/raid1/www/Hosts/bankrupt/TCRAP_Public/200907.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, September 7, 2020, Vol. 23, No. 179

                           Headlines



A U S T R A L I A

BLUESTONE MORTGAGES: Fitch Affirms Bsf Rating on Class F Notes
REDZED TRUST 2019-1: Moody's Confirms B1 Rating on Class F Notes
SAMSON OIL: Commences Voluntary Administration
SAMSON OIL: First Creditors' Meeting Set for Sept. 14
SAPPHIRE XVII 2017-2: Moody's Confirms B2 Rating on Class F Notes

SCARCHI & BOSTON: First Creditors' Meeting Set for Sept. 14
VIRGIN AUSTRALIA: Creditors Approve Sale to Bain Capital
WALZED PTY: Second Creditors' Meeting Set for Sept. 15
WINE SOCIETY: Placed Into Administration; Owes AUD2 Million


C H I N A

ZHENRO PROPERTIES: Moody's Gives B2 Rating on Unsecured USD Notes


H O N G   K O N G

BINHAI INVESTMENT: Moody's Puts Ba1 CFR on Review for Downgrade


I N D I A

AKS MEDICAL: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
ANNAPURNA SEEDS: CRISIL Withdraws B+ Rating on INR6.5cr Loan
ARYAMAN ISPAT: Ind-Ra Assigns 'BB-' Rating, Outlook Stable
BALAJI AGRO: CRISIL Moves B+ on INR10cr Loans to Not Cooperating
C. RAMAKRISHNA: CRISIL Moves B+ on INR5.1cr Debt to Not Cooperating

CHANDRADHARA RICE: CRISIL Assigns B+ Ratings to INR5.5cr Loans
CRAFTED SOLUTIONS: CRISIL Moves B+ Debt Ratings to Not Cooperating
CREDENCE WHOLE: CRISIL Ups Rating on INR10cr Debt to NonCooperating
DOLBIS GRANITE: CRISIL Moves D on INR9cr Loans to Not Cooperating
ELITE MEGA: CRISIL Migrates B+ on INR11.75cr Debt to NonCooperating

EXPOTEC INT'L: CRISIL Migrates D Debt Ratings to Not Cooperating
GODRIWALA EDUCATION: CRISIL Moves B Debt Ratings to Not Cooperating
GOEL ROAD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
HARYANA RICE: CRISIL Migrates B Debt Ratings to Not Cooperating
ITM INFRA: Ind-Ra Moves 'BB-' LT Issuer Rating to Non-Cooperating

JASBIR SINGH: CRISIL Migrates B Debt Ratings to Not Cooperating
JUPITER FOOD: CRISIL Migrates B+ Debt Ratings to Not Cooperating
KRISHNA ABODES: CRISIL Moves B on INR5cr Credit to Not Cooperating
KUNDAN JEWELLERS: CRISIL Withdraws B Rating on INR23cr Cash Loan
MANGAL TRADING: CRISIL Moves B+ on INR5cr Loan to Not Cooperating

MARUTI INT'L: CRISIL Migrates B on INR5cr Credit to Not Cooperating
MAYA RICE: CRISIL Assigns B+ Ratings to INR5.6cr Loans
N.C RICE: CRISIL Migrates B+ on INR16cr Loans to Not Cooperating
RADHAKRISHNA OIL: CRISIL Migrates B+ Debt Rating to Not Cooperating
S.K. FARMS: CRISIL Migrates B+ Debt Ratings to Not Cooperating

SAHARA INDUSTRIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
SAMARTH DAIRY: CRISIL Migrates B+ Debt Ratings to Not Cooperating
SAMI UMAYAAL: CRISIL Migrates B+ Debt Ratings to Not Cooperating
SHAKTHI SAGO: CRISIL Migrates B+ Debt Ratings to Not Cooperating
SHIVAM APPARELS: CRISIL Migrates B+ Debt Rating to Not Cooperating

SUTAPA INTERNATIONAL: CRISIL Moves B+ Rating to Not Cooperating
SYSTEM CONTROL: CRISIL Moves B+ Debt Ratings to Not Cooperating
TULASI SEEDS: CRISIL Migrates B+ on INR68cr Loans to NonCooperating
VADSOLA CERAMIC: CRISIL Migrates B+ Ratings to Not Cooperating
VEEKAY CONNECTORS: CRISIL Withdraws B+ Rating on INR6.5cr Loan



I N D O N E S I A

BARITO PACIFIC: Fitch Cuts LT IDR to 'B', Outlook Stable
CHANDRA ASRI: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


N E W   Z E A L A N D

STA TRAVEL: Owes NZD7MM, ith Slim Pickings Predicted for Creditors


S I N G A P O R E

ASIATIC GROUP: Auditor Issues Disclaimer of Opinion


S O U T H   K O R E A

ASIANA AIRLINE: Acquisition Deal with HDC Headed to Collapse
DOOSAN GROUP: Selling New Shares of Doosan Heavy to Repay Debt

                           - - - - -


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A U S T R A L I A
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BLUESTONE MORTGAGES: Fitch Affirms Bsf Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has affirmed six note classes from Bluestone
Mortgages Warehouse Trust. The transaction consists of notes backed
by pools of first-ranking Australian residential conforming and
non-conforming mortgage loans. All mortgages were originated by
Bluestone Group Pty Ltd and the notes were issued by Permanent
Custodians Limited in its capacity as trustee of Bluestone
Mortgages Warehouse Trust.

The total collateral pool consisted of 345 loans, totalling
AUD151.9 million, at end-July 2020.

RATING ACTIONS

Bluestone Mortgages Warehouse Trust

Class A; LT AAAsf Affirmed; previously AAAsf

Class B; LT AAsf Affirmed; previously AAsf

Class C; LT Asf Affirmed; previously Asf

Class D; LT BBBsf Affirmed; previously BBBsf

Class E; LT BBsf Affirmed; previously BBsf

Class F; LT Bsf Affirmed; previously Bsf

KEY RATING DRIVERS

Pandemic-Related Economic Shock: Fitch has made assumptions about
the spread of the coronavirus and the economic impact of
containment measures. Fitch assumes as a base-case (most likely)
scenario that global economic growth will begin to recover in 3Q20
as the health crisis subsides. In a downside (sensitivity)
scenario, Fitch assesses a more severe and prolonged period of
stress, with recovery to pre-crisis GDP levels delayed until around
the middle of the decade.

Pandemic-Related Impact: Measures to limit the spread of the
coronavirus are affecting Australia's economy, with many businesses
continuing to experience a decline in income. Fitch expects these
measures to affect mortgage performance, but there should be no
rating impact on the rated notes, as the ratings can absorb Fitch's
base-case scenario of the pandemic.

Commentary describing Fitch's credit views and analytical approach
as a consequence of the coronavirus is available in the following
reports:

  - "Global Economic Outlook: June 2020 - Coronavirus Disruption
Easing", published on June 29, 2020

  - "Fitch Ratings Coronavirus Scenarios: Baseline and Downside
Cases - Update", published on April 29, 2020

  - "Global SF Rating Assumptions Updated to Reflect Coronavirus
Risk", published on April 3, 2020

Analytical notes relevant for Australian and New Zealand RMBS
transactions are discussed in the following commentary:

  - "Fitch Ratings' Approach to Addressing Coronavirus-Related
Risks for Australian, NZ RMBS", published on May 5, 2020

  - "Fitch Ratings Updates Australia, NZ RMBS Criteria Assumptions
on Coronavirus Effects", published on July 29, 2020

Liquidity Risk from Payment Holidays: Fitch has reviewed the
ability of the transaction to survive a significant proportion of
borrowers taking a payment holiday. The transaction benefits from a
liquidity reserve sized at 2.4% of the outstanding note balance (or
2.6% subject to the breach of specific portfolio trigger levels).
This will cover 10.6 months of required payments at the current
bank-bill spot rate should there be no principal or interest
collections. The transaction can also use any principal collections
received to fund interest shortfalls if not all borrowers take up
payment holidays.

Operational Risk: Bluestone is a non-bank lender with extensive
experience in originating, servicing and managing its mortgage
portfolio. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with
market standards and that there were no material changes that may
affect Bluestone's ongoing ability to undertake administration and
collection activities. Bluestone's collection timelines, policies,
procedures and origination practices are largely in line with those
of other lenders in Australia after considering the large amount of
non-conforming borrowers in the portfolio, as evident from the
transaction's historical performance.

Asset Analysis: Fitch's analysis is based on a stressed proxy pool,
as the transaction has a rolling one-year revolving period. The
loan portfolio is shaped by portfolio parameters and takes into
consideration the lenders' origination practices. These include;
minimum percentage of conforming loans; loan/value (LVR) limits;
maximum obligor exposure, maximum loan size, maximum percentage of
reduced documentation mortgages and interest-only loans. The
'AAAsf' weighted-average (WA) foreclosure frequency of 35.2% is
driven by the proxy portfolio's WA unindexed LVR of 70.2%,
non-conforming loans making up 75% of the stressed pool, and
reduced-documentation mortgages of 64.7%. The 'AAAsf' WA recovery
rate of 50.6% is driven by the proxy portfolio's WA indexed
scheduled LVR of 70.8% and the portfolio 'AAAsf' WA market value
decline of 58.7%.

Liability Analysis: Each tranche of rated notes benefits from
credit enhancement provided by the respective subordinate notes.
Structural features include a liquidity facility with a floor of
AUD326,000. The class A, B, C, D, E and F notes pass all relevant
stresses applied in the cash-flow analysis.

Macroeconomic Factors: Fitch expects mortgage performance to
deteriorate in the near term, but to continue to support the Stable
Outlook on the notes. Fitch forecasts Australia's GDP will contract
by 2.7% in 2020, with the unemployment rate at 7.1%. This will be
partially offset by a low cash rate of 0.25% and the application of
both central bank and government stimulus measures. Fitch expects
GDP growth to bounce back to 3.1% in 2021 and the unemployment rate
to fall to 6.7%.

Bluestone Mortgages Warehouse Trust has an ESG Relevance Score of 4
for Exposure to Social Impacts due to constraints on the lender's
ability to increase borrower rates, contributing to transaction
cashflow shortfalls, which have a negative impact on the credit
profile, and are relevant to the ratings in conjunction with other
factors.

RATING SENSITIVITIES

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

Macroeconomic conditions, loan performance and credit losses that
are better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for the credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal.

The class A notes are rated at 'AAAsf', which is the highest level
on Fitch's scale. The ratings cannot be upgraded.

Upgrade Sensitivity:

Class B / C / D / E / F

Current rating: AAf / Asf / BBBsf / BBsf / Bsf

Decrease defaults by 15%; increase recoveries by 15%: AAsf / Asf /
BBBsf / BBsf / Bsf

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

A longer pandemic than Fitch expects that leads to deterioration in
macroeconomic fundamentals and consumers' financial positions in
Australia beyond Fitch's baseline scenario. Credit enhancement
cannot compensate for the higher credit losses and cash-flow
stresses, all else being equal. Fitch conducted sensitivity
analysis by increasing gross default levels and decreasing recovery
rates over the life of the transaction.

Class A / B / C / D / E / F

Current rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Increase defaults by 15%: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Increase defaults by 30%: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf /
Bsf

Decrease recoveries by 15%: AAAsf / AAsf / A-sf / BBB-sf / B+sf /
Below Bsf

Decrease recoveries by 30%: AAAsf / AA-sf / BBBsf / B+sf / Below
Bsf / Below Bsf

Increase defaults by 15%; decrease recoveries by 15%: AA+sf / AA-sf
/ BBB+sf / BBsf / Bsf / Below Bsf

Increase defaults by 30%; decrease recoveries by 30%: AAsf / A-sf /
BBsf / Below Bsf / Below Bsf / Below Bsf

Coronavirus Downside Scenario Sensitivity

Under Fitch's downside scenario, re-emergence of infections in the
major economies prolongs the health crisis and confidence shock,
prompts extensions or renewals of lockdown measures and prevents a
recovery in financial markets. Fitch tested this scenario by
increasing defaults by 15% and decreasing recoveries by 15% across
all rating levels.

