/raid1/www/Hosts/bankrupt/TCRAP_Public/200729.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, July 29, 2020, Vol. 23, No. 151

                           Headlines



A U S T R A L I A

LITM71 PTY: Second Creditors' Meeting Set for Aug. 5
MCWILLIAM'S WINES: Creditors Approve Prcstnt Recapitalization Plan
MYWEALTH MANAGER: Court Orders Wind Up of Investment Scheme
SEAFOLLY HOLDINGS: Second Creditors' Meeting Set for Aug. 3


C H I N A

AMERICAN EDUCATION: Has $1.3-Mil. Net Loss for 2019
DAFA PROPERTIES: Moody's Rates USD Senior Unsecured Notes 'B3'
SUNRIVER HOLDING: Moody's Affirms B2 CFR, Outlook Remains Stable


H O N G   K O N G

BRIGHTOIL PETROLEUM: HK Court Dismisses Wind-Up Petition vs Firm
ZOOMLION HEAVY: Fitch Hikes LT IDR to B+, Outlook Positive


I N D I A

AASU EXIM: ICRA Keeps B+ on INR4.56cr Debt in Not Cooperating
ALPHA MILK: ICRA Keeps B+ on INR24cr Debt in Not Cooperating
AMIT ENGINEERS: ICRA Keeps B+ on INR3.10cr Debt in Not Cooperating
ANEESH AHMAD: ICRA Keeps C+ on INR3cr Debt in Not Cooperating
BHAGYANAGAR STRIPS: ICRA Moves B+ Debt Rating to Not Cooperating

DEV BHOOMI: ICRA Keeps B Debt Ratings in Not Cooperating
EID MOHAMMAD: ICRA Lowers Rating on INR9cr LT Loan to B+
EVEREST SEA FOODS: ICRA Lowers Rating on INR7cr LT Loan to B+
EVEREST SEA: ICRA Lowers Rating on INR6.50cr LT Loan to B+
GINNI GOLD: ICRA Keeps D Debt Ratings in Not Cooperating

GOODLUCK CARBON: ICRA Keeps D Debt Ratings in Not Cooperating
JALA SHAKTI: ICRA Withdraws D Rating on INR24.22cr LT Loan
K. MADANA: ICRA Moves B+ on INR13.5cr Debt to Not Cooperating
MADHAVA HYTECH: ICRA Keeps D Debt Ratings in Not Cooperating
MADHUVAN COTTON: ICRA Keeps B Debt Ratings in Not Cooperating

MAINI GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating
N.D. PLASTICS: ICRA Keeps B- on INR6cr Debt in Not Cooperating
NESTOR PHARMA: ICRA Keeps C+ on INR51cr Debt in Not Cooperating
OCEAN CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
PAARI CHEM: ICRA Lowers Rating on INR13cr LT Loan to B+

RAGHUNATH AGRO: ICRA Moves B on INR30cr Debt to Not Cooperating
SAANJ AUR: ICRA Lowers Rating on INR10.30cr Term Loan to B+
SAI BABA: ICRA Moves B on INR10cr Debt to Not Cooperating
SAI ENGINEERING: ICRA Keeps B+ on INR35cr Debt in Not Cooperating
SCR NIRMAN: ICRA Lowers Rating on INR3cr LT Loan to B+

VAMA INDUSTRIES: Ind-Ra Cuts LT Issuer Rating to B, Outlook Stable
WONDER CONSTRUCTION: ICRA Keeps B- Debt Rating in Not Cooperating


I N D O N E S I A

JOUSKA FINANCIAL: OJK Shuts Down Financial Advisory Firm


M A L A Y S I A

1MDB: Najib Found Guilty of All Charges in Former Unit Trial


N E W   Z E A L A N D

CROPLOGIC LTD: Placed Into Voluntary Administration


P H I L I P P I N E S

R&L INVESTMENTS: SEC Bans External Auditor for Negligence


S I N G A P O R E

HIN LEONG: Judicial Management Applications Adjourned
HYFLUX LTD: Gets Letter on Possible Investment by Fund Manager
HYFLUX LTD: Lenders Get Nod to Apply for Judicial Management


S R I   L A N K A

BANK OF CEYLON: Fitch Affirms B- LongTerm IDRs, Outlook Negative

                           - - - - -


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A U S T R A L I A
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LITM71 PTY: Second Creditors' Meeting Set for Aug. 5
----------------------------------------------------
A second meeting of creditors in the proceedings of LITM71 Pty Ltd,
trading as Lawson Delaney, has been set for Aug. 5, 2020, at 10:30
a.m. at the offices of Magnetic Insolvency, 52/41-49 Norcal Road,
in Nunawading.  

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. 4, 2020, at 5:00 p.m.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of LITM71 Pty on July 1, 2020.


MCWILLIAM'S WINES: Creditors Approve Prcstnt Recapitalization Plan
------------------------------------------------------------------
KPMG's Gayle Dickerson, Tim Mableson and Ryan Eagle have confirmed
that McWilliam's Wines Group creditors have voted in favor of the
Deed of Company Arrangement (DOCA) put forward by global capital
and asset management firm, Prcstnt Asset Management (Prcstnt).

Gayle Dickerson, Restructuring Services Partner, KPMG Australia
said "McWilliam's creditors have voted to accept the
recapitalisation proposal put forward by Prcstnt. This is an
extremely positive outcome for all involved, especially in the
current challenging economic environment. Not only will unsecured
creditors likely receive full repayment of their debts owed, it
preserves ongoing employment for all McWilliam's staff and a
possible return to existing shareholders."

The Administrators will continue to trade the business during the
DOCA process with an expectation that Prcstnt will assume full
control of McWilliam's by October 2020.

David Pitt, McWilliam's Wines Group CEO, who will continue to lead
the business, added: "Whilst it has been a challenging journey over
the past six months from bushfires to voluntary administration and
a pandemic, we are now very excited to have our future confirmed.
The McWilliam's family for six generations have demonstrated the
entrepreneurial spirit required to take on all challenges before
them, now myself and the broader team are very much looking forward
to working with Prcstnt Asset Management as the new custodians of
that legacy to ensure the McWilliam's brand lives on for future
generations within Australian wine heritage.

"What is additionally exciting is Prcstnt's focus on the
environment and sustainability in everything they do.  Consumers in
general are extremely conscious of their impact on the environment
so if we, as a wine producer, can meet this need then we will be
well positioned for success into the future," Mr. Pitt continued.

Tim Mableson, Restructuring Services Partner, KPMG Australia said:
"The confirmation of Prcstnt's offer by the creditors sends a
strong signal that the Australian wine industry is open for
business. McWilliam's is a historic wine company in Australia with
respected brands and strong market positions. Through injection of
further capital from Prcstnt, McWilliam's will be better placed to
scale its business in both domestic and international markets,
particularly into Asian markets."

McWilliam's Wines Group is an unlisted publicly owned company with
a rich heritage of 143 years, across 6 generations of family
ownership. It has an extensive product range marketed under a
portfolio of owned brands, including McWilliam's and Mount
Pleasant. McWilliams is also currently the sole Australian
distributor for global brands; Taittinger and Framingham.

Gayle Dickerson, Ryan Eagle and Tim Mableson of KPMG Australia
Restructuring Services were appointed Administrators of McWilliam's
Wines Group Ltd and Mount Pleasant Wines Pty Ltd on
Jan. 8, 2020.


MYWEALTH MANAGER: Court Orders Wind Up of Investment Scheme
-----------------------------------------------------------
The Federal Court has made orders to wind up MyWealth Manager, an
unregistered managed investment scheme. The Court found the Scheme
had been operated by Mustafa Mohammed, Mahek Mustafa, Mubashir
Mohammed and included related companies, MyWealth Manager Financial
Services Pty Ltd (trading as MyWealth Manager) and 3M Financial
Planning Pty Ltd (trading as MCube Planners) (collectively, the
Defendants).

From at least February 2017, My Wealth Manager encouraged clients
of MCube Planners to roll-out of their existing superannuation
funds, establish their own self-managed superannuation funds (SMSF)
and invest in MyWealth Manager.

Approximately AUD7 million was raised by the Scheme but the funds
were not invested for the promoted purposes. The Federal Court
found the evidence established that nearly all of the investors'
funds were misappropriated by those operating the scheme.

The Court made declarations that the Defendants contravened the
Corporations Act by operating the unregistered Scheme and failing
to hold the required Australian Financial Services (AFS) licence.
The Court also granted injunctions against the Defendants,
restraining them from carrying on a financial services business in
Australia, without holding an AFS Licence.

In his judgment, Justice Derrington stated, 'The conduct which was
engaged in by the defendants was of the most serious kind, directed
as it was to the misappropriation of the superannuation savings of
vulnerable people.'

Mustafa Mohammed, Mahek Mustafa and Mubashir Mohammed currently
reside in India.

ASIC Deputy Chair Daniel Crennan QC said, 'Consumers should be wary
when they are presented with investment opportunities offering high
returns and should seek independent financial advice from a
licensed financial advisor before making investment decisions.'

ASIC also obtained an order that a related company, MyWealth
Protection Pty Ltd be wound up. Timothy Norman and Robert Woods of
Deloitte Financial Advisory Pty Ltd were appointed liquidators of
the companies and the Scheme.

ASIC's investigation is continuing.


SEAFOLLY HOLDINGS: Second Creditors' Meeting Set for Aug. 3
-----------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Seafolly Holdings Pty Ltd
     - Seafolly IP Co. Pty Ltd
     - Seafolly Pty. Limited
     - Seafolly Retail Pty Ltd
     - Sunburn Co Pty Ltd
     - Sunburn Investments Pty Ltd

has been set for Aug. 3, 2020, at 11:00 a.m. via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 31, 2020, at 11:00 a.m.

Scott Langdon and Rahul Goyal of KordaMentha were appointed as
administrators of Seafolly Holdings on June 29, 2020.




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C H I N A
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AMERICAN EDUCATION: Has $1.3-Mil. Net Loss for 2019
---------------------------------------------------
American Education Center Inc. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss (attributable to American Education Center) of $1,265,180
on $5,308,412 of revenues for the year ended Dec. 31, 2019,
compared to a net loss (attributable to American Education Center)
of $6,688,452 on $7,012,439 of revenues for the year ended in
2018.

