/raid1/www/Hosts/bankrupt/TCRAP_Public/200903.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, September 3, 2020, Vol. 23, No. 177

                           Headlines



A U S T R A L I A

CORONADO GLOBAL: S&P Affirms 'B' ICR on Equity Raising
INTERSTAR MILLENNIUM 2205-2L: S&P Cuts Cl. B Notes Rating to 'BB+'
JRD NUMBER 1: First Creditors' Meeting Set for Sept. 11
MAYFAIR 101: ASIC Obtains Interim Injunctions vs. James Mawhinney
NATIONAL GROUP: S&P Withdraws Prelim. 'B' LT Issuer Credit Rating

NEWCO INFRASTRUCTURE: Second Creditors' Meeting Set for Sept. 10
PAS GROUP: Actually Made a Profit Despite Administration
[*] AUSTRALIA: Company Insolvency Grace Period Extension Likely


C H I N A

361 DEGREES: S&P Lowers ICR to 'B-', Outlook Negative
CHINA MINSHENG: Appoints New Senior Execs as It Cleans House
CHINA SOUTH: Fitch Rates Proposed USD Senior Notes 'B'
FUJIAN YANGO: S&P Assigns 'B-' Rating on New USD Guaranteed Notes
GUANGZHOU R&F PROPERTIES: Fitch Alters Outlook on B+ LT IDR to Neg.

GUANGZHOU R&F PROPERTIES: S&P Lowers ICR to 'B', Outlook Stable
SHANDONG SANXING: S&P Lowers ICR to 'B-' on Slower Refinancing
TD HOLDINGS: Disposes of Hong Kong Subsidiary
ZHAOJIN MINING: Fitch Affirms BB+ LongTerm IDR, Outlook Stable


I N D I A

ALTICO CAPITAL: Ind-Ra Affirms 'D' LongTerm Issuer Rating
ASIAN HANDICRAFTS: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
CH.GOWRI SHANKAR: Ind-Ra Assigns 'BB+' Rating, Outlook Stable
CHANDRA ENGINEERS: CRISIL Cuts Rating on INR7.55cr Loan to D
DEEPIKA INFRATECH: CRISIL Moves D Debt Ratings to Not Cooperating

DHARANI TURBO: CRISIL Migrates B Debt Rating to Not Cooperating
DOLBIS GRANITE: CRISIL Migrates D on INR9cr Loans to NonCooperating
ELECTRA ACCUMULATORS: CRISIL Moves D Debt Rating to Not Cooperating
ELECTRA GLOBAL: CRISIL Migrates D Debt Ratings to Not Cooperating
FOREST PRESS: CRISIL Moves D Debt Ratings to Not Cooperating

FRESHCUT ORGANIC: CRISIL Moves B on INR9cr Loans to Not Cooperating
JASBIR SINGH: CRISIL Migrates B Debt Ratings to Not Cooperating
KUBER INFRA: CRISIL Moves B on INR5cr Loans to Not Cooperating
LAXAI LIFE: Ind-Ra Lowers LT Issuer Rating to 'B-', Outlook Stable
MANI BHUSAN: CRISIL Moves B+ on INR10cr Loans to Not Cooperating

MEKA BUJJI: CRISIL Moves B+ on INR6cr Loans to Not Cooperating
NANCY KRAFTS PRIVATE: CRISIL Cuts Rating on INR17.21cr Loan to D
NANCY KRAFTS: CRISIL Lowers Rating on INR3.5cr Loan to D
NISHANTH POULTRY: CRISIL Cuts Rating on INR6.20cr Loan to B
OM SATYA: CRISIL Moves B+ on INR5cr Credit to Not Cooperating

P&R INFRAPROJECTS: Ind-Ra Keeps BB+ LT Rating in Non-Cooperating
POS SOLUTIONS: CRISIL Moves B+ on INR8cr Loan to Not Cooperating
RADHAKRISHNA OIL: CRISIL Moves B+ Debt Rating to Not Cooperating
SAHARA INDUSTRIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
SAI CREATIONS: CRISIL Migrates B+ Debt Ratings to Not Cooperating

SAMARTH DAIRY: CRISIL Migrates B+ Debt Ratings to Not Cooperating
SHIV SHAKTI: CRISIL Moves B+ on INR10cr Credit to Not Cooperating
SRIDEVI RAW: CRISIL Migrates B+ Debt Ratings to Not Cooperating
SUSHEE INFRA: Ind-Ra Hikes LT Issuer Rating to B+, Outlook Stable
T.R. AGRO: CRISIL Withdraws B+ Rating on INR10.5cr Cash Loan

VARDHMAN TEXTILES: CRISIL Moves B+ Debt Ratings to Not Cooperating
YASH AGRO: CRISIL Migrates B- Debt Ratings to Not Cooperating
[*] INDIA: Top Court Approves 10-Year Rescue Plan for Telcos


N E W   Z E A L A N D

NEW ZEALAND: 10,000 Firms at Risk of Failure in 2021 Over COVID-19
THE WAREHOUSE: Presents Revised Restructuring Plan to Staff


S I N G A P O R E

HIN LEONG: Banks Hit Snag to Tap US$1.5 Billion in Lim Assets

                           - - - - -


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

CORONADO GLOBAL: S&P Affirms 'B' ICR on Equity Raising
------------------------------------------------------
S&P Global Ratings, on Sept. 1, 2020, affirmed the 'B' long-term
issuer credit rating on Australia-based coal company Coronado
Global Resources Inc. S&P also removed the rating from CreditWatch,
where they were placed with negative implications on July 7, 2020.

S&P said, "The negative outlook on Coronado reflects our view that
the company's cash generation will remain negative in 2020 due to
weak coal prices, straining the company's liquidity. This is
despite Coronado's US$180 million (A$250 million) equity raising
alleviating immediate liquidity risks, lowering its debt burden,
and providing some flexibility to navigate the weak external
operating environment. Our debt-to-EBITDA forecast has reduced to
the low-4x in 2020 from about a high-5x in 2020. While the equity
raising is broadly positive, our expectation of negative free
operating cash flow in 2020 will continue to weigh on the company's
balance sheet and liquidity." The group's focus on operating cost
control and reducing capital expenditure by 40% in the year ending
Dec. 31, 2020, should help mitigate some of these downward
pressures. In addition, the company is exploring the sale of
noncore assets.

S&P said, "In our view, there remains considerable uncertainty
around the timing and pace of a recovery of broader global
industrial activity. We view the pace of deleveraging in 2021 as
largely contingent upon a broader end-market recovery, somewhat
offset by a lagged pricing effect and the unwind of cash
preservation initiatives during 2020. We consider it possible that
the company will deleverage toward 2x in 2021 should met coal
prices swiftly gravitate toward the long-term average of about
US$160 per ton (/t)."

The extension of financial covenant waivers for the company's
syndicated facility agreement until Sept. 30, 2021, provides an
additional six-month reprieve. In addition, the reduced debt burden
improves covenant headroom. In S&P's view, met coal prices would
have to remain relatively weak for the risk of covenant breaches to
re-emerge, with the leverage ratio test being more likely to be
pressured. A condition to the waiver is that permanent reductions
to the facility limit should occur in three steps of US$25 million
in February, May, and August 2021. Thus by September 2021, the
facility size will be US$475 million.

The negative outlook reflects S&P's view that Coronado will
continue to burn cash absent a material recovery in met coal
prices. Sequential periods of negative operating cash flows could
impede the company's access to funding markets and erode available
liquidity.

S&P could lower the rating within the next six months if met coal
prices do not materially recover. This would likely be indicated
by:

-- Continued negative free operating cash flows (operating cash
flows less capital spending); or

-- Less-than-adequate liquidity (i.e. liquidity sources, including
access to the revolving credit facility, are less than 1.2x
liquidity uses over the following 12 months).

S&P could revise the outlook to stable if it believes there is a
broader market recovery of sufficient scale and momentum to support
Coronado's liquidity, generate sustainable positive free operating
cash flows, and facilitate a clear deleveraging path.


INTERSTAR MILLENNIUM 2205-2L: S&P Cuts Cl. B Notes Rating to 'BB+'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on eight classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee of Interstar
Millennium Series 2005-2L Trust, Interstar Millennium Series
2006-3L Trust, Interstar Millennium Series 2006-4H Trust, Interstar
Millennium Series 2006-1 Trust, and Interstar Millennium Series
2006-2G Trust.

At the same time, S&P affirmed its ratings on 16 classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee of Interstar
Millennium Series 2003-3G Trust, Interstar Millennium Series
2005-2L Trust, Interstar Millennium Series 2006-3L Trust, Interstar
Millennium Series 2006-4H Trust, Interstar Millennium Series 2006-1
Trust, Interstar Millennium Series 2006-2G Trust, and Challenger
Millennium Series 2007-2L Trust.

The lowered ratings on the notes reflect:

-- The small and increasingly concentrated nature of the pools. As
outstanding assets and notes reduce significantly, tail risk takes
greater precedence in both transactional performance and S&P's
rating analysis. Mitigating this and supporting its current ratings
is the strong level of excess spread that these trusts earn,
despite the pool's decreasing size, due to the relatively high
interest rates borrowers in the pools are paying.

-- S&P's concerns over the potential for worsening arrears and
defaults in pools of assets this small, and unexpected losses
resulting in strain on the transactions' cash flows. Since its last
review, arrears have increased significantly in five of the
transactions and as of June 30, 2020, loans more than 30 days in
arrears totaled 16.06% for Interstar Millennium Series 2005-2L
Trust, 14.45% for Interstar Millennium Series 2006-3L Trust, 9.84%
for Interstar Millennium Series 2006-1 Trust, 9.89% for Interstar
Millennium Series 2006-2G Trust, and 11.59% for Challenger
Millennium Series 2007-2L Trust.

-- That a significant proportion of the arrears are long-dated
(greater than 90 days) and therefore have a significantly higher
risk of default, from its point of view.

-- The concentrations in the pools. The top 10 borrowers accounted
for more than 10.00% of the pool balance for all seven transaction
as of June 2020.

-- That we have assessed pool concentrations by sizing an
alternate loss scenario for the pool. Under this scenario, the top
10 loans at the 'AAA' rating level, top eight at the 'AA' level,
top six at the 'A' level, top four at the 'BBB' rating level, and
top two at the 'BB' level default and are recovered upon. The loss
severity for each loan is the higher of 50%, the loan's loss
severity, and the pool's weighted-average loss severity. The
expected loss for the pool is the higher of that number, and the
number is sized by applying our standard credit analysis as per our
" Australian RMBS Rating Methodology And Assumptions" criteria,
published Sept. 1, 2011.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put liquidity strain on the
transaction and raises the probability of upward pressure on
mortgage arrears over the longer term. As of July 30, 2020,
borrowers with COVID-19-related hardship arrangements make up
between 6% and 15% of the pool balance across the seven
transaction.

-- That lenders' mortgage insurance is provided for all loans in
each of the portfolios.

  RATINGS LOWERED

  Interstar Millennium Series 2005-2L Trust

  Class     Rating To     Rating From
  AB        AA (sf)       AAA (sf)
  B         BB+ (sf)      BBB- (sf)

  Interstar Millennium Series 2006-3L Trust

  Class     Rating To     Rating From
  AB        AA+ (sf)      AAA (sf)
  B         BBB (sf)      A- (sf)

  Interstar Millennium Series 2006-4H Trust

  Class     Rating To     Rating From
  B         BB+ (sf)      BBB- (sf)

  Interstar Millennium Series 2006-1 Trust

  Class     Rating To     Rating From
  AB        A (sf)        AA+ (sf)
  B         BB+ (sf)      BBB- (sf)

  Interstar Millennium Series 2006-2G Trust

  Class     Rating To     Rating From
  B         BBB+ (sf)     A (sf)

  RATINGS AFFIRMED

  Interstar Millennium Series 2003-3G Trust

  Class     Rating
  A2        AAA (sf)
  A3        AAA (sf)
  B1        BB+ (sf)
  B2        BB+ (sf)

  Interstar Millennium Series 2005-2L Trust

  Class     Rating
  A1        AAA (sf)
  A2        AAA (sf)

  Interstar Millennium Series 2006-3L Trust

  Class     Rating
  A2        AAA (sf)

  Interstar Millennium Series 2006-4H Trust

  Class     Rating
  A2        AAA (sf)
  AB        AAA (sf)

  Interstar Millennium Series 2006-1 Trust

  Class     Rating
  A         AAA (sf)

  Interstar Millennium Series 2006-2G Trust

  Class     Rating
  A-1       A (sf)
  A-2       A (sf)
  AB        A (sf)

  Challenger Millennium Series 2007-2L Trust

  Class     Rating
  A         AAA (sf)
  AB        AAA (sf)
  B         BBB (sf)


JRD NUMBER 1: First Creditors' Meeting Set for Sept. 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of JRD Number 1
Pty Ltd will be held on Sept. 11, 2020, at 11:00 a.m. at the
offices of Hall Chadwick, Level 4, 240 Queen Street, in Brisbane,
Queensland.