Current rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Coronavirus downside impact on note ratings of multiple factors:
AA+sf / AA-sf / BBB+sf / BBsf / Bsf / Below Bsf

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

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

DATA ADEQUACY

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

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of Bluestone's origination files and found the information
contained in the files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

ESG CONSIDERATIONS

Bluestone Mortgages Warehouse Trust has an ESG Relevance Score of 4
for Exposure to Social Impacts.

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


REDZED TRUST 2019-1: Moody's Confirms B1 Rating on Class F Notes
----------------------------------------------------------------
Moody's Investors Service has taken rating actions on three classes
of notes issued by RedZed Trust Series 2018-1 (RedZed 2018-1) and
RedZed Trust Series 2019-1 (RedZed 2019-1).

The rating confirmations conclude the review for downgrade
initiated on June 5, 2020 as a result of the deteriorating
Australian economic environment due to the COVID-19 outbreak, which
could impact the performance of the underlying residential mortgage
loans.

The affected ratings are as follows:

Issuer: RedZed Trust Series 2018-1

Class C Notes, Upgraded to Aa3 (sf); previously on Jun 17, 2019
Upgraded to A1 (sf)

Class F Notes, Confirmed at B2 (sf); previously on Jun 5, 2020 B2
(sf) Placed Under Review for Possible Downgrade

Issuer: RedZed Trust Series 2019-1

Class F Notes, Confirmed at B1 (sf); previously on Jun 5, 2020 B1
(sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The rating actions reflect the balance between (1) the increase in
credit enhancement available for the affected notes, (2) the
collateral performance to date, with a moderate level of loans in
arrears or under COVID-19 hardship payment arrangements, and (3)
the risk of a deterioration in loan credit quality stemming from
the economic shock triggered by the COVID-19 outbreak.

For the rating confirmation of the Class F Notes issued by RedZed
2018-1, Moody's has also considered the correction of prior errors
in the modeling of certain pro-rata principal amortisation
sub-triggers. The correction of these errors did not have a rating
impact on these notes.

During the review period, the portfolio performance has started to
stabilise with a reduction in the number of loans subject to
payment holidays since June 2020. While portfolio delinquency rates
have also improved through the review period, the remaining portion
of loans subject to COVID-19-related hardship assistance which are
not reported as delinquent (between 9% and 10% for each pool) masks
some potential performance deterioration. Over the same period,
note subordination has increased.

For the two rating confirmations, Moody's has concluded that the
net effect of risks posed to the notes is consistent with the
current ratings of the notes.

For the upgrade of the Class C Notes of RedZed Trust Series 2018-1,
Moody's has concluded that the net effect of risks posed and credit
enhancement available to the notes is consistent with a Aa3 (sf)
rating.

For both transactions, the increase in credit enhancement is driven
by the amortisation of the portfolio and the repayment of the notes
in sequential order since closing.

The risk of deterioration in mortgage loan performance is driven by
both the proportion of loans currently subject to COVID-19-related
hardship assistance, and the ongoing challenging economic
environment. Moody's has also taken into consideration the
potential performance deterioration among borrowers located in
Victoria, which is currently under strict lockdown.

Moody's notes that despite the COVID-19-related payment holidays,
interest collections and excess spread in the transactions remained
high through the review period. Moody's cash flow analysis has
considered the excess spread available in the transactions to cure
losses.

RedZed Trust Series 2018-1

The note subordination available for the Class C Notes has
increased to 10.5% from 7.3% in June 2019 when Moody's last
upgraded this class. The note subordination available for the Class
F Notes has increased to 3.1% from 1.8% at closing.

As of July 2020, 2.7% of the outstanding pool was 30-plus day
delinquent, and 1.1% was 90-plus day delinquent. 9.1% of the
outstanding pool was under hardship assistance due to COVID-19
disruptions. The portfolio has incurred a loss of AUD83,167 since
closing, which has been covered by excess spread.

Based on the observed delinquencies, losses, COVID-19-related
hardship assistance and considering the ongoing economic
disruptions and the expected higher unemployment levels in 2020 and
2021, Moody's has updated its expected loss assumption to 2.6% of
the outstanding pool, compared to 2.8% of the then outstanding pool
in June 2019.

Moody's has maintained its MILAN CE assumption at 14.7% from the
rating review in June 2020, based on the current portfolio
characteristics.

RedZed Trust Series 2019-1

The note subordination available for the Class F Notes has
increased to 2.1% from 1.4% at closing.

As of July 2020, 1.5% of the outstanding pool was 30-plus day
delinquent, and 1.1% was 90-plus day delinquent. 9.8% of the
outstanding pool was under hardship assistance due to coronavirus
disruptions. The portfolio has incurred no losses to date.

Based on the observed delinquencies, losses, COVID-19-related
hardship assistance and considering the ongoing economic
disruptions and the expected higher unemployment levels in 2020 and
2021, Moody's has maintained its expected loss assumption at 2.3%
as a percentage of the original pool balance, which is equivalent
to 3.4% of the outstanding pool.

Moody's has decreased its MILAN CE assumption to 14.7% from 16% at
closing, based on the current portfolio characteristics.

The rapid spread of the COVID-19 outbreak, the government measures
put in place to contain it and the deteriorating global economic
outlook have created a severe and extensive credit shock across
sectors, regions and markets. Moody's analysis has considered the
impact on the performance of mortgage loans from the collapse in
Australia's economic activity and increase in unemployment in the
second quarter and a gradual recovery in the second half of the
year. However, that outcome depends on whether governments can
reopen their economies, while also safeguarding public health and
avoiding a further surge in infections. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the COVID-19 outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

The transactions are residential mortgage-backed securities (RMBS)
originated by RedZed Lending Solutions Pty Limited (unrated), an
Australian non-bank mortgage originator. The portfolios consist of
mortgage loans extended to self-employed borrowers. A portion of
the portfolios consist of loans extended to borrowers with impaired
credit histories or made on a limited documentation basis.

Both transactions are supported by a liquidity reserve in the
amount of 1.5% of the note balance, which can cover approximately 6
months of interest payments if no collections come in at all.

The principal methodology used in these ratings was Moody's
Approach to Rating RMBS Using the MILAN Framework published in May
2020.

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

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

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


SAMSON OIL: Commences Voluntary Administration
----------------------------------------------
Samson Oil & Gas Limited said on Sept. 2 that the Company's Board
of Directors has approved the appointment of Adams Paul Nikitins
and Samuel John Freeman of Ernst & Young (EY), at Level 23
Exhibition Street, in Melbourne, Victoria, as joint and several
administrators of the Company. The Board of Directors will resign
and, pursuant to Australian law, the Administrators will take
control of the affairs and business of the Company. The Board of
Directors adopted the voluntary plan of administration based on its
determination that the Company is likely to become Insolvent within
the meaning of section 436A(1) of the Corporations Act 2001 (Cth).

The Company's financial position and likely insolvency in the
future are the result of the failure of the Company and its wholly
owned subsidiary, Samson Oil and Gas USA, Inc. ("Samson USA"), to
perform certain covenants contained in the Credit Agreement dated
April 9, 2019 between AEP I FINCO LLC (as Lender and Administrative
Agent) ("Anvil") and Samson USA. On May 8, 2020, Anvil delivered a
notice of default to Samson USA and the Company indicating
widespread default as primary obligor under the Credit Agreement. A
number of factors combined to make the voluntary plan of
administration necessary and advisable, including the Company's
failure to cure the existing defaults under the Credit Agreement,
the depressed market prices for oil and gas and the current
valuation of its assets being below the amounts owed to Anvil.

In Australia, voluntary administration is a process whereby an
insolvent company is placed in the hands of one or more independent
administrators whose role is to investigate the company's affairs,
to report to creditors and to recommend to creditors whether the
company should enter into a Deed of Company Arrangement,
Liquidation or be returned to the Board of Directors.

                          About Samson Oil

Headquartered in Perth, Western Australia, Samson Oil & Gas Limited
-- http://www.samsonoilandgas.com/-- is an independent energy
company primarily engaged in the acquisition, exploration,
exploitation and development of oil and natural gas properties,
primarily with a focus in Montana and North Dakota.

Samson Oil reported a net loss of $7.15 million for the fiscal year
ended June 30, 2019, compared to a net loss of $6.04 million for
the fiscal year ended June 30, 2018.  As of March 31, 2020, the
Company had $44.06 million in total assets, $52.64 million in total
liabilities, and a total stockholders' deficit of $8.58 million.

Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2019, citing that the Company is in violation of its debt
covenants, incurred a net loss from operations, has cash outflows
from operations, and its current liabilities exceed its current
assets as of and for the year ended June 30, 2019.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


SAMSON OIL: First Creditors' Meeting Set for Sept. 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Samson Oil &
Gas Limited will be held on Sept. 14, 2020, at 2:00 p.m. via
teleconference only.

Adams Pauls Nikitins and Samuel Freeman of Ernst & Young were
appointed as administrators of Samson Oil on Sept. 2, 2020.

                          About Samson Oil

Headquartered in Perth, Western Australia, Samson Oil & Gas Limited
-- http://www.samsonoilandgas.com/-- is an independent energy
company primarily engaged in the acquisition, exploration,
exploitation and development of oil and natural gas properties,
primarily with a focus in Montana and North Dakota.

Samson Oil reported a net loss of $7.15 million for the fiscal year
ended June 30, 2019, compared to a net loss of $6.04 million for
the fiscal year ended June 30, 2018.  As of March 31, 2020, the
Company had $44.06 million in total assets, $52.64 million in total
liabilities, and a total stockholders' deficit of $8.58 million.

Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2019, citing that the Company is in violation of its debt
covenants, incurred a net loss from operations, has cash outflows
from operations, and its current liabilities exceed its current
assets as of and for the year ended June 30, 2019.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


SAPPHIRE XVII 2017-2: Moody's Confirms B2 Rating on Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has taken rating actions on 13 classes of
notes from six Australian non-conforming residential
mortgage-backed securities (RMBS) issued by Sapphire trusts.

The rating actions conclude the review for downgrade initiated on
April 30, 2020 as a result of the deteriorating Australian economic
environment due to the COVID-19 outbreak, which could impact the
performance of the underlying mortgage loans.

The affected ratings are as follows:

Issuer: Sapphire XVII Series 2017-2 Trust

Class F Notes, Confirmed at B2 (sf); previously on Apr 30, 2020 B2
(sf) Placed Under Review for Possible Downgrade

Issuer: Sapphire XVIII Series 2018-1 Trust

Class E Notes, Confirmed at Ba2 (sf); previously on Apr 30, 2020
Ba2 (sf) Placed Under Review for Possible Downgrade

Class F Notes, Downgraded to B3 (sf); previously on Apr 30, 2020 B2
(sf) Placed Under Review for Possible Downgrade

Issuer: Sapphire XIX Series 2018-2 Trust

Class D Notes, Confirmed at Baa2 (sf); previously on Apr 30, 2020
Baa2 (sf) Placed Under Review for Possible Downgrade

Class E Notes, Confirmed at Ba2 (sf); previously on Apr 30, 2020
Ba2 (sf) Placed Under Review for Possible Downgrade

Class F Notes, Downgraded to B2 (sf); previously on Apr 30, 2020 B1
(sf) Placed Under Review for Possible Downgrade

Issuer: Sapphire XX Series 2018-3 Trust

Class D Notes, Confirmed at Baa2 (sf); previously on Apr 30, 2020
Baa2 (sf) Placed Under Review for Possible Downgrade

Class E Notes, Confirmed at Ba2 (sf); previously on Apr 30, 2020
Ba2 (sf) Placed Under Review for Possible Downgrade

Class F Notes, Confirmed at B2 (sf); previously on Apr 30, 2020 B2
(sf) Placed Under Review for Possible Downgrade

Issuer: Sapphire XXI Series 2019-1 Trust

Class E Notes, Confirmed at Ba1 (sf); previously on Apr 30, 2020
Ba1 (sf) Placed Under Review for Possible Downgrade

Class F Notes, Confirmed at B1 (sf); previously on Apr 30, 2020 B1
(sf) Placed Under Review for Possible Downgrade

Issuer: Sapphire XXII Series 2019-2 Trust

Class E Notes, Confirmed at Ba2 (sf); previously on Apr 30, 2020
Ba2 (sf) Placed Under Review for Possible Downgrade

Class F Notes, Confirmed at B2 (sf); previously on Apr 30, 2020 B2
(sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The rating actions reflect the balance between (1) the increase in
credit enhancement available to the affected notes, and (2) the
deterioration in loan performance stemming from the economic shocks
triggered by the COVID-19 outbreak, particularly for pools that
already had high delinquency rates prior to the outbreak.

