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

                     A S I A   P A C I F I C

          Thursday, August 13, 2020, Vol. 23, No. 162

                           Headlines



A U S T R A L I A

IPROSPERITY UNDERWRITING: 2nd Creditors' Meeting Set for Aug. 19
MODULATE ENGINEERING: Second Creditors' Meeting Set for Aug. 21
OCCUPATION TWO: First Creditors' Meeting Set for Aug. 19
SWEENEY (YARRAVILLE): Second Creditors' Meeting Set for Aug. 20
VIRGIN AUSTRALIA: Rebel Bondholders Get UBS, Credit Suisse Support



C H I N A

CIFI HOLDINGS: Fitch Rates Proposed CNY Bonds 'BB'
CIFI HOLDINGS: S&P Rates New RMB Sr. Unsecured Notes 'BB-'
DALIAN WANDA: S&P Raises LongTerm Issuer Credit Rating to 'BB+'
FOSUN INT'L: S&P Alters Outlook to Negative & Affirms 'BB' ICR
WANDA COMMERCIAL: Fitch Affirms BB+ LongTerm IDR



H O N G   K O N G

LIFESTYLE INT'L: Moody's Cuts CFR to Ba2 & Alters Outlook to Stable


I N D I A

ABHIYAN DEALCOMM: CRISIL Raises Ratings on INR50cr Loan to B+
ARUN POLYMERS: CRISIL Lowers Ratings on INR11cr Loans to D
BABA NAGA: CRISIL Lowers Ratings on INR12cr Loans to D
BURNPUR CEMENT: CRISIL Keeps D Debt Ratings in Not Cooperating
CAARA INDIA: Insolvency Resolution Process Case Summary

CAPITAL POWERS: CRISIL Rates INR0.48cr Term Loan 'B+'
CHANDI CHARAN: CRISIL Hikes Rating on INR6.50cr Loan to B+
CHHAJED FOODS: CRISIL Lowers Rating on INR9.40cr Loan to D
EXCELLENT POWER: CRISIL Raises Ratings on INR7.5cr Loans to B+
FIROZABAD CERAMICS: CRISIL Cuts Rating on INR8.5cr Loan to D

FIVE CORE: CRISIL Keeps D Debt Ratings in Not Cooperating
G I AUTO PRIVATE: CRISIL Withdraws B+ Rating on INR6.63cr LT Loan
G.S. AUTO INT'L: CRISIL Withdraws D Rating on INR24cr Term Loan
GOPAL CHAKRABORTY: Ind-Ra Moves 'BB' Loan Rating to Non-Cooperating
ISHAAN TPR: CRISIL Reaffirms B+ Rating on INR2.5cr Cash Loan

JMT AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
KAPIL STEELS: Insolvency Resolution Process Case Summary
MACOR PACKAGING: Insolvency Resolution Process Case Summary
MOBILE TELECOM: CRISIL Keeps D on INR14cr Loan in Not Cooperating
MODERN STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating

MYSORE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
ORISSA STEVEDORES: CRISIL Moves D on INR74cr Debt to NonCooperating
PALLA SILKS: CRISIL Hikes Rating on INR10cr Loan to B-
PARANJAPE SCHEMES: CRISIL Keeps D Debt Ratings in Not Cooperating
PASUPATI SPINNING: CRISIL Lowers Rating on INR28.33cr Loan to B+

PVM TECHNOLOGIES: CRISIL Lowers Ratings on INR8cr Loans to D
RUBY CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
SHINING TOOLS: CRISIL Assigns B Ratings to INR8cr Loans
SOUTHERN CASHEW: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
SRS LIMITED: Ind-Ra Affirms 'D' LongTerm Issuer Rating

STURDY INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
SURYA PANEL: CRISIL Hikes Ratings on INR15cr Loans to B-
TOUCH TONE: CRISIL Reaffirms B Rating on INR8cr Secured Loan
TRIMURTI DAIRY: CRISIL Assigns B+ Ratings to INR4cr Loans
[*] INDIA: Insolvency Issues Confuse AGR Proceedings



I N D O N E S I A

SOECHI LINES: Moody's Lowers CFR to B2, Outlook Remains Negative


P H I L I P P I N E S

ROXAS AND CO: Posts PHP195.12MM Net Loss in Q2 Ended June 30


S I N G A P O R E

DFS ASSET: Fitch Affirms BB Rating on Class C Notes
HYFLUX LTD: Lenders Get Extension to File Application for JM Order
SINGAPORE: Recession Worse Than First Thought as Virus Slams
SOILBUILD CONSTRUCTION: Loss Widens to SGD17MM in 2020 First Half


T H A I L A N D

THAI AIRWAYS: To Nominate Board Members to Execute Rehab Plan

                           - - - - -


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A U S T R A L I A
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IPROSPERITY UNDERWRITING: 2nd Creditors' Meeting Set for Aug. 19
----------------------------------------------------------------
A second meeting of creditors in the proceedings of iProsperity
Underwriting Pty Ltd and G&H Partners Co Pty Ltd has been set for
Aug. 19, 2020, at 12:00 p.m. at the offices of Cor Cordis, 1 Wharf
Lane, Level 20, at 171 Sussex Street, in Sydney, NSW.
   
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. 18, 2020, at 4:00 p.m.

Jeremy Joseph Nipps, Barry Wight and Alan Lee Walker of Cor Cordis
were appointed as administrators of iProsperity Underwriting and
G&H Partners on July 15, 2020.


MODULATE ENGINEERING: Second Creditors' Meeting Set for Aug. 21
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Modulate
Engineering Pty Limited has been set for Aug. 21, 2020, at 1:00
p.m. via online meeting.  

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. 20, 2020, at 4:00 p.m.

Tim Heesh of TPH Insolvency was appointed as administrator of
Modulate Engineering on July 17, 2020.


OCCUPATION TWO: First Creditors' Meeting Set for Aug. 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Occupation
Two Pty Ltd and Quirky Mama Productions Pty Ltd will be held on
Aug. 19, 2020, at 2:00 p.m. at the offices of Hamilton Murphy
Advisory Pty Ltd, Level 1, at 255 Mary Street, in Richmond,
Victoria.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of Occupation Two on Aug. 7, 2020.


SWEENEY (YARRAVILLE): Second Creditors' Meeting Set for Aug. 20
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Sweeney
(Yarraville) Pty Ltd has been set for Aug. 20, 2020, at 10:30 a.m.
via Teleconference. The relevant telephone number for the meeting
is 02 9158 7141 (Conference ID: 682 010 725).

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. 19, 2020, at 5:00 p.m.

Con Kokkinos of Worrells Solvency & Forensic Accountants was
appointed as administrator of Sweeney (Yarraville) on July 16,
2020.


VIRGIN AUSTRALIA: Rebel Bondholders Get UBS, Credit Suisse Support
------------------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that a push by
two Virgin Australia bondholders to disrupt the bankrupt airline's
sale to Bain Capital has gained the support of investment giants
including Credit Suisse, Deutsche Bank and UBS.

Documents filed on behalf of Broad Peak Investment Advisors and Tor
Investments in the NSW Federal Court on Aug. 11 claim that
bondholders, owed a combined AUD800 million, now back their
alternative proposal for the airline, according to SMH.

Virgin owes AUD2 billion to unsecured bondholders among a total
debt pile of AUD6.8 billion, the report notes. Broad Peak and Tor,
which are Singapore and Hong Kong based investors owed around
AUD300 million, want ownership of Virgin handed to creditors rather
than the airline be sold to Bain.

According to SMH, Corrs Chambers Westgarth lawyer Cameron Cheetham,
acting for the two investors, told the court that in the past week
his firm had received statements of support for the rival proposal
from around 60 bondholders including UBS, Credit Suisse, Deutsche
Bank, Morgans, Mason Stevens, Escala Partners, Mutual Limited,
Aberdeen Standard Investments and Yarra Capital Management.

"At present, I estimate that the combined holdings of the
bondholders whom support the bondholder . . . proposal, together
with the applicants, to be approximately AUD800 million," the
report quotes Mr. Cheetham as saying.

Mr. Cheetham said aircraft lessors who own no fewer than 15 of
Virgin's Boeing 737s have also contacted them to discuss the
proposal.

Broad Peak and Tor fear the Bain deal will deliver unsecured
creditors as little as 10¢ in the dollar for their debts, SMH
notes. Under their plan, unsecured creditors' debts will be swapped
for shares in Virgin, recovering up to 67¢ in the dollar for
bondholders that participate in an AUD800 million
recapitalisation.

SMH says the bondholders want the court to force Virgin's
administrator Deloitte to put their rival plan to a vote at the
airline's second creditors' meeting in September.

Deloitte, however, has said that the sale agreement it signed with
Bain in late June is binding and is refusing to let creditors vote
on the bondholder proposal, the report relays.

SMH relates that Bain blasted the bondholder group earlier this
week for trying to destabilise Virgin's future with a proposal that
is "not credible . . . conditional, incomplete, indicative and
non-binding".

Broad Peak and Tor have also asked the court to appoint an
independent, third-party "facilitator" so they can access the
company information needed to finalise their proposal, the report
states.

The bondholder's application will be heard in court by Justice John
Middleton on Aug. 17, SMH discloses.

                      About Virgin Australia

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

Virgin Australia Holdings Ltd. was the first Asian airline to
succumb to the challenges of the coronavirus pandemic.  The airline
carrier collapsed into voluntary administration in April 2020.
Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20.  The administrators were tasked to restructure
and find new owners for the airline.  The airline's frequent flyer
program is a separate company and is not in administration.

At the time of its collapse, Virgin Australia continued to operate
some flights for essential workers, freight and the repatriation of
Australians.

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

On April 29, 2020, Virgin Australia and more than 30 of its
affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the Southern District of New
York.  Vaughan Strawbridge, Richard Hughes, John Greig, Salvatore
Algeri were tapped as foreign representatives.  Renee M. Dailey,
Esq. of Akin Gump Strauss Hauer & Feld LLP serves as counsel to the
Foreign Representatives.

In June 2020, administrator Deloitte agreed to sell the airline
carrier to American private equity giant Bain Capital.  The size of
the bid for the airline has not been revealed.




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C H I N A
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CIFI HOLDINGS: Fitch Rates Proposed CNY Bonds 'BB'
--------------------------------------------------
Fitch Ratings has assigned CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) proposed Chinese yuan bonds a rating of 'BB'. The
proposed notes are rated at the same level as CIFI's senior
unsecured rating because they constitute its direct and senior
unsecured obligations.

CIFI's Issuer Default Rating reflects its stable financial profile
as the China-based property developer continues its nationwide
expansion. CIFI's leverage - measured by net debt/adjusted
inventory after proportionately consolidating joint ventures -
declined to 44% by end-2019 from 48% at end-2018, and Fitch expects
leverage to remain at around 45% due mainly to pressure on the
company to restock its land bank. CIFI's large exposure to JVs and
reliance on non-controlling interests' capital contribution also
complicate the leverage outlook. The two factors constrain CIFI at
the current rating.

KEY RATING DRIVERS

Stable Leverage, Limited Headroom: Fitch believes CIFI's leverage
will remain at around 45% due to disciplined financial management.
Still, the headroom to deleverage will be limited due to continued
land replenishment and high reliance on capital from
non-controlling interests, whereas homebuilders with fewer of these
interests can dispose of stakes in projects to reduce leverage.
CIFI's leverage dropped to 44% by end-2019, from 48% in 2018, on
strong sales cash collection, lower leverage on the JV level, an
increase in trade and project-related payables and continued
capital contribution from non-controlling interests.

Land Replenishment Pressure: Fitch believes that land-bank pressure
will continue to be one of the key risks for CIFI to sustain growth
momentum. A company of CIFI's size would usually have land bank
enough for three years of sales to be resilient in business cycles,
in Fitch's view. However, CIFI had an attributable land bank of
26.5 million sq m at end-2019, and Fitch estimates that the
available-for-sale portion is around 20.5 million sq m, equivalent
to less than three years of sales, in light of CIFI's aim to
increase sales by 15% in 2020.

Management budgeted around 50% of total cash revenue, or CNY57
billion, for land acquisitions in 2020. CIFI spent 57% of total
cash revenue from sales proceeds and the non-development property
segment, or CNY55 billion, on land acquisitions in 2019, compared
with 68% in 2018.

Large Scale, Rising Sales: CIFI's total sales rose by 32% to CNY201
billion in 2019, while the average selling price increased by 5% to
CNY16,700/sq m after falling by 4% in 2018. CIFI's attributable
sales, which accounted for 50% of total sales, rose by 32% to
CNY100 billion in 2019, according to management. CIFI aims to
increase its attributable sales as a percentage of total sales to
55% in 2020 and 60% in 2021, to increase profit attributable to
shareholders. It aims to achieve CNY230 billion in total sales in
2020, a 15% increase on 2019, with CNY380 billion of saleable
resources. CIFI generated flat sales of CNY102.7 billion in
January-July 2020 compared to the same period in 2019, reflecting a
gradual recovery from the impact of the coronavirus outbreak.

Margin to be Maintained: Fitch believes CIFI's diversified project
portfolio across cities of different tiers allows the company to
maintain a fast-churn strategy without sacrificing overall project
margins. CIFI's EBITDA margin, after adding back capitalised
interest, increased slightly to 23.8% in 2019 from 21.6% in 2018.
The EBITDA margin after adjusting for acquisition revaluation was
higher, at 29% in 2019 and 31% in 2018. The acquisition
revaluations are likely to continue and margins appear more
volatile, as M&A is an important channel for CIFI's land
acquisition plans.

DERIVATION SUMMARY

CIFI's attributable sales of CNY100 billion in 2019 are higher than
that of Sino-Ocean Group Holding Limited (BBB-/Stable, Standalone
Credit Profile: bb+) and most peers rated 'BB-', including KWG
Group Holdings Limited (BB-/Stable), Times China Holdings Limited
(BB-/Stable) and Yuzhou Group Holdings Company Limited
(BB-/Stable).

Sino-Ocean continued its geographical focus on Chinese Tier 1 and
affluent Tier 2 cities, while CIFI increased its focus on Tier 2
and 3 cities in 2018-2019. CIFI's leverage of around 44% at
end-2019 is higher than Sino-Ocean's 40%. Sino-Ocean also has
recurring EBITDA interest coverage from quality investment
properties, which was at 0.4x in 2019.