Richard Albarran and Richard Lawrence of Hall Chadwick were
appointed as administrators of JRD Number on Sept. 1, 2020.


MAYFAIR 101: ASIC Obtains Interim Injunctions vs. James Mawhinney
-----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained interim orders in the Federal Court of Australia against
companies in the Mayfair 101 group and their director, James Peter
Mawhinney, including the appointment of provisional liquidators to
M101 Nominees Pty Ltd, the issuer of the M Core Fixed Income Notes
promoted by Mayfair 101.

On Aug. 13, 2020, the Court appointed Said Jahani and Philip
Campbell-Wilson of Grant Thornton as provisional liquidators of
M101 Nominees, pending an application by ASIC to wind up M101
Nominees on just and equitable grounds. ASIC alleges that M101
Nominees has been involved in breaches of the corporations
legislation, and there is a justifiable lack of confidence in the
conduct and management of its affairs that gives rise to a risk to
the public that warrants protection.

In particular, ASIC alleges that M101 Nominees raised approximately
$67 million from investors through debentures called the M Core
Fixed Income Notes, based on representations that there would be
security for the full amount invested. ASIC further alleges that
those funds were not fully secured, and consequently, M Core Fixed
Income Note investors may be unable to recover the full amount of
their principal investment.

The provisional liquidators will provide a report to the Court by
Sept. 24, 2020 about the provisional liquidation of M101 Nominees,
including identifying its assets and their value, and providing an
opinion as to solvency and the likely return to creditors if the
company is wound up.

On Aug. 13, 2020, the Court made additional interim orders
restraining Mr Mawhinney, and any company of which he is an officer
or shareholder, from:

   - Receiving or soliciting funds in connection with any
     financial product;

   - Advertising or promoting any financial product; and

   - Removing from Australia any assets acquired with funds
     received in connection with any financial product.

These orders apply to all products currently offered by Mayfair
101, including the M Core Fixed Income Notes, the M+ Fixed Income
Notes and Australian Property Bonds, as well as any other financial
product.

The Court also restrained Mr. Mawhinney from leaving Australia
until further order.

The Court made interim orders restraining Sunseeker Holdings Pty
Ltd, of which Mr Mawhinney is a director, from dealing with the
units in 14 trusts which hold property at Mission Beach and Dunk
Island in Queensland. The units in those trusts are part of the
security held on behalf of investors in the M Core Fixed Income
Notes.

At a hearing on Sept. 2, 2020, the matter was adjourned for a
further case management hearing on a date to be fixed.

ASIC's investigation is ongoing.

On April 3, 2020, ASIC commenced separate proceedings in the
Federal Court against companies in the Mayfair 101 group, including
M101 Nominees, alleging that those companies made statements in
advertisements that were false, misleading or deceptive. On April
16, 2020, following an application by ASIC, the Federal Court made
interim orders restraining Mayfair Wealth Partners Pty Ltd (trading
as Mayfair Platinum) and Online Investments Pty Ltd (trading as
Mayfair 101) from promoting their debenture products, including the
M Core Fixed Income Notes, and prohibiting the use of specific
words and phrases in their advertising. The matter is set down for
a hearing commencing on Sept. 28, 2020.

ASIC has a dedicated webpage for Mayfair 101 group investors.

Investors in the M Core Fixed Income Notes can contact the
provisional liquidators by emailing M101@au.gt.com


NATIONAL GROUP: S&P Withdraws Prelim. 'B' LT Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings said that it has withdrawn its preliminary 'B'
long-term issuer credit rating on National Group Corp. Pty Ltd. at
the issuer's request. The outlook at the time of withdrawal was
stable. S&P also withdrew its preliminary 'B' issue rating on the
company's proposed senior secured debt, which did not proceed.


NEWCO INFRASTRUCTURE: Second Creditors' Meeting Set for Sept. 10
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Newco
Infrastructure Services Pty Ltd has been set for Sept. 10, 2020, at
10:00 a.m. via video conference on Microsoft Teams.

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. 9, 2020, at 5:00 p.m.

S J Michell of PCI Partners was appointed as administrator of Newco
Infrastructure on Aug. 6, 2020.


PAS GROUP: Actually Made a Profit Despite Administration
--------------------------------------------------------
Sue Mitchell at Australian Financial Review reports that womenswear
retailer PAS Group eked out a small profit in 2020 despite falling
into administration in May after the coronavirus pandemic thwarted
attempts to raise AUD20 million in much-needed capital.

The group, which owns the Review, Black Pepper and Yarra Trail
brands and the Designworks wholesale business, earned about AUD3.5
million before interest, tax, depreciation and amortisation in the
12 months ending June, compared with AUD6.4 million in 2019, AFR
discloses citing a report by administrator PwC.

Retail revenue plunged 43 per cent in February and March and
wholesale revenue fell 7 per cent, dragging full-year sales down
about 25 per cent to AUD221 million, AFR relays.

According to AFR, the administrators - Martin Ford, Stephen Longley
and David McEvoy from PwC -blamed PAS Group's demise on the
coronavirus crisis, which prevented the company from proceeding
with a capital raising, disrupted supply chains that led to stock
shortages, and forced it to close hundreds of stores.

In addition, many of PAS Group's wholesale customers, who include
Target, David Jones, Kmart, Coles, Big W and Rebel, cancelled
orders due to delivery delays and weaker trading in their own
businesses, AFR relates.

Creditors, who are owed AUD57 million, have approved deeds of
company arrangement for each of the 19 companies in the PAS Group,
the report notes.

AFR says the "transaction support and distribution" DOCAs enable
the administrators to arrange assets in a way to optimise their
sale and defer preferred bids until bidders' offers are
sufficiently unconditional and certain.

Under the DOCAs, secured creditors and employees are expected to
receive a 100 per cent return. Unsecured creditors owed AUD44
million have been told they will receive returns of between 4 cents
and 19 cents in the dollar.

The biggest unsecured creditors are landlords Scentre Group, which
is owed AUD5.5 million, and Vicinity Centres, which is owed AUD2.5
million.

The DOCAs offered the best prospect of preserving employment for
PAS Group's 1100 remaining staff, future trading opportunities for
suppliers and maximising asset sale prices, the administrators, as
cited by AFR, said.

According to AFR, PwC received expressions of interest from 44
potential buyers, non-binding indicative offers from 12 parties and
indicative offers from two parties for the PAS Group as a whole, as
well as offers for parts of the group.

AFR relates that Mr. Longley said the administrators were now in
exclusive negotiations with a preferred bidder for the Designworks
business and were in discussions with potential buyers for the
retail businesses.

"But it's fair to say this climate is not the best climate for
people to acquire retail store networks," Mr. Longley told The
Australian Financial Review on Sept. 2. "Because [most of] Victoria
is in stage four [restrictions] there's been a reset on what might
be achieved.

"Our preference is to have someone come in and take over in October
so they're looking at forward orders for the new year."

PAS Group's Jets Swimwear business was sold last month to Seafolly,
less than a week after Seafolly creditors approved a deed of
company arrangement proposed by its owner, private equity firm L
Catterton, AFR recalls.

AFR adds that the administrators said PAS Group, which is run by
chief executive Eric Morris and chaired by former Target and
Billabong boss Launa Inman, had not traded while insolvent but may
have become insolvent in the short term if administrators had not
been appointed.

PAS Group employed 1,300 people and operates 225 stores across
Australia and New Zealand. Its retail and wholesale brands include
Review, Black Pepper, Yarra Trail, Jets Swimwear and Designworks,
which supplies Everlast, Mooks and other brands to major retailers,
including Target.

Martin Ford, Stephen Longley and David McEvoy of PwC were appointed
as administrators of PAS Group and related entities on May 29,
2020.


[*] AUSTRALIA: Company Insolvency Grace Period Extension Likely
---------------------------------------------------------------
Inside Retail reports that rules designed to save thousands of
companies from going into administration during the coronavirus
pandemic are likely to be extended.

According to Insider Retail, the insolvency grace period is set to
expire in less than 30 days.

But as Australia suffers its worst economic contraction since the
1930s, plunging the country deep into recession, Treasurer Josh
Frydenberg is rethinking the deadline.

"They were temporary changes and we are considering an extension of
those arrangements," he told reporters in Canberra on Sept. 2,
Insider Retail relays.   "There are about 80 separate regulatory
changes we put in place. We're looking at extending a number of
these in light of the fact the COVID-19 recovery is still under
way."

Insider Retail says the corporate watchdog has been bracing for a
large number of companies to go into administration after the grace
period is lifted.

The Australian Securities and Investments Commission is taking it
easy on companies as they struggle with the downturn caused by the
pandemic, Insider Retail notes.

In the last two quarters of 2019, there were 3,912 external
administrations started, while in the first six months of this year
2,932 companies entered external administration, the report
discloses.

ASIC deputy chairman Daniel Crennan expects the number of external
administrations to increase significantly once the grace period
ends.

Appearing before a parliamentary committee last week, he said the
number would likely eclipse the ordinary volume of unfunded
liquidations, according to Insider Retail.

Insider Retail says the Australian Institute of Company Directors
has called for the grace period to be extended until the end of
this year.

It also wants an extension of temporary relief for directors from
any personal liability for trading while insolvent, adds Insider
Retail.




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

361 DEGREES: S&P Lowers ICR to 'B-', Outlook Negative
-----------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on 361 Degrees
International to 'B-' from 'B+'. At the same time, S&P lowered its
long-term issue rating on the China-based sportswear company's
senior unsecured notes to 'B-' from 'B+'.

361 Degrees' competitiveness is deteriorating as COVID-19 has
accelerated industry consolidation. S&P believes the company will
continue to lose market share to industry leaders owing to its low
product differentiation, smaller scale, and weaker cash
generation.

361 Degree generates much more sales than peers' from lower-tier
cities, where consumers' discretionary spending is hit by COVID-19.
Its sales recovery will therefore be slower than the industry. As a
result, S&P now forecasts a 5%-10% decline in 361 Degrees' revenue
for 2020 and a 0%-5% decline in 2021. The company's recent product
innovation, upgraded brand image, and e-commerce development will
likely modestly support revenues.

S&P said, "In our view, 361 Degrees has done a good job in
controlling costs by reducing marketing spending and staff costs.
We have therefore revised our EBITDA margin forecast to 10%-12% for
2020 and 2021, compared with our earlier estimate of 9%-11%. The
company's EBITDA margin was 13.8% in 2019. We now forecast 361
Degrees' debt-to-EBITDA ratio will be 4.0x-4.5x in 2020 and 2021,
as against 3.3x in 2019.

"We see execution risks in 361 Degrees' refinancing plan for its
US$400 million notes due in June 2021. The company's cash balance
of Chinese renminbi (RMB) 6.3 billion as of June 30, 2020, is
sufficient to cover the maturity. However, the remittance of money
offshore is subject to restrictions and we see risks in
cross-border cash transfers taking place in a timely manner and in
sufficient amounts. The majority of 361 Degrees' cash is located
onshore. The company is going through the regulatory approval
process to remit cash overseas.

"At the same time, we expect 361 Degrees to continue to repurchase
its U.S. dollar debt in the open market. Aside from the US$400
million notes, the company has no other bullet debt outstanding.

"361 Degrees' cash flows will be lower because the company would
need to support suppliers and distributors. We expect the company
to have weaker cash flows in 2020, mainly due to increased working
capital use. 361 Degrees has been extending its payment terms to
suppliers and distributors and offering wholesale discounts to
distributors.

"We forecast the company's account receivables days will increase
to 160-165 days in 2020 from 142 days in 2019; account payable days
will also likely shorten to 145-150 days from 176 days a year ago.
As a result, we expect 361 Degrees' operating cash flow to drop to
RMB0 million-RMB50 million in 2020, from RMB517 million in 2019.

"We anticipate 361 Degrees' capital expenditure will remain largely
unchanged, mainly for store maintenance. A lower dividend payout is
also likely; the company stopped interim dividends for 2020,
resulting in about zero free operating cash flow during the year."

The negative outlook reflects the refinancing risk of 361 Degrees'
offshore maturities over next 12 months due to uncertainties in
cash remittance, and the somewhat difficult refinancing conditions
for privately owned companies in China. S&P expects the company's
cash flow generation to be relatively weak over the period given
its weakening EBITDA and increasing working capital needs.

