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

                     A S I A   P A C I F I C

          Monday, September 21, 2020, Vol. 23, No. 189

                           Headlines



A U S T R A L I A

B & T LOGGING: Second Creditors' Meeting Set for Sept. 29
BETTER MORTGAGE: First Creditors' Meeting Set for Sept. 28
IEP PTY: Second Creditors' Meeting Set for Sept. 25
MARY STREET: Second Creditors' Meeting Set for Sept. 25
STA TRAVEL: Second Creditors' Meeting Set for Sept. 25

SWEET INDIA: First Creditors' Meeting Set for Sept. 25


C H I N A

CHINA AOYUAN: Fitch Rates Proposed USD Senior Notes 'BB-'
CHINA AOYUAN: Moody's Puts B2 Sr. Unsec. Rating to Proposed Notes
CHINA FORTUNE: Moody's Affirms Ba3 CFR, Alters Outlook to Negative


I N D I A

A KUMAR: CRISIL Keeps B Debt Rating in Not Cooperating
A. D. JEYAVEERAPANDIA: CRISIL Keeps B+ Ratings in Not Cooperating
ACHIEVERS BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
ADARSHA CONTROL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ADITYASHREE CONSTN: CRISIL Keeps B+ Ratings in Not Cooperating

ADMERUS BIOSCIENCES: CRISIL Keeps B+ Ratings in Not Cooperating
AGRAWAL INFRABUILD: CRISIL Keeps B+ Ratings in Not Cooperating
ALLIANCE FIBRES: CRISIL Keeps D Debt Ratings in Not Cooperating
AMAR COMMUNICATION: CRISIL Keeps B+ Ratings in Not Cooperating
AMODA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating

AMW AUTOCOMPONENT: Insolvency Resolution Process Case Summary
AMW MOTORS LIMITED: Insolvency Resolution Process Case Summary
AROMA RESTAURANTS: CRISIL Keeps B Debt Ratings in Not Cooperating
ARYAN VILLA: CRISIL Keeps B+ Debt Rating in Not Cooperating
ATLANTIS PRODUCTS: Ind-Ra Withdraws 'BB' Long Term Issuer Rating

BATLIBOI LIMITED: Ind-Ra Keeps B- Issuer Rating in Non-Cooperating
BOSS COMPUTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
BUDS TEA: CRISIL Keeps D Debt Ratings in Not Cooperating
CLASSIC FOODS: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
CLS INDUSTRIES: Insolvency Resolution Process Case Summary

CROSS TRADE: CRISIL Keeps D Debt Ratings in Not Cooperating
D. K. CHAUHAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
DATT REALINFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
DHRUV COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
DINESH SOAPS: CRISIL Keeps D Debt Ratings in Not Cooperating

DRS DILIP: Ind-Ra Keeps 'BB-' LT Issuer Rating in Non-Cooperating
ENTALLY ASTHA: Ind-Ra Keeps 'D' Term Loan Rating in NonCooperating
EXCLUSIFE TECHNOSOFT: Insolvency Resolution Process Case Summary
FORZZA REALTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
FRESCO CERAMIC: CRISIL Assigns B+ Rating to INR4.71cr Term Loan

G. K. INTERNATIONAL: CRISIL Keeps B+ Rating in Not Cooperating
GAGAN WINE: CRISIL Keeps D Debt Ratings in Not Cooperating
GLOBAL TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating
GOPI CHAND: CRISIL Keeps B+ Debt Rating in Not Cooperating
HOLLYWOOD OPTICIANS: Insolvency Resolution Process Case Summary

KARAN AUTOMOBILES: CRISIL Keeps B+ Rating in Not Cooperating
KARYAVATTOM SPORTS: Ind-Ra Keeps 'D' Loan Rating in NonCooperating
LINCOLN INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
M.P. ENTERTAINMENT: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
MAVIS SATCOM: CRISIL Keeps B+ Debt Rating in Not Cooperating

PRE UNIQUE: Ind-Ra Moves 'B' LT Issuer Rating to Non-Cooperating
RELIANCE COMM: Court Refuses to Resume Insolvency Case vs. Ambani
SATRAMDAS AND CO: CRISIL Keeps C Debt Rating in Not Cooperating
SOHRAB SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
UM LOHIA TWO: Insolvency Resolution Process Case Summary

UNILEC ENGINEERS: Insolvency Resolution Process Case Summary
VARDHMAN VITRIFIED: Insolvency Resolution Process Case Summary
VINOD KUMAR: Ind-Ra Keeps BB- Issuer Rating Then Withdraws Rating
VIPUL ORGANICS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
WINDSOR PAPERS: Insolvency Resolution Process Case Summary



N E W   Z E A L A N D

STA TRAVEL: More Bad News for Travellers as Debts Surpass NZD10MM


S I N G A P O R E

PUMA ENERGY: Moody's Affirms B1 CFR, Outlook Negative
SINGAPORE AIRLINES: Pilots Agree to Deeper Pay Cuts to Save Jobs


T H A I L A N D

THAI AIRWAYS: Sacked Wingspan Workers Seek Government Aid


X X X X X X X X

ASIA PACIFIC: Faces 'Financial Crisis', World Bank's IFC Warns

                           - - - - -


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

B & T LOGGING: Second Creditors' Meeting Set for Sept. 29
---------------------------------------------------------
A second meeting of creditors in the proceedings of B & T Logging
and Freight Services Pty Ltd has been set for Sept. 29, 2020, at
10:00 a.m. at the offices of Shaw Gidley Port Macquarie, Level 1,
65 Lord Street, in Port Macquarie, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 28, 2020, at 4:00 p.m.

Benjamin Joshua Ismay of Shaw Gidley was appointed as administrator
of B & T Logging on Aug. 25, 2020.

BETTER MORTGAGE: First Creditors' Meeting Set for Sept. 28
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Better
Mortgage & Financial Services Pty Limited will be held on Sept. 28,
2020, at 11:00 a.m. via teleconference only.

Graeme Robert Beattie of Worrells Solvency & Forensic Accountants
was appointed as administrator of Better Mortgage on Sept. 16,
2020.

IEP PTY: Second Creditors' Meeting Set for Sept. 25
---------------------------------------------------
A second meeting of creditors in the proceedings of IEP Pty Limited
has been set for Sept. 25, 2020, at 10:00 p.m. via
videoconference.

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. 24, 2020, at 5:00 p.m.

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

MARY STREET: Second Creditors' Meeting Set for Sept. 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Mary Street
Centre Pty Ltd has been set for Sept. 25, 2020, at 10:00 a.m. via
virtual 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. 24, 2020, at 4:00 p.m.

Bruce Gleeson and Alan Godfrey Topp of Jones Partners were
appointed as administrators of Mary Street on Aug. 21, 2020.

STA TRAVEL: Second Creditors' Meeting Set for Sept. 25
------------------------------------------------------
A second meeting of creditors in the proceedings of STA Travel Pty.
Ltd. and STA Travel Academic Pty Limited has been set for Sept. 25,
2020, at 12:00 p.m. and 5:00 p.m., respectively, via
videoconference.

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. 24, 2020, at 5:00 p.m.

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

SWEET INDIA: First Creditors' Meeting Set for Sept. 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of Sweet India
Pty Ltd will be held on Sept. 25, 2020, at 10:30 a.m. via
electronic facilities.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of Sweet India on Sept. 15, 2020.



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

CHINA AOYUAN: Fitch Rates Proposed USD Senior Notes 'BB-'
---------------------------------------------------------
Fitch Ratings has assigned property developer China Aoyuan Group
Limited's (BB-/Positive) proposed US-dollar senior notes a 'BB-'
rating.

The proposed notes are rated at the same level as Aoyuan's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. Aoyuan intends to use the net proceeds from
the issue to refinance its existing debt.

Aoyuan's business profile has improved, as it has widened its
geographic diversification, enlarged its scale and improved
customer recognition over the past two years. The company has shown
financial discipline during the expansion, with proportionate
consolidated leverage at below 40% and healthy profitability.
However, it also has meaningful penetration into lower-tier cities,
where housing demand is more uncertain in an industry slowdown.

KEY RATING DRIVERS

Increasing Diversification: Aoyuan has expanded into a nationwide
developer with a more diversified land bank. It had over
300projects in 90 cities across China at end-1H20 and has a solid
base in Guangdong province, which accounts for 31% of its total
land bank of 49 million square metres (sq m). It has also
established a greater presence in major economic zones, including
the Yangtze River Delta and central and western China, which
together represented 45% of the total land bank at end-1H20. The
expansion enables Aoyuan to sustain its sales growth and makes it
immune from city-specific austerity policies.

