/raid1/www/Hosts/bankrupt/TCRAP_Public/200803.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, August 3, 2020, Vol. 23, No. 154

                           Headlines



A U S T R A L I A

AFG TRUST 2020-1: S&P Assigns BB Rating on Class E Notes
ANGEION GROUP: Second Creditors' Meeting Set for Aug. 7
DIRECT MAIL: First Creditors' Meeting Set for Aug. 11
PROSPA TRUST 2018-1: Moody's Confirms B3 on Class C Notes


C H I N A

LUCKIN COFFEE: Faces Administrative Penalty for Accounting Fraud
ZHUJI SMAC: Moody's Assigns Ba1 Corp. Family Rating


I N D I A

ALLAHABAD AGRO: CRISIL Lowers Rating on INR5cr Cash Loan to D
AMARNATH MILK: CRISIL Migrates D Debt Ratings to Not Cooperating
ASTRA ROCKS: CRISIL Lowers Rating on INR6cr Cash Loan to B-
BALA JI WAREHOUSE: CRISIL Keeps D on INR11cr Debt in NonCooperating
CMM INFRAPROJECTS: CRISIL Lowers Ratings on INR130cr Loans to D

HAPPY ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
INDIAN ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
JET AIRWAYS: FSTC-Led Consortium Promises $100MM Initial Investment
JET AIRWAYS: Posts Net Loss of INR5,539 crore For 2019
M.S. MINING: Insolvency Resolution Process Case Summary

NEHA EXPORTS: CRISIL Keeps C on INR1cr Debt in Not Cooperating
OXIGEN SERVICES: CRISIL Moves D Debt Ratings to Not Cooperating
R J BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating
RELIGARE ENTERPRISES: Unit Sees Restructuring Completion by YearEnd
SION CERAMICS: CRISIL Migrates D Debt Ratings to Not Cooperating

SPARK REALTY: CRISIL Moves B+ on INR12cr Debt to Not Cooperating
SRIRAM FASTENERS: CRISIL Moves B Debt Ratings to Not Cooperating
SRM TRANSPORTS: CRISIL Migrates D Debt Ratings to Not Cooperating
ST. XAVIER'S: CRISIL Keeps D Debt Ratings in Not Cooperating
SURBHI INDUSTRIES: CRISIL Moves D Debt Ratings to Not Cooperating

THEME EXPORT: CRISIL Migrates D Debt Ratings to Not Cooperating
TREND SETTERS: CRISIL Migrates D Debt Ratings to Not Cooperating
VEDIKA AGRO: CRISIL Migrates D Debt Ratings to Not Cooperating
VENKATASAI SOLVENT: CRISIL Moves D Debt Ratings to Not Cooperating
VENKATESWARA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating

VIJAY IRON: CRISIL Migrates D on INR8cr Debt to Not Cooperating
VVF INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating


J A P A N

SKYMARK AIRLINES: Secures JPY50 Billion in Emergency Financing


S I N G A P O R E

EZION HOLDINGS: Unit Prepares Response to US$1.5 Million Claim
LIBRA GROUP: Gets Interim Extension of Moratoria Until Aug. 20
SUNMOON FOOD: Annual Net Loss Widens to SGD4.3 Million in FY20
XIHE HOLDINGS: Hearing on OCBC Judicial Management Bid Adjourned


T H A I L A N D

NOK AIRLINES: Files for Rehabilitation; Blames COVID-19 for Woes

                           - - - - -


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A U S T R A L I A
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AFG TRUST 2020-1: S&P Assigns BB Rating on Class E Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to seven of the eight
classes of prime residential mortgage-backed securities (RMBS)
issued by Perpetual Corporate Trust Ltd. as trustee for AFG 2020-1
Trust in respect of Series 2020-1.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 7.6% of the portfolio. S&P's expectation that the
various mechanisms to support liquidity within the transaction,
including a liquidity facility equal to 1.0% of the aggregate
outstanding amount of the notes, subject to a floor of A$700,000,
and the principal draw function are sufficient to ensure timely
payment of interest."

-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.

-- The counterparty exposure to National Australia Bank Ltd. as
liquidity facility provider and bank account provider. The
transaction documents for the liquidity facility and bank account
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 might put upward pressure on mortgage
arrears over the longer term. S&P said, "We recently updated our
outlook assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. The
collateral pool as of the June 15, 2020, cut-off date did not
include any loans that were under a COVID-19 hardship payment
arrangement. Nevertheless, we undertook additional cash-flow
sensitivity analysis to assess the rated notes' sensitivity to
delays in borrower payments should some loans enter hardship
arrangements following the cut-off date." As of July 15, 2020,
three loans, representing 0.1% of the pool, have entered into a
COVID-19 hardship arrangement.

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

  AFG 2020-1 Trust in respect of Series 2020-1

  Class      Rating       Amount (A$ mil.)
  A1-S       AAA (sf)     230.00
  A1-L       AAA (sf)     382.50
  AB         AAA (sf)      49.00
  B          AA (sf)       20.40
  C          A (sf)         7.60
  D          BBB (sf)       4.20
  E          BB (sf)        2.80
  F          NR             3.50

  NR--Not rated.


ANGEION GROUP: Second Creditors' Meeting Set for Aug. 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Angeion Group
Pty Ltd has been set for Aug. 7, 2020, at 10:00 a.m. via Skype for
Business.  

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.

Geoffrey Trent Hancock of PKF was appointed as administrator of
Angeion Group on May 4, 2020.


DIRECT MAIL: First Creditors' Meeting Set for Aug. 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Direct Mail
And Marketing Pty Ltd will be held on Aug. 11, 2020, at 2:30 p.m.
via online video conference using Zoom Meetings.

Glenn John Spooner and Sam Kaso of Cor Cordis were appointed as
administrators of Direct Mail on July 30, 2020.


PROSPA TRUST 2018-1: Moody's Confirms B3 on Class C Notes
---------------------------------------------------------
Moody's Investors Service has confirmed the ratings of Class A,
Class B and Class C Notes issued by Prospa Trust Series 2018-1.

The confirmation concludes the review for downgrade initiated on
March 31, 2020 as a result of the deteriorating operating
environment for Australian small businesses due to the coronavirus
outbreak.

The affected ratings are as follows:

Issuer: Prospa Trust Series 2018-1

Class A Notes, Confirmed at A3 (sf); previously on Mar 31, 2020 A3
(sf) Placed Under Review for Possible Downgrade

Class B Notes, Confirmed at Ba2 (sf); previously on Mar 31, 2020
Ba2 (sf) Placed Under Review for Possible Downgrade

Class C Notes, Confirmed at B3 (sf); previously on Mar 31, 2020 B3
(sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The rating confirmation reflects the balance between (1) the
increase in credit enhancement available to the affected notes, and
(2) the deterioration in credit quality stemming from the economic
shocks triggered by the coronavirus outbreak.

Portfolio performance has started to stabilize in June 2020
following a material reduction in the number of loans subject to
full payment deferrals. At the same time, note subordination has
increased. As a result, Moody's has concluded that the net effect
of risks posed to the notes continue to be consistent with the
current ratings of the notes.