S&P said, "We could lower the rating if 361 Degrees' refinancing
risk escalates by the end of the year. This could happen if the
company fails to make significant progress in its cash remittance
arrangement so that its offshore account does not have sufficient
balance for the note repayment.

"We will review the rating if 361 Degrees acquires a significant
amount of the bond at below par value.

"We could revise the outlook to stable if 361 Degrees secures
funding to meet the upcoming U.S. dollar maturities, and improves
its capital structure and liquidity management."


CHINA MINSHENG: Appoints New Senior Execs as It Cleans House
------------------------------------------------------------
Caixin Global reports that embattled private investment
conglomerate China Minsheng Investment Group Corp. Ltd. (CMIG)
appointed a new team of senior executives in August as part of
efforts to clean house.

In early August, the company's board of directors appointed Li
Guangrong, a former chair of insurer Sinosafe General Insurance Co.
Ltd., as its new president, according to sources with knowledge of
the matter. The board also appointed three new vice presidents, a
new board secretary and a new assistant to the president, Caixin
says.

"Former senior executives were all replaced," a source close to
CMIG said, Caixin relays.

In June, CMIG shook up its leadership personnel and appointed a new
board of directors, the report recalls.  Mao Yonghong, chair of
Wuhan-based property firm Baibuting Group Co. Ltd., parent of one
of CMIG's shareholders, was appointed CMIG's new chairman, the
company announced that month.

                        About China Minsheng

China Minsheng Investment Group is a private equity firm. The firm
seeks to invest in solar energy industry, manufacturing,
sustainable energy, renewable energy, real estate, and business jet
services. The firm seeks to invest in Europe and the United
States.

In April 2019, CMIG has found itself in trouble with
creditors--this time with a cross default on $800 million in dollar
bonds, according to Caixin Global.  CMIG said that cross-default
clauses have been triggered on $300 million worth of Hong
Kong-listed bonds due in 2020 and $500 million worth of
Singapore-listed notes due in 2019.


CHINA SOUTH: Fitch Rates Proposed USD Senior Notes 'B'
------------------------------------------------------
Fitch Ratings has assigned China South City Holdings Limited's
(CSC; B/Stable) proposed US dollar senior notes a rating of 'B' and
a Recovery Rating of 'RR4'. The proposed notes are rated at the
same level as CSC's senior unsecured rating because they will
constitute its direct and senior unsecured obligations. CSC intends
to use the net proceeds from the proposed notes to refinance
existing debt.

KEY RATING DRIVERS

Residential Sales Support Performance: Fitch expects CSC to
continue to rely on residential and multi-purpose properties in the
next three years to provide cash flow for its land banking and
construction needs, with trade-centre sales continuing to
underperform in light of weak demand from SMEs. Contracted sales
decreased by 8% yoy to HKD13.5 billion in the financial year ended
March 2020 (FY20) amid the coronavirus pandemic. Residential and
multi-purpose property sales altogether accounted for 80% of
contracted sales in FY20. CSC has set its FY21 contracted sales
target at HKD16 billion.

Stable Leverage: Fitch expects leverage - measured by net
debt/adjusted inventory, including investment property at cost - to
remain below 50.0% for the next three years if CSC maintains
prudent land acquisitions and achieves satisfactory sales, as
management plans. Leverage was largely stable at 43.6% in FY20
(FY19: 43.1%). Cash outflow for land acquisitions fell to HKD0.3
billion in FY20, from HKD1.6 billion in FY19. Fitch estimates that
CSC's total land premium will rise in FY21, at 10%-15% of sales
proceeds.

Stabilising Development Margin: Fitch estimates that CSC's overall
development margin will stabilise at around 40.0%. The company's
gross profit margin for property development, including capitalised
interest, improved to 44.2% in FY20, from 39.9% in FY19, due to a
higher average selling price. Trade centres and residential units
accounted for 12% and 82%, respectively, of development revenue in
FY20.

Rising Non-Development EBITDA: Fitch expects CSC's non-development
EBITDA interest coverage to rise, but to remain below 0.6x for the
next three years. This will provide only limited support to the
rating in the short term, although the diversification will enhance
the company's cash flow. Income from CSC's non-development business
increased by 4% yoy to HKD2.4 billion in FY20, driven by growth in
its outlet, property management services and logistics and
warehousing businesses. Non-development EBITDA interest coverage
remained largely stable at 0.4x in FY20.

DERIVATION SUMMARY

CSC's eight projects are in tier one and two Chinese cities, which
are better located than those of the other Fitch-rated trade-centre
developer, Hydoo International Holding Limited (B-/Stable), whose
10-12 projects are mainly in tier three and four cities. This
translates into better sales and EBITDA margins compared with Hydoo
and other competitors in the industry. CSC generated HKD13.5
billion in contracted sales in FY20, compared with Hydoo's CNY3.0
billion in 2019.

CSC generated HKD2.4 billion in non-development income in FY20. The
non-development segment is still small in terms of EBITDA
generation, but may be able to support debt interest service in
coming years. CSC's leverage of 43.6%, measured by net
debt/adjusted inventory (including investment property at cost) in
FY20 was comparable with that of other 'B' rated peers.

KEY ASSUMPTIONS

  - Property development contracted sales to reach HKD14 billion-17
billion in FY21-FY23

  - EBITDA margin, excluding capitalised interest and government
grants, sustained above 25% in FY21-FY23 (FY20: 33%)

  - Non-development income to increase by 10%-15% per year in
FY21-FY23, with EBITDA margin of around 40%

  - Construction and land acquisition cash outflow to account for
50%-60% of sales proceeds in FY21-FY23 (FY20: 50%)

  - No changes in Recovery Rating assumptions from the rating
action commentary published on December 18, 2019.

RATING SENSITIVITIES

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

  - Non-development EBITDA/cash interest expense sustained above
0.6x (FY20: 0.4x)

  - Net debt/adjusted inventory (including investment property at
cost) sustained below 40%

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

  - EBITDA margin sustained below 20%

  - Net debt/adjusted inventory (including investment property at
cost) sustained above 50%

  - Deterioration in liquidity or difficulty in debt refinancing

LIQUIDITY AND DEBT STRUCTURE

Tight but Manageable Liquidity: CSC had cash and cash equivalents
of around HKD10.3 billion, including restricted cash and pledged
time deposits of HKD6.5 billion, as at end-March 2020. It also had
uncommitted bank facilities of HKD17.2 billion, covering short-term
debt of HKD14.9 billion.

Fitch treats the puttable date of CSC's onshore bonds as the
effective maturity date and includes all redeemed offshore debt as
maturing in the next financial year. The put options were not
exercised for the onshore bonds puttable in August 2020. In June
2020, CSC issued an additional USD125 million by tapping its USD225
million 10.875% senior notes due 2022. In August 2020, CSC also
issued USD200 million 364-day 11.5% senior notes due 2021, and
repaid the USD250 million 10.875% senior notes due August 2020.


FUJIAN YANGO: S&P Assigns 'B-' Rating on New USD Guaranteed Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes by Yango
(Cayman) Investment Ltd., a subsidiary of Fujian Yango Group Co.
Ltd. (B/Stable/--). Fujian Yango irrevocably and unconditionally
guarantees the notes.

The China-based company intends to use the net proceeds primarily
to refinance its offshore maturities of about US$300 million due in
September 2020. The issue rating is subject to our review of the
final issuance documentation.

S&P rates the proposed senior unsecured notes one notch below the
issuer credit rating on Fujian Yango to reflect structural
subordination risk. As of Dec. 31, 2019, Fujian Yango's capital
structure consisted of about Chinese renminbi (RMB) 83.2 billion in
secured debt and RMB56.1 billion in unsecured debt (including
external guarantees). As such, the secured debt ratio of about 60%
is above our notching threshold of 50%.

S&P said, "We believe the proposed notes issuance will relieve some
short-term refinancing pressure for Fujian Yango. It will also
slightly push forward the maturity wall, considering the company is
facing about US$630 million offshore senior unsecured notes
maturing in the next 12 months. We expect Fujian Yango to be
prudent in acquisitions in nonproperty segments and moderately
reduce leverage. While we anticipate Fujian Yango's stand-alone
liquidity (which excludes its listed subsidiaries) to remain tight
over the next 12-24 months, we believe the company's debt
serviceability and liquidity will remain manageable, supported by
asset disposals and dividends from key investments."


GUANGZHOU R&F PROPERTIES: Fitch Alters Outlook on B+ LT IDR to Neg.
-------------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on China-based
Guangzhou R&F Properties Co. Ltd. to Negative from Stable and
affirmed the Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDR) at 'B+'. Fitch has also affirmed Guangzhou R&F's
senior unsecured rating at 'B+', with a Recovery Rating of 'RR4'.

The Negative Outlook reflects the rising refinancing risk on the
upcoming maturities of capital-market debt and the execution risks
related to the company's refinancing plans. However, Fitch believes
that the company has a number of options to address these upcoming
debt maturities, with CNY230 billion of saleable resources and an
increased willingness to boost sales by cutting prices. The company
is also in discussions for a number of asset disposals, which could
bring in additional liquidity.

KEY RATING DRIVERS

Significant Upcoming Maturities: Guangzhou R&F has CNY38 billion of
capital-market debt maturing or becoming puttable in the next 12
months, which includes CNY9.6 billion coming due in 2H20 (after
repaying CNY1.2 billion in July), CNY19.2 billion in 1Q21, and
CNY8.6 billion in 2Q21. By comparison, the company's cash balance
(including restricted cash) was CNY36 billion at end-June 2020, of
which the company plans to maintain CNY30 billion for normal
operations.

The company plans to address the debt maturities through cash
generated from operations (i.e. contracted sales net of expenses),
asset disposals and issuance of bonds and equity, but these are
subject to execution risks.

Refinancing Hinges on Sales Rebound: In its refinancing plan, the
company expects to generate substantial cash flow from operations
by reaching its full-year sales target of CNY152 billion. With 7M20
contracted sales of CNY62 billion, down 13% yoy, meeting the target
means sales would need to rise by 34% yoy from August to December.
Management remains confident of reaching the target as there are
CNY230 billion of saleable resources for 2H20 and it is more
willing to cut prices to boost sales than it was in 1H20.

Assets Disposals Likely: The company is in advanced talks with
investors on the disposal of CNY6 billion of investment properties,
for which they hope to reach an agreement in September and receive
the cash proceeds by the year's end. Guangzhou R&F is also seeking
to raise another CNY6 billion before the end of the year via other
asset disposals, such as other investment properties and stakes in
certain urban renewal projects, for which negotiations are ongoing.
The company also said that asset disposals are not limited to the
CNY12 billion above, if necessary. Guangzhou R&F has a large
portfolio of investment properties (CNY37 billion at end-1H20) and
hotels (market value of approximately CNY54 billion) that it could
monetise, but Fitch believes that asset disposals are subject to
high execution risks.

Reduced Access to Capital Markets: Guangzhou R&F's access to
onshore bond markets appears limited, as it has not issued any
onshore bonds since its CNY1 billion issuance in April 2020 and its
bonds are trading at around 15%-20% yield. Fitch believes it may be
challenging for the company to issue or extend puttable onshore
bonds under current market conditions. For offshore bonds, Fitch
believes the company could look to issue a US-dollar bond with
maturity of 2-2.5 years in the next three months to address the
USD350 million bond due in 1Q21. It may also consider equity
issuance to generate cash flow.

Some Progress in Deleveraging: The company managed to reduce its
total debt by CNY9 billion and net debt by CNY7 billion in 1H20
without refinancing at high rates or asset sales, as it had around
CNY3 billion in cash flows from operations due to disciplined land
acquisitions and cost savings, despite weaker contracted sales.
Fitch also notes that Guangzhou R&F's amounts due to entities
jointly controlled by major shareholders of the company rose by
CNY6 billion in 1H20.

Off-Balance Sheet Debt Still Low: The company's non-controlling
interest (NCI) position remained low at only 3% of equity. As a
result, Fitch believes its risk from off-balance sheet debt is much
lower than that of its peers. It also means that the company has
more flexibility to dispose of stakes in development projects
compared with developers that have high NCI.

DERIVATION SUMMARY

Guangzhou R&F's ratings are mainly constrained by its weak
liquidity and refinancing risk, despite its strong business
profile.