The audit report of JLKZ CPA LLP states that the Company had
incurred substantial losses during the year, which raises
substantial doubt about its ability to continue as a going
concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $7,433,868, total liabilities of $6,215,375, and a total
stockholders' equity of $1,218,493.

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

                        https://is.gd/uAR1dJ

American Education Center Inc., through its subsidiaries, provides
education consulting services in the People's Republic of China. It
operated in two segments, AEC New York and AEC Southern UK. The
Company was founded in 1999 and is headquartered in New York, New
York.


DAFA PROPERTIES: Moody's Rates USD Senior Unsecured Notes 'B3'
--------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to DaFa Properties Group Limited's (B2 stable) proposed USD notes.

The rating outlook is stable.

DaFa will use the proceeds to refinance existing debt.

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

RATINGS RATIONALE

Moody's expects DaFa's debt leverage, as measured by
revenue/adjusted debt, will weaken to 55%-60% over the next 12-18
months from 68% in 2019 as the company continues its debt-funded
growth plan. In addition, its adjusted EBIT/interest will weaken to
1.5x-1.6x over the next 12-18 months from 2.0x in 2019 and 2.8x in
2018. These levels remain appropriate for its B2 corporate family
rating.

DaFa's gross contracted sales increased notably by 57.6% to RMB11.2
billion in the first half of 2020 from the same period last year.
However, Moody's expects its attributable contracted sales to
remain largely stable in 2020, given its declining attributable
ownership in property projects from its joint-venture and
associates companies.

DaFa's B2 CFR reflects the company's long operating track record of
developing properties in the economically affluent Yangtze River
Delta, especially in Shanghai and Nanjing. The rating is also
supported by the company's adequate liquidity.

At the same time, the B2 CFR considers the company's small scale,
significant exposure to lower-tier cities and weakening credit
metrics.

The stable rating outlook reflects Moody's expectation that DaFa
will maintain adequate liquidity and grow its scale as planned
while maintaining moderate debt leverage in the next 12-18 months.

The B3 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk. This risk reflects the fact
that the majority of DaFa's claims are at its operating
subsidiaries and have priority over its senior unsecured claims at
the holding company in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

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

Moody's could upgrade DaFa's ratings if the company (1)
successfully executes its business plan and grows its scale; (2)
significantly grows its scale while maintaining its credit metrics;
and (3) maintains adequate liquidity, with cash consistently above
1.5x of short-term debt, and diversifies its funding channels.

On the other hand, Moody's could downgrade the ratings if (1)
DaFa's liquidity weakens; (2) its contracted sales weaken; or (3)
the company accelerates its land acquisitions beyond Moody's
expectations, thereby weakening its financial metrics.

Financial metrics indicative of a downgrade includes (1)
cash/short-term debt below 1.0x on a sustained basis; (2)
EBIT/interest coverage below 1.5x; or (3) revenue/adjusted debt
below 50%-55%.

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

DaFa Properties Group Limited is a Shanghai-based residential
property developer. At December 31, 2019, the company had developed
69 property development projects, with a gross floor area of 5.0
million square meters. Its key operating cities include Wenzhou,
Huzhou, Hefei, and Ningbo.

At the end of 2019, DaFa Properties was 72.5% owned by its founder,
Mr. Ge Hekai, and his family.


SUNRIVER HOLDING: Moody's Affirms B2 CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed Sunriver Holding Group
Company Limited's B2 corporate family rating.

The outlook remains stable.

"The rating affirmation reflects its expectation that Sunriver's
credit metrics will mildly weaken but remain appropriate for its B2
corporate family rating over the next 12-18 months, as the strong
property development business will temper weakness in its tourism
business," says Danny Chan, a Moody's Assistant Vice President and
Analyst.

"The company's adequate liquidity on the back of strong contracted
sales growth also supports its rating," adds Chan.

RATINGS RATIONALE

Sunriver's B2 CFR reflects the company's (1) profitable property
development business, (2) modestly diversified business operations,
including infrastructure construction and tourism, (3) good
interest coverage, and (4) adequate liquidity.

On the other hand, Sunriver's rating is constrained by (1) the
relatively small scale of its property business, (2) the execution
and financial risks associated with the fast expansion of both its
property and non-property businesses, and (3) its modest access to
funding and corporate governance because of its private company
status.

Moody's expects Sunriver's credit metrics to weaken over the next
12-18 months, mainly due to its weak tourism business, which
accounted for 16% and 21% of its revenue and gross profits,
respectively, in 2019. Its profit margin is also likely to weaken
given the expected greater contributions from its low-margin
construction business. Nevertheless, the resulting negative impact
on the company's cash flow will be partly offset by the solid
performances of its property business.

Moody's expects the high growth momentum of its property business
to continue this year, following 58% year-over-year contracted
sales growth to RMB11 billion in 2019. Property development is
Sunriver's largest business segment, contributing approximately 60%
and 71% of its total revenue and reported gross profit,
respectively, in 2019.

Consequently, Sunriver's debt leverage, as measured by
revenue/adjusted debt, will likely deteriorate mildly to 65%-70%
over the next 12-18 months from 76% in 2019. Its interest coverage,
as measured by adjusted EBIT/ Interest coverage, should also weaken
to 2.5x-3.0x in the next 12-18 months from 3.0x in 2019, driven by
an expected lower profit margin.

Moody's expects that Sunriver's increasing investment needs for its
fast-growing infrastructure construction business over the next one
to two years will consume its capital and liquidity. Nevertheless,
the company has a track record of using both equity and debt to
fund the expansion of its construction business. For instance, it
listed its construction arm -- Anhui Gourgen Traffic Construction
Co., Ltd -- in Q4 2019, and Anhui Gourgen on 21 July 2020 announced
an approximate RMB1.2 billion proposed share placement.

Sunriver's liquidity position is adequate, despite its cash to
short-term debt coverage of 75% at the end of December 2019.Moody's
estimates its cash balance, together with its operating cash flow,
can cover its short-term debt, committed land premiums and dividend
payments over the next 12 months.

In terms of environmental, social and governance considerations,
Moody's has considered the company's low corporate transparency and
less-developed corporate governance because of its private company
status. Furthermore, the company's ownership is concentrated in Yu
Faxiang and his family, who owned 65.3% of the company as of 30
June 2020.

These concerns are partly mitigated by Anhui Gourgen and Zhejiang
Sunriver Culture Co., Ltd, the company's two main subsidiaries in
which it owns 54% and 33.4% respectively, and which are listed on
and subject to the regulations of the Shanghai Stock Exchange.

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

The stable rating outlook reflects Moody's expectation that
Sunriver will maintain the healthy growth in its property business,
adequate liquidity, and prudent approach toward investing in
non-property businesses without substantially increasing its debt.

The rating could be upgraded if (1) Sunriver improves its debt
leverage while achieving healthy contracted sales growth and
demonstrates prudence in expanding its construction and tourism
segments, (2) improves its liquidity by diversifying its funding
channels, and (3) strengthens its corporate governance and
transparency.

Credit metrics that would indicate a possible upgrade include
revenue/adjusted debt above 80%, and adjusted EBIT/interest cover
above 2.0x-2.5x on a sustained basis.

The rating could be downgraded in case of a deterioration in
Sunriver's debt leverage or liquidity, such as increased
refinancing risk.

Deteriorating credit metrics that could trigger a downgrade include
(1) revenue/adjusted debt below 55%-60%, or (2) adjusted
EBIT/interest cover below 1.5x on a sustained basis.

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

Founded in 2002, Sunriver Holding Group Company Limited (Sunriver)
is a privately owned company, with its headquarters in Hefei, Anhui
Province, China.

The company engages in real estate, construction, tourism and
cultural businesses, mainly in Anhui Province. It also owns and
operates three self-developed tourism projects and a construction
company.




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BRIGHTOIL PETROLEUM: HK Court Dismisses Wind-Up Petition vs Firm
----------------------------------------------------------------
Jason Jiang at Splash247 reports that Chinese private energy
company Brightoil Petroleum has announced that it has reached
settlement for the outstanding debts with creditor Petco Trading
and other interested creditors in Hong Kong court proceedings
relating to the wind-up petition against the company.

As a result of the settlement, the High Court of Hong Kong has
granted the dismissal of the winding-up petition filed by Petco
against the company, the report says.

Splash247 notes that Brightoil was hit by financial difficulties in
2019 and sold off its entire fleet of 15 vessels made up of five
VLCCs, four aframax tankers and six bunkering vessels in order to
increase liquidity.

The company is currently in the middle of a debt restructuring
process after securing financing support from new investor China
Huarong Overseas Investment, the report discloses.

Brightoil Petroleum (Holdings) Limited is a Hong Kong-based
investment holding company principally engaged in the provision of
petroleum products and marine bunkering services. The Company
operates through five segments. International Trading and Bunkering
Operation segment is engaged in the international supply of
petroleum.


ZOOMLION HEAVY: Fitch Hikes LT IDR to B+, Outlook Positive
----------------------------------------------------------
Fitch Ratings has upgraded Zoomlion Heavy Industry Science and
Technology Co. Ltd's Long-Term Foreign-Currency Issuer Default
Rating to 'B+' from 'B'. The Outlook is Positive. Fitch has also
upgraded the China-based company's senior unsecured rating and the
rating of its USD600 million 6.125% senior unsecured notes due
2022, issued by subsidiary Zoomlion H.K. SPV Co. Ltd, to 'B+' from
'B' with a Recovery Rating of 'RR4'.

The upgrade reflects significant improvement in the company's
leverage metrics, supported by the sustained recovery in its core
construction-machinery business.

KEY RATING DRIVERS

Improvement in Financial Structure: Zoomlion continued to
deleverage with FFO net leverage dropping to 2.8x in 2019, from
5.0x in 2018 and 18.1x in 2017. The improvement in its financial
structure was driven by Zoomlion's better cash generation as EBITDA
rose sharply, the cash-conversion cycle made further progress and
it sold some financial assets. Fitch expects Zoomlion's leverage to
remain relatively stable in the near term as rising sales from the
company's construction-machinery segment may be offset by a
deterioration in the cash-conversion cycle and its capex plans.