The increase in credit enhancement is driven by the amortization of
the portfolio and the repayment of the notes. All transactions have
been making sequential repayments since closing except for Sapphire
XVII Series 2017-2 Trust, which has been making pro-rata repayments
between the Class A through Class F Notes since the March 2020
payment date.

The risk of deterioration in mortgage loan performance is driven by
both the high proportion of loans currently subject to
COVID-19-related hardship assistance, and the ongoing challenging
economic environment. Moody's has also taken into consideration the
potential performance deterioration from borrowers located in
Victoria, which is currently under strict lockdown.

Moody's notes that despite the COVID-19-related payment holidays,
interest collections and excess spread in the transactions remained
high through the review period. Moody's cash flow analysis has
considered the high-level of excess spread available in the
transactions to cure losses as well as the possibility of delayed
foreclosure and loss recognition.

For the 11 rating confirmations, Moody's has concluded that the net
effect of risks posed to the notes is consistent with the current
ratings of the notes.

For the Class F Notes of Sapphire XVIII Series 2018-1 Trust and
Sapphire XIX Series 2018-2 Trust, Moody's has concluded that the
net effect of risks posed to the notes is consistent with a
one-notch downgrade for the notes.

Sapphire XVII Series 2017-2 Trust

Following the August 2020 payment date, the note subordination
available for the Class F Notes has increased to 3.0% from 1.1% at
closing.

As of July 2020, 16.9% of the outstanding pool was 30-plus day
delinquent, 7.7% was 90-plus day delinquent, and 15.7% was subject
to COVID-19-related hardship assistance. The portfolio has incurred
AUD1,153,329 of losses to date, which have been covered by excess
spread.

Based on the observed delinquencies, losses, COVID-19-related
hardship assistance and considering the ongoing economic
disruptions and the expected higher unemployment levels in 2020 and
2021, Moody's has revised its expected loss assumption to 4.2% of
the outstanding pool compared to 3.8% of the outstanding pool at
the time of the March 2020 action.

Moody's has increased its MILAN CE assumption to 23.3% from 23.1%
at March 2020, based on the current portfolio characteristics.

Sapphire XVIII Series 2018-1 Trust

Following the August 2020 payment date, the note subordination
available for the Class E and Class F Notes has increased to 4.9%
and 2.6% respectively, from 2.1% and 1.1% at closing. The deal has
been unable to make pro-rata principal repayments since March 2020
because its average 90-plus days delinquency ratio, one of the
step-down conditions for pro-rata principal repayment, has been in
breach of the 8% trigger.

As of July 2020, 19.2% of the outstanding pool was 30-plus day
delinquent, 14.5% was 90-plus day delinquent, and 23.1% was subject
to COVID-19-related hardship assistance. The portfolio has incurred
AUD233,927of losses to date, which have been covered by excess
spread.

Based on the observed delinquencies, losses, COVID-19-related
hardship assistance and considering the ongoing economic
disruptions and the expected higher unemployment levels in 2020 and
2021, Moody's has revised its expected loss assumption to 4.6% of
the outstanding pool compared to 4.5% of the outstanding pool at
the time of the March 2020 action.

Moody's has increased its MILAN CE assumption to 26.7% from 23.9%
at March 2020, based on the current portfolio characteristics.

Sapphire XIX Series 2018-2 Trust

Following the August 2020 payment date, the note subordination
available for the Class D, Class E and Class F Notes has increased
to 5.8%, 2.8% and 2.0% respectively, from 3.1%, 1.5% and 0.8% at
closing. The deal will unlikely be able to make pro-rata principal
repayments in the near future due to its high average 90-plus days
delinquency ratio, one of the step-down conditions for pro-rata
principal repayment.

As of July 2020, 15.2% of the outstanding pool was 30-plus day
delinquent, 8.8% was 90-plus day delinquent, and 21.8% was subject
to COVID-19-related hardship assistance. The portfolio has incurred
AUD309,619 of losses to date, which have been covered by excess
spread.

Based on the observed delinquencies, losses, COVID-19-related
hardship assistance and considering the ongoing economic
disruptions and the expected higher unemployment levels in 2020 and
2021, Moody's has maintained its expected loss assumption of 3.7%
of the outstanding pool compared to the time of the March 2020
action.

Moody's has increased its MILAN CE assumption to 23.3% from 19.3%
at March 2020, based on the current portfolio characteristics.

Sapphire XX Series 2018-3 Trust

Following the August 2020 payment date, the note subordination
available for the Class D, Class E and Class F Notes has increased
to 3.6%, 1.4% and 1.1% respectively, from 2.4%, 0.9% and 0.4% at
closing.

As of July 2020, 7.5% of the outstanding pool was 30-plus day
delinquent, 3.9% was 90-plus day delinquent, and 16.6% was subject
to COVID-19-related hardship assistance. The portfolio has incurred
AUD522,424 of losses to date, which have been covered by excess
spread.

Based on the observed delinquencies, losses, COVID-19-related
hardship assistance and considering the ongoing economic
disruptions and the expected higher unemployment levels in 2020 and
2021, Moody's has revised its expected loss assumption to 2.7% of
the outstanding pool compared to 1.6% of the outstanding pool at
the time of issuance.

Moody's has increased its MILAN CE assumption to 15.6% from 14.1%
at closing, based on the current portfolio characteristics.

Sapphire XXI Series 2019-1 Trust

Following the August 2020 payment date, the note subordination
available for the Class E and Class F Notes has increased to 3.4%
and 2.1% respectively, from 2.3% and 1.1% at closing.

As of July 2020, 9.7% of the outstanding pool was 30-plus day
delinquent, 3.2% was 90-plus day delinquent, and 23.9% was subject
to COVID-19-related hardship assistance. The portfolio has incurred
AUD53,645 of losses to date, which have been covered by excess
spread.

Based on the observed delinquencies, losses, COVID-19-related
hardship assistance and considering the ongoing economic
disruptions and the expected higher unemployment levels in 2020 and
2021, Moody's has revised its expected loss assumption to 3.1% of
the outstanding pool compared to 2.0% of the outstanding pool at
the time of issuance.

Moody's has increased its MILAN CE assumption to 16.0% from 14.0%
at closing, based on the current portfolio characteristics.

Sapphire XXII Series 2019-2 Trust

Following the August 2020 payment date, the note subordination
available for the Class E and Class F Notes has increased to 2.5%
and 1.6% respectively, from 1.9% and 1.1% at closing.

As of July 2020, 4.2% of the outstanding pool was 30-plus day
delinquent, 0.7% was 90-plus day delinquent, and 18.9% was subject
to COVID-19-related hardship assistance. The portfolio has incurred
no losses to date.

Based on the observed delinquencies, losses, COVID-19-related
hardship assistance and considering the ongoing economic
disruptions and the expected higher unemployment levels in 2020 and
2021, Moody's has maintained its expected loss assumption at 2.2%
of the original pool balance, which is equivalent to 2.9% of the
outstanding pool.

Moody's has maintained its MILAN CE assumption at 13.5% from
closing, based on the current portfolio characteristics.

The rapid spread of the COVID-19 outbreak, the government measures
put in place to contain it and the deteriorating global economic
outlook have created a severe and extensive credit shock across
sectors, regions and markets. Moody's analysis has considered the
impact on the performance of mortgage loans from the collapse in
Australia's economic activity and increase in unemployment in the
second quarter and a gradual recovery in the second half of the
year. However, that outcome depends on whether governments can
reopen their economies, while also safeguarding public health and
avoiding a further surge in infections. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the COVID-19 outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

The transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated by Bluestone Group Pty
Limited, an Australian non-bank mortgage lender. A significant
portion of the portfolios consists of loans extended to
self-employed borrowers, borrowers with impaired credit histories
or made on a limited documentation basis.

The transactions are supported by a liquidity reserve in the amount
of 2.0% of the note balance, which can cover approximately nine to
eleven months of interest payments if no collections come in at
all.

The principal methodology used in these ratings was Moody's
Approach to Rating RMBS Using the MILAN Framework published in May
2020.

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

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

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


SCARCHI & BOSTON: First Creditors' Meeting Set for Sept. 14
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Scarchi &
Boston Pty Ltd, trading Vapor Bros, will be held on Sept. 14, 2020,
at 10:00 a.m. via teleconference facilities only.

Domenic Calabretta of Mackay Goodwin was appointed as administrator
of Scarchi & Boston on Sept. 3, 2020.


VIRGIN AUSTRALIA: Creditors Approve Sale to Bain Capital
--------------------------------------------------------
Ben Butler at The Guardian reports that creditors of Virgin
Australia have voted to accept the sale of the stricken airline to
US private equity group Bain Capital, ending a high-stakes process
that began in April when the company fell into administration after
the federal government refused to bail it out.

The Guardian says Virgin Australia's new owners now face the task
of rebuilding the airline in an aviation industry shattered by
border closures and against the backdrop of a deep economic
recession, while facing stiff competition from an aggressive bigger
rival, Qantas.

Unions supported the Bain bid, even though it will result in the
loss of 3,000 jobs, after the private equity group promised to run
a bigger airline than rival bidders and maintain international
operations, according to The Guardian.

British billionaire Richard Branson, whose Virgin Group owns the
Virgin brand, also supported the Bain bid, the report notes.

Bondholders owed about AUD2 billion do worst out of the deal - they
stand to receive less than 10 cents in the dollar. Trade creditors
do a little better, recovering about 13 cents, and will also
benefit from the continued existence of a major customer, The
Guardian states.

Shareholders, including Chinese state-owned travel group HNA,
Singapore Airlines and the Emirati-backed Etihad Airways, are
likely to be completely wiped out.

According to The Guardian, Transport Workers Union national
secretary Michael Kaine said there was "a long road ahead to ensure
Virgin's success and we will hold Bain Capital to account on its
promises".

"We will do this through our usual channels but also through the
union advisory council that Bain has agreed to set up so workers'
voices on governance can be heard," The Guardian quotes Mr. Kaine
as saying.

The Guardian relates that Mr. Branson said his group looked
"forward to working with Bain to revive and rebuild Virgin
Australia into one of country's leading companies once again".

"The successful vote at the creditors' meeting is a significant
moment for the airline as it can now plan for the future and start
work on getting back into the air and providing much needed
competition for Australian travellers."

Mike Murphy, a managing director at Bain, said the group "can now
continue the rebuilding process from the strongest possible
platform and with the least disruption," The Guardian relays.

"We are working closely with Virgin management to build a stronger,
more profitable and competitive Virgin Australia, and we look
forward to the future with confidence," The Guardian quotes Mr.
Murphy as saying.

The Guardian notes that the bondholders had put forward an
alternative proposal under which the airline would have been
recapitalised and its shares returned to trade on the stock
exchange.

However, before the meeting, Virgin Australia's administrators,
partners at accounting firm Deloitte, had warned creditors that
they would use their powers to sell the airline's assets to Bain
even if the deal on offer was voted down at the meeting.

The administrators told creditors they would get a better result if
they voted for the Bain offer.

The Guardian adds that the lead administrator, Vaughan Strawbridge,
said the administration and sale process was "challenging".

"This outcome provides certainty for employees and customers, a
return to creditors, opportunities for suppliers and financiers to
continue to trade with the Virgin Australia Group as well as
maintaining a competitive Australian aviation industry for the
benefit of consumers," the report quotes Mr. Strawbridge as
saying.

