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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

          Friday, May 1, 2020, Vol. 23, No. 88

                           Headlines



A U S T R A L I A

ADANI ABBOT: S&P Affirms 'BB+' ICR, Outlook Negative
BANK OF SOUTH PACIFIC: S&P Lowers LT ICR to 'B-', Outlook Stable
DIAMOND OFFSHORE: Case Summary & 50 Largest Unsecured Creditors
DIAMOND OFFSHORE: Files for Chapter 11 Due to Pandemic, Oil Prices
EVANGELINE ENTRECOTE: First Creditors' Meeting Set for May 8

NATIONWIDE EQUIPMENT: First Creditors' Meeting Set for May 8
SAI GLOBAL: Bank Debt Trades at 21% Discount
SPEEDCAST INTERNATIONAL: Bank Debt Trades at 56% Discount
THUNDER FINCO: Bank Debt Trades at 21% Discount
THUNDER FINCO: Bank Debt Trades at 27% Discount

VIRGIN AUSTRALIA: Draws 20 Suitors in Race for Sale by June
WILLOWSURF PTY: Second Creditors' Meeting Set for May 11


C H I N A

CHANGDE URBAN: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
CHINA ALUMINUM: S&P Lowers LongTerm ICR to 'BB', Outlook Stable
CHINA EVERGRANDE: S&P Affirms 'B+' ICR on Lower Refinancing Risk
CHINA LOGISTICS: Fitch Affirms B- LongTerm IDR, Outlook Negative
FOSUN INTERNATIONAL: S&P Alters Outlook to Stable & Affirms BB ICR

GUANGXI LIUZHOU: S&P Alters Outlook to Negative & Affirms 'BB' ICR
GUANGZHOU R&F: S&P Affirms 'B+' LongTerm ICR, Outlook Stable
JMU LIMITED: Delays Filing of Annual Report Over COVID-19 Pandemic
LUCKIN COFFEE: Delays Annual Report Amid Scandal Probes
NIO: Obtains US$1 Billion Lifeline From Strategic Investors

TUNGHSU GROUP: S&P Withdraws 'SD' LongTerm Issuer Credit Rating


H O N G   K O N G

CONCORD NEW ENERGY: S&P Lowers ICR to 'B+' on Rising Leverage
GCL NEW: Moody's Cuts CFR to Caa1 & Sr. Unsec. Rating to Caa2


I N D I A

4G IDENTITY SOLUTIONS: CRISIL Keeps 'D' Ratings in Not Cooperating
ADITI DEVA: CARE Lowers Rating on INR6.92cr LT Loan to 'B'
AIM LAMINAR: CARE Lowers Rating on INR9.17cr LT Loan to 'D'
ANNAPOORNA ENTERPRISES: CARE Cuts Rating on INR8.50cr Loan to D
AZEEM INFINITE: Ind-Ra Moves BB Issuer Rating to Non-Cooperating

BHAVANI ENTERPRISES: CARE Cuts Rating on INR30cr LT Loan to D
BHOPAL TRACTORS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
BLESSINGS RESORTS: CRISIL Keeps D on INR32cr Debt in NonCooperating
BSCPL INFRASTRUCTURE: CRISIL Keeps 'D' Ratings in Not Cooperating
CHOUHAN AUTOMOBILES: CARE Lowers Rating on INR20.5cr LT Loan to C

G. NAGESWARAN: CRISIL Keeps D on INR9.9cr Loans in Not Cooperating
G.R MULTIFLEX: CARE Keeps D on INR12cr Loans in Not Cooperating
IUA TRUST: CRISIL Keeps 'D' on INR22.5cr Loans in Not Cooperating
JASOL CHAWAL: CARE Lowers Rating on INR10cr LT Loan to 'C'
KUBER TUBES: CARE Lowers Rating on INR9cr LT Loan to 'B-'

LAKSHMI TOBACCOS: CARE Keeps D on INR9.9cr Loans in Not Cooperating
MAHANADI EDUCATION: Ind-Ra Keeps BB Bank Rating in Non-Cooperating
MINERVA POULTRY: CARE Lowers Rating on INR3.71cr Loan to B-
MOSAVI ENTERPRISES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
NURNEHER AGRO: CARE Lowers Rating on INR6.83cr LT Loan to 'C'

RASHI DALL: CARE Lowers Rating on INR7.64cr Loan to 'C'
RELIANCE COMMUNICATIONS: CARE Keeps 'D' Ratings in Not Cooperating
RIDDHI STEEL: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
S GOKUL DAS: CRISIL Keeps C on INR9.75cr Loans in Not Cooperating
SARDAR COTTON: CARE Keeps D on INR10.8cr Loans in Not Cooperating

SEAWAYS SHIPPING: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
SPRAY ENGINEERING: CARE Cuts Ratings on INR41cr Loans to D
SPRING FIELD: CARE Keeps D on INR36.8cr Loans in Not Cooperating
STERLING PORT: CARE Keeps D on INR244cr Loans in Not Cooperating
SUDHA SIKSHA: CARE Assigns 'B+' Rating to INR8.90cr LT Loan

SUPREME AHMEDNAGAR: Ind-Ra Keeps D Loan Rating in Non-Cooperating
SUPREME BEST: Ind-Ra Keeps 'D' Term Loan Rating in Non-Cooperating
SUPREME INFRAPROJECTS: Ind-Ra Keeps D Rating in Non-Cooperating
SUPREME KOPARGAON: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
SUPREME PANVEL: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating

SUPREME SUYOG: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
SUPREME VASAI: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
TRIMAX DATACENTER: CARE Keeps D on INR21cr Loans in Not Cooperating
TRIMAX IT: CARE Maintains 'D' Ratings in Not Cooperating Category
UMACHI FOODS: CARE Lowers Rating on INR9cr LT Loan to 'D'

UNIWORTH ENTERPRISES: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
VISION ISPAT: CARE Keeps B+ on INR5cr Loans in Not Cooperating
WINMEEN ENGINEERS: CARE Withdraws B+/A4 Ratings on Bank Loans
Z.H. INDUSTRIES: CARE Lowers Rating on INR20cr LT Loan to B-


I N D O N E S I A

[*] INDONESIA: Mountain of Bad Loans Leaves Banks Craving Stimulus


J A P A N

JAPAN AIRLINES: Posts JPY19.5MM Fourth-Quarter Operating Loss
SOFTBANK GROUP: To Write Down WeWork by US$6.6 Billion
TOKYO ELECTRIC: Moody's Affirms Ba1 CFR, Outlook Stable


P A P U A   N E W   G U I N E A

PAPUA NEW GUINEA: S&P Lowers LT Sovereign Credit Ratings to 'B-'


S I N G A P O R E

NO SIGNBOARD: SGX RegCo to Review Report for Possible Breaches


S O U T H   K O R E A

DOOSAN BOBCAT: S&P Alters Outlook to Negative & Affirms 'BB' ICR


S R I   L A N K A

SRILANKAN AIRLINES: Fitch Cuts $175MM Gov't-Guaranteed Bonds to B-


V I E T N A M

HOME CREDIT: Fitch Cuts LongTerm IDR to 'B', Outlook Negative

                           - - - - -


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

ADANI ABBOT: S&P Affirms 'BB+' ICR, Outlook Negative
----------------------------------------------------
S&P Global Ratings affirmed the 'BB+' issue credit rating on Adani
Abbot Point Terminal Pty Ltd.'s (AAPT) senior secured debt. At the
same time, S&P removed the rating from CreditWatch, where S&P
placed it with negative implications on March 19, 2020. S&P also
withdrew the 'BB+' rating on the A$100 million notes that had been
repaid.

S&P affirmed the rating and removed it from CreditWatch to reflect
AAPT's reduced immediate liquidity risk following repayment of
AAPT's A$100 million debt previously due in May 2020.

However, S&P still consider AAPT's liquidity to be less than
adequate to reflect timing concerns regarding the A$170 million
debt maturity due in November 2020.

The negative outlook reflects refinancing risk pending resolution
of AAPT's A$170 million debt due in November 2020, which is now
approximately six months away. S&P believes AAPT will consider a
senior debt raising over the next two months to meet the November
2020 maturity. If this does not occur, S&P expects AAPT to use the
undrawn A$170 million under the shareholder loan to repay the
November 2020 maturity.

Abbot Point Coal Terminal (APCT), located 25km northwest of Bowen
in the Australian State of Queensland, is Australia's northernmost
coal port. The multi-user port has a design capacity of 50 million
tons per annum (mtpa) that is substantially contracted under
medium-to-long term take-or-pay agreements. The port is held under
a 99-year lease acquired by the Adani Group from the Queensland
government early in 2011.

Strengths:

-- Relatively stable revenue under take-or-pay contracts and
socialization arrangement

-- Good contracted capacity pipeline from multiple shippers

Risks:

-- Exposure to refinancing risk and dependence on cash sweeps

-- Periodic exposure to contract renewals

-- Revision of tariffs at next reset in June 2022

Preliminary Stand Alone Credit Profile

S&P has revised downward the preliminary stand-alone credit profile
(SACP) on AAPT to 'bbb' from 'bbb+'. This is partly because S&P
believes the minimum debt service coverage ratio (DSCR) may fall
below 1.80x prior to June 2022. Key risk factors taken into account
for the revised SACP include the cost of debt on future
refinancings and tariff revenue beyond June 2022 as the "building
blocks" for tariff resets are considered.

Liquidity: Less than adequate

-- AAPT's available liquidity to refinance the A$170 million debt
maturity due in November 2020 is less than 1x.

-- S&P does not consider such a risk profile to be consistent with
an investment-grade credit rating.

-- For an investment-grade credit, S&P would expect maturities to
be repaid or available liquidity of 1x to cover maturities within
nine to 12 months of debt falling due. Based on this, the project's
sources of liquidity, including free cash on hand (excluding
specific project reserve accounts), is less than the amount of debt
due through November 2020.

Capital structure

-- AAPT has put in place a subordinated shareholder loan of up to
A$270 million to help cover maturities due in 2020 if required.

-- The shareholder loan has been drawn to A$100 million to allow
AAPT to repay the A$100 million May 2020 maturity on April 17,
2020, in accordance with a debt prepayment notice.

-- The next senior debt due is the A$170 million November 2020
maturity. S&P said, "We believe AAPT will consider a senior debt
raising over the next two months to meet the November 2020
maturity. If this does not occur, we expect AAPT to use the undrawn
A$170 million under the shareholder loan to repay the November 2020
maturity."

-- The US$140 million September 2021 maturity will also become a
liquidity consideration later this year.

The rating is still capped by the project's less than adequate
liquidity. As the project's permanent capital structure, following
any shareholder loan injections, is determined, S&P will assess any
implications for the rating on the project.

Any future rating change will also factor in whether any
refinancing difficulties are solely due to market disruption
because of the coronavirus pandemic or if investors are becoming
generally less attracted to coal-related assets. S&P has
highlighted for some time the refinancing risk that exists in this
transaction and will continue to monitor this closely.

At this time, AAPT's longer term capital structure is not clear. It
remains to be seen whether any shareholder loan funding will be
repaid from future senior debt issues, which could take the
project's senior debt back to original levels.

It is also uncertain when AAPT will seek to commence amortization
of its senior debt. S&P said, "For now, we continue to rate AAPT
based on the original level of senior debt and assume that any
shareholder loan funding will be repaid from senior debt issues
when AAPT chooses to access the debt capital markets. We will
continue to make this assumption about the level of the project's
senior debt until either AAPT confirms that drawn shareholder loan
funding will be permanent or otherwise a new permanent capital
structure is in place."

The negative outlook reflects AAPT's less than adequate liquidity
and uncertainty as to the nature of repayment of the November 2020
maturity. S&P does note that provision exists within AAPT's
recently established shareholder loan to draw down A$170 million to
repay the maturity.

S&P may lower the rating if AAPT does not repay the November 2020
maturity by June 30, 2020, or if AAPT does not have sufficient cash
to repay the November 2020 maturity in full within AAPT's accounts
by June 30, 2020.

S&P could revise the outlook to stable once AAPT repays the
November maturity or has sufficient cash to repay the November 2020
maturity in full within its accounts.


BANK OF SOUTH PACIFIC: S&P Lowers LT ICR to 'B-', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said it has lowered its long-term rating on Bank
of South Pacific Ltd. (BSP) to 'B-' from 'B'. At the same time, S&P
affirmed its short-term issuer credit rating on the bank at 'B'.
The outlook on the long-term issuer credit ratings is stable. BSP
is based in Papua New Guinea (PNG; B-/Stable/B).

The downgrade of BSP mirrors a similar rating action on PNG due to
the government's growing fiscal deficits and rising debt levels.
S&P expects the adverse effects of the COVID-19 pandemic to
significantly weaken the country's growth prospects for 2020,
resulting in a corresponding weakening of the government's fiscal
and debt balances.

BSP has significant exposure to the PNG government and the domestic
economy. About 65% of BSP's loan portfolio is domiciled in PNG and
the government accounts for about a quarter of BSP's total credit
risk exposure. Further deterioration in the sovereign's
creditworthiness could weigh significantly on BSP's asset quality,
capitalization, and overall stand-alone credit profile (SACP). In
addition, the PNG government is BSP's only material provider of
foreign currency; further foreign exchange shortages or
restrictions could weaken BSP's ability to meet foreign currency
obligations as and when they arise.

S&P said, "Absent any further deterioration in the PNG sovereign's
credit profile, we believe BSP is adequately placed to absorb
increased credit losses, due to the COVID-19 outbreak and
containment measures, within its earnings. We consider that BSP's
dominant market share gives the bank a price-maker position in
PNG's lending and deposit markets, allowing it to maintain
consistently high profitability, which should help BSP absorb
losses and maintain internal capital generation through the
COVID-19 pandemic. As a result, we assess that BSP's SACP remains
unchanged at 'b+'.

"The stable outlook on BSP principally reflects the stable outlook
on our sovereign rating on PNG, as we believe BSP is exposed to
risks of operating in PNG that we do not fully capture in our
assessment of the bank's SACP. Therefore, we assess the issuer
credit rating on BSP as 'B-', in line with our assessment of the
PNG sovereign rating and two notches below BSP's SACP of 'b+'. We
consider that our current issuer credit rating on BSP could absorb
some deterioration in the bank's stand-alone creditworthiness.

"Further deterioration in PNG's sovereign creditworthiness could
place downward pressure on our ratings on BSP. As BSP's largest
borrower, a deterioration in PNG's credit profile could weigh
significantly on BSP's asset quality, capitalization, and overall
SACP. Our ratings on BSP could also face downward pressure if
sovereign credit stress limited the availability of foreign
exchange to PNG's domestic nongovernment organizations, including
BSP, such that they could face material challenges fulfilling
foreign currency obligations.

"We believe BSP has limited prospects of an upward rating movement
in the next year, partly because any improvement in the bank's
SACP, by itself, would not result in an upgrade if our sovereign
rating remains unchanged. We expect to improve our long-term issuer
credit rating on BSP if there is an improvement in the PNG
sovereign's credit quality."


DIAMOND OFFSHORE: Case Summary & 50 Largest Unsecured Creditors
---------------------------------------------------------------
Lead Debtor: Diamond Offshore Drilling, Inc.
             15415 Katy Freeway, Suite 100
             Houston, Texas 77094

Business Description: Diamond Offshore and its subsidiaries are
                      offshore drilling companies, providing
                      contract drilling services to the energy
                      industry around the globe with a total fleet
                      of 15 offshore drilling rigs.  The Company's
                      principal markets for its offshore contract
                      drilling services are: (a) the Gulf of
                      Mexico, including the U.S. and Mexico; (b)
                      South America, principally offshore Brazil,
                      as well as Trinidad and Tobago; (c)
                      Australia and Southeast Asia, including
                      Malaysia, Myanmar, and Vietnam; (d) Europe,
                      principally offshore the U.K; (e) East and

                      West Africa; and (f) the Mediterranean.
                      The Company's headquarters are in Houston,
                      Texas.  Its primary regional offices
                      are located in Brazil, the United Kingdom
                      and Australia, with local offices in other
                      countries as required to support operations.

Chapter 11
Petition Date:        April 26, 2020

Court:                United States Bankruptcy Court
                      Southern District of Texas

Fifteen affiliated debtors that concurrently filed voluntary
petitions seeking relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                           Case No.
    ------                                           --------
    Diamond Offshore Drilling, Inc. (Lead Case)      20-32307
    Diamond Offshore Finance Company                 20-32309
    Diamond Offshore Development Company             20-32320
    Diamond Offshore Services Company                20-32313
    Diamond Offshore Management Company              20-32317
    Diamond Offshore Company                         20-32311
    Arethusa Offshore Company                        20-32321
    Diamond Foreign Asset Company                    20-32318
    Diamond Rig Investments Limited                  20-32315
    Diamond Offshore General Company                 20-32310
    Diamond Offshore International Limited           20-32308
    Diamond Offshore (Brazil) L.L.C.                 20-32319
    Diamond Offshore Holding L.L.C.                  20-32316
    Diamond Offshore Drilling (UK) Limited           20-32312
    Diamond Offshore Limited                         20-32314

Judge:                Hon. David R. Jones

Debtors'
Bankruptcy
Counsel:              John F. Higgins, Esq.
                      Eric M. English, Esq.
                      M. Shane Johnson, Esq.
                      Genevieve M. Graham, Esq.
                      PORTER HEDGES LLP
                      1000 Main St., 36th Floor
                      Houston, Texas 77002
                      Tel: (713) 226-6000
                      Fax: (713) 226-6248
                      Email: jhiggins@porterhedges.com
                             eenglish@porterhedges.com
                             sjohnson@porterhedges.com
                             ggraham@porterhedges.com

                         - and -

                      Paul M. Basta, Esq.
                      Robert A. Britton, Esq.
                      Christopher Hopkins, Esq.
                      Shamara R. James, Esq.
                      PAUL, WEISS, RIFKIND, WHARTON &
                      GARRISON LLP
                      1285 Avenue of the Americas
                      New York, NY 10019
                      Tel: 212-373-3000
                      Fax: 212-757-3990
                      Email: pbasta@paulweiss.com
                             rbritton@paulweiss.com
                             chopkins@paulweiss.com
                             sjames@paulweiss.com

Debtors'
Financial
Advisor:              ALVAREZ & MARSAL NORTH AMERICA, LLC

Debtors'
Investment
Banker:               LAZARD FRERES & CO. LLC

Debtors'
Claims &
Noticing
Agent:                PRIME CLERK LLC
                      https://cases.primeclerk.com/diamond

Total Assets as of December 31, 2019: $5,834,044,000

Total Debts as of December 31, 2019: $2,601,834,000

The petitions were signed by David L. Roland, senior vice
president, general counsel, and secretary.

A copy of Diamond Offshore Drilling's petition is available for
free at PacerMonitor.com at:

                     https://is.gd/0ZQWG6

Consolidated List of Debtors' 50 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. The Bank of New York Mellon      4.875% Senior     $768,078,125
Attn: J Kevin McCarthy              Notes Due 2043
SEVP & General Counsel
240 Greenwich Street
New York, NY 10286
Tel: 212-495-1784
Fax: 212-635-1799

2. The Bank of New York Mellon       5.70% Senior     $515,200,000
Attn: J Kevin McCarthy              Notes Due 2039
SEVP & General Counsel
240 Greenwich Street
New York, NY 10286
Tel: 212-495-1784
Fax: 212-635-1799

3. The Bank of New York Mellon       7.875% Senior    $507,875,000
Attn: J Kevin McCarthy               Notes Due 2025
SEVP & General Counsel
240 Greenwich Street
New York, NY 10286
Tel: 212-495-1784
Fax: 212-635-1799

4. The Bank of New York Mellon       3.45% Senior     $254,264,583
Attn: J Kevin McCarthy              Notes Due 2023
SEVP & General Counsel
240 Greenwich Street
New York, NY 10286
Tel: 212-495-1784
Fax: 212-635-1799

5. National Oilwell Varco            Trade Payable      $6,220,121
Attn: Kevin Chapman
Senior VP- Sales and Marketing
10353 Richmond Avenue
Houston, TX 77042
Tel: 713-320-3744
Email: Kevin.Chapman@nov.com

6. Hydril                            Trade Payable      $4,971,340
Attn: Chuck Chauviere
VP - Subsea Drilling Systems
33000 N. Sam Houston Pkwy E.
Houston, TX
Tel: 281-777-4112
Email: chuck.chauviere@bhge.com

7. St Engineering Halter             Trade Payable        $975,532
Marine And Offshore
Attn: Jeffrey Gehrmann
Sr Vice President of Operations
601 Bayou Casotte Pkwy
Pascagoula, MS 39581
Tel: 228-549-1854
Email: jgehrmann@stehmo.com

8. SGS US Gulf Coast Diving, LLC     Trade Payable        $827,706
Attn: Wouter Sanders
Vice President/General Manager
811 Bay Star Blvd.
Webster, TX 77598
Tel: 832-240-4234
Email: wouter.sanders@sgsdiving.com

9. Keppel Fels Limited               Trade Payable        $798,970
Attn: Mike Holcomb
Senior Vice President Marketing
5177 Richmond Ave., Suite 1065
Houston, TX 77056
Tel: 713-600-8371
Email: mike.holcomb@Keppelom-usa.com

10. Deep Sea Mooring                 Trade Payable        $752,414
Attn: Wolfgang Wandl
Chief Executive Officer
Kanalsletta 8
Stavanger, 4033
Norway
Tel: 47 90 23 43 66
Email: wolfgang.wandl@vryhof.com

11. Aramark Limited                  Trade Payable        $670,455
Attn: Andrew Thomson
Managing Director, Offshore
7B International Avenue,
ABZ Business Park
Aberdeen , AB21 0BH
United Kingdom
Tel: 44(0)1224 214013
Email: Thomson-andrew@aramark.co.uk

12. Grant Prideco, L.P.              Trade Payable        $537,320

Attn: Nelson Allen
Vice President Marketing and
Sales Services
10100 Houston Oaks Drive
Houston, TX 77064
Tel: 713-894-0374
Email: Nelson.allen@nov.com

13. Kiswire Trading Inc.             Trade Payable        $531,920
Attn: Vic Maia
Director Strategic Accounts
P.O. Box 130711
The Woodlands, TX 77393
Tel: 201-696-6051
Email: vicmaia@kiswire.com

14. Louisiana Electric               Trade Payable        $493,228
Resource & Supply, LLC
Attn: Joe Suffield
Vice President of Sales
4903 B West Sam Houston Pkwy N
Houston, TX 77041
Tel: 713-927-5832
Email: joes@lers.com

15. Parker Hannifin                  Trade Payable        $493,198
Attn: William Solano
Account Manager
16101 Vallen
Houston, TX 77041
Tel: 713-294-4064
Email: wsolano@parker.com

16. Chet Morrison Contractors, LLC   Trade Payable        $410,568
Attn: John Deblieux
Account Manager
9 Bayou Dularge Road
Houston, LA 70363
Email: jdeblieux@chetm.com

17. MHWirth                          Trade Payable        $401,905
Attn: Trond Fiskum
Senior Vice President
Rua Sergio Roberto Franco, s/n,
Quadra 03 parte, Fazenda Boa
Vista, Imboassica, CEP 27932-354 Macae-RJ, Brazil
Tel: 55 21998679204
Email: Trond.Fiskum@mhwirth.com

18. Rig Surveys                      Trade Payable        $349,530
Attn: Russell Ritchie
Managing Director
Marine House, 5B International
Avenue, ABZ Business Park,
Dyce, Aberdeen, AB21 0BH
United Kingdom
Tel: 44 (0) 1224 900800
Email: russell.ritchie@rigsurveys.com

19. Cohesive Solutions, Inc.         Trade Payable        $319,666
Attn: Russ Anderton
Account Manager
125 Townpark Drive, Suite 240
Kennesaw, GA 30144
Email: randerton@cohesivesolutions.com

20. Vetco Gray                       Trade Payable        $256,719
Attn: Chuck Chauviere
VP - Subsea Drilling Systems
33000 N. Sam Houston Pkwy E.
Houston, TX
Tel: 281-777-4112
Email: chuck.chauviere@bhge.com

21. Cameron International Corp.      Trade Payable        $248,313
Attn: Lee Womble
Vice President Sales
4601 Westway Park Blvd
Houston, TX 77041
Tel: 713 584303
Email: lwomble@cameron.slb.com

22. Dintec Co., Ltd.                 Trade Payable        $241,963
Attn: Y.H. Jung
Account Manager
Jungang-Daero 309
Busan, Korea
Tel: 82 10 38281796
Email: yonhoon.jun@dintec.co.kr

23. Seatrax                          Trade Payable        $240,382
Attn: Andrew Fowler
Account Manager
13223 Farm to Market Rd 529
Houston, TX 77041
Tel: 713-896-6500
Email: afowler@seatrax.com

24. Safekick Americas LLC            Trade Payable        $235,000
Attn: Helio Santos
President
1350 Ravello Drive
Katy, TX 77449
Tel: 832-613-7893
Email: helio.santos@safekick.com

25. Crane Worldwide                  Trade Payable        $226,538
Attn: Chad Taylor
Vice President - Energy
1500 Ranking Road
Houston, TX 7707
Tel: 281-827-49903
Email: Chad.Taylor@craneww.com

26. The Reach Group Americas LLC     Trade Payable        $203,679
Attn: Dave Massey President
16420 Park Ten Place, Suite 500
Houston, TX 77084
Email: dmassey@thereachgroup.com

27. MMR Constructors, Inc.           Trade Payable        $202,473
Attn: Barry Bastin
Account Manager
7065 Fannett Road
Beaumont, TX 77705
Email: bbastin@mmrgrp.com

28. Wilhelmsen Ships Service         Trade Payable        $190,603
Attn: Rich Rogers
Account Manager
9400 New Century Drive
Pasadena, TX 77507
Tel: 832-603-1697
Email: Rich.Rogers@wilhelmsen.com

29. Kongsberg Maritime               Trade Payable        $181,230
Attn: Randall Nunmaker
Vice President Sales
10777 Westtheimer Rd. Suite 1200
Houston, TX 77042
Tel: 832-540-4286
Email: randall.nunmaker@km.kongsberg.com

30. Rexel                            Trade Payable        $167,686
Attn: Billy Everling, Sales
521 Hwy 90
Missouri City , TX 77489
Tel: 713-316-1769
Email: billy.everling@rexelusa.com