Demand to Recover: Zoomlion's 1Q20 sales and net profit rose by
just 1% and 2%, respectively, due to the impact of the coronavirus
pandemic. At the same time, net cash flow from operating activities
declined by 83% yoy. Fitch expects Zoomlion's demand to recover,
helping the company to continue reporting strong operational
performance in 2020. The company estimates 1H20 net profit rose by
47.5%-63.0%, driven by demand from domestic infrastructure
projects, the energy industry, and urbanisation initiatives. Fitch
believes China's construction sector will be boosted by the
government easing its policies in the short term to spur economic
growth.

Capex to Increase: Fitch expects Zoomlion's capex to rise in the
medium term as the company relocates, expands and upgrades its
manufacturing facilities. The company said the capital outlays
would be funded primarily by a proposed CNY6.6 billion non-public
issuance of A-shares. Fitch has not factored in the proceeds from
the private placement in its rating case due to market uncertainty
over its completion. The completion of the private placement would
improve the company's financial structure, potentially leading to
positive rating action.

Business Profile Remains Cyclical: The construction-machinery
segment accounted for 95% and 94% of Zoomlion's 2019 revenue and
gross profit, respectively, leaving the company highly exposed to
the highly cyclical Chinese construction-machinery sector. The
company is susceptible to changes in China's infrastructure and
real-estate construction demand, which is in turn affected by
government policies and monetary conditions.

DERIVATION SUMMARY

Zoomlion's business and financial profiles are comparable with that
of 'BB-' peers such as Meritor, Inc. (BB-/Stable) and Meinian
Onehealth Healthcare Holdings Co., Ltd. (BB-/Stable) but the
company's capex plans constrain its ratings at 'B+'. However, the
company's ratings have the potential to be upgraded to 'BB-', which
can be expedited by non-debt financing.

KEY ASSUMPTIONS

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

  - Revenue to rise by 21% in 2020 and 6% in 2021 but fall by 5% in
2022

  - EBITDA margin relatively stable at 13.5% in 2020 and 13.3% in
2021 and subsequently fall towards 10% by 2023

  - Capex of CNY2.8 billion per annum between 2020 and 2022

  - Dividend payout ratio at 30% of net profit in 2020-2023

RATING SENSITIVITIES

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

  - FFO adjusted net leverage sustained below 3.5x after the higher
capex period through, for an instance, an equity placement

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

  - The Outlook will be revised to Stable if the positive
conditions are not met within the next 12-18 months

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: Zoomlion had CNY5.1 billion in readily
available cash and CNY3.0 billion in short-term financial assets
that were classified as readily available (total reported
short-term financial assets were CNY4.3 billion). It also had CNY54
billion in unused banking facilities as of end-2019. This is
sufficient to cover the CNY8.7 billion in short-term borrowings
maturing within one year.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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




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AASU EXIM: ICRA Keeps B+ on INR4.56cr Debt in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR6.00 crore bank facilities of Aasu
Exim Private Limited continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–        4.56      [ICRA]B+(Stable) ISSUER NOT
   Term Loans                   COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Fund-based–        0.15      [ICRA]B+(Stable) ISSUER NOT
   Overdraft                    COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Fund-based–        0.69      [ICRA]B+(Stable) ISSUER NOT
   Unallocated                  COOPERATING; Rating continues
   Limit                        to remain under 'Issuer Not
                                Cooperating' category

   Non-fund based–    0.60      [ICRA]A4 ISSUER NOT COOPERATING;
   Letter of Credit             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.

Incorporated in 1984, Aasu Exim Private Limited is engaged in
manufacturing of grey fabric since FY 2011 and manufactures knitted
furnishing, sportswear and designer wear fabrics. AEPL supplies
fabrics to major textile houses based in South and Western parts of
the country. The company has ~300 MT knitting capacity at Bhiwandi
and intends to increase it to 500 MT over the medium term. The
company is managed by Mr. Raj Kumar Kaushik who has over two
decades of experience in the textiles industry.


ALPHA MILK: ICRA Keeps B+ on INR24cr Debt in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR24.00-crore bank facilities of
Alpha Milk 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–       24.00      [ICRA]B+(Stable) ISSUER NOT
   Term Loan                    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.

Incorporated in 2007, AMFPL is setting up a milk processing plant
in Hathras (Uttar Pradesh) with a processing capacity of 4 lakh
litres of milk per day, to manufacture desi ghee, skimmed milk
powder, dairy whitener, butter etc. The company has been promoted
by Mr Gian Prakash Gupta and Mr Vipin Gupta. The promoters also
have a Haryana-based company, incorporated in 1991, engaged in milk
processing, under the name of Karnal Milk Foods Limited.


AMIT ENGINEERS: ICRA Keeps B+ on INR3.10cr Debt in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR6.30-crore bank facilities of Amit
Engineers continue to remain under 'Issuer Not Cooperating'
category'. The Long term rating are denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING" The short term rating are denoted as
"[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based–       3.10       [ICRA]B+(Stable) ISSUER NOT
   Term Loan                    COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Fund Based-       1.00       [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

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

   Short Term        1.70       [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. 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.

Amit Engineers was established in 1986 and is into manufacturing of
Air Conditioning and Refrigeration products for Indian Railways and
is supplying fully integrated Air Conditioner to the Indian
Railways since 2001. The company is an ISO 9001:2008 certified
Company having their Head office cum Research and Development Cell
at Mohali (Punjab) and Manufacturing Unit at Baddi (Himachal
Pradesh). Amit Engineers is well equipped with state-of-the-art CAD
centre and CNC machines to undertake design and manufacture of
Refrigeration Products as per customer's requirement.


ANEESH AHMAD: ICRA Keeps C+ on INR3cr Debt in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR7.08 crore bank facilities of
Aneesh Ahmad Khan 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        3.00       [ICRA]C+; ISSUER NOT COOPERATING;
   Fund-based                  Rating Continues to remain under
   Limit                       Issuer not cooperating category

   Short-term       3.00       [ICRA]A4; ISSUER NOT COOPERATING;
   Non fund                    Rating Continues to remain under
   based limit                 issuer not cooperating category

   Unallocated      1.08       [ICRA]C+/[ICRA]A4; ISSUER NOT
   Limit                       COOPERATING; Rating Continues
                               to remain under issuer not
                               cooperating category

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

Aneesh Ahmad Khan was established in 1994 and is engaged in the
business of overburden removal, coal excavation and coal
transportation works. The firm was established by eight partners
belonging to the Khan family. The firm's operations are majorly
concentrated in coal mining areas of Madhya Pradesh, primarily in
the district of Chhindwara. The scope of work for the firm is
limited to the execution of contract and does not involve land
acquisition, environment clearances, rehabilitation work etc. This
reduces the risk involved with these projects to a large extent.


BHAGYANAGAR STRIPS: ICRA Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Bhagyanagar Strips Private Limited (BSPL) 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.

Bhagyanagar Strips Private Limited (BSPL) was incorporated in the
year 2002 by Ms. Rashmi Agarwal. The company was actively involved
in trading business till 2010, however the operations were
temporarily shut down till 2014. Subsequently, the company started
the trading of steel products including TOR Steel, flat, HR strips,
wire rods, angles, channels, beams, etc from 2017. These products
are majorly used in fabrication, cement, infrastructure and machine
manufacturing industry.


DEV BHOOMI: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the rating for the INR8.50-crore bank facilities of Dev
Bhoomi Frozen Food Products 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-        2.50      [ICRA]B(Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Fund Based-        6.00      [ICRA]B(Stable) ISSUER NOT
   Term Loan                    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.

Established in 2014, DBFF is engaged in the processing of fruits
and vegetables through Individual Quick Freezing (IQF) technology
for preservation. Its day-to-day operations are looked after by Mr
Yogesh Jain and Mr Vinesh Jain, having profit sharing of 50% each.
Both the partners were earlier engaged in trading of frozen
vegetables and fruits, and packaged food. The firm has a production
capacity of 5,300 Metric Tonnes Per Annum (MTPA) at its unit
located at Kashipur (Uttarakhand). The major products that can be
processed by the firm include green peas, cauliflower, bean,
carrot, okra, litchi, mango.


EID MOHAMMAD: ICRA Lowers Rating on INR9cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Eid
Mohammad Nizamuddin (EMN), as:

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

   Short Term–      11.00       [ICRA]A4 ISSUER NOT COOPERATING;
   Non fund Based               Rating downgraded from [ICRA]A4+
                                and continues to remain in the
                                'Issuer Not Cooperating' category

Rationale

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

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

Eid Mohammad Nizamuddin (EMN) was established in 1953 as a
partnership firm. It is involved in plucking and trading of tendu
leaves. A small portion of revenues (less than 10%) is also derived
from manufacturing of beedis, which is sold under the firm's own
brand name in Rajasthan. The firm participates in tenders issued by
the respective state governments of Maharashtra, Rajasthan and
Madhya Pradesh for plucking tendu leaves. It trades in leaves from
its three branches located in Madhya Pradesh, Maharashtra and
Rajasthan and undertakes manufacturing of beedis from the Tonk and
Uniyara branches.


EVEREST SEA FOODS: ICRA Lowers Rating on INR7cr LT Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Everest
Sea Foods Exports Private Limited, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        7.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                COOPERATING; Rating downgraded
                                from [ICRA]BB- (Stable) and
                                continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long Term-        1.60       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based TL                COOPERATING; Rating downgraded
                                from [ICRA]BB- (Stable) and
                                continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long Term-        1.25       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                  COOPERATING; Rating downgraded
                                from [ICRA]BB- (Stable) and
                                continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short Term-       0.15       [ICRA]A4 ISSUER NOT COOPERATING;
   Non Fund Based               Rating continues to remain under
                                'Issuer Not Cooperating' category


Rationale

The rating is downgraded because of lack of adequate information
regarding Everest Sea Foods Exports Pvt Ltd 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 Everest Sea Foods Exports Pvt Ltd , ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with 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.

Everest Sea Foods Exports Private Limited was founded by Mr. Sanjay
Jaokar, Mr. Haneep Machiwala and Mr. Anand Putran in the year 2013
and is engaged in similar line of business. The processing plant of
the ESFEPL is located in Baikampady Industrial Area, Mangalore with
the factory building measuring 2,286 square feet with industrial
shed measuring 2,000 sq ft and cold storage building admeasuring
around 7,750 square feet with a capacity of 400 MT. The company is
primarily involved in the business of processing of marine products
(Indian mackerel, ribbon fish, reef cord, cuttle fish, squids,
croaker, sardine, and barracuda) and currently export to different
countries (mainly South East Asian Countries like Thailand, Vietnam
and China).


