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

                     A S I A   P A C I F I C

          Friday, July 31, 2020, Vol. 23, No. 153

                           Headlines



A U S T R A L I A

AUSTRALIAN WINE: First Creditors' Meeting Set for Aug. 7
RESIMAC BASTILLE 2020-1NC: S&P Assigns B Rating on F Notes
SEVEN WEST: Wins Debt Reprieve as Advertising Spending Slump
SHARP PLYWOOD: Second Creditors' Meeting Set for Aug. 7
TODAE SOLAR: Second Creditors' Meeting Set for Aug. 6

WEILIN TRADE: Second Creditors' Meeting Set for Aug. 6


C H I N A

NEW COTAI: Court Approves Disclosure Statement
REDCO PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B'
REDCO PROPERTIES: S&P Assigns 'B' Rating on New Sr. Unsec. Notes
REMARK HOLDINGS: Stockholders Pass All Three Proposals at Meeting
SANPOWER GROUP: Plans to Restructure CNY65.1BB in Debt

SHANDONG ENERGY: S&P Withdraws 'BB' LongTerm Issuer Credit Rating
SUNAC CHINA: Moody's Rates New Senior Unsecured USD Notes 'B1'
TIBET FINANCIAL: Moody's Withdraws B1 CFR on Insufficient Data


I N D I A

ADVENT DEVELOPERS: Ind-Ra Gives 'B+' Issuer Rating, Outlook Stable
AFFIL VITRIFIED: Ind-Ra Cuts Issuer Rating to 'B+', Outlook Stable
ANITHA DAIRY: CRISIL Moves D Debt Ratings to Not Cooperating
BALAJI PIGMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
BRAMHA LEISURES: CRISIL Moves B Debt Ratings to Not Cooperating

BRIGHT FAME: CRISIL Withdraws B+ Rating on INR8cr Cash Debt
C. BRIJESH REDDY: CRISIL Lowers Ratings on INR10cr Loans to D
CHAITYA: CRISIL Withdraws D Ratings on INR110.0cr Loans
CHETAN ALLOYS: CRISIL Assigns B Rating to INR9cr Cash Credi
COCHIN GLASS: CRISIL Lowers Rating on INR9.5cr Loan to D

EXORA TILES: CRISIL Raises Ratings on INR10cr Loans to B+
GLENMARK PHARMACEUTICALS: S&P Puts 'BB-' ICR on Watch Negative
GR PROJECTS: CRISIL Lowers Rating on INR10cr Loan to D
GVR KHANDAPHOD: CRISIL Moves D on INR200cr Debt to Not Cooperating
INDIAN SOYA: Insolvency Resolution Process Case Summary

INDUSTRIAL FANS: CRISIL Moves D on INR9cr Loans to Not Cooperating
JOHNS GOLD: CRISIL Moves D on INR13.5cr Debt to Not Cooperating
KATARE SPINNING: Insolvency Resolution Process Case Summary
KAUSHAL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating
KCS PRIVATE: CRISIL Moves D Debt Ratings to Not Cooperating

MAGUS METALS: CRISIL Moves D on INR10cr Loans to Not Cooperating
MILLENNIUM BUSINESS: CRISIL Moves B+ Debt Ratings to NonCooperating
MRN INFRASTRUCTURE: CRISIL Moves D Debt Ratings to Not Cooperating
NGRT SYSTEMS: Ind-Ra Affirms 'BB+' Issuer Rating, Outlook Negative
NU-TECH DAIRY: CRISIL Migrates B Debt Ratings to Not Cooperating

PRAHLAD ISPAT: CRISIL Moves B on INR7.75cr Debt to Not Cooperating
PRANAV FOUNDATIONS: CRISIL Moves D on INR25cr Debt to Uncooperating
QUEST INFOSYS: Ind-Ra Moves 'B' Loan Rating to Non-Cooperating
RAJ KUMARI: CRISIL Withdraws B- Ratings on INR20cr Loans
RAMINFO LIMITED: Ind-Ra Affirms & Withdraws 'BB' LT Issuer Rating

RDDHI GOLD: CRISIL Withdraws B+ Rating on INR5.5cr Loan
RESOURCE FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RRR CONSTRUCTIONS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
SAIKRUPA COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
SARVODYA HOSPITAL: CRISIL Moves D on INR19cr Debt to NonCooperating

SHRIGANESH TEXTILE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
SP ACCURE: CRISIL Hikes Rating on INR9.2cr Cash Loan to B+
TRINITY ENGINEERS: CRISIL Cuts Rating on INR36cr Loan to B
VRAJ REALTORS: CRISIL Lowers Rating on INR60cr LT Loan to B
ZUARI AGRO: Ind-Ra Hikes Issuer Rating to B, on Watch Evolving



N E W   Z E A L A N D

[*] NEW ZEALAND: More than 70 Big Retail Store Shuts Down in 2020


S I N G A P O R E

HYFLUX LTD: Utico Seeks Sias Endorsement as JM Looms
XIHE HOLDINGS: Owners Try to Block OCBC's Bid for Appoint Overseer


S O U T H   K O R E A

ASIANA AIRLINES: HDC Calls for Another Round of Due Diligence


V I E T N A M

HANOI POWER: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable

                           - - - - -


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

AUSTRALIAN WINE: First Creditors' Meeting Set for Aug. 7
--------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Australian Wine Consumers' Co-operative Society Limited will be
held on Aug. 7, 2020, at 11:00 a.m. at the offices of Woodgate &
Co., Level 2, at 6-10 O'Connell Street, in Sydney, NSW.

Giles Geoffrey Woodgate of Woodgate & Co. was appointed as
administrator of Australian Wine on July 28, 2020.


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

The ratings reflect:

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

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

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

-- The legal structure of the trust, which is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears. S&P said, "We have recently updated our outlook
assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. We
have also applied a range of additional stresses in our analysis to
assess the rated notes' sensitivity to liquidity stress and the
possibility of higher arrears." As of June 10, 2020, borrowers with
COVID-19-related hardship arrangements make up 15.0% of the pool
balance.

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

  RATINGS ASSIGNED

  RESIMAC Bastille Trust - RESIMAC Series 2020-1NC

  Class      Rating       Amount (mil. A$)
  A1         AAA (sf)     250.00
  A2         AAA (sf)     500.00
  AB         AAA (sf)     110.00
  B          AA (sf)       66.75
  C          A (sf)        27.00
  D          BBB (sf)      18.80
  E          BB (sf)       11.60
  F          B (sf)         3.60
  G          NR            12.25
  Z          NR             0.00
  
  NR--Not rated.


SEVEN WEST: Wins Debt Reprieve as Advertising Spending Slump
------------------------------------------------------------
Zoe Samios at The Sydney Morning Herald reports that Kerry Stokes'
Seven West Media has secured a deal with its banks that will seek
to provide more financial certainty to the debt-ridden business.

According to SMH, Seven had been trying to renegotiate its AUD750
million debt facility for months as large falls in advertising
spending caused by the coronavirus pandemic put additional pressure
on the company's profits.

SMH relates that the broadcasting and publishing company told the
Australian Stock Exchange on July 30 it had extended the period of
time required to repay AUD450 million of its AUD750 million debt
facility until the second half of the 2022 financial year and that
it had substituted banking convenants - conditions set out for a
loan - until 2021. Seven said it will also be able to use AUD250
million of the facility immediately, which will help it adjust to
weak advertising market conditions. The company reported net debt
of AUD541.5 million at its half-year results, SMH discloses.

However, the renegotiated deal has come at a price. Under the
revised terms, Seven will have to bear increased costs and pay
upfront fees, SMH relays. The debt has been renegotiated under a
'general security deed', which typically allows a lender to have
access to assets in exchange for the loan. A Seven spokesman
confirmed Mr. Stokes had not secured the debt, but did not provide
further detail on who had provided a guarantee.

According to the report, Seven chief executive James Warburton said
the company now had more financial certainty and could progress
with plans to change its business structure.

"We would like to thank our lenders for working with us to amend
our facilities, for their continued confidence in our business and
transformation strategy," he said.

Seven is one of a number of media companies that have been put
under severe financial pressure because of the pandemic, the report
notes. A weak economy and low consumer sentiment have spooked
advertisers and caused revenue to decline by more than 40 per
cent.

But the company has managed to sell off a number of assets during
the crisis, which have provided it with more liquidity. Seven sold
its Pacific Magazines business to Bauer Media for AUD40 million in
May and offloaded its WA headquarters for AUD75 million. It also
renegotiated the terms of its AFL broadcasting deal and has reduced
staff to the lowest point since 2003. The company has made AUD170
million in permanent cost savings and saved a further AUD50 million
last financial year to adapt to changed advertising conditions.

SMH says Seven and joint venture partner Nine Entertainment Co
(owner of this masthead) are also trying to sell transmission tower
business, TX Australia, which could be worth hundreds of millions.
TX Australia is in due diligence with multiple parties. Seven is
also trying to sell its digital venture portfolio - which includes
Airtasker - and its production business.

"We are working tirelessly to transform both our television and
newspaper businesses. While we are focused on achieving the lowest
possible cost-base, our energy has been directed to driving
audience and winning the content battle in both television and
newspapers to deliver ratings, revenue and cash flow," SMH quotes
Mr. Warburton as saying.

Seven West Media Limited operates as a media company. The Company's
operations include a television network, magazines, newspapers,
radio, and Internet. Seven West Media serves customers in
Australia.


SHARP PLYWOOD: Second Creditors' Meeting Set for Aug. 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Sharp Plywood
Pty Ltd has been set for Aug. 7, 2020, at 10:00 a.m. at the offices
of Morton + Lee Insolvency, Level 10, at 388 Queen Street, in
Brisbane, Queensland.  

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. 6, 2020, at 4:00 p.m.

Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of Sharp Plywood on May 22, 2020.


TODAE SOLAR: Second Creditors' Meeting Set for Aug. 6
-----------------------------------------------------
A second meeting of creditors in the proceedings of Todae Solar Pty
Ltd has been set for Aug. 6, 2020, at 10:30 a.m. via video
conference using Zoom platform.

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. 5, 2020, at 3:00 p.m.

Andrew Schwarz and Matt Adams of AS Advisory were appointed as
administrators of Todae Solar on July 2, 2020.


WEILIN TRADE: Second Creditors' Meeting Set for Aug. 6
------------------------------------------------------
A second meeting of creditors in the proceedings of Weilin Trade
Pty Ltd has been set for Aug. 6, 2020, at 2:00 p.m. via Zoom or
telephone.

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. 17, 2020, at 5:00 p.m.

Steven Staatz & Henry McKenna of Vincents were appointed as
administrators of Weilin Trade on July 2, 2020.




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

NEW COTAI: Court Approves Disclosure Statement
----------------------------------------------
Judge Robert D. Drain has ordered that the Disclosure Statement of
New Cotai Holdings, LLC, et al. is approved.

The following dates are hereby established with respect to the
solicitation of votes on the Plan, filing objections to the Plan,
and confirmation of the Plan (all times prevailing Eastern Time):

Solicitation Deadline: Five business days after entry of Disclosure
Statement Order (expected to be June 19, 2020) or as soon as
reasonably practicable thereafter.

Publication Deadline: June 19, 2020 or as soon as reasonably
practicable thereafter.

Voting Deadline: July 17, 2020 at 4:00 p.m.

Plan Objection Deadline: July 17, 2020 at 4:00 p.m.

Deadline to File Voting Report: Seven days prior to the
Confirmation Hearing (expected to be July 23, 2020 at 4:00 p.m.).

Plan Objection Response Deadline: July 28, 2020 at 4:00 p.m.

Confirmation Hearing Date: July 30, 2020 at 2:00 p.m.

The Ballots are approved.

                     Settlement-Based Plan

New Cotai Holdings, LLC, et al., submitted a Disclosure Statement.

The Plan is the result of a settlement reached among the Debtors
and key parties in interest holding more than 99% of the Debtors'
prepetition debt, and provides for an equitable distribution of
recoveries to the Debtors' creditors and equity holders.

Class 3 Notes Claims. This class is impaired with estimated amount
of Allowed Notes Claims of $856,406,455. In accordance with the
Plan Support Agreement, holders of Allowed Notes Claims shall
receive their Pro Rata portion of the 97.0% of the New Common
Units, subject to dilution by the Upfront Exit Commitment Payment
and the Put Option Premium.

Class 4 General Unsecured Claims. This class is impaired with
estimated amount of Allowed General Unsecured Claims of
$250,711.01. Holders of Allowed General Unsecured Claims will
receive a distribution in Cash in an amount equal to 90%6 of their
Allowed General Unsecured Claims; provided, however, that to the
extent that the total Allowed amount of General Unsecured Claims
exceeds $250,000, the distributions to each holder of an Allowed
General Unsecured Claim shall be reduced on a Pro Rata basis such
that the aggregate amount of distributions made to holders of
Allowed General Unsecured Claims does not exceed $225,000 (i.e.,
90% of $250,000).

Class 5 Intercompany Claims. This class is unimpaired / impaired.
Intercompany Claims will be (A) reinstated; (B) cancelled; or (C)
otherwise settled.

Class 6 Existing New Cotai Interests. This class is impaired. In
accordance with the Plan Support Agreement, holders of an Existing
New Cotai Interest shall receive their Pro Rata portion of 3.0% of
the New Common Units, subject to dilution by the Upfront Exit
Commitment Payment and the Put Option Premium.

Pursuant to the Plan, the Debtors will use proceeds from the Exit
Facility and cash on hand to fund Plan payments and distributions
that are payable in cash.

A full-text copy of the Disclosure Statement dated June 15, 2020,
is available at https://tinyurl.com/ya25awjz from PacerMonitor.com
at no charge.

     Counsel for Debtors and Debtors in Possession:

     Mark A. McDermott
     Evan A. Hill
     Bram A. Strochlic
     SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
     One Manhattan West
     New York, New York 10001
     Telephone: (212) 735-3000
     Fax: (212) 735-2000

                     About New Cotai Holdings

New Cotai Holdings, LLC, and certain of its affiliates were formed
for the purpose of investing in what is now Studio City
International Holdings Limited. Studio City International, together
with its subsidiaries, owns the Studio City project, an integrated
resort comprising entertainment, retail, hotel and gaming
facilities located in the Macau Special Administrative Region of
the People's Republic of China. Affiliates of investment funds
managed by Silver Point Capital, L.P. own a direct or indirect
controlling interest in each of the Debtors. The Debtors have no
employees.

