Significant increase in attributable contracted sales

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


FUJIAN YANGO: Fitch Affirms B- LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed China-based Fujian Yango Group Co.,
Ltd's Long-Term Foreign-Currency Issuer Default Rating at 'B-'. The
Outlook is Stable. Fujian Yango's senior unsecured rating and the
ratings on its outstanding bonds have also been affirmed at 'B-'
with Recovery Ratings of 'RR4'. Fitch has also simultaneously
withdrawn all the ratings of Fujian Yango.

The rating affirmation and Stable Outlook reflect the company's
stable inflows of investment income from its listed subsidiaries
and financial assets, including its property arm Yango Group Co.,
Ltd. (Yango; B+/Stable), and growth in its education sector. Fitch
also considers the company's liquidity does not pose immediate risk
as the company's unrestricted cash balance, investment income and
investment disposal proceeds are sufficient to meet its short-term
capital-market debt maturities.

Fitch has chosen to withdraw all the ratings of Fujian Yango for
commercial reasons.

KEY RATING DRIVERS

Liquidity Buffer: Fitch believes the liquidity position of Fujian
Yango on a deconsolidated basis (excluding its two listed
subsidiaries) remains adequate. The company's unrestricted cash
balance, investment income and asset divestment in 2020 can help
meet its short-term capital-market debt maturities, notably the US
dollar bond due in September 2020. In addition, the company has
high-value assets that offer additional liquidity buffer if
divested. The company has remitted CNY673 million of onshore cash
to repurchase offshore bonds so far in 2020, which indicates the
company's ability to transfer onshore cash abroad.

Reliance on Bank Refinancing: Fitch believes Fujian Yango can
continue to secure refinancing through bank loans and new
facilities. More than half of the company's debt is from financial
institutions at end-March 2020. However, access to long-term debt
funding in capital markets has been more difficult than before the
coronavirus pandemic, mainly because of investors' reduced appetite
for longer-dated high yield debt.

The company has issued around CNY1.5 billion of commercial paper
and CNY500 million of debt instruments at Beijing Financial Assets
Exchange domestically so far this year, and issued USD110 million
of bonds offshore in February to refinance a bond that matured in
April. Management says it is in the process of applying for more
long-term debt issuance quotas domestically.

Interest Coverage to Improve: Fitch expects the ratio of dividend
and interest income to interest expenses to improve to above 1.0x
in 2020 and beyond (2019: 0.9x). The recovery is mainly driven by
higher dividends from key subsidiaries, including Yango, steady
growth in the education segment's cash flow and stable dividends
from Industrial Bank of China. Fitch also believes the company is
able to benefit moderately from lower interest rates onshore, which
will limit further increases in interest expenses.

ESG - Governance: Fujian Yango has an ESG Relevance Score of 5 for
Group Structure, due a complicated group structure and unrestricted
cash flow movements between related entities, which are evident in
a high amount of related-party transactions. Short-term
transactions to related parties was reported at CNY2.5 billon
within "other receivables" at end-2019. The rating on Fujian Yango
is constrained by this score.

Rated on Standalone Basis: Fujian Yango primarily generates cash
flows from minority investments in operating subsidiaries and the
operation of an education business. The most important investment
is its 34.3% stake in Yango. Fujian Yango consolidates Yango in its
financial statements, but Fitch rates Fujian Yango on a standalone
basis as Fitch assesses the linkage with the subsidiary to be weak,
in accordance with its Parent and Subsidiary Rating Linkage
criteria. Fujian Yango has limited access to Yango's cash flows due
to its low stake and listing rules limiting non-dividend cash
up-flow, and so faces structural subordination at the
holding-company level.

DERIVATION SUMMARY

No longer relevant as the ratings have been withdrawn.

KEY ASSUMPTIONS

No longer relevant as the ratings have been withdrawn.

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Reliance on Refinancing: Fujian Yango had CNY4.2 billion of cash on
hand and around CNY5 billion in tradable financial assets (mostly
bank wealth management products) on a deconsolidated basis at
end-March 2020, which is insufficient to fully cover its short-term
debt balance (including puttable bonds with exercise dates within
one year) of over CNY10 billion. However, its large and diversified
equity portfolio provides potential funding for repayments through
pledged borrowing as well as divestment proceeds. Fitch expects
Fujian Yango to continue to refinance its debt with its banks, and
refinance or repay its capital-market debt by using its onshore
cash and equivalents as collateral.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Fujian Yango's has an ESG Relevance Score of 5 for Group Structure
and a score of 4 for Governance Structure due to a complicated
group structure and unrestricted cash flow movements between
related entities. Fitch has determined that these factors have a
negative impact on the credit profile and are highly relevant to
the rating.

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

Fujian Yango Group Co., Ltd.

  - LT IDR B- Affirmed

  - LT IDR WD Withdrawn

  - Senior unsecured; LT B- Affirmed

  - Senior unsecured; LT WD Withdrawn

Yango (Cayman) Investment Limited      

  - Senior unsecured; LT B- Affirmed

  - Senior unsecured; LT WD Withdrawn


KANGMEI PHARMACEUTICAL: Guangdong Hengjian to Take Over Drugmaker
-----------------------------------------------------------------
Caixin Global reports that a state-owned company will take over
Kangmei Pharmaceutical Co. Ltd. after the company was punished for
a $12.6 billion financial fraud, according to exclusive sources.

Kangmei's controlling shareholder, Kangmei Industry Investment
Holdings Co. Ltd., is planning a major matter that may lead to a
change in control of Kangmei, the company said July 24 in a
statement, Caixin relates. Because of the uncertainty of the
matter, the company's stock was suspended from trading for two days
starting July 24, Kangmei said.

Exclusive sources told Caixin that the Guangdong provincial
government recently held a meeting and named Guangdong Hengjian
Investment Holding Corp. as custodian of Kangmei. Details haven't
been finalized, but a possible option is to have Hengjian hold the
controlling shareholder's voting rights in Kangmei, one of the
sources said, Caixin relays.

Hengjian is a stated-owned investment holding company wholly owned
by the Guangdong provincial government, Caixin discloses. It holds
stakes in state-owned power company China Southern Power Grid Co.,
China Southern Airlines Co., China General Nuclear Power Group and
China Baowu Steel Group Corp.

As early as May 2019, just after Kangmei admitted to overstating
its cash, former Kangmei Pharmaceutical Chairman Ma Xingtian
approached Hengjian for a possible equity investment, Caixin
recalls. The Guangdong government was also interested in brokering
a restructuring of Kangmei. But as the financial fraud turned out
be far more serious than Kangmei originally acknowledged, the
restructuring talks never made substantial progress.

According to Caixin, Hengjian was the first investor in talks with
Kangmei, but the parties failed to reach a deal. Kangmei also
approached state-owned Guangzhou Pharmaceuticals Corp., according
to a person familiar with the matter.

Kangmei's strategy was to sell assets to ensure bond repayments and
buy time to avoid a forced delisting, the person, as cited by
Caixin, said. Now that the fraud investigation has been concluded
and punishment has been handed down, state-owned capital is willing
to step in, the person said. The company was fined CNY600,000 by
top securities regulators in May for inflating revenues and
fabricating bank deposits.

Kangmei said in April 2019 that "accounting errors" caused a
CNY29.9 billion overstatement of its cash holdings, Caixin recalls.
An investigation by regulators subsequently found that the company
engaged in a series of illegal activities including forging
documents for nonexistent business activities leading to an
overstatement of cash holdings amounting to CNY88.7 billion ($12.6
billion) from 2016 to 2018.

Earlier this month, the police took compulsory measures against Ma
on suspicion of illegal disclosure of information and failure to
disclose important information, Caixin says. GF Securities Co.
Ltd., the sponsor of Kangmei's initial public offering in 2001 and
adviser in many of Kangmei's financing deals, was banned from the
securities-sponsorship business for six months and from bond
underwriting for a year, Caixin notes.

The government's takeover is to ensure the survival of Kangmei, a
person close to the Guangdong government told Caixin. Next, the
government still hopes to push forward a restructuring of Kangmei
in a market-oriented way, the person said.

The government is currently coordinating an asset sale by Kangmei
to repay some debt, a creditor said, Caixin relays.

As of the end of 2019, Kangmei had CNY501 million in cash and cash
equivalents but had total debt of nearly CNY30 billion.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
5, 2020, Caixin Global said Kangmei Pharmaceutical became the first
listed company to default on a bond issue when the market reopened
on Feb. 3 after the extended Lunar New Year holiday. The supplier
of traditional Chinese medicines said in a statement Feb. 2 that it
couldn't make principal and interest payments and on CNY2.4 billion
($340 million) of bonds because of tight liquidity. The bonds were
issued in 2015 and due in 2022, but the issuer had an option to
raise the coupon rate and investors had an option to sell back the
bonds at the end of the fifth year.

Kangmei Pharmaceutical Co., Ltd. produces and sells Chinese
medicines in China. It also offers chemical medicines and food
products; and operates hospitals and Chinese medicine pharmacies.




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

BHALKESHWAR SUGARS: ICRA Reaffirms D Rating on INR175.50cr Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Bhalkeshwar Sugars Limited (BSL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-
   Term Loan        175.50      [ICRA]D; Reaffirmed

   Fund-based-
   Working
   Capital
   Facilities        20.00      [ICRA]D; Reaffirmed

   Long-term
   Unallocated
   Limits             4.50      [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation factors in the continuing delays in the
debt servicing obligations of BSL owing to its poor liquidity
position. The company's profitability was adversely impacted by
moderate cane crushing volumes, subdued performance from sugar
(high cane cost coupled with low recovery rate) and its
by-products—power and distillery. Weak operating performance
along with high interest expenses is estimated to have resulted in
net losses in FY2020 as per discussion with the management. The
company's capital structure is characterised by high debt levels
and with poor operating performance, the coverage indicators are
expected to remain poor. With inadequate cash generation and
elongated working capital cycle, BSL's working capital limits
remained overdrawn in the past 12 months.

Further, there are large debt repayments in FY2021 and FY2022. The
company's ability to meet these obligations hinges on the volume of
cane crushed, recovery rate and ramping up of distillery
operations. The ratings are also constrained by the risks
associated with inherent cyclicality in the sugar business, the
agro-climactic conditions related to cane production, the
Government policies related to sugar trade and the counterparty
credit risk associated with the sale of
power to the utility.

Key rating drivers and their description

Credit strengths – Not applicable

Credit challenges

* Delays in debt servicing: BSL continues to delay in servicing its
debt obligations due to its stretched liquidity position.

* Financial profile estimated to remain weak in FY2020: The
operating profitability of the company is likely to be constrained
by moderate cane crushing volumes, subdued performance from sugar
(high cane costs and low recovery rate) and its by-products—power
and distillery. This, along with high interest expenses, is
expected to result in net losses in FY2020. In addition, the high
debt is likely to result in weak capital structure and debt
coverage metrics.