Guangzhou R&F's CNY138 billion attributable contracted sales scale
is significantly larger than the CNY40 billion-100 billion of 'BB-'
rated peers, except Greenland Holding Group Company Limited
(BB-/Stable), and 'B+' peers, except China Evergrande Group
(B+/Stable). Its contracted sales scale is similar to that of Yango
Group Co., Ltd. (B+/Stable), but Guangzhou R&F's 2019 EBITDA size
was much bigger. Yango's average selling price (ASP) is 17% higher
than that of Guangzhou R&F and it has a higher churn rate. However,
Guangzhou R&F's land bank size is double that of Yango, which means
Guangzhou R&F has more flexibility on land-acquisition spending to
control leverage. Fitch expects Guangzhou R&F's leverage to be
around 5pp lower than that of Yango throughout the forecast period
of 2020-2023.

Guangzhou R&F has a long land-bank life compared with its peers.
Guangzhou R&F's geographical diversification is comparable with
that of 'BB+' and 'BB' rated peers. It has a more geographically
diversified operation spread across 100 Chinese cities than CIFI
Holdings (Group) Co. Ltd.'s (BB/Stable) more than 50 cities. Still,
the geographical spread of both companies' operations should
mitigate risk from local policy intervention and economies.

Guangzhou R&F's attributable contracted sales is more than double
of that of Zhenro Properties Group Limited (B+/Stable). Zhenro's
ASP is 50% higher than that of Guangzhou R&F with a faster churn
rate as well. However, Zhenro has a much shorter land-bank life
(around 2.5 years), which will limit its control over land
acquisition costs. Zhenro's 2019 leverage was 8pp lower than that
of Guangzhou R&F. However, Zhenro has a much bigger NCI position,
which limits its deleveraging ability.

Guangzhou R&F has a better-quality land bank than China Fortune
Land Development Co., Ltd. (CFLD, BB-/Stable) as its ASP is 26%
higher. In addition, Guangzhou R&F's attributable contracted sales
scale is 55% bigger. Both developers have low churn rates, but CFLD
has a higher EBITDA margin. Guangzhou R&F's leverage is 9pp lower
than that of CFLD. Still, CFLD has a much better interest coverage
from non-development EBITDA because of its leading position in
developing industrial parks.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY119 billion-132 billion in
2020-2023

  - EBITDA margin, excluding capitalised interest from cost of
sales, at 27%-29% in 2020-2023

  - 15%-25% of contracted sales proceeds to be spent on land
acquisitions in 2020-2023 to maintain a land bank sufficient for
about three to four years of development

  - 45% of contracted sales proceeds to be spent on construction
cost in 2020-2023

  - ASP to rise by 1%-2% a year on average in 2020-2023

RECOVERY RATING ASSUMPTIONS

  - Guangzhou R&F to be liquidated in a bankruptcy, as it is an
asset-trading company

  - 10% administration claims

  - 70% advance rate to accounts receivable

  - 75% advance rate to adjusted net inventory of Guangzhou R&F to
reflect the around 25% EBITDA margin

  - 55% advance rate to investment properties, property, plant and
equipment

  - 60% standard haircut to net property, plant and equipment

  - 100% advance rate to restricted cash

The resulting recovery rate corresponds to a Recovery Rating of
'RR1'. However, the Recovery Rating is capped at 'RR4' because
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, China falls into Group D of creditor friendliness, and
instrument ratings of issuers with assets in the group are subject
to a soft cap at the issuer's IDR and Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

  - The rating Outlook will be revised to Stable if Guangzhou R&F
is able to sustain improvement in its liquidity position and if the
company demonstrates its ability to access the onshore bond market
with sizeable issuances

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

  - any delays or issues in the execution of asset disposals

  - weaker-than-expected contracted sales in the coming months

  - no meaningful improvement in the liquidity position, with total
cash to short-term capital-market debt sustained below 0.5x

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: As of 1H20, the company had CNY36 billion of cash
(including CNY18 billion of restricted cash), which was not enough
to cover CNY39 billion of capital market debt maturing or turning
puttable in the next 12 months. The company has provided a
refinancing plan, which includes generating cash from operations,
asset disposals and issuance of bonds and equity, but these depend
on a pick-up in contracted sales or are subject execution risks.

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).


GUANGZHOU R&F PROPERTIES: S&P Lowers ICR to 'B', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings, on Aug. 31, 2020, lowered its long-term issuer
credit ratings on Guangzhou R&F and its subsidiary R&F Properties
(HK) Co. Ltd. (R&F HK) to 'B' from 'B+'.

S&P downgraded Guangzhou R&F to reflect the size and concentration
of the company's short-term debt maturities relative to liquidity
sources. The weakness in Guangzhou R&F's refinancing ability will
dampen its financial flexibility because the company will need to
divert resources from investment for the repayment.

Guangzhou R&F's lack of significant progress on its domestic
issuance or extension over the past few months is contrary to our
expectation, and has worsened its liquidity profile in our view.
The company has not been able to utilize its outstanding approved
quota of Chinese renminbi (RMB) 18 billion to refinance or lengthen
its maturity profile, which is weak relative to that of developers
with a similar market presence and long operating record. Guangzhou
R&F has sizable maturities of RMB74.8 billion in the 12 months
ending June 2021, compared with unrestricted cash of only RMB17.9
billion as of end-June 2020. The tightness in liquidity will likely
persist and could even deteriorate.

S&P's base case scenario envisages Guangzhou R&F will be able to
meet its near-term repayment needs, albeit with modest room for
slippage. The company settled about RMB46 billion of maturities in
the first six months of 2020, with new issuances totaling less than
RMB4 billion. It also reduced its debt by about RMB10 billion using
its cash balance.

Guangzhou R&F's near-term repayment needs are mainly centered
around RMB26 billion of corporate bonds puttable, and about US$1.2
billion of offshore notes maturing, before June 2021. The bulk of
the remaining short-term maturities are construction loans, which
S&P expects will rollover when due.

S&P said, "In our view, Guangzhou R&F will continue to scale back
land acquisitions over the next six to 12 months to preserve
operating cash flow for debt repayment. The company spent only
about RMB6 billion on land since the beginning of 2020, compared
with about RMB25 billion in 2019 and RMB37 billion in 2018. We
believe Guangzhou R&F will remain selective in new projects, and
limit investments to urban renewal projects and those with
predictable quick asset turnover.

"We also anticipate that Guangzhou R&F will accelerate inventory
de-stocking and new launches to boost sales over the next six to 12
months. The company has saleable resources of RMB230 billion in the
second half of the year, with about half of this coming from new
projects.

"We have revised down our forecast for Guangzhou R&F's growth in
contracted sales in 2020 to close to 0%, from 10%. The company's
high exposure to lower-tier cities may restrict its ability to
speed up cash conversion. Guangzhou R&F's recovery post COVID-19
has been slower than peers', with attributable contracted sales of
RMB62.8 billion in the first seven months of 2020, about 41% of its
full-year target of RMB152 billion. We also expect the company's
margin to dip as it focuses more on volume growth.

"We anticipate Guangzhou R&F will make concrete progress on its
asset disposal plans in the next few months. The company is in
advanced discussions with potential investors for sale of
commercial properties and stakes in residential projects.
Management expects these sales to bring in total proceeds of RMB12
billion. We believe any delay will further hinder Guangzhou R&F's
liquidity profile."

Absent any considerable lengthening of Guangzhou R&F's debt
maturity profile, the overhang of liquidity pressure will limit the
company's capacity to invest for expansion. Guangzhou R&F's growth
has already been slower than peers' over the past two years. S&P
believes the gap in market position between the company and its and
larger peers will continue to widen gradually.

S&P said, "In our base case, we believe Guangzhou R&F's leverage
will gradually decline as the company pays down its maturing debt.
Yet, weaker margins and growth will slow the pace of deleveraging.
As such, we forecast Guangzhou R&F's ratio of debt to EBITDA will
decline to 6.6x-6.8x in 2020 and 5.6x-5.8x in 2021, compared with
7.6x in 2019.

"We continue to equalize our ratings on R&F HK with that on its
parent Guangzhou R&F. We believe R&F HK will remain a core
subsidiary of Guangzhou R&F, holding the group's key assets and
sharing the same brand name. We also expect Guangzhou R&F to
continue to fully own R&F HK."

Guangzhou R&F Properties Co. Ltd.

S&P said, "The stable outlook reflects our view that Guangzhou R&F
will quicken cash generation from property sales and asset
disposals to sufficiently manage its bond maturities and gradually
improve its liquidity over the next 12 months. We also expect the
company's leverage to gradually improve on the back of controlled
expansion and debt reduction.

"We may lower the rating if Guangzhou R&F's liquidity further
weakens from the current ratio of sources to uses of about 0.8x.
This may happen if there is delay in the company's asset disposals
or if its internal cash generation weakens.

"We could also downgrade Guangzhou R&F if it faces continual
shrinkage in exposure of bank lending and capital market funding,
such that its funding channels further tighten.

"We could also lower the rating if the company's revenue booking or
profitability drops such that EBITDA interest coverage falls below
1.0x or consolidated debt-to-EBITDA ratio deteriorates to over
10x.

"We may upgrade Guangzhou R&F if the company's liquidity improves
to be more in line with that of higher rated peers in the 'B'
category, with liquidity sources comfortably above 1.2x uses. This
could happen if Guangzhou R&F reduces concentration in short-term
maturities.

"We would also need to observe that the company has sufficient
access to both onshore and offshore capital market and bank
financing.

"At the same time, we expect Guangzhou R&F's debt-to-EBITDA ratio
to remain below 8x on a sustainable basis."

R&F Properties (HK) Co. Ltd.

The stable outlook on R&F HK reflects the outlook on its parent,
Guangzhou R&F, and our assessment that R&F HK will maintain its
position as a core subsidiary of Guangzhou R&F over the next 12
months.

S&P said, "We could lower the rating on R&F HK if we downgrade
Guangzhou R&F. We could also lower the rating if: (1) we believe
that R&F HK's strategic importance to Guangzhou R&F has weakened;
or (2) Guangzhou R&F's control and supervision on R&F HK weaken."

S&P could upgrade the rating on R&F HK if it upgrades Guangzhou
R&F.


SHANDONG SANXING: S&P Lowers ICR to 'B-' on Slower Refinancing
--------------------------------------------------------------
S&P Global Ratings, on Sept. 1, 2020, lowered to 'B-' from 'B' its
long-term issuer credit rating on Shandong Sanxing Group Co. Ltd.
(Sanxing) and the issue rating on the company's guaranteed senior
unsecured notes. At the same time, S&P placed the ratings on
CreditWatch with negative implications.

It then withdrew the ratings at the request of the China-based corn
oil company.

S&P said, "We lowered the rating on Sanxing based on the company's
increased refinancing pressure given its bullet maturities in early
2021. Sanxing recently announced Chinese remnimbi (RMB) 2.3 billion
of new funds from China Cinda Asset Management Co. Ltd. (Cinda).
This has helped to improve market sentiment on the company, and the
partial funds received from Cinda mostly alleviated refinancing
pressure for maturities due in September and October 2020.
Nonetheless, the company still faces significant maturities in
January 2021 and refinancing progress has been slower than we
expected." The negative CreditWatch placement reflected the
uncertainties surrounding Sanxing's various refinancing plans.

Cash resources at the parent level remain tight against bullet
maturities possibly up to RMB3.4 billion over the next six months.
Sanxing faces bullet maturities of RMB1.5 billion between September
and October 2020 and RMB1.9 billion in January 2021, including
RMB1.4 billion of offshore bonds (US$200 million) and RMB1.1
billion of onshore puttable bonds at the parent level. The
aggregated amount is higher than our estimate of unrestricted cash
balance at RMB1.5 billion–RMB1.6 billion at parent level as of
June 30, 2020. S&P believes that Sanxing could probably extend some
maturities with some investors not executing put options. However,
It has not factored in the put extension in its base case or
liquidity calculations given the uncertainties.

Slower-than-expected refinancing progress of offshore bonds and
uncertainties surrounding the plans strain liquidity. Sanxing is
working on several financing options, including introducing other
investors, new bank loans, and bond issuance. If any of the options
materializes, the amount is sufficient to cover the RMB1.9 billion
maturities in January 2021. Uncertainties surrounding these plans
are high given that certain options are complex and will take some
time to execute, leaving relatively little margin for error. In
addition, the nearing maturities could leave the company with
higher refinancing pressure given limited time for a more expansive
refinancing plan.

S&P said, "In our view, Sanxing's good banking relationship and
moderate debt leverage should be conducive to refinancing. In
addition, the company has large unencumbered assets we estimate at
RMB1.7 billion, and the improving creditor sentiment should provide
some support to its refinancing. For the 12 months ended June 30,
2020, Sanxing's debt leverage was estimated at 4.7x, continuing the
deleveraging trend over the past four years from 5.2x in 2016.