Larger Sales Scale: Aoyuan's attributable contracted sales rose by
26% to CNY98 billion in 2019, and recorded a CAGR of 62% in
2016-2019 - one of the fastest growth rates among peers. Aoyuan's
scale is comparable with 'BB' rated peers, such as CIFI Holdings
(Group) Co. Ltd. (BB/Stable) and Logan Property Holdings Company
Limited (BB/Stable).

Controlled Leverage: Aoyuan's leverage - measured as net
debt/adjusted inventory on a proportionate consolidation basis -
stayed at below 40% in 1H20 because of disciplined land
acquisition. Its cash collection is enhanced by projects disposals.
Aoyuan's non-controlling interest increased to 64% of total equity
in 1H20, from 59% in 2019, which also helped it to control
leverage.

Stable Profitability: Fitch expects Aoyuan's EBITDA margin, after
adding back capitalised interest in cost of goods sold, to stay at
above 25% in the short to medium term. The company's unbooked
revenue carried a healthy gross profit margin of more than 25% as
of end-1H20, ensuring profitability for the next two years. Average
land bank costs were low, at CNY2,727/sq m at end-1H20, or 28% of
Fitch-estimated average selling prices, as the company replenishes
land mainly through cost-friendly M&A; this contributed 63% of the
company's newly acquired land.

Higher Business Risk: Aoyuan is more exposed to industry downside
risk due to the meaningful penetration into lower-tier cities and
higher commercial property exposure than for 'BB-' peers. Its
contracted average selling price of around CNY9,484/sq m is lower
than the CNY13,500-17,000/sq m of peers, including CIFI and Logan.
However, 67% of the lower-tier land bank was in southern China and
the Yangtze River Delta at end-1H20. Fitch believes these two
property markets are more resilient than other regions.

Fitch believes Aoyuan's modest exposure to commercial-property
sales, which have a lower sell-through rate than residential
products and are more susceptible to economic cycles, leaves the
company more vulnerable to operational risk than peers that sell
only residential projects. Aoyuan's contracted sales comprised 16%
commercial properties in 1H20 under its integrated
project-development strategy. Fitch expects the product mix to
remain stable in the short term, as commercial products account for
23% of saleable resources in 2020.

DERIVATION SUMMARY

Logan is Aoyuan's most comparable peer. Logan's land bank quality
is higher than that of Aoyuan because of a stronger presence and
higher concentration in the Greater Bay Area. It also has a longer
land bank life of five years (Aoyuan: more than three years), which
puts less pressure on the company's leverage. Aoyuan, however, has
a more balanced nationwide presence.

Both CIFI and Aoyuan have similar scale and are diversified
nationwide, but CIFI has better land bank quality. The majority of
CIFI's land is in tier one and two cities and the company is more
focused in the Yangtze River Delta, where the economy is more
robust than in the rest of China. Aoyuan has faster growth due to
the rapidly expanding Greater Bay Area. It operates a fast-churn
model while keeping leverage at 35%-40%, lower than CIFI's 45%-50%.
However, CIFI has quality investment properties, including offices
and shopping malls in tier one and two cities that generate
interest coverage. This supports CIFI's rating.

Aoyuan's contracted sales scale is larger than the CNY40 billion-60
billion (on an attributable basis) of 'BB-' peers, including Yuzhou
Group Holdings Company Limited (BB-/Stable), Times China Holdings
Limited (BB-/Stable) and KWG Group Holdings Limited (BB-/Stable).
Aoyuan's land bank is more geographically diversified and larger
than that of the three peers, which are more regionally based and
have operations in less than 40 cities (Aoyuan: 90 cities).
Aoyuan's proportionate consolidated leverage is lower than Times's
40%-45% and both have similar profitability of 25%-30%. Aoyuan's
better business and financial profile is sufficient to support the
Positive Outlook.

KEY ASSUMPTIONS

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

  - CNY90 billion-110 billion of attributable sales in 2020-2021

  - Land premium accounting for 40%-50% of contracted sales each
year on a cash flow basis during 2020-2021

  - Land bank life maintained at above three years

  - Company to maintain a fast-churn business model

RATING SENSITIVITIES

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

  - Increasing scale and geographic diversification without
compromising financial metrics, including:

  - net debt/adjusted inventory sustained below 40%;

  - contracted sales/gross debt sustained above 1.2x (2019: 1.0x);
and

  - EBITDA margin sustained above 25% (2019: 28%).

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

  - Failure to reach its Positive Outlook guidelines would lead to
the Outlook being revised to Stable.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Aoyuan had CNY53.8 billion in available cash on
hand at end-1H20, sufficient to cover short-term debt of CNY47.5
billion. The company has multiple funding channels, including
onshore and offshore bank loans, and private and public bond
issuances.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

CHINA AOYUAN: Moody's Puts B2 Sr. Unsec. Rating to Proposed Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed notes to be issued by China Aoyuan Group Limited
(B1 positive).

The ratings outlook is positive.

China Aoyuan plans to use the net proceeds from the proposed notes
to refinance existing offshore debt.

RATINGS RATIONALE

"China Aoyuan's B1 CFR reflects its (1) strong execution capability
even during previous down cycles; (2) established brand in the
economically strong Guangdong Province; and (3) good access to
onshore and offshore funding," says Celine Yang, a Moody's
Assistant Vice President and Analyst.

"On the other hand, the B1 CFR is constrained by its high debt
leverage and the execution risk associated with its rapid business
expansion. The CFR also considers its modest debt capital
structure, given its relatively high level of short-term debt,"
adds Yang.

Besides, the B1 CFR is constrained by the company's growing joint
venture exposure, which could weaken its control over projects and
lowers corporate transparency.

The proposed notes issuance will lengthen China Aoyuan's debt
maturity profile and will not have a material impact on its credit
metrics, because the proceeds will mainly be used to refinance its
existing debt.

Moody's projects that the company's debt leverage - as measured by
revenue/adjusted debt - will improve to 70%-75% in the next 12-18
months from around 44% for the 12 months ended June 2020,
underpinned by its strong contracted sales growth over the past one
to two years. Similarly, its interest coverage -- as measured by
adjusted EBIT/interest coverage -- will likely improve to around
3.0x in the next 12-18 months from 2.3x during the same period.

China Aoyuan's contracted sales increased by 5% year-on-year to
RMB71.3 billion in the first eight months of 2020 due to the impact
from the coronavirus outbreak. Moody's expects contracted sales
will grow modestly in 2020 to around RMB125 billion, supported by
abundant saleable resources and the company's good execution track
record.

The B2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at the
operating subsidiaries. These claims have priority over China
Aoyuan's senior unsecured claims in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. As a result, the likely recovery rate
for claims at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has also considered the following.

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

With respect to governance risk, China Aoyuan's B1 CFR has
considered the company's concentrated ownership by its key
shareholders, Guo Zi Wen and Guo Zi Ning, who held a total 55.0%
stake in the company as of 2 July 2020. Such risk is partially
mitigated by the presence of internal governance structures and
disclosure standards, as required under the Corporate Governance
Code for companies listed on the Hong Kong Stock Exchange.

The company also has three special committees, namely an audit
committee, remuneration committee and nomination committee. All
these committees are either chaired by or dominated by independent
nonexecutive directors and exercise supervision.

The company has a stable dividend policy, as seen by its dividend
payout of around 35%-40% of its net profit over the past three
years.

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

The positive outlook reflects Moody's expectation that China
Aoyuan's credit metrics will improve over the next 12-18 months,
driven by improved revenue recognition from its sizable pre-sold,
unrecognized contracted sales and its controlled debt growth.

China Aoyuan's rating could be upgraded if the company (1) achieves
sustainable growth in its contracted sales and revenue through the
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 3.0x or above and
revenue/adjusted debt stays within 75%-80% or above on a sustained
basis; and (4) maintains good liquidity, such that its cash on hand
consistently covers its short-term debt and there is sufficient
capacity under its maintenance covenants for bank loans.

A downgrade is unlikely, given the positive outlook. However, the
outlook on the rating could return to stable if contracted sales
growth slows or becomes more volatile, or if the company's credit
metrics weaken, such that its (1) EBIT interest coverage falls
below 2.5x; (2) revenue/adjusted debt fails to trend toward 70%; or
(3) liquidity weakens, with its cash holdings slipping below 1.0x
short-term debt.

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

China Aoyuan Group Limited is one of the leading property
developers in China focusing on the development of mass market
properties. In March 2019, China Aoyuan spun off its property
management arm, Aoyuan Healthy Life Group Company Limited. (Aoyuan
Healthy Life), which was listed on Hong Kong Stock Exchange.