* Debt repayments are on higher side in FY2021: BSL has relatively
high debt repayments of INR25.08 crore in FY2021. Its ability to
meet these obligations is dependent on the increase in the cane
crushing volumes, contribution margin from sugar and the ramping up
of the distillery operations.

* Vulnerability of profitability to agro-climatic risk and
regulatory risk: The profitability of sugar mills remains exposed
to the cyclicality of the sugar industry, the agro-climatic risks
related to cane production, the Government policies related to
sugar trade and the counterparty credit risk associated with the
sale of power to the utility.

Liquidity position: Poor

The company's liquidity position is poor because of continued net
losses and adverse cash flows from operations. BSL's working
capital facilities remained overdrawn for the last 12 months. High
cane cost and sub-par recovery has a dampening impact on the
performance of the sugar division, notwithstanding improved
realisations in FY2020. The company's inability to ramp up
distillery operations weighed on profit and cash flow generation.
With expectations of continued losses, longer working capital cycle
and high debt repayments, the company's liquidity position is
expected to remain weak.

Rating Sensitivities

Positive triggers - The rating may be upgraded if the company
services the debt obligations in a timely manner on a sustained
basis.

BSL was incorporated in 2000. At present, it operates an integrated
sugar plant at Bhalki, Bidar district,Karnataka. The first phase of
the sugar plant started commercial operations on February 2014,
with a capacity of 2,500 TCD and cogeneration capacity of 14 MW. In
the second phase, the company has expanded the sugar capacity to
4,000 TCD in October 2017 and set up a distillery capacity of 60
KLPD, which was commissioned in October 2018.


BLISS HOTELS: ICRA Withdraws B+ Rating on INR40cr Loans
-------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Bliss
Hotels Limited (BHL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         5.50      [ICRA]B+(Stable) ISSUER NOT
   Fund Based-                  COOPERATING; Withdrawn
   Cash Credit        
                                
   Long Term-        34.50      [ICRA]B+(Stable) ISSUER NOT
   Fund Based-                  COOPERATING; Withdrawn
   Term Loan                    

Rating action

The long-term assigned to BHL have been withdrawn at the request of
the company, based on the no-objection certificate provided by its
banker. ICRA is withdrawing the rating and that it does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed. ICRA has withdrawn the Stable
outlook on the long-term rating.

Key rating drivers and their description
Key rating drivers have not been captured as the rating is being
withdrawn.

Liquidity Position:
Not captured as the rating is being withdrawn.

Rating sensitivities:
Not captured as the rating is being withdrawn.

Bliss Hotels Limited was incorporated in the year 1987 by
Mr. Suryanarayana Reddy. During 1987, the company had established
Hotel Vikram, a budget hotel in Tirupati with 36 rooms and further
expanded to 65 rooms. Later, in 1999, the company started Hotel
Bliss, a three-star hotel with 116 rooms, two restaurants, two bars
and eight banquet halls. Other than BHL, the promoter also owns two
petrol pumps and two movie theatres in Andhra Pradesh.


CHANDAN TEXTILES: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR6.30 crore bank facilities of
Chandan Textiles to remain under Issuer Not Cooperating category.
The Long-term rating is denoted as [ICRA]B (Stable) ISSUER NOT
COOPERATING.

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

   Long Term-        3.30       [ICRA]B (Stable); ISSUER NOT
   Fund Based/TL                COOPERATING; Rating continue
                                to remain under the 'Issuer Not
                                Cooperating' category

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

Chandan Textiles is a proprietorship firm established in the year
2002 by Mr. Chandan Malhotra. The firm is engaged in the business
of manufacturing and trading of pure silk fabrics like chiffon,
georgette and crape. The concern generates ~70% of the revenue from
the state of Karnataka, followed by 20% from Kolkata and the rest
from other States.


GEEKAY STEEL: ICRA Moves B+ on INR15cr Debt to Not Cooperating
--------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Geekay Steel Corporation (GSC) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+ (Stable) ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–        15.00      [ICRA]B+(Stable) ISSUER NOT
   Unallocated                  COOPERATING; Rating moved to
                                the 'Issuer Not Cooperating'
                                category

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

Geekay Steel Corporation (GSC) was founded in the year 2016 by Mr.
Gopal Kishan Agarwal as a sole proprietorship concern. The firm is
involved in the trading of steel products including iron rods,
flats, angles, scrap, etc. These products are majorly used in
fabrication, cement, infrastructure and machine manufacturing
industry.


GVR BEHARI: Ind-Ra Keeps 'D' Term Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GVR Behari
Hanumana Tollway Private Limited's (GBHTPL) term loan ratings in
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR1,086.9 bil. Term loan (Long-term) due on October 2025
     maintained in the non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GVR Behari Hanumana Tollway, wholly owned by GVR Infra Projects
Ltd, has been granted a 15-year design-build-fund-operate-transfer
concession by Madhya Pradesh Road Development Corporation for the
two-laning of the Behari-Hanumana section from 110km of NH-75(E) to
243km of NH-7.


GVR PANNA: Ind-Ra Keeps 'D' Term Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GVR Panna
Amanganj Tollway Private Limited's term loan rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR870.7 mil. Term loan (long-term) due on November2025
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GVR Panna Amanganj Tollway, which is wholly owned by GVR Infra
Projects Ltd (GVR), has been granted a 15-year
design-build-fund-operate-transfer concession by Madhya Pradesh
Road Development Corporation Limited for the expansion of a 58.18km
part of the Panna-Amanganj section of State Highway-47 into two
lanes.


HARIHARAN SPINNERS: ICRA Withdraws B Rating on INR8.44cr Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Hariharan Spinners (I) Private Limited (erstwhile Hariharan
Spinners Limited), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–        7.56       [ICRA]B(Stable) ISSUER NOT
   Fund Based-                  COOPERATING; Withdrawn   
   Cash Credit       

   Long Term–        8.44       [ICRA]B(Stable) ISSUER NOT
   Fund Based-                  COOPERATING; Withdrawn  
   Term Loan         

   Long Term–        1.00       [ICRA]B(Stable) ISSUER NOT
   Unallocated                  COOPERATING; Withdrawn

Rationale

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

Key rating drivers

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

Liquidity position

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

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

Incorporated in 2005, Hariharan Spinners (I) Private Limited (HSPL)
is promoted by Mr. A. Senniappan and manufactures viscose yarn by
spinning viscose fiber with a capacity of 16,128 spindles. The
company manufactures viscose yarn of the medium count range of
30's. The company's spinning mill is located in Thiruchnengode,
Tamil Nadu. In FY2017, as per provisional numbers, the company made
a net profit of INR0.1 crore on an operating income of INR41.5
crore, compared with a net profit of INR0.01 crore on an operating
income of INR28.8 crore in FY2016.


JAIN IRRIGATION: ICRA Reassigns C Rating to INR285cr Loan
---------------------------------------------------------
ICRA has revised the long-term rating of Jain Irrigation Systems
Limited (JISL) from [ICRA]C to [ICRA]D and short- term rating from
[ICRA]A4 to [ICRA]D and simultaneously reassigned the long term
rating from [ICRA]D to [ICRA]C and the short-term rating
from[ICRA]D to [ICRA]A4. The rating action follows commercial
dispute with the lender resulting in a one-off instance of delay by
the company on servicing the interest due on its term loan with
Exim Bank for the month of January 2020. However, following the
regularization of the same from February 2020 onwards, ICRA has
revised the ratings from [ICRA]D to [ICRA]C/[ICRA]A4.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan         150.00     [ICRA]C (Downgraded from [ICRA]C
                                to [ICRA]D and then reassigned to
                                [ICRA]C)

   Fund-based-       285.00     [ICRA]C (Downgraded from [ICRA]C
   Working Capital              to [ICRA]D and then reassigned to
   Facilities                   [ICRA]C)

   Non-fund Based-   255.00     [ICRA]A4 (Downgraded from
   Working Capital              [ICRA]A4 to [ICRA]D and then
   Facilities                   reassigned to [ICRA]A4)

   Long-term          50.00     [ICRA]C (Downgraded from [ICRA]C
   Unallocated                  to [ICRA]D and then reassigned to
   Limits                       [ICRA]C)

   Short-Term         40.00     [ICRA]A4 (Downgraded from
   Unallocated                  [ICRA]A4 to [ICRA]D and then
   Limits                       reassigned to [ICRA]A4)

The interest due in February 2020 and March 2020 has been paid in a
timely manner and from March 2020 to August 2020 the company has
availed a moratorium under the Covid-19 pandemic relief package by
RBI. The company's access to working capital limits has weakened
given the impact of sharp deterioration in the credit quality of
its parent, Jain Irrigation Systems Limited (JISL), on the
financial flexibility of Jain Farm Fresh Foods Limited (JFFFL). The
company's consolidated debt levels remained high at INR1,175.5
crore as of June 30, 2019. In addition, decline in company's
profitability in Q1 FY2020 due to forex losses and write-off of
inventory in its USA-based manufacturing company, Cascade
Specialities Inc., led to further moderation in its debt coverage
indicators. The company's ability to deleverage its balance sheet
and also improve its return indicators, which currently are
moderate, would remain important from a credit perspective. The
ratings are also constrained by the exposure of the company's
operations to agro-climatic risks and seasonality, which impact the
availability of raw materials, i.e. fresh fruits and vegetables.
JFFFL also faces significant competition from other producers of
dehydrated onion in the international market. The ratings also take
into account the exposure of the company's profitability to
fluctuations in foreign exchange (forex) rates, since ~50% of
JFFFL's standalone revenues are derived from exports. ICRA notes
that fructification of JFFFL's efforts to diversify and enhance its
retail business and the newly set up spices business remains to be
seen.

ICRA also notes that JISL is currently engaged with its lenders on
a resolution plan. The lending consortium of JISL signed an
inter-creditor agreement in June 2019 as per which the company's
debt resolution plan is expected to be finalised and implemented in
the near term. As of December 31, 2019, the company's overdue
obligations towards working capital and term loans of INR525.7
crore. JISL's consolidated debt levels stood at INR6,416 crore as
on December 31, 2019 as compared to INR6,381 crore as on September
30, 20191. Moreover, JISL's financial flexibility continues to get
impacted given the declining price of its equity shares on the
stock exchanges; the proportion of pledged shares of the promoters
had increased to 49.9% as on March 31, 2020 from 17% as on March
31, 2018. Until JISL's debt resolution plan fructifies and its
liquidity improves, the possibility of JFFFL's cash flows being
utilised to support any cash flow mismatches of JSIL remains a
credit concern and will be a key monitorable.