"We had expected that Sanxing will generate positive discretionary
cash flow in 2020 and 2021, given that the company's core business
remains stable with limited capital spending and dividend payout.
Our base case forecasts Sanxing's 2020 sales to decline by 2%-4%
and EBITDA to drop by 18%-20%, considering the negative effect of
the COVID-19 outbreak and rising raw material prices in the corn
oil segment. Leverage will bounce to 4.8x-5.0x with lower EBITDA in
2020, before moderating to 4.0x-4.3x in 2021 as EBITDA normalizes.
We had assumed the company's annual capital expenditure will remain
low at RMB150 million-RMB250 million in 2020 and 2021, with no
dividend payout in 2020 as the company tightens cash outflow."


TD HOLDINGS: Disposes of Hong Kong Subsidiary
---------------------------------------------
TD Holdings, Inc., entered into certain share purchase agreement by
and among Vision Loyal Limited (the "Purchaser"), HC High Summit
Limited, a company incorporated under the laws of the Hong Kong
S.A.R. of the PRC (the "Subsidiary") and HC High Summit Holding
Limited (the "Seller"). Pursuant to the Disposition SPA, the
Purchaser agreed to purchase the Subsidiary in exchange for nominal
consideration of $1.00 based on a valuation report presented by
Beijing North Asia Asset Assessment Firm to the Company's board of
directors. The Board approved the transaction contemplated by the
Disposition SPA. The Disposition closed on Aug. 28, 2020 when all
closing conditions were satisfied, including the payment of the
Purchase Price, the receipt of the Report, and all consents
required to be obtained from or made with any governmental
authorities. Upon the closing of the Disposition, the Purchaser
became the sole shareholder of the Subsidiary and as a result,
assumed all assets and liabilities of all the subsidiaries and
variable interest entities owned or controlled by the Subsidiary.

                          About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) operates a luxurious car
leasing business as well as a commodities trading business
operating in China.

As of June 30, 2020, the Company had $95.54 million in total
assets, $6.78 million in total liabilities, and $88.76 million in
total equity.

For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities. These factors caused concern as to the
Company's liquidity as of Dec. 31, 2019.


ZHAOJIN MINING: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Zhaojin Mining Industry Company
Limited's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating at 'BB+'. The Outlook is Stable.

Zhaojin Mining's ratings are derived from Fitch's assessment of the
consolidated credit profile of Zhaojin Mining's immediate parent,
Zhaojin Group Company Limited (Zhaojin Group), which is wholly
owned by the Zhaoyuan municipality in China. Fitch assesses Zhaojin
Group's credit profile based on four factors set out in its
Government-Related Entities Rating Criteria. As a result, Fitch
takes a top-down approach to the rating and notches down Zhaojin
Group's profile from its internal assessment of the credit profile
of Zhaoyuan municipality.

KEY RATING DRIVERS

Largest SOE in Zhaoyuan: Fitch assesses Zhaojin Group's status,
ownership and control by Zhaoyuan municipality as 'Strong', as the
company is economically and strategically important to the region.
Zhaojin Group is wholly owned by the municipality and is the
largest producer in a city where gold is a major economic
contributor. Fitch assesses Zhaojin Group's support record as
'Moderate'. Zhaojin Mining has received financial subsidies from
the municipality, but the group's financial profile is weak.

'Strong' Implications of Default: Fitch assesses the
socio-political implications of a default by Zhaojin Group on
Zhaoyuan as 'Strong' because Zhaojin Group is the city's largest
gold producer, accounting for 80% of the city's gold-refining
capacity and all of its processing capacity. Fitch assesses the
financial implications of a default as 'Very Strong' because
Zhaojin Group accounts for around 70% of the state-owned assets in
Zhaoyuan and is the city's largest debt issuer.

'Strong' Parent-Subsidiary Linkage: Zhaojin Mining is 34.74% owned
by Zhaojin Group and holds the majority of the group's core assets.
It is also the group's only publicly listed subsidiary. The company
accounts for over 90% of Zhaojin Group's EBITDA and shares key
board members and senior management. Zhaojin Group also guarantees
some of Zhaojin Mining's bonds issued on the domestic market.

First-Quartile Gold Producer: Zhaojin Mining's gold-mining business
has cash costs in the first quartile of the global cost curve, due
to its high-quality assets. Its gold profitability is comparable
with that of highly rated gold peers, such as Kinross Gold
Corporation (BBB-/Positive) and Yamana Gold Inc. (BBB-/Stable), and
is higher than the gold business of domestic peer, Zijin Mining
Group Co., Ltd (BB+/Stable). This contributed to Zhaojin Mining's
strong EBITDA margin of around 38% historically.

Volume Rebound, Profit Improve: Fitch expects the strong gold price
in 2020 to boost Zhaojin's profitability. Its EBITDA was lower in
2019 largely due to lower volume of self-produced mined gold as
production in Gansu and Inner Mongolia was interrupted by local
government's strict environmental inspections and production
rectification. Fitch expects the volume this year to rebound to
18.5 tonnes, which is the same level as 2018, and EBITDA margin to
increase to 41.1% from 38.2% a year earlier.

1H20 Performance On-track: Zhaojin's 1H20 revenue increased 11.1%
yoy and gross profit margin expanded 5.3pp to 43.3% mostly due to
the substantial increase of the gold price. Zhaojin's mines resumed
work rapidly in the second quarter after some disruptions due to
the coronavirus outbreak, and total mined gold output reached 7.9
kg in 1H20. Fitch does not expect any further interruptions from
the epidemic given effective prevention and control measures in
China. Fitch believes Zhaojin will deliver strong performance in
2H20 given the elevated gold price.

High Leverage, Healthy Coverage: Zhaojin Mining's 'b+' Standalone
Credit Profile is constrained by its high leverage, which is driven
by large capex. Its funds from operations net leverage increased to
8.3x in 2019 from 6.8x in 2018 due to lower profit, but Fitch
expects it to remain at around 6.0x in 2020-2022. However, the
company's interest coverage is reasonable at around 3.0x, due to
low funding cost.

Haiyu Mine to Boost Output: Zhaojin Mining has a 63.86% stake in
Haiyu gold mine, China's largest undersea gold mine, with estimated
reserves of around 500 tonnes. The company targets its commercial
production to start in 2022, which will add around 15 tonnes of
annual production to the group's existing 15 tonnes-20 tonnes,
significantly boosting the size of its gold-mining business. Fitch
has projected volume to increase by 5 tonnes each year in 2022 and
2023 in its rating case as Fitch believes the production may take
some time to ramp up gradually.

DERIVATION SUMMARY

Zhaojin Mining's rating is derived from the credit profile of
Zhaojin Group, based on strong linkage between the two entities
under Fitch's Parent and Subsidiary Rating Linkage criteria.
Zhaojin Group's profile is notched from Fitch's internal assessment
under its Government-Related Entities Rating Criteria of the credit
profile of Zhaoyuan municipality, due to the high likelihood of
support from the local government.

Zhaojin Group's notching from its parent is similar to that of
steel producer HBIS Group Co., Ltd.'s (BBB+/Stable) from Hebei
State-owned Assets Supervision and Administration Commission. HBIS
is the largest steelmaker in Hebei and steel is a major economic
driver for the province, accounting for 40% of the total assets of
state-owned enterprises in the province. Similarly, Zhaojin Group
is the largest gold miner in Zhaoyuan, where gold production is a
significant contributor to economic activity. Zhaojin Group
accounts for 70% of Zhaoyuan's total state-owned assets.

KEY ASSUMPTIONS

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

  - Gross margin to normalise from 40% in 2020 to 38% in 2022
(2019: 36.2%)

  - Capex of CNY2 billion-2.2 billion a year between 2020 and 2022
(2019: CNY1.7 billion)

  - Dividend pay-out ratio of around 30%

RATING SENSITIVITIES

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

  - An upgrade of Fitch's internal assessment of the
creditworthiness of Zhaoyuan

  - Increase in the likelihood of support from the Zhaoyuan
government

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

  - A downgrade of Fitch's internal assessment of the
creditworthiness of Zhaoyuan

  - Weakening of likelihood of support from the Zhaoyuan
government

  - Weakening linkages between Zhaojin Mining and Zhaojin Group

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Zhaojin Mining had around CNY18.6 billion in
unused credit facilities and CNY3.5 billion in cash as of end-2019,
against around CNY8.9 billion in short-term debt. Zhaojin Mining
also has access to offshore equity markets and domestic and
offshore bond markets, and maintains satisfactory relationships
with major domestic financial institutions.

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).




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

ALTICO CAPITAL: Ind-Ra Affirms 'D' LongTerm Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Altico Capital
India Limited's (Altico) Long-Term and Short-Term Issuer Rating at
'IND D'.

The instrument-wise rating actions are:

-- INR27.67 mil. (reduced from INR30.5 mil.) NCDs (long term)*
     affirmed with IND D rating;

-- INR28 mil. (reduced from INR44 mil.) Bank loans (long term)
     affirmed with IND D rating;

-- INR8.5 mil. Commercial paper^ affirmed with IND A4 rating; and

-- INR1 mil. Principal protected market-linked debenture#*
     affirmed with IND PP-MLD C emr rating.

* Details in Annexure, ^unutilized

#The suffix emr denotes the exclusion of the embedded market risk
from the rating. The rating of market-linked debentures is based on
an ordinal assessment of the underlying credit risk of the
instrument and does not factor in the market risk that investors in
such instruments will assume. This market risk stems from the fact
that the coupon payment on these instruments will be based on the
performance of a reference index or equity share (detailed in the
information memorandum of the issue).

PP-MLD refers to full principal protection in the equity-linked
notes, wherein the issuer is obligated to pay the full principal
upon maturity.

KEY RATING DRIVERS

Liquidity Indicator – Poor: Altico's ratings continue to reflect
its non-payment of contractual debt obligations since September
2019.

SSG Capital, a Hong Kong based special situation fund, has evinced
interest in acquiring Altico and has submitted its offer to
Altico's lenders. SSG Capital's proposal and the debt resolution
plan were accepted by the lenders in March 2020. The application
for the change of control, with the new corporate structure and new
board composition, has been made to the Reserve Bank of India.

Altico's assets have deteriorated in the intervening period since
it could not meet the funding requirements of these borrowers
leading to stuck projects. There has been a significant rise in its
non-performing assets to the extent of 23.8% at end-September 2019
(March 2019: 1.8%). Altico collected INR1.23 billion from its loan
book over September 2019-July 2020. As of August 16, 2020, Altico
had cash and bank balance of around INR2.4 billion.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could be a credit positive.  

COMPANY PROFILE

Altico was established in 2004 by the funds managed by Clearwater
Capital Partners as Clearwater Capital Partners India Private
Limited for wholesale lending to capital-constrained Indian small
and medium enterprises. It was registered as a
non-deposit-accepting non-banking finance company with the Reserve
Bank of India in January 2005. Its business strategy initially
focused on special situation opportunities across the capital
structure. In FY15, the company was renamed Altico Capital India
Limited, and its business strategy was changed. Altico is focused
on high-yield asset-backed senior secured credit opportunities in
the real estate sector.


ASIAN HANDICRAFTS: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Asian Handicrafts
Private Limited's (AHPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR135.74 mil. (increased from INR135.26 mil.) Fund-based
     limit Long-/short-term affirmed with IND B+/Stable/IND A4
     rating; and

-- INR4.26 mil. (increased from INR4 mil.) Term loans Long-term
     due on June 2033 affirmed with IND B+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects AHPL's continued small scale of
operations, as indicated by revenue of INR283.70 million in FY20
(FY19: INR268.24 million). The revenue grew in FY20 due to an
increase in the number of orders received by the company from both
existing and new customers. The agency however expects the
company's revenue to decline in FY21, owing to the COVID-19 led
lockdown which has led to lower discretionary expenses by
customers. The numbers for FY20 are provisional.

The ratings continue to be constrained by the company's weak credit
metrics. The interest coverage ratio (operating EBITDA/gross
interest expense) marginally deteriorated to 1.80x in FY20 (FY19:
1.99x) on account of an increase in interest expenses; however, the
net leverage (adjusted net debt/operating EBITDAR) improved to
4.60x (6.34x) on account of an improvement in the absolute EBITDA.
Ind-Ra expects the credit metrics to deteriorate marginally in FY21
on account of a decline in absolute EBITDA in FY21.

The ratings continue to be constrained by AHPL's average EBITDA
margin. The margin rose to 11.1% in FY20 (FY19: 9.3%) on account of
a decrease in the raw material cost and administration expenses.
The return on capital employed was 11.1% in FY20 (FY19: 9.6%).
Ind-Ra expects the margin to deteriorate marginally in FY21.