As of June 30, 2020, the company had property projects in China,
Australia, Canada, Hong Kong and Macao, with a total land bank of
about 48.7 million square meters in gross floor area (GFA), which
can cover around three years of property development

CHINA FORTUNE: Moody's Affirms Ba3 CFR, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable on China Fortune Land Development Co., Ltd.'s (CFLD) Ba3
corporate family rating and CFLD (Cayman) Investment Ltd.'s backed
Ba3 senior unsecured rating.

At the same time, Moody's has affirmed both ratings.

"The change in outlook to negative from stable reflects our
concerns over CFLD's weakened operating performance and the
uncertainty around the pace of recovery over the next 12-18
months," says Danny Chan, a Moody's Assistant Vice President and
Analyst.

"The change in outlook also reflects CFLD's weakened liquidity,
with sizable unpaid committed land premiums and a high level of
debt maturing or becoming puttable over the coming 12-18 months,"
adds Chan.

RATINGS RATIONALE

CFLD's Ba3 CFR reflects its standalone credit strength and a
one-notch rating uplift based on Moody's expectation that Ping An
Life Insurance Company of China, Ltd. (A2 stable), the company's
second-largest shareholder with a 25% equity stake, will provide
support to CFLD in times of need.

CFLD's standalone credit strength reflects its track record of
developing and operating industrial parks and developing
residential properties in the Beijing-Tianjin-Hebei area, and the
company's diversified revenue sources.

However, CFLD's standalone credit strength is constrained by its
high debt leverage because of high funding needs, and its
concentrated geographic coverage.

In 1H 2020, CFLD's contracted sales from residential property
development fell 59% year-over-year to RMB19.6 billion, partly
because of weakened sales in Pan-Beijing areas amid
coronavirus-related lockdowns. Moody's expects CFLD's sales
performance from residential property development to recover but
remain sluggish in the coming 12-18 months, because it will take
time for the company to ramp up its operations following its shift
in focus to non-Beijing areas in recent years.

At the same time, the company increased land acquisitions for its
commercial property development business in the 1H of 2020, which
it mainly funded by debt.

Consequently, CFLD's leverage, as measured by revenue/adjusted
debt, deteriorated to 50.0% for the 12 months ended June 2020 from
56.3% in 2019. Its EBIT/interest also weakened to 2.8x from 3.1x
during the same period. Moody's expects CFLD's leverage to remain
at around 51% over the next 12-18 months while its adjusted
EBIT/interest will slightly decline to around 2.5x over the same
period. This weakening will be driven by likely higher interest
expenses and narrowing profit margins. These ratios position CFLD
weakly at the current rating level.

Nevertheless, the company's diversified income sources will help
offset its volatile property development business. Sales from its
industrial segment grew 40% year-over-year to RMB20 billion in H1
2020, following 19% growth in 2019. Moody's also expects the
company to curb its debt growth in the next 12-18 months by
controlling the pace of its land acquisitions and enhancing cash
collections for both its property and non-property businesses.

CFLD's liquidity is weak. At the end of June 2020, the company had
RMB88 billion in debt maturing through June 2021, as well as an
estimated RMB10-15 billion unpaid committed land premiums. Its cash
holdings of RMB41 billion at the end of June 2020 and estimated
operating cash flows will not be sufficient to cover these
obligations.

Nevertheless, this liquidity risk is mitigated by CFLD's track
record of accessing different funding channels, including banks and
the capital markets, for debt refinancing to support its high
funding needs.

With regards to governance risk, Moody's has considered the
ownership concentration by its controlling shareholder, Mr. Wen-Xue
Wang, who collectively with persons acting in concert held a 37.20%
stake in the company at the end of June 2020, with 32.13% of this
stake pledged as of the same date. This risk is partly mitigated by
the presence of Ping An Life, which owns a 25.0% stake, holds two
seats on the board of directors out of a total of ten, and oversees
CFLD's corporate governance and financial management.

CFLD Cayman's senior unsecured rating is unaffected by
subordination risk from claims at the operating companies, because
Moody's expects financial support from Ping An Life to flow through
the holding company of CFLD rather than directly to the main
operating companies, thereby mitigating any difference in the
expected loss that could result from structural subordination.

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

An upgrade of CFLD's corporate family rating is unlikely in the
near term, given the negative rating outlook.

However, the rating outlook could return to stable if the company
(1) improves its execution and contracted sales growth, (2)
maintains stable margins, (3) strengthens its liquidity, and (4)
improves its credit metrics, such that revenue/adjusted debt trends
to 55%-60% and EBIT/interest to 3x.

On the other hand, CFLD's ratings could be downgraded if (1)
contracted sales and/or revenues from its industrial park business
decline, (2) credit metrics remains weak, such that
revenue/adjusted debt stays below 50%-55% and EBIT/interest below
2.25x-2.5x, or (3) its liquidity position weakens.

Any material reduction in the ownership by or signs of weakening
support from Ping A Life could also result in a downgrade of CFLD's
ratings.

The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in January 2018.

China Fortune Land Development Co., Ltd. was established in 1998
and listed on the Shanghai Stock Exchange in 2011. The company
engages in residential property development and the investment and
operation of integrated industrial parks. The company's industrial
park businesses include primary land development, infrastructure
development and construction, industry development services, and
property management and public services.



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I N D I A
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A KUMAR: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------
CRISIL said the ratings on bank facilities of A Kumar Reality
Developers (AKRD) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         10       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

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

AKRD was set up as a proprietorship firm of Mr Sanwar M Khandelwal
in 2005, to undertake residential and commercial real estate
projects in Mumbai region. The firm is a part of the Mumbai-based
Kumar Associates group.

A. D. JEYAVEERAPANDIA: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of A. D. Jeyaveerapandia
Nadar and Bros (Nagapattinam) (ADJ) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.2        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Working Capital       4.8        CRISIL B+/Stable (ISSUER NOT
   Foreign Currency                 COOPERATING)
   Term Loan             
                                    
CRISIL has been consistently following up with ADJ for obtaining
information through letters and emails dated February 12, 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 ADJ, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ADJ is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ADJ
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

ADJ was set up in 1988 as a partnership concern by Mr Jeyaprakash
and Mr Kathiresan. The firm is involved in retail and wholesale
trading of agro commodities and also exports home textile products.
It has its registered office at Chennai (TN).

ACHIEVERS BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Achievers Builders
Private Limited (ABPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            21.82       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Incorporated in March 1999 and promoted by Mr. J L Bhatia and Mr.
Vijay Bhardwaj and their family members, ABPL undertakes real
estate development in Faridabad.

ADARSHA CONTROL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Adarsha Control
Systems Private Limited (ACS) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

   Open Cash Credit       5.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Established in 1993 and based in Bengaluru, ACS is promoted and
managed by Mr Umashankar V, Mr Ramakrishna N, and Mr Nagesh H. The
company is engaged in electrical control panel building and
precision sheet metal fabrication.

ADITYASHREE CONSTN: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Adityashree
Constructions (AC) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       3        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Working Capital          5        CRISIL B+/Stable (ISSUER NOT
   Demand Loan                       COOPERATING)

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

AC, a partnership firm, based out of Aurangabad (Maharashtra), was
established in 2017 by Mr. Sunil Manekar and Mr. Kiran wadi. The
firm is engaged in civil construction business. Currently it has a
road construction project undertaken from Gannon Dunkerely and
Company Limited (GDCL).

ADMERUS BIOSCIENCES: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Admerus Biosciences
Private Limited (Admerus) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

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

   Long Term Loan        18         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Admerus Biosciences P Ltd (Admerus), incorporated in 2015, is
setting up a Clinical Contract Research Organization (CRO) which
supports pharmaceutical and biotechnology companies by providing
preclinical services and Drug Testing Laboratory services. The firm
has its facility in Hyderabad, AP. The firm is promoted and managed
by Mr. Pattabhi Ram Koppineedi.

AGRAWAL INFRABUILD: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Agrawal Infrabuild
Private Limited (AIPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         51        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            16        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit-            1        CRISIL B+/Stable (ISSUER NOT
   Book Debt                        COOPERATING)

   Proposed Short Term     2        CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated February 12, 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 AIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AIPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

AIPL, incorporated in 2005 by Agrawal family, based in Bilaspur
undertakes civil works, particularly road construction. It has
executed road construction and maintenance projects for various
state government departments and schemes such as the Public Works
Department, Pradhan Mantri Gram Sadak Yojna and for the National
Highway Authority of India in Chhattisgarh.

ALLIANCE FIBRES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Alliance Fibres
Limited (AFL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .72        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          45.73       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    9.47       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan            15.08       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Incorporated in 2006, AFL manufactures polyester staple fibre (PSF)
and partially-oriented yarn (POY) from waste PET bottles. The
company also manufactures regenerated PET flakes. The Surat-based
company is promoted by Mr. Ashwin Patel and his family members, and
is a part of the Gujarat-based Khodiyar group.