The increase in credit enhancement is driven by the amortization of
the portfolio and the repayment of the notes since the initiation
of the rating review. The transaction has stopped purchasing new
loans since March 2020. On the payment dates between April and June
2020, the manager used all principal collections to repay the Class
A and Seller Notes, but not the Class B and Class C Notes. On July
7, 2020, the transaction parties agreed to end the substitution
period, following which, all principal collections will be used to
repay outstanding notes on a sequential basis.

Following the July 2020 payment date, the note subordination
available for the Class A, Class B and Class C Notes has increased
to 40.1%, 19.9% and 14.7% respectively, from 28.0%, 11.7% and 7.5%
at the time of issuance. Note subordination levels include 6.8% of
non-qualifying receivables, which Moody's has not taken into
consideration in its cash flow analysis.

The risk of deterioration in the underlying loans' performance is
driven by the large proportion of loans currently subject to
covid-related full or partial payment holidays, as well as the
ongoing challenging operating environment.

As of July 21, 2020, about 60% of the loans in the pool were under
payment assistance due to coronavirus disruptions. The majority of
borrowers -- 56% -- under payment assistance are making full
repayments. 30% of borrowers are making partial repayments, mostly
25% or 50% of the scheduled repayment. Only 14% of borrowers are on
full deferrals. The highest exposures were to borrowers in
hospitality, professional services, retail and building and trade
industries.

Moody's notes that despite the covid-related payment holidays,
interest collections and excess spread in the transaction remained
very high through the review period. Moody's cash flow analysis has
considered the excess spread available in the transaction to cure
losses.

Given the transaction's significant exposure to Australian small
businesses and borrowers highly impacted by the ongoing economic
disruptions, and the unsecured nature of the loans, Moody's has
increased its default assumption for the remaining pool of
qualifying receivables to 8.3%, which represents a 40% increase
from the initial default rate assumption of 5.95%.

Moody's analysis has also considered a higher default assumption of
10% for the collateral pool to evaluate the resiliency of the note
ratings amid the uncertainty surrounding pool performance. The
Class A Notes rating is more resilient than the ratings of Class B
Notes and Class C Notes, given Class A Notes' seniority and higher
note subordination.

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

The transaction is supported by a liquidity reserve amounting to
2.0% of the note balance, which can cover approximately four months
of interest payments if no collections come in at all.

The portfolio consists of short-term, high-yielding, largely
unsecured loans made to Australian small businesses, originated by
Prospa Advance Pty Ltd.

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

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.




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LUCKIN COFFEE: Faces Administrative Penalty for Accounting Fraud
----------------------------------------------------------------
Reuters reports that China's Ministry of Finance will impose
administrative penalties on Luckin Coffee after it confirmed an
accounting fraud that forced the onetime market player to delist
from NASDAQ.

The ministry completed its inspections into Luckin Coffee (China)
and Luckin Coffee (Beijing), which found Luckin booked CNY2.25
billion (US$322.60 million) of sales through fake coupons from
April 2019 to the end of last year, it said in a statement on its
website on Aug. 1, Reuters relates.

It also found Luckin inflated sales by CNY2.12 billion during that
period. Costs were inflated by CNY1.2 billion while profits were
inflated by CNY908 million, it added.

                        About Luckin Coffee

Based in China, Luckin Coffee Inc., provided non-alcoholic
beverages. The Company offered various types of coffee.  

As reported in the Troubled Company Reporter-Asia Pacific on July
21, 2020, South China Morning Post said Luckin Coffee has called in
liquidators to oversee a corporate restructuring and negotiate with
creditors to salvage its business, less than four months after
shocking the market with a US$300 million accounting fraud.

The Post related that the start-up company named Alexander Lawson
of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze of
Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York. The move was in response to a
winding-up petition by an undisclosed creditor, it added.

The appointments will create a stable platform to allow the company
and its advisers to negotiate and restructure its financial
obligations, the Xiamen, Fujian-based coffee chain said in the
filing. It hired Houlihan Lokey as financial advisers to implement
a workout with creditors, the Post disclosed.


ZHUJI SMAC: Moody's Assigns Ba1 Corp. Family Rating
---------------------------------------------------
Moody's Investors Service has assigned a Ba1 Corporate Family
Rating to Zhuji State-owned Assets Management Co., (SAMC) Ltd. and
has withdrawn the company's Baa3 issuer rating, following the
publication of its Local Government Financing Vehicles in China
Methodology on July 29, 2020.

Moody's has also downgraded the senior unsecured rating on the bond
issued by Zhuji Development Limited and guaranteed by Zhuji SAMC to
Ba1 from Baa3.

At the same time, Moody's has withdrawn the ba3 Baseline Credit
Assessment previously assigned to Zhuji SAMC, reflecting the change
in primary methodology to LGFVs in China from Government-Related
Issuers Methodology.

The rating outlook has been changed to stable from negative.

The downgrade of Zhuji SAMC reflects (1) Moody's classification of
Zhuji SAMC as an LGFV under the new methodology, and (2) Moody's
assessment that Zhuji SAMC is more appropriately positioned at the
Ba1 rating level, in view of Zhuji government's capacity to support
score of baa3 and one notch downward adjustment relating to the
company's characteristics affecting its RLG owner's propensity to
support.

The one notch adjustment considers the company's growing
receivables from other government-related entities and large
commercial exposure to commodity trading, which is counterbalanced
by the company's dominant role in providing essential public policy
service in Zhuji city, and its status as the largest state-owned
enterprises in Zhuji city in terms of asset size.

RATINGS RATIONALE

Zhuji SAMC's Ba1 ratings are based on (1) the Zhuji government's
GCS score of baa3, and (2) Moody's assessment of how the company's
characteristics affect the Zhuji government's propensity to
support, resulting in a one-notch downward adjustment.

The assessment considers Zhuji SAMC's strategic role as the largest
LGFV and dominant position in providing public services in Zhuji
city, as well as its ultimate 100% ownership by the Zhuji
government.

Zhuji SAMC's considerable commercial activities and the associated
debts, notably in copper trading, lower the city government's
propensity to support when compared with LGFVs primarily tasked
with public policy objectives. Because it is generally more
difficult for Chinese RLGs to support debt associated with
commercial activities than those associated with public policy
projects.

Moreover, the receivables due from other local government-related
entities including those owned by lower-tier township governments
have been rising since 2017. These receivables may not be easily
recovered and there is no clear mechanism if Zhuji SAMC will be
adequately compensated if these entities fail to repay.

The change in the primary methodology reflects the publication of
Moody's new LGFV in China Methodology and Moody's view that (1) RLG
support is the dominant credit consideration for an LGFV, and (2)
LGFV-specific characteristics may also affect RLGs' propensity to
support LGFVs.

LGFVs are entities that are directly or indirectly fully owned and
effectively controlled by RLGs. They engage primarily in financing,
investing in and operating public infrastructure and social welfare
projects on behalf of their RLG owners.

Because the primary purpose of LGFVs is to serve public policy
objectives and provide public goods or services for free or at
subsidized rates, they are typically closely integrated with their
RLG owners and RLGs typically provide the majority of LGFVs' cash
flow.

