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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, April 27, 2020, Vol. 23, No. 84

                           Headlines



A U S T R A L I A

AUDRN GROUP: ASIC Obtains Orders to Wind Up Two Financial Firms
AUSSIE BATTERIES: Second Creditors' Meeting Set for May 1
AUSTRALIAN TECHNOLOGY: S&P Lowers ICR to 'B-' on Weaker Cash Flows
CRINITIS PARRAMATTA: Second Creditors' Meeting Set for May 5
FASHION COUNCIL: Second Creditors' Meeting Set for May 6

FRESH START: First Creditors' Meeting Set for May 4
HUDSON ENTERPRISES: First Creditors' Meeting Set for May 5
MEDIATION & ONLINE: Second Creditors' Meeting Set for May 6
MR AND MRS JONES PTY: Second Creditors' Meeting Set for May 5
NB CONTRACTING: Second Creditors' Meeting Set for May 6

STELLER 189 PTY: Second Creditors' Meeting Set for May 5
VIRGIN AUSTRALIA: Owes Nearly AUD7BB to Thousands of Creditors


C H I N A

AIRNET TECHNOLOGY: Has Until Dec. 10 to Regain NASDAQ Compliance
CEFC CHINA: Shanghai Court Declares Conglomerate Bankrupt
CENTURY SUNSHINE: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'B-'
FOSUN INT'L: Moody's Places Ba2 CFR on Review for Downgrade
GOLDEN WHEEL: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'B-'

LUCKIN COFFEE: Collapse Adds to Credit Suisse's Asian Loan Losses


I N D I A

ASTER PRIVATE: Ind-Ra Keeps D LT Issuer Rating in Non-Cooperating
BIMLA RICE: CARE Lowers Rating on INR11.12cr LT Loan to 'B'
BKM INDUSTRIES: CARE Keeps 'D' Rating in Not Cooperating Category
CMJ BREWERIES: CARE Assigns 'D' Rating to INR206.52cr LT Loan
DC INDUSTRIAL: CARE Keeps 'D' on INR12cr Loans in Not Cooperating

G. SHAJI: CRISIL Withdraws 'B' Rating on INR4.70cr Cash Loan
GEOGY GEORGE: CRISIL Withdraws B+ Rating on INR4.5cr Cash Loan
K N INTERNATIONAL: CRISIL Cuts Rating on INR8.97cr Loan to 'C'
KASHVI POWER: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
KESAR ENTERPRISES: CARE Reaffirms 'D' Rating on INR107.26cr Loan

KESAR MULTIMODAL: CARE Reaffirms D Rating on INR99.11cr LT Loan
KISAN MOULDINGS: CARE Maintains 'D' Debt Rating in Not Cooperating
LAVA CAST: CARE Lowers Rating on INR156.70cr LT Loan to 'D'
LIFELINE MULTI: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
N. VISWANATHAN: CARE Lowers Rating on INR12.63cr Loan to 'B'

NIRMAN INFRA: CRISIL Assigns B+ Rating to INR5cr Cash Loan
PARVATIYA PLYWOOD: CRISIL Withdraws B+ Rating on INR8.7cr Loan
PREET LAND: CARE Reaffirms 'D' Rating on INR9.50cr LT Loan
PRIME AND SHINE: CRISIL Withdraws 'B' Rating on INR1cr New Loan
RAHUL SHIVHARE: CARE Reaffirms 'B' Rating on INR4.70cr LT Loan

RAIL.ONE USA: CARE Cuts Rating on INR89.38cr Loan to B+(CE)
RIGA SUGAR: CARE Maintains 'D' Debt Rating in Not Cooperating
SARJAN WATERTECH: CRISIL Withdraws 'B' Rating on INR5cr Loan
SHIV SHAKTI: CRISIL Reaffirms 'B+' Rating on INR10cr Loan
SUDHEER S: CRISIL Withdraws B+ Rating on INR6cr Cash Credit

SURYA PRAKAAS: CRISIL Withdraws 'B' Rating on INR0.4cr Loan


I N D O N E S I A

MODERNLAND REALTY: Fitch Puts 'B' LongTerm IDR on Watch Negative


J A P A N

SOFTBANK GROUP: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B


S I N G A P O R E

EAGLE HOSPITALITY: Gets Notice of Default on Mortgage Loan
HIN LEONG: Sinopec in Talks to Buy Stake in Singapore Terminal


X X X X X X X X

SUNDANCE ENERGY AUSTRALIA: Bank Debt Trades at 16% Discount

                           - - - - -


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A U S T R A L I A
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AUDRN GROUP: ASIC Obtains Orders to Wind Up Two Financial Firms
---------------------------------------------------------------
The Federal Court of Australia in Melbourne has ordered that Audrn
Group Pty Ltd and Optima Lending Solutions Pty Ltd be wound up. The
Court ordered that Michael Hill and Anthony Connelly of
McGrathNicol be appointed as joint and several liquidators of both
Audrn and Optima.

On Feb. 20, 2020, Australian Securities and Investments Commission
applied to have Audrn wound up and on March 6, 2020, ASIC applied
to have Optima wound up.

ASIC commenced the proceedings to protect the public in
circumstances where it holds concerns about the conduct of the
affairs of these companies and their solvency.

ASIC's investigations into both companies are ongoing.


AUSSIE BATTERIES: Second Creditors' Meeting Set for May 1
---------------------------------------------------------
A second meeting of creditors in the proceedings of Aussie
Batteries Solar 12 Volt Pty Ltd has been set for May 1, 2020, at
10:00 a.m. Creditors are expected to attend by special proxy or
electronic means and no physical place of meeting is provided.
Creditors should confirm attendance in writing no later than one
business day prior to the 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 April 30, 2020, at 4:00 p.m.

Daniel Moore of BCR Advisory was appointed as administrator of   on
Aussie Batteries March 24, 2020.


AUSTRALIAN TECHNOLOGY: S&P Lowers ICR to 'B-' on Weaker Cash Flows
------------------------------------------------------------------
S&P Global Ratings, on April 23, 2020, lowered its issuer credit
rating on Australian Technology Innovators Pty Ltd. (ATI) to 'B-'
from 'B' and its related issue rating on ATI's A$400 million
first-lien term loan B to 'B-' from 'B' with a recovery rating of
'3'. At the same time, S&P lowered the issue rating on ATI's A$100
million second-lien term loan B to 'CCC' from 'CCC+' with a
recovery rating of '6'.

S&P said, "We lowered the ratings to reflect our view that
challenging economic conditions arising from COVID-19 containment
measures will continue to impair property transaction volumes,
affecting ATI's revenue and cash flow across its property search
and legal practice management businesses. The extent and duration
of the COVID-19 containment measures are uncertain and, so too, is
the rate of earnings recovery following relaxation of the
containment measures.

"We believe the company is significantly exposed to a residential
property market downturn with over 49% of revenue derived from
transactional search activity. The company enjoys a solid market
position in the niche legal practice management industry through
its LEAP business. However, we expect property transaction volumes
(more than 20%) to fall significantly as a result of buyer and
seller caution regarding the stability of property values and
certainty of employment. These factors underscore our expectation
of recessionary economic conditions with Australia's real GDP
declining by 4% in 2020. In response, management has undertaken
significant cost reductions, with a 40% cut to run-rate operating
expenditure, including substantial staff redundancies and stand
downs. We anticipate a cash outflow of about A$600,000 per month
should market conditions materially deteriorate and transaction
volumes continue to decrease.

"We believe ATI's highly leveraged capital structure magnifies the
company's vulnerability to a sudden earnings shock and limits its
ability to meaningfully reduce leverage. Prior to the COVID-19
outbreak, we expected the company's adjusted debt to EBITDA to be
in the low to mid 6x range over the next 12 months. However, we now
anticipate the company's revenue and EBITDA to be significantly
weaker, and that adjusted debt to EBITDA may be elevated well above
7x." Furthermore, significant uncertainty remains regarding the
timing and extent of a recovery in earnings as COVID-19 containment
restrictions are eased, with leverage likely to remain elevated for
an extended period.

As the subdued property market continues, the group's liquidity
will be key to rating stability. The group has about A$41 million
in cash and equivalents as of March 31, 2020. While the company
does not have material debt maturities until September 2022, the
company also does not have undrawn revolving credit facilities for
extra liquidity needs should they be required. S&P believes that if
the property market remains subdued for a prolonged period, the
company's cash balance may need to be bolstered by other sources to
meet the cash outflow.

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."

Environmental, Social, and Governance (ESG) Credit Factors for this
rating change:

-- Social: Safety Management Factors

S&P said, "The stable outlook reflects our expectation that
InfoTrack and LEAP will maintain an adequate liquidity profile,
appropriately manage their cost base to minimize cash outflow, and
maintain their competitive advantage and market position in the
legal practice management and integrated search industry. We
anticipate adjusted debt to EBITDA (including the shareholder loan
as debt) to remain well above 7x over the next 12 months.

"We could lower the rating if operating conditions deteriorate
beyond our expectations, such that the company's cash burn becomes
more material than we anticipate, eroding the company's currently
adequate liquidity buffer. This scenario could occur in a situation
where strict COVID-19 containment measures continue beyond the next
few months, or there is a slower-than-anticipated recovery in the
property market following a relaxation of containment measures.

"We could raise the rating if we believe ATI's earnings outlook has
materially improved, delivering positive cash flow generation and
allowing adjusted debt to EBITDA to sustain comfortably below 6x."


CRINITIS PARRAMATTA: Second Creditors' Meeting Set for May 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Crinitis Parramatta Asset Holding Pty Ltd
   -- Crinitis SB Asset Holding Pty Ltd
   -- Crinitis Carlton Asset Holding Pty Ltd
   -- Crinitis Kotara Asset Holding Pty Ltd
   -- Crinitis Castle Hill Asset Holding Pty Ltd
   -- Crinitis Darling Harbour Asset Holding Pty Ltd
   -- Crinitis SB Trading Pty Ltd
   -- Crinitis Darling Harbour Trading Pty Ltd

has been set for May 5, 2020, at 11:30 a.m. via teleconference
only.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 5, 2020, at 4:00 p.m.

Graeme Beattie, Aaron Lucan and Christopher Darin of Worrells
Solvency & Forensic Accountants were appointed as administrators of
Crinitis Parramatta et al. on Nov. 18, 2019.


FASHION COUNCIL: Second Creditors' Meeting Set for May 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of Fashion Council
WA Limited has been set for May 6, 2020, at 11:00 a.m. at the
offices of HLB Mann Judd Insolvency WA, Level 3, at 35 Outram
Street, in West Perth, WA.

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 May 5, 2020, at 4:00 p.m.

Kimberley Stuart Wallman of HLB Mann Judd (Insolvency WA) was
appointed as administrator of Fashion Council on March 20, 2020.


FRESH START: First Creditors' Meeting Set for May 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of Fresh Start
Equity Pty Ltd will be held on May 4, 2020, at 11:00 a.m. at the
offices of Farnsworth Carson, Suite 1.4, Level 1, at 135 Victoria
Road, in Drummoyne, NSW.

Benjamin Michael Carson of Farnsworth Carson was appointed as
administrator of Fresh Start on
April 22, 2020.


HUDSON ENTERPRISES: First Creditors' Meeting Set for May 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hudson
Enterprises (Aust) Pty Ltd ATF The Hudson Family Trust will be held
on May 5, 2020, at 10:00 a.m. via virtual meeting.

Jonathon Kingsley Colbran and Frank Lo Pilato of RSM Australia
Partners were appointed as administrators of Hudson Enterprises on
April 22, 2020.


MEDIATION & ONLINE: Second Creditors' Meeting Set for May 6
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Mediation &
Online Dispute Resolution Operating Network Pty. Ltd. has been set
for May 6, 2020, at 11:00 a.m. via telephone conference.   

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 5, 2020, at 4:00 p.m.

Simon Cathro of Worrells Solvency & Forensic Accountants was
appointed as administrator of Mediation & Online on March 26,
2020.


MR AND MRS JONES PTY: Second Creditors' Meeting Set for May 5
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Mr and Mrs
Jones Pty Limited has been set for May 5, 2020, at 11:00 a.m. via
video conference.

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

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

Antony Resnick and Suelen McCallum of de Vries Tayeh were appointed
as administrators of Mr and Mrs Jones on Feb. 14, 2020.


NB CONTRACTING: Second Creditors' Meeting Set for May 6
-------------------------------------------------------
A second meeting of creditors in the proceedings of NB Contracting
Pty Ltd, formerly trading as Hotondo Homes Sorell, has been set for
May 6, 2020, at 11:00 a.m. via  Teleconference.   

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 May 5, 2020, at 4:00 p.m.

Shelley-Maree Brooks of Rodgers Reidy was appointed as
administrator of NB Contracting on March 23, 2020.


STELLER 189 PTY: Second Creditors' Meeting Set for May 5
--------------------------------------------------------
A second meeting of creditors in the proceedings of Steller 189 Pty
Ltd (As Trustee For "Steller 189") has been set for May 5, 2020, at
10:00 a.m. via telephone conference facilities.  

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 May 4, 2020, at 5:00 p.m.

Timothy James Brace, Michael Carrafa and Peter Gountzos of SV
Partners were appointed as administrators of Steller 189 on Sept.
20, 2019.


VIRGIN AUSTRALIA: Owes Nearly AUD7BB to Thousands of Creditors
--------------------------------------------------------------
Sarah Danckert and Patrick Hatch at The Sydney Morning Herald
report that Virgin Australia owes thousands of creditors nearly
AUD7 billion as fresh details of the failed airline's finances shed
light on how difficult it would have been for the carrier to strike
any rescue deal.

SMH says the airline's directors put the company into
administration this week after it failed to pull off a restructure.
Virgin, like airlines around the world, has shut down the vast
majority of air travel as a result of COVID-19 travel
restrictions.

SMH relates that the administrators are now working hard on finding
new owners for Virgin and have said at least 10 groups are
interested in being a part of the rebirth of the airline. Private
equity group BGH Capital is in the race, while transport
billionaire Lindsay Fox has also been mentioned as a possible
bidder, along with various international interests.