AMAR COMMUNICATION: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Amar Communication
(AMC) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

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

   Cash Credit            6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Channel Financing     12.75      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      .25      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with AMC for obtaining
information through letters and emails dated February 12, 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 AMC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AMC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AMC
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in 2006 by Mr. Aravind Kumar, Chennai-based AMC is a super
distributor of mobile phones of brands such as Apple, Micromax,
Videocon, LG, Sony, and Reliance; and home appliances of Videocon
and LG. It also has a retail outlet of Liberty shoes.

AMODA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Amoda Iron and Steel
Limited (AISL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .34        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit     3.63        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       2.79        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Open Cash Credit     9.00        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

AISL is promoted by Mr.U Kondal Rao in April 2003 and is engaged in
manufacturing of Sponge Iron which is used in induction furnaces to
produce steel bars. The Plant is located in Jaggayyapet, Andhra
Pradesh.

AMW AUTOCOMPONENT: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: AMW Autocomponent Limited
        Administrative Building
        Bhuj-Bhachau Road
        Near Village Kannaiyabe
        Bhuj-Kachchh
        Gujarat 370020

Insolvency Commencement Date: September 1, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 28, 2021
                               (180 days from commencement)

Insolvency professional: Avil Menezes

Interim Resolution
Professional:            Avil Menezes
                         416, Crystal Paradise Co-op Soc. Ltd.
                         Dattaji Salvi Marg
                         Above Pizza Express
                         Off. Veera Desai Road
                         Andheri West
                         Mumbai 400053
                         E-mail: avil@caavil.com
                                 irp.amwautocomp@gmail.com

Last date for
submission of claims:    September 15, 2020


AMW MOTORS LIMITED: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: AMW Motors Limited
        Bhachau Road
        Near Village Kannaiyabe
        Bhuj-Kachchh
        Gujarat 370020

Insolvency Commencement Date: September 1, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 28, 2021
                               (180 days from commencement)

Insolvency professional: Avil Menezes

Interim Resolution
Professional:            Avil Menezes
                         416, Crystal Paradise Co-op Soc. Ltd.
                         Dattaji Salvi Marg
                         Above Pizza Express
                         Off. Veera Desai Road
                         Andheri West
                         Mumbai 400053
                         E-mail: avil@caavil.com
                                 irp.amwmotors@gmail.com

Last date for
submission of claims:    September 15, 2020


AROMA RESTAURANTS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aroma Restaurants And
Resorts Private Limited (Aroma) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Term Loan             4          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Incorporated in 1999 and promoted by Mr. Sachin Mehndiratta and his
elder brother, Aroma operates 16 restaurants in Chennai.

ARYAN VILLA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Aryan Villa and
Resorts LLP (AVR) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

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

AVR is setting up a 70-key 5-star hotel and luxury resort on
Pakhowal Road, Ludhiana at a cost of INR64.50 crore, with
debt-funding to the tune of INR25 crore. The resort is expected to
commence operations by March 2019.

ATLANTIS PRODUCTS: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Atlantis Products
Private Limited's (APPL) Long-Term Issuer Rating of 'IND BB (ISSUER
NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB' rating on the INR230 mil. Fund-based working
     capital limits is withdrawn; and

-- The 'IND BB' rating on the INR10 mil. Non-fund-based working
     capital limits is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the rated facilities'
lenders. Ind-Ra will no longer provide a rating or analytical
coverage for APPL.

COMPANY PROFILE

APPL, a Rajiv Group company, manufactures and exports woven sack to
cement, food grain, fertilizer, and tarpaulin fabric companies.


BATLIBOI LIMITED: Ind-Ra Keeps B- Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) maintained Batliboi Limited's
Long-Term Issuer Rating in 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 continue to appear as 'IND B-
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR186 mil. Fund-based facilities maintained in non-
     cooperating category with IND B- (ISSUER NOT COOPERATING)
     rating; and

-- INR541.5 mil. Non-fund-based facilities maintained in non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 19, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1892, Batliboi manufactures machine tools, textile
air engineering machinery and air-conditioning.


BOSS COMPUTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Boss Computers
Private Limited (Boss) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             3.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Boss incorporated in 2008 is a Chandigarh based company promoted by
Mr. Narinder Pal Singh. It is engaged in trading of computer
hardware. The company have dealerships of Dell, Asus, HP, Lenovo
and Acer.

BUDS TEA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Buds Tea Industries
Limited (BITL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           20         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         8.75      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

BITL, established in 2006, manufactures and trades in the CTC
variety of tea, and has a plant near Jalpaiguri, West Bengal.

CLASSIC FOODS: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Classic Foods'
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 the
ratings. The rating will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR67.5 mil. Fund-based facilities migrated to non-cooperating

     category with IND B+ (ISSUER NOT COOPERATING) / IND A4
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 26, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Set up in 2000, Classic Foods is engaged in the trading of
agriculture products mainly nutmeg, nutmeg mace, pepper, and rice
products.


CLS INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: CLS Industries Private Limited

        Registered office:
        Plot No. 45, S.No. 89
        Meghpar, Borichi
        Anjar, Kutch
        Meghpar Borichi Kachchh
        Gujarat 370110

Insolvency Commencement Date: September 2, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 1, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Dharmendra Dhelariya

Interim Resolution
Professional:            Mr. Dharmendra Dhelariya
                         A/201, Suryadeep Tower
                         Nr. Navneet Prakashan Gurukul Road
                         Memnagar, Ahmadabad
                         Gujarat 380052
                         E-mail: dhelariya@gmail.com

                            - and -

                         Dhelariya & Assoicates
                         B-605, Titanium Square
                         Thaltej Cross Road
                         Thaltej, Ahmedabad 380054
                         E-mail: cirp.clsind@gmail.com

Last date for
submission of claims:    September 16, 2020


CROSS TRADE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Cross Trade Links
(CTL) continue to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       3.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit         3.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Set up in 2000 as a proprietorship firm by Mr Ashok Sharma, CTL
manufactures ready-made garments such as T-shirts, ladies' dresses,
and office wear, and exports entire production to South Africa, the
United States of America and the United Arab Emirates.

D. K. CHAUHAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of D. K. Chauhan (DKC)
continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (ISSUER NOT
                                    COOPERATING)
  
   Cash Credit            5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     4         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line           0.5       CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING)

CRISIL has been consistently following up with DKC for obtaining
information through letters and emails dated February 12, 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 DKC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DKC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DKC
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in 1971 as a partnership firm by Mr. D K Chauhan, DKC
constructs and repairs railway bridges for the Indian Railways.
Current promoters are Mr. Ambalal Chauhan, Mr. Purushottam Chauhan,
Mr. Kantilal Chauhan, Mr. Pradeep Chauhan, and Ms. Swati Chauhan.

DATT REALINFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Datt Realinfra Private
Limited (DRPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       9        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

DRPL was incorporated in 2012 and is engaged in the development of
residential real estate in Jabalpur, Madhya Pradesh. DRPL is
promoted and is currently being run by Mr. Sudhir Datt.

DHRUV COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhruv Cottons (DC)
continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan         2         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Cash          2         CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

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

Established in 2006, DC gins cotton at its unit in Bhainsa,
Telangana. Managing partner, Mr. C Maruti, has experience of more
than 30 years in the cotton segment.

DINESH SOAPS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dinesh Soaps and
Detergents (DSD) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Letter of Credit       60        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     15        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

DSD is a partnership firm engaged in high-seas trading of crude
palm oil. The partners have been in this business for the past two
decades.

DRS DILIP: Ind-Ra Keeps 'BB-' LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) maintained DRS Dilip Road Lines
Private Limited's Long-Term Issuer Rating in 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
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR150 mil. Fund-based facilities maintained in non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 30, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009, DRS Dilip Road Lines is engaged in the
transportation of household items, commercial and industrial goods,
and parcel movement across the country. It operates through its 100
branch offices and agencies. DRS Dilip Road Lines acquired its
group company DRS Warehousing (South) Private Limited in April
2017.


ENTALLY ASTHA: Ind-Ra Keeps 'D' Term Loan Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Entally Astha's
term loan rating in the non-cooperating category. The issuer did
not participate in the rating exercise, despite continuous requests
and follow-ups by the agency. Therefore, investors and other users
are advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The instrument-wise rating action is:

-- INR100 mil. Term loan (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
September 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Entally Astha, established in 2004-2005, was incorporated under the
Society Registration Act, 1961. Its head office is in Kolkata.
Since April 2010, it has been engaged in microfinance operations
through the self-help group model and various livelihood
programmes.