CIFI's leverage is higher than that of KWG, Times China and Yuzhou,
but CIFI has a stronger business profile with better geographical
diversification and nationwide presence.

KEY ASSUMPTIONS

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

  - Attributable contracted sales flat at CNY100 billion in
2020-2021.

  - Attributable land purchases and construction cash costs at
around 60% and 25%, respectively, of contracted sales proceeds in
2020-2021.

  - Property-development gross profit margin (excluding capitalised
interests) at 25%-28% in 2020-2021.

  - JV management fee and rental revenue to increase to CNY5
billion in 2020 and CNY5.5 billion in 2021.

RATING SENSITIVITIES

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

  - Leverage - measured by net debt/adjusted inventory including JV
proportionate consolidation - sustained at below 35%

  - Maintaining high cash flow turnover despite the JV business
model and consolidated contracted sales/debt at over 1.2x

  - Land bank sufficient for three years of sales

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

  - Substantial decrease in contracted sales

  - Net debt/adjusted inventory including JV proportionate
consolidation above 45% for a sustained period

  - EBITDA margin (excluding acquisition revaluation gain) at below
25% for a sustained period

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity, Low Funding Cost: CIFI had unrestricted cash of
CNY45 billion at end-2019, enough to cover short-term debt of CNY21
billion. CIFI's average funding cost remained stable at 6% in 2019
(2018: 5.8%), and should stay low due to its diversified onshore
and offshore funding channels, as well as its active
capital-structure management.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


CIFI HOLDINGS: S&P Rates New RMB Sr. Unsecured Notes 'BB-'
----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
Chinese-renminbi-denominated offshore senior unsecured notes that
CIFI Holdings (Group) Co. Ltd. proposes to issue. The China-based
property developer intends to use the proceeds to refinance its
existing dim sum bond due September 2020. The issue rating is
subject to its review of the final issuance documentation.

S&P said, "We rate the notes one notch below the issuer credit
rating on CIFI (BB/Stable/--) to reflect subordination risk. As of
Dec. 31, 2019, CIFI's capital structure consists of Chinese
renminbi (RMB) 47.6 billion of secured debt and RMB25.2 billion of
subsidiary-level unsecured debt and guarantees. Priority debt is
RMB72.8 billion out of total debt of RMB121 billion, and the ratio
of priority debt to total debt is about 60%, above our threshold of
50% for notching down an issue rating.

"We expect CIFI will continue to expand its sales scale at a
moderate pace with controlled debt growth. We estimate the
company's consolidated debt-to-EBITDA ratio will be at 5.5x-6.0x,
with the see-through (or proportionately consolidated) ratio at
around 5.0x over the next 12-18 months."


DALIAN WANDA: S&P Raises LongTerm Issuer Credit Rating to 'BB+'
---------------------------------------------------------------
S&P Global Ratings, on Aug. 12, 2020, raised its long-term issuer
credit ratings on Dalian Wanda Commercial Management Group Co. Ltd.
(Wanda Commercial) to 'BB+' from 'BB', and on the company's Hong
Kong-based subsidiary, Wanda Commercial Properties (Hong Kong) Co.
Ltd. (Wanda HK), to 'BB' from 'BB-'. S&P also raised the long-term
issue rating on the senior unsecured notes Wanda HK guarantees to
'BB', the same as the issuer credit rating on Wanda HK.

S&P said, "We upgraded Wanda Commercial because we expect the
company's completion of its business model transition will continue
to improve its cash flow sustainability and leverage stability. We
raised our rating on Wanda HK following the action on its parent.

"We estimate Wanda Commercial's leasing activities will generate
more than 90% of EBITDA from 2020 onward. In 2019, the company
fully wound down its property development business. It sold most of
its projects, and a small portion was transferred to sister
company, Wanda Properties Group Co. Ltd. (unrated)."

Wanda Commercial's stability should continue to improve as it
becomes a pure-play real estate operator. The company is China's
largest commercial property operator by rental income and by
leasable area (more than 32 million square meters as of end-2019).
S&P expects the number of Wanda Plazas (the company's malls) to
increase to more than 400 by 2021, covering more than 200 cities.
As at end-2019, Wanda Commercial operated 323 Wanda Plazas across
189 cities nationwide, of which 40% are in higher-tier cities.

S&P said, "We believe Wanda Commercial will be able to sustain high
occupancy rates and positive rental reversions (or increase in rent
on lease renewal) in its malls over the next two to three years.
This is despite disruptions due to the COVID-19 outbreak. We
forecast the company to resume net rental reversion rate of 5%-8%
over 2021-2022, after a rather flat 2020." Furthermore, the
weighted average leasing expiry (WALE) of Wanda Commercial's malls
is six to eight years, supported by an enlarging portfolio.

Wanda Commercial's key operating statistics (such as occupancy
rate, rental reversion rate and WALE) are in line with
international peers such as Link Real Estate Investment Trust
(A/Stable/--) and Unibail-Rodamco-Westfield SE (A-/Negative/A-2).
The company's Chinese renminbi (RMB) 36 billion in rental income
for the latest fiscal year is also significantly higher than Link's
RMB8 billion equivalent and Unibail's roughly RMB20 billion
equivalent.

S&P said, "We forecast Wanda Commercial's EBITDA margin will
improve to 60%-65% by 2021, from about 42% in 2019, because of the
company's transition away from lower-margin property development.
However, the margin will likely dip to 55%-60% from 2022 onwards
because 70% of Wanda Commercial's pipeline of 40-50 new malls per
year will be "asset-light". Under this business model, Wanda
Commercial will act only as franchise partner and provide
management services, with no material capital expenditure (capex).
The company's capital intensity will substantially reduce, but its
share of return will also drop. This is because typically 70% of
the rent will be passed on to the mall asset owner, leading to
lower margins of 30%-40%, compared with 70%-80% for a traditional
self-owned mall. Nonetheless, we believe the downward trend in
margins would be gradual and manageable. We estimate asset-light
malls will only contribute about 20% of gross profit by 2021.

"We believe Wanda Commercial's still-evolving model will continue
to test management's ability to expand through asset-light malls.
By 2021, the average age of the company's asset-light malls will be
about two years, compared with eight to ten years for self-owned
malls. Moreover, we estimate, 65%-75% of the new asset-light malls
over 2020-2021 will be in lower-tier cities, exposing Wanda
Commercial to higher market volatility. An established asset-light
mall will render only 50%-60% of the gross annual rental income of
a self-owned mall. We reflect these weaknesses as a negative
comparable feature in our rating.

Despite its asset-light strategy, Wanda Commercial will need to
maintain high capex over the next two to three years to support its
target of opening 12-15 self-owned malls per year. However, S&P
believes the expenditure can be largely absorbed by internally
generated cash.

Wanda Commercial's financial leverage, measured by the ratio of
adjusted debt to EBITDA, should start normalizing from 2021 and
trend down toward 5x. This compares with a ratio of 3.7x-4.1x over
2018-2019. This is because S&P anticipates the company will
maintain its gross debt level, but have much lower EBITDA as
property sales dry, compounded by the impact of the pandemic.

Wanda Commercial's completed business transition will also enhance
the group credit profile of DWG, supporting our upgrade of the
company. This is despite the likely significant deterioration in
performance of the group's cultural industry segment (core entities
include Wanda Film Holding Co., AMC Entertainment Holdings Inc.
[CCC+/Watch Negative/--], and Wanda Sports Group Co.) in 2020. S&P
expects the underperformance to be temporary, and this segment will
likely gradually recover from 2021.

S&P said, "We do not expect DWG to aggressively pursue property
development. We anticipate that Wanda Properties, the group's
development arm, will focus mainly on fast-churn, buyer-occupier
residential products with good gross margins. Meanwhile, DWG's
national brand recognition and growing portfolio of Wanda Plazas
should provide synergies in terms of market access and control over
land costs. We expect DWG will be fairly disciplined in its
expenditure, including on land, so as to not push up the overall
leverage.

"We envisage more stable gross profits for DWG by 2022, with
50%-55% contributed by rental income from Wanda Commercial, 20%-25%
from property sales, and 25%-30% from the cultural industry group.
This compares with a more capital-intensive model of 25%-30% gross
profit from rental, 55%-60% from property sales, and 15%-20% from
cultural and others before 2018. Even in a difficult 2020, we
forecast Wanda Commercial's rental income will fully cover the
group's gross interest expenses."

DWG's overall credit profile will continue to be weaker than Wanda
Commercial's and constrain the rating on the company over the next
two to three years. Although S&P considers Wanda Commercial's
stand-alone credit profile to be 'bbb-', the group's profile is
burdened by its capital-intensive property development and
discretionary-spending-driven cultural businesses.

S&P said, "However, even with weaker credit metrics, we believe DWG
will not extract cash or financial support from Wanda Commercial.
In our view, the group has a strong incentive to preserve the
financial strength of Wanda Commercial as its flagship subsidiary,
core asset, and largest income contributor."

Dalian Wanda Commercial Management Co. Ltd.

S&P said, "The stable outlook reflects our view that Wanda
Commercial's strong and stable rental income will support the
rating. We expect rental income to grow faster after 2020. We also
anticipate that the company will maintain a disciplined expansion
plan, including the execution of its asset-light malls, such that
its financial leverage and liquidity remain stable.

"At the same time, we expect DWG's metrics to deteriorate this year
due to its cultural segments. However, credit metrics should
gradually recover from 2021 onward.

"We may lower the rating if Wanda Commercial's execution of its
asset-light model is slower or less profitable than we anticipate,
leading to substantially higher capex and investments than our
forecast and a weakening of DWG's overall credit profile.

"We may also lower the rating if DWG's credit profile deteriorates,
possibly due to aggressive expansion into property development or
weaker cash flows than we anticipate. A ratio of debt to EBITDA at
the group level above 6.0x, or an EBITDA interest coverage below
2.0x for an extended period could indicate such deterioration.

"We may raise the rating if we expect the credit profile of DWG to
improve over the next 12-18 months. This could happen if the group
targets a more controlled pace of investments in its property
development business, and if its cultural segment has a healthy
recovery from the second half of 2020. An indication of this could
be a debt-to-EBITDA ratio at the group level staying below 4.5x and
the EBITDA interest coverage staying above 3.0x."

Wanda Commercial Properties (Hong Kong) Co. Ltd.

The stable outlook on Wanda HK reflects the outlook on its parent,
and our assessment that Wanda HK will remain a highly strategic
subsidiary of Wanda Commercial over the next 12 months.

S&P could downgrade Wanda HK if it lowers the rating on Wanda
Commercial.

S&P may upgrade Wanda HK if it takes a similar action on Wanda
Commercial.


FOSUN INT'L: S&P Alters Outlook to Negative & Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Fosun
International Ltd. to negative from stable. At the same time, S&P
affirmed its 'BB' long-term issuer credit rating on Fosun and the
issue rating on the company's guaranteed senior unsecured debt.

Fosun's short weighted average debt maturity increases its ongoing
refinancing risk.  Since 2018, Fosun, through its onshore
subsidiary, has been issuing more five-year notes with an embedded
put option after the third year. As a result, the company's
weighted average maturity shortened to 1.5 years as of June 30,
2020, from 2.0 years as of end-2018. This has increased its
exposure to potentially volatile debt capital markets.

At the same time, Fosun's liquidity cushion has narrowed. The
company's prospective liquidity sources over uses was 1.2x as of
June 30, 2020, compared with 1.4x as of end-2019. Similar to its
weighted average debt maturity, the greater use of shorter-tenor
notes drove the deterioration, though another factor was rising
short-term onshore loans. Nonetheless, S&P believes Fosun has
sufficient liquidity as it enjoys solid support from large domestic
banks.

The improvement in Fosun's debt maturity profile will likely be
gradual.  The company retains good access to various funding
channels, and it could improve its debt maturity profile by issuing
longer-tenor notes. Progress will likely be gradual, however, given
the sizable outstanding debt balance. S&P forecasts Fosun could
increase its weighted average debt maturity to 1.6-1.75 years by
end-2020 and 1.7-1.85 years by end-2021, based on the company's
refinancing plans.

Fosun's commitment to its financial policy will be tested.  Fosun's
net debt at the holding company level as of June 30, 2020, was
similar to RMB89.6 billion as of Dec. 31, 2019. The stable net debt
level was supported by balanced net investment during the first
half of 2020. However, the company's commitment to, and execution
of, its financial policy will continue to be tested, given its
track record of debt-funded acquisitions.

Furthermore, Fosun still has a cash flow deficit at the holding
company level because its dividend income is insufficient to cover
interest and operating expenses. With the gap to be funded by debt,
Fosun's loan-to-value (LTV) ratio could increase by about 2
percentage points this year.

Fosun's leverage and portfolio are increasingly driven by Shanghai
Fosun Pharmaceutical (Group) Co. Ltd. (Fosun Pharma).  As of June
30, 2020, Fosun's portfolio value was broadly unchanged from April
2020, and its LTV ratio was similar to its April 2020 level of
about 38% (after S&P Global Ratings' adjustment). S&P said, "We
estimate the portfolio value rose to above RMB260 billion in early
August 2020, owing to the appreciation in the value of Fosun
Pharma. Although this could increase Fosun's asset liquidity and
drive down its leverage, we believe the concentration to Fosun
Pharma may reduce Fosun's asset diversity."

S&P said, "The negative outlook reflects our expectation that
Fosun's debt maturity profile will remain short in the next 12
months as the company seeks to push out its maturity schedule by
accessing longer-term debt capital.

"We may lower the ratings if Fosun fails to lengthen its weighted
average maturity from the current 1.5 years or if the company's
cash sources over cash uses decline below 1.2x. We could also lower
the ratings if Fosun's LTV ratio exceeds 45% because of an increase
in the company's risk appetite (as indicated by acquisitions
outpacing disposals) or a significant decline in the value of its
listed assets.

"We would revise the outlook to stable if Fosun demonstrates solid
progress in extending its weighted average debt maturity toward two
years. This assumes that the company increases its cash sources
over uses sufficiently above 1.2x at the same time."