The new figures were made available in court documents filed by
Virgin's administrators at Deloitte ahead of a Federal Court
hearing on April 24 to discuss minor elements of the
administration, SMH notes. The report showed that administrators
have identified 10,247 known creditors in total (including
approximately 9020 employees), SMH discloses.

"This is likely to change as more information becomes available.
The administrators expect the total number of creditors is
estimated to be over 12,000," the documents signed by Deloitte
partner and Virgin administrator Vaughan Strawbridge said, SMH
relays.

Virgin employs about 10,000 staff and according to the court
documents they are estimated to be owed approximately AUD450.77
million.

According to SMH, the breakdown also show that Virgin's
increasingly angry bondholders who expect to be asked to take the
biggest haircut will rank just behind secured lenders in terms of
the value of their claims with secured lenders and secured
leaseholders owed AUD2.28 billion and bondholders AUD1.98 billion.

Other financing groups providing credit for Virgin to lease
aircraft are owed AUD1.88 billion. Trade creditors, ie people who
supply services or goods to Virgin, are owed about AUD166.7 million
while landlords are estimated to be owed AUD71.21 million.

SMH adds that the court documents also show the administrators face
a growing issue with working through the company's aircraft leases.
"Reaching a determination as to the future status of the leases and
identifying any further arrangements that may be relevant has been
since their appointment, and will continue to be, a very
significant task for the administrators," Mr Strawbridge said.

In administration, Deloitte acts as an independent party to assess
Virgin's position and negotiate with creditors about the best
outcome for the business, SMH states. That could include finding
new owners to take over the airline and keep it operating or, if
that is not possible, selling its remaining assets to pay off as
many creditors as possible.

Creditors - including banks, aircraft lessors, customers with
credits from cancelled bookings or frequent flyer points and staff
owed entitlements - may only receive cents in the dollar for what
they are owed, SMH adds.

                      About Virgin Australia

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

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income.  Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months.  More than 10 parties have expressed an
interest, Deloitte related on April 21.

According to Bloomberg, Virgin Australia, which has furloughed 80%
of its 10,000 workers, will continue to operate some flights for
essential workers, freight and the repatriation of Australians. The
airline's frequent flyer program is a separate company and is not
in administration.

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




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C H I N A
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AIRNET TECHNOLOGY: Has Until Dec. 10 to Regain NASDAQ Compliance
----------------------------------------------------------------
AirNet Technology Inc. has received a notification letter from the
Listing Qualifications Department of The Nasdaq Stock Market Inc.
dated April 17, 2020 stating a Nasdaq's determination to toll the
compliance periods for bid price and market value of publicly held
shares requirements through June 30, 2020. The Notice further
stated that on April 16, 2020, Nasdaq filed an immediately
effective rule change with the Securities and Exchange Commission
to toll the compliance periods for the Price-based Requirements.

Accordingly, since the Company had 163 calendar days remaining in
its bid price compliance period as of April 16, 2020, the Company
will, upon reinstatement of the Price-based Requirements, still
have 163 days from July 1, 2020, or until Dec. 10, 2020, to regain
compliance. The Company can regain compliance, either during the
suspension or during the compliance period resuming after the
suspension, by evidencing compliance with the Price-based
Requirements for a minimum of 10 consecutive trading days.

                      About AirNet Technology

Incorporated in 2007 and headquartered in Beijing, China, AirNet
Technology Inc., formerly known as AirMedia Group Inc., provides
in-flight solutions to connectivity, entertainment and digital
multimedia in China. AirNet -- http://ir.ihangmei.com-- empowers
Chinese airlines with Internet connections through a network of
satellites and land-based beacons, provides airline travelers with
interactive entertainment and a coverage of breaking news, and
furnishes corporate clients with advertisements tailored to the
perceptions of the travelers.

Marcum Bernstein & Pinchuk LLP, in New York, issued a "going
concern" qualification in its report dated April 30, 2019, on the
Company's consolidated financial statements for the year ended Dec.
31, 2018, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

AirMedia incurred a net loss of US$93.41 million in 2018 following
a net loss of US$179.2 million in 2017. As of Dec. 31, 2018,
AirMedia had US$129.8 million in total assets, $115.4 million in
total liabilities, and US$14.39 million in total equity.


CEFC CHINA: Shanghai Court Declares Conglomerate Bankrupt
---------------------------------------------------------
Caixin Global reports that CEFC China Energy Co. Ltd., the fallen
energy and financial conglomerate controlled by secretive tycoon Ye
Jianming, has been declared bankrupt by a Shanghai court, according
to a ruling dated March 31 and published April 24 on an enterprise
bankruptcy information disclosure platform set up by China's
Supreme People's Court.

In addition to CEFC China, several of its subsidiaries including
CEFC Shanghai International Group Ltd. and CEFC Hainan
International Holdings Co. Ltd. were also declared bankrupt in the
same ruling, Caixin says.

CEFC China is one of the private Chinese conglomerates that spent
several years amassing sprawling assets abroad through debt-backed
investments. But the company has been under regulatory and
financial pressure since founder Ye was placed under investigation
on suspicion of economic crimes in 2018, according to Caixin.

CEFC Anhui International Holding Co. Ltd., one of CEFC China's
financing arms, began the delisting process in September and was
officially delisted in November from the Shenzhen bourse after its
stock lost most of its value amid the parent's corruption scandal
and financial woes.

Caixin notes that regulators in November revoked the business
licenses of CEFC Shanghai Securities Co. Ltd, citing the
brokerage's unlawful actions including extending financing to
parent company CEFC Shanghai International and its affiliates.

CEFC China Energy Company Limited engages primarily in energy and
financial services businesses. It invests and develops upstream and
downstream of oil and gas fields, and petrochemicals in the
Middle East, Central Asia, and Africa. The company establishes
logistics chains, overseas storage, and transshipment terminals. It
also invests in securities, trusts, futures, banking, financial
assets transactions, leasing, factoring, direct risk management,
and online insurance.


CENTURY SUNSHINE: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded China-based fertilizer producer
Century Sunshine Group Holdings Limited's Long-Term Issuer Default
Rating to 'B-' from 'B'. The fertilizer producer's senior unsecured
rating has also been downgraded to 'B-' from 'B', with a Recovery
Rating of 'RR4'. The ratings remain on Rating Watch Negative.

Fitch expects the company to potentially use the proceeds from the
recently announced HKD300 million convertible bond and its readily
available cash to redeem its SGD101.75 million senior unsecured
notes due on July 3, 2020. Fitch understands from issuer that it is
exploring different options to refinance the bond. The rating
downgrade and RWN reflect the company's poor liquidity management
and uncertainties related to the upcoming redemption.

KEY RATING DRIVERS

Weak Liquidity Management: Century Sunshine has been exploring
options for its maturing Singapore dollar bond since January 2020,
including the proposed convertible bond. However, the timing of the
issuance has led to a tight deadline for repaying the SGD bond as
the convertible bond issuance is not expected to be completed until
early June. The HKD300 million to be raised via the convertible
bond also will not fully cover the bond repayment and the company
will have to use a substantial portion of its readily available
cash to make up the shortfall, which would put more pressure on its
liquidity.

Fitch considers Century Sunshine's weak liquidity management as no
longer commensurate with its previous 'B' rating, and is a key
constraint on its rating.

Completion of Bond Issuance Key: Fitch has kept Century Sunshine's
ratings on RWN as the completion of the convertible bond issuance
is subject to several uncertainties, including approval from
independent shareholders at an extraordinary general meeting in May
2020, and approval from the Securities and Futures Commission of
Hong Kong for a "whitewash" waiver for Century Sunshine's chairman
from making a mandatory takeover offer as his shareholding will
rise from 34.75% to 51.64% upon conversion of the bonds.

Fitch sees the completion of the convertible bond issuance as a key
rating driver of Century Sunshine's rating, as Fitch does not
expect the company's readily available cash position to be
sufficient to cover repayment of the Singapore dollar bonds.
Failure to complete the convertible bond issuance could lead to a
multiple-notch downgrade.

Moderate Impact from COVID-19: Century Sunshine typically has
weaker cash flow in the first half of the year due to seasonality,
and this has been compounded by the outbreak of COVID-19, which
Fitch believes will lead to reduction of its liquidity headroom
compared to end-2019 levels. Nonetheless, Fitch expects demand for
its ecological fertilizer products to rebound for the rest of this
year and the company to delay and reduce its capex till 2H20. Fitch
forecasts Century Sunshine's EBITDA and operating cash flow
generation to normalize from 2H20.

DERIVATION SUMMARY

Century Sunshine's operating EBITDA is much smaller than that of
most chemical companies in the 'B' rating category. Its scale is
similar to that of Hungary-based nitrogen fertilizer producer
Nitrogenmuvek Zrt (B-/Stable). Century Sunshine has better
operating EBITDA margin, higher interest coverage and lower
leverage. Both companies have tight liquidity positions.

The RWN reflects the tight timeline and uncertainties related to
its upcoming redemption of the Singapore dollar bonds in July
2020.

KEY ASSUMPTIONS

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

  - Revenue to fall by 14% in 2020, then increase by 12% in 2021
and 4% in 2022

  - EBITDA margin of 19% in 2020, 20% in 2021 and 20% in 2022

  - Capex of HKD122 million in 2020, HKD300 million in 2021 and
HKD300 million in 2022

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  - Fitch will remove the RWN and affirm the ratings upon the
successful redemption of the SGD101.75 million notes due July 3,
2020, provided Century Sunshine's liquidity position remains
adequate

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  - Failure to complete the issuance of convertible bond by
mid-June could lead to a multiple-notch downgrade

  - Further deterioration in liquidity

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Century Sunshine's liquidity is tight. It had
unrestricted cash of HKD785 million as of end- 2019, and short-term
debt of HKD1.6 billion, including the SGD101.75 million note due
July 2020. Fitch expects the company to use the proceeds from the
proposed convertible bond and its readily available cash to redeem
the Singapore dollar bonds, and expect the company's cash level to
remain adequate to support normal operations after the redemption.

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.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


FOSUN INT'L: Moody's Places Ba2 CFR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed on review for downgrade Fosun
International Limited's Ba2 corporate family rating and the Ba2
senior unsecured rating on the bonds issued by Fortune Star Limited
and guaranteed by Fosun.

The outlooks were changed to ratings under review from stable.

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

The review for downgrade of Fosun's ratings reflects Moody's
concerns over the company's ability to maintain its credit metrics
at levels appropriate for its Ba2 CFR amid the coronavirus-led
economic downturn.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The tourism and
consumer-related businesses which accounted for 15% of Fosun's
total investment portfolio value at the end of 2019 -- have been
significantly affected by the shock given their sensitivity to
travel restrictions, consumer demand and sentiment.

Fosun is vulnerable to the risks of declines in its portfolio value
and dividend income over the next 12-18 months, given its
debt-funded investment strategy, reliance on short-term financing,
and insufficient coverage of operating and interest expenses by
recurring income -- predominantly dividend income from investees --
at the holding company level. Fosun is also exposed to the risk of
credit contagion of its investees in these unprecedented financial
market volatility and challenging operating environments.

Fosun has a debt-funded investment strategy. Consequently, its
investment cash outflows have consistently exceeded its divesture
proceeds, and debt leverage has continued to rise. While the
company has taken measures to speed up its asset recycling and
optimize its debt maturity profile, Moody's expects funding gap
will persist over the next 12-18 months.

Fosun's liquidity is weak at the holding company level. Its
recurring income, mainly dividends from underlying investments, are
inadequate to cover interest and operating expenses. Additionally,
its cash on hand is also insufficient to cover the short-term debt
maturing over the next 12 months. While Fosun has maintained
continued access to the funding markets to meet its refinancing
needs and holds a large amount of marketable securities which could
provide alternative liquidity, Moody's expects the volatile
financial market conditions will make asset disposals and funding
access more challenging.

Moody's expects Fosun's adjusted (funds from operations [FFO] +
interest)/interest coverage ratios will remain well below 1x over
the next 12-18 months, and for market value-based debt leverage
(MVL) ratios to continue to rise and exceed 40% over the same
period. Such metrics are weak for its Ba2 CFR.

Additionally, the challenging economic and operating environment
could reduce cashflow and weaken the credit quality of its key
investees in tourism and consumer-related businesses in the next
12-18 months, increasing credit contagion risk for Fosun.

Moody's review will focus on (1) Fosun's ability to improve its
adjusted (funds from operations [FFO] + interest)/interest coverage
ratio and liquidity profile at the holding company level, (2) its
ability to narrow the funding gap between its investments and
divestures, (3) the extent to which the coronavirus-led economic
slowdown and volatile financial markets erode the value and credit
quality of Fosun's investments, and (4) Fosun's ability to lower
its leverage as measured by its MVL ratios.

An upgrade is unlikely in the near term given the review for
downgrade.

However, the ratings could be confirmed if Fosun (1) raises its
[dividends + interest income]/ [interest + operating expenses
coverage] to above 1x at the holding company level, and (2)
strengthens its liquidity position on a sustained basis.

Moody's could downgrade the rating if (1) Fosun's financial profile
deteriorates, with adjusted MVL rising above 40%-45% or
consolidated adjusted debt/capital rising above 55-60%, both on a
sustained basis; (2) the quality of its investment portfolio
deteriorates or contagion risk from its investees rises; or (3) the
company's reliance on short-term funding does not improve and the
gap between its recurring income and recurring expenses at the
holding company level remains.

In terms of environmental, social and governance factors, Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety. Its action reflects the impact on Fosun of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

In terms of governance risk, Moody's has also considered the
concentrated ownership in its controlling shareholder and chairman,
Mr. Guo Guangchang, who held a 60.3% stake in the company as of
December 31, 2019. Moreover, while the company has a complex and
evolving investment portfolio, limited transparency exists around
its investments for public investors.

These risks are partially mitigated by the company's listing on the
Hong Kong Stock Exchange, and by the presence on its 11-member
board of one non-executive director and four independent
non-executive directors. Furthermore, the company has provided
regular training to its directors, and has an audit committee,
renumeration committee and nomination committee in place to support
the functioning of the board.

