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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 27, 2020, Vol. 23, No. 172

                           Headlines



A U S T R A L I A

CBCH GROUP: Second Creditors' Meeting Set for Sept. 3
CRINITI'S GROUP: Unsecured Creditors Approve New Plan
LIQUEFIED NATURAL: Second Creditors' Meeting Set for Sept. 3
LNG INTERNATIONAL: Second Creditors' Meeting Set for Sept. 3
PIEDMONT LITHIUM: Needs More Funds to Remain as a Going Concern

REMARK HOLDINGS: Corrects Recent 'Misinformation Campaign'
TIGER INTERNATIONAL: Second Creditors' Meeting Set for Sept. 4
VB INVESTCO: Second Creditors' Meeting Set for Sept. 4
VIRGIN AUSTRALIA: Second Creditors' Meeting Set for Sept. 4


C H I N A

ATIF HOLDINGS: Discloses Substantial Going Concern Doubt
BANK OF GANSU: Another State-Owned Firm Joins Bank's Bailout
CHINA FINANCE: Discloses Substantial Doubt on Going Concern
FUTURE FINTECH: BF Borgers CPA PC Raises Going Concern Doubt
GRIDSUM HOLDING: Shandong Haoxin CPA Raises Going Concern Doubt

GUANGXI LIUZHOU: Fitch Affirms BB LongTerm IDR, Outlook Stable
HARTFORD GREAT: Has $411,000 Net Loss for Quarter Ended April 30
HUDSON CAPITAL: Centurion ZD CPA Raises Going Concern Doubt
LITHIUM & BORON: $231,000 Net Loss Casts Going Concern Doubt
PORTER HOLDING: 2Q Financial Results Cast Going Concern Doubt

XT ENERGY: Reports $8.5MM Net Loss for the Quarter Ended Jan. 31


H O N G   K O N G

ROAD KING: Moody's Rates Senior Unsecured USD Notes 'Ba3'
ROAD KING: S&P Affirms BB- ICR on Opportunistic Debt Restructuring


I N D I A

AMBER AUTOMOBILES: CRISIL Rates INR9cr Cash Loan 'B+'
AMBIENCE IMPEX: CRISIL Keeps B+ on INR6cr Loans in Not Cooperating
AUTO MOBILES: Insolvency Resolution Process Case Summary
CAPTAIN TRACTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
COIMBATORE JEWELLERS: CRISIL Keeps B+ Ratings in Not Cooperating

DUNLOP AUTO: Insolvency Resolution Process Case Summary
EMERALD INDUSTRIES: CRISIL Keeps B+ Ratinga in Not Cooperating
ILPEA PARAMOUNT: CRISIL Moves B- on INR9cr Loan From NonCooperating
J J REALTECH: CRISIL Keeps B+ on INR25cr Loan in Not Cooperating
JAISWAL BATTERY: CRISIL Keeps D Debt Ratings in Not Cooperating

K. LALL OVERSEAS: CRISIL Lowers Rating on INR2cr Cash Loan to B
KAILASH PRASAD: CRISIL Lower Rating on INR1.5cr Loan to B
KALINGA BREEDING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KAMAL CED: CRISIL Lowers Ratings on INR13cr Loans to B
KAMLESHKUMAR BALUBHAI: CRISIL Keeps D Ratings in Not Cooperating

KAMRUP PACKAGING: CRISIL Keeps B Debt Ratings in Not Cooperating
KARNATAKA RICE: CRISIL Keeps B+ on INR5cr Loan in Not Cooperating
KUN UNITED: CRISIL Lowers Rating on INR15.35cr Loan to B
LEADE LIQUOR: CRISIL Withdraws D Ratings on INR9.75cr Loans
MARUTHI TOBACCO: CRISIL Lowers Rating on INR9.95cr Loan to B

MERRITRONIX PRIVATE: CRISIL Keeps B+ Ratings in Not Cooperating
MOWO INDUSTRY: CRISIL Keeps D on INR10cr Loans in Not Cooperating
MTC ECOM PRIVATE: Insolvency Resolution Process Case Summary
NHC FOODS: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
PHTHALO COLOURS: Ind-Ra Corrects Aug. 18 Ratings Release

PRASAD FIBERS: CRISIL Lowers Rating on INR7cr Cash Loan to B
PROFESSIONAL EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
QUICK ACT: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RADHE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJ YAMAHA: CRISIL Keeps B+ Debt Ratings in Not Cooperating

RAJAN JEWELLERY: CRISIL Keeps D on INR10cr Loan in Not Cooperating
RANGOLI PARTICLE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SANGHVI CYLINDERS: CRISIL Lowers Rating on INR7cr Loan to B
SATGURU AGRO: CRISIL Reaffirms B+ Ratings on INR8.5cr Loans
SHARP RENEWAL: CRISIL Assigns B Ratings to INR9cr Loans

SWASTIK COAL: Ind-Ra Affirms 'D' LongTerm Issuer Rating
VAIGAI LEATHER: CRISIL Moves B+ on INR6cr Loans From NonCooperating
[*] INDIA: SC Reserves Order on AGR Dues of Insolvent Telcos


S I N G A P O R E

AMCORP GLOBAL: Gives Notice of Three Consecutive Years of Losses
GLOBAL A&T: Fitch Withdraws CCC+ LT IDRs on Insufficient Info
MIRACH ENERGY: Gets Extensions for FY2019 AGM, Annual Report


T H A I L A N D

THAI AIRWAYS: Court to Decide on Restructuring Request on Sept. 14

                           - - - - -


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

CBCH GROUP: Second Creditors' Meeting Set for Sept. 3
-----------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- CBCH Group Pty Ltd;
   -- CBCH Australia Pty Ltd;
   -- CBCH Buying Co Pty Ltd; and
   -- Colette International Pty Ltd

has been set for Sept. 3, 2020, at 2:00 p.m. via Virtual Meeting/
Teleconference Only.

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 Sept. 2, 2020, at 4:00 p.m.

Vaughan Neil Strawbridge, Sam Andrew Marsden and Jason Mark Tracy
of Deloitte were appointed as administrators of CBCH Group et al.
on Jan. 31, 2020.


CRINITI'S GROUP: Unsecured Creditors Approve New Plan
-----------------------------------------------------
The unsecured creditors of Criniti's Group of Companies unanimously
approved a recent Liquidators' determination to pool all assets and
liabilities of the group's myriad companies during a marathon,
four-day national teleconference held last week.

With many suppliers having dealt with more than one of the chain's
13 locations and 38 group companies, this measure will simplify
unsecured creditors' claims against the group and provide numerous
additional benefits.

Worrells partner and Criniti's Liquidator Mr. Graeme Beattie said:
"Criniti's web of legal entities creates large administrative
costs, such as the many hundreds of hours it would take to verify
and reconcile the 336 intercompany loans which have no tangible
value to creditors.

"Dissolving the web delivers several clear benefits over continuing
to liquidate 38 separate companies. Chief among them is an increase
to the upper end of the range of potential returns available to
creditors. The time saved by pooling means that individual
creditors who stood to gain as little as two cents in the dollar
now have the possibility of receiving up to 24.

"Moreover, pooling greatly streamlines the process of pursuing
Directors for insolvent trading and voidable transactions. For
example, we estimate that pooling will more than halve the
estimated cost of taking recovery action against related party
debtors, cutting the number of cases from 55 to 25", said Mr.
Beattie.

In each of the 38 Reports dispatched to creditors in early August
in preparation for voting on Worrells' pooling determination, the
Liquidators observed that extensive record-keeping errors,
irreconcilable accounts and numerous instances of Director
intransigence had frustrated the liquidation process thus far.

In addition to ongoing failure to provide Liquidators with the
required snapshot of assets and liabilities at the date of their
appointment, Directors have failed to surrender or advise the
location of a Mercedes Benz G63, Audi SQ5, Audi SQ7, Land Rover
Ranger Rover, Ducati and Harley Davidson motorcycles, and various
other company vehicles.

Further, a reconciliation of Criniti's cash sales to cash banked
indicates a AUD2.4 million shortfall across the group, with
investigations uncovering a January 2019 head office missive
directing each restaurant manager to cease banking cash receipts.

Criniti Group operates Italian restaurant chain in Australia.


LIQUEFIED NATURAL: Second Creditors' Meeting Set for Sept. 3
------------------------------------------------------------
A second meeting of creditors in the proceedings of Liquefied
Natural Gas Limited has been set for Sept. 3, 2020, at 11:00 via
teleconference facility.

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 Sept. 1, 2020, at 4:00 p.m.

Craig Crosbie, Simon Theobald and Daniel Walley of PwC were
appointed as administrators of Liquefied Natural on April 30,
2020.


LNG INTERNATIONAL: Second Creditors' Meeting Set for Sept. 3
------------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- LNG International Pty Ltd;
   -- LNG Technology Pty Ltd;
   -- Mayflower LNG Pty Ltd; abd
   -- North American LNG Pty Ltd

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

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 Sept. 1, 2020, at 4:00 p.m.

Craig Crosbie, Simon Theobald and Daniel Walley of PwC were
appointed as administrators of LNG International on May 6, 2020.

PIEDMONT LITHIUM: Needs More Funds to Remain as a Going Concern
---------------------------------------------------------------
Piedmont Lithium Limited filed its Form 6-K, disclosing a total
comprehensive loss of $5,291,777 on $108,955 of interest income for
the nine months ended March 31, 2020, compared to a total
comprehensive loss of $7,427,652 on $98,147 of interest income for
the same period in 2019.

At March 31, 2020, the Company had total assets of $16,607,546,
total liabilities of $3,140,909, and $13,466,637 in total
shareholders' equity.

The Company said, "Subsequent to March 31, 2020, the Company plans
to undertake proposed equity offerings (the "Offerings") to raise
minimum gross proceeds of $10 million, with the Offerings expected
to be completed in July and August 2020.  The Offerings are subject
to market conditions, and there can be no assurance as to whether
or when the Offerings may be completed, or as to the actual size or
terms of the Offerings.

"The ability of the Group to continue as a going concern is
therefore dependent on completing the Offerings or alternatively
substantially reducing and/or deferring operating and capital
expenditures, including extending the expiry date of relevant
option agreements with the landowners.  The Directors are confident
that they will be able to achieve the matters set out above and, as
a result, that the Group will have sufficient funds to meet its
obligations as and when they fall due and are of the opinion that
the use of the going concern basis remains appropriate.

"Should the Group be unable to achieve the matters referred to
above, the Group would need to undertake alternative fundraising
initiatives, and consequently substantial doubt exists on the
ability of the Group to continue as a going concern within one year
after the date of issuance of the Interim Financial Statements and
therefore, whether it will be able to realise its assets and
extinguish its liabilities in the normal course of business."

A copy of the Form 6-K is available at:

                       https://is.gd/Q7QOf0

Piedmont Lithium Limited engages in the exploration and development
of mineral properties in the United States. It primarily holds a
100% interest in the Piedmont lithium project covering a
landholding of 1,104 acres in the Carolina Lithium Belt, North
Carolina. The company was formerly known as WCP Resources Limited
and changed its name to Piedmont Lithium Limited in August 2017.
Piedmont Lithium Limited is based in Perth, Australia.