The ratings, however, continue to favourably take into account
JFFFL's established and leading position in the mango pulp and
onion dehydration markets. JFFFL has a wide distribution and
procurement network further strengthened by its well-established
relationship with farmers in Maharashtra and Andhra Pradesh, from
where it meets majority of its onion and mango requirements. The
ratings further take into account the reputed domestic and
international clientele of the company which leads to repeat
business. The company benefits from its longstanding relationship
with its key customer, viz. Hindustan Coca-Cola Beverages Private
Limited, with whom it enters into annual contracts that provide
revenue visibility. Since the price for the company's fixed-price
contracts with its customers is determined towards the beginning of
the production season, the company has the flexibility to partially
pass on any material price increase to its customers, especially in
case of its mango-pulp supply contracts, thereby mitigating the
exposure to price risk to a certain extent. The ratings also
favorably consider the benefits accruing from the experience of the
promoters in the agricultural value chain. The ratings also factor
in the favorable demand outlook for the fruit drinks market and the
food processing industry.

Key rating drivers

Credit strengths

* Established and leading market presence in the domestic vegetable
dehydration and mango pulp industry: The company has a
well-established position in the domestic food processing market
with a sizeable contribution from exports as well. It has been in
the business for about 25 years, earlier through JISL, who
subsequently sold off the business to JFFFL in March 2016. The
company has also grown its international presence through multiple
acquisitions over a period of years in the USA, UK, and Belgium.

* Efficient supply chain management with broad procurement and
distribution network: JFFFL has a widespread distribution network
spanning various urban and semi-urban regions. It has a vast
procurement network further strengthened by its well-established
relationship by farmers in Maharashtra, Andhra Pradesh, and Tamil
Nadu.

* Reputed domestic and international clientele generating stable
repeat business: The company supplies to a number of reputed
domestic and international FMCG players through long-term
contracts. Hindustan Coca-Cola Beverages Private Limited, one of
JFFFL's key domestic clients, has been dealing with the company for
over 15 years and contributes to 25%~30% of the company's total
standalone sales.

* Diversified geographical presence: Over 50% of the company's
total standalone sales are in the form of exports, mainly to Iran,
Saudi Arabia, Netherlands, Belgium, etc. The diversified
geographical presence mitigates the demand risks arising from a
particular country to some extent. Overall, the long-term demand
outlook for fruit beverages and processed foods market, especially
in emerging markets, is positive and is expected to support the
company's revenue growth.

* Benefits from strong operational experience of the parent
company: JFFFL's parent, JISL, is the second largest
micro-irrigation company globally and the largest manufacturer of
micro-irrigation equipment in India. JFFFL stands to benefit from
JISL's rich and long-running experience in the agricultural value
chain.

Credit challenges

* Delay in debt servicing: The company has delayed in servicing the
interest due on its term loan with Exim Bank for the month of
January 2020 as a one-off instance owing to a commercial dispute
with its lender. The interest due in February 2020 and March 2020
has been paid in a timely manner and from March 2020 to August 2020
the company has availed a moratorium under the Covid-19 pandemic
relief package by RBI. The same has been confirmed by the lender.

* Weakening of credit profile of JISL; high borrowings continue on
JFFFL's books: The parent company, JISL, witnessed a sharp increase
in its receivable position as on Q4 FY2019end and consequently an
increase in its borrowing levels, which continued to rise in 9M
FY2020. JISL's consolidated debt too continues to remain high owing
to high working capital intensity of operations and debt-funded
acquisitions and capex over the past two years. JISL has defaulted
on its working capital loans due to a stretched liquidity position
and cash flow mismatches. JISL's lending consortium has signed an
inter-creditor agreement as per which the company's debt resolution
plan is excepted to be finalised and implemented in the near term.
Meanwhile, the liquidity position of JFFFL has weakened with the
company having delayed the interest payment on its term loan with
Exim Bank.

* Operations exposed to agro-climactic risks and seasonality: The
company's operations require fresh fruits and vegetables, the
production of which is exposed to agro-climactic risks and is
seasonal in nature. The quality of crop of the fruits and
vegetables has a direct impact on the availability and prices of
the raw materials and, in turn, on the company's profitability.

* Intense competition from international players in the onion
dehydration business: Around 80% of JFFFL's sales from the onion
dehydration business are exports. The company faces stiff
competition from other producers of dehydrated onion and garlic in
the international market.

* Exposure to forex risk: The company is exposed to volatility in
forex rates given the high share of exports. While the company does
not have a firm hedging policy, it has currently hedged about 40%
of its exports as well as part of its future foreign currency cash
flows on its inventory.

* Ability to scale up in new businesses remains critical: The
company's ability to ramp up its newly launched retail and spice
manufacturing operations remains to be seen as the company has
experience in only business-to-business (B2B) operations so far.
The retail operations, currently occupy a small share of the
company's total sales, but are expected to increase their sales
contribution in the medium term.

Liquidity Position: Poor

JFFFL's liquidity position is poor with cash flows from operations
remaining negative in FY2019 owing to high working capital
intensity of operations. However, the company is expecting pending
insurance claims of about INR25-30 crore for the losses incurred
during a fire incident in FY2018 which is expected to support its
cash flows.

Rating Sensitivities

Positive triggers - Improvement in JFFFL's liquidity and
profitability along with deleveraging of its balance sheet and an
improvement in the credit profile of its parent, JISL could lead to
a rating upgrade.

Negative triggers - Further increase in JFFFL's consolidated debt
and worsening of its liquidity profile or any cash outflows towards
JISL could lead to a rating downgrade.

Incorporated in 2015, Jain Farm Fresh Foods Limited (JFFFL) is a
subsidiary of Jain Irrigation Systems Limited (JISL). The company
was formed as a result of the sale of the food processing business
(previously being undertaken under JISL itself since 1995) with
effect from March 31, 2016 on slump sale basis as a going concern.
It is a food processing company engaged in the production of
dehydrated onion and vegetable products. It also produces aseptic
fruit purees, concentrates, clarified juices, and frozen products.
These products are marketed under the brand name 'Jain FarmFresh'.
In 2017, the company launched its retail business with its first
branded product called "Aamrus" (sweetened frozen mango pulp) under
the umbrella brand name of "FarmFresh". Later, the company added a
new brand "FRU2go" (fruit pulp in various variants). In 2018, the
company ventured into spice manufacturing and has recently launched
its spice retail operations across India.


JEEVISHA FOODS: ICRA Keeps B+ on INR10.30cr Debt in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR10.30-crore bank facilities of
Jeevisha Foods Pvt. Ltd continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        10.30      [ICRA]B+(Stable) ISSUER NOT
   Limits                       COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

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

Jeevisha Foods Private Limited was incorporated in 2013 and is
engaged in milling of basmati rice. The manufacturing unit of the
firm is based in Kaithal (Haryana) with a milling capacity of 8
tonnes per hour (TPH) and has sortex machinery with a capacity of 8
TPH. The operations of the firm are actively managed by Mr. Nikhil
Chhabra.


JL HOTELS: ICRA Lowers Rating on INR21.50cr Loan to B+
------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Jl
Hotels Private Limited, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        21.50      [ICRA]B+(Stable) ISSUER NOT
   Fund Based                   COOPERATING; Rating downgraded
   Term Loan                    from [ICRA]BB- (Stable) ISSUER
                                NOT COOPERATING and continues
                                To remain under 'Issuer Not
                                Cooperating' category

   Long Term–          1.00     [ICRA]B+(Stable) ISSUER NOT
   Fund Based                   COOPERATING; Rating downgraded
   Facilities                   from [ICRA]BB- (Stable) ISSUER
                                NOT COOPERATING and continues
                                To remain under 'Issuer Not
                                Cooperating' category

   Short Term-         0.39     [ICRA]A4 ISSUER NOT COOPERATING;
   Non Fund Based               Rating continues to remain under
                                'Issuer Not Cooperating' category

   Long Term/          0.11     [ICRA]B+(Stable)/[ICRA]A4
   Short Term-                  ISSUER NOT COOPERATING;
   Unallocated                  Rating downgraded from
                                [ICRA]BB- (Stable)/[ICRA]A4
                                ISSUER NOT COOPERATING and
                                continues to remain under
                                'Issuer Not Cooperating'
                                Category

Rationale

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

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

M/s J L Hotels Private Limited is a 4-star category hotel, coming
up at Gandhi Nagar, Katpadi, Vellore. The hotel would have 62 rooms
with a tie-up with M/s Fortune Hotels Pvt. Ltd. The hotel is
promoted by Mr. J Padmasekhar and his brother, Mr. JV Prasad, who
are primarily involved in logistics business and cement dealership
of M/S Maha Cements in Telengana, and M/S Chettinad Cements in
Tamil Nadu.


K G N ELECTRICALS: ICRA Keeps B+ on INR5cr Debt in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR25.00 crore bank facilities of K G
N Electricals to remain under Issuer Not Cooperating category.  The
Long-term rating is denoted as [ICRA]B+ (Stable) ISSUER NOT
COOPERATING and Short-term rating is denoted as [ICRA]A4 ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        5.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund Based/CC                COOPERATING; Rating continue
                                to remain under the 'Issuer Not
                                Cooperating' category

   Short Term-      20.00       [ICRA]A4; ISSUER NOT
   Non Fund Based               COOPERATING; Rating continue
                                to remain under the 'Issuer Not
                                Cooperating' category

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

Incorporated in 1993, KGN is an electrical contractor that executes
projects for the government departments - Karnataka Power
Transmission Corporation Limited (KPTCL) and Bangalore Electricity
Supply Company Limited (BESCOM). Mr. Mohamad Idrees is the managing
partner for the firm. The contract work mainly involves procurement
of materials from the vendors and erection of substations and
transmission lines among others before handing over the projects to
the customers. The firm has Super Grade License from the Karnataka
State Government based on the quality of work done in the past.


LALWANI INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB-'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Lalwani
Industries Limited's (LIL) Long-Term Issuer Rating to 'IND BB-'
from 'IND BB'. The Outlook is Negative.

The instrument-wise rating action is:

-- INR14 mil. Fund-based limits downgraded with IND BB-/Negative
     rating; and

-- INR91 mil. Non-fund-based limits affirmed with IND A4+ rating.

The downgrade reflects LIL's subdued revenue growth, margin
contraction, and stretched liquidity in FY20. The Negative Outlook
reflects Ind-Ra's expectation of a continued deterioration in all
the aforementioned parameters in FY21 owing to the persisting
slowdown in the automobile and steel sector, coupled with the
ongoing economic downturn, exacerbated by the COVID-19 led business
disruptions.

KEY RATING DRIVERS

The downgrade reflects the company's continued small scale of
operations. The revenue was almost flat in FY20 at INR387.15
million (FY19: INR356.75 million) owing to the low market demand.
FY20 figures are provisional in nature.