Liquidity Indicator - Poor: There have been few instances of
over-utilization of the fund-based working capital limits over the
12 months ended July 2020. Also, the average utilization of working
capital facilities was high at around 99% over the same period. The
net working capital cycle improved to 22 days in FY20 (FY19: 44
days), mainly on account of better debtor realization. However,
Ind-Ra expects the working capital cycle to deteriorate in FY21 due
to COVID-19. The cash flow from operations remained positive at
INR8.91 million in FY20 (FY19: INR27.65 million). Ind-Ra expects
the liquidity position to deteriorate in FY21 on account of the
expected decline in the scale of operations, with continued high
utilization of the working capital limits due to stretched
inventory days and debtor days. AHPL has not availed the RBI
prescribed moratorium.

The ratings continue to benefit from the company's promoter's more
than three decades of experience in the handicraft business.

RATING SENSITIVITIES

Negative: Any decline in the operating profitability, leading to
deterioration in the credit metrics with interest coverage below
1.3x and further stretch in the liquidity, could lead to a negative
rating action.

Positive: Any substantial rise in the revenue and any increase in
the profitability, leading to any improvement in the credit metrics
and liquidity position, could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2003, AHPL manufactures handicrafts such as picture
frames, decorative items, jewellery boxes and fashion jewellery and
exports them to Australia, Japan, the UK, other European countries,
the UAE, the US and others.


CH.GOWRI SHANKAR: Ind-Ra Assigns 'BB+' Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) rates Ch.Gowri Shankar Infra
Build (India) Private Limited at 'IND BB+' with a Stable Outlook.
As part of the ongoing rating review exercise and in line with the
regulatory requirement, Ind-Ra had requested the issuer on April
20, 2020; May 20, 2020; June 10, 2020; June 19, 2020; July 1, 2020;
July 23, 2020; August 12, 2020; August 19, 2020, and August 24,
2020, for updated information on the company's performance. In view
of the COVID-19 led lockdown, the issuer has informed the agency
that it needs more time to provide the required data.

Ind-Ra is working with Ch.Gowri Shankar Infra Build (India) to see
if any information can be readily provided so that the agency can
update its credit view as per the regulatory requirement. Ind-Ra
will try to complete the process by September 15, 2020, using the
best-available information. If Ind-Ra is unable to do so due to
lack of adequate data, then the rating may have to be migrated into
the issuer non-cooperating category, so that banks are aware that
the agency is unable to update its credit view.  


CHANDRA ENGINEERS: CRISIL Cuts Rating on INR7.55cr Loan to D
------------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of Chandra
Engineers (CE) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit/      4.45       CRISIL D (ISSUER NOT COOPERATING;
   Overdraft                    Downgraded from 'CRISIL B+/Stable
   facility                     ISSUER NOT COOPERATING')

   Rupee Term Loan   7.55       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with CE for obtaining
information through letters and emails dated December 31, 2019,
June 17, 2020, August 6, 2020, August 17, 2020 and August 20, 2020
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

The rating reflects instances delays by CE in meetings its debt
obligations, as per publically available information.

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

Therefore, on account of inadequate information, lack of management
cooperation, and delays in payments, rating on the bank facilities
of CE have been downgraded to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up as a proprietorship firm in 1967, CE is promoted by Mr.
Satish Chandra. The firm manufactures various electrical and metal
sheet stamping components, which majorly find application in the
automotive, engineering and electronics industries. CE has
manufacturing facilities at Manesar, Haryana and Alwar, Rajasthan.


DEEPIKA INFRATECH: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Deepika
Infratech Private Limited (DIPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee    130.5      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Cash Credit        20        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with DIPL for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2004, Hyderabad-based DIPL, promoted by Mr. Kandala
Vijaya, is engaged in civil construction works mainly irrigation
projects.


DHARANI TURBO: CRISIL Migrates B Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Dharani Turbo
Engineering Spares And Services Private Limited (DTESSPL) to
'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DTESSPL for
obtaining information through letters and emails dated May 29, 2020
and June 30, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DTESSPL was incorporated in 2012, it is located in Hyderabad.
DTESSPL is promoted by Suman Nadika and family. DTESSPL is involved
in providing spares and services to industrial machinery like
turbines and compressors.


DOLBIS GRANITE: CRISIL Migrates D on INR9cr Loans to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of DolbiS Granite
Exports Private Limited (DGE) to 'CRISIL D Issuer not
cooperating'.

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

   Long Term Loan         5         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DGE for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DGE, is a Chennai based company, is involved in processing and
export of granite. The company has manufacturing facility based in
Tamil Nadu.


ELECTRA ACCUMULATORS: CRISIL Moves D Debt Rating to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Electra
Accumulators Limited (EAL) to 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       17.5       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with EAL for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1962 by the late Mr. Shantilal Sanghavi and his
family, EAPL manufactures automotive batteries, tubular batteries,
and solar batteries. It has its manufacturing units in Vapi
(Gujarat). The operations are managed by Mr. Chetan Sanghvi.


ELECTRA GLOBAL: CRISIL Migrates D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Electra Global
Resources Private Limited (EGRPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       5.5        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

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

   Proposed Long     0.5        CRISIL D (ISSUER NOT COOPERATING;
   Term Bank                    Rating Migrated)
   Loan Facility     

CRISIL has been consistently following up with EGRPL for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

EGRPL erstwhile known as Priti International Pvt Ltd was
incorporated in 1995 by Mr. Chetan Sanghvi and Mr. Bhaumik Sanghvi.
The company is engaged in trading of motorcycle batteries and lead.
The company had started with trading of lead in July 2015 whereas
trading of batteries started from September 2015.


FOREST PRESS: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Forest Press
Machineries Private Limited (FPMPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         2        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Cash Term Loan     13        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Inland/Import       0.55     CRISIL D (ISSUER NOT COOPERATING;
   Letter of Credit             Rating Migrated)

   Proposed Long       1.45     CRISIL D (ISSUER NOT COOPERATING;
   Term Bank                    Rating Migrated)
   Loan Facility       

CRISIL has been consistently following up with FPMPL for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

FPMPL was set up in 2015 in Bangalore. The company is engaged in
manufacture of machinery required to meet the demand of concrete
and building materials industry.


FRESHCUT ORGANIC: CRISIL Moves B on INR9cr Loans to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Freshcut
Organic Products Private Limited (FOPPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         9         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with FOPPL for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

FOPPL was incorporated in 2017 in Thamarassery, Kerala by Mr.
Augustine LibinPeous, Mr. Sujeesh Kolothody, Mr. Shibu T and Mr.
Ashok Mathai. It is engaged in chicken waste treatment and
manufacturing of amino acid for poultry feed and animal oil. It was
expected to start commercial operations in April, 2019.


JASBIR SINGH: CRISIL Migrates B Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jasbir Singh
And Sons Hotels Private Limited (JSSHPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     3.44      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)
   
   Term Loan              8.56      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JSSHPL for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010 and promoted by Mr. Jasbir Singh, Mr. Kulwant
Singh, and Mr. Jaspal Singh, JSSHPL operates a four-star hotel, The
Wave International, in Jamshedpur. The hotel has facilities such as
gym, spa, restaurant, bar, banquet, and an open party plot.
Operations began in fiscal 2016.


KUBER INFRA: CRISIL Moves B on INR5cr Loans to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kuber Infra
Solutions (KIS) to 'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Long          5         CRISIL B/Stable (ISSUER NOT
   Term Bank                        COOPERATING; Rating Migrated)
   Loan Facility          

CRISIL has been consistently following up with KIS for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Mumbai based KIS was establish in 2016 by Mr. Shankar Rajput. KIS
manufactures thread rebar coupler, rebar threading machines,
threaded bars having applications in many industries.


LAXAI LIFE: Ind-Ra Lowers LT Issuer Rating to 'B-', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Laxai Life
Sciences Private Limited's (Laxai) Long-Term Issuer Rating to 'IND
B-' from 'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR88.9 mil. (reduced from INR120 mil.) Term loan due on March

     2025 downgraded with IND B-/Stable rating; and

-- INR30 mil. Fund-based working capital limit downgraded with
     IND B-/Stable/IND A4 rating.

Analytical Approach: Ind-Ra has taken a standalone view of Laxai
for assessing the FY18-FY19 financials and a consolidated view of
Laxai and its 51% subsidiary Therapiva Private Limited (Therapiva),
in which it increased its stake during the FY20, for assessing the
details of FY20 and beyond, while arriving at the ratings. There
are strong operational and strategically linkages between the two
entities. Moreover, Laxai has provided a letter of guarantee for
Therapiva's debt.

KEY RATING DRIVERS

The downgrade reflects Laxai's weakened consolidated credit profile
in FY20 as indicated by it reporting operating losses and high debt
levels.

However, Ind-Ra expects the credit profile to improve over
FY21-FY23 with the healthy pipeline of active pharmaceutical
ingredients in various stages of development in Laxai, for which
the manufacturing would be carried out by Therapiva.

Therapiva achieved revenue of INR769.3 million in FY19 and
INR1,929.0 million in FY20. Also, Therapiva has committed orders
supply contract (ending October 2020) worth INR1,450 million from
Dr. Reddy's Laboratories that will lead to an increase the revenue
in FY21. FY20 numbers are provisional in nature.

Liquidity Indicator: Poor: Laxai reported negative cash flow from
operations in FY20 on account of operating losses. The company has
extended unconditional and irrevocable letter of guarantee for the
INR1,428.0 million debt of Therapiva. The subsidiary had incurred
operating losses in FY19-FY20 as it started operations only in
April 2018. Laxai has availed the Reserve Bank of India-prescribed
moratorium for its cash credit limit over March-August 2020. Ind-Ra
expects the liquidity position to remain poor in FY21, with the
high repayment obligations of the subsidiary.

Moreover, Laxai is exposed to customer concentration risk as more
than 90% of its FY20 of its revenue came from Dr. Reddy's
Laboratories and Mylan Pharmaceuticals Private Limited. The ratings
are also constrained by the company being susceptible to regulatory
risks inherent in the pharmaceutical industry.

However, the ratings benefit from Laxai's comfortable standalone
credit profile. Its revenue rose to INR397.4 million in FY20 (FY19:
INR232.3 million) due to the expansion of its research and
development product portfolio. Moreover, its EBITDA margin also
improved to 22.9% in FY20 (FY19: 19.5%) on account of high-margin
orders from the Contract Development and Manufacturing Organization
product portfolio segment. Also, the credit metrics improved with
the net financial leverage (adjusted net debt/operating EBITDAR) of
4.4x in FY20 (FY19: 11.6x) and interest coverage (operating
EBITDA/gross interest expense) of 3.6x (1.6x) due to a reduction in
the interest cost and an increase in the absolute EBIDTA.   

The ratings continue to be supported by the Laxai's decade-long
operational track record in the pharmaceutical segment and the
present management's combined experience of more than five decades
in the industry.  

RATING SENSITIVITIES

Positive: A decline in the customer concentration and the
diversification of product portfolio, along with an improvement in
the revenue and EBITDA margins, leading to an improvement in the
liquidity position, could result in a rating upgrade.

Negative:  Future developments that could, individually and
collectively, on a sustained basis, lead to a negative rating
action are as follows:

- any major external debt-funded CAPEX

- the consolidated gross interest coverage falling below 1x

- further deterioration in the  consolidated liquidity position

COMPANY PROFILE

Incorporated in 2006, Laxai is a contract research company
providing drug discovery and development services to domestic and
international pharmaceutical companies. It has a research and
development unit in Hyderabad, Telangana.

Therapiva commenced operations in April 2018 and hence, FY20 was
its first full year of operations.


MANI BHUSAN: CRISIL Moves B+ on INR10cr Loans to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mani Bhusan
Dutta Steel Private Limited (MDBSPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

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

   Proposed Cash          5         CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MDBSPL for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012, MDBSPL is promoted Mr. Prasanta Kumar Dutta
and Ms Suparna Dutta. The company is distributor for JSW Steel in
Hooghly and Howrah district of Kolkata. Apart from this company is
also a distributor of JSW Cement and Nuvoco Cement.


MEKA BUJJI: CRISIL Moves B+ on INR6cr Loans to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Meka Bujji
Parameswara Rao (MBPR) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.9       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-        1.1       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MBPR for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MBPR is a proprietorship firm set up in Krishna, Andhra Pradesh in
1983. The firm sell eggs obtained from its poultry farm of 2 lakh
hens. The key proprietor, Mr. M B Parameswara Rao has experience of
over three decade in the business.