REMARK HOLDINGS: Corrects Recent 'Misinformation Campaign'
----------------------------------------------------------
Remark Holdings, Inc. responded to recent inaccurate reports
regarding the company's ownership in Sharecare and other issues.

Management Commentary

As we evaluate what further actions we will take, we wanted to take
this opportunity to respond to Wolfpack Research's misleading
statements and outdated information from last week.

   1. Wolfpack Research's key allegation is that we do not
      actually own shares of Sharecare as we report in our
      filings with the Securities and Exchange Commission.  Such
      assertion is absolutely false.  As of June 30, 2020, we
      owned approximately 4.5% of the issued shares of Sharecare
      and our CEO, Kai-Shing Tao, occupies a seat on Sharecare's
      Board of Directors.  Additionally, as of this writing, the
      litigation that we previously reported in our SEC filings
      that could have potentially resulted in our loss of control
      over the investment in Sharecare has been resolved, as we
      recently paid in full all amounts owed in satisfaction of
      the judgment entered into against us during the litigation.

      Remark never ceased to own its approximately 4.5% Sharecare
      stake, as the ability to settle the legal matter without
      loss of control of the Sharecare investment was always
      under our control.  The payment in full of the underlying
      judgment against Remark means that there is no longer any
      basis for potential seizure of the Sharecare investment
      owned by Remark.

   2. Wolfpack Research alleges that we must not have control of
      our China subsidiaries that we report, for accounting
      purposes, as variable interest entities (VIEs) simply
      because we did not publicly disclose the contents of the
      contracts that give us control over the VIEs; the
      allegation is simply wrong.  We have standard VIE contracts
      in place, including related loan agreements, that were
      drawn up and executed several years ago with the assistance
      of Arnold & Porter, an internationally well regarded law
      firm.  VIE control may not be the same as direct equity
      ownership, but it is a very common framework with Chinese
      companies controlled by foreign entities.  In fact,
      Alibaba, Tencent, Netease, JD.com and Baidu are some of the
      many examples of major companies who have structured their  
      China business using VIEs.

   3. Though we initially sourced cameras and other components
      from various third parties, including HIKvision (whose
      cameras are still readily available on websites like  
      Amazon.com), we never shared any of our AI technology with
      them nor did HIKvision at any time have access to our
      technology.

      We are now an original design manufacturer for our thermal  


      cameras and thermal pads.  We design the cameras and pads
      and have hired a contract manufacturer to produce the  
      products.  The manufacturers build according to our design  
      and specifications, which is why the products are now
      Remark-branded products.  Remark has always maintained  
      control of the technology and intellectual property.

   4. Regarding our investment in AIO, we originally planned to
      invest $1 million in the company, but after funding
      $500,000, we determined that we would need to work with AIO
      to improve their results before we further funded the  
      company.  One of our China subsidiaries subscribed for
      AIO's 20% equity interests at a post-money valuation of $5
      million, and paid in $500,000.  In connection with that,
      AIO increased its registered capital from one million
      Chinese Yuan to 1.25 million Chinese Yuan, and the
      difference between $500,000 and 250,000 Chinese Yuan was
      deposited to the capital surplus account which is not
      reflected as AIO's registered capital. Such transaction is  

      very typical.  The comment from Wolfpack regarding our
      China subsidiary's capital contribution based on their
      purported review of the SAIC filing is flawed and seems
      intended to mislead or confuse Remark's investors.

   5. Finally, they allege working capital and cash issues, each
      of which we address in every one of our SEC filings over
      the past few years, but they inaccurately calculate working
      capital and they do not provide any source material, other
      than referring to obtaining tax documents in China, that
      would allow us refute their inaccurate assertion that we do
      not consolidate our Chinese subsidiaries under GAAP.  We
      are a public company with well-regarded auditors who
      regularly review and audit our financials.

   6. As of June 30, 2020, our cash balance exceeded $10 million
      and our debt had been paid down substantially.

We are proud to be helping our customers safely reopen their
businesses and schools as they try to comply with the latest safety
standard

                       About Remark Holdings

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

As of June 30, 2020, the Company had $23.08 million in total
assets, $30.52 million in total liabilities, and a total
stockholders' deficit of $7.44 million.

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


TIGER INTERNATIONAL: Second Creditors' Meeting Set for Sept. 4
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Tiger
International Number1 Pty Ltd has been set for Sept. 4, 2020, at
10:00 a.m. at the offices of Deloitte Financial Advisory Pty Ltd,
Level 9, Grosvenor Place, at 225 George 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.

Proofs of debt must be lodged on the Deloitte Halo platform by 5:00
p.m. (AEST) on Aug. 28, 2020.  

Proxy forms must be lodged through the Halo platform not later than
Sept. 1, 2020, 5:00 p.m. (AEST).

Richard Hughes, Sal Algeri and John Greig of Deloitte were
appointed as administrators of Tiger International on April 28,
2020.


VB INVESTCO: Second Creditors' Meeting Set for Sept. 4
------------------------------------------------------
A second meeting of creditors in the proceedings of VB Investco Pty
Ltd and VAH Newco No.2 Pty Ltd has been set for Sept. 4, 2020, at
10:00 a.m. via online video conference.

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.

Proofs of debt must be lodged on the Deloitte Halo platform by 5:00
p.m. (AEST) on Aug. 28, 2020.  

Proxy forms must be lodged through the Halo platform not later than
Sept. 1, 2020, 5:00 p.m. (AEST).

Richard Hughes, Sal Algeri and John Greig of Deloitte were
appointed as administrators of VB Investco on Aug. 3, 2020.


VIRGIN AUSTRALIA: Second Creditors' Meeting Set for Sept. 4
-----------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Virgin Australia Holdings Ltd
   -- Virgin Australia International Operations Pty Ltd
   -- Virgin Australia International Holdings Pty Ltd
   -- Virgin Australia International Airlines Pty Ltd
   -- Virgin Australia Airlines (SE Asia) Pty Ltd
   -- Virgin Australia Airlines Holdings Pty Ltd
   -- VAH Newco No.1 Pty Ltd
   -- Tiger Airways Australia Pty Limited
   -- Virgin Australia Airlines Pty Ltd
   -- VA Borrower 2019 No. 1 Pty Ltd
   -- VA Borrower 2019 No. 2 Pty Ltd
   -- Virgin Tech Pty Ltd
   -- Short Haul 2018 No. 1 Pty Ltd
   -- Short Haul 2017 No. 1 Pty Ltd
   -- Short Haul 2017 No. 2 Pty Ltd
   -- Short Haul 2017 No. 3 Pty Ltd
   -- VBNC5 Pty Ltd
   -- A.C.N. 098 904 262 Pty Ltd
   -- Virgin Australia Regional Airlines Pty Ltd
   -- Virgin Australia Holidays Pty Ltd
   -- VB Ventures Pty Ltd
   -- Virgin Australia Cargo Pty Ltd
   -- VB Leaseco Pty Ltd
   -- VA Hold Co Pty Ltd
   -- VA Lease Co Pty Ltd
   -- Virgin Australia 2013-1 Issuer Co Pty Ltd
   -- 737 2012 No.1 Pty. Ltd
   -- 737 2012 No. 2 Pty Ltd
   -- Short Haul 2016 No. 1 Pty Ltd
   -- Short Haul 2016 No. 2 Pty Ltd
   -- Short Haul 2014 No. 1 Pty Ltd
   -- Short Haul 2014 No. 2 Pty Ltd
   -- VA Regional Leaseco Pty Ltd
   -- VB 800 2009 Pty Ltd
   -- VB Leaseco No 2 Pty Ltd
   -- VB LH 2008 No. 1 Pty Ltd
   -- VB LH 2008 No. 2 Pty Ltd
   -- VB PDP 2010-11 Pty Ltd

has been set for Sept. 4, 2020, at 10:00 a.m. via online video
conference.

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.

Proofs of debt must be lodged on the Deloitte Halo platform by 5:00
p.m. (AEST) on Aug. 28, 2020.  

Proxy forms must be lodged through the Halo platform not later than
Sept. 1, 2020, 5:00 p.m. (AEST).

Vaughan Strawbridge, Richard Hughes, Sal Algeri and John Greig of
Deloitte were appointed as administrators of Virgin Australia et
al. on April 20, 2020.




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

ATIF HOLDINGS: Discloses Substantial Going Concern Doubt
--------------------------------------------------------
ATIF Holdings Limited filed its Form 6-K, disclosing a net loss of
$3,046,618 on $573,240 of revenues for the six months ended Jan.
31, 2020, compared to a net income of $1,179,545 on $2,432,765 of
revenues for the same period in 2019.

At Jan. 31, 2020, the Company had total assets of $10,156,220,
total liabilities of $2,042,942, and $8,113,278 in total
stockholders' equity.

The Company disclosed that there is a substantial doubt about its
ability to continue as a going concern for the next 12 months from
the date of the filing.

The Company further said, "Currently, we are working to improve our
liquidity and capital sources.  In order to fully implement our
business plan and sustain continued growth, we may also seek equity
financing from outside investors.  At the present time, however, we
do not have commitments of funds from any potential investors.  No
assurance can be given that additional financing, if required,
would be available on favorable terms or at all."

A copy of the Form 6-K is available at:

                       https://is.gd/zw3M8W

ATIF Holdings Limited provides financial consulting services to
small and medium-sized enterprises in Asia. The company offers
going public consulting services. It also operates chinacnnm.com, a
news and media Website that provides social news and financial
information to the Asian region. The company was formerly known as
Asia Times Holdings Limited and changed its name to ATIF Holdings
Limited in March 2019. ATIF Holdings Limited was founded in 2015
and is based in Shenzhen, China.


BANK OF GANSU: Another State-Owned Firm Joins Bank's Bailout
------------------------------------------------------------
Luo Meihan at Caixin Global reports that troubled regional lender
Bank of Gansu Co. Ltd. plans to issue 1.25 billion new Hong Kong
dollar-denominated H-shares to a state-owned enterprise in its home
province of Gansu, said sources with knowledge of the matter, as
more state-owned firms join its recapitalization.

This is part of a state-backed bailout to support the Hong
Kong-listed lender and reduce financial risks amid slowing economic
growth, Caixin says. "(The bailout) is generally going well at
present, and we hope to complete it as soon as possible," a source
close to the bank told Caixin.

Bank of Gansu Co. Ltd. has been approved for a state-backed bailout
to shore up its weak balance sheet, according to an official
statement on July 15, Caixin recalls.

According to Caixin, four state-owned enterprises (SOEs) in Gansu,
a province in northwestern China, will provide funds to
recapitalize the bank as part of China's efforts to support the
banking sector and reduce financial risks amid slowing economic
growth.

The Hong Kong-listed bank has won approval to issue 3.75 billion
new yuan-denominated shares, or "domestic shares," and 1.25 billion
Hong Kong dollar-denominated H-shares through a private placement,
the Gansu provincial branch of the China Banking and Insurance
Regulatory Commission said.


CHINA FINANCE: Discloses Substantial Doubt on Going Concern
-----------------------------------------------------------
China Finance Online Co. Limited filed its Form 6-K, disclosing a
net loss of $2,016,000 on $9,835,000 of net revenues for the three
months ended March 31, 2020, compared to a net loss of $3,384,000
on $9,855,000 of net revenues for the same period in 2019.