The ratings also factor in the company's weak credit metrics.
Ind-Ra estimates the company's interest coverage (operating
EBITDAR/net interest expense + rents) to have deteriorated to 2.15x
in FY20 (FY19: 11.53x) and net leverage (adjusted net
debt/operating EBITDAR) to 5.62x (0.03x) due to a decline in the
operating EBITDA to INR9 million (INR24.66 million). The company's
letter of credit exposure was considered as part of debt while
arriving at the leverage for FY20.

The ratings are also constrained by LIL's modest operating margin,
which contracted to 2.32% in FY20 (FY19: 6.91%) due to lower sales
volumes of high-margin products amid stable operating costs. The
agency estimates the company's return on capital employed to have
stood at 8.9% in FY20 (FY19: 30.5%). In-Ra expects the margin to
remain low in FY21 owing to the overall economic slowdown.

Liquidity Indicator – Stretched: The average maximum utilization
of fund-based and non-fund-based limits for the 12 months ended May
2020 stood at 89% and 74%, respectively. In FY20, the agency
estimates the fund flow from operations to have been at INR3.79
million (FY19: INR16.69 million) and cash flow from operations to
have turned negative to INR50.29 million (INR55.08 million) due to
elongation in the working capital cycle to 80 days (28 days)
primarily due to an increase in the inventory days to 66 (33). The
company's cash and equivalents are estimated to have been at
INR12.73 million as at FYE20 (FYE19: INR52.43 million). The agency
believes the company's working capital cycle will remain high in
FY21 due to the economic slowdown.

However, the ratings continue to draw comfort from the management's
experience of over two and a half decades in the ferroalloy
industry.

RATING SENSITIVITIES

Positive:  An improvement in the scale of operations along with
improvement in the liquidity and credit metrics on a sustained
basis would be lead to Outlook revision to Stable.

Negative: A decline in the scale of operations along with a
sustained deterioration in the profitability margin or further
deterioration in the liquidity or credit metrics will lead to
negative rating action.

COMPANY PROFILE

LIL manufactures ferroalloys including Ferro silicon magnesium,
Ferro aluminum, ferrochrome, Ferro molybdenum, and nickel
magnesium. The company also trades in manganese ore, moly oxide,
and nickel. Its manufacturing facility is located in South 24
Parganas, West Bengal.


MAHASHAKTI POLYCOAT: ICRA Withdraws B Rating on INR3cr Debt
-----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Mahashakti Polycoat (MP), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based        3.00       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Withdrawn

   Fund-based–       2.86       [ICRA]B (Stable) ISSUER NOT
   Term Loan                    COOPERATING; Withdrawn

   Unallocated       0.14       [ICRA]B (Stable)/A4 ISSUER NOT
   limits                       COOPERATING; Withdrawn

Rationale

The Long-term and Short-Term Ratings assigned to MP have been
withdrawn at the request of the company, based on the no-objection
certificate provided by its banker. ICRA is withdrawing the rating
and that it does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. ICRA
has withdrawn the Stable outlook on the long-term rating.

Key rating drivers and their description

Key rating drivers have not been captured as the rating is being
withdrawn.

Liquidity position

Not captured as the rating is being withdrawn.

Rating sensitivities

Not captured as the rating is being withdrawn.

Established in 2015 as a partnership firm, Mahashakti Polycoat (MP)
is engaged in the business of manufacturing HDPE & PP1 woven fabric
(laminated and non-laminated) and tarpaulin in the range of 68 GSM
(gram per square meter) to 250 GSM. The firm started commercial
operations from April 2015 at its manufacturing facility located in
Mehsana, Gujarat having an installed capacity of processing 1800
metric tonnes of HDPE/PP laminated fabric per annum. The promoters
of the firm have an experience of about a decade in HDPE/PP woven
fabric industry.


MAHE EDUCATIONAL: ICRA Keeps B+ on INR1.5cr Debt in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR10.50-crore bank facilities of
Mahe Educational and Charitable NRI Trust (MECNT) Continues to
remain under 'Issuer Not Cooperating' category'. The Long term
ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING"
and Short Term ratings are denoted as "[ICRA]A4 ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         5.40      [ICRA]B+(Stable); ISSUER NOT
   Term Loan                    COOPERATING; Rating Continues
   Facilities                   to remain under 'Issuer Not
                                Cooperating' category

   Long Term-         1.50      [ICRA]B+(Stable); ISSUER NOT
   Fund Based                   COOPERATING; Rating Continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Short Term–        3.60      [ICRA]A4; ISSUER NOT
COOPERATING;
   Fund Based                   Rating Continues to remain under
                                'Issuer Not Cooperating' category

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

Mahe Educational and Charitable NRI Trust was established in the
year 2006 at Mahe, Pondicherry. The Trust manages Mahe Institute of
Dental Sciences and Hospital (MINDS), which started operations in
2009.


MAX PROPERTIES: ICRA Keeps D on INR9.5cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR9.50-crore bank facilities of Max
Properties Private Limited (MPPL) Continues to remain under 'Issuer
Not Cooperating' category'. The Long term ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         7.70      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Facilities                   'Issuer Not Cooperating' category

   Long Term-         1.80      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating' category

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

Max Properties Private Limited is a Madurai-based real estate
developer/construction company. It was established in 2009 by Mr.
Elango Packiaraj who was earlier executing several government
contracts in his personal capacity. Such executed projects include
construction of staff quarters in Tier II and Tier III cities for
Tamil Nadu Electricity Board, BSNL Telephones, TWAD Board and Tamil
Nadu Police Housing Corporation. MPPL undertakes developing or
co-developing on joint venture (JV) basis real estate projects for
residential or commercial-cum-residential, multi-storied projects
in Madurai and Theni. The company also undertakes civil
construction for the projects it develops and has the necessary
labor and plant & machinery for the same. The company is closely
held by the family of the company's promoter, Mr. Elango Packiaraj.
The company has not disclosed any other associate/group companies.


MODERN AGRO: ICRA Keeps B+ on INR9cr Debt in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR9.00 crore bank facilities of
Modern Agro Mills continue to remain under Issuer Not Cooperating
category. The long-term rating is denoted as [ICRA]B+ ISSUER NOT
COOPERATING with a Stable outlook.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-       9.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

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

Modern Agro Mills was established in 2008 as a partnership firm by
Mr. Nishant Malik and his family members. The firm is engaged in
trading and milling of basmati rice. The firm's milling unit is
located in Karnal, Haryana and has an installed capacity of 8
tonnes per hour.


MONAD EDUKASIONAL: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Monad
Edukasional Society's bank facilities in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the ratings. The ratings will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR74.43 mil. Term loans maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR110 mil. Fund-based working capital facility maintained in
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Monad Edukasional Society, established in April 2007, offers
diploma, post-graduation, graduation, Ph.D., and other courses over
a wide range of subjects.


NORTH WESTERN KARNATAKA: ICRA Rates INR250cr Term Loans 'B+'
------------------------------------------------------------
ICRA has assigned rating to the bank facilities of North Western
Karnataka Road Transport Corporation (NWKRTC), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based  
   Term Loans        250.00     [ICRA]B+ (Stable); assigned

Rationale

The assigned rating, draws comfort from the strategic importance of
the NWKRTC to the Government of Karnataka (GoK), as illustrated by
the continuous financial support received over the years and during
the current pandemic, with the corporation playing a critical role
in providing transport services to the north western districts of
the state.

ICRA also notes that the NWKRTC enjoys the flexibility of holding
the payment of the Motor Vehicles Tax (MVT) to the Government of
Karnataka, with prior approval of the GoK, in the event of any cash
flow mismatch, particularly on account of the repayment of the
external borrowings. ICRA expects the corporation to utilise these
funds along with the debt moratorium received up to August 2020, to
meet its critical revenue expenditures during FY2021, provided the
GoK approval is received. The rating also derives comfort from the
fact that the traffic fares have been revised upwards by 12% for
the NWKRTC, the first in a span of six years, w.e.f. February 26,
2020. Although ICRA believes that due to the increasing social
distancing measures in the public transport system and lower
passenger load on account of the Covid-19 pandemic, the favourable
impact of the fare hike is likely to be limited, at least in the
medium term.

The rating, however, takes into account the deterioration in the
operational profile of the NWKRTC owing to the complete shutdown of
operations due to the Covid-19 pandemic, which has resulted in a
sharp decline in its revenues and high operating losses. ICRA notes
that the uncertainty over the return of regular operations in the
medium term, given the restrictions imposed by the state government
for plying passenger buses in districts, is likely to impact its
liquidity adversely. Moreover, lower-than-optimal vehicle
utilisation rates and increasing competition from other modes of
transport would continue to dent the passenger load factor, which
is likely to widen net losses further. The lower-thanexpected
earnings during the current year (FY2021) is likely to increase the
NWKRTC's dependence on grants from the state government and
external borrowings to meet critical revenue expenditures like
salaries to employees. ICRA notes that, although the NWKRTC's fixed
costs have been funded in a timely manner during the nationwide
lockdown amidst the Covid-19 pandemic, its financial profile is
likely to be adversely impacted in the medium term, given the high
employee costs and lower traffic revenues.

Key rating drivers and their description

Credit strengths

* Strategic importance to the state government; financial
flexibility being state-owned entity: The NWKRTC is whollyowned by
the GoK and is responsible for providing transport infrastructure
and services to passengers in the northwestern districts of the
state. Its operations are supervised by its Board of Directors
(BoDs) appointed by the GoK. It enjoys financial support from the
GoK, with grants funding a considerable portion of its capital
expenditure programme. Moreover, in the recent past, the GoK has
also released grants for payment of salaries to the NWRTC's
employees on  account of the complete shutdown in operations due to
the Covid-19 pandemic and the consequent lockdowns across the
country. The NWRTC also enjoys healthy financial flexibility with
banks through regular availability of credit for capital
expenditure requirements at competitive rates.

* Timely and continuous revenue support by the GoK during the
pandemic and the debt moratorium up to August 2020, support the
financial profile of NWRTC to a large extent: During FY2021, given
the liquidity concerns on account of the lack of revenues, the
NWKRTC may have to defer the payment of MV Tax to the GoK. Revenue
expenditure requirements like payment of salaries/pensions etc. to
employees for the month of April & May 2020 has been met by timely
revenue support received from the GoK. Moreover, the debt
moratorium up to August 2020 (for a period of five months from
April 2020) has also helped it manage its stretched liquidity
position - a result of the restricted traffic and non-traffic
revenues during the Covid-19 pandemic. This is likely to keep the
debt and interest coverage indicators at a moderate level in the
medium term.

Credit weaknesses

* Complete shutdown of traffic operations owing to the pandemic has
severely impacted the revenues and liquidity Position: Due to the
Covid-19 pandemic, a nationwide lockdown was announced by the
Government of India in March 2020, which has been continuing till
now with periodic relaxations, thus impacting the traffic revenues
of the NWKRTC. With almost no operations for around two months and
high employee costs, the NWKRTC's liquidity position remains
stretched. Nevertheless, support from the GoK in the form of
one-time revenue support grant (~ INR133-crore) to meet critical
fixed expenses (salaries and pension to employees) has provided
significant comfort. However, despite continuation of such a timely
support from the GoK in future, the NWKRTC's liquidity position is
likely to remain stretched in the near term on account of the high
fixed costs and weak traffic revenues.