New Cotai Holdings and four affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No.19-22911) on May 1, 2019.  The petitions were signed by David
Reganato, authorized signatory.  The cases are assigned to Judge
Robert D. Drain.  At the time of filing, New Cotai was estimated to
have $100 million to $500 million in assets and $500 million to $1
billion in liabilities.

The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP, as
counsel; Houlihan Lokey Capital, Inc., as financial advisor; and
Prime Clerk LLC, as noticing, claims and balloting agent.

REDCO PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B'
-----------------------------------------------------------
Fitch Ratings has assigned China-based property developer Redco
Properties Group Ltd's (B/Positive) proposed US dollar senior notes
a rating of 'B'. The Recovery Rating is 'RR4.' The proposed notes
are rated at the same level as Redco's senior unsecured rating, as
they represent its direct, unconditional, unsecured and
unsubordinated obligations.

Redco demonstrated consistent growth in attributable contracted
sales, indicated by the 29% increase to CNY14.5 billion in 2019 and
its expectation of CNY18.1 billion in attributable contracted sales
in 2020, helping its sales scale expand to close to that of
higher-rated peers. Redco also continued its geographical
diversification with 89 projects in 25 different cities. Redco's
leverage - measured by net debt/adjusted inventory, including
adjustments to joint ventures and associates - fell to 15% in 2019,
from 29% in 2018, and is better than that of 'B' rated peers.

Fitch believes Redco can maintain a low leverage ratio as the
company continues to build up a sufficient land bank size to
sustain rising contracted sales. Redco has saleable resources for
around four years of development. Profitability remained strong as
Redco delivered higher-margin projects and kept the cost of unsold
gross floor area at only CNY1,978 per sq m.

KEY RATING DRIVERS

Small Scale but Strong Growth: Redco's rating is constrained by its
attributable sales scale of CNY14.5 billion in 2019, which is small
relative to that of peers in the higher 'B+' category, although
Fitch expects Redco's attributable sales to rise to at least CNY18
billion in 2020. Redco has transitioned to a fast-churn model,
which entails swifter sales turnover and faster sales growth.

Total contracted sales, including joint ventures, rose by 25% to
CNY27.4 billion in 2019 and by more than 65% in 2018. Attributable
contracted sales accounted for slightly over 50% of the total in
2019, a similar level to 2018. Redco maintained its sales
efficiency in 2019, with attributable sales/total debt, including
joint-venture debt, at 0.9x and attributable sales/adjusted
inventory at 0.7x.

Leverage Remains Low: Fitch expects Redco to continue to increase
contracted sales to develop a sustainable market presence. This
means the company is likely to acquire land to sustain its rising
contracted sales. Fitch expects this to heighten leverage, but it
should remain at less than 40% - the level below which Fitch would
consider positive rating action - as leverage fell to 15% in 2019,
from 29% in 2018, due to a more conservative land acquisition
strategy.

Land Bank Supports Growth: Fitch estimates Redco's land bank is
sufficient for around four years of attributable sales. Redco would
need to continually secure low-cost land to sustain a healthy
land-bank life if it were to reach its higher contracted sales
target. Redco boosted its land bank to around 14.6 million sq m in
2019, from 10.0 million sq m in 2018 and 4.9 million sq m in 2017,
with the cities of Tianjin, Nanchang, Hefei, Zhejiang and Jinan
accounting for the majority of the GFA.

Healthy Profit Margin: Redco's EBITDA margin narrowed to 25% in
2019, from 27% in 2018, due to higher average land-acquisition
costs of CNY2,641/sq m in 2019, against CNY1,829/sq m in 2018.
Redco acquires land mainly through M&A, allowing it to keep the
average cost of its unsold land bank at around CNY2,000/sq m. Its
sales are concentrated in non-prime locations in second-tier cities
and its product mix is targeted at first-time purchasers,
insulating the company from price-ceiling policies. This helps
Redco maintain healthy margins at a high churn rate.

DERIVATION SUMMARY

Redco's attributable contracted sales of CNY14.5 billion in 2019
were lower than those of 'B' rated peers, such as Modern Land
(China) Co., Limited's (B/Stable) CNY19.5 billion. However, Redco's
leverage was lower than that of Modern Land and it has a longer
land-bank life. Modern Land also has a lower margin than Redco.
Redco's high sales efficiency has made it easier for the company to
transform to a fast-churn business model while controlling
leverage.

Companies rated one notch above Redco, at 'B+', generally have
proven sustainable business models, with attributable sales of over
CNY20 billion. Redco's similarities are a land bank of more than
three years of development and stable leverage of below 45%. Some
'B+' rated homebuilders have a stronger nationwide presence, with
better regional project diversification.

KEY ASSUMPTIONS

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

  - Total contracted sales, including joint ventures, reaching
CNY33 billion in 2020, CNY38 billion in 2021 and CNY42 billion in
2022. Attributable sales at 55% of total.

  - Gross profit margin from property development maintained at
between 30% and 35% during 2020-2023.

  - Land premium accounting for 45%-50% of annual sales receipts in
2020-2023 and average land-acquisition costs increasing at 3%
annually from 2021.

  - 6% decrease in contracted sales average selling price in 2020
and no increase in 2021-2023.

  - Construction costs accounting for around 45% of annual sales
receipts in 2020-2023.

Key Recovery Rating Assumptions

The recovery analysis assumes that Redco would be liquidated in a
bankruptcy rather than reorganised as a going-concern because it is
an asset-trading company.

Fitch has assumed a 10% administrative claim.

Liquidation Approach

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

  - Cash balance is adjusted such that only cash in excess of the
higher of accounts payable and three months of contracted sales is
factored in.

  - Advance rate of 70% is applied to its adjusted inventory, as
Redco has an EBITDA margin of above 20%.

  - Property, plant and equipment advance rate at 50%.

  - 75% advance rate applied to accounts receivable.

  - Advance rate of 100% applied to restricted cash, which is
mainly guarantee deposits for construction and buyers' mortgages
for pre-sold properties.

Based on its calculation of adjusted liquidation value after
administrative claims, Fitch estimates the recovery rate for the
offshore senior unsecured debt to be within the 'RR4' recovery
range.

RATING SENSITIVITIES

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

  - Annual attributable contracted sales sustained above CNY20
billion, while maintaining available-for-sale land bank at 2.5
years of development.

  - Net debt/adjusted inventory sustained below 40%.

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

  - Failure to reach its Positive Outlook guidelines would lead to
the Outlook reverting to Stable.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Redco's liquidity remains healthy, with total
cash of CNY15 billion (including restricted cash of CNY4.0
billion), compared with short-term debt of CNY12 billion at
end-2019.

ESG CONSIDERATIONS

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


REDCO PROPERTIES: S&P Assigns 'B' Rating on New Sr. Unsec. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to the
U.S. dollar-denominated senior unsecured notes proposed by Redco
Properties Group Ltd. (B/Stable/--). The issue rating is subject to
its review of the final issuance documentation.

The new issuance should have minimal impact on Redco's financial
leverage, given the company will use the proceeds to refinance
existing debt.

S&P equalizes the issue rating with the issuer credit rating on
Redco because the proposed notes are not significantly subordinated
to other debt in the company's capital structure. As of Dec. 31,
2019, Redco's capital structure consisted of about Chinese renminbi
(RMB) 8.0 billion in secured debt and debt at the subsidiaries, and
RMB9.2 billion in unsecured debt and other borrowings issued at the
holding company level. Redco's priority debt ratio of 46% is below
50%, our threshold for notching down an issue rating.

The stable outlook reflects S&P's expectation that Redco will
continue to expand its operating scale and have stable
profitability and effective control over its debt leverage over the
next two years. The company's contracted sales in the first half of
2020 increased by 19.3% year on year to RMB13 billion,
demonstrating a good rebound from the earlier impact of the
COVID-19 outbreak.


REMARK HOLDINGS: Stockholders Pass All Three Proposals at Meeting
-----------------------------------------------------------------
Remark Holdings, Inc., held its 2020 annual meeting of stockholders
at which the stockholders:

   (a) elected Theodore P. Botts, Brett Ratner, Daniel Stein,
       Kai-Shing Tao, and Elizabeth Xu as directors to serve
       until the Company's 2021 annual meeting of stockholders
       and until their successors are duly elected and
       qualified;

   (b) ratified the appointment of Cherry Bekaert LLP as the
       Company's independent registered public accounting firm
       for the fiscal year ending Dec. 31, 2020; and

   (c) approved an amendment to the Company's Amended and
       Restated Certificate of Incorporation to increase the
       number of authorized shares of the Company's common stock
       to 300,000,000.

                        About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes.  The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.

As of March 31, 2020, the Company had $12 million in total assets,
$37.27 million in total liabilities, and a total stockholders'
deficit of $25.27 million.

Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor
since 2011, issued a "going concern" qualification in its report
dated May 29, 2020, citing that the Company has suffered recurring
losses from operations and negative cash flows from operating
activities and has a negative working capital and a stockholders'
deficit that raise substantial doubt about its ability to continue
as a going concern.


SANPOWER GROUP: Plans to Restructure CNY65.1BB in Debt
------------------------------------------------------
Caixin Global reports that debt-ridden conglomerate Sanpower Group
Co. Ltd. plans to restructure some CNY65.1 billion (US$9.3 billion)
in debt through asset sales and about CNY10 billion in help from
bad-debt manager China Cinda Asset Management Co. Ltd.

Sanpower, which has dabbled in businesses ranging from property to
retail to pharmaceuticals, has recently handed over its debt
restructuring plan to creditors for review, Caixin has learned. As
of the end of March, the company had CNY65.1 billion of
interest-bearing financial debt owed to multiple creditors,
including more than 130 financial institutions, according to the
plan Caixin saw.

Sanpower ran into trouble in 2018 after loading up on debt to
finance an aggressive expansion, including the notable purchase of
a stake in British department store chain House of Fraser Group
Ltd. In September 2018, regulators set up a creditors' committee to
resolve its debt problems, Caixin previously reported. Since last
year, the company has missed multiple debt payments.

According to its latest restructuring plan, Sanpower plans to repay
CNY46.5 billion of its debts owed to companies without collateral
over the next eight years. Besides, it will repay debts to
individuals amounting to nearly CNY1.4 billion within about two
years of getting the bailout funds from Cinda. Sanpower will repay
another CNY16.2 billion of debts with collateral chiefly by selling
assets within three or eight years, Caixin relays.

The company will make the payments partly with money from a bailout
backed by Cinda and the government of the eastern city of Nanjing,
where Sanpower is based, according to the plan cited by Caixin.

The bailout includes a scheme to develop land in Nanjing, with
assistance from the local government and Cinda. "Sanpower initially
had a plot of land zoned for research and development, but returned
it to the government when its debt problems emerged in exchange for
about CNY2 billion. That, however, didn't save the company. Now the
government plans to rezone the land for a different purpose, then
have Sanpower return the money and take back the land so that the
company can develop housing projects," one holder of a Sanpower
bond told Caixin.

The plan suggests that such projects will likely begin producing
returns in 2024.

Offloading assets will be another major source of funds for
Sanpower to use to settle its debts, according to the plan. The
company intends to sell noncore assets worth about CNY19.9 billion,
including the Nanjing International Finance Center and its stake in
Shanghai-listed Wangfujing Group Co. Ltd., Caixin discloses.

Still, there are parts of its business that Sanpower would like to
hold onto. "The core of the plan is to keep some of its core assets
- its shares in Nanjing Xinjiekou Department Store Co. Ltd. and
Jiangsu Hongtu High Technology Co. Ltd., as well as related medical
assets," a source close to Sanpower said.

Sanpower is likely to hold a creditors' meeting at the end of
August to discuss changes to the restructuring plan, so it's
unclear when the plan will actually be put into action, the source,
as cited by Caixin, said.

Yuan Yafei, the local tycoon who controls Sanpower, told Caixin in
December 2018 that he would not sell the company's medical assets.
"Those are our core businesses. What would we do in the future if
we sold them?" he said.

Yuan declined to respond to a request for comment on the latest
restructuring plan, citing confidentiality, Caixin states.

Sanpower owes a combined CNY7 billion to China Citic Bank Corp.
Ltd. and two other financial institutions under Citic Group Corp.,
which are some of its biggest creditors. Sanpower also owes about
CNY5 billion to Bank of Nanjing Co. Ltd.

                        About Sanpower Group

Sanpower Group Co., Ltd. operates electronic commerce business. The
Company markets computer equipment, digital equipment, game
entertainment equipment, life electronic equipment, smart wearable
equipment, and other products. Sanpower Group also operates
department store retail business.


SHANDONG ENERGY: S&P Withdraws 'BB' LongTerm Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings said that it has withdrawn its 'BB' long-term
issuer credit rating on Shandong Energy Group Co. Ltd. at the
company's request.

S&P said, "The stable outlook at the time of withdrawal reflects
our view that Shandong Energy's leverage will remain largely stable
over the next 12 months. We also believe that the likelihood of the
company receiving extraordinary government support will remain
unchanged over the next 12-24 months."

Shandong Energy is one of the largest coal miners in China. It also
engages in the trading of coal and other commodities, machinery
manufacturing, and production of chemicals. Shandong Energy is
wholly owned by the Shandong provincial government via Shandong
State-owned Assets Supervision and Administration Commission (70%),
Shandong Guohui Investment Co. Ltd. (20%), and the Shandong
Provincial Council for Social Security Fund (10%).


SUNAC CHINA: Moody's Rates New Senior Unsecured USD Notes 'B1'
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the proposed
senior unsecured USD notes to be issued by Sunac China Holdings
Limited (Ba3 stable).

The rating outlook is stable.

The company plans to use the proceeds from the issuance mainly to
refinance existing debt.

"The proposed issuance will not have a material impact on Sunac's
credit metrics, because the proceeds will mainly be used to
refinance existing debt," says Danny Chan, a Moody's Assistant Vice
President and Analyst.

RATINGS RATIONALE

Sunac's Ba3 corporate family rating reflects its strong sales
execution, leading brand and market position in China's Tier 1 and
Tier 2 cities, as well as the good quality of its land bank. The
rating also considers Sunac's good liquidity profile, driven by its
rapid asset turnover business model.