EVEREST SEA: ICRA Lowers Rating on INR6.50cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Everest
Sea Foods Private Limited (ESFPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         6.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                 COOPERATING; Rating downgraded
                                 from [ICRA]BB- (Stable) and
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-         3.35       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based TL                 COOPERATING; Rating downgraded
                                 from [ICRA]BB- (Stable) and
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-        0.15       [ICRA]A4 ISSUER NOT COOPERATING;
   Non Fund Based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

The rating is downgraded because of lack of adequate information
regarding Everest Sea Foods Pvt Ltd 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 Everest Sea Foods Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with 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.

Everest Sea Foods Private Limited (ESFPL) was founded by  Mr.
Sanjay Jaokar, Mr. Haneep Machiwala and Mr. Anand Putran in the
year 2012. The promoters of the companies have several years of
experience in different sectors of the fish industry from
commercial fishing, to plant development, to processing and sales
and marketing. The processing plant of the ESFPL is located in
Baikampady Industrial Area, Mangalore with the factory building
measuring 25,745 square feet containing freezing plant, cold
storage, factory building etc. The cold storage capacity is 400 MT.
The company is primarily involved in the business of processing of
marine products (Indian mackerel, ribbon fish, reef cord, cuttle
fish,  squids, croaker, sardine, and barracuda) and currently
export to different countries (mainly South East Asian Countries
like Thailand, Vietnam and China).


GINNI GOLD: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR90.00 crore bank facilities of
Ginni Gold Limited (GGL) continue to remain under Issuer Not
Cooperating category. The ratings are denoted as '[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING'; Rating continues to remain under 'Issuer
Not Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        75.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based/                  Rating Continues to remain under
   Cash Credit                  the 'Issuer Not Cooperating'
                                category

   Long Term/       15.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term–                  COOPERATING; Rating Continues
   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.

GGL is a manufacturer, wholesaler and trader of gold, diamonds and
silver ornaments/jewellery. GGL has presence largely in gold
jewellery, which contributes more than 90% of revenues. The company
was incorporated in the year 2007. The company procures gold under
the Metal Loan Scheme from Bank of Nova Scotia. It gets the
jewellery manufactured on a job-work basis from the vendors based
in Mumbai and sells it to its customers after charging a margin
over cost.  GGL's customers primarily consist of wholesalers and
retailers based in New Delhi area.


GOODLUCK CARBON: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR106.74 crore bank facilities of
Goodluck Carbon Private Limited continue to remain under Issuer Not
Cooperating category. The ratings are denoted as '[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING'; Rating continues to remain under 'Issuer
Not Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-       72.74      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                    Continues to remain under the
                                'Issuer Not Cooperating'
                                Category

   Fund Based-       30.00      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Continues to remain under the
                                'Issuer Not Cooperating'
                                Category

   Short Term-        4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non fund                     Continues to remain under the
   Based                        '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.

GCPL is engaged in the manufacturing of carbon black which is used
as reinforcing agent in rubber and other industries.  The company
was initially engaged in trading of carbon black and diversified
into carbon black production in February 2011 after it took on
lease the production plant (located in Jitwal Kalan. Distt:
Sangrur, Punjab) of Ralson India Limited (RIL). This unit was
subsequently acquired in Mar/April 2012.


JALA SHAKTI: ICRA Withdraws D Rating on INR24.22cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Jala
Shakti Limited (JSL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term:        24.22      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                  Withdrawn
   Term Loan         
                                 
   Long Term:         0.68      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Withdrawn
                                 

   Short Term:        1.60      [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                     Withdrawn
   Based Bank
   Guarantee          
                                 
Rationale

The rating assigned to JSL has been withdrawn at the request of the
company and based on the no due 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

JSL, incorporated in 1996, has setup a 5 MW run of the river
hydroelectric project (Dunali HEP) in Chamba, Himachal Pradesh. The
project has started commercial operations in May 2013 and has been
set up at a cost of INR62.5 crore.


K. MADANA: ICRA Moves B+ on INR13.5cr Debt to Not Cooperating
-------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of K.
Madana Mohana Rao And Company (KMMRC) 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-        12.00      [ICRA]B+(Stable) ISSUER NOT
   Fund Based-                  COOPERATING; Rating moved to
   Cash Credit                  the 'Issuer Not Cooperating'
                                category

   Long Term–         1.50      [ICRA]B+(Stable) ISSUER NOT
   Fund Based–                  COOPERATING; Rating moved to
   Term Loan                    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.

K. Madana Mohana Rao and Company (KMMRC) was incorporated in 2007
as a proprietorship entity and started operations in February 2015.
The entity's unit is located at Guntur, Andhra Pradesh and is
engaged in cotton ginning, pressing and trading of cotton bales,
seeds and cotton lint and is equipped with 36 ginning machines
capable of producing 40,500 bales annually. The proprietor has more
than four decades of experience in the cotton business.


MADHAVA HYTECH: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR19.00 crore bank facilities of
Madhava Hytech Infrastructures India Private Limited (MHIIPL)
continues to remain under the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         4.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Non-Fund          10.00      [ICRA]D ISSUER NOT COOPERATING;
   based-Bank                   Rating continues to remain under  
   Guarantee                    the 'Issuer Not Cooperating'
                                category

   Unallocated        5.00      [ICRA]D/D ISSUER NOT
   Limits                       COOPERATING; Rating continues
                                to remain under the 'Issuer Not
                                Cooperating' category

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

Madhava Hytech Infrastructures India Private Limited (MHIIPL) was
incorporated in 2008 by Mr. K Pradeep Kumar and his family members.
The company is involved in the construction of roads, bridges, and
railway tracks in states like Andhra Pradesh, Karnataka, Tamil
Nadu, and North-eastern states. MHIIPL was incorporated post the
demerger of

Madhava Hytech Engineers Pvt. Ltd. (MHEPL) with effect from April
1, 2009. MHEPL was incorporated by Mr. Madhava Rao (father of Mr.
K. Pradeep Kumar). He has over 30 years of experience in the
construction industry. As per the court decision on demerger, MHIPL
and MHEPL would continue to retain the registrations and
credentials of MHEPL.


MADHUVAN COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR7.50 crore bank facilities of
Madhuvan Cotton Private Limited continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       2.50       [ICRA]B (Stable); ISSUER NOT
   NBHC Demand                  COOPERATING; Rating continues
   Loan                         to remain under the 'Issuer Not
                                Cooperating' category

   Fund based-       5.00       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain under the 'Issuer Not
                                Cooperating' category

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

Incorporated in 2003, Madhuvan Cotton Private Limited (MCPL) is
promoted by Mr. Shashikant Mehta along with other family members
and relatives who having long experience in the cotton ginning
business. The company is engaged in the business of ginning and
pressing of raw cotton to produce cotton bales and cottonseeds. The
company is also engaged in crushing of cotton seeds to produce
cotton seed oil and oil cake. MCPL's manufacturing facility is
located at Mahuva in Gujarat and is currently equipped with 18
ginning machines and 1 pressing machine having a capacity to
produce 200 cotton bales per day being operational for 24 hours.
The company is also equipped with 4 expellers to produce cottonseed
oil and oil cakes.


MAINI GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has continued the ratings for the INR9.50 crore bank
facilities of Maini Group of Educational Society. The rating is now
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING; Rating
continues to remain under 'Issuer Not Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        2.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund Based–                  COOPERATING; Rating continues
   Cash Credit                  to remain under 'Issuer Not
                                Cooperating' category

   Long Term-        7.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund Based–                  COOPERATING; Rating continues
   Term Loan                    to remain under 'Issuer Not
                                Cooperating' category

   Long Term-        0.50       [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                  COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

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

Established in 2011, MGES operates the Cambridge International
School in Nawashahr, Punjab. The school commenced operations in
April 2013 and had ~1100 students in Academic Year 2016-17. The
society is promoted by Mr Sukhdev Prasad Maini and Mr Rajan Maini
who have other business interests, including filling stations and
brick kilns.


N.D. PLASTICS: ICRA Keeps B- on INR6cr Debt in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore1 bank facilities of N.
D. Plastics continues to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B- (Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–       6.00       [ICRA]B-(Stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

   Non Fund-         3.00       [ICRA]A4; ISSUER NOT COOPERATING;
   based–FLC/ILC                Rating Continues to remain under

                                issuer not cooperating category

   Fund-based/       1.00       [ICRA]B-(Stable)/[ICRA]A4; ISSUER
   Non fund based–              NOT COOPERATING; Rating
Continues
   Unallocated                  to remain under issuer not
   Limit                        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.

N.D. Plastics was established as a proprietorship firm in 1987 with
the objective of trading in Polypropylene. The firm is engaged in
the business of import and trading of polymer products like LDPE
(Low-density polyethylene), LLDPE (Linear low-density
polyethylene), HDPE (High-density polyethylene), PVC (Poly Vinyl
Chloride) etc. The company has a warehouse located in Bhiwandi,
Thane.


NESTOR PHARMA: ICRA Keeps C+ on INR51cr Debt in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR75.00 crore bank facilities of
Nestor Pharmaceuticals Limited (NPL) continue to remain under
Issuer Not Cooperating category. The long-term rating is denoted as
[ICRA]C+ ISSUER NOT COOPERATING and short-term rating is denoted as
[ICRA]A4 ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-       51.00      [ICRA]C+ ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Non-Fund Based    16.00      [ICRA]A4 ISSUER NOT COOPERATING;
   Bank Guarantee/              Rating continues to remain under   

   Letter of Credit             'Issuer Not Cooperating' category

   Unallocated        8.00      [ICRA]C+/[ICRA]A4 ISSUER NOT
   Limits                       COOPERATING; Ratings continue
                                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.

Incorporated in 1975 by the Sehgal family, NPL manufactures and
markets a wide range of branded and generic formulations. Nestor
has two umbrella brands under which products are marketed globally
- 'Nestor' which is an established brand and 'Steriheal' which is
being developed as 'hygiene for health' brand.