* Deteriorating operating profile and significant losses during
FY2020; losses to increase sharply in FY2021: The NWRTC's operating
performance has been adversely impacted since FY2017, owing to the
limited addition to its fleet strength, a decline in the number of
profitable schedules operated and the rising cost of operations
amidst lower-thanoptimal vehicle utilisation rates. These factors,
along with the lack of upward revision in tariffs (till February
2020) have constrained revenue growth, resulting in a deterioration
in the operating margins. The operating losses widened further
during FY2020 due to closure of operations for the better part of
March 2020, owing to Covid-19 restrictions imposed by the state
government. The deterioration in the NWKRTC's operating performance
is likely to continue in FY2021 owing to the declining load factor,
low vehicle utilisation and increasing preference to private
transport. Moreover, limited operations with modified routes in
specific zones within the state and interstate routes during the
current year is likely to impact its profitability even further.

* Increasing dependence on the GoK grants and external borrowings
for both revenue and capital purposes: The NWKRTC's dependence on
discretionary grants from the GoK to meet its revenue and capital
expenditure requirements has increased over the years. Further, the
external borrowings in the form of long-term loans have also been
availed of by the NWKRTC to meet its capex requirements and payment
of statutory dues like provident fund and pension for employees.
Although the liquidity position, till now, has been supported by
the timely transfer of grants and subsidies by the GoK, the
debt-servicing coverage indicators have started showing signs of
stress due to weakening operational performance.

Liquidity position: Stretched

The corporation has substantial annual debt repayments amounting to
INR43.38 crore (considering moratorium benefit availed amounting to
INR14.10 crores) during FY2021. The retained cash flow estimated
during FY2021 would be negative by around INR310-crore, which would
be inadequate to cover for scheduled repayments. However, a special
grant from the GoK to meet the NWKRTC's high establishment costs,
the moratorium extended by the bankers for a period of six months
up to August 2020 (only 5-month moratorium availed by the NWKRTC in
some loans) and a sanctioned (unutilised) limit of INR100-crore
would be adequate to cover any potential cash flow mismatches.
Further, the cushion to defer the transfer of the Motor Vehicle Tax
to the GoK (around INR60.5-crore in FY2021) will provide the
additional headroom. ICRA notes that any further deviation in the
operational cash flows would lead to a tight liquidity position for
the NWKRTC in the medium term.

Rating sensitivities

Positive trigger - ICRA could upgrade the rating if the NWKRTC is
able to achieve operating profits after traffic operations are
normalised completely and it continues to receive financial support
from the GoK to meet its high fixed costs.

Negative trigger - ICRA could downgrade the rating if there is a
delay in receiving adequate support from the GoK to meet any
shortfalls and a higher-than-expected deterioration in NWKRTC's
operating performance during FY2021.

The NWKRTC was incorporated in November 1997 as an independent
entity under Section 3 of the Road Transport Corporation (RTC) Act,
1950 as a charitable trust, with the aim of providing a public
transport system to the commuters the north western region of
Karnataka. As on March 31, 2020, with a fleet strength of around
5,071, NWKRTC has been operating close to 4662 schedules daily
through 51 depots and it has around 23,200 personnel on its
payrolls. In FY2020, on a provisional basis, the entity reported a
net loss of INR157.1 crore on an operating income of INR2019.0
crore compared to a net loss of INR89.1 crore on an operating
income of INR2027.6 crore in FY2019.


PERFECT ALUMINIUM: ICRA Keeps B+ on INR10cr Debt in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Perfect Aluminium Alloys (PAA) Continues to remain under 'Issuer
Not Cooperating' category'. The Long term ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING" and Short Term ratings
are denoted as "[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        10.00      [ICRA]B+(Stable); ISSUER NOT
   Fund Based                   COOPERATING; Rating Continues
   Facilities                   to remain under 'Issuer Not
                                Cooperating' category

   Short Term
   Interchangeable   (8.00)     [ICRA]A4; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                'Issuer Not Cooperating' category

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

Perfect Aluminium Alloys was established in 2005 as a partnership
firm to manufacture Aluminium Ingots of various grades and
specifications confirming to British, India, Japanese and other
standards which are subsequently sold to customers involved in
casting, engineering and precision industries.

The firm is currently run by its partners Mr. S. Venkatesan, Mr. S.
Elangovan and Mr. R. Jayaprakash, each having vast experience in
the scrap trading and ingot industry spanning over two decades. The
firm initially had a facility at Chinavedampatty, Coimbatore (Tamil
Nadu) with an installed capacity of 4800 MTPA till 2013, after
which it shifted to an expanded manufacturing facility at Sulur,
Coimbatore (Tamil Nadu) with an installed capacity of 8400 MTPA.


PLATINO CLASSIC: ICRA Keeps B+ on INR10cr Debt in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Platino Classic Motors (India) Pvt. Ltd. (PCMPL) Continues to
remain under 'Issuer Not Cooperating' category'. The Long term
ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        10.00      [ICRA]B+(Stable); ISSUER NOT
   Fund Based                   COOPERATING; Rating Continues
                                to remain under 'Issuer Not
                                Cooperating' category

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

Platino Classic Motors (India) Pvt. Ltd. is engaged in automobile
dealership of BMW cars in Kerala. PCM was incorporated in 2007 by
Mr. P.P Aashique. The first showroom was opened in Ernakulum in
2007, following which other showrooms were opened in Calicut in
2011 and in Trivandrum in 2015. The company is related to Koyenco
group, which has diverse business interests in automobile
dealerships and real estate, among others.


PRANEE INFRASTRUCTURE: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Pranee Infrastructure Pvt. Ltd. to remain under Issuer Not
Cooperating category. The rating is denoted as [ICRA]D/[ICRA]D
ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term/        10.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term-                  COOPERATING; Rating continue
   Fund based/                  to remain under the 'Issuer Not
   Non Fund                     Cooperating' category
   Based             
                                
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in 2013, Pranee Infrastructure Private Limited (PIPL)
is a private limited company based out of Bangalore. The company
primarily operates as a civil contractor engaged in the
construction of residential complex and commercial
buildings.

The company is mainly engaged in building construction, internal
electrical works, road works etc. The company has undertaken
various projects for Renaissance Holdings & Developers Private
Limited. Within the building construction segment, the company is
executing residential and commercial projects. The orders for civil
construction are procured majorly through networking of the
director and also through tenders awarded. Mr. Venkateswarlu, the
overall in-charge director has around 3 decades of experience in
construction industry. The commercial operations of the company
started in the month of September 2013.


PRESTIGEBULK HANDLING: ICRA Keeps B Issuer Rating in NonCooperating
-------------------------------------------------------------------
ICRA said the Issuer Rating of Prestigebulk Handling Corporation
Pvt Ltd continue to remain under Issuer Not Cooperating category.
The rating is denoted as [ICRA]B (Stable) ISSUER NOT COOPERATING.

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

Incorporated in 2015, Prestigebulk Handling Corporation Pvt Ltd
provides post-harvest solutions to agriculture producers and
buyers. The post-harvest services offered by the company includes
warehousing, collateral management, collateralbased financing,
procurement, quality testing and other value-added services to
enhance efficiency across the foodsupply chain.


R.H. SORTEX: ICRA Keeps D on INR5.62cr Debt in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR5.62-crore bank facility R.H.
Sortex Rice Mills Private Limited continues to remain under 'Issuer
Not Cooperating' category. The Long-term rating is denoted as
"[ICRA] D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        5.62       [ICRA]D: ISSUER NOT COOPERATING;
   limits                       Rating continues to remain in the
                                'Issuer Not Cooperating' category

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

RHS was established in 2011 as a private limited company. The
company is primarily involved in the milling of rice with an
installed capacity of 8 ton per hour at Gorakhpur, Uttar Pradesh.
The company is professionally managed by Mr. Sukhdev Jaiswal.


RAIGARH FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR14.50 crore bank facilities of
Raigarh Foods & Hotel Business Private Limited continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       7.50       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Unallocated       1.00       [ICRA]D ISSUER NOT COOPERATING;
   Limit                        Rating continues to remain under
                                'Issuer Not Cooperating' category

   Non-fund based    6.00       [ICRA]D ISSUER NOT COOPERATING;
   limit Bank                   Rating continues to remain under  

   Guarantee                    'Issuer Not Cooperating' category

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

RFHBPL was incorporated as a private limited company in 1996 by Mr.
Subhash Agarwal based in Raigarh, Chhattisgarh.  The company is
primarily engaged in the milling of raw and par-boiled rice.


ROSA POWER: ICRA Reaffirms B+ Rating on INR2,667cr Term Loans
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Rosa
Power Supply Company Limited (RPSCL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans          2,667      [ICRA]B+ (Stable); reaffirmed

   Working Capital     1,400      [ICRA]B+ (Stable)/[ICRA]A4;
   Facilities                     reaffirmed
   (Cash Credit/
   Working Capital
   Demand Loan)  

   Non-fund Based        100      [ICRA]B+ (Stable)/ [ICRA]A4;
   Limit (Bank                    reaffirmed
   Guarantee and
   Letter of credit)

Rationale

The rating reaffirmation factors RPSCL's stretched liquidity
position, as evident from the absence of DSRA balance at present,
and the high average monthly utilisation of fund-based working
capital limits in the last 24-month period. The rating also remains
constrained by the weak financial position and the deterioration in
the financial flexibility with the holding company, Reliance Power
Limited (R-Power) as well as the promoter group. The rating also
considers RPSCL's high cost of power generation due to locational
disadvantages in coal sourcing and the continuing weak credit
quality of the sole off-taker, Uttar Pradesh Power Corporation
Limited (UPPCL).

Further, the sustenance of timely collections remains a key rating
sensitivity, given the significant impact on the cash collections
and the revenue profile of the off-taker utility, UPPCL, due to the
dip in demand amid lockdown restrictions because of the Covid-19
outbreak. RPSCL's collection efficiency declined significantly to
about 33% during April to May 2020, though the collections for June
2020 witnessed healthy improvement and stood at INR302 crore
(compared to Rs.168 crore for April to May 2020 period). Given the
relatively high debt servicing obligations during the current and
next fiscal, timely collections from UPPCL remain critical from the
debt servicing perspective. The presence of escrow mechanism
mitigates the risk to some extent.

