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

                     A S I A   P A C I F I C

          Monday, June 29, 2020, Vol. 23, No. 129

                           Headlines



A U S T R A L I A

CUPPA EDGE: Worrells Appointed as Voluntary Administrator
GASCOYNE RESOURCES: Creditors Approve Deed of Company Arrangement
GI DYNAMICS: Issues US$750K Unsecured Convertible Promissory Note
GI DYNAMICS: Stockholders OK Delisting from ASX Official List
HABITANIA LEASING: Second Creditors' Meeting Set for July 6

KIKKI.K PTY: Shareholders Vote to Sell Business to US Firm
LIBERTY FUNDING 2020-2: Moody's Gives B2 Rating on Class F Notes
LNG LTD: Magnolia LNG Sale Falls Through; New Buyer Emerges
MASTER QUALITY: Second Creditors' Meeting Set for July 6
MYOB INVEST: S&P Downgrades ICR to B- on R&D Acceleration

SPEEDCAST INTERNATIONAL: Committee Hires Hogan Lovells as Counsel
TORO GROUP: First Creditors' Meeting Set for July 6
VIRGIN AUSTRALIA: Administrators Agree to Sell Carrier to Bain


C H I N A

CHINA HONGQIAO: Fitch Affirms LT IDR at BB-, Outlook Stable
LUCKIN COFFEE: Shares to be Delisted from Nasdaq


I N D I A

ADHITYA POLYFILMS: ICRA Keeps B- Debt Ratings in Not Cooperating
AJAY ENGICONE: ICRA Keeps D Debt Ratings in Not Cooperating
ALLIANCE GRANIMARMO: ICRA Keeps D Debt Ratings in Not Cooperating
ALOK GLASS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ARNAV TECHNOSOFT: ICRA Keeps D INR15cr Debt Rating in Not Coop.

ASHOK HANDLOOMS: ICRA Reaffirms B Rating on INR5.60cr Loan
BALAJI TEXTILES: ICRA Keeps B- INR5cr Debt Rating in Not Coop.
BAZARGAON PAPER: ICRA Withdraws C+ Rating on INR7.25cr Debt
BETTERMAN ENGINEERS: ICRA Reaffirms B Rating on INR6cr Loan
CHVV SUBBA: ICRA Keeps B+ Debt Ratings in Not Cooperating

DHANURDHAR PROCESSORS: Insolvency Resolution Process Case Summary
DSK SHIVANJIANS: Insolvency Resolution Process Case Summary
ELECTROPATH SERVICES: ICRA Keeps D Debt Ratings in Not Coop.
FORTUNE'S SPARSH: ICRA Keeps D INR7.50cr Debt Rating in Not Coop
HARISUN CERAMIC: ICRA Withdraws B+ Rating on INR6.21cr Loan

HARITHA FERTILISERS: ICRA Keeps D Debt Ratings in Not Cooperating
JONAS PETRO: ICRA Keeps D Debt Ratings in Not Cooperating
KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
M L RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
PRAGYA RICE: ICRA Keeps B+ INR8cr Cash Credit in Not Cooperating

RADIUS WATER: ICRA Cuts Rating on INR19.94cr Loan to B+
RAJASTHAN TUBE: ICRA Keeps B INR20cr LT Loan in Not Cooperating
REGENCY GANGANI: ICRA Keeps D INR49.71cr Debt Rating in Not Coop.
REGENCY YAMUNA: ICRA Keeps D INR21.37cr Loan in Not Coop
RELIANCE INDUSTRIAL: ICRA Keeps B- Debt Ratings in Not Coop

ROYALS MARINE: ICRA Moves B+ Rating on INR10cr Loan to Not Coop
SRINIVASA SALES: ICRA Lowers Rating on INR9.70cr Loan to B+
UNISHIRE REGENCY: Insolvency Resolution Process Case Summary
VIJAY TRADING: ICRA Keeps D INR10cr Debt Rating in Not Cooperating


I N D O N E S I A

WIJAYA KARYA: Fitch Affirms BB LT IDRs, Alters Outlook to Negative


M A L A Y S I A

IFLIX LTD: Tencent Buys Assets of Struggling Streaming Platform
SERBA DINAMIK: S&P Downgrades LT ICR to B+, Outlook Stable


M O N G O L I A

MONGOLIAN MORTGAGE: S&P Affirms B/B ICRs, Outlook Stable


S I N G A P O R E

HIN LEONG: Responds to PwC's Report; Says Mr. Lim was Unwell


S O U T H   K O R E A

ASIANA AIRLINES: Acquisition by HDC Delayed to H2 Amid Pandemic


S R I   L A N K A

PEOPLE'S LEASING: Fitch Affirms and Withdraws B- LT IDRs

                           - - - - -


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A U S T R A L I A
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CUPPA EDGE: Worrells Appointed as Voluntary Administrator
---------------------------------------------------------
Christopher Darin, Partner at Worrells was appointed Voluntary
Administrator of Cuppa Edge Pty Ltd. As part of the Voluntary
Administration process, Mr. Darin will review the company's
position and reasons for failure.

The directors made the decision to appoint Mr. Darin on May 19,
2020 following financial pressure resulting from the Covid-19
lockdown. The Cafe closed at end of March 2020 and has placed
pressure on the business' working capital, impacting Cuppa Edge's
ability to pay external creditors, including the ATO.

Mr. Darin said "while we are still in the initial stages of the
appointment, stakeholders have been supportive including the
landlord, providing rent relief during this difficult time and we
are working with the directors and other stakeholders to explore
the options to propose a Deed of Company Arrangement. I am hoping
that the Café will open its doors again soon."

A first meeting of the creditors in the proceedings of Cuppa Edge
Pty Ltd, trading as Fika by Cuppa Flower, will be held on July 1,
2020, at 11:00 a.m. via teleconference.

GASCOYNE RESOURCES: Creditors Approve Deed of Company Arrangement
-----------------------------------------------------------------
miningweekly.com reports that the creditors of ASX-listed Gascoyne
Resources have approved a deed of company arrangement (DOCA) as
part of a broader recapitalisation and relisting plan for the gold
miner.

According to the report, the DOCA and associated recapitalization
and relisting plan was formulated with the objective of Gascoyne
continuing to operate under its current group structure, with the
DOCA intended to allow all unsecured creditors to receive up to 100
cents on the dollar in respect of their pre-appointment claims.

miningweekly.com relates that the administrators had recommended
the DOCA after a significant operational turnaround achieved at
Gascoyne over the past 12 months, which has seen the miner reach
its fifth consecutive month of more than 6 000 oz of gold produced,
showing higher grades at the Dalgaranga mine, in Western
Australia.

The administrators previously said that the increased gold recovery
was made possible by the decision to reinvest some AUD10-million of
cash flow into an accelerated cut-back of the Western Wall of the
main Gilbey's pit, starting in October last year, the report
relays.

The administrators on June 26 said that the company would now
proceed to enter into the DOCA and would issue the necessary
documents in the coming weeks, miningweekly.com adds.

                       About Gascoyne Resources

Gascoyne Resources Limited is a mineral exploration and development
company. The Company is engaged in the exploration for gold and
evaluation of the development options for its Australian gold
projects. The Company holds mining leases and exploration licenses
and applications totaling approximately 4,000 square kilometers in
the Gascoyne and Murchison regions of Western Australia. Its
Dalgaranga gold project is located approximately 70 kilometers
Northwest of Mt Magnet in the Murchison gold mining region of
Western Australia. Its Glenburgh gold project is located in the
Southern Gascoyne Province of Western Australia approximately 250
kilometers east of Carnarvon. The Glenburgh gold project consists
of a gold mineralized system hosted in interpreted remnants of
Archaean terrain in a Proterozoic mobile belt. Its Egerton project
consists of approximately two granted mining leases and over three
granted exploration licenses.

The company employs 87 staff at Dalgaranga and 15 at its head
office in Perth.

As reported in the Troubled Company Reporter-Asia Pacific on June
4, 2019, Australian Mining said Gascoyne Resources has moved into
administration due to an expected material cash shortfall over the
coming months.  The announcement was made via FTI Consulting, which
revealed that Michael Ryan, Kathryn Warwick and Ian Francis will
assume the role as voluntary administrators.


GI DYNAMICS: Issues US$750K Unsecured Convertible Promissory Note
-----------------------------------------------------------------
GI Dynamics Inc. has issued a US$750,000 Unsecured Convertible
Promissory Note to Crystal Amber Fund Limited, the Company's
largest stockholder and a related party for Australian Securities
Exchange purposes.

The Bridge Note will accrue annually compounded interest at a rate
of five percent, except under a state of default which would
increase the rate to eight percent.  The Bridge Note principal and
all unpaid accrued interest will become due and payable, at Crystal
Amber's discretion, on or after the six-month anniversary of its
issuance.

Subject to the Company's delisting from the ASX, at the close of
the next equity financing totaling more than US$8 million by the
Company, the Bridge Note principal and all unpaid accrued interest
will automatically convert into shares of capital stock issued in
the Qualified Financing at a conversion price equal to 80% of the
price paid per share of such capital stock in the Qualified
Financing.  If the delisting proposal is not approved and the
Company remains listed on the ASX at the close of the Qualified
Financing, Crystal Amber will not be permitted to convert the
outstanding balance into CDIs or common stock of the Company unless
and until such conversion feature has been approved by stockholders
of the Company (this feature is similar to the terms of  the
previous convertible notes that have been issued to Crystal
Amber).

If a Change of Control occurs prior to the maturity date of the
Bridge Note, Crystal Amber will have the right to exercise an
option to receive a cash payment of all accrued unpaid interest
plus 110% of the outstanding principal in full satisfaction of the
Bridge Note.

The Company will use the funds raised from the issuance of the
Bridge Note will be used for general corporate purposes.

In relation to a longer term financing beyond the Bridge Note, at
this stage the Company confirms that it has not been able to agree
to terms of a "Potential Fundraising" (as defined in the proxy
statement and notice of special meeting that was announced on ASX
on 26 May 2020 (AEST)).  The Company confirms, however, that it is
continuing negotiations with various parties in this regard
(including Crystal Amber).  As detailed in the Proxy Statement, the
investors that the Company continues to negotiate with would
require the Company to be unlisted as a condition of any
investment.

The Company wishes to confirm, however, that there is no guarantee
that additional funding will be able to be secured from Crystal
Amber or any other third party.

With the Bridge Note now secured, and negotiations continuing with
potential investors who are only interested in potentially
investing in the Company if it is unlisted, the Company is
proposing to proceed with the Special Meeting as currently
scheduled.

Confirmation of Special Meeting and Status of further Potential
Fundraising

The Company's Special Meeting to consider the proposed delisting of
the Company from the Official List of the ASX was originally
scheduled to be held on June 7, 2020 at 6:00 p.m. (EDT), which was
June 8, 2020 at 8:00 a.m. (AEST), as announced on May 27, 2020
(AEST).

Due to the lack of certainty in relation to a financing that would
allow the Company to maintain operations for the foreseeable
future, the Special Meeting was initially postponed to June 16,
2020 (17 June 2020 (AEST) and on June 15, 2020 (AEST) the Special
Meeting was further postponed to June 20, 2020 at 6:00 p.m. (EDT),
which is June 21, 2020 at 8:00 a.m. (AEST).

Meeting Details and Voting Details

The Special Meeting will be held as a webcast via the online
platform at https://agmlive.link/GID20 and details on how to access
the meeting can be found on the Company's website or within the
Proxy Statement that was attached to the Company's announcement on
May 27, 2020 AEST.

"If you have already voted your shares of common stock or directed
CHESS Depositary Nominees Pty Ltd to vote your CHESS Depositary
Interests by completing the CDI Voting Instruction Form, your prior
vote will remain voted without the need for you to take any
additional action.  The polls have now closed for CDI holders to
change their vote or cast additional votes.

"If you held shares of common stock on the Record Date and have not
yet voted, you may do so now using the directions provided in the
Proxy Statement.  If you held shares of common stock on the Record
Date and have already voted, you may change your vote or revoke
your proxy at any time before the Special Meeting in any one of the
following ways:

  * if you received a proxy card, by signing a new proxy card
    with a date later than your previously delivered proxy and
    submitting it as instructed in the Proxy Statement;

  * by re-voting by Internet as instructed in the Proxy
    Statement;

  * by notifying the Company's corporate secretary in writing at
    GI Dynamics, Inc., 320 Congress Street, Boston, MA 02210,
    U.S.A., Attention: Corporate Secretary, before the Special
    Meeting that you have revoked your proxy; or

  * by virtually attending the Special Meeting, revoking your
    proxy and voting via the online platform at
    https://agmlive.link/GID20.  Virtual attendance at the
    Special Meeting will not in and of itself revoke a previously
    submitted proxy.  You must specifically request during the
    Special Meeting that it be revoked.

"Your most current vote, whether by Internet or proxy card, is the
one that will be counted.

"If you are a beneficial owner and hold shares of common stock
through a broker, bank or other nominee, you may submit new voting
instructions by contacting your broker, bank or other nominee.