                       About Virgin Australia

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

Virgin Australia Holdings Ltd. was the first Asian airline to
succumb to the challenges of the coronavirus pandemic.  The airline
carrier collapsed into voluntary administration in April 2020.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20.  The administrators were tasked to restructure
and find new owners for the airline.  The airline's frequent flyer
program is a separate company and is not in administration.

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

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

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

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


WALZED PTY: Second Creditors' Meeting Set for Sept. 15
------------------------------------------------------
A second meeting of creditors in the proceedings of WalZed Pty Ltd
has been set for Sept. 15, 2020, at 11:00 a.m. via virtual Zoom
meeting.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 14, 2020, at 4:00 p.m.

Renee Sarah Di Carlo and Anthony Robert Cant of Romanis Cant were
appointed as administrators of WalZed Pty on Aug. 14, 2020.


WINE SOCIETY: Placed Into Administration; Owes AUD2 Million
-----------------------------------------------------------
Robert Stockdill at Inside Retail reports that some of Australia's
leading winemakers are left owed almost AUD2 million after the
collapse of The Wine Society.

The nation's oldest wine-buying club, dating back to 1946, has
entered administration after its sale to Wine Collective Holdings
for less than AUD1.4 million, Inside Retail relates.

Inside Retail, citing The Daily Telegraph, discloses that The Wine
Society has 125 creditors, including  Oatleys, Casella and Tyrrell
Wines, all of which look set to receive a payout of as little as
one or two cents in the dollar, far from the 15 to 30 cents
promised by the society's directors when they recommended the sale.


According to Inside Retail, Wine Collective Holdings has been
running The Wine Society since 2016 and will retain ownership of
the society's liquor licence, IP and database when the sale is
completed this month.  That database includes about 20,000 active
members.

In December 2017, The Wine Society merged with Online Liquor Group
(OLG) in a deal that was heralded at the time as creating the
largest independent player in Australia's online liquor industry,
Inside Retail notes.




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

ZHENRO PROPERTIES: Moody's Gives B2 Rating on Unsecured USD Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Zhenro
Properties Group Limited's (B1 stable) proposed senior unsecured
USD notes.

Zhenro plans to use the proceeds from the proposed notes to
refinance existing debt.

RATINGS RATIONALE

"Zhenro's B1 corporate family rating (CFR) reflects the company's
(1) quality and geographically diversified land bank, which helps
the company manage property market volatility and regulatory risks;
(2) ability to generate strong contracted sales growth; and (3)
good liquidity and improved access to funding, especially in the
debt capital markets," says Cedric Lai, a Moody's Vice President
and Senior Analyst.

"However, the company's credit profile is constrained by its
improving but still-moderate financial metrics as a result of its
moderate debt leverage," adds Lai.

The proposed issuance will improve Zhenro's liquidity profile and
will not materially affect its credit metrics, because the company
will use the proceeds to refinance existing debt.

Moody's expects Zhenro's revenue/adjusted debt and adjusted
EBIT/interest, excluding adjustments for its joint-ventures and
associates, will improve to around 50%-55% and around 2.0x,
respectively, over the next 12-18 months from 46% and 1.7x for the
12 months ended June 2020, underpinned by increased revenue
recognition from strong contracted sales over the past two years.

Zhenro's total contracted sales grew 1.3% to RMB69.6 billion in the
first seven months of 2020 compared with last year despite the
impact from the coronavirus outbreak. Moody's expects its
contracted sales will slightly increase in 2020 when compared with
2019, supported by its strong sales execution abilities,
good-quality land bank and sizable salable resources in upper tier
cities.

The B2 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk. This risk reflects the fact
that the majority of Zhenro's claims are at its operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination.
Consequently, the expected recovery rate for claims at the holding
company will be lower.

Zhenro's liquidity is good. Its cash holdings of RMB39.8 billion as
of June 30, 2020 could cover its short-term debt of around RMB19
billion. Moody's expects the company's cash holdings, together with
expected operating cash inflow, will be able to cover its committed
land purchases, dividend payments, as well as capital spending and
payables for its previous acquisitions, over the next 12-18
months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership by the
owner family, which held a 64.56% stake in the company as of
December 31, 2019.

Moody's has also considered (1) the fact that independent directors
chair the audit and remuneration committees; (2) the low level of
related-party transactions and dividend payouts; and (3) the
presence of other internal governance structures and standards as
required by the Hong Kong Exchange.

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

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

The stable rating outlook reflects Moody's expectation that Zhenro
will be able to execute its sales plan and remain prudent in its
financial management, such as by maintaining sufficient liquidity
over the next 12-18 months.

Moody's could upgrade Zhenro's ratings if the company (1)
demonstrates sustained growth in its contracted sales and revenue
through the economic cycles without sacrificing its profitability;
(2) remains prudent in its land acquisitions and financial
management; (3) improves its credit metrics, such that
EBIT/interest registers at least 3.0x and revenue/adjusted debt
rises to at least 75%-80% on a sustained basis; and (4) maintains
adequate liquidity.

On the other hand, Moody's could downgrade the ratings if Zhenro:
(1) generates weak contracted sales; (2) suffers from a material
decline in its profit margins; (3) experiences an impairment of its
liquidity position, such that cash/short-term debt falls below
1.0x; and/or (4) materially increases its debt leverage.

Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 2.0x and/or adjusted revenue/debt falling
below 50%-55% on a sustained basis.

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

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At June 30, 2020, Zhenro had 198 projects in 32
cities across China. Its key operating cities include Shanghai,
Nanjing, Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owned
54.6% of Zhenro Properties as of December 31, 2019. Mr. Ou Guowei
and Mr. Ou Guoqiang, the sons of Ou Zongrong, together owned 9.96%
of the company as of the same date.




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

BINHAI INVESTMENT: Moody's Puts Ba1 CFR on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed Binhai Investment Company
Limited's Ba1 corporate family rating on review for downgrade. The
previous outlook on the company was stable.

The rating action reflects Moody's consideration on the company's
governance risk around financial policy, specifically the
heightened refinancing risk on the USD300 million bond maturing
November 2020.

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

"The review for downgrade reflects Binhai Investment's increasing
liquidity and refinancing risk in relation to its USD300 million
bond maturing November 2020," says Ada Li, a Moody's Vice President
and Senior Credit Officer.

"The company has yet to secure adequate internal financial
resources and committed refinancing arrangements to repay the bond,
and the timing of its announced investment from Sinopec Group
remains unclear," says Li.

Moody's review will focus on: (1) the company's plan to refinance
its USD300 million bond due November 2020; and (2) the progress on
China Petrochemical Corporation's (Sinopec Group) proposed
investment, and any subsequent additional forms of direct financing
support from Sinopec Group.

The review for downgrade incorporates Moody's governance risks
consideration on Binhai Investment's financial policy, which is
exhibited by the absence of any committed refinancing arrangement
three months before the USD300 million bond maturity.

On April 23, Binhai Investment announced that it had entered into a
conditional investment agreement for Sinopec Group to become its
second largest shareholder. In addition, the two companies have
entered into a master gas purchase and supply agreement whereby
Sinopec Group will supply low-cost gas to Binhai Investment.

The proposed transaction, if completed as planned, will improve
Binhai Investment's liquidity as it plans to use the net proceeds
from the new share subscription as general working capital and to
repay debt. At the same time, the affiliation with Sinopec Group
will improve Binhai Investment's access to capital markets and
potentially reduce Binhai Investment's financing costs.

Nevertheless, the net proceeds are not sufficient to fully cover
the maturing bond, and the potential form and timeliness of Sinopec
Group to provide support to resolve Binhai Investment's imminent
liquidity issues remain uncertain.

In addition, weakening economic conditions in China and the global
recessionary environment amid the coronavirus outbreak cast further
uncertainty on Binhai Investment's gas sales performance and its
ability to secure timely and sufficient refinancing.

In terms of environmental, social and governance (ESG) factors,
Moody's considers Binhai Investment's environmental risk to be low,
because the company's core natural gas distribution business plays
an important role in the government's air pollution control plan.

Binhai Investment faces moderate social risks in terms of worker
health and safety in relation to the construction and operation of
its city gas projects.

Moody's has taken into consideration the moderate to high
governance risks relating to its financial policy, as demonstrated
by its management of the refinancing of the USD bond maturing
within the next three months.

The outlook could be stabilized if the company is able to refinance
all its maturing debt repayments and maintain a stable liquidity
position whilst maintaining its financial metrics within its
current Ba1 rating parameters.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in June 2017.

Binhai Investment Company Limited is principally engaged in
providing city gas distribution and gas pipe installation services
in China, mainly in the Tianjin municipality. Binhai Investment
provides services for 1.9 million households, and commercial and
industrial customers. During the first six months of 2020, the
company sold 520 million cubic meters of gas and transported 307
million cubic meters of gas, recording year-on-year growth of 4%
and drop of 43%, respectively.

Binhai Investment is listed on the Hong Kong Stock Exchange and is
60.19% owned by TEDA Investment Holding CO., LTD, which is in turn
a wholly owned conglomerate of the State-owned Assets Supervision
and Administration Commission of the Tianjin municipality.




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

AKS MEDICAL: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained AKS Medical &
Research Centre Private Limited's (AKS) Long-Term Issuer Rating of
'IND BB- (ISSUER NOT COOPERATING)' in the non-cooperating category
and has simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR500 mil. Term loan due on March 2027 maintained in non-
     cooperating category and withdrawn.

*Maintained at 'IND BB- (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

AKS did not participate in the rating exercise despite continuous
requests and follow-ups by the agency.  

Ind-Ra is no longer required to maintain the ratings, as it has
received a no objection certificate (prior to June 30, 2020) 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

AKS, managed by Dr. Kapil Tyagi and Dr. Ajay Tyagi, is setting up a
150-bed multi-specialty hospital in Greater Noida.


ANNAPURNA SEEDS: CRISIL Withdraws B+ Rating on INR6.5cr Loan
------------------------------------------------------------
CRISIL has withdrawn its rating on the long term bank facilities of
Annapurna Seeds and Farms (ASF) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            6.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

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

Detailed Rationale

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

CRISIL has withdrawn its rating on the long term bank facilities of
ASF on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Based out of Warangal (Andhra Pradesh), ASF is a sole
proprietorship firm established in 1991 by Mr. Venugopal Reddy. The
firm is engaged in the grading, processing and packaging of paddy
seeds and has a processing plant in Warangal.


ARYAMAN ISPAT: Ind-Ra Assigns 'BB-' Rating, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) rates Aryaman Ispat 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 June 29, 2020, June 18, 2020 and
May 28, 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. The
company has opted for the debt moratorium allowed by the Reserve
Bank of India.

Ind-Ra is working with Aryaman Ispat Private Limited 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 25, 2020 using the best
available information. If Ind-Ra is unable to do so due to the 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.  


BALAJI AGRO: CRISIL Moves B+ on INR10cr Loans to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Balaji Agro
Products - Chandrapur (BAP) to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Short         4         CRISIL A4 (ISSUER NOT
   Term Bank Loan                   COOPERATING; Rating Migrated)
   Facility               
                                    
CRISIL has been consistently following up with BAP 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 BAP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BAP 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 BAP to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Formed in 2006, Chandrapur based BAP, a partnership is engaged in
into processing and milling of non-basmati rice.


C. RAMAKRISHNA: CRISIL Moves B+ on INR5.1cr Debt to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of C. Ramakrishna
Padayatchi (CRP) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing        5.15       CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

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

CRP was set up as a proprietorship firm by Mr. C Ramakrishna
Padayatchi in 1978. The firm processes raw cashew nuts and sells
cashew kernels. The processing facility is near Cuddalore (Tamil
Nadu).


CHANDRADHARA RICE: CRISIL Assigns B+ Ratings to INR5.5cr Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Chandradhara Rice Mill (CRM).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B+/Stable (Assigned)
   Term Loan              0.5       CRISIL B+/Stable (Assigned)

The rating reflects CRM's modest scale of operations and
susceptibility of operating performance to adverse regulatory
changes and fluctuations in raw material prices and weak financial
risk profile. These weaknesses are partially offset by its
extensive industry experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation: CRM's scale of operations is modest as
reflected in revenues estimated at INR34.8 crores for fiscal 2020.
CRM operates in the intensely competitive agro commodity industry
and this will continue to limit its scalability and operating
flexibility.