The analytical framework in this rating methodology comprises two
components:

(1) The "Governmental Capacity to Support" (GCS) component, which
considers aspects that could influence RLG owners' ability to
provide support to LGFVs in a timely manner; and

(2) The "LGFV Characteristics Affecting Support" component,
primarily based on (1) an LGFV's business profile; (2) its
integration with the RLG as well as the control and oversight by
the RLG; (3) the risk that the LGFV will need to bailout other
entities; and (4) any exceptional governmental willingness to
support characteristics, and other analytical considerations. This
analysis may result in downward or, more rarely, upward adjustments
in whole notch increments to the GCS score.

The ratings also consider the following environmental, social and
governance factors.

Environmental risks are low for Zhuji SAMC.

LGFVs generally have high social risks since they implement public
policy initiatives by building, owning and operating public
infrastructure. The company is exposed to a high degree of social
risk since they implement public policy initiatives by building,
owning and operating public infrastructure. Demographic changes,
public awareness and social priorities shape its development
targets and ultimately affect Zhuji city government's propensity to
support it.

Governance considerations are also material to the ratings, as the
issuer is subject to oversight and reporting requirements to its
owner RLG, reflecting its public policy role and status as a
government owned entity.

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

The stable outlook reflects (1) the stable outlook on the China's
A1 sovereign rating; (2) Moody's expectation that Zhuji city' GCS
will remain stable, and (3) the company's business profile and
integration with its RLG and the control and oversight provided by
the Zhuji government will remain largely unchanged over the next
12-18 months.

Moody's has recalibrated the rating tolerance levels of these rated
LGFVs to reflect the change in methodology and corresponding credit
drivers.

Zhuji SAMC's ratings could be upgraded if (1) China's sovereign
rating is upgraded or Zhuji city's GCS strengthens, which could be
the result of a material strengthening in the city's economic or
financial profile, or its ability to coordinate timely support; and
(2) its characteristics change in a way that strengths Zhuji city's
propensity to support such as through:

  - A material reduction in its credit exposure relating to
receivables due from other government related entities as well as
risk and exposures in commercial activities; or

  - An increase in government payments and an improvement in the
predictability of government payment mechanisms, such as dedicated
fiscal budget allocations and transfers from higher-tier
governments whereby government payments can consistently cover a
large share of their operational and debt servicing needs.

On the other hand, its ratings could be downgraded if (1) China's
sovereign rating is downgraded or its respective city's GCS
weakens, which could be the result of a material weakening in the
city's economic or financial profile, or its ability to coordinate
timely support; (2) there are changes in the Chinese government's
policies that prohibit RLGs from providing financial support to
LGFVs; or (3) Its characteristics change in a way that weakens
Zhuji city's propensity to support, such as through:

  - Material changes in its core business with substantial
expansion of commercial activities at the cost of its public
service functionalities, or substantial losses in its commercial
activities;

  - A decline in its position as the largest and dominant public
service provider in Zhuji city;

  - Rapid increases in its debt and leverage, with less
corresponding government payments and this increases its reliance
on high cost financing, including debt borrowing from non-standard
channels; or

  - A material increase in receivables from government related
entities from current level

The principal methodology used in these ratings was Local
Government Financing Vehicles in China Methodology published in
July 2020.

Zhuji State-owned Assets Management Co., Ltd. is the largest LGFV
in Zhuji city, and consolidates most of the Zhuji government's
major state-owned operational assets, including urban
infrastructure construction, affordable housing development, water
services, and public transportation. At the end of 2019, Zhuji
reported total assets of RMB128.2 billion.




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ALLAHABAD AGRO: CRISIL Lowers Rating on INR5cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Allahabad Agro Commodities Private Limited (AACPL) to 'CRISIL D'
from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Foreign Letter          2.23     CRISIL D (Downgraded from
   of Credit                        'CRISIL B+/Stable')

   Long Term Loan          1.77     CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Fund-          1        CRISIL D (Downgraded from
   Based Bank Limits                'CRISIL B+/Stable')

The downgrade reflects the delay by the company in meeting interest
obligations on its cash credit limit and term loans for over 30
days till February 2020 which also persisted till April 2020.
Though the company has availed the moratorium on debt servicing
under the Reserve Bank of India's Covid-19 Regulatory Package, its
liquidity remains weak. Also, with sizeable debt obligation due in
September 2020, timely debt servicing remains a challenge

AACPL's profitability is vulnerable to volatility in raw paddy
prices and changes in government regulations. Also, the company has
a modest scale of operations and a weak financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters in the basmati rice industry.

Analytical Approach

Unsecured Loans from Promoters of INR1.17 crores have been treated
as debt.

Key Rating Drivers & Detailed Description

Weaknesses:
* Vulnerability to volatility in raw material prices and changes in
government regulations: Availability and prices of paddy depend on
the extent of rainfall, and fluctuations in prices can affect
AACPL's business risk profile. Moreover, the company will remain
susceptible to government regulations regarding agricultural
commodities, export restrictions, and so on.

* Modest scale of operations: AACPL's modest scale of operations in
the intensely competitive basmati rice industry will continue to
limit its operating flexibility. For fiscal 2020, revenue is
estimated at INR8.33 crore. The ramp-up of operations from the
recently set up manufacturing facility remains a key monitorable.

* Weak financial profile:  Financial risk profile is weak due to
high gearing and low accruals from the operations. Debt protection
metrics are subdued, with interest coverage of 1.04 times in fiscal
2020. The metrics are expected to remain weak over near to medium
term due to high debt levels.

Strength:

* Extensive industry experience of the promoters: The
three-decade-long experience of the promoters in the basmati rice
industry, their strong understanding of the market dynamics, and
healthy relationships with suppliers and customers will continue to
support the business.

Liquidity Poor
Utilisation of bank limit averaged 100% in the 12 months through
June 2020. Net cash accrual is expected at INR50-70 lacs per annum
are tightly matched against term debt obligation of INR30-70 lacs
per annum over the medium term. The liquidity was weak because of
delayed commissioning of manufacturing set up and had led to delays
in debt servicing. Ramp up in sales and generating sufficient cash
accruals to service debt obligations over the medium term will
remain key monitorable.

Rating Sensitivity factors

Downgraded factors

* Track record of timely repayments of bank debt for consecutive 90
days

* Improvement operating performance with higher sales and operating
profitability

Incorporated in 2016, AACPL earlier traded in basmati rice. It set
up a unit for processing (milling, polishing and sorting) basmati
rice in fiscal 2020 at Hollagarh in Allahabad, with installed
capacity of 15 tonne per hour. The unit commenced operations in
January 2020. Mr. Pawan Kumar Gupta, Ms Sushma Gupta and Mr. Gopesh
Gupta are the promoters of the company.


AMARNATH MILK: CRISIL Migrates D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shri Amarnath
Milk Foods Private Limited (SMPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            21       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan               4       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMPL 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 SMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SMPL 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 SMPL to
'CRISIL D Issuer not cooperating'.

SMPL, established in 2014 at Agra, Uttar Pradesh by Mr. Mahesh
Chand Singhal and Mr. Sanjeev Kumar, processes milk and milk
products such as ghee, milk powder, skimmed milk powder, butter,
and dairy whitener. Operations began in March 2015.