"If you held CDIs on the Record Date, the polls have closed, and
your vote will be recorded as you instructed CHESS Depositary
Nominees Pty Ltd ("CDN")."

                        About GI Dynamics

Founded in 2003 and headquartered in Boston, Massachusetts, GI
Dynamics, Inc. (ASX:GID) is a developer of EndoBarrier, an
endoscopically-delivered medical device for the treatment of type 2
diabetes and the reduction of obesity.  EndoBarrier is not approved
for sale and is limited by federal law to investigational use only.
EndoBarrier is subject to an Investigational Device Exemption by
the FDA in the United States and is entering concurrent pivotal
trials in the United States and India.

GI Dynamics reported a net loss of $17.33 million for the year
ended Dec. 31, 2019, compared to a net loss of $8.04 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $5.65 million in total assets, $8.71 million in total
liabilities, and a total stockholders' deficit of $3.06 million.

Wolf and Company, P.C., in Boston, Massachusetts, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 26, 2020 citing that the Company has suffered
losses from operations since inception and has an accumulated
deficit and working capital deficiency that raise substantial doubt
about the Company's ability to continue as a going concern.


GI DYNAMICS: Stockholders OK Delisting from ASX Official List
-------------------------------------------------------------
GI Dynamics Inc. held its Special Meeting of Stockholders on June
21, 2020 and, in accordance with ASX Listing Rule 3.13.2,  confirms
that each of the resolutions put to stockholders as set forth in
the Notice of Special Meeting and Proxy Statement dated May 26,
2020 (EST), including a resolution to approve the proposed
delisting of the Company from the Official List of the Australian
Securities Exchange, were passed.

Update on Delisting from the Official List

As first announced on May 11, 2020, the Board of Directors of the
Company has for some time been considering whether it is in the
best interests of the Company and its stockholders to remain listed
on the Official List.

For the reasons set out in the Proxy Statement and in a number of
recent announcements, the Company applied to ASX for their approval
to delist the Company from the Official List.  In accordance with
ASX's usual practice, ASX requested, amongst other conditions, that
the Company obtain the approval of stockholders by way of a special
resolution to delist the Company from the Official List.

The Company subsequently sought, and has now obtained, the relevant
stockholder approval required in order to delist from the Official
List.

With the approval now obtained, and a formal delisting application
already submitted to ASX, the Company will be delisted from the
Official List in accordance with the timetable below.

Timetable to Delisting

  Event                                     Date EDT    Date AEST
  -----                                     --------    ---------
  Date Stockholder Approval was obtained    6/20/2020   6/21/2020

  Trading Suspension Date                   7/20/2020   7/21/2020

  Delisting Date                            7/21/2020   7/22/2020

Arrangements in place to sell CDIs in the lead up to the Delisting

The Company is not in a position to operate a share buy-back or
similar facility in connection with the Delisting.  Stockholders
that wish to sell their CDIs on ASX will need to do so before the
time at which the Company's CDIs are suspended from trading on the
Official List, being the time noted in the above timetable.

If CDI holders do not sell their CDIs prior to the Trading
Suspension Date, their CDIs will need to be converted to shares of
common stock in the Company.  Further details on this process will
be provided in the lead up to the Delisting Date.

Update on Ongoing Funding Arrangements

As has been announced by the Company on a number of occasions, the
Company will need to raise additional funds to those secured under
the recent Bridge Note (as announced on June 19, 2020) in order to
continue to implement its business plan and to continue to carry on
business.  If the necessary funds are not raised, the Company may
need to cease business operations and be wound up.

Further to the announcement of June 19, 2020, the Company will
continue to update stockholders should there be any material
developments in relation to a further fundraising.

                        About GI Dynamics

Founded in 2003 and headquartered in Boston, Massachusetts, GI
Dynamics, Inc. (ASX:GID) is a developer of EndoBarrier, an
endoscopically-delivered medical device for the treatment of type 2
diabetes and the reduction of obesity.  EndoBarrier is not approved
for sale and is limited by federal law to investigational use only.
EndoBarrier is subject to an Investigational Device Exemption by
the FDA in the United States and is entering concurrent pivotal
trials in the United States and India.

GI Dynamics reported a net loss of $17.33 million for the year
ended Dec. 31, 2019, compared to a net loss of $8.04 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $5.65 million in total assets, $8.71 million in total
liabilities, and a total stockholders' deficit of $3.06 million.

Wolf and Company, P.C., in Boston, Massachusetts, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 26, 2020 citing that the Company has suffered
losses from operations since inception and has an accumulated
deficit and working capital deficiency that raise substantial doubt
about the Company's ability to continue as a going concern.

HABITANIA LEASING: Second Creditors' Meeting Set for July 6
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Habitania
Leasing Pty. Ltd. has been set for July 6, 2020, at 11:00 a.m. at
Level 9, 66 Clarence Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 3, 2020, at 4:00 p.m.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Habitania Leasing on May 29, 2020.

KIKKI.K PTY: Shareholders Vote to Sell Business to US Firm
----------------------------------------------------------
Dean Blake at Inside Retail reports that months after falling into
voluntary administration, putting the fate of 450 jobs and up to 65
stores on the line, shareholders in stationery business Kikki K
have voted to sell the business.

In a creditors meeting on Zoom on June 25, shareholders voted in
favor of a deed of company arrangement, administrator J.P. Downey &
Co. confirmed to Inside Retail.

Inside Retail says the new owner E.C. Designs LLC, which trades as
Erin Condren Designs, is based in Austin, Texas, and primarily
sells personalised and customised organisation and lifestyle
products.

Out of 245 votes cast, 244 voted in favor, with only one voting
against -- leaving the final figure at 98.85 per cent in favor, and
1.15 per cent against. Creditors are likely to get around 1-2 cents
per dollar, the report notes.

According to Inside Retail, J.P. Downey & Co. said the decision
will save the majority of Kikki K jobs, keep a majority of stores
open, and keep landlords with tenants.

"Against the economic woes that we are facing, this is a great
result," the spokesperson said.

It's expected the Kikki K business will continue to trade in
Australia and potentially beyond, though the spokepserson couldn't
confirm if Kikki K's New Zealand business was part of the DOCA yet,
Inside Retail relates.

During the receivership period a number of stores were shuttered
due to the economic conditions, the COVID-19 pandemic, and the
government-mandated closure in New Zealand.

New Zealand stores have already been closed and all staff positions
terminated according to BDO, Kikki K's receiver in New Zealand.

Inside Retail relates that a BDO spokesperson told Stuff that the
potential buyer of the Australian operations had also expressed
interest in the New Zealand business, and provided information
regarding local landlords in order to facilitate the sale.

The fate of many retailers that enter voluntary administration can
often be hard to judge, though Kikki K was of great interest to
potential buyers almost immediately, with emails seen by Inside
Retail confirming nine potential partners had approached the
business within 24 hours of its initial administration.

Additionally, store sales went up 94 per cent and according to the
brand, and a few days later the week ended 50 per cent above target
Australia-wide, Inside Retail discloses. Online revenue rose by 470
per cent at one stage.

                          About Kikki.K

Kikki.K Pty Ltd was founded by Karlsson and Lacy in Melbourne in
2001. It operates 65 stores across Australia, the United Kingdom,
New Zealand, Singapore and Hong Kong.

The company employs 450 full-time equivalent employees and turns
over AUD70 million in annual revenue.

On March 10, the company said Jim Downey of J.P Downey & Co has
been appointed as voluntary administrator, while Barry Wright and
Bruno Secatore of Cor Cordis have also been appointed receivers of
the company, which is continuing to trade.

LIBERTY FUNDING 2020-2: Moody's Gives B2 Rating on Class F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2020-2.

Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2020-2

AUD304.0 million Class A1a Notes, Assigned Aaa (sf)

AUD256.0 million Class A1b Notes, Assigned Aaa (sf)

AUD160.0 million Class A2 Notes, Assigned Aaa (sf)

AUD29.6 million Class B Notes, Assigned Aa1 (sf)

AUD15.2 million Class C Notes, Assigned A1 (sf)

AUD9.6 million Class D Notes, Assigned Baa2 (sf)

AUD8.8 million Class E Notes, Assigned Ba2 (sf)

AUD3.2 million Class F Notes, Assigned B2 (sf)

The AUD13.6 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
residential mortgages. All mortgages were originated and are
serviced by Liberty Financial Pty Ltd (Liberty, unrated).

Liberty is an Australian non-bank lender. It started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans.

Residential mortgages remain Liberty's predominant business. As of
April 2020, it had a portfolio of Australian mortgage assets over
AUD8.23 billion, of which 53% was securitised in public
transactions.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables, the evaluation of the
capital structure and credit enhancement provided to the notes, the
availability of excess spread over the life of the transaction, the
liquidity reserve in the amount of 2.00% of the notes balance, the
legal structure, and the credit strength and experience of Liberty
as Servicer.

Moody's MILAN credit enhancement for the collateral pool is 7.5%,
while the expected loss is 1.60%. MILAN CE represents the loss
Moody's expects the portfolio to suffer in a severe recessionary
scenario and does not take into account structural features of the
transaction. or lenders mortgage insurance benefit. The expected
loss represents a stressed, through-the-cycle loss relative to
Australian historical data.

After lenders mortgage insurance benefit, MILAN CE is 7.4%.

The key transactional features are as follows:

  - Class A1a and Class A1b Notes benefit from 30.0% credit
enhancement (CE) and Class A2 Notes benefit from 10.0% credit
enhancement.

  - The Class A1a Notes will receive principal prior to any other
notes at all times, unless there is an event of default. Once Class
A1a Notes are paid off Class A1b to Class F Notes receive
sequential principal payments. Upon satisfaction of all stepdown
conditions which include - the payment date falling on or after the
payment date in June 2022, absence of charge offs on any notes and
average arrears greater than or equal to 60 days (excluding
COVID-19 hardship loans and as calculated over the prior three
periods plus the current period) do not exceed 4% - Class A1b,
Class A2, Class B, Class C, Class D, Class E, and Class F Notes
will receive a pro-rata share of principal payments (subject to
additional conditions). The Class G Notes do not step down and will
only receive principal payments once all other notes have been
repaid. The principal pay-down switches back to sequential pay
across all notes, once the aggregate loan amount falls below 20.0%
of the aggregate loan amount at closing, or on or following the
payment date in June 2023.

  - A liquidity facility provided by National Australia Bank
Limited (Aa3/P-1/Aa2(cr)/P-1(cr)), with a required limit equal to
2.0% of the aggregate invested amount of the notes less the
redemption fund balance. The facility is subject to a floor of
AUD600,000.

  - The guarantee fee reserve account, which is unfunded at closing
and will build up to a limit of 0.30% of the issued notional from
proceeds paid to Liberty Credit Enhancement Company Pty Ltd as
Guarantor, from the bottom of the interest waterfall prior to
interest paid to the Class G Notes noteholders. The reserve account
will firstly be available to meet losses on the loans and
charge-offs against the notes. Secondly, it can be used to cover
any liquidity shortfalls that remain uncovered after drawing on the
liquidity facility and principal. Any reserve account balance used
can be reimbursed to its limit from future excess income.

The key features of the mortgage loan pool are as follows:

  - The portfolio has a scheduled loan-to-value ratio of 68.1%,
with a relatively high proportion of loans with a scheduled LTV
ratio above 80.0% (17.0%) and above 90% (8.6%).

  - 8.2% and 0.3% of the loans in the portfolio were extended on an
alternative documentation and low documentation basis
respectively.

  - The portfolio contains 3.2% exposure with respect to borrowers
with prior credit impairment (default, judgment or bankruptcy).
Moody's assesses these borrowers as having a significantly higher
default probability.

  - Investment and interest-only loans represent 25.0% and 8.4% of
the pool, respectively.

Its analysis has considered the effect of the coronavirus outbreak
on the Australian economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of consumer assets.

The contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to its
forecasts in the event that the pandemic is not contained and
lockdowns have to be reinstated. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Methodology Underlying the Rating Action:

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

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.

LNG LTD: Magnolia LNG Sale Falls Through; New Buyer Emerges
-----------------------------------------------------------
Kristen Mosbruker, writing for The Advocate, reports that LNG Ltd.
cancelled a deal to sell its operations in Lafayette, Louisiana, in
May 2020.

The Australian parent company behind the Magnolia LNG project near
Lake Charles canceled a deal to sell the operation to Global Energy
Megatrend Ltd., a British business with a significant presence in
Lafayette.

Global Energy was expected to pay $2.25 million to LNG Ltd. by May
15, but on May 25 the deal was terminated due to the buyer's
"failure to close the transaction within the required timeframe."

One day later, Magnolia LNG Holdings LLC, a Delaware-based entity
incorporated on May 7, 2020, stepped up and bought Magnolia LNG for
$2 million.

The new purchase agreement includes an unsecured non-interest
bearing promissory note worth $1.3 million if the Magnolia LNG
project raises enough capital to begin construction. The new buyer
also agreed to work with LNG Ltd. on a potential recapitalization
of the company expected to be completed on Nov. 30. The deal
includes the permits, land, detailed engineering plans and a
contract for development, in addition to the underlying technology
related to the LNG project.