EXCLUSIFE TECHNOSOFT: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Exclusife Technosoft Private Limited

        Registered office:
        B-1/307 Sunrise Apartments
        Sector 13, Rohini
        North West Delhi 110085

Insolvency Commencement Date: September 1, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 28, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Ashok Kriplani

Interim Resolution
Professional:            Mr. Ashok Kriplani
                         10/18, First floor
                         Old Rajinder Nagar
                         New Delhi 110060
                         E-mail: ashok.kriplani1956@gmail.com

                            - and -

                         17/13, Ground floor
                         Old Rajinder Nagar
                         New Delhi 110060
                         E-mail: exclusifecirp@gmail.com

Last date for
submission of claims:    September 15, 2020


FORZZA REALTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Forzza Realtors
Private Limited (FRPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

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

FRPL was set up as private limited company in November 2012. It
leases warehouse space in land adjacent to the Calicut national
highway (Kerala).

FRESCO CERAMIC: CRISIL Assigns B+ Rating to INR4.71cr Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Fresco Ceramic Private Limited (FCPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.7         CRISIL A4 (Assigned)
   Cash Credit          3.0         CRISIL B+/Stable (Assigned)
   Term Loan            4.71        CRISIL B+/Stable (Assigned)

The ratings reflect susceptibility of FCPL's profitability to
volatile raw material costs, modest scale of operation and working
capital intensive operations. These weakness are partially offset
by extensive industry experience of its promoters, strategic
location of plant and healthy debt protection.

Key Rating Drivers & Detailed Description

Weakness:
* Susceptibility of its profitability to volatile raw material
costs : Raw materials such as different types of clays, feldspar,
silica, kaolin, and carbonates account for 50 to 60 per cent of the
total cost of sales of ceramic tiles, while gas and power cost
consist of 20 to 25 per cent of the total cost of sales. Therefore
operating margins will continue to remain susceptible to raw
material price volatility.

* Modest scale of operation: FCPL's business profile is constrained
by its modest scale of operations reflected in sales of around
INR12.69 crore in fiscal 2020 in the intensely competitive building
products industry. FCPLs scale of operations will continue limit
its operating flexibility.

* Working capital intensive operations: Gross current assets (GCA)
of the company was high at around 255 days as on March 31, 2020.
Its large working capital requirements arise from its high debtor
of around 126 days and inventory of 117 days. GCA days are expected
to remain high over the medium term as well.

Strength:

* Experience of promoters: Benefits derived from the promoters'
decade-long experience and, healthy relations with customers and
suppliers, should continue to support the business.

* Strategic location of plant: Manufacturing facility is at Morbi
(Gujarat), which is tile manufacturing hub of India, thus ensuring
easy availability of raw materials and labour.

* Healthy debt protection:  FCPL's debt protection measures have
been at comfortable level despite leverage due to moderately
healthy profitability. The interest coverage and net cash accrual
to adjusted debt (NCAAD) ratio are at 3.82 times and 0.14 times for
fiscal 2020. FCPL debt protection measures are expected to remain
at similar level over medium term.

Liquidity Poor

Liquidity is poor marked by modest cash accruals of INR0.87-1.20
crore in fiscal 2021 and fiscal 2022 respectively against repayment
obligation of INR0.75- 0.85 crore. Company has fund based limits of
INR3 crore which is highly utilized to the tune of 95% for the last
12 months ended June 2020. Additional bank lines and timely funding
support from promoters is expected to support liquidity over the
medium term.

Outlook: Stable

CRISIL believes FCPL will continue to benefit over the medium term
from the extensive experience of proprietor.

Rating Sensitivity factors

Upward factors
* Improvement in cash accruals to over INR1 crore on sustained
basis
* Improvement in capital structure

Downward factors
* Ratio of net cash accruals to repayment obligation of less than 1
time
* Increase in working capital requirement
* Crystallization of contingent liability, weakening the financial
risk profile especially liquidity

FCPL is a private limited company incorporated in 2006, in the
Morbi district of Gujarat. FCPL has set up a manufacturing unit of
glazed vitrified tiles. With installed capacity of 9000 box per day
(each box has 10 tiles).

G. K. INTERNATIONAL: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of G. K. International
(GKI) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of GKI and Gopi Chand Krishan Kumar Bhatia
(GCK). This is because the two firms, together referred to as the
Gopi Chand group, have significant business linkages and are in the
same line of business. Also, at the operational level, the firms
share common administrative infrastructure with common procurement,
finance, and management teams.

The Gopi Chand group imports and trades in dry fruits such as
almonds and pistachios. GKI, set up in 1984, is a proprietorship
concern and is managed by Mr. Vikram Bhatia. GCK is a
proprietorship concern under Mr. Krishan Kumar Bhatia HUF and is
actively managed by his son Mr. Vikram Bhatia.

GAGAN WINE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Gagan Wine Trade and
Financers Limited (GWTFL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            17        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      8        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

GWTFL is a closely-held public limited company, based in Delhi. It
was incorporated in 1996 by promoter, Mr. Shiv Lala Doda, who has
experience of over two decades in the liquor distribution business.

GLOBAL TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Global Tanning
Industries (GTI) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Foreign Bill          4.5        CRISIL D (ISSUER NOT
   Purchase                         COOPERATING)

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

   Overdraft              .19       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    4.75       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             1.56       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Established in 2003, Kolkata-based GTI tans raw hide and
manufactures leather gloves. Mr Dilshad Elahi is the promoter.

GOPI CHAND: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Gopi Chand Krishan
Kumar Bhatia (GCK; part of the Gopi Chand group) continues to be
'CRISIL B+/Stable Issuer Not Cooperating'.

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

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of G. K. International (GKI, rated 'CRISIL
B+/Stable Issuer Not Cooperating') and GCK. This is because the two
firms, together referred to as the Gopi Chand group, have
significant business linkages and are in the same line of business.
Also, at the operational level, the firms share common
administrative infrastructure with common procurement, finance, and
management teams.

The Gopi Chand group imports and trades in dry fruits such as
almonds and pistachios. GCK is a proprietorship concern under the
Mr. Krishan Kumar Bhatia HUF and is actively managed by son Mr
Vikram Bhatia. GKI, set up in 1984, is a proprietorship concern and
is managed by Mr. Vikram Bhatia.

HOLLYWOOD OPTICIANS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Hollywood Opticians Private Limited
        B-607, BSEL Tech Park
        Plot no. 39/5 & 39/5A
        Sector 30-A, Vashi
        Navi Mumbai, Maharashtra
        India 400705

Insolvency Commencement Date: September 8, 2020

Court: National Company Law Tribunal, Navi Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 7, 2021

Insolvency professional: Balkirshan Sharma

Interim Resolution
Professional:            Balkirshan Sharma
                         Flat No. 302
                         Om Apartment, 3rd Floor
                         Plot No. 667 & 670
                         Sector-20, Nerul (W)
                         Navi Mumbai 400706
                         E-mail: balkrishanassociates@gmail.com
                                 cirp.hopl@gmail.com

Last date for
submission of claims:    September 22, 2020


KARAN AUTOMOBILES: CRISIL Keeps B+ Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Karan Automobiles (A
Unit of Bikaner Distributors Pvt. Ltd.) (KA) continues to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Inventory              6         CRISIL B+/Stable (ISSUER NOT
   Funding Facility                 COOPERATING)

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

KA is an authorised dealer of two-wheelers of HMCL in Bikaner,
Rajasthan.

KARYAVATTOM SPORTS: Ind-Ra Keeps 'D' Loan Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Karyavattom
Sports Facilities Limited's bank loans in 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
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR2.415 bil. Senior project bank loans (Long-term) maintained

     in the non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note:  ISSUER NOT COOPERATING; the ratings were last reviewed on
July 30, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Karyavattom Sports Facilities is a special purpose vehicle
sponsored by IL&FS Transportation Networks ('IND D') It was set up
to develop a multi-purpose greenfield stadium in Karyavattom,
Thiruvananthapuram, Kerala, on a design, build, operate and
transfer annuity basis. The project achieved the final completion
date on February 29, 2016.


LINCOLN INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Lincoln Industries
Limited (LIL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

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

LIL, established in February 1983, gins cotton and manufactures oil
and oil cakes from cotton seeds. The company also trades in cotton
and cotton seeds. Mr. Praveen Chand Dhandhania, Mr. Shyam Sunder
Bhageria, Mr. Sushil Kumar Sureka, Mrs. Rinku Dhandhania, and Mr.
Sushovan Saharoy are the company's directors. Its operations are,
however, primarily managed by Mr. Dhandhania and Mr. Bhageria.

M.P. ENTERTAINMENT: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded M.P.
Entertainment and Developers Private Limited's (MPEDPL) Long-Term
Issuer Rating to 'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency.