WANDA COMMERCIAL: Fitch Affirms BB+ LongTerm IDR
------------------------------------------------
Fitch Ratings has affirmed Dalian Wanda Commercial Management Group
Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating,
senior unsecured rating and the ratings on its outstanding US
dollar senior notes at 'BB+'. The Outlook on the IDR is Stable.

Fitch believes that Wanda Commercial's Standalone Credit Profile
remains strong at 'bbb+', due to cycle-tested business performance.
However, Wanda Commercial's rating is constrained by its parent
Dalian Wanda Group Co., Limited's consolidated credit profile,
which Fitch assesses at 'bb+'. Wanda Group owned 45% of Wanda
Commercial as of end-2019.

KEY RATING DRIVERS

Wanda Group Constrains Rating: Fitch assesses the parent and
subsidiary linkage between Wanda Commercial and Wanda Group as
'Moderate', which under Fitch's Parent and Subsidiary Rating
Linkage criteria would result in Wanda Commercial's ratings being
rated at the weaker consolidated credit profile of its parent at
'bb+'. Wanda Group's consolidated credit profile is supported
mainly by Wanda Commercial but constrained by its highly leveraged
cultural business represented mainly by the movie theatre segment.

Fitch believes that Wanda Commercial's large asset base and strong
cash generation is able to support the whole group's financial
strength with below 50% net debt/investment property value on a
consolidated basis. Fitch has excluded AMC Entertainment Holdings,
Inc. when assessing the group's consolidated profile due to there
being no impact from AMC's recent financial distress on the group's
normal operations.

Limited Coronavirus-Related Impact: Fitch estimates that Wanda
Commercial's rental and property management fee income will decline
by only 1% in 2020 despite the coronavirus outbreak. Wanda
Commercial has announced a one-month rent waiver to tenants due to
the pandemic in January 2020, but estimated that the loss of rent
will be fully compensated by rental income from newly opened
shopping malls. Wanda Commercial's rental revenue is mostly fixed
as well - except for Wanda Cinema, which is charged at a fixed
percentage of net box office, and the few branded restaurants and
shops.

Fitch estimates that rental and property management fee income will
revert back to growth after 2020, mainly through the expansion of
leasable floor area.

High-Quality Investment-Property Portfolio: Wanda Commercial has a
strong property portfolio in line with 'A' rated property
investment companies. This is due to its large size, asset
diversification and strong operational performance throughout
business cycles. It is the largest shopping mall owner in China,
and one of the largest commercial property owners rated by Fitch.
It generated more than CNY35 billion in rental and management fee
income in 2019, representing a 16% rise driven by a 0.6% increase
in average rent to CNY111.3/sq m a month and a 14% increase in
LFA.

Wanda Commercial had 324 malls in operation at end-March 2020, and
aims to open another 45 malls in 2020, of which around 30 will be
under an asset-light cooperative model. It has added 29 cooperative
projects in 2019, after speeding up its transition to an
asset-light business model in 2018 with 18 compared with five in
2017.

Healthy Interest Coverage: Fitch estimates that Wanda Commercial's
recurring EBITDA rose by 4.6% to CNY21.6 billion in 2019. Its
recurring EBITDA gross interest coverage increased to 2.1x by
end-2019, from 1.9x at end-2018, and Moody's expects it to remain
healthy at above 2x in 2020, slightly lower than the 2.5x coverage
of 'BBB' rated peers. However, Wanda Commercial's high cash
balance, and large investments in entrusted loans and
wealth-management products, which combined generated CNY3.8 billion
of interest and investment income in 2019, can also support
interest servicing when it needs.

Leverage to Peak in 2020: Wanda Commercial's net debt/recurring
EBITDA remained flat at 5.4x at end-2019, and Fitch expects the
leverage to trend towards 5x after peaking in 2020, still
commensurate with 'bbb+' credit strength.

DP Business Transferred to Group: Wanda Commercial fully exited
from the volatile development property business in 2019 by
disposing the remaining projects to Wanda Properties Group Co. Ltd.
(established in 2018 and a subsidiary of Wanda Group), as well as
disposing interests in the last overseas project in Chicago in
2H20. However, the DP risk remains in Wanda Group's consolidated
credit profile and Moody's expects increasing inter-group
transactions between Wanda Commercial and Wanda Group, as Wanda
Commercial will have to acquire land through Wanda Properties to
build asset-heavy malls.

No Group Support for AMC: Wanda Group has not supported AMC's
liquidity when the company ran into financial distress earlier this
year, despite holding a 59% stake in AMC at end-2019 Fitch believes
that AMC's recent debt restructuring has no impact on Wanda Group's
operations or funding access, and hence does not affect Wanda
Commercial's rating. The group does not have cross-default
covenants with AMC. As a result, Fitch excludes AMC in its analysis
of Wanda Group's consolidated financial profile.

ESG - Governance: Wanda Commercial has an ESG Relevance Score of 5
for Financial Transparency because its ratings are constrained by
its parent-subsidiary linkage with Wanda Group, which has limited
financial disclosures. Fitch is not able to access Wanda Group's
management and it is not assured of access to financial information
of Wanda Group and its principal subsidiaries on a consistent
basis. The uncertainty with Wanda Group's financial transparency
has negatively affected the group's rating assessment.

DERIVATION SUMMARY

Wanda Commercial's investment property portfolio is comparable with
those of major global investment property companies, such as Simon
Property Group, Inc. (A/Negative), Swire Properties Limited
(A/Stable) and Unibail-Rodamco-Westfield SE (BBB+/Negative). Wanda
Commercial's strong retail mall portfolio is in line with 'A' rated
property investment companies due to its large size, asset
diversification and strong operational performance throughout
business cycles.

Wanda's standalone credit metrics are weaker than the three peers
as its recurring EBITDA interest coverage of 2.0x-3.0x is lower
than the peer average of more than 5.5x.

Wanda's rating is constrained by the weaker consolidated credit
profile of Wanda Group due to its moderate linkages with its
parent, according to Fitch's Parent and Subsidiary Rating Linkage
criteria.

KEY ASSUMPTIONS

  - Wanda Commercial will open 45 new Wanda Plazas in 2020-2021
with around 80,000 sq m of LFA each. Thirty of the new malls will
be under an asset-light business model.

  - Asset-heavy shopping malls will have a gross profit margin of
around 80%, and asset-light malls around 40%.

  - Rental and property management fee income to decline by 1% in
2020 due to the coronavirus and increase by 25% in 2021.

  - Capex of CNY10 billion-12 billion each year in 2020-2021.

  - Available cash balance (including 40% of wealth-management
products) to be maintained at around CNY80 billion in 2020-2021.

RATING SENSITIVITIES

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

  - Improvement in Wanda Group's information transparency and
consolidated credit profile

  - Weakening linkage with Wanda Group

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

  - Deterioration in Wanda Group's consolidated credit profile

  - Wanda Commercial's recurring EBITDA/gross interest below 2x
after 2020 for a sustained period

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Wanda Commercial had more than CNY74 billion
in available cash at end-2019, after including 40% of CNY16.6
billion of wealth-management products - issued mostly by commercial
banks - with less than one year to maturity. The available cash is
sufficient to cover its CNY47.9 billion in short-term debt,
including puttable onshore bonds in 2020 and principal value
adjustment.

Wanda Commercial has CNY37.8 billion domestic bonds due in 2020 and
planned to refinance most of the bonds with new issues. Wanda
Commercial has retapped domestic bond market after zero issuance
since 2H17, by successfully issuing three medium-term notes as of
August 2020. Wanda Commercial has also kept its offshore funding
channel open, and issued two offshore senior notes in 1H20.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Wanda Commercial has an ESG Relevance Score of 5 for Financial
Transparency because its ratings are constrained by its parent
subsidiary linkage with Wanda Group, which has limited financial
disclosures.

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




=================
H O N G   K O N G
=================

LIFESTYLE INT'L: Moody's Cuts CFR to Ba2 & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service has downgraded Lifestyle International
Holdings Limited's corporate family rating to Ba2 from Ba1, and the
senior unsecured debt ratings on the notes guaranteed by Lifestyle
and issued by LS Finance (2022) Limited and LS Finance (2025)
Limited to Ba3 from Ba2.

The rating outlooks were changed to stable from negative.

"The downgrade reflects its expectation that Lifestyle's net
leverage will stay elevated over an extended period, due to
increased investment in financial assets and significantly reduced
earnings and cash flow amid the coronavirus pandemic and economic
downturn," says Gloria Tsuen, a Moody's Vice President and Senior
Credit Officer.

"Furthermore, the rating action reflects increased business risk
for its retail business, given the high uncertainty over the
recovery in retail consumption and tourist arrivals, and its heavy
reliance on tourists from mainland China." adds Tsuen.

RATINGS RATIONALE

Lifestyle's Ba2 CFR reflects (1) the company's strong competitive
position in Hong Kong SAR, underpinned by its flagship SOGO
department store in Causeway Bay; (2) its flexible cost structure;
and (3) low inventory risk stemming from its concessionaire
business model.

The rating also reflects the company's high revenue concentration,
moderate scale, and the development and business risks associated
with the Kai Tak project.

Lifestyle's adjusted net debt/EBITDA, including 50% of listed
short-term financial assets (except disclosed high-yield bonds),
rose to around 7.6x on an annualized basis in H1 2020 from 3.5x in
2019 as a result of increased net debt and significantly reduced
earnings.

Lifestyle's adjusted net debt, including 50% of listed short-term
financial assets (except disclosed high-yield bonds), rose to HKD11
billion at the end of June 2020 from HKD9 billion at the end of
2019.

This increase was a result of significantly reduced earnings and
cash flow amid the pandemic-induced disruptions, along with
increased investments in less-liquid securities such as high-yield
bonds, unlisted funds and securities, and individual company
shares.

Lifestyle's revenue and reported EBITDA declined 55% and 49%
respectively in H1 2020 due to significantly reduced local
consumption and a sharp drop in tourist flows into Hong Kong SAR.

Moody's expects adjusted net debt/EBITDA to gradually improve in
line with recovery in earnings, but to remain elevated at around
4.5x-6.0x during 2021-22. This level will no longer support the
company's previous Ba1 rating.

Moody's expects earnings over the next 1-2 years will remain
significantly lower than the levels in 2019, with a prolonged
recovery only starting from 2021.

Moody's also expects net debt to remain high over the next 1-2
years, because of its weakened cash flow and large capital spending
on its Kai Tak project -- the development of a land lot for office
and retail use, including the opening of a new SOGO department
store -- which is targeted for completion before 2023.

Lifestyle's liquidity is adequate. At the end of June 2020, its
HKD6.1 billion in cash and equivalents was more than sufficient to
cover its HKD3.8 billion in short-term debt and capital spending
over the next 12 months.

In terms of environmental, social and governance factors, Moody's
regards the coronavirus pandemic as a social risk under its ESG
framework, given the substantial implications for public health and
safety. Its action reflects the impact on Lifestyle of the breadth
and severity of the shock, and the deterioration in credit quality
it has triggered. In addition, the rating considers Lifestyle's
increased risk tolerance in financial investments.

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

The stable outlook reflects Moody's expectation that the company's
net debt levels will stay broadly stable over the next two years,
which will allow its key financial metrics to rebound to levels
that are in line with the Ba2 rating category once earnings
recover.

The rating could be upgraded if Lifestyle (1) increases its scale
while maintaining solid profitability, (2) increases its financial
flexibility by reducing its secured debt, and (3) improves its debt
leverage.

Credit metrics indicative of a potential upgrade include adjusted
net debt/EBITDA declining below 3.5x, and adjusted retained cash
flow/net debt -- including 50% of listed short-term financial
assets -- rising above 15%, on a sustained basis.

Moody's would downgrade the ratings if the company's (1) operating
performance fails to recover, (2) liquidity weakens, or (3)
financial profile deteriorates further, including due to delays
and/or cost overruns in the Kai Tak project.

Credit metrics indicative of a downgrade include adjusted net
debt/EBITDA failing to improve towards 4.5x, or adjusted retained
cash flow/net debt — including 50% of listed short-term financial
assets — remaining below 8%, on a sustained basis.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Listed on the Hong Kong Stock Exchange in 2004, Lifestyle
International Holdings Limited is a Hong Kong-based retail operator
that focuses on mid- to upper-end department stores. The company
operates two SOGO stores in Hong Kong.




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

ABHIYAN DEALCOMM: CRISIL Raises Ratings on INR50cr Loan to B+
-------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facilities of Abhiyan Dealcomm Private
Limited (ADPL) to 'CRISIL BB-/Stable Issuer Not Cooperating'.
However, the company's management has subsequently started sharing
requisite information for a comprehensive review of the rating.
Consequently, CRISIL is migrating its rating on the long-term bank
facilities of ADPL to 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Channel Financing     22         CRISIL B+/Stable (Migrated
                                    from 'CRISIL BB-/Stable
                                    ISSUER NOT COOPERATING')

   Electronic Dealer     20         CRISIL B+/Stable (Migrated
   Financing Scheme                 from 'CRISIL BB-/Stable
   (e-DFS)                          ISSUER NOT COOPERATING')

   Proposed Long Term     8         CRISIL B+/Stable (Migrated
   Bank Loan Facility               from 'CRISIL BB-/Stable
                                    ISSUER NOT COOPERATING')

The migration reflects expected decline in the business risk
profile of the company primarily on account of slowdown in the
automotive industry coupled with the spread of the Covid-19
pandemic. Moreover, certain measures were undertaken by various
state governments to contain the spread of the pandemic, which
include temporary closure of non-critical establishments and
interstate transportation. Subdued demand in the automobile
industry should lead to significant decline in revenue in fiscal
2021. Although the company is expected to maintain its weak
financial risk profile, its liquidity could be impacted in the
short term with subdued cash inflow. Fast reversal to normalcy will
contain the extent of weakening of the business risk profile. The
company's ability to revert to operational stability and maintain
its liquidity will be key monitorables.

The rating reflects the extensive experience of the promoters in
the auto dealership business. This strength is partially offset by
the company's weak financial risk profile and limited bargaining
power with the principal supplier.

Key Rating Drivers & Detailed Description

Weakness:

* Weak financial risk profile:  Though the company infused capital
in fiscal 2020, networth remained modest at INR11.5 crore as on
March 31, 2020, while total outside liabilities to tangible
networth ratio was high at 3.9 times. Debt protection metrics were
subdued, with interest coverage and net cash accrual to total debt
ratio at 1.34 times and 0.06 time, respectively, in fiscal 2020 due
to modest profitability. The financial risk profile will remain
under stress over the medium term with average accretion to reserve
due to weak demand.