At March 31, 2020, the Company had total assets of $88,429,000,
total liabilities of $74,882,000, and $23,629,000 in total
shareholders' equity.

The Company said, "We have recurring losses from operations and
inability to generate sufficient cash flow to meet our obligations
and sustain our operations, and face uncertainty as to the
operational impact of the COVID-19 outbreak, that raise substantial
doubt about our ability to continue as a going concern."

A copy of the Form 6-K is available at:

                       https://is.gd/PebzC3

China Finance Online Co. Limited provides Web-based financial
services in the People's Republic of China and Hong Kong. The
company operates through three segments: Commodities Brokerage
Services; Online Financial Information and Advisory Service, and
Other Related Services; and Hong Kong Brokerage Services. The
company was incorporated in 1998 and is based in Beijing, the
People's Republic of China.


FUTURE FINTECH: BF Borgers CPA PC Raises Going Concern Doubt
------------------------------------------------------------
Future FinTech Group Inc. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
comprehensive loss of $3,517,734 on $955,172 of revenue for the
year ended Dec. 31, 2019, compared to a comprehensive loss of
$100,558,059 on $888,670 of revenue for the year ended in 2018.

The audit report of BF Borgers CPA PC states that the Company has
suffered recurring losses from operations and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $115,980,570, total liabilities of $204,057,776, and a total
stockholders' deficit of $88,077,206.

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

                       https://is.gd/9uRMVZ

Future FinTech Group Inc., through its subsidiaries, produces and
sells fruit juice concentrates, fruit beverages, and other
fruit-related products in the People's Republic of China. The
company was formerly known as SkyPeople Fruit Juice, Inc., and
changed its name to Future FinTech Group Inc. in June 2017.  Future
FinTech Group Inc. is headquartered in Beijing, the People's
Republic of China.


GRIDSUM HOLDING: Shandong Haoxin CPA Raises Going Concern Doubt
---------------------------------------------------------------
Gridsum Holding Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F, disclosing a
comprehensive loss of RMB539,251,000 on RMB326,552,000 of net
revenues for the year ended Dec. 31, 2019, compared to a
comprehensive loss of RMB527,502,000 on RMB431,247,000 of net
revenues for the year ended in 2018.

The audit report of Shandong Haoxin Certified Public Accountants
Co., Ltd. states that the Company has suffered substantial losses
from operations in previous years, has a working capital
deficiency, and has stated that substantial doubt exists about the
Company’s ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of RMB596,972,000, total liabilities of RMB954,682,000, and
RMB357,710,000 in total shareholders' deficiency.

A copy of the Form 20-F is available at:

                       https://is.gd/ZhxJBz

Gridsum Holding Inc. provides data analysis software for
enterprises and government agencies in China. The company was
founded in 2005 and is headquartered in Beijing, China.


GUANGXI LIUZHOU: Fitch Affirms BB LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Guangxi Liuzhou Dongcheng Investment
Development Group Co., Ltd.'s (LDID) Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB'. The Outlook is
Stable. At the same time, Fitch has affirmed the senior unsecure
rating of 'BB' on LDID's USD300 million 7% bonds due 2022.

LDID's ratings are assessed under Fitch's Government-Related
Entities (GRE) Rating Criteria, reflecting its ownership by the
Liuzhou municipality in China. It also reflects the municipality's
control and support of LDID, as well as the socio-political and
financial impact on the government if LDID defaults.

LDID is the sole urban developer for Liudong New District, which
occupies most of the eastern part of Liuzhou and is the
manufacturing hub of the city. LDID is mainly responsible for
primary land development, urban infrastructure development,
investment and management and other ancillary services for the
area, as well as state-owned asset operation and management.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: LDID is 100% owned by
the municipality and is registered as a limited liability company
under China's Company Law. The Liuzhou government appoints most of
the board members and senior management of LDID as well as the
monitoring committee, and closely monitors the company's financing
plan and debt levels. All major decisions and projects require the
government's approval. The company is required to report its
operational and financial results to the government regularly. The
government sets the audit criteria and assesses the company's
performance annually. The government has no plan to dilute its
shareholding in LDID, according to the Liuzhou State-owned Assets
Supervision and Administration Commission (Liuzhou SASAC).

'Strong' Support Record and Expectations: The municipal government
has been supporting LDID's operation and capital expenditure with
capital injections, land cost return, project funds and subsidies
and income return on state-owned asset operations. Government also
assisted LDID in debt repayment via a debt swap of CNY6.2 billion
in 2016, CNY3.7 billion in 2017 and CNY1.15 billion in 2018.
Routine transfers and grants received increased in 2018 and then
dropped slightly in 2019 to CNY228.9 million, of which CNY171.5
million is deferred income where subsidies are received in advance.
Fitch regards LDID as a core functional GRE in Liuzhou and Fitch
expects legitimate support offered to LDID to continue in the
medium term.

'Moderate' Socio-Political Implications of Default: LDID is the
sole urban developer for the Liudong New District and is the
biggest urban developer in the city. LDID is likely to be mandated
to continue to operate its policy business, even after financial
default, as it has a crucial role in the city's development and
urbanisation as well as implementing the blueprint for the
municipal government. Therefore, Fitch expects substantial
government support via administrative or fiscal measures to ensure
the company's continued operational viability. The government may
also appoint other policy GREs to provide substitute services if
necessary.

'Very Strong' Financial Implications of Default: A failure by the
government to provide timely support to LDID, leading to a default
by the company, could imply the government is in financial
difficulty, which would limit its financing options and hurt its
credibility. LDID carries out urban development projects and raises
funding in Liuzhou for the government. The company's total assets
in 2019 accounted for 36% of the city's gross regional product.

Standalone Credit Profile of 'b': Fitch assessed LDID's revenue
defensibility at 'Midrange' under its Public Sector,
Revenue-Supported Entities Rating Criteria because the company has
a fairly diversified business profile with somewhat limited pricing
ability. Fitch assesses the operating risk as 'Midrange' based on
its predictable cost structure. It has a 'Weaker' financial profile
due to its high leverage.

LDID's financial profile is characterised by large capex, high
leverage and poor debt servicing ability from cash flow. Debt
repayment and project expenses have further depleted LDID's cash
level by 42% in 2019. LDID has steadily increased debt, but LDID's
net debt/Fitch-calculated EBITDA dropped to below 40x in 2019 due
to the company's improved overall profitability. Fitch's rating
case, however, forecasts leverage to remain above 40x by 2024 due
to the company's large capex plan. Debt service coverage - measured
by cash flow from operations/debt repayment and interest payable -
continued to be below 1x in 2019 with fluctuating cash flow from
operations. Fitch believes LDID will continue to have large capex,
high leverage and poor debt and interest servicing ability in the
medium term, driven by the infrastructure investments in the area.
Nevertheless, its stable contractual framework and the local
government's consistent financial support will mitigate the risks.

DERIVATION SUMMARY

LDID's ratings are assessed under Fitch's GRE criteria. Fitch
believes the municipal government has a strong incentive to provide
extraordinary support to the company, if needed. Fitch has also
factored in the government's control and support, LDID's
public-service functions, such as infrastructure development and
urban operations, as well as the impact of a default on the
government.

RATING SENSITIVITIES

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

  - An upgrade of Fitch's credit view on the Liuzhou municipality's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations

  - An increased incentive for the Liuzhou municipality to provide
support to LDID, including stronger socio-political or financial
implications of default or a stronger support record

  - Improvement of the Standalone Credit Profile or the liquidity
position of LDID

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

  - A downgrade of Fitch's credit view on the Liuzhou
municipality's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations

  - Significant weakening in the socio-political and financial
implications of a default, a weaker record of government support,
or dilution of the government's stake

Rating action on LDID would lead to similar action on the US
dollar-denominated notes.

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).


HARTFORD GREAT: Has $411,000 Net Loss for Quarter Ended April 30
----------------------------------------------------------------
Hartford Great Health Corp. filed its quarterly report on Form
10-Q, disclosing a net loss of $410,636 on $10,310 of service
revenues for the three months ended April 30, 2020, compared to a
net loss of $256,612 on $23,103 of service revenues for the same
period in 2019.

At April 30, 2020, the Company had total assets of $5,942,972,
total liabilities of $7,045,647, and $1,102,675 in total
stockholders' deficit.

The Company said, "Hartford Great Health Corp.'s operations has
incurred losses since inception, resulting in an accumulated
deficit of $2,703,261 and $916,816 as of April 30, 2020 and July
31, 2019, respectively. These conditions raise substantial doubt
about the ability of Hartford Great Health Corp. to continue as a
going concern.

"In view of these matters, continuation as a going concern is
dependent upon several factors, including the availability of debt
or equity funding upon terms and conditions acceptable to Hartford
Great Health Corp., and ultimately achieving profitable operations.
Management believes that Hartford Great Health Corp.'s business
plan provides it with an opportunity to continue as a going
concern. However, management cannot provide assurance that Hartford
Great Health Corp. will meet its objectives and be able to continue
in operation."

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

                         https://is.gd/2d2fYZ

Hartford Great Health Corp., through its subsidiaries, provides
hospitality housing and travel agency services. It operates a
vacation hotel in Hangzhou, China. The company was formerly known
as PhotoAmigo, Inc. and changed its name to Hartford Great Health
Corp. in August 2018. Hartford Great Health Corp. was founded in
2008 and is based in Rosemead, California.


HUDSON CAPITAL: Centurion ZD CPA Raises Going Concern Doubt
-----------------------------------------------------------
Hudson Capital Inc. (f/k/a "China Internet Nationwide Financial
Services Inc.") filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F, disclosing a net loss of
$61,995,758 on $1,366,417 of total revenue for the year ended Dec.
31, 2019, compared to a net loss of $3,818,737 on $14,402,329 of
total revenue for the year ended in 2018.

The audit report of Centurion ZD CPA & Co. states that the Company
has suffered from losses from operation and significant
accumulated deficits. The Company comes to have insufficient cash
flows generated from operations and provided for development. In
addition, the Company continues to experience negative cash flows
from operations. These factors raise substantial doubt about the   
Company's ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $5,569,057, total liabilities of $3,048,953, and $2,520,104 in
total stockholders' equity.

A copy of the Form 20-F is available at:

                       https://is.gd/zNKji9

Hudson Capital Inc., through its subsidiaries, provides financial
advisory services to small-to-medium sized enterprises in the
People's Republic of China. The company offers commercial payment
advisory services, international corporate financing advisory
services, intermediary bank loan advisory services, supply chain
financing services, and factoring services. It also provides
financial leasing services and equipment purchase financing to
commercial enterprises. The company was formerly known as China
Internet Nationwide Financial Services Inc. and changed its name to
Hudson Capital Inc. in April 2020. Hudson Capital Inc. was
incorporated in 2015 and is based in New York, New York.


LITHIUM & BORON: $231,000 Net Loss Casts Going Concern Doubt
------------------------------------------------------------
Lithium & Boron Technology, Inc. filed its quarterly report on Form
10-Q, disclosing a net loss of $230,628 on $1,010,498 of total
sales for the three months ended March 31, 2020, compared to a net
loss of $95,686 on $1,385,751 of total sales for the same period in
2019.

At March 31, 2020, the Company had total assets of $5,827,655,
total liabilities of $3,800,985, and $2,026,670 in total
stockholders' equity.