The rating further takes note of the recent approval by the Uttar
Pradesh Electricity Regulatory Commission (UPERC) on the additional
capital expenditure for an amount of INR273.70 crore, out of the
petitioned /expert committee recommended amount of INR421.55 crore.
The implementation of this order by UPERC in the tariff order for
the company and the subsequent realisation of the tariff recovery
(estimated at INR70 crore per year) from UPPCL is under process and
will be a key monitorable. Further, the company is in the process
of filing a petition at the Appellate Tribunal of Electricity
(APTEL) for the un-approved capital expenditure amount and the
matter remains pending as of now. As a result, the company's cash
flows and debt coverage metrics remain impacted by under-recovery
in fixed charge of tariff revenue.

The rating also factors the large capex of approximately INR809
crore (proposed to be funded by debt to equity mix of 70:30)
required to be incurred by December 2021 towards installation of
Flue Gas Desulphurisation (FGD) system to comply with the revised
environmental norms. The regulatory approval for FGD capex from the
state electricity regulatory commission, UPERC, is pending.
Meanwhile, the company has approached APTEL to direct UPERC for
allowing an in-principle consent for the same. Further, the company
will remain exposed to funding and execution risks for timely
completion of this capex. ICRA also notes the significant
inter-corporate deposits (ICDs) extended by RPSCL to the holding
company, the recovery of which remains uncertain given the latter's
weak financial position. As of March 31,2020, these ICDs stood at
INR3015.29 crore, which is significantly high compared to its
reported net worth of INR4265.54 crore.

Nonetheless, the rating favourably factors the satisfactory track
record of the plant's operations since achievement of commercial
operations date (COD) and the adequate coal availability. UPPCL has
inked a long-term contract for the entire capacity of Phase 1 and
Phase 2 based on the 'cost-plus' tariff principle, which allows
Return on Equity (RoE) of 15% and recovery of fixed capacity
charges for an approved capital cost at plant availability of 85%.
Also, the fuel cost remains a pass-through in tariff in case Fuel
Supply Agreement (FSA) coal shortage results in the use of
alternative sources, thereby mitigating the fuel price risk
significantly.

The stable outlook reflects ICRA's expectation that the company
will continue to report satisfactory plant availability and
efficiency levels, allowing it to adequately bill and recover the
fixed capacity charges as per the tariff order/PPA (except the
disallowed tariff items).

Key rating drivers:

Credit strengths

* Cost-plus based PPA with UPPCL for 100% capacity: RPSCL has a
long-term power purchase agreement (PPA) for its entire installed
capacity (1200 MW) with UPPCL, mitigating its exposure to
volatility in merchant tariffs and fuel price risks. The PPA is
based on 'cost-plus' tariff principle at normative norms, involving
allowed return on equity at 15% and recovery of fixed capacity
charges at plant availability of 85%. Also, the fuel cost remains a
pass-through in tariff in case of sale of power using imported
coal, thus, mitigating the adverse impact of the rise in the cost
of generation.

* Approval for additional capex of INR273.70 crore received from
UPERC, though implementation by UPPCL remains to be seen: RPSCL had
filed a petition before UPERC for approval of additional capital
cost incurred between FY2014 and FY2017, and the subsequent
revision in approved tariff for the control period FY2014 to
FY2019. Subsequently, the UPERC-appointed expert committee after
prudence check and verification of additional capital
expenditure/cost claimed by RPSCL, had recommended additional
capital cost of INR421.55 crore for approval. After multiple
hearings on this matter, UPERC in its order dated February 4,2020
approved INR273.7 crore of additional capital cost out of the
expert committee's recommendation of INR421.55 crore. The
implementation of this order by UPERC in the tariff order for the
company and the subsequent realisation of the tariff recovery
(estimated at INR70 crore per year) from UPPCL is under process.
Meanwhile, RPSCL is in the process of filing a petition at APTEL
for the un-approved capital expenditure amount
and the matter remains pending as of now.

Credit challenges

* Weak financial risk profile of promoter group: The financial
profile of the parent/ holding company, Reliance Power Limited
(RPL), has significantly deteriorated as evident from the
considerable decline in the net cash accruals and the erosion of
net worth, due to impairment of assets amounting to ~ INR8174 crore
over the last two fiscals. On July 6, 2019, all the six lenders of
RPL signed Inter-Creditor Agreement (ICA), basis which the company
achieved standstill for 180 days. The resolution plan for RPL is
yet to be finalised by ICA and remains under progress. RPSCL has
cross default linkage with RPL in its loan facility agreement,
though it is restricted to payment defaults by the obligors (RPL
and RPSCL) in relation to RPSCL's credit/ borrowings. Nonetheless,
occurrence of any event of default, resulting in acceleration of
RPSCL's debt servicing obligations by lenders, will remain a credit
concern.

* Stretched liquidity position; significant ICDs extended to
holding company: The company's liquidity position remains stretched
because of high utilisation of its fund-based working capital
limits, absence of DSRA cover and modest cash balances. The cash
flows continue to remain tightly matched in the absence of adequate
liquidity cushion, and healthy collection of receivables remains
critical for the company's liquidity. RPSCL's cash flows and debt
coverage metrics have been impacted by the reduction in the
approved fixed capacity charges, as per the final tariff order
issued by UPERC in  August 2017 for the FY2014-FY2019 control
period. As per this order, the tariffs approved were lower than the
company's expectation as it disallowed additional capital
expenditure, trued up the interest on working capital and
undischarged liability, marginally tightened the efficiency norms,
and shared gains for the control period from FY2015 to FY2019. The
company has filed an appeal with the APTEL against this order,
challenging the disallowances of above mentioned items for tariff
calculation and the final decision is still awaited. Recently,
UPERC, in its order dated February 4,2020 has approved INR273.70
crore of additional capital expenditure for the company out of the
petitioned/ expert committee recommended amount of INR421.55 crore.
However, the implementation of this order by UPERC in the tariff
order for the company and the subsequent realisation of the tariff
recovery (estimated at INR70 crore per year) from UPPCL is yet to
be seen. Further, the company is in the process of filing a
petition at APTEL for the un-approved capital expenditure amount
and the matter remains pending as of now. ICRA also takes note of
significant ICDs (INR3015.29 crore as on March 31,2020) extended by
RPSCL to its holding company, recovery of which remains uncertain
given the latter's weak financial position. Any significant write
offs of these ICDs would impact the company's net worth and capital
structure.

* High counterparty credit risks of UPPCL, collections impacted in
April and May 2020: RPSCL is exposed to counterparty credit risks
pertaining to UPPCL, whose credit quality remains weak. While the
overall collections have remained healthy in the past, sustenance
of timely collections from UPPCL remains a key rating sensitivity.
The risk is mitigated to some extent by the presence of escrow
mechanism. The cash collections and revenue profile of UPPCL have
been impacted in the current fiscal due to a dip in demand amid
lockdown restrictions because of the Covid-19 outbreak. RPSCL's
collection efficiency declined significantly to about 33% during
April to May 2020, though the collections witnessed healthy
improvement in June 2020 and stood at INR300 crore. Nonetheless,
sustenance of the same remains critical from the debt servicing
perspective given the relatively high debt servicing obligations
during the current and next fiscal.

* Hinterland location of project results in high cost of power
generation, adversely affecting merit order position: The normative
variable cost of the company remains relatively high due to high
landed cost of coal, given the long distance from the coal mines.
This impacts the overall cost of power generation for RPSCL,
affects the position of the project in the merit order dispatch for
Uttar Pradesh discoms and exposes it to offtake risk.

* Funding and execution risks for FGD capex: As per the revised
environmental norms prescribed by the Ministry of Environment and
Forests, Government of India, all thermal power plants in the
country are required to reduce their emissions of Nitrogen Oxide,
Sulphur Dioxide and particulate matter. To comply with these norms,
the company will have to install a FGD system by December 2021. The
total capex is estimated to be around INR809 crore, proposed to be
funded by a debt-to-equity mix of 70:30. The regulatory approval
for FGD capex from UPERC is pending. Currently, the company has
approached APTEL to direct UPERC for allowing an in-principle
consent for the same. While the cost incurred is expected to be a
pass through under the tariff with UPPCL, the company will remain
exposed to funding and execution risks for timely completion of
this capex within the budgeted cost. As on date, the debt funding
tie-up as well as equity infusion are pending.

Liquidity position: Stretched

RPSCL's liquidity position remains stretched as evidenced by the
modest cash balances, high utilisation of working capital limits,
sizeable debt repayments falling due in the current and next year,
and absence of DSRA at present. During the last 25-month period
ended June 30,2020, the company's monthly utilisation of fund-based
working capital limits averaged at 91% of the sanctioned limit and
almost 100% of its drawing power, offering limited cushion to the
liquidity position. The company has sizeable term loan repayments
of INR652.68 crore in FY2021 and INR557.00 crore in FY2022. As on
June 30,2020, the company had free cash balance of INR17.00 crore,
nil balance in DSRA account, fixed deposits kept with lenders of
INR31.00 crore and undrawn fund based working capital limits (cash
credit) of INR130 crore.

Rating Sensitivities:

Positive triggers - Successful implementation of the UPERC approved
additional capex by UPPCL in tariff, and favourable resolution from
UPERC and APTEL on the approval of disallowed tariff items and
subsequent implementation by UPPCL would be positive triggers.

Negative triggers - Any delays in receiving payments from UPPCL, or
any further increase in investments or funding support to group
companies, which impact RPSCL's own cash flows would be key
negative triggers. Moreover, any significant write offs of ICDs
extended to the holding company that adversely impacts RPSCL's net
worth and capital structure may also result in a rating downgrade.

RPSCL, which was incorporated in September 1994, was originally
promoted by the Aditya Birla Group (AB Group). In November 2006,
erstwhile Reliance Energy Ltd. (REL, which is now Reliance
Infrastructure Ltd) acquired RPSCL, and subsequently, it was
transferred to Reliance Power limited (RPL). RPSCL has set up a
1200 MW (300 MW X 4) power plant in two phases of 600 MW (300 MW X
2 = 600 MW) capacity each. Both the phases are coal-based and are
located at Rosa, District Shahajahanpur, Uttar Pradesh. The project
site is 4 km away from the Rosa railway station, which 160 km from
Lucknow. While the Phase I was commissioned in July 2010, the Phase
II achieved commercial operations date in April 2012. The PPA for
the project has been signed with UPPCL under 'cost-plus' based
tariff principles at normative norms.

In FY2020, the company reported a net loss of INR288.71 crore on an
operating income (OI) of INR2767.63 crore, compared to a profit
after tax (PAT) of INR211.14 crore on an OI of INR2414.62 crore in
FY2019.


