/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/201231.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, December 31, 2020, Vol. 23, No. 262 Headlines A U S T R A L I A FURNISHED PROPERTIES: First Creditors' Meeting Set for Jan. 12 HUNGA BUSTERS: First Creditors' Meeting Set for Jan. 11 LIBERTY FUNDING 2020-4: Moody's Assigns Ba2 Rating to Class E Notes REDWOOD CONSTRUCTION: First Creditors' Meeting Set for Jan. 8 VIPCORP (AUST): First Creditors' Meeting Set for Jan. 8 C H I N A CBAK ENERGY: Three Proposals Passed at Annual Meeting KUNMING CONSTRUCTION: Moody's Alters Outlook on Ba1 CFR to Negative YONGCHENG COAL: Default Leaves Ratings Agency Banned for 3 Months I N D I A BALAJI IMPEX: CRISIL Lowers Rating on INR26cr Loan to D DIPAK J BHIVARE: CRISIL Keeps D Debt Ratings in Not Cooperating F.ROBIN POLYMERS: CRISIL Withdraws D Ratings on INR20cr Loans GURU GOBIND: CRISIL Keeps D on INR13cr Loans in Not Cooperating HINDUSTAN OIL: NCLT Dismisses Appeal to Regain Kharsang Field HITECH PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating LIVTAR SINGH: CRISIL Lowers Rating on INR14cr Cash Loan to D MBR GROUP: CRISIL Keeps D on INR50cr Loan in Not Cooperating SIDDHAM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating SIVARAM YARNS: CRISIL Keeps D Debt Ratings in Not Cooperating SK. CHAN: CRISIL Keeps D Debt Ratings in Not Cooperating Category STAR CLAYS: CRISIL Keeps D Debt Ratings in Not Cooperating STARWOOD TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating SUN PROJECTS: CRISIL Lowers Rating on INR1cr Cash Loan to D THAKKARSONS ROLL: CRISIL Keeps D Debt Ratings in Not Cooperating THRIVE SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating TULIPS AMBBIENCE: CRISIL Keeps D Debt Ratings in Not Cooperating VEDANTA RESOURCES: Unit to Issue US$400MM Notes to Oaktree Capital VEEKAY POLYCOATS: CRISIL Keeps D Debt Ratings in Not Cooperating VIJ AGRO: CRISIL Lowers Rating on INR60cr Cash Loan to D VISHNU POWER: CRISIL Keeps D Debt Ratings in Not Cooperating VPR CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating J A P A N RYOHIN KEIKAKU: Court Approves Restructuring Plan of U.S. Unit TOKYO DOME: Egan-Jones Lowers Senior Unsecured Ratings to B- S I N G A P O R E HYFLUX LTD: Said to Have Only SGD21.5 Million in Cash KRISENERGY LTD: Cambodia Pumps its First Oil After Two Decades SINGAPORE AIRLINES: Egan-Jones Lowers Sr. Unsecured Ratings to BB- ZHENENG JINJIANG: Moody's Withdraws Ba3 CFR, Outlook Negative S O U T H K O R E A SSANGYONG MOTOR: M&M Issued Corp Guarantees to Global Creditors - - - - - ================= A U S T R A L I A ================= FURNISHED PROPERTIES: First Creditors' Meeting Set for Jan. 12 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Furnished Properties Pty Ltd and JKMN Holdings Pty Ltd will be held on Jan. 12, 2021, at 11:00 a.m. via Microsoft Teams teleconference. Bradley John Tonks of PKF was appointed as administrator of Furnished Properties on Dec. 30, 2020. HUNGA BUSTERS: First Creditors' Meeting Set for Jan. 11 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Hunga Busters Pty Ltd and Pan Pen Pty Limited will be held on Jan. 11, 2021, at 2:00 p.m. via teleconference. Jason Porter and Joshua-Lee Robb of SV Partners were appointed as administrators of Hunga Busters on Dec. 29, 2020. LIBERTY FUNDING 2020-4: Moody's Assigns Ba2 Rating to Class E Notes ------------------------------------------------------------------- Moody's Investors Service has assigned the following definitive ratings to the notes issued by Liberty Funding Pty Limited in respect of Liberty Series 2020-4. Issuer: Liberty Funding Pty Limited in respect of Liberty Series 2020-4 AUD300.0 million Class A1 Notes, Assigned Aaa (sf) AUD57.2 million Class A2 Notes, Assigned Aaa (sf) AUD8.0 million Class B Notes, Assigned Aa1 (sf) AUD14.0 million Class C Notes, Assigned A2 (sf) AUD3.6 million Class D Notes, Assigned Baa2 (sf) AUD6.0 million Class E Notes, Assigned Ba2 (sf) AUD2.0 million Class F Notes, Assigned B2 (sf) The AUD9.2 million Class G Notes are not rated by Moody's. The transaction is a securitisation of Australian residential mortgages loans. All mortgages were originated and are serviced by Liberty Financial Pty Limited (unrated). The transaction features a two-year substitution period, whereby additional loans can be sold into the portfolio on a monthly basis, subject to substitution parameters and portfolio performance triggers being met. Liberty is an Australian non-bank lender. It started originating non-conforming residential mortgages in 1997. It subsequently expanded into prime residential mortgage origination, as well as, among others, auto loans, small commercial mortgage loans and personal loans. Residential mortgages remain Liberty's predominant business. As of November 2020, it had a portfolio of Australian mortgage assets over AUD8.4 billion. RATINGS RATIONALE The definitive ratings take into account, among other factors, evaluation of the underlying receivables, the two-year substitution period together with the substitution parameters, the evaluation of the capital structure and credit enhancement provided to the notes, the availability of excess spread over the life of the transaction, the liquidity reserve in the amount of 2.00% of the notes balance, the legal structure, and the credit strength and experience of Liberty as Servicer. Moody's MILAN credit enhancement (MILAN CE) for the collateral pool is 9.0%, while the expected loss is 1.50%. MILAN CE represents the loss Moody's expects the portfolio to suffer in a severe recessionary scenario, and does not take into account structural features of the transaction. The expected loss represents a stressed, through-the-cycle loss relative to Australian historical data. Substitution parameters in this deal significantly reduce the risk of material deterioration in the collateral quality due to addition of new loans to the pool during the two-year substitution period. This is because these parameters, applicable to monthly substitutions, are closely aligned with the parameters of the pool as of closing date. Substitution parameters limit, among other, proportions of loans with adverse credit, alt-doc verification, and scheduled loan-to-value ratios above 80% and 90%. Moody's have considered the limited risk posed by the substitutions at the MILAN CE and expected loss levels. Furthermore, substitution of new loans will stop while there are any unreimbursed carryover charge-offs or if proportion of loans in arrears greater than 60 days - on a three-month average basis - exceeds 4%. The coronavirus outbreak, the government measures put in place to contain it, and the weak global economic outlook continue to disrupt economies and credit markets across sectors and regions. Moody's analysis has considered the effect on the performance of consumer assets from the current weak Australian economic activity and a gradual recovery for the coming months. Although an economic recovery is underway, it is tenuous and its continuation will be closely tied to containment of the virus. As a result, the degree of uncertainty around our forecasts is unusually high. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. The key transactional features are as follows: - Class A1 Notes and Class A2 Notes benefit from 25.0% and 10.7% note subordination respectively. - Following the end of the substitution period, the notes will initially be repaid sequentially. Once stepdown conditions are met, all Notes, excluding Class G Notes, will receive a pro-rata share of principal payments. The stepdown conditions which include, among others, the payment date falling at least one year after the most recent mortgage acquisition and absence of charge offs. Principal pay-down will revert to sequential once the aggregate loan amount is at 20% or less of the aggregate loan amount at closing, or on or following the payment date in November 2025. - The guarantee fee reserve account, which is unfunded at closing and will build up to a limit of 0.30% of the issued notional from the bottom of the interest waterfall prior to interest paid to the Class G Notes noteholders. The reserve account will firstly be available to meet losses on the loans and charge-offs against the notes. Secondly, it can be used to cover any required payment shortfalls that remain after drawing on principal and the liquidity facility. Any reserve account balance used can be reimbursed to its limit from future excess income. The key features of the mortgage loan pool are as follows: - The portfolio has a scheduled LTV ratio of 68.4%, with a relatively high proportion of loans with a scheduled LTV ratio above 80.0% (16.3%) and above 90% (7.7%). - Around 24.0% of the loans in the portfolio were extended to self-employed borrowers. - 6.8% of the loans in the portfolio were extended on an alternative documentation basis. - The portfolio contains 2.7% exposure with respect to borrowers with prior credit impairment (default, judgment or bankruptcy). Moody's assesses these borrowers as having a significantly higher default probability. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in December 2020. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job market and the housing market are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons for performance worse than Moody's expects include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, fraud and lack of transactional governance. REDWOOD CONSTRUCTION: First Creditors' Meeting Set for Jan. 8 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Redwood Construction Services 1 Pty Ltd - Redwood Construction Services 2 Pty Ltd - Redwood Construction Services 4 Pty Ltd will be held on Jan. 8, 2021, at 10:00 a.m. at the offices of Levi Consulting Pty Ltd, Level 1, 84 Pitt Street, in Sydney, NSW. David Joseph Levi of Levi Consulting Pty Ltd was appointed as administrator of Redwood Construction on Dec. 29, 2020. VIPCORP (AUST): First Creditors' Meeting Set for Jan. 8 ------------------------------------------------------- A first meeting of the creditors in the proceedings of VIPcorp (Aust) Pty Ltd, trading as Royal Pavilion Seafood Restaurant, will be held on Jan. 8, 2021, at 11:00 a.m. via teleconference. Philip Campbell Wilson and John McInerney of Grant Thornton Australia Limited were appointed as administrators of VIPcorp (Aust) on Dec. 24, 2020. ========= C H I N A ========= CBAK ENERGY: Three Proposals Passed at Annual Meeting ----------------------------------------------------- CBAK Energy Technology, Inc. held its 2020 annual meeting of stockholders at the Company's headquarters in Dalian, China, on Dec. 22, 2020, at which the stockholders: (a) elected Yunfei Li, J. Simon Xue, Martha C. Agee, Jianjun He, and Guosheng Wang to the Board of Directors of the Company to serve until the 2021 annual meeting of stockholders; (b) ratified the appointment of Centurion ZD CPA & Co. as the Company's independent registered public accounting firm for the fiscal year ending Dec. 31, 2020; and (c) approved, on an advisory basis, the compensation of the Company's named executive officers. About CBAK Energy Dalian, China-based CBAK Energy Technology, Inc., formerly China BAK Battery, Inc. -- http://www.cbak.com.cn-- is engaged in the business of developing, manufacturing and selling new energy highpower lithium batteries, which are mainly used in the following applications: electric vehicles; light electric vehicles; and electric tools, energy storage, uninterruptible power supply, and other high power applications. CBAK Energy reported a net loss of $10.85 million for the year ended Dec. 31, 2019, compared to a net loss of $1.96 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $102.07 million in total assets, $85.03 million in total liabilities, and $17.04 million in total equity. Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor since 2016, issued a "going concern" qualification in its report dated May 14, 2020, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses and significant short-term debt obligations maturing in less than one year as of Dec. 31, 2019. All these factors raise substantial doubt about its ability to continue as a going concern. KUNMING CONSTRUCTION: Moody's Alters Outlook on Ba1 CFR to Negative ------------------------------------------------------------------- Moody's Investors Service has changed to negative from stable the outlook on the Ba1 corporate family rating of Kunming Municipal Urban Construction Investment & Development Co., Ltd., as well as the Ba1 senior unsecured rating on the bonds issued by Kunming Construction. "The negative outlook reflects the company's weaker-than-expected funding access, which hinders its efforts to replace its high-cost debts borrowed from non-standard financing with bonds and bank loans. As a result, we expect that Kunming Construction's reliance on non-standard financing will remain high in the next 12 months and accordingly undermine its ability to improve its debt structure, which is weak compared with its rated peers," says Ying Wang, a Moody's Vice President and Senior Analyst. RATINGS RATIONALE Moody's estimates that at the end of 2020, over half of Kunming Construction's total debt would be borrowed from non-standard financing channels, mainly trust loans and wealth management debt products. The company had planned to expand its onshore bond financing and bank credit facilities, lower its reliance on non-standard funding sources and improve its debt structure, but investors aversion toward the fundamentally weak region, driven by the recent spate of onshore bond defaults by state-owned enterprises, will likely hamper these efforts. As such, it is unlikely that the company's debts from non-standard financing channels will fall materially from the current high level by the end of 2021. Kunming Construction's debt structure and weaker-than-expected access to funding amid government payment uncertainties due to volatile land sales in Kunming will negatively impact the Kunming government's propensity to support, and consequently bring about downward pressure on the company's rating. The company's Ba1 rating is based on the Kunming government's GCS score of baa2; and Moody's assessment of how the company's characteristics affect the Kunming government's propensity to support, resulting in a two-notch downward adjustment. Moody's assessment of Kunming's GCS reflects Kunming's status as the provincial capital of Yunnan province, the province's level of development and large funding gap relative to peers, and its reliance, to a greater extent, on payment transfers from the central government; and Kunming's fiscal and financial profile, which is characterized by small operating deficits and a large direct debt burden relative to other provincial capitals. The Ba1 rating reflects the Kunming government's propensity to support Kunming Construction, given the Kunming government's100% ownership of the company; Kunming