The Company said there is substantial doubt about its ability to
continue as a going concern, citing its net loss of $230,628 and
$95,686 for the three months ended March 31, 2020 and 2019,
respectively.

The Company further stated, "In addition to current boric acid
production business, the Company plans to produce lithium carbonate
for the electric vehicle battery through a recently established
joint venture.  The Company also plans to produce lithium carbonate
from existing ore deposits it purchases from an affiliated mining
company.  Management also intends to raise additional funds by way
of a private or public offering, or by obtaining loans from banks
or others.  While the Company believes in the viability of its
strategy to generate sufficient revenue and in its ability to raise
additional funds on reasonable terms and conditions, there can be
no assurances to that effect.  The ability of the Company to
continue as a going concern is dependent upon the Company's ability
to further implement its business plan and generate sufficient
revenue and its ability to raise additional funds by way of a
public or private offering."

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

                       https://is.gd/PBtWLH

Lithium & Boron Technology, Inc. manufactures and sells boric acid,
boron, lithium carbonate, and related compounds for use in
industrial and consumer applications in the People's Republic of
China. The company was formerly known as SmartHeat Inc. and changed
its name to Lithium & Boron Technology, Inc. in October 2019.
Lithium & Boron Technology, Inc. was founded in 1954 and is
headquartered in XaiXi, the People's Republic of China.


PORTER HOLDING: 2Q Financial Results Cast Going Concern Doubt
-------------------------------------------------------------
Porter Holding International, Inc. filed its quarterly report on
Form 10-Q, disclosing a net loss of $554,764 on $427,266 of revenue
for the three months ended March 31, 2020, compared to a net loss
of $361,186 on $708,946 of revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $2,380,081,
total liabilities of $3,254,472, and $874,391 in total
stockholders' deficit.

Porter Holding said, "The Company has incurred net loss of $554,764
during the three-month period ended March 31, 2020, resulting in an
accumulated deficit of $2,752,999 as of March 31, 2020, and it
currently has net working capital deficit of $1,576,142.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.  The ability to continue as a going
concern is dependent upon the Company generating profitable
operations in the future and/or obtaining the necessary financing
to meet its obligations and repay its liabilities arising from
normal business operations when they become due.  The Company may
have to rely on additional debt financing, loans from existing
directors and shareholders and private placements of capital stock
for additional funding.  There can be no assurance that the Company
will be successful in its plans or in attracting equity or
alternative financing on acceptable terms, or if at all.

"In March 2020 the World Health Organization declared coronavirus
COVID-19 a global pandemic.  The COVID-19 pandemic has negatively
impacted the global economy, workforces, customers, and created
significant volatility and disruption of financial markets.  It has
also disrupted the normal operations of many businesses, including
the Company's.  This outbreak could decrease spending, adversely
affect demand for the Company's services and harm its business and
results of operations.  It is not possible for the Company to
predict the duration or magnitude of the adverse results of the
outbreak and its effects on its business or results of operations
at this time."

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

                       https://is.gd/MWpo7E

     About Porter Holding International, Inc.

Porter Holding International, Inc. focuses on developing and
operating online to offline business platforms. It is developing
PT37.com, 17yugo.com, Port City, and payment platforms. The company
also provides investment and corporate management consulting, and
training services to its clients. The company is headquartered in
Shenzhen, China.


XT ENERGY: Reports $8.5MM Net Loss for the Quarter Ended Jan. 31
----------------------------------------------------------------
XT Energy Group, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $8,506,387 on $2,971,667 of total revenue
for the three months ended Jan. 31, 2020, compared to a net income
of $1,730,044 on $21,412,050 of total revenue for the same period
in 2019.

At Jan. 31, 2020, the Company had total assets of $50,932,142,
total liabilities of $30,834,384, and $20,097,758 in total equity.

The Company said, "As of January 31, 2020, the Company's working
deficit was approximately $3.9 million and the Company had cash of
approximately $2.9 million.  Excluding other payable to related
parties and director of approximately $7.5 million, the Company's
working capital was approximately $3.6 million.  Although we
believe that we can realize our current assets in the normal course
of business, our ability to repay our current obligations will
depend on the future realization of our current assets and the
future operating revenues generated from our operations.

"Our management has considered whether there is a going concern
issue due to our recurring losses from operations.  Management has
determined there is substantial doubt about our ability to continue
as a going concern.  If we are unable to generate significant
revenue, we may be required to cease or curtail our operations."

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

                       https://is.gd/HVx8kD

XT Energy Group, Inc., engages in the compressed air energy storage
field primarily in China.  The company offers air compression power
generation systems with a photovoltaic (PV) installation for
industrial users, such as factories and power plants; and PV
systems without the air compression generation technology.  The
company was formerly known as Xiangtian (USA) Air Power Co., Ltd.,
and changed its name to XT Energy Group, Inc., in November 2018.
XT Energy Group, Inc., was founded in 2008 and is based in
Xianning, China.




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

ROAD KING: Moody's Rates Senior Unsecured USD Notes 'Ba3'
---------------------------------------------------------
Moody's Investors Service has assigned a Ba3 backed senior
unsecured debt rating to the proposed senior unsecured USD notes to
be issued by RKPF Overseas 2019 (A) Limited and guaranteed by Road
King Infrastructure Limited (Ba3 stable).

Road King plans to use the proceeds from the proposed notes to
refinance maturing debt and general corporate purposes.

RATINGS RATIONALE

"Road King's Ba3 corporate family rating (CFR) reflects the
company's track record in property development and its cautious
approach to land acquisitions and financial management," says
Cedric Lai, a Moody's Vice President and Senior Analyst.

The rating also takes into account its track record of maintaining
adequate liquidity throughout the business cycles and the stable
cash flow from its toll road investments.

"However, the CFR is constrained by the geographic concentration of
the company's land bank, the execution risk associated with new
toll road acquisitions, and its moderate debt leverage," adds Lai.

The proposed issuance will lengthen Road King's debt maturity
profile and will have limited impact on its credit metrics, because
the proceeds will be mainly used for refinancing.

Moody's expects Road King's debt leverage - as measured by
revenue/adjusted debt - will improve to 60%-65% over the next 12-18
months from around 51% for the 12 months ended June 30, 2020,
supported by increased revenue recognition from robust contracted
sales over the past two years and the company's prudent financial
management to control debt growth.

Road King's interest-servicing ability, as measured EBIT/interest
will also improve slightly to 3.0x-3.5x over the next 12-18 months
from around 3.0x for the 12 months ended June 30, 2020, EBIT growth
will be supported by revenue growth and improved cash distributions
from toll road projects.

Moody's expects Road King's recurring income interest coverage will
recover to around 30% in 2021 from 20% for the 12 months ended June
30, 2020, with cash distributions from toll roads to improve to
HKD700-750 million from HKD444 million over the same period,
supported by a recovery in toll traffic and revenue given the
resumption of toll collection since May 2020.

In H1 2020, Road King's contracted sales, including its share in
joint ventures and associates, fell 17% year-on-year to RMB18.3
billion. Moody's expects that sales will recover through the
remainder of 2020, keeping total contracted sales growth at a level
similar to that achieved in 2019, driven by its strong brand and
execution in its home markets.

Road King's liquidity is good. Its cash balance of HKD15.1 billion
at June 30, 2020 could cover 114% of short-term debt as of the same
date. Moody's expects Road King's cash balance, together with its
operating cash flow, will be sufficient to cover its short-term
debt, committed land premiums and dividend payments over the next
12 months.

Road King's senior unsecured rating is unaffected by subordination
to claims at the operating company level, because the company's
creditors benefit from its diversified business profile, including
in particular, the cash flow generated from the toll road
business.

In terms of environmental, social and governance (ESG) factors, the
Ba3 CFR has considered the concentration of the company's ownership
in its controlling shareholder, Wai Kee Holdings Limited, which
held a 43% stake in the company as of June 30, 2020. Moody's has
also considered (1) the fact that independent directors chair the
audit and remuneration committees; (2) low dividend payouts; (3)
the presence of other internal governance structures and standards
as required by the Hong Kong Exchange.

Moody's regards the impact of the deteriorating global economic
outlook amid the rapid and widening spread of the coronavirus
outbreak as a social risk under its ESG framework because of the
substantial implications for public health and safety.

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

The stable outlook on the rating reflects Moody's expectation that
Road King will maintain its prudent financial management, while
growing its property development and toll road businesses; thereby
preserving stable credit metrics and good liquidity.

Moody's could upgrade the rating if Road King (1) grows its scale
without sacrificing profit margins; (2) grows its toll road
dividends and improves interest coverage from recurring income to
above 0.6x-0.7x on a sustained basis; (3) maintains stable credit
metrics, with homebuilding EBIT/interest above 4.0x-4.5x and
revenue/debt above 90%; and (4) maintains adequate liquidity.

On the other hand, Moody's could downgrade the rating if (1) Road
King's liquidity deteriorates because of weaker sales or aggressive
land or other acquisitions; or (2) the operating performance of the
company's property segment deteriorates. Credit metrics indicative
of a downgrade include homebuilding EBIT/interest below 2.5x-3.0x
or revenue/debt below 65%, on a sustained basis.

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

Listed in Hong Kong, Road King Infrastructure Limited invests in
toll road projects comprising five expressways across four
provinces in China: Anhui, Hebei, Hunan and Shanxi. In addition, at
June 30, 2020, the company had a property development portfolio
with a land bank of 7.0 million square meters across the Bohai Rim,
Yangtze River Delta, Greater Bay Area (including Hong Kong), Henan
and Hubei Province.


ROAD KING: S&P Affirms BB- ICR on Opportunistic Debt Restructuring
------------------------------------------------------------------
S&P Global Ratings affirmed the 'BB-' long-term issuer credit
rating on Road King Infrastructure Ltd. (RKI) and its 'BB-'
long-term issue rating on its outstanding senior guaranteed notes.
S&P also assigned a 'BB-' long-term issue rating to the proposed
U.S.-dollar-denominated guaranteed senior unsecured notes.

S&P said, "We affirmed the ratings on Road King Infrastructure Ltd.
(RKI) because we viewed its proposed exchange and tender offer on
its outstanding US$385 million guaranteed senior notes due 2021 as
opportunistic treasury management rather than a distressed
exchange.

"We believe RKI is unlikely to default on its maturing notes in the
absence of a successful exchange offer. The company had an adequate
cash balance of about HK$15 billion as of June 30, 2020, which
covered 1.2x of its short-term maturities including the notes to be
exchanged or tendered. We consider that the original notes are due
in April 2021, and view the refinancing as proactive.

"In our opinion, the exchange offer fulfils the obligation promised
by the original notes. Under the proposal, every US$1,000 of the
principal of the original notes will be exchanged for US$1,000 of
the new notes with accrued interest to be paid in cash. There is
also a cash incentive of US$31 for every US$1,000 of the principal.
Although the coupon rate will be lowered, this is slightly above
the market yield of RKI's other outstanding senior notes."

RKI is concurrently proposing a tender offer to repurchase the
original notes at US$1,029.5, above par and above the market price,
as an alternative to accepting the exchange.