Former proposed buyer Global Energy had described itself as an
integrated natural gas company that has been leasing U.S. natural
gas fields and investing in pipelines that lead to Louisiana ports
and LNG export terminals. Global Energy Megatrend co-founders
include Lafayette businessmen Bill Miller of Miller Energy LLC, Ben
Blanchet and Eddie Moses of Miller Thomson & Partners LLC. It also
has co-founders in London.

Before that, LNG Ltd. had expected to be sold in a $75 million deal
to Singapore-based LNG9 Ltd., but investors pulled out of that deal
after a loan fell through.

                          About LNG Ltd.

Australia-based Liquefied Natural Gas Limited (LNGL) --
https://www.lnglimited.com.au/site/content/ -- operates as a
natural gas exploring company. The Company develops and operates
liquefied natural gas production projects. LNG Ltd. in April 2020
appointed administrators who were tasked with dealing with a
potential insolvency. PricewaterhouseCoopers was appointed as the
voluntary administrators in late April. The company was on track to
run out of money in May.

MASTER QUALITY: Second Creditors' Meeting Set for July 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of Master Quality
Shades Pty Ltd has been set for July 6, 2020, at 10:00 a.m. at One
Wharf Lane', Level 20, 171 Sussex Street, in Sydney, NSW.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 3, 2020, at 4:00 p.m.

Ozem Kassem of Cor Cordis was appointed as administrator of Master
Quality on May 29, 2020.

MYOB INVEST: S&P Downgrades ICR to B- on R&D Acceleration
---------------------------------------------------------
On June 25, 2020, S&P Global Ratings lowered its issuer credit
rating on Australian accounting software provider MYOB Invest Co.
Pty Ltd. to 'B-' from 'B'. At the same time, S&P lowered the
related issue rating on the company's A$920 million term loan B and
A$50 million revolving credit facility (RCF) to 'B-' from 'B.' The
recovery ratings on these facilities are '3', reflecting meaningful
(50%-70%; rounded estimate: 65%) recovery prospects in a payment
default.

S&P said, "We lowered the ratings to reflect our view that MYOB's
significant acceleration of R&D capital expenditure to augment
software development functions will materially deplete its forecast
EBITDA (after S&P Global Ratings' adjustments). MYOB intends to
increase research and development (R&D) capital expenditure (capex)
substantially from our initial expectations of around A$60 million
in the year ending Dec. 31, 2020.

"We view the acceleration of new product and feature development as
somewhat nondiscretionary. MYOB is seeking to close the
technological gap with key competitors and bolster its online
solution offering. Further, we reclassify MYOB's R&D expenditure
(that is capitalized) as an operating expense. As a result, we
expect S&P Global Ratings-adjusted EBITDA to materially decrease in
fiscals 2020 and 2021."

MYOB's SME customer base faces material downside risks in fiscals
2020 and 2021 given the sharp economic downturn amid the COVID-19
pandemic. S&P believes top-line revenue will drop by around 3%-5%
to A$470 million in fiscal 2020, significantly below our initial
expectations of around A$505 million prior to the COVID-19
pandemic. Declines in new monthly sales, increased customer churn,
and delayed price rises will largely contribute to revenue
falling.

S&P said, "We believe MYOB is still exposed to a downturn in
economic activity, despite the essential nature of accounting
software and MYOB's transition to a subscription based model. In
our view, a key challenge is a potential increase in small business
failures as a result of the COVID-19-induced economic downturn."
Somewhat tempering this shrinking customer base is the continued
migration of existing desktop users to the cloud, which is
increasing the group's recurring revenue base. Further, accounting
software is an essential tool during periods of economic stress as
businesses look to manage cost bases to mitigate financial strain.
Accounting and financial management software is also a common
requirement for businesses in order to receive government support
measures.

MYOB's unrestricted cash balance and capital-light operating model
will provide liquidity support in the near term. The cash balance
as of May 31, 2020, of about A$132 million supports the current
liquidity position. Despite MYOB's reinvestment of earnings, S&P
expects the company's cash balance to meaningfully deplete over the
coming years due to the acceleration of spending on new product
development. This deterioration will be further exacerbated during
fiscals 2020 and 2021 as the company enters its peak R&D capex
period.

S&P said, "In our view, the company's current sources of liquidity
will provide a limited ability to weather this challenging
operating environment. We believe the continued migration of
desktop customers to the cloud will further increase the group's
recurring revenue base, which will support liquidity.

"We forecast adjusted EBITDA to materially reduce in fiscals 2020
and 2021. Adjusted EBITDA would recover meaningfully thereafter as
R&D capex tapers and earnings return to pre-COVID expectation
levels. Over the next 12 months, we believe EBITDA generation will
be substantially impaired. This will lead to negative free
operating cash flow (FOCF) and EBITDA interest coverage
meaningfully below our 2.0x threshold for the previous 'B' rating
in fiscal 2020. Further, we believe MYOB's highly leveraged capital
structure will limit its ability to restore credit measures beyond
fiscal 2020.

"The negative outlook reflects our view that MYOB's accelerated R&D
program will likely significantly constrain cash flow generation
over the next 12-24 months."

In addition, MYOB's predominant SME customer exposure presents
downside risks given current turbulent economic conditions in
Australia and New Zealand as a result of the COVID-19 pandemic. A
deterioration of this customer base would further pressure MYOB's
ability to adequately manage its cost structure, investment
requirements, cash flow, and liquidity, leading to an unsustainable
capital structure.

S&P said, "We could revise the outlook to stable if the COVID-19
pandemic passes with limited longer-term effect on the SME segment
of the Australian and New Zealand economies. In addition, rating
stability would likely be based on the expectation that the company
is able to execute on its remaining software development
requirements, while maintaining an adequate liquidity position at
least and generating sustainable positive free cash flow.

"We could lower the rating if we believe that the company could not
maintain adequate liquidity during peak R&D investment periods,
amid a prolonged fallout related to COVID-19 on its SME
customers."

S&P could also lower the rating if it viewed the capital structure
as unsustainable. This could occur if there is a:

-- Weaker earnings recovery than we expect, without a commensurate
reduction in software development investment;

-- A material acceleration in customer churn or reduction in new
sales to a level such that free cash flow was further impaired; or

-- Capital is returned to either common or noncommon equity
holders.


SPEEDCAST INTERNATIONAL: Committee Hires Hogan Lovells as Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of SpeedCast International Limited and its
affiliates seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Hogan Lovells US LLP as its
legal counsel.

The firm's services will include:

     (a) advising the committee of its rights, powers and duties in
Debtors' Chapter 11 cases;

     (b) participating in in-person, video conference and
telephonic meetings of the committee;

     (c) assisting the committee in its meetings and negotiations
with Debtors and other parties regarding the cases;

     (d) assisting the committee in analyzing claims against, and
interests in, Debtors and in negotiating with the holders of such
claims and interests;

     (e) assisting the committee in reviewing Debtors' schedules of
assets and liabilities, statements of financial affairs, and other
financial reports prepared by Debtors;

     (f) assisting the committee in its investigation of the acts,
conduct, assets, liabilities, management and financial condition of
Debtors and the historic and ongoing operation of their
businesses;

     (g) assisting the committee in its analysis of, and
negotiations with the Debtors or any third party related to,
financing, asset disposition transactions, compromises of
controversies, and assumption and rejection of executory contracts
and unexpired leases;

     (h) assisting the committee in its analysis of, and
negotiations with Debtors or any third party, related to the
formulation, confirmation and implementation of any Chapter 11
plan;

     (i) assisting the committee with respect to communications
with the general creditor body in Debtors' bankruptcy cases;

     (j) responding to inquiries from individual creditors as to
the status of, and developments in, Debtors' bankruptcy cases;

     (k) representing the committee at hearings and other
proceedings before the bankruptcy court and other courts or
tribunals;

     (l) reviewing and analyzing complaints, motions, applications,
orders and other pleadings filed with the court;

     (m) assisting the committee in its review and analysis of, and
negotiations with Debtors and non-debtor affiliates related to,
intercompany claims and transactions;

     (n) reviewing and analyzing third party analyses or reports
prepared in connection with Debtors' potential claims and causes of
action, and performing such other diligence and independent
analysis as may be requested by the committee;

     (o) advising the committee on federal and state regulatory
issues; and

     (p) assisting the committee in preparing pleadings and in
pursuing or participating in adversary proceedings, contested
matters and administrative proceedings.

The standard hourly rates charged by Hogan Lovells are as follows:

     Partners                          $745 - $1,555
     Counsel                           $830 - $1,405
     Associates and Senior Attorneys  $450 - $960
     Paralegals                          $265 - $490

David Simonds, Esq., a partner at Hogan Lovells, disclosed in court
filings that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     David P. Simonds, Esq.
     Hogan Lovells US, LLP
     1999 Avenue of the Stars, Suite 1400
     Los Angeles, CA 90067
     Telephone: (310) 785-4647
     Facsimile: (310) 785-4601
     Email: david.simonds@hoganlovells.com

                   About SpeedCast International

Headquartered in New South Wales, Australia, SpeedCast
International Limited and its affiliates provide remote and
offshore satellite communications and information technology
services.  SpeedCast's fully-managed service is delivered to more
than 2,000 customers in 140 countries via a global, multi-access
technology, multi-band and multi-orbit network of more than 80
satellites and an interconnecting global terrestrial network,
bolstered by on-the-ground local support from more than 40
countries.  Speedcast services customers in sectors such as
commercial maritime, cruise, energy, mining, government, NGOs,
enterprise and media.

SpeedCast International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32243) on April 23, 2020.  At the time of the filing, Debtors
each had estimated assets of between $500 million and $1 billion
and liabilities of the same range.

Judge David R. Jones oversees the cases.

Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel;
Herbert Smith Freehills as co-counsel with Weil; Moelis Australia
Ltd. as financial advisor; FTI Consulting Inc. as restructuring
advisor; and Kurtzman Carson Consultants LLC as claims agent.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtors' bankruptcy cases.  The committee is
represented by Hogan Lovells US, LLP.

TORO GROUP: First Creditors' Meeting Set for July 6
---------------------------------------------------
A first meeting of the creditors in the proceedings of Toro Group
Pty Limited will be held on July 6, 2020, at 10:30 a.m. at the
offices of Worrells Solvency & Forensic Accountants, Suite 1, 151
Tongarra Road, in Albion Park, NSW.

Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells Solvency
& Forensic Accountants were appointed as administrators of Toro
Group on June 24, 2020.

VIRGIN AUSTRALIA: Administrators Agree to Sell Carrier to Bain
--------------------------------------------------------------
Patrick Hatch and Sarah Danckert at The Sydney Morning Herald
reports that Virgin Australia administrator Deloitte said it has
agreed to sell the bankrupt airline to American private equity
giant Bain Capital, after rival bidder Cyrus Capital Partners
withdrew its rescue offer due to a "lack of engagement".

SMH relates that Cyrus--which was a founding investor alongside
Richard Branson in Virgin America--said on June 26 that it was
pulling out of the sale because Deloitte had stopped returning
phone calls or replying to its emails.

According to SMH, Deloitte said in a subsequent statement that it
had entered into a sale and implementation deed with Bain that will
result in the sale and recapitalisation of Virgin.

Joint administrator Vaughan Strawbridge said in a statement that
Bain had presented a "strong and compelling bid" for Virgin that
would "secure the future of Australia's second airline". However,
neither Deloitte nor Bain would reveal the size of the bid, how
many jobs will be lost or how much would be paid to creditors,
which are owed AUD6.8 billion, SMH says.

Bain said it was committed to protecting "as many Virgin Australia
jobs as possible", honoring frequent flyer points and travel
credits for cancelled bookings and would back Virgin's current
management led by chief executive Paul Scurrah, SMH relays.

"We are determined to see that Australians have access to
competitive, viable aviation services for the long term," SMH
quotes Bain's local boss Mike Murphy as saying.

According to the report, the New York-headquartered Cyrus said that
after submitting a binding offer for Virgin June 22 as one of two
short-listed bidders, "administrators have not returned calls,
emails, or meaningfully engaged with Cyrus to progress its offer".

Cyrus said in a statement that as a result, it withdrew its offer
on June 26.

"I am disappointed that it has become necessary to withdraw our
offer," the report quotes Cyrus founder and chief investment
officer Stephen Freidheim as saying.  "Cyrus firmly believes that
the Australian aviation industry has a bright future and would be
willing to reinstate our offer if the administrators agree to
re-engage in good faith, productive discussions."

Virgin went into voluntary administration in April with debts of
AUD6.8 billion, setting off a months-long sale process. Deloitte
was set to name a preferred bidder out of Bain and Cyrus on June 30
and then put that to a vote of creditors in mid-August, SMH says.

SMH notes that the sale could also still be upended by a late
intervention from Virgin's unsecured bondholders who have presented
a proposal to take control and recapitalise the airline.

Cyrus' decision to drop out of the race will come as a blow to some
of the unions representing Virgin's 9000-strong workforce who
favored the group over Bain, the report states.