ASTRA ROCKS: CRISIL Lowers Rating on INR6cr Cash Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its long term ratings on the Astra Rocks and
Minerals Pvt Ltd (ARMPL) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     2.5       CRISIL B-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Working Capital        6.5       CRISIL B-/Stable (Downgraded
   Term Loan                        from 'CRISIL B/Stable')

The downgrade reflects the weakening of business and financial risk
profile. Liquidity is weak with fully utilized bank lines due to
high working capital requirements. Debt funded capex plans of
around INR3 crores in the medium term is expected to further weaken
the capital structure. Revenues were far lower than expectations in
FY19-20 due to delay in start of operations in the units. Company's
performance is expected to be affected in this fiscal also due to
the impact of Covid-19 and sluggish market conditions

Rating continues to reflect the company's exposure to risks related
to stabilization of operations, exposure to intense competition in
quarrying industry and below average financial risk profile. These
weaknesses are partially offset by the extensive entrepreneurial
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:
* Exposure to risks related to stabilization of operations: The
company is still in nascent stages of operations. The operations
are expected to stabilize over medium term, supported by
improvement in capacity utilizations and demand. Stabilization of
the project will remain a key monitorable over the medium term.

* Exposure to intense competition in the quarrying industry: The
company faces competition from other granite quarrying companies
across Andhra Pradesh, Telangana, Tamil Nadu and Karnataka. This is
likely to limit its bargaining power with customers.

* Below average financial risk profile: The Company's financial
risk profile is marked by modest net worth of INR2.12 Cr and high
gearing of 6.45 times as on March 2020. Debt protection metrics
marked by interest coverage ratio and NCATD at 1.35 times and 0.04
times respectively for fiscal 2020. Owing to nascent stages of
operations, the company's financial metrics, such as net worth,
gearing and debt protection metrics, are likely to remain weak over
the medium term.

Strength:
* Extensive entrepreneurial experience of promoters: The promoters,
Dr Satish Chandra and his wife Dr Swati have vast entrepreneurial
experience: doctors by profession, they set up a hospital in
Vijayawada. Experience in quarrying, however, is limited.

Liquidity Stretched
Liquidity is marked by high BLU of 90-95% in the medium term. Cash
acccruals of INR0.7-0.8 crores in FY20 are sufficient to meet the
term debt obligations of  INR0.7 crores. However, cushion is
expected to remain tight with debt funded capex plans in the medium
term.

Outlook: Stable

CRISIL believes ARMPL will continue to benefit from the extensive
entrepreneurial experience of the promoters.

Rating Sensitivity factors

Upward Factors

* Achieve above 12 crores of turnover with operating efficiency of
35%

* Equity infusion leading to improvement in financial risk profile

Downward Factors

* Drop in profitability below 30%

* Improvement in the working capital management

ARMPL is a Vijayawada-based company involved in quarrying and
selling of rough granite blocks. Incorporated in December 2014,
operations began in December 2016. The company is promoted by Dr.
Satish Chandra and his wife Dr. Swati.


BALA JI WAREHOUSE: CRISIL Keeps D on INR11cr Debt in NonCooperating
-------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Shree
Bala Ji Warehouse (SBW) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              11        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SBW 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 SBW, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SBW is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SBW
continues to be 'CRISIL D Issuer Not Cooperating'.

SBW was set up as a partnership firm of Mr. Sandeep Kodan, Mr.
Ramesh Kumar and Mr. Suresh Kumar in 2012. The firm has constructed
a warehouse with capacity of 52,500 MT to provide storage of agro
based products in Barwara (Haryana). It has signed a ten-year
contract with HAFED. The warehouse has been constructed with an
estimated cost of INR18.10 crore, and began commercial operations
in May 2014.


CMM INFRAPROJECTS: CRISIL Lowers Ratings on INR130cr Loans to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Cmm
Infraprojects Limited (CMMIL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. The downgrade reflects delays by CMMIL in servicing
of debt obligations.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee      100        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Cash Credit         30         CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with CMMIL for obtaining
information through letters and emails dated June 12, 2020 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 CMMIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CMMIL is consistent
with 'Assessing Information Adequacy Risk'.

CRISIL has downgraded its ratings on the bank facilities of CMMIL
to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'. The downgrade reflects
delays by CMMIL in servicing of debt obligations.

CMMIL was established in year 1979 as a partnership company named
C.M. Mundra & Co and was incorporated as public limited company in
2006. The Company has been promoted by Mr. Kishan Mundra and family
members.

CMMIL is catering to diversified Infrastructure segments. The
company currently caters to construction of commercial &
institutional buildings, roads & bridges, canal and irrigation
works.

CMMIL has a head office in Indore, Madhya Pradesh and branch
offices in Maharashtra (Nagpur), Orrisa, Goa, Rajashtan.


HAPPY ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Happy
Acoustics Private Limited (HAPL; part of the Five Core group)
continues to remain in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       39        CRISIL D (ISSUER NOT
                                    COOPERATING)      

   Cash Credit             1.5      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit          5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit in       6.5      CRISIL D (ISSUER NOT
   Foreign Currency                 COOPERATING)

CRISIL has been consistently following up with HAPL 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 HAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on HAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of HAPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

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

                          About the Group

FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations.

Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.

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

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


INDIAN ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Indian
Acoustics Private Limited (IAPL; part of the Five Core group)
continues to remain in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       29        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit             3        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit         10        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit in      11        CRISIL D (ISSUER NOT
   Foreign Currency                 COOPERATING)

CRISIL has been consistently following up with IAPL 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 IAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on IAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of IAPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

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

FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations.

Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.

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

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


JET AIRWAYS: FSTC-Led Consortium Promises $100MM Initial Investment
-------------------------------------------------------------------
Moneycontrol reports that the consortium of Flight Simulation
Technique Centre Pvt Ltd (FSTC), Big Charter Pvt Ltd, and Imperial
Capital Investments LLC, have secured an initial funding of $100
million that will be used to revive Jet Airways.

"We have secured a funding of $100 million through our partners, to
start with," Biraja Jena, chairman of Imperial Capital, told
Moneycontrol. The Dubai-based investment banking and wealth
management company has also brought in Taha Group - a Middle-East
based business house - as an investor, in the consortium.

The consortium is one of the two suitors who have placed bids of
the airline that had suspended its operations in April 2019, the
report notes.

The second consortium consists of London-based financial services
firm Kalrock Capital and entrepreneur Murari Lal Jalan. The two
bidders had submitted their plans on July 21, Moneycontrol says.

It is further learnt that private equity major Xponentia,
co-founded by industry veteran Ajay Relan, has also marked an
investment of INR100 crore, into Jet Airways, according to
Moneycontrol. Relan sits on the board of Flight Simulation
Technique Centre Pvt Ltd (FSTC), which was co-founded by two former
pilots - Sanjay Mandavia and DS Basraon.

Sources added that the Kalrock Capital led consortium has also got
the backing of investors and aviation industry veterans, including
two executives who were part of the senior management at Jet
Airways. This may include Nikos Kardassis, the former CEO of the
airline, and considered close to founder Naresh Goyal, Moneycontrol
adds.

According to Moneycontrol, the FSTC-Imperial Capital consortium has
proposed to restart Jet Airways with five to 10 aircraft. These
will be used to cater to routes between metros in the country.