S&P said, "We expect the proposed issuance with a tenor of five
years to lengthen RKI's debt maturity profile and lower its
borrowing cost. The company's weighted average maturity stood at
2.4 years as of end-2019 with average financing cost of 7.3% in
2019.

"We assigned our 'BB-' long-term issue rating to the new
U.S.-dollar-denominated guaranteed senior unsecured notes that RKI
guarantees. The proceeds will be used for refinancing and general
corporate purposes. The issue rating is subject to our review of
the final issuance documentation.

"Although COVID-19 hurt RKI's sales and toll road operations in the
beginning of 2020, we forecast the company's consolidated
debt-to-EBITDA ratio to only marginally rise to 4.8x-5.0x this
year, as we expect minimal debt growth in the remaining months.
This reflects our expectation the issuer will be disciplined in
debt-funded expansion, and for more loan maturities and fewer
drawdowns in the second half. RKI's adjusted debt grew by 12% to
HK$40.6 billion, slightly ahead of our forecast for the full year.

"We expect RKI to spend another attributable Chinese renmnibi (RMB)
3 billion on land acquisitions for the rest of 2020, after spending
about RMB7.6 billion in the first seven months. The company
continues to focus on cities within the Yangtze River Delta
region.

"We also expect RKI's property sales to accelerate in the second
half of 2020, after achieving RMB17.5 billion in contracted sales
in the first six months. This represents about 44% completion of
its flattish contracted sales target of RMB40 billion for 2020. In
addition, while RKI's toll-road ventures did not distribute
meaningful cash in the first half, we expect this cash flow to
resume in the second half as toll fee collection restarted.

"The stable outlook reflects our expectation that RKI will continue
to deliver steady property sales over the next 12 months with
above-average margins. We also expect minimal debt growth in the
next 12 months following active financing in the first six months
of 2020, and resumption of toll-road dividends in the second half
of the year.

"We may lower the rating if RKI's see-through and consolidated
debt-to-EBITDA ratios increase to more than 5x on a sustained
basis. This may happen if: (1) RKI's revenue growth or gross margin
in the property segment is much lower than our expectation; and (2)
the company's debt-funded expansion is more aggressive than our
base case.

"We could raise the rating if RKI's see-through and consolidated
debt-to-EBITDA ratios improve to below 4x on a sustained basis.
This may happen if RKI maintains its disciplined approach toward
debt-funded expansion and improves execution of its property
development and sales."

RKI mainly engages in the development and sale of residential
properties in China, with strong exposure to the Yangtze River
Delta. The company also invests in expressway joint ventures in
China and, recently, in Indonesia, which contributed about 17% of
total profit in 2019. It also has some property development in Hong
Kong.

RKI was founded in 1994 and is headquartered in Hong Kong. Wai Kee
Holdings Ltd. and Shenzhen Investment Ltd. are the major
shareholders, with stakes of 43% and 27%, respectively, as of June
30, 2020.




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

AMBER AUTOMOBILES: CRISIL Rates INR9cr Cash Loan 'B+'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Amber Automobiles (AAM).

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

The rating reflects AAM's modest scale of operations, below-average
financial risk profile and exposure to intense competition in the
automobile dealership industry. These weaknesses are partially
offset by the extensive experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness:

  * Modest scale of operations amidst intense competition: Revenue
of INR100 crore in fiscal 2020, reflects the modest scale of
operations. However, revenue may decline in fiscal 2021, owing to
the Covid-19 pandemic and the ensuing nationwide lockdown. The
domestic passenger car industry is highly competitive. Being an
authorised dealer for Mahindra & Mahindra Ltd. AAM competes with
dealers of other automobile manufacturers such as Maruti Suzuki
India Ltd (MSIL; rated: 'CRISIL AAA/Stable/CRISIL A1+'), Tata
Motors Ltd (TML; rated 'CRISIL AA-/Negative/CRISIL A1+), and
Chevrolet Sales India Pvt Ltd. Auto manufacturers also encourage
more dealerships (thereby increasing competition among dealers) to
improve their market penetration and sales. Thus, the business risk
profile may remain constrained by limited bargaining power with
principals, and exposure to intense competition.

  * Below-average financial risk profile: Financial risk profile is
marked by modest networth and high total outside liabilities to
tangible networth (TOL/TNW) ratio of INR4.35 crore and 6.44 times,
respectively, estimated as on March 31, 2020. Debt protection
metrics are also modest with estimated interest coverage and net
cash accrual to total debt ratios of 2 times and 0.12 time,
respectively in fiscal 2020.

Strengths:

  * Extensive experience of the proprietor, and firm's established
market position in the auto dealership business: The decade-long
experience of the proprietor, Mr. Rakesh Bakaliya, in the auto
dealership business, and the firm's established market position in
Gujarat, will continue to support the business risk profile.

Liquidity Stretched

Cash accrual (estimated at INR1.74 crore in fiscal 2020) is
projected at INR0.70-1.0 crore over the medium term, against no
maturing debt. Bank limit utilisation was high, averaging around
97% during the 12 months through June 2020. Liquidity is supported
by unsecured loans extended by the proprietor.

Outlook: Stable

CRISIL believes AAM will continue to benefit from its established
market position in the automobile dealership segment, and its
healthy relationship with MML.

Rating Sensitivity Factors

Upward Factors

  * Sustained revenue growth and higher profitability leading to
cash accruals above INR1.5 crore

  * Improvement in working capital management, leading to
improvement in financial risk profile

Downward Factors

  * Decline in revenue and operating margin below 2.5% leading to
pressure on cash accruals

  * Substantial capital withdrawal, weakening the financial risk
profile

  * Stretch in the working capital cycle.

AAM was set up in 2013, as a proprietary concern of Mr. Rakesh
Bakaliya. The firm is an authorised dealer of vehicles of MML. It
has one authorised dealership and two sub-dealerships showrooms and
service centre at Gujarat.


AMBIENCE IMPEX: CRISIL Keeps B+ on INR6cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ambience Impex
Limited (AIL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Buyer's Credit         4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AIL for obtaining
information through letters and emails dated 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 AIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AIL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AIL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2004, AIL is promoted by Mr. Sandeep Agarwal and
family. It is engaged in the trading of various ferrous and
non-ferrous metals including brass, aluminum, zinc, iron scrap bars
and channels etc.


AUTO MOBILES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Auto Mobiles Sterling (India) Private Limited
        Flat No. 6A Tata Apartments
        23 Prithiv Raj Road
        New Delhi 110011
        India

Insolvency Commencement Date: August 7, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 3, 2020
                               (180 days from commencement)

Insolvency professional: Pankaj Kumar Singhal

Interim Resolution
Professional:            Pankaj Kumar Singhal
                         A-233, Ground Floor
                         Bunkar Colony
                         Ashok Vihar, Phase-IV
                         Delhi 110052
                         E-mail: aprlegalindia@gmail.com
                                 irp.automobilessterling@gmail.com

Last date for
submission of claims:    October 4, 2019


CAPTAIN TRACTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Captain Tractors
Private Limited (CTPL) continue to be 'CRISIL B+/Stable/ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           20         CRISIL B+/Stable (Withdrawn)   


   Long Term Loan         1         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         0.69      CRISIL B+/Stable (Withdrawn)

CRISIL has withdrawn its ratings on INR0.69 Crore Long Term Loan
Facility and INR20 Crore Cash Credit facility of CTPL on the
request of the company and receipt of a no objection certificate
from its bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

CRISIL has been consistently following up with CTPL for obtaining
information through letters and emails dated August 31, 2019 and
February 06, 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 CTPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CTPL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of CTPL
continues to be 'CRISIL B+/Stable/ Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on INR0.69 Crore Long Term Loan
Facility and INR20 Crore Cash Credit facility of CTPL on the
request of the company and receipt of a no objection certificate
from its bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

CTPL, incorporated in 2006, is engaged in business of assembling of
tractors and manufacturing of farm equipment. The company markets
its tractor under its own brand 'Captain'. The company has its
manufacturing unit located at Veraval Shapar, Dist. Rajkot
(Gujarat). The day-to-day operations of the company are managed by
Mr. Kailesh Movaliya along with his family members.


COIMBATORE JEWELLERS: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Coimbatore
Jewellers India Private Limited (SCJIPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5.5        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit           15          CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term
   Bank Loan Facility     2.5        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

   Term Loan             15          CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SCJIPL for obtaining
information through letters and emails dated 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 SCJIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SCJIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SCJIPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

SCJIPL was set up by Mr. Ramanathan Sundaram as a proprietorship
firm in Salem, Tamil Nadu, in 1961. It was reconstituted as a
private limited company in March 2011. The company manufactures
gold, silver, and diamond jewellery, and caters to retail and
wholesale customers. The company also operates a 3-star hotel in
Salem.


DUNLOP AUTO: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Dunlop Auto Tyres Private Limited
        Village Bathri Tehsil
        Haroli Una 174301
        Himachal Pradesh

Insolvency Commencement Date: October 29, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 26, 2020

Insolvency professional: Tuhin Kumar Chatterjee

Interim Resolution
Professional:            Tuhin Kumar Chatterjee
                         5/A Sree Mohan Lane
                         P.O. Kalighat
                         Kolkata 700026
                         E-mail: tuhinkc2@gmail.com
                                 cirpdatl@gmail.com

Last date for
submission of claims:    November 12, 2019


EMERALD INDUSTRIES: CRISIL Keeps B+ Ratinga in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Emerald Industries
(Emerald) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        12.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            8.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     9.0       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Emerald for
obtaining information through letters and emails dated 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 Emerald, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Emerald is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of
Emerald continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in 1974 by managing partner Mr. Anil Bhansali and his
brothers, Emerald mines and extracts boulders, supplies crushed
stone aggregates, and undertakes site preparation and road
development activities. The firm has four leased stone quarries and
four stone-crushing units in Gwalior (Madhya Pradesh).


ILPEA PARAMOUNT: CRISIL Moves B- on INR9cr Loan From NonCooperating
-------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Ilpea Paramount Limited
(ILPEA) to 'CRISIL B-/Stable Issuer Not Cooperating'. CRISIL has
withdrawn its rating on the long term bank facility of ILPEA
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL is migrating the
rating on the long term bank facilities of ILPEA to 'CRISIL
B-/Stable' from 'CRISIL B-/Stable Issuer Not Cooperating'. The
rating action is in line with CRISIL's policy on withdrawal of bank
loan ratings.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          9        CRISIL B-/Stable (Migrated from
                                 'CRISIL B-/Stable ISSUER NOT
                                 COOPERATING'; Rating Withdrawn)

ILPEA, established in 1996, is a 51:49 joint venture between
Industrie Ilpea SpA (Italy) and Paramount Polymers Pvt Ltd. Ilpea's
product profile comprises magnetic gaskets, polyvinyl chloride
rigid profiles, injection-moulded components, and rubber components
for the white goods industry. The company has its manufacturing
facilities in Faridabad (Haryana) and Pune. Ilpea has also set up
two satellite plants in Noida (Uttar Pradesh) and Jajru (Haryana).


J J REALTECH: CRISIL Keeps B+ on INR25cr Loan in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of J J Realtech Private
Limited (JJRPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              25        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with JJRPL for obtaining
information through letters and emails dated 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 JJRPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on JJRPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of JJRPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2012 by the Dehradun-based Lumba family, JJRPL
undertakes residential and commercial real estate development in
Dehradun. Mr. Raj Lumba, the key promoter, manages operations.
Currently, it is executing a residential project, Shivalik Emerald,
at Rajpur Road, Dehradun. What about the commercial.