OCEAN CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR35.00 crore bank facilities of
Ocean Constructions (India) Private Limited 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-        12.00      [ICRA]B+ (Stable); ISSUER NOT
   Fund Based/CC                COOPERATING; Rating continue
                                to remain under the 'Issuer Not
                                Cooperating' category

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

   Long Term-        16.50      [ICRA]B+ (Stable); ISSUER NOT
   Non Fund                     COOPERATING; Rating continue
   Based                        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.

Ocean Constructions, a proprietorship firm set up in 2006 and owned
by Mr. Sharfuddin Ali Mulki was taken over by Ocean Constructions
India Private Limited (OCIPL, incorporated in 2008) in April 2013.
OCIPL, promoted by Mr. Sharfuddin Ali and his brothers Mr. Inayath
Ali and Mr. Abid Ali undertakes civil contracts involving
irrigation canals, aqueducts, site grading & levelling and road
works in Karnataka mainly for government clients including
Karnataka Neeravari Nigam Limited (KNNL), Krishna Bhagya Jala Nigam
Ltd (KBJNL), Public Works Department (PWD) Karnataka, National
Highway Authority of India (NHAI), Visvesvaraya Jala Nigam Ltd
(VJNL), National Mineral Development Corporation (NMDC) and
Mangalore City Corporation (MCC). Ocean Constructions previously
undertook sub-contracting works for private companies including
Shapoorji Pallonji and company Ltd and AMR India Ltd. Mr. Inayath
Ali was previously the national secretary of National Students'
Union of India (NSUI) and general secretary of Karnataka Pradesh
Youth Congress Committee (KPYCC) and has good relationship with
governmental agencies awarding the contracts.


PAARI CHEM: ICRA Lowers Rating on INR13cr LT Loan to B+
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Paari
Chem Resources, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term,       (13.00)     [ICRA]B+(Stable) ISSUER NOT
   Fund based:                  COOPERATING/Rating downgraded
   Cash Credit                  from [ICRA]BB- (Stable)
                                ISSUER NOT COOPERATING' and
                                Continues to remain under the
                                'Issuer Not Cooperating'
                                Category

   Short-term,       25.00      [ICRA]A4; ISSUER NOT COOPERATING;
   non-fund                     Rating Continues to remain under
   based                        issuer not cooperating category

Rationale

The ratings for the INR25.00 crore bank facilities of Paari Chem
Resources Downgraded and continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(stable)/A4; ISSUER NOT COOPERATING".

The Long-Term rating downgrade is because of lack of adequate
information Paari Chem Resources 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 Paari Chem Resources, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Paari Chem Resources was set up in FY2010 as a proprietorship
concern (Hindu Undivided Family or HUF) by Mr. Parimal Doshi. The
firm is an importer and trader in various chemicals and solvents,
primarily in Acrylates, Ethylene Amines, Chlorinated Solvents and
Pharmaceutical Solvents. The products traded by the firm mainly
find application in paints, pharmaceuticals, furniture, and
industrial solvents. The firm sources the chemicals and solvents
directly from established global manufacturers such as BASF, Dow
Chemicals, Huntsman International, Solvay etc., as well as through
other traders.


RAGHUNATH AGRO: ICRA Moves B on INR30cr Debt to Not Cooperating
---------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Raghunath Agro Commodities (RAC) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        30.00      [ICRA]B(Stable) ISSUER NOT
   Fund Based-                  COOPERATING; Rating moved to
   Cash Credit                  the 'Issuer Not Cooperating'
                                category

   Short Term–       85.00      [ICRA]A4 ISSUER NOT COOPERATING;
   Fund Based–                  Rating moved to the 'Issuer
   Term Loan                    Not Cooperating' category

   Short Term-       12.00      [ICRA]A4 ISSUER NOT COOPERATING;
   Non Fund                     Rating moved to the 'Issuer
   Based                        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.

Raghunath Agro Commodities (RAC) was constituted as a partnership
firm in February 2017 and started operations in February 2018. The
firm is involved in the ginning and trading of cotton seed, lint
and bales with the ginning process being outsourced to the group
companies. The firm is located at Adilabad, Telangana. The partners
of the firm possess more than two decades of experience in cotton
trading business.


SAANJ AUR: ICRA Lowers Rating on INR10.30cr Term Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Saanj
Aur Savera Educational and Welfare Trust (SAS), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        10.30      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based–                  COOPERATING; Rating downgraded
   Term Loan                    from [ICRA]BB- (Stable) and
                                continues to remain in the
                                'Issuer Not Cooperating' category

Rationale

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

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

SAS was formed in 2003 and runs the Delhi Public School in Pinjore
(Haryana), which commenced operations in AY 2004-05. The trust is
managed by a four-member committee, headed by Dr. D. R. Arora. In
addition to the senior secondary school under SAS, the trustees
have also set up pre-schools (under the name Shemrock) and senior
secondary schools (under the name Shemford) across the country,
which are primarily managed by franchisees.


SAI BABA: ICRA Moves B on INR10cr Debt to Not Cooperating
---------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of Sri
Sai Baba Agro Commodities (SSBAC) 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–        10.00      [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.

Sai Baba Agro Commodities (SBAC) was constituted as a partnership
firm in June 2018 and expecting to commence operations in April
2019. The office of the firm is located at Adilabad, Telangana and
will be engaged in ginning and trading of cotton seed, lint and
bales. The firm will be outsourcing the cotton ginning to the group
company. The partners of the firm possess more than two decades of
experience in cotton trading business.


SAI ENGINEERING: ICRA Keeps B+ on INR35cr Debt in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR35.00-crore bank facilities of Sai
Engineering Foundation continue to remain under 'Issuer Not
Cooperating category'. The Long-term rating are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       35.00      [ICRA]B+(Stable) ISSUER NOT
                                COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

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

Sai Engineering Foundation (SEF) is a voluntary organisation
registered in accordance with the Societies Registration Act XXI of
1860. It is engaged in providing technical consultancy, planning,
detailed engineering and implementation of infrastructure projects
like buildings, complexes, roads, hydro-electric and solar power
projects, with a special focus on hydro power projects. It has
executed a number of power projects in Himachal Pradesh for
government entities as well as private developers. The entity has
also been allotted six hydro projects for which it looks after the
operations and maintenance as well.


SCR NIRMAN: ICRA Lowers Rating on INR3cr LT Loan to B+
------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of SCR
Nirman Private Limited (SCRNPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        3.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                  COOPERATING; Rating downgraded
   Cash Credit                  from [ICRA]BB- (Stable) and
                                continues to remain in the
                                'Issuer Not Cooperating'
                                Category

   Non Fund          7.00       [ICRA]B+ (Stable)/A4 ISSUER NOT
   Based-Bank                   COOPERATING; Rating downgraded
   Guarantee                    from [ICRA]BB- (Stable)/A4 and
                                continues to remain in the
                                'Issuer Not Cooperating' category

Rationale

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

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

SCR Nirman Private Limited (SCRNPL) was incorporated in 2009 by Mr.
S. Chenna Reddy together with his family members on board. The
company's constitution was changed from proprietorship to private
limited in 2009. The company is a recognized contractor for Indian
Railways in the South Zone and is involved in laying railway tracks
and performing other associated works like earthwork formation,
supplying ballast, constructing minor and major railway bridges.


VAMA INDUSTRIES: Ind-Ra Cuts LT Issuer Rating to B, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vama Industries
Limited's (Vama) Long-Term Issuer Rating to 'IND B' from 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limit downgraded with
     IND B/Stable/IND A4 rating;

-- INR170 mil. Non-fund-based working capital limit downgraded
     with IND A4 rating;

-- INR200 mil. Proposed non-fund-based working capital limits*
     is withdrawn; and

-- INR35 mil. Proposed fund-based working capital limits**
     assigned with Provisional IND B/Stable/Provisional IND A4
     rating.

*Ind-Ra has withdrawn the provisional ratings on Vama's facilities
as the company did not proceed with the instruments as envisaged.

** The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above
facilities by Vama to the satisfaction of Ind-Ra.

Analytical Approach: Ind-Ra continues to take a consolidated view
of Vama and its wholly-owned subsidiary, Vama Technologies Pte.
Ltd., for the ratings, because of the similar nature of their
operations and parent-subsidiary linkage.

KEY RATING DRIVERS

Liquidity Indicator - Poor: The downgrade reflects Vama's
overutilization of its fund-based working capital limits on several
instances during the 12 months ended June 2020, with the use being
around 98.5%. Moreover, according to the provisional financials for
FY20, the company's net cash conversion cycle elongated to 202 days
(FY19: 96 days FY18: 46 days), owing to an increase in the
receivables period to 136 days (118 days, 93 days) and an increase
in the inventory days to 204 (102, 31).

Vama's consolidated cash flow from operations remained negative in
FY20 (FY19: negative INR25 million; FY18: INR67 million) due to an
increase in its working capital requirements and a decline in the
operating profitability. At FYE20, the consolidated cash and cash
equivalents stood at INR4 million (FYE19: INR23 million; FYE18:
INR3 million) against debt repayments of INR9.92 million for FY21,
which is likely to be paid out of the internal accruals. The
company has availed the Reserve Bank of India-prescribed moratorium
on its fund-based working capital limits over March-August 2020.

The company had a consolidated order book of INR213 million at
end-June 2020 and has participated in tenders to the tune of
INR203.5 million. The company's ability to bid for more projects
and build a stronger order book will remain crucial from the
liquidity perspective, which will lead to timely receivables and
moderation of working capital utilization.  

The ratings reflect Vama's small scale of operations with the
consolidated revenue of INR300 million in FY20 (FY19: INR538
million; FY18: INR1040 million). The decline in the revenue was
because the finalization of some projects was hampered by the
non-opening of bids by the agreement concluding authorities.

The ratings also factor in Vama's weak consolidated credit metrics
due to its low EBITDA levels. The metrics improved marginally in
FY20 due to an increase in the absolute EBITDA to INR22 million
(FY19: INR13 million). The consolidated gross interest coverage
(operating EBITDA/gross interest expense) was 0.9x in FY20 (FY19:
0.4x; FY18: 4.1x) and the consolidated net leverage (adjusted net
debt/operating EBITDA) was 5.1x (8.1x; 1.0x). Ind-Ra expects the
credit metrics to be at similar levels in the medium term, in the
absence of any debt-led CAPEX plans.