"As Prime Minister Narendra Modi had pointed out recently, the
Indian aviation sector, despite the COVID-19 disruption, is best
positioned to grow. At Jet Airways, the plan is to honour the
airline's order book with Boeing. We will negotiate with the
airline manufacturer," said sources close to the consortium,
Moneycontrol relays.

Modi, while recently addressing a summit organized by the US-India
Business Council, had talked about private airlines planning to add
more than a thousand aircraft in their fleet over the next decade,
the report states.

On the other hand, Kalrock Capital-led consortium plans to restart
Jet Airways operations with over 20 aircraft. It plans to fly both,
on domestic and international routes, Moneycontrol says.

                         About Jet Airways

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

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

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

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

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


JET AIRWAYS: Posts Net Loss of INR5,539 crore For 2019
------------------------------------------------------
The Economic Times reports that Jet Airways, which is undergoing
insolvency proceedings, posted a net loss of INR5,539 crore for
FY19, according to an exchange filing.

The airline had posted a consolidated net loss of INR636 crore a
year earlier, the report says.

ET relates that the airline clocked revenue of INR23,314 crore for
the year compared to INR25,177 crore in the previous year. It's net
worth at the end of FY19 was a negative INR12,695 crore, ET
discloses.

                         About Jet Airways

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

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

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

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

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


M.S. MINING: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M.S. Mining and Consultancy Private Limited
        Plot No. 14, Missal Layout
        Nagbhumi Society
        Indora Nagpur
        MH 440014
        IN

Insolvency Commencement Date: March 17, 2020

Court: National Company Law Tribunal, Nagpur Bench

Estimated date of closure of
insolvency resolution process: September 13, 2020
                               (180 days from commencement)

Insolvency professional: Manisha Sanjay Agrawal

Interim Resolution
Professional:            Manisha Sanjay Agrawal
                         Manisha & Associates
                         238, Shriram Towers Near NIT
                         Sadar, Nagpur
                         Maharashtra 440001
                         E-mail: m_taiyal@yahoo.com
                                 ip.msmining@gmail.com

Last date for
submission of claims:    August 4, 2020


NEHA EXPORTS: CRISIL Keeps C on INR1cr Debt in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Neha
Exports (Neha; a part of the Five Core group) continues to remain
in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting      16.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            1         CRISIL C (ISSUER NOT
                                    COOPERATING)

   Packing Credit in      5         CRISIL A4 (ISSUER NOT
   Foreign Currency                 COOPERATING)

   Proposed Fund-        10         CRISIL C (ISSUER NOT
   Based Bank Limits                COOPERATING)

CRISIL has been consistently following up with Neha 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 Neha, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on Neha is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of Neha
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

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

                         About the Group

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

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

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


OXIGEN SERVICES: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the ratings on the bank facilities of Oxigen
Services India Private Limited (Oxigen Services; part of the Oxigen
group) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
D/CRISIL D'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         10       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft             110       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     30       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Oxigen Services
through letters and emails dated June 17, 2020, July 14, 2020 and
July 18, 2020, among others, apart from telephonic communication,
for obtaining information. 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 the financial performance or
strategic intent of Oxigen Services, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that the rating action on Oxigen Services
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on the bank
facilities of Oxigen Services to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL D/CRISIL D'.

Oxigen Services, incorporated in 2004, is a leading payment service
provider for mobile, direct-to-home, and utilities across India.
Currently, it processes over 50 crore transactions annually through
a platform that is developed and managed in-house. The company
launched India's first virtual mobile wallet in 2008, which became
the first non-bank wallet to be integrated with National Payments
Corporation of India, allowing instant money transfers through 70
major banks in India. After financial restructuring, Oxigen
Services converted its receivables in Oxigen Online valued at
INR114 crore into equity by virtue of which it now owns 97% of the
equity in Oxigen Online.


R J BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of R J
Buildcon Private Limited (RJ) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        5.05       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft             4.00       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             0.95       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RJ 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 RJ, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RJ is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RJ
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

RJ, incorporated in March 2008 at Pune undertakes road
construction. The company has executed road construction orders
from Pune Municipal Corporation, Public Works Department (PWD),
Pimpri Chinchwad Municipal Corporation, and National Highway
Authority of India since inception. RJ is a registered class I(A)
contractor with Maharashtra PWD.


RELIGARE ENTERPRISES: Unit Sees Restructuring Completion by YearEnd
-------------------------------------------------------------------
The Hindu BusinessLine reports that Religare Finvest, which is the
NBFC arm of embattled financial services conglomerate Religare
Enterprises Ltd (REL), is hopeful of completing its debt
restructuring by December this year.

"We don't expect the final restructuring plan to go beyond the
third quarter of the year, maybe even earlier than December," the
report quotes Nitin Aggarwal, Group CFO, Religare Enterprises Ltd
and CEO, Religare Broking, as saying adding that once it is
through, the company will be much different.

BusinessLine says the proposal has already been submitted to the
lenders and is expected to be approved soon. The company is also in
talks with strategic investors. The Reserve Bank of India in March
this year had rejected a proposal to allow TCG Advisory, which is
part of NRI investor Purnendu Chatterjee's The Chatterjee Group, to
pick up a stake in the company, recalls BusinessLine.

"We are discussing the issue of strategic investor with the lenders
and it is work in progress. We will make a formal announcement once
it is a binding transaction," Mr. Aggarwal told BusinessLine.

He also said that apart from the NBFC and lending business, the
other businesses of health insurance and broking are doing well and
have even got a fillip despite the current Covid-19 pandemic,
BusinessLine relays.

"The Kedaara transaction will help in potential growth in the
health insurance segment," he said.

BusinessLine notes that Religare Health Insurance Company (RHICL)
had signed a deal with PE group Kedaara where the latter has taken
an over six per cent stake in the insurer and invested about INR567
crore, including INR300 crore of growth capital.

"June was quite a fantastic month for us as due to the pandemic
people are keen on buying insurance. As the economy is opening up,
we are able to sell more products through bancassurance and agents
channels. It is back to normal," BusinessLine quotes Mr. Aggarwal
as saying.

Similarly, Religare Broking is also doing well with more retail
participants joining equity markets during the lockdown.

"We have turned around the broking business and it was profitable
even pre-Covid and even during Covid," he said.

Religare Housing Development Finance Company, which is the housing
finance arm, is facing liquidity issues but is bullish on the
affordable housing segment in which it primarily operates, adds
BusinessLine.

Religare Enterprises had in June this year announced that it has
become external debt free, the report adds.

Religare Enterprises Ltd (REL) is a non-bank finance company, whose
subsidiaries are engaged in various businesses such as lending to
small and medium enterprises (Religare Finvest Limited, housing
finance (Religare Housing Development Finance Corporation), retail
security broking (Religare Broking Limited) and health insurance
(Religare Health Insurance Company).


SION CERAMICS: CRISIL Migrates D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sion Ceramics
Private Limited (SCPL) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     3.32      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              6.18      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCPL 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 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'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SCPL to
'CRISIL D Issuer not cooperating'.