However, the CFR is constrained by Sunac's modest credit metrics, a
result of the company's business expansion and sizable acquisitions
over the past years.

Moody's expects Sunac's revenue/adjusted debt will stay between
46%-50% over the next 12-18 months compared to around 46% in 2019,
as the rapid pace of its land acquisitions will partly offset the
benefits from its solid revenue growth, which is in turn driven by
its strong sales over the past two to three years. In addition, the
company's interest-servicing ability, as measured by adjusted
EBIT/interest coverage, will stay around 2.1x-2.3x from around 2.2x
over the same period.

Sunac's gross contracted sales fell 8.8% to RMB195.3 billion in the
first six months of 2020 compared with last year, because of the
impact of the coronavirus outbreak. But Moody's expects its
contracted sales will slightly increase in 2020 when compared with
2019, supported by good quality land resources, strong brand name
and good sales execution.

The company reported 21% growth in contracted sales to RMB556.2
billion for 2019, following 27% and 140% growth in 2018 and 2017
respectively.

The B1 rating on the proposed notes reflects the risk of structural
subordination, given the fact that the majority of claims are at
the operating subsidiaries and have priority over claims at the
holding company in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination, reducing the expected recovery rate for claims at
the holding company level.

Sunac's liquidity is adequate. Its cash holdings of around RMB126
billion as of December 31, 2019 largely cover its short-term debt
of RMB136 billion. Moody's expects the company's cash holdings,
together with expected operating cash inflow, will be able to cover
its committed land purchases, dividend payments, as well as capital
spending and payables for its previous acquisitions, over the next
12-18 months.

The stable outlook on Sunac's CFR reflects Moody's expectation that
the company will maintain its healthy revenue growth, improve its
profitability, control its investments in non-property businesses
and maintain its leverage over the next 12-18 months.

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

Moody's could upgrade the rating if Sunac:

(1) exercises restraint in its non-core business investments;

(2) maintains its solid liquidity position; and

(3) improves its credit metrics, such that adjusted revenue/debt
rises above 70%-75% and adjusted EBIT/interest rises above
3.0x-3.5x on a sustained basis.

A material reduction in contingent liabilities associated with
joint ventures could also be positive for the ratings.

However, Moody's could downgrade the ratings in case of:

(1) a material declines in its contracted sales;

(2) a weakening in its liquidity position;

(3) substantial investments in non-property development businesses;
or

(4) a weakening in credit metrics, such that adjusted revenue/debt
falls below 50%-60% and adjusted EBIT/interest drops below
2.0x-2.5x on a sustained basis.

Downward rating pressure could also increase if the company's
exposure to contingent liabilities associated with joint ventures
increases materially.

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

Listed on the Hong Kong Stock Exchange on October 7, 2010, Sunac
China Holdings Limited is an integrated residential and commercial
property developer with projects in China's main economic regions.
The company develops a diverse range of properties, including
high-rise and mid-rise residences, detached villas, town houses,
retail properties, offices and car parks.


TIBET FINANCIAL: Moody's Withdraws B1 CFR on Insufficient Data
--------------------------------------------------------------
Moody's Investors Service has withdrawn Tibet Financial Leasing
Co., Ltd.'s B1 corporate family rating, B1 local currency and
foreign currency issuer ratings, B1 foreign currency senior
unsecured rating and b3 Baseline Credit Assessment.

Prior to the withdrawal, the company's ratings and outlook were on
rating under review.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

Headquartered in Beijing, Tibet Financial Leasing Co., Ltd.
reported total assets of RMB54 billion at the end of December
2019.




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

ADVENT DEVELOPERS: Ind-Ra Gives 'B+' Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Advent Developers
Private Limited (ADPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

KEY RATING DRIVERS

The rating reflects the execution and saleability risk associated
with ADPL's ongoing project Advent Divine- a residential project
comprising 21 units in Mumbai. As of December 2019, the company had
completed 10% construction and the management expects the same to
be completed by FY22. As of July 2020, the company had not
commenced bookings or sold any flat. Ind-Ra expects the company to
sell three-to-five units in FY21.  The average realization of the
project's area was INR22,000 per square feet-24,000 per square feet
and the management expects it to remain at a similar level in the
medium term. The rating also factors in the funding risk faced by
ADPL as the total project cost is INR420.5 million, which will be
funded by a debt of INR150 million, a promotor contribution of
INR240.5 million and a customer advance of INR128 million. The
promoters have already infused INR240.5 million in the project.
Ind-Ra believes any significant time or cost overruns could lead to
cash-flow mismatches, as customer advance (accounting for 8% as of
FYE20) and bank funding (35%) are ADPL's major sources of income.

Liquidity Indicator- Stretched: ADPL availed of a proposed term
loan of INR150 million from the Indian Bank in March 2020, which
the management expects to be disbursed by August 2020. The agency
believes any delay in the disbursement of the term loan will lead
to a cash-flow mismatch.

The rating, however, is supported by the company's unsold inventory
of INR386 million in other projects namely Advent Palazzo where the
project's bank debt was repaid.  The company's parent - Smita
Steels Private Limited ('IND BBB-'/Negative)- has provided an
unsecured loan of INR310.97 million to ADPL's project and the
company is liable to pay INR250 million to the parent; the
remaining amount was repaid by ADPL in FY19 and FY20. There is no
fixed repayment obligation for the parent's loan and ADPL will pay
the remaining loan after the receipt of payments from its unsold
inventory.

The rating, however, is supported by ADPL's promoters' track record
and locational advantage. The promoters have completed two projects
in Mumbai in prominent locations and have a combined experience of
over three decades in real estate.

RATING SENSITIVITIES

Negative: A lower-than-expected sales volume, lower realization
from bookings, or significant time or cost overruns could result in
a negative rating action.

Positive: Successful project completion, sale of flats as planned,
and a significant increase in the sales realization, leading to a
strong cash flow visibility, could lead to positive rating action.


COMPANY PROFILE

Set up in 2005, ADPL is engaged in residential and commercial real
estate development in Mumbai. The company has completed two
projects namely Advent Atria and Advent Palazzo in Mumbai. The
company's promoters have a stake in Advent Neel Realty LLP, which
has completed the Advent Neel Residency project in a western suburb
of Mumbai.


AFFIL VITRIFIED: Ind-Ra Cuts Issuer Rating to 'B+', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Affil Vitrified
Private Limited's (AVPL) Long-Term Issuer Rating to 'IND B+' from
'IND BB'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital limits downgraded with
     IND B+/Negative rating; and

-- INR40 mil. Non-fund-based limit downgraded with IND A4 rating.

The downgrade reflects AVPL's poor liquidity position in FY20. The
Negative Outlook reflects Ind-Ra's expectation of AVPL's continued
poor liquidity and deteriorated credit metrics in FY21 due to
decreased order execution amid a challenging COVID-19 led economic
environment.

KEY RATING DRIVERS

Liquidity Indicator - Poor: AVPL had a few instances of
overutilization of its fund-based working capital limits extending
up to 17 days over the 12 months ended June 2020. Its average
utilization of fund-based working capital facilities, too, was high
at around 99.92% over the same period. The company's net working
capital cycle elongated to 110 days in FY20 (FY19: 102 days) due to
an increase in debtor days and a decrease in creditor days. AVFL's
cash flow from operations remained low at INR9.66 million in FY20
(FY19: INR9.50 million). At FYE20, the cash and cash equivalents
stood at INR4.11 million (FYE19: INR3.94 million). The company has
availed of the Reserve Bank of India-prescribed moratorium on the
interest expenses of its fund-based working capital facilities for
March-August 2020. Ind-Ra expects the company's liquidity position
to deteriorate in FY21 on lower revenue and higher utilization of
the working capital limits owing to the challenging COVID-19 led
economic situation.

The ratings continue to be constrained by AVPL's small scale of
operations. The revenue declined to INR575.47 million in FY20
(FY19: INR621.06 million) due to fewer orders amid a highly
competitive market. In 1QFY21, the company registered revenue of
INR75 million. FY20 financials are provisional in nature.

The ratings are further constrained by AVPL's modest EBITDA margin
of 7.12% in FY20 (FY19: 3.76%). The margin expanded on the
company's execution of higher-margin orders. The return on capital
employed stood at 4.24% in FY20 (FY19: negative 1.94%).

The ratings also factor in the company's weak credit metrics. The
interest coverage (operating EBITDA/gross interest expenses)
improved to 2.01x in FY20 (FY19: 0.91x) and net leverage (adjusted
net debt/operating EBITDA) to 5.51x (9.67x) due to an improvement
in the absolute EBITDA to INR40.97 million (INR23.33 million).
Ind-Ra expects the credit metrics to deteriorate significantly in
FY21 on account of a significant deterioration in the operating
profit backed by a decline in revenues. The management plans to
mitigate the risk of delay in interest servicing by infusing an
unsecured loan.  

The ratings, however, are supported by the promoter's experience of
two decades in the tile segment.

RATING SENSITIVITIES

Negative: Deterioration in the operating profitability and
liquidity, leading to deterioration in the interest coverage below
1.5x, all on a sustained basis will be negative for the ratings.

Positive: An improvement in the operating profitability and
liquidity, leading to improvement in the interest coverage above
1.5x, all on a sustained basis will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2010, AVPL is a Gujarat-based manufacturer of
double-charged vitrified tiles, with an installed capacity of 3
million square meters per annum.


ANITHA DAIRY: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Anitha Dairy
Products (ADP) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Overdraft         0.6        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Term Loan         8.4        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with ADP for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ADP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ADP is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of ADP to 'CRISIL
D/CRISIL D Issuer not cooperating'.

Established in 2015 by Mr. Sama Anitha, based out of Hyderabad,
Anitha Dairy Products is engaged in processing of milk and
manufacturing of milk products.


BALAJI PIGMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Shree
Balaji Pigments Private Limited (SBPPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          20.75       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             3.25       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

SBPPL, promoted by Mr. Khem Chand Jain and Mr. Sunil Kumar Agarwal,
manufactures TMT ( thermo-mechanically treated) bars. The company,
incorporated in 2007, has a manufacturing plant with capacity of
105,000 tonne per annum, at Kathua in Jammu & Kashmir.


BRAMHA LEISURES: CRISIL Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Bramha Leisures Private
Limited (BLPL) to 'CRISIL B/Stable Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL is migrating the rating on the bank
facilities of BLPL to 'CRISIL B/Stable' from ' CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term    0.25         CRISIL B/Stable (Migrated
   Bank Loan Facility                 from 'CRISIL B/Stable
                                      ISSUER NOT COOPERATING')

   Secured Overdraft     9.50         CRISIL B/Stable (Migrated
   Facility                           from 'CRISIL B/Stable
                                      ISSUER NOT COOPERATING')

The rating continues to reflect exposure to project risk and
susceptibility to cyclicality in the real estate sector. These
weaknesses are partially offset by the extensive experience of
BLPL's promoters in the real estate industry.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to project risk: The company has undertaken a commercial
project - Bramha Sky Uzuri. The project is about 54% complete with
booking of 98 units (39% of total units) so far thus, reflecting in
high project risk. The company has availed debt of INR9.5 Cr.
however, project cost is majorly funded through promoter funds and
advances from customers.   The company has collected customer
advances to the tune of INR18 crore so far. The bookings and
advance collection may get impacted due to COVID19. The timely
completion of the project will remain key monitorable.

* Susceptibility to cyclicality in the real estate sector: The real
estate sector in India is cyclical and marked by sharp movements in
prices and a highly fragmented market structure. The overall
uncertain economic climate and changing regulatory environment
exposes the company to cyclicality in the sector.

Strength:

* Extensive experience of promoters: The promoters have been in the
real estate industry for over three decades and have completed
several projects in Pune, Maharashtra, leading to established
presence.

Liquidity Stretched

BLPL has stretched liquidity due to low level of customer advances
received from the sold inventory. It has received customer advances
of about INR18 crore, as on date, against project cost incurred of
INR54 crore. Furthermore, the ratio of customer advances (to be
received from sold inventory) to pending project cost of less than
1 time indicates stretched cash flow cushion. The liquidity is
however, supported by moderate utilization of overdraft facility
averaging at 12% for past 6 months ended June, 2020.

Outlook: Stable

CRISIL believes that BLPL will continue to benefit from the
experience of its promoters.

Rating Sensitivity factors

Upward factors

  * Higher than expected booking velocity by 20-25% leading to
healthy customer advances and cash inflows

  * Timely completion of project without any time or cost overruns

Downward factors

  * Weakening of the financial risk profile on account of delay in
the completion of the project or significant debt-funded capital
expenditure

  * Lower-than-expected receipt of customer advances by 15%,
leading to cash flow mismatches

BLPL, was established in April 2009 as a private limited company by
Mr. Surendrakumar Agarwal. The company is currently undertaking a
commercial real estate project to be constructed near Pimpri
Chinchwad, Pune.


BRIGHT FAME: CRISIL Withdraws B+ Rating on INR8cr Cash Debt
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Bright
Fame International (BFI) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

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

CRISIL has been consistently following up with BFI for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its rating on the bank facilities of BFI on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

BFI was set up in September 2011 as a proprietorship firm by Mr.
Niraj Prabhu Das Patel. The firm exports cumin seeds, spices,
cereals, maize, grains, pulses, and pickles. Its registered office
is I Unjha.


C. BRIJESH REDDY: CRISIL Lowers Ratings on INR10cr Loans to D
-------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of C. Brijesh
Reddy (CBR) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL C
Issuer Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Proposed Long      2.5       CRISIL D (ISSUER NOT COOPERATING;
   Term Bank                    Downgraded from 'CRISIL C ISSUER
   Loan Facility                NOT COOPERATING')

   Term Loan          7.5       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL C ISSUER
                                NOT COOPERATING')

CRISIL has been consistently following up with CBR for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CBR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CBR is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the delays in servicing the bank debts, CRISIL has
downgraded the rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL C Issuer Not Cooperating'.

Set up in 1993,CBR is a proprietorship firm that develops and sells
plots and sites in Hosakote ( Karnataka) and Bangalore. Operations
are managed by Mr. C. Brijesh Reddy.