JAISWAL BATTERY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jaiswal Battery
Service (JBS) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         7.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            7         CRISIL D (ISSUER NOT
                                    COOPERATING)

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

JBS is a proprietorship firm, set up in 1985, by Mr. Raj Kumar
Jaiswal in Lucknow. The firm manufactures and assembles various
types of solar power products such as street lamps, home light
systems and power plants. The firm, which has an ISO 9001:2008 and
ISO 14001:2004 certification, derives around 90% of revenue from
government projects, run by Uttar Pradesh New and Renewable Energy
Development Agency (UPNEDA), and the rest, from private players.


K. LALL OVERSEAS: CRISIL Lowers Rating on INR2cr Cash Loan to B
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of K. Lall
Overseas Private Limited (KLOPL) revised to 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit      30         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Cash          1         CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KLOPL for obtaining
information through letters and emails dated 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 KLOPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KLOPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KLOPL
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

KLOPL, a private-limited company incorporated in 2014 by Mr. Pawan
Kumar Goel and his family in Ludhiana (Punjab), trades in crude
palm oil, polyvinyl chloride resins, industrial chemicals and
cotton.


KAILASH PRASAD: CRISIL Lower Rating on INR1.5cr Loan to B
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Kailash Prasad Yadav
Constructions Private Limited (KPYCPL) revised to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          8        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit             0.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      1.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KPYCPL for obtaining
information through letters and emails dated 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 KPYCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KPYCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KPYCPL
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

KPYCPL incorporated in the year 2008 is engaged in civil
engineering business and is constructing roads and bridges for
Public works Departments (PWD), Rural Works Department (RWD),
National Highways of India (NHAI) and Government of Bihar in
various districts.


KALINGA BREEDING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kalinga Breeding
Farms Private Limited (KBFPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        10         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with KBFPL for obtaining
information through letters and emails dated 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 KBFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KBFPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KBFPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

KBFPL is promoted by Mr. Sunrender Reddy and his family. The
company runs a poultry business at a village 70 kilometre from
Secunderabad, Telangana.


KAMAL CED: CRISIL Lowers Ratings on INR13cr Loans to B
------------------------------------------------------
CRISIL said the ratings on bank facilities of Kamal CED Solutions
LLP (KCS) Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Rupee Term Loan       8.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KCS for obtaining
information through letters and emails dated 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 KCS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KCS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KCS
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

Kamal CED Solutions LLP (KCS) was incorporated in 2010 by Mr. R.S.
Punia to provide the Cathodic Electro Deposited (CED) coating on
automotive parts. The company is engaged in CED coating, top
coating and Magni coating for various automotive parts. It has
three plants located at Manesar (Gurgaon).


KAMLESHKUMAR BALUBHAI: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kamleshkumar Balubhai
Lad (KBL) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        5.25       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           6.25       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KBL for obtaining
information through letters and emails dated February 12, 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 KBL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KBL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KBL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Established in 1983 as a proprietorship firm and promoted by Mr.
Kamlesh Lad, KBL executes road construction contracts in Gujarat.


KAMRUP PACKAGING: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kamrup Packaging
Udyog (KPU) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.9       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              6.6       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Guwahati (Assam)-based KPU, manufactures different types of
corrugated boxes for use in various fast moving consumer goods
industries. The unit is located in Kamrup (Assam) and operations
are managed by Mr. Arya.


KARNATAKA RICE: CRISIL Keeps B+ on INR5cr Loan in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Karnataka Rice
Industries (KRI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KRI for obtaining
information through letters and emails dated 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 KRI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KRI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KRI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

KRI is a partnership firm promoted by Mr. Mohammed Shayub, Mr.
Mohammed Yusuf, and Mr. Mohammed Yunus. It mills and processes
non-basmati rice at its facility at Tumkur, Karnataka.


KUN UNITED: CRISIL Lowers Rating on INR15.35cr Loan to B
--------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kun United
Motors Private Limited (KUMPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Inventory Funding    15.35       CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         .25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft             2.00       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    0.40       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   SME Credit            2          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KUMPL for obtaining
information through letters and emails dated February 12, 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 KUMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KUMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KUMPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

KUMPL incorporated in 2005 is an authorized dealer of passenger
vehicles of Hyundai Motor India Ltd in Andhra Pradesh.


LEADE LIQUOR: CRISIL Withdraws D Ratings on INR9.75cr Loans
-----------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Leade Liquor Manufacturing
Private Limited (LLMPL) to 'CRISIL D Issuer Not Cooperating'.
CRISIL has withdrawn its rating on bank facility of LLMPL following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL is migrating the
ratings on bank facilities of LLMPL from 'CRISIL D Issuer Not
Cooperating' to 'CRISIL D'.  The rating action is in line with
CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Long         6.84       CRISIL D (Migrated from
   Term Bank                        'CRISIL D ISSUER NOT
   Loan Facility                    COOPERATING'; Rating
                                    Withdrawn)

   Term Loan             2.91       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

LLMPL was set up in fiscal 2011, by the promoter, Mr. Sumit Kumar
Jain and his family members, for setting up an IMFL bottling plant
at Hooghly. The plant commenced commercial operations in December
2012. The company has a bottling capacity of around 150,000 cases
per month.


MARUTHI TOBACCO: CRISIL Lowers Rating on INR9.95cr Loan to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Maruthi
Tobacco Suppliers (MTS) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.95       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with MTS for obtaining
information through letters and emails dated February 12, 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 MTS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MTS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MTS
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

Set up as a sole proprietorship concern by Mr. Ravuri Ayyavaraiah
in 1989, MTS processes and sells flue-cured Virginia tobacco, which
is used mainly used to manufacture cigarettes, and pipe and chewing
tobacco. The firm is based in Tanguturu, Prakasam (Andhra
Pradesh).


MERRITRONIX PRIVATE: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Merritronix Private
Limited (MPL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       2         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              1         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MPL for obtaining
information through letters and emails dated 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 MPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

MPL, incorporated in 1988, manufactures accessories for
telecommunication cable jointing kits. The company also provides
electronics manufacturing services, including assembling printed
circuit boards, box building, and system integration and testing.
The company is managed by Mr. D Amarnath and is based in
Hyderabad.


MOWO INDUSTRY: CRISIL Keeps D on INR10cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mowo Industry (MI)
continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Cash          5.5       CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

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

MI was set up in 2015 and is engaged in the processing and export
of red chillies. The firm has been set up by Mr.Nageshwara Rao and
family.


MTC ECOM PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: MTC ECOM Private Limited
        201 A, 2nd Floor
        Pinnacle Corporate Park
        Building No. 19, A Wing
        BKC, Bandra East
        Mumbai 400051
        MH

Insolvency Commencement Date: August 17, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 13, 2021

Insolvency professional: Mr. Dilip Vasuedo Gupta

Interim Resolution
Professional:            Mr. Dilip Vasuedo Gupta
                         No. 8, Ellora CHS Ltd
                         Behind Abhudaya Bank Ltd
                         Daftary Road, Malad East
                         Mumbai 400097
                         MH
                         E-mail: ipdilipgupta@gmail.com
                                 mtccirp@gmail.com

Last date for
submission of claims:    August 31, 2020


NHC FOODS: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed NHC Foods
Limited's (NHC) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR205 mil. (increased from INR180 mil.) Fund-based limits
     affirmed with IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects NHC's continued medium scale of
operations. The company witnessed modest revenue growth at INR1,282
million in FY20 (FY19: INR1,221 million) due to steady order flow
from a diversified customer base. The company has expanded its
customer base in India over FY18-FY20. Prior to FY18, NHC mainly
catered to international markets. However, its revenue share from
the export market has reduced consistently to about 39% in FY20
(FY19: 43%; FY18: 72%) owing to the management's steps to ramp up
its marketing network. The management expects COVID-19 to have a
limited impact on its operations in FY21 owing to the essential
nature of its products, and this is evidenced by its 1QFY21 revenue
of INR328 million (1QFY20: INR268 million).

The rating factor in NHC's modest EBITDA margins, which expanded to
4% in 1QFY21 (1QFY20: 3.7%, FY20: 2.8%) on account of favorable
pricing of its sold goods. The company's return on capital employed
stood at 6% in FY20 (FY19: 5%). Ind-Ra expects the company's margin
to remain modest in FY21-FY22 owing to the low value-added nature
of products and the trading nature of its business.

The ratings further factor in NHC's average credit metrics. The
company's interest coverage (operating EBITDA/gross interest
expense) declined to 2.2x in FY20 (FY19: 2.39x) and net leverage
(total adjusted debt/operating EBITDA) to 7x (5.1x) due to an
increase in debt to INR259 million (INR165 million). The agency
expects NHC's credit metrics to improve in the near term owing to
the scheduled repayment of loans and the absence of CAPEX plans.

Liquidity Indicator – Stretched: NHC's average peak fund-based
working capital utilization was 82.01% during the 12 months ended
June 2020. The cash flow from operations turned negative to INR73
million in FY20 (FY19: INR72 million) on stretched working capital
requirements as the company's debtor days increased to 68 (56) and
creditors days reduced to 50 (66). The company also availed of a
temporary overdraft in cash credit facility of INR10 million in
July 2020 for the working capital requirements. The company's
repayment obligation for FY21 and FY22 stood at INR22.6 million and
INR12.5 million, respectively. Meanwhile, NHC's cash and cash
equivalents remained modest at just INR11.25 million in FY20 (FY19:
INR11.51 million).

The ratings, however, are supported by NHC's longstanding
relationship of over four decades with its customers and suppliers.
The company's long track record of operations helps it-bag orders
resulting in an improved top line.

RATING SENSITIVITIES

Negative: Increased working capital requirements and tightening of
the liquidity profile along with the interest coverage reducing
below 2x would be negative for the ratings.

Positive: Substantial improvement in the revenue and profitability,
while maintaining the working capital cycle, would be positive for
the ratings.

COMPANY PROFILE

NHCFL was incorporated in 1960 by Himatlal Shah. The company is
engaged in the processing and trading of spices, food grains, and
ready-to-eat snacks.  The company's processing unit has an
installed capacity of 18,900 million tons per annum.


PHTHALO COLOURS: Ind-Ra Corrects Aug. 18 Ratings Release
--------------------------------------------------------
India Ratings rectified a ratings release on Phthalo Colours &
Chemicals (India) Limited (PCCIL) published on August 18, 2020, to
clarify that there was a part prepayment of the existing term loan
and to include positive rating sensitivity.

The amended version is:

India Ratings and Research (Ind-Ra) has downgraded Phthalo Colours
& Chemicals (India) Limited's (PCCIL) Long-Term Issuer Rating to
'IND D' from 'IND BB'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR127.5 mil. Fund-based working capital limits (Long-
     term/Short-term) downgraded with IND D rating; and

-- INR138.3 mil. (reduced from INR204.95 mil.) Term loan (Long-
     term) due on May 2024 downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by PCCIL. While the
delay is being recognized in accordance with the extant
regulations, PCCIL has submitted additional information and
reported part prepayment of the existing term loan. The agency is
reviewing the ratings in light of the additional information
submitted by the company. The outcome of the analysis will be
published as soon as the review process is completed.