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in July 2018.

Fosun International Limited is headquartered in Shanghai and was
listed on the Hong Kong Stock Exchange in 2007.

Fosun has diversified businesses spanning three broad categories:
(1) integrated finance (Wealth); (2) tourism, leisure, consumer
(Happiness); (3) and Pharmaceuticals, medical services, health
products (Health).

The estimated market value of Fosun's investment portfolio totaled
around RMB244 billion at the end of 2019. The consolidated group's
revenue totaled RMB143 billion in 2019.


GOLDEN WHEEL: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Golden Wheel
Tiandi Holdings Company Limited's Long-Term Foreign- and
Local-Currency Issuer Default Ratings to 'B-' from 'B'. The Outlook
is Stable. Fitch has also downgraded GWTD's senior unsecured rating
to 'B-' from 'B', with a Recovery Rating of 'RR4'.

The downgrade is driven by deterioration in its business profile,
including an attributable contracted sale of CNY3 billion, which is
significantly weaker than that of peers rated 'B'. GWTD's lower
sales were previously mitigated by strong non-development EBITDA
interest coverage of 0.4x-0.5x, but Fitch expects this coverage
ratio to weaken significantly to around 0.25x in 2020, which is no
longer sufficient to provide an offset to GWTD's smaller scale.

The Stable Outlook reflects Fitch's view that GWTD's liquidity
position is tight but manageable. GWTD is seeking to refinance its
7% senior notes maturing in January 2021, and Fitch believes that
the company has a number of viable options to address the bond
maturity, even if market conditions remain difficult.

KEY RATING DRIVERS

Uncertainty in Property Development Business: Fitch believes that
management's 2020 sales target of CNY4.2 billion may be difficult
to achieve while economic growth slows. GWTD's contracted sales in
1Q20 were only 13% of the full-year target. Fitch also believes
GWTD's sales are less predictable than peers' as more than 70% of
its sellable resources are non-residential properties, whose sales
are more dependent on business confidence and investor sentiment.
GWTD reported CNY3.5 billion total contracted sales in 2019, which
was 15% below Fitch's forecast and 20% below management's target.

Fitch has assumed no new land acquisitions in 2020, but expect the
company to resume purchases in 2021 and spend 25%-50% of contracted
sales receipts on land acquisitions to maintain its land bank life
and business profile. The company's property projects are mainly
spread over five core Tier 2 and 3 cities in the mainland Chinese
provinces of Jiangsu and Hunan - Nanjing, Yangzhou, Wuxi, Changsha
and Zhuzhou - where the company has a long track record of
operations.

Non-Development Interest Coverage to Deteriorate: Fitch expects
GWTD's non-development EBITDA interest coverage to decrease to
around 0.25x in 2020 due to weaker-than-expected rental income from
investment property and metro leasing. Non-development property
income in 2020 will be hit by measures to contain the COVID-19
outbreak. Footfall at GWTD's shopping malls and metro-linked
properties fell in February and March 2020, which will push leasing
revenue down by more than 25% in 2020. Fitch expects GWTD's hotel
revenue to drop more than 50% in 2020.

GWTD's non-property development EBITDA interest coverage dropped to
around 0.4x in 2019 from 0.47x in 2018 mainly due to higher
interest expenses.

Liquidity Tight but Manageable: GWTD's ratio of cash to short-term
debt improved slightly to 0.6x by end-2019 but remains tight. GWTD
plans to refinance USD300 million of outstanding 7% senior notes
maturing in January 2021. Fitch believes that the company has
several other options to address the bond maturity if market
conditions remain difficult. The company had available cash of
CNY979 million (USD138 million) at end-2019 and unencumbered
investment properties with a carrying value of around CNY2 billion
that can be secured against new borrowings.

Rising Leverage in 2020: Fitch expects GWTD's leverage, measured by
net debt to adjusted inventory on a proportionately consolidated
basis, to increase to 46% in 2020 from 43% in 2019 due to weaker
property sales and retail activities across China in 1Q20, and
despite its reduction of land acquisitions in 2020. The company has
also delayed some of its asset disposals due to difficult market
conditions. Fitch expects leverage to fall to 44%-45% in 2021-22 as
property sales and non-development revenue gradually recover.

Margin to Improve from 2020: GWTD's EBITDA margin, excluding
capitalised interest from cost of goods sold, dropped to 28.6% in
2019 from 44.1% in 2018, due to revenue recognition of projects
with high land cost. The company's margin may improve in 2020-2021
to 32%-35%. GWTH's rich experience in developing metro-linked
projects provided it with an advantage in acquiring land at a
relatively low cost in the past. GWTD's margin is comparable to
that of peers rated 'B-', such as Skyfame Realty (Holdings) Limited
(B-/Stable) at 28%-31% and Guorui Properties Limited (B-/Negative)
at 30%-35% l in 2019-20.

DERIVATION SUMMARY

GWTD's contracted sales are much smaller than that of Guorui and
Skyfame, but this is mitigated by its stronger non-development
EBITDA to gross interest coverage. Guorui and Skyfame had
attributable contracted sales of CNY10 billion-20 billion in 2019
compared with GWTD's CNY2.5 billion.

GWTD's non-development EBITDA interest coverage is higher than
peers rated 'B-' and is comparable to that of LVGEM (China) Real
Estate Investment Company Limited (LVGEM, B/Stable). However, LVGEM
has a much larger business scale and better quality land bank.
LVGEM also has a much stronger investment-property portfolio that
is mainly located in Shenzhen, Hong Kong and cities in the Greater
Bay Area like Zhuhai. This justifies the one-notch rating
difference between LVGEM and GWTD.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY2.5 billion-2.7 billion per
year in 2020-2021

  - 25%-50% of sales receipts are spent on land acquisition each
year in 2020-2021

  - EBITDA margin, excluding capitalized interest from the cost of
goods sold, at 32%-35% in 2020-2021

  - Cash collection ratio of 80% in 2020-2021

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  - Non-development EBITDA interest coverage improving to 0.5x for
a sustained period

  - Leverage, measured by adjusted inventory, sustained below 45%

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  - Inability to address short-term debt, in particular the USD300
million of outstanding bonds that mature in January 2021

  - Leverage sustained above 55%

  - Worsening liquidity position

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: GWTD had available cash, after including pledged
cash for loans, of CNY1.54 billion and short-term debt of CNY2.6
billion at end-2019, resulting in a liquidity ratio of 0.6x, an
improvement from 0.26x in 2018 partly due to the sale of its hotel
in Hong Kong for HKD500 million at end-2019. The company is seeking
to refinance the USD300 million of notes that mature in January
2021, but has a number of options to repay the bonds, including
using cash-on-hand, borrowing against its unencumbered investment
properties, and potential asset sales.

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.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).

LUCKIN COFFEE: Collapse Adds to Credit Suisse's Asian Loan Losses
-----------------------------------------------------------------
Cathy Chan and Patrick Winters at Bloomberg News report that Credit
Suisse Group AG was stung by the collapse of Luckin Coffee Inc. in
China following an accounting scandal, which led to a five-fold
increase in Asian loan-loss provisions.

The Swiss bank set aside 97 million Swiss francs ($100 million) for
soured loans, primarily related to three cases, the largest of
which was Luckin Coffee, Bloomberg relates citing a person familiar
with the matter. The bank only referred to a "Chinese food and
beverage company" in its earnings statement on April 23.

Bloomberg says Credit Suisse led the initial public offering for
Luckin in New York last year and is among the biggest creditors on
defaulted loans to Luckin founder Lu Zhengyao. The bank provided
about $100 million in margin loans before accounting fraud
allegations at the Chinese company triggered a collapse in the
stock this month, Bloomberg relates.

Luckin, the biggest challenger to Starbucks Corp. in China, has
said its chief operating officer and some of its employees may have
fabricated about $310 million in sales, Bloomberg recalls. The
company said in a regulatory filing on April 24 that Thomas Meier,
an independent director and member of the audit committee, resigned
from the board.

Credit Suisse Chief Executive Officer Thomas Gottstein declined to
comment on Luckin in a Bloomberg Television interview on April 23.

"This episode is unfortunate that it happened but we're still at
the beginning of various investigations" involving auditors and
lawyers, Bloomberg quotes Mr. Gottstein as saying. "Too many
parties involved to make an early conclusion."

Morgan Stanley, Credit Suisse and Haitong International Securities
Group were among the biggest participants in $518 million of margin
loans to Lu that are now in default, according to Bloomberg.
Haitong put up $140 million, while Morgan Stanley and Credit Suisse
lent about $100 million each. Goldman Sachs Group Inc. and China
International Capital Corp. had smaller exposures.

Bloomberg notes that Luckin remains halted from trading on the
Nasdaq pending the accounting review. The shares last traded at
$4.39 on April 6, down 91% from its January high, and well below
the $17 IPO price when Credit Suisse and other banks took it public
in July, the report adds.

                         About Luckin Coffee

Based in China, Luckin Coffee Inc. (NASDAQ: LK) --
https://www.luckincoffee.com/ --- has pioneered a technology-driven
retail network to provide coffee and other products of high
quality, high affordability, and high convenience to customers.
Empowered by big data analytics, AI, and proprietary technologies,
the Company pursues its mission to be part of everyone's everyday
life, starting with coffee.

As reported in the Troubled Company Reporter-Asia Pacific on April
7, 2020, China Daily said that Luckin Coffee Inc, the so-called
rival to Starbucks in China, has exposed itself to the risks of
delisting and even bankruptcy due to severe fabrication of sales
data, experts said.

China Daily related that the Nasdaq-listed Chinese coffee chain saw
its share price crash more than 75 percent to $6.40 on April 2
after the company disclosed that its earnings results were
substantially inflated. It dropped nearly 15 percent more in the
first two hours of trading on April 3.

Liu Jian, chief operating officer and a director of the company,
and several employees reporting to him, had engaged in misconduct,
including fabricating transactions, a company statement said on
April 2.

The aggregate sales associated with fabricated transactions amount
to around CNY2.2 billion (US$310 million) during the April to
December period last year, according to Luckin's preliminary
internal investigation, the statement said.




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

ASTER PRIVATE: Ind-Ra Keeps D LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Aster 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 the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR2.250 bil. Fund-based limits (long-/short-term) maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR11,039.5 bil. Non-fund-based limits (long- /short-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 12, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Aster is a Hyderabad-based tower fabricating and engineering
procurement and construction company that undertakes works in the
power, telecom, and engineering segments.


BIMLA RICE: CARE Lowers Rating on INR11.12cr LT Loan to 'B'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bimla Rice international (BRI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       11.12      CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BRI to monitor the rating
vide letter dated March 20, 2020 and e mail communications dated
February 27, 2020, December 24, 2019, December 5, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on S.K. Industries bank facilities will now be
denoted as CARE B; Stable; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

The long term rating of the firm has been revised on account of
partnership nature of constitution, susceptibility of fluctuation
in raw material prices and monsoon dependent operations and
fragmented nature of industry coupled with high level of government
regulation.

Key Rating Weaknesses

* Susceptibility to fluctuation in raw material prices and monsoon
dependent operations:  Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting periods.
The price of rice moves in tandem with the prices of paddy.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.
Any sudden spurt in the raw material prices may not be passed on to
customers completely owing to firm's presence in highly
competitive industry.

* Highly fragmented and competitive nature of industry:  The
industry in which BRI operates is highly fragmented and competitive
in nature marked by the presence of various large and small
players. The players in the industry, especially the small players,
do not have any pricing power and are exposed to competition
induced pressures on profitability. Furthermore, the commodity
nature of the product makes the industry highly fragmented with
numerous players operating in the unorganized sector with very less
product differentiation. There are several small scale operators
which are not into end-to-end processing of rice from paddy,
instead they merely complete a small fraction of processing and
dispose-off semi-processed rice to other big rice millers for
further processing. Additionally, the raw material (paddy) prices
are regulated by government to safeguard the interest of farmers,
which in turn limits the bargaining power of the rice millers.

* Partnership nature of constitution:  BRI constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners.

Key Rating Strengths

* Experienced partners in the agro processing of industry:  Mr.
Sushil Kumar has work experience of more than three decades gained
through his association with BRI and other regional entities
engaged in similar business operations. On the other hand, Mr.
Natish Gupta and Mr. Sahil Gupta have work experience of one decade
and half a decade, respectively gained through their association
with BRI only. All the partners have adequate acumen about various
aspects of business which is likely to benefit BRI in the long run.
The long track record has aided the firm in having established
relationship with customers and suppliers.

* Favorable location:  BRI is mainly engaged in the milling and
processing of rice. The main raw material (Paddy) is procured
through dealers and commission agents from local grain markets,
located in Haryana. The firm's processing facility is situated in
Kaithal, Haryana, which is one of the highest producers of paddy in
India. Its presence in the region gives additional advantage over
the competitors in terms of easy availability of the raw material
as well as favorable pricing terms. BRI owing to its location is in
a position to save on the freight component of incoming raw
materials.

Kaithal-based (Haryana) BRI was established as a partnership firm
in 1998 and is currently being managed by Mr. Sushil Kumar, Mr
Natish Gupta and Mr. Sahil Gupta sharing profit and losses in the
ratio 2:1:1. The firm is engaged in milling, processing and trading
of basmati and non-basmati rice. The processing unit of the firm is
located in Kaithal, Jind, with an installed capacity of 30,000
metric tonne of paddy per annum (MTPA) as on December 31, 2018. BRI
procures paddy from local grain markets through dealers and
commission agents mainly from the state of Haryana. BRI primarily
sells its products in Northern India viz. Haryana, Himachal, Delhi,
Rajasthan and Uttar Pradesh to wholesalers and traders.