SMH adds that an insolvency expert with knowledge of the deal said
it was "highly unusual" for an administrator to stop taking calls
or responding to emails to one of the parties in a two-horse race.

"It tells me that they always wanted Bain," they said.

They said the bondholders could not be ruled out given their offer
to recapitalise the airline and pump in AUD1 billion in new cash
would have to be considered at an upcoming meeting of creditors to
vote on which offer they prefer, the report relays.

At that meeting, Deloitte will have to measure Bain's offer with
that from the bondholders to consider the rights of all creditors.
Sources close to the dealings said the Bain offer has little in the
way of a payout for bondholders who are owed AUD2 billion.

                      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.  

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, Bloomberg said. 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.

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

On April 29, 2020, the company and certain affiliates filed
petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.



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

CHINA HONGQIAO: Fitch Affirms LT IDR at BB-, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed aluminium producer China Hongqiao Group
Limited's Long-Term Foreign-Currency Issuer Default Rating at
'BB-'. The Outlook is Stable.

Hongqiao's ratings reflect its position as one of the world's
largest aluminium smelters, with a competitive cost base supported
by substantial economies of scale and low input costs. Hongqiao's
ratings are constrained by a possible surcharge on its captive
power-generation assets, which could significantly increase its
production costs.

The Stable Outlook reflects its expectation that Hongqiao's
industry-leading profitability will allow it to maintain net
leverage at a level that is commensurate with its rating, even
against the current backdrop of weakened domestic economic activity
and depressed commodity prices.

KEY RATING DRIVERS

Resilient Aluminum Profitability: A substantial operating scale and
first-quartile cost position protected Hongqiao against significant
pandemic-related losses stemming from suppressed manufacturing
activity and plunging commodity prices. The company's aluminum
profit quickly rebounded when the domestic economy opened up in
April and commodity demand picked up, which drove down inventory
and raised prices. Fitch believes domestic aluminum prices have
stabilised for the remainder of 2020 and expect Hongqiao's aluminum
gross profit per tonne to be around CNY1,500 in 2020 and CNY1,700
in 2021, down from CNY2,300 in 2019.

Surcharge Uncertainty: Fitch believes the possible implementation
of government surcharges, such as a renewable energy surcharge and
cross-subsidies, on Hongqiao's captive power-generation assets
would substantially increase its production costs in Shandong;
however, net leverage should still remain within the bounds of
Hongqiao's rating. The policy uncertainty continues to constrain
Hongqiao's rating.

Capacity Migration to Strengthen Profile: Hongqiao plans to move
around 1 million tonnes of aluminum production capacity (one sixth
of its total) to Yunnan province in southwestern China, from
Shandong, in 2020, with production ramping up in 2H20. Fitch
believes the capacity migration will be credit positive for
Hongqiao in the long term, due to better geographical
diversification. The new plant will also have access to cheaper
renewable energy and lower production costs, as well as policy and
funding support from the Yunnan provincial government. Fitch
expects the migration to have a net cost of around CNY1 billion,
resulting in annual capex of CNY4.5 billion in 2020 (2019: CNY3.4
billion). Hongqiao has indicated that if the migration is
successful, it may migrate another 1 million tonnes in 2022-2023.

Satisfactory Leverage: Hongqiao's net leverage has remained stable
at around 2.0-2.3x over the past three years, largely due to strong
cash flow from its aluminum business and moderate capex. Fitch
expects net leverage to increase to around 2.5x-2.6x in 2020 and
2021 due to weakened profitability from the pandemic's effect on
commodity prices, but still assess Hongqiao's leverage as low for
its rating.

Large Maturities in 1H21: Hongqiao has around CNY20 billion of
onshore notes due in 1H21, accounting for around a quarter of its
total debt. Fitch expects Hongqiao to refinance the onshore notes
with new issuance, but successful refinancing will depend on the
company's ability to access the onshore capital market and
prevailing market conditions. Fitch believes Hongqiao still has a
large cash balance to fall back on if it fails to refinance its
maturities, but this would weaken its liquidity and capital market
access.

DERIVATION SUMMARY

Comparable Fitch-rated peers include Alcoa Corporation
(BB+/Stable), United Company RUSAL Plc (B+/Stable) and Aluminum
Corporation of China (Chinalco; A-/Stable).

Hongqiao has a less sophisticated range of products than Alcoa, but
it maintains a comparable margin due to the scale and efficiency of
its core aluminium smelting business. Alcoa has a lower FFO
leverage than Hongqiao, but Fitch expects the gap to narrow.

Rusal benefits from its substantial size, low input costs and stake
in PJSC MMC Norilsk Nickel (BBB-/Stable). However, Fitch expects
Rusal's FFO net leverage to remain elevated in the near term, at
above 3.5x, due to the pandemic, whereas Hongqiao's net leverage
should remain below 3.0x.

Compared with Chinalco, Hongqiao has larger scale, higher
profitability and consistently maintains lower and less volatile
net leverage. However, Chinalco's rating benefits from government
support.

KEY ASSUMPTIONS

  - Total aluminum capacity of 6.5 million tonnes

  - Capex of CNY4.0 billion-4.5 billion each year between 2020 and
2023

  - 50% dividend pay-out ratio between 2020 and 2023

  - Aluminum price of USD1,560/tonne in 2020, USD1,600/tonne in
2021, USD1,800/tonne in 2022 and USD1,900/tonne in 2023 and beyond

RATING SENSITIVITIES

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

  - Clarity on the regulatory implications of the potential
imposition of a power surcharge, provided it does not damage the
company's financial metrics.

  - FFO net leverage sustained below 2.5x (2020F: 2.6x)

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

  - FFO net leverage above 3.5x for a sustained period

  - Significant deterioration in financial market access

  - Substantial increase in the power surcharge paid or large
payment of previously unpaid tariffs

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

Adequate Liquidity: Hongqiao had around CNY42 billion in cash at
end-2019, which was adequate to cover its short-term debt of around
CNY32 billion. Hongqiao also has an unutilised credit facility of
around CNY18 billion, as well as access to domestic and
international bond and equity markets. The company has around CNY20
billion in onshore notes due in 1H20, which is a large portion of
its total debt balance. It will need to rely on its ability to
access financial markets to successfully refinance these notes.

SUMMARY OF FINANCIAL ADJUSTMENTS

Restricted cash pledged against credit facilities accounted for as
readily available cash.

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).

LUCKIN COFFEE: Shares to be Delisted from Nasdaq
------------------------------------------------
Tonya Garcia at MarketWatch reports that Luckin Coffee Inc. said on
June 26 that it will be delisted from the Nasdaq.

MarketWatch relates that the Beijing-based coffee purveyor and
Starbucks Corp. rival, received two notices from the Nasdaq about
its failure to adhere to listing rules.

On May 22, Luckin requested a hearing on the issue, which had been
scheduled for June 25. The day before, Luckin withdrew the hearing
request and the company's shares will be suspended at the open of
business today, June 29.

According to MarketWatch, Luckin has been embroiled in a financial
misconduct investigation that has sent the stock plummeting 89%
over the past three months, led to the terminations of key
executives, including the chief executive, and contributed to a
delay in the company's annual report.

Luckin stock fell more than 32% in June 26 premarket trading after
the delisting news, MarketWatch says.

                        About Luckin Coffee

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

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

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

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

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



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

ADHITYA POLYFILMS: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said ratings for the INR8.00-crore bank facilities of Sri
Adhitya Polyfilms Pvt. Ltd. continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B-(stable)/A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term         0.67       [ICRA]B- (stable) ISSUER NOT
   Fund based/                  COOPERATING; Rating continues
   Term loans                   to remain in the 'Issuer Not
                                Cooperating' category

   Long Term-        5.00       [ICRA]B- (stable) ISSUER NOT
   Fund Based/CC                COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Short Term        2.25       [ICRA]A4 ISSUER NOT COOPERATING;  
   Non-Fund Based               Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Long-term/        0.08       [ICRA]B- (stable)/A4 ISSUER NOT
   short-term–                  COOPERATING; Rating continues to
   Unallocated                  remain in the 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Sri Adhitya Polyfilms Private Limited (SAPPL) was incorporated as a
private limited company in the year 2002 and the company commenced
its operations in 2003. SAPPL is engaged in manufacturing flexible
packaging material in roll form as well as pouch form, through the
printing and laminating of plastic films. The company initially
started with a capacity of 900 tonnes per annum (MTPA) and has
expanded to 2000 MTPA. The company largely caters to localized
demand from manufacturers of food products situated across Tamil
Nadu, Andhra Pradesh and Karnataka. SAPPL operates out of its
manufacturing facility at SIDCO Industrial Estate, Ambattur,
Chennai. It is managed by Mr. S. P. Mohan Subramanian and Mrs.
Vidhya Mohan who together take care of overall operations of the
company.

AJAY ENGICONE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said ratings for the INR10.00 crore bank facilities of Ajay
Engicone Pvt. Ltd. (AEPL) continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–        0.28      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Fund-based–        1.25      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Non fund based     8.47      [ICRA]D ISSUER NOT COOPERATING;
   Bank guarantee               Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in March 1997, AEPL constructs and maintains roads,
dams, canals and bridges in the states of Jharkhand and Bihar. The
company is registered as a Class-I contractor with the Road
Construction Department, Jharkhand. In 1997, it took over the
entire business of the partnership firm - M/s Ajay Construction,
which had been in the same line of business since 1982.

ALLIANCE GRANIMARMO: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA said ratings for the INR58.00-crore bank facilities of
Alliance Granimarmo Private Limited (AGPL) continues to remain
under 'Issuer Not Cooperating' category'. The Long term ratings and
Short Term ratings are denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        17.97      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating' category

   Short Term-       33.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
                                'Issuer Not Cooperating' category
  
   Short Term-        2.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based               Rating Continues to remain under
                                'Issuer Not Cooperating' category

   Long Term/         4.53      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term–                  COOPERATING; Rating Continues
   Unallocated                  to remain under 'Issuer Not
   Limits                       Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately
reflect the credit risk profile of the entity

Incorporated in 1998, Alliance Granimarmo Private Limited is
engaged in quarrying and processing of rough granite blocks into
slabs and tiles. The Company exports the granites slabs and tiles
to the USA, Europe, Africa, and Middle East. The company's
manufacturing facility is located in Tada, Andhra Pradesh, with a
processing capacity of 38 lakh square foot of granite slabs per
year. AGPL is part of the Gimpex group, which is mainly engaged in
sales of barite, coal, iron ore, mill scale, clinker, and
bentonite. The company's name was changed from Alliance Minerals
Private Limited to Alliance Granimarmo Private Limited, in November
2014.

ALOK GLASS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR9.00 crore bank facilities of Alok
Glass Works (AGW) continue to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/A4; ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–        5.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based–                  COOPERATING; Rating continues
   Cash Credit                  to remain under 'Issuer Not
                                Cooperating' category

   Long Term–        1.92       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based–                  COOPERATING; Rating continues
   Term Loan                    to remain under 'Issuer Not
                                Cooperating' category

   Short Term–       1.58       [ICRA] A4; ISSUER NOT
   Non fund Based               COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Mr. Nannumal Agarwal and his brother Mr. Aditya Agarwal established
AGW as a partnership firm in 1987. Mr Mohit Agarwal who joined the
firm in 1998 is currently managing it. The firm is engaged in the
manufacturing of glass products such as glass bangles, glass
chimneys and other glassware. The firm's manufacturing unit located
in district Firozabad, Uttar Pradesh, has an area of 1.06 lakh
square feet and has daily production of 35 metric tones of glass.

ARNAV TECHNOSOFT: ICRA Keeps D INR15cr Debt Rating in Not Coop.
---------------------------------------------------------------
ICRA said rating for the INR15.00 crore bank facilities of Arnav
Technosoft Private Limited continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       15.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in 2007, ATPL is a real estate developer and is
executing its maiden project in Noida (Uttar Pradesh). The project
involves construction and leasing of a corporate office building in
Sector 16 A in Noida. ATPL is part of the SDS group which is
engaged into real estate construction spanning across group housing
projects, integrated townships, commercial space and IT park in
Noida and Greater Noida regions of Uttar Pradesh. The group is
headed by Mr. Deepak Bansal and Mrs. Anshul Bansal.

ASHOK HANDLOOMS: ICRA Reaffirms B Rating on INR5.60cr Loan
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Ashok
Handlooms Factory Private Limited (AHFPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–
   Cash Credit       5.60       [ICRA]B(Stable); Reaffirmed

Rationale

The rating reaffirmation takes into account the small scale of
operations and stagnant revenues of AHFPL. The company's revenues
remained flat in FY2019 and FY2020, with a CAGR of -7.5% during
FY2015-FY2020, owing to tepid demand in the handloom and bed sheet
segments.

ICRA takes note of the building up of finished goods inventory and
high debtors leading to a stretched liquidity position, as
reflected by the high utilisation of working capital limits at ~98%
during the 12-month period ending on February 2020. Further, the
rating notes its weak financial profile characterised by a high
gearing of 7.5 times and TOL/TNW of 10.3 times as on February 29,
2020. The coverage metrics remained weak with interest coverage of
1.4 times and TD/OPBITDA of 8.3 times in the same period. The
rating factors in the vulnerability of the company's profitability
to volatility in raw material prices, although it remained stable
in the range of 9.0-9.5% during the past three years.