* Limited bargaining power with the principal supplier:  Discounts
and commission are decided by the principal supplier and can change
at any point. Limited pricing power and exposure to intense
competition affect ADPL's operating margin.

Strengths:

* Extensive experience of the promoters:  The promoters' experience
of over a decade, strong understanding of local market dynamics,
and healthy relationships with customers and suppliers will
continue to support the business during these challenging times.
Though scale of operations has declined due to the pandemic and
subdued demand, the company is likely to turnaround its business
over the medium term under the able leadership of the promoters.

Liquidity Stretched

Bank limit utilisation averaged 58% for the 12 months through June
2020. Cash accrual is estimated at INR1.5 crore against debt
obligation of INR1.2 crore in fiscal 2020. Cash accrual is expected
to be sufficient against debt obligation over the medium term.
Current ratio was weak around 1 time as on March 31, 2020, and is
expected at a similar level over the medium term.

Outlook: Stable

CRISIL believes ADPL will continue to benefit from its promoters'
extensive experience and healthy relationship with Ashok Leyland
Limited (ALL).

Rating Sensitivity factors

Upward factors:

  * Revenue of more than INR200 crore per fiscal along with stable
earnings before interest, tax, depreciation and amortisation
(EBITDA) margin above 4%, leading to healthy accrual

  * Improvement in working capital cycle and correction of
inventory to less than 20 days

Downward factors:

  * Revenue lower than INR100 crore per fiscal along with decrease
in the EBITDA margin, leading to accrual below INR1 crore

  * Stretch in inventory above 60 days, leading to increase in
working capital requirement

Established in 2006 in Howrah, West Bengal, ADPL is an authorised
dealer for intermediate and heavy commercial vehicles for Ashok
Leyland Ltd. The company is promoted by Mr. Amrik Singh, Mr.
Jaswant Singh, and Ms Amarjeet Kaur.


ARUN POLYMERS: CRISIL Lowers Ratings on INR11cr Loans to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Arun Polymers - Dindigul (AP) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          7       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

   Long Term Loan       4       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with AP for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019, January 14, 2020 and July 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 AP. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AP is consistent
with 'Assessing Information Adequacy Risk'.

CRISIL has downgraded its rating on the long term bank facilities
of AP to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

AP was set up in 2013 in Dindigul, Tamil Nadu as a proprietorship
firm by Mr. T Arunkumar. The firm manufactures polypropylene woven
bags. It has an installed capacity of 150 tonne per day (tpd).


BABA NAGA: CRISIL Lowers Ratings on INR12cr Loans to D
------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Baba Naga
Rice and General Mills (BNRGM) to 'CRISIL D Issuer not cooperating'
from 'CRISIL B/Stable Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         8        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

   Proposed Working    4        CRISIL D (ISSUER NOT COOPERATING;
   Capital Facility             Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BNRGM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BNRGM is consistent
with 'Assessing Information Adequacy Risk'.

Based on last available information, the ratings on bank facilities
of BNRGM is downgraded to be 'CRISIL D Issuer not cooperating' from
'CRISIL B/Stable Issuer not cooperating'. As it was brought to
CRISIL's attention that there are delays in servicing debt
reflected in overutilization of the working capital limits for more
than 30 days.

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


BURNPUR CEMENT: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Burnpur Cement
Limited (BCL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Cash Credit           13.7       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Bank          1.5       CRISIL D (ISSUER NOT
   Guarantee                        COOPERATING)

   Proposed Cash         11.3       CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

   Proposed Letter        5         CRISIL D (ISSUER NOT
   of Credit                        COOPERATING)

   Term Loan            125         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BCL for obtaining
information through letters and emails dated July 10, 2020 and July
15, 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 BCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BCL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BCL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

BCL was set up in 1986 as a private limited company, Ashoka
Concrete and Allied Industries Pvt Ltd, by late Mr. Ramawatar
Gutgutia and his son, Mr. Ashok Gutgutia. It was reconstituted as a
limited company with the current name in 2001. It manufactures
portland blast furnace slag cement.


CAARA INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Caara India Private Limited
        No. 14, LSC B-1
        Vasant Kunj
        New Delhi 110070

Insolvency Commencement Date: July 28, 2020

Court: National Company Law Tribunal, New Delhi C-IV Bench

Estimated date of closure of
insolvency resolution process: January 23, 2021
                               (180 days from commencement)

Insolvency professional: Navdeep Gupta

Interim Resolution
Professional:            Navdeep Gupta
                         487/40, 2nd Floor, Gopal Tower
                         Near Metro Station
                         Peera Garhi
                         New Delhi 110087
                         E-mail: ngaoffice@gmail.com

                            - and -

                         Ark Resolution Professional
                         Private Limited
                         C-60 3rd Floor
                         C-Block Community Centre
                         Janak Puri
                         New Delhi 110058
                         E-mail: cirp.caaraindia@gmail.com

Last date for
submission of claims:    August 13, 2020


CAPITAL POWERS: CRISIL Rates INR0.48cr Term Loan 'B+'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank loan facilities of Capital Powers (CP).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             .48     CRISIL B+/Stable (Assigned)

   Packing Credit        .67     CRISIL A4 (Assigned)

   Overdraft            3.00     CRISIL A4 (Assigned)

   Bank Guarantee       0.45     CRISIL A4 (Assigned)

   Foreign Usance  
   Bills Purchase-
   Discounting          1.20     CRISIL B+/Stable (Assigned)

The ratings reflect the modest scale of operations and large
working capital requirements. These rating weaknesses are partially
offset by extensive experience on partners and comfortable capital
structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:  With a revenue estimated at INR12.72
crore in fiscal 2020, the scale of operations remains modest, which
limits CP's operating flexibility.

* Large capital requirements:  CP has large working capital
requirements are reflected in Gross Current Assets (GCAs) in the
range of 160-200 days over the three fiscals ended 2020. The same
is owing to large inventory holding of 100-140 days and moderate
receivables of 40-45 days. Working capital requirements are
supported by creditors (50-65 days) and by bank lines.

Strengths

* Extensive experience of partners:  The partners, Mr. Gurvinder
Pal Singh Gulati and Mr. Inderpal Singh Gulati, have an extensive
experience of over three decades which has helped the firm develop
strong relations with principals and customers. Over their long
tenure, the partners have developed a sound understanding of the
local market dynamics.

* Comfortable capital structure:  Owing to controlled dependence on
bank borrowings, the firm has a comfortable capital structure,
estimated at 1.3 times as on March 31, 2020; the same is despite a
small networth estimated at INR2.5 crore as on March 31, 2020.

Liquidity Stretched

Bank limits have been utilized at an average of 66% over the 12
months ended April-2020. Net cash accruals, though modest, expected
at INR0.3-0.5 crore per fiscal, will be more than adequate to cover
repayments of around INR0.08 crore per fiscal, over the medium
term. Current ratio is estimated to be 1.40 times as on March 31,
2020.

Outlook: Stable

CRISIL believes CP will continue to benefit from the extensive
experience of its partners, and established relationships with
principals and customers.

Rating Sensitivity Factors

Upward Factors:

  * Substantial growth in revenue with an operating margin over 7%,
thus leading to higher-than-expected net cash accruals

  * Improvement in working capital cycle.

Downward Factors:

  * Significant decline in revenue with an operating margin below
4.5% thus leading to lower than expected net cash accruals

  * Further stretch in working capital cycle

  * Large debt-funded capital expenditure weakening the capital
structure.

CP, incorporated in 2000, is owned & managed by Mr. Inderpal Singh
Gulati and Mr. Gurvinder Pal Singh Gulati. CP is engaged in
manufacturing, distribution and service provider of Escorts Ltd and
Tata Motors Ltd silent generators such as diesel generator sets.
The firm also manufactures LT panels, mounting trolley and high
mast lighting tower. The manufacturing facility is located in
Bhopal (Madhya Pradesh).


CHANDI CHARAN: CRISIL Hikes Rating on INR6.50cr Loan to B+
----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its ratings
on the bank facilities of Chandi Charan Cold Storage Private
Limited (CCCSPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the company's management has subsequently
started sharing the requisite information for a comprehensive
review of the ratings. Consequently, CRISIL is migrating the
ratings to 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .21        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit          6.50        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER  
                                    NOT COOPERATING')

   Proposed Long Term   5.58        CRISIL B+/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B/Stable ISSUER  
                                    NOT COOPERATING')

   Working Capital      1.25        CRISIL B+/Stable (Migrated
   Facility                         from 'CRISIL B/Stable ISSUER  
                                    NOT COOPERATING')

The migration reflects improvement in CCCSPL's liquidity risk
profile with the company having nil debt obligation. With no
debt-funded capital expenditure (capex) planned over the medium
term, the cash accrual is expected to support the working capital
needs of the company. Moreover, the business risk profile of CCCSPL
has also remained mostly stable.

The ratings reflect exposure to the highly regulated and intensely
competitive nature of the cold storage industry, and the company's
weak financial risk profile. These weaknesses are partially offset
by the extensive industry experience of the promoters.
Key Rating Drivers & Detailed Description

Weakness:

* Exposure to the highly regulated and intensely competitive nature
of the cold storage industry:  West Bengal's potato cold storage
industry is regulated by the West Bengal Cold Storage Association,
with rental rates fixed by the Department of Agricultural
Marketing. The fixed rentals will continue to limit the players'
ability to earn profits based on their respective strengths and
geographical advantages. Pressure to offer discounts to ensure
healthy utilisation of storage capacity, especially given the
intense competition, will also constrain profitability.

* Weak financial risk profile:  Networth is estimated to be modest
at INR3.2 crore as on March 31, 2020, despite steady accretion to
reserves in recent years. Gearing was estimated to be high at
around 2 times, on account of loans extended to farmers, especially
around end of the fiscal.  Debt protection metrics are likely to
remain moderate: interest coverage and net cash accrual to total
debt ratios are estimated at 2 times and 0.10 time, respectively,
in fiscal 2020.

* Vulnerability to delays in payments by farmers because of adverse
market conditions:  CCCSPL provides loans to farmers against stored
products. In the event of adverse market trends, farmers do not
find it profitable to pay the rental and interest charges along
with loan obligation, and hence do not retrieve potatoes from cold
storages. Thus, the company remains exposed to delays in payments
by farmers.

Strengths:

* Extensive experience of the promoters:  The promoters' experience
of more than two decades in the cold storage industry and their
longstanding association with farmers and traders has led to
healthy utilisation of storage capacity, which should continue to
support the business.

Liquidity Stretched

In the absence of maturing debt, net cash accrual is estimated to
be moderate at INR70 lakh in fiscal 2020, which supports liquidity.
The bank limit tends to be highly utilised in March and April-when
business peaks for the cold storage industry. The current ratio was
moderate at 1 time as on March 31, 2020.

Outlook: Stable

CRISIL believes CCCSPL will continue to benefit from the extensive
experience of its promoters in the cold storage business.

Rating Sensitivity factors

Upward factors

  * Increase in rental rates and optimum capacity utilisation
resulting in ramp-up in revenue, with operating margin exceeding
40%

  * Improvement in the liquidity and financial risk profile

Downward factors

  * Decline in rental rates and capacity utilisation

  * Interest coverage ratio weakening to less than 1 time

  * Delay in payments by farmers

CCCSPL, incorporated in 2011, provides cold storage facilities to
potato farmers and traders and also trades in potatoes. The company
is owned by Kolkata-based Mr. Sabyasachi Gorai and his family
members. The cold storage unit is located at Bankura, West Bengal.


CHHAJED FOODS: CRISIL Lowers Rating on INR9.40cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Chhajed
Foods Private Limited (CFPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. The downgrade reflects delays in servicing debt by
CFPL as reflected in devolvement of the letter of credit for more
than 30 days.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee      4        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4 ISSUER
                                NOT COOPERATING')

   Cash Credit        10        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

   Inland/Import       5        CRISIL D (ISSUER NOT COOPERATING;
   Letter of Credit             Downgraded from 'CRISIL A4 ISSUER
                                NOT COOPERATING')

   Proposed Long       7.73     CRISIL D (ISSUER NOT COOPERATING;
   Term Bank                    Downgraded from 'CRISIL B+/Stable
   Loan Facility                ISSUER NOT COOPERATING')

   Proposed Term       9.40     CRISIL D (ISSUER NOT COOPERATING;
   Loan                         Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

   Term Loan           8.87     CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with CFPL for obtaining
information through letters and emails dated May 23, 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 CFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CFPL is consistent
with 'Assessing Information Adequacy Risk'.

CRISIL has downgraded its ratings on the bank facilities of CFPL to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'. The downgrade reflects
delays in servicing debt by CFPL as reflected in devolvement of the
letter of credit for more than 30 days.

Incorporated in 1996 and promoted by Chhajed family, CFPL
manufactures ready-to-fry and ready-to-boil food pellets at its
facility in Ahmedabad. Operations are managed by Mr. Rajesh
Chhajed.


EXCELLENT POWER: CRISIL Raises Ratings on INR7.5cr Loans to B+
--------------------------------------------------------------
Due to inadequate information and in-line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its ratings
on the long term bank facilities of Excellent Power Cable Private
Limited (EPCPL) to 'CRISIL B/Stable Issuer Not Cooperating'.
However, the management has started sharing information necessary
for a comprehensive review of the ratings. Consequently, CRISIL is
migrating the ratings from 'CRISIL B/Stable Issuer Not Cooperating'
to 'CRISIL B+/Stable'.

                   Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Loan Against       5.0        CRISIL B+/Stable (Migrated from
   Property                      'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

   Proposed Working   2.5        CRISIL B+/Stable (Migrated from
   Capital Facility              'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

The rating reflects below-average financial risk profile,
susceptibility to fluctuations in raw material prices and moderate
scale amid intense competition. These weaknesses are partially
offset by the extensive experience of its promoters in the
electrical conductors and cable industry.