BKM INDUSTRIES: CARE Keeps 'D' Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BKM
Industries Limited (BKM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       80.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      28.50      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & key rating drivers

CARE had, vide its Press release dated February 25, 2019 , placed
the ratings of BKM under the 'issuer non-cooperating' category as
BKM Industries Limited had failed to provide the information and
has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement . BKM Industries Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated March 3, 2020 March 6, 2020, March 16, 2020 and March 18,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on February 25, 2019 the following were
the rating strengths and weaknesses (updated for the latest
available information).

Key Rating Weaknesses

* Ongoing delays in the account:  There have been instances of LC
devolvement and the cash credit account remained overdrawn for a
period of more than 30 days. This liquidity mismatch is primarily
due to delay in collection from the debtors and decline in the
revenue in FY19 due to weak demand scenario.

* Deterioration in financial performance of the company in Q1FY19
marked by cash losses:  BKM's operating income declined by 58.32%
from previous quarter to INR17.30 crore in Q1FY19 (as against
INR45.05 crore in FY18) on the back of lower execution of orders.
This coupled with under absorption of fixed cost and execution of
less margin products lead to operational losses in Q1FY19. Further,
higher interest expenses resulted in cash losses during the said
quarter. This apart in July 2018, the company had also decided to
discontinue its manufacturing operations at the Barjora (Bankura,
West Bengal) and resultantly reported loss of INR-0.57 crore in
Q1FY19. During 9MFY19, BKM reported cash loss of INR 22.15 crore on
a total operating income of INR 34.64 crores. BKM's operating
income declined y-o-y by 73.54% from INR 156.9crore in FY18 to
INR41.51crore in FY19. BKM reported loss at PAT level of
INR56.42crore in FY19. The overall gearing ratio deteriorated from
0.81x as on March 31, 2018 to 2.37x as on March 31, 2019.

BKM Industries Ltd (BKM) was incorporated on March 25, 2011. It was
a dormant company till October 01, 2013 before the demerger of
packaging division of Manaksia Ltd (ML) to BKM. BKM manufactures
packaging products and aluminum semi-rigid containers. Major
packaging products manufactured by the company includes (1) Roll on
Pilfer Proof closures for the premium liquor and pharmaceutical
sector, (2) Crown closures for carbonated soft drinks and beer, (3)
Plastic closures for carbonated soft drinks and mineral water
sectors, and (4) Metal containers for shoe polishes, cosmetics and
tea. The company currently has manufacturing facilities located in
West Bengal, Telengana and Dadra & Nagar Haveli. In July 2019, the
company has strategically planned to discontinue its manufacturing
operations at the Barjora (Bankura, West Bengal).


CMJ BREWERIES: CARE Assigns 'D' Rating to INR206.52cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of CMJ
Breweries Pvt Ltd (CMJ), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities
   (Term Loans)         206.52     CARE D Assigned

   Long-term Bank
   Facilities
   (Fund Based)          54.40     CARE D Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to CMJ takes into account ongoing delays and
defaults in debt servicing, deteriorating profitability with cash
losses and stressed capital structure with negative networth,
changes in government regulations impacting the spirit industry.
The ratings also factor in experienced promoters and management
team of the company and its association with leading brands.

Rating Sensitivities

Positive Factors

* Equity infusion leading to shoring up of networth.

* Reporting positive profits on a sustainable basis

* No delays and defaults in servicing debt.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing:  On interaction the bankers,
have confirmed that there are ongoing delays in debt servicing and
account has been classified as NPA.

* Decorating profitability with cash losses and stressed capital
structure with negative networth:  TOI increased to INR358.12 cr in
FY19 vis-a-vis INR331.35 cr in FY18. However,the company is
reporting negative PBT at INR-88.15 cr. GCA has been negative since
2017 from INR-36.16 cr to INR-51.00 cr in FY19. The overall gearing
ratio of the company deteriorated from 4.38x as on March 31, 2018
to -6.25x as on March 31, 2019, on account of negative net worth.
The debt equity ratio also deteriorated from 3.26x as on March 31,
2018 to -4.57x as on March 31, 2019.

* Changes in government regulations impacting the spirit industry:
In the past few years, particularly since 2016, the industry faced
a string of issues ranging from alcohol ban, demonetisation,
highway ban and exclusion from GST. These factors had a telling
impact on alcohol production. Even beer production declined or
remained flat during 2016-19.

Key Rating Strengths

* Experienced Promoters:  Mr. Ronak Jain S/o Mr. Rohit Jain, is a
Commerce Graduate with MBA degree from Monash University of
Australia. He is Director of the company. After completing his
studies, he is actively involved in the family business of CMJ
Group. He has an experience of more than a decade in this company.
Association with leading brands Currently the company is
manufacturing beer under bottling agreement/Job work and own brands
such as Asia 72 , Meakins 1000 , Heman 9000, Kingfisher Strong &
lager, Godfather , Magpie, Savage, Red Indian, Shimla, etc. The
company has bottling agreement in the Indian-made foreign liquor
(IMFL) unit with "United Spirits Limited", Allied Blenders &
Distillers Private limited. It also manufactures under its own
brands namely "Armada" Rum, "Zino" and "Caravan" Whisky.  In the
Extra Neutral Alcohol (ENA) Unit ,the company has tie-up with
United Spirits Limited, Allied Blenders, Distillers Private limited
& other local bottling units in north eastern states.

Liquidity: Poor

Liquidity is marked by negative gross cash accruals against debt
repayment obligations of INR2.91 crore. With a negative overall
gearing as on March 31, 2019, the issuer does not have sufficient
headroom, to raise additional debt for its future capex.

CMJ, incorporated in November 2007, is promoted by the
Meghalaya-based Jain family. For the Brewery segment -The annual
installed capacity was increased from 2,00,000 HL in 2013 and to
700,000 hlpa in 2020. The distillery commenced operations in
October 2014. The company has set up a 100 KLPD state of art grain
based Extra Neutral Alcohol (ENA) Plant at Byrnihat, Meghalaya.The
grain based ENA caters to the Eastern and North Eastern region
where the demand is high.A Captive power plant of 4.20 MW has been
set up alongside the distillery. It has an Indian-made foreign
liquor (IMFL) manufacturing installed capacity of 24,00,000 cases
per year.


DC INDUSTRIAL: CARE Keeps 'D' on INR12cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of DC
Industrial Plant Services Pvt. Ltd (DIPSPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        2.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short term Bank      10.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & key rating drivers

CARE had, vide its Press release dated February 5, 2019, placed the
ratings of DIPSPL under the 'issuer non-cooperating' category as
DIPSPL had failed to provide the requisite information for
monitoring the rating. DIPSPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and emails dated March 3, 2020, March 6, 2020,
March 16, 2020 and March 18, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers
At the time of last rating on February 5, 2019, the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

* On-going delays in debt servicing:  There are on-going delays in
debt servicing due to liquidity mismatch. The Company is referred
to Corporate Insolvency Resolution Process (CIRP) under NCLT and
Hon'ble NCLT has appointed an Interim Resolution Professional (IRP)
to manage the affairs of the Company.

DIPSPL, incorporated in June 1983, is a turnkey Ash Handling System
Contractor for coal fired Power Plant Projects in India. In FY14,
the Chatterjee Group (TCG) group had acquired 50% stake in DCIPS
and the company is now jointly owned by Development Consultants Pvt
Ltd (DCPL) and TCG group. DCPL is an established player in the area
of engineering & consulting services in various industries
especially in the power sector. The contracts being executed by
DCIPS include complete design, engineering, supply and installation
including civil works of ash handling plants. The company also
undertakes contracts for operation and maintenance of such plants
along with supplying spare parts.


G. SHAJI: CRISIL Withdraws 'B' Rating on INR4.70cr Cash Loan
------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of G. Shaji
on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

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

   Cash Credit           4.7        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating
                                    Withdrawn)

   Standby Line           .56       CRISIL B/Stable (ISSUER NOT
   of Credit                        COOPERATING; Rating
                                    Withdrawn)

CRISIL has been consistently following up with G. Shaji for
obtaining information through letters and emails dated
November 30, 2019 and December 26, 2019, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as they are arrived at without any management
interaction and are based on best available or limited or dated
information on the company'.

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 G. Shaji. This restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on G. Shaji
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating category
or lower. Based on the last available information, the rating on
bank facilities of G. Shaji continues to be 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating'.

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

G. Shaji is promoted by Mr. Shaji. The firm is engaged in Road
construction and civil works through contract by PWD in the state
of Kerala.


GEOGY GEORGE: CRISIL Withdraws B+ Rating on INR4.5cr Cash Loan
--------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Geogy
George (GG) on the request of the company and receipt of a no
objection certificate from its bank. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loans.

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

   Cash Credit          4.5       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Long Term   3.72      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with GG for obtaining
information through letters and emails dated February 3, 2020 and
February 7, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

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 GG. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GG is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB rating category or lower.
Based on the last available information, the rating on bank
facilities of GG continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

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

GG was established as a proprietary firm in 1987 by Mr Geogy George
and undertakes civil construction works in Kerala.


K N INTERNATIONAL: CRISIL Cuts Rating on INR8.97cr Loan to 'C'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of K N
International Limited (KNIL) to 'CRISIL C/CRISIL A4' from 'CRISIL
BB+/Stable/CRISIL A4+'.  The downgrade reflects delays in meeting
debt obligation in the 3 months through March 2020.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         40        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Overdraft               2.17     CRISIL C (Downgraded from
                                    'CRISIL BB+/Stable')

   Proposed Long Term
   Bank Loan Facility      8.97     CRISIL C (Downgraded from
                                    'CRISIL BB+/Stable')


   Term Loan               3.86     CRISIL C (Downgraded from
                                    'CRISIL BB+/Stable')

The ratings continue to reflect KNIL's modest scale of operations
in the intensely competitive civil construction industry, large
working capital requirement, and exposure to risks inherent in
tender-based business. The weaknesses are partially offset by the
extensive industry experience of the promoter and the company's
above-average financial risk profile.

Key Rating Drivers & Detailed Description

* Delays in meeting debt obligation in the 3 months through April
2020.

Weaknesses

* Modest scale of operations amid intense competition: Revenue was
INR284.38 crore in fiscal 2019. The company's scale is likely to
remain subdued on account of intense competition.

* Large working capital requirement: KNIL executes tenders awarded
by National Thermal Power Corporation Ltd, Hindalco Industries Ltd,
Reliance Infrastructure Ltd, and Hindustan Steelworks
Infrastructure Ltd. Road construction projects take 12-15 months
for completion, while ash dyke units take around 24 months. Hence,
gross current assets were large at 233 days as on March 31, 2019.
Furthermore, the company does not receive mobilisation advance from
customers, and clients deduct 5% of the contract value as earnest
money for 5 years. Also, the company has to maintain fixed deposits
worth 5% of the contract value with banks as performance guarantee
money for 5 years. Consequently, a large portion of the cash
generated is utilised in the aforementioned assets. However,
working capital requirement is mostly supported by creditors.
Operations will remain working capital intensive over the medium
term.

* Exposure to risks inherent in tender-based business: Revenue
depends on the company's ability to successfully bid for tenders.
Slowdown in tenders or finalisation of contractors, or unsuccessful
bidding will weaken the company's business risk profile.

Strengths

* Above-average financial risk profile: Total outside liabilities
to adjusted networth ratio was healthy at 0.91 time as on March 31,
2019, and is expected at 0.50-0.90 time over the medium term (even
after factoring in the debt-funded capital expenditure), driven by
continuous term loan repayment and build-up in networth, following
stable and moderate operating profitability. Debt protection
metrics were healthy, with interest coverage and net cash accrual
to total debt ratio at 7.74 times and 0.81 time, respectively, in
fiscal 2019. Networth was comfortable at INR136.92 crore as on
March 31, 2019, on account of regular equity infusion, and is
likely to remain at a similar level over the medium term.

* Extensive industry experience of the promoter: The promoter has
been in the civil construction industry for 35 years, and has
established healthy relationships with customers. The company
executes contracts in Bihar, Chhattisgarh, Madhya Pradesh, and
Uttar Pradesh.

Liquidity Poor

The company's weak liquidity is reflected in the delay in meeting
debt obligation.

Rating Sensitivity Factors

Upward factors

* Track record of timely debt servicing for 90 days

* Improvement in operating performance, with adequate cash accrual
and enhancement in liquidity

Downward factors

* Continuous deterioration in account conduct

* Decline in operating efficiency with operating margins below 8%
affecting accretion to reserves.

Promoted by Mr Narendra Singh Yadav, KNIL began operations in 1988.
It constructs roads and ash dyke plants. The clientele comprises
leading entities such as National Thermal Power Corporation Ltd,
Reliance Infrastructure Ltd, and Hindalco Industries Ltd (for ash
dyke plants), and government bodies (for road construction). Its
facility is located in Sonebhadra, Uttar Pradesh.


KASHVI POWER: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kashvi Power and
Steel Private Limited's (KPSPL) 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:

-- INR449 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR65 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
March 12, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

KPSPL was set up in 2010 in Cuttack, Odisha. The company is engaged
in the trading and exports of iron ore fines and also has a
shopping mall business.


KESAR ENTERPRISES: CARE Reaffirms 'D' Rating on INR107.26cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Kesar
Enterprises Limited (KEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities
   (Term Loan)         107.26      CARE D Reaffirmed

   Long Term Bank
   Facilities
   (Fund Based)         63.30      CARE D Reaffirmed

   Short Term Bank
   Facilities  
   (Non Fund Based)      0.20      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to bank facilities of KEL continues to reflect
ongoing delays in servicing of debt obligations.

Detailed description of key rating drivers

Key Rating Weaknesses

* Delays in debt servicing:  There are delays in servicing of
interest and principal. The account continues to be classified as
an NPA.