The ratings also reflect Vama's modest EBITDA margins due to the
intense competition in the industry and low entry barriers due to
the trading nature of the business. The consolidated margins
improved to 7.4% in FY20 (FY19: 2.3%; FY18:7.3%) due to the
cost-cutting measures taken by the company. The margin had declined
in FY19 to the write-off of bad debts to the tune of INR35.44
million. The return on capital employed was 6% in FY20 (FY19: 3%;
FY18: 25%).

On a standalone basis, Vama clocked revenue of INR161 million in
FY20 (FY19: INR384 million; FY18: INR686 million). The EBITDA
margin stood modest at 5.5% in FY20 (FY19: 10.1%; FY18:8.8%). The
interest coverage was 0.4x in FY20 (1.2x; 3.5x) and net leverage
was 11.8x (2.3x; 1.2x). VTPL's revenue stood at INR139 million in
FY20 (FY19: INR154 million, FY18: INR354 million).

The ratings, however, continue to benefit from Vama's longstanding
relationships with customers and its founders' experience of around
two decades in the engineering design and hardware trading
business.

RATING SENSITIVITIES

Positive: An improvement in the overall liquidity position, a
stronger order book along with a significant increase in the
revenue and operating profitability, leading to an improvement in
the credit metrics with the interest coverage above 1.8x, all on a
consolidated and sustained basis, could be positive for the
ratings.

Negative: A substantial decline in the revenue, coupled with
deterioration in the profitability and credit metrics and any
further stress on the liquidity position, all on a consolidated
basis, could be negative for the ratings.

COMPANY PROFILE

Vama, incorporated in 2003, provides facility management services,
IT infrastructure, data center engineering build, system
integration projects, and engineering design & development
services. Vama Technologies is Vama's wholly-owned subsidiary in
Singapore that was incorporated in 2016.


WONDER CONSTRUCTION: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Wonder Construction Continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B-(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term,        10.00      [ICRA]B- (Stable); ISSUER NOT
   Fund based:                  COOPERATING; Rating Continues
   Cash Credit                  to remain under issuer not
                                cooperating category

   Short-term,      (1.00)      [ICRA]A4; ISSUER NOT COOPERATING;

   Non fund                     Rating Continues to remain under
   Based                        issuer not cooperating category

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

Incorporated in 2001, Wonder construction (Wonder) is a partnership
concern based of Aurangabad, Maharashtra. The firm primarily
operates as a civil contractor engaged in the construction
buildings and roads. The firm's clientele includes government
entities like the primarily Public Works Department (PWD) and
Municipal Corporations / Councils of various cities/towns. The firm
is a class A+ registered contractor. Wonder Construction was
promoted and is managed by the Anwar Family having an experience of
over three decades in construction industry.




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

JOUSKA FINANCIAL: OJK Shuts Down Financial Advisory Firm
--------------------------------------------------------
The Jakarta Post reports that the Financial Services Authority
(OJK) has instructed financial advisory company PT Jouska Financial
Indonesia to cease operations over allegations of illegal stock
brokerage and investment mismanagement.

According to the Post, the OJK's Investment Alert Task Force also
shut down PT Mahesa Strategis Indonesia and PT Amarta Investa
Indonesia, which are alleged to have provided investment management
services and financial advice without proper licenses. It has also
blocked all three companies' websites, applications and social
media accounts through the Communications and Information
Ministry.

The report says the decision was made after the task force summoned
and questioned Jouska CEO and founder Aakar Abyasa Fidzuno
following complaints on social media from its clients.

"We've asked PT Jouska to settle the disputes with its clients
transparently and invite the customers to settle the issues," the
task force said in a press statement, the Post relays. "We ask
Jouska to process its licenses in line with its business activity
as soon as possible."

The Post relates that the task force revealed that Jouska received
a license as an education-services company through the Online
Single Submission (OSS). It further said in the statement that
Aakar had accepted the decisions.

According to the report, the case was uncovered when several
clients and former clients of Jouska, which claims to be an
independent financial advisory company and which gained its
popularity among young investors via social media, took to Twitter,
saying Jouska's decision to invest their funds in low quality
stocks had resulted in a slump in their portfolio values by more
than 70 percent.

A former client also uploaded an offering letter and a contract he
received from the company when using its services in 2018 and
2019.

The report relates that the offering letter stated that aside from
educating the client and helping them to pick the right investment
instrument based on their profile, Jouska would have the right to
manage the client's funds, as well as to buy and sell stocks in
their portfolio. The client then entered into a fund-management
contract with Amarta Investa while others said they signed a
contract with Mahesa Strategis.

The Jakarta Post has learned that Jouska, Amarta Investa and Mahesa
Strategis are not registered as investment-management companies or
securities companies at the OJK.

"Independent financial planners are not allowed to sell a financial
product or investment management service to their clients,"
financial planner Safir Senduk told the Post over the phone on July
22.

The Post relates that the International Association of Registered
Financial Consultants (IARFC) Indonesia has stressed that a
financial advisor is prohibited from managing clients' funds and
trading stocks in their portfolios even with full discretion and
consent from the clients.

"We have to be proactive so we are now establishing a task force to
list those who are claiming to be a financial planner but are
actually in violation of the code of ethics," the Post quotes IARFC
Indonesia chairman and president Aidil Akbar Madjid as saying.

"We hope the people who want to use financial planners' services
will be aware of which ones are licensed and which are not," he
said, adding that the profession was still self-regulated and yet
to be regulated by the OJK.

The Jouska case shared a similarity with the investment
mismanagement that led to a corruption case involving ailing
state-owned insurer PT Asuransi Jiwasraya, as both had used other
parties' funds to invest in questionable stocks, said University of
Indonesia (UI) capital markets expert Budi Frensidy on July 23,
according to the Post.

"[Jouska] case's impact may be small on our stock market, but it
can discourage new and potential equity investors from trying to
invest," he said.

He suggested investors choose reputable and licensed
asset-management firms to help them manage their investments if
they do not feel confident enough to manage their own funds, the
report relays.

According to the report, Jouska's clients shared on social media
their portfolio details revealing that the company invested the
majority of their funds in newly listed computer hardware-trading
company, PT Sentral Mitra Informatika, trading on the Indonesia
Stock Exchange (IDX) under the code LUCK. Advisors at Jouska are
also reported to have prevented clients from selling the shares
when the prices had dropped more than 80 percent, an allegation
that has neither been denied nor confirmed by the company.

Sentral Mitra, which was listed on the bourse on Nov. 29, 2018, saw
its share price increase exponentially from INR285 (2 United States
cents) to its highest level of IDR2,020 apiece just around eight
months after its IPO. Sentral Mitra's share price has since dropped
to near its IPO price, trading at IDR322 on July 24, the report
notes.

The Post adds that Jouska previously claimed in a written statement
that it always informed clients of all economic, industry and
corporate analyses, including the risks in every financial
decision. It also denied the claims that Jouska had full access to
its clients' securities accounts and had managed their funds.

"We are now building a credible and trusted capital market. [On
that basis,] we call on people who want to invest in the capital
market to always check out whether or not an advisor, investment
manager or broker has a license," the task force chairman, Tongam
L. Tobing, said on July 24.




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

1MDB: Najib Found Guilty of All Charges in Former Unit Trial
------------------------------------------------------------
Hadi Azmi and Anisah Shukry at Bloomberg News reports that a
Malaysia court has ruled former prime minister Najib Razak guilty
in the first of a series of trials linked to 1MDB.

According to Bloomberg, Najib was guilty on July 28 of all seven
charges in the case involving MYR42 million ($10 million) of funds
deposited in his personal accounts from a former unit of 1MDB. His
lawyer responded by saying an appeal against the ruling is a
certainty.

High Court Judge Mohd Nazlan Mohd Ghazali told the court he found
"the defense has not succeeded in rebutting the presumption on the
balance of probabilities or raising reasonable doubt on the charge
against the accused" as he delivered his judgment on the abuse of
power charge, Bloomberg says.

Bloomberg relates that the verdict comes days after Malaysia
resolved settlement talks with Goldman Sachs Group Inc. over the
bank's role in raising funds for 1MDB during Najib's time as prime
minister. The bank agreed on a $3.9 billion settlement, including
$2.5 billion in cash, in return for all its charges being dropped.

Prosecutors questioned dozens of witnesses over months to build a
case that showed Najib's "pervasive and imperious" role in SRC
International Sdn., the former unit of 1MDB, the judge said in
November, Bloomberg recalls. The former leader had testified that
he acted in the best interests of the country and consulted the
cabinet and 1MDB executives at every step of the way, while his
lawyers argued that he had been misled by others, including
fugitive financier Low Taek Jho.

Jho Low played a crucial role in transferring the funds to Najib's
account, according to the judge on July 28. BlackBerry Messenger
conversations revealed the two were communicating, and there was no
basis to claim the account balance was being hidden from Najib. Low
has consistently denied wrongdoing.

Bloomberg relates that the judge also dismissed the defense's
premise that they believed the funds were a donation from the Saudi
royal family. Najib could have verified it himself with the Saudi
government, yet chose to take Low's word for it, the judge said. On
charges of money laundering, the judge said Najib practiced
"willful blindness" to the receipt of the proceeds.

The verdict comes two years since the charges were announced
against Najib, who at the time had just been ousted from power on a
wave of public anger over the 1MDB scandal and rising living costs,
Bloomberg states. Since then, the administration that first brought
him to book has been replaced by Prime Minister Muhyiddin Yassin's
government, which counts on the backing of a party once led by
Najib.

Bloomberg adds that the trial is only the first of at least three
involving Najib, who faces dozens more corruption and
money-laundering charges, including those linked to billion-dollar
acquisitions and bond sales by the scandal-ridden fund.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offered financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focused on
investments with strategic value and high multiplier effects on the
economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation into 1MDB, which is
being probed by authorities in Malaysia for financial mismanagement
and graft.  Reuters said the freezing of the Singapore bank
accounts follows a similar move in Malaysia where a task force
investigating 1MDB said earlier in July that it had frozen half a
dozen bank accounts following a media report that nearly $700
million had been transferred to an account of Malaysia's Prime
Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank accounts
in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion (US$2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April 2016,
that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1MDB with treasury officials, paving the way
for the dissolution of the troubled state investment fund.




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

CROPLOGIC LTD: Placed Into Voluntary Administration
---------------------------------------------------
NZ Herald reports that New Zealand agri-tech company CropLogic Ltd
has appointed voluntary administrators after it failed to
recapitalise the business.