31. LHR Services                     Trade Payable        $167,514
Attn: Chris Lee, VP Sales
4200 FM 1128
Pearland, TX
Tel: 832-435-8771
Email: clee@LHRservices.com

32. Specialties Company              Trade Payable        $161,603
Attn: Larry Baxter
Account Manager
Cooper State Rubber, Inc.
14141 S Wayside Dr
Houston, TX 77048
Email: lbaxter@cooperstaterubber.com

33. ABB                              Trade Payable        $152,874
Attn: Luis Moratalla
Digital Service Manager
11600 Miramar Parkway, Suite 100
Miramar, FL 33025
Tel: 954-232-7202
Email: luis.m.moratalla@us.abb.com

34. DNOW                             Trade Payable        $150,440
Attn: Elizabeth Stephens
Vice President Sales
7402 North Eldrige Pkwy
Houston, TX 77041
Tel: 281-823-4583
Email: Elizabeth.Stephens@dnow.com

35. Global Energy (Group) Limited    Trade Payable        $150,314
Attn: John Noble Controller
Airfield Road
Evanton Industrial Estate
Evanton, IV16 9XJ
United Kingdom
Email: john.noble@gegroup.com

36. Logan Industries Intl. Corp      Trade Payable        $148,886
Attn: Shayne Babich, CEO
1000 Blasingame Road
Hempstead, TX 77445
Tel: 713-849-2979
Email: shayne@loganindustries.net

37. Mckee-Burke And Associates, LLC  Trade Payable        $144,500
Attn: John F Burke, CEO
2000 Bering Drive Suite 150
Houston, TX 77057
Tel: 713-784-3197
Email: John.Burke@cpitexla.com

38. Alfa Laval                       Trade Payable        $142,647
Attn: Kim Kleinert
Account Manager
3433 N. Sam Houston Pkwy W.
Suite 406
Houston, TX 77086
Tel: 800-671-4834
Email: kim.kleinert@alfalaval.com

39. First Marine Solutions Ltd       Trade Payable        $135,659
Attn: Steven Brown
Managing Director
First Integrated House, Broadfold Road
Bridge of Don, Aberdeen, AB23 8EE
United Kingdom
Tel: 441224640089
Email: steven.brown@firstmarinesolutions.com

40. Sopus Products                   Trade Payable        $131,379
    
Attn: Alfonso Hernandez
Account Manager
150 N. Dairy Ashford, Building F
Houston, TX 77079
Tel: 281-728-3808
Email: alfonso.hernandez@shell.com

41. Moss Maritime A.S.               Trade Payable        $131,330
Attn: Petter Bjerkseth
Department Manager
Vollsveien 17 A Postboks 120
Lysaker, Norway
Tel: 47 951 43 787
Email: Petter.Bjerkseth@mossww.com

42. Applus K2 America LLC            Trade Payable        $125,681
Attn: Ben Rogers
Account Manager
11801 W. Sam Houstom Pkwy S.
Houston, TX 77031
Tel: 281-617-4021
Email: Ben.Rogers@applusk2.com

43. Breaux Petroleum Products, Inc.  Trade Payable        $114,586
Attn: Mike Pryor
VP Sales
307 Bunker Road
Lake Charles, LA 70615
Tel: 377-602-6781
Email: mikep@breauxpetroleum.com

44. Alimak Group                     Trade Payable        $112,949
Attn: Stewart Wright
Business Segment Manager
12552 Galveston Rd. A-160
Webster, TX 77598
Tel: 281-414-7253
Email: stuart.wright@alimakgroup.com

45. Advanced Control Systems, LLC    Trade Payable        $110,994
Attn: Marvin Callies
Account Manager
4903 W. Sam Houstom Pkwy N.
Bldg. B
Houston, TX 77041
Email: mcallies@acsoilfield.com

46. Relyon Nutec                     Trade Payable        $109,866
Attn: Jennie Lewis
Account Manager
209 Clendenning Road
Houma, LA 70363
Tel: 281-874-8700
Email: jcl@us.relyonnutec.com

47. Alatas                           Trade Payable        $107,559
Attn: Kyle Dinsmoor
Managing Director
22015 South Fwy
Manvel, TX 77578
Tel: 281-431-0707
Email: kdinsmoor@alatas.us

48. Hyundai Global Service           Trade Payable        $104,987
Attn: Harry Kang
Managing Director
7206 Harms Road
Houston, TX 77041
Tel: 1-832-770-4398
Email: hjkang@hyundai-gs.com

49. Duke Marine Technical            Trade Payable        $104,453

Services Usa Inc.
Attn: Jane Ewing
Controller
3425 Harvester Road, Suite 210
Burlington, Ontario L7N 3N1
Canada
Tel: 1-800-252-6027
Email: Jane.e@dukemarine.ca

50. Cisco Systems Inc.               Trade Payable        $102,676
Attn: Michael Markey
Client Services Mgr
170 W Tasman Drive
San Jose, CA
Tel: 989-859-7058
Email: mmarkey@cisco.com

DIAMOND OFFSHORE: Files for Chapter 11 Due to Pandemic, Oil Prices
------------------------------------------------------------------
Diamond Offshore Drilling, Inc., and its affiliates sought Chapter
11 protection in Houston, Texas.

Patrick Fitzgerald, writing for Wall Street Journal, reports that
Diamond Offshore sought bankruptcy due to the decline of oil prices
and business activity downturn brought by the coronavirus pandemic
that sapped its offshore drilling services demand.

Diamond Offshore said that the pandemic and oil-price war caused
them to sought protection from creditors under Chapter 11 after the
offshore-drilling industry downturn worsened due to COVID-19 and
the oil-price war between OPEC countries and Russia.

Recently, credit Rating company S&P Global downgraded Diamond's
debt rating to 'D' after it skipped interest payments to
bondholders, that started its 30-day grace period clock to either
default or pay up.  

The collapse of prices of crude oil and the pandemic resulted to
the drying up of demand of its fleet of drill ships and
offshore-drilling rigs.  Because of the worsening conditions, it
obtained a revolver loan worth $400 million.

The Journal notes that in Diamond's Chapter 11 bankruptcy petition,
it listed assets worth $5.8 billion and debts worth $2.6 billion.
It included a debt load to bondholders worth $2 billion,
which traded at distressed levels deeply, from 12 cents to 13 cents
on $1. Meanwhile, Diamond's shares closed at 94 cents on April 24,
2020.

              About Diamond Offshore Drilling

Diamond Offshore Drilling, Inc. -- http://www.diamondoffshore.com/
-- provides contract drilling services to the energy industry
around the globe with a fleet of 15 offshore drilling rigs,
consisting of four drillships and 11 semi-submersible rigs,
including two rigs that are currently cold stacked.  The Company's
current fleet excludes the Ocean Confidence, which it expects to
complete the sale of in the first quarter of 2020. It employs 2,500
people and has revenue of $981 million in 2019.

As of Dec. 31, 2019, the Company had $5.83 billion in total assets,
against $2.60 billion in total liabilities.

On April 26, 2020, Diamond Offshore and its affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32307).

The Hon. David R. Jones is the case judge.

The Company's bankruptcy advisers include investment banker Lazard
FrÃres & Co. LLC.; financial advisor Alvarez & Marshall North
America LLC; and attorneys Porter Hedges LLP and Paul, Weiss,
Rifkind, Wharton & Garrison LLP.  Prime Clerk LLC is the claims
agent.


EVANGELINE ENTRECOTE: First Creditors' Meeting Set for May 8
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Evangeline
Entrecote Pty Ltd, trading as Evangeline Cafe & Coffee Connection
on Tunstall Square, will be held on May 8, 2020, at 2:30 p.m. via
virtual meeting.

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of Evangeline Entrecote on April 28,
2020.


NATIONWIDE EQUIPMENT: First Creditors' Meeting Set for May 8
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Nationwide
Equipment Pty Ltd, trading as Imagineitworks Pty Ltd, will be held
on May 8, 2020, at 2:30 p.m. at the offices of Mackay Goodwin
Level 11, at 2 Queen Street, in Melbourne, Victoria.

Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Nationwide Equipment on April
28, 2020.


SAI GLOBAL: Bank Debt Trades at 21% Discount
--------------------------------------------
Participations in a syndicated loan under which SAI Global Holdings
I Australia Pty Ltd is a borrower were trading in the secondary
market around 79 cents-on-the-dollar during the week ended Fri.,
April 24, 2020, according to Bloomberg's Evaluated Pricing service
data.

The USD325 million term loan is scheduled to mature on December 29,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Australia.

SPEEDCAST INTERNATIONAL: Bank Debt Trades at 56% Discount
---------------------------------------------------------
Participations in a syndicated loan under which SpeedCast
International Ltd is a borrower were trading in the secondary
market around 44 cents-on-the-dollar during the week ended Fri.,
April 24, 2020, according to Bloomberg's Evaluated Pricing service
data.

The USD600 million term loan is scheduled to mature on May 15,
2025.  As of April 24, 2020, USD594 million from the loan remains
outstanding.

The Company's country of domicile is Australia.

THUNDER FINCO: Bank Debt Trades at 21% Discount
------------------------------------------------
Participations in a syndicated loan under which Thunder Finco Pty
Ltd is a borrower were trading in the secondary market around 79
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The $205 million term loan is scheduled to mature on November 26,
2026.  As of April 24, 2020, $204 million from the loan remains
outstanding.

The Company's country of domicile is Australia.

THUNDER FINCO: Bank Debt Trades at 27% Discount
-----------------------------------------------
Participations in a syndicated loan under which Thunder Finco Pty
Ltd is a borrower were trading in the secondary market around 73
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD100 million term loan is scheduled to mature on November 26,
2027.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Australia.

VIRGIN AUSTRALIA: Draws 20 Suitors in Race for Sale by June
-----------------------------------------------------------
Angus Whitley, Denise Wee, and Harry Brumpton at Bloomberg News
report that Virgin Australia Holdings Ltd. attracted at least 20
potential buyers as administrators race to sell the airline within
two months.

Administrators at Deloitte want binding offers in June and are
targeting a deal by the end of that month, according to a statement
on April 30 after the first meeting of creditors. Indicative bids
are due mid-May, Bloomberg relates.

Virgin Australia collapsed owing AUD6.84 billion to more than
10,000 creditors, overwhelmed by a near-halt in revenue as the
coronavirus shut down travel. Bloomberg says Deloitte wants a quick
sale partly so the airline's complex network of suppliers,
contractors and plane lessors doesn't unravel during the
restructuring.

"We remain strongly focused on restructuring and refinancing the
business, creating a viable operation that will appeal to
prospective new owners, and bringing Virgin out of external
administration as soon as possible," Bloomberg quotes administrator
Vaughan Strawbridge as saying in the statement.

Eight parties have signed non-disclosure agreements and all of them
have access to the airline's financial information, Deloitte said.
Negotiations continue with a further 12, Bloomberg relays.

According to Bloomberg, there's a moratorium on coupon payments to
Virgin Australia's bondholders. Unsecured bondholders were owed
about AUD2 billion.

Morgan Stanley has been appointed to run the sale alongside
Houlihan Lokey, Deloitte said, adds Bloomberg.

                       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.


WILLOWSURF PTY: Second Creditors' Meeting Set for May 11
--------------------------------------------------------
A second meeting of creditors in the proceedings of Willowsurf Pty
Ltd has been set for May 11, 2020, at 2:30 p.m. via teleconference
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 10, 2020, at 4:00 p.m.

Jason Walter Bettles of Worrells Solvency & Forensic Accountants
was appointed as administrator of Willowsurf Pty on April 3, 2020.




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

CHANGDE URBAN: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Changde Urban Construction and
Investment Group Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings at 'BB+'. The Outlook is Stable.

The ratings on its USD200 million 5.8% senior unsecured notes due
2022 and the USD100 million 7.2% senior unsecured notes due 2020,
which were directly issued by CUCI, have also been affirmed at
'BB+'.

In October 2019, the municipal government of Changde, a city in
central China, started a process to restructure its holdings of
government-related entities and formed a holding company Changde
Urban Development Group Co. Ltd. that became the parent of CUCI.
CUCI continues to be entrusted with the missions of developing the
city on behalf of the government and running state-owned assets
after the restructuring. The company's strategy has been positioned
to closely match the progress of urban development in the city as
well as the operation of other important business segments, such as
tourism.

KEY RATING DRIVERS

Very Strong Status, Ownership and Control: CUCI is wholly owned and
supervised by Changde State-owned Assets Supervision and
Administration Commission. It is under the overall supervision of
the Changde municipal government. CUCI's financing plan and debt
level are closely monitored by the government. The company needs to
report its budget performance on a regular basis, while its board
members, except for employee representatives, are appointed by the
government.

'Strong' Support Track Record and Expectations: CUCI receives
government subsidies every year. The total subsidies for 2016-2019
reached CNY1.5 billion, equivalent to 73% of CUCI's total net
income for the period. In 2015-2018, a total of 2.0 million square
metres of land was transferred to CUCI with the permission of the
Changde government. In 2019, the government injected land and
operation rights worth CNY22.8 billion.

'Moderate' Socio-Political Implications of Default: CUCI is one of
the two urban infrastructure construction arms of the Changde
municipality, and it has jurisdiction over the western half of the
city. CUCI has undertaken about 70% of the urban infrastructure
projects in the city. Nevertheless, CUCI is not the only GRE in
Changde municipality with these functions. Therefore, Fitch views
the socio-political implications of a CUCI default as 'Moderate'.

'Very Strong' Financial Implications of Default: CUCI is one of the
two largest local government financing vehicles in Changde, and
Fitch believes a failure by the government to provide timely
support could damage the reputation of the Changde municipal
government and reduce the availability of financing for the other
GREs in the city. CUCI's total assets accounted for more than 31%
of the assets managed by the major GREs under the Changde
government at end-December 2019.

'b' Standalone Credit Profile: CUCI's Standalone Credit Profile is
constrained by the public service nature of its business. The
company's financial profile in the past three years was
characterised by high leverage, with a net debt/EBITDA of 34x at
end-2019. Fitch expects leverage to remain below 40x until 2023.
The Standalone Credit Profile is assessed in the 'b' based on
'Weaker' revenue defensibility as its demand characteristics are
assessed at 'Midrange' and pricing characteristics at 'Weaker',
'Midrange' operating risk and 'Weaker' financial profile.

DERIVATION SUMMARY

CUCI is rated under Fitch's Government-Related Entities Rating
Criteria and credit-linked to its internal assessment of the
creditworthiness of the Changde municipality. The linkage is
reflected in the government's 100% ownership, oversight and ongoing
support of the company and the socio-political and financial impact
on the government if CUCI defaults.

CUCI's Issuer Default Rating is derived from the four factors under
the above criteria and the 'b' Standalone Credit Profile is
assessed under Fitch's Public Sector, Revenue-Supported Entities
Rating Criteria.

RATING SENSITIVITIES

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

An upgrade of Fitch's internal credit view of the Changde
municipality, as well as more explicit support commitment from the
municipality, may trigger positive rating action on CUCI.

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

Significant weakening of CUCI's strategic importance to the
municipality, dilution of the municipality's shareholding, or
reduced explicit and implicit municipal support, may result in a
downgrade. A downgrade could also stem from weaker fiscal
performance or increased indebtedness of the municipality, leading
to deterioration in the sponsor's internally assessed
creditworthiness.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Public Finance 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 three 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.

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

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


CHINA ALUMINUM: S&P Lowers LongTerm ICR to 'BB', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings, on April 28, 2020, lowered its long-term issuer
credit rating on China Aluminum International Engineering Corp.
Ltd. (Chalieco) to 'BB' from 'BB+'. S&P also lowered to 'BB-' from
'BB' the long-term issue rating on the China-based engineering and
construction (E&C) company's guaranteed senior perpetual notes.

S&P downgraded Chalieco because the company's financial performance
is unlikely to improve significantly over the next 12 months after
a deterioration in 2019. The company's 2019 performance was well
below our expectation, mainly because of declining revenue and
margins in the nonferrous E&C segment and higher impairment of
accounts receivables.

S&P said, "In our view, Chalieco's optimization of its business mix
will result in moderate revenue growth and better profitability.  
We expect the company to continue to expand in the higher-margin
municipal and highway E&C markets, given weakening demand from the
nonferrous industry. Chalieco's revenue from the municipal and
highway E&C segments rose 40% and 90%, respectively, in 2019, with
gross margin of 15% and 25%. In comparison, the overall E&C
segment's revenue fell 3% and the average margin was 10.4%. We
expect the municipal and highway E&C segments to each account for
11%-15% of Chalieco's revenue in 2020-2021, up from 7%-11% in 2019.
Meanwhile, the company will likely continue to downsize its
lower-margin trading business.

"As such, we anticipate Chalieco's revenue will grow by 5%-8% in
2020-2021 and its gross margin will improve to 12.3% in 2020 from
10.9% in 2019. The company's revenue dropped by 33.9% year on year
in the first quarter of 2020 amid the COVID-19 pandemic. However,
we expect Chalieco to speed up construction activities in the
following quarters to make up for the delay.

"Chalieco's participation in PPP projects will keep its leverage
high in 2020-2021.   We expect the company's investments in Miyu
highway, a fully consolidated PPP project, to weigh significantly
on its cash flows. Chalieco's capital expenditure increased to
RMB1.3 billion in 2019, from RMB255 million in 2018, owing to the
commencement of the Miyu project in the second half of 2019. We
estimate annual capital expenditure will shoot up to RMB6.2
billion-RMB6.5 billion over the next three years, far exceeding
government subsidies and contribution from minority shareholders of
RMB2.3 billion–RMB 2.8 billion per year."

The heavy investment will keep Chalieco's free cash flow negative
and push up its borrowings. S&P said, "Although Chalieco's
increasing profit will lower leverage slightly, we estimate the
company's debt-to-EBITDA ratio will remain above 10.0x during
2020-2021. We expect Chalieco's EBITDA interest coverage ratio to
improve toward 2.0x in 2020-2021. However, uncertainty in project
execution or working capital management are key risks."

Chalieco's small operational scale may continue to constrain its
ability to secure large new orders in the next one to two years.  
The company's new orders grew by 23% year on year in the first
quarter of 2020, after declining for three consecutive years. S&P
sees low growth prospects in Chalieco's nonferrous E&C business,
given limited new greenfield or relocation construction projects in
the industry, both domestically and abroad. Meanwhile, the
company's small operational scale makes it less competitive than
large central state-owned enterprises in winning large new orders
in the general E&C business. This constraint may limit Chalieco's
growth and make the company vulnerable to any construction or
financing delays in a few key projects.

Rating on guaranteed notes remains one notch lower than the issuer
credit rating.  S&P lowered its issue rating on the senior
perpetual notes that Chalieco guarantees to reflect the optional
deferral feature of the security. The issue rating is therefore one
notch lower than the issuer credit rating on Chalieco. The notes
were issued by Chalieco Hong Kong Corp. Ltd.

S&P said, "The stable outlook reflects our view that Chalieco will
remain a strategically important subsidiary of Chinalco over the
next 12-24 months. We expect Chalieco's leverage to remain high but
dip slightly in 2020-2021 owing to the company's improving business
mix and profitability. We estimate the company's EBITDA interest
coverage will stay above 1.5x during this period."

S&P could lower the rating if Chalieco's EBITDA interest coverage
fails to improve from the 2019 level over the next 12-24 months.
This could happen if:

-- Major projects are significantly delayed;

-- The company's PPP investments are more aggressive than it
expects;

-- Its backlog of new contracts continues to decline; or

-- Increased industry competition leads to weaker profitability or
significantly worse working capital turnover.

S&P could raise the rating if we expect Chalieco's EBITDA interest
coverage to sustain above 2.0x. This could happen if: (1) the
company's highway projects progress smoothly, meaningfully
improving its revenue and margin; and (2) the company prudently
manages its working capital.


CHINA EVERGRANDE: S&P Affirms 'B+' ICR on Lower Refinancing Risk
----------------------------------------------------------------
On April 29, 2020, S&P Global Ratings affirmed its 'B+' long-term
issuer credit ratings on China Evergrande Group, the company's
property arm Hengda Real Estate Group Co. Ltd. Ltd., and offshore
financial platform, Tianji Holding Ltd. At the same time, S&P
affirmed its 'B' issue rating on the U.S.-dollar notes issued or
guaranteed by Evergrande and Tianji.

S&P said, "We affirmed the ratings with a stable outlook because
Evergrande's liquidity, though weaker than that of similarly rated
peers, should still hold up for the upcoming year. This considers
the offshore refinancing arrangements executed in January 2020, and
our projection of good cash inflow from property sales amid more
promotions.

"We expect solid sales in full-year 2020, along with more
controlled debt growth, will support a small improvement to
Evergrande's leverage. Evergrande's subsidiary Hengda has parallel
trends in liquidity and leverage given the onshore property
developer accounts for about 70% of Evergrande's debt, and roughly
90% of sales and profit.

"In our view, Evergrande's initiative to control debt should also
lead to some reduction of its huge proportion of short-term
liabilities, which is the root cause of its suboptimal liquidity
profile. Trust financing and cash-pledged offshore borrowings still
account for almost 50% of its total debt. These types of financing
typically have short maturities of one to two years.

"We believe Evergrande will pay down some of its more expensive
trust financing, as part of its debt-control initiative. That said,
whether this strategy will lead to sustainably lower stock of
short-term debt depends on various factors, including whether
Evergrande's sales cash inflow will be as strong as we anticipate,
as well as the company's commitment to the debt-reduction target."

Evergrande has locked in the refinancing for its
U.S.-dollar-denominated bonds maturing in 2020 (US$200 million in
June and US$1.6 billion in November) with a new US$6 billion
issuance in January of this year. The company has US$3.4 billion of
bonds due in 2020, with US$1.6 billion already repaid in March. S&P
believes the company should be able to roll over its project loans,
and conduct new issuance within China, given the domestic market
remains liquid overall.

Having said that, Evergrande's potential need to repay its
strategic investments for a planned China domestic "A-share"
listing continues to be a key swing factor for its liquidity. The
listing deadline is January 2021, and if it fails, the Chinese
renminbi (RMB) 130 billion that would become due would be
significant even in light of Evergrande's large scale. The key
overhang remains whether regulatory approval will be forthcoming to
allow a sizeable developer to list and access more funding.

Nevertheless, there are still some ways for Evergrande to tackle
the issue if the listing does not happen in time, such as extending
the listing deadline again, or replacing financial investors with
long-term shareholders.

S&P said, "We expect Evergrande's contracted sales to reaccelerate
in 2020-2021 from the slowdown in 2019, reigniting operating profit
growth of around 10% over the next two years. However, gross
margins will likely contract 3-4 percentage points over the next
two to three years, after having already dropped to 28% in 2019,
from about 36% the previous year.

"We project Evergrande's contracted sales will grow by 25% to about
RMB750 billion in 2020, serving as an important resource for
Evergrande to pay down some of its short-term maturities. However,
given this year's economic turmoil, the developer may need to rely
on more promotion offers to achieve its sales momentum. Indeed,
Evergrande launched a large promotional campaign with a lucrative
referral system to entice buyers back in February amid the COVID-19
outbreak. Although the campaign enabled the company to grow its
contracted sales by 23% with a strong cash collection rate in the
first quarter, its average selling price (ASP) on these sales
dropped by 14% to just RMB8,900 per square meter (sqm) over the
time period.

"We believe the economic turmoil has strengthened the incentives
for Evergrande to carry out at least part of its debt reduction
target during the downturn. We expect the group's land acquisitions
to be below 15% of contracted sales, or around RMB100 billion in
2020. Given a substantial land bank of about 293 million sqm, which
can last for around four years of sales, Evergrande can afford to
trim its land-acquisition budgets for several years.

"We do not treat Evergrande's strategic investments of RMB130
billion as debt at this point. If we were to do so, Evergrande's
debt-to-EBITDA ratio in 2020 would still be considered manageable
at a forecast 6.9x (versus 6.0x currently)."

CHINA EVERGRANDE GROUP

S&P said, "The stable outlook reflects our expectation that
Evergrande's more controlled land acquisitions and reaccelerated
sales growth will be able to partially offset the impact from
further margin compression, such that its ratio of debt to EBITDA
will stay at 6x-7x over the next 12 months.

"We also anticipate that the company will use its sales proceeds to
better manage its short-term debt level, enhancing its capital
structure and supporting its liquidity position.

"We may lower the rating if Evergrande's liquidity deteriorates,
with liquidity sources materially below uses. This could happen if
Evergrande fails to lower its short-term financing, including trust
loans, to below its current levels of about 47% of outstanding
debt. This could also happen if we believe the company will need to
repay its strategic investments, which may overburden its
liquidity, unless it has credible plans to address the deadline. We
could also consider its liquidity profile to have deteriorated if
we believe its access to bank or capital market funding weakens.

"We could also lower the rating if Evergrande engages in
substantial debt-funded land-banking or other major non-property
investments, such that its debt-to-EBITDA ratio deteriorates to
beyond 8x.

"We could raise our rating if: (1) Evergrande improves its capital
structure by extending its debt maturity profile, such that the
ratio of short-term liquidity sources to uses is sustainably over
1.2x, and (2) the company further slows down debt growth by being
disciplined in land and other acquisitions, such that its
debt-to-EBITDA ratio improves to below 5x on a sustainable basis."

HENGDA REAL ESTATE GROUP CO. LTD.

The stable outlook mirrors that on Hengda's parent company,
Evergrande. The outlook on Evergrande reflects S&P's expectation
that more controlled land acquisitions and reaccelerated sales
growth will partially offset the impact of further margin
compression, such that the company's liquidity will not deteriorate
and its capital structure can improve, while leverage will remain
stable over the next 12 months.

S&P may downgrade Hengda if it makes a similar outlook revision on
the parent.

In a remote case, S&P may also lower the rating on Hengda if the
company's strategic importance within the group declines, while its
stand-alone credit profile (SACP) deteriorates and becomes weaker
than that of the group. That could happen if Evergrande
substantially lowers its stake in Hengda and shifts its strategic
focus to other business segments, while Hengda's leverage or
liquidity materially deteriorate from current levels.

S&P may raise the rating on Hengda if we upgrade Evergrande.

TIANJI HOLDING LTD.

The stable outlook on Tianji reflects the outlook on its parent,
Hengda, and S&P's assessment that Tianji will maintain its core
status to Hengda over the next 12 months.

S&P could downgrade Tianji if it takes a similar action on Hengda.

S&P said, "We could also lower the rating on Tianji if its core
status weakens. This could happen if: (1) we believe Tianji's
strategic importance to Hengda has weakened, possibly because of a
change in the parent's strategy; or (2) Hengda's supervision and
control of Tianji weakens."