* Susceptibility of operating performance to adverse regulatory
changes and fluctuations in raw material prices:The domestic rice
industry is highly regulated in terms of paddy prices,
export/import policy for rice, and rice release mechanism. Paddy
accounts for around 90 per cent of the cost of producing rice. Rice
is procured by the government through statutory levy on rice
millers.

Additionally, in response to the domestic market conditions, the
government periodically imposes restrictions on rice exports.
CRISIL believes that CRM's profitability will remain susceptible to
adverse government regulations and volatility in raw material
prices over the medium term.

* Weak financial risk profile: The financial risk profile is weak
marked by small networth and high gearing estimated at INR1.86
crores and 3.08 times as on March 31, 2020. Interest coverage and
net cash accruals to total debt were estimated at 2.22 times and
0.08 times respectively as on March 31, 2020.

Strength

* Extensive industry experience of the proprietor: The proprietor
has experience of over a decade in the agriculture industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity Stretched

The bank limits of INR5 crores were almost fully utilized over the
past twelve months ended June-2020. Cash accrual are expected to be
at around INR0.40 - INR0.60 crores which is sufficient against term
debt obligation of INR0.40 cr over the medium term.

Outlook: Stable

CRISIL believe CRM will continue to benefit from the extensive
experience of its proprietor.

Rating Sensitivity Factor

Upward factor

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

  * Improvement in financial risk with gearing at less than 2
times.

Downward factor

  * Decline in scale of operations and/or operating profitability
leading to cash accruals of less that INR0.40 crores

  * Large debt-funded capital expenditure weakens capital structure
and/or witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

CRM was establish in 2003. CRM is owned & managed by Mrs Anitha R.
CRM operates a rice mill and its manufacturing facility is located
in Tumkur, Karnataka.


CRAFTED SOLUTIONS: CRISIL Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Crafted
Solutions (CS) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Proposed Long Term     0.48     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             20.52     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Incorporated in 2018, CS, a partnership firm of Mr. Darshan
Khivansara and Mr. Kishore Khivansara, is currently setting up a
plant to manufacture corrugated boxes with proposed installed
capacity of 3500 tons/month.  Commercial operations are scheduled
to commence from September 2019.


CREDENCE WHOLE: CRISIL Ups Rating on INR10cr Debt to NonCooperating
-------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Credence Whole Foods Private Limited (CWFPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term       1.3       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Term Loan                2.2       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Working Capital          6.5       CRISIL B+/Stable (Upgraded
   Facility                           from 'CRISIL B/Stable')

The upgrade reflects CRISIL's believes that the company has
improved business risk profile will sustained over the medium term.
Revenue improved to INR41.13 crore in fiscal 2020 from INR14.75
crore in fiscal 2019. The healthy growth was supported by new
client acquisition and build distributor network of 40 in the NCR
region. The business risk profile is expected to improve further on
account of new value add products like product cheese, butter and
paneer will add into product profile in the month of Oct'20.

The rating continues to reflect working capital-intensive
operations and a weak financial profile. These weaknesses are
partially offset by the extensive industry experience of the
promoters and adoption of the latest machinery in a stable industry
and modest scale of operation.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Gross current assets were
high at 132 days as on March 31, 2020 which is higher side compare
to the industry. The large working capital requirement arises from
extended credit period provided to the customer same reflected in
the debtor days at 94 days in fiscal 2020.

* Weak financial profile: Debt protection metrics have been weak
due to high gearing and low cash accrual from operations. The
interest coverage and net cash accrual to total debt ratios were
1.78 times and 0.04 time, respectively, for fiscal 2020. The
metrics are expected to remain weak due to high debt over the
medium term.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of over five years in the dairy products
industry and 2 decades of experience in the corporate. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers. Furthered more the corporate experience helps to build a
professionally managed company and raise funds through venture
capitalist.

* Adoption of latest machinery in a stable industry: The Company is
currently in the process of setting up a new unit using the latest
equipment and technology. In the stable dairy industry, would
support the business risk profile.

* Modest scale of operations with volatile profitability: Despite a
compounded annual growth rate of more than 100% over the three
fiscals through 2020 driven by the introduction of the new products
and acquisition of new clients. However, revenue was modest,
estimated at INR41.13 crore for fiscal 2020. The operating margin
has declined in past three fiscals due to promotional expenses.
However CRISIL expects margin will improve after the stabilisation
of brand.

Liquidity Stretched

Liquidity is likely to remain constrained by large working capital
requirement due the extended credit period to customer. Bank limit
utilization averaged around 82% in last 12 month through Mar'20.
Cash accrual is estimated at INR77 lakhs for fiscal 2021, would be
sufficient for repayment of term debt maturity of INR 55 lakh in
same fiscal.

Outlook: Stable

CRISIL believes CWFPL will continue to benefit from the extensive
industry experience of the promoters.

Rating Sensitivity factors

Upward factor

  * Sustained improvement in scale of operation by 20% and
sustenance of operating margin, leading to higher cash accruals
more than INR1.00 crore.

  * Improvement in financial risk profile marked by TOLTNW less
than 3 times

Downward factor

  * Steep decline in revenue or profitability, leading to cash
accruals of less than INR0.50 crores

  * Further stretch in the working capital cycle, or a sizeable
addition in debt

CWFPL, incorporated in 2016, is owned and managed by Mr. Ajay Yadav
and Mr. Amit Sharma. The Company is engaged in processing of milk
and other milk products such as Ghee and Curd etc. and selling
theses product under the brand name of Nutrimoo. CDFPL is largely
selling through distributor network of 40 in the NCR region. The
company has 60,000 litre/day milk processing capacity however
currently management is utilising 30% of capacity. The management
has planned to add new products such as cheese, butter and paneer
in the month of October 2020.


DOLBIS GRANITE: CRISIL Moves D on INR9cr Loans to Not Cooperating
-----------------------------------------------------------------
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.


ELITE MEGA: CRISIL Migrates B+ on INR11.75cr Debt to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Elite Mega
Tooling Systems LLP (EMTL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan            11.75      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Set up in 2017, EMTL is currently setting up a plant to manufacture
industrial machinery and tools in Pune. Total capacity of the plant
is up to 1,000 tonne per month. Operations are expected to commence
in September 2019. EMTL is owned and managed by Mr. Yuvraj Borate
and his family.


EXPOTEC INT'L: CRISIL Migrates D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Expotec
International Private Limited (EIPL) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Export Packing           8         CRISIL D (ISSUER NOT
   Credit & Export                    COOPERATING; Rating
   Bills Negotiation/                 Migrated)
   Foreign Bill
   discounting               

   Letter of credit        14         CRISIL D (ISSUER NOT
   & Bank Guarantee                   COOPERATING; Rating
                                      Migrated)

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

EIPL, incorporated in 1995, executes engineering projects under a
line of credit issued by the Indian government.  Export of
equipment, and implementation of projects in industries such as
fertilisers, healthcare, textile, sugar, and power transmission.
EIPL has representative offices in the UAE, Sudan, Ethiopia,
Senegal, Togo, Cote D'Ivoire, and the Russian Federation.


GODRIWALA EDUCATION: CRISIL Moves B Debt Ratings to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Godriwala
Education Society (GES to 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     0.2       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              7.8       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

GES was established in 2012 for running educational institutes. It
has opened four pre-schools (all in Raipur) with capacity of 450
students, and has set up a school in Naya Raipur which commenced
operations in 2017-18.


GOEL ROAD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Goel Road Carriers
Private Limited (GRCPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         0.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            7.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              6.44      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GRCPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GRCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GRCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GRCPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

GRCPL, previously known as RD Goel and Company Private Limited, is
promoted by Mr. Ashok Goel and his family members. The company
provides road transportation with a fleet of about 140 owned
vehicles and around 250-300 vehicles availed on rent, mainly on
full-truck loading basis.


HARYANA RICE: CRISIL Migrates B Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Haryana Rice
Mill - Saharanpur (HRMS) to 'CRISIL B/Stable Issuer not
cooperating'.

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

   Rupee Term Loan        4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

HRMS is a partnership firm, established in February 2019. It is
based in Saharanpur, Uttar Pradesh, and is setting up a rice mill
to process basmati and non-basmati rice with installed capacity of
12,096 tonne per annum. Commercial production is expected to start
from October 2019.


ITM INFRA: Ind-Ra Moves 'BB-' LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated ITM Infra's
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency.  Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB- (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR1.0 bil. Long-term loans due on December 2021 migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 5, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ITM Infra was registered in July 2015 to execute a
commercial-cum-residential project - ITM Infra - in Surat, Gujarat.
Other commercial complexes and housing projects built across Surat
by the promoters include Marchello, White House, Sky View, Salasar
Residency, Midas Square, Water Hills Residency, Roongta Shoppings,
and Laurels. The upcoming commercial project is located near the
city's developing textile market, with all basic amenities,
including proximity to the railway station and airport.


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.


JUPITER FOOD: CRISIL Migrates B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jupiter Food
Products India Private Limited (JFPIPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              1.75      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

JFPIPL was incorporated in 1992, it is located in Kanpur, UP.
JFPIPL is owned and managed by Mr. Suresh Chand Jain, Mr. Alok Jain
& Ms. Shalini Jain. JFPIPL is engaged in processing of chicory
(roasted & liquid).


KRISHNA ABODES: CRISIL Moves B on INR5cr Credit to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Krishna
Abodes Private Limited (SKAPL) 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 SKAPL 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 SKAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SKAPL 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 SKAPL to
'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2005, SKAPL is engaged in residential flats and
commercial construction. Company is managed by Mr. Jitendra Singh
Shekhwat and Rajendra Singh Shekhawat.


KUNDAN JEWELLERS: CRISIL Withdraws B Rating on INR23cr Cash Loan
----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Kundan
Jewellers Private Limited (KJPL) 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           23        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

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

Detailed Rationale

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

CRISIL has withdrawn its rating on the bank facilities of KJPL 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.

KJPL was incorporated on March 27, 2000, promoted by Mr. R K Jain.
The company is primarily engaged in manufacturing and retailing
gold and diamond-studded jewellery.


MANGAL TRADING: CRISIL Moves B+ on INR5cr Loan to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Mangal
Trading Company (SMTC) 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 SMTC 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 SMTC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SMTC 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 SMTC to
'CRISIL B+/Stable Issuer not cooperating'.

SMTC was established in 2014 as a proprietorship firm by Mr.
Ramniwas Yadav. The firm is engaged in trading of construction
material like stone grit, stone dust, and bricks. Apart from this,
the firm has also started manufacturing of readymade garments in
current fiscal 2019.


MARUTI INT'L: CRISIL Migrates B on INR5cr Credit to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maruti
International - New Delhi (MI) 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 MI for obtaining
information through letters and emails 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 MI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MI is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of MI to 'CRISIL
B/Stable Issuer not cooperating'.

MI was set up in 2006 by Mr. Harish Goyal. The New Delhi-based firm
trades in dry fruits.


MAYA RICE: CRISIL Assigns B+ Ratings to INR5.6cr Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Maya Rice Industries (MRI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (Assigned)

   Long Term Loan         1.6       CRISIL B+/Stable (Assigned)

The rating reflects the firm's below-average financial risk
profile, and a modest scale of operation in the highly fragmented
rice milling industry. These weaknesses are partially offset by the
extensive industry experience of its proprietor.

Analytical Approach

Unsecured loans from promoters of INR1.6 crores as on 31st March
2020 have been treated as neither debt nor equity as they are
expected to remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Networth was small and
gearing high at INR0.81 crore and 6.55 times, respectively, as on
March 31, 2020. Debt protection metrics were average, with net cash
accrual to adjusted debt and interest coverage ratios of 0.07 time
and 2.01 times, respectively, for fiscal 2020.

* Modest scale of operations: Revenue was modest at INR19.16 crore
for fiscal 2020 due to intense competition from several unorganised
players in the rice milling industry. This limits pricing
flexibility and bargaining power. Hence, operating margin has
remained modest in the 5-6% range in the two fiscals through 2020.
Revenue is likely to remain modest over the medium term too.