Construction's public-policy role in undertaking primary land development and infrastructure construction in Kunming; and the company's track record of receiving government payments. The rating also considers the company's weak access to funding and high exposure to non-standard financing channels, which constrain its debt management ability, as well as its exposure to contingent risks arising from external guarantees provided to other SOEs, which give rise to a two-notch downward adjustment from the Kunming's GCS. Kunming Construction's rating also considers the following environmental, social and governance factors. The company bears high social risks as it implements public-policy initiatives by building public infrastructure in Kunming. Demographic changes, public awareness and social priorities shape the company's development targets and ultimately affect the Kunming government's propensity to support the company. As for governance considerations, Kunming Construction is subject to oversight by the Kunming government and has to meet several reporting requirements, reflecting its public-policy role and status as a government-owned entity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, an upgrade of the ratings is unlikely in the near future. However, Moody's could change the outlook back to stable if (i) the company strengthens its access to funding and improves its debt maturity profile; and (ii) a significant increase in government payments which enables it to reduce its reliance on non-standard financing channels, such that its debts from these channels account for less than 40% of its total debt. Moody's could downgrade the rating if China's sovereign rating is downgraded or Kunming GCS weakens, which could arise from a material weakening in Kunming's economic or financial profile or the government's ability to coordinate timely support; changes in Chinese government policies prohibit RLGs from providing financial support to LGFVs; or Kunming Construction's characteristics change in a way that weakens Kunming government's propensity to support such as: - Its core businesses undergo material changes, including substantial expansions into commercial activities at the cost of public services, and/or substantial losses in commercial activities; - Its loans and guarantees to external parties materially increase from the current level; - It continues to have a high reliance on non-standard financing, such that such debts account for over 40% of its total debt; or - Its debt and leverage grow rapidly, while it receives less corresponding government payments. The principal methodology used in these ratings was Local Government Financing Vehicles in China Methodology published in July 2020. Kunming Municipal Urban Construction Investment & Development Co., Ltd. is 100% ultimately owned by the Kunming municipal government through an 84.42% direct ownership and a 15.58% ownership via Kunming Development Investment Group, which is wholly owned by the Kunming government. Kunming Construction is mainly engaged in primary land development and city infrastructure construction in Kunming, especially in the Wujiaba area. Its other operations include the construction and maintenance of underground utility tunnels for power, water, gas and telecommunications in the city. Kunming Construction is a major LGFV by asset size in Kunming. As of 2019, it reported a total revenue of RMB5.2 billion and total assets of RMB66.9 billion, which amounted to 7.9% of state-owned assets under Kunming SASAC. YONGCHENG COAL: Default Leaves Ratings Agency Banned for 3 Months ----------------------------------------------------------------- Peng Qinqin and Han Wei at Caixin Global report that China's bond market regulator slapped a three-month business ban on one of the country's top credit rating companies, citing its role in the surprise Yongcheng Coal default that rattled China's bond market last month. According to Caixin, China Chengxin International Credit Rating Co. Ltd. was banned from rating new interbank bonds for three months over misconduct in rating services for state-owned Yongcheng Coal and Electricity Holding Group Co. Ltd. and its parent Henan Energy and Chemical Industry Group Co. Ltd. The National Association of Financial Market Institutional Investors (NAFMII), the interbank bond market's self-regulatory body, disclosed the penalties in a statement. Yongcheng Coal, to which China Chengxin gave its highest AAA rating, abruptly defaulted on a CNY1 billion (US$153 million) ultra-short-term bond, setting off a chain reaction that spread to other coal mining companies and local government financing vehicles in other provinces. Following the default, several mining companies either canceled bond issuance plans or slashed fundraising targets, while traded coal bonds plunged across China, Caixin says. About Yongcheng Coal Yongcheng Coal & Electricity Holding Group Co. Ltd. mines and distributes coal products. The Company produces brown coal products, bituminous coal products, hard coal products, coking coal products, and other related products. Yongcheng Coal & Electricity Holding Group also provides electric generation, apparel processing, trade, and other related services. The company defaulted on a CNY1 billion (US$152 million) bond on November 10, 2020. ========= I N D I A ========= BALAJI IMPEX: CRISIL Lowers Rating on INR26cr Loan to D ------------------------------------------------------- Due to inadequate information, CRISIL, in line with SEBI guidelines, had migrated the rating of Balaji Impex (BI) to 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary for carrying out comprehensive review of the rating. Consequently, CRISIL is downgraded the ratings on the bank facilities of BI from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating' to 'CRISIL D/CRISIL D'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Downgraded from 'CRISIL BB+/Stable ISSUER NOT COOPERATING') Letter of Credit 26.0 CRISIL D (Downgraded from 'CRISIL A4+ ISSUER NOT COOPERATING') The downgrade reflects instances of trade bills financed under the invoice discounting facility remaining overdue for a period over 30 days post September 2020. The rating continues to reflect modest scale of operations and modest networth. These weaknesses are partially offset by extensive experience of the partners. Key Rating Drivers & Detailed Description Weaknesses * Instances of over dues in invoice discounting facility: There have been instances of trade bills financed under the invoice discounting facility remaining overdue for a period over 30 days due to delay in realisations of payments from customers. * Modest scale of operations: Revenue of the firm was around INR86 crore in fiscal 2020 declining from INR172 crore in fiscal 2018 on account of discontinuation of trading of pet coke due to a ban imposed by the National Green Tribunal (NGT). Intense competition continues to constrain scalability, and therefore, pricing power and profitability. * Modest networth: Networth has been modest at around INR12 crore as on March 31, 2020, due to low initial paid-up capital and limited accretion to reserve, thereby restricting financial flexibility. Strength * Extensive experience of the partners: Benefits from the partner's extensive experience, and their established relationships with customers and suppliers have helped strengthen market position. Liquidity Poor The liquidity of BI is poor marked by instances of over dues in invoice