S&P could raise the rating on Tianji if it upgrades Hengda.


CHINA LOGISTICS: Fitch Affirms B- LongTerm IDR, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed warehouse developer China Logistics
Property Holdings Co., Ltd's Long-Term Foreign-Currency Issuer
Default Rating at 'B-' with a Negative Outlook. Fitch has also
affirmed CNLP's senior unsecured rating at 'B-' with a Recovery
Rating of 'RR4'.

The rating affirmation reflects the gradual improvement in CNLP's
financial profile as Fitch expected, with recurring EBITDA interest
coverage rising to 0.74x in 2019, from 0.63x in 2018, and trending
towards 1x in 2020 in Fitch's estimate. CNLP's ratings are
supported by its robust business profile with a quality investment
portfolio valued at CNY19 billion at end-2019.

The Negative Outlook takes into consideration CNLP's potential
refinancing risk for two senior notes due in 2H20. CNLP's weak
liquidity position and internal liquidity generation means it is
dependent on market conditions to refinance its upcoming debt
maturities. The company has alternative plans such as asset
disposal and cooperation with investment funds under an asset-light
strategy, but those are also subject to high execution risk.

KEY RATING DRIVERS

High Refinancing Risk: CNLP's US dollar debt maturing in 2H20
includes USD139 million of outstanding 8% senior notes due August
2020 and USD104 million of outstanding 10.5% senior notes due
November 2020. CNLP's management says it has been exploring options
to address the upcoming maturities, including using onshore bank
borrowings, and the issuance of asset-backed notes and convertible
bonds. CNLP has unencumbered assets valued at CNY3.9 billion at
end-2019 that can be secured against additional borrowings.

Weak but Improving Interest Coverage: CNLP's reliance on
debt-funded expansion meant that interest coverage up to 2019
remained below 1x, the level that would be commensurate with a 'B-'
rating. However, Fitch estimates the company's interest coverage
will trend towards 1x in 2020 and be above 1x from 2021 as it
steadily ramps up its logistics parks and reduces capex in
2020-2022. The implementation of the company's asset-light strategy
would also help improve its financial profile.

Robust Business Profile: CNLP's business profile remains robust and
is commensurate an entity rated 'B+' or 'BB-'. It had CNY17 billion
of completed investment-property assets at end-2019, which enjoyed
stable occupancy rate of 90% and a high retention rate of above
80%. CNLP has good-quality assets in terms of clients and
geographic diversification in core Tier 1 and 2 cities in China.
About 50% of its completed gross floor area at end-2019 was located
in the Yangtze River Delta, where the economy is more vigorous and
demand for logistic facilities is stronger.

Its tenants include reputable customers with online retailer JD.com
being the largest. Third-party logistics providers and e-commerce
companies contributed around 90% of CNLP's rental revenue in 2019.
However, it has a concentrated customer base as its top-10
customers consistently account for more than 50% of revenue.

Slowly Evolving Asset-Light Strategy: Fitch believes a move towards
asset-light businesses can alleviate CNLP's interest burden and
liquidity pressure, but the company has made slow progress in
implementing the strategy after launching it in 2018. It sold
equity stakes of 70%-90% in two projects in 2019 and 2020 to funds
under LaSalle Investment Management, which raised cash proceeds of
CNY350 million in 2019 and CNY660 million in 2020. This is less
than Fitch's previous estimate of CNY1 billion of proceeds to be
received under the asset-light strategy from 2019.

Fitch believes cash proceeds from the sale of stakes in projects
would help CNLP to accelerate cash recycling and provide a source
of funds for its expansion. However, the strategy carries high
execution risk and CNLP has yet to establish a solid execution
track record.

DERIVATION SUMMARY

CNLP's rating is constrained by its financial profile, although the
company's quality high-end warehouses and robust industry demand
support a business profile that is in line with a 'B+' or 'BB-'
rating. The sustained weakness in recurring EBITDA interest
coverage (2019: 0.74x) means CNLP is reliant on debt to finance its
capex and operating cash flow. CNLP at end-2018 started exploring
an asset-light business model similar to that of industry leader
GLP Pte. Ltd. (BBB/Positive), but progress has been slow.

CNLP and Lai Fung Holdings Limited (B+/Stable) have similar asset
scales and both have an investment-property value of above USD2.5
billion, which generate EBITDA of above USD50 million. Lai Fung's
non-development property EBITDA interest coverage of 0.5x-1x in the
financial year to July 2019 (FY19) and Fitch's estimate of a
similar level for FY20 are comparable to that for CNLP. However,
Lai Fung has a stronger business profile with its
investment-property portfolio mainly consisting of offices and
shopping malls in Shanghai and Guangzhou in China. It also has a
more solid financial profile with lower leverage, as measured at
net debt to investment-property value, at 21% at FYE19, compared
with CNLP's 37%, and a healthier liquidity position, with cash to
short-term debt ratio at above 1x at FYE19.

KEY ASSUMPTIONS

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

  - Rental income to grow by 20% in 2020, and above 10% in 2021

  - EBITDA margin to remain at 60%-62% in 2020-2022

  - Annual capex of CNY800 million-1 billion during 2020-2022

  - Average borrowing cost at 6.8%-7% during 2020-2022

RATING SENSITIVITIES

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

  - The Outlook will be revised to Stable if 2020 maturities are
addressed with longer-term financing.

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

  - Inability to address capital market debt maturing in 2020

  - Recurring EBITDA/interest coverage not likely to improve to
above 1x in 2021

  - 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

Weaker Liquidity: CNLP's liquidity deteriorated by end-2019, with
the cash-to-short-term debt ratio falling to 0.5x from 1x at
end-2018 and 1.5x at end-2017. CNLP had CNY1.2 billion of
unrestricted cash on hand, and CNY0.4 billion of unutilised bank
facilities at end-2019, which were insufficient to cover CNY2.1
billion of short-term debt, including USD139 million of senior
notes due August 2020, USD104 million of senior notes due November
2020, and CNY467 million of bank loans, as well as planned capex of
around CNY1 billion in 2020.

CNLP would have to rely on refinancing due to its weak internal
liquidity generation. However, Fitch thinks the liquidity pressure
will be partially alleviated by the company's ability to monetise
its quality investment properties, and flexibility to cut capex.

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

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


FOSUN INTERNATIONAL: S&P Alters Outlook to Stable & Affirms BB ICR
------------------------------------------------------------------
On April 29, 2020, S&P Global Ratings revised its rating outlook on
Fosun International Ltd. to stable from positive. At the same time,
S&P affirmed its 'BB' long-term issuer credit rating on Fosun and
issue rating on the company's guaranteed senior unsecured debt.

Fosun's debt-funded investments in unlisted assets in 2019 have
reduced its rating buffer.  A higher LTV ratio and lower listed
asset weighting have reduced the company's buffer. Its investments
outpaced disposals by Chinese renminbi (RMB) 4.9 billion in 2019,
with the gap funded by debt. This partially resulted in Fosun's LTV
ratio rising to about 37% as of end-2019, from 35.5% as of
end-2018. Moreover, the company's new investments were mostly in
the primary market, which weakens its asset liquidity. The listed
asset weighting decreased to about 42% as of end-2019, from 46% as
of end-2018.

A large and diversified portfolio enables Fosun to withstand
volatilities.  S&P said, "In our view, the company's highly
diversified investment portfolio across several industries in
different continents supports its flexibility in navigating market
volatility and avoiding concentration risk in single markets. This
provides a rating buffer. Fosun's portfolio value was about
RMB238.7 billion as of end-2019 (after S&P Global Ratings'
adjustment). We estimate the portfolio value was still above RMB230
billion as of April 24, 2020, because the appreciation in the value
of Shanghai Fosun Pharmaceutical (Group) Co. Ltd. mostly offset the
depreciation in the values of other listed assets, especially Fosun
Tourism Group and Banco Comercial Português, S.A. As of April 24,
Fosun's LTV was about 38%."

Fosun's exposure to the consumer discretionary sector should be
manageable.  Shanghai Yuyuan Tourist Mart (Group) Co. Ltd. (8% of
portfolio value), Fosun Tourism Group (2% of portfolio value), and
Fosun Fashion Group (Cayman) Ltd. (1% of portfolio value) are
Fosun's investees in the consumer discretionary sector (travel and
high-end retail). These companies are particularly exposed to
pressure from the COVID-19 fallout. However, these assets
collectively account for 10%-15% of Fosun's portfolio value (as of
April 24, 2020) and contributed 6%-7% of its dividend income in
2019. Moreover, Yuyuan and Fosun Tourism Group are both listed
companies with good access to funding, and S&P sees limited need
for Fosun to infuse more capital.

Diverse funding channels and proven access to markets should temper
the risk of a high proportion of short-term debt.  S&P sees Fosun's
high exposure to short-term debt as a risk, especially in the
currently volatile capital market. As of end-2019, Fosun had 42%
short-term and 58% long-term debt at the holding company level.
That said, Fosun's good relationships with both domestic and
overseas banks and its thus far good access to the capital market
should mitigate the risks. In addition, the company's marketable
securities, valued at RMB35.5 billion at end-2019, could provide
some liquidity support. Even if Fosun does not liquidate the
positions, the company could still pledge those shares for loans
when needed.

Weak operating cash flow poses risks to Fosun's LTV ratio, and its
commitment to control debt is yet to be tested.   Fosun's dividend
income has been low relative to its portfolio size, with a dividend
yield of less than 2%. This is because a large number of the
company's investees are still in the growth stage and prefer
reinvestments over distributing earnings. Therefore, S&P believes
Fosun will raise additional debt of RMB6 billion to fund the
operating cash flow deficit, which translates to a 2-3 percentage
point increase in the LTV ratio. The company's financial policy is
to maintain an LTV ratio of 35%-40% by managing its debt level. It
could do this by using cash from asset disposals to fund
investments or operating expenses. However, the commitment for, and
execution of, this policy is yet to be tested because Fosun's
target on investment return could limit its pace of divestment.

S&P said, "The stable outlook reflects our expectation that Fosun
will maintain good access to funding channels over the next 12
months. The stable outlook also reflects our expectation that the
company will fund the majority of its investment with proceeds from
asset disposals. In our view, at the current rating level, Fosun
should be able to endure a short-term spike in the LTV ratio to
marginally over 45% due to market volatility.

"We may lower the rating if Fosun's access to bank funding or
capital markets weakens or the company fails to generate sufficient
cash from asset disposals to fund its acquisitions. We may also
lower the rating if Fosun's LTV ratio exceeds 45% for a prolonged
period.

"We may raise the rating if Fosun improves its listed asset
weighting to closer to 50% and maintains its LTV ratio sufficiently
below 40%. An upgrade assumes that the company improves its capital
structure with a longer weighted-average debt maturity."


GUANGXI LIUZHOU: S&P Alters Outlook to Negative & Affirms 'BB' ICR
------------------------------------------------------------------
S&P Global Ratings, on April 28, 2020, revised its rating outlook
on Guangxi Liuzhou Dongcheng Investment & Development Group Co Ltd.
(LZDC), a local government financing vehicle (LGFV) of Liuzhou, to
negative from stable.

S&P said, "We affirmed our 'BB' long-term issuer credit rating on
LZDC to reflect our expectation of an extremely high level of
government support for the company over the next 12 months.

"We revised the outlook on LZDC to negative to reflect the risk
that Liuzhou's budgetary performance could be weaker than our
expectation over the next 12 months. This could be due to a decline
in revenue, increased spending, or a need to support commercial
government-related entities (GREs), including recapitalization of
banks, under weaker economic conditions following the COVID-19
outbreak. In addition, a continuing deterioration in the
performance of Liuzhou's commercial GREs and banks will add to the
government's very high debt burden due to elevated contingent
liability risks.

"We believe Liuzhou's major industrial segments, primarily the auto
sector, will likely endure a temporary cyclical slowdown due to the
virus outbreak, and recover later this year. The risk of contingent
liabilities for the government is within control now. We also
expect land sales to support Liuzhou's fiscal revenue, especially
considering a possible increase in land supply in Liujiang
district. We also anticipate that the government will be able to
maintain exceptional liquidity over the next 12 months.

"We affirmed the rating because we believe the likelihood of
extraordinary government support to LZDC from the Liuzhou municipal
government will remain extremely high over the next 12 months. We
may review this likelihood if we believe a further weakening of the
government's credit profile could hamper its capability to timely
and sufficiently support, if necessary, its deeply leveraged major
LGFVs, including LZDC."

S&P views of an extremely high likelihood of extraordinary
government support to LZDC is based on the following company
factors:

Very important role to the government. As one of the several major
LGFVs in Liuzhou, LZDC is mandated to be responsible for primary
land development, resettlement housing, and infrastructure project
construction in Liudong New District, one of the three prioritized
city industrial new zones in Guangxi Zhuang Autonomous Region. LZDC
has rapidly grown its revenue over the past couple of years as the
government refunded all its land development costs. The company
also provides essential public services, such as supply of city
gas. S&P believes the unique role and strategic position of LZDC
cannot be easily replaced by the private sector or other
state-owned enterprises (SOEs).

Integral link with the government. LZDC continues to be fully owned
and controlled by Liuzhou State-owned Assets Supervision and
Administration Commission (SASAC) and the municipal government. As
of end-2019, 20%-25% of LZDC's interest bearing debt is recognized
as local government hidden debt and is incorporated into the
Ministry of Finance debt system and subject to resolution over a
10-year horizon. The company is under close oversight by its
government owner and receives operational and financial support
from the government through capital injections, financial
subsidies, and infrastructure project mandates.

S&P said, "The negative outlook on LZDC reflects our expectation
that the Liuzhou government will face higher fiscal pressures over
the next 12 months from the COVID-19 pandemic. In our view, this
economic downturn could worsen the government's budgetary
performance from our baseline forecast because of decreased fiscal
revenue, increased spending pressure, or a need to support
commercial GREs, including recapitalization of banks.

"We continue to expect LZDC to have an extremely high likelihood of
receiving extraordinary support from the municipal government if
needed over the next 12 months."

S&P could lower the rating on LZDC if:

-- The credit profile of the Liuzhou government weakens. This
could happen if: (1) Liuzhou's budgetary performance deteriorates
compared with our baseline scenario, because of lower revenue than
we expect, increased spending, or any unexpected fiscal burden
arising from underperforming GREs, including the need to
recapitalize banks; or (2) the economy's growth momentum sees a
structural deterioration.

-- The likelihood of extraordinary government support is lower
than we currently assess. This could happen if: (1) the
government's credit profile significantly weakens, impeding its
ability to provide timely and sufficient support to its major GREs;
(2) we assess that there is no clear and robust government process
that enables effective governance, monitoring, and control over the
company; or (3) the government's strategies and priorities change.
Weakened management control from the government, or LZDC engaging
in more businesses on a commercial basis could indicate declining
government support and commitment. Another indicator could be the
opening up of the company's core businesses under government
procurement agreements with other state-owned or private
companies.

-- The company's liquidity further weakens. This could happen if:
(1) LZDC faces challenges in refinancing its very high short-term
maturities; or (2) its borrowing costs increase significantly due
to deterioration in its banking relationship or capital market
access.

S&P said, "We could revise the outlook to stable on LZDC if the
Liuzhou municipal government manages to maintain its average
budgetary performance and contain its contingent liabilities
through improved performance or transparency in its GRE sector.

"We may also revise the outlook to stable if the government
tightens its overall deficit through either consistently increasing
its revenue sources or cutting expenditure."


GUANGZHOU R&F: S&P Affirms 'B+' LongTerm ICR, Outlook Stable
------------------------------------------------------------
On April 29, 2020, S&P Global Ratings affirmed its 'B+' long-term
issuer credit ratings on Guangzhou R&F Properties Co. Ltd. and its
subsidiary R&F Properties (HK) Co. Ltd. (R&F HK).

S&P said, "We revised our liquidity assessment on Guangzhou R&F to
less than adequate from adequate to reflect the company's
persistently high proportion of short-term debt and relatively
small cash balance. We forecast the company's liquidity sources
over uses will fall to about 1x over the 12 months ending December
2020, below the 1.2x threshold for our adequate liquidity
assessment. That said, we believe Guangzhou R&F is less likely to
experience a liquidity crunch, thanks to its proactive refinancing,
approved quotas, and strong standing in the onshore capital market.
We expect the current liquidity tightness to gradually ease, though
it may take more than 12 months.

"We also revised our liquidity assessment on R&F HK to less than
adequate from adequate. As the parent's offshore financing
platform, our assessment of R&F HK's liquidity reflects that on
Guangzhou R&F.

"In our view, Guangzhou R&F will need to rely heavily on
refinancing to manage its short-term repayments. The company faces
debt maturities of Chinese renminbi (RMB) 62.2 billion in 2020,
comprising over 30% of its total indebtedness. It has refinanced
about RMB7 billion in the first quarter. Its unrestricted cash was
RMB26.3 billion as of end-2019, which we believe is largely
unchanged as of March 31, 2020. The company expects to roll over
the majority of the RMB15 billion of corporate bonds puttable in
the second half of the year. Even so, it will face sizable
repayment pressure through the rest of the year.

"In addition, Guangzhou R&F has about RMB14 billion of capital
market maturities and another RMB7 billion of corporate bonds
puttable in January 2021. The company's weak capital structure has
hampered its expansion over the past two years. We expect this to
remain a constraint as the company carefully manages its
liquidity.

"Guangzhou R&F's liquidity may benefit from the management's
intention to dispose of noncore assets, though this remains
uncertain in our view. The company recently sold its loss-making
property management companies to its major shareholders. It further
plans to divest noncore investment properties, in particular its
warehouse assets.

We anticipate Guangzhou R&F will issue new onshore debt over the
coming months for refinancing, lengthening its debt maturity
profile. The company has already received quotas of RMB9 billion to
issue various domestic instruments, including private placement
notes and corporate bonds. It is also applying for an additional
quota of RMB10 billion. The company issued RMB1 billion of private
placement notes in April and is planning further issuances. Its
last domestic issuance (excluding short-term commercial papers) was
in May 2019.

"We believe Guangzhou R&F's high concentration in less attractive
lower-tier cities will continue to constrain and weaken its
business performance. We expect lower-tier cities--where demand and
price recovery remain uncertain--to account for about 40% of its
saleable resources in 2020. In our view, the company's increased
proportion of sales from lower-tier cities in 2019 contributed to
its sluggish growth of 5.5% and missed guidance on contracted
sales. We expect overall sales to only grow 5%-10% in 2020.

"We forecast Guangzhou R&F's leverage will gradually improve in
2020 and 2021. The company's ratio of debt to EBITDA increased to
7.6x in 2019, from 6.4x in 2018, amid slower revenue recognition
and compressed margins, which narrowed its rating buffer. That
said, we expect Guangzhou R&F's controlled expansion plan to
contribute to meaningful deleveraging in 2020 and 2021. The company
faces less pressure on land replenishment, thanks to abundant
saleable resources from its existing land bank and higher
contributions from urban redevelopment projects. It is targeting
about 10% growth in attributable contracted sales in 2020, which we
believe is reasonable considering the COVID-19 outbreak. Sales fell
about 33% in the first three months of 2020, compared with the same
period last year.

"We affirmed our rating on R&F HK because we believe it will remain
a core subsidiary of Guangzhou R&F. R&F HK continues to hold the
group's key assets, including iconic investment properties and the
hotel portfolio acquired from Dalian Wanda Commercial Management
Group Co. Ltd. Both companies share the same brand name and we
expect Guangzhou R&F to continue to fully own R&F HK. As such, we
equalize the rating on R&F HK with that on Guangzhou R&F.

"We lowered our assessment of R&F HK's stand-alone credit profile
to 'b-' from 'b' because we expect the company's leverage to remain
elevated amid the COVID-19 fallout. We forecast hotel revenue,
which accounted for about 46% of R&F HK's 2018 revenue, will drop
by 30%-35% in 2020 as occupancy and room rates fall."

Guangzhou R&F Properties Co. Ltd.

S&P said, "The stable outlook reflects our expectation that
Guangzhou R&F's liquidity will gradually improve as it refinances
proactively with longer-term debt, including domestic issuances,
over the next 12 months. We also expect the company's weakened
leverage to improve steadily with more controlled spending on land
acquisitions. At the same time, we expect the company to maintain
its operating scale and above-market profitability."

S&P may lower the rating if:

-- Guangzhou R&F's liquidity further weakens with liquidity
sources materially below uses;

-- The company pursues debt-funded expansion that is more
aggressive than we expect, such that its EBITDA interest coverage
falls below 1.5x or the debt-to-EBITDA ratio deteriorates to below
7x-8x; or

-- It fails to maintain its operating scale and above-market
profitability.

S&P could raise the rating if Guangzhou R&F's debt-to-EBITDA ratio
sustainably improves toward 5x. At the same time, its liquidity
sources to uses would need to be sustainably above 1.2x, the
threshold for our adequate liquidity assessment. This may happen if
the company delivers strong sales and profitability, remains
disciplined in debt-funded expansion, and lengthens its debt
maturity profile with domestic issuances.

R&F Properties (HK) Co. Ltd.

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

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

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


JMU LIMITED: Delays Filing of Annual Report Over COVID-19 Pandemic
------------------------------------------------------------------
JMU Limited has furnished a current report on Form 6-K with the
Securities and Exchange Commission to indicate its reliance on the
order issued by the SEC on March 25, 2020 providing conditional
relief to public companies that are unable to meet a filing
deadline as a result of the novel coronavirus ("COVID-19") outbreak
(Release No. 34-88465) in connection with an extension of 45 days
to file its annual report on Form 20-F for the year ended Dec. 31,
2019 due to circumstances related to COVID-19.

The Company is headquartered in Beijing, China, which has been
seriously impacted by the COVID-19 epidemic. The severity of the
current COVID-19 pandemic resulted in lock-downs, travel
restrictions and quarantines imposed by the PRC government. The
Company closed its corporate offices in China from January through
March 2020 and requested that all employees work remotely.
Restrictions on access to the Company's facilities and quarantines
have impeded the Company's finance team from completing the
financial statements and related materials necessary for audit.
These, in turn, have hampered the Company's ability to file the
Annual Report by the original filing deadline of April 30, 2020.
The Company expects to file the Annual Report with the SEC no later
than June 14, 2020 (45 days after the original due date).

                  Risk Factor Related to COVID-19

In light of the COVID-19 pandemic, the Company will be including
the following risk factor in its Annual Report:

"The COVID-19 outbreak could significantly disrupt our operations
and adversely affect our results of operations.

"Since December 2019, China has experienced an outbreak of
COVID-19, a disease caused by a novel and highly contagious form of
coronavirus. The severity of the outbreak in certain provinces
resulted in travel restrictions, quarantine and social distancing
measures imposed by the local governments across China and
materially affected general commercial activities in China. The
COVID-19 outbreak made it difficult to carry out our marketing
activities to promote our products and services to potential
customers and gave rise to sudden significant changes in regional
and global economic conditions that could interfere with purchases
of products or services. We currently are unable to predict the
duration and severity of the spread of the COVID-19, and responses
thereto, and the impact on our business, results of operations,
financial condition, cash flows and liquidity, as these depend on
rapidly evolving developments, which are highly uncertain and will
be a function of factors beyond our control, such as the continued
spread or recurrence of contagion, the implementation of effective
preventative and containment measures, the development of effective
medical solutions, financial and other market reactions to the
foregoing, and reactions and responses of communities and
societies.

"Any similar future outbreak of a contagious disease, other adverse
public health developments in China and around the world, or the
measures taken by the governments of China or other countries in
response to a future outbreak of a contagious disease may restrict
economic activities in affected regions, resulting in reduced
business volume, temporary closure of our facilities and offices or
otherwise disrupt our business operations and adversely affect our
results of operations."

                         About JMU Limited

Headquartered in Shanghai, People's Republic of China, JMU Limited
currently operates an online platform for providing
business-to-business services to food-industry suppliers and
customers in China.

Michael T. Studer CPA P.C., in Freeport, New York, USA, the
company's auditor since 2019, issued a "going concern"
qualification in its report dated June 28, 2019, citing that the
Group experienced a net loss of approximately $25.3 million, $161.9
million and $123.2 million for the years ended Dec. 31, 2016, 2017
and 2018, respectively, and negative cash flows from operations of
approximately $5.8 million, $9.9 million and $4.3 million for the
years ended Dec. 31, 2016, 2017 and 2018, respectively. As at Dec.
31, 2018, the Group's current liabilities exceeded its current
asset by $15.7 million and there was a capital deficiency of $22.2
million. These conditions raise substantial doubt about the Group's
ability to continue as a going concern.


LUCKIN COFFEE: Delays Annual Report Amid Scandal Probes
-------------------------------------------------------
Caixin Global reports that Luckin Coffee Inc. won't release its
2019 annual financial report on time on April 30 as the company
investigates a high-profile accounting scandal, the Nasdaq-listed
Chinese coffee chain said April 29.

Caixin relates that the delayed filing also reflects business
disruption from the Covid-19 outbreak, which hindered employees
returning to offices, Luckin said. The company will try to file the
report under a 45-day extension allowed by U.S. securities
regulators during the outbreak, it said, Caixin relays.

Around 85% of the company's coffee shops returned to normal
operation by the end of March after a broad closure in January,
Luckin reported, according to Caixin.

The Chinese challenger to Starbucks rattled the market earlier this
month by disclosing that nearly half the revenue it reported in the
last three quarters of 2019, or CNY2.2 billion ($310 million), was
fake, Caixin relays.  The company blamed Chief Operating Officer
Liu Jian for the misconduct and said it initiated an investigation
of Liu and four other employees.

Caixin says the incident pushed Luckin's shares down by 83%, wiping
out more than $5 billion in market value before trading was
suspended April 7. It also triggered a series of credit crises for
companies linked to Luckin founder Lu Zhengyao.

A person close to the company said the internal investigation
hasn't been concluded after nearly a month, indicating possible
resistance from management, Caixin relates.

China's securities and market regulators have opened a probe into
Luckin last week, Caixin notes.

                        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.


NIO: Obtains US$1 Billion Lifeline From Strategic Investors
-----------------------------------------------------------
Sarah Dai at South China Morning Post reports that cash-strapped
electric vehicle maker NIO has landed definitive agreements for a
total cash infusion of CNY7 billion from strategic investors,
easing concerns about its continued operation.