Strength:
* Extensive industry experience of the proprietor: Presence of over
2 decades in the rice industry has enabled the proprietor to
establish healthy relationship with key suppliers and customers.

Liquidity Stretched
Cash accrual was modest at INR0.39 crore for fiscal 2020 and
expected to remain around INR0.3-0.4 crores over the medium term
against debt repayment obligations of INR0.25 cr per fiscal. Bank
limit utilisation averaged 89% in the past 12 months through July
2020. Current ratio was moderate at 1.35 times as on March 31,
2020.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors

  * Cash accrual of above INR1 crore on the back of sustained
revenue growth and better operating margin

  * Improvement in financial risk profile and liquidity

Downward factors

  * Lower than expected revenue/profitability leading to net cash
accruals to repayment obligation ratio of less than 1 time.

  * Large-than-expected, debt-funded capital expenditure or
elongation in working capital cycle further weakening capital
structure

Established in 2016, MRI is a proprietorship firm promoted by Mr.
Vinod Kharable. MRI is engaged in processing i.e. milling,
polishing and sorting of non-basmati rice. MRI manufacturing
facility is located in Dahegoan, Bhandara, Maharashtra with an
installed capacity of 8 tonnes.


N.C RICE: CRISIL Migrates B+ on INR16cr Loans to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of N.C Rice Foods
Private Limited (NCRFPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             6        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

NCRFPL was incorporated in 2019.  NCRFPL is currently setting up a
rice mill in Kota, Rajasthan with installed capacity of 160 tons
per day.  The plant is expected to be commissioned in February
2020. NCRFPL is owned and managed by Mr. Niramal Kumar Jain and Mr.
Chandra Prakash Jain. The promoters have business interests in agri
commodities' trading and providing warehousing services.


RADHAKRISHNA OIL: CRISIL Migrates 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.


S.K. FARMS: CRISIL Migrates B+ Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S.K. Farms -
Namakkal (SKF) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit/          3.5       CRISIL B+/Stable (ISSUER NOT
   Overdraft                       COOPERATING; Rating Migrated)
   facility              
                                   
   Key Cash Credit       2.3       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             1.08      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Based in Tiruchengode, SKF is a proprietorship, set up by Mr.
Subramaniam in 1981. The firm is engaged in the poultry and
hatchery business, and has a capacity of 160,000 egg-laying hens.


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).


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.


SAMI UMAYAAL: CRISIL Migrates B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sami Umayaal
Traders (SUT) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            4        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Working       1        CRISIL B+/Stable (ISSUER NOT
   Capital Facility                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SUT 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 SUT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SUT 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 SUT to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Thenkasi (Tamil Nadu)-based SUT is a proprietorship firm of Mr. S P
Baskar, trades majorly in rice, pulses and primarily supplies to
Kerala civil supplies department. The operations are managed by the
promoter, Mr. SP Baskar.


SHAKTHI SAGO: CRISIL Migrates B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shakthi Sago
Factory (SSF) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.50       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        1.19       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    1.31       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

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

Set up in 1981, SSF, a proprietorship concern of Mr. B. Shakthi
Kumar, manufacturers sago.


SHIVAM APPARELS: CRISIL Migrates B+ Debt Rating to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shivam
Apparels (SA) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Letter of Credit       0.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit         4.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with SA 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 SA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SA 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 SA to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

SA was set up in 1998 by Mr. AjayKumar Singh. The firm manufactures
and exports leather garments. It has two manufacturing facilities
at Chennai.


SUTAPA INTERNATIONAL: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sutapa
International Exports Private Limited (SIPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

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

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

Incorporated in May 2013, SIPL manufactures and exports gold
jewellery studded with precious and semi-precious stones to the UK
and the UAE. Mr. Jagdish Das and Ms Sutapa Das are the promoters;
Mr. Das manages the operations.


SYSTEM CONTROL: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of System Control
and Automation Private Limited (SCAPL) to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           3.75      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Non-Fund Based        2.00      CRISIL A4 (ISSUER NOT
   Limit                           COOPERATING; Rating Migrated)

   Proposed Long Term    0.25      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCAPL 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 SCAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SCAPL 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 SCAPL to
'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

SCAPL, incorporated in 1993, manufactures electrical control
panels, junction boxes and bus ducts. The manufacturing unit is at
Udayan Industrial Complex, Beleghata, West Bengal. Mr. Saroj Paul
and Ms Mridula Paul are the promoters.


TULASI SEEDS: CRISIL Migrates B+ on INR68cr Loans to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Tulasi Seeds
Private Limited (TSPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            50        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     18        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

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

TSPL was set up in 1992 by Mr. Tulasi Ramachandra Prabhu and his
family members. The company produces and sells Bacillus
Thuringiensis (BT) cotton hybrid seeds and vegetable seeds. It
sells the seeds under its own brand - 'Tulasi Seeds'.


VADSOLA CERAMIC: CRISIL Migrates B+ Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vadsola
Ceramic (VC) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

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

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

   Term Loan             1.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VC for obtaining
information through letters and emails 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 VC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VC 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 VC to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

VC was established in 2015 as a partnership between Mr. Bhargavbhai
Vadsola and his family. It manufactures ceramic wall tiles.


VEEKAY CONNECTORS: CRISIL Withdraws B+ Rating on INR6.5cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Veekay
Connectors Private Limited (VCPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        4         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit           6.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Letter of Credit      2.5       CRISIL A4 (ISSUER NOT
   Limit                           COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with VCPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 VCPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SSS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of VCPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of VCPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Incorporated in 1996, VCPL provides technology-driven products in
fibre optics. The manufacturing facility and corporate office are
in Allahabad. Key promoter, Mr. Purnendu Mittal manages operations
of the company.




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

BARITO PACIFIC: Fitch Cuts LT IDR to 'B', Outlook Stable
--------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based PT Barito Pacific
Tbk's Long-Term Issuer Default Rating (IDR) to 'B' from 'B+'. The
Outlook is Stable.

The downgrade reflects its revised assessment of Barito's group
credit profile to 'b+' from 'bb-', due to an increase in the
group's net leverage and weakening holdco EBITDA interest cover.
Barito, being a holding company, relies on cash upstreaming from PT
Chandra Asri Petrochemical Tbk (CAP, BB-/Stable) and Star Energy
Group Holdings Pte Limited. Fitch rates Barito one notch below the
group credit profile (with CAP and Star Energy proportionately
consolidated), given its fractured shareholding in the key business
- CAP and Star Energy - and cash flow subordination arising from
restrictive covenants on debt at the operating entities.

The weakening in Barito group's net leverage and the holdco
interest cover is driven mainly by additional borrowing of a USD253
million loan raised at the holdco for its share of a joint venture
(JV) investment - in the Java9 &10 power project (PT Indo Raya
Tenaga (IRT)). Fitch had earlier expected that any mezzanine
financing for this power project would be done at the project SPV
level on a non-recourse basis. The metrics are also weakened by its
expectation of tighter petrochemical product spreads at CAP leading
to lower EBITDA and consequently lower dividend payouts by CAP.

Fitch has reassessed the linkage between Barito and its 47%-owned
subsidiary CAP as 'Weak', under its Parent and Subsidiary Rating
Linkage Criteria, on evidence of effective ringfencing to prevent
material cash leakage from CAP to the parent. Fitch believes CAP
has limited headroom under its bond covenants to make restricted
payments, which are not sufficient to support higher interest cover
at the holdco.

Barito's rating benefits from its diversified presence across the
petrochemical and energy sectors, its leading market position as
Indonesia's largest petrochemical producer and strong record in
geothermal operations, with long-term contracts driving stable
revenue.

KEY RATING DRIVERS

Additional Debt to Weaken Metrics: Barito's has availed a USD253
million facility to be on-lent to fund its part of shareholder loan
in the 2GW coal-based power IRT project, in which Barito holds 34%.
The balance is held by state power utility PT Perusahaan Listrik
Negara (Persero) (PLN, BBB/Stable) subsidiary PT Indonesian Power
with 51% and Korea Electric Power Corporation (AA-/Stable) with
15%. According to Barito, the loan is a pass-through and IRT will
reimburse the financing costs and principal to the company after
the completion of the project in four to five years. However, the
timing mismatch results in pressure on Barito's cash flow and the
group's leverage.

Lower Holdco Interest Cover: Fitch expects Barito holdco's interest
cover will weaken to 0.4x in 2021 (2019: 0.7x; 2020: -0.3x),
against its earlier expectation of 1.1x, driven largely by a
first-time drawdown of USD184 million from a USD253 million term
loan facility, with the remaining USD69 million drawdown scheduled
in 2025. This will increase Barito holdco's total borrowings to
about USD440 million by end-2020, against USD300 million in 2019.
Holdco's interest cover is also affected by its expectation of
lower dividends from CAP as tighter petchem spreads hit CAP's
profitability.

Consolidated Profile Revised Down: Fitch has revised down its
assessment of Barito group's proportionately consolidated credit
profile to 'b+' from 'bb-', due to an increase in group net
leverage and weakness of holdco interest cover. Fitch expects
Barito group's net leverage - measured as net debt/EBITDA with CAP
and Star Energy proportionately consolidated - to rise to 5.0x in
2020 (2019: 3.9x) due to an increase in borrowings at the Barito
holdco level and its expectation of lower EBITDA generation at
CAP.

Fitch expects the group's net leverage to decline from 2021 because
of a recovery in CAP's operating performance, but it may remain
close to or above its previous downgrade trigger. Lower interest
cover than Fitch had expected for Barito holdco over the next two
to three years and higher refinancing requirements will add to the
pressure on the group credit profile.

Fractured Shareholding; Structural Subordination: Barito's access
to the cash flow of CAP and Star Energy is limited by its
shareholding structure. Barito effectively holds 47% of CAP and,
through its 67% holding of Star Energy, effectively owns between
35%-40% of Star Energy's operating assets. The shareholding
structure results in significant leakage of dividends to
minorities, and the covenants on the debt at operating entities
limit cash leakage and lead to structural subordination. As such,
Fitch rates Barito one notch below the group credit profile.

Weak Linkage with CAP: Fitch has revised the assessment of the
linkage between CAP and its largest shareholder, Barito, to 'Weak'
from 'Moderate', driven by a divergence of their financial profiles
and evidence of ringfencing to prevent material cash leakage. CAP's
capacity to make restricted payments under the bond covenants is
based on 50% of consolidated net income, which is quite modest and
has declined due to a net loss in 1H20. CAP did not pay any final
dividends during 1H20 due to weak product spreads. Instead, CAP
used part of its cash balance of about USD650 million to prepay
long-term borrowings, whereas Fitch expects the borrowings at
Barito holdco to go up.

In addition, Fitch believes that the independence of CAP's
financial policies is also supported by the presence of a
significant minority shareholder in SCG Chemicals Company Limited,
which has 31% stake in CAP and an equal representation as Barito on
CAP's board. As a result, Fitch rates CAP based on its Standalone
Credit Profile (SCP) of 'bb-'. Fitch will constrain CAP's rating at
a maximum of one notch above Barito's group credit profile because
of the potential impact on CAP's financing, should the parent's
credit profile deteriorate.

Diversified Businesses: Barito's investments are diversified among
petrochemicals through CAP, and power through Star Energy, the
largest Indonesian geothermal energy producer. Fitch expects Barito
to continue to benefit from CAP's dividends, which could be
volatile, and modest-but-improving dividends from Star Energy.

CAP - Moderate Spreads: Fitch expects spreads to stay low for most
petrochemical products affected by demand reduction amid the
coronavirus pandemic as well as supply concerns from global
capacity additions. Average product spreads fell sharply in 1H20,
resulting in CAP's EBITDA margin falling to 0.5% from 15.6% in
2018. Fitch expects CAP's EBITDA margin to dip to 7.7% in 2020,
before improving to 11.3% in 2021 with the stabilisation of supply
and demand of petrochemical products.