Chairman Steve Wakefield told the Australian Securities Exchange on
July 23 the board had appointed Craig Melhuish and Christine
Johnston of Nexia New Zealand as voluntary administrators of
CropLogic and Craig Bolwell of Bolwell Corporate Advisory as
liquidator of CropLogic Australia Pty, NZ Herald discloses.

"The board of CLI is disappointed that despite its best efforts, a
recapitalisation of the company could not be concluded, and due to
the company's lack of solvency, this was the only appropriate
course of action."

According to the report, Mr. Wakefield said the directors would
continue to work with the company's administrators to help them
achieve the best outcome for all stakeholders.

Chief executive James Cooper-Jones resigned last month.

In February, CropLogic said it was reviewing its operations and
financial situation because of the company's trial hemp farm crop
failure, as well as market conditions out of its control, including
the drop in the CBD hemp price, increasing wage pressure and the
impacts of the Covid-19 pandemic on capital markets and global
travel, NZ Herald recalls.

During this process two of the company's US subsidiaries, ProAg
CropLogic and LogicalCropping were dissolved, the report relates.

CropLogic was founded in 2010 and stemmed from intellectual
property from the New Zealand Institute for Plant and Food
research.  

NZ Herald, citing companies office records, discloses that the
company's biggest shareholder is Gibraltar-based Adamo Investments,
with a 46.4 per cent stake.  Most other investors are Australian,
although Innovative Software, a company owned by Christchurch-based
Wakefield, has a 1.4 per cent share and Powerhouse Ventures owns
1.25 per cent.

It listed on the ASX in 2017. It last traded at AUD3.1 cents, NZ
Herald notes.

CropLogic Limited provides agronomy services. The Company offers
research, technology, and crop science solutions. CropLogic
provides advisory and support services to growers on day-to-day
crop management that improves crop yields. CropLogic serves
customers worldwide.




=====================
P H I L I P P I N E S
=====================

R&L INVESTMENTS: SEC Bans External Auditor for Negligence
---------------------------------------------------------
Denise A. Valdez at BusinessWorld Online reports that the
Securities and Exchange Commission (SEC) has disqualified the
external auditor of R&L Investments, Inc. over its "gross
negligence" that resulted in the emptying of the brokerage's
inventory of stocks.

BusinessWorld relates that the firm, KL Siy & Associates (KLSA),
has also been asked to pay PHP314,570.65 for deficiencies in
material disclosures, misstatements and violation of independence
rules.

In a statement on July 27, the SEC said it issued a July 21 order
to bar KLSA from becoming an external auditor of any of the
entities it regulates, according to BusinessWorld.

BusinessWorld says the order covers KLSA managing partner Kathleen
Mary L. Siy and partner Arturo D. Sabino. Ms. Siy's accreditation
has been nullified despite its effectiveness supposedly lasting
until Sept. 6.

"The failure to flag the misappropriation of securities through the
conduct of appropriate audit procedures contributed to the
continuation of the illegal acts which resulted to the massive loss
of securities . . . belonging to numerous number of investors," the
SEC quoted its general accountant office as saying in the
statement, BusinessWorld relays.

To recall, brokerage R&L Investments reported last year that a
rogue employee had been stealing from its inventory of stocks
during the past eight years. The loss of securities amounted to
PHP606.64 million as of end-December, BusinessWorld recalls.

R&L Investments' 2018 audited financial statements showed it had
client securities worth PHP738.9 million, while its Business
Partner (BP) Portfolio Report from the Philippine Depositary &
Trust Corp. showed a client portfolio worth PHP132.26 million.

According to BusinessWorld, the SEC said when it reached out to
KLSA for its investigation of the case, the firm admitted it relied
on the BP Portfolio Report provided by R&L Investments, which was
apparently altered.

"KLSA should have rejected the documents as audit evidence and
initiated additional audit procedures, considering it has
identified weaknesses in R&L Investments' control environment," the
SEC said.

BusinessWorld adds that the regulator also found that KLSA prepared
the audited financial statements of R&L Investments, which violates
the independence that external auditors should be exercising from
its clients.

"KLSA's inability to exhibit impartiality hindered the early
detection or prevention of fraud which has caused substantial
losses to investors," the SEC said.

BusinessWorld relates that the disqualification of KLSA, Ms. Siy
and Mr. Sabino prohibits them from acting as external auditors of
issuers of registered securities, public companies, clearing
agencies and exchanges, and entities such as investment houses,
brokers and dealers of securities, government securities eligible
dealers and investment company advisers.

R&L Investments has been under the control of the Capital Markets
Integrity Corp. since November 2019 to handle its outstanding
contracts and protect affected customer accounts.




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

HIN LEONG: Judicial Management Applications Adjourned
-----------------------------------------------------
The Business Times reports that insolvent oil trader Hin Leong
Trading and its sister firm Ocean Tankers were supposed to have
their judicial management applications heard on July 27. But a
"pure inadvertence" to publish the applications caused the hearing
to be adjourned - to the dismay of lawyers for several creditors.

Advocatus Law, the lawyers for Hin Leong, and Damodara Ong, the
counsel for Ocean Tankers, realized during the hearing on July 27
that they had not published as required by law in the newspapers
and government gazette the applications to place the two firms
under judicial management, according to BT.

While they would like to proceed - including the lawyers for many
creditors who joined the hearing via video-conferencing platform
Zoom - High Court Justice Kannan Ramesh was reluctant to hear the
applications, with the statutory requirement for the applications
not being complied with, BT relates.

BT notes that the publication requirement is to make sure that
creditors are informed about the applications and take any
necessary actions to safeguard their interests.

Lawyers for several of the creditors voiced their "strong
disappointment" that the hearing had to be adjourned, with one of
them, Senior Counsel Stanley Lai, calling the slip-ups by both law
firms "highly unsatisfactory".

According to BT, the creditors have been given undertaking upon
their insistence that Hin Leong and Ocean Tankers would not
withdraw their judicial management applications at the adjourned
hearing, which has now been fixed to be heard on Aug. 7.

These counsel have asked as well that they be paid the legal costs
for hearing on July 27, given that they had intended and were
prepared for the hearing to go on, but for the omission that the
hearing couldn't proceed. The judge reserved his decision on this.

Meanwhile, the interim judicial management orders for both firms
continue to be in force, BT reports.

Both Hin Leong and Ocean Tankers have applied to be placed under
judicial management, with the condition to restrain law firm Rajah
& Tann Singapore from continuing to act for these two judicial
managers on the grounds of conflict of interest. Their lawyers
argued that Rajah & Tann has been given privileged or confidential
information by the Lim family who owned the firms before Rajah &
Tann became the lawyer for the interim judicial managers.

Rajah & Tann will oppose the restraint application, The Business
Times understands.

                          About Hin Leong

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.


HYFLUX LTD: Gets Letter on Possible Investment by Fund Manager
--------------------------------------------------------------
The Business Times reports that another potential suitor has
emerged for distressed water treatment firm Hyflux Ltd.

BT relates that the would-be investor is an unnamed North
America-based fund manager with a "strong" track record of
investing in infrastructure, technology and property globally,
according to consulting firm The Spectrum Solutions Group.

According to BT, Hyflux said on July 26 that it received a letter
from New York-based Spectrum - on behalf of the fund manager, its
client - expressing desire to explore the possibility of investing
in the firm.

Spectrum and the fund said they are looking to structure a deal to
address the interests "of all major shareholders", including the
holders of the perpetual securities and preference shares as well
as the unsecured working group of banks, BT relays.

It added that it believes the water-treatment firm is a good
investment candidate.

This is "due to Hyflux's ability to provide strategic geographical
exposure, brand value potential, and the expertise of (chief
executive Olivia Lum) and the management team", according to the
Spectrum letter cited by BT.

The fund has received "definite interest" from several of its
institutional investors, including two Canadian pension funds with
extensive experience in similar large-scale infrastructure projects
and a Swiss investment group with long-term investments in
sustainability projects, Spectrum, as cited by BT, added.

BT says the fund has deployed more than US$1.3 billion (SGD1.8
billion) in equity and focuses on value creation through optimising
operations and collaborating closely with management.

According to BT, Spectrum said it is experienced with cross-border
deals, restructuring as well as corporate strategy development. Its
transaction advisory group serves North American institutional
investors and Chinese outbound investment funds.

Hyflux said it is considering the letter, the report relays.

                           About Hyflux

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

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

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

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


HYFLUX LTD: Lenders Get Nod to Apply for Judicial Management
------------------------------------------------------------
The Straits Times reports that a group of bank lenders has
succeeded - on their second try - to get the High Court's approval
to file an application to put Hyflux under judicial management
after two years of restructuring still left the water treatment
firm's creditors high and dry.

According to the report, High Court Justice Aedit Abdullah on July
27 granted the application by an unsecured working group (UWG) of
banks comprising Mizuho, KfW, Bangkok Bank, BNP Paribas, Standard
Chartered Bank, CTBC Bank and the Korea Development Bank to be
carved out of Hyflux's debt moratorium, which gives it court
protection from creditors.

He allowed these creditors, which argued that there was still no
viable and binding restructuring plan, to file an application by
Aug. 7 to appoint judicial managers over Hyflux, the report
relates.

But Securities Investors Association (Singapore), or Sias, chief
David Gerald said that this "does not necessarily mean JM is
inevitable" as this is yet to be decided by the court, the Straits
Times relays.

A hearing date has not been set for the judicial management
application, the report notes. Hyflux's debt moratorium has been
extended from July 30 until the hearing date.

Lawyers for UWG, which say the group now collectively hold more
than $900 million of debt, had first applied for a carve-out in May
last year, but failed, the report recalls. But Justice Aedit said
then that the application could be revived if circumstances
change.

"A moratorium is meant to be a temporary solution to allow a
company to put something together . . . but it doesn't mean I can
give a blank cheque for the moratorium going forward," he said at a
hearing last May, the report recalls.

On July 27, he granted an application by ESR-Reit to be carved out
of the moratorium. This will take effect in six weeks from Sept. 7,
on condition that rent for the intervening six-week period is paid
by Hyflux Membrane to ESR-Reit by Aug. 3, Hyflux said.