Analytical Approach
Unsecured loan from the promoters of INR1.79 crore as on March 31,
2020 has been treated as neither debt nor equity as it is expected
to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile:  Networth was modest at
INR3.69 crore, and total outside liabilities to adjusted networth
high at 7.05 times, as on March 31, 2020. Debt protection metrics
were comfortable, with interest coverage and net cash accruals to
adjusted debt estimated at 2.10 times and 0.08 time, respectively,
for fiscal 2020. With no debt funded capex plans, the financial
risk profile should remain above average over the medium term.

* Susceptibility to fluctuations in raw material prices:
Profitability is expected to remain susceptible to fluctuations in
raw material prices, primarily that of aluminium. Operating margin
has remained low at around 1.2% in fiscal 2020. Moreover, EPCPL has
limited bargaining power with its customers and hence is not able
to pass on the increase in raw material prices.

* Modest scale of operations amid intense competition:  Intense
competition continues to constrain scalability with estimated
revenue at INR86.72 crores in fiscal 2020. The tiles industry is
marked by intense competition with the presence of many small and
large players.  Operations have been impacted due to slowdown in
demand due to Covid-19. Timely normalisation of operations,
supported by increase in demand, will be a key monitorable.

Strengths:

* Extensive experience of the promoter:  The promoter, Mr.
Moolchand Aggarwal's experience of over 15 years in the electrical
conductors and cables industry, his understanding of the dynamics
of the local market, and healthy relationships with customers
should continue to support the business. Net sales were INR86.72
crores in fiscal 20 from INR32 crores in fiscal 2017.

Liquidity Poor

Cash accrual is expected at INR0.40-INR0.50 crores in fiscal 21 and
fiscal 22, against debt repayment obligations of INR0.29 crores and
INR0.32 Crores, respectively. Cash and equivalent was INR1.04
crores as on March 31, 2020. Liquidity is partly supported by the
unsecured loan of INR1.79 crores as on March 31, 2020, from the
promoters. The company has availed moratorium for the months of
March 2020 to June 2020.

Outlook: Stable

CRISIL believes EPCPL will continue to benefit from the extensive
experience of its promoters.

Rating Sensitivity factors

Upward factors

  * Increase in revenue and stable operating margins

  * Higher accretion to reserves or equity infusion, improving
capital structure with TOLANW below 4 times.

Downward factors

  * Sharp decline in revenue or profitability, impacting net cash
accrual

  * Gross current assets exceed 150 days, weakening the financial
risk profile and liquidity

EPCPL, incorporated in 2006 in Delhi by Mr. Moolchand Aggarwal and
family, manufactures aluminium conductor steel-reinforced cable
(ACSR) conductors and aluminium wires.  The plant is located at
Bhawana Industrial Area.


FIROZABAD CERAMICS: CRISIL Cuts Rating on INR8.5cr Loan to D
------------------------------------------------------------
CRISIL has downgraded the ratings of Firozabad Ceramics Private
Limited (FCPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating', as after factoring that there
have been delays in servicing debt obligation.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        8.50      CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

   Long Term Loan     4.00      CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

   Proposed Long      1.80      CRISIL D (ISSUER NOT COOPERATING;
   Term Bank Loan               Downgraded from 'CRISIL B/Stable
   Facility                     ISSUER NOT COOPERATING')

CRISIL has been consistently following up with FCPL and has sought
information via letters and emails dated December 31, 2019 and
January 13, 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 while using 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 FCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on FCPL is consistent
with 'Assessing Information Adequacy Risk'

Based on the best available information, CRISIL has downgraded its
rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable
Issuer Not Cooperating', as after factoring that there have been
delays in servicing debt obligation.

FCPL was set up in 1981, by Mr. Shyam Sunder Jain. The company
manufactures glassware products such as jars, tableware, and
bottles used in various industries, including FMCG, pharma,
cosmetic and liquor. The manufacturing unit is at Firozabad.


FIVE CORE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Five Core Electronics
Limited (FCEL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       53        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit             4        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit         15        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit         19        CRISIL D (ISSUER NOT
   in Foreign Currency              COOPERATING)

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

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.


G I AUTO PRIVATE: CRISIL Withdraws B+ Rating on INR6.63cr LT Loan
-----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of G I Auto
Private Limited (GIAPL) following a request from the company and on
receipt of a 'no dues certificate' from the banker. The rating
action is in line with CRISIL's policy on withdrawal of bank loan
ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        1.87       CRISIL B+/Stable (Withdrawn)

   Overdraft             1.50       CRISIL A4 (Withdrawn)

   Proposed Long         6.63       CRISIL B+/Stable (Withdrawn)
   Term Bank Loan
   Facility              

Established in 1974 in Bengaluru, GIAPL manufactures precision
turned components, Computer Numerical Control machine parts, press
components, stampings, sub-assemblies for industries such as
automobile, engineering, valve, and instrumentation. The company
has four units in different parts of Bengaluru, two units catering
to the requirement of automotive and other two to non-automotive
applications.


G.S. AUTO INT'L: CRISIL Withdraws D Rating on INR24cr Term Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on INR24 Crore Foreign Currency
Term Loan and INR4.76 Crore Term Loan on the bank facilities of
G.S. Auto International Limited (GSAIL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        2.5       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Cash Credit          27.25      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Foreign Currency     24         CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING/Withdrawn)

   Letter of Credit      1.5       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term   23.74      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan             1.25      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Term Loan             4.76      CRISIL D (ISSUER NOT
                                   COOPERATING/Withdrawn)

CRISIL has been consistently following up with GSAIL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its rating on INR24 Crore Foreign Currency
Term Loan and INR4.76 Crore Term Loan on the bank facilities of
GSAIL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Set up in 1938 as a proprietorship concern, Gurmukh Singh & Sons,
GSAIL was reconstituted as a private limited company in 1973, and
then as a public limited company in 1984. GSAIL is listed on the
Bombay Stock Exchange Ltd and The Ludhiana Stock Exchange Ltd. The
company manufactures automotive components. The units can produce
10,000 tonne per annum of machined, hot- and cold-forged, and
casting (ferrous and non-ferrous) automotive components at its
plant in Ludhiana, Punjab.


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

The instrument-wise rating action is:

-- INR244.35 mil. Bank loans migrated to non-cooperating category
with IND BB (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
August 9, 2019. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the ratings.

KEY RATING DRIVERS

Gopal Chakraborty Charitable runs the Indus Valley World School,
which is spread over 170,000 square feet and offers K-12 education
and is affiliated with the Central Board of Secondary Education.
The trust was established in 2008 in Kolkata and is registered
under the Indian Trust Act, 1882.


ISHAAN TPR: CRISIL Reaffirms B+ Rating on INR2.5cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Ishaan
TPR (ITPR) at 'CRISIL B+/Stable/CRISIL A4'.

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

   Letter of Credit      7          CRISIL A4 (Reaffirmed)

   Long Term Loan        0.05       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    0.95       CRISIL B+/Stable (Reaffirmed)

The ratings continue reflect a weak financial risk profile and a
stretched working capital cycle. These weaknesses are partially
offset by the extensive experience of the partners in the
thermo-plastic rubber (TPR) compounds industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile:  The gearing was high, estimated at
8 times, driven by a low networth of INR0.89 crore and high working
capital debt of INR9.44 crore, as on March 31, 2020. Debt
protection metrics are weak, with interest coverage ratio at 1.17
times for fiscal 2020.

* Stretched working capital cycle:  Gross current assets (GCAs)
were large, estimated at 237 days on March 31, 2020, driven by
significant receivables of 194 days and inventory of 10 days.
Operations should remain working capital intensive in the near
future.

Strength

* Extensive experience of the partners:  Benefits from the
partners' experience of over a decade and established relationship
with customers and suppliers should continue to support the
business.

Liquidity Stretched

The fund-based limit of INR9.50 crore was utilised at an average of
97.27% during the 12 months through March 2020. Further, liquidity
is supported by the timely, need-based funds extended by the
partners (INR5.50 crore as on March 31, 2020).

Outlook: Stable

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

Rating sensitivity factors

Upward factors

  * Improvement in the capital structure with the gearing reducing
to below 3 times

  * Reduction in debtors leading to lower bank limit utilisation

Downward Factors

  * GCAs rising to over 300 days

  * Significantly large capital withdrawal, leading to
deterioration in the capital structure

  * Significant reduction in revenue and/or the operating margin

Set up in 2015, ITPR is a partnership firm of Mr. Deevik Garg, Mr.
Nitin Jindal, and Mr. Ankit Goyal. It manufactures TPR compounds
used in the soles of footwear. Operations at its manufacturing
facility in Narela, Delhi, commenced in 2016. The firm has also
expanded into footwear, which it sells under the Fluke brand.


JMT AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of JMT Auto Limited
(JMT) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

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

   Bill Discounting       1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           67         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      44         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Rupee Term Loan       24         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             55         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital        8         CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with JMT for obtaining
information through letters and emails dated July 10, 2020 and July
15, 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 JMT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on JMT is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of JMT
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

JMT (formerly, Jamshedpur Metal Treat) was incorporated as a
private limited company in April 1987 to take over the business of
Metal Treat Company, an ancillary of Tata Motors Ltd ('CRISIL
AA/Negative/CRISIL A1+') that manufactures auto components. It was
reconstituted as a public limited company in April 1992 and was
acquired by Amtek Auto Ltd (AAL) in June 29, 2013, which now holds
70.74% stake in it. The company acquired REGE Holding GmbH (REGE)
and Amtek Components Sweden through Amtek Machining systems Pte Ltd
in fiscal 2016. It has also formed a joint venture, Amtek Riken
Castings Pvt Ltd.


KAPIL STEELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kapil Steels Ltd.
        101 to 103, Indore Trade Centre
        3/2, South Tukoganj, Indore
        Madhya Pradesh 452001

Insolvency Commencement Date: July 28, 2020

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: January 24, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Mangesh Vitthal Kekre

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

Last date for
submission of claims:    August 18, 2020


MACOR PACKAGING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Macor Packaging Limited
        3198/15, 4th Floor, Gali No. 1
        Sangatrashan, Paharganj
        New Delhi 110055
        India

Insolvency Commencement Date: July 31, 2020

Court: National Company Law Tribunal, New Delhi Bench IV

Estimated date of closure of
insolvency resolution process: January 27, 2021
                               (180 days from commencement)

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional:            Mohd Nazim Khan
                         MNK & Assoicates
                         Company Secretaries
                         G-41, Ground Floor
                         West Patel Nagar
                         Delhi 110008
                         E-mail: nazim@mnkassociates.com
                                 macorpackaging.cirp@gmail.com

Last date for
submission of claims:    August 19, 2020


MOBILE TELECOM: CRISIL Keeps D on INR14cr Loan in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mobile
Telecommunications Limited (MTL) continues to be 'CRISIL D Issuer
not cooperating'.

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

CRISIL has been consistently following up with MTL for obtaining
information through letters and emails dated July 10, 2020 and July
15, 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 MTL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MTL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MTL
continues to be 'CRISIL D Issuer not cooperating'.

Established in 1995 by Mr. Anil Ved Mehta, MTL manufactures and
trades in electronic hardware. It is listed on the Bombay Stock
Exchange.


MODERN STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Modern Steel Limited
(MSL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            73        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest        10.2      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Letter of Credit       51.5      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              41.88     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital        38.90     CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

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

MSL was set up in 1974 by Mr. Amarjit Goyal. It is listed on the
Bombay Stock Exchange, and is managed by Mr. Krishan Kumar Goyal,
son of Mr. Amarjit Goyal. MSL manufactures low-alloy and
carbon-steel-rolled products for commercial vehicles, such as
trucks and tractors, passenger vehicles, two-wheelers, and
engineering companies.


MYSORE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of The Mysore Paper
Mills Limited (MPM) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       1       CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit         45       CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit    55       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with MPM for obtaining
information through letters and emails dated July 10, 2020 and July
15, 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 MPM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MPM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MPM
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

MPML was founded in May, 1936 by the then Maharaja of Mysore
(Karnataka). Government of Karnataka, which acquired a controlling
stake in November 1977, held 64.7% of equity shares as on September
30, 2016; the remainder was held by financial institutions and the
general public.

MPML is an ISO-14001-certified company, producing newsprint,
writing and printing paper, and sugar at its plant at Bhadravati in
the Shimoga district of Karnataka.


ORISSA STEVEDORES: CRISIL Moves D on INR74cr Debt to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Orissa
Stevedores Limited (OSL) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        74         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with OSL for obtaining
information through letters and emails dated July 10, 2020 and July
15, 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 OSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on OSL 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 OSL to 'CRISIL
D Issuer not cooperating'.

OSL is part of the Orissa-based OSL group, promoted by Mr.
Mahimananda Mishra. Incorporated in 1978, the company offers
stevedoring and forwarding services, and liner/charter agency
activities, customs clearance, intra-port transportation, and bulk
handing of coal and other minerals. The company also undertakes
iron ore mining and related works.


PALLA SILKS: CRISIL Hikes Rating on INR10cr Loan to B-
------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Palla
Silks Private Limited (PSPL) to 'CRISIL D' from 'CRISIL B+/Stable'.
Also,the rating has been simultaneously upgraded to 'CRISIL
B-/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Open Cash Credit       10       CRISIL B-/Stable (Revised from
                                   CRISIL B+/Stable to CRISIL D
                                   and Simultaneously Upgraded to
                                   CRISIL B-/Stable)

The rating revision to 'CRISIL D' reflects instances of excess
drawing in the cash credit facility in the month of June 2019.The
simultaneous upgrade reflects timely repayment of debt obligation
over the last one year.

CRISIL rating on the long term bank facilities of PSPL continues to
reflect the benefits that PSPL derives from the extensive industry
experience of its promoters and its established relation with its
customers and suppliers. These rating strengths are partially
offset by its modest scale of operations in the intensely
competitive textile industry and below average financial risk
profile.

Key Rating Drivers & Detailed Description

Strength:

* Extensive industry experience of its promoters, its established
relation with its customers and suppliers: PSPL benefits from
extensive industry experience of its promoters in the textile
industry. The company is promoted and managed by Mr. Palla Ashok
Kumar who has around 22 years of experience in the textile
industry. The promoter's family has been into this business for
last 40 years.

Weaknesses:

* Modest scale of operations in the intensely competitive textile
industry: PSPL's scale of operations is modest, reflected in its
top line of around INR 21.61 Cr in 2020. The industry is marked by
high fragmentation among many small to large size players and small
players like PSPL faces the direct competition with these players

* Below average financial risk profile: Financial risk profile is
below average marked by small networth, high gearing and modest
debt protection metrics.