NANCY KRAFTS PRIVATE: CRISIL Cuts Rating on INR17.21cr Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Nancy
Krafts Private Limited (NKPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable/CRISIL A4. The migration
reflects delays by NKPL in servicing of debt obligations.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bill Discounting    1.25     CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4')

   Export Packing     17.21     CRISIL D (ISSUER NOT COOPERATING;
   Credit                       Downgraded from 'CRISIL A4')

   Letter of credit    5.50     CRISIL D (ISSUER NOT COOPERATING;
   & Bank Guarantee             Downgraded from 'CRISIL A4')

   Proposed Long       6.04     CRISIL D (ISSUER NOT COOPERATING;
   Term Bank                    Downgraded from 'CRISIL B-/
   Loan Facility                Stable')

CRISIL has been consistently following up with NKPL for obtaining
information through letters and emails dated August 11, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NKPL and Nancy Krafts (NK). This is
because the two entities, together referred to as the Nancy group,
are in the same line of business, with a common customer base, and
shared promoters and management.

NKPL was established in 1988 as a private-limited company. Nancy
Krafts was set up in 1980 as a partnership.

The two entities manufacture readymade garments, especially for
women and children, at their plants in New Delhi. The entities
cater to the export market and supply their products to retailers
and wholesalers in Latin America, Mexico, Spain, the US, and
Europe.


NANCY KRAFTS: CRISIL Lowers Rating on INR3.5cr Loan to D
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Nancy
Krafts (NK) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B-/Stable/CRISIL A4. The downgrade reflects delays by NK in
servicing of debt obligations.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing        3.5        CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Downgraded
                                    from 'CRISIL A4')

   Letter of credit      1.1        CRISIL D (ISSUER NOT
   & Bank Guarantee                 COOPERATING; Downgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term    2.4        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded
                                    from 'CRISIL B-/Stable')

CRISIL has been consistently following up with NK for obtaining
information through emails and letters dated May 29, 2020, August
11, 2020 and August 15, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NK and Nancy Krafts Pvt Ltd (NKPL). This
is because the two entities, together referred to as the Nancy
group, are in the same line of business, with a common customer
base, and shared promoters and management.

NK was set up in 1980 as a partnership. Nancy Krafts Private
Limited was established in 1988 as a private-limited company.

The two entities manufacture readymade garments, especially for
women and children, at their plants in New Delhi. The entities
cater to the export market and supply their products to retailers
and wholesalers in Latin America, Mexico, Spain, the US, and
Europe.


NISHANTH POULTRY: CRISIL Cuts Rating on INR6.20cr Loan to B
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nishanth Poultry Breeding Farm (NPBF) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Proposed Long      2.35       CRISIL B/Stable (Downgraded from
   Term Bank                     'CRISIL B+/Stable')
   Loan Facility      
                                 
   Term Loan          6.20       CRISIL B/Stable (Downgraded from
                                 'CRISIL B+/Stable')

The downgrade is driven by the expected deterioration in the firm's
liquidity. The firm is likely to generate low cash accrual of
INR5-10 lakh per annum over the medium term which will barely cover
term debt obligation starting from November 2020.

The rating reflects the firm's modest scale of operations and
susceptibility to risks related to ongoing capital expenditure
(capex), exposure to inherent risks in the poultry industry, large
working capital requirement and leveraged capital structure. These
weaknesses are partially offset by extensive experience of the
promoters in the poultry industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and susceptibility to risks related to
ongoing capex: The modest scale is reflected in revenue of INR1.64
crore in fiscal 2019 and around INR1.57 crore in fiscal 2020. The
firm plans to expand its breeding capacity, and timely execution of
the capex and commensurate ramp up in revenue will be key rating
sensitivity factors.

* Large working capital requirement: Gross current assets were at
424 days as on March 31, 2020, on account of sizeable receivables
of 390-400 days as the firm extends extensive credit to customers.
Working capital management is supported by stretched payables. The
working capital cycle will remain stretched over the medium term.

* Exposure to inherent risks in the poultry industry: The industry
is vulnerable to outbreak of diseases, which affect production of
healthy chicks and may hit sales volume and reduce selling price.
Furthermore, demand is seasonal, leading to volatility in end
product prices.

* Expected subdued financial risk profile: The financial risk
profile will likely be constrained by high gearing and total
outside liabilities to tangible networth (TOLTNW) ratio because of
the ongoing capex. The project is funded through an aggressive
debt-to-equity ratio of over 2 times.

Strength:

* Extensive industry experience of the promoters: The promoters'
experience of 28 years in the poultry industry through a family
business has given them an understanding of the market dynamics and
helped establish relationships with suppliers and customers, which
will help scale up operations.

Liquidity Stretched

Cash accrual is expected to be insufficient to meet term debt
obligation over the medium term. However, the promoters are likely
to extend support in the form of equity and unsecured loans to meet
working capital requirement and debt obligation.

Outlook: Stable

CRISIL believes NPBF will continue to benefit from its promoters'
extensive industry experience.

Rating Sensitivity Factors

Upward factors

  * Sustained increase in revenue by 50% and stable operating
margin, leading to higher cash accrual

  * Improvement in working capital cycle

Downward factors

  * Decline in operating margin below 15%

  * Larger-than-expected, debt-funded capex, weakening the capital
structure.

NPBF was established in 2016 in Secunderabad and is promoted by Mr.
Busani Srinivas and Ms Busani Nandini. It is engaged in the poultry
farming and hatchery business. The firm plans to set up a breeding
farm in Hyderabad.


OM SATYA: CRISIL Moves B+ on INR5cr Credit to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Om Satya
Overseas (OSO) to 'CRISIL B+/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with OSO for obtaining
information through letters and emails dated May 29, 2020 and July
28, 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 OSO, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on OSO is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of OSO to 'CRISIL
B+/Stable Issuer not cooperating'.

OSO was established as a partnership firm by Mr. Ajay Kumar Gupta
and Mr. Ravi Kumar Gupta sharing profits and losses equally in
2013. The firm is engaged in Sorting of the basmati rice into
different size and Color etc. its manufacturing facility located in
Karnal, Haryana with an installed capacity of 40,000 metric Tons of
paddy per annum as on April 30, 2019. OSO sells rice primarily to
various rice wholesalers through brokers, dealers and commission
agents based in different parts of the country. It also exports the
traded goods to U.S.A. and UAE (income from exports constitutes 60%
of the total income in FY18).


P&R INFRAPROJECTS: Ind-Ra Keeps BB+ LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained P & R
Infraprojects Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn; and

-- INR850 mil. Non-fund-based working capital limit** maintained
     in non-cooperating category and withdrawn.

*Maintained at 'IND BB+ (ISSUER NOT COOPERATING')/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

** Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.

COMPANY PROFILE

Incorporated in 1986, P & R Infraprojects is engaged in civil and
mechanical work in the power sector, and designing, erection, and
construction work for infrastructure projects. The company is
promoted by Pavaljeet Singh, Pradeep Kaur, and G.S Ruppal.


POS SOLUTIONS: CRISIL Moves B+ on INR8cr Loan to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of POS Solutions
Private Limited (POS) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with POS for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

POS, incorporated in 2005 by Mr. Sasikumar Parakuthh, sells
electronic equipment including terminal, printers, and barcode.
These equipment are used at point-of-sales to diversified end-user
industries such as food & beverages, retail, and entertainment. The
company has a warehouse in Bhiwandi, Maharashtra and six branch
offices across India.


RADHAKRISHNA OIL: CRISIL Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Radhakrishna
Oil Industries (ROI) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.2        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ROI for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ROI was established as a partnership firm in 1999. The operation of
the firm is managed by Jaiswal family. The partners are having more
than two decades experience in cotton ginning and also having
farming business in city of Bhikangaon, Madhya Pradesh. ROI carries
out cotton ginning and oil extraction work in Bhikangaon only. It
gins and presses cotton, and extracts oil from seeds. It has
installed capacity of 300 bales per day.


SAHARA INDUSTRIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sahara
Industries (SI) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      0.13     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SI for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SI was set up in 1998, as a partnership firm of Mr. Kadivar Ami
Alibhai. The firm gins and presses raw cotton (kapas) to make
cotton bales and seeds. The cotton bales and seeds are sold to
various traders. The manufacturing facility is located at Wankaner
(Gujarat).


SAI CREATIONS: CRISIL Migrates B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Sai
Creations (SSC) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.9       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    3.1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSC for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in Davanagere, Karnataka, in 2007 as a proprietorship firm
by Mr. Shivakumar, SSC manufactures and sells ready-made garments
to domestic retailers such as Reliance Trends, and Indus League
Clothing Ltd. The firm was reconstituted as a partnership firm in
April 2014.


SAMARTH DAIRY: CRISIL Migrates B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Samarth Dairy
and Agro Products Private Limited (SDAPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

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

   Proposed Fund-         1.5     CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits              COOPERATING; Rating Migrated)

   Term Loan              3.5     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SDAPL for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SDAPL was incorporated in 2012 and is based in Kolhapur. It
processes milk and other milk products. The company is owned and
managed by Mr. Sanjay Desai and Mr. Sampati Desai.


SHIV SHAKTI: CRISIL Moves B+ on INR10cr Credit to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shiv Shakti
Khadya Private Limited (SSKPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            10       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSKPL for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010, SSKPL trades in paddy. The company is owned
and managed by Mr. Phate Bahadur Singh and Ms Punam Devi.


SRIDEVI RAW: CRISIL Migrates B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Sridevi
Raw and Boiled Rice Mill (SSRBRM) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           9.9       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    0.1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)


CRISIL has been consistently following up with SSRBRM for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SSRBRM was established as a partnership firm by Mr. V Kishore
Kumar, Mr. V Srinivas Rao, Mr. V Subbarao and Ms. V Vijayalakshmi
in 1986. Operations are currently managed by Mr. V Kishore Kumar
and Mrs. V.N.V Arunalatha. The firm mills and processes paddy into
rice at its plant in Nellore.


SUSHEE INFRA: Ind-Ra Hikes LT Issuer Rating to B+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sushee Infra &
Mining Limited's (Sushee) Long-Term Issuer Rating to 'IND B+' from
'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR1.0 bil. Fund-based working capital limits upgraded with
     IND B+/Stable/IND A4 rating; and

-- INR4.84 bil. (reduced from IN4.94 bil.) Non-fund-based working

     capital limits upgraded with IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The upgrade reflects Sushee's timely debt servicing on the working
capital limits and the term loans since January 2020 and April
2020, respectively. The company was able to regularize its overdues
following realization of a portion of the outstanding receivables,
primarily from the irrigation projects of Andhra Pradesh/Telangana
and through sale of the construction equipment purchased for the
execution of the Bharat Coking Coal Limited (BCCL) project, which
was shelved off in 2017.

The ratings, however, remain constrained by Sushee's weak revenue
visibility in the medium term (less than one and a half years) as
of FY20. As of March 2020, the company had an order book of
INR13.45 billion split across tunnelling/road and irrigation
projects. Sushee does not have any L1 orders in hand and the bid
pipeline is at a nascent stage. As per FY20 provisional financials,
the company's revenue declined to INR6,607 million (FY19: INR7,737
million) because of  a slowdown in the execution of irrigation
projects in Telangana.

Liquidity Indicator - Poor: Sushee had cash and cash equivalents of
INR91 million at FYE20 (FYE19: INR39 million. The company's average
use of the fund-based working capital limits was about 93% of the
sanctioned limits of INR1 billion during the 12 months ended June
2020. The liquidity is also constrained by company's commitment to
fund engineering, procurement and construction cost of INR200
million of the total INR600 million for its Sushee IVRCL Arunanchal
Highways Limited project, undertaken through its 74% subsidiary, in
FY21.

Ind-Ra believes the company's free cash flow (FY20: INR1,483
million, FY19: INR1,149 million ), although likely to be positive
in FY21, given the significant release in working capital, may not
be sufficient for meeting its projected debt repayments of INR460
million in FY21. The company had a negative working capital cycle
of 25 days in FY20 (FY19: 0.5 days). Of the gross debt of INR2.06
billion at FYE20, 55% is equipment loans and the balance is cash
credit limits. The company has sought the Reserve Bank of
India-prescribed moratorium on 80% of the term debt/equipment loans
for July and August 2020, while it has availed moratorium on 70% of
the working capital limits between April and August 2020.

The ratings factor in an improvement in company's credit metrics
over FY18-FY20, as reflected by net leverage (net debt/EBITDA) of
1.43x in FY20 (FY19: 3.57x, FY18: 3.41x) and gross interest
coverage (EBITDA/gross interest expense) of 2.2x (1.29x, 1.58x).
The improvement was mainly driven by the deleveraging undertaken by
the company (FY20 outstanding gross debt: INR2.06 billion, FY19:
INR3.4 billion, FY18: INR5.2 billion), on the back of efficient
working capital management and the receipt of outstanding
receivables. Sushee's EBITDA remained flat at INR1.3 billion in
FY20 (FY19: INR 0.93 billion, FY18: INR1.39 billion) despite the
significant decline in revenue as EBITDA margins improved to 20.98%
(12.01%, 12.4%) due to the closure of the loss-making projects.
However, the order book growth remains critical for reverting to
revenue growth as well as sustaining the credit metrics and shoring
up the liquidity.