The rating, however, is supported by AHFPL's long track record of
operations in the bed sheet manufacturing segment and its
established relationships with customers and suppliers. ICRA notes
the company's low counterparty credit risk, given that a
significant proportion of its sales are derived from reputed
players.  

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that AHFPL will continue to benefit from the extensive experience
of its promoters and derive benefit out of its established
relationship with suppliers and customers.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters: The company's promoters have
more than five decades of experience in the
textile industry.

* Established relationship with customers and low counterparty
credit risk: AHFPL has established relationships with reputed
customers such as Avenue Supermarts Limited (ASL), which is its
largest customer, contributing to ~49% of the 11M FY2020 revenues
and ~47% of the FY2019 revenues.

Credit challenges

* Small scale of operations: The company's scale of operations
remains small with estimated revenues of INR17.42 crore in FY2020,
which had declined by 0.13% YoY. Its estimated CAGR stood at -7.5%,
during the five-year period between FY2015 and FY2020.

* Margins exposed to fluctuation in raw material prices: The
company's margins are dependent on the prices of its major raw
materials, i.e. yarn.

* Weak financial profile: AHFPL's financial profile remained weak,
characterised by high gearing of 7.5 times and TOL/TNW of 10.3
times as on February 29, 2020. Its coverage metrics remained weak
with interest coverage of 1.4 times and TD/ OPBITDA of 8.3 times in
the same period.

* Fragmented industry and intense competition: AHFPL operates in a
fragmented industry comprising many small players in the
unorganised segment. This results in intense competition and
pricing pressure, which constrains its margins.

Liquidity position: Stretched

The liquidity position remains stretched as reflected by high
utilisation on the working capital limits of ~98% during the
12-month period that ended in February 2020. Further, the company
has no repayments over the next three years. It reported low cash
balances of INR0.01 crore and support by way of unsecured loans
from promoters worth INR8.79 crore as on February 29, 2020.

Rating sensitivities

Positive triggers - ICRA could upgrade AHFPL's rating if the
company demonstrates a consistent revenue growth, coupled with
higher profits on a sustained basis. Improved working capital
intensity and liquidity will also be a positive factor for a rating
upgrade.

Negative triggers - Negative pressure on the rating could arise if
there is any moderation in the company's revenues and/or its
profitability.

AHFPL was established in 1946 as a proprietorship firm and was
converted into a private limited company in 1989. It manufactures
home linen items such as bed sheets, bed linen, pillow cases,
cushion cover sets, curtains, and drapes, which are marketed under
the brand name Sonalika. In addition, AHFPL manufactures power-loom
printed cloth and fabric, which are directly marketed to
wholesalers, trading firms, etc. The company operates through its
production centre in Meerut with an installed capacity of 5,000
m/day.

BALAJI TEXTILES: ICRA Keeps B- INR5cr Debt Rating in Not Coop.
--------------------------------------------------------------
ICRA said the ratings for the INR5.00-crore bank facilities of Sri
Balaji Textiles (SBT) Continues to remain under 'Issuer Not
Cooperating' category'. The Long term ratings are denoted as
"[ICRA]B-(Stable) ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        5.00       [ICRA]B-(Stable); ISSUER NOT
   Fund Based                   COOPERATING; Rating Continues
   Facilities                   to remain under 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Promoted in 1994 by Mr. C. Rajendran, Sri Balaji Textiles (SBT) is
proprietorship firm engaged in manufacturing of Melange yarn,
predominantly in the 20- 40's count range, which is used by garment
industries in manufacturing of Tshirts. SBT has its manufacturing
unit located in Coimbatore district (TN).

BAZARGAON PAPER: ICRA Withdraws C+ Rating on INR7.25cr Debt
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]C+ and short-term
rating of [ICRA]A4 to the INR10.00 crore limits of Bazargaon Paper
& Pulp Mills Private Limited. The rating has been withdrawn in
accordance with ICRA's policy on withdrawal and suspension, at the
request of the company. ICRA does not have adequate information to
suggest that the credit risk has changed
since the time the rating was last reviewed.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–       7.25       [ICRA]C+; Withdrawn
   Cash Credit       

   Non-fund-based–   0.50       [ICRA]A4; Withdrawn
   Bank Guarantee    

   Unallocated       2.25       [ICRA]C+/[ICRA]A4; Withdrawn

Key rating drivers and their description:

Key rating drivers has not been captured as the rated instruments
are being withdrawn.

Liquidity Position:
Liquidity position has not been captured as the rated instrument is
being withdrawn.

Rating sensitivities:
Rating sensitivities have not been captured as the rated instrument
is being withdrawn.

Incorporated in 1982, Bazargaon Paper & Pulp Mills Private Limited
(BPML) started commercial production from 1989. The company is
engaged in the manufacturing of kraft paper of various grades viz.
14 BF, 16 BF, 18 BF, 22 BF, 24 BF and 28 BF (BF stands for Burst
Factor and signifies the strength quality of the paper)—which
finds application in the packaging industry, especially for making
corrugated boxes. BPML's manufacturing unit is in Nagpur
(Maharashtra). Over the years, the company has undergone several
phases of expansion. It commenced with a production capacity of
2,500 metric tonne per annum (MTPA) in 1989, which has been
enhanced to 33,000 MTPA over the last 20 years.

BETTERMAN ENGINEERS: ICRA Reaffirms B Rating on INR6cr Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Betterman
Engineers Private Limited (BEPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-
   Cash Credit       6.00       [ICRA]B (Stable); Reaffirmed

   Non-Fund Based–
   Bank Guarantee   10.00       [ICRA]A4; Reaffirmed

Rationale

The ratings continue to be constrained by the BEPL's modest scale
of operation and the fragmented and intensely competitive nature of
the company's business, which keep its profits and cash accruals
under check, leading to weak debt coverage indicators. BEPL's
working capital intensity of operations remained high owing to its
stretched receivable cycle and high inventory holding period,
exerting pressure on its liquidity, as reflected by the full
utilisation of the company's fund-based working capital limit. The
ratings also take into the account BEPL's exposure to the
cyclicality inherent in the capital goods sector that resulted in a
significant revenue volatility in the past years. Besides, the
company is exposed to high client concentration risk as around 82%
of the revenues was generated from a single customer in FY2019.

The ratings, however, positively factor in the long experience of
the promoters in the fabrication of furnace components and air
pollution control equipment as well as the company's satisfactory
product quality and established relationship with the key
customers, leading to repeat orders. The Stable outlook on the
[ICRA]B rating reflects ICRA's opinion that BEPL will continue to
benefit from the long experience of its promoters and its
established track record in the industry.

Key rating drivers and their description

Credit strengths

* Experience of the promoters in the steel fabrication business,
especially furnace components and air pollution control Equipment:
BEPL is involved in fabrication of heavy iron and steel structures
like boiler columns, ducts, furnace structure, chimneys etc.
primarily required for pollution control system in power plants,
integrated iron and steel plants and sugar plants among others. The
company acts as a sub-vendor for main contractors, which include
large corporates.  BEPL's specialisation in setting up pollution
control systems including electrostatic precipitators provides
competitive advantage, to an extent.

* Repeat orders from reputed clients, reflecting satisfactory
product quality: Long experience of the promoters in the business
coupled with a satisfactory product quality enabled BEPL to
establish good relationships with its customers, which in turn led
to repeat orders from them.

Credit challenges

* Modest scale of operations as well as fragmented and competitive
nature of the industry kept profits, and cash
accruals under check, leading to weak debt coverage metrics: The
company's scale of operation remained modest, notwithstanding an
improvement in the same in FY2020. Besides, the highly fragmented
industry structure and an intense competition among the players
kept the profits and net cash accruals of the company under check.
As a result, BEPL's debt coverage metrics also remained modest, as
reflected by an interest coverage of 1.76 times, net cash accrual
relative to total debt of 7% and total debt relative to OPBDITA of
4.86 times in FY2019.

* Exposure to cyclicality inherent in the capital goods sector, as
reflected by a significant revenue volatility in recent Years:
BEPL's performance remained exposed to the cyclicality inherent in
the capital goods sector, as reflected by a significant revenue
volatility in the recent years. In FY2019, the company's operating
income declined by around 15% to INR19.13 crore from INR22.41 crore
in FY2018. However, BEPL's operating income improved significantly
by around 53% in FY2020 to INR29.33 crore (as per the provisional
figure) owing to an improvement in the order inflow and average
realisations.

* High client concentration risk: The client base of the company is
highly concentrated, with a single customer accounting for around
82% of the company's total turnover in FY2019. Moreover, BEPL's
bargaining power against large customers remains limited.

* High working capital intensity of operations led to full
utilisation of the working capital limit, exerting pressure on
liquidity: The company's working capital intensity of operations
remained high historically, as reflected by the net working capital
relative to the operating income of 65% in FY2019, owing to a
stretched receivable cycle and high inventory holding period. This
kept BEPL's liquidity under pressure, resulting in full utilisation
of the fund-based working capital facility.

Liquidity position: Stretched

BEPL's liquidity position remained stretched. The company's
fund-based working capital limit remained fully utilised in most of
the recent months and its free cash balance remained modest. BEPL's
cash flow from operations stood at a negative level in FY2019.
Nevertheless, the company's long-term debt repayment obligation is
nominal and it does not have any major capital expenditure plan.

Rating sensitivities

Positive triggers – ICRA may upgrade BEPL's ratings if its
turnover and profitability improve significantly on a sustained
basis, aided by a healthy inflow of fresh orders with relatively
better margins.

Negative triggers – Pressure on BEPL's rating may emerge if a
further stretch in the working capital cycle adversely impacts its
liquidity. In addition, a significant delay in order execution
and/or a decline in order inflow may affect BEPL's revenues,
leading to a downgrade of ratings.

Incorporated in 2002, Betterman Engineers Private Limited (BEPL) is
mainly involved in the fabrication of air pollution control
equipment and furnace components, which are primarily used in power
plants, integrated iron and steel plants, sugar plants etc. The
company has two manufacturing units at Chamrail and Uluberia in
West Bengal.

CHVV SUBBA: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR23.00 crore bank facilities of
CHVV Subba Rao continue to remain under Issuer Not Cooperating
category.  The long-term & short-term rating is denoted as
[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        2.00       [ICRA]B+(Stable); ISSUER NOT
   Fund Based/CC                COOPERATING; Rating continue
                                to remain under the 'Issuer Not
                                Cooperating' category

   Short-term Non   10.00       [ICRA]A4; ISSUER NOT COOPERATING;
   fund based                   Rating continue to remain under
   Facilities                   the 'Issuer Not Cooperating'
                                category

   Long Term/       11.00       [ICRA]B+(Stable)/A4; ISSUER NOT
   Short Term-                  COOPERATING; Rating continue to
   Unallocated                  remain in 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

CHVV Subba Rao was incorporated as a proprietorship concern in 1995
to undertake civil engineering projects pertaining to the
comprehensive protected water supply and sanitation (CPWS&S) in
Andhra Pradesh. The civil work includes laying of pipelines for
water supply, tapping of surface water, construction of filtration
plants for brackish water and fluoride water etc, construction of
over-head tanks etc. The entity executes these projects for the
Government of Andhra Pradesh under various schemes of Andhra
Pradesh Rural Water Supply and Sanitation (RWS&S). At present, the
firm is executing a railway project for the West-Central Railways.

DHANURDHAR PROCESSORS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Dhanurdhar Processors Private Limited

        Registered office:
        Survey No. 146/3, Block No. 165
        Plot No. 165/1, Village-Jolva
        Taluka-Palsana
        Jova GJ 394305

Insolvency Commencement Date: June 5, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: December 2, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Rajeev Saxena

Interim Resolution
Professional:            Mr. Rajeev Saxena
                         102, Manas Bhawan Extension
                         11, RNT Marg
                         Indore 452001
                         E-mail: rsaxenaca@gmail.com

Last date for
submission of claims:    July 2, 2020


DSK SHIVANJIANS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: DSK Shivanjians Football Club Private Limited
        S.No. 326/2, Mumbai Bangalore Highway
        Bawdhan, Pune
        Maharashtra 411021

Insolvency Commencement Date: June 10, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 7, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Arun Kumar Gupta

Interim Resolution
Professional:            Mr. Arun Kumar Gupta
                         E-505, Oberoi Splendor
                         Jogeshwari Vikhroli Link Road
                         Jogeshwari (East)
                         Mumbai Suburban
                         Maharashtra 400060
                         E-mail: akgupta.rp@gmail.com

                            - and -

                         C/o DMKH & Co., Chartered Accountants
                         803/804 Ashok Heights
                         Old Nagardas X Road
                         Gundavali, Andheri (East)
                         Mumbai 400069
                         Tel.: 26824800/4900
                         E-mail: dskshivajian.irp@gmail.com

Last date for
submission of claims:    July 6, 2020


ELECTROPATH SERVICES: ICRA Keeps D Debt Ratings in Not Coop.
------------------------------------------------------------
ICRA has continued the long-term and short-term ratings for the
bank facilities of Electropath Services (India) Private Limited to
the 'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        21.27      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/                  Rating continues to remain in the
   Cash Credit                  'Issuer Not Cooperating' category

   Short Term-       28.73      [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund                     Rating continues to remain in the
   Based-Bank                   'Issuer Not Cooperating' category
   Guarantee         
                                
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile
of the entity.