Liquidity Poor

Bank limit utilization is high at around 100 percent for the past
twelve months ended March 30, 2020. CRISIL believes that bank limit
utilization is expected to remain high on account large working
capital requirement. Cash accruals are also expected to be low but
are sufficient against nil term debt obligation over the medium
term.

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from its promoter's extensive industry experience.

Rating Sensitivity factors

Upward Factors

* Improvement in revenues by 20% with sustenance of margins

* Improvement in working capital requirements leading to reduction
in GCA days

Downward Factors

* Decline in operating margins below 6% leading to lower accruals

* Stretch in working capital requirement

Established in August, 2014 as a private limited company, Palla
Silks Pvt Ltd (PSPL) is engaged in the wholesale trading of silk
sarees. Based in Hindupur district (Andhra Pradesh), the company is
promoted and managed by Mr. Palla Ashok Kumar.


PARANJAPE SCHEMES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on the bank facilities and fixed deposits
of Paranjape Schemes (Construction) Limited (PSCL) continues to be
'CRISIL B/FB/Stable Issuer Not Cooperating'.

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

   Proposed Long Term     7        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)
   
   Term Loan             30        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with PSCL for obtaining
information through letters and emails dated October 15, 2019,
April 3, 2020, and April 7, 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

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 PSCL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PSCL is consistent
with 'Assessing Information Adequacy Risk'.

As per the terms of the debentures and the subsequent extension
approved by the debenture trustee, the interest from 1st January,
2017 till 30th September, 2017 and 1st October 2017 till 31st March
2018 had to be paid by PSCL on or before 31st July, 2020. However
company had made request to investor for moratorium of the said
interest which was approved by investors before the due date and
now due date for payment of interest is 31st August, 2020. Further
the debenture trustee vide letter dated 29th July 2020; also gave
consent for same.

Based on the last available information, the ratings on the bank
facilities and fixed deposis of PSCL continues to be 'CRISIL
B/FB/Stable Issuer Not Cooperating'.

PSCL was incorporated in 1987 by brothers Mr. Shashank Paranjape
and Mr. Shrikant Paranjape as a private limited company, and was
reconstituted as a public limited company in 2005.


PASUPATI SPINNING: CRISIL Lowers Rating on INR28.33cr Loan to B+
----------------------------------------------------------------
CRISIL has downgraded ratings on the bank facilities of Pasupati
Spinning and Weaving Mills Limited (PSWML) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          28.33       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Foreign Bill
   Discounting           4.32       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit      6.16       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Letter of credit      0.80       CRISIL A4 (Downgraded from
   & Bank Guarantee                 'CRISIL A4+')

   Packing Credit        3          CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term   10.75       CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Term Loan             1.46       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects the impact on the stretched liquidity of
PSWML as it was unable to pay its annual listing fees to the Bombay
stock exchange (BSE) since March, 2020 owing to which the trading
of its shares have recently been suspended by BSE. Tight liquidity
is also manifested in the delays seen in the payments to Employees
Provident Fund Office (EPFO) for wages in the past few months.

PSWML is yet to announce its results for fourth quarter of fiscal
2020, the deadline mandated for which was July 31, 2020 by
Securities and Exchange Board of India (SEBI). CRISIL will continue
to monitor the developments in PSWML and will update in case of any
material information impacting its credit profile.

The ratings continue to reflect the susceptibility to volatile raw
material prices and large working capital requirements. These
ratings weaknesses are partially offset by the extensive experience
of the promoters in the textile manufacturing industry along with
PSWML's diversified product profile.

Analytical Approach
Of the total unsecured loans (Rs 13.51 crore as on March 31, 2019)
extended to PSWML by the promoter, INR6.73 crore has been treated
as neither debt nor equity. That is because this interest-free loan
may remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to volatile raw material prices: Main raw
material, polyester, accounts for around 35% of total production
cost, and is procured from Reliance Industries Ltd through dealers.
Cost of polyester is linked to crude oil prices, which remain
volatile.

* Large working capital requirement: The working capital cycle has
been stretched and may remain so even over the medium term; hence,
its efficient management will be closely monitored. Gross current
assets were over 200 days as on September 30, 2019, driven by
moderate debtors and huge inventory of around 93 days and 131 days
respectively; also, creditors extended by the suppliers stood at
165 days.

Strengths
* Promoter's experience and diversified product profile: Benefits
from the promoter's extensive experience of nearly four decades,
their strong understanding of local market dynamics, and
longstanding relationships with vendors and customers should
continue to support the business. The promoter has efficiently
diversified the clientele such that no single customer contributes
more than 25% to the total revenue. The product portfolio is also
diverse, comprising sewing thread, knitwear, and garments.

* Average capital structure: Gearing was 1.36 times as on September
30, 2019, with networth of INR32.1 crore. Debt protection metrics
were average, with interest coverage and net cash accrual to total
debt ratios of 1.6 times and 0.04 time, respectively, for the six
months period ending September, 2019.

Liquidity Poor
Liquidity is poor. Poor liquidity is reflected in inability of
company to pay its annual listing fees since March, 2020. Bank
limit utilisation averaged 93% over the 12 months through December
2019. Net cash accrual, estimated at INR3.3 crore in fiscal 2020 is
expected to have sufficiently covered maturing debt of around
INR0.52 crore. Liquidity is also expected to remain supported by
the timely, need-based funds extended by the promoter.

Outlook: Stable

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

Rating Sensitivity Factors

Upward factors

  * Revenue growth of more than 15% and the operating margin rising
by 200 basis points, thereby leading to substantial cash accrual

  * Significant reduction in working capital cycle and subsequent
improvement in liquidity profile

Downward factors

  * Drop in revenue by more than 10% and a steep decline in
profitability (as compared to fiscal 2019)

  * Larger-than-expected, debt-funded capital expenditure

  * Deterioration in liquidity profile.

PSWML, incorporated in 1979 by Mr. Ramesh Kumar Jain, is a New
Delhi-based company that manufactures cotton yarn, polyester grey
and dyed sewing thread, and knitted fabric.

It has a sewing thread manufacturing facility in Kala Amb and
polyester viscose yarn and cotton yarn manufacturing units in
Dharuhera (Haryana). From fiscal 2017, the company manufactures
cotton yarn only on job work.

PSWML achieved revenue and PAT of INR83.5 crore and INR0.05 crore
respectively for nine-month period ending December, 2019.
Comparatively, PSWML achieved revenue and PAT of INR86.01 crore and
INR0.15 crore respectively for nine-month period ending December,
2018.


PVM TECHNOLOGIES: CRISIL Lowers Ratings on INR8cr Loans to D
------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of PVM
Technologies Private Limited (PVM) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee       4       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4 ISSUER
                                NOT COOPERATING')

   Cash Credit          4       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with PVM for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PVM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PVM is consistent
with 'Assessing Information Adequacy Risk'.

Based on last available information, the ratings on bank facilities
of PVM is downgraded to be 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. As it was brought to CRISIL's attention that there
are delays in servicing debt reflected in overutilization of the
cash credit limit for more than 30 days.

Established in 1998 by Mr. Bhagwat Singh Lodha, Mr. JS Lodha, Ms.
Vimla Lodha, and Ms. Parmila Lodha, PVM is a Class AA
government-approved contractor that undertakes public water supply
and irrigation projects for Public Health Engineering Department.


RUBY CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Ruby Cables Limited
(RCL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       3       CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit         10       CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long Term
   Bank Loan Facility   4.35    CRISIL D (ISSUER NOT COOPERATING)

   Term Loan            7.65    CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with RCL for obtaining
information through letters and emails dated July 10, 2020 and July
15, 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 RCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RCL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RCL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Established in 1993 as Ekank Cables Ltd by members of the Parekh
family, RCL got its present name in 2010, following a change in
management. The company manufactures conductors and low-tension
power cables at its facility in Vadodara (Gujarat). In fiscal 2014,
Mr. S N Bhatnagar acquired 50% stake in the company. RCL is
currently managed by Mr. Bhatnagar and Mr. Chirag Gada. The company
is listed on Bombay Stock Exchange (BSE).


SHINING TOOLS: CRISIL Assigns B Ratings to INR8cr Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shining Tools Limited (STL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3.7       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     4.3       CRISIL B/Stable (Assigned)

The rating reflects STL's modest scale of operation, working
capital intensive operations and weak financial profile. These
weaknesses are partially offset by its extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation:  STLs business profile is constrained
by its scale of operations in the intensely competitive cutting
tools industry. STLs scale of operations will continue limit its
operating flexibility.

* Working capital intensive operations:  Its intensive working
capital management is reflected in its gross current assets (GCA)
of 383 days as on March 31, 2020. Its large working capital
requirements arise from its high debtor and inventory levels. It is
required to extend long credit period. Furthermore, due to its
business need, it hold large work in process & inventory.

* Weak financial profile:  STL has average financial profile marked
by high total outside liabilities to tangible networth (TOL/TNW)
for last three year ending on March 31, 2020. STL's debt protection
measures have also been at weak level in past due to high gearing
and low accruals from the operations. The interest coverage and net
cash accrual to total debt (NCATD) ratio are at 1.07 times and 0.01
time for fiscal 2020. STL debt protection measures are expected to
remain at similar level with high debt levels.

Strength

* Extensive industry experience of the promoters:  The promoters
have an experience of over two decades in cutting tools industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers.

Liquidity Stretched

Bank limit utilisation is high at around 92.12 percent for the past
twelve months ended May 2020. Cash accrual are expected to be over
INR10 lakhs which are insufficient against term debt obligation of
INR30 lakhs over the medium term. Current ratio are moderate at
1.28 times on March 31, 2020. The promoters are likely to extend
support in the form of equity and unsecured loans to meet its
working capital requirements and repayment obligations.

Outlook: Stable

CRISIL believe STL will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating Sensitivity Factor

Upward factor

  * Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals of over INR40
lakhs

  * Improvement in working capital cycle of the company

Downward factor

  * Decline in operating profitability to below 5%

  * Deterioration of further financial risk profile of the company

STL was incorporated in 2013, is engaged in manufacturing of solid
carbide cutting tool solutions for end mill, drill, reamer and its
re-conditioning services under its brand 'Tixna'. STL is owned &
managed by Laljibhai Ghoniya and family.


SOUTHERN CASHEW: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Southern Cashew Exporters (SCE) at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Discounting            5         CRISIL B+/Stable (Reaffirmed)

   Packing Credit
   in Foreign Currency   36         CRISIL A4 (Reaffirmed)

CRISIL ratings to the bank facilities of SCE continues to reflect
the working capital-intensive operations, an average financial risk
profile, exposure to intense competition, and susceptibility of the
operating margin to volatile raw material prices. The above
weaknesses are partially offset by the extensive experience of the
partners in the cashew industry and established relationship with
customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile:  The total outside liabilities to
tangible networth ratio was high estimated at 9.5 times as on March
31, 2020, while the interest coverage ratio was subdued at 1.3
times in fiscal 2020. The financial risk profile is expected to
remain weak over the medium term.

* Exposure to intense competition:  Limited differentiation in
technology involved in processing cashew nuts and moderate capital
requirement have resulted in a low entry barrier, leading to
intense competition in both the organized and unorganized
segments.

Strength:

* Extensive industry experience of the partners and an established
relationship with customers and suppliers:  Experience of over a
decade in the cashew industry has enabled the promoters to maintain
an established relationship with key customers and led to revenue
of about 96 crores in fiscal 2020. The firm has started exporting
to Arab countries leading to better market share and reach.

Liquidity Stretched

SCE has stretched liquidity leading to high bank limit utilization
of around 95 percent for the past twelve months ended Sept 2019.
Cash accrual are expected to be over INRRs 0.4-0.6 crores which are
sufficient against term debt obligation of INR0.1-0.2 crores over
the medium term. The firm has availed moratorium due to COVID-19
lock down in its bank loan facilities which should support its
liquidity over the medium term.

Outlook: Stable

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

Rating Sensitivity factors

Upward factor

* Interest coverage of more than 2 times.

* Sustained increase in scale of operations and profitability

Downward factors

* Interest coverage of less than 1.2 times.

* Steep decline in scale of operations and profitability

SCE was set up as a partnership firm in 2004 by Mr. M Shamsudeen
and family. The firm processes raw cashew nuts and sells cashew
kernels. Its processing facility near Kollam, Kerala, has an
installed capacity of around 24 tonne per day.


SRS LIMITED: Ind-Ra Affirms 'D' LongTerm Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SRS Limited's
Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR100 mil. Term loan (long-term) affirmed with IND D (ISSUER
     NOT COOPERATING) rating;

-- INR4.750 bil. Non-fund-based working capital limits (short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR3.50 bil. Fund-based working capital limits (long- and
     short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR2.250 bil. Term deposit (long-term) affirmed with IND tD
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects SRS' ongoing default, as recorded by the
auditor in the quarterly result announcement, and the company's
term loan and working capital facilities' classification as a
non-performing asset by its lender.

RATING SENSITIVITIES

Positive: Timely debt servicing and the use of working capital
facilities within the sanctioned limits for at least three
consecutive months would be positive for the ratings.

COMPANY PROFILE

SRS was incorporated in 2000 as SRS Commercial Company Limited. It
was renamed SRS Limited in 2009. The company has three business
verticals: jewellery, retail and multiplex. SRS is engaged in the
manufacture, retail and wholesale of gold and diamond jewellery. It
also operates a chain of modern format retail stores and a chain of
cinemas across north India. The company owns a shopping mall in
Faridabad, apart from various restaurants and food courts.


STURDY INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sturdy Industries
Limited (SIL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            70        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest        26.21     CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Letter of credit      141.90     CRISIL D (ISSUER NOT
   & Bank Guarantee                 COOPERATING)

   Proposed Cash
   Credit Limit            .13      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             18.60      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital       75.09      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

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

Established in 1995, SIL, promoted by Mr. Ramesh Guptamanufactures
polyvinyl chloride pipes and irrigation systems, aluminium
composite panels, and aluminium cables and conductors, and trades
in aluminium products. The company also has a plant for
manufacturing asbestos cement roofing sheets.