RATING SENSITIVITIES

Positive: Timely debt servicing to the agency's satisfaction could
be positive for the ratings.

COMPANY PROFILE

Incorporated in 1991, PCCIL manufactures phthalocyanine pigments
such as green, alpha blue and beta blue at its plant in Vapi in
Gujarat under the Rangday brand.


PRASAD FIBERS: CRISIL Lowers Rating on INR7cr Cash Loan to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Prasad Fibers
Private Limited (PFPL; part of Prasad Group) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

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

CRISIL has been consistently following up with PFPL for obtaining
information through letters and emails dated February 12, 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 PFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PFPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PFPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PFPL and Prasad Cotton Industries Pvt
Ltd (PCIPL), together referred to as the Prasad group. This is
because both entities are managed by the same promoter and operate
in similar lines of business.

The Prasad group, set up by Mr. Hari Prasad Soni and his family
members, gins and presses raw cotton into bales and extracts oil
from cotton seed. Operations are jointly managed by Mr. Ramprasad
Soni and his brothers, Mr. Hariprasad Soni, Mr. Dwarkaprasad Soni,
and Mr. Shivprasad Soni.

PCIPL, originally set up in 2003 as a partnership firm, was
reconstituted as a private limited company in May 2013. PFPL was
established in 2008 and is engaged in the same line of business.


PROFESSIONAL EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Professional
Educational Trust (PET) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Funded Interest        4         CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Long Term Loan        21         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft              4         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     5         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

PET, located in Palladam (Tamil Nadu), was established in 2009 by
Dr. C Subramaniam. The trust offers undergraduate and postgraduate
courses in engineering and management.


QUICK ACT: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Quick Act Light
Systems and Cables Private Limited (Quick Act) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.85       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Channel Financing     4          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    6.15       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with Quick Act for
obtaining information through letters and emails dated 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 Quick Act, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Quick Act is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of Quick
Act continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Quick Act was set up in 2012, with Mr. Dinesh K Pherwani and his
wife, Ms Varsha K Pherwani, as directors. The company distributes
products such as power cables, switchgears, electric bulbs, and
industrial pipe fittings. The family has been in the cable trading
business in Pune (Maharashtra) since 1983.


RADHE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Radhe Cotton (RC)
continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             7.50       CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term      1.09       CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan                .57       CRISIL D (ISSUER NOT
                                      COOPERATING)

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

RC, set up in 2013 at Junagadh, is a partnership between Mr. Kirit
Akheniya, Mr. Mukesh Limbani, Mr. Parakash Kantilal Popat, Mr. Uday
Limbani and Mr. Viral Akheniya. The firm gins and presses cotton;
it started commercial operations in May 2014.


RAJ YAMAHA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Raj Yamaha (RY)
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          8.75        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Term Loan       1           CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash        2           CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with RY for obtaining
information through letters and emails dated 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 RY, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RY is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RY
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RY was established in 2009 as an authorised dealer of India Yamaha
Motor Pvt Ltd in Chennai. The proprietor, Mr. H Rajkumar, manages
operations.


RAJAN JEWELLERY: CRISIL Keeps D on INR10cr Loan in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Rajan Jewellery (RJ)
continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Established in 1933 by Mr. G Pradeep Kumar and his family members,
RJ is a gold jewellery retailer based in Thiruvalla.


RANGOLI PARTICLE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rangoli Particle
Boards Private Limited (RPBPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      2.5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RPBPL for obtaining
information through letters and emails dated 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 RPBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RPBPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RPBPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RPBPL was incorporated in 2012 by Mr. Bhupendra Limbani at Kolhapur
(Maharashtra). It trades in prelam boards used in interior
designing and furniture.


SANGHVI CYLINDERS: CRISIL Lowers Rating on INR7cr Loan to B
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sanghvi
Cylinders Private Limited (SCPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

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

CRISIL has been consistently following up with SCPL for obtaining
information through letters and emails dated 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 SCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SCPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.

SCPL (formerly, Hyderabad Cylinders Pvt Ltd) was set up in 1994.
The company manufactures LPG for the OMCs. The production unit, in
Telangana has a capacity of 100,000 cylinders per month. The
production site and processes are approved by the Petroleum and
Explosives Safety Organisation, India. The company is promoted by
Mr. Ramesh Chandra Sanghvi and Ms Chaya Sanghvi. Mr. Sanghvi who
manages operations, has experience of more than two decades in the
industry.


SATGURU AGRO: CRISIL Reaffirms B+ Ratings on INR8.5cr Loans
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Shree Satguru Agro and Oil Products
Private Limited (SSAOPPL; part of the Satguru group).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the group's exposure to intense
competition in the edible oil industry and a highly leveraged
capital structure. These weaknesses are partially offset by the
experience of its promoters and an efficient working capital
management.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SAOI and SSAOPPL. This is because these
two entities, together referred to as the Satguru group, operate in
the same industry and have operational and financial linkages.

Furthermore, unsecured loans (Rs 1.15 crore as on March 31, 2020)
extended by the promoters have been treated as neither debt nor
equity as these loans are expected to remain in the business over
the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to intense competition: The edible oil industry
comprises a few big players, and many small unorganised players
(about 60% of the segment). These players primarily cater to
regional demand to save on transportation cost. Intense market
competition has resulted in low profitability for the industry.
Furthermore, prices of the edible oils are directly linked to the
prices of crude palm oil (CPO), which has been highly volatile;
domestic vegetable oil market depends on availability of CPO and
vegetable oil substitutes in the international market.

* Highly leveraged capital structure: Total outside liabilities to
tangible networth ratio was weak at over 3.96 times for the three
fiscals ended March 31, 2020. However, the ratio may improve over
the medium term due to accretion to reserves and capital infusion
by the promoters.

Strengths

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

* Efficient working capital management: Operations are likely to
remain prudently managed over the medium term, driven by healthy
inventory policy and receivables collection cycle. Gross current
assets were below 60 days over the three fiscals ended March 31,
2020.

Liquidity Poor

Liquidity is poor. Bank limit utilisation is high at around 92.58
percent for the past twelve months ended June,2020 Cash accrual are
expected to be over INR0.6-0.9 which are sufficient against
repayment obligation of INR(0.3-0.6) crore over the medium term.
Current ratio are healthy at 1.45 times on March31, 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 believes the Satguru group will continue to benefit from its
longstanding relationships with principals and experience of the
management in mitigating risks inherent in the trading business.

Rating Sensitivity factors

Upward factors

* Sustained improvement in revenue and operating profitability
leading to cash accrual of more than INR1.25 crore

* Better capital structure

Downward factors

* Deterioration in revenue to below INR180 crore, along with
decline in operating margin

* Further weakening of financial risk profile, especially
liquidity

SAOI was set up in 2005 by Mr. Krishnalal Chandwani, Mr. Kuldeep
Chandwani, and Mr. Hemant Chandwani. The Pune-based firm trades in
edible oil and cotton seeds.

SSAOPPL, established in 2008, is also based in Pune. It trades in
edible oil and cotton seeds, apart from selling oil seeds.


SHARP RENEWAL: CRISIL Assigns B Ratings to INR9cr Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sharp Renewal Energy Pvt Ltd (SREPL).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility       7         CRISIL B/Stable (Assigned)

   Proposed Working
   Capital Facility         2         CRISIL B/Stable (Assigned)

The rating reflects SREPL's exposure to risks related to the
ongoing project, and its average financial risk profile. These
weaknesses are partially offset by the extensive experience of the
promoters in the solar and biogas segments.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to the ongoing project: SREPL is
implementing a compressed biogas plant, likely to commence
operations in December 2020. Timely completion of the project and
financial closure, and successful stabilisation are critical.
Demand risk is likely to be moderate as the industry is highly
fragmented marked by low entry barriers with small capital and
technological requirements.

* Below-average financial risk profile: The project is likely to be
funded through a debt-equity ratio of 2:1. With the addition of
working capital debt, SREPL is expected to have an average
financial risk profile with gearing high at over 2.0 times over the
medium term. Cash accrual too may remain subdued initially, and
thus, constrain the debt protection metrics.

Strength:

* Extensive experience of the promoters: The decade-long experience
of the promoters, in the solar and biogas industry, their strong
understanding of market dynamics, and established relationships
with suppliers and customers, will continue to support the business
risk profile.

Liquidity Stretched

Liquidity to remain stretched. Financial closure is yet be
achieved. The company will be in initial phase during fiscal 20-21
and 21-22; the generation of sufficient cash accruals to cover the
term debt obligations and incremental working capital requirement
margin remains to be seen.  Funding support from promoters in case
of an exigency, also remains critical.

Outlook: Stable

CRISIL believes SREPL will benefit over the medium term, from the
extensive experience of its promoters.

Rating Sensitivity factors

Upward factors

* Timely stabilisation of operations, at the proposed plant, and
significant revenue and profitability, leading to net cash accrual
of over INR0.9 crore

* Improvement in financial risk profile

Downward factors

* Considerable delay in commencement of operations at the proposed
plant

* Significantly low cash accrual during the initial phase, leading
to net cash accrual to repayment obligation ratio of below 1 time.

SREPL was incorporated in June 2019. The company is setting up a
waste-based compressed biogas plant at Panipat (Haryana), with
installed capacity of 2400 kg of bio CNG per day. The plant is
expected to be commissioned in December, 2020. Operations are
managed by promoters, Mr. Satish Kumar Jaglan and his family.


SWASTIK COAL: Ind-Ra Affirms 'D' LongTerm Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Swastik Coal
Corporation Pvt. Ltd's (SCCPL) Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR425 mil. Fund-based working capital facilities (Long-
     term/Short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating;

-- INR3.035 bil. Non-fund-based working capital facilities (Long-
     term/Short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating; and

-- INR290 mil. Proposed bank facilities (Long-term/Short-term)*
     assigned with IND D (ISSUER NOT COOPERATING) rating.

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

*The provisional rating has been converted to final as Ind-Ra
believes that the terms of this provisional rating are gradual or
uniform across the banking lines and are not a rating driver

KEY RATING DRIVERS

The affirmation reflects confirmation from SCCPL's lenders that the
company continues to be categorized as a non-performing asset.  

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would lead to positive rating action.

COMPANY PROFILE

Indore-based SCCPL, the flagship company of Swastik Group, is
engaged in coal import and trading. The company is promoted by
Hitesh Bindal and Vishnu Bindal.


VAIGAI LEATHER: CRISIL Moves B+ on INR6cr Loans From NonCooperating
-------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Vaigai Leather Corporation
(VLC) to 'CRISIL B+/Stable Issuer Not Cooperating' on July 29,
2020. 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 bank facilities of VLC from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Export Packing       3         CRISIL B+/Stable (Migrated from
   Credit                         'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long        3         CRISIL B+/Stable (Migrated from
   Term Bank Loan                 'CRISIL B+/Stable ISSUER NOT
   Facility                       COOPERATING')

The rating reflects VLC's small scale of operations in a fragmented
industry and working capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of the
partners in the leather industry and moderate financial risk
profile.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations in a fragmented industry: The firm has
small scale of operations, reflected in its estimated revenue of
INR7.50 crore for fiscal 2020. Also the industry in which it
operates is highly fragmented marked the presence of organised and
unorganised players. This will continue to constrain the
scalability of the firm.