According to SCMP, the deal made with Hefei City Construction and
Investment Holding, CMG-SDIC Capital and Anhui Provincial Emerging
Industry Investment calls for NIO to "inject its core businesses
and assets in China, including vehicle research and development,
supply chain, sales and services and NIO Power," into a new company
called NIO China, the carmaker said in a statement on April 29.

SCMP relates that Shanghai-based NIO will also invest CNY4.26
billion in cash into NIO China. Upon completion of the investments
this second quarter, NIO will hold a 75.9 per cent controlling
equity interest in the new company and the three strategic
investors will collectively hold the remaining 24.1 per cent.

"After receiving the investments from the Strategic Investors, NIO
will have more sufficient funds to support its business
development, to enhance its leadership in the products and
technologies of smart electric vehicles and to offer services
exceeding users' expectation," said William Li Bin, founder and
chief executive of NIO, after signing the new funding pact on April
29, SCMP relays.

SCMP says the deal comes after NIO's senior management raised
concerns in a regulatory filing in March about the company's
ability to remain operational in the next 12 months, while it
awaited new financing. It posted losses of US$1.6 billion in 2019.

Raising funds has become more critical for NIO amid increased
competition from electric car giant Tesla, which has a
manufacturing base in Shanghai, and the difficulties posed by the
coronavirus outbreak, which led to communities being locked down
and factories halting production, SCMP states.

But with fresh funding, NIO could help energise China's electric
vehicle industry, which has been hammered by a domestic economic
slowdown, reduced government subsidies and the pandemic, the report
says.

Under the funding deal, NIO will set up its new headquarters in
Hefei, capital of eastern Anhui province. The company's new base is
at the Hefei Economic and Technological Development Area, where its
ES8 electric sport utility vehicle has been manufactured by
state-owned partner JAC Motors – officially known as Anhui
Jianghuai Automobile Co – since 2016, according to SCMP.

New York-listed NIO, which is also backed by Tencent Holdings, will
reset operations after it cut thousands of jobs and shelved plans
to construct its own car plant in Shanghai last year because of
mounting losses, the report adds.

                         About NIO Inc.

NIO Inc. (NYSE:NIO) -- https://www.nio.com/ -- designs,
manufactures, and sells electric vehicles in the People's Republic
of China, Hong Kong, the United States, the United Kingdom, and
Germany. The company offers five, six, and seven-seater electric
SUVs. It is also involved in the provision of energy and service
packages to its users; marketing, design, and technology
development activities; manufacture of e-powertrains, battery
packs, and components; and sales and after sales management
activities. In addition, the company offers charging solutions,
including Power Home, a home charging solution; Power Swap, a
battery swapping service; Power Mobile, a mobile charging service
through charging trucks; and Power Express, a 24-hour on-demand
pick-up and drop-off charging service. Further, it provides
value-added services, such as statutory and third-party liability
insurance, and vehicle damage insurance through third-party
insurers; repair and routine maintenance services; courtesy car
services during lengthy repairs and maintenance; and roadside
assistance, as well as data packages. The company has collaboration
agreements with various manufacturers for the manufacture of ES8, a
six or seven-seater high-performance electric SUV.


TUNGHSU GROUP: S&P Withdraws 'SD' LongTerm Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew its 'SD' long-term issuer credit rating
on Tunghsu Group Co. Ltd. and 'CC' issue rating on the company's
guaranteed senior unsecured notes. The notes are issued by Tunghsu
Venus Holdings Ltd. On Feb. 21, 2020, S&P lowered the rating on
Tunghsu to 'SD' after the China-based technology conglomerate
defaulted on its onshore bonds.




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

CONCORD NEW ENERGY: S&P Lowers ICR to 'B+' on Rising Leverage
-------------------------------------------------------------
S&P Global Ratings, on April 28, 2020, lowered its rating on
Concord New Energy Group Ltd. to 'B+' from 'BB-', and the long-term
issue rating on the company's senior unsecured notes to 'B' from
'B+'.

S&P said, "We lowered the rating because we expect grid-parity
projects and rising cash interest to moderately lift Concord's
leverage. We also revised our assessment of the company's liquidity
to less than adequate driven by the upcoming U.S.-dollar bond
bullet maturity in January 2021. The negative outlook reflects the
uncertainty over the company's plan for its U.S.-dollar
refinancing, especially under current market conditions.

"We expect Concord's funds from operations (FFO) to moderately
weaken in relation to debt. Although some of its best grid-parity
projects' FFO per unit capacity is roughly on par with its existing
portfolio, overall performance of its grid-parity projects could
fall. We believe such projects' higher utilization hours can't
fully offset the impact from subsidy losses in tariffs." Moreover,
the COVID-19 outbreak could also moderately impact FFO due to
higher market trading and price discounts.

Concord's new capacity expansion and disposal plan could also weigh
on its effective capacity and hence FFO. Majority of debt is
typically recognized when projects are completed at year end, while
FFO contribution starts a few months later after testing is
complete. Concord has largely increased its annual gross
installation target to 600-800 megawatts (MW) together with 300MW
disposal. Even though net capacity increase is roughly in line with
the previous 300MW-400MW guidance, FFO will be lower as it is not
recognized while all the new capacity undergoes testing.

Concord's relatively high financing cost could constrain its
financial profile over the near term. The company's use of
financing leases surged in 2019, coupled with bank loan shrinkage.
This is negative to its FFO given financial leasing carries a
higher interest rate, although such interest paid during operation
has some tax benefits.

Partially offsetting this negative trend are Concord's better
operating cash flow to debt servicing capability, higher asset
quality, flexibility to manage capex cash disbursement and
long-term nature of financial leasing. Its renewable subsidy only
accounts for around 40% of revenues, which is better than solar
operators. The company's asset quality is also strong in our view,
demonstrated by its much higher average utilization hours of 2,277
in 2019, compared with the national average of 2,082. We believe
Concord has the flexibility to postpone capex and capability to
achieve lower unit installation costs than peers, leading to better
FFO-to-Debt. Lastly, most of its financial leasing are long term
with tenors of above 10 years.

The negative outlook reflects the execution risk associated with
the refinancing of Concord's U.S.-dollar notes due in January 2021
and maintaining sufficient liquidity buffer. The company's
liquidity could come under pressure should cash materially fall in
relation to its current debt obligations. In addition, Concord's
financing costs may climb faster than expected given its strong
reliance on financial leasing for new projects.

S&P may lower its rating on Concord if one of the following
materializes:

-- Concord fails to maintain sufficient cash on hand with a
substantial buffer to cover its maturing U.S.-dollar bond by the
end of July 2020;

-- Concord's financial profile further deteriorates so that its
FFO to debt falls below 6% or FFO to interest coverage falls below
2.0x without signs of recovery; or

-- S&P believes the company's competitive position has materially
weakened because of higher than guided capacity disposal.

S&P may revise the outlook to stable if Concord makes material
progress in refinancing or repaying its U.S.-dollar bond. A stable
outlook also hinges on the company 1) smoothly executing its
capacity expansion and disposal plan without jeopardizing its
market position or financial leverage, so that FFO to debt remains
above 6% and FFO-to-interest coverage exceeds 2x; 2) maintaining
sufficient cash on hand to meet its debt obligations; and 3)
keeping its financing costs in check.


GCL NEW: Moody's Cuts CFR to Caa1 & Sr. Unsec. Rating to Caa2
-------------------------------------------------------------
Moody's Investors Service has downgraded GCL New Energy Holdings
Limited's corporate family rating to Caa1 from B3, and its senior
unsecured debt rating to Caa2 from Caa1.

The ratings outlook remains negative.

RATINGS RATIONALE

"The downgrade reflects the accelerating pressure on GCL New
Energy's liquidity and rising refinancing risks, particularly given
USD500 million bond maturing January 2021," says Ivy Poon, a
Moody's Vice President and Senior Analyst.

"The prolonged negotiations regarding its planned asset sales and
delays in the receipt of government subsidies further exacerbate
this refinancing risk," adds Poon.

Moody's estimates that GCL New Energy has close to RMB12.5 billion
of debt maturing through March 2021, with a bridge loan from China
Huaneng Group Co., Ltd. (A2 stable) and USD500 million bond
accounting for over half of the maturing debt.

However, the company does not have adequate internal financial
resources to meet the huge funding gap, and there does not appear
to be any meaningful plan to manage refinancing risk.

At the same time, there has been limited progress in the planned
asset sales to China Huaneng. The company had planned to use the
proceeds from the asset sales as a key source to repay its maturing
debt. In particular, the scale of the first batch of asset sales in
January 2020 was only 294MW, which is much smaller than Moody's had
previously expected.

Although the company is in talks regarding the remaining asset
sales, the timing and final size of the transactions remain highly
uncertain. The coronavirus outbreak will also hinder negotiations
and execution of transactions in the near term, increasing
refinancing risk.

The company is also in the process of registering projects it
connected to the grid up to July 2017 to the latest batch of
China's renewable energy subsidy catalogue. However, uncertainty
remains around the timing and amount of the government subsidies to
be received in the second half of 2020, given the historically
lengthy collection periods.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's focus on renewable energy, as
well as its business strategy, financial policy, regulatory risk
and corporate governance structure.

The senior unsecured debt rating is one notch lower than the CFR
due to subordination risk.

The negative ratings outlook reflects Moody's expectation that GCL
New Energy will continue to face heightened refinancing risk for
its sizable maturing debt over the next 12 months.

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

The company's ratings could be further downgraded in the near term
if (1) it does not refinance its maturing debt in a timely manner,
or in the event of any default, and (2) its transaction with China
Huaneng is completed in a way that significantly weakens GCL New
Energy's credit profile.

The outlook on the ratings could return to stable if the company
refinances its maturing debt and/or introduces other
countermeasures to ease liquidity pressure. Moody's will also
consider the progress made in the potential transaction with China
Huaneng and its impact on GCL New Energy.

Upward ratings pressure is unlikely, given the negative outlook.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

GCL New Energy Holdings Limited is a privately-owned solar power
generation company in China. The company's installed capacity
totaled 7.2GW at the end of 2019.

GCL New Energy was 62.28% owned by GCL-Poly Energy Holdings Limited
at the end of 2019. GCL New Energy is the sole downstream platform
of its parent company.

Founded in 1996, GCL-Poly Energy Holdings Limited is an integrated
solar photovoltaic company.




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

4G IDENTITY SOLUTIONS: CRISIL Keeps 'D' Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of 4G Identity Solutions
Private Limited (4G) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         35        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit             9        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit        6        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     10        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with 4G for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 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 4G, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on 4G 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 ratings on bank
facilities of 4G continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of 4G Identity and its wholly owned
subsidiary, 4G Informatics Pvt Ltd (4G Informatics). This is
because these two companies, together referred to as the 4G group,
are under a common management, in a similar line of business, and
have significant operational linkages and fungible cash flows.

4G Identity was set up in 2007 by Dr. Sreeni Tripuraveni and his
family members. The company provides identity management solutions
by leveraging smart cards and biometric technologies. It also
provides software development, system integration, and data
management for e-governance activities. 4G Informatics also
provides identity management solutions for government and private
institutions.


ADITI DEVA: CARE Lowers Rating on INR6.92cr LT Loan to 'B'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aditi Deva Mills Private Limited (ADMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       6.92       CARE B; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable on

                                   the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ADMPL to monitor the rating
vide e-mail communications/letters dated April 7, 2020, April 9,
2020 , April 10, 2020 and numerous phone calls. However, despite
our repeated requests, the Company 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 ADMPL's
bank facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING. Further, the banker could not be contacted.

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

The rating takes into account constitution as a small scale of
operation along with short track record of operations, regulated
nature of the industry, volatility agro-commodity (paddy) prices
with linkage to vagaries of nature, working capital intensive
nature of operations and leverage capital structure and intensely
competitive nature of the industry with presence of many
unorganized players.

The rating, however, continues to draw comfort from its experienced
promoters along and close proximity to raw material sources and
favourable industry scenario.

Detailed description of the key rating drivers

Key Rating Weaknesses:

* Small scale of operation along with short track of operations:
ADMPL is a relatively small player in the rice milling industry
marked by TOI of INR16.00 Crore in FY19 (INR20.78 Crore in FY18)
and PAT of INR0.06 crore (INR0.07 Crore in FY18), in FY19.
Furthermore, the total capital employed was also low at INR12.06
crore as on March 31, 2019. The small scale of operation restricts
the financial risk profile of the company limiting its ability to
absorb losses or financial exigencies in adverse economic scenario.
Further, ADMPL commenced operation since November, 2016 and
accordingly has a limited operational track record of around
seventeen months.

* Volatile agro-commodity (paddy) prices with linkages to vagaries
of the monsoon:  ADMPL is primarily engaged in the processing of
rice products in its rice mills. Paddy is mainly a 'kharif' crop
and is cultivated from June-July to September-October and the peak
arrival of crop at major trading centers begins in October. The
cultivation of paddy is highly dependent on the monsoon.
Unpredictable weather conditions could affect the output of paddy
and result in volatility in price of paddy. In view of seasonal
availability of paddy, working capital requirements remain high at
season time owing to the requirement for stocking of paddy in large
quantity.

* Regulated nature of the industry:  The Government of India (GoI),
every year decides a minimum support price (MSP) to be paid to
paddy growers which limits the bargaining power of rice millers
over the farmers. The MSP of paddy increased during the crop year
2019-20 to INR1815/quintal from INR1750/quintal in crop year
2018-19. The sale of rice in the open market is also regulated by
the government through levy of quota, depending on the target laid
by the central government for the central pool. Given the market
determined prices for finished product vis-à-vis fixed acquisition
cost for raw material, the profit margins are highly vulnerable.

* Working capital intensive nature of operations and leveraged
capital structure:  Paddy is mainly a 'kharif' crop and is
cultivated from June-July to September-October and the same is
processed by rice millers throughout the year. Hence, the millers
are required to carry high levels of raw material inventory in
order to mitigate the raw material availability risk, resulting in
relatively high inventory period and collection period. Accordingly
the average inventory holding period remained high at 160 days
during FY19. Accordingly, the capital structure of the company was
moderate marked by debt equity of 0.76x and overall gearing of
1.34x as on March 31, 2019. The leverage ratios are high due to
completion of high debt funded project in initial stage of
operation.

* Intensely competitive nature of the industry with presence of
many unorganized players:  Rice milling industry is highly
fragmented and competitive due to presence of many small players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Aurangabad and nearby
districts of Bihar are major paddy growing area with many rice
mills operating in the area. High competition restricts the pricing
flexibility of the industry participants and has a negative bearing
on the profitability.

Key Rating Strengths

* Experienced promoters:  The promoter of ADMPL is Mr. Manish
Kumar, Director, aged about 45 years, having more than decade long
experience in the rice milling industry. He is being duly supported
by the other promoter director Mr. Alok Kumar Gupta having
experience of around decade in similar line of business. The
promoters are actively involved in the strategic planning and
running the day to day operations of the company along with a team
of experienced personnel.

* Proximity to raw material sources and favorable industry
scenario:  ADMPL plant is located at Aurangabad district of Bihar
which is a paddy growing region in eastern India resulting in lower
logistic expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective prices.
Rice, being one of the primary food articles in India, demand is
high throughout the country and with the change in life style and
health consciousness; by-products of the same like rice bran oil
etc. are in huge demand.

Incorporated in February 2013, Aditi Deva Mills Private Limited
(ADMPL) is engaged in the rice milling activities at its plant
located at Aurangabad, Bihar with aggregate installed capacity of
39,936 MTPA. The company has started commercial operations from
November, 2016 onwards. The company procures its raw material from
local market and sells its finished products across India. Mr.
Manish Kumar(aged, 45 years), having more than decade long
experience in the rice milling industry, looks after the day to day
operations of the company. He is supported by other directors Mr.
Alok Kumar (aged, 39 years) and a team of experienced
professionals.


AIM LAMINAR: CARE Lowers Rating on INR9.17cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Aim
Laminar Private Limited (ALPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       9.17       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE C; Based on
                                   the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 1, 2019 placed the
ratings of ALPL under the 'issuer non-cooperating' category as ALPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. ALPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 08, 2020,
April 13, 2020, April 15, 2020 and April 20, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings on ALPL'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 ratings.

The revision in rating assigned to the bank facilities of ALPL is
mainly on account of on-going delays in debt servicing.

Detailed description of key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing:  There are on-going delays in
debt servicing of term loan interest repayments and overdrawing in
cash credit limit by more than 30 days.

Ahmedabad (Gujarat) based Aim Laminar Private Limited (ALPL) was
incorporated in October 2000.However, ALPL commenced its
full-fledged operations from December 2014 post erection and
commissioning of plant and management take over in 2013 by Mr.
Hitesh Patel and Mr. Masukhbhai Patel. The company is engaged in
the manufacturing of decorative laminates which is used as an
overlay over plywood or other wooden furniture. ALPL has its sole
manufacturing plant situated in Kheda (Gujarat) with an installed
capacity of 13.25 lakh sheets per annum. The company purchases
domestically as well as imports few raw materials like base paper
from China, Germany while phenol resins and melamine resins for
manufacturing laminates are mostly purchased domestically. ALPL
caters mainly to domestic demand and markets its product under its
brand "Raisin".


ANNAPOORNA ENTERPRISES: CARE Cuts Rating on INR8.50cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Annapoorna Enterprises (SAE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.50      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B; Stable on
                                   the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2019, placed the
ratings of SAE under the 'issuer non-cooperating' category as SAE
had failed to provide information for monitoring of the rating. The
firm continues to be non-cooperative despite repeated requests for
submission of information through e-mail communications from
January, 2020 to April 13, 2020 and numerous phone calls. 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

The rating has been revised on account of delays in debt
servicing.

Key Rating Weaknesses

* Delays in debt Servicing:  SAE has been facing liquidity issues
due to which the firm is unable to service the debt obligation.
There are delays in interest servicing in working capital
facility.

* Partnership nature of constitution with inherent risk of
withdrawal of capital:  Constitution as a partnership 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.

Key Rating Strengths

* Experience of the Partners for more than a decade in tobacco
business:  Mr. Hari Babu, Managing Partner has more than 10 years
of experience in tobacco trading business. His long presence in
the industry has helped the firm to establish relationship with
customers.

Andhra Pradesh based, Sri Annaporna Enterprises (SAE) was
established in the year 2014 as a partnership firm by Mr.Hari Babu
& Mrs. Jayasree. The company is engaged in the trading of tobacco.
The company purchases tobacco from local farmers and traders, and
sells the same to its clients located across Andhra Pradesh.


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

The instrument-wise rating actions are:

-- INR2.0 bil. NCDs – Series 1 ISIN INE265Y07034* issued on
     November 16, 2017 12% coupon rate due on November 15, 2022
     migrated to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating; and

-- INR1.950 bil. NCDs – Series 2 INE265Y07042* issued on
November
     16, 2017 12% coupon rate due on November 15, 2022 migrated to

     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

* ISIN replaced

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 14, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Azeem Infinite Dwelling India was incorporated in 2016 by the G M
Infinite group to execute five real estate projects. The company is
managed by Gulam Mustafa and Jawind Hussain.
         

BHAVANI ENTERPRISES: CARE Cuts Rating on INR30cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhavani Enterprises (BE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       30.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable on

                                   the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 18, 2019, placed the
rating(s) of BE under the 'issuer not cooperating' category as BE
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. BE continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and e-mails dated April 8, 2020 to
April 17, 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.

Detailed Rationale& Key Rating Drivers

Key Rating Weaknesses

* On-going delays in debt servicing obligations:  As per banker
interaction, there are on-going delays in debt servicing
obligations.

Key Rating Strengths

* Experience of the promoters in the real estate industry:  The
Partners of the firm have around more than two decades of
experience in real estate industry.

Bhavani Enterprises_Hubli (BES) was established in August 2012 by
Mr. Mahadev Habib and Mr. Aravind Kalburgi with 4 other partners to
undertake the construction of commercial project in the name of
'Galaxy Mall'. The project is located in Hubli district of
Karnataka.


BHOPAL TRACTORS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bhopal Tractors
Private Limited's Long-Term Issuer Rating to 'IND BB+ (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based limit downgraded with IND BB+ (ISSUER
     NOT COOPERATING) rating; and

-- INR40 mil. Non-fund based limit downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating.

KEY RATING DRIVERS

The downgrade is based on a decline in the company's revenue, the
details of which are available in the public domain. The company
reported revenue of INR1,100 million in 9MFY20 (FY19: INR1,647.4
million; FY18: INR2,080.30 million) dragged lower by the weakening
demand owing to the cyclicality and uncertainty associated with the
agricultural equipment industry. The agency expects the company's
revenue to dip further owing to the COVID-19 pandemic and the
ensuing lockdown.

The downgrade factors in the company's increase in borrowings to
support business operations and an increase in loans and advances
to related parties.

COMPANY PROFILE

Bhopal Tractors is a distributor of agricultural equipment such as
tractors, rotavators, straw reapers, and pump sets in Madhya
Pradesh and Uttar Pradesh.


BLESSINGS RESORTS: CRISIL Keeps D on INR32cr Debt in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Blessings Resorts
Private Limited (BRPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             29         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BRPL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 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 BRPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BRPL 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 ratings on bank
facilities of BRPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Set up in 2011 by Mr Harpinder Singh Gill and Mr Rajesh Aggarwal,
BRPL is setting up a 3-star, 80-room hotel with banquet in Phagwara
under the 'Park Inn by Radisson' brand. The company has tied up
with Carlson Hotels Asia Pacific Pty Ltd.


BSCPL INFRASTRUCTURE: CRISIL Keeps 'D' Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of BSCPL Infrastructure
Limited (BSCPL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee      1884.09      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          600         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   545.91      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan            470         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BSCPL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 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 BSCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BSCPL 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 ratings on bank
facilities of BSCPL continues to be 'CRISIL D Issuer not
cooperating'.

Set up in 1981, BSCPL primarily constructs roads and buildings. It
also develops, operates, and maintains national and state
highways.


CHOUHAN AUTOMOBILES: CARE Lowers Rating on INR20.5cr LT Loan to C
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Chouhan Automobiles LLP (CALLP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      20.50       CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable on

                                   the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CALLP to monitor the ratings
vide letters/emails dated April 7, 2020, April 9, 2020, April 13,
2020 and numerous phone calls. However,  despite CARE's  repeated
requests, the entity has not provided the requisite information for
monitoring the ratings. 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 CALLP's bank facilities will
now be denoted as CARE C; 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.

The revision in the rating takes into account the deterioration in
financial risk profile primarily due to cash loss incurred during
FY19, Audited (refers the period from April 1 to
March 31).

Moreover, the rating continues to remain constrained by weak
financial risk profile, limited profitability associated with
dealership business, working capital intensive nature of operations
and pricing constraints and margin pressure arising out of
competition from various auto dealers in the market. However, the
rating continues to derive strength from experienced partners
albeit lack of experience in auto dealership business.

Detailed description of the key rating drivers

At the time of last rating in February 8, 2019 the following were
the rating strengths and weaknesses (Updated the information
available from Ministry of Corporate Affairs).

Key Rating Weaknesses

* Weak financial risk profile:  The firm has reported cash loss of
INR1.14 crore on a total operating income of INR69.88 crore during
FY19. The capital structure of the firm remained weak marked by
overall gearing of 2.95x as on March 31, 2019. The interest
coverage also stood below unity in FY19.

* Limited profitability associated with dealership business:
Automobile dealership is a volume driven business as margins on
vehicles and spares are controlled by automobile manufacturers.
Accordingly, due to limited pricing power of the firm profitability
levels and margins of CALLP is estimated to remain on the lower
side in the future periods. Hence the firm's growth prospects
depend on the ability to increase its volume momentum and
capitalize on the spares fetching higher margin and service
segment.

* Working capital intensive nature of operations:  The business of
automobile dealership is having inherent high working capital
intensity due to high inventory holding requirements. The firm has
to maintain the fixed level of inventory for display and to guard
against supply shortages. Furthermore, MSIL demands payment in
advance, resulting in higher working capital requirements.

* Pricing constraints and margin pressure arising out of
competition from various auto dealers in the market:  MSIL has
currently one dealer for each district thus eliminating the scope
of competition from other MSIL dealers. With the sole authorized
dealership of MSIL in Durg (Chhattisgarh) the bargaining power of
CALLP with customers is high. However, the firm is exposed to
external competition from other dealers of companies such as Tata
Motors, Mahindra & Mahindra, Honda, Hyundai etc. In order to
capture the market share, the auto dealers generally have to offer
better buying terms like providing credit period or allowing
discount on purchases. Such discount creates margin pressure and
negatively impact the earning capacity of the firm.

Key Rating Strengths

* Experienced partners albeit lack of experience in auto dealership
business:  The key partner, Mr. Ajay Chouhan has around two decades
of experience in construction and real estate industry. Mr. Chouhan
looks after the day to day operations of the firm supported by
other partners who are also having long experience in real estate
and construction industry. However, this is the first venture of
the partners in auto dealership industry.

Bhilai (Chhattisgarh) based, Chouhan Automobiles LLP (CALLP) was
established as a partnership firm in June 2017 and the firm has
been engaged in dealership business of automobiles.


G. NAGESWARAN: CRISIL Keeps D on INR9.9cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of G. Nageswaran (GN)
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Secured Overdraft     9.4        CRISIL D (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with GN for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 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 GN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GN 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 ratings on bank
facilities of GN continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

GN was set up as a proprietorship firm in 1985, by Mr G Nageswaran.
The firm undertakes civil construction works, mainly for the
Government of Tamil Nadu and the National Highways Authority of
India.


G.R MULTIFLEX: CARE Keeps D on INR12cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G.R
Multiflex Packaging Private Limited (GRMPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       12.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GRMPPL to monitor the
ratings vide letters/emails dated April 7, 2020, April 9, 2020,
April 13, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. 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 GRMPPL'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.

Detailed description of the key rating drivers

At the time of last rating in February 20, 2019 the following were
the rating strengths and weaknesses (Updated the information
available from Ministry of Corporate Affairs).

On-going delay in debt servicing: There is on-going delay in the
debt servicing of the company.

Kolkata based G.R Multiflex Packaging Private Ltd (GRMPL) was
incorporated in July 2002 and currently managed by Mr. Rabindra
Kumar Jaiswal and Mrs. PrativaJaiswal. Since its inception, the
company has been engaged in manufacturing of flexible packaging
materials such as polyester laminated rolls, multilayer flexible
films, oil print films, water printed films, and bags and pouches.
The company's manufacturing facility is located in Kolkata with
aggregated installed capacity of 1404 metric ton per annum.