CHAITYA: CRISIL Withdraws D Ratings on INR110.0cr Loans
-------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Chaitya
on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Packing Credit     26.15     CRISIL D (ISSUER NOT COOPERATING;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawn)

   Post Shipment      63.85     CRISIL D (ISSUER NOT COOPERATING;
   Credit                       Migrated from 'CRISIL D'; Rating
                                Withdrawn)

   Proposed Long      20.00     CRISIL D (ISSUER NOT COOPERATING;
   Term Bank Loan               Migrated from 'CRISIL D'; Rating
   Facility                     Withdrawn)

CRISIL has been consistently following up with Chaitya for
obtaining information through letters and emails dated June 29,
2020 and July 4, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its rating on the bank facilities of Chaitya
on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Chaitya, incorporated in 1989 is a partnership firm engaged in
manufacturing of cut and polished diamonds. Mr. Rajesh Shah and Mr.
Tanya Shah handle day to day operations.


CHETAN ALLOYS: CRISIL Assigns B Rating to INR9cr Cash Credi
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Chetan Alloys Private Limited (CAPL) and has assigned
its 'CRISIL B/Stable' rating to the long term bank facility of
CAPL. CRISIL had suspended the ratings on 29th August 2015 on
account of non-cooperation by the company with CRISIL's efforts to
provide ratings. CAPL has now shared the requisite information
enabling CRISIL to assign its ratings.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            9        CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects CAPL's weak financial profile, low operating
margin and working capital intensive nature of business, and
exposure to intense competition in the nonferrous metals industry.
These weaknesses are partially offset by extensive industry
experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to intense competition in the nonferrous metals industry
and low operating margins due to trading nature of the business:
CAPL trades in nonferrous metals, which is a highly fragmented
industry marked by large number of small players catering the
demand of the domestic market. The small initial investment and the
low complexity of operations have resulted in existence of
innumerable entities, much smaller in size, leading to significant
fragmentation and low operation margins. CAPL had an estimated
margin of 2% in FY20.

* Working capital intensive operations: Gross current assets were
at 174-340 days over the three fiscals ended March 31, 2020. Its
large working capital requirements arise primarily from extended
credit period to its customers.

* Weak financial profile: CAPL has a modest estimated net worth
below INR4 cr and high leverage around 2.5 times as on March 31,
2020. The low profitability has meant a modest interest coverage
estimated at 0.57-0.6 times for fiscal 2020. CAPL's financial
profile is expected to remain constrained over medium term.

Strength

* Extensive industry experience of the promoters: The promoters
have an extensive experience in trading of metal industry. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity Poor

The high working capital intensive and modest networth has
constrained CAPL's liquidity reflected in fully drawn bank limit
with instances of overdrawing. Company generates nominal cash
accruals however does not have any term debt obligations.

Outlook: Stable

CRISIL believes while CAPL benefits from its longstanding
relationships with principals and experience of the management, its
liquidity shall be constrained by modest margin and high working
capital intensity.

Rating Sensitivity Factor

Upward factor

  * Improvement in interest coverage to 1.5-2.0 times along with
improvement in leverage

  * Better management of working capital management

Downward factors

  * Weakening of operating margin by 50-100 basis points

  * Deterioration in TOLANW.

CAPL was incorporated in 2011, it is engaged in trading of scrap
products of ferrous metals and non-ferrous metals like aluminum,
bronze, zinc, titanium etc. CAPL is owned & managed by Mr. Chetan
Maheshwari and Mr. Satish Maheshwari.


COCHIN GLASS: CRISIL Lowers Rating on INR9.5cr Loan to D
--------------------------------------------------------
CRISIL has downgraded the ratings of Cochin Glass House Private
Limited (CGPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer not cooperating'.
                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        9.5       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with CGPL seeking
information through letters and emails dated February 28, 2019,
March 18, 2019 and January 14, 2020 among others, apart from
telephonic communication. However the issuer has remained
non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on the company's
credit quality. CRISIL believes that the information available is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL has downgraded the ratings to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer not
cooperating'.
The downgrade reflects delays by CGPL in servicing of debt
obligation and account being classified as NPA from October 28,
2019.

CGPL, established in 2010, trades in glass and plywood. Operations
of the Cochin-based company are managed by Mr. Shajen K R.


EXORA TILES: CRISIL Raises Ratings on INR10cr Loans to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Exora Tiles LLP (ETL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long         0.5        CRISIL B+/Stable (Upgraded
   Term Bank                        from 'CRISIL B/Stable')
   Loan Facility         

   Term Loan             7.0        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade in rating reflects its moderate business risk profile,
supported by stabilization of operation of the green field project
resulting in improvement in revenue. With successful year of
operation, revenue is estimated to improve to INR22.1 crores in
fiscal 2020 compared to previous fiscal, and with sustained
operating margin net cash accruals is estimated to improve to
INR2.3 crores in fiscal 2020 compared to INR0.04 crore in previous
fiscal. Interest coverage is upward of 3.5 time in fiscal 2020 and
is estimated to remain at similar level over the medium term.

The rating also reflects ETLLP's large working capital requirement
and modest scale of operation. These weaknesses are partially
offset by the experience of the partners in the tiles manufacturing
industry and comfortable debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: ETL's working capital
requirement is high with gross current asset of 198 days estimated
as on March 31st, 2020 due to large credit offered to customers.
Receivables is estimated to be around 130-135 days as on March 31,
2020. Going forward, management of working capital requirement will
remain critical factor.

* Modest scale of operations: ETL's scale of operation is modest at
INR22 cr estimated in fiscal 2020 due to its nascent stage of
operations. The segment is highly fragmented and has numerous
small-scale unorganized players catering to local demand, which may
restrict significant improvement in scale of operations. Amid
COVID19 and nation-wide lockdown Operations were temporarily closed
from March 22nd, 2020 and resumed from 10th May 2020.

Strengths

* Experience of the partners in ceramic industry: Benefits from the
partners' experience of over 15 years, their strong understanding
of local market dynamics, and healthy relations with customers and
suppliers should continue to support the

* Comfortable debt protection metrics: Debt protection metrics is
comfortable with interest coverage being upward at 3.5 times and
net cash accruals to total debt of 0.23 time in fiscal 2020
supported by moderate reliance on outside borrowings and operating
profitability.

Liquidity Stretched

Bank limit utilisation was high, in the month of March 2020 and
April 2020 of around 95-99%. Cash accrual is estimated to be modest
at over INR1.8-2.0 crore, should suffice to cover the maturing term
debt of INR0.56 crore in fiscal 2021 and INR1.3 cr in fiscal 2022.
Current ratio was moderate at 1.06 times, while cash and bank
balance stood at INR0.34 crore, estimated as on March 31, 2020.
Unsecured loans from the promoters should also help cover the
incremental working capital management.

Outlook: Stable

CRISIL believes ETL will continue to benefit from its partner's
extensive industry experience.

Rating Sensitivity Factor

Upward factor

* Improvement in scale of operation by 25-30% with sustained
operating margin

* Better management of working capital requirement

Downward factor

* Deterioration in TOLTNW to 3.5-4 time due to large debt funded
capex

* Deteriorating in interest coverage ratio.

ETL was set up in 2018 as a partnership firm between Mr. Alpesh
Vamja, Mr. Bhanu Patel, Mr. Bhavesh Sarvadiya, Mr. Dharam Dethariya
and 10 other partners. The firm has set up a plant to manufacture
tiles in Halvad, Gujarat.


GLENMARK PHARMACEUTICALS: S&P Puts 'BB-' ICR on Watch Negative
--------------------------------------------------------------
S&P Global Ratings placing our 'BB-' long-term issuer credit rating
on Glenmark and the 'BB-' long-term issue rating on the company's
notes on CreditWatch with negative implications.

Glenmark's liquidity could weaken materially in the next few months
due to the company's sizable debt maturities. Glenmark's US$200
million senior unsecured notes are due on Aug. 2, 2021. In
addition, holders of the company's outstanding FCCBs have a put
option on July 28, 2021. If all bondholders exercise the option,
the debt maturities will increase by another US$140 million. S&P
said, "We believe Glenmark's ratio of liquidity sources to uses
could fall well below our threshold of 1.2x for an adequate
assessment unless the company has a more comprehensive financing
plan. We would then lower the rating of the company by at least one
notch."

Market conditions could hinder Glenmark's progress in addressing
its financing requirements. S&P said, "We understand the company
will use committed short-term bank lines and proceeds from sale of
non-core assets to meet the liabilities under the FCCBs, should the
bondholders exercise the put option. In our base case, we consider
US$100 million available under the revolving credit facility at
subsidiary, Glenmark Holding S.A., and maturing in mid-2023 as a
source of funding."

However, Glenmark is yet to finalize its financing package for the
US$200 million notes due August 2021. It has so far secured bank
loans for only 50% of its requirements.

Glenmark's ability to reduce the funding gap in the coming weeks
remains critical for its credit standing. The company remains
dependent on banks and capital markets to meet its refinancing
requirements. Uncertainty in market conditions, magnified by the
COVID-19 pandemic and other global geopolitical tensions, could
affect Glenmark's ability to raise funds in a timely manner, in our
view. Capital market access for the company could also be
constrained by external commercial borrowing (ECB) regulations in
India that require the cost of refinancing to be lower than the
current cost of borrowing. This could increase Glenmark's
dependence on bank financing if market conditions remain
challenging.

Operating cash flows, assets sales, and lower spending could help
Glenmark.

S&P said, "We expect the company's operating cash flows to be
stable in the next 12-24 months, given the limited impact of the
COVID-19 pandemic on the broader pharmaceutical industry. Despite
our expectations of slower revenue growth in fiscal 2021 (year
ending March 31, 2021), Glenmark should be able to maintain EBITDA
margins at about 16% as it looks to reduce investments in research
and development (R&D) and control operating costs."

Glenmark's operating cash flows, lower capital investments, and
plans to channel proceeds from the sale of non-core assets to pay
down debt should improve its ratio of funds from operations (FFO)
to debt to above 20% in fiscal 2021, from 19.3% in fiscal 2020. The
downside risks to S&P's base-case assumptions are the challenging
operating conditions that could delay deleveraging.

CreditWatch

S&P said, "We aim to resolve the CreditWatch over the next few
weeks once we get more clarity on Glenmark's plans to address its
refinancing requirements.

"We could lower our ratings on Glenmark by at least one notch if
the company fails to make substantial progress in addressing its
sizable debt maturities in July and August 2021. Of particular
focus is the refinancing of the US$200 million senior unsecured
notes.

"We could affirm the rating if Glenmark is able to address its
refinancing requirements, resulting in sufficient liquidity and a
sustainable capital structure. The company's ratio of FFO to debt
improving sustainably above 20% would also be supportive of such an
action."

Glenmark is an India-headquartered global generics pharmaceutical
company with a focus on dermatology, respiratory, and oncology
therapies. In fiscal 2020, Glenmark generated about US$1.4 billion
in revenues. The company has 16 manufacturing facilities and six
R&D centers globally.


GR PROJECTS: CRISIL Lowers Rating on INR10cr Loan to D
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of GR
Projects - Chennai (GR) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         10       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with GR for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019, January 14, 2020 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GR. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GR is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

CRISIL has downgraded its ratings on the bank facilities of GR to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'.

The downgrade reflects delays by GR in servicing of debt
obligations.

GR was established as a proprietary firm by Mr. Viswanathan in
October 2017. The firm undertakes civil construction works in Tamil
Nadu.


GVR KHANDAPHOD: CRISIL Moves D on INR200cr Debt to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of GVR Khandaphod
Bijwad Road Project Private Limited (GVR-KBPL) to 'CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Long Term Loan    200        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with GVR-KBPL for
obtaining information through letters and emails dated April 29,
2020 and May 29, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GVR-KBPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on GVR-KBPL is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL has migrated the rating on bank facilities of
GVR-KBPL to 'CRISIL D Issuer not cooperating'.

Established in 2011, GVR-KBPL is a special purpose vehicle promoted
by GVR Infra Projects Ltd to design, develop, construct, operate,
and maintain the 136-kilometre stretch of road between
Khandaphod-Nachalbhor and BijwadKushmaniya-Haran-Deepgaon. The
project has been awarded by MPRDC on an annuity basis.


INDIAN SOYA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Indian Soya Industries Pvt. Ltd.
        Registered office:
        Plot No. 1 & 2, Sector B
        Industrial Area
        Sanwer Road, Indore
        Madhya Pradesh 452015

Insolvency Commencement Date: July 14, 2020

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: January 10, 2021
                               (180 days from commencement)

Insolvency professional: Mangesh Vitthal Kekre

Interim Resolution
Professional:            Mangesh Vitthal Kekre
                         607, Chetak Centre
                         RNT Marg
                         Nr. Hotel Shreemaya
                         Indore, MP 452001
                         E-mail: ca.mangesh@gmail.com
                                 ip.indsoya@gmail.com

Last date for
submission of claims:    August 3, 2020


INDUSTRIAL FANS: CRISIL Moves D on INR9cr Loans to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Industrial
Fans India Private Limited (IFPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee       2.75       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit          6.25       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with IFPL for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of IFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on IFPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of IFPL to
'CRISIL D/CRISIL D Issuer not cooperating'.

IFPL is a Chennai based company involved in the manufacture of
industrial fans and dampers for industrial use.


JOHNS GOLD: CRISIL Moves D on INR13.5cr Debt to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Johns Gold &
Diamonds (JGD) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit        13.5      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with JGD for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JGD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on JGD is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of JGD to 'CRISIL
D Issuer not cooperating'.

Set up in the 2015, JGD is a partnership firm between Mr. Sijo John
and Mr. Jesmy Sijo, Which is engaged in jewellery manufacturing and
retailing. The firm started operation from July 2016.


KATARE SPINNING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Katare Spinning Mills Limited
        Kamala, 259 Sakhar Peth
        Solapur, Maharashtra
        Pin 413005

Insolvency Commencement Date: July 17, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 12, 2021
                               (180 days from commencement)

Insolvency professional: Vithal M. Dahake

Interim Resolution
Professional:            Vithal M. Dahake
                         602 Neelgiri Apartment
                         Aba Karmarkar Road
                         Yashodham, Goregaon-East
                         Mumbai 400063
                         E-mail: vm.dahake@rediffmail.com
                                 katarespinningcirp@gmail.com

Last date for
submission of claims:    July 31, 2020


KAUSHAL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Kaushal
Ferro Metals Private Limited (KFMPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           11         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit       2         CRISIL D (ISSUER NOT
   & Bank Guarantee                 COOPERATING)

   Proposed Long Term    21.2       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               .8       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

KFMPL, established in 2004, started commercial production in 2007;
it manufactures sponge iron. The manufacturing facilities at
Sundargarh (Odisha) has an installed capacity of 60,000 tonne per
annum. Mr. Sitaram Agarwal, Mr. Ganesh Agarwal, and Mr. Rambihari
Upadhayay are the promoters.