discounting facility beyond 30 days. Company has availed around INR3.7 crores under Covid-19 government emergency credit scheme. CRISIL has also taken into cognizance the moratorium on interest payments and extensions in the invoice discounting facility granted by the banks between March 2020 & August 2020, as permitted by the Reserve Bank of India. Rating Sensitivity Factors Upward Factors * Track record of timely debt servicing for more than 90 days * Improvement in liquidity position supported by improvement in debtors realization and reduction in bank limit utilization levels. BI, based in Mumbai, was set up as a partnership between Mr Ilesh Gadhia and Mr Mitesh Gadhia (third-generation entrepreneurs) in 2006. It trades in sulphur and soda ash. The Gadhia family has been in the trading business since 1940s. DIPAK J BHIVARE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of Dipak J. Bhivare (DJB) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 10.5 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 0.12 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with DJB for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 DJB, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on DJB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DJB continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. DJB was set up in 2002 as a proprietorship firm by Mr Dipak J Bhivare. The firm undertakes civil construction work, primarily construction of water filters and overhead reservoirs, and laying of pipelines, for government agencies. It is registered as a Class 1 contractor with Maharashtra Jiwan Pradhikaran. F.ROBIN POLYMERS: CRISIL Withdraws D Ratings on INR20cr Loans ------------------------------------------------------------- CRISIL has withdrawn its ratings on the bank facilities of F.Robin Polymers Private Limited (FRPPL) on the request of the company and receipt of a no objection certificate from its banks. The rating action is in line with CRISIL's policy on withdrawal of its ratings on bank loans. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (ISSUER NOT COOPERATING; Rating Withdrawn) Long Term Loan 11 CRISIL D (ISSUER NOT COOPERATING; Rating Withdrawn) Proposed Short 5 CRISIL D (ISSUER NOT Term Bank COOPERATING; Rating Withdrawn) Loan Facility CRISIL has been consistently following up with FRPPL for obtaining information through letters and emails dated August 29, 2020 and September 25, 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 FRPPL. This restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on FRPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FRPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. CRISIL has withdrawn its ratings on the bank facilities of FRPPL on the request of the company and receipt of a no objection certificate from its banks. The rating action is in line with CRISIL's policy on withdrawal of its ratings on bank loans. Based in Dindigul (Tamil Nadu), FRPPL was established in 2016 and has set up a facility to manufacture polypropylene woven bags, which started commercial operation in June 2018. GURU GOBIND: CRISIL Keeps D on INR13cr Loans in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of Guru Gobind Foods And Agro Private Limited (GGFAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 8 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with GGFAPL for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 GGFAPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on GGFAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GGFAPL continues to be 'CRISIL D Issuer Not Cooperating'. GGFAPL, incorporated in 2014 by Mr Shaminderjeet Singh Sandhu, is a Muktsar (Punjab)-based company that processes basmati and non-basmati rice, with milling and sorting capacities of 8 tonne per hour each; the company commenced operations in March 2015. HINDUSTAN OIL: NCLT Dismisses Appeal to Regain Kharsang Field ------------------------------------------------------------- ETEnergyworld.com reports that Hindustan Oil Exploration Company's (HOEC) attempt to contest implementation of the Resolution Plan completed in September was struck down for the third time by NCLTs Allahabad Bench on December 21. This a series of repeated appeals made by HOEC since 2018 which have been repeatedly dismissed by the NCLAT, the report relates. HOEC continued to repeatedly approach the judiciary system to obtain a favorable result that would move JEKPL closer towards liquidation. This would then allow HOEC to gain control of its participating interest in Kharsang Field at no cost through one of its offshore subsidiaries. NCLAT in March dismissed HOEC's petition for the second time against the order of the Allahabad Bench of NCLT in February, ETEnergyworld.com recalls. This order also declared Invenire Energy as the successful resolution applicant in the second round of bidding round that concluded in June 2019, ETEnergyworld.com relates. The second round of bidding was undertaken due to the protest lodged by HOEC disputing the decision of the NCLT Allahabad Bench to award Invenire Energy as the successful resolution applicant in December 2017. During the recent and third dismissal of its appeal, the NCLT, stated that the cause of the dismissal was due to the lack of any legal standing. According to ETEnergyworld.com, HOEC has been filing multiple appeals to try to gain controlling interest in Kharsang Field go back as far as 2017 when JEKPL an oil and gas holding interest in prolific Kharsang Oil Field, located in North East, was referred to the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). Its Committee of Creditors (CoC) included State Bank of India, EXIM, and Central Bank of India and it had no operational creditors. Two companies, one a listed oil company, Hindustan Oil Exploration Company (HOEC) and a private equity SPV, Invenire Energy, emerged as interested parties, the report discloses. Final bids were invited for JEKPL in December 2017 with Invenire Energy emerging as the successful resolution applicant, with endorsement by the CoC for more than the qualifying the majority. NCLAT, Allahabad Bench, passed the award in December Dec 2017 declaring Invenire Energy as the successful resolution applicant, ETEnergyworld.com recalls. Post endorsement by the CoC, the financial creditors comprising of State Bank of India, EXIM and Central Bank of India have received the entire consideration of INR123 crore and 100% shareholding of JEKPL has been transferred to Invenire Energy on September 30, 2020 and its nominees have also been appointed as Directors on the Board of JEKPL, ETEnergyworld.com notes. Hindustan Oil Exploration Company Limited (HOEC) is an oil and gas company. The Company's activities relate to exploration and production of hydrocarbons, which are natural resources. Its segments include Hydro carbon and Oil additives. Its products include crude oil and natural gas. HITECH PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Hitech Print Systems Limited (HPSL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (ISSUER NOT COOPERATING) Letter of credit 4.5 CRISIL D (ISSUER NOT & Bank Guarantee COOPERATING) Proposed Fund- 3.8 CRISIL D (ISSUER NOT Based Bank Limits COOPERATING) Term Loan 2.7 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with HPSL for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 HPSL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on HPSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HPSL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. HPSL