Incorporated in 2013, SCPL, promoted by Mr. Pravin Karshan Patel,
Mr. Himalay Narbheram Patel, and Mr. Dilip Prabhu Dangroshiya,
manufactures ceramic wall tiles.


SPARK REALTY: CRISIL Moves B+ on INR12cr Debt to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Spark Realty
(SR) to 'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan      12       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SR 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 SR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SR 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 SR to 'CRISIL
B+/Stable Issuer not cooperating'.

Set up in 2013 as a proprietorship concern by Mr. Suresh Kumar
Bhalotiya, SR undertakes residential and commercial real estate
development in Pune. It is currently developing a residential
project, Spark Urban Bliss, in Wagholi, Pune; and a 5-star resort,
Spark Heaven, in Chikhaldara, Maharashtra.


SRIRAM FASTENERS: CRISIL Moves B Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sriram
Fasteners (SF) to 'CRISIL B/Stable Issuer not cooperating'.

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

   Long Term Loan          2.14     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      0.86     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SF 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 SF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SF 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 SF to 'CRISIL
B/Stable Issuer not cooperating'.

SF was set up in January 2016 as partnership between Mr. Sri Pramod
Kumar Todi, Mr. Basant Kumar Todi, Mr. Aditya Todi, Mr. Deepak
Gupta, and Ms Julie Wahlang. The Guwahati (Assam)-based firm
manufactures nut and bolt, barbed wire, torkari, chainlink, and
fencing wire, with total installed capacity of 27,600 MT per
annum.


SRM TRANSPORTS: CRISIL Migrates D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SRM Transports
India Private Limited (SRMT) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft               3        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              22.5      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SRMT 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 SRMT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SRMT 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 SRMT to
'CRISIL D Issuer not cooperating'.

SRMT, incorporated in 1999 by Mr. Ravi Pachaimuthu, is a
Chennai-based company that provides inter-city bus transportation
services, mainly in South India.


ST. XAVIER'S: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of St.
Xavier's Educational Trust (SXET) continues to remain in the
'Issuer Not Cooperating' category.

                    Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Cash Credit/        6.1     CRISIL D (ISSUER NOT COOPERATING)
   Overdraft
   facility            

   Long Term Loan      2.5     CRISIL D (ISSUER NOT COOPERATING)

   Proposed Working
   Capital Facility   21.4     CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SXET 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 SXET, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SXET is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SXET
continues to be 'CRISIL D Issuer Not Cooperating'.

SXET was set up in 1989, in the Tirunelveli district of by Dr
Cletus Babu. The trust runs various institutes offering graduate
and post-graduate courses in TN.


SURBHI INDUSTRIES: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Surbhi
Industries - Morbi (SI) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit             6       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan               1.8     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SI 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 SI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SI 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 SI to 'CRISIL
D Issuer not cooperating'.

Established in 2013, SI is promoted by Mr. Manoj Panara, Mr. Bipin
Kasundra, and their family members. The firm is engaged in
manufacturing of cotton bales.


THEME EXPORT: CRISIL Migrates D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Theme Export
Private Limited (TEPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill           11        CRISIL D (ISSUER NOT
   Discounting                      COOPERATING; Rating Migrated)
   
   Packing Credit         12        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      2.4      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Standby Export          4.6      CRISIL D (ISSUER NOT
   Packing Credit                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TEPL 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 TEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TEPL 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 TEPL to
'CRISIL D/CRISIL D Issuer not cooperating'.

TEPL was incorporated in 1997, promoted by Ms Nandini Singh and Ms
Ratna Singh. The company manufactures embroidery-based, designer,
high-end fashion products such as garments and accessories,
primarily for export. The manufacturing facility is at Okhla, New
Delhi.


TREND SETTERS: CRISIL Migrates D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Trend Setters
to 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting        4        CRISIL D (ISSUER NOT      
                                    COOPERATING; Rating Migrated)

   Packing Credit          3.5      CRISIL D (ISSUER NOT      
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      7.5      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Trend Setters 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 Trend Setters, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Trend Setters
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 Trend Setters to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Based in Mumbai and established in 1976 as a partnership firm by
Mr. Tushar Ruparelia and his brother Mr. Amit Ruparelia, Trend
Setters manufactures bed sheets, comforters, curtains, pillow
covers, and duvet covers. It gets most of the processing done on a
jobwork basis and does the final stitching and packaging in-house.


VEDIKA AGRO: CRISIL Migrates D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vedika Agro
Industries (VAI) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         3.75      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Working       1.25      CRISIL D (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VAI 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 VAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VAI 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 VAI to 'CRISIL
D Issuer not cooperating'.

Set up in 2011, VAI, a proprietorship concern of Mr. Uday Jankar,
processes chana to chana dal and then to besan. It facility at
Ambegaon, Maharashtra, has a capacity of 15 tonne per day.


VENKATASAI SOLVENT: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Venkatasai
Solvent India Private Limited (VSIPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         1.41      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     3.59      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VSIPL 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 VSIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VSIPL 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 VSIPL to
'CRISIL D Issuer not cooperating'.

Established as a private limited company in April, 2012, VSIPL is
engaged in extraction of edible rice bran oil (RBO) and de-oiled
rice bran (DORB) cake. The company has its manufacturing facility
located in Nalgonda district of Telangana. The company is promoted
and managed by Mr.Vinjam Sridhar.


VENKATESWARA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Sri
Venkateswara Educational Trust (SVET) continues to remain in the
'Issuer Not Cooperating' category.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Overdraft          1.5       CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long      1.0       CRISIL D (ISSUER NOT COOPERATING)
   Term Bank Loan
   Facility           

   Term Loan         10.5       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SVET 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 SVET, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SVET is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SVET
continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2014, SVET has two schools, Sri Venkateswara
Matriculation School, and Sri Venkateswara Public (CBSE)  School.
The operations are managed by Mr. G Venkatesan. Fiscal 2017 was the
first year of operations.


VIJAY IRON: CRISIL Migrates D on INR8cr Debt to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vijay Iron and
Steel Co. (VISC) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            8        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VISC 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 VISC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VISC 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 VISC to
'CRISIL D Issuer not cooperating'.

Established in 1972 in Jalandhar, Punjab, as a proprietorship firm
by Mr. Ramniwas Bansal, VISC trades in steel products such as
hot-rolled coils, sheets, and plates.


VVF INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of VVF India
Limited (VVFIL; part of the VVF group) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           220        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      511        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Cash          30        CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

   Proposed Long Term    165        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             474        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with VVFIL for obtaining
information through letters and emails dated January 7, 2020 and
June 30, 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 VVFIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VVFIL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of VVFIL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VVFIL, its subsidiaries (VVF Singapore
Pte Ltd and PT VVF Indonesia), VVF Ltd, and VVF Ltd's overseas
subsidiaries. This is because VVFIL and VVF Ltd have common
promoters and are in similar businesses. VVFIL's bank facilities
are secured by a corporate guarantee from VVF Ltd, and a charge on
VVF Ltd's assets in addition to personal guarantees from the
promoters. Furthermore, CRISIL believes that VVFIL will receive
need-based financial support from VVF Ltd's subsidiaries. During
2013-14 (refers to financial year, April 1 to March 31) and
2014-15, VVF Ltd extended financial support of Rs.800 million to
VVFIL. VVF Ltd is likely to extend further support of around Rs.200
million to VVFIL over the near term. All these companies have been
together referred to as the VVF group.