According to the Straits Times, several potential suitors for
Hyflux have surfaced in recent weeks, including one on July 26 - an
unnamed North America-based fund manager that has a "strong" track
record of investing in infrastructure, technology and real estate
globally. Other potential investors included Middle Eastern utility
firm Utico, Pison Investments, Unilegend Investments and Aqua
Munda.

"Hopefully, between now and the hearing date of the JM application,
some of the offers will close," a source close to the matter said,
the report relays.

An invitation memorandum was issued earlier this month from Pison,
a Singapore-incorporated investment vehicle for Indonesian magnate
Johnny Widjaja, who is interested to invest up to $300 million in
Hyflux, including buying up the existing debt of the senior
unsecured creditors, the Straits Times recalls.

The report relates that Pison said $200 million of Mr. Widjaja's
funds in Bank Mandiri (Persero) have been "irrevocably blocked and
reserved" until July 10, 2021, for the investment.

In a July 25 affidavit asking the court to extend Hyflux's debt
moratorium, Mr. Widjaja said "Pison's invitation advisor has been
receiving calls and e-mail enquiries from eligible creditors on an
almost daily basis. This indicates that there are eligible
creditors who see the invitation memorandum as a viable plan."

The expiration deadline for eligible creditors to submit their
tender application forms is Aug. 17, and the acceptance deadline is
Sept. 25, the report discloses. "Subject to the terms of the
invitation memorandum, Pison intends to complete the purchase of
the accepted bids by late October this year," the report quotes Mr.
Widjaja as saying.

He added that Pison will engage with holders of the Hyflux
perpetual securities and preference shares (PnP) through Sias after
the close of the invitation memorandum.

Mr. Gerald said: "There is still time for serious offerors to table
concrete offers. Aqua Munda and Pison, which stated that they would
make an offer to the PnP holders, (should) do so on an urgent
basis. Hyflux should confirm as soon as possible whether it will
accept the revised Utico deal and call a scheme meeting in the near
future," the report relays.

                           About Hyflux

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

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

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

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




=================
S R I   L A N K A
=================

BANK OF CEYLON: Fitch Affirms B- LongTerm IDRs, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Bank of Ceylon's Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'B-' and National
Long-Term Rating at 'AA+(lka)'. The Outlook on the IDRs and
National Long-Term Rating is Negative. At the same time, Fitch has
affirmed BOC's Viability Rating at 'b-', Support Rating at '5' and
Support Rating Floor at 'B-'.

KEY RATING DRIVERS

IDRS, VR AND NATIONAL LONG-TERM RATING

The IDRs of BOC are at the same level as the VR and SRF. BOC's
National Long-Term Rating benefits from the expectation of
extraordinary support from the sovereign, stemming from its
quasi-sovereign status, its role as one of the key lenders to the
government, full state ownership and high systemic importance.

The Negative Outlooks on the IDRs and National Long-Term Rating are
aligned with the Outlook on Sri Lanka's sovereign rating
(B-/Negative) and Sri Lanka's operating environment
mid-point(b-/negative). The National-Long-Term Rating could be
downgraded should there be negative rating action on the sovereign,
resulting in a reassessment of the rating relativities of the
universe of Sri Lankan issuers.

BOC's VR is highly influenced by its assessment of its operating
environment at 'b-' with a negative outlook. The operating
environment in Sri Lanka remains challenging against its
expectations for GDP contraction of 1.3% in 2020 due to the impact
from the coronavirus pandemic. Fitch forecasts GDP growth of 4.2%
for Sri Lanka in 2021, although growth prospects will depend in
part on how the pandemic develops in Sri Lanka and globally. The
outlook on the operating environment assessment is maintained at
negative to reflect the possibility of further risk should the
effects of the pandemic be more pronounced or persist. The
operating environment for Sri Lankan banks has a high influence on
the banks' ratings, as it is likely to constrain their intrinsic
credit profiles through its effect on financial and non-financial
key rating factors. All of the financial factor scores remain on
negative outlook to reflect the pressure from the operating
environment.

The outlook on the risk appetite assessment has been revised to
negative from stable to reflect BOC's significant exposure to the
sovereign's credit profile and the potential pressure on the bank's
risk appetite in relation non-state related exposures due to the
operating environment.

The bank's asset-quality score of 'b-'/negative reflects the
pressure on BOC's asset quality due to the pandemic. There is also
the potential for asset quality to come under more pressure than
its domestic peers due to its state linkages. Its impaired-loans
ratio based on stage 3 loans had risen to 10.6% by 1Q20 (9.2% at
end-2018), reflecting deterioration prior to the full onset of
economic disruptions from the pandemic. Its credit concentration to
state and state-related entities remains high at 45% of net loans
at end-2019. Underlying asset-quality stress could continue to
build amid the economic shock, despite the regulatory relief in the
form of a moratorium for affected customers that has to a large
extent halted the recognition of credit impairment.

BOC's earnings and profitability score of 'b'/negative reflects the
potential pressure on income generation and higher credit costs.
Operating profit/risk-weighted assets decreased to 2.7% in 1Q20,
from 3.5% in 2019, due largely to consecutive sharp increases in
loan impairment charges. Pre-provision buffers could be supported
through possible higher-than-sector loan expansion, but the extent
of credit costs is uncertain.

The bank's capitalisation and leverage score has been lowered to
'b-'/negative from 'b'/negative. The score reflects the heightened
constraints on accessing capital from the state in the event that
capital needs to be replenished. BOC is dependent on the state to
access capital as a fully state-owned bank, and in anticipation of
the absence of a capital infusion, the bank has retained more
profit in 2019 and has raised additional Tier 1 capital in 2020.
The score also takes into consideration BOC's thinner adjusted
common equity Tier 1 ratio relative to the reported ratio (CET1
ratio of 11.4% at end-2019) due to its substantial exposures to the
state sector that are mostly risk-weighted at 0%. Notwithstanding
the adjustment, BOC's capitalisation remains thin, and there is
potential for its capital buffers to be reduced further if it uses
its capital-conservation buffer of 1% as permitted as part of
pandemic-related relief measures.

The bank's funding and liquidity score of 'b'/negative reflects the
increased challenges in the access to - and pricing of -
foreign-currency funding stemming from the deteriorating sovereign
credit profile. BOC's loans/deposit ratio continued to be moderate
- 84% at 1Q20 - because of its entrenched domestic deposit
franchise as reflected in its leading market share of deposits and
the Central Bank of Sri Lanka's accommodative stance has supported
its Sri Lankan rupee liquidity position.

ESG - Governance: BOC has an ESG Relevance Score of 4 for Corporate
Governance due to ownership concentration with a 100% state
shareholding and several related-party transactions with the state
and state-owned entities. This has a negative effect on the bank's
standalone credit profile, and is relevant to the rating in
conjunction with other factors.

SR AND SRF

The SR and the SRF of BOC are sensitive to perceived changes in the
state's ability and propensity to support BOC. They reflect its
assessment that while state support may be possible, the ability of
the sovereign to provide timely support has declined in light of
the sovereign's weakened financial flexibility and the size of the
banking sector relative to the economy.

Fitch still assesses there to be a high propensity for state
support, as BOC is the largest bank in Sri Lanka, accounting for
around 20% of banking sector assets, and is classified as a bucket
2 domestic systemically important bank by the CBSL. Its full state
ownership and quasi-sovereign status further underscore the high
propensity for state support. Fitch believes that while BOC does
not have a specified policy role, as a large state bank it is
likely to support government policy objectives, and as such it may
take a greater role in intermediating many of the relief measures
to cushion the impact of the economic fallout.

SUBORDINATED DEBT

The Basel II Sri Lanka rupee-denominated subordinated debt of BOC
is rated two notches below its National Long-Term Rating, in line
with Fitch's baseline notching for loss severity for this type of
debt and its expectations of poor recovery.

RATING SENSITIVITIES

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

IDRS, VR AND NATIONAL LONG-TERM RATING

A revision of the Outlook to Stable on BOC's IDRS and National
Long-Term Rating, or an upgrade of BOC's IDRs would most likely
result from positive rating action on the sovereign. Positive
rating action on the sovereign would also enhance the likelihood of
positive action on the assessment of the operating environment and
therefore the VR. Upside for BOC's ratings is limited in the near
term, however, due to its assessment of the sovereign rating and
operating environment, both of which are on a negative outlook.

SR AND SRF

The SR and the SRF are constrained by the sovereign rating. An
upgrade of the sovereign rating is most likely to lead to an
upgrade of the SR and the SRF, although this is unlikely in the
near term.

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

IDRS, VR AND NATIONAL LONG-TERM RATING

Pressure on BOC's IDRs and National Long-Term Rating could stem
from a downgrade of Sri Lanka's sovereign rating. A sovereign
rating at 'CCC+' or below would make it unlikely that Fitch would
factor in expectations of support to any bank in Sri Lanka and it
will likely also constrain the standalone credit profiles of
domestic banks.

BOC's VR is most sensitive to deterioration in the operating
environment, which could be triggered by a sovereign rating
downgrade or a further weakening of the economy beyond its
base-case expectation, leading to additional weakening of the
bank's key credit metrics. In particular, BOC's VR may also come
under pressure if there is a continued erosion of its capital
buffers with a CET1 ratio below 9%.

SR AND SRF

BOC's SR is already at its lowest level. A downgrade of the
sovereign rating would most likely lead to a downgrade of the SRF
to 'No Floor'.

SUBORDINATED DEBT

BOC's subordinated debt rating will move in tandem with the
National-Long Term Rating.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BOC's Long-Term IDRs, SR, SRF and National Long-Term Rating are
driven by the Sri Lankan sovereign rating.

ESG CONSIDERATIONS

BOC has an ESG Relevance Score of 4 for Corporate Governance due to
the ownership concentration, as discussed in the Key Rating Drivers
section.

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

BOC has a 1.78% equity stake in Fitch Ratings Lanka Ltd. No
shareholder other than Fitch, Inc. is involved in the day-to-day
rating operations of, or credit reviews undertaken by, Fitch
Ratings Lanka Ltd.

Bank of Ceylon

  - LT IDR B-; Affirmed  

  - ST IDR B; Affirmed  

  - LC LT IDR B-; Affirmed  

  - Natl LT AA+(lka); Affirmed

  - Viability b-; Affirmed  

  - Support 5; Affirmed  

  - Support Floor B-; Affirmed  

  - Subordinated; Natl LT AA-(lka); Affirmed



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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