The instrument-wise rating action is:

-- INR1.0 bil. Term loan due on July 2033 downgraded with IND BB
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating based on
best-available information.

KEY RATING DRIVERS

The downgrade is pursuant to SEBI Circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. As per the
circular, any issuer having an investment-grade rating remaining
non cooperative with a rating agency for over six months should be
downgraded to sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect MPEDPL's credit strength as the issuer has been
non-cooperative with the agency since March 3, 2020. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

COMPANY PROFILE

MPEDPL is a part of Indore-based C-21 Group. It owns and operates
the Malhar Mega Mall in Indore. The total constructed area of the
mall is 0.3 million square feet, with a gross leasable area of 0.25
million square feet.


MAVIS SATCOM: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Mavis Satcom Limited
(MSL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        20.7       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Established in 1998, MSL broadcasts 4 Tamil language pay channels
Jaya Tv, Jaya Plus, Jaya Max and JMovie. Mrs Prabha Sivakumar, who
has more than 10 years of experience in the media industry, manages
operations.

PRE UNIQUE: Ind-Ra Moves 'B' LT Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pre Unique (India)
Private Limited'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 B (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

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

COMPANY PROFILE

Incorporated in November 2015, Hyderabad-based Pre Unique (India)
is engaged in the design, supply, and fabrication and commissioning
of palm oil mills and the construction of captive power and
effluent treatment plants at such mill sites.


RELIANCE COMM: Court Refuses to Resume Insolvency Case vs. Ambani
-----------------------------------------------------------------
Upmanyu Trivedi at Bloomberg News reports that India's Supreme
Court rejected a petition by State Bank of India, the nation's
largest lender, to allow a personal bankruptcy case against tycoon
Anil Ambani to resume.

A three-judge panel headed by Justice L. Nageswara Rao ruled that
the bankruptcy case against the former billionaire will remain
suspended and directed the Delhi High Court to decide on Ambani's
challenge to provisions of India's insolvency law, according to
Bloomberg.

Bloomberg says the case is among the first high-profile ones after
rules were set for personal bankruptcy last year. Bankers and
investors in stressed assets are keenly watching the case as its
final outcome may decide the power of lenders in taking action
against founders who guaranteed repayments of loans by companies
that later went bankrupt, Bloomberg states.

"To declare a man as bankrupt has serious consequences," Bloomberg
quotes Harish Salve, the lawyer representing Ambani as saying in
court. The argument by lenders citing tens of billions of rupees of
loans was "delightful rhetoric," Salve said.

A bankruptcy tribunal had in August agreed to hear State Bank's
petition to initiate proceedings against Ambani, who guaranteed
loans worth about $160 million to his two telecommunication
companies, Bloomberg recalls. The tribunal appointed a bankruptcy
administrator to assess SBI's claims. Ambani challenged the case in
Delhi High Court, which suspended the bankruptcy case proceedings
against him in order to decide on his broader challenge to certain
parts of the country's insolvency law, the report relates.

Bloomberg says the state-controlled lender appealed to the top
court saying such a suspension of bankruptcy case was not legal and
would frustrate the provisions of law.

                   About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.  

The National Company Law Tribunal on May 9, 2019, allowed Reliance
Communications (RCom) to exclude the 357 days spent in litigation
and admitted it for insolvency.  With this, RCom, which owes over
INR50,000 crore to banks, has become the first Anil Ambani group
company to be officially declared bankrupt after the NCLT on May 9
superseded its board and appointed a new resolution professional to
run it and also allowed the SBI-led consortium of 31 banks to form
a committee of creditors.

SATRAMDAS AND CO: CRISIL Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Satramdas and Co.
(SAC; part of the Agicha group) continues to be 'CRISIL C/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Letter of Credit       7        CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Working Capital       10        CRISIL C (ISSUER NOT
   Term Loan                       COOPERATING)

CRISIL has been consistently following up with SAC for obtaining
information through letters and emails dated February 12, 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 SAC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SAC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SAC
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SAC and Jawahar Saw Mills Pvt Ltd
(JSMPL). The entities, together referred to as the Agicha group,
are managed by the same promoter family, and trade in the same
product. There have been instances of financial transactions
between them, and they share infrastructure, and procurement,
finance, and management teams.

The Agicha group, founded by the Agicha family in 1956, trades in
timber logs. Its operations are managed by Mr. Manohar Agicha.


SOHRAB SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sohrab Spinning Mills
Limited (SSML) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            16        CRISIL D (ISSUER NOT
                                    COOPERATING)
   
   Letter of Credit        2        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      2        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              12        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Set up in 1989 by Mr Amjad Ali, SSML manufactures industrial yarn
that finds application mainly in the tyre industry. The remaining
revenue is derived from manufacture of hosiery yarn. The company
has a manufacturing facility in Malerkotla, Punjab.

UM LOHIA TWO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Um Lohia Two Wheelers Private Limited

        Registered office:
        TA/207, Ravidas Marg
        Tuglakabad Extension
        New Delhi 110019
        IN

        Principal office:
        A-79, DDA Shed
        Okhla Industrial Area
        Phase-II
        New Delhi 110020
        IN

Insolvency Commencement Date: September 7, 2020

Court: National Company Law Tribunal, New Delhi, Bench-VI

Estimated date of closure of
insolvency resolution process: March 5, 2021
                               (180 days from commencement)

Insolvency professional: Satya Prakash

Interim Resolution
Professional:            Satya Prakash
                         B-277, Gali No. 14
                         Tomar Colony
                         Burari, Delhi 110084
                         E-mail: cs.satyaprakash@gmail.com
                                 cirp.umlohia@gmail.com

                            - and -

                         7th Floor, Mayur Bhawan
                         Shankar Market
                         Connaught Circus
                         New Delhi 110001

Last date for
submission of claims:    September 23, 2020


UNILEC ENGINEERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Unilec Engineers Limited
        II/114, Sadar Bazar
        Delhi Cantt
        New Delhi 110010

Insolvency Commencement Date: September 8, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 7, 2021
                               (180 days from commencement)

Insolvency professional: Mansij Arya

Interim Resolution
Professional:            Mansij Arya
                         Off. No. 308-310
                         B.No. 30-31
                         Aggarwal Chambers-2
                         Veer Savarkar Block
                         Shakarpur, Delhi 110092
                         E-mail: pcsmansij@gmail.com
                                 cirp.unileceng@gmail.com

Last date for
submission of claims:    September 23, 2020


VARDHMAN VITRIFIED: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Vardhman Vitrified Private Limited
        S.No. 113/1, & 113/2/1
        Village-Lakaddhar
        Tal: Wankaner
        Lakaddhar Rajkot 363622
        Gujarat IN

Insolvency Commencement Date: September 10, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 9, 2021

Insolvency professional: Sunit Jagdishchandra Shah

Interim Resolution
Professional:            Sunit Jagdishchandra Shah
                         303, 3rd Floor, Abhijeet-1
                         Opp. Bhuj Mercantile Bank
                         Mithakhali Six Roads
                         Navrangpura, Ahmedabad
                         E-mail: sunit78@gmail.com
                                 cirp.vvpl@gmail.com

Last date for
submission of claims:    September 25, 2020


VINOD KUMAR: Ind-Ra Keeps BB- Issuer Rating Then Withdraws Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vinod Kumar
Pandey's Long-Term Issuer Rating to 'IND BB- (ISSUER NOT
COOPERATING)' and simultaneously withdrawn it.

The instrument-wise rating actions are:

-- The 'IND BB-' rating on the INR40 mil. *Fund-based working
     capital limits maintained in NCO and withdrawn; and

-- The 'IND A4+' rating on the INR70 mil. **Non-fund-based
     working capital limits maintained in NCO and withdrawn.

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

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

KEY RATING DRIVERS

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

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

COMPANY PROFILE

Raipur-based Vinod Kumar Pandey is registered as Class-A contractor
with the government of Chhattisgarh.


VIPUL ORGANICS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vipul Organics
Limited'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 actions are:

-- INR85 mil. Term loan due on March 2023 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR255 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR31.5 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 24, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1967 and managed by Mr. Sharad K Babaria, Vipul
Organics manufactures dyes, chemicals and intermediates.


WINDSOR PAPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Windsor Papers Private Limited
        801, Avdhesh House
        Opp. Guru Govind Gurudwara
        S.G. Highway, Thaltej
        Ahmedabad Gujarat 380054
        India

Insolvency Commencement Date: September 4, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 3, 2021

Insolvency professional: Amrish Navinchandra Gandhi

Interim Resolution
Professional:            Amrish Navinchandra Gandhi
                         Shivalik Abaise-504
                         Opp. Shell Petrol Pump
                         Near Anand Nagar Bus Stand
                         Satellite, Ahmadabad
                         Gujarat 380015
                         E-mail: amrishgandhi72@gmail.com

Last date for
submission of claims:    September 23, 2020




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

STA TRAVEL: More Bad News for Travellers as Debts Surpass NZD10MM
-----------------------------------------------------------------
Stuff.co.nz reports that there's more bad news for travellers, as
STA Travel Group's debts surpass NZD10 million.