IUA TRUST: CRISIL Keeps 'D' on INR22.5cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of IUA Trust (IUA)
continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Secured Overdraft     0.5        CRISIL D (ISSUER NOT
   Facility                         COOPERATING)

   Term Loan            22          CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with IUA for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 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 IUA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IUA 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 ratings on bank
facilities of IUA continues to be 'CRISIL D Issuer not
cooperating'.

IUA was set up in 2009 by members of the Dhingra family and
Maheshwari family to set up a recreational club cum sports centre
by the name of 'DD Club' at Delhi.


JASOL CHAWAL: CARE Lowers Rating on INR10cr LT Loan to 'C'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jasol Chawal Private Limited (JCPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      10.00      CARE C; Issuer not cooperating;
   Facilities                     Revised from CARE B-; Stable on
                                  the basis of best available
                                  information

   Short-term Bank
   Facilities           2.00      CARE A4; Issuer Not Cooperating;

                                  Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JCPL to monitor the ratings
vide e-mail communications/letters dated April 7, 2020, April 9,
2020, April 10, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the publicly available information which, however, in CARE's
opinion is not sufficient to arrive at a fair rating. The ratings
of JCPL's bank facilities will now be denoted as CARE C; Outlook:
Stable/CARE A4; ISSUER NOT COOPERATING. Further, banker could not
be contacted.

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

The ratings take into account as constitution as a regulated nature
of the industry, fragmented and competitive nature of the industry
and high working capital intensity and exposure to vagaries of
nature. The ratings, however, continue to draw comfort from its
experienced promoters.

Detailed Rationale & Key Rating Drivers

Key Rating Weaknesses

* Regulated nature of the industry:  The Government of India (GoI)
decides a minimum support price (MSP - to be paid to paddy growers)
for paddy every year limiting the bargaining power of rice millers
over the farmers. The MSP of paddy was increased during the crop
year 2019-20 to INR1815/quintal from INR1750/quintal in crop year
2018-19. Given the market determined prices for finished product
vis-à-vis fixed acquisition cost for paddy, the profitability
margins are highly volatile. Such a situation does not augur well
for the company, especially in times of high paddy cultivation.

* Fragmented and competitive nature of the industry:  JCPL's plant
is located in Balod district, Chhattisgarh which is in close
proximity to hubs for paddy/rice cultivating region of Chattisgarh.
Owing to the advantage of close proximity to raw material sources,
a large number of small units are engaged in milling and processing
of rice in the region. This has resulted in intense competition
which is also fuelled by low entry barriers. Given that the
processing activity does not involve much of technical expertise or
high investment, the entry barriers are low.

* High working capital intensity and exposure to vagaries of
nature:  Rice milling is a working capital intensive business as
the rice millers have to stock rice by the end of each season till
the next season as the price and quality of paddy is better during
the harvesting season. Also, paddy cultivation is highly dependent
on monsoons, thus exposing the fate of the company's operation to
vagaries of nature. Accordingly, the working capital intensity
remains high leading to higher stress on the financial risk profile
of the rice milling units.

Key Rating Strengths:

* Experienced promoters:  The promoter of JCPL is Mr. Avant Kumar
Golechha, Director, aged about 46 years, having around two decades
of experience in the rice milling industry. He is being duly
supported by the other promoter director Mrs. Rani Golchha having
experience of around eight years in similar line of business. The
promoters are actively involved in the strategic planning and
running the day to day operations of the company along with a team
of experienced personnel.

* Close proximity to raw material sources and favourable industry
scenario:  JCPL's plant is located at Balod district, Chhattisgarh
which is in the midst of paddy growing areas of the state. The
entire raw material requirement is met locally from the farmers (or
local agents) which helps the company to save on substantial amount
of transportation cost and also procure raw materials at effective
prices. Further, rice being a staple food grain with India's
position as one of the largest producer and consumer, demand
prospects for the industry is expected to remain good in near to
medium term.

* Stable demand outlook of rice:  Rice, being one of the primary
food articles in India, demand is high throughout the country and
with the change in life style and health consciousness; by-products
of the same like rice bran oil etc. are in huge demand.

Incorporated in May 2016, Jasol Chawal Private Limited (JCPL) is
engaged in the rice milling activities at its plant located at
Balod district, Chhattisgarh with aggregate installed capacity of
28,800 MTPA. The company has started commercial operations of its
rice mill from January, 2018 onwards. Moreover, the company is also
engaged in the trading of paddy since April, 2017. Mr. Avant Kumar
Golechha, having around two decades of experience in the rice
milling industry, looks after the day to day operations of the
company. He is supported by other director Mrs. Rani Golchha and a
team of experienced professionals.


KUBER TUBES: CARE Lowers Rating on INR9cr LT Loan to 'B-'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kuber Tubes & Fittings Private Limited (KTFPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.00      CARE B-; Issuer not cooperating;
   Facilities                     Revised from CARE B; Stable on
                                  the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KTFPL to monitor the rating
vide e-mail communications/letters dated April 7, 2020, April 9,
2020 and April 13, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the ratings. 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 KTFPL's
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.

The rating has been revised on account of no due diligence
conducted and non-availability of requisite information due to
non-cooperation by KTFPL with CARE's efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on February 12, 2019 the following were
the rating strengths and weaknesses (updated the information
available from Ministry of Corporate Affairs).

Key Rating Weakness

* Weak financial risk profile:  During FY19; the company has
reported PAT of INR0.43 crore on a total operating income of
INR19.20 crore. The capital structure of the company has remained
leveraged marked by debt equity and overall gearing ratios at 4.22x
and 4.22x respectively as on March 31, 2019.

* Exposed to volatility in raw material prices:  The basic
raw-materials required for the company are steel, zinc bricks and
HR coils and the prices of the same is volatile in nature. The raw
material cost will be the major cost driver for the company and the
company will procure its raw materials from open market at
prevailing spot prices and thus the profitability of the company
will be susceptible to fluctuation in raw-material prices.

* Working capital intensive nature of business:  The operation of
the company remained highly working capital intensive as reflected
by its high gross current assets days of 206 days in FY19.

* Intensely competitive industry:  KTFPL is entering in the iron
and steel industry which is primarily dominated by large players
and characterized by high fragmentation and competition due to the
presence of numerous players in India owing to relatively low entry
barriers. High competitive pressure limits the pricing flexibility
of the industry participants which induces pressure on
profitability.

Key Rating Strengths

* Experienced and resourceful promoters:  KTFPL is promoted by Mr.
Sanjib Bhattacharjee and Mr. Mintu das who has more than a decade
of experience in similar industry through their associate concern
'Kuber Plastic Pvt Ltd'. Both the promoters will look after the day
to day operations of the company. The promoters have set up the
manufacturing plant by their own funds.

Incorporated in March 2013, Kuber Tubes & Fittings Private Limited
(KTFPL) was promoted by Mr. Sanjib Bhattacharya and Mr. Mintu Das
for setting up a manufacturing plant for galvanised pole, pipes and
fittings. The plant was set up funded by the promoters fund only
and the company commenced its operations in March 2017. The plant
has an installed capacity of 27,600 metric ton per annum.


LAKSHMI TOBACCOS: CARE Keeps D on INR9.9cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lakshmi
Tobaccos (LT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.90      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2019, placed the
ratings of LT under the 'issuer noncooperating' category as LT had
failed to provide information for monitoring of the rating. The
firm continues to be noncooperative despite repeated requests for
submission of information through e-mail communications from
January, 2020 to April 16, 2020 and numerous phone calls. 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 March 13, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weakness

* Delays in debt Servicing:  The firm has poor liquidity position
due to insufficient cash flows, thereby resulting in delays in
servicing debt obligations.

* Vulnerability of the tobacco business to government regulations
and to climatic risks affecting tobacco availability:  Tobacco
products form a major source of revenue in the form of taxes to
both central as well as state government and hence there are
regular modifications in taxation laws/tax rates with respect to
the same. Due to the harmful nature of the product, the various
state governments have banned manufacture and sale of various
tobacco products under the Food Safety and Standards (Prohibition
and Restrictions on Sales) Regulations, 2011 and availability of
tobacco is highly susceptible to the factors like area under
cultivation, Climatic risk, crop yield. Hence, the profitability
margins of the firm are vulnerable to government regulations on
tobacco products and availability of tobacco.

* 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

* Long track record and experience of the proprietor for more than
three decades in tobacco business:  Lakshmi Tobaccos (LT) was
established in 2000 as a proprietorship firm, by Mr. S. Narayana
Rao, who has around 35 years of experience in tobacco business
which has helped the firm in establishing relationship with
customers.

Andhra Pradesh based, Lakshmi Tobaccos (LT) was established in the
year 2000 as a proprietorship concern by Mr.S.Narayana Rao. LT is
an authorized licensed dealer in tobacco registered with Tobacco
Board for trading of Virginia tobacco (VFC). LT is mainly engaged
in trading of Virginia tobacco.


MAHANADI EDUCATION: Ind-Ra Keeps BB Bank Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained the ratings on
Mahanadi Education Society's bank facilities 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 BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR74.5 mil. Term loan due on September 2019 maintained in
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating; and

-- INR100 mil. Working capital facility maintained in non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on May
2, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 1994, Mahanadi Education Society is registered with the
Registrar of Firms and Societies, Government of Madhya Pradesh. The
society manages and operates Raipur Institute of Technology (1995),
Kaanger Valley Academy (2005), RIT College of Nursing (2008), RIT
College of Management (2009), RIT College of Hotel Management
(2016) and RIT College of Education (2013).


MINERVA POULTRY: CARE Lowers Rating on INR3.71cr Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Minerva Poultry Private Limited (MPPL), as:

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long-term Bank       3.71      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 MPPL to monitor the rating
vide e-mail communications/letters dated April 7, 2020, April 9,
2020, April 13, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the ratings. 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 MPPL's
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.

The revision in the rating takes into account the non-availability
of adequate information and no due diligence conducted with banker
due to non-cooperation by Minerva Poultry Private Limited with
CARE'S efforts to undertake a periodic review of the rating.

Detailed description of the key rating drivers

At the time of last rating in February 27, 2019 the following were
the rating strengths and weaknesses; (Updated the information
available from Ministry of Corporate Affairs)

Key Rating Weaknesses

* Small size of operations:  The scale of operations of the company
remained small marked by total operating income of INR21.47 crore
with a PAT of INR0.27 crore in FY19.

* Vulnerability of profits to raw material price movements: Poultry
feeds are the major raw material for the company, which are mostly
agro based commodities like maize, soybean etc. and dependent on
agro-climatic conditions. In view of the same the prices are
volatile and in turn have a negative bearing on the profitability.

* Working capital intensive nature of operations:  The business of
the company remained working capital intensive as reflected by its
high inventory holding period during FY19.

* Highly fragmented and competitive poultry industry with outbreaks
of bird flu:  Poultry eggs and meats are food articles of regular
consumption and stable demand. This feature of poultry farm
business attracts many unorganised players.  Furthermore, the
intermittent outbreak of bird flu affects the poultry industry.
Such contagious disease outbreaks will have a high impact on the
industry thereby leading to crash in prices of table eggs.

Key Rating Strengths

* Experienced promoters with long track record of operation:  MPPL
commenced its operation in the year 1993 and thus has satisfactory
track record of operations. The company is basically a family
managed business with Mr. Paresh Chandra Meher and Mr. Dinesh
Meher, being at the helm of affairs. They have an experience of
over two decades in this line of business. The day-to-day
operations of the company are looked after by them, with adequate
support from their codirector, Mr. Brijesh Meher, younger brother
of other two directors, having an experience of over a decade in
the same line of business.

Incorporated in December 1991, Minerva Poultry Private Limited
(MPPL) was promoted by the Meher family of Bolangir (Odisha). The
company is engaged in the business of sale of layer birds and eggs.
MPPL has started its commercial operations from the year 1993. The
poultry farm of the company is located at Bhadrapali, Dist –
Bolangir (Odisha) with a present capacity of 3,02,500 layer birds
with per bird producing around 300 eggs (approx.) yearly.


MOSAVI ENTERPRISES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mosavi
Enterprises Private Limited's (Mosavi) Long-Term Issuer Rating to
'IND BB' from 'IND BB+' and simultaneously placed it on Rating
Watch Negative (RWN). The Outlook was Stable.

The instrument-wise rating action is:

-- INR960 mil. Non-convertible debentures (NCDs) ISIN
     INE280Y07017 issued on August 10, 2017 1% coupon rate due on
     August 9, 2022 downgraded; placed on RWN with IND BB/RWN
     rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of Mosavi, Seaways Logistics and Shipping Limited ('IND BB/RWN'),
and the subsidiaries of Seaways to arrive at the ratings, on
account of operational, management, legal and financial linkages
among the entities. Mosavi is wholly owned by the promoters of
Seaways.

KEY RATING DRIVERS

The downgrade reflects a similar rating action on Seaways, with
which Mosavi has strong legal linkages. A cross-default clause is
applicable to the debt raised by way of NCDs by Mosavi. The NCDs
have been secured by an 87.8% share pledge or Seaways. The agency
expects that Seaways will provide the required assistance to
Mosavi, in case of its inability to timely service the debt
repayment.

Mosavi, reported a revenue of INR116.3 million in FY19 (FY18:
INR68.3 million) and positive EBITDA of INR8.9 million (loss of
INR5.1 million).

Mosavi does not have any other debts except NCDs.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or downgraded.
Ind-Ra will continue to closely monitor the developments at Seaways
on the stake sale process of its subsidiary and will take an
appropriate rating action by July-August 2020 on receiving adequate
clarity on the deleveraging process and the liquidity profile of
Seaways. The rating of Mosavi will follow a similar action with
that of Seaways.

COMPANY PROFILE

Incorporated in May 2017, Mosavi is engaged in material handling
operations, transportation, and storage across ports. The company
commenced commercial operations in September 2017.

Mosavi also leases equipment used for lifting cargo onto ships and
unloading cargo from ships, transport vehicles that move
goods/cargo between ships and warehouses, and others.


NURNEHER AGRO: CARE Lowers Rating on INR6.83cr LT Loan to 'C'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nurneher Agro Products Private limited (NAPPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       6.83      CARE C; Issuer not cooperating;
   Facilities                     Revised from CARE B; Stable on
                                  the basis of best available
                                  information

   Short-term Bank      0.19      CARE A4; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NAPPL to monitor the rating
vide email communications/letters dated April 7, 2020, April 9,
2020 and April 13, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the ratings. 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 BPCPL's
bank facilities will now be denoted as CARE C; Stable; ISSUER NOT
COOPERATING*/CARE A4; 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.

The revision in the rating assigned to the bank facilities of
Nurneher Agro Products Private limited (NAPPL) takes into account
weak financial risk profile primarily driven by cash loss incurred
during FY19 Audited (refers the period from April 01 to March 31).
Moreover, the ratings continue to remain constrained by its weak
financial risk profile, regulated nature of business, seasonality
of business with susceptibility to vagaries of nature and
competition from other local players. However, the aforesaid
constraints are partially offset by its experienced promoters and
proximity to potatoes growing region.

Detailed description of the key rating drivers

At the time of last rating in February 28, 2019 the following were
the rating strengths and weaknesses; (Updated the information
available from Ministry of Corporate Affairs).

Key Rating Weakness

* Weak financial risk profile:  During FY19; the company has
reported net loss of INR1.02 crore, cash loss of INR0.17 crore on a
total operating income of INR1.51crore. The capital structure of
the company also remained leveraged marked by debt equity and
overall gearing ratios at 3.08x and 3.75x respectively as on March
31, 2019. Further the debt coverage indicators were remained weak
marked by below unity interest coverage of 0.69x in FY19.

* Regulated nature of business:  In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage service providers cannot enhance
rental charge commensurate with increased power tariff and labour
charges.

* Seasonality of business with susceptibility to vagaries of
nature:  NAPPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
February. The loading of potatoes in cold storages begins by the
end of February and lasts till March. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by end
of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to January.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent on
the basis of quantity stored and the production of potato is highly
dependent on vagaries of nature.

* Competition from other local players:  In spite of being capital
intensive, the entry barrier for new cold storage is low, backed by
capital subsidy schemes of the government. As a result, the potato
storage business in the region has become competitive, forcing cold
storage owners to lure farmers by providing them interest bearing
advances against stored potatoes which augments the business risk
profile of the companies involved in the trade.

Key Rating Strengths

* Experienced promoter:  NAPPL is being managed by Mr. Laikat Ali
Mallick, having around six years of experience in potato trading
business. He looks after day to day operations of the company
supported by other directors.

* Proximity to potatoes growing region:  NAPPL's cold storage
facility is located at Burdwan, West Bengal which is one of the
major potato growing regions of the state. The favorable location
of the storage unit, in close proximity to the leading potato
growing areas provides it with a wide catchment and making it
suitable for the farmers in terms of transportation and
connectivity.

Incorporated in June 2016, Nurneher Agro Products Private Limited
(NAPPL) was promoted by Mr. Liakat Ali Mallick and Mrs. Nurneher
Begam Mallick for setting up a cold storage facility for potatoes
in Burdwan, West Bengal. The company has setup its cold storage
facility having a capacity 14.0 lakh quintal with a cost of
INR10.02 crore funded at a debt equity of 1.73x and . The company
has started loading its cold storage and commenced its operations
from March 1, 2018.


RASHI DALL: CARE Lowers Rating on INR7.64cr Loan to 'C'
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rashi Dall Mills (RDM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      7.64        CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable on

                                   the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RDM to monitor the ratings
vide letters/e-mails communications dated April 13, 2020, April 9,
2020, April 8, 2020, April 7, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines CARE's rating on RDM's bank
facilities will now be denoted CARE C; 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.

The revision in the ratings takes into account the non-
availability of information and no due diligence conducted due to
non- cooperation by RDM with CARE's efforts to undertake a review
of the outstanding ratings.

Detailed description of the key rating drivers

At the time of last rating in February 15, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Moderate scale of operations with low profit margins:  The scale
of operations of RDM remained moderate marked by total operating
income of INR 61.09 crore (FY16: INR53.31 crore) with a PAT of
INR0.10 crore (FY16: INR0.07 crore) in FY17. However the total
operating income witnessed year on year growth and the same has
grown at a compounded annual growth rate (CAGR) of 18.53% during
last three years (FY15-FY17). In 10MFY18, the firm has achieved
turnover of around Rs.53.00 crore as maintained by the management.
Furthermore, the profit margins of the firm also remained low
marked by PBILDT margin of 2.31% (2.54% in FY16) and PAT margin of
0.16% (0.13% in FY16) in FY17. Moreover, the PBILDT margin has been
deteriorating since last three years on account of high cost of
operations.

* Volatility in the prices of raw materials with exposure to
vagaries of nature:  The cultivation of pulses happens seasonally
and the same is stored for the consumption throughout the year. The
prices of pulses remain lower in the harvesting season whereas in
off season the price of the pulses goes up as per the demand and
supply in the market. As the firm procures its raw materials i.e.
raw pulses throughout the year as per its requirement and therefore
the firm is exposed to volatility in prices of raw material. Also,
agro products cultivation is highly dependent on monsoons, thus
exposing the fate of the firm's operation to vagaries of nature.

* Regulation by Government in terms of minimum support price (MSP):
The Government of India (GOI), every year decides a minimum
support price (MSP – to be paid to pulses growers) for pulses
which limits the bargaining power of pulses (Dal) millers over the
farmers. The MSP of Tur has increased during the crop year 2019-20
to INR5800/quintal (as suggested by the Commission for Agricultural
Costs and Prices, the apex body to advice on MSP to the government)
from INR5675/quintal in crop year 2018-19. Furthermore, the MSP of
Moong Dal has increased during the crop year 2019-20 to
INR7050/quintal from INR6975/quintal in crop year 2018-19. Given
the market determined prices for finished product visà-vis fixed
acquisition cost for raw material, the profitability margins are
highly vulnerable. Such a situation does not augur well for the
firm, especially in times of high pulses cultivation.

* Partnership nature of constitution:  RDM, being a partnership
firm, is exposed to inherent risk of the partner's capitalbeing
withdrawn at time of personal contingency and firm being dissolved
upon the death/retirement/insolvency of the partners. Furthermore,
partnership firms have restricted access to external borrowing as
credit worthiness of partners would be the key factors affecting
credit decision for the lenders.

* Working capital intensive nature of operations:  The operation of
the firm is working capital intensive as the firm is required to
hold inventories of raw material due to its seasonal availability
for smooth running of production process as well as timely supply
of its customers demand. Hence, the millers are required to carry
high levels of raw material inventory in order to mitigate the raw
material availability risk, resulting in relatively high inventory
period. Accordingly the average inventory holding period remained
at 67 days (FY16: 78 days) during FY17 which has resulted in high
working capital intensive nature of its operations. Moreover, the
average utilization of working capital limits was moderate at
around 90% during last 12 months ended in January, 2018.

* Leverage capital structure with moderate debt coverage
indicators:  The capital structure of the company remained leverage
marked by overall gearing ratio of 2.13x (FY16: 2.54x) and debt
equity ratio of 0.02x (FY16: 0.03x) as on March 31, 2017. Further
the debt coverage indicators remained moderate marked by interest
coverage of 1.34x (FY16: 1.31x) and total debt to GCA of 23.80x
(FY16: 24.90x) in FY17. Marginal improvement in interest coverage
was on account of higher PBILDT level and improvement in total debt
to GCA was on account of lower debt level.

* Fragmented and competitive nature of industry:  Processing of
pulses business is highly fragmented due to presence of small
players owing to low entry barrier and low technology and capital
requirement. Furthermore, low product differentiation also resulted
in high competition in the industry. Considering the fragmented and
competitive nature of industry, the millers have low pricing
power.

Key Rating Strengths

* Experienced partners:  The firm started its commercial operation
of milling and processing of pulses since October 2010 and thus has
more than seven years of satisfactory track record of operations.
Furthermore, the partners, Mr. Hari Shankar Agarwal (aged about 48
years) and Mr. Rajesh Kumar Kanodia (aged about 47 years) are
having around two decades of long experience in the same line of
business. They look after the overall management of the firm and
they are further supported by a team of experienced professionals.

* Favourable demand outlook of its products:  The demand for pulses
is high than the actual production happens in India and thus
shortfall is met by imports from other countries. Therefore the
demand outlook for pulses is estimated to remain positive in the
domestic market going forward.

Ranchi (Jharkhand) based, RDM was established as a partnership firm
in 2006 by Mr. Hari Shankar Agarwal and Mr. Rajesh Kumar Kanodia
for setting up a processing unit for pulses. The firm started its
commercial operation from October 2010 with an aggregate installed
capacity of 60 metric ton per day. Since its inception, the firm
has been engaged in milling and processing of all kinds of pulses
like masur dal, chana dal, motor dal, moong dal etc.


RELIANCE COMMUNICATIONS: CARE Keeps 'D' Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliance
Communications Ltd. (RCom) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      9,322       CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short term Bank     8,034       CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information


   Long term             750       CARE D; Issuer not cooperating;
   Instruments (NCD)               Based on best available
                                   Information

   Short term          2,880       CARE D; Issuer not cooperating;

   debt issue                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 28, 2018, placed
the rating(s) of RCom under the 'issuer non-cooperating' category
as RCom had not paid the surveillance fees for the rating exercise
as agreed to in its Rating Agreement. RCom continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 3, 2020 and March 5, 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 November 28, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from stock exchange.)

Key Rating Weaknesses

* Delay in servicing of debt obligation:  RCom had delayed in
servicing of its debt obligations due to severe deterioration in
the financial and liquidity profile coupled with high debt service
obligations.

Analytical approach: Considering the strong operational and
financial linkage with the subsidiaries, the consolidated
financials of RCom are considered for analysis purpose.

Reliance Communications Limited (RCom), founded by late Mr.
Dhirubhai H Ambani, is the flagship company of the Reliance Group
(Reliance Group), led by Mr. Anil Dhirubhai Ambani. RCom is one of
India's integrated telecommunications service providers. The
services it provides include GSM (Voice; 2G, 3G, 4G), fixed line
broadband and voice, and Direct-To-Home (DTH), depending upon its
areas of operation in India. The company had to shut down its
business operations as a result of debt and a failed merger with
Aircel. RCom has been admitted to NCLT. RCom has been under
corporate insolvency resolution process pursuant to the provisions
of the Insolvency and Bankruptcy Code, 2016. On March 04, 2020, the
committee of creditors of RCom has, by way of voting share of 100%
of the committee of creditors, approved the resolution plan
submitted by UV Asset Reconstruction Company Limited. According to
the plan approved by lenders of RCom and its subsidiary Reliance
Telecom Infrastructure Ltd (RTIL), will go to UVARC whereas the
tower company Reliance Infratel will go to Reliance Jio Infocomm
Limited for a total consideration of around INR 23,000 crore (out
of total consideration Reliance Jio will pay INR 4,700 crore).


RIDDHI STEEL: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Riddhi Steel &
Tube Private Limited's (RSTPL) Long-Term Issuer Rating to 'IND BB+
(ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.
The issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the ratings.

The instrument-wise rating actions are:

-- INR30 mil. Long-term loans downgraded with IND BB+ (ISSUER NOT

     COOPERATING) rating;

-- INR260 mil. Fund-based working capital limits downgraded with
     IND BB+ (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR90 mil. Non-fund-based Working capital limits downgraded
     with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Proposed fund-based working capital limits are   
     Withdrawn.

*The rating has been withdrawn as it has been outstanding for more
than 90 days.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

The rating action takes into account RSTPL's FY19 financial
performance.

KEY RATING DRIVERS

The downgrade reflects the breach of Ind-Ra's negative rating
guideline. The company's credit metrics deteriorated in FY19 with
interest coverage (operating EBITDA/gross interest expense) of 1.6x
(FY18: 19x) and net financial leverage (adjusted net debt/operating
EBITDA) of 5.3x (5.2x). Its modest EBITDA margins declined to 5.1%
in FY19 (FY18: 5.9%) due to an increase in the cost of raw
materials. The return on capital employed was 11.9% in FY19 (FY18:
11%).

The ratings also factor in the company's moderate scale of
operation, as indicated by revenue of INR3,765 million in FY19
(FY18: INR2,695 million).

Liquidity Indicator - Stretched: The company's cash flow from
operations turned negative to INR155 in FY19 (FY18: INR12 million)
mainly due to an increase in its working capital requirement. The
company's working capital cycle deteriorated in FY19 due to a
decline in the overall creditors. Furthermore, its cash and cash
equivalents declined to INR7 million at FYE19 (FYE18: INR2
million).