Stable Geothermal Operation: Star Energy's established operations
and its long-term contracts - which have residual terms of 20 years
or more - with PLN result in stable revenue and cash flow,
enhancing Barito's consolidated credit profile. Star Energy's
operations benefit from high availability, inherently low operating
costs and the long operating history of its assets. Fitch expects
Star Energy's financial performance to be stable with 1H20 EBITDA
of USD217 million, against its full-year estimate of USD414
million.

CAP2 Capex Delay: CAP planned to invest about USD300 million
initially on its second petrochemical complex (CAP2), out of its
total USD430 million capex in 2020. However, the company expects
delays in the capex and final investment decision (FID) for CAP2 to
be pushed out to 2022 because of coronavirus-related volatility.
Fitch expects pre-FID CAP2 capex in 2021 and 2022. Fitch estimates
total investment costs for CAP2 to be around USD5 billion, but have
only factored in pre-FID capex - mainly land acquisition costs - in
its analysis, as the ownership and funding structure for this
project are yet to be finalised.

DERIVATION SUMMARY

Barito's ratings reflect its diversified petrochemical and energy
businesses - it has the largest petrochemical and geothermal
operations in Indonesia. The ratings also factor in Barito's
moderate financial profile (with CAP and Star Energy
proportionately consolidated), its fractured shareholding in key
operating subsidiaries and subordination due to cash flow
restrictions arising from debt at its operating subsidiaries.

Golden Energy and Resources Limited's (GEAR, B+/Stable) financial
profile is stronger than that of Barito group's financial profile
(with CAP and Star Energy proportionately consolidated), with the
diversification of Barito's cash flow resulting in the similar
assessment of their respective group credit profiles. However,
Barito's fractured shareholding and structural subordination
results in it being rated one notch below its group credit
profile.

In comparison, GEAR is rated at the same level as its 67%-owned
coal subsidiary, PT Golden Energy Mines Tbk (GEMS, B+/Stable),
reflecting the absence of material debt at GEMS and stronger access
to cash flow, as GEMS's policy of high dividend payouts explains
the notch difference between GEAR and Barito.

KEY ASSUMPTIONS

  - Petrochemical product margins (spreads) of key products to
remain moderate in 2020 and improve gradually thereafter

  - CAP's dividend payout ratio of 40% from 2021; no payouts in
2020

  - Capex of around USD960 million until 2022, of which USD500
million incurred by CAP and the balance by Star Energy

  - Star Energy's units operating at an average availability rate
of around 94%

  - Tariffs in line with PLN's long-term contracts

  - Dividend received from Star Energy to increase to USD18 million
in 2021 from USD4 million in 2019

RATING SENSITIVITIES

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

  - Barito group's credit profile improves to 'bb-', reflected by
net leverage - measured as net debt/EBITDA with CAP and Star Energy
proportionately consolidated - coming below 3.5x and Barito holdco
EBITDA interest cover improving above 1.5x (2019: 0.7x)

  - Linkages between Barito and CAP strengthens, provided Barito's
group credit profile remains intact

  - Barito holdco EBITDA includes dividends from CAP and Star, and
holdco interest includes debt at the fully owned subsidiaries

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

  - Barito's holdco liquidity deteriorates, along with a material
increase in refinancing risk

  - Holdco's EBITDA interest cover is not on track to improve above
1.2x by 2022

  - Deterioration in Barito group's credit profile, with
proportionately consolidated net leverage exceeding 4.5x for a
sustained period

LIQUIDITY AND DEBT STRUCTURE

Manageable Holdco Liquidity: Barito's holdco cash of about USD71
million at end-June 2020, along with expected dividends of USD4
million from Star, would be sufficient to cover its scheduled debt
repayment of about USD50 million and interest costs of around USD25
million over the next 12 months. Fitch expects Barito to be able to
raise the funds because of its sound access to bank funding and its
record of timely fund raising from debt markets.

Barito's receipt of USD114 million in June 2020 from warrants
exercised by its two large shareholders supported the rise in cash
balance. In addition, Barito raised USD25 million in March 2020
from the Indonesian rupiah bond market, and expects to raise
similar amount later in the year. Most of Barito's bank debt is
secured against a pledge of part of its shareholding in CAP, but
the extent of the pledge is only about a quarter of Barito's
shareholding in CAP. This provides enough buffer, even in an event
of a fall in CAP's share price.

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).


CHANDRA ASRI: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed PT Chandra Asri Petrochemical Tbk's
(CAP) Long-Term Issuer Default Rating at 'BB-'. The Outlook is
Stable.

Fitch now rates CAP based on its Standalone Credit Profile (SCP) of
'bb-' after reassessing the linkage between CAP and its dominant
47% shareholder - PT Barito Pacific Tbk (B/Stable) - to 'Weak'
under its Parent and Subsidiary Rating Linkage Rating Criteria due
to evidence of effective ringfencing to prevent cash leakage from
CAP to the parent. At the same time, Fitch has revised down
Barito's group credit profile to 'b+', from 'bb-' on higher
proportionately consolidated net leverage and weakening holdco
EBITDA interest cover. Fitch will constrain CAP's rating at one
notch above Barito's group credit profile (with CAP and Star Energy
Group Holdings Pte Ltd. proportionately consolidated) due to the
potential impact on CAP's financing should the parent's credit
profile deteriorate.

Fitch believes CAP has limited headroom under its bond covenants to
make restricted payments; the presence of SCG Chemicals Company
Limited (SCGC) as a significant 31% minority shareholder with an
equal representation as Barito in CAP's board can also help to
mitigate risk of significant cash leakage. In addition, Barito
recently borrowed new debt at the holding-company level to fund its
power business, rather than tapping CAP's cash balance.

CAP's SCP reflects its leading market position, integrated
operation, diverse product offering and strong financial profile
and is constrained by asset-concentration risk, limited operating
scale compared with global chemical peers and the cyclical nature
of the petrochemical industry. CAP's financial flexibility is
boosted by its ability to delay capex for its second petrochemical
complex (CAP2) project, as the final investment decision (FID) has
been postponed until 2022. Fitch only factor in pre-FID capex
related to CAP2 in its rating case.

KEY RATING DRIVERS

Weak Linkage with Barito: Fitch has revised its assessment of
linkage between CAP and its largest shareholder, Barito, to 'Weak',
from 'Moderate', due to a divergence of the entities' financial
profiles and evidence of ringfencing to prevent cash leakage. CAP's
capacity to make restricted payments under its bond covenants is
based on 50% of cumulative net income, which has declined following
a net loss in 1H20. In addition, CAP did not pay final dividends in
1H20 due to weak product spreads. Instead, it used part of its
USD650 million cash balance to prepay long-term borrowings. In
contrast, Fitch expects 2020 borrowings at Barito holdco to
increase to USD440 million, from USD300 million in 2019, after it
raised funding to investment in the Java 9 and 10 projects. The
independence of CAP's financial policies is also supported by the
presence of a significant minority shareholder and Barito's lack of
majority control of CAP's board.

CAP - Moderate Spreads: Fitch expects spreads to stay low for most
petrochemical products due to lower demand amid the coronavirus
pandemic and the possibility of oversupply from global capacity
additions. Average product spreads fell sharply in 1H20, leading to
a fall in CAP's EBITDA margin to 0.5%, from 9.3% in 2019. Fitch
expects the margin to recover to 7.7% in 2020, then further improve
to 11.3% in 2021 as demand and supply for petrochemical products
stabilises. However, CAP should face less pressure than domestic
peers due to its ability to vary its products, diversified
suppliers and long-term customer relationships. Its association
with SCGC also helps its feedstock procurement.

CAP2 Capex Delayed: CAP expects to delay initial capex of USD300
million for CAP2 out of total 2020 capex of USD430 million due to
unprecedented pandemic-related volatility. It has also pushed back
its FID for CAP2 to 2022. Fitch thinks the company will spend this
pre-FID CAP2 capex in 2021 and 2022. Fitch estimates total
investment costs for CAP2 of around USD5 billion, but have only
factored in pre-FID capex - primarily land-acquisition costs - in
its analysis, as project ownership and funding is not yet
finalised.

CAP's Leverage - Adequate Headroom: Fitch expects lower
petrochemical spreads to affect CAP's FFO net leverage, which is
likely to weaken to 2.6x in 2020 (2019: 0.8x). However, the CAP2
FID postponement and its expectation of recovering petrochemical
spreads should see FFO net leverage improve to 1.2x in 2021,
leaving adequate headroom for its SCP. FFO net leverage is likely
to remain below 1.5x over the next two to three years, after the
2020 increase, against its negative rating sensitivity of 3.0x.

Leading Market Position; Integrated Operation: CAP's SCP benefits
from its leading market position as Indonesia's largest
petrochemical producer, accounting for about 35% of the country's
olefin and polymer production capacity. Its market position is also
aided by better-integrated operations than those of domestic peers
as well as a diverse product offering and customer base. This,
together with its plant being located close to key customers with
pipeline connectivity to some, will continue to support higher
realisations and profitability.

Downward Revision of Consolidated Profile: Fitch revised down its
assessment of Barito's group credit profile to 'b+', from 'bb-',
due to increase in group net leverage, measured by net debt/EBITDA
with CAP and Star Energy proportionately consolidated, and
weakening holding company EBITDA interest cover. Fitch expects net
leverage to rise to 5.0x in 2020 (2019: 3.9x) in line with higher
borrowings at the Barito holding company level and its expectation
of lower EBITDA generation by CAP. Fitch thinks group net leverage
will decline from 2021 as CAP's operating performance improves, but
it may remain close to or above its previous downgrade trigger.

Fitch expects Barito's holding company interest cover to decline
significantly below 1.0x in 2020 and 2021 and remain below 1.5x in
2022 due to the higher debt. This has pressured the group's credit
profile. However, Barito holding company liquidity on hand,
including cash of USD71 million as of June 2020 and estimated
dividend income of USD4 million from subsidiaries, should be
sufficient to service its debt in the next 12 months and allow it
to refinance about USD50 million of its holding company debt
maturity.

DERIVATION SUMMARY

Fitch rates CAP based on its SCP, which Fitch assesses at one-notch
above Barito's group credit profile due to weak linkage under its
rating criteria.

Ineos Group Holdings S.A. (BB+/Negative) is the world's largest
commodity chemical producer, with diversified integrated production
facilities, access to low-cost feedstock and feedstock flexibility.
However, Fitch revised the Outlook to Negative in May 2020 due to
slow deleveraging prospects over the medium-term following an
increase in leverage in 2019 that has been exacerbated by the
pandemic. CAP's smaller scale and limited geographical
diversification results in its rating being lower by two notches,
despite a stronger financial profile.

PJSC Kazanorgsintez (B+/Stable) is one of Russia's largest chemical
companies and the country's largest polyethylene producer. Fitch
believes CAP's more diversified product profile and larger size
justifies the one-notch difference in the two entities' ratings,
despite similar financial profiles.

KEY ASSUMPTIONS

  - Product margins (spreads) of key products to remain moderate in
2020 and improve gradually there-after

  - Gradual increase in utilisation of enhanced polymer capacity;
utilisation of styrene monomer and butadiene to dip in 2020 to
75%-80% of capacity and improve thereafter

  - Capex of USD135 million in 2020, including pre-FID capex on
CAP2; balance pre-FID capex to be pushed to 2021 and 2022

  - Dividend payout ratio of 40% from 2021, no payout in 2020

RATING SENSITIVITIES

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

  - Positive rating action is not probable in the near- to
medium-term pending the FID and funding structure for CAP2.

  - An upgrade in CAP's rating would only result from an improved
SCP, provided Barito's group credit profile also improves to 'bb-',
as reflected by net leverage (net debt/EBITDA with CAP and Star
Energy proportionately consolidated) of below 3.5x and Barito
holding company EBITDA interest cover improving above 1.5x (2019:
0.7x)

  - CAP's SCP could be raised upon a significant improvement in its
business profile, as seen by larger scale and vertical linkages
that increase business diversification, while maintaining a strong
financial profile, such that FFO net leverage does not exceed 1.5x
on a sustained basis.