was set up in 1986 as a wholly-owned subsidiary of Anjani Projects and Construction Ltd (APL), promoted by Mr KV Vishnu Raju and his family members. The Hyderabad-based company offers printing solutions to a wide range of companies across industries. It is approved by the Indian Banks' Association, and is also a member of Print Services and Distribution Association. LIVTAR SINGH: CRISIL Lowers Rating on INR14cr Cash Loan to D ------------------------------------------------------------ CRISIL has downgraded its rating on the long-term bank facility of Livtar Singh Bajaj And Company (LSB) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with LSB for obtaining information through letters and emails, dated April 23, 2019, October 11, 2019 and July 25, 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 has not received any information on either the financial performance or strategic intent of LSB, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on LSB is consistent with 'Assessing Information Adequacy Risk'. CRISIL has downgraded its rating on the long-term bank facility of LSB to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. The downgrade reflects the default delays in debt servicing as per information available in public domain. LSB was set up as a proprietorship concern in 2010 by Mr Livtar Singh Bajaj, and was reconstituted as a partnership firm in April 2014 with the addition of Mr Charanjit Singh Bajaj and Mr Kamaljit Singh Bajaj as partners. The firm retails Punjab-medium liquor and Indian-made foreign liquor in Ludhiana and Nayagaon. MBR GROUP: CRISIL Keeps D on INR50cr Loan in Not Cooperating ------------------------------------------------------------ CRISIL said the rating on bank facilities of MBR Group (MBR) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 50 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with MBR for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 MBR, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on MBR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MBR continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 2011, the MBR group is a real estate infrastructure firm located in Bengaluru. The partnership firm is owned by Mr. M Babu Reddy, Mr. Bharath Babu Reddy and Mr. Sharath Babu Reddy. SIDDHAM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL said the ratings on bank facilities of Siddham Jewels Private Limited (SJPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 5 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with SJPL for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 SJPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on SJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SJPL continues to be 'CRISIL D Issuer Not Cooperating'. CRISIL consolidates the business and financial profile of SOPL, Siddham SJPL and Osia Jewels Private Limited (OJPL) as all the entities are in similar line of business and are managed by the same management. Sancheti Group is promoted by Mr Ashok Sancheti and his family. The three group companies, SOPL, SJPL and OJPL were setup in 2011 in Mumbai to manufacture and wholesale gold jewellery. The promoters have been in business since 1988. SIVARAM YARNS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL said the ratings on bank facilities of Sivaram Yarns Private Limited (SYPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 15.5 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with SYPL for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 SYPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on SYPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SYPL continues to be 'CRISIL D Issuer Not Cooperating'. SYPL was set up in 2012 by Mr. Mediseeti Venkata Rattaiah and his family members. The company manufactures cotton yarn, and its spinning unit is located in East Godavari district (Andhra Pradesh). SK. CHAN: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of SK. Chan Basha and Co (SCB) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 8.25 CRISIL D (ISSUER NOT under Letter COOPERATING) of Credit Cash Credit 5.00 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with SCB for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 SCB, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on SCB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SCB continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. SCB, set up in 2009, trades in shrimp. The firm is promoted by Mr. SK Chan Basha and his family members. STAR CLAYS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL said the ratings on bank facilities of Star Clays (SC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 4.8 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 0.7 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with SC for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 SC, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on SC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SC continues to be 'CRISIL D Issuer Not Cooperating'. SC, established in 2006, is engaged in manufacturing of Terracotta Floor Tiles, is partnership entity established by Mr. Mandakan Jose, Mr. Mandakan Joy, Mr. Mandakan Jojo and is based out of Thrissur, Kerala. The firm sales its products by the brand 'Mandakan' majorly in the states of Tamil Nadu, Karnataka, Kerala and Andhra Pradesh., The firm is also entering into manufacturing of Terracotta Roof tiles as well. STARWOOD TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of Starwood Techno Industries Private Limited (STIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.7 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 0.3 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 4.0 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with STIPL for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 STIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on STIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of STIPL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 2016, STIPL has set up a project in Nanded (Maharashtra) to manufacture LED (light emitting diode) and CRT (cathode ray tube) televisions (TV). The project will start commercial operations in December 2016. The promoters Mr Kanhaiyalal Rangani, Mr Dilip Rangani, Mrs Vimla Devi Rangani and Mrs Komal Rangani'had two other proprietorship firms, Parisons Electronics (PE) and Kings Electronics (KE) which were importing LED and CRT TVs from China and selling it under its own brand 'Starwood'. Both firms ceased operations in March 2016 and the business was taken over by STIPL. STIPL plans to stop trading operations once its manufacturing operations stabilises. SUN PROJECTS: CRISIL Lowers Rating on INR1cr Cash Loan to D ----------------------------------------------------------- CRISIL has downgraded its ratings on the long-term bank facility of Sun Projects (India) Private limited (SPIL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. The downgrade reflects the delays in debt servicing as per information available in public domain. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 1 CRISIL D (ISSUER NOT Overdraft facility COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with SPIL for obtaining information through letters and emails dated May 23 , 2020 and November 14 ,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 has not received any information on either the financial performance or strategic intent of SPIL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SPIL is consistent with 'Assessing Information Adequacy Risk'. CRISIL has downgraded its ratings on the long-term bank facility of SPIL to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. The downgrade reflects the delays in debt servicing as per information available in public domain. Established in 1998, SPIL-promoted by Mr V Sanjeev-is involved in residential real estate construction business in Kerala. THAKKARSONS ROLL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL said the ratings on bank facilities of Thakkarsons Roll Forming Private Limited (TRFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (ISSUER NOT COOPERATING) Letter of credit 6.5 CRISIL D (ISSUER NOT & Bank Guarantee COOPERATING) CRISIL has been consistently following up with TRFPL for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 TRFPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on TRFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TRFPL continues to be 'CRISIL D Issuer Not Cooperating'. TRFPL was set up in 1990 by Mr. Devang Thakkar, his brother, Mr. Bhavin Thakar, and his wife, Mrs. Mansi Thakkar. The company manufactures metal crash barriers (guard rails), mounting panels, and floor decking sheets. It has an ISO 9001:2000- certified manufacturing facility at Palghar (Maharashtra) and a sales office in Mumbai. THRIVE SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Thrive Solar Energy Private Limited (TSEPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 17 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 2 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term Bank Loan Facility 3.7 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with TSEPL for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 TSEPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on TSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TSEPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. TSEPL was incorporated in 2007 as Thrive Energy Technologies Pvt Ltd and got its present name in 2013. It manufactures LED-based solar power lighting systems and solar power generating systems. Hyderabad-based, TSEPL is promoted by Dr Bodavala Ranganayakulu. TULIPS AMBBIENCE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL said the ratings on bank facilities of Tulips Ambbience Private Limited (TAPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 0.3 CRISIL D (ISSUER NOT COOPERATING) Term Loan 4.2 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with TAPL for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 TAPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on TAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TAPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 2001, TAPL is promoted by Mrs Raajkumarri Mutha, who has been in this line of business for over two decades. The company designs and manufactures customised soft furnishings for retail and corporate clients. It has a workshop in Pune and showrooms in Pune, Bengaluru, and Delhi. VEDANTA RESOURCES: Unit to Issue US$400MM Notes to Oaktree Capital ------------------------------------------------------------------ Business Standard reports that a unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group, as the mining conglomerate looks to meet liquidity needs. Business Standard relates that the notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd., according to separate exchange filings from Vedanta and the U.S. hedge fund. According to the report, India's macroeconomic troubles have attracted a wave of global investors betting they can eke out profits from the rising number of capital-starved businesses struggling to stay afloat. Some global heavyweights including Oaktree and Apollo Global Management Inc. have either struck recent India deals or scaled up their teams in the country in a push to invest in distressed assets. Business Standard says the new deal with Oaktree comes after Vedanta Resources sold $1 billion of securities earlier this month, at one of the highest yields for a dollar bond in Asia this year. That debt issuance was to fund a tender offer for securities due 2021. The holding company, controlled by billionaire Anil Agarwal, aims to simplify the group's corporate structure and ease Vendata Resources' access to cash after a failed attempt to delist Vedanta Ltd. in October, Business Standard notes. About Vedanta Resources Vedanta Resources Limited operates as a diversified natural resource company. The Company extracts and process zinc, lead, aluminum, iron ore, copper, and silver, as well as focuses on oil and natural gas. Vedanta Resources serves clients worldwide. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 29, 2020, Moody's Investors Service has completed a periodic review of the ratings of Vedanta Resources Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology, recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. VEEKAY POLYCOATS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL said the ratings on bank facilities of Veekay Polycoats Limited (VPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 66.5 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 66 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term Bank Loan Facility 44.39 CRISIL D (ISSUER NOT COOPERATING) Term Loan 25.61 CRISIL D (ISSUER NOT COOPERATING) Working Capital Term Loan 22.50 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with VPL for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 VPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on VPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. VPL was set up by Mr. Vinod Garg in 1992. The company manufactures synthetic leather, vinyl flooring, and Polyvinyl Chloride (PVC) films, and commenced manufacturing of non-woven fabric in 2006. It has two manufacturing facilities, in Gurgaon (Haryana) and Bhiwadi (Rajasthan). VIJ AGRO: CRISIL Lowers Rating on INR60cr Cash Loan to D -------------------------------------------------------- CRISIL has downgraded its rating on the bank facilities of Vij Agro Exports Private Limited (Vij Agro) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'. The downgrade reflects delays by Vij Agro in servicing of debt obligations. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 60 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with Vij Agro for obtaining information through letters and emails dated April 23, 2019, October 11, 2019 and July 25, 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 Vij Agro, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on Vij Agro is consistent with 'Assessing Information Adequacy Risk'. CRISIL has downgraded its rating on the bank facilities of Vij Agro to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'. The downgrade reflects delays by Vij Agro in servicing of debt obligations. Incorporated in 1999, the Vij group mills and processes basmati rice (Pusa 1121 quality). The group is promoted by Mr. Sunil Kumar Vij, his two brothers, Mr. Sachin Kumar and Mr. Pravin Kumar, and their mother, Mrs. Naresh Kumari Vij. Its processing unit is in Ferozepur, Punjab. VISHNU POWER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of Shree Vishnu Power & Energy Private Limited (SVPEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (ISSUER NOT COOPERATING) Term Loan 40 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with SVPEPL for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 SVPEPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on SVPEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SVPEPL continues to be 'CRISIL D Issuer Not Cooperating'. SVPEPL, incorporated in November, 2008, is promoted by Chhattisgarh-based Mr Kanhaiyalal Daga, Mr Deepak Daga, and Mr Manoj Kumar Daga. The company currently operates a 10 MW rice husk based bio-mass power plant in Rajnandgaon (Chhattisgarh). The commercial operations of the unit commenced from March 2016 onwards. VPR CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of VPR Constructions (VPR) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.8 CRISIL D (ISSUER NOT COOPERATING) Secured Overdraft 12.0 CRISIL D (ISSUER NOT Facility COOPERATING) CRISIL has been consistently following up with VPR for obtaining information through letters and emails dated May 23, 2020 and November 14, 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 VPR, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes that rating action on VPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VPR continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. VPR, which was set up as a partnership firm in 1993, undertakes civil construction projects, primarily roads and bridges, for the Panchayat Raj departments of the state governments of Andhra Pradesh and Telangana. Operations are managed by Mr Paramdhami Reddy. ========= J A P A N ========= RYOHIN KEIKAKU: Court Approves Restructuring Plan of U.S. Unit -------------------------------------------------------------- Leslie A. Pappas of Bloomberg Law reports that Muji U.S.A. Ltd., the bankrupt U.S. arm of Japanese home goods retailer Muji, received court approval of its Chapter 11 restructuring plan that provides distributions to unsecured creditors from a cash pool. Muji's bankruptcy was financed by a $22 million loan package from its Japanese parent company, Ryohin Keikuku Co. Ltd. The case was unusual because Ryohin Keikaku is also the company's largest secured and unsecured creditor. The plan, confirmed on Dec. 21 by Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware, doesn't specify the amount of recovery unsecured creditors will receive. A full-text copy of the Order dated Dec. 21, 2020, is available at https://bit.ly/2KZ3qEf from PacerMonitor.com at no charge. A full-text copy of the Plan dated Dec. 21, 2020, is available at https://bit.ly/3pnJxWn from PacerMonitor.com at no charge. About Muji U.S.A. Limited Muji U.S.A. Limited -- https://www.muji.com -- is a retailer of a wide variety of products, including household goods, apparel, and food. It was originally founded in Japan in 1980. Muji U.S.A. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-11805) on July 10, 2020. At the time of the filing, Debtor disclosed assets of between $50 million and $100 million and liabilities of the same range. Judge Mary F. Walrath oversees the case. The Debtor has tapped Greenberg Traurig LLP as its legal counsel, Mackinac Partners LLC as financial advisor, B. Riley Real Estate LLC as real property lease consultant, KPMG, LLP, as tax consultant, and Donlin, Recano & Company Inc. as claims and noticing agent. TOKYO DOME: Egan-Jones Lowers Senior Unsecured Ratings to B- ------------------------------------------------------------ Egan-Jones Ratings Company, on December 24, 2020, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Tokyo Dome Corporation to B- from B. EJR also downgraded the rating on commercial paper issued by the Company to C from B. Headquartered in Japan, Tokyo Dome Corporation operates an air dome-type baseball stadium and an urban amusement center. ================= S I N G A P O R E ================= HYFLUX LTD: Said to Have Only SGD21.5 Million in Cash ----------------------------------------------------- Ameya Karve at Bloomberg News reports that Hyflux Ltd, which was put under judicial management last month, now has only about SGD21.5 million in cash, according to a person familiar with the matter. The amount is enough to last at least 10 months, the person said, asking not to be identified because the matter is private, Bloomberg relays. According to Bloomberg, the news means this is at least the second year in which liquidity at the water treatment company has more than halved. It had SGD44.6 million in cash and equivalents at the end of 2019, compared with about SGD92 million on Dec. 31, 2018, Bloomberg discloses citing court affidavits from March this year and January 2019. Bloomberg relates that Hyflux is Singapore's most high-profile debt-restructuring case, which has dragged on since a court-supervised process began in May 2018, frustrating creditors and some 34,000 retail investors. The once corporate highflyer faces about SGD2.8 billion of investor claims, more than SGD1 billion of which are from holders of its perpetual capital securities and preference shares. According to the report, Judicial managers Borrelli Walsh said earlier this month that they were in talks with 14 new potential investors, without disclosing their identities. That's on top of five existing suitors. Half of the 14 new bidders for Hyflux are financial investors, including one in Singapore that manages more than US$100 billion in assets, according to the person cited by Bloomberg. Bids include three more suitors from Singapore - another financial investor with assets over US$20 billion and two non-financial companies with latest annual revenues of more than US$800 million and US$200 million each, Bloomberg says. A company from Japan with annual revenue of over US$40 billion and another non-financial firm with operations in Singapore and Japan and yearly revenue of more than US$30 billion are also in the race, the person, as cited by Bloomberg, said. About Hyflux Ltd Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides various solutions in water and energy areas worldwide. The company operates through two segments, Municipal and Industrial. The Municipal segment supplies a range of infrastructure solutions, including water, power, and waste-to-energy to municipalities and governments. The Industrial segment supplies infrastructure solutions for water to industrial customers. It has business operations across Asia, Middle East and Africa. On Nov. 17, 2020, the High Court of Singapore appointed Hamish Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited as joint and several judicial managers of Hyflux Ltd. Borrelli Walsh is the financial adviser of an unsecured working group of banks comprising Mizuho, Bangkok Bank, BNP Paribas, CTBC Bank, KfW, Korea Development Bank, and Standard Chartered Bank, according to The Business Times. The group had applied to put the ailing water treatment firm under judicial management, BT said. KRISENERGY LTD: Cambodia Pumps its First Oil After Two Decades -------------------------------------------------------------- Nikkei Asian Review reports that KrisEnergy Ltd has pumped the first drops of oil from a commercial well in Cambodia, marking a major milestone in the country's more than two decade quest to produce petroleum. The Nikkei relates that the development, announced on Dec. 29, also provides some positive news for the company as it tries to restructure debts of more than $500 million while under court protection from creditors. In a statement, KrisEnergy said oil had started flowing on Dec. 28 from a development well in the Apsara oilfield some 160km off Cambodia's coast in the Gulf of Thailand. According to