Established in 2006, ESIPL is engaged in executing turnkey power
projects for Maharashtra State Electricity Distribution Company
Limited (MSEDCL). The company provides services like designing,
erecting, commissioning, testing for project like electricity
distribution and transmission lines, electricity distribution
transformer centers,  substations, etc. The promoter, Mr. Sambhaji
Nathrao Gitte has experience of more than two decades in electrical
contracting.

FORTUNE'S SPARSH: ICRA Keeps D INR7.50cr Debt Rating in Not Coop
----------------------------------------------------------------
ICRA has continued the long-term ratings for the bank facilities of
Fortune's Sparsh Healthcare Private Limited to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–        7.50      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain in the
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Fortune's Sparsh Healthcare Private Limited is promoted by Dr.
Rahul Bade, Dr. Vikas Kude, Dr. Amit Wagh and Mr. Vinod Adaskar.
The company operates a 70 bedded super specialty hospital at
Somatane Phata which is close to 30 kms from Pune.

HARISUN CERAMIC: ICRA Withdraws B+ Rating on INR6.21cr Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term and short-term ratings assigned to
Harisun Ceramic Pvt. Ltd. (HCPL) at the request of the company,
based on the no objection certificate provided by its banker. ICRA
is withdrawing the rating and that it does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. ICRA has withdrawn the Stable outlook on the
long-term rating.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-   
   Term Loan          6.21      [ICRA]B+ (Stable); Withdrawn

   Fund-based-
   Cash Credit        3.00      [ICRA]B+ (Stable); Withdrawn

   Non-fund
   Based-Bank
   Guarantee          1.25      [ICRA]A4; Withdrawn

Key rating drivers and their description

Key rating drivers have not been captured as the rating is being
withdrawn.

Liquidity position
Not captured as the rating is being withdrawn.

Rating sensitivities
Not captured as the rating is being withdrawn.

HCPL was established as a private limited company in 2014 by Mr.
Dilip Kaila along with other family members and relatives. The
company manufactures digitally printed ceramic wall tiles since
April 2015. The manufacturing unit is located at Morbi, Gujarat and
it has an installed capacity to produce 40,00,000 boxes of ceramic
wall tiles per annum in four sizes - 10"X15", 10"X16", 12"X12" and
12"X18". It is managed by Mr. Dilip Kaila, Mr. Ghanshyam Viramgama
and Mr. Hasmukhbhai Kaila.

HARITHA FERTILISERS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA said ratings for the INR35.00 crore bank facilities of Haritha
Fertilisers Limited continue to remain under Issuer Not Cooperating
category. The long-term & short-term rating is denoted as [ICRA]D/D
ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        31.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based CC                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Long Term/         4.00      [ICRA]D; ISSUER NOT COOPERATING;  

   Short Term-                  Rating Continues to remain under
   Unallocated                  the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in 2006, HFL is involved in the manufacturing of
nitrogen-phosphorous-potassium (NPK) fertilisers. The company has
two manufacturing facilities with installed capacity of 1.50 lakh
metric tonne per annum each. The unit-I is located at
Ankireddypalli village in Ranga Reddy district and unit-II is
located at Damaracherla village in Nalgonda district of Telangana.
The company sells products under own brand "Nandi" in Telangana.

JONAS PETRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said ratings for the INR7.00-crore bank facilities of Jonas
Petro Products Private Limited continues to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term–         0.75      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Long-term–         2.84      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Long-term–         1.91      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                  Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Short-term–        0.05      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee               Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Short-term–        1.45      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                  Rating continues to remain in the
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Jonas Petro Products Private Limited (JPPPL) was established in the
year 2010 and is engaged in conversion of waste oil to recycled
fuel oil/reclaimed fuel oil (RFO). JPPPL has a storage and
processing unit of 12000 kilo liter per annum situated in
Mangalore, Karnataka. The company also has a well-equipped
wastewater treatment facility. The company commenced its operations
in April 2012.

KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said ratings for the INR9.14 crore bank facilities of Khodal
Cotton Processing Private Limited (KCPPL) continue to remain under
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–        0.14      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Fund-based–        9.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Established in 2011, Khodal Cotton Processing Private Limited
(KCPPL) is a private limited company. The company is managed by
four directors namely Mr. Mansukhbhai Ajani, Mr. Lalitbhai Ajani,
Mr. Maheshbhai Bhayani and Mr. Ashvinbhai Ajani. The company is
engaged in ginning and pressing of raw cotton. KCPPL's
manufacturing facility is located 2 at Jangvad, Rajkot District in
Gujarat and is currently equipped with 24 ginning machines and one
pressing machine to produce cotton bales and cottonseeds. KCPPL has
an installed capacity to produce 280 cotton bales per day (24 hours
operation).

M L RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------
ICRA said ratings for the INR23.50 crore bank facilities of M L
Rice Mills continue to remain under Issuer Not Cooperating
category. The long-term rating is denoted as [ICRA]B+ ISSUER NOT
COOPERATING with a Stable outlook.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term          1.50      [ICRA]B+ (Stable); ISSUER NOT
   Fund based TL                COOPERATING; Rating Continues
                                to remain under the 'Issuer Not
                                Cooperating' category

   Long term         22.00      [ICRA]B+ (Stable); ISSUER NOT
   Fund based/CC                COOPERATING; Rating Continues
                                to remain under the 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

M L Rice Mill is a partnership firm established in 1983 promoted by
Mr. Janak Raj and his family members. The firm is primarily engaged
in milling of basmati rice. The firm is also engaged in converting
semi processed rice into parboiled Basmati rice. MRM's milling unit
is based out of Jalalabad, Distt. Ferozpur, Punjab which is in
close proximity to the local grain market.

PRAGYA RICE: ICRA Keeps B+ INR8cr Cash Credit in Not Cooperating
----------------------------------------------------------------
ICRA said rating for the INR8.00 crore bank facilities of Pragya
Rice Mill continues to remain under Issuer Not Cooperating
category. The long-term rating is denoted as [ICRA]B+ ISSUER NOT
COOPERATING with a Stable outlook.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       8.00       [ICRA]B+ (Stable); ISSUER NOT
                                COOPERATING; Continues to remain
                                under the 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in 2013, Pragya Rice Mill is a partnership firm
engaged in milling, processing and sorting of non-basmati rice. The
concern has its plant at Rai Bareli (U.P.) with a milling capacity
of 4 tonnes per hour. The firm started its commercial operations in
September 2014 and primarily sells non basmati (Sama Mansoori) rice
through export as well as domestic sales. The direct exports are
made to Nepal and the balance is sold through exporters to
countries like Dubai, Saudi Arabia etc.

RADIUS WATER: ICRA Cuts Rating on INR19.94cr Loan to B+
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Radius
Water Limited (RWL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based       19.94       [ICRA]B+ (Stable); ISSUER NOT
   Limits–Term                  COOPERATING; Rating downgraded
   Loan                         from [ICRA]BB+ (Stable) and
                                continues to remain under
                                'Issuer Not Cooperating' category

   Untied Limits     6.06       [ICRA]B+ (Stable)/[ICRA]A4;
                                ISSUER NOT COOPERATING;
                                Rating downgraded from
                                [ICRA]BB+ (Stable)/[ICRA]A4+
                                and continues to remain under
                                'Issuer Not Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding RWL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Radius Water Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Incorporated in 1998, RWL is a special-purpose vehicle (SPV),
promoted by Radius Corporation Limited. It supplies raw as well as
treated water and provides services for industrial effluent
treatment and disposal to industries located in Borai Industrial
Growth Centre (BIGC) at Durg, Chhattisgarh, with a water storage
capacity of 60 million litres per day (MLD). The project has been
executed on build, own, operate and transfer (BOOT) basis under the
public-private partnership (PPP) model as per the concession
agreement signed between RWL and Chhattisgarh State Industrial
Development Corporation Limited [CSIDC, erstwhile M.P. Audyogik
Kendra Vikas Niram (R) Ltd.]- a nodal agency for industrial
development in Chhattisgarh. The project is also sponsored by
CSIDC.

RAJASTHAN TUBE: ICRA Keeps B INR20cr LT Loan in Not Cooperating
---------------------------------------------------------------
ICRA said ratings for the INR32.25 crore bank facilities of
Rajasthan Tube Manufacturing Company Limited continue to remain
under Issuer Not Cooperating category. The long-term rating is
denoted as [ICRA]B ISSUER NOT COOPERATING with a Stable outlook.
The short- term rating is denoted as [ICRA]A4 ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term         20.00      [ICRA]B (Stable); ISSUER NOT
   Fund based CC                COOPERATING; Rating Continues
                                to remain under the 'Issuer Not
                                Cooperating' category

   Short term        12.25      [ICRA] A4; ISSUER NOT
   Non-Fund based               COOPERATING; Rating Continues
                                to remain under the 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

RTL was incorporated in 1985 and became a public limited company in
1995. The main products of the company include ERW (Electric
resistance welding) steel pipes, with size ranging from 15 mm to
250 mm. The company's manufacturing facility is located at Jaipur
(Rajasthan) and has an annual capacity of 45,000 Metric Tonnes Per
Annum (MTPA). The pipes manufactured by the company have varied
applications in water, gas and sewage pipes, structural purposes,
idlers/conveyors, water wells (casing pipes) etc.

REGENCY GANGANI: ICRA Keeps D INR49.71cr Debt Rating in Not Coop.
-----------------------------------------------------------------
ICRA said the rating for the INR49.71 crore bank facilities of
Regency Gangani Energy Private Limited continues to remain under
Issuer Not Cooperating category. The long-term rating is denoted as
[ICRA]D ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term        49.71       [ICRA]D ISSUER NOT COOPERATING;
   Fund based                   Continues to remain under the
   Term Loan                    'Issuer Not Cooperating' category


ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Regency Gangani Energy Private Ltd (referred as RGEPL) is a company
promoted by the Regency group to develop, own and operate a 9.5 MW
small hydro power (SHP) project (referred to as Gangani) in
Uttarkashi District of Uttaranchal. The Gangani is a run of river
type scheme on River Yamuna, which will utilize the flows of the
river to harness approximately 67 m of net head available between
the forebay site and the power house. The scheme envisages
diversion of inflows by constructing trench weir across the river.
The diverted flows will be carried to 2 horizontal axis Francis
Turbines of capacity 4.75 MW each through desilting tank, cut and
cover type power channel, forebay and penstocks. The electricity
produced at 3.3 kV will be stepped upto 33 kV and evacuated to the
UPERC pooling substation via a 4 km single circuit 33 kV
transmission line The project is expected to generate 46 MU in a
75% dependable year (55% PLF) and is exempt from providing free
power to the government for the first 12 years of operation. These
power generation estimates are based on the studies conducted by
UPCL in consultation with the company. In addition, Regency group
employees have been monitoring the site characteristics since 1994
and their data validates this hydrology.

REGENCY YAMUNA: ICRA Keeps D INR21.37cr Loan in Not Coop
--------------------------------------------------------
ICRA said the rating for the INR21.37-crore bank facility of
Regency Yamuna Energy Limited continues to remain under 'Issuer Not
Cooperating' category. The Long-term rating is denoted as "[ICRA] D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term         21.37      [ICRA]D ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain in
   Term Loan                    the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Regency Yamuna Energy Ltd (referred as RYEL) is a company promoted
by the Regency group to develop, own and operate a 5.70 MW small
hydro power (SHP) project (referred to as Badyar Project) in
Uttarkashi District of Uttarakhand. The Badyar is a run of river
type scheme on River Badyar, which will utilize the flows of the
river to harness approximately 126 m of net head available between
the forebay site and the power house. The scheme envisages
diversion of inflows by constructing trench weir across the river.
The diverted flows will be carried to 2 horizontal axis Francis
Turbines of capacity 2.85 MW each through desilting tank, cut and
cover type power channel, forebay and penstocks. The power will be
generated at 3.3 KV which was stepped upto 33 KV by two number step
up transformers of 3 MVA each of 3.3 / 33 KV ratios which will be
taken to 33 KV bus of the switch yard. The metering will be done at
Power House and Grid connectivity at Rajtar at 2.5 km from the
Power House. The project is expected to generate 28.44 MUs in a 72%
dependable year (57.08% PLF). These power generation estimates are
based on Regency group employees who have been monitoring the site
characteristics since 1994 and their data validates this hydrology.