RSTPL did not participate in the surveillance exercise and has not
provided information about bank utilization, order book details,
and financial projections for three years, future plans, management
certificate, and interim numbers for FY20.

COMPANY PROFILE

Started in 2001, RSTPL was promoted by Preeti Mittal and Rajesh
Mittal based out of Ahmedabad. RSTPL manufactures mild steel
electric resistance welded pipes and tubes used mainly in various
infrastructure and engineering projects, water supply, and
irrigation projects.


S GOKUL DAS: CRISIL Keeps C on INR9.75cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of S Gokul Das (SGD)
continues to be 'CRISIL C Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.5       CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Working       4.25      CRISIL C (ISSUER NOT
   Capital Facility                 COOPERATING)

CRISIL has been consistently following up with SGD for obtaining
information through letters and emails dated December 31, 2019 and
March 9, 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 SGD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGD 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 ratings on bank
facilities of SGD continues to be 'CRISIL C Issuer not
cooperating'.

SGD, established in 2014 and based in Thiruvananthapuram, is a
proprietorship firm of Mr S Gokul Das. It is a contractor for the
Kerala state Public Works Department.


SARDAR COTTON: CARE Keeps D on INR10.8cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sardar
Cotton (SC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       10.87      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 22, 2019 placed the
ratings of SC under the 'issuer noncooperating' category as SC had
failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SC continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 8, 2020,
April 13, 2020, April 15, 2020 and April 20, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings on SC'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 ratings.

Detailed description of the key rating drivers

At the time of last rating done on February 22, 2019 the following
were the rating weaknesses:

Detailed description of key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing:  SC has been irregular in
servicing its debt obligation due to weak liquidity position of the
firm.

Rajkot (Gujarat)-based, SC is a partnership firm established in
2012 by Mr. Pravinbhai Kurjibhai Mendpara, Mr. Ajaybhai Haribhai
Zalavadiya and Mr. Dineshbhai Virjibhai Tada. The firm is engaged
into the business of cotton ginning and pressing of raw cotton to
produce cotton bales and cottonseeds. SC spreads across 2 acres and
possesses set of 24 cotton ginning machines with an installed
capacity of manufacturing 200 bales per day.


SEAWAYS SHIPPING: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Seaways Shipping
and Logistics Limited's (Seaways) Long-Term Issuer Rating to 'IND
BB' from 'IND BB+' and simultaneously placed it on Rating Watch
Negative (RWN). The Outlook was Stable.

The instrument-wise rating actions are:

-- INR640 mil. Non-convertible debenture (NCD)ISIN INE286U07012
     issued on August 11, 2017 13.5% coupon rate due on August 10,

     2022 downgraded; placed on RWN with IND BB/RWN rating;

-- INR250 mil. NCD ISIN INE286U07020 issued on September 8, 2017
     6% coupon rate due on August 10, 2021 downgraded; placed on
     RWN with IND BB/RWN rating;

-- INR250 mil. Fund-based limits Long-term rating downgraded and
     short-term affirmed; placed on RWN with IND BB/RWN/IND
     A4+/RWN rating; and

-- INR50 mil. Non-fund-based limits placed on RWN with IND
     A4+/RWN rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of Seaways, its subsidiaries and Mosavi Enterprises Private Limited
(Mosavi; 'IND BB'/RWN), which is wholly owned by the promoters of
Seaways, to arrive at the ratings, on account of operational,
management and financial linkages among the entities.

The downgrade reflects a deterioration in Seaways' operating
performance and resultant weakening of its financial profile. The
agency expects the company's performance to remain sluggish in FY21
owing to the global economic slowdown due to the outbreak of
COVID-19.

The RWN reflects Seaways' plans of a stake sale in its key
subsidiary - Maxicon Container Line Pte Ltd (Maxicon)- the proceeds
of which shall be used to repay debt. The company is in discussion
with investors for the proposed transaction and the same is
expected to be completed before the upcoming due date for the
repayment of debentures. Any delay in the closure of the
transaction beyond the envisaged timeline shall be negative for the
ratings.

KEY RATING DRIVERS

Deterioration in Operating Performance: Ind-Ra estimates Seaways'
consolidated FY20 revenue to have moderated amid a challenging
trade environment. As per the provisional results, in 9MFY20,
Seaways reported revenue of INR4,360 million (9MFY19: INR5,326
million) and EBITDA of INR129 million (INR165 million).

The consolidated revenue declined in FY19 to INR6,052 million
(FY18:INR7,068.6) and margin contracted to 0.2% (6.8%). The fall in
overall revenue was on account of a sharp decline in the revenue of
freight forwarding and bulk logistics segment due to lower trade
volumes and realizations. A steeper fall in the revenue was
partially arrested by better operating performance in the
non-vessel operating common carrier (NVOCC) segment.

Stretched Credit Metrics: Seaways' consolidated debt is estimated
to have been INR2,610 million, as of March 31, 2020. The agency
estimates credit metrics to have remained stretched in FY20, in
view of the subdued profitability.

Despite the cash loss, consolidated debt declined to INR2,525.7
million as at FYE19 (FYE18: INR2,638.6 million) supported by
increase in the cash flow from operations due to a stretch in
creditors. During FY19, credit metrics witnessed a sharp
deterioration led by decline in the profitability. Consolidated
interest coverage ratio (EBITDA/gross interest expenses) fell to
0.03x in FY19 (FY18: 1.75x) while net leverage (debt less cash and
bank/EBITDA) deteriorated sharply to 260.2x (5.4x). Overall debt of
Seaways (including subsidiaries) declined to INR1,565.7 million as
at FYE19 (FYE18: INR1,678.6 million).

Liquidity Indicator- Poor: Seaways' utilization of the fund-based
facility of INR250 million was 99.7% during the last 12 months
ended February 2020. The company also has sanctioned factoring
facilities of INR137.5 million to meet its working capital
requirement. Seaways and Mosavi have a lumpy repayment schedule
over the next three years.

During FY18, Seaways and Mosavi had cumulatively availed NCDs of
INR1,850 million, which along with the accrued interest is
scheduled for repayment in a staggered manner over the next three
years starting August 2020. The company's liquidity profile remains
poor as the cash flows are expected to remain inadequate
considering the debt servicing obligations of about INR0.9 billion
in FY21 (including about INR840 million towards the repayment of
NCDs and accrued interest in August 2020).

While the agency is in cognizance of the company's discussion with
investors for the stake sale in Maxicon, the proceeds of which will
be utilized to pare debt, timely completion of the sale process
remains a major challenge given the outbreak of COVID-19 which has
led to widespread operational disruption. Hence, the timely
infusion of funds and subsequent debt repayment remains a key
rating sensitivity.

Susceptible to EXIM Volumes, Volatility in Freight Rates: Seaways'
operating performance remains susceptible to the export-import
(EXIM) volumes, which is linked to global-macro economic
conditions. A Slowdown in the global growth and consequently, the
EXIM volumes could impact the company's operating performance.
Further, the company's operating performance also remains exposed
to adverse movement in the freight rates.

Established Market Presence: Seaways provides ocean logistics
services and has an operational track record of three decades. The
company has an established domestic and international presence and
enjoys a strong network of own offices and exclusive agents. The
company has a presence across 26 locations in India, and it has an
international presence with operations in Singapore, Malaysia,
Dubai, Hong Kong and Zambia through its different subsidiaries. The
company, through its Singapore-based subsidiary Maxicon carries out
its NVOCC business, which is present in 23 countries, namely
Singapore, India, Malaysia, China, Indonesia, Oman, Myanmar, and
United Arab Emirates among others.

Diversified Revenue Profile: Seaways' operates across four major
business verticals- freight forwarding, NVOCC, bulk logistics and
warehousing. Additionally, the company also provides services of
project cargo logistics and offshore logistics. The revenue from
NVOCC, freight forwarding, bulk logistics and warehousing accounted
for 65%, 18%, 11% and 6%, respectively, during 9FY20 (FY19: 58%,
24%, 13% and 5%, respectively).

Cross-Default Clause: A cross-default clause is applicable to the
debt raised by way of NCDs by Mosavi. Mosavi's debt (NCDs) has been
secured by an 87.8% share pledge of Seaways. Any default by Mosavi
Enterprises in debt repayment would result in Seaways playing the
part.

Standalone Performance of Seaways: At a standalone level, Seaways'
revenue from operations declined 28% to INR2,584.4 million in FY19
(FY18: INR3,602.7) primarily due to decline in the freight
forwarding and bulk logistics segment while the company reported
EBITDA loss during FY19 (FY18: 5.3% EBITDA margin). During 9MFY20,
Seaways' revenue from operations stood at about INR1,530 million.
Seaways' standalone debt increased marginally to INR1,361.1 million
as at FYE19 (FYE18: INR1,341.9 million) on increase in working
capital borrowings.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or downgraded.
Ind-Ra will continue to closely monitor the developments on the
stake sale process and will take an appropriate rating action by
July-August 2020 on adequate clarity on the deleveraging process
and the liquidity profile of the company.

COMPANY PROFILE

Seaways, a Hyderabad-based logistics group, offers integrated
logistics solutions with multi-modal capabilities across 100
countries through its own offices and/or strategic partners. The
company has an experience of over 30 years in providing integrated
ocean logistics services in India. Its wholly-owned subsidiary in
Singapore, Maxicon Container Line Pte Ltd. is a non-vessel
operating common carrier.

On a consolidated level, Seaways operates over 16,000 containers,
around 60% of which are owned by its Singapore subsidiary and the
group.


SPRAY ENGINEERING: CARE Cuts Ratings on INR41cr Loans to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Spray Engineering Devices Limited (SEDL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      21.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE C; Stable;
                                   Issuer not cooperating on the
                                   basis of best available
                                   information

   Short-term Bank     21.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE A4; Issuer
                                   not cooperating on the basis of

                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 17, 2019, placed
the ratings of SEDL under the 'issuer non-cooperating' category as
SEDL had failed to provide information for monitoring of the rating
as agreed to, in its Rating Agreement. SEDL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails and phone calls. 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 increased likelihood
that the debt facilities of the company are expected to be in
default soon in light of the prevailing economic and industry
slowdown, historically tight liquidity position of the company and
history of defaults.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Likelihood of default with a history of weak liquidity position
and delays:  The likelihood of SEDL not being able to meet its debt
repayment obligations has increased because of the prevailing
economic and industry slowdown along with the historically tight
liquidity position of the company as well as history of defaults in
the past. SEDL's main products find application in the sugar
industry, which is highly cyclical in nature. The ongoing Covid-19
pandemic is likely to put further pressure on the liquidity
profiles of the sugar players since the consumption patterns are
expected to decline owing to curbs on social gatherings & outings.
The sugar industry is also facing reduced offtake from beverage &
other FMCG companies amid the lockdown. Economic slowdown along
with deteriorating liquidity profiles of the players majorly
catered to is expected to put further pressure on the liquidity
profile of SEDL. In the past also, due to continued losses, leading
to tight liquidity position, the debt of the company was
restructured in March-2013. Further, there have historically been
instances of devolvement of the Letter of Credit (LC), which were
not settled for more than 30 days as well as instances of
overutilization in the past.

Spray Engineering Devices Limited (SEDL) was formed by merger of
two partnership firms, namely Spray Engineering Devices (started in
1992) and C&C Systems in FY05. SEDL is promoted by Mr. Vivek Verma
and Mr. Prateek Verma, having it's cooperate office at Mohali,
Punjab and three manufacturing units in Baddi, Himachal Pradesh,
with an installed capacity of processing 50 tonnes sheet metal per
day. The Company is engaged in the manufacturing of cooling and
condensing system, its automation and energy saving equipments
(majorly used in the Sugar Industry) and is also a turnkey supplier
for the sugar plants.


SPRING FIELD: CARE Keeps D on INR36.8cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Spring
Field Shelters Private Limited (SFS) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       36.85      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had vide its press release dated February 18, 2019 placed the
rating of SFS under the issuer non cooperating category as it had
failed to provide information for monitoring of the rating. SSPL
continues to be non-cooperative and 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.

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

The ratings take into account ongoing delays in debt servicing of
term loan by the company ascertained by CARE as part of its due
diligence exercise.

Detailed description of the key rating drivers

At the time of last rating on February 18, 2019 the following were
the rating strengths and weaknesses.

Key Rating Weakness

* Ongoing delay in Servicing of Debt Obligations:  CARE as part of
its due diligence exercise interacts with various stakeholders of
the company including lenders to the company and as part of this
exercise has ascertained that there are delays in debt servicing of
the term loan obligations.

* Moderate Booking Status & Slowdown in Execution:  Due to slowdown
in the real estate market, the booking status for the company's
units has been low for the past 2 years. There has been very little
improvement in both sales and execution of the ongoing projects.

* Project implementation Risk:  The company executes all the
projects with its own construction team, without subcontracting the
work. This exposes the overall project costs to fluctuations in raw
material prices.

Key Rating Strengths

* Promoter's experience in the industry:  SFS is promoted by Mr. C
Raja John and Mr. C Venkateswara Rao, both alumni of Anna
University. All the residential projects of the company are
executed by its own team, which gives it complete control on the
project timelines and enables it to complete projects on time

Spring Field Shelters Private Limited (SFS) is a Coimbatore-based
company engaged in the development of residential real estate
projects. SFS was incorporated in May 2006 by Mr. C Raja John and
Mr. C Venkateswara Rao, both having more than two decades of
industrial experience. SFS is a closely held company with the
entire shareholding held amongst Mr. C Raja John, Mr. C
Venkateswara Rao and their family members.


STERLING PORT: CARE Keeps D on INR244cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Port Limited. (SPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      244.35      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 7, 2018, placed the
rating of SPL under the 'issuer non-cooperating' category as SPL
had failed to provide information for monitoring of the rating. SPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and letter
dated April 8, 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.

Detailed description of the key rating drivers

At the time of last rating on December 7, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Due to weakened liquidity position, there are ongoing delays in
servicing of interest and default in repayment of debt obligation
by the company.

Sterling Port Ltd (SPL) was incorporated on September 29, 2006, as
a Special Purpose Vehicle in the name of Sterling Port Private
Limited (SPPL) to develop an all-weather direct-berthing port for
handling dry bulk, liquid bulk and container cargoes. The company
received a Letter of Intent on January 3, 2009, from Gujarat
Maritime Board (GMB) and concessional agreement was signed between
them for developing of a greenfield port at Dahej, Gujarat.
Subsequently, in March 2009, the name of the company was changed to
SPL. The project is promoted by Sterling Biotech Ltd (SBL), the
flagship and a listed company of the Vadodara based Sandesara
group. The group has over 27 years of industrial experience and has
diversified interests ranging from Pharmaceuticals, Healthcare, Oil
& Gas, Engineering Infrastructure, etc. The other companies of the
Sandesara group are Sterling Biotech Ltd, Sterling Oil Resources
Ltd, Sterling SEZ & Infrastructure Ltd, PMT Machines Ltd, etc.


SUDHA SIKSHA: CARE Assigns 'B+' Rating to INR8.90cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sudha
Siksha Sabha (SSS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term bank
   facilities            8.90      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SSS is constrained by
small scale of operations, and leveraged capital structure. The
rating is further constrained by high regulation in educational
sector in India. The rating, however, derives strength from
experienced and qualified society members along with competent
teaching staff, long track record of operations and well
established infrastructure, moderate profitability margins and debt
coverage indicators, and buoyant prospects of Pre-school and K-12
segment in India.

Key Rating Sensitivity

Positive Factor:

* Increase in scale of operations with total operating income of
more than INR15.00 crore on a sustainable basis

* Improvement in capital structure marked by overall gearing ratio
below 2.00x

Negative Factor:

* Decline in scale of operations by more than 20% along with
decline in PBILDT and PAT margins below 25.00% and 8.00%,
respectively, on sustained basis

* Deterioration in debt coverage indicators as marked by interest
coverage below 1.00x and total debt to GCA ratio above 20.00x

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small though growing scale of operations:  Although the total
operating income of the trust increased from INR 6.01 crore in FY17
(refers to the period April 1 to March 31) to INR 7.47 crore in
FY19 at a compounded annual growth rate (CAGR) of approximately
11.49% due to increase in the cumulative student strength, however,
the scale of operations continued to remain small. The small scale
limits the society's financial flexibility in times of stress and
deprives it of scale benefits.

* Leveraged capital structure:  The total debt of the society
comprised of long term loans of INR7.97 crore and unsecured loans
to the tune of INR4.80 crore from society members and related
parties. The capital structure of the society stood leveraged
marked by overall gearing ratio of 3.65x as on March 31, 2019. The
same improved from 4.27x as on March 31, 2018 due to improvement in
corpus fund of the society.

* High regulation in educational sector in India:  Educational
sector in India is placed in the concurrent list of the
constitution and thus comes under the purview of both Central and
State Government. The sector is regulated by Ministry of Human
Resource at the national level, by the education ministries in each
state, as well as by Central bodies. The operating and financial
flexibility of the education sector is limited, as regulations
governs almost all aspects of operations, including fee structure,
changes in curriculum and infrastructure requirements.

Key Rating Strengths

* Experienced and qualified society members along with competent
teaching staff:  The chairman, Mr. Bhupen Phougaat has an
experience of more than three and a half decades in the education
industry gained through his association with SSS and other entities
engaged in similar line of business. Mr. Brahm Dev Phougaat
(Secretary) has experience of 8 years in the education industry,
gained through their association with SSS only. Furthermore, Jasper
schools have employed highly experienced and qualified teaching
staff to support the academic requirements of the school. The staff
includes the principal, vice principal and 120 teachers for various
subjects taught in school. Apart from the key faculty members,
Jasper schools have employed a competent administrative staff of 40
persons to run day to day operations of the school Long track
record of trust with well established infrastructure.  The society
established its first school in 1999 and since then had established
two additional schools. The facilities provided by the society at
its schools include air conditioned classrooms upto 2nd grade,
science (physics, chemistry, biology) and computer laboratories,
canteen, multi-media projectors, well stocked libraries,
auditorium, music room, dance room, art room, badminton court,
basketball court, volleyball court etc.

* Moderate surplus margins and debt coverage indicators:  The
society had moderate surplus margins as reflected by SBID margin of
31.78% and surplus margin of 11.57% in FY19. SBID margin improved
from 26.81% in FY18 due to lower operational costs (mainly salary
expenses, advertising expenses and repair & maintenance expenses,
etc.). Subsequently, surplus margin improved on y-o-y basis due to
improvement in SBID in absolute terms.  Furthermore, the society
had moderate interest coverage ratio of 1.68x in FY19. The same
deteriorated marginally from 1.80x in FY18 due to increase in
interest amount. The total debt to GCA ratio stood moderate at
13.35x for FY19. The same improved from 14.14x for FY18 owing to
improvement in gross cash accruals.

* Buoyant prospects of Pre-school and K-12 segment in India:  It is
expected that the total number of schools in the K- 12 education
segment will grow rapidly. The Government's thrust on improving the
country's literacy rate through higher enrolments as well as
ensuring lower drop-out rates in the K- 12 education space is
expected to drive the growth in terms of opening-up of the new
schools especially in Tier-III cities and rural areas of the
country, which will facilitate more and more opportunities to
students spread across the nation. The enrolment across primary
education has grown over the years. In an effort to expand the
reach to tier- III cities and rural areas of the country and
thereby spur enrolments, the Central government's revenue
expenditure allocation towards primary education has grown in the
past few years.

* Adequate liquidity position:  The liquidity position of the
society stood comfortable marked by current ratio and quick ratio
of 7.28x each as on March 31, 2019. The society had free cash and
bank balance of INR0.68 crore as on March 31, 2019.

Sudha Siksha Sabha (SSS) got registered as a society on November
19, 1999 under the Society registration Act-1860. The society was
established by Mr. Bhupen Phougaat and is currently being managed
by Mr. Brahm Dev, and Mr. Bhupen Phougat with an objective to
provide school education services. The trust is running three
schools under the name of "Jasper Schools" (JAS) of which two are
in Rajpura and one in Patiala, Punjab. Jasper School, Ghanuar and
ICL Road, Rajpura are offering classes from Nursery to senior
secondary level including all four courses viz. non-medical,
medical, commerce and humanities and are Central Board of Secondary
Education (CBSE) affiliated whereas the other branch is offering
classes from Nursery to 8th standard and has applied for CBSE
affiliation in January, 2018. SSS provides numerous facilities like
air conditioned classrooms upto 2nd grade, science (physics,
chemistry, biology) and computer laboratories, canteen, multimedia
projectors, well stocked libraries, auditorium, music room, dance
room, art room, badminton court, basketball court, volleyball court
etc. Further, the schools have employed experienced and qualified
teaching and administrative staff to support day to day operations.
Besides this, Mr. Bhupen Phougat is also associated with another
society i.e. Pine Crest School Society which was established in
2000 and is running a school under the name of Pine Crest School in
Gurgaon, Haryana.


SUPREME AHMEDNAGAR: Ind-Ra Keeps D Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme
Ahmednagar Karmala Tembhurni Tollways Private Limited's (SAKTTL)
senior project bank loans' rating in the non-cooperating category.
The issuer did not participate in the surveillance 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 detailed rating action is:

-- INR4.05 bil. Bank loans (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on May
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Supreme Ahmednagar Karmala Tembhurni Tollways Private Limited is a
special purpose vehicle incorporated to implement a 61.71km lane
extension (two to four lanes) on the Ahmendnagar-Karmala-Tembhurni
section of State Highway 141 in Maharashtra, under a 22.78-year
concession from the state government. The project is sponsored by
Supreme Infrastructure India Ltd.


SUPREME BEST: Ind-Ra Keeps 'D' Term Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Best
Value Kolhapur (Shiroli) Sangli Tollways Private Limited's term
loan in the non-cooperating category. The issuer did not
participate in the surveillance 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 now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR2.475 bil. Term loan due on March 31, 2027 - March 31, 2029

     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 23, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Supreme Best Value Kolhapur was set up by Supreme Infrastructure
BOT Holdings Private Limited, a subsidiary of Supreme
Infrastructure India Ltd ('IND D (ISSUER NOT COOPERATING') to
complete the construction of, and operate and maintain, the 52km
stretch of state highway connecting Shiroli and Sangli under a
concession from the Public Works Department, the government of
Maharashtra.


SUPREME INFRAPROJECTS: Ind-Ra Keeps D Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme
Infraprojects Private Ltd's term loan in the non-cooperating
category. The issuer did not participate in the surveillance
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 now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The detailed rating action is:

-- INR646.9 mil. Term loans (Long term) due on March 31, 2022
     maintained in  non-cooperating category with IND D (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Supreme Infraprojects is a special purpose company owned by Supreme
Infrastructure BOT Private Limited, a 100% subsidiary of Supreme
India Infrastructure Limited ('IND D (ISSUER NOT COOPERATING)'). It
was set up to complete the construction of, and operate and
maintain, the 55.77km state highway connecting Patiala and
Malerkotla under a re-assigned concession from the Public Works
Department, the government of Punjab. The project commenced
operations on June 25, 2012.


SUPREME KOPARGAON: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme
Kopargaon Ahmednagar Tollways Private Ltd's term loan rating in the
non-cooperating category. The issuer did not participate in the
surveillance 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 detailed rating action is:

-- INR1.750 bil. Term loan (long-term) due on June 30, 2019
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
28, 2017. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Supreme Kopargaon Ahmednagar Tollways Private Ltd was set up by
Supreme Infra BOT Private Ltd (a 100% subsidiary of Supreme India
Infrastructure Limited to complete the construction of, and operate
and maintain the 55km stretch of state highway SH-10 that connects
Kopargaon and Ahmednagar. The project is a re-assigned concession
from the Public Works Department, Government of Maharashtra. It
commenced operations on September 24, 2011.


SUPREME PANVEL: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Panvel
Indapur Tollways Private Limited's senior project bank loans'
rating in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The instrument-wise rating action is:

-- INR9.0 bil. Bank loans (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Supreme Panvel Indapur Tollways is a special purpose company
incorporated to implement an 84km lane expansion (from two lanes to
four lanes) project on a design, build, finance, operate and
transfer basis, under a 21-year concession from National Highways
Authority of India ('IND AAA'/Stable).

Supreme Panvel Indapur Tollways is a joint venture between Supreme
Infrastructure India Ltd (64%), China State Construction
Engineering Hong Kong Limited (26%), and Mahavir Road and
Infrastructure Pvt Limited (10%).


SUPREME SUYOG: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Suyog
Funicular Ropeways Private Ltd's (SSFRPL) bank loans in the
non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR600 mil. Bank loans (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SSFRPL is a special purpose vehicle incorporated to construct a
funicular railway at Haji Malanggad, Ambernath (Maharashtra) on a
build, operate and transfer basis under a 24.5 years concession
agreement with the government of Maharashtra. SSFRPL is sponsored
by Supreme Infra BOT Private Limited (98%), which is a 100%
subsidiary of Supreme Infrastructure India Limited, Suyog
Telematics Private Ltd (1%), and Yashita Automotive Engineering
Private Ltd (1%).


SUPREME VASAI: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Vasai
Bhiwandi Tollways Private Limited's senior project bank loans'
rating in the non-cooperating category. The issuer did not
participate in the surveillance 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 detailed rating action is:

-- INR1.540 bil. Bank loan (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Supreme Vasai Bhiwandi Tollways is a special purpose vehicle that
was acquired by Supreme Infra BOT Private Limited in October 2013.
Supreme Infra BOT is a 100% subsidiary of Supreme Infrastructure
India Ltd and is the holding company of the Supreme Group for its
build-operate-transfer projects.


TRIMAX DATACENTER: CARE Keeps D on INR21cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Trimax
Datacenter Services Limited (TDSL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       21.11      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 15, 2019, placed
the rating of TDSL under the 'issuer non-cooperating' category as
TDSL had failed to provide information for monitoring of the
rating. TDSL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 10, 2020, February 21, 2020 and March 4, 2020 and numerous
phone calls. 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

Key Rating Weaknesses

* On-going delays in servicing of debt obligations:  As per the
public information available, the company is going through
Corporate Insolvency Resolution Process (CIRP) and the company has
outstanding debts against its debtors.

Analytical approach: Combined

For arriving at the ratings, CARE has combined the business and
financial risk profiles of TIISL and its 100% subsidiary Trimax
Datacenter Services Ltd (TDSL), as both the companies have
significant operational linkages and are under a common management.
Furthermore, TIISL has granted a corporate guarantee for the bank
facilities availed by TDSL.