the Nikkei, Cambodia's Prime Minister Hun Sen called the long-awaited production a "significant step" for the country's energy sector, that would deliver revenue and help diversity the economy. "The discovery and exploitation of oil and gas resources in Cambodia under the leadership of the Royal Government is a blessing for the people and the nation, not a curse as some ill-intended people claimed," he said in a Facebook post, the Nikkei relays. Labelling it a "momentous event," KrisEnergy CEO Kelvin Tang said the company's "10 year journey" in Cambodia had been a "steep learning curve" that was further complicated this year by the pandemic. "I convey my heartfelt appreciation to all relevant ministries and authorities for their assistance, cooperation and their dedication to get the Apsara oil development over the line," he said in the statement. "KrisEnergy is honoured to be a part of this historic occasion." Previously a minor partner, KrisEnergy acquired the controlling stake in the Block A concession from Chevron in 2014, the Nikkei notes. The U.S. energy giant had held the rights since 2002 but exited following several setbacks, including disagreements on tax and revenue sharing terms with authorities, the Nikkei recalls. KrisEnergy signed a production agreement with the government -- which holds a 5% participation stake -- in 2017 and was expected to pump oil within two years but ran into trouble as oil prices fell, revenue dropped and debt piled up, according to the Nikkei. In late 2019, the company suspended trading of its shares and applied in Singapore for a court-backed debt moratorium, which has since been extended several times, the Nikkei relates. Over the past year, it has announced the sale of interests in Indonesia and Vietnam, while spending cash to outfit a production barge, build a well platform and hire a drill rig for its Cambodia operation. Keppel, KrisEnergy's major shareholder, also provided a $87 million loan for the project in April. In Cambodia, KrisEnergy plans to add four more development wells by mid-February in a scaled-back first phase of the project that it estimates will produce 7500 barrels per day, the Nikkei reports. Meanwhile its shareholders and creditors will vote in January on proposed restructuring terms which would extend the maturity on some debt, and convert some into share capital, the Nikkei adds. About KrisEnergy KrisEnergy Limited -- https://krisenergy.com/ -- is a Singapore-based investment holding company. The Company is an independent upstream oil and gas company with a portfolio of exploration, appraisal, development and production assets focused on the geological basins in Asia. The Company operates through exploration and production of oil and gas in Asia segment. The Company holds interests in approximately 20 licenses in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage of approximately 60,750 square kilometers. In August 2019, the firm sought court protection from creditors' legal action while it restructured its debts, according to The Business Times. Keppel Corporation, a creditor and shareholder of KrisEnergy, then publicly came out to support the application and KrisEnergy's management in formulating a restructuring plan. Trading in its shares has been suspended pending the restructuring, BT noted. As at Dec. 31, 2019, the group had about US$503 million in borrowings and debt securities repayable within the next one year or on demand. SINGAPORE AIRLINES: Egan-Jones Lowers Sr. Unsecured Ratings to BB- ------------------------------------------------------------------ Egan-Jones Ratings Company, on December 22, 2020, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Singapore Airlines Limited to BB- from BB. Headquartered in Singapore, Singapore Airlines Limited provides air transportation, engineering, pilot training, air charter, and tour wholesaling services. ZHENENG JINJIANG: Moody's Withdraws Ba3 CFR, Outlook Negative ------------------------------------------------------------- Moody's Investors Service has withdrawn Zheneng Jinjiang Environment Holding Co Ltd's Ba3 corporate family rating. The outlook at the time of the withdrawal was negative. RATINGS RATIONALE Moody's has decided to withdraw the rating for its own business reasons. Zheneng Jinjiang Environment Holding Co Ltd is a Singapore-listed waste-to-energy operator in China. Zhejiang Provincial Energy Group, via its subsidiaries, is ZJE's single largest shareholder, owning 29.57% of the company as of the end of June 2020. ZJE operates along the whole value chain in the WTE sector, from planning and construction to the operation and management of WTE facilities. As at the end of 2019, ZJE had 21 operating WTE facilities and four operating resource recycling projects, with a total waste treatment capacity of 30,380 tons/day and electricity generation capacity of 632MW, covering 13 provinces in China. ===================== S O U T H K O R E A ===================== SSANGYONG MOTOR: M&M Issued Corp Guarantees to Global Creditors --------------------------------------------------------------- The Economic Times reports that Mahindra & Mahindra, Indian parent of South Korean SUV maker SsangYong Motor Co (SYMC), issued corporate guarantees earlier this year to some of its global creditors, such as Bank of America, JPMorgan Chase and BNP Paribas, to safeguard their exposure once SYMC was on the brink of bankruptcy, said people aware of the matter. For others like Citibank, the Indian conglomerate's corporate guarantee was not enough, ET says. So, M&M had to issue an indemnity letter in favor of the U.S. bank's Indian arm. Based on that, Citi India wrote a standby letter of credit on behalf of Citi, South Korea. Citi has been paid out. Total contingent liabilities for Mahindra, including the guarantees, stand at INR680 crore, putting the onus on the Indian parent to clear all dues, ET discloses. These agreements came to light after SsangYong filed an application on December 21 for commencement of rehabilitation procedures with the Seoul Bankruptcy Court, under the Debtor Rehabilitation and Bankruptcy Act of South Korea, according to ET. It had failed to repay loans of about KRW60 billion due on December 14 to lenders including JPMorgan Chase, Bank of America and BNP Paribas, the report notes. About Ssangyong Motor Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd. engages in the manufacture and sale of automobiles. The Company mainly manufactures and sells recreational vehicles (RVs), sports utility vehicles (SUVs), multi-purpose vehicles (CDVs) and passenger cars under the brand name of rexton sports, korando, korando sports, korando turismo, tivoli, tivoli air and others. The Company also provides automobile parts. The Company distributes its products within domestic market and to overseas markets. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 22, 2020, Yonhap News Agency said SsangYong Motor Co. on Dec. 21 filed for court receivership as it struggles with snowballing debts amid the COVID-19 pandemic, sources said. The decision comes after SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., failed to pay KRW60 billion (US$54.8 million) worth of debts to its three creditor banks. The state-run Korea Development Bank, the main creditor of SsangYong, reportedly was scheduled to decide on whether to roll over KRW90 billion in loans due Dec. 21, Yonhap noted. ********* 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. *** End of Transmission ***