The group's three New Zealand businesses went into administration
last month and a decision on whether they will be liquidated is due
before the end of the month, Stuff says.

According to Stuff, administrator Deloitte said more than NZD10
million is owed to 1000-plus registered creditors and its first
report due out on Sept. 21 will outline options for affected
customers, but prospects for refunds or useable credits are not
looking good.

Stuff relates that Deloitte said airline refunds to STA Travel were
not held in a trust account, and customers owed this money were
therefore unsecured creditors.

That is bad news for Heidi Jordan who paid close to NZD10,000 for a
long-planned six-week trip to the Middle East in May booked with
Emirates and tour company G Adventures, says Stuff.

Stuff relates that the Wellingtonian was surprised and upset to
learn that global operator STA Travel, which had 11 branches here,
did not have a trust fund.

"My loss represented two years of saving my butt off to prepay a
holiday to celebrate my fortieth, and almost two years working
without a break to save the leave, and when the trip was cancelled
I was devastated," Stuff quotes Ms. Jordan as saying.

"STA told me the companies were offering credit but were refusing
refunds, but they would work hard to get my money back."

On contacting the airline, Ms. Jordan learned she still had an open
ticket that will expire in 18 months, and the tour company told her
it had received no money at all, not even the NZD350 deposit she
paid STA last year.

Stuff notes that the Commerce Commission was investigating STA
Travel over allegedly misrepresentating rights to refunds after
receiving 55 complaints since February, but as the company was no
longer trading, it had closed the investigation.

Customers who paid STA Travel by credit or debit cards can apply
for a chargeback through their banks or credit card providers, and
some have successfully done so, Stuff says.

According to Stuff, online chargeback service Refund Club was set
up by Nick Bartlett after he and his family struggled to get
flights refunded after Covid-19 hit, and it has a dedicated page
for STA customers which had attracted 26 users since launching on
Sept. 15.

Like Ms. Jordan, fellow Wellingtonian Colin McCrae paid through
bank transfer, and he said efforts to get it reversed were
unsuccessful.

He recently wrote to Consumer Affairs Minister Kris Faafoi asking
him if STA Travel customers could be included in a consumer travel
reimbursement scheme which pays travel agents a set percentage to
refund NZD690m in cancelled travel, and an online petition backing
that call to help STA customers has so far attracted more than 600
signatures, Stuff relates.

Stuff says major travel agents lobbied for the reimbursement
scheme, arguing that if agencies closed after becoming insolvent,
customers could be left to try to negotiate refunds with multiple
suppliers.

Mr. McCrae said he contacted Faafoi because the collapse of STA
Travel has left many customers with nowhere to turn.

"Many of us are hitting road blocks with our airline, accommodation
and tour providers all referring us back to a company that has no
way of being contacted."

Faafoi said that where an agency such as STA Travel had entered
into insolvency, those controlling the business may decide not to
join the reimbursement scheme and continue processing credits and
refunds for customers, Stuff relays.

Stuff adds that Deloitte said it was still exploring that option,
and encouraged creditors to register claims if they had not already
done so.

It is also working with Immigration NZ over the issue of work
exchange visas processed through STA Travel Group offshoot IEP New
Zealand.

Stuff says INZ suspended the work exchange programme back in March,
but when it was operating applications could only be made by people
outside the country.

However, some IEP customers claim they were recently told they
could apply from within New Zealand, and they had paid NZD1600 for
a service that was not available, 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
=================

PUMA ENERGY: Moody's Affirms B1 CFR, Outlook Negative
-----------------------------------------------------
Moody's Investors Service affirmed Puma Energy Holdings Pte. Ltd's
B1 corporate family rating (CFR) and downgraded the probability of
default to B1-PD from Ba3-PD. Moody's also downgraded to B1 from
Ba3 the backed senior unsecured notes issued by Puma International
Financing S.A. and guaranteed by Puma. The outlook remains
negative.

RATINGS RATIONALE

The downgrade of the probability of default to B1-PD and of the
senior unsecured notes to B1 from Ba3-PD and Ba3 respectively
reflects the increased probability of default of the company's
rated debt, given the reduced cushion provided by the shareholder
loan in a more levered capital structure. Accordingly, Moody's has
aligned the notes ratings with the CFR and applied a 50% recovery
rate, as it is customary in a capital structure with bank and bond
debt.

The affirmation of the CFR reflects Moody's expectation that the
volumes of fuel and refined oil products sold by the company will
return broadly in line with the levels seen before the coronavirus
outbreak by the end of 2020, assuming no further lockdowns, with
the exception of Aviation fuel which is going to take longer to
recover. However, the continued negative outlook also reflects a
high degree of uncertainty in the macro-economic climate as well as
the continuing execution risk for the company to de-lever its
balance sheet further to a level more commensurate with the B1
rating level.

During the coronavirus lockdown, mobility was restricted across
many of the countries in which Puma operates, leading to a weak
demand for its products. Volumes sold in Q2 declined by 16%, with
the sharpest drop in April of 24%. In H1 2020, reported EBITDA grew
by 2% compared the first half of 2019, but it significantly
benefitted from a temporary $100 million price adjustment support
mechanism guaranteed by Puma's shareholders.

The consequences of the coronavirus pandemic also resulted in
sizeable working capital outflows in H1, primarily a higher
inventory build-up (including contango positions in order to take
advantage of low prices) and a deterioration in receivables given
the more difficult market conditions for Puma customers. As
lockdowns have eased, volumes and margins have improved and are
progressively returning to pre-coronavirus levels. Assuming no
further lockdowns, Moody's also expects working capital to improve
over the second half of the 2020, even though the timing and
magnitude of this remains uncertain.

Consequently, Moody's adjusted debt/ EBITDA rose to 6.4x in the LTM
to June 2020 from 6.0x in 2019, still outside the range expected
for a B1 rating. Moody's expects the company's reported EBITDA in
2020 to be broadly in line with 2019, noting that is significantly
sustained by the shareholder support to offset the operational
weakness due to the coronavirus pandemic.

Puma has completed the disposals of its Paraguayan and Australian
Fuels businesses and it plans to dispose additional $100 million of
other non-core assets ($24 million already achieved to date) in
2020. Puma has committed to apply 75% of the proceeds to repay
debt, even though it has decided to keep the cash on balance sheet
to momentarily bolster liquidity and it will repay debt
progressively, as the market outlook improves. On the basis of
these assumptions, Fitch expects the Moody's adjusted leverage of
Puma to be around 5.6x in 2020.

Moody's continues to flag that the Angola-based operations, which
used to represent around 27% of the company's EBITDA in 2017 and
have been performing weakly since then, are unlikely to experience
any meaningful recovery in 2021 given the uncertainty over the
phasing of any future pump price adjustments.

LIQUIDITY

Puma's liquidity is adequate in the near term despite its lack of
access to multi-year committed bank facilities.

At June 2020, Puma Energy reported cash and cash equivalents of
around $765 million (of which approximately $85 million are
restricted) and had access to committed bank credit lines of $616
million (drawn for $186 million at June 2020), expiring in May 2021
but with term-out options, to which Moody's gives limited credit in
its liquidity assessment. These liquidity sources, together with
the free cash flow generation expected over the next 12 months,
should be sufficient to repay the debt that is maturing in the
following 12 months of $1.5 billion, even though the company has
historically used several short-term bank facilities, especially on
an operating subsidiaries level, and a part of this debt is
expected to be rolled over.

Puma continues to have access to a $500 million committed
shareholder loan from Trafigura, which remains undrawn and matures
in September 2023, but Moody's cautions that this loan is dependent
on the credit quality of Trafigura, and therefore gives a lower
credit to it in its liquidity assessment than the one given to a
traditional revolving credit facility (RCF) granted by a banking
group.

ESG CONSIDERATIONS

Refining and marketing is among the 11 sectors identified by
Moody's with elevated credit exposure to environmental risk. The
sector is exposed to a decrease in demand for oil products in the
long term and tightening regulations. However, Puma Energy's strong
focus on developing markets in Africa, Central and South America,
and Asia should leave it relatively sheltered from a potential
rapid uptake of electric vehicles.