Trimax IT Infrastructure & Services Ltd. (TIISL), incorporated in
1995, is engaged in the business of providing solutions for System
Integration. The company also provides networking services,
software development services, Information Technology (IT) services
including facility management (for public transportation), annual
maintenance and remote infrastructure management (for banks and
other institutions). The company implements IT infrastructure
projects on its own on Build Own Operate and Transfer (BOOT) basis.
The company also provides infrastructure assessment and consulting,
implementation and migration, project and program management,
security and support services. Headquartered in Mumbai, it has
presence in USA, Europe, Middle East, China and Singapore through
its representative offices. Trimax also operates a data center in
Navi Mumbai.

Trimax Datacenter Services Limited (TDSL), a wholly-owned
subsidiary of TIISL and incorporated in July 2008, is engaged in
the business of providing data centre, managed IT, networking and
software development services. The company operates and manages a
Tier-III plus 75,000 sqft datacentre facility at Bangalore. The
datacentre is solely established by TDSL in a revenue sharing model
with ITI Limited, a telecom products and solutions provider. The
datacenter services are provided to government organizations and
corporate entities. TIISL has extended corporate guarantee to the
bank facilities availed by TDSL.


TRIMAX IT: CARE Maintains 'D' Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Trimax IT
Infrastructure & Services Limited (TIISL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        5.00      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

   Short term Bank     650.28      CARE D; Issuer Not Cooperating;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 15, 2019, placed
the rating of TIISL under the 'issuer non-cooperating' category as
TIISL had failed to provide information for monitoring of the
rating. TIISL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 10, 2020, February 21, 2020 and March 4, 2020 and numerous
phone calls. 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

Key Rating Weaknesses

* On-going delays in servicing of debt obligations:  As per the
public information available, the company is going through
Corporate Insolvency Resolution Process (CIRP) and the company has
outstanding debts against its debtors.

Analytical approach: Combined

For arriving at the ratings, CARE has combined the business and
financial risk profiles of TIISL and its 100% subsidiary Trimax
Datacenter Services Ltd (TDSL), as both the companies have
significant operational linkages and are under a common management.
Furthermore, TIISL has granted a corporate guarantee for the bank
facilities availed by TDSL.

Trimax IT Infrastructure & Services Ltd. (TIISL), incorporated in
1995, is engaged in the business of providing solutions for System
Integration. The company also provides networking services,
software development services, Information Technology (IT) services
including facility management (for public transportation), annual
maintenance and remote infrastructure management (for banks and
other institutions). The company implements IT infrastructure
projects on its own on Build Own Operate and Transfer (BOOT) basis.
The company also provides infrastructure assessment and consulting,
implementation and migration, project and program management,
security and support services. Headquartered in Mumbai, it has
presence in USA, Europe, Middle East, China and Singapore through
its representative offices. Trimax also operates a data center in
Navi Mumbai.

Trimax Datacenter Services Limited (TDSL), a wholly-owned
subsidiary of TIISL and incorporated in July 2008, is engaged in
the business of providing data centre, managed IT, networking and
software development services. The company operates and manages a
Tier-III plus 75,000 sqft datacentre facility at Bangalore. The
datacentre is solely established by TDSL in a revenue sharing model
with ITI Limited, a telecom products and solutions provider. The
datacenter services are provided to government organizations and
corporate entities. TIISL has extended corporate guarantee to the
bank facilities availed by TDSL.


UMACHI FOODS: CARE Lowers Rating on INR9cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Umachi Foods & Commodities Private Limited (UFC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       9.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B; Stable;
                                   Issuer not cooperating on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 27, 2018, placed
the rating(s) of UFC under the 'issuer non-cooperating' category as
UFC had failed to provide information for monitoring of the
rating. UFC continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated April 23, 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 revision in the rating assigned to the bank facility of Umachi
Foods & Commodities Private Limited factors in ongoing delays in
the servicing of the debt obligation.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing:  There are ongoing delays in
the servicing of the debt obligation for the working capital limit
availed by the company for more than 30 days.

Umachi Foods & Commodities Private Limited (UFC) was incorporated
in March-2014 by Mr. Jawahar Lal and Mrs. Rachana Luthra, while the
operations of the company started in September-2014 (FY16 being the
first full year of operations of the company). The company is
engaged in the bulk trading of packaged basmati rice since the
commencement of its operations. The company is primarily engaged in
exports to the Middle-East, Australia, South East Asia, etc. with
income from export sales constituted ~64% of the total operating
income in FY17 (~91% in FY16). The basmati rice is procured from
rice mills directly as well as through dealers and agents based in
Delhi, Haryana, Punjab and Uttar Pradesh.


UNIWORTH ENTERPRISES: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Uniworth
Enterprises LLP's (Uniworth) Outlook to Stable from Negative while
affirming its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR352 mil. (reduced from INR440 mil.) Term loan due on
     February 2024 affirmed; Outlook revised to Stable from
     Negative with IND BB+/ Stable rating;

-- INR160 mil. (Increase from INR150 mil.) Fund-based working
     capital facility affirmed; Outlook revised to Stable from
     Negative with IND BB+/ Stable /IND A4+ rating;

-- INR70 mil. Non-fund-based working capital facility affirmed
     with IND A4+ rating; and

-- INR90 mil. ^Fund-based working capital facility assigned with
     IND BB+/Stable/IND A4+ rating.

^The final rating has been assigned following the receipt of the
executed financing documents by Ind-Ra.

Analytical Approach: Ind-Ra continues to factor in support that
Uniworth receives from its group company, Meghmani Dyes and
Intermediates LLP (MDIL), in the form of interest-free unsecured
loans. MDIL has a demonstrated track record of providing support to
Uniworth during times of need.

KEY RATING DRIVERS

The Outlook revision reflects revenue growth of 97% YoY to INR527
million in 9MFY20 due to increased realizations from Uniworth's
main product, Alu Alu. However, the scale of operations continues
to be small. In FY19, the revenue had increased by 176% YoY to
INR383 million, driven by a rise in the capacity utilization, as
FY19 was the first full year of operations and also due to a steady
inflow of orders from top customers such as IPCA Laboratories
Limited, Torrent Pharmaceuticals Limited ('IND AA'/Stable), Lupin
Limited and Ajanta Pharma Limited. However, the firm's revenue is
likely to be negatively impacted in FY21 owing to lower capacity
utilization, due to the ongoing COVID-19-related lockdown; however,
since its end-product is used largely as packaging material in the
pharma industry, the impact is likely to be minimal.

The ratings reflect Uniworth's weak profitability as the business
is in the initial stage of operations. However, the losses narrowed
to a negative INR13 million in FY19 (FY18: negative INR43 million)
as the increase in the capacity utilization led to increased
absorption of fixed costs.

The ratings reflect the weak credit metrics due to the operating
losses incurred by the company. Furthermore, the company's debt
increased to INR1,267 million in FY19 (FY18: INR1,049 million).

The ratings are also constrained by Uniworth's limited operating
track record in the packaging industry. The firm, which
predominantly caters to the pharmaceutical industry, commenced
commercial operations in July 2017. The ability of the firm to
quickly scale up/stabilize operations and prudently manage its
working capital cycle will be critical from the credit
perspective.

Liquidity Indicator – Stretched: Uniworth's average maximum
utilization stood at 67% during the 12 months ended January 2020.
The working capital cycle stood at 308 days in FY19 (FY18: 363
days). Uniworth's debtor days stood at a high 192 days in FY19
(FY18: 243 days) due to the company's efforts to build a strong
customer base. The cash flow from operations remained negative but
improved to INR250 million in FY19 (FY18: negative INR832 million),
primarily on account of the narrowing of operating losses. The
repayment obligation for FY21 stands at INR88 million, which is
likely to be repaid through the support of Uniworth's associate
concern, MDIL. The company also received an additional sanction for
short-term borrowings of INR100 million from HDFC Bank (not availed
as yet) in February 2020. Due to the COVID-19 pandemic situation,
Uniworth has availed the loan moratorium facility.

The ratings derive strength from the financial support that
Uniworth receives from MDIL. Uniworth has been receiving continuous
support from its group company in the form of interest-free
unsecured loans. MDIL provided unsecured loans of INR390 million to
Uniworth in FY20P (FY19: INR745 million; FY18: INR531 million).
MDIL's revenues stood at INR6, 899 million in FY19 (FY18: INR 4,461
million), and its EBITDA amounted to INR927 million
(INR547million). The company had been debt-free till FY18; in FY19,
it borrowed a term loan of INR255 million, which entailed repayment
obligations of INR85 million in FY20. This amount is likely to have
been adequately covered by MDIL's EBITDA, and it is estimated to
have sufficient cushion to support Uniworth.

The ratings are also supported by the company's proximity to major
pharmaceutical plants, availability of sufficient raw material, and
Ind-Ra's expectations of stable growth in the pharmaceutical
industry.

In addition, the promoters have an experience of about four decades
in the chemicals industry.

RATING SENSITIVITIES

Negative: Any deterioration in the EBITDA margins and/or absence of
timely support from the associate concerns could be negative for
the ratings.

Positive: A sustained improvement in Uniworth's EBITDA margins and
credit metrics along with the demonstrated ability to meet its debt
servicing requirements without depending on the support of the
associate concerns could be positive for the ratings.

COMPANY PROFILE

Uniworth, promoted by the Patel family, is a part of the Meghmani
group, which has business interests in agrochemicals, specialty
chemicals, fertilizers, dyes and intermediates, digital printing
inks, among others. Incorporated in 2013, the firm has set up a
manufacturing unit in Sanand, Ahmedabad, with an overall packaging
capacity of 11700 million tons per annum (mtpa). The manufacturing
unit has a capacity to produce 7,500mtpa of PVC rigid, 2400mtpa of
PVDC, and 1,800mtpa of Alu-Alu.


VISION ISPAT: CARE Keeps B+ on INR5cr Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vision
Ispat Private Limited (VIPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        5.00      CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VIPL to monitor the rating
vide letters/e-mails communications dated April 7, 2020, April 9,
2020, April 10, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the entity 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 fair rating. The rating of Vision Ispat
Private Limited's bank facilities will now be denoted as 'CARE B+;
Stable; Issuer Not Cooperating'.

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

The rating takes into account its constitution as a relatively
small scale of operation with low profitability margin, highly
competitive & fragmented industry, susceptibility to raw material
price volatility, working capital intensive nature of operations
and cyclical nature of the iron & steel industry. However, the
rating continues to derive strength by its experienced promoters
with long track record of operation, strategic location of the
plant.

Detailed Rationale & Key Rating Drivers

Key Rating Weaknesses

* Relatively small scale of operation with low profitability
margin:  VIPL's level of operation remained relatively small
vis-a-vis other steel companies with net profit of INR0.20 crore on
total income of INR60.43 crore in FY19. The small size acts as a
hindrance to achieve economies of scale for the company. This
apart, the PBILDT margin and PAT margin of the company remained low
at 1.51% and 0.33% % respectively, in FY19.

* Highly competitive & fragmented industry: The spectrum of the
steel industry in which the company operates is highly fragmented
and competitive marked by the presence of numerous players in India
owing to relatively low entry barriers. Hence, the players in the
industry do not have pricing power and are exposed to competition
induced pressures on profitability.

* Susceptibility to raw material price volatility:  VIPL does not
have its own captive mine and neither does it have any long-term
tie-up for supply of raw materials with any company. Since, raw
material is the major cost driver for the company, any unfavourable
downward movement of finished goods price, with no decline in raw
material price result in adverse performance of the company. VIPL
does not have any backward integration for its raw materials and
procures the same from outside, exposing the company to price
volatility risk.

* Working capital intensive nature of operations:  VIPL's business
is working capital intensive as the company has to offer high
credit period to its customers in order to boost its sales.
Further, the average inventory holding period of the company was
moderately high over the aforesaid period both on account of
holding raw materials in order to mitigate the raw material price
fluctuation and holding of finished goods on expectation of higher
prices in future. On the other hand, the creditor's period remained
relatively low due to purchase of raw materials on cash basis or on
low credit period to extract better purchase price.

* Cyclical nature of the iron & steel industry:  The steel industry
is cyclical in nature. Steel consumption and, in turn, production
mainly depends upon the economic activities in the country.
Construction and infrastructure sectors drive the consumption of
steel. Slowdown in these sectors leads to decline in demand for
steel.

Key Rating Strengths:

* Experienced promoters with long track record of operation:  VIPL
is managed by Smt. Navina Jain having about two decades of
experience in the steel industry. Further, the company started its
operation since 2005 and accordingly has a track record of
operation of over a decade.

* Strategic location of the plant:  VIPL's plant is located at
Tinsukia, Assam which is in the vicinity of steel manufacturing
companies of Assam; from where VIPL procures its raw materials. The
proximity to the raw material sources reduces the transportation
cost to the company.

* Comfortable capital structure:  VIPL's capital structure is
comfortable marked by nil debt equity ratios and moderate overall
gearing ratios. Overall gearing ratio has deteriorated marginally
from 0.63x as on March 31, 2018 to 0.75x as on March 31, 2019. This
apart, the debt coverage indicators are also moderate marked by
total debt to GCA ratio of 11.69x in FY19 and interest coverage
ratio of 2.01x in FY19.

Vision Ispat Private Limited (VIPL), incorporated in June 2005, was
set up to carry on steel manufacturing business. The manufacturing
facility is located at Borguri industrial area, Assam. Since its
incorporation, Vision Ispat Private Limited has been engaged in
manufacturing of TMT bars & rods. The commercial operation started
from June 2005 with an installed capacity of around 24000 MTPA.


WINMEEN ENGINEERS: CARE Withdraws B+/A4 Ratings on Bank Loans
-------------------------------------------------------------
CARE has withdrawn the outstanding ratings of 'CARE B+; Stable/CARE
A4; Issuer not cooperating'assigned to the bank facilities of
Winmeen Engineers Private Limited with immediate effect. The above
action has been taken at the request of Winmeen Engineers Private
Limited and 'No Objection Certificate' received from the bank that
has extended the facilities rated by CARE.

Xcel Project Development Private Limited was established in the
year 2011 as a Private Limited Company by Mr. L. Sabasingaram,
Director. However, changed to current nomenclature Winmeen
Engineers Private Limited in the same year. The company is engaged
in the construction of industrial, residential and commercial
buildings.


Z.H. INDUSTRIES: CARE Lowers Rating on INR20cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Z.H.
Industries Private Limited (ZIPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      20.00      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 had, vide its press release dated January 8, 2019, placed the
rating(s) of ZIPL under the 'issuer non-cooperating' category as
ZIPL had failed to provide information for monitoring of the
rating. ZIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated March 20, 2020, March 23, 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 rating has been revised by taking into account non-availability
of information to carry out review due to noncooperation by ZIPL
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. The ratings assigned to
the bank facilities of Z.H. Industries Private Limited are
primarily constrained by its small scale of operations, leveraged
capital structure, working capital intensive nature of operations
and stressed liquidity position, susceptibility of margins to
fluctuation in raw material prices and highly competitive nature of
industry. The ratings, however, draws comfort from experienced
promoters and moderate profitability margins.

Detailed description of the key rating drivers

At the time of last rating on January 08, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations:  The scale of operations of the
company stood small marked by TOI and GCA of INR30.09 crore and
INR1.07 crore respectively for FY19 (FY refers to the April 1 to
March 31). Further, the company's net worth base was small at
INR4.15 crore as on March 31, 2019. The small scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits.

* Leveraged capital structure:  The capital structure marked by
overall gearing ratio stood leveraged on the balance sheet date of
last 3 financial years (FY17-FY19 ) due to low net worth base of
the company. The overall gearing ratio stood at 3.66x as on March
31, 2019 as against 4.23x as on March 31, 2018 on account of
repayment of term loan and lower working capital utilization as on
Balance Sheet date coupled with accretion of profits in to the
reserves.

* Working capital intensive nature of operations & stressed
liquidity positions:  The company maintains adequate inventory of
raw material of around 1-2 months for smooth execution of the
projects. The company extends credit period of around 2 months to
its customers due to competitive industry. However it receives the
payment with delays due to procedural delays in clearance of
payments from PSUs and other government entities which resulted
into average collection period of 84 days for FY19. However, the
company receives an average payable period of around a month from
its suppliers. All this led to high rely on external borrowings to
meet its working capital requirement.


* Susceptibility of margins to fluctuation in raw material prices:
ZIPL is exposed to volatility in input prices in the absence of any
long-term contract with suppliers. Time lag between the procurement
of raw material and bagging up of order exposes ZIPL to volatility
associated with raw material prices. Further ZIPL is not able to
pass on the rise in raw material prices to its end consumer due to
stiff competition. Highly competitive nature of industry ZIPL
operates in a highly fragmented industry marked by the presence of
a large number of players in the unorganized sector. Further, with
presence of various players, the same limits bargaining power which
exerts pressure on its margins.

Key Rating Strengths

* Experienced Promoters:  ZIPL is currently being managed by Mr.
Zakir Hussain and Mrs. Mehrun Nisa. Mr. Zakir Hussain a graduate by
qualification has an experience of around two and half decades in
manufacturing of steel products through his association with the
entity. Mrs. Mehrun Nisa, a graduate by qualification has an
experience of around one and half decade in this business through
her association with the entity.

* Moderate profitability margins:  The profitability margins of the
company stood moderate for the past three financial year i.e.
FY17-FY19. PBILDT and PAT margins stood moderate at above 9.00% and
1.50% respectively for last two financial years (i.e. FY16-FY17).

Ghaziabad, Uttar Pradesh based ZH Industries Private Limited (ZIPL)
was incorporated in 2014. ZIPL succeeded an erstwhile
proprietorship firm named M/s ZH Industries established in 2004 by
Mr. Zakir Hussain. The company is currently being managed by Mr.
Zakir Hussain and Mrs. Mehrun Nisa. ZIPL is engaged in
manufacturing of steel stair cases, Steel Girder, Steel Shuttering,
etc. Further the company is engaged in providing Bridge Fabrication
Services, foot bridge fabrication services, etc. The company
procures raw material such as hot rolled coils, galvanized steel
coils, steel structures, pipes, angles, channels, round bar,
paints, etc. from manufacturers like Jindal Steels Limited, Steel
Authority of India Limited (SAIL), etc. The processes of the
company are ISO 9001:2015 certified. ZIPL has an associate concern
namely Zum Zum Cold Storage Pvt Ltd (engaged in providing cold
storage services).




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

[*] INDONESIA: Mountain of Bad Loans Leaves Banks Craving Stimulus
------------------------------------------------------------------
Bloomberg News reports that Indonesian banks are looking to the
government for additional stimulus measures to cope with a growing
pile up of bad loans, as the coronavirus pandemic batters the
economy.

Bloomberg relates that the country's lenders are poised to add at
least IDR556.6 trillion (US$36 billion) of non-performing loans
this year amid the unprecedented headwinds from the Covid-19
pandemic, according to PT Bank UOB Indonesia. That will push their
soured debt ratio above 5%, from 2.8% at the end of January, the
bank estimates.

"The hit to the banking sector is going to be pretty significant,"
Bloomberg quotes Enrico Tanuwidjaja, an economist at the bank, as
saying. The government needs to announce additional stimulus
measures to help the country's lenders deal with the issue, he
added.

According to Bloomberg, President Joko Widodo has already unveiled
stimulus packages worth $28 billion and scrapped a budget deficit
cap to allow additional spending. While banks have been allowed
extra leeway to restructure loans to Indonesian companies, they are
still awaiting details of how IDR150 trillion from the packages
will impact provisioning for bad loans. The government may issue a
decree next week outlining interest relief for more than 48 million
small borrowers.

With much of the economy coming to a halt as authorities enforce
strict social distancing measures, companies have been forced to
slash output and millions of employees have either been sacked or
furloughed, Bloomberg says. Among the worst hit sectors are
manufacturing, wholesale and retail trade, construction and mining,
according to UOB.

According to Bloomberg, S&P Global Ratings on April 28 cut the
outlook for the banking sector to negative from stable, predicting
asset quality and profitability will deteriorate.

PT Bank Negara Indonesia is reviewing its exposure to sectors
worst-hit by the pandemic and may revise its earnings and revenue
guidance soon, Vice President Director Anggoro Eko Cahyo, Bloomberg
relays. PT Bank Central Asia, Southeast Asia's largest lender by
market value, sees net interest income shrinking this year,
requiring the bank to make higher provisions for bad loans,
President Director Jahja Setiaatmadja said.

State-owned PT Bank Mandiri has identified about IDR58 trillion of
loans in its portfolio for restructuring out of a total of IDR151
trillion eligible for such concessions as of last week, Bloomberg
discloses citing an exchange filing.

Indonesian lenders were already battling slack credit demand even
before the virus outbreak, with loan growth sliding to 5.48% in
February, the lowest since 2002. With the pandemic halting fresh
investments, credit growth will fall below 5% in the near term and
into next year, Tanuwidjaja, as cited by Bloomberg, said.

"Even when demand for loans rebounds, we are unlikely to see it
going back into double digits anytime soon," Bloomberg quotes
Tanuwidjaja as saying. "The banks will be quite careful in
extending credit and post-pandemic industries will be evolving into
new animals, making lenders become more cautious."

Bloomberg relates that Tanuwidjaja said mounting non-performing
loans and the struggle for capital among medium and small-sized
lenders may lead to some banking industry consolidation. In order
to cushion the blow to profits, the Financial Services Authority
should consider allowing banks to delay the adoption of the new
IFRS9 accounting standards that will require higher provisioning,
he said.  The standards became mandatory from this financial year.




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

JAPAN AIRLINES: Posts JPY19.5MM Fourth-Quarter Operating Loss
-------------------------------------------------------------
Bloomberg News reports that Japan Airlines Co. posted its first
quarterly operating loss in at least eight years and suspended its
annual dividend as the coronavirus outbreak hits the travel
industry.

Fourth-quarter operating loss was JPY19.5 billion, the first
deficit since the company re-listed on the stock exchange in 2012,
Bloomberg discloses. Sales fell 21% to JPY280 billion, JAL said
April 30. The company didn't give full-year forecasts, saying
there's no sign that the pandemic is coming under control globally
and its impact is hard to predict, Bloomberg notes.

According to Bloomberg, the outbreak has upended operations at JAL
and its peers, even as Japan has so far avoided a surge in
infections and has the lowest infection rate among the Group of
Seven countries. For the current Golden Week holidays in Japan,
international flight reservations fell 98% while those for domestic
flights slumped 93%, Bloomberg discloses citing government data.

The industry could lose $314 billion in revenue this year,
according to the International Air Transport Association, according
to Bloomberg.

JAL said it plans to bring forward its plan to raise JPY58 billion,
Bloomberg relays. It is also seeking aid such as reduced airport
fees to deal with the slump, and the government said it would
consider loan measures for the industry. JAL executives plan take
10% pay cut from April to June, according to Nikkei.

Bloomberg adds that the carrier is also limiting seat sales through
June for social-distancing purposes.

Japan Airlines Co., Ltd. engages in scheduled and non-scheduled air
transport, aerial work, and aircraft maintenance services. It
operates through the Air Transport and Others segments. The Air
Transport segment engages in air transport business, airport
passenger service, ground handling service, maintenance service,
cargo service, passenger transport service and airport area
business. The Others segment includes travel planning and sales.


SOFTBANK GROUP: To Write Down WeWork by US$6.6 Billion
------------------------------------------------------
Reuters reports that SoftBank Group Corp said it sees a loss of
around JPY700 billion (US$6.6 billion) for the year ended March on
the portion of its WeWork investment held outside the Vision Fund,
as the virus compounds woes at one of the firm's biggest bets.

Reuters relates that the hit extends the group's expected net loss
to JPY900 billion as investments made via the $100 billion fund
sour, with the latest writedown illustrating how the group is
racing to keep pace with the deteriorating value of its portfolio.

"Every writedown takes Wework's carrying value closer to reality.
Clearly the value is zero," Reuters quotes Kirk Boodry, an analyst
at Redex Holdings, as saying.

SoftBank is embroiled in a legal dispute with directors at WeWork
after backing out of a $3 billion tender offer agreed when it
bailed out the office-sharing firm following a flopped IPO attempt
last year, according to Reuters.

Reuters says the tech conglomerate has poured more than $13.5
billion into WeWork, one of a string of troubled bets by CEO
Masayoshi Son that have laid waste to SoftBank's full-year
earnings.

The group maintained its forecast of a record annual operating loss
of JPY1.35 trillion announced earlier this month, Reuters states.

Reuters notes that the darkening future for WeWork with customers
in lockdown comes as deep-seated problems from SoftBank's
cash-fuelled push for rapid expansion are being compounded by the
coronavirus outbeak.

SoftBank shares pared gains to close up 0.5% compared to a 2.1%
rise in the benchmark index .N255. The group has launched a record
JPY2.5 trillion buyback to support its share price. CEO Son uses
his SoftBank shares as collateral for loans.

According to Reuters, the highly leveraged conglomerate has been
forced into selling major assets to raise funds, but could receive
a big boost from the Bank of Japan's plan to expand corporate bond
buying, which would support its predilection for borrowing.

SoftBank was sitting on around $160 billion of interest-bearing
debt at the end of December and has seen yields on its bonds rise
as high as 4.5% this month, Reuters discloses.

Portfolio companies are continuing to retreat from a SoftBank-cash
fuelled push for breakneck growth, with Indian hotel chain Oyo
planning to offload more properties around the world, people
familiar with the matter told Reuters this week.

                        About Softbank Group

Headquartered in Tokyo, SoftBank Group Corp. provides
telecommunication services. The Company also operates ADSL
(Asymmetric Digital Subscriber Line) and fiber optic high-speed
Internet connection, e-Commerce businesses, and Internet based
advertising and auction businesses.

As reported in the Troubled Company Reporter-Asia Pacific,
Egan-Jones Ratings Company, on April 27, 2020, 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.

The TCR-AP also reported that Moody's Japan K.K. downgraded
SoftBank Group Corp.'s corporate family rating and senior unsecured
rating to Ba3 from Ba1, and its subordinate rating to B2 from Ba3
in March 2020.  At the same time, Moody's has placed the ratings
under review for further downgrade. The rating action follows SBG's
announcement on March 23, 2020 that it will monetize up to JPY4.5
trillion (about $41 billion) of its investment portfolio and use
the proceeds to repurchase up to JPY2 trillion ($18 billion) of its
own shares. It will use the remaining JPY2.5 trillion ($23 billion)
to pay back its debt at the holding company. The company plans to
execute these transactions over the next four quarters.