* Working capital-intensive operations: VLC has high working
capital requirement reflected in gross current assets of 245 days
estimated as on March 31, 2020, driven by high inventory and
stretched credit period offered to its customers.

Strengths:

* Extensive experience of the partners in the leather industry: The
partners have been in this industry from over 20 years, helping
them establish strong relationships with suppliers and customers.

* Moderate financial risk profile: The firm has moderate financial
risk profile marked by low gearing and moderate debt protection
metrics. The gearing has been about 1 time estimated as on March
31, 2020. The debt protections metrics is also moderate with net
cash accrual to total debt (NCATD) and interest cover of 0.03 times
and 1.82 times respectively for fiscal 2020. However networth is
modest estimated at INR3.06 crore as on March 31, 2020.

Liquidity Stretched

Liquidity is stretched marked by modest accruals. The firm is
likely to generate accruals of INR0.08 crore for fiscal 2021
against which it has no repayment obligations. In fiscal 2022 the
firm will generate accruals of over INR0.2 crore against which it
has a repayment obligation of INR0.15 crore. The company has access
to fund based limit of INR4.50 crores which is highly utilized at
over 90% for the past 12 months ended July 2020.

Outlook: Stable

CRISIL believes that VLC should continue to benefit from the
experience of its partners in the leather industry.

Rating Sensitivity Factor

Upward factor

* Sustained improvement in revenues and margins leading to cash
accruals of over INR1 crore

* Improvement in working capital cycle, with improvement in
receivables and inventory management

Downward factor

* Decline in scale of operations leading to fall in revenue by
more than 25 percent or decline in profitability leading to lower
cash accrual

* Further stretch in working capital management weakens the
financial risk profile especially the liquidity.

Set up in 1986 by Mr. Mani and Mr. P Selvam, VLC is engaged in
manufacture of finished leather. The firm derives majority of its
revenues from the export market.


[*] INDIA: SC Reserves Order on AGR Dues of Insolvent Telcos
------------------------------------------------------------
Livemint.com reports that the Supreme Court on Aug. 24 reserved its
order on the issue of recovery of adjusted gross revenue (AGR) dues
of insolvent telcos.  The apex court said it will also clarify
additional liabilities, if any, of Reliance Jio and Bharti Airtel
on account of past dues on the spectrum they bought from Reliance
Communications, Videocon and Aircel respectively.

According to Livemint.com, SC noted that if the seller of spectrum
did not clear its dues before sale, the liabilities would be
transferred to the buyer as per trading guidelines. Telecom service
providers (TSP) are responsible for spectrum purchase prices,
deferred spectrum instalments and AGR dues, which include spectrum
usage charges and license fees.

If the apex court directs telcos using spectrum of bankrupt
companies to pay the past dues, then both Airtel and rival Reliance
Jio Infocomm Ltd will be hit hard, the report notes. While Aircel
owes INR12,289 crore in AGR dues, Videocon has a liability of
INR1,376 crore and RCom owes INR25,199 crore, Livemint.com
discloses.

Livemint.com relates that the Department of Telecommunications
(DoT) earlier Aug. 24 filed an affidavit in the Supreme Court
saying AGR dues have to be calculated based on "spectrum sharing"
and "spectrum trading" agreements signed between two telecom
service providers.

The three-judge bench, headed by Justice Arun Mishra, said telcos
cannot sell spectrum which is government property, Livemint.com
relays. Such actions will allow for dues to be wiped out if the
buyer takes over spectrum without the liabilities, "How can you
sell somebody else's property? Wiping out government dues is not
permissible. If telcos are unwilling to pay, we will direct
cancellation of spectrum allocation," said Mishra.

Livemint.com adds that the bench also directed the DoT to submit
its assessment on quantifiable dues since 2016, which teh SOlicitor
General said was under process.

DoT maintained that AGR dues were only crystallised after the
October 2019 judgement.

The DoT's affidavit had been filed in compliance with the order
dated August 14 wherein the court said, "The Department of
Telecommunications (DoT) to make it clear in whose name and from
which date the spectrum is being used and how much fees/dues of AGR
year-wise and amount deposited with it for using of the same by the
respective companies under some inter se arrangements of the
companies and the dates thereof."

According to Livemint.com, Senior Advocate Harish Salve, arguing
for Reliance Communications, said the right to use the spectrum
allocated to it rested with the company and therefore it can be
sold. Notion of security under Insolvency and Bankruptcy Code (IBC)
allows for sale of right to use spectrum. It is not for this court
to decide, DoT can decide on sale of spectrum at the appropriate
stage. "License agreement recognises spectrum as a security, can be
monetized under IBC. Moreover, the spectrum trading done between
RCom and Jio is a small part of its total spectrum holding,"
Livemint.com quotes Salve as saying.

Livemint.com says the committee of creditors (CoC) for RCom
submitted that AGR was calculated on total revenue and not spectrum
and that DoT did not seek AGR dues from Jio on the fraction of
RCom's sold spectrum.

Livemint.com relates that the CoC for Aircel also said DoT and not
the SC should be taking a call on the sale of spectrum if a
resolution applicant wants to sell it at a later stage and that the
court should not decide on the resolution plan since DoT had
allowed the use of spectrum as guarantee. The CoC also added that
telcos don't have cash reserves that they can purchase spectrum,
operate without banks. The economy will face negative consequences
if the spectrum sale under IBC is not allowed, said senior advocate
Ranjit Kumar, representing CoC for Aircel.

Senior counsel Kapil Sibal, representing Airtel, said no claims
were made by DoT against Airtel when they bought Aircel spectrum in
2016. "Videocon entered IBC in June 2018, AGR judgment came from SC
in Oct 2019. In May 2016, traded 1800MHz Videocon spectrum in 6
circles, no demands were raised by DOT for shared spectrum," the
report quotes Sibal as saying.




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

AMCORP GLOBAL: Gives Notice of Three Consecutive Years of Losses
----------------------------------------------------------------
Janice Heng at The Business Times reports that mainboard-listed
Amcorp Global, formerly known as Tee Land, gave notice of recording
three consecutive years' of losses on Aug. 25 after the market
close.

Based on audited full-year consolidated accounts, the firm has run
up pre-tax losses for the last three financial years, said Amcorp.

Its six-month average daily market cap as of Aug. 25 was S$79.5
million, BT relates.

BT notes that firms are placed on the Singapore Exchange's
watch-list if they record losses for the three latest consecutive
financial years, and have an average daily market cap of under S$40
million over the last six months.

Trading in Amcorp's shares has been suspended, with the counter
having last traded at 17.9 Singapore cents on March 18, the report
says.

This was after it lost its free float, as the percentage of shares
in the hands of the public fell below the required 10 per cent.

On July 1, Amcorp said it had been granted an extension of time
until Oct. 20 to restore its free float and remained "firmly
committed" to conducting a private placement, recalls BT.

Amcorp Global Limited, an investment holding company, operates as a
real estate developer and investor in Singapore, New Zealand,
Australia, Vietnam, and Malaysia. The company operates through
three segments: Property Development, Hotel Operations, and
Investment Properties. It undertakes residential, commercial, and
industrial property development projects; invests in properties,
such as hotels in Australia; and provides short-term accommodation
and industrial space for rent in New Zealand. The company was
formerly known as TEE Land Limited and changed its name to Amcorp
Global Limited in April 2020. Amcorp Global Limited was
incorporated in 2012 and is based in Singapore.


GLOBAL A&T: Fitch Withdraws CCC+ LT IDRs on Insufficient Info
-------------------------------------------------------------
Fitch Ratings has withdrawn the 'CCC+' Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) on Singapore-based
Global A&T Electronics Ltd (GATE). The ratings were on Rating Watch
Evolving.

The ratings were withdrawn for the following reason: Incorrect or
Insufficient Information Provided.

KEY RATING DRIVERS

Fitch is withdrawing the ratings as GATE has chosen to stop
participating in the ratings process following the redemption of
its USD665 million senior secured notes and completion of the sale
of UTAC Holdings Limited, its 100% parent, to Wise Road Capital.

Therefore, Fitch will no longer have sufficient information to
maintain the ratings. Accordingly, Fitch will no longer provide
ratings or analytical coverage for GATE.

KEY ASSUMPTIONS

Not relevant as the ratings have been withdrawn.

RATING SENSITIVITIES

Not relevant as the ratings have been withdrawn.

ESG CONSIDERATIONS

Following the withdrawal of ratings for GATE, Fitch will no longer
be providing the associated ESG Relevance Scores.


MIRACH ENERGY: Gets Extensions for FY2019 AGM, Annual Report
------------------------------------------------------------
Janice Heng at The Business Times reports that Mirach Energy has
been given further deadline extensions for its annual general
meeting (AGM) and financial statements, subject to certain
conditions, the watch-listed firm announced in a Singapore Exchange
filing on Aug. 25.

BT says the company has received a further - and final - extension
of time to Sept. 4, from Aug. 3 previously, to publish its annual
report for FY2019, so that external auditors BDO can finalise the
audit of its FY2019 financial statements.

A similar final extension was granted for it to meet the financial
criteria requirements for removal from the watch-list, BT relates.

It has also received a final extension of its annual general
meeting (AGM) deadline to Sept. 21, from Aug. 17 previously.

Other extended deadlines are Sept. 4 for its FY2019 sustainability
report; Sept. 11 for its Q1 2020 financial statements, and Sept. 18
for its Q2 2020 financial statements, according to BT.

These extensions are granted subject to conditions, including the
announcement of this waiver by the company, disclosure of
undertakings mentioned in an April 29, 2019 announcement, written
confirmation that the company is unaware of any information that
will have a material bearing on investors' decisions, which it has
yet to announce, and meeting the deadlines for its AGM and its
annual and sustainability reports, BT relays.

According to BT, Mirach said that it is still in discussion with
BDO over the resolution of key audit matters. BDO has said that
another three weeks are needed to complete the audit.

The firm advised shareholders to exercise caution in dealing in its
shares, adds BT.

Mirach Energy Ltd. explores for oil and natural gas, and offers
technical oilfield advice, enhanced oil recovery, project
management, and mud logging services.




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

THAI AIRWAYS: Court to Decide on Restructuring Request on Sept. 14
------------------------------------------------------------------
Reuters reports that Thailand's bankruptcy court said it will hand
down its decision on Thai Airways International Pcl's request for
restructuring on Sept. 14.

According to Reuters, the court held two additional hearings on
Aug. 20 and Aug. 25 when minor creditors opposed the carrier's
restructuring request.

"The court will allow those who oppose the plan to submit their
petitions within seven days from today," the court said in a
statement, Reuters relays.

Thai Airways submitted its petition for bankruptcy protection in
May and received a stay on its debt.

"On the whole today's hearing went well and the prospects are
good," Reuters quotes Thai Airways' acting president, Chansin
Treenuchagron, as saying in a statement.

In September, the court is expected to approve or reject the
airline's request and appoint a committee that will oversee the
restructuring plan, Reuters says.

Reuters adds that Thai Airways' executives and legal advisers
previously said they were confident that court would approve its
request due to agreement among major creditors.

                         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, 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.



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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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