Key Rating Strength Not Applicable

Kesar Enterprises Ltd (KEL), formerly known as Kesar Sugar Works
Ltd was originally promoted by Kilachand Group in October 1933. In
1985, the promoters renamed it to its present name. The company is
part of the Kilachand Group, one of the old and well established
Industrial Houses in India having diversified interest in sugar,
distillery, renewable energy, storage and other agro products. KEL
is a fully-integrated sugar company operating it's sugar unit with
a capacity of 7,200 TCD (Tonnes Crushed per Day), co-generation
power plant of 44 MW, and a distillery unit producing industrial
alcohol with capacity of 50,000 KLPD (Kilo Litres per Day). The
company's integrated sugar plant is located at Baheri, Uttar
Pradesh. The power plant is a fully automated bagasse fired
co-generation power plant. The plant can operate at high pressure
of 115 kg/cm2. The company has entered into a PPA (Power Purchase
Agreement) with Uttar Pradesh Power Corporation Limited (UPPCL) for
sale of power for 20 years. Besides, the company produces open
pollinated and hybrid seeds under its brand name "Kesar seeds". The
company has an in-house research division at Hyderabad where the
seeds are developed.


KESAR MULTIMODAL: CARE Reaffirms D Rating on INR99.11cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Kesar
Multimodal Logistics Limited (KMLL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities
   (Term Loan)          99.11      CARE D Reaffirmed

   Short Term Bank
   Facilities
   (Non Fund Based-
   BG limits)            9.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

* The rating assigned to bank facilities of Kesar Multimodal
Logistics Limited (KMLL) continues to reflect ongoing delays in
servicing of debt obligations.

Detailed description of key rating drivers

Key Rating Weaknesses

* Delays in debt servicing:  There are delays in servicing of
interest and principal. The account continues to be classified as
an NPA.

Key Rating Strength Not Applicable

Analytical approach: Consolidated financials of Kesar Terminals and
Infrastructure Limited (KTIL) along with its subsidiary KMLL has
been considered for analysis purpose. KTIL has extended corporate
guarantee to the bank facilities availed by KMLL.

Incorporated on September 2011, Kesar Multimodal Logistics Limited
(KMLL) is a project SPV created to set up a composite logistic hub
on a land area of 88.3 acres provided by Madhya Pradesh State
Agricultural Marketing Board (Mandi Board) on design, build,
finance, operate and transfer (DBFOT) basis. The company is a part
of Kilachand group having a track record of more than seven decades
in various business segments such as sugar, distillery, storage and
other agro products. The two main companies of the group are Kesar
Enterprises Ltd (KEL) which is involved in the manufacture and sale
of sugar, industrial alcohol, extra neutral alcohol (ENA) and
country liquor and Kesar Terminals and Infrastructure Ltd (KTIL)
which is involved in handling of bulk liquid storage at Kandla Port
for three decades.

Kesar Terminals and Infrastructure Ltd (KTIL) was incorporated in
2008 to take over the storage division of Kesar Enterprises Ltd
(KEL; rated CARE D). The storage division was demerged from KEL
with the intention to expand the business. KEL is engaged in
manufacturing of sugar and also has a distillery unit. KTIL in
association with KEL has set up a Special Purpose Vehicle named
"Kesar Multimodal Logistics Limited" (KMLL) in FY12 to execute its
project of setting up a Composite Logistic Hub on an area of 88.3
acres of leased land provided by Madhya Pradesh State Agricultural
Marketing Board (Mandi Board) on design, build, finance, operate
and transfer (DBFOT) basis. With effect from Feb. 16, 2018, KMLL
has become wholly owned subsidiary of KTIL.


KISAN MOULDINGS: CARE Maintains 'D' Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kisan
Mouldings Limited continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      208.75      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short term Bank      91.25      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Kisan Mouldings Limited to
monitor the rating vide emails dated January 9, 2020, February 3,
2020, February 17, 2020, March 9, 2020, March 12, 2020, March 13,
2020, March 16, 2020, March 17, 2020; and numerous telephonic
interactions. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. The company has also not paid the surveillance fees
for the rating exercise as agreed in its Rating Agreement. In line
with the extant SEBI (Securities and Exchange Board of India)
guidelines, CARE has reviewed the ratings on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on the company's
bank facilities will now be denoted as 'CARE D; ISSUER NOT
COOPERATING'.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on April 9, 2019, the following were the
rating weaknesses.

Key Rating Weaknesses

* Delays in servicing of debt obligation:  There are continuing
delays in debt servicing as reported by the lenders and company.

Established in the year 1982, Kisan Mouldings Limited is primarily
involved in manufacturing of PolyVinyl Chloride (PVC) pipes and
fittings. They also manufacture custom moulded articles, moulded
furniture and water tanks. The company processes around 50,000
metric tonnes of polymer each year. The products are marketed under
its own brand viz. KISAN & KML CLASSIC through 11 branch offices
spread across major cities catering to existing base with 100
distributors and 3,000 dealers' network. It has 5 manufacturing
units located in Maharashtra, Karnataka, Madhya Pradesh and Union
Territory of Dadra and Nagar Haveli.


LAVA CAST: CARE Lowers Rating on INR156.70cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Lava
Cast Private Limited (LCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      156.70      CARE D Revised from
   Facilities                      CARE C (CE);
                                   Outlook: Negative

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of LCPL
factors in the ineffectiveness of the corporate guarantee issued by
the parent Setco Automotive Limited (SAL rated as CARE C ;
Negative) post delays in debt servicing of bank facilities of LCPL.
CARE also believes that SAL with its deteriorating financial
performance (for last 4 quarters) and sizable obligations of its
own, would not be able to provide any support to LCPL.

Bankers of LCPL had invoked the corporate guarantee issued by SAL
for the bank debt raised by LCPL on January 28, 2020 with 60 days
of notice/grace period (ending March 28, 2020). The management of
LCPL has indicated that they had submitted the initial
restructuring/Resolution Plan proposal for LCPL in December 2019
and a revised one on March 19, 2020, which is under process with
bankers.

As indicated by the bankers of LCPL, the recovery proceedings in
respect of debt obligations of LCPL would be initiated post
assessment of the viability of the restructuring proposal,
assessment of the same is still pending. Thus, the liability of SAL
to pay the obligations of LCPL would be determined only after
assessment of viability of a restructuring proposal. CARE would
continue monitor the developments in this regard, and take the
necessary action on ratings if required.  Further, LCPL which is
engaged in the developing and manufacturing of fully machined
ferrous casting products especially for automotive industry
continues to incur losses due to slowdown experienced by the auto
industry in FY19 and FY20.  There are on-going delays in debt
repayment obligations and restructuring proposal is under
discussion with bankers.

Rating Sensitivities

Positive Factors

* Approval of restructuring proposal with bankers within the
stipulated timelines

* Revival of business operations and the company reporting positive
profitability

Detailed description of the key rating drivers

Key Rating Weaknesses

* Continuing losses:  LCPL continues to earn losses at the PAT
level; although in FY19, the company has reported positive PBILDT.
In FY19, the company reported losses of INR28.24 crore (PY: PAT
loss of INR23.71 crore). The Gross Cash Accruals continue to be
negative. LCPL is engaged in the developing and manufacturing of
fully machined ferrous casting products especially for automotive
industry. The auto industry especially Medium and Heavy Commercial
Vehicles (MHCV) is experiencing slowdown due to factors like
revised axle load norms, liquidity crisis and general economic
slowdown among others. The slowdown in the auto industry which is
marked by poor demand commenced in second half of FY19 and
continued through FY20. As a result, the financial performance of
the company in FY20 is also likely to be dismal.

* Poor debt coverage indicators; support from the parent SAL not
likely:  The company had a high total debt level of INR151.47 crore
as on March 31, 2019 on a low net-worth base of INR36.82 crore due
to accumulated losses. Since LCPL has been earning negative cash
profits, it had to depend on the parent for servicing its debt
repayment obligations. However, the financial performance of the
parent, SAL has deteriorated substantially in 9MFY20, wherein it
reported Total Operating Income (TOI) of INR376.88 crore, (decline
of 27.4% over the previous period), PAT loss of INR29.12 crore
(Previous period: positive PAT of INR2.70 crore) and negative cash
accruals of INR5.49 crore (Previous period: Positive INR24.61
crore) on account of slowdown in the auto industry, mainly MHCV
segment. Hence going forward, CARE believes that support from SAL
to service the debt obligations of LCPL is not likely to come.

Liquidity: Poor

The liquidity of the company is poor as reflected by continued cash
losses and its inability to service its debt obligations.

Lava Cast Pvt. Ltd. (LCPL) is engaged in the developing and
manufacturing of fully machined ferrous casting products for the
automotive and other industries. The LCPL foundry is setup at
Kalol, Gujarat. Initially, LCPL was formed as a JV between SAL and
Lingotes Especiales S.A. in the ratio of 80:20 in May, 2011. It is
a backward integration project of SAL for the manufacturing of
Automotive Grade Castings. The facility is setup at a cost of about
INR182.35 crore and began commercial operations from April 2016.


LIFELINE MULTI: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Lifeline Multi
Ventures 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 BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR350 mil. Term loans due on December 2025 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 5, 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 1989, Bhubaneswar-based Lifeline Multi Ventures is
engaged in the construction of a commercial project on a leasehold
2.71-acre land. It is managed by Mr. Jagadish Prasad Naik, Mrs.
Ratnamala Swainand, and Mrs. Shyam Sundar Padhy.  


N. VISWANATHAN: CARE Lowers Rating on INR12.63cr Loan to 'B'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of M/s
N. Viswanathan, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       12.63      CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from N. Viswanathan to monitor
the rating vide e-mail communications dated July 9, 2019 to March
17, 2020 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on N. Viswanathan' bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers
At the time of last rating on April 2, 2019, the following were the
rating strengths and weaknesses considered:

Key Rating Weaknesses

* Delay in project completion and commencement of commercial
operation:  The project was expected to complete by the end of May
2018 and start commercial operations from July 2018. However, the
construction work was stopped till December due to heavy rain and
flood in Madekeri from May 2018 to November 2018 and the project
got delayed. The construction is expected to be completed by
December 2019 and commercial operation will be started from
January, 2020.

* Stabilization of business operations:  The firm has achieved the
financial closure for setting up its function hall at Kushal Nagar,
Kodagu District in Karnataka. The commercial operations shall begin
from January 2020. However, stabilization of business operations
shall remain critical from credit perspective.

* Seasonality associated with hospitality services industry:  The
demand for hospitality sector has direct relation to the overall
health of economy. The Indian hospitality industry normally
experiences high demand during January–August, mainly on account
of marriage season in the state. However, this trend is seeing a
change over the recent few years. Function halls have introduced
various offerings to improve performance (occupancy) during the
lean months.

* Competition from other players in the industry:  The firm faces
competition from a number of small and medium players since it is
located in commercial area of the city.

* Proprietorship nature of constitution with inherent risk of
withdrawal of capital:  Constitution as a proprietorship has the
inherent risk and possibility of withdrawal of capital at a time of
personal contingency which can adversely affect the capital
structure of the firm. Furthermore, proprietorships have restricted
access to external borrowings as credit worthiness of the
proprietor would be a key factor affecting the credit decision of
lenders.

Key Rating Strengths

* Experienced promoter in various businesses: Mr. N. Viswanathan,
the proprietor of the firm has experience in different business
like coffee business, real estate business. Mr. N. Viswanathan has
25 years' experience in coffee business and launched coffee powder
product under the brand name of LEVISTA. Mr.N.Viswanathan is
partner in M/s SLN Builders which is in to real estate business.

* Location advantage: The function hall is located on the
Mangalore-Bangalore national highway (NH-275) and has good
transportation facility to reach the function hall from the bus
station.

* Financial closure achieved:  The firm has achieved the financial
closure for setting up its function hall at Kushal Nagar, Kodagu
District in Karnataka. The business operations shall begin from
January 2020. Further, the day to day working capital needs shall
be managed by a cash credit facility with a limit of INR 12.63
crore.

Madikeri (Karnataka) based, M/s N. Viswanathan was established in
the year 2016 as a proprietorship concern by Mr. N. Viswanathan.
The firm was established with an objective of setting up a function
hall with 4000 person capacity at Kushal Nagar, Kodagu District, in
Karnataka. The estimated cost of the project is INR17.43 crore to
be funded entirely by promoter's capital.


NIRMAN INFRA: CRISIL Assigns B+ Rating to INR5cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Nirman Infra Steel Private Limited (NISPL).

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

The rating reflects NISPL's average financial risk profile,
susceptibility to volatility in steel prices and working capital
intensive operations. These weaknesses are partially offset by the
extensive experience of its promoters in the steel industry and
moderate debt protection metrics.

Analytical Approach

Unsecured loans of INR14.3 crore as on March 31, 2019 from the
promoters have been treated as debt as they are not subordinated to
bank borrowings.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to volatility in steel prices:  The steel sector
has periodically witnessed slowdown due to decline in the prices of
and slackened demand for intermediary steel products. This
volatility in steel has resulted in modest operating margins of
-1.0% to 2.3 % in the three years ended fiscal 2020. A significant
increase in operating margin will remain a key monitorable

* Average financial risk profile: High reliance on external
borrowings has resulted in total outside liabilities to adjusted
networth (TOLANW) ratio estimated at over 3 times as on March 31,
2020, while networth is estimated at a modest INR14 crore.

* Working capital intensive operations: Operations are working
capital intensive as indicated by stretched receivables. The
receivables are estimated at a high INR11 crore, outstanding for
more than 6 months (of this, about INR9 crore have been outstanding
for more than 2 years). The realisation of these receivables and
improvement in working capital cycle will remain key monitorable.

Strengths

* Extensive experience of the promoters: The promoters' experience
of more than two decades in the steel industry through group
companies, their strong understanding of local market dynamics and
healthy relationships with suppliers and customers should continue
to support the business.

* Moderate debt protection metrics: Debt protection metrics are
moderate marked by estimated interest coverage and net cash accrual
to total debt ratios of 2 times and 0.07 time, respectively, in
fiscal 2020.

Liquidity Stretched

Net cash accrual, estimated at a modest INR1.8-1.9 crore in fiscal
2020 and expected around similar level in fiscal 2021 should cover
annual debt obligation of INR0.5 crore. Fund-based limit was
utilised 60% on average over the 12 months through December 2019.
The timely realisation of outstanding receivables of INR9 crore
(for more than 24 months) will remain a monitorable. Unsecured
loans from the promoters will continue to support liquidity.