TOKYO ELECTRIC: Moody's Affirms Ba1 CFR, Outlook Stable
-------------------------------------------------------
Moody's Japan K.K. has affirmed Tokyo Electric Power Company
Holdings, Inc.'s Ba1 Corporate Family Rating, Baa3 senior secured
bond ratings, and NP Commercial Paper rating. The outlook remains
at stable.

Moody's has changed the methodology, which applies to rate Japanese
utilities, including TEPCO, to Unregulated Utilities and
Unregulated Power Companies from Regulated Electric and Gas
Utilities.

RATINGS RATIONALE

TEPCO is a government-related issuer and its Ba1 corporate family
rating reflects a Baseline Credit Assessment of b2. The rating
continues to take into consideration the very high dependence of
TEPCO on the Government of Japan (A1 stable) and the high
probability of the company receiving ongoing support from the
government under its Joint Default Analysis approach.

The ongoing deregulation of the Japanese electric sector has
increased competition for TEPCO's core business -- the sale of
electricity to retail customers -- and weakened the predictability
of cost recovery and overall earnings. Also, limited growth
opportunity in its core business will cause TEPCO to seek growth
instead in non-utility investments, and an evolution in its
business model. Accordingly, the unregulated utilities methodology
better reflects the business profile of TEPCO.

The change of the methodology itself does not cause any change of
ratings and outlook, because Moody's has been already incorporating
such evolving business environment since the deregulation in 2016
into its assessment.

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

The stable outlook reflects Moody's view that, with the continued
support of the government and its banks, TEPCO will be able to pay
the costs related to the Fukushima plant, and that the company can
generate JPY500 billion on average annually as set out in its
business plan. Moody's expects the company to maintain a credit
supportive financial policy and growth strategy so as to sustain
retained cash flow (RCF)/net debt of around 10%.

Upward pressure on the ratings could occur if TEPCO increases
revenue from the restart of its Kashiwazaki-Kariwa nuclear plant;
the company otherwise increases revenue without raising its
business risks; the government alters its program of support that
caps the company's Fukushima-related costs; or if credit metrics
improve, for example, RCF/net debt sustained around the mid-teen
percentage without increasing business risk.

The ratings could face downward pressure if government or bank
support for TEPCO erodes; revenue declines from higher than
expected competition in the Japanese energy market or otherwise, so
that TEPCO is unable to generate sufficient funds to pay for its
Fukushima-related costs; the company undertakes growth initiatives
that raises its business risk or worsens credit profile; or if
financial policy changes to weaken the position of its bondholders,
such that TEPCO's credit metrics weaken, for example, cash flow
from operations pre-working capital less dividends/debt sustained
below high single-digit percentage.

The methodologies used in these ratings were Unregulated Utilities
and Unregulated Power Companies (Japanese) published in November
2018.

Headquartered in Tokyo, Tokyo Electric Power Company Holdings, Inc.
is the largest power company in Japan by revenue.

List of affected ratings:

Issuer: Tokyo Electric Power Company Holdings, Inc.

Corporate Family Rating (Domestic), Affirmed Ba1

Senior Secured (Domestic), Affirmed Baa3

BCA: Affirmed b2

Commercial Paper (Domestic), Affirmed Not Prime

Outlook, Remains Stable




===============================
P A P U A   N E W   G U I N E A
===============================

PAPUA NEW GUINEA: S&P Lowers LT Sovereign Credit Ratings to 'B-'
----------------------------------------------------------------
S&P Global Ratings, on April 29, 2020, lowered its long-term
foreign and local currency sovereign credit ratings on Papua New
Guinea (PNG) to 'B-' from 'B'. At the same time, S&P affirmed its
'B' short-term sovereign credit ratings on PNG. The outlook on both
long-term ratings is stable. S&P revised its transfer and
convertibility assessment (T&C) to 'B-'.

Outlook

The stable outlook reflects S&P's view that economic growth and
fiscal deficits will remain under pressure in the next 12-18
months. However, the weaker metrics are unlikely to lead to a
sovereign default during this period.

Downside scenario

S&P could lower its ratings if we assess fiscal pressures and
external imbalances have deteriorated beyond its expectations,
leading to a decline in foreign-exchange reserves and casting
doubts on PNG's ability to service its debt.

Upside scenario

S&P would consider raising the rating if economic growth were to
significantly outperform its current projections, leading it to
materially improve its view of PNG's fiscal and debt trajectories.

Rationale

S&P said, "The 2019 supplementary budget passed by the new
government exposed wider fiscal deficits than we had expected.
Lower than expected revenues coupled with larger recurrent
expenditure are a feature of the fiscal landscape. These larger
fiscal deficits, along with weak economic growth, have propelled
its general government net debt, according to our calculations, to
above 38% of GDP in 2020 and we forecast it will reach around 42%
in 2023 as the government's fiscal consolidation efforts are
delayed the fallout from COVID-19.

The sovereign ratings on PNG reflect structural constraints
inherent in a low-income economy dependent on the mining industry,
and served by weak institutions.

Flexibility and performance profile: Public debt burden is
increasing while fiscal pressures grows

-- Fiscal deficits are forecast to be weaker in the immediate
future.

-- Debt is rising and is shifting more toward external debt.
Foreign exchange shortages continue to suppress business activity.

-- In November 2019, the new government revised the previous 2019
budget, outlining a significant reduction in revenue projections
and increased expenditures for the rest of the fiscal year. The
government hopes this supplementary budget depicts the country's
fiscal situation more accurately than in previous years.
Additionally, we expect recent COVID-19 developments to put further
strain on government finances.

Weaker tax revenues and dividends from state-owned corporations
substantially lowered the revenue expectations from our previous
base case. On the expenditure side, significant overruns were
incurred from the public sector wage bill, both as a result of
increased wages and additional staff numbers. In response, the
government has cut capital expenditure, partially offsetting the
weaker revenues. But this does not address vulnerabilities linked
to PNG's narrow tax base and it will weigh on future growth.

S&P said, "We estimate the general government deficits to rise to
an average 5.4% of GDP between 2019 and 2021. Additionally, the
spread of COVID-19 could have larger effects, as potential
containment measures could dampen domestic economic activity and
constrain tax collection, amid an expected hike in health and
social expenditure to tackle the consequences of the pandemic.

"We expect multilateral and bilateral partner loans will step up to
finance fiscal deficits, with net debt increasing to about 42% of
GDP in 2020. The government has revised its debt measure to include
state-owned enterprise (SOE) debt, which is higher than our
standard definition of general government debt. A lack of
disclosure means we are unable to separate the debt of SOEs from
the general government's."

The government continues to increase its reliance on external
borrowing, with its debt strategy targeting a 50:50 split between
domestic and external financing. Wider fiscal deficits in recent
years have strained the ability of the domestic financial system to
absorb large amounts of government debt, which is reflected in
higher local interest rates.

PNG has diversified its funding base via drawdowns from its Credit
Suisse, Asian Development Bank, and World Bank credit facilities, a
A$300 million budget support loan from Australia, as well as its
US$500 million sovereign bond issuance. The government has been
able to use some of these proceeds to retire short-term expensive
domestic debt, lowering the government's average cost of debt
domestically. S&P anticipates interest payments to rise as debt
stock increases to about 17% of general government revenues by
2023.

PNG's external position remains weak. The country's terms of trade
volatility has subsided over the past few years. External debt
ballooned between 2010 and 2013 during the LNG project's
construction phase, with large current account deficits--financed
by a combination of external debt and foreign direct
investment--that averaged about 30% of GDP. The country's external
imbalances have contracted during the past few years, with LNG
production since 2014 resulting in repayment of external
liabilities. Future LNG projects could exacerbate external
imbalances again during the construction phase, when and if they
occur. S&P currently projects a moderation in current account
surpluses in 2022-2023, rather than the double-digit current
account deficits of 2010-2013.

S&P said, "We forecast net external debt to be about 121% of
current account receipts (CARs) in 2019. This comes after PNG's net
external indebtedness peaked at 370% of CARs in 2012. We consider
PNG's strong current account surpluses to overstate its external
position. Project development agreements allow developers of mining
projects to keep export receipts in offshore foreign currency
accounts. These U.S. dollar revenues deflate our external ratios,
presenting a stronger external picture than would otherwise be the
case. We expect net external indebtedness to peak at about 174% of
CARs in 2023."

Stronger foreign-exchange inflows from new external loans and
issuance have helped to increase foreign-exchange reserves during
the past 12 months to about US$2.3 billion by the end of 2019. PNG
held approximately US$4.4 billion in international reserves in
2011, declining to US$1.7 billion in 2017. This has also resulted
in an easing of the shortage in U.S. dollars in PNG, helping to
lower the value and shorten the clearing time of outstanding
foreign-exchange orders. However, S&P believes PNG maintains
extensive foreign-exchange restrictions. This is symptomatic of a
currency that persists above the market-clearing exchange rate.
PNG's exchange-rate arrangements are "crawl-like," according to the
International Monetary Fund. During the past few years, the PNG
kina has depreciated against the U.S. dollar, falling 13% since
2015. More broadly, the Bank of PNG's weak monetary policy
flexibility is a rating constraint. This weakness mainly reflects
the limited transmission of monetary policy settings to the
interest rates faced by borrowers, largely because of the high
level of liquidity in the banking system.

PNG's banking system is stable, with limited competition. It relies
heavily on deposit funding, which is supported by high levels of
liquidity. It also has a small net external asset position and
limited linkages to global markets. That said, the country's low
income levels and credit concentrations increase banking system
risks. Legal infrastructure and judicial system delays also pose
challenges to enforcing creditor rights. Our Banking Industry
Credit Risk Assessment for PNG is 9 (with 1 being the highest
assessment and 10 being the lowest).

Institutional and economic profile: PNG's economic growth prospects
dim on collapsing energy prices

-- S&P expects economic growth to contract in 2020, before
recovering when the Papua liquefied natural gas (LNG) project
commences.

-- Collapsing energy prices could delay prospective projects and
drag on PNG's future growth prospects.

As the COVID-19 pandemic escalates against a backdrop of volatile
markets and growing credit stress, S&P expects a global recession
for calendar year 2020. There are several downside risks to
economic growth specific to PNG going forward. The global slowdown
and quarantine restrictions are negatively affecting oil and gas
prices. This will have an effect on PNG government revenues and
economic growth forecasts. COVID-19 is likely to weigh on GDP by
weakening private investment and domestic consumption in the
country. Therefore, S&P is forecasting real GDP to slump to -0.2%
in 2020.

Weighing on the economic growth outlook is the protracted
negotiations in upcoming resource related projects. While
construction of several new LNG projects and extensions are
expected to lead to a sharp acceleration in economic growth, the
continued delay in negotiations means this benefit is being pushed
out. Further, the recent collapse in energy prices could result in
investment decisions being delayed for a number of years weighing
on PNG's economy.

PNG's per capita growth levels are low compared with similarly
rated peers, even as real GDP picks up to more than 3% in 2021.
This includes our expectation of several new LNG projects, where we
expect construction to commence in 2022-2023. PNG expects Papua
LNG, the PNG LNG extension, and P'Nyang gas fields to drive LNG
production to about five times current levels.

These expectations are fraught with risks, especially in light of
the current volatility in commodity prices and large oversupply.
Lower prices and suppressed demand could limit the potential
benefits of these touted projects. In addition, PNG is conducting
feasibility studies on the gold-copper mines of Wafi Golpu and
Frieda River, and it expects both to be large-scale mining
projects. Although these mines boost the economy through exports of
natural resources, increased infrastructure investment offers
additional benefits for the rural areas, not only ones that are
project-specific.

Economic growth rebounded in 2019 to about 3.8%, driven by the
resource sector recovery from the 2018 earthquake. However, this
masked slower growth in the non-resource economy. Persistent
constraints in business conditions specific to PNG, such as foreign
exchange shortages, are expected to continue to weigh on investment
in the country.

PNG continues to face pressing development needs. We estimate per
capita GDP to be about US$2,750 in 2019, and PNG's real per capita
GDP growth remains low compared with its peers. Moreover, the
prevalence of crime in major cities deters investment, while
governmental institutions are weak, in S&P's view. Economic data
inconsistency is another credit weakness. Despite some recent
improvements, gaps and lags in economic and external data remain.

In May 2019, PNG underwent a change in leadership after a vote of
no confidence was made over promises related to resource related
deals. While there has mostly been policy continuity, the new
government has focused on revising negotiations on existing and
upcoming resource projects, stalling progress. These issues are a
feature of the country's political system and underpin S&P's
rating.

Another key initiative of the government is to address issues
related to macroeconomic imbalances, economic diversification, and
to promote investment. The IMF approved a staff-monitored program
in February 2020, which will provide an anchor to the government's
economic and social reform agenda. Public-sector transparency
remains an issue, but it is generally improving. The government has
stated its intention to narrow the fiscal deficit and focus on
PNG's longer-term strategy of economic diversification. The
government's medium-term revenue and expenditure strategies provide
a commitment to maintaining manageable debt levels.

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
credit rating change

-- Health and safety

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Downgraded    
                               To  From
  Papua New Guinea
  Transfer & Convertibility Assessment  
   Local Currency              B- B

  Papua New Guinea
   Senior Unsecured            B- B

  Downgraded; Ratings Affirmed  
                              To              From
  Papua New Guinea
   Sovereign Credit Rating    B-/Stable/B     B/Stable/B




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

NO SIGNBOARD: SGX RegCo to Review Report for Possible Breaches
--------------------------------------------------------------
The Business Times reports that the Singapore Exchange Regulation
(SGX RegCo) will be reviewing an independent report on No Signboard
Holdings' accounting principles for possible breaches of listing
rules by the Catalist-listed company.

In a filing on April 29, SGX RegCo referred to the finding of
independent reviewer Nexia TS that No Signboard had not complied
with Financial Reporting Standards (FRS). In particular, No
Signboard should have continued using merger accounting principles
to prepare its financial statements for Q1 FY2018 ended December
2017, Q2 FY2018 and Q3 FY2018, BT says.

BT relates that Nexia further noted that if the company had decided
to adopt a different accounting principle, it should have applied
the change in accounting principle retrospectively to comply with
the FRS. No Signboard had instead adopted a different accounting
principle - actual group accounting principles - to prepare its
financial statements for the relevant quarters without applying the
same to its previous corresponding financial quarters.

According to BT, SGX RegCo noted that the financial statements
prepared for the relevant quarters were therefore not in compliance
with the FRS. This also resulted in non-comparability of the
financial statements and "double-counting" in two consecutive
financial periods due to a restructuring exercise in conjunction
with its IPO.

"SGX RegCo expects listed issuers to exercise caution and give due
consideration before changing accounting principles for preparation
of their financial statements. The reasons for such a change should
be made clear and succinct," SGX RegCo said in the announcement, BT
relays.

                        About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.




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

DOOSAN BOBCAT: S&P Alters Outlook to Negative & Affirms 'BB' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on compact construction
equipment manufacturer Doosan Bobcat Inc. (Bobcat) to negative from
stable, while affirmed its 'BB' long-term issuer credit rating on
the company and 'BBB-' issue rating on its senior secured term
loan.

Economic recession caused by the COVID-19 pandemic will weigh on
the U.S. and European construction equipment industry over the next
12 months. The COVID-19 outbreak and resultant containment measures
taken by the U.S. government have led to a sudden halt in economic
activities across the country. S&P expects U.S. residential
construction to fall by about 6% in 2020, as the country is
expected to go into recession. S&P Global Economics forecasts the
U.S. economy to contract 5.2% this year. This will result in a
substantial decline in demand for Bobcat's compact construction
equipment in the U.S. this year. A similar trend is expected for
the European market. The U.S. and European market account for 74%
and 20% of Bobcat's total revenue in 2019, respectively.

Weaker operating performance will increase Bobcat's leverage in
2020. S&P said, "We estimate Bobcat's sales to decline by 10%-20%
this year, before recovering in 2021, due to a decrease in
residential construction activity and delayed spending by
customers. With the company's high operating leverage, this will
compress Bobcat's margins. In our base case, we estimate the
company's EBITDA margin to drop to 7%-10% in 2020, compared with
about 13% in 2019. As a result, we now expect Bobcat's leverage--as
measured by its debt-to-EBITDA ratio--to increase to 2.5x-4.0x in
2020, compared with 1.6x in 2019." The duration and severity of the
economic repercussions from the pandemic, as well as the magnitude
of recovery once the virus is contained, remain highly uncertain.

S&P said, "In our view, DI's relatively weak liquidity pressures
our issuer credit rating on Bobcat. The issuer credit rating on
Bobcat is capped at two notches higher than DI's group credit
profile (GCP). We assess DI's GCP at 'b+', but the parent's credit
quality is facing downward pressure mainly due to increasing
liquidity risk."

DI's total debt declined to Korean won (KRW) 4.0 trillion in 2019
from over KRW6.0 trillion in 2015 on the back of Bobcat's good
earnings in the U.S. and heavy-equipment business in China. But
given the expected downturn in the U.S. and slowdown in the Chinese
market, DI is likely to generate weaker cash flow in 2020, leading
to a growth in debt.

Furthermore, DI's heavy reliance on short-term debt (more than half
of total debt) and ongoing refinancing needs expose the group to
volatility in the funding market, which has become increasingly
risk-averse. Nonetheless, S&P assumes DI is likely to refinance
most of its short-term debts given its fairly good relationship
with Korea's policy banks and relatively resilient performance
compared with other troubled Doosan group companies such as Doosan
Heavy Industries & Construction Co. Ltd.

S&P said, "The negative outlook on Bobcat reflects our view that
the company's overall credit profile will be under pressure over
the next six to 12 months. We expect the COVID-19 outbreak to
significantly affect Bobcat's U.S. and European compact equipment
business in 2020, with the timing and magnitude of recovery
remaining highly uncertain. In addition, the volatile funding
environment could weigh on DI's liquidity profile given the group's
high leverage and heavy reliance on short-term debt.

"We would lower the rating on Bobcat if we lower DI's GCP,
potentially due to worsening liquidity. We could also lower the
rating if we see a higher possibility of DI increasing control or
negatively intervening in Bobcat.

"We may also lower the rating if we revise downward Bobcat's
stand-alone credit profile (SACP) to 'bb-' or below from 'bb+'.
This could happen if the company's debt-to-EBITDA ratio weakens to
above 4.0x on a sustained basis after S&P Global Ratings'
adjustments. A severe economic downturn in the U.S., intensifying
competition, or weakening market position could result in such a
scenario."

S&P may revise the outlook back to stable if:

-- The COVID-19 outbreak is globally contained; and

-- DI group's liquidity profile improves by securing longer-term
funding sources.

S&P could also raise the rating on Bobcat if the company's ties
with, or control from, its parent weakens materially, possibly
through DI selling a significant portion of its shares in Bobcat.




=================
S R I   L A N K A
=================

SRILANKAN AIRLINES: Fitch Cuts $175MM Gov't-Guaranteed Bonds to B-
------------------------------------------------------------------
Fitch Ratings has downgraded the rating on SriLankan Airlines
Limited's USD175 million government-guaranteed 7% unsecured bonds
due June 25, 2024 to 'B-', from 'B'.

KEY RATING DRIVERS

The rating action follows the downgrade of Sri Lanka's Long-Term
Foreign- and Local-Currency Issuer Default Ratings to 'B-', from
'B', with a Negative Outlook. The national carrier's bonds are
rated at the same level as SLA's parent, the state of Sri Lanka,
due to the unconditional and irrevocable guarantee provided by the
state. The Sri Lankan government held 99.5% of SLA at end-2019
through direct and indirect holdings.

DERIVATION SUMMARY

Fitch has rated SLA's US dollar-denominated bonds at the same level
as the sovereign due to the unconditional and irrevocable guarantee
provided by the government. The rating is not derived from the
issuer's Standalone Credit Profile and thus is not comparable with
that of industry peers.

RATING SENSITIVITIES

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

  - An upgrade of the sovereign rating

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

  - A downgrade of the sovereign rating

For the sovereign rating of Sri Lanka, the following sensitivities
were outlined by Fitch in its rating action commentary of April 24,
2020

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

  - Further increase in external funding stress, reflected in a
narrowing of funding options and weaker refinancing capacity that
threatens the ability to meet external debt repayments

  - Prolonged policy uncertainty that contributes to a loss of
investor confidence

  - Failure to arrest the upward trajectory of the general
government debt/GDP ratio, potentially reflecting an inability to
constrain the fiscal deficit

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

  - Improvement in external finances, supported by higher non-debt
inflows or a reduction in external sovereign refinancing risks from
an improved liability profile

  - Improved policy coherence and credibility, leading to more
sustainable public and external finances and a reduction in the
risk of debt distress

  - Stronger public finances, underpinned by a credible medium-term
fiscal consolidation strategy

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.

CRITERIA VARIATION

The rating on SLA's bonds is derived from the rating of an entity
covered by a group that does not assign Recovery Ratings. As a
result, no Recovery Rating was assigned to SLA's bond.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

SLA's bonds are rated at the same level as SLA's parent, the
government of Sri Lanka, due to the unconditional and irrevocable
guarantee provided by the government.

ESG CONSIDERATIONS

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




=============
V I E T N A M
=============

HOME CREDIT: Fitch Cuts LongTerm IDR to 'B', Outlook Negative
-------------------------------------------------------------
Fitch Ratings has downgraded Home Credit Vietnam Finance Company
Limited's Long-Term Issuer Default Rating to 'B', from 'B+'. The
Outlook is Negative.

The downgrade reflects the probable pressure the coronavirus
pandemic will place on HCV's credit profile, as well as rising
challenges to the finance company's business model and
profitability as a result of increased industry competition and new
regulations finalized in late 2019.

Vietnam's open economy is exposed to a global demand slowdown as a
result of the coronavirus. GDP growth had already slowed to a
seven-year low of 3.8% in 1Q20, from 7.0% in 4Q19. Fitch expects
GDP growth to remain muted, with the assumption that the economy
starts to recover in the latter half of 2020. However, its GDP
forecasts remain subject to downside risk.

Fitch views Vietnam's unsecured consumer finance companies as being
at risk of asset quality deterioration in the current environment,
as they are typically exposed to less affluent borrowers with more
limited resilience against financial distress. The slowdown will
weigh on consumer spending and consumer loan growth, affecting
volume and profitability.

KEY RATING DRIVERS

HCV's IDRs are driven by its Standalone Credit Profile, and reflect
its franchise strengths and business risks as one of Vietnam's
leading consumer finance companies. Its management team, strategy
setting, operations and risk management capability benefit from a
close alignment with that of the Dutch-based Home Credit group.
However, the Vietnamese market is less developed - with evolving
regulations - while also becoming increasingly competitive. This
will challenge the company's strategic execution from time to
time.

Vietnam's consumer finance market has seen a number of new entrants
in the last few years, and Fitch expects rising market competition
to continue to exert pressure on sector profitability. Business
models are also likely to undergo meaningful change in light of the
State Bank of Vietnam's incoming limit on unsecured cash loans - a
significant and high-margin lending segment for Vietnam's consumer
finance industry - although a transition period over the next four
years provides a reasonable amount of time for businesses to
adjust.

Profitability has been a strength of HCV's rating profile, but is
likely to be dampened by sector headwinds in the near to medium
term. A shift towards better-quality borrower-risk grades and
digital channels may improve credit costs and operating efficiency
in the longer run, but in the near-term Fitch expects the
pandemic-related slowdown to weigh on volume growth, raise
provisioning expenses and add to the existing structural drag on
profitability.

Fitch expects asset quality risk to rise as the economic slowdown
continues. The key risk to HCV's consumer-focused portfolio will be
if recent manufacturing and business shutdowns are prolonged and
become more widespread, leading to a loss of borrower income. HCV's
loans are all unsecured; credit costs have been high and will come
under greater pressure in the current environment. An SBV directive
to provide some forbearance to borrowers affected by the
coronavirus may also crimp loan collections, depending on its
implementation.

Fitch believes impairment costs could spike in a credit crunch,
leaving HCV at risk of capital impairment if severe. Leverage, as
indicated by a debt/tangible equity ratio of around 3.8x at
end-June 2019, would deteriorate in such a scenario, pressuring
regulatory capital buffers. HCV's total capital adequacy ratio of
18.5% at end-1H19 compared well against the regulatory minimum of
9% under SBV regulations. Fitch believes the higher-risk nature of
the company's loan portfolio implies the need for larger capital
loss-absorption buffers relative to lenders with more stable,
well-secured loan profiles. This is balanced against its view that
the company's full ownership by the Home Credit group would support
access to capital, if needed.

HCV's funding profile demonstrates acceptable funding market access
and its liquidity profile appears well-matched. However, the
company's balance sheet is wholesale funded, which renders it
susceptible to any weakening in market confidence. Funding markets
in Vietnam are less developed than in higher-rated jurisdictions,
and funding conditions may be less predictable in times of market
stress. HCV's profile as a subsidiary within the Home Credit group
strengthens its ability to access international funding, but this
advantage may not hold in times of heightened risk aversion.

RATING SENSITIVITIES

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

An upgrade is less likely in the near-term in light of the sector's
structural headwinds and the challenging macroeconomic
environment.

Positive rating action would be supported by a stabilization in the
operating environment, along with a regulatory backdrop that
remains conducive to profitable, sustainable growth. A longer
record of HCV's business model, and sustained improvement in asset
quality and credit costs through an economic cycle, would
strengthen the company's rating profile. This is provided that its
risk appetite and leverage are also commensurate with a higher
rating.

The Outlook would be revised to Stable if Fitch assesses that the
downside risks to HCV's credit profile have abated, where asset
quality, profitability and balance-sheet buffers do not deteriorate
beyond Fitch's tolerance for the company's rating during this
downturn. This is also provided that Fitch believes that HCV's
franchise, risk appetite and performance prospects have not
weakened significantly as a result of rising industry competition.

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

An asset quality shock that leads to losses and capital impairment,
or a deterioration in medium-term profitability prospects, such
that Fitch expects pre-tax income/average assets to head below 5%
for a sustained period, would be negative for the ratings. In such
a scenario, its tolerance for leverage would also be likely to
decline to 5.0x.

Negative rating action would also arise if there was evidence of
unstable or uncertain funding access, an increase in risk appetite
or decline in underwriting standards without any offsetting
increase in the company's loss-absorption buffers.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions
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.



                           *********


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
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Information contained herein is obtained from sources believed
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