SURYA PANEL: CRISIL Hikes Ratings on INR15cr Loans to B-
--------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated its rating on the long term bank
facilities of Surya Panel Private Limited (SPPL) to 'CRISIL
D/Stable Issuer Not Cooperating'. However, the management has
subsequently started sharing requisite information, necessary for
carrying out comprehensive review of the rating. Consequently,
CRISIL is migrating the rating on the long term bank facilities of
SPPL to 'CRISIL B-/Stable' from 'CRISIL D Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Proposed Cash        2       CRISIL B-/Stable (Migrated from
   Credit Limit                 CRISIL D ISSUER NOT COOPERATING)

   Term Loan           13       CRISIL B-/Stable (Migrated from
                                CRISIL D ISSUER NOT COOPERATING)

The rating reflects the company's modest scale of operations and
below average financial risk profile. These weaknesses are
partially offset by the experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: SPPL commenced operations only from
the end of fiscal 2018. The modest scale of operations is reflected
in the turnover of around INR9 crore for fiscal 2020. The scale of
operations is expected to remain modest over the medium term.

* Below average financial risk profile: SPPL's financial risk
profile is below average marked by a leveraged capital structure
and weak debt protection metrics. The gearing was negative 4.87
times as on March 31, 2020 due to a negative networth; primarily on
account of accumulated losses. Interest coverage is below 1, due to
high reliance on debt to fund working capital requirement;
resulting in high interest costs.

Strength:

* Extensive experience of promoters: The promoters have experience
for around 20 years in the construction and building products
industry, which is expected to support the company. The promoters
also hold stake in other group companies engaged in similar
business. The extensive experience of the promoters shall aid the
company's business risk profile over the medium term.

Liquidity Stretched

SPPL's liquidity is stretched marked by high utilisation of the
bank limits and inadequate cash accrual for debt repayments. The
working capital limits have been highly utilised at an average of
around 96 percent for the 12 month ended June 2020. Cash accrual is
negative for fiscal 2020; however repayments are supported through
timely infusion of unsecured loans from promoters. CRISIL has noted
that ACTPL has sought moratorium from its lenders in line with the
relief measure announced by the Reserve Bank of India (RBI) on
payment of instalment of loans and availed the relief in repayment
of bank loan instalments for 3 months (March 2020-August 2020).
While the relief is temporary in nature, availability of adequate
liquidity post normalization of operations in the company is
critical. Further the promoters have been infusing unsecured loans,
the balance of which was at INR13.95 crore as on March 31, 2020.
Improvement in liquidity shall remain a key monitorable over the
medium term.

Outlook: Stable

CRISIL believes SPPL will continue to benefit over the medium term
from its promoters' previous experience in related industries.

Rating Sensitivity factors

Upward Factors

* Improvement in interest coverage to more than 1.2 times

* Improvement in capital structure

Downward Factor

* Decline in operating income by more than 30 percent

* Any large debt funded capital expenditure; further weakening the
financial risk profile

* Withdrawal of timely funding support from promoters

Incorporated in December 2014 and promoted by Mr. Sudharshan
Hadihalli Byregowda and Mr. Rushil Krupesh Thakkar, SPPL is setting
up a manufacturing facility for high-density fibre boards and
medium-density fibre boards.


TOUCH TONE: CRISIL Reaffirms B Rating on INR8cr Secured Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Touch Tone Teleservices (TTT).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (Reaffirmed)

   Secured Overdraft
   Facility               8         CRISIL B/Stable (Reaffirmed)

The ratings reflect the firm's average scale of operations and
below-average financial profile, and its exposure to intense
competition. These weaknesses are partially offset by the extensive
experience of the partners.

Key Rating Drivers & Detailed Description

Weakness:

* Average scale of operations: Scale of operation remains average,
with turnover fluctuating between INR21 crore and INR35 crore in
the four fiscals through March 2020. The business is competitive
due to tender-based quoting. Steady flow of orders remains
critical.

* Below-average financial risk profile, due to elongated working
capital cycle:  Financial risk profile is marked by the small
networth, high gearing and subdued debt protection metrics.
Networth was estimated at INR5.7 crore as on March 31, 2020.
Gearing was over 2.46 times as on same date, owing to higher
reliance on debt. Moderate operating margin has kept the interest
coverage ratio constrained around 2.12 times during fiscal 2020.
Gross current assets were over 311 days as on March 31, 2020,
primarily driven by stretched receivables. Faster realisation of
receivables remains a key monitorable.

Strengths:

* Extensive experience of the partners: The decade-long experience
of the promoters in the communications equipment industry, has
helped them gain strong understanding of market dynamics and
maintain healthy relationships with suppliers and customers.

Liquidity Stretched

Liquidity remains stretched, with cash accrual, estimated at
INR1.95 crore in fiscal 2020, and expected to be in the range of
INR0.9-1.15 crore in the medium term, against tightly matched
maturing debt obligations of INR0.5-1.3 crore. Bank limit
utilisation was high, averaging 99% during the 12 months ended
April 30, 2020, due to the large working capital requirement.
Current ratio was average around 1.22 times as on March 31, 2020.

Outlook: Stable

CRISIL believes TTT will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating Sensitivity factors

Upward factor:

  * Significant growth in revenue and stable profitability at
around 9%, leading to higher cash accrual.

  * Improvement in working capital cycle.

Downward factor:

  * Decline in operating profitability below 7% or Decline in scale
of operations leading to fall in revenue by 25%.

  * Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

Set up in 2002, TTT is engaged in laying and maintenance of
telecommunication lines (optical fibre lines). It also undertakes
civil construction work in relation to the telecom lines that it
lays down. The company has been promoted by Mr. KSN Reddy and Mr. B
Madhava Reddy, and is based out of Hyderabad.


TRIMURTI DAIRY: CRISIL Assigns B+ Ratings to INR4cr Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Trimurti Dairy Farm (TDF, Trimurti group).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.2        CRISIL B+/Stable (Assigned)
   Term Loan             3.8        CRISIL B+/Stable (Assigned)

The rating reflects TDF's modest scale of operation amid intense
competition and susceptibility to volatility in milk prices,
changes in government regulations. These weakness are partially
offset by its extensive industry experience of the partners and
moderate financial risk profile.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TDF and Sawant Dairy Pvt Ltd (SDPL).
That's because the two firms, together referred to as the Trimurti
group, are in the same line of business, under a common management,
and have significant operational linkages and fungible cash flows
between them.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operation in intensely competitive industry:  The
group's business risk profile is constrained by its modest scale of
operations reflected in its revenue of INR 40.81 crore in fiscal
2020. This was primarily on account of the intensely competitive
dairy products industry with presence of various unorganized
players. Thus, the group's scale of operations is expected to
remain modest over the over medium term.

* Susceptibility to fluctuations in milk prices, changes in
government regulations, and epidemics in the dairy industry:  The
price of milk is sensitive to any adverse impact of changes in
government policies, and to environmental conditions. Furthermore,
regulations such as the intermittent bans imposed by the government
on export of skim milk powder (SMP) affect procurement of milk and
SMP exports, and thus, have an adverse impact on industry players.
Also, entities in the segment are susceptible to failure in milk
production because of external factors such as cattle diseases.

Strengths:

* Extensive industry experience of the partners:  The partners have
an experience of over 15 years in dairy industry. This has given
them an understanding of the dynamics of the market, and enabled
them to establish relationships with suppliers and customers.

* Moderate financial risk profile:  Capital structure is marked by
gearing and total outside liabilities to adjusted net worth
(TOLANW) ratio of 0.75 time and 1.41 times, respectively as on
March 31, 2020, on account of low debt levels. Debt protection
metrics are marked with interest coverage and net cash accrual to
total debt (NCATD) ratio are at 3.90 times and 0.26 time in fiscal
2020.

Liquidity Stretched

Cash accruals are expected to be around INR 0.8-1.00 crore in
fiscal 2021 and 2022, which are tightly matched against term debt
obligation of INR 0.63 crore over the medium term. Bank limit
utilization is high at around 91.35 percent for the past twelve
months ended March 2020. Cash and bank balance stood at INR0.47
crore as on March 31, 2020.

Outlook: Stable

CRISIL believe Trimurti group will continue to benefit from the
extensive experience of its partners.

Rating Sensitivity factors

Upward factor

  * Sustained improvement in scale of operations and operating
margin to more than 5%, leading to higher cash accruals

  * Improvement in financial profile and liquidity, with lower
dependence on debt

Downward factor

  * Decline in scale of operations or operating margins, leading to
lower cash accruals of less than INR0.6 crore

  * Large debt-funded capital expenditure, weakens capital
structure and liquidity profile

TDF was started as a sole proprietorship by Dr. Ravindra Sawant in
2005 and in 2011 it was converted into a partnership firm with his
son, Mr. Kiran Sawant and nephew, Mr. Abhijeet Balgude. The company
processes and sells milk and milk products at its unit in Baramati,
Maharashtra.


[*] INDIA: Insolvency Issues Confuse AGR Proceedings
----------------------------------------------------
Developing Telecoms reports that the Indian Supreme Court has
asked, in a recent hearing, a question that does not appear to have
occurred to India's Department of Telecommunications (DoT): how
does it plan to recover adjusted gross revenue (AGR)-related dues
from telecom companies facing insolvency?

In addition, the court wants to ascertain the bona fides of the
telecom companies that have initiated insolvency proceedings under
the Insolvency and Bankruptcy Code (IBC) - that is, why some of
these companies have done so and what their liabilities are, the
report says.

Developing Telecoms relates that the court also wants to ensure
that the IBC is not being used to escape those liabilities; there
have been moratoriums in place for companies like Reliance
Communications Limited and Videocon Industries Limited as
insolvency proceedings against them have started.

And yet money will have to be collected somehow, the report states.
RCom, for example, owes just over $4 billion, which as the court
pointed out, is public money.

The Court also asked, in a recent hearing, whether spectrum given
to these companies can be sold, to which the DoT apparently said
that telecom companies facing insolvency proceedings cannot sell
spectrum as it not their property, Developing Telecoms relays.

This isn't a view shared by all participants, says Developing
Telecoms. Aircel, which, admittedly, is not going into liquidation,
appears to believe the spectrum can be sold as it was mentioned in
the terms and conditions that it is transferable and the company
has made an upfront payment for it.

While AGR issues have been around for a long time, things went
downhill for some companies owing AGR in October last year when the
court supported a widened definition of AGR that included
non-telecom revenues; it later dismissed calls for a reassessment,
according to Developing Telecoms.
Although this seems to have been what the DoT wanted, it has now
backtracked somewhat, seeking staggered payments over 20 years.
That has yet to be agreed by the Court, Developing Telecoms notes.




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

SOECHI LINES: Moody's Lowers CFR to B2, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded Soechi Lines Tbk. (P.T.)'s
corporate family rating to B2 from B1.

Moody's has also downgraded to B2 from B1 the senior unsecured
rating on the $200 million notes issued by Soechi Capital Pte.
Ltd., a wholly owned subsidiary of Soechi.

The outlook remains negative.

"The downgrade reflects its expectation that Soechi's credit
metrics will remain materially weaker than we had previously
expected, driven by persistent losses at its shipyard operations,"
says Stephanie Cheong, a Moody's Analyst.

"The negative outlook reflects the refinancing risk associated with
Soechi's outstanding $83 million syndicated loan due August 2021,"
adds Cheong, who is also Moody's Lead Analyst for Soechi. "While
the company is currently negotiating refinancing arrangements for
its syndicated loan, the timing of any refinancing is uncertain
until a firm agreement is in place."

RATINGS RATIONALE

Soechi's adjusted leverage, as measured by adjusted debt/EBITDA,
increased to 5.6x for the 12 months ending June 30, 2020, as
operating losses at its shipyard business weighed on earnings.

Moody's expects Soechi's shipyard business to continue generating
operating losses through 2020-21 as the company struggles to
replenish its order book with profitable orders amid the
coronavirus outbreak. In addition, Moody's expects shipping
revenues to decline slightly in 2020 on the back of higher
dry-docking days, while poor domestic demand for fuel could
potentially hinder the timely renewals of Soechi's time charter
contracts.

As a result, Moody's estimates its adjusted leverage will remain
elevated at 5.3x-5.9x over the next 12-18 months, which is higher
than Moody's previous expectation of 4.7x-4.9x and inconsistent
with the previous B1 ratings.

The company's total cash balance of $62 million at June 30, 2020
and estimated free cash flows of $27 million will not be sufficient
to cover its debt maturities of around $98 million over the next 18
months, which includes (1) scheduled debt amortization payments of
around $15 million and (2) $83 million outstanding under its
syndicated loan due August 2021, which relates to a $50 million
revolving credit facility and a $33 million amortizing term loan.
As a result, Moody's expects Soechi to be reliant on external
funding to address its debt maturities.

In terms of environmental, social and governance factors, Moody's
has considered the governance risk stemming from Soechi's
concentrated ownership by the Utomo family, who owns around 85% of
the company. These governance concerns are partially balanced by
Soechi's listed status and improving financial policies, including
a reduction in debt-funded growth since last year.

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

A rating upgrade is unlikely over the next 12-18 months, given the
negative outlook.

However, the outlook could revert to stable if Soechi improves its
credit metrics and addresses its large debt maturities in 2021.

Specific indicators Moody's would consider for a change in outlook
to stable include adjusted debt/EBITDA below 5.5x and adjusted (FFO
+ interest expense)/interest expense above 2.0x, both on a
sustained basis.

The rating could be downgraded if (1) Soechi is unable to refinance
its debt maturities by December 2020; (2) industry fundamentals
weaken, resulting in lower charter rates or an inability to renew
expiring charter contracts; (3) there are adverse changes in
cabotage laws; (4) Pertamina (Persero) (P.T.) (Baa2 stable) shifts
management of its fleet, such that it materially reduces its
exposure to Soechi; or (5) Soechi undertakes material debt-funded
capital spending or shareholder returns.

Specific indicators Moody's would consider for a downgrade include
adjusted debt/EBITDA above 5.5x or adjusted (FFO + interest
expense)/interest expense below 2.0x.

The principal methodology used in these ratings was Shipping
Industry published in December 2017.