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

  - CAP's FFO net leverage exceeding 3.0x for a sustained period

  - Deterioration in Barito's group credit profile, with net
debt/EBITDA exceeding 4.5x for a sustained period

  - Stronger linkages between Barito and CAP

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: CAP has strong liquidity, with a cash balance of
USD656 million and undrawn committed credit facilities of about
USD250 million as at end-June 2020, against total debt of USD942
million and scheduled debt maturities of USD162 million, including
short-term borrowings of USD70 million over the next 12 months.
CAP's debt maturity schedule is well spread out, with annual debt
maturities not exceeding USD150 million until 2024, when its USD300
million notes are due. CAP also enjoys strong relationships with
domestic banks and has access to some Thai banks due to its
linkages with the Siam Cement group, one of Thailand's largest
conglomerates.

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).




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

STA TRAVEL: Owes NZD7MM, ith Slim Pickings Predicted for Creditors
------------------------------------------------------------------
Stuff.co.nz reports that STA Travel Group's New Zealand operations
owe at least NZD7 million, with slim pickings predicted for
creditors.

According to Stuff, Deloitte administrator David Webb said the debt
was expected to balloon further, and liquidation was likely with
little chance of any payments to creditors.

To date more than 600 claims had been registered, mostly against
the travel agency for flights and travel bookings, and also against
work exchange provider IEP for visa services.

"All of this money is just stacking up day after day," the report
quotes Mr. Webb as saying.  "It's disturbing to administrators the
level of money that is owed to some individuals who are owed tens
of thousands for their holidays."

A watershed meeting is scheduled for the end of September and a
decision on the fate of the companies would be made then, Stuff
notes.

Stuff relates that Mr. Webb said administrators they were trying to
figure out where the funds were and part of the difficulty was that
STA Travel Group's financial data was held in the UK and Romania.

"The Administrators have spent the last 11 days getting our hands
on that data because we are concerned that if the other wider STA
Group collapses, which some of it already has and there are rumours
other companies are not far away from going, we will lose that
data.

"It would be accurate to say that the data we do have is incomplete
and there was a backlog of information that needed to be
processed."

Some creditors who attended the online meetings on Sept. 3 were
upset that STA Travel and IEP continued to sell products and
services right up until the companies went into administration.

But Mr. Webb said New Zealand employees did not have access to
information about the gravity of the financial situation. "They
were told the problems were overseas and New Zealand was OK."

Deloitte had received 120 claims from IEP clients and
administrators had managed to retrieve documentation from the
company's Auckland office, Stuff relays.

"We've been successful in returning passports to people and in one
case we returned a suitcase left there."

Applications forwarded to Immigration NZ before the appointment of
administrators on August 24 would be considered by INZ, Mr. Webb,
as cited by Stuff, said.

However, there was a stalemate over those whose applications had
not yet been submitted by IEP, adds Stuff.

                         About STA Travel

STA Travel, which originally stood for Student Travel Australia,
but was later rebranded Student Travel Association, was founded in
1971, and specialises in long-haul, adventure and student travel.

Jason Mark Tracy and Timothy Bryce Norman of Deloitte were
appointed as administrators of STA Travel Pty. Ltd., STA Travel
Academic Pty Limited, and IEP Pty Limited on Aug. 21, 2020.

In August, the Zurich-based parent company of STA Travel, which has
52 UK stores, filed for insolvency and appointed an external
administrator.

Swiss holding company STA Travel Holding AG, which is owned by
Diethelm Keller Holding (DKH), said that the COVID-19 pandemic had
"brought the travel industry to a standstill", Business Sale
said.




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

ASIATIC GROUP: Auditor Issues Disclaimer of Opinion
---------------------------------------------------
Marissa Lee at The Business Times reports that Asiatic Group said
on Sept. 2 that independent auditor Ernst & Young has included a
disclaimer of opinion in the group's audited financial statements
for the financial year ended March 31, 2020 (FY2020), in respect of
the material uncertainty on the group's ability to continue as a
going concern.

For the year ended March 31, the group incurred a net loss after
tax of SGD13.5 million. As at March 31, the group's current
liabilities (which includes loans and borrowings of SGD21.8
million) exceeded its current assets by SGD20.5 million, BT
discloses.

BT relates that Ernst & Young wrote: "A subsidiary of the group did
not meet its financial covenants on certain banking facilities, and
subsequent to year-end a supplier of a subsidiary of the group had
written to the subsidiary seeking immediate repayments for overdue
balances . . . The group continues to face uncertainties as a
result of the disruptions brought about by the Covid-19 pandemic;
and at the date of this financial statement, the sale of the
group's interests in Maju Intan Biomass Energy (MJE) is still
ongoing. These conditions and events indicate the existence of
material uncertainties which may cast significant doubt on the
ability of the group and company to continue as a going concern."

Nonetheless, Asiatic's board said that it is of the opinion that
the group is able to continue as a going concern, as it has
commenced discussions with the bank to waive the financial covenant
that was not met, and is confident of obtaining this waiver, BT
relays.

The group is also currently in negotiations with the supplier on a
repayment plan, it said, adding: "The board is confident that the
group will continue to receive financial support from the banks and
generate positive cash flows from its operations."

The group also expects to get some relief from the series of fiscal
measures introduced by the Singapore government in response to
Covid-19, adds BT.

It added that it had entered into a sale and purchase agreement on
March 19 with Hualang Renewable Energy for the sale of the group's
interest in MJE, and the sale is expected to occur before March 31,
2021, BT discloses. Once the sale is complete, the group will be
discharged from the corporate guarantees it had provided to
financial institutions in support of MJE and is no longer expected
to provide further funding to MJE, BT notes.

"Therefore, taking the above into consideration, the board is of
the opinion that the group will be able to fulfil its obligations
for the next 12 months," Asiatic, as cited by BT, said.

Based in Singapore, Asiatic Group (Holdings) Limited --
http://www.asiatic.com.sg/-- operates as a holding company. The
Company, through its subsidiaries, provides engineering,
procurement, construction, operation, and maintenance services for
power generation projects, as well as focuses on power generation.
Asiatic Group (Holdings) serves customers in Asia.




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

ASIANA AIRLINE: Acquisition Deal with HDC Headed to Collapse
------------------------------------------------------------
The Korea Herald reports that despite months of back-and-forth and
attempts at breakthroughs, the acquisition talks between HDC
Hyundai Development Company and Asiana Airline are likely to fall
apart.

In an email on Sept. 2, the building company once again told Korea
Development Bank, the airline's creditor, to undertake a fresh
round of due diligence for 12 weeks, local reports revealed, the
Korea Herald relays. KDB and the airline's owner Kumho Industrial
have been adamant against another round of due diligence. One media
outlet said Kumho could announce the deal is dead as soon as
sometime last week.

According to Korea Herald, HDC said that it cannot confirm the
details of the reports. Both KDB and the Export-Import Bank of
Korea, another creditor of the airline, declined to comment on the
matter.

Once the deal is officially terminated, Asiana will be placed under
receivership of creditor banks and some KRW2 trillion (US$1.68
billion) in the form of key industry stabilization funds would be
injected into the airline to keep the troubled business afloat, the
Korea Herald says.

The Korea Herald notes that since HDC offered to buy Asiana last
year, talks had stalled, particularly as the aviation industry
tumbled amid the COVID-19 pandemic.

But optimism had cautiously been raised as Kumho and HDC agreed to
meet face-to-face, followed by a meeting between the chairs of KDB
and HDC late last month to seek a breakthrough for the troubled
deal.

After the undisclosed meeting on Aug. 26 in Seoul, KDB had said the
ball was in HDC's court, with news reports suggesting the bank had
suggested new conditions for the deal that would lower the
construction firm's immediate financial burden by KRW1 trillion,
the Korea Herald relates.

HDC's stance, however, on due diligence has remained unmoved
throughout the talks, a request that the company has insisted on
since July, despite Asiana Airline and its creditors rejecting the
request on multiple occasions.

Previously, the company argued that both Kumho and Asiana had not
been earnest during the seven-week due diligence, and accused the
former of not providing sufficient data, the Korea Herald says.

In early August, however, KDB Chairman Lee Dong-gull said during a
teleconference, "If the deal falls apart, all the blame must go to
HDC."

"Kumho and Asiana creditors acted sincerely, but HDC raised the
risk of the deal collapse," he added, the Korea Herald relays.

Prior to his statement, Kumho Industrial, the largest shareholder
of the airline, had also criticized HDC's calls for another round
of due diligence, calling it an excuse to cancel the deal, the
Korea Herald adds.

                      About Asiana Airlines

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

Asiana Airlines' net losses deepened for the January-March quarter
to KRW683.26 billion from KRW89.18 billion a year earlier.  The
airline has suspended most of its flights on international routes
as more than 180 countries have strengthened entry restrictions
amid coronavirus fears this year, according to Yonhap News Agency.


State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat.  In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April until business circumstances normalize, Yonhap
noted.  Asiana's executives have also agreed to forgo 60% of their
wages, though no specific time frame was given for how long the pay
cuts will remain in effect.


DOOSAN GROUP: Selling New Shares of Doosan Heavy to Repay Debt
--------------------------------------------------------------
Yonhap News Agency reports that cash-squeezed Doosan Group said on
Sept. 4 that it will repay KRW3 trillion (US$2.5 billion) in debt
to its main creditors by selling new shares of Doosan Heavy
Industries & Construction Co. and other affiliates' assets.

Doosan Heavy Industries & Construction is to float new shares worth
KRW1.3 trillion and sell them first to its shareholders and then to
the public, the group said in an emailed statement, Yonhap relays.

Earlier, the power plant builder sold its 27-hole golf course Club
Mow to a consortium led by Hana Financial Investment Co. for KRW185
billion and venture capital firm Neoplux Co. to Shinhan Financial
Group Co. for KRW73 billion.

Yonhap relates that Doosan Heavy will reorganize its business line
to gas turbines, renewable energy, midsized nuclear reactors,
hydrogen and fuel cells after improving its financial health by
selling new shares, the group said.

According to Yonhap, Doosan Group's holding company, Doosan, sold
its 18.05 percent stake in battery foil maker Doosan Solus Co. to
private equity fund SkyLake Investment Co. for KRW238 billion, with
34.88 percent held by key stockholders, including Doosan Group
chairman Park Jung-won, sold to the private equity fund for KRW460
billion.

In addition, Doosan disposed of its business division and oil
pressure machine maker Doosan Mottrol to a consortium of two local
private equity investment firms -- Socius Advisors and Well to Sea
Investment Co. for KRW453 billion, Doosan Group, as cited by
Yonhap, said.

Ahead of the sale, Doosan Mottrol will be spun off into two
entities, Yonhap notes.

Yonhap adds that Doosan also has been going ahead with the sale of
Doosan Group's headquarters building Doosan Tower in Seoul.

With the cash from the sale of its assets, Doosan plans to buy new
shares to be issued by Doosan Heavy, the group said.

Key shareholders, including chairman Park, have decided to provide
their 23 percent stake in Doosan Fuel Cell Co., the group's fuel
cell maker, to Doosan Heavy for free, the group said.

The stake is worth KRW574 billion at the closing price of KRW45,650
on Sept. 4 on the Seoul bourse, the report notes.

The free provision of stake in Doosan Fuel Cell will make Doosan
Heavy the largest shareholder in the fuel cell maker.

Ahead of the decision, Doosan Fuel Cell decided to sell new shares
to raise KRW342 billion to expand its production lines.

Since March, Doosan Group has been pushing ahead with a plan to
sell assets to create liquidity to pay off debts worth KRW3
trillion to its creditors and state-run banks -- the Korea
Development Bank and the Export-Import Bank of Korea, Yonhap
notes.

Doosan's core businesses are based on ISB (Infrastructure Support
Business). Doosan's Infrastructure Support Businesses are made up
of five subsidiaries: Doosan Corporation, Doosan Heavy Industries &
Construction, Doosan Infracore, Doosan Engineering & Construction
and Doosan Engine. These subsidiaries provide electrical power,
desalinated drinking water, construction equipment, advanced
machinery, defense supplies, houses, highways and bridges, chemical
processing equipment and industrial engines.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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