RELIANCE INDUSTRIAL: ICRA Keeps B- Debt Ratings in Not Coop
-----------------------------------------------------------
ICRA said ratings for the INR10.50 crore bank facilities of
Reliance Industrial Consortium Limited (RICL) continue to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B- (Stable); ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        1.50       [ICRA]B- (Stable) ISSUER NOT
   Limit–Cash                   COOPERATING; Rating continues
   Credit                       to remain under 'Issuer Not
                                Cooperating' category

   Fund based        4.70       [ICRA]B- (Stable) ISSUER NOT
   Limit–e-DFS                  COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Unallocated       4.30       [ICRA]B- (Stable) ISSUER NOT
   Limits                       COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in 1985, Reliance Industrial Consortium Limited (RICL)
is an authorised dealer of Tata Motors Limited (TML) since 2005.
The company sells and services vehicles along with spare parts and
accessories. RICL has three 3-S facilities (sales-services-spares),
located in Malda, Siliguri and Behrampore in West Bengal. The
company is promoted by the Kolkata-based Himatsingka family, who
has long experience in the automotive-dealership industry.

ROYALS MARINE: ICRA Moves B+ Rating on INR10cr Loan to Not Coop
---------------------------------------------------------------
ICRA has moved the ratings for the INR10.00-crore bank facilities
of Royals Marine Food Pvt Ltd to 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–        10.00      [ICRA]B+(Stable); ISSUER NOT
   Unallocated                  COOPERATING; Rating Moved to
                                issuer not cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Royals Marine Food Private Limited was incorporated in Dec 2015
under the name of M/s. R.K. Builders & Developers India Pvt. Ltd
and had not undertaken any commercial operations. In FY2018, the
company changed its name to "M/s. Royals Marine Food Private
Limited". The company is setting up a shrimp feed manufacturing
unit with an initial capacity of 5T/ hr and subsequently double its
capacity by FY2020. The total project cost is estimated at Rs 33.0
crore which is proposed to be financed by term loan of INR10.0
crore (30.0%) and equity contribution of INR23.0 crore (70.0%) and
expected to begin commercial operations from February 2019. As on
November 30, 2018, the company has incurred INR16.54 crore (50.2%
financial progress) and is in line with the schedule.

SRINIVASA SALES: ICRA Lowers Rating on INR9.70cr Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Srinivasa Sales and Service Pvt. Ltd (SSSPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-Fund      9.70      [ICRA]B+(Stable) ISSUER NOT
   Based/CC                      COOPERATING; Rating downgraded
                                 from [ICRA]BB- (Stable) and
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Long Term-Fund      7.50      [ICRA]B+(Stable) ISSUER NOT
   Based TL                      COOPERATING; Rating downgraded
                                 from [ICRA]BB- (Stable) and
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Short Term-         6.30      [ICRA]A4 ISSUER NOT COOPERATING;
   Non-Fund Based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Long Term/          1.61      [ICRA]B+(Stable)/[ICRA]A4 ISSUER
   Short Term-                   NOT COOPERATING; Rating
   Unallocated                   downgraded from [ICRA]BB-
                                 (Stable)/[ICRA]A4 and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

Rationale

The rating is downgraded because of lack of adequate information
regarding SSSPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Srinivasa Sales And Service Pvt. Ltd, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Srinivasa Sales & Service Pvt. Ltd. (SSSPL) is the authorised
distributor for sales and providing after sales services for the
products manufactured and marketed by Cummins India Limited. The
company has distributorship for 17 districts of Andhra Pradesh and
Telangana state covering all districts in Telangana and East
Godavari, Guntur, Krishna, Prakasam, Srikakulam, Vishakhapatnam,
Vizianagram, and West Godavari districts. The company is the
nonexclusive dealer for CIL however as on date SSSPL is the only
authorised dealer for the above-mentioned districts and the
agreement is valid till December 31, 2017 and is renewed on yearly
basis. The company has three branches in Hyderabad, Vijayawada and
Vishakhapatnam. The company also undertakes servicing of old
engines sold by CIL and others; CIL enters AMC with bulk customers
for servicing of CIL engines and other branded engines.

UNISHIRE REGENCY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Unishire Regency Park LLP
        No. 42, Castle Street
        Ashok Nagar
        Bangalore 560025

Insolvency Commencement Date: May 25, 2020

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: November 24, 2020

Insolvency professional: Mr. V S Varun

Interim Resolution
Professional:            Mr. V S Varun
                         Flat No. 1B-108
                         The Tree by Provident
                         2nd Main Road
                         Herohalli
                         Off Magadi Road
                         Bangalore 560091
                         E-mail: vsvarun@yahoo.com

Last date for
submission of claims:    June 18, 2020


VIJAY TRADING: ICRA Keeps D INR10cr Debt Rating in Not Cooperating
------------------------------------------------------------------
ICRA said rating for the INR10.00-crore bank facility of Vijay
Trading Company continues to remain under 'Issuer Not Cooperating'
category. The Long-term rating is denoted as "[ICRA] D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-      10.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain in the
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Vijay Trading Company trades cotton and mustard seeds, oils and
cakes. The location of the firm at Muktsar in Punjab facilitates
raw material procurement as the city is located in the cotton belt
of Punjab and near the mustard producing states of Rajasthan and
Haryana. The firm procures raw materials from traders and brokers
and sells its products to traders and oil mills in Punjab.



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

WIJAYA KARYA: Fitch Affirms BB LT IDRs, Alters Outlook to Negative
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on the ratings of Indonesian
state-owned construction company PT Wijaya Karya Tbk to Negative
from Stable. The Long-Term Foreign- and Local-Currency Issuer
Default Ratings are affirmed at 'BB'. At the same time, Fitch
Ratings Indonesia has revised the Outlook on WIKA's National
Long-Term Rating to Negative from Stable and affirmed the rating at
'AA-(idn)'.

Fitch has also revised WIKA's Standalone Credit Profiles to 'b' and
'bbb+(idn)' from 'b+' and 'a-(idn)', respectively. The revision of
the SCPs reflects its expectations of a sustained weakening in its
financial profile after the coronavirus pandemic. Fitch forecasts
its net leverage (measured by debt net of seasonally adjusted cash/
EBITDA) to be around 4.5x in the next four years, considerably
higher than the average of around 1.5x in the past five years.

Fitch expects the pandemic to significantly impact WIKA's
performance in 2020, although Fitch expects the company's financial
profile to improve by 2021, driven by a recovery in economic
activities. However, WIKA's medium-term investment pipeline and
capex for large projects to support the government's infrastructure
drive will result in leverage remaining above the pre-pandemic
level for an extended period. The SCPs also continue to reflect its
small operating scale relative to peers, and its robust order
book.

The pace of recovery is highly dependent upon the governments'
efforts to control the outbreak domestically. In the event of a
strong rebound in business and commercial activities in 2H20, WIKA
would be well-positioned to restore its operating performance. The
Negative Outlook on the ratings captures the risk that the recovery
may be delayed or the downturn may be deeper than expected, which
could result in a larger-than-expected decline in WIKA's operating
earnings.

The affirmation of the IDRs reflects its view that WIKA warrants up
to three notches of rating uplift from its SCP for government
support given its strategic importance to Indonesia's
infrastructure development programme. WIKA's support score under
its Government-Related Entities Rating Criteria is 15, which with
the six-notch distance between WIKA's SCP and the sovereign rating
(BBB/Stable), could lead to either a two or three-notch uplift
being included in WIKA's IDRs.

Fitch has chosen a three-notch uplift because of WIKA is one of the
largest state-owned construction companies, with a strong record of
executing large strategic infrastructure projects. State-owned
companies lead the infrastructure programme, which not only
requires participants to overcome regulatory and bureaucratic
hurdles, but also requires investments in projects that have long
payback periods on behalf of the government. In addition, these
projects are largely turnkey contracts where payments are received
only upon completion, which puts pressure on companies' financial
performance. Therefore, private-sector and foreign companies tend
to shy away from government projects, increasing the government's
reliance on, and importance of, large state-owned companies, such
as WIKA.

'AA' National Ratings denote expectations of a very low level of
default risk relative to other issuers or obligations in the same
country or monetary union. The default risk inherent differs only
slightly from that of the country's highest rated issuers or
obligations

KEY RATING DRIVERS

Deterioration in Financial Profile: Fitch expects WIKA's leverage
to rise to 5.2x (2019: 3.6x) in 2021 and remain around 4.5x in the
medium term. Fitch believes the company's role in the government's
infrastructure programme will expand its investment pipeline and
raise its capex needs in the next few years. Work on new contracts
that halted in 1H20 will gradually resume and WIKA will rush to
complete backlog, so Fitch expects project completions to pick up
in 2021. Fitch expects WIKA to continue to rely on debt to bridge
the free cash flow deficit associated with its government
contracts.

In the past two years, WIKA had IDR4.3 trillion in capex and
investments annually (11%-14% of revenue), much higher than the
4%-5% in 2014-2017. Its rating case assumes WIKA's capex and
investments will remain high over the next few years at 11%-12% of
revenue as the company executes its order book and participates in
the government's infrastructure programme.

Temporary Order Book Decline: Fitch expects significant short-term
disruptions to WIKA's business due to the coronavirus pandemic and
the resultant slowdown in new contract tenders and construction
activities. New project tenders are likely to dip as the pandemic
takes a toll on business activities in Indonesia, while
construction activities also slow due to social distancing
measures. Fitch estimates WIKA's new contract wins to decline by
close to 60% to IDR17 trillion and revenue to fall by around 50% in
2020.

Risks to Forecast; Negative Outlook: its rating case assumes that
business activities in Indonesia will gradually improve from late
2020, and major project tenders will resume in 2021. This could
boost WIKA's new contracts growth in the next few years. However, a
prolonged pandemic may weaken the recovery in new order wins and
lengthen WIKA's working-capital cycle as payments are delayed,
which will weaken its financial profile. The Negative Outlook
reflects these risks to its forecasts in the medium term.

'Strong' Government Ownership and Control: Fitch assesses WIKA's
status, ownership and control as 'Strong'. The Indonesian
government owns 65% of WIKA, mainly via the Ministry of State-Owned
Enterprises, and has strong influence over the company's investment
decisions, strategy and operations. The government holds a golden
share that gives it veto power over important decisions regarding
the appointment and dismissal of board members, distribution of
profit and M&A, among others.

'Moderate' Socio-Political Implications of Default: Fitch assesses
the socio-political impact of WIKA's default as 'Moderate' because
infrastructure development is a cornerstone of the government's
economic growth and urbanisation agenda. While it is not an
essential service, such as food or utilities, Fitch believes the
implications are not 'Weak' as the company lends its balance sheet
to government-related infrastructure projects, where WIKA funds the
working capital in arrears so that key infrastructure projects can
be completed promptly. Therefore, WIKA is of key importance to the
government's infrastructure growth drive.

'Weak' Financial Implications of Default: Fitch believes that a
default by WIKA will have only a minimal impact on the ability of
the sovereign and other government-related entities to raise
financing. WIKA has only limited exposure to capital markets,
mainly via the international issuance of local-currency "Komodo"
senior unsecured notes of IDR5.4 trillion due in 2021.

Bond Rating Same as IDR: Fitch rates WIKA's senior unsecured bonds
at the same level as its Long-Term IDR because they constitute its
direct, unsecured, and unsubordinated obligations. Fitch regards a
prior ranking and secured debt/EBITDA ratio of 2.0x-2.5x as the
level at which unsecured creditors' interests are materially
subordinated to interests of secured or prior-ranking creditors.
WIKA's ratio was around 2.5x at December 31, 2019 and it forecasts
it to be above this level, but further bespoke recovery analysis
suggests average recovery prospects for senior unsecured creditors.
Therefore, Fitch has rated the senior unsecured debt and notes at
the same level as the IDR.

Moderate-Strong Parent-Subsidiary Linkage: Fitch assesses WIKA's
linkage with its parent, the state, on the National Rating scale as
moderate-to-strong, driven particularly by strong strategic
linkages. This, combined with the sovereign's stronger credit
profile than WIKA, results in the application of a four-notch
rating uplift to WIKA's national SCP of 'bbb+(idn)' as defined in
Fitch's Parent and Subsidiary Rating Linkage criteria. The state
has significant oversight over WIKA's operations, and the company
is strategically important to infrastructure growth Indonesia in
the medium to long term.

DERIVATION SUMMARY

Its assessment of state support for WIKA can be compared with that
for Indonesian peers such as PT Hutama Karya (BBB-/AA+(idn)/Stable)
and PT Indonesia Asahan Aluminium (Inalum, BBB-/Stable), and
Chinese construction companies, such as China Railway Group Limited
(CRG; A-/Stable) and Shanghai Construction Group Co., Ltd. (SCG;
BBB+/Stable).

Both Hutama and Inalum are rated using a top-down approach at one
notch below the sovereign rating given their aggregate GRE support
score of 35. The key difference between its assessment of Inalum
and WIKA is that Fitch believes Inalum's default would have 'Very
Strong' implications on the cost and availability of financing to
the Indonesian government and other GREs, because Fitch believes
investors view Inalum as a proxy financing vehicle for the state.