Headquartered in Jakarta, Indonesia, Soechi Lines Tbk. (P.T.)
provides shipping services primarily to oil and gas companies,
including Pertamina (Persero) (P.T.) and its associates. Soechi
also operates a ship-building and maintenance business through its
99.99% subsidiary PT Multi Ocean Shipyard.

Soechi is a family owned business with the members of the Utomo
family holding an approximate 85% stake and the public the
remaining 15%.




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

ROXAS AND CO: Posts PHP195.12MM Net Loss in Q2 Ended June 30
------------------------------------------------------------
BusinessWorld Online reports that Roxas and Co., Inc. (RCI)
reported a net loss attributable to equity holders of PHP195.12
million in the second quarter, wider by 13% compared with the
previous year's losses after the suspension of its operations due
to lockdown protocols during the period.

BusinessWorld relates that the quarter's net loss brings the
company's first-half losses to PHP341.92 million, an expansion of
35.9% from a year ago due to the effects of the Taal volcano
eruption along with the business disruption from the quarantine
measures to contain the spread of the coronavirus disease 2019
(COVID-19).

"The COVID-19 pandemic resulted in the temporary closure of all our
hotel operations in Any Resort Tagaytay and Go Hotels in Metro
Manila as well as the shutdown of the Roxas Sigma Agriventures,
Inc. (RSAI) coconut processing plant in Tupi, South Cotabato," the
company said in its disclosure to the stock exchange, BusinessWorld
relays.

According to BusinessWorld, RCI said its operating expenses for the
first six months declined 9.5% to PHP168.46 million compared with
PHP186.05 million in the same period a year earlier, as a result of
the company's continued efforts to cut controllable expenses.

Its consolidated revenues for the first half fell 50% to PHP206.25
million after the suspension of its hotel operations.

BusinessWorld relates that RCI said the Go Hotels resumed
operations in mid-April but served as quarantine facilities for
home-bound overseas workers while its RSAI plant reopened only in
May.

Meanwhile, the company said it would proceed with its plans and
projects to establish continued growth such as efforts to develop
and increase processed coconut export sales and maximize plant
capacity, and limit the land development of Hacienda Palico to the
ongoing residential project in Nasugbu, Batangas in 2020,
BusinessWorld reports.

"The company will be doing a reforecast of its directions and
performance in order to determine if there is a need to provide for
impairment losses," the disclosure said.

Roxas and Co., Inc. (RCI) has interests in real estate, sugar and
ethanol manufacturing. Some of its companies include RSAI, Roxas
Holdings, Inc., and Roxaco Land Corp.




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

DFS ASSET: Fitch Affirms BB Rating on Class C Notes
---------------------------------------------------
Fitch Ratings has affirmed DFS Asset Purchase Company Pte. Ltd.'s
working-capital facility, standby liquidity facility and notes. The
transaction is a securitisation of Singaporean credit-card and
charge-card receivables originated by Diners Club (Singapore)
Private Limited.

DFS Asset Purchase Company Pte. Ltd. (refinance)

  - Class A1; LT A-sf; Affirmed

  - Class A2; LT A-sf; Affirmed

  - Class B; LT BBBsf; Affirmed

  - Class C; LT BBsf; Affirmed

  - Stand By Liquidity Facility; LT A-sf; Affirmed

  - Working Capital Facility; LT A-sf; Affirmed

KEY RATING DRIVERS

Receivables' Performance and Collateral Characteristics: The
transaction's delinquencies, defaults, payment rates and excess
spread have been stable since the last review; all are well away
from respective early amortisation trigger levels. No losses have
been realised on the notes since closing.

Originator and Servicer Quality: Performance is closely linked to
that of the originator/servicer due to the nature of the underlying
assets and is influenced by monitoring and risk-management
procedures. The last servicer review, conducted in August 2019,
found DCS's origination, underwriting and servicing capabilities
were adequate.

Counterparty Risk: There has been no change in the counterparties
since transaction closing. All counterparties remain eligible,
supporting the notes' ratings at current levels.

Rating Cap / Interest-Rate Risk: The transaction is capped at the
'Asf' category due to DCS's small market share in Singapore and
high dependency on the underwriting and collection practices of the
originator in the revolving period. Moreover, interest-rate risk
exposure makes the transaction incompatible with a high
investment-grade rating. Transaction also has higher sensitivity
towards monthly payment rates as compared to other APAC credit card
receivables ABS transactions

Sufficient Credit Enhancement: Initial note subordination was 24%
for class A, 18% for class B and 13% for class C. The transaction
also benefits from a reserve funded by standby liquidity facility
drawdown, which covers note interest, senior expenses and dilution
risk.

Stable Asset Outlook: Singapore's 'AAA' rating and the Stable
Outlook are supported by exceptionally strong external finances, a
sound fiscal framework and high per capita income levels; Moody's
thinks the country's economic conditions continue to support the
steady performance of the credit card sector.

Pandemic Impact: Pool performance has remained stable during the
pandemic stress period. Moody's expects performance to remain
within its base-case assumptions.

The cash flow model was not re-run for this review, as neither the
variables affecting transaction performance nor the credit
enhancement levels have changed beyond those expected at closing.

RATING SENSITIVITIES

Rating sensitivity analysis was not performed for this review, as
the cash flow model was not re-run.

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

The ratings are capped due to the originator's low market share and
the notes' interest-rate risk exposure. Hence, the ratings are
unlikely to be upgraded unless a significant and sustained
improvement on these parameters is observed.

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

Fitch evaluated the sensitivity of the ratings assigned to DFS
Asset Purchase Company's notes, at the time of the final rating, to
increased weighted-average base-case charge-offs, decreased WA
base-case monthly payment rate and the combination of stressed
charge-offs and MPR over the life of the transaction.

Rating sensitivities provide insights into the model-implied
sensitivities the transaction faces when one risk factor is
stressed, while holding others equal.

Sensitivity to increased charge-offs (25% / 50% / 75%)

Working Capital Facility/Standby Liquidity Facility/Class A1 and
Class A2: A-sf / BBB+sf / BBBsf

Class B: BBB-sf / BB+sf / BBsf

Class C: BBsf / BB-sf / B+sf

Analysis showed that the ratings were more sensitive to high
stresses to MPR rates.

Sensitivity to decreased MPR (15% / 25% / 35%)

Working Capital Facility/Standby Liquidity Facility/Class A1 and
Class A2: BBB+sf / BBB-sf / BBsf

Class B: BB+sf / BB-sf / Bsf

Class C: B+sf / Bsf / Below Bsf

Fitch also analysed the sensitivity to a combination of increased
default rates and decreased MPRs (25% and 15% / 50% and 25% / 75%
and 35%)

Working Capital Facility/Standby Liquidity Facility/Class A1 and
Class A2: BBBsf / BBsf / Bsf

Class B: BBsf / Bsf / Below Bsf

Class C: Bsf / Below Bsf / Below Bsf

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that were material to
this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio or conducted a review
of origination files as part of its ongoing monitoring.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

ESG CONSIDERATIONS

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


HYFLUX LTD: Lenders Get Extension to File Application for JM Order
------------------------------------------------------------------
Vivien Shiao at The Business Times reports that ailing
water-treatment company Hyflux announced on Aug. 11 after trading
hours that the Singapore High Court has extended the deadline for
the unsecured working group of bank lenders to file the application
for a judicial management order from Aug. 7 to Aug. 12.

BT relates that the unsecured working group of banks - Mizuho,
Bangkok Bank, BNP Paribas, CTBC Bank, KfW, Korea Development Bank
and Standard Chartered Bank - was given the nod by the courts to
carve their respective shares of debt from Hyflux's debt
moratorium. The group had argued that it could no longer trust
Hyflux's management to lead any restructuring effort, the report
relays.

Hyflux has until 5:00 p.m. on Aug. 30 to accept a proposed rescue
deal by Middle Eastern utility firm Utico, which remains open for
acceptance, whether or not a judicial manager is appointed, BT
notes.

                           About Hyflux

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

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

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

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


SINGAPORE: Recession Worse Than First Thought as Virus Slams
------------------------------------------------------------
Reuters reports that Singapore's record recession was deeper than
first thought in the second quarter, data showed on Aug. 11,
signalling a lengthy path to recovery as the coronavirus pandemic
dealt a major blow to Asia's trade-reliant economies.

According to Reuters, the city-state has been hit hard by COVID-19
with the country under a lockdown for most of the second quarter to
curb the spread of the virus.

"The painful truth is this - we are not returning to a pre-COVID
world. Recovery will be some time yet," Reuters quotes trade
minister Chan Chun Sing as saying.

Reuters relates that the government said it now expects full-year
GDP to contract between 5% and 7% versus its previous forecast for
a 4% to 7% decline. The transport and tourism hub is facing the
biggest downturn in its history, expected to wipe out years of
previous economic expansion.

"The forecast for 2020 essentially means the growth generated over
the past two to three years will be negated," said Chan, adding
that the data was the economy's worst quarterly performance on
record, Reuters relays.

Gross domestic product (GDP) fell a record 13.2% year-on-year in
the second quarter, revised government data showed, versus the
12.6% drop seen in advance estimates.

Reuters says the economy plunged 42.9% from the previous three
months on an annualised and seasonally adjusted basis, also a
record and larger than the 41.2% contraction in the government's
initial estimates.

The slump marked the second consecutive quarter of GDP contraction
for the global finance hub - having declined 0.3% year-on-year in
the first quarter and 3.1% quarter-on-quarter - meeting the
definition for a technical recession, Reuters states.

The data pointed "to a slower and sluggish economic recovery," said
Chua Hak Bin, an economist at Maybank, Reuters relays.

He said strict border controls, social distancing rules and foreign
worker shortages will weigh on the pace of the recovery, even
though lockdown measures have been relaxed, according to Reuters.

Reuters adds that the Monetary Authority of Singapore (MAS) had
eased its monetary policy in March, while the government pumped in
nearly SGD100 billion ($72 billion) worth of stimulus to blunt the
impact of the pandemic.

According to Reuters, MAS chief economist Ed Robinson said on Aug.
11 that its monetary policy "stance remains appropriate including
and forestalling a broadening or deepening of disinflationary
pressures." He added that MAS' key currency gauge, called NEER, had
remained near the middle of its policy band since April.

Singapore is one of the world's most open economies, with exports
equating to about 200% of output.

The grim data comes as other large Asian economies, such as Japan,
are also set to report steep descents into recession, Reuters
notes.


SOILBUILD CONSTRUCTION: Loss Widens to SGD17MM in 2020 First Half
-----------------------------------------------------------------
Vivien Shiao at The Business Times reports that Soilbuild
Construction sank deeper into the red for its half-year ended June
30, as the suspension of business activities and extension of
construction periods for its projects hit its business hard.

Its losses deepened to SGD17.94 million for the period,
deteriorating from a loss of SGD1.83 million a year ago, BT
discloses.

According to BT, revenue fell 37 per cent to SGD69.2 million,
mostly attributed to the decrease in construction activities,
especially during the "circuit-breaker" period in Singapore.

Loss per share was 2.13 Singapore cents, from a loss per share of
0.27 cents previously.

BT relates that the group said in its outlook that even though it
has been granted approval by the relevant authorities to resume its
activities at its construction sites and factories, the pace of
resumption of works has remained slow due to additional or
stringent safety and health requirements on manpower. These include
swab tests to be conducted on the workforce at sites, clearance at
dormitories to be secured prior to granting of permits to let
workers start work again.

The group said that it will continue to implement additional safety
measures and policies so that it can resume its all its operations
in Singapore. Soilbuild expects that construction progress and cost
for all its projects would be affected in the near term and will
"take all necessary steps" to monitor the group's exposure in these
areas, BT relays.

BT adds that the group said that its operations in its Malaysia and
Myanmar markets are at a more advanced stage of work resumption,
and that the company will work towards going back to pre-Covid-19
levels of efficiency and capacity.

The group's order book as at June 30 was SGD585.8 million,
comprising SGD533.0 million of construction projects and SGD52.8
million of precast and prefabrication supply contracts, BT
discloses.

Soilbuild Construction Group Ltd. is an investment holding company.
The Company operates through Singapore and Myanmar segments. The
Company, through its subsidiaries, is engaged in various business
activities, including building contractors, construction and
procurement services, and project and construction management
services.




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

THAI AIRWAYS: To Nominate Board Members to Execute Rehab Plan
-------------------------------------------------------------
Bangkok Post reports that six members of Thai Airways International
Plc's (THAI) board of directors will be nominated to execute the
airline's debt rehabilitation plan and their names will be
submitted to the Central Bankruptcy Court on Aug. 17, according to
THAI's acting president, Chansin Treenuchagron.

Bangkok Post relates that the six members are ACM Chaiyapruk
Didyasarin, chairman of the board; Chakkrit Parapuntakul, second
vice chairman; Prapan Salirathavibhaga, an independent director;
Boontuck Wungcharoen, an independent director; Piyasvasti Amranand,
an independent director; and Mr Chansin himself, who drafted the
rehab plan.

Apart from the directors, the rehab team will also include EY
Corporate Advisory Services Co., the report says.

According to Bangkok Post, Mr. Chansin said the board members
names' will be proposed to the court for consideration. If the
court approves them, their appointment will be formally announced
in the Royal Gazette.

Bangkok Post says the next step in the rehab plan is the
registration of creditors, which can either be done at the THAI
head office or at the Legal Execution Department.

The registration will give a clear picture of who the creditors are
and the precise amount of debt owed. A time frame will also be set
for the registration of creditors and the issue over the length of
the rehabilitation will also be settled.

Bangkok Post relates that Mr. Chansin said the biggest challenge in
the rehab plan is accurately forecasting the direction of the
airline business in the months ahead, which is just as crucial as
assessing and improving the company's balance sheets.

He said most creditors -- including financial institutions and
aircraft leasing firms -- were sympathetic toward THAI's situation
and agreed that the airline should prepare the rehab plan by
itself.

THAI's total outstanding debt currently stands at about THB244.9
billion, Bangkok Post discloses.

                         About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Reuters said Thailand's cabinet approved a plan to
restructure troubled Thai Airways International Pcl's finances
through a bankruptcy court, the Southeast Asian country's prime
minister said on May 19.  The plan for a court-led restructuring of
the national carrier replaces a previous proposal of a
government-backed rescue package that was heavily criticised in the
country.

Thai Airways on May 27 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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