KCS PRIVATE: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of KCS Private
Limited (KCS) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee     1.88      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Cash Credit        4.00      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Term Loan          1.12      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with KCS for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KCS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KCS is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the ratings on bank facilities of KCS to
'CRISIL D/CRISIL D Issuer not cooperating'.

KCS was set up in 1971 by Mr. Kishore Chandra Sahu as a
proprietorship firm, and reconstituted as a private limited company
in 1991. Based in Rourkela (Odisha), KCS undertakes turnkey
projects involving supplying, fabricating, and erecting electrical
and mechanical components, and also civil construction.


MAGUS METALS: CRISIL Moves D on INR10cr Loans to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Magus Metals
Private Limited (MMPL) to 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Proposed Long        2       CRISIL D (ISSUER NOT COOPERATING;
   Term Bank Loan               Rating Migrated)
   Facility             

   Secured              8       CRISIL D (ISSUER NOT COOPERATING;
   Overdraft                    Rating Migrated)
   Facility             

CRISIL has been consistently following up with MMPL for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MMPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of MMPL to
'CRISIL D Issuer not cooperating'.

Incorporated in 1990, MMPL is engaged in recycling and re
processing of non-metallic sludge that is rich in copper, cadmium
and zinc content to manufacture non-ferrous metals like zinc
sulphate, copper sulphate, zinc ingots and cadmium.


MILLENNIUM BUSINESS: CRISIL Moves B+ Debt Ratings to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Millennium
Business Centre - Nashik (MBS) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      1.0      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan               5.7      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MBS for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MBS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MBS is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of MBS to 'CRISIL
B+/Stable Issuer not cooperating'.

Set up in 1999, MBS runs its restaurant, Yahoo in Nashik,
Maharashtra. The hotel, being set up with 50 rooms, is also
expected to commence operations at Nashik, in May 2019. Operations
are managed by Mr. Deepak Patil, Mr. Mohan Patil and Mr. Suhas
Patil.


MRN INFRASTRUCTURE: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of MRN
Infrastructure Private Limited (MRNIPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        0.2       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Proposed Long      4.8       CRISIL D (ISSUER NOT COOPERATING;

   Term Bank Loan               Rating Migrated)
   Facility           
                                
CRISIL has been consistently following up with MRNIPL for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MRNIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MRNIPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of MRNIPL to
'CRISIL D Issuer not cooperating'.

MRNIPL is a Private incorporated on 10-August-2017, which is
engaged in construction activities. It is based out in Hyderabad.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits affirmed; Outlook revised to
     Negative from Stable with IND BB+/Negative/IND A4+ rating;
     and

-- INR10 mil. Non-fund-based limits affirmed with an IND A4+
rating.

KEY RATING DRIVERS

The Negative Outlook reflects Ind-Ra's expectation of lower revenue
in FY21 owing to the disruptions in operations of NGRT's retail
stores, resulting from the COVID-19-led lockdown.

The affirmation reflects NGRT's continued medium scale of
operations, despite significant growth in revenue to INR1,517
million in FY20 (FY19: INR960 million). The increase in revenue was
owing to the commencement of operations at its two new stores, one
each in Nagpur and Raipur, from October 2019. The company was able
to achieve a revenue of INR150 million in 1QFY21 because of the
online sales during the lockdown, coupled with the partial
operations of its stores. While few of the stores remain
temporarily shut due to the lockdown, the other stores have resumed
operations for a limited number of days in a week. FY20 financials
are provisional in nature.

The ratings also remain constrained by NGRT's modest EBITDAR
margins of 4.1% in FY20 (FY19: 5.6%) with a return on capital
employed of 6% (6%). The decline in margins was mainly attributable
to an increase in employee cost and the cost of purchases during
FY20. Ind-Ra expects the margins to deteriorate further in FY21,
owing to the temporary shutdown of the retail stores. However, the
company has received a temporary relief of 20%-40% on its rental
expenses.

The ratings continue to reflect NGRT's weak credit metrics. Its
gross interest coverage (operating EBITDA/gross interest expense)
deteriorated to 2.4x in FY20 (FY19: 2.8x) and net leverage (total
adjusted net debt/operating EBITDAR) to 5.0x (4.8x), owing to a
marginal increase in its rental expense which is a part of the
total debt. Ind-Ra expects the credit metrics to deteriorate
further in FY21 due to the likely decline in EBITDA.

Liquidity Indicator - Adequate: NGRT's average peak utilization of
the fund-based and the non-fund-based limits was 84.1% and 75%,
respectively, for the 12 months ended June 2020. As of June 30,
2020, it had unutilized limits of INR53.73 million. The company's
cash flow from operations increased to INR47 million in FY20 (FY19:
INR26 million) owing to the favorable changes in working capital.
This coupled with the absence of major debt-led CAPEX, led to a
rise in free cash flow to INR36 million in FY20 (FY19: INR24
million). Furthermore, the networking capital cycle improved to 27
days in FY20 (FY19: 59 days), mainly due to a decrease in inventory
holding period to 32 days (58 days) and receivable period to 6 days
(13 days). The company has scheduled debt repayments of INR8.52
million in FY21, of which INR7.66 million was paid in 1QFY21. Its
cash & cash equivalents stood at INR35.52 million at FYE20 (FYE19:
INR11.98 million). NGRT has maintained fixed deposits worth INR29
million, against which it avails short-term loans for 90 days as
per requirement.

It has also availed a two-year COVID-19 loan of INR10 million in
June 2020 for working capital purposes. NGRT has not opted for
moratorium allowed by the Reserve Bank of India for the period
March 2020 to August 2020.

The ratings also remain supported by the promoter's experience of
more than a decade in the retail business.

RATING SENSITIVITIES

Negative: A decline in the revenue and EBITDAR, leading to the net
leverage/EBITDAR exceeding 5.0x, along with deterioration in the
liquidity position, all on a sustained basis, would lead to a
rating downgrade.

Positive: A substantial improvement in the revenue and EBITDAR,
leading to the net leverage/EBITDAR reducing below 5.0x, while
maintaining the liquidity position, all on a sustained basis, would
lead to the Outlook revision back to Stable.

COMPANY PROFILE

NGRT was established in 2010 and started its operations in 2011. It
is a premium reseller of Apple products in Maharashtra, Madhya
Pradesh, and Chhattisgarh. The company is headed by Mr. Shantanu
Gadre and Mrs. Pranoti Gadre.


NU-TECH DAIRY: CRISIL Migrates B Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nu-Tech Dairy
Engineers Private Limited (NTDEPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            2.5      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     4.0      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NTDEPL for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NTDEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on NTDEPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of NTDEPL to
'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2004, Ambala (Haryana)-based NTDEPL undertakes
machine-handling activities, manufactures and does fabrication work
for industrial machinery-related components. The company is owned
and managed by Mr. S C Malik and his son, Mr. Gagan Malik.


PRAHLAD ISPAT: CRISIL Moves B on INR7.75cr Debt to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Prahlad Ispat
Private Limited (PIPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           7.75      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PIPL for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PIPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of PIPL to
'CRISIL B/Stable Issuer not cooperating'.

PIPL, incorporated in 2003 and acquired by Mr. Ritesh Mittal and
his family in 2009, manufactures mild steel (MS) bars and rolls. MS
bars are sold under a registered brand name (Shri Krishna TMT). The
manufacturing unit is in Firozabad, and its installed capacity is
43,200 tonne per annum.


PRANAV FOUNDATIONS: CRISIL Moves D on INR25cr Debt to Uncooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pranav
Foundations Private Limited (PFPL) to 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Long Term          25        CRISIL D (ISSUER NOT COOPERATING;
   Bank Facility                Rating Migrated)

CRISIL has been consistently following up with PFPL for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PFPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of PFPL to
'CRISIL D Issuer not cooperating'.

PFPL, promoted by Mrs. Sreelakshmi Ranganathan is into real-estate
development in Chennai, Tamilnadu. The company also owns a 4
storied Banquet hall in Pursawalkam, Chennai.


QUEST INFOSYS: Ind-Ra Moves 'B' Loan Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Quest Infosys
Foundation's bank facility rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the ratings. The ratings will now appear as 'IND B
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR100 mil. Fund-based working capital facility migrated to
     non-cooperating category with IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 6, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Quest Infosys Foundation operates the Quest Group of Institutions.
It is headed by Dipinder Singh Sekhon.


RAJ KUMARI: CRISIL Withdraws B- Ratings on INR20cr Loans
--------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Raj
Kumari and Ram Gobind Memorial Education Society (Rajkumari) on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft              2        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)
     
   Proposed Long Term     4        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

   Term Loan             14        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with Rajkumari for
obtaining information through letters and emails dated May 30,
2019, June 10, 2019 and June 14,2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its rating on the bank facilities of Rajkumari
on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Set up in 2006 by Mr. Ram Karan Hooda and his two brothers, Mr.
Priyank Hooda and Mr. Mayank Hooda, Rajkumari runs Shree Ram
Universal School in Rohtak, Haryana.


RAMINFO LIMITED: Ind-Ra Affirms & Withdraws 'BB' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Raminfo Limited's
(RMIL) Long-Term Issuer Rating at 'IND BB' and simultaneously
withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND BB' rating on the INR10 mil. Fund-based working
     capital limit* affirmed and withdrawn;

-- The 'IND A4+' rating on the INR10 mil. Non-fund-based working
     capital limits# affirmed and withdrawn;

-- The 'Provisional IND BB' rating on the INR40 mil. Proposed
     fund-based working capital limits** affirmed and withdrawn;

-- The 'Provisional IND A4+' rating on the INR40 mil. Proposed
     non-fund-based working capital limits## affirmed and
     withdrawn; and

-- The 'Provisional IND BB' rating on the INR200 mil. Proposed
     term loan^ affirmed and withdrawn.

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

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

# Affirmed at 'IND A4+' before being withdrawn

## Affirmed at 'Provisional IND A4+' before being withdrawn

^ Affirmed at 'Provisional IND BB'/Stable before being withdrawn

Ind-Ra is no longer required to maintain the ratings for the bank
facilities, based on the receipt of no-objection from the company's
lender. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017 for credit rating
agencies. Ind-Ra will no longer provide analytical and rating
coverage for RMIL.

KEY RATING DRIVERS

The affirmation reflects RMIL's small scale of operations with
revenue of INR289.9 million, according to the provisional numbers
for FY20 (FY19: INR329.0 million). The decline in the revenue in
FY20 was due to a change in the Andhra Pradesh government resulting
in the curtailment of projects.

The ratings continue to be constrained by RMIL's modest EBITDA
margins that declined to 4.3% (FY19: 5.4%), due to the diverse
nature of orders. Its return on capital employed ratio was 0.28% in
FY20 (FY19: 7%). The margins remain modest due to the working
capital intensive nature of RMIL's business and intense
competition.

The ratings also factor in the company's modest credit metrics,
with the interest coverage (operating EBITDA/gross interest
expense) of 2.25x in FY20 (FY19: 2.93x) and the net financial
leverage (adjusted net debt/operating EBITDAR) of 2.62x (2.05x).
Despite a decrease in interest costs and the total debt, the credit
metrics deteriorated in FY20, due to a 31% yoy decline in the
absolute EBITDA to INR12.39 million (INR17.9 million).

Liquidity Indicator - Stretched: RMIL's cash and cash equivalents
stood low at INR0.7 million in FY20 (FY19: INR19.9 million); free
cash flow remained negative at INR9.93 million (INR38 million) due
to the capex undertaken in FY20. The cash flow from operations
turned positive to INR12.48 million in FY20 (FY19: negative INR26.8
million), due to an improvement in debtor days to 231 (256). The
net cash conversion cycle remained high despite elongating to 139
days in FY20 (FY19: 150 days). RMIL's average peak bank limit
utilization was 53% for the 12 months ended June 2020. The company
has not availed the Reserve Bank of India-prescribed debt
moratorium.

The ratings are supported by the directors' over two decades of
experience in the field of software technology.

COMPANY PROFILE

RMIL, a Hyderabad-based listed company incorporated in 1994, is
engaged in software development and IT services, providing
end-to-end solutions and products and services to the government,
exports, tourism, cooperatives and health care sector.


RDDHI GOLD: CRISIL Withdraws B+ Rating on INR5.5cr Loan
-------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Rddhi
Gold Private Limited (RGPL) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.
                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.50      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan              .35      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with RGPL for obtaining
information through letters and emails dated September 24, 2019 and
October 14, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its rating on the bank facilities of RGPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Incorporated in 2010, RGPL has been retailing branded gold
jewellery of 'Senco Gold' since 2011 at Suri, West Bengal. RGPL
entered into a franchisee agreement with Senco Gold Ltd for
retailing in gold and diamond-studded jewellery. The company has
been promoted by Mr. Satyajit Mukhopadhyay, Mrs Barnali Mukherjee,
and Mr. Debadi Ghosh.


RESOURCE FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Resource
Foods Private Limited (RFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.81       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             5.42       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

RFPL, incorporated by Mr. Lawrence WJ Peris and Ms Jyoti Peris in
2009, processes and packages frozen peas, fruit pulp, and
vegetables. Its processing plant is in Nalagarh, Himachal Pradesh,
and has capacity of 500 tonnes per annum. The company is setting up
a controlled-atmosphere cold storage facility at Rajpura in
Himachal Pradesh.


RRR CONSTRUCTIONS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed RRR Constructions
& Projects Private Limited's (RRR) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limit affirmed with IND BB/Stable/IND
     A4+ rating;

-- INR50 mil. (increased from INR49.2 mil.) Non-fund-based limit
     affirmed with IND A4+ rating;

-- INR20 mil. Fund-based limit * assigned with IND BB/Stable/IND
     A4+ rating; and

-- INR90 mil. Non-fund-based limit * assigned with IND A4+
     rating.