ROYAL TYRES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Royal Tyres Private Limited (RTPL) Continues to remain under
'Issuer Not Cooperating' category'. The Long term ratings and Short
term ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         0.40      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating' category

   Long Term-         6.21      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating' category  
       

   Short Term-        0.80      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under  

   Packing Credit               'Issuer Not Cooperating' category  
  

   Short Term-        0.30      [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based-              Rating Continues to remain under
   Bank Guarantee               'Issuer Not Cooperating' category
   and Letter of
   Credit             

   Long Term/Short    2.29      [ICRA]D; ISSUER NOT COOPERATING;
   Term Unallocated             Rating Continues to remain under
   Limits                       'Issuer Not Cooperating' category  
      

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

Incorporated in 1992, Royal Tyres Private Limited is engaged in the
manufacturing of solid tyres catering to various end user
industries including automobile, logistics, railway and airport.


SARAVANA BUILDWELL: ICRA Keeps D on INR10cr Debt in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Saravana Buildwell Private Limited to remain under Issuer Not
Cooperating category. The rating is denoted as [ICRA]D ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Long Term-        10.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based TL               Rating continue to remain under
                               the 'Issuer Not Cooperating'
                               category

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

Incorporated in 2007, Saravana Buildwell Private Limited (SBPL) is
a private limited concern engaged in real estate development in
Bangalore, Karnataka. The promoter Mr. K Nagaraj has a long
standing experience in the field of real estate development, having
developed more than 10 residential and commercial projects
encompassing 0.2 million square feet of constructed area, since
establishment of his partnership entity M/s. Saravana Constructions
in 1997.

Initially, the group had started off as a real estate company doing
small format layouts, independent homes and small apartment
complexes, but now the group has forayed into in to large housing
projects and is in the process of getting into villa project
ventures too.


SAROJA AVIATION: ICRA Moves B- on INR29cr Debt to Not Cooperating
-----------------------------------------------------------------
ICRA has moved the rating for the bank facilities of Saroja
Aviation Limited (SAL) to the Issuer Not Cooperating category on
fee. The rating is now denoted as [ICRA]B- (Stable) ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         29.0       [ICRA]B- (Stable) ISSUER NOT
   Loan                         COOPERATING; Rating moved to
                                the 'Issuer Not Cooperating'
                                category

As a part of its process and in accordance with its rating
agreement with SAL, ICRA has been sending repeated reminders to the
entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating has been moved to the Issuer
Not Cooperating category on fee.

Incorporated in March 2017, SAL is engaged in the business of
aircraft leasing. The company owns one aircraft, a Boeing 737-800,
MSN 37960, which had been leased to Jet Airways from March 2017 to
October 2021. However, following the shutdown of operations of Jet
Airways, the aircraft was dry leased to TATA SIA Vistara with
effect from June 2019. The company is managed by a board of
directors and does not have any employees. Administrative
activities such as maintenance of books and records are primarily
outsourced to Canyon Corporate and Trust Solutions Limited. Ecovis
DCA Limited acts as the  servicer and provides operational and
technical support services to the company. Ratna Saroj Inc. holds
100% stake in the company, with Mr. Rakesh Shankarlal Tulshyan as
the ultimate beneficiary.


SHARADHA TIMBERS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR18.75-crore bank facilities of Sri
Sharadha Timbers (SST) Continues to remain under 'Issuer Not
Cooperating' category'. The Long term ratings and Short Term
ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        2.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Facility                     'Issuer Not Cooperating' category

   Short Term-      16.75       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                     Rating Continues to remain under
   Based Facility               'Issuer Not Cooperating' category

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

Sri Sharadha Timbers is a proprietorship firm owned by Mr. Narashia
Manji Patel. It was established in 2002 and is involved in the
business of sawing and trading of timber, mainly imported wood. The
customers of SST include dealers, wholesalers and retailers.


SILVERLINE INVESTMENTS: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR12.65-crore bank facilities of
Silverline Investments (SI) Continues to remain under 'Issuer Not
Cooperating' category'. The Long term ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         5.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Term Loans                   'Issuer Not Cooperating' category

   Long Term-         7.40      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating' category

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

Formed in January 2004, Silverline Investments (the firm) is a
partnership firm engaged in development of residential and
commercial properties. The firm has completed 6 residential
projects and two commercial projects till date. Currently the firm
focuses only on commercial projects. The same promoters have a
different entity names Srivastav Builders, which undertakes
residential projects.


SLN RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------
ICRA said the ratings for the INR8-crore bank facilities of SLN
Rice Industries Continues to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA] B+ (Stable); ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        7.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund Based/CC                COOPERATING; Rating continue
                                to remain under the 'Issuer Not
                                Cooperating' category

   Long Term-        1.00       [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                  COOPERATING; Rating continue
                                to remain under the 'Issuer Not
                                Cooperating' category

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

SLN Rice Industries was incorporated in the year 2003 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. The firm is promoted by Mr. K. Umesh Babu and
Mr. K.Natesh Babu and the rice mill is located at Tumkur,
Karnataka. The installed capacity of the plant is 5 tons per hour.



SMELTERS PRIVATE: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Radha Smelters
Private Limited's (RSPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR610 mil. Fund-based working capital limit downgraded with  
     IND BB+/Stable/IND A4+ rating;

-- INR5 mil. Non-fund-based working capital limit downgraded with

     IND A4+ rating; and

-- INR247 mil. (reduced from INR266.5 mil.) Term loan due on
     March 2025 downgraded with IND BB+/Stable rating.

KEY RATING DRIVERS

The downgrade reflects deterioration in RSPL's weak credit metrics
in FY20. The interest coverage (operating EBITDA/gross interest
expense) declined to 1.8x in FY20 (FY19: 2.4x) owing to lower
absolute EBITDA of INR202 million (INR213 million) and higher
interest cost of INR110.5 million (INR88.17 million). The company's
net leverage (total adjusted net debt/operating EBITDAR), remained
weak at 4.43x in FY20 (FY19: 4.41x). FY20 numbers are provisional
in nature. The company has planned capex of INR90 million in FY21,
funded by bank debt of INR75 million. This, Ind-Ra believes, will
exert pressure on the company's credit metrics in FY21.

Liquidity Indicator- Stretched: RSPL's average fund-based limit
utilization stood at 98% in the 12 months ended June 2020. In FY19,
the cash flow from operations turned negative to INR114 million
(FY18: INR109 million) and fund flow from operations deteriorated
to negative INR325 million (negative INR83 million) due to
incremental working capital requirement and capex. Ind-Ra estimates
the same to have turned positive in FY20 due to the limited
additional working capital requirement and the absence of capex.
The company has availed of the COVID-19 moratorium provided by the
Reserve Bank of India. RSPL has a scheduled repayment of INR30
million in FY21, which the agency believes will be repaid via
internal accruals. As per the management, the company had cash and
bank balance of INR23 million, as of March 31, 2019.

The ratings also factor in the company's continued medium scale of
operations. Despite an increase in volumes due to high product
demand, RSPL's revenue declined to INR4,892 million in FY20 (FY19:
INR5,101 million), owing to a fall in realizations. The management
has informed the agency that it achieved revenue of INR850 million
in 1QFY21. Ind-Ra expects the company's scale to remain medium due
to the slowdown in the real estate and infrastructure sector.

The ratings also factor in the company's modest margins, which
marginally contracted to 4.1% in FY20 (FY19: 4.2%) on account of
the lower realizations. Ind-Ra believes the company's lower
stocking of inventory will aid in sustaining its operating margins
in FY21. The return on capital employed was 10% in FY20 (FY19:
14%).

The ratings, however, are supported by RSPL's experienced promoter,
who has more than three decades of experience in the iron and steel
industry, which has led to longstanding relationships with
suppliers and customers. RSPL's brand -Radha 550 TMT- is widely
known in and around Telangana and Andhra Pradesh.

RATING SENSITIVITIES

Negative: A further decline in the revenue or EBITDA margin or
additional debt, resulting in net leverage exceeding 5.5x, on a
sustained basis will be negative for the ratings.

Positive: An improvement in the revenue and EBITDA margin along
with improvement in liquidity, resulting in net leverage reducing
below 4.5x, on a sustained basis would be positive for the ratings.


COMPANY PROFILE

Incorporated in 2007, RSPL manufactures thermo-mechanically treated
bars, billets, mild steel angles and sections at its facilities in
Nacharam, near Hyderabad.


TRT BUILDERS: ICRA Keeps C+ on INR6.5cr Debt in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR10.50-crore bank facilities of TRT
Builders & Constructions (India) Private Limited Continues to
remain under 'Issuer Not Cooperating' category'. The ratings are
denoted as "[ICRA]C+/[ICRA]A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         6.50      [ICRA]C+ ISSUER NOT COOPERATING;
   Fund Based/CC                Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Short Term-        4.00      [ICRA]A4 ISSUER NOT COOPERATING;
   Non-Fund Based               Rating continues to remain in the
                                'Issuer Not Cooperating' category

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

TRT Builders & Constructions (India) Private Limited was
incorporated in the year 2011 as a private limited company promoted
by Mr. Sundareshan, Mr Nizamudeen and Mr Robin P Alex. The day to
day activities of the company are managed by Mr. Sundareshan who
has more than 35 years of experience in the construction industry.
All three promoters of the firm are registered class A contractors
in Kerala with more than two decades of experience in the
construction industry each under their personal capacities. Mr.
Sundareshan, Mr. Nizamudeen and Mr Robin P Alex own under their
personal capacities firms M/s Trio Builders, M/s Thoppil Builders
and M/s Sreyas Builders respectively, with all three firms
operating in the construction segment in different regions of
Kerala.


VADIM INFRA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Vadim Infrastructure Private Limited (VIPL) Continues to remain
under 'Issuer Not Cooperating' category'. The Long term ratings and
Short Term ratings are denoted as [ICRA]D ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        2.30       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Facility                     'Issuer Not Cooperating' category

   Short Term-       2.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                     Rating Continues to remain under
   Based Facility               'Issuer Not Cooperating' category

   Short Term-       4.06       [ICRA]D; ISSUER NOT COOPERATING;
   Non Based                    Rating Continues to remain under
   Facility                     'Issuer Not Cooperating' category

   Long Term/        1.65       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues
   Unallocated                  to remain under 'Issuer Not
   Facility                     Cooperating' category

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

Vadim Infrastructure Private Limited was incorporated in Chennai in
2004 and has a diversified presence across four states with branch
offices in Coimbatore, Hyderabad, Bhubaneswar, and Nagpur. VIPL is
an EPC contractor and undertakes design, engineering, procurement
and execution of turnkey projects. The company has more than 14
years of experience in power, industrial, and infrastructure
sectors. VIPL also provides design and detail engineering in the
areas of piping, civil and structural work.


VASU COCO: ICRA Keeps D on INR43cr Debt in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR43.00-crore bank facilities of
VASU COCO RESORTS PRIVATE LIMITED (VCRPL) Continues to remain under
'Issuer Not Cooperating' category'. The Long term ratings are
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        43.00      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loans                   Rating Continues to remain under
                                'Issuer Not Cooperating' category

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

Vasu Coco Resorts Private Limited owns the 60-room 5-star property
'Vasundhara Sarovar Premiere' hotel in Vayalar, Kerala; which is
managed by Sarovar Hotels and Resorts Private Limited. The property
offers a mix of rooms, which include regular rooms, suites,
heritage rooms and cottages, floating cottages and also two-house
boats. The property also has three F&B outlets, which includes a
multi cuisine restaurant, a sea food specialty restaurant and a
poolside cafe. The property also offers other services like bar,
spa/health centre and boating services.