                         About the Group

Promoted by Mr. Godrej Pallonji Joshi, the VVF group commenced
operations in 1939, with The Vegetable Vitamin Foods Co Pvt Ltd.
The group is currently owned by the second generation of promoters,
Mr. Rustom Joshi, Ms Shanaz Diwan, and Mr. Faraz Joshi.

VVFIL manufactures fatty oils, fatty alcohols, and glycerine, which
contribute to around 60% of total revenue. Exports comprise nearly
50% of sales in the oleochemicals segment. The company has an
oleochemicals plant at Taloja, Maharashtra. It also undertakes
contract manufacturing of  personal care products (PCPs; accounting
for 25% of revenue) at its plants in Baddi, Himachal Pradesh;
Kolkata; and Daman. A small portion of revenue comes from sales
under own brands, Doycare, Jo, and Shiff.

VVF Ltd is the holding company for the group's entities that
contract manufacture PCPs overseas. VVF Ltd also has land holdings
in Mumbai. Its major and step-down subsidiaries are VVF Intervest
LLC (holding company for US-based operations), Green Planet
Industrial LLC (Dubai), and VVF S.P.Z.O.O (Poland). In fiscal 2012,
the oleochemicals, domestic contract manufacturing, and branded
manufacturing businesses of VVF Ltd were transferred to VVFIL,
which received private equity of INR135 crore.




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

SKYMARK AIRLINES: Secures JPY50 Billion in Emergency Financing
--------------------------------------------------------------
The Japan Times reports that Skymark Airlines has secured up to
JPY50 billion in financing to prepare for a second coronavirus
crisis.

Skymark has agreed with creditor banks to extend the repayment
deadline for an outstanding JPY30 billion loan and establish a
JPY20 billion credit line, informed sources said on Aug. 1, the
report relates.

The funds are intended for use in employee wage and aircraft lease
payments, according to the sources.

In May, Skymark used up its JPY30 billion credit line with Sumitomo
Mitsui Banking Corp., Mizuho Bank and Resona Bank, the Japan Times
recalls.

According to the Japan Times, the company has recently agreed to
repay the loan and borrow the same amount from the three banks and
the Development Bank of Japan.

After the refinancing, the loan repayment deadline will be pushed
back from November this year to July 2021.

In addition, Skymark agreed to set up a JPY20 billion credit line,
boosting the total financial resources readily available to JPY50
billion, the report relates.

Skymark passenger numbers in May plummeted 94.5 percent from the
previous year after the government declared a state of emergency
for the coronavirus. In June, passengers plunged 73.9 percent even
after the emergency was lifted, the Japan Times discloses.

Skymark is expected to suffer a sizable loss in the year to March
2021, the report notes. In April, the airline withdrew its listing
application to the Tokyo Stock Exchange.

Bigger rivals ANA Holdings Inc. and Japan Airlines have also been
working to secure funds to guard against prolonged weakness in
travel demand, the Japan Times adds.

Skymark Airlines is a Japanese low-cost carrier based in Tokyo. The
carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.




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

EZION HOLDINGS: Unit Prepares Response to US$1.5 Million Claim
--------------------------------------------------------------
Annabeth Leow at The Business Times reports that a unit of Ezion
Holdings is preparing a response to a claim of US$1.5 million, the
troubled liftboat operator disclosed in a bourse filing on July
31.

It said that claimant 3 Core DMCC is seeking the sum under a Feb. 8
settlement agreement with Teras Offshore Pte Ltd - a wholly-owned
subsidiary of Ezion - and has begun the arbitration process, the
report says.

3 Core DMCC is listed online as an oilfield services firm with a
mailing address in Dubai.

"The group does not believe that the proceedings will cause any
material disruptions to its operations and business," the Ezion
board said in its statement, BT relays.

It added that the company will announce further developments as
needed, the report notes. The sole arbitrator and the seat of the
arbitration for the claim have not been decided.

Trading in Ezion shares has been suspended since March 2019.

Based in Singapore, Ezion Holdings Limited --
http://www.ezionholdings.com/-- an investment holding company,
develops, owns, and charters offshore assets to support the
offshore energy markets in Singapore, India, Brunei, Thailand, the
Middle East, Nigeria, and internationally. The company operates
through Liftboats, Jack-Up Rigs, Offshore Support Logistics
Services, and Others segments. It owns, charters, and manages rigs
and vessels involved in the production, maintenance, and
exploration phases of the oil and gas, and offshore windfarm
industries. The company also provides shipping agency and
management services, as well as undertakes engineering works;
financing services; and cargo transportation services. In addition,
it holds assets or investments involved in renewable energy, and
other oil and gas related industries.


LIBRA GROUP: Gets Interim Extension of Moratoria Until Aug. 20
--------------------------------------------------------------
Annabeth Leow at The Business Times reports that Catalist-listed
Libra Group and its sole operating subsidiary have been given
interim debt moratoria until an adjourned court hearing on Aug. 20,
the board said on July 31.

According to the report, Libra, which is going through debt
restructuring, and its Kin Xin Engineering unit had asked for an
extension of the moratoria initially set to expire on July 30.

The applications for extensions were heard by the High Court on
July 30 and then adjourned until Aug 20 at 10:00 a.m. As such, the
court has ordered the interim moratoria, said the board, BT
relays.

The board added that creditors with any questions about the court
applications can contact KordaMentha Pte Ltd, which is acting as
Libra's financial adviser for the debt restructuring, the report
adds.

                        About Libra Group

Libra Group Limited provides integrated M&E services as a
sub-contractor. The Company's services include the contracting and
installation of ACMV systems, fire alarms and fire protection
systems, electrical systems as well as sanitary and plumbing
services. Libra also manufactures and sells ACMV related products.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
18, 2019, The Business Times said the Singapore High Court has
granted Libra Group a six-month reprieve against its creditors.
Libra's creditors include UOB, which issued a letter of demand on
Oct. 8, 2019, for US$18.8 million, and Maybank Singapore, which on
Sept. 3, 2019, issued a letter of demand to possess Libra's
property at 34 Sungei Kadut Loop.


SUNMOON FOOD: Annual Net Loss Widens to SGD4.3 Million in FY20
--------------------------------------------------------------
Lee Meixian at The Business Times reports that Sunmoon Food Company
on July 28 posted a net loss to the tune of SGD4.3 million for its
fiscal year ended March 31, 2020, similar to net losses a year
ago.

This was on the back of revenue falling 75 per cent to SGD18.4
million, from SGD72.6 million a year ago, due to business
restructuring during the year and its business being affected by
Covid-19, BT says.

Loss per share was 0.57 cent for the year, compared to a loss per
share of 0.81 cent a year ago.

BT relates that the company did not declare any dividend for FY20
as the group was loss-making, it said.

"The Covid-19 outbreak has resulted in significant disruption to
all aspects of the group's operations, including its supply chain
as well as distribution. Currently, we have no visibility on when
things would return to normal.

"During this difficult time, we will continue to control our costs
and streamline our supply-chain management and expand the scope of
the fulfillment of various types of fresh produce within the
agri-product segment," it said, BT relays.