* The final rating has been assigned upon the sanction and
execution of loan documents for the above facilities by RRR to the
satisfaction of Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects RRR's continued small scale of operations
due to its short track record even as the revenue jumped 89.5% YoY
to INR383 million in FY20 (FY19: INR282 million), driven by the
timely completion of orders. The management expects the revenue to
increase further in FY21 and FY22 as the company had an outstanding
order book of INR956 million at FYE20 (2.5x of FY20 revenue), to be
executed by FYE22. Also, the management has informed Ind-Ra that
the company became a Class I contractor and obtained experience
certificate from the Ministry of Road Transport and Highways,
thereby becoming eligible to bid contracts on its own. The agency
believes RRR has sufficient bank guarantees forbidding the
contracts and expects a strong order book position in the medium
term. The company booked revenue of around INR100 million for
3MFY21. FY20 financials are provisional in nature

The ratings reflect RRR's average credit metrics that improved
significantly in FY20 with the interest coverage of 9.4x (FY19:
4.7x) and the net leverage of 0.7x (1.4x) due to a reduction in
term loans, the consequent decline in the interest expenses, and an
improvement in the absolute EBITDA to INR38 million (INR22
million). Ind-Ra, however, expects RRR's credit metrics to
deteriorate in the short term due to an increase in the working
capital requirement for operational purposes.

Liquidity Indicator - Stretched: RRR's maximum average utilization
of its fund-based facility was 36.9% and that of its non-fund based
facility was 49.7% during the 12 months ended May 2020. It had a
cash balance of INR4.62 million at FYE20. The company received an
enhancement of INR20 million of fund-based limits and INR90 million
of non-fund-based limits after it obtained the experience
certificate from the department. The cash flow from operations
turned positive to INR16 million in FY20 (FY19: negative INR1
million), mainly due to favorable working capital changes. The
working capital cycle turned negative to 24 days in FY20 from 51
days in FY19 due to an increase in the creditor days to 162 in FY20
from 86 in FY18. The company has availed the Reserve Bank of
India-prescribed moratorium for working capital interest over
March-August 2020.

RRR's EBITDA margins remained healthy despite falling slightly to
9.8% in FY20 from 10.7% in FY19, mainly on account of an increase
in the cost of raw materials. The management expects the margins to
improve in the medium term as the company can now bid for projects
on its own. The return on capital employed was 40.81% in FY20
(FY19: 28.21%).

The ratings are further supported by RRR's promoter's experience of
more than a decade in the engineering-procurement-construction
business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue, along with an
improvement in the EBITDA margins and the liquidity position while
maintaining the credit metrics on a sustained basis, could be
positive for the ratings.

Negative: A decline in the revenue and profitability, along with a
further stretch in the liquidity position leading to deterioration
in the credit metrics on a sustained basis, could be negative for
the ratings.

COMPANY PROFILE

Set up in 2015, RRR has its registered office in Hyderabad. The
company concentrates mainly on roads, pipes, buildings, and related
maintenance works. The company has a presence in Telangana, Andhra
Pradesh, and Karnataka.


SAIKRUPA COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Saikrupa
Cottons Private Limited (SCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit         14       CRISIL D (ISSUER NOT COOPERATING)

   Proposed Fund-
   Based Bank Limits    0.3     CRISIL D (ISSUER NOT COOPERATING)

   Term Loan            5.7     CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

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

SCPL is engaged in ginning and pressing of raw cotton to make
cotton bales. The unit is located at Yavatmal (Maharashtra) with an
installed capacity of producing 200 bales per day. It also has a
seed crushing unit of 300 quintals per day.


SARVODYA HOSPITAL: CRISIL Moves D on INR19cr Debt to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sarvodya
Hospital (SH) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan              19       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SH for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SH is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SH to 'CRISIL
D Issuer not cooperating'.

Established in 2011, SH is a 110-bed multispecialty hospital at
Jalandhar, with departments such as general medicine, cardiology,
neurology, nephrology, gastroenterology, urology, and so on.


SHRIGANESH TEXTILE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shriganesh
Textile and Infrastructure (India) Pvt. Ltd.'s (STIIPLs) Long-Term
Issuer Rating to 'IND D' from 'IND BB' and simultaneously migrated
it to the non-cooperating category. The Outlook on the earlier
rating was Stable. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR47.5 mil. Term loan (Long-term) due on December 2025
     downgraded and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR99.0 mil. Fund-based facilities (Long-term/ Short-term)
     downgraded and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR123.5 mil. Non-fund-based facilities (Short-term)
     downgraded and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects instances of delays in debt servicing for
the month of August 2019 and February 2020 due to a tight liquidity
position. The company has availed the Reserve Bank of
India-prescribed moratorium for the period March-August 2020.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in September 2006, STIIPL was engaged in the
construction and real estate business until 2010. Starting 2011,
the company began manufacturing cotton combed and carded yarn of
the count range of 10, 12, 16, 20 and 24. Its manufacturing
facility, located in Dhule (Maharashtra), has an installed capacity
of 17,280 spindles.


SP ACCURE: CRISIL Hikes Rating on INR9.2cr Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
SP Accure Labs Private limited (SPALPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         9.2        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Long Term Loan      5.0        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Proposed Long       3.3        CRISIL B+/Stable (Upgraded from
   Term Bank Loan                 'CRISIL B/Stable')
   Facility            
                                  
The upgrade reflects CRISIL's belief that SPALPL will sustain its
improving business profile marked by increasing revenue and
sustained healthy operating margin. Revenue grew at about 19% over
the 3 fiscals ended 2020 to INR82 crore. Also operating margin was
healthy at 15.2% in fiscal 2020 and is likely to sustain at that
level going forward. Revenue growth along with better operating
margin resulted in increase in net cash accrual, improvement in
debt protection metrics as well as better return on capital
employed. However liquidity continues to remain stretched because
of large working capital requirements resulting in full utilization
of bank limits. Prudent management of working capital cycle and
improvement in liquidity will be the key rating drivers.

The rating reflects the company's large working capital requirement
and susceptibility to volatile raw material prices. These
weaknesses are partially offset by the extensive experience of the
promoter in the pharmaceuticals industry and established customer
relationships.

Analytical Approach

Unsecured loans from the promoter of about INR15.7 crore as on
March 31, 2020 has been treated as debt as it may not be retained
in the business over medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets were high
at 168 days as on March 31, 2020, driven by sizeable receivables
and inventory of 83 and 92 days, respectively.

* Susceptibility to volatility in raw material prices: Limited
bargaining power with key customers and exposure to intense
competition in the fragmented pharmaceuticals industry constrain
the company's ability to pass on increase in raw material prices
entirely to customers. Hence, profitability remains susceptible to
any sharp increase in raw material prices. Competition from major
players, as well as many local and small, unorganized players, also
exerts pressure on profitability.

Strength

* Promoter's extensive industry experience: The management's
extensive experience in manufacturing bulk drugs and the promoter's
experience of more than two decades in manufacturing oncology
products should continue to support the business.

Liquidity Stretched

Liquidity is stretched, as indicated by utilized bank limits at 98%
over the 12 months through June 2020. However net cash accrual,
estimated at INR8.5-10 crore in fiscals 2021 and 2022 should be
sufficient to meet the maturing debt obligations of INR3 crore per
fiscal.

Outlook: Stable

CRISIL believes SPALPL will continue to benefit from the extensive
experience of its promoter.

Rating Sensitivity Factors

Upward Factors

  * Significant rise in net cash accrual or infusion of
equity/unsecured loans resulting in better liquidity

  * Sustained improvement in working capital cycle marked by
reduction in gross current assets to under 130 days

Downward Factors

  * Drop in interest coverage ratio to below 2.5 times

  * Steep decline in revenue and profitability, leading to decrease
in cash accrual

  * Further stretch in the working capital cycle.

Incorporated in 2013 and based in Hyderabad, SPALPL is promoted by
Mr. K Vijay Prakash. The company sells and distributes
pharmaceutical formulations, mainly oral solids and injectable,
with specialization in the oncology segment.


TRINITY ENGINEERS: CRISIL Cuts Rating on INR36cr Loan to B
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Trinity Engineers Private Limited (TEPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable', and reaffirmed the short-term rating at
'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Purchase-        2          CRISIL A4 (Reaffirmed)
   Discounting
   Facility                

   Cash Credit           36         CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit       4         CRISIL A4 (Reaffirmed)

   Proposed Term Loan     2.95      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects the weakening of business and financial risk
profiles. Revenue declined to an estimated INR122 crore during
fiscal 2020 from INR208 crore in fiscal 2019 on account of sluggish
demand and stress in the automobile sector. Also, net losses in
fiscal 2020 are likely to have led to modest cash accrual. The
company's performance is expected to weaken further due to the
impact of Covid-19 and sluggish market conditions, resulting in
degrowth of around 10% in fiscal 2021. Continuous dip in revenue
coupled with losses may result in negative cash accrual and thus,
stretched liquidity.

The ratings reflect TEPL's below-average financial risk profile and
large working capital requirement. These weaknesses are partially
offset by its promoters' experience in the auto segment and their
funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Though conversion of
unsecured loans into equity resulted in increase in networth, it
was estimated to have remained small at INR5-6 crore as of March
2020. Higher reliance on working capital debt resulted in weak
total outside liabilities to tangible networth ratio of over 15
times. Also, debt protection metrics remained muted for fiscal 2020
weak due to losses.

* Large working capital requirement: Gross current assets were
estimated at 194 days as on March 31, 2020, because of large
inventory of 110 days.

Strength

* Extensive experience and funding support of the promoters:
Benefits derived from the promoters' experience of over 40 years,
sound understanding of market dynamics and healthy relationships
with suppliers and customers should continue to support business
risk profile. Promoters have also extended unsecured loans to
support operations.

Liquidity Stretched

Cash accrual is expected to be modest over the medium term. Bank
limit was utilised at an average of 96% for the 12 months through
March 2020. Current ratio was estimated to be low at around 1 time.
Liquidity is, however, supported by fund infusion by the
promoters.

Outlook: Stable

CRISIL believes TEPL will continue to benefit from its promoters'
extensive experience and funding support.

Rating Sensitivity factors

Upward factors

  * Improvement in operating performance resulting in cash accrual
of over INR50 lakh

  * Significant improvement in financial risk profile  

Downward factors

   * Sustained weak performance with dip in revenue by 20%

  * Further weakening of financial risk profile

Incorporated in 1972 and promoted by Mr. Asheet Pasricha, TEPL
manufactures forgings and machined components for commercial
vehicles at its facility in Pimpri-Chinchwad, Maharashtra, which
has production capacity of 48,000 tonne per annum. Product profile
comprises 450 different components.


VRAJ REALTORS: CRISIL Lowers Rating on INR60cr LT Loan to B
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Vraj Realtors (VR) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         60       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects lower than expected booking progress and
increased demand risk for the firm's project amid a sluggish real
estate industry. The demand scenario is further weakened by the
Covid-19 pandemic, which may lead to further delay in booking
progress and customer advances. This is likely to impact
profitability and constrain the debt service coverage ratio (DSCR)
over the medium term. Slower than expected booking progress and
customer advances is partially on account of management's strategy
to hold inventory to conserve prices. CRISIL has also taken into
consideration the concession given by the banker by shifting the
commencement date of commercial operations from December 2021 to
December 2022 and the repayment commencement date from January 2020
to January 2021. These steps would enable the firm to complete the
project within regulatory timelines.

The rating continues to reflect VR's exposure to cyclicality in the
real estate industry and moderate to high project risk. These
weaknesses are partially offset by the extensive experience of the
partners and the favourable location of the ongoing project.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to moderate to high project risk: VR is developing Vraj
Tiara, a premium residential project, in Worli, Mumbai.
Construction of the project has been delayed, due to delay in
receiving requisite approval due to change in regulatory norms,
which was beyond the control of the firm. The project is currently
progressing as per the revised schedule and expected to be
completed by end of calendar year 2022. Funding risk is managed by
infusion of capital by the partners to meet the target debt-equity
contribution. The project progress and sales velocity will remain
key rating sensitivity factors over the medium term.

* Susceptibility to cyclicality in the real estate industry: The
real estate industry in India is exposed to economic cycles and
high fragmentation because of the presence of a large number of
regional players. Disruptions in the economy caused by the Covid-19
pandemic are expected to have a significant impact on the demand
for real estate inventories, especially in the premium segment, and
could weaken the profitability and financial flexibility of
entities in this sector.

Strengths

* Extensive experience of the partners: The three-decade-long
experience of the partners and VR's track record of timely
completion of residential and commercial projects should continue
to support the business.

* Favourable location of the project: Vraj Tiara, a premium
residential project, is in Worli. Mumbai, a premium residential
area. It is also in close proximity to other prime areas in Mumbai
and has excellent connectivity. The firm has also revised the
project plan during the course with relatively lower ticket size.
The project is currently priced competitively relative to the other
projects in the locality. The favourable location is expected to
partially mitigate the demand risk for the project.

Liquidity Stretched

VR does not maintain a debt service reserve account (DSRA) for debt
servicing. Standalone liquidity of the project is stretched because
of slow booking progress and customer advances; the partners have
increased their contribution to compensate for this. Net infusion
by partners was INR10.77 crore in fiscal 2020. Partners' capital
and unsecured loans in the project stood at INR28.97 crore and
INR17.82 crore, respectively, as on March 31, 2020. Extension of
loan repayment commencement date by one year should support the
liquidity profile. However, continued support from partners in case
of any unexpected delay in customer advances is a key monitorable

Outlook: Stable

CRISIL believes VR will continue to benefit from the extensive
experience of its partners.

Rating sensitivity factors:

Upward factors

  * Significantly better-than-expected construction progress and
customer advances

  * Improvement in liquidity through DSRA, with DSCR of more than
1.2 times annually

Downward factors

  * Further delays in construction and booking progress

  * DSCR of less than 1 time for term loan repayment

VR (based in Mumbai), a partnership firm, is into the development
of residential projects. The firm is a part of the Vraj group,
which has interests in logistics, packaging, cement and marketing.
The firm is currently executing a residential project ' Vraj Tiara
in Worli, Mumbai. The firm is promoted by Babaria Family
represented by Shri.  Kirit Vrajlal Babaria, Mr. Sharad Kirit
Babaria and Mr. Mitesh Kirit Babaria and is based in Mumbai.