RATING SENSITIVITIES

Positive: A strong growth in the order book, along with sustained
margins and efficient working capital management, leading to an
improvement in the credit metrics and the liquidity position, both
on a sustained basis, will be positive for the ratings.

Negative: Deterioration in the liquidity position, leading to a
delay in the debt servicing will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1986, Sushee is engaged in the business of
executing projects in the verticals of mining, irrigation,
infrastructure and roads. Its clients include the Irrigation
Department of Andhra Pradesh and Telangana, Singareni Collieries,
subsidiaries of Coal India Ltd, Indian Railways, Ministry of Road
Transport & Highways and National Highways & Infrastructure
Development Corporation Limited. The company is 100% owned by Ms.
Komatireddy Laxmi.


T.R. AGRO: CRISIL Withdraws B+ Rating on INR10.5cr Cash Loan
------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of T.R. Agro
Industries (TRAI) on the request of the company and after receiving
no objection certificate from the bank. The rating action is
in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.
                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          10.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Mortgage Loan         4         CRISIL B+/Stable (ISSUER NOT
   Facility                        COOPERATING; Rating Withdrawn)

   Proposed Working      5.3       CRISIL B+/Stable (ISSUER NOT
   Capital Facility                COOPERATING; Rating Withdrawn)

   Rupee Term Loan       4.2       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

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

Detailed Rationale

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

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

TRAI was formed in 1998 by Mr. Sham Sunder and Mr. Harsh Kumar. The
firm primarily processes basmati and non-basmati rice and sells to
export houses, under the Husenpari, TR Kachi Carat Gold, and Arghya
brands. Its unit in Kotkapura has capacity of 7 tonne per hour.


VARDHMAN TEXTILES: CRISIL Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vardhman
Textiles - Ahmedabad (VTA) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Long         10        CRISIL B+/Stable (ISSUER NOT
   Term Bank                       COOPERATING; Rating Migrated)
   Loan Facility         
                                   
CRISIL has been consistently following up with VTA for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2018 as a partnership firm by Mr. Tushar Gosalia and Mr.
Ankit Sheth, VTA is establishing a greenfield project in Ahmedabad
to manufacture fabric from yarn. Unit will have an installed
capacity of 24.84 lakh tonne per annum and is expected to begin
commercial operations from November 2019.


YASH AGRO: CRISIL Migrates B- Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Yash Agro
Industries (YAI) to 'CRISIL B-/Stable Issuer not cooperating'.

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

   Term Loan              3.5      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating
                                   Migrated)

CRISIL has been consistently following up with YAI for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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


Detailed Rationale

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

YAI was set up in May 2015 by the proprietor, Mr. Kulbir Singh
Beniwal; it commenced commercial operations in fiscal 2016. The
Mandi Adampur (Haryana)-based firm gins and presses cotton and also
extracts cotton oil.


[*] INDIA: Top Court Approves 10-Year Rescue Plan for Telcos
------------------------------------------------------------
Upmanyu Trivedi at Bloomberg News reports that India's top court
approved a plan giving phone companies 10 years to pay back a
combined INR1.4 trillion (US$19 billion) in outstanding fees, a
significant concession from the original three month deadline but
only half the time the carriers had sought.

Bloomberg relates that a three-judge panel on Sept. 1 said 10% of
the dues must be paid in the first tranche and the written
judgment, which is awaited, will provide more details on the
repayment structure. Prime Minister Narendra Modi's government had
proposed a 20-year repayment window, which the telecom companies
had supported.

Bloomberg says shares of Bharti Airtel Ltd. surged the most since
May as it has already raised money to pay the dues. However, the
fine print of the court ruling could determine the fate of
cash-strapped Vodafone Idea Ltd., which is struggling with mounting
losses and more than $14 billion of debt, Bloomberg notes.
Billionaire Kumar Mangalam Birla, the chairman of the local joint
venture with U.K.'s Vodafone Group Plc, warned in December that the
company was headed toward insolvency in the absence of aid.

"This is positive for Bharti Airtel and Reliance Jio and negative
for Vodafone Idea," Bloomberg quotes Gurmeet Chadha, strategist at
Complete Circle Consultants in Delhi, as saying. "Telecom is a
gruesome business and when 5G comes you will have to pay more for
spectrum. Eventually, unless Vodafone Idea raises significant
capital or gets a strategic partner, we are headed for a duopoly."

According to Bloomberg, the firms are the two non-state survivors
of a brutal price war sparked by the debut of billionaire Mukesh
Ambani's Reliance Jio Infocomm Ltd. in 2016. As the new entrant
lured 380 million users in about three years with free calls and
cheap data, rivals struggled. Many incumbents exited the market,
merged or filed for bankruptcy.

Bloomberg relates that the government said in March that of the
total demand worth INR1.69 trillion, INR1.4 trillion remains to be
paid by all telecom companies. Bharti Airtel faced $5.9 billion, of
which it has cleared $2.4 billion, while Vodafone Idea has paid a
little over $1 billion against its $7.8 billion bill, the report
states.

Shares of Bharti Airtel gained 6.5% to INR546.25 in Mumbai on Sept.
1, while Vodafone Idea fell 13% to INR8.85, the report says.

Investors are awaiting Vodafone Idea's decision following the court
ruling on whether the company finds it viable to continue operating
in India, according to Complete Circle's Chadha, Bloomberg relays.
The company on Sept. 1 said in a separate statement it is selling
its stake in a tower company for INR40.4 billion cash, part of
which will go toward other dues, the report relates.

"This 10-year rescue plan has averted an immediate bankruptcy for
Vodafone Idea in India," Bloomberg quotes Arun Kejriwal, director
at KRIS, an investment advisory firm in Mumbai, as saying. "But
this will also force the promoters to present a long term plan as
India is the fastest growing market in the world."




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

NEW ZEALAND: 10,000 Firms at Risk of Failure in 2021 Over COVID-19
------------------------------------------------------------------
Radio New Zealand reports that Retail NZ is warning about 10,000
businesses are at risk of failing in the next 12 months as Covid-19
has returned, resulting in lockdowns.

Its August survey found that 68 percent of its members reported a
decline in sales since the latest lockdown, RNZ says.

RNZ relates that the downturn in Auckland was more severe, with 90
percent of business reporting a drop in revenue.

According to RNZ, Retail NZ chief executive Greg Harford said the
recent outbreak of Covid-19 also knocked retail businesses'
confidence about their own future.

"We've now got 13 percent of retailers saying they're not confident
that their businesses will survive and another 23 percent saying
that they're on a knife edge and it could go either way," the
report quotes Mr. Harford as saying.  "Overall, those are pretty
concerning numbers and suggest there's around 10,000 retail
businesses that are at serious risk."

The proportion of businesses that were confident they would be
operating in 12 months time also took a step back, falling 11
points to 64 percent, RNZ relays.

Retail NZ's survey also showed 73 percent of retailers were
struggling to import goods from overseas.

RNZ relates that Mr. Harford said the pandemic had disrupted
international shipping and there were less ships being loaded with
cargo which meant it took longer to get products through foreign
ports.

"The implication for retailers is that they need to be ordering
further ahead and often that's challenging because retailers are
needing to pay a proportion or all of the costs of those goods at
time of ordering."

Mr. Harford said if retailers could not get those orders in they
may struggle to get goods on the shelves, adds RNZ.


THE WAREHOUSE: Presents Revised Restructuring Plan to Staff
-----------------------------------------------------------
Debrin Foxcroft at Stuff.co.nz reports that The Warehouse staff at
62 stores in New Zealand were called into meetings on Sept. 2 to
hear about revised rostering options as part of restructuring plans
expected to cost up 750 jobs.

The workers at those stores rejected a previous proposal last
month, the report says.

According to Stuff, The Warehouse Group chief operating officer
Pejman Okhovat said on Sept. 2 that staff at another 30 stores
reached an agreement with the company last month on new rosters to
be implemented in October.

Stuff says the meetings come after months of uncertainty for the
company's retail staff.

The Warehouse announced in July that up to 1,080 jobs could go as
part of a major restructure across the group, recalls Stuff.

Stuff relates that the number of working hours would be reduced
across the board and workers would no longer specialise in
categories in the store.

According to the report, the Warehouse proposed to eliminate 782
jobs through the new rosters, plus another 137 through store
closures. The company also proposed an unknown number of job cuts
at head office and had already closed The Warehouse in Birkenhead,
with the loss of 40 jobs.

The proposal also included a change to store hours nationwide, the
report says.

The Warehouse Group includes The Warehouse, Warehouse Stationery,
Noel Leeming, Torpedo7, 1-day and TheMarket, with 258 stores
nationwide and about 12,000 staff.

Six stores in the group are to be closed over the next six months
as part of the restructure, including Noel Leeming Henderson
Clearance Centre and a Tokoroa store, The Warehouse Whangaparaoa,
Johnsonville and Dunedin Central stores, and Warehouse Stationery
in Te Awamutu, the report notes.

Stuff relates that Mr. Okhovat said the meetings were part of the
next phase of its consultation process on its operating model and
rosters.

There had been further consultation with store workers over rosters
needed to cater to changes in shopping behaviours, Mr. Okhovat
said.

Customer numbers shopping at stores have declined while online
sales have increased significantly, according to internal documents
seen by Stuff.

Workers would be able to apply for shifts based on proposed rosters
and the process was expected to be complete by mid to late October,
he said.

The restructure was still expected to come at the cost of 500 to
750 jobs, he said.

"However, we will not know precise numbers until the consultation
is complete," Stuff quotes Mr. Okhovat as saying.

The Warehouse Group launched a fund and scholarship to help retrain
staff who had been made redundant, adds Stuff.




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S I N G A P O R E
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HIN LEONG: Banks Hit Snag to Tap US$1.5 Billion in Lim Assets
-------------------------------------------------------------
Bloomberg News reports that efforts by banks including HSBC
Holdings Plc and ABN Amro Bank NV to recover $3.5 billion from a
collapsed oil trader in Singapore have hit a snag over attempts by
a court-appointed manager to tap other assets of the family that
ran the firm.

PricewaterhouseCoopers, judicial managers of Hin Leong (Pte) Ltd.,
has urged the family to repay creditors with 95% of their assets,
estimated to be worth at least SGD2 billion (US$1.5 billion),
according to people familiar with the matter, Bloomberg relays. The
family could keep the remaining 5%, said the people, who asked not
to be identified because the information is confidential. The Lim
family hasn't agreed to the proposal, stymying talks, the people
said.

The impasse signals that the banks, which also include Singapore's
DBS Group Holdings Ltd., may face a long battle to recover any
money from the insolvent firm. Executives at Hin Leong allegedly
hid some $800 million in losses for years and sold millions of
barrels of oil that were collateral for bank loans, according to
court documents. Lim Oon Kuin, the patriarch who founded Hin Leong,
has been charged with abetment of forgery for the purpose of
cheating, punishable by up to 10 years in prison.

PricewaterhouseCoopers has sued Lim and his two children to recover
the $3.5 billion, including $90 million in dividends the Lims
allegedly paid themselves despite the firm's insolvency, according
to a court filing. The suit for the first time drew his children
Evan Lim and Lim Huey Ching into allegations of fraud, saying that
they too were "personally responsible" for the liabilities. Hin
Leong has been insolvent since 2012, PwC claims in the court
filing. The Straits Times reported on the lawsuit Monday.

The bulk of the Lims' other business assets include Xihe Holdings
Pte. and Universal Terminal Pte. Xihe owns a fleet of vessels. The
family has a 41% stake in Universal Terminal, a major petroleum
storage hub in Singapore, with the balance held by PetroChina Co.
Ltd. and Macquarie Asia Infrastructure Fund, according to a court
document dated April 17.

The Lim family also owns a few heritage properties in Singapore
known locally as "Good Class Bungalows," mansions painted in black
and white that were typical during the colonial era. The creditors
had suggested the family put these houses and other personal assets
into the common pool to help raise money for debt repayment, one of
the people said.

HSBC, Europe's largest bank, has the most exposure to Hin Leong at
about $600 million. DBS and ABN are on the hook for more than $250
million, based on April court filings.

Hin Leong's judicial managers are represented by Drew & Napier LLC
for the lawsuit against the Lims, according to the court filing.
Davinder Singh Chambers LLC acts for the Lim family.

                          About Hin Leong

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

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

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

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

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

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



                           *********


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-
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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.

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