From a corporate governance standpoint, global commodity trader
Trafigura holds just less than 50% of the voting rights in Puma
Energy and is in a minority at the Board. Trafigura supplies about
two-thirds of the refined oil products distributed and marketed by
Puma Energy, which also uses its parent's trading platforms to
hedge its fuel inventories. In this context, Moody's notes that any
material weakening of Trafigura's credit profile may have a
detrimental effect on Puma Energy. Sonangol, the state oil company
of Angola, which is the group's other major shareholder, with a
31.5% stake, supplies all of Puma Energy's oil products distributed
in Angola.

Trafigura and Sonangol have historically provided financial support
for Puma Energy's growth via shareholder loans, committed borrowing
facilities, and conversion of loans to equity.

RATING OUTLOOK

The negative outlook largely reflects the persistent pressure
weighing on Puma Energy's operating profitability and the execution
risk associated with its deleveraging strategy amid considerable
uncertainty weighing on the global macro-economic environment.

The stabilisation of the outlook will be predicated on Puma
Energy's ability to achieve some, even modest, sustainable recovery
in operating results in 2020 and 2021. This should allow some
material deleveraging with adjusted total debt to EBITDA falling
back below a level of 5.5x in the next 12 months.

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

The ratings may be downgraded should Puma Energy fail to (i)
achieve a material and sustainable recovery in operating
profitability; (ii) reduce financial leverage after its planned
divestments so that Moody's-adjusted total debt to EBITDA falls
below 5.5x in the next 12 months; or (iii) maintain adequate
liquidity, including insufficiently pro-active management of its
debt maturity profile.

While unlikely at this juncture, a rating upgrade would require:
(i) some material strengthening in the group's business profile
underpinning a sustained improvement in operating profitability
(ii) some permanent deleveraging ensuring that Moody's-adjusted
total debt to EBITDA keeps below 4.5x

LIST OF AFFECTED RATINGS

Issuer: Puma Energy Holdings Pte. Ltd

Affirmation:

Corporate Family Rating, Affirmed B1

Downgrade:

Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

Outlook Action:

Outlook, Remains Negative

Issuer: Puma International Financing S.A.

Downgrade:

Backed Senior Unsecured Regular Bond/Debenture, Downgraded to B1
from Ba3

Outlook Action:

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Midstream
Energy published in December 2018.

COMPANY PROFILE

Puma Energy Holdings Pte. Ltd is an integrated midstream and
downstream oil products group active in Africa, Latin America,
North East Europe, the Middle East and Asia-Pacific. Trafigura
Beheer B.V., a global commodity and logistics firm, established
Puma Energy in 1997 as a storage and distribution network in
Central America, and the company has since grown into a global
network operating across 43 countries worldwide, with approximately
7.6 million cubic metres of storage capacity and a network of
approximately 3,000 retail service stations across Africa, Latin
America, Asia and Australia. In 2019, Puma Energy sold 22.3 million
cubic metres of oil products and its facilities handled around 14.2
million cubic metres of petroleum products.

SINGAPORE AIRLINES: Pilots Agree to Deeper Pay Cuts to Save Jobs
----------------------------------------------------------------
Ishika Mookerjee at Bloomberg News reports that Singapore Airlines
Ltd. pilots have agreed to further pay cuts to remain in
employment, the carrier said on Sept. 19.

According to Bloomberg, the city-state's flag carrier and the Air
Line Pilots Association - Singapore reached the agreement on Sept.
18 and the company will implement the measures for all remaining
pilots in Singapore Airlines and SilkAir with effect from Oct. 1.
The deal will help to mitigate further job losses for pilots, it
said.

Under the agreement, salaries for re-employed captains and first
officers will be cut by 60% and 50% respectively, the Straits Times
reported, citing an internal circular, Bloomberg relays. This
includes a 10% reduction to the monthly variable component of their
pay, the newspaper, as cited by Bloomberg, said.

Currently employed captains will have pay reduced by as much as
28.5%, while first officers' salaries will be cut by up to 18.5%,
the newspaper said. The agreement holds until March 31, 2022,
according to the Straits Times.

The troubled carrier announced earlier this month that it will
eliminate 20% of its workforce--or about 4,300 jobs--across its
business and the SilkAir and Scoot units as it struggles amid a
standstill in international air travel, Bloomberg recalls. The
company put staff on unpaid leave, and pilots and cabin crew who
are not flying no longer receive flight allowances, Bloomberg adds
citing a Straits Times report in August.

Unlike many of its peers, Singapore Airlines initially managed to
resist job cuts, though some staff were redeployed to work in
hospitals, social services and on Singapore's transport networt.

The airline operated at about 8% of passenger capacity in August.
It carried around 40,000 passengers last month, compared with 3.3
million a year earlier, Bloomberg notes.

                     About Singapore Airlines

Headquartered in Singapore, Singapore Airlines Limited provides air
transportation, engineering, pilot training, air charter, and tour
wholesaling services.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
31, 2020, Egan-Jones Ratings Company downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Singapore Airlines Limited to BB from BBB-.



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

THAI AIRWAYS: Sacked Wingspan Workers Seek Government Aid
---------------------------------------------------------
Bangkok Post reports that the State Enterprises Workers' Relations
Confederation (Serc) on Sept. 17 urged the government to secure
financial assistance for the almost 2,600 workers laid off by
Wingspan Services, a subsidiary of Thai Airways International
(THAI).

According to the Post, about 150 former Wingspan workers and Serc
secretary-general Savit Kaewwan submitted a letter of complaint to
Prime Minister Prayut Chan-o-cha at Government House through Suporn
Atthawong, vice minister to the PM's Office.

The Post relates that the letter stated that Wingspan had sacked
2,598 employees, effective on Sept 1, because THAI flights have
remained suspended since the end of March due to the Covid-19
pandemic.

The airline has suffered staggering losses, which have had a direct
knock-on effect on Wingspan, which provides personnel recruitment
services for the national carrier, the Post says.

Wingspan, which employed 3,320 people, suspended its staff on April
1.

                         About Thai Airways

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

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May
19.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

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




===============
X X X X X X X X
===============

ASIA PACIFIC: Faces 'Financial Crisis', World Bank's IFC Warns
--------------------------------------------------------------
Reuters reports that the Asia-Pacific region risks a damaging
financial crisis from a surge of non-performing loans caused by
rising insolvencies, a senior official from the World Bank Group's
private sector arm said.

In an interview with Reuters, Alfonso Garcia Mora, Vice President
for Asia and the Pacific of the International Finance Corp (IFC),
said bankruptcies were expected to rise by 30% because of the
economic crisis caused by the new coronavirus pandemic.

While many firms have been given moratoriums on their loan
repayments, many central banks are not requiring financial
institutions to regularly monitor these firms' solvency. This, said
Mr. Garcia Mora, was "very dangerous," Reuters relays.

"What can happen is that when the bank opens their books in six
months, or in 12 months, they will realise that their
non-performing loans ratio is not 2% but 20%," Reuters quotes Mr.
Garcia Mora as saying. "This is why I am very concerned about the
sequencing of this crisis. We started with a health care crisis,
that's clear. We went into an economic crisis, and we might end up
in a financial crisis."

About 50% of firms will not have enough income to service their
loans in the coming year, Garcia Mora said, citing an analysis by
the World Bank and the Bank for International Settlements, notes
the report.

With a few exceptions, Mr. Garcia Mora said the region's judicial
systems were unprepared for a leap in insolvency cases. There was
also a lack of simplified methods for smaller firms to declare
bankruptcy and start again, he said, according to Reuters.

"We will have probably many zombie firms around that will not be
able to liquidate," he said, the report relays. "There are other
cases where we will need to liquidate firms that should not be
liquidated."

In its most recent forecasts in June, the World Bank estimated that
the Asia-Pacific economy would contract by 0.5% in 2020, its lowest
rate since 1967, Reuters discloses.

Globally, the World Bank has estimated 100 million people to fall
into "extreme poverty", where they earn $1.90 a day or less. About
half of the newly poverty-stricken will come from the Asia-Pacific,
mostly in South Asia, Mr. Garcia Mora said.

"We are facing an extremely dire situation as far as youth
unemployment is concerned," he said, with 10 million to 15 million
youth jobs predicted to be lost across the Asia-Pacific.

According to Reuters, governments needed to use their "limited
fiscal space" to target the most vulnerable; promote the digital
and green economies; and reform sectors dominated by inefficient
and heavily-subsidised state-owned enterprises.

"This is the time to open the market, to allow private participants
to come, to allow all these new entrepreneurs to start coming into
the economy," he said.

Without these reforms to state-owned enterprises, many of those who
lost their jobs could end up in the informal economy, with little
protections and low salaries, Reuters relays.

The IFC has allocated more than $7 billion to boost the liquidity
of businesses in the region for the fiscal year ending June 2021,
with a focus on small and medium enterprises.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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