Outlook: Stable

CRISIL believes NISPL will continue to benefit from the extensive
experience of its promoters.

Rating Sensitivity Factors

Upward Factors

* Significant and sustained increase in revenue and operating
profitability leading to cash accruals of over INR3 crore.

* Strengthening of the financial risk profile marked by timely
realisation of sticky receivables.

Downward Factors

* Decline in revenue and operating profitability lowering net cash
accrual to below INR1.5 crore

* Stretch in working capital cycle, adversely affecting financial
risk profile, especially liquidity.

NISPL produces thermo-mechanically treated bars and sells it under
the Bhaskar brand. It has capacity of 300 tonne per day at its
facility in Jaipur. It commenced operations in May 2013.


PARVATIYA PLYWOOD: CRISIL Withdraws B+ Rating on INR8.7cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Parvatiya Plywood Private Limited (PPPL) and subsequently withdrawn
the rating at the company's request and on receipt of a
no-objection certificate from the bankers. The withdrawal is in
line with CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.7        CRISIL B+/Stable (Rating
                                    Reaffirmed and Withdrawn)

   Proposed Long Term    5.4        CRISIL B+/Stable (Rating
   Bank Loan Facility               Reaffirmed and Withdrawn)

   Term Loan             5.9        CRISIL B+/Stable (Rating
                                    Reaffirmed and Withdrawn)

PPPL was incorporated in 1987, promoted by Mr Akhilesh Pratap
Saraswat and his family members. The company manufactures plywood,
block boards, and flush doors. It has a plant at Ramnagar in
Nainital, Uttarakhand, and a registered office in New Delhi.


PREET LAND: CARE Reaffirms 'D' Rating on INR9.50cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Preet
Land Promoters & Developers Private Limited (PLP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities            9.50      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PLP continues to be
constrained by ongoing delays in debt servicing of the debt
obligations due to its weak liquidity position. The company has low
project preparedness level coupled with marketability risk and
market competition. The rating is further constrained by company's
cyclicality and seasonality associated with real estate industry
and exposure to local demand-supply dynamic. The rating, however,
derives strength from experienced promoters in real estate industry
and relevant approvals in place.

Key Rating Sensitivity

Positive Factor:

* Improvement in liquidity position:  Ability of the company to
execute the project as per the projected schedules.

* Ability of the company to achieve envisaged sales of its
residential projects at projected sales price.

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing:  There were on-going delays in
servicing of the principal amount of the term loan. The account has
been classified as NPA. The delays were on account of weak
liquidity as the company was unable to generate sufficient funds on
timely manner.

* Low project preparedness level:  In respect to the project
preparedness, the project is at nascent stage of development with
sale of only 17.19 acres of building and plot area out of total
saleable are of INR42.57 acres. Also, construction work is also
under development. The company is exposed to the execution risk for
the project under development. Thus, with major area unsold, the
ability of the company to make the sales at the projected sales
price and in a timely manner will remain a key rating sensitivity.

* Marketability risk and market competition:  The risk of marketing
and selling of the commercial as well as residential buildings and
plots remains. Further, the Indian real estate industry is highly
fragmented in nature with the presence of a large number of
organized and unorganized players spread across various regions.
Many townships are emerging in cities like Mohali and Chandigarh
and small players are coming with projects in these areas.

* Cyclicality associated with real estate industry and exposure to
local demand-supply dynamic:  The company is exposed to the
cyclicality associated with real estate sector which has direct
linkage with the general macroeconomic scenario, interest rates and
level of disposable income available with individuals. In case of
real estate companies, the profitability is highly dependent on
property markets. This exposes these companies to the vagaries of
property markets. A high interest rate scenario could discourage
the consumers from borrowing to finance the real estate
purchases and may depress the real estate market.

Key Rating Strengths

* Experienced promoters in real estate industry:  The company is
managed by Mr. Raghubir Singh Dhiman, Mr. Charan Singh Saini and
Mr. Kanwal Jit Singh collectively having an industry experience of
10 years, 14 years and 15 years respectively their association with
PLP and other regional entities.  The promoters have adequate
acumen about various aspects of real estate business which is
likely to benefit PLP.

* Land acquired and relevant approvals in place:  The cost of the
land acquisition for the ongoing "Preet City" project stood at INR
50.00 crore and construction has already started. As per
management, the company has taken all requisite approvals and
clearances for the project namely.

* Weak liquidity position:  There were on-going delays in servicing
of the principal amount of the term loan. And the account has been
classified as NPA.  The delays were on account of weak liquidity as
the company was unable to generate sufficient funds on timely
manner.

Preet Land Promoters and Developers Private Limited (PLP) was
incorporated as a private limited company in November 2005 and is
currently being managed by Mr. Raghubir Singh Dhiman, Mr. Charan
Singh Saini and Mr. Kanwal Jit Singh collectively. PLP is engaged
in real estate business and is currently developing its first real
estate project named- "Preet City" at Mohali (Punjab) on a total
area of 100 acres. The project cost is estimated at INR140.68
crore, to be funded through term loan of 95.18 crore and promoters'
capital of INR45.50 crore. The project is being developed in
commercial as well as residential buildings and plots.


PRIME AND SHINE: CRISIL Withdraws 'B' Rating on INR1cr New Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the long term bank facilities of
Prime and Shine Trading Private Limited (PSTPL) on the request of
the company. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Proposed Fund-          1       CRISIL B/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with PSTPL for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as they are arrived at without any management
interaction and are based on best available or limited or dated
information on the company.

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 PSTPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PSTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating category
or lower. Based on the last available information, the rating on
bank facilities of PSTPL continues to be 'CRISIL B/ Stable Issuer
Not Cooperating'.

CRISIL has withdrawn its rating on the long term bank facilities of
PSTPL on the request of the company. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loans.

PSTPL, based in West Bengal, was incorporated in 2011, promoted by
members of the Bothra family. The current directors are Mr Ankit
Jain, Ms Lata Kumari Bothra, and Ms Dipa Bothra. Operations are
managed by Mr Manish Bothra. The company exports cut and polished
diamonds to Singapore, and China.


RAHUL SHIVHARE: CARE Reaffirms 'B' Rating on INR4.70cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Rahul
Shivhare (RS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities            4.70      CARE B; Stable Reaffirmed

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of RS continues to
remain constrained on account of thin profitability margins and
weak solvency position. The rating, further, continues to remain
constrained on account of its presence in a highly competitive and
fragmented industry, high business risk due to regulated nature of
liquor industry and constitution as a proprietorship concern.

The rating, however, continues to favorably take into account
experienced management, increase in scale of operation and adequate
liquidity position. The rating, however, continues to derive
strength from favorable demand outlook with steady increase in
consumption of alcohol.

Rating Sensitivities

Positive Factors

* Sustained improvement in Total Operating Income (TOI) with
improvement in PBILDT above 4%.

* Sustained improvement in solvency position with overall gearing
below 3.50 times.

Negative factors

* Decline in Total Operating Income below INR35 crore and PBILDT
margin below 2.00%.

* Deterioration in solvency position with overall gearing more than
15 times.

* Non awarding of tender for liquor shop license in projected
period.

Detailed description of the key rating drivers

Key Rating Weakness

* Thin Profitability margins:  Profitability margins of the firm
stood thin marked by PBILTD and PAT margin of 2.21% and 1.16%
respectively in FY19 as against 1.62% and 0.85% respectively on
FY18. PBILTD margin of the firm improved by 59 bps in FY19 over
FY18 owing to healthy increase in scale of operation and lower
fixed overheads. With increase in PBILDT margin, PAT margin of the
firm also improved by 31 bps in FY19 over FY18.

* Weak solvency position:  The capital structure of the firm stood
leveraged with an overall gearing of 9.56 times as on March 31,
2019, improved from 14.08 times as on March 31, 2018 owing to
accretion of profit to reserves. The debt coverage indicators of
the firm stood weak marked by total debt to GCA of 12.36 times as
on March 31, 2019, improved from 24.94 times as on March 31, 2018
owing to increase in GCA. Further, interest coverage ratio of the
firm stood at 2.17 times in FY19, improved from 2.11 times in FY18
owing to increase in PBILTD level over FY18.

* Trading nature of business characterized by low profitability and
high competition:  RS is engaged in wholesale and retail business
of liquor in Madhya Pradesh. As the business operations are of
trading nature, the profitability margins of the firm are
restricted. Further, liquor trading business is highly fragmented
due to presence of large number of outlets thereby limiting the
profitability margins of the firm.

* High business risk due to regulated nature of liquor industry:
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from government
which impact the pricing flexibility of the industry. The State
Governments levy various duties like excise duty, sales tax,
license fee, state-level import and export duty, bottling fee,
welfare levy, assessment fee, franchise fee, turnover tax,
surcharge etc. The state governments are also given liberty to
enact the by-laws for liquor industry on their own; hence any
significant policy changes adversely affect the whole industry.
Further, the liquor retailing is tender driven and the successful
bidders' get license for trading for a period of one year and
has to go through same process for renewal of licenses. Hence, it
leads to aggressive bidding by the players resulting into pressure
on the profitability margins and also uncertainty over future
revenue visibility in case of non-renewal of licenses.

* Constitution as proprietorship concern:  RS's constitution as
proprietorship firm with moderate net worth base restricts its
overall financial flexibility in terms of limited access to
external funds for any future expansion plans. Also, there is
inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of the
proprietor.

Key Rating Strengths

* Experienced promoters:  The management of the firm has vast
experience in the liquor industry being present in the industry
since long period of time through group concern. Shivhare Liquor
group has other associate concern namely Ram Swaroop Shivhare,
Gopal Shivhare, Laxmi Narayan Shivhare, Kalpna Shivhare, Kamala
Shivhare, Ranjeet Shivhare and Rahul Shivhare which are engaged in
similar business activity. The overall affairs of the firm are
managed by Mr Rahul Shivhare. Further, the proprietor is assisted
by a team of experienced personnel.

* Favourable demand outlook with steady increase in consumption of
alcohol:  Indian Liquor industry is one of the growing industries
despite being subjected to high taxes and innumerable regulations
by government. Country Liquor (CL) shares more than 50% of total
liquor consumption on account of low cost and easy availability.
However, in last five years, Indian Made Foreign Liquor (IMFL)
segment has seen higher growth rate of around 10- 12% than CL whose
growth rate was around 5-8%.The factors such as rising income
levels and changing mind-sets which are more open to the
consumption of alcoholic beverages drives the growth of IMFL
segment. In addition, changing consumer preference towards premium
varieties has resulted in improvement in sales mix of industry.
Hence, Indian liquor industry is envisaged to continue the trend of
steady growth supported by increasing demand led volume growth.

* Increase in scale of Operation:  During FY19, the scale of
operation of the firm has increased by 104.42% over FY18 and stood
at INR92.30 crore in FY19 as against INR45.15 crore in FY18 owing
to higher number of shops as well as demand during the period.

Liquidity: Adequate

Liquidity ratio of the firm stood moderate with current ratio and
quick ratio stood at 2.42 times and 2.23 times respectively as on
March 31, 2019. During February- April of every year, the firm
requires large amount of fund for bidding for the shop licenses.
Further, the firm has to maintain ready stock of products at all
its retail shops which is to be procured from wholesalers. Further
owing to retail nature of business, collection period stood nil as
on March 31, 2019 and inventory also stood 3 days due to which
operating cycle stood comfortable at 3 days. The firm has average
75% utilized of its fund based working capital limit in past 12
months ended February 29, 2020. Further cash and bank balance of
the firm stood at INR0.78 crore as on March 31, 2019. The envisaged
level of GCA stood at INR1.52 crore in FY20 as against nil long
term debt obligations.

Madhya Pradesh based Rahul Shivhare (RS) was established in 2005 as
a proprietorship concern by Mr Rahul Shivhare. The shops are
allotted in Madhya Pradesh by the state government through a
competitive bidding process for a period of one year. The company's
product profile comprises almost all the major brands of IMFL such
as Seagram, Signature, Mc Dowells No.1, DIG whisky among others.
The firm has license of 15 shops in FY19-20 and FY20-21.


RAIL.ONE USA: CARE Cuts Rating on INR89.38cr Loan to B+(CE)
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rail.One USA Copr (ROUC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        89.38     CARE B+(CE); Stable; ISSUER NOT
   Facilities                      COOPERATING; Outlook: Stable;
                                   Issuer Not Cooperating; Revised

                                   from CARE BB(CE); Stable;
                                   Outlook: Stable on the basis of

                                   best available information

Detailed Rationale & key rating drivers

CARE had, vide its Press release dated April 2, 2019, placed the
ratings of ROUC under the 'issuer non-cooperating' category as ROUC
had failed to provide the information and has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ROUC continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and emails dated March 3, 2020, March 6, 2020, March
16, 2020 and March 18, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings have been revised on account of lack of adequate
information regarding company's performance coupled with
uncertainty around its credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on April 2, 2019 the following were the
rating strengths and weaknesses:

Key Rating Strengths

* Long track record of operation and global presence:  PCM Cement
Concrete Private Limited (PCCPL) has a long track record of more
than two decades in manufacturing of sleepers. Moreover, PROAG, one
of the group companies acquired in March 2013, has an operational
track record of more than a century in the field of concrete
sleeper manufacturing. Through PROAG the group has international
presence in countries like Germany, Romania, Saudi Arabia, Spain,
South Korea, Turkey, Hungary and USA.

* Large scale of operation of the group:  PCM group is a
well-established entity in the concrete sleeper industry having
diverse international presence with group total operating income of
around INR64 crore in FY18. Around 85% of the overall operating
income is generated from PROAG. During the period from April 2017
to October 2017, the group has achieved turnover of around INR650
crore.