Fitch assessesed Hutama's 'Status, Ownership and Control' and
'Support Track Record and Expectations' factors to be 'Very
Strong'— versus WIKA's 'Strong'— to reflect the government's
greater role and influence in Hutama's operations, particularly in
the development of the Trans Sumatera toll road. Hutama has also
received more frequent support from the government for its Trans
Sumatera toll road. Hutama's default would also have a significant
impact on availability and cost of domestic or foreign financing
options for the government, especially given the proportion of
Hutama's government-guaranteed debt.

CRG is rated using a top-down approach and is two notches below
China's sovereign rating (A+/Stable). Its aggregate GRE support
score is 30 points. Fitch assesses the socio-political and
financial implications of CRG's default as 'Strong', compared with
'Moderate' and 'Weak', respectively, for WIKA. Fitch believes a
default by CRG would significantly disrupt China's railway services
and development plan, which is pivotal in the country's
urbanisation and geopolitical goals. CRG is also an active domestic
and international bond issuer and Fitch believes that a default
could reduce access to capital markets for the sovereign and other
GREs.

SCG is rated using a bottom-up approach with two notches of uplift
from its SCP of 'bbb-' given its aggregate GRE score of 15, the
same as WIKA's. However, Fitch provides up to three notches of
rating uplift to WIKA above its SCP because Fitch believes WIKA is
strategically more important to the Indonesian government. A
default by SCG would disrupt construction projects in Shanghai, but
social consequences would be limited due to the city's high
urbanisation rate. WIKA's default would have a higher impact on
Indonesia's national infrastructure development plan.

WIKA's National Long-Term Rating of 'AA-(idn)' can be compared with
PT Pupuk Indonesia's 'AAA(idn)' and Hutama's 'AA+(idn)' rating.
PTPI's rating is equalised that of its parent, the Indonesian
state, due to their strong operational and strategic linkages. This
is driven by PTPI's strategic role as the government's sole agent
in producing and distributing subsidised fertilisers to eligible
farmers through a public-service obligation scheme. WIKA is not as
politically and socially important as PTPI.

WIKA's SCP of 'b' is comparable with that of Hutama (SCP: b-) and
global construction companies such as Grupo Aldesa S.A.
(BB-/Stable, SCP: b+) and Tutor Perini Corporation (B+/Negative).
WIKA has a larger operating scale and wider profit margin than
Aldesa, but these are offset by its expectations that Aldesa's
financial profile will be considerably stronger, with leverage (net
debt/ EBITDA) of below 2x in the future and a more robust FCF. As a
result, Aldesa has a one notch stronger SCP.

Both WIKA and Tutor Perini have strong positions in their
respective niche markets and comparable operating EBITDA scales.
WIKA has higher profit margins than Tutor Perini, but Fitch
believes Tutor Perini's exposure to the more mature engineering and
construction market in the US and its ability to better manage its
cash flows will lead to stronger FCF and lower leverage over the
next three years, leading to a one-notch gap in the assessments of
their credit profiles.

Hutama and WIKA have similar order book and operating EBITDA scale
with comparable profit margin. However, Hutama's EBITDA interest
coverage and FCF are likely to be considerably weaker in the medium
term due to its high capex commitment. Given these differences,
Fitch has also revised WIKA's negative leverage sensitivity to 5x
from 4.5x previously.

WIKA's national-scale SCP of 'bbb+(idn)' is stronger than that of
PT Waskita Karya Tbk (BBB+(idn)/Negative, SCP: bb(dn)) and Hutama.
As part of its remit, Waskita takes on a higher mix of turnkey
engineering contracts on behalf of the state and it is one of the
biggest investors in toll roads with long payback periods, leading
to a significantly weaker financial profile than WIKA. Similarly,
WIKA's SCP is several notches above that of Hutama due to the
latter's significantly weaker financial profile.

KEY ASSUMPTIONS

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

  - New contracts wins of IDR17 trillion in 2020 and IDR35 trillion
in 2021 (2019: IDR41 trillion)

  - EBITDA margin, including share of profits from joint
operations, of 12%-14% in 2020-2021

  - Aggregate capex and investments of around IDR1.5 trillion in
2020

RATING SENSITIVITIES

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

  - Stronger linkages between WIKA and the government of Indonesia

  - Improvement in WIKA's leverage, as measured by debt net of
seasonally-adjusted cash / EBITDA, to less than 5x on a sustained
basis

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

  - Weaker linkages between WIKA and the government of Indonesia

  - Deterioration in WIKA's leverage to above 5x on a sustained
basis

  - Significant weakening in liquidity, for example inability to
refinance the company's IDR5.4 trillion Komodo bond within the next
six months

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

Ongoing Refinancing: Fitch believes WIKA's near-term liquidity is
manageable with available cash of around IDR7.5 trillion at
end-March 2020 and undrawn revolving lines of around IDR8.5
trillion, which are sufficient to cover short-term debt and current
maturities of IDR14.1 trillion in the next 12 months. The IDR14.1
trillion short-term maturities consists of a IDR5.4 trillion Komodo
bond maturing in January 2021, IDR750 billion of medium-term notes
maturing in October-November 2020 and around IDR7.8 trillion of
short-term working capital lines.

WIKA plans to refinance its maturing Komodo bond through domestic
bonds and some bridging loans, primarily from state-owned banks.
Fitch also expects the short-term working capital lines to be
rolled over by banks in the normal course of business given WIKA's
satisfactory credit profile and its strong working relationships
with state-owned banks. Fitch believes the company's debt maturity
profile will be extended should its refinancing be successful,
providing greater flexibility to manage cash flow and shore up
liquidity. A roll-over of working capital debt would also free-up
cash to fund forecast capex of around IDR2 trillion in 2020 if
required. Nevertheless, liquidity remains a key factor and failure
to successfully address upcoming maturities may lead to negative
rating action.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Share of profit from joint operation is included in EBITDA
given these form part of WIKA's core operations

  - Supply chain financing due to be paid in more than 90 days is
considered as debt as this effectively extends the usual trade
payable cycle

  - Fitch deducts IDR4 trillion from year-end cash, being the
difference between year-end cash and average cash balance between
the first and third quarters. This is in order to iron out seasonal
working capital variances that affect leverage.

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).

PT Wijaya Karya (Persero) Tbk

  - LT IDR BB; Affirmed  

  - Natl LT AA-(idn); Affirmed

  - LC LT IDR BB; Affirmed  

  - Senior unsecured; LT BB; Affirmed



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M A L A Y S I A
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IFLIX LTD: Tencent Buys Assets of Struggling Streaming Platform
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Shirley Zhao, Yoolim Lee, and Zheping Huang at Bloomberg News
report that Chinese internet giant Tencent Holdings Ltd. is buying
certain assets of iFlix Ltd., a struggling streaming platform with
about 25 million users focused in South and Southeast Asia.

Tencent will acquire iFlix's content, technology and resources,
expanding its geographic reach in a key area of growth. The Chinese
company will not take on iFlix's debt, according to people familiar
with the matter, who requested anonymity because they are not
authorized to speak publicly about the deal, Bloomberg relates.

"This is in line with our strategy to expand our international
streaming platform, WeTV, across Southeast Asia and provide users
with international, local and original high-quality content in a
wide range of genres and languages," Tencent said in an e-mailed
statement.

According to Bloomberg, the Covid-19 pandemic has led to a plunge
in advertising, wreaking havoc on the media industry and IFlix. The
firm, founded in 2014, now operates in about a dozen South and
Southeast Asian countries after exiting markets in the Middle East
and Africa. It's not only competing against global streaming giants
such as Netflix Inc., but also Chinese platforms seeking to expand
in the region such as iQiyi Inc. and Tencent.

While streaming on the platform doubled during the outbreak, the
Kuala Lumpur-based company cut about 50 staff earlier this year. It
had to shelve an initial public offering in May, and some of its
directors and co-founders have stepped away, one of the people
said, Bloomberg relays.

Tencent will initially run iFlix as an independent brand, but the
goal is to merge it with its own WeTV streaming platform, which
targets users outside of China, the person said.

IFlix's rival, Hooq, also ran into trouble during the pandemic,
Bloomberg recalls. The company, majority owned by Singapore
Telecommunications Ltd., filed for liquidation in May.

Bloomberg adds that Tencent is reportedly interested in acquiring a
substantial stake in iQiyi, a rival in the China market.
Consolidating ownership of streaming platforms may help Tencent
contain the cost of content, which has squeezed margins in the
business.

SERBA DINAMIK: S&P Downgrades LT ICR to B+, Outlook Stable
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Serba Dinamik Holdings Bhd. and the long-term issue rating on the
company's guaranteed sukuk to 'B+' from 'BB-'. S&P removed the
ratings from CreditWatch, where they were placed with negative
implications on April 3, 2020.

Serba Dinamik's growth aspirations are likely to drive up its
capital spending over the next 24 months.

The company's pace of capital deployment has increased in the past
two quarters, highlighting the growing capital intensity of its
business model. S&P anticipates Serba Dinamik's capital expenditure
(capex) and acquisitions will peak at MYR1.4 billion in 2020, owing
to the company's pursuit of proprietary projects and enhancement of
in-house engineering and fabrication capabilities. Thereafter,
capex should normalize at an average of MYR400 million per year to
accommodate the increased number and size of engineering,
procurement, construction, and commissioning (EPCC) contracts. In
the absence of further equity infusion (apart from its recent
Malaysian ringgit [MYR] 457 million private placement), this growth
appetite will be largely debt-funded and the company will only
realize the full benefits from the initial capital spending in
later years. S&P therefore expects net debt to be about MYR3
billion in 2020 and MYR4.1 billion in 2021. Net debt rose 50% to
MYR2.5 billion as of March 31, 2020, from MYR1.7 billion on Sept.
30, 2019.

High working capital requirements will continue to weigh on Serba
Dinamik's operating cash flow generation.

The company has to incur substantial investments in working capital
to achieve its targeted growth, thereby limiting operating cash
flow generation in the interim. In the 15 months to March 31, 2020,
Serba Dinamik reported total EBITDA of close to MYR1.1 billion, of
which MYR760 million (70% of EBITDA) was consumed by working
capital investments. S&P expects the working capital consumption
ratio to increase to 87% in 2020 and 2021 as the company executes
its EPCC backlog. This translates into an additional working
capital requirement of MYR700 million in 2020 and MYR1.4 billion in
2021. After factoring in higher financing costs due to the
company's higher debt levels, S&P estimates Serba Dinamik will
generate marginally positive operating cash flow in 2020 and a
negative operating cash flow of MYR400 million in 2021.

Serba Dinamik's working capital cycle has not lengthened
significantly as of March 2020, but this could materialize if the
recovery from COVID-19 is prolonged. The company's receivables past
due remained stable at 10% of total receivables as of March 31,
2020.

Continued shareholder distributions despite poor cash flow
generation signals a more aggressive approach toward balance sheet
management.

S&P said, "We believe Serba Dinamik will maintain its dividend
payout ratio of 30%, which translates into shareholder
distributions of at least MYR150 million annually in 2020 and 2021.
Although the dividend distribution does not have a negative impact
on the company's liquidity, it reduces free cash flow generation,
and will lead to further debt growth. We now estimate the company's
net debt will be MYR3 billion in 2020, and increase to MYR4.1
billion in 2021, compared with our previous forecast of net debt
stabilizing at MYR3 billion."

Serba Dinamik's free cash flow generation will likely be a key
rating driver, given the company's rapidly growing business scale.

This is because there is typically a time lag between earnings and
cash flows, especially as the company continues its strong growth
momentum. S&P said, "Although we expect Serba Dinamik's
profitability (EBITDA margins) to remain intact at 18%-19% with an
average EBITDA of MYR1.2 billion annually over 2020-2021, high
capital needs and continued shareholder distributions will result
in negative discretionary cash flow of MYR1 billion in 2020 and
2021. We hence forecast the ratio of FFO to debt will be 18% in
2020 and 20% in 2021, a level not commensurate with a 'BB-'
rating."

Serba Dinamik's order book of MYR17 billion underpins the company's
growth in 2021 and 2022, despite some deferrals this year.

The company's record of winning contracts remains intact to date.
S&P said, "It clinched close to MYR2.2 billion of order backlog
(excluding the MYR7.8b Block 7 Investment LLC contract) in February
2020, close to 40% of our full-year target. However, we anticipate
the execution of some of the company's EPCC contracts will be
deferred to later this year or 2021, given our expectation of a
more gradual recovery in construction services for the remaining
half of the year. We hence estimate the company's revenue will be
MYR5.4 billion in 2020, about 20% lower than our previous forecast,
but it should increase to MYR7.8 billion in 2021."

Serba Dinamik's access to varied funding sources will determine the
company's ability to meet its high capital requirements.

Serba Dinamik has demonstrated access to various sources of
funding, including domestic and international sukuk, and local
equity markets. Since the company's IPO in 2017, it has tapped
equity markets twice to raise a total of MYR900 million. S&P said,
"We believe Serba Dinamik's MYR457 million private share placement
in April 2020 will help the company meet its working capital
requirements over the next 12 months. Nonetheless, we expect high
working capital requirements to continue to test the company's
access to funding for liquidity management and refinancing."

&P said, "The stable outlook on