Sunmoon Food Company Limited, an investment holding company,
distributes and markets branded fresh fruits, vegetables, and
consumer products worldwide. Its fresh fruits include apples,
pears, stone fruits, and seasonal fruits; and consumer products
comprise fruit cups, juices, snacks, and frozen products. The
company also manages a network of retail franchise outlets. It
distributes products through supermarkets, convenience stores,
online and wholesale channels, airlines, and food services.


XIHE HOLDINGS: Hearing on OCBC Judicial Management Bid Adjourned
----------------------------------------------------------------
Grace Leong at The Straits Times reports that a High Court hearing
for OCBC Bank's application to bring the Lim family-run Xihe
Holdings and four of its vessel-owning units under judicial
management has been adjourned to Aug. 13.

Following a hearing in chambers on July 30, the Xihe Group of
companies, which owns nearly 140 vessels, said "it and its 12
lenders have adjourned court proceedings to work together towards a
consensual restructuring".

On July 20, creditor OCBC applied to the High Court for Mr.
Seshadri Rajagopalan and Mr. Paresh Jotangia of Grant Thornton
Singapore to be appointed as interim judicial managers (IJM) for
Xihe and four of its subsidiaries: Da Xin Tankers, Hua Guang
Shipping, Nan King Maritime and Hua Xin Shipping, The Straits Times
notes.

Among the reasons cited, OCBC said it "strongly distrusts (their)
current management" after US$208.1 million (S$286 million) was
transferred by the Xihe group to troubled oil trader Hin Leong "for
no valid commercial purpose", according to court documents seen by
The Straits Times.

The Straits Times relates that the Lim family, which owns and
manages the Xihe group, has "admitted to and/or been found to have
fabricated fictitious gains and forged documents on a massive
scale, concealed massive losses, misused secured inventory and
misled banks into extending financing to Hin Leong, causing (the)
billion-dollar insolvencies of Hin Leong and Ocean Tankers", OCBC
added.

Hin Leong and its shipping arm Ocean Tankers initially sought a
six-month moratorium on debts of more than US$3.6 billion to 23
banks, according to the report. The oil trader's founder Lim Oon
Kuin admitted he had directed the firm to hide about US$800 million
in futures trading losses.

OCBC noted that the Lims further paid themselves dividends of US$30
million in 2017 and US$60 million in 2018 from Hin Leong when there
were no profits to support such dividends, and withdrew US$19
million from Ocean Tankers shortly before filing for the debt
moratorium.

The serious irregularities extend to the affairs of Xihe and its
four units, OCBC said.

It noted that "bareboat charters of OCBC-financed vessels were
terminated without OCBC's consent, and the Xihe units have
persistently failed to . . . collect payments from Ocean Tankers
for months or years, to the prejudice of creditors of the Xihe
group, and in breach of contractual obligations owed to OCBC," the
report relays.

"Especially in the light of the interlinked businesses, common
ownership and leadership of the debtor companies, Hin Leong and
Ocean Tankers, independent judicial managers need to be appointed
urgently over the debtor companies to investigate the serious
irregularities and prevent further prejudice to creditors," OCBC
said.

Xihe Holdings is a Singapore-based tanker shipowner.




===============
T H A I L A N D
===============

NOK AIRLINES: Files for Rehabilitation; Blames COVID-19 for Woes
----------------------------------------------------------------
Nikkei Asian Review reports that loss-making Nok Airlines, a budget
carrier listed on the Stock Exchange of Thailand, will undergo a
court-supervised rehabilitation, becoming the second Thai airline
to file such a request this year, following national flag carrier
Thai Airways International.

The Central Bankruptcy Court has issued an order to accept the
petition for consideration, according to a Nok Air statement filed
at the SET on Aug. 1, the Nikkei relays. The carrier's board of
directors decided to lodge the application at a meeting held on
July 31; it was submitted the same day, the Nikkei relates.

"It must be noted that the ongoing situation of COVID-19 pandemic
and adverse operating environment has been the key drivers leading
to the decision to undergo restructuring to enable the company to
be a viable entity in the long run," Nok Air CEO Wutthiphum
Jurangkool said in a company statement, insisting the filing is
"not a result of mismanagement," the Nikkei relays.

Thai Airways, meanwhile, on July 31, following its annual
shareholders meeting, announced that about 70% to 80% of the
state-owned company's creditors came out in favor of its
rehabilitation plan, according to the Nikkei.

The Nikkei relates that the company's acting president, Chansin
Treenuchagron, did not disclose details of the plan but said the
endorsement by a majority of creditors made him confident that he
can revive the cash-strapped airline within three to five years.
The long troubled company sought rehabilitation in May.

As of December 2019, Nok Air's total liabilities were at THB18.6
billion (US$600 million), while it held assets worth THB15.1
billion. Its total shareholder equity was a negative THB3.4
billion, the report discloses.

According to the Nikkei, the company has not reported its results
for the quarter ended in March, but a local newspaper reported that
Nok's debts had ballooned to THB26.8 billion as of March 31.

The pandemic forced the airline to cut back flights, the Nikkei
says. Its domestic routes cover 23 provinces, but flights have been
at 30% of their pre-pandemic level according to the CEO. Nok Air's
18 international routes have not resumed. NokScoot, a low-cost
international carrier jointly operated with Scoot Tigerair of
Singapore, was liquidated earlier in July.

The Nikkei says the company's refund policy became a burden, the
CEO insisted. Early on, the coronavirus outbreak led to passenger
refunds of around THB100 million per month.

However, the budget carrier cannot blame the pandemic for its six
consecutive years of losses. In 2019, Nok Air reported a net loss
of THB2.05 billion. It last reported a net profit in 2013.

Nok Air's stock price on July 31 fell 14% to a historical low at
THB0.72 per share, the report discloses. This is well below its par
value at THB1 per share.

"The company has no intention to terminate or liquidate its
business but resolves to continue its business and return to
profitability," Wutthiphum wrote in the statement, the Nikkei
relays. Nok Air intends to restructure its debt through the
rehabilitation process while adjusting its fleet, routes and
commercial strategies. It also intends to find ways for its workers
to be more productive.

The Nikkei says the CEO told local media that the budget carrier
currently has no intention of downsizing its workforce or
operations. But these are up to the court and designated
rehabilitation planners to decide.

The pandemic in May gave cash-strapped Thai Airways a final push.
The national flag carrier has filed a petition for rehabilitation
under the Bankruptcy Court's supervision. The process is ongoing,
the report adds.

Nok Airlines Public Company Limited (SET:NOK) --
https://www.nokair.com/ -- is a Thailand-based low-cost airline
operator. The Company offers point-to-point regional air services
using small to medium-sized aircrafts. Its services include
scheduled air services, which operates flights to various
destinations in Thailand and abroad, including Chiang Mai, Hat Yai,
Krabi, Vientiane, Yangon and others; charter flight services, which
offers flights to group passengers and additional services for
scheduled flight passengers, including booking services via
Internet, airport counter, call center services, counter check-in,
online check-in services, reservation change services, excess
baggage service, and others. The Company also offers in-flight food
and beverages, as well as souvenir merchandise to its customers.



                           *********


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
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***