VNKC AGROCOM: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded VNKC Agrocom
Private Limited's (VNKC) Long-Term Issuer Rating to 'IND D (ISSUER
NOT COOPERATING)’ from 'IND BB+ (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are as follows:

-- INR370 mil. Fund-based working capital limit (Long-term/
     Short-term) downgraded with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR40 mil. Term loan (Long-Term) due on March 2020 downgraded
     with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The ratings have been downgraded following VNKC's classification as
a non-performing asset by its lenders.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in an upgrade.

COMPANY PROFILE

Incorporated in October 2004, VNKC is an Ahmedabad-based company
engaged in processing and trading of peanuts. In FY15, the company
began processing of peanuts at its Gujarat facility with an annual
installed capacity (shelling capacity) of 70,400 metric tons. It
markets its product under the brand, Nutty World and U Nuts. VNKC
majorly exports its products to the Middle East and Southeast
Asia.




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

JAPAN: Delayed Olympics Leaves Hotels Deserted, Economy in Limbo
----------------------------------------------------------------
Toru Fujioka at Bloomberg News reports that the Olympic cauldron
will remain unlit and its stadium empty on July 25 as the
virus-triggered postponement of the Tokyo Games leaves disappointed
fans wondering if it's still worth holding on to tickets and hotel
operators fretting over thousands of vacant rooms.

According to Bloomberg, Japan will still mark the day originally
scheduled for the opening ceremony with a national holiday. But
there will be little to celebrate amid continued uncertainty over
the feasibility of a revamped staging of the Games next year.

Dylan Crain, a resident of Tampa, Florida who had tickets to attend
July 24 opening event, said he'd be less willing to go to a Games
currently rescheduled to start on July 23, 2021.

"We'd meticulously made a timeline, set up everything and were
happy with our accommodations," Bloomberg quotes Mr. Crain, who
helped plan the trip for a group of 12, as saying. "Now,
rescheduling all of that, in a compressed timeline with so many
people, it's hard to justify that. Not sure everyone would even
feel safe."

Bloomberg says the government had expected the Games to fuel a
surge in overseas visitors to 40 million this year; now, it may not
even reach 5 million. Spending by overseas visitors will be a
fraction of the JPY4.8 trillion ($44.7 billion) in 2019, with the
failed Olympic bet threatening to re-entrench Japanese firms'
conservative stance on investment.

"This was supposed to be the busiest time for us ever," the report
quotes Naoyuki Fukuuchi, managing director at Japan Hotel
Association, as saying. "Instead, we are in a dire situation like
never before."

In a central bank survey earlier this month, sentiment among large
hotel and restaurant owners nosedived to a record low of -91, the
worst among any business category. Zero marks the dividing line
between optimism and pessimism, Bloomberg notes.

A number of big hotel chains including Prince Hotels & Resorts have
delayed opening new facilities, Bloomberg says. A third of the
620,000 workers in the hotel industry were still on leave as of
May, according to the ministry of internal affairs. But even with
staff furloughed, some hotels haven't had the reserves to weather
the storm.

The White Bear Family Co. and its group companies, which ran hotels
and sold travel packages, filed for bankruptcy protection with 35
billion yen in debt, a record case for Japan's tourism industry,
Bloomberg discloses citing research firm Teikoku Databank.

Excessive competition in the Kansai region around Osaka and Kyoto
and a drop in Korean and Chinese visitors amid political tensions
had already made business hard, said Takuya Mori, an attorney at
Kikkawa Law Offices in Osaka who represents WBF Hotels and Resorts,
Bloomberg relays.

"The coronavirus was the final blow and funds just ran out," he
added.

As part of Prime Minister Shinzo Abe's collection of virus-response
measures worth more than 40% of gross domestic product, the
government has tried to focus some of its help on a tourism
industry in distress, through a domestic travel program.

But looking beyond this summer, analysts see tourism recovering at
a slow pace as Covid-19 keeps travelers wary, the report states.
For would-be Olympic watchers, the dilemma is whether to hold on to
tickets for a scaled-down Games next year, assuming the event will
be held at all, says Bloomberg.




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

SINGAPORE PRESS: Hearing Date on Units' JM Bid Set for Aug. 17
--------------------------------------------------------------
Claudia Chong at The Business Times reports that Singapore Press
Holdings (SPH) said that the hearing date for the judicial
management (JM) applications of two of its subsidiaries has been
fixed for Aug. 17.

The subsidiaries are info-tech firms StreetSine Technology Group
and StreetSine Singapore. SPH's wholly-owned subsidiary, SPH
Interactive, holds 60 per cent of the shares of StreetSine
Technology.  StreetSine Singapore is wholly owned by StreetSine
Technology.

According to BT, SPH had said in May that the two subsidiaries are
not significant ones, based on the combined net tangible
liabilities and the combined revenue and pre-tax losses of the two
subsidiaries, compared to SPH Group's net tangible assets and
consolidated revenue and pre-tax profits for FY2019.

Therefore, the judicial management applications will not have a
material impact on its operations for the current financial year
ending Aug 31, 2020, said the group then, BT recalls.

Singapore Press Holdings Limited -- https://www.sph.com.sg/ --
publishes, prints, and distributes newspapers and magazines. The
Company also invests in properties, provides multimedia,
broadcasting, and telecommunications services, manages shopping
centers and other commercial properties, and operates Internet
portal site.




=====================
S O U T H   K O R E A
=====================

SOUTH KOREA: Falls Into Recession as Pandemic Hits Activity
-----------------------------------------------------------
Bloomberg News reports that South Korea's economy slid into a
recession with exports plummeting in the second quarter as the
coronavirus pandemic hurt profits in some of the nation's largest
industries from automobiles to refineries.

Gross domestic product shrank 3.3% from the previous quarter, the
Bank of Korea said in a statement on July 23, far exceeding
economists' expectation for a 2.4% drop, Bloomberg discloses. From
a year earlier, the economy contracted 2.9%.

While the headline reading matches the decline recorded in 2008,
the BOK said in a separate statement that when counting to two
decimal places, the contraction was the worst since the 1998 Asian
financial crisis, Bloomberg relates. This is the country's first
technical recession since 2003.

Reliant heavily on trade, South Korea took a hit as global commerce
collapsed during the pandemic, with exports falling by more than
20% in April and May, according to Bloomberg. Finance Minister Hong
Nam-ki said on July 23 that last quarter was likely the bottom of
the downturn, and said the economy can rebound as the export slump
eases and consumption gathers momentum.

"Korea's going through the largest period of contraction in its
history," Bloomberg quotes Kim Young-ick, a professor of economics
at Seoul's Sogang University, as saying. "The earliest time we can
expect the economy to be fully back on track is probably the bottom
half of next year."

Some of South Korea's industries have managed to benefit from the
pandemic, with SK Hynix Inc., the nation's second-largest
chipmaker, reporting a surge in profit on July 23, Bloomberg says.
More traditional shipments such as cars and oil products have taken
a hit.

South Korea's economy probably peaked in the fall of 2017 and has
since been losing momentum, and when the pandemic hit, the pace of
downturn accelerated, BOK official Park Yang-su said July 23 at a
briefing, Bloomberg relays.

Bloomberg says the BOK has slashed its interest rate to a record
low of 0.5% since the coronavirus hit, supporting government
efforts to shore up the economy. Governor Lee Ju-yeol said two
weeks ago that the economy would probably shrink by more than the
-0.2% forecast in May.

GDP export volumes plunged 17% from the previous quarter while
imports fell 7.4%. Facilities investment fell 2.9% as companies cut
spending on transportation equipment. Private and government
spending both increased from the January-March period.

"We still expect exports to recover but it will be a bumpy ride,"
Angela Hsieh, an economist for Barclays Bank PLC., told Bloomberg
TV. Hsieh said last quarter was likely the "trough", adding policy
makers will prefer to look through the weakness and focus on
reviving growth momentum in the second half.

"Looking ahead, we expect the economy to return to growth in 3Q as
global lockdowns are eased and fiscal and monetary stimulus work
its way through the economy. Even so, the recovery will likely be
gradual and uneven, as ongoing outbreaks overseas and still-soft
activity at home remain significant challenges."




===============
X X X X X X X X
===============

TONGA: Asks China to Restructure Heavy Bilateral Debt Load
----------------------------------------------------------
Reuters reports that the Pacific island nation of Tonga has asked
Beijing to restructure its large bilateral debt load, the
government said on July 24, as the pandemic upends the region's
tourism revenues and an onerous Chinese loan repayment schedule
looms.

Tonga is one of the biggest Chinese debtors in the South Pacific,
with its financial reliance dating back to loans taken more than a
decade ago to rebuild its capital, Nuku'alofa, after riots, Reuters
says.

Reuters relates that the small economy, largely dependent on
external aid and remittances from Tongans living abroad, has since
taken out additional loans.

According to Reuters, Tonga is due to make small principal
repayments to the Export-Import Bank of China (EXIM) this financial
year before the schedule ramps up in 2023-2024, when it will need
to set aside about 15% of revenue to service external debts.

"Government is putting in place a strategy to prepare for future
payment of these EXIM loans while noting that it has further
requested a restructure of both loans," the government said in a
budget statement, Reuters relays.

Tonga's government did not respond to questions. Two sources with
knowledge of its financial position told Reuters it had asked for
the debt to be cancelled, but had yet to receive Beijing's
response.

The foreign ministry in Beijing did not immediately respond to a
request for comment, Reuters notes.

Reuters recounts that Tonga has previously got reprieves on the
timing of principal repayments, though the debt has remained
outstanding. Its total external debt stands at $186 million, with
almost two-thirds owed to China, Reuters discloses citing budget
statement.

Reuters says the United States and its Western allies worry that
China is using debt to secure influence over strategically located
Pacific islands, claims China has repeatedly denied.

In February, the International Monetary Fund said that despite
recent prudent management, Tonga's risk of external debt distress
was high due to past borrowing, Reuters relates.

With no confirmed coronavirus infections, Tonga has been easing
internal controls, though travel restrictions around the world have
devastated the tourism industry in the Pacific, according to
Reuters.

"Most money coming into Tonga at the moment is through remittance,"
Reuters quotes Simana Kami, owner of the Oholei Beach Resort, as
saying.  Most of his customers arrived on cruise ships or via
international flights, he added.

"Those without relatives earning an income overseas are suffering,"
he told Reuters by telephone. "We are open, but not at breakeven.
It's sad, we are an empty paradise."



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***