* Moderate debt metrics marked by significant decline in the term
loan obligation:  The term loan obligation of the group has reduced
significantly from INR254 crore as on March 31, 2015, to INR157
crore as on March 31, 2017 on the back of stabilisation of
operation of PROAG which was acquired by the group in the year
2013. The debt metrics of the group remained comfortable reflected
from debt equity ratio, overall gearing and total outside
liabilities to networth of 0.29x, 0.77x and 1.23x respectively as
on March 31, 2017. However, the total debt to gross cash accruals
remained moderate at 7.70x as on March 31, 2017. The group
generated a GCA of INR52.22 crore vis-à-vis debt repayment
obligation of INR53.36 crore in FY17 which is indicative of weak
debt servicing ability. However, cash and bank balance
(consolidated) of around INR91.50 crore as on March 31, 2017,
provides comfort to the debt servicing ability to an extent.

* Moderate order book position: As on October 31, 2017, the
consolidated order book of the group stood moderate at around
INR850 crore (0.81x of group operating income in FY17).

* Presence of price variation clause mitigates risk of volatility
in input prices to an extent:  The contracts executed by PCM group
for production of sleepers have a price escalation clause. The
presence of price variation clause mitigates the risk of volatility
in input prices to certain extent as any major volatility in input
prices can be passed on to the contract issuer.

Key Rating Weaknesses

* Working capital intensive nature of operation:  PCM group's
operation is working capital intensive in nature as it has a policy
to maintain inventory of around 3 months period and has to offer a
credit period of around 2 months to its customers due to intense
competition in the industry. The working capital intensive nature
of the group is further highlighted by almost full utilization of
the working capital limit.

* Deterioration in the consolidated financial performance in FY17:
The operating income of the PCM group declined by 11% y-o-y in FY17
primarily due to 13% revenue decline witnessed in PROAG driven by
y-o-y lower turnover from Spain, Hungary, Turkey and USA. Continued
losses in Rail.One USA Corp (ROUC) and dismal performance in Spain
and Saudi Arabia due to delay in project execution has led to
significant deterioration in overall profitability level and
margin. Lower PBILDT level also adversely impacted the interest
coverage ratio which declined from 4.84x in FY16 to 1.83x in FY17,
but it continued to remain at satisfactory levels. PAT margin
remained weak at 0.77% during FY17 due to high interest expense.
Consolidated financial performance of FY18 is not available.
Furthermore, on a standalone basis, the performance remained almost
stable in FY18 vis-à-vis FY17.

* Project execution risk: The group is expanding its annual
production capacity of concrete sleepers at a projected cost of
INR140 crore in PROAG and PCM Strescon Overseas Ventures Limited
(PSOVL) for executing the orders bagged in these entities. The
capex is expected to be funded through bank loans of INR100 crore
while the remaining will be funded through promoter funding. The
projection execution is a likely risk despite of the fact that the
expansion is expected to improve the scale of operation and
profitability going forward. However, the cash flow from the order
execution and free cash and bank balance (consolidated) of INR91.50
crore as on March 31, 2017, will support the project funding.

Analytical approach: Credit enhancement in the form of corporate
guarantee provided by PCCPL. While assessing PCCPL, CARE has taken
a consolidated view of all the companies (6 subsidiaries, 7
associates and a JV), as majority of group revenue is generated
from the same line of business of manufacturing concrete sleepers
for railways and flash butt welding.

ROUC is a wholly owned subsidiary of PCM Rail.One AG (Germany),
incorporated in 2013 in USA for setting up of facility for
manufacturing of Concrete Sleepers in the USA. ROUC has entered
into a 10-year contract with Union Pacific, for supply of sleepers
with minimum off take of 2 Lakh sleepers per year. The facility
with installed capacity of 4 lakh sleepers commenced operation in
April 2014. ROUC belongs to the PCM group having presence in
various sectors such as manufacturing of concrete sleepers, real
estate, tea, steel, etc. The group is headed by Mr. Kamal Kumar
Mittal, having over three decades of experience in various
industries.

                    About the Guarantor (PCCPL)

PCM Cement Concrete Private Limited (PCCPL), incorporated in 1991,
operates in four segments – sleeper, flash butt welding, media
and real estate. Sleeper division includes manufacturing of
concrete sleepers at the manufacturing facility located in Siliguri
and supplying to the railways. Flash butt welding segment
undertakes welding activities for railway tracks. The company
operates radio stations Radio 94.3 FM (Radio Misty) in Siliguri and
Radio 95.0 FM (Radio Misty) in Gangtok. Sleeper is the largest
segment of PCCPL, accounting for 70% of revenue in FY17, followed
by flash butt welding (26%) and media (4%). The company belongs to
the PCM group having presence in various sectors such as
manufacturing of concrete sleepers, real estate, tea, steel, etc.
The group is headed by Mr. Kamal Kumar Mittal, having over three
decades of experience in various industries.


RIGA SUGAR: CARE Maintains 'D' Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Riga sugar
Company Limited (RSCL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      104.14      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short term Bank       5.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & key rating drivers

CARE had, vide its Press release dated February 14, 2019, placed
the ratings of RSCL under the 'issuer non-cooperating' category as
RSCL had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RSCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated March 3,
2020, March 6, 2020, March 16, 2020 and March 18, 2020 In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on February 14, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing delays in the account:  The company has confirmed that
there are overdue/defaults in servicing their debt obligations.

Riga Sugar Company Limited (RSCL), incorporated in September 02,
1980, the flagship company of DHANUKA GROUP, currently has Sugar
(5000 TCD), Distillery (50 KLPD), Ethanol (45 KLPD), Power plant (8
MW) & DAP/ Organic Fertilizer facilties in Riga, North Bihar. The
sugar factory is one of the oldest sugar factories in India which
was set-up in 1933 by The Belsund Sugar & Industries limited under
British Management before being taken over by Dhanukas in 1950 and
was subsequently transferred w.e.f.1.10.1981 to Riga Sugar Company
Limited.


SARJAN WATERTECH: CRISIL Withdraws 'B' Rating on INR5cr Loan
------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Sarjan
Watertech India Private Limited (SWIPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Buyer's Credit         1.5     CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Cash Credit            5       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)


   Term Loan               .7     CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SWIPL for obtaining
information through letters and emails dated June 29, 2019 and
December 09, 2019, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

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 SWIPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SWIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating category
or lower. Based on the last available information, the rating on
bank facilities of SWIPL continues to be 'CRISIL B/ Stable Issuer
Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of SWIPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.Despite
repeated attempts to engage with the management, CRISIL failed to
receive any information on either the financial performance or
strategic intent of SWIPL. This restricts CRISIL's ability to take
a forward looking view on the entity's credit quality. CRISIL
believes information available on SWIPL is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB rating category or lower. Based on
the last available information, the rating on bank facilities of
SWIPL continues to be 'CRISIL B/ Stable Issuer Not Cooperating'.

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

SWIPL was set up as a partnership firm in 2003 and reconstituted as
a private limited company in 2008. Promoted by Mr. Sunil Trivedi
and his family members based in Ahmedabad, Gujarat, the company
manufactures RO and waste water treatment machines for chemical and
pharmaceutical companies.


SHIV SHAKTI: CRISIL Reaffirms 'B+' Rating on INR10cr Loan
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Shiv Shakti Exports (SSE).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       10        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan          4        CRISIL B+/Stable (Reaffirmed)

   Packing Credit         10        CRISIL A4  (Reaffirmed)

   Standby Line          
   of Credit               4        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect SSE's weak financial risk profile
and modest scale and working capital intensive operations. These
weaknesses are partially offset by the partners' extensive
experience and funding support.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile:  Debt protection metrics are
average with interest coverage and net cash accrual to adjusted
debt ratios of 2.7 times and 0.02 time, respectively, in fiscal
2019. Debt contracted to fund capital expenditure and support
operations have weakened the capital structure: gearing and total
outside liabilities to tangible networth ratios were 3.98 times and
5.9 times as of March 2019.

* Modest scale of operations:  Intense competition in the bath mats
and rugs industry continues to constrain scalability for SSE. Its
operating income (Rs 71.87 crore in fiscal 2019) remains modest,
despite its three-decade long presence in the business.

Strengths

* Extensive experience of the partners:  The partners, with their
experience of more than three decades they set up SSE as
proprietorship firm in 2001 have helped the firm survive
cyclicality in the business, and ramp up scale.

* Funding support from the partners:  Unsecured loans of INR6.17
crore from the partners were outstanding as of March 2019.

Liquidity Poor

* Moderate bank limit utilisation:  Bank limit utilisation is
moderate at around 87.02 percent for the past twelve months ended
December 2019.

* Cash accrual sufficient to meet debt obligation:  Cash accrual
are expected to be over INR2.5 crore per annum against term debt
obligation of INR0.6 to 0.8 crore per annum over the medium term.
In addition, it will be act as cushion to the liquidity of the
company.

* Moderate current ratio: Current ratio are moderate at 1.11 times
on March31, 2019.

Outlook: Stable

CRISIL believes SSE will continue to benefit from its established
customer base, and its partners' extensive experience.

Rating Sensitivity Factor

Upward factor

* Sustained improvement in scale of operation by 20% and sustenance
of operating margin

* Improvement in financial risk profile.

Downward factor

* Decline in profitability or stretch in working capital cycle

* Decline in scale of operations leading to fall in revenue by 30
percent leading to lower net cash accrual.

SSE is a partnership firm, set up in 2001, manufactures rugs, bath
mats, and carpets at its unit in Panipat, Haryana. Mr Sunil Mittal
and his family are the partners.


SUDHEER S: CRISIL Withdraws B+ Rating on INR6cr Cash Credit
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Sudheer
S (SS) on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

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

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

CRISIL has been consistently following up with SS for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as they are arrived at without any management
interaction and are based on best available or limited or dated
information on the company'.

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 SS. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB rating category or lower.
Based on the last available information, the rating on bank
facilities of SS continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

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

SS was established as a proprietary firm in 2007 by Mr. Sudheer S
and undertakes civil construction works in Kerala.


SURYA PRAKAAS: CRISIL Withdraws 'B' Rating on INR0.4cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Surya
Prakaas Foundry (SPF) and subsequently withdrawn the ratings at the
company's request and on receipt of a no-objection certificate from
the bankers. The withdrawal is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.5       CRISIL A4 (Rating reaffirmed
                                    and Withdrawn)

   Inland/Import           .5       CRISIL A4 (Rating reaffirmed
   Letter of Credit                 and Withdrawn)

   Long Term Loan          .4       CRISIL B/Stable (Rating
                                    reaffirmed and Withdrawn)

   Proposed Long Term      .35      CRISIL B/Stable (Rating
   Bank Loan Facility               reaffirmed and Withdrawn)

Established in 2003 as a proprietorship concern, SPF manufactures
steel castings at its unit in Coimbatore (Tamil Nadu). Mr M
Kanagarajan is the proprietor.




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

MODERNLAND REALTY: Fitch Puts 'B' LongTerm IDR on Watch Negative
----------------------------------------------------------------
Fitch Ratings has placed Indonesia-based property company PT
Modernland Realty Tbk's Long-Term Issuer Default Rating of 'B' on
Rating Watch Negative.

The RWN reflects heightened refinancing risks due to the
coronavirus pandemic. Uncertainty over the depth and duration of
the pandemic in Indonesia may hamper the company's ability to
refinance its USD150 million bond due August 2021. The risks are
more pronounced in light of the inherent cyclicality of
residential-property demand, and the volatile nature of industrial
land-bank and bulk sales. Prolonged weakness in pre-sales is likely
to add pressure to Modernland's cash flows and financial profile,
which may further limit its access to the debt and capital market.

Fitch may consider removing the RWN if the company is able to
procure sufficient funds to address the repayment of the 2021 bond
in the next six months.

KEY RATING DRIVERS

Heightened Refinancing Risks: Modernland does not have sufficient
cash and therefore will have to rely on external funds to refinance
the USD150 million bond due 2021. Fitch understands the company has
started looking at refinancing options. However, its talks with
lenders are in the early stages and market conditions are
challenging amid the pandemic. Modernland has time to procure the
new funding before the bond matures in August 2021, but Fitch
thinks risks are high in light of the bond's size and a
risk-adverse debt market. This risk is captured in the RWN.

Volatile Cash Flows, Weak Pre-Sales: Industrial land sales and bulk
land sales to joint-venture partners have been an important
component of Modernland's cash flows over the past few years. The
lumpy nature of these transactions adds to the inherently cyclical
residential-property demand. Fitch estimates pre-sales will fall by
55% in 2020, as the pandemic limits new launches and suppresses
residential demand, especially from mid-to-low income households.
The challenging macroeconomic conditions may also temper demand for
industrial land bank, and continue to delay collections from bulk
land-bank sales to PT Waskita Modern Realti, which were booked in
2018. As a result, Fitch estimates that Modernland's cash flow from
operations after land acquisitions will turn negative in 2020.

Modernland should be able to manage the negative CFFO in the short
term, supported by pre-sales collection, IDR435 billion in
pre-sales booked up to 1Q20 and its cash balance. Modernland
reported a 50% increase in total attributable pre-sales in 2019,
led by the launch of a property at its new township in Cilejit, and
a more than twofold increase in industrial land bank sales.
Modernland's cash flows were also supported by net proceeds of
IDR480 billion from bulk land-bank sales to a joint venture with PT
Lotte Land Indonesia in December 2019.

Negative Sector Outlook: Fitch revised the outlook on the
Indonesian homebuilding sector to negative from stable as Fitch
expects weaker demand for property. Fitch therefore cuts its 2020
sales forecast for Modernland to IDR1.6 trillion from IDR2.8
trillion, assuming sales in 2Q20-3Q20 will fall by 50% and 40% in
4Q20 from previous assumptions. It also expects some delays in
pre-sales collection, as some buyers, particularly those in the
mid-to-low income segment, which are the hardest hit by the
economic implications of the pandemic, may defer payments.

Project Concentration, Large Land Bank: Modernland's rating is
constrained by its still-limited scale and diversification in
residential sales. Fitch believes residential sales provide better
demand stability and reduce cash flow volatility compared with
industrial land sales. Jakarta Garden City is the company's largest
active development, on average contributing more than 50% of total
pre-sales excluding bulk land sales. Modernland's residential
segment also faces longer-term risks because it only has land for
another five years of sales at Jakarta Garden City.