ZUARI AGRO: Ind-Ra Hikes Issuer Rating to B, on Watch Evolving
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Zuari Agro
Chemicals Limited's (ZACL) Long-Term Issuer Rating to 'IND B' from
'IND D' and placed on Rating Watch Evolving (RWE).

The instrument-wise rating action is:

-- INR1.1 mil. (reduced from INR1.3 mil.) Long-term loan due on
     November 2023 upgraded and placed on RWE with IND B/RWE
     rating.

Analytical Approach: Ind-Ra has changed its analytical approach for
ZACL's rating review. The agency has now taken a standalone view of
ZACL as opposed to the earlier approach wherein Ind-Ra had been
taking a consolidated profile of ZACL, its subsidiaries - Mangalore
Chemicals and Fertilisers Limited (MCFL) and Adventz Trading DMCC,
and its joint ventures - Zuari Maroc Phosphates Private Limited
(ZMPPL) and MCA Phosphates Pte Limited, while arriving at the
ratings. The consolidated approach reflected Ind-Ra's assessment
and the management's articulation that support to ZACL could flow
in from MCFL by way of extended credit and higher dividend from
ZMPPL, which could aid any liquidity mismatch at ZACL and ensure
timely debt repayment. Additionally, the consolidated approach
factored in the legal and operational linkages among the entities
as reflected in the fact that ZACL holds 53.03% share in MCFL and
100% in Adventz Trading DMCC, and MCFL, ZACL and ZMPPL are in a
similar line of business. The change in the approach reflects the
weaker-than-expected linkages between these entities indicated by
the delays in providing support and/or the absence of support
provided by these entities to ZACL at the time of need.

The rating upgrade reflects ZACL's timely debt repayment since
January 2020. ZACL was able to regularize its overdues with the
help of the release of the government of India's subsidy, which
reduced to INR6.8 billion at end-March 2020 from INR16.4 billion at
end-April 2019. In addition, ZACL received INR2.7 billion unsecured
loans from its promoter entities that helped regularize the
overdues and also received support (albeit delayed) by MCFL and
ZMPPL by way of extended payment terms.

The upgrade also incorporates the operationalisation of ZACL's urea
plant since January 2020 and the likelihood of continued urea
operations in the near term. The urea operations were supported by
the resumption of gas supply from GAIL (India) Limited ('IND
AAA'/Stable) after ZACL entered into a tri-partite agreement with
GAIL and the State Bank of India (SBI; 'IND AAA'/Stable) under
which all the urea subsidy inflow will be accumulated in an escrow
account with SBI from which GAIL will be paid its gas dues. ZACL's
nitrogen-phosphorous-potash (NPK) plants faced multiple shutdowns
and restarts for the majority of FY20, owing to the unavailability
of funds and /or other raw materials.

The RWE reflects the restructuring exercise being undertaken by
ZACL to lower the balance sheet stress through the sale of non-core
assets. During February 2020, ZACL transferred its nutrient and
allied business (consisting of specialty fertilizers, retail, crop
protection & crop-care business) to its 100% subsidiary Zuari
Farmhub Limited (ZFL) at an equity consideration of INR7.86 billion
effective March 2020 with only bulk fertilizers business remaining
under ZACL. Subsequently, ZACL has also accepted an in-principle
offer of the OCP group, a Moroccon fertilizer entity, to invest
USD46.5 million in ZFL, which would again bring in significant cash
flows and help alleviate ZACL's liquidity concerns.

In addition, ZACL has also been looking at other measures of
monetization over the short-to-medium term like the sale of land
parcels, the monetization of fertilizers assets of ZACL and INR4
billion rights issue. Subsequently, during June 2020, ZACL
in-principally agreed to sell its Goa fertilizer plant to Paradeep
Phospates Limited (PPL) for USD280 million (INR21 billion). ZACL
and the OCP group hold 50% each of the total equity capital of
Zuari Maroc Phosphates Private Limited (ZMPPL) and ZMPPL, in turn,
holds 80.45% of the share capital of PPL. The completion of both
the transactions is likely to happen by FYE21.

Ind-Ra believes post the finalization of these two transactions,
ZACL, at a standalone level, will not have any tangible operating
assets other than a small single super-phosphate unit in
Maharashtra and will primarily be a holding company of ZFL and
MCFL. Furthermore, Ind-Ra will continue to monitor the progress of
above two transactions and their impact on ZACL's credit profile.

KEY RATING DRIVERS

Liquidity Indicator - Stretched:  ZACL's average maximum
utilization of the fund-based limits was 83% for the 12 months
ended June 2020. The cash and cash equivalents at FYE20 were INR928
million (FYE19: INR336 million) and ZACL also received steady
profits (FY20: INR822 million; FY19: INR553 million) from ZMPPL.

Its net working capital cycle eased to negative 5 days in FY20
(FY19: 192 days) owing to a reduction in trade receivables to
INR8.2 billion (FY19: INR24.1 billion) and inventory to INR2.5
billion (INR12.3 billion) amid continued high payables of INR14.0
billion (FY19: INR15.0 billion). Accordingly, the cash flow from
operations improved to INR18.2 billion in FY20 (FY19: negative
INR3.3 billion), despite a decline in the absolute EBITDA to
negative INR4.4 billion (INR0.9 billion). The company has availed
principal and interest moratorium under the Reserve Bank of India's
COVID-19 regulatory package for term loans over June-August 2020.
It has scheduled term debt repayments of INR2.6 billion and INR1.3
billion in FY21 and FY22, respectively, which are likely to be met
through a combination of additional debt tie-ups, asset
monetization, extended payment terms from MCFL and ZMPPL and the
sale of the fertilizer plant and/or from the promoters. Ind-Ra will
continue to monitor ZACL's liquidity profile and asset monetization
progress that remain key rating drivers.

Subdued FY20 Performance: During FY20, ZACL's revenue declined 58%
yoy to INR20.1 billion and EBITDA declined to negative INR4.4
billion (FY19: INR0.9 billion), owing to multiple shut-downs of the
urea and NPK streams at its Goa plant during FY20. This, coupled
with continued high borrowings, led to high interest expense (FY20:
INR4.2 billion, FY19: INR3.8 billion) and impacted the credit
metrics of the entity that remain stretched. The interest coverage
(operating EBITDA/gross interest expense) dipped to negative 1.1x
in FY20 (FY19: 0.2x) and the subsidy adjusted net financial
leverage (adjusted net debt less subsidy receivables/operating
EBITDA) turned negative 1.9x in FY20 (FY19: 20.5x) owing to the
negative EBITDA.

The ratings are constrained by ZACL's high dependency on the timely
receipt of subsidy receivables, leading to a stretched working
capital cycle and high working capital borrowings, and
vulnerability to forex fluctuations and agroclimatic conditions.

The ratings are supported by ZACL's strong regional market position
in Maharashtra and Karnataka, its diversified revenue profile, the
likelihood of cash inflows from asset monetization activities, the
promoters' combined experience of over five decades in the
fertilizers industry and favourable supply demand scenario for the
Indian fertilizer sector.

Update on Dispute with JV partner: With respect to ZACL's
investment of INR1,194 million in the rock phosphate mining project
(which is under development) through MCA Phosphate Pte Limited
(MCAP), a joint venture company, there had been a deadlock between
ZACL and its JV partner Mitsubishi about certain impairments
recorded in the financial statements of MCAP for FY16 and FY17. The
International Chamber of Commerce (ICC) passed its final order on
May 7, 2020 basis which I) ZACL will reimburse JV partner
USD216,900 for fees paid by JV partner to the ICC, ii) the JV
partner will exercise its call option to purchase ZACL's shares of
MCAP for USD216,900 and iii) if ICC reimburses the parties for any
fees previously paid to the ICC, ZACL will be entitled to 85% of
such reimbursed fees, and Mitsubishi will be entitled to 15% of
reimbursed fees.

Basis the ICC order and stipulation agreement, ZACL has recognized
an impairment loss of INR1.18 billion in the financial results.
Also, ZACL will cease to consolidate MCAP as JV using the equity
method of consolidation for the quarter ended and the year ended 31
March 2020. Ind-Ra does not envisage any potential liability on
account of this JV investment.

RATING SENSITIVITIES

The RWE indicates that the ratings may be upgraded, affirmed or
downgraded upon resolution. Ind-Ra will resolve the RWE within the
next six months on the completion of the transaction and after
receiving clarity on the funding of the same.

COMPANY PROFILE

Originally founded in 1967, ZACL was formed in 2012, following the
demerger of Zuari Industries Limited into ZACL and Zuari Global
Limited. ZACL is now the flagship company of Adventz Group
(formerly KK Birla Group) and an agricultural conglomerate. The
company is mainly present in the fertilizer sector in Maharashtra,
operating in both urea and NPK segments. Its products are branded
under the name Jai Kisaan, which has strong brand recall among
farmers.

A part of the Adventz Group and a direct subsidiary of ZACL, MCFL
manufactures both urea and complex fertilizers in Karnataka. MCFL
has the annual capacity to manufacture 0.2 million metric ton (mmt)
ammonia, 0.38mmt urea, 0.28mmt phosphatic fertilizers (di-ammonium
phosphate and NPKS 20:20:00:13), among others.




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

[*] NEW ZEALAND: More than 70 Big Retail Store Shuts Down in 2020
-----------------------------------------------------------------
Debrin Foxcroft at Stuff.co.nz reports that more than 70
high-profile retail outlets have gone out of business around New
Zealand so far this year and the outlook is tough for those trying
to keep their shop doors open.

The Government's wage subsidy extension will end in September,
leaving businesses with difficult choices to make about staff,
costs and remaining open into the Christmas period.

Stuff relates that First Retail managing director Chris Wilkinson
said retail businesses were now facing uncharted territory.

"The challenge for businesses is spending in many of the categories
is above where we expected to be. So, we are coming off that sugar
rush and businesses now face the challenge of looking forward and
not knowing what is going to happen," the report quotes Mr.
Wilkinson as saying.

Businesses had now begun to notice a tightening in spending from
shoppers, he said.

According to eftpos terminal provider Paymark, spending since the
end of the lockdown peaked in early July at 2 per cent higher than
last year.

However, spending for the week ended July 28 was 0.6% below the
same week in 2019, Stuff relays.

Getting rid of staff once the wage subsidy ended while trying to
remain open wasn't an option for most stores, Mr. Wilkinson said.
Most businesses had already become very lean over the past decade.

"There are not a lot more efficiencies that they can put in place,"
he said.

Since January, Stuff has reported on at least 71 store closures
across 14 retail chains, including The Warehouse, Michael Hill
Jewellery, Max, and Bunnings.

Stuff says the job market had also become more difficult for retail
workers, as businesses implemented hiring freezes.

"I think that it is a really uncertain time for retailers because
it's hard to know what retail is going to look like," the report
quotes Mr. Wilkinson as saying.

As businesses face an uncertain future, consumers were also less
confident in the wake of Covid-19, according to a Westpac survey
published in June.

The Westpac McDermott-Miller Consumer Confidence Index for the
March to June period fell 7 points to 97.2 points, Stuff
discloses.

Scores below 100 indicated that more people were pessimistic rather
than optimistic about the economy in the coming year, the report
states.

According to the same survey, a growing number of households
reported that their financial position had deteriorated over the
past year.

The number of people who expect good economic conditions over the
coming 12 months had fallen to its lowest level in eight years,
adds Stuff.




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

HYFLUX LTD: Utico Seeks Sias Endorsement as JM Looms
----------------------------------------------------
Fiona Lam at The Business Times reports that Utico on July 29 urged
the Securities Investors Association (Singapore), or Sias, to
endorse the Middle Eastern utility firm's proposed rescue package
for Hyflux.

The offer could "save" the distressed water treatment firm from
judicial management (JM) and guarantee the highest possible
recovery for the holders of Hyflux's perpetual securities and
preference shares (PnP), Utico said in a press statement, BT
relays.

A group of bank lenders is preparing to file an application with
the Singapore High Court by Aug. 7, to place Hyflux under JM,
according to BT.

On July 27, Justice Aedit Abdullah gave the go-ahead for the
unsecured working group (UWG) of banks comprising Mizuho, Bangkok
Bank, BNP Paribas, CTBC Bank, KfW, Korea Development Bank and
Standard Chartered Bank to be carved out of Hyflux's debt
moratorium, after the UWG argued that it can no longer trust
Hyflux's management to lead any restructuring effort, recalls BT.

The chance of a successful Utico deal is nil, according to the
UWG's lawyer Eddee Ng of Tan Kok Quan Partnership, the report
relates. This is because the UWG and an informal steering committee
of medium-term note holders who together represent 73% of Hyflux's
senior unsecured debt have said they will vote against the Middle
Eastern suitor's deal, Mr. Ng said on July 27.

Still, on July 29, Utico emphasised that its proposal is "the only
viable binding offer" on the table and was made in good faith and
based on PnP investors' requests during this January's town hall,
the report relates.

Investors with the smallest PnP holdings stand to get a 50% return,
while those with the largest holdings can get at least a 10%
recovery under the Utico deal, BT says.

It noted that the debt purchase offers made by other potential
white knights will require support from 25.1% of senior debt before
the creditors can get a blocking right to prevent Hyflux from being
put under JM.

Moreover, invitations that depend on Hyflux directors and
shareholders keeping 100% of their positions, while seeking high
discounts of up to 91% from creditors, are "untenable", Utico, as
cited by BT, said.

The best-case scenario for PnP holders, as they are subordinate to
senior unsecured creditors, from such invitations will thus be a
recovery of only about 5%, it added.

Last week, Sias asserted that it will not support any plan to
rescue Hyflux that lacks a "concrete proposal" to resolve the debts
due to PnP holders, BT says. The investor advocacy group's chief
David Gerald flagged that the slew of potential investors that have
surfaced in recent weeks have not made any offers yet for Hyflux's
34,000-odd retail PnP holders, who are owed some SGD900 million in
total, adds BT.

                           About Hyflux

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

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

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

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


XIHE HOLDINGS: Owners Try to Block OCBC's Bid for Appoint Overseer
------------------------------------------------------------------
Reuters reports that the family that owns Hin Leong Trading (HLT)
is seeking to block a request from creditor Oversea Chinese Banking
Corp (OCBC) that overseers be appointed for Xihe Holdings and four
of the family's other subsidiaries to recoup its debt.