Development risk is mitigated by Modernland's large, low-cost land
bank for new projects in Bekasi and Cilejit. This should improve
Modernland's residential project diversification, and extend
development life. The company has acquired 120 hectares of land in
Cilejit and 1,073 hectares in Bekasi. Modernland launched the
Cilejit project in 2019 and booked IDR354 billion in pre-sales.
Fitch expects Cilejit to contribute more meaningfully to pre-sales
in the next few years due to its strategic location and
connectivity to the public transportation infrastructure.

DERIVATION SUMMARY

Modernland's credit profile is comparable with that of PT Kawasan
Industri Jababeka Tbk (KIJA, B/Negative), PT Alam Sutera Realty Tbk
(ASRI, B-/RWN), and PT Lippo Karawaci TBK (Lippo, B-/Negative).

KIJA has a weaker business risk profile than Modernland because of
the increased competition affecting its flagship industrial estate
in Cikarang, and the high composition of industrial sales in its
pre-sales mix. KIJA is also exposed to a higher degree of project
concentration risk relative to Modernland, taking into account its
nascent second industrial estate in Kendal, central Java. KIJA has
had better financial flexibility than Modernland because of the
non-development income from a long-term power purchase agreement
with the state electricity company that covered annual borrowing
costs, but this has been hurt by the pandemic. Therefore, Fitch
rates both companies at the same level.

Both ASRI and Modernland have an established record in executing
residential township projects, evident from their ability to
generate sustainable pre-sales at their flagship projects. ASRI's
better residential project diversification is offset by
Modernland's ability to consistently generate industrial sales at
its mature industrial estate in Cikande even though industrial
demand is more volatile than residential demand. Both companies'
township development models allow for flexibility in managing CFFO,
and their large, low-cost land banks lead to discretionary land
acquisitions to support liquidity when sales are weak. ASRI is
rated one notch lower than Modernland as it faces more immediate
pressure and consequently higher execution risk than Modernland in
addressing a bond that matures in April 2021.

Lippo is rated one notch below Modernland due to its weaker
pre-sales generation and negative CFFO. Fitch also believes Lippo's
mixed-use project model has greater cash flow risks in a downturn
than Modernland's township model in light of the high committed
construction costs involved. Fitch expects Lippo's CFFO to remain
negative at least until 2020, versus Modernland's positive CFFO in
2019. Lippo's ability to revive pre-sales and cash flow is subject
to substantial challenges after weak project executions in the past
few years.

KEY ASSUMPTIONS

  - Presales IDR1.6 trillion in 2020 and IDR2 trillion in 2021.
Fitch expects weak sales in 2Q20-3Q20 as the pandemic peaks before
a slight recovery in 4Q20. Industrial sales and Cilejit will remain
relatively weak in 1H21, reflecting the prolonged economic impact
before reverting to normal thereafter.

  - Minimal capex and land acquisition

  - No bulk sales and collection from Waskita moved to 2021

Key Recovery Rating Assumptions

The recovery analysis assumes Modernland would be liquidated in a
bankruptcy rather than be considered a going concern. Fitch has
also assumed a 10% administrative claim in the recovery analysis.

Fitch assigned a liquidation value under a distressed scenario of
around IDR9 trillion as of December 31, 2019. The estimate reflects
Fitch's assessment of the value of trade receivables under a
liquidation scenario at 75% advance rate, inventory at 50% advance
rate, fixed assets at 50% advance rate, investments in associates
at 100% advance rate and land bank for long-term development at
100% advance rate. Fitch believes the company's reported land-bank
value, which is based on historical land costs, is at a significant
discount to market value and, thus, its assumption is already
conservative.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  - Inability to secure sufficient financing in the next six months
to refinance the USD150 million bond

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  - RWN may be removed if Modernland secures sufficient financing
in the next six months to refinance the USD150 million bond

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Liquidity Risks Rising: Modernland has sufficient liquidity to tide
through at least the next four quarters, but it faces significant
unaddressed debt maturities in August 2021. The company said it is
in discussions with existing lenders for a bridge loan but this has
not been finalised. Modernland also has other potential sources of
liquidity, which the company expects to collect in 2020, comprising
the Waskita sales collection of IDR680 billion and joint-venture
stake divestments. Fitch has not factored the additional liquidity
into its base case given the challenging market conditions.
Nevertheless, the proceeds, if collected as planned, should partly
alleviate the mounting refinancing risks the company is facing.




=========
J A P A N
=========

SOFTBANK GROUP: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 14, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by SoftBank Group Corporation to B from BB-. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

SoftBank Group Corporation is a Japanese multinational conglomerate
holding company headquartered in Tokyo.




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

EAGLE HOSPITALITY: Gets Notice of Default on Mortgage Loan
----------------------------------------------------------
The Business Times reports that the managers of Eagle Hospitality
Trust (EHT) on April 24 said they have received a notice of default
and demand for payment in relation to another loan, while also
disclosing that some of its hotel managers have served its sponsor
with termination notices.

Under a US$35 million (SGD49.9 million) mortgage loan, the lender
Wells Fargo National Association sent an April 18 notice
identifying multiple events of default, BT relates. Wells Fargo had
provided the loan on May 21, 2019, in respect of Delta Hotels by
Marriott Woodbridge, one of EHT's 18 hotels.

According to the report, the events of default included the
non-payment by the borrower - one of Eagle Hospitality Reit's
(EH-Reit) subsidiaries - of several sums for the month of March
2020 which were due on April 1, 2020. EH-Reit is one part of
stapled hospitality group EHT.

BT says these unpaid sums are: the monthly interest accrued on the
loan and the respective principal amount of the loan; the monthly
real estate tax deposit; and the monthly deposit for the costs and
expenses to replace and maintain furniture, furnishings and
fixtures at the Delta Woodbridge hotel.

Wells Fargo has exercised its right to cause the loan to bear
interest at the default rate calculated from April 1, 2020, and
also demanded the payment in full of all amounts currently due and
payable under the mortgage loan, BT relates.

BT meanwhile reports that the master lessees - under EHT sponsor
Urban Commons - for 16 out of EHT's 18 hotels have received notices
of default from the relevant hotel managers under their hotel
management agreements (HMAs).

This was because the master lessees did not provide and/or maintain
sufficient working capital for the hotels' operations. There were
also additional defaults resulting from their failure to pay
management fees and/or to make funds available to pay hotel
operating expenses, the report says.

The 16 hotels include The Queen Mary Long Beach, The Westin
Sacramento and Sheraton Pasadena. Delta Woodbridge is not among
them.

In addition, of the 16, five hotel managers have also sent
termination notices dated April 16 to the respective master lessees
under their HMAs, after the master lessees failed to cure their
default of maintaining sufficient working capital for the hotels'
operations, the report says.

If the five master lessees do not cure the defaults within the
applicable cure periods, the hotel managers will terminate their
HMAs.

According to BT, the EHT managers said on April 24 that they are
confident the inherent value of the properties in EHT's portfolio
is not significantly affected by the master lessees' alleged
defaults.

The managers are "working hard towards preserving the value of the
properties in these difficult circumstances".

If true, the alleged defaults under the HMAs would also constitute
a breach of the respective master lease agreements (MLA) by the
master lessees. The MLAs were entered into with the master lessors
- EH-Reit subsidiaries that own each underlying EHT property.

In the meantime, the master lessors reserve all rights against the
master lessees under the MLA, and the master lessees remain obliged
to fulfil their obligations under the MLA.

BT says the managers and DBS Trustee, as EH-Reit's trustee, have
also appointed FTI Consulting to assist in the restructuring
process for EHT.

As part of the appointment, FTI's Alan Tantleff and Nicholas Gronow
were named joint chief restructuring officers of the EHT managers,
covering the US and Singapore respectively, the report adds.

BT relates that FTI will continue negotiations with the syndicate
lenders of a US$341 million loan with a view to restructuring the
relevant debt facilities. The managers had disclosed on March 24
that they received a demand for the immediate repayment of EHT's
US$341 million loan from Bank of America, the administrative agent
for the syndicate of lenders.

The advisory firm will also evaluate the strategies to be
undertaken to preserve the value of EHT's portfolio for the benefit
of stapled securityholders, particularly amid the Covid-19
pandemic, and having regard to the master lessees' defaults under
the HMA notices, BT relays.

To determine the viability of the MLA, FTI will evaluate income,
expenses, cash and profitability at the master lessee level.

BT adds that FTI will also evaluate the unpaid rent by the master
lessees to EHT, as well as the impact on the property portfolio
from the master lesses' further defaults in relation to the HMA
default notices and the potential termination of the HMAs.

The managers and DBS Trustee, with the assistance of the FTI chief
restructuring officers and legal counsel, are assessing the impact
of the alleged defaults, as well as the Covid-19 crisis in the US
on the operations of the underlying properties. They are also
looking into the appropriate steps to manage and minimise the
consequent risks, according to BT.

As such, it is too early to ascertain the full financial impact on
EHT, the managers said on April 24.

BT says the EHT managers are also assessing the appropriateness of
the MLA structure as part of the strategic review as announced on
March 24. As part of these deliberations, they will take into
account the content of the default and termination notices from the
hotel managers as well as the financial soundness of the master
lessees.

As for the Wells Fargo notice for the US$35 million mortgage loan,
the managers are assessing the implications and have been in
discussions with the lender, the report notes.

Stapled securities of EHT have been voluntarily suspended since
March 24.

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust (Eagle H-REIT) and Eagle Hospitality Business Trust (Eagle
H-BT). Eagle HT has a well-diversified portfolio of primarily
freehold, internationally branded hotels, across 11 major U.S.
metropolitan statistical areas.


HIN LEONG: Sinopec in Talks to Buy Stake in Singapore Terminal
--------------------------------------------------------------
Reuters reports that Chinese state energy company Sinopec is in
early-stage talks with debt-laden Hin Leong Trading Pte Ltd to buy
a stake in an oil storage terminal that is partly owned by the
Singapore trader, according to three sources with knowledge of the
matter.

The sale could provide much needed cash for family-owned Hin Leong,
one of Asia's biggest independent traders, according to Reuters.

The company owes a total of US$3.85 billion (SGD5.5 billion) to 23
banks, according to a Hin Leong presentation to lenders on April 14
contained in the court filing, which was reviewed by Reuters but
has not been made public.

Sinopec, Asia's largest refiner, was approached by Hin Leong
earlier this month to look at investing in the Universal Terminal
in Singapore, said one Beijing-based Sinopec official, Reuters
relates.

According to Reuters, Hin Leong's founder Lim Oon Kuin and his
family own 41 per cent of the terminal through Universal Group
Holdings Pte Ltd. PetroChina holds 25 per cent and Australian
investment bank Macquarie the remaining 34 per cent.

"Sinopec is interested, and is evaluating the quality and cost of
the asset," said the official, who declined to be named as the
discussions are not public, Reuters relays.

The three sources did not know the size of the stake Sinopec might
be interested in buying, or the potential price, Reuters notes.

A previous sale of a stake in the terminal in 2016 valued the whole
terminal at more than US$1.5 billion, industry sources said at the
time.

Sinopec, which owns several storage facilities outside China - in
Rotterdam, Antwerp and Fujairah - has long been looking for more
storage sites to boost its global trading profile, the company
official said.

The Chinese state oil giant, however, would be cautious about any
possible investment given growing internal scrutiny over spending
after a plunge in oil prices, and is closely monitoring
developments around Hin Leong's debts, the official added.

"Sinopec is aware of the good asset quality of Universal Terminal,
but the question is at what price and if the terminal can come
clean of creditors' debt claims," said the official.

Of Hin Leong Group's assets, which also include about 130 oil
tankers, the stake in Universal Terminal is the most attractive to
potential investors, trade sources said.

"The terminal is the prize," said Tony Quinn, chief executive of
terminals advisory group Tankbank International.

"One big advantage is that it has its own integrated marine
infrastructure - like having your own little port authority within
Singapore," said Quinn.

He added the terminal has the only independently owned supertanker
jetty on Jurong Island, which is the only access point to
Singapore's rock caverns, Southeast Asia's first underground oil
storage facility.

In an affidavit contained in the court filings reviewed by Reuters,
Lim Oon Kuin, also known as O.K. Lim, said Hin Leong was in
discussions with a large state-owned Chinese energy company over a
potential strategic investment, without giving details.

A PetroChina executive said last week that Hin Leong had not
approached his company about potentially raising its stake in the
terminal, the report says.

PetroChina, in around 2006, became Hin Leong's first partner,
taking a 35 per cent stake in the terminal while the Singapore
trader held the remaining 65 per cent.

PetroChina's initial investment of $750 million was recouped in
less than 36 months, said a separate industry official with direct
knowledge of PetroChina's investment in the terminal.

The two companies sold a combined 34 per cent to Macquarie in 2016
in a deal that was estimated by industry sources at about
US$500-US$550 million.

                          About Hin Leong

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

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

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

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

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

As reported in Troubled Company Reporter-Asia Pacific on April 24,
2020, The Financial Times said that Hin Leong is seeking to appoint
PwC as an independent manager to run the business as it pursues a
debt restructuring of almost $4 billion.  The company will withdraw
the bankruptcy protection filing it submitted on April 17 and
instead ask Singapore's High Court to appoint PwC as a third party
to run the company, a process known as judicial management.




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SUNDANCE ENERGY AUSTRALIA: Bank Debt Trades at 16% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Sundance Energy
Australia Ltd is a borrower were trading in the secondary market
around 84 cents-on-the-dollar during the week ended Fri., April 17,
2020, according to Bloomberg's Evaluated Pricing service data.

The USD250 million term loan is scheduled to mature on April 26,
2023.  As of April 17, 2020, the full amount is drawn and
outstanding.

Sundance Energy Australia Limited is engaged in the exploration,
development, and production of oil and natural gas in North
America. It primarily focuses its activities on the Eagle Ford,
Williston, Denver-Julesburg, and Anadarko Basins. The company is
based in Norwood, Australia.

The Company's country of domicile is U.S.



                           *********


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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