Oversea Chinese Banking Corp (OCBC) applied last week for the
Singapore High Court to appoint judicial managers over Xihe, owned
by the family of Hin Leong founder Lim Oon Kuin, known as O.K. Lim,
Reuters relates.

Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in
a July 28 affidavit reviewed by Reuters that granting OCBC's
request will "disrupt the constructive discussions that the Xihe
Group has had with third parties including lenders".

It could also result in a fire sale of its assets and "a
destruction of value" for shareholders including lenders, he
added.

OCBC's application is an attempt to obtain a "backdoor" ruling to
freeze the Lim family's assets in Xihe Group "to protect their
interests as lenders to HLT" and its other shipping company Ocean
Tankers Pte Ltd, Kenny Lim also said, Reuters relays.

HLT owes OCBC $250 million.

The case which was heard at the Singapore High Court on July 29 has
been adjourned up to Aug. 13 to allow the banks working on the
restructuring process with Xihe group to continue, said a source
with direct knowledge of the matter who declined to be identified,
according to Reuters.

Xihe "and its lenders have adjourned court proceedings to work
together towards a consensual restructuring," the group of
companies said in a statement on July 29.

OCBC declined to comment when contacted by Reuters.

Kenny Lim is the brother of O.K. Lim, who with his son Evan Lim
Chee Meng and daughter Lim Huey Ching own 77 companies under Xihe
Group, which consists mainly of Xihe Holdings and Xihe Capital,
Reuters discloses. Xihe Group owns 136 ships ranging from coastal
barges to very large crude carriers (VLCCs).

HLT and Ocean Tankers were placed under court-appointed
interim-judicial management to restructure billions of dollars of
debt after a crash in oil prices revealed a massive, years-long
fraud at the trading house.

OCBC's ship mortgage claims against Xihe Holdings through four of
its subsidiaries totalled about $130 million which is below the
estimated $170 million in net asset values of those subsidiaries,
Kenny Lim said, Reuters relays.

As each subsidiary owns only one or two ships, it "makes no sense
to say that the business has to be rehabilitated", which is what a
judicial manager is used for, he said.

The total valuation of the entire Xihe Group fleet is about twice
the total amount of the $995 million in loans held against the
company, Xihe's financial advisor Nicky Tan Ng Kuang said in
separate July 28 affidavit reviewed by Reuters.

Reuters relates that Xihe Group has been in discussions with five
different bridge financiers, including a leading Wall Street
investment bank, Mr. Tan said, while it has also identified and is
in discussions with at least six potential financiers, including a
regional listed company.

Mr. Tan said that the Xihe Group is also in talks with at least 84
parties on the potential sale of its vessels, adding that the
company has sold four vessels so far, according to Reuters.

Xihe is also in negotiations with "a large multinational
commodities and trading company" for the charter of two vessels
which would generate about "$200,000 in charter income per month
for each vessel," he added.

Lim, Xihe Group, their lawyers and financial advisor did not
immediately respond to requests for comment, adds Reuters.




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

ASIANA AIRLINES: HDC Calls for Another Round of Due Diligence
-------------------------------------------------------------
Yonhap News Agency reports that HDC Hyundai Development Co., a
major property developer, on July 30 called on creditors of Asiana
Airlines Inc. to join another round of due diligence on the
debt-laden carrier as it wants to proceed with its plan to take
over the carrier.

On July 26, HDC demanded an additional due diligence on Asiana
Airlines for 12 weeks beginning in mid-August amid the new
coronavirus outbreak's growing impact on the airline's financial
status, Yonhap relates.

Kumho Industrial Co., which signed a deal with the HDC-led
consortium in December to sell its entire 30.77 percent stake in
Asiana, has demanded that HDC complete the deal by mid-August.

One month ago, the property developer called for renegotiations
with Asiana's creditors over the acquisition terms, describing the
ongoing virus crisis as a "never expected and very negative factor"
that will affect the takeover plan, Yonhap says.

"If the airline's creditors supervise or participate in the
(additional) due diligence on Asiana, it will ensure that the
financial review will be conducted in a transparent and effective
manner," HDC said in a statement, Yonhap relays.

Yonhap relates that the state-run Korea Development Bank (KDB),
Asiana's main creditor bank, said it is looking into the HDC's
request to see if it can be acceptable or not in the process of an
M&A deal.

The KDB plans to announce its stance about the stalled Asiana deal
next week, KDB Chairman Lee Dong-gull told reporters at a startup
event held July 30, Yonhap adds.

According to Yonhap, HDC claimed it will be forced to shoulder
Asiana's heavy debts if it acquires the airline without looking
into its current financial condition hit hard by the pandemic.

Also on July 30, Kumho Industrial expressed regrets about HDC's
request, saying it has provided all required documents and
financial information to the construction company since December,
Yonhap says.

Yonhap relates that Kumho Industrial said it is hard to accept the
three-month-long due diligence on Asiana, but it is open to
consultations with HDC to get the airline back on track after the
acquisition.

"We will cooperate with HDC if the additional due diligence is
aimed at analyzing the current business environments (for airlines)
and preemptively preparing countermeasures to better manage Asiana
after the acquisition," Kumho Industrial said in a statement.

In fact, HDC is widely expected to scrap the deal given differences
over acquisition terms between HDC and Kumho, and worsening
business environments amid the pandemic, the report notes.

The latest tit-for-tat comes after Financial Services Commission
Chairman Eun Sung-soo said on July 29 that Asiana and its creditors
were looking at countermeasures to help the financially troubled
Asiana if the HDC consortium did not have an intention to acquire
the carrier, adds Yonhap.

                      About Asiana Airlines

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.

As reported in the Troubled Company Reporter-Asia Pacific on July
28, 2020, Yonhap News Agency said Asiana Airlines has been hit hard
by the pandemic. It has suspended most of its flights on
international routes as more than 180 countries have strengthened
entry restrictions amid virus fears this year.

Asiana's net losses for the January-March quarter deepened to
KRW683.26 billion from KRW89.18 billion a year earlier, Yonhap
disclosed. It is widely expected to report widened losses for the
second quarter next month.

To help Asiana stay afloat, the Korea Development Bank and the
Export-Import Bank of Korea plan to inject a combined KRW1.7
trillion into Asiana, according to Yonhap. Last year, the two state
lenders already extended a total of KRW1.6 trillion to the
carrier.

In its self-help measures, Asiana has had all of its 10,500
employees take unpaid leave for 15 days a month since April until
business circumstances normalize, Yonhap noted. Asiana's executives
have also agreed to forgo 60% of their wages, though no specific
time frame was given for how long the pay cuts will remain in
effect.




=============
V I E T N A M
=============

HANOI POWER: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned Vietnam-based Hanoi Power Corporation a
Long-Term Foreign-Currency Issuer Default Rating of 'BB' with a
Stable Outlook.

EVNHANOI's rating is based on the consolidated credit profile of
Vietnam Electricity (EVN, BB/Stable), which owns 100% of EVNHANOI,
in line with Fitch's Parent and Subsidiary Rating Linkage Criteria.
The consolidated rating approach is driven by strong integration of
EVNHANOI's credit profile with that of its parent. Fitch assesses
EVNHANOI's Standalone Credit Profile (SCP) at 'bb', the same as
that of EVN and the Vietnam sovereign rating (BB/Stable).

EVN's SCP benefits from its position as the owner and operator of
Vietnam's electricity transmission and distribution network, and
the companies near 53% share of the country's installed generation
capacity. Under Fitch's Government-Related Entities Rating
Criteria, EVN's ratings will be equalised with that of the
sovereign should its SCP weaken, provided the likelihood of state
support remains intact.

KEY RATING DRIVERS

EVNHANOI's Strong Integration with EVN: EVN determines EVNHANOI's
profits through a bulk-supply tariff setting mechanism. This
bulk-supply tariff aims to cover EVNHANOI's costs and earn profits
that allow the company to maintain operations and meet investment
plans. EVN also appoints EVNHANOI's key management, approves its
business and investment plan, oversees the subsidiary's financial
management, and approves key executives' compensation packages.
Around 20% of EVHANOI's total borrowings at end-2019 were
guaranteed by EVN.

EVNHANOI's SCP Assessment: EVNHANOI's SCP is assessed at the same
level as EVN's given the high influence the parent has on
EVNHANOI's business plans, profitability and financial profile,
though Fitch believes EVNHANOI's financial profile is stronger than
that commensurate for its credit assessment. EVNHANOI's SCP is
supported by its dominant market position in electricity
distribution in Vietnam's capital of Hanoi, its diversified
counterparties and low receivables. EVNHANOI's credit profile is
constrained by the regulatory framework's short history and
political risks, and the short period of six months for which
tariffs are set in the framework.

Diversified Counterparties, Low Receivables Risk: EVNHANOI's credit
profile benefits from its stable and diversified customer base.
More stable residential customers account for 57% of EVNHANOI's
revenue and its top 20 customers account for around 2% of its total
revenue. Lower counterparty risk is also reflected in EVNHANOI's
high collection rates of well above 99% and low receivable days of
around 5 days.

Restrictions on Tariff Increases; Lower ROE: EVN can increase
retail electricity tariffs every six months, in line with rising
production costs, in accordance with the regulatory framework that
was introduced in August 2017. However, automatic adjustments are
limited to 5%; with price increases of 5%-10% requiring approval
from the Ministry of Industry and Trade, and larger increases
requiring approval from the prime minister.

Nevertheless, Fitch expects delays in implementing tariff increases
in general and during the current challenging macro-economic
conditions, which may adversely affect businesses and individuals,
who may strongly oppose any tariff increases. EVN sets the major
cost of electricity purchase, i.e. bulk-supply tariff for
distribution companies, including for EVNHANOI, aiming to provide a
modest level of profit. Historical return on equity for EVNHANOI
has been around 1.6%.

High Capex After 2020: Fitch expects EVNHANOI's capex to remain
high, after falling in 2020 due to the pandemic's impact on
construction of certain projects. Fitch expects EVNHANOI's capex to
increase to VND6.9 trillion in 2021 from VND5.1 trillion in 2020
(2019: VND5.7 trillion). EVNHANOI's capex is mainly for enhancement
of the distribution grid and building substations and transmission
lines to improve the power supply capacity. Fitch estimates
EVNHANOI's FFO net leverage to increase and stay at around 3x over
the next three to four years (2019: 2.2x).

EVN's Strong State Linkages: Fitch sees EVN's status, ownership and
control by the Vietnam sovereign as 'Very Strong'. The state fully
owns EVN, appoints its board and senior management, directs
investments and approves tariff hikes in excess of 5%. The support
record and its expectations of state support for EVN are 'Strong'.
The state has provided guarantees, step-down loans, loans from
state-owned banks at preferential rates, subsidies for
strategically important projects and tax incentives among others.
Fitch expects support to be available if needed, even though the
government intends to cut direct support for state-owned
enterprises and contain sovereign debt levels.

Strong State Incentive to Support EVN: Fitch believes the
socio-political implications of a potential EVN default are
'Strong', as it would lead to service disruption in light of the
company's entrenched position across the electricity-sector value
chain. It would also be difficult to fund new power investments.
Fitch sees the financial implications of a potential default by EVN
as 'Very Strong', as this would significantly affect the
availability and cost of domestic and foreign financing options for
the state and government-related entities, as EVN is one of
Vietnam's key borrowers.

DERIVATION SUMMARY

EVNHANOI's credit profile and rating assessment is driven by that
of its parent EVN, considering the strong linkages between the two
and the extensive influence EVN has on EVNHANOI's business plans,
profitability and financial profile. Similar to EVN, PT Perusahaan
Listrik Negara (Persero) (PLN, BBB/Stable, SCP: bb+) and Korea
Electric Power Corporation (KEPCO, AA-/Stable, SCP: bbb) are
monopolies in their respective countries' electricity transmission
and distribution sectors, and own and operate the majority of
installed power-generation capacity. PLN and KEPCO's IDRs are
equalised with those of Indonesia (BBB/Stable) and South Korea
(AA-/Stable), respectively - per Fitch's Government-Related
Entities Rating Criteria.

Fitch assesses PLN's linkages with the state and the state's
incentive to support as 'Very Strong'. Fitch assesses KEPCO's
status, ownership and control, and support record and expectations
as 'Strong', while the state's incentives to support are assessed
as 'Very Strong'. Meanwhile, Fitch assesses EVN's status, ownership
and control and financial implications of default as 'Very Strong',
whereas support, support record and expectations, along with the
socio-political impact of default, are assessed as 'Strong'.

KEY ASSUMPTIONS

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

  - Hanoi's electricity demand to grow by 4% in 2020, lower than
last the average of 8.4% in the last four years, due to effects
from the coronavirus pandemic. Demand to grow by around 7% per year
after 2020.

  - Average retail tariffs to decrease by 2.6% and bulk-supply
tariffs to fall by 5.5% in 2020; followed by growth of 4.5% and
2.7%, respectively, in 2021.

  - Distribution losses of around 4.4% per year (2019: 3.7%, 2018:
4.4%).

  - Capex to fall to VND5.1 trillion and increase to around VND6.7
trillion per year from 2021.

  - Blended interest rate of around 7% over 2020-2023, in line with
the historical trend.

  - No dividend pay-outs.

RATING SENSITIVITIES

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

  - Positive rating action on EVN

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

  - Negative rating action on EVN

For EVN, the following sensitivities were outlined by Fitch in its
Commentary on April 13, 2020:

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

  - Positive rating action on the sovereign, provided the
likelihood of state support does not deteriorate significantly

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

  - Negative rating action on the sovereign

  - Deterioration in EVN's SCP, along with significant weakening in
linkages with the state

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

Sound Liquidity: EVNHANOI had VND5 trillion of cash and cash
equivalents at end-2019, compared with current debt maturities of
VND1.4 trillion. Fitch expects the company's free cash flow to be
negative in the near to medium term due to high capex. However,
Fitch does not expect liquidity to be at risk as the company has
strong access to domestic markets due to its direct and indirect
linkages to EVN and the state.

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

EVNHANOI's rating is directly linked to the credit quality of its
parent EVN. A change in Fitch's assessment of the credit quality of
EVN would automatically result in a change in the rating on
EVNHANOI.

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).



                           *********


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

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

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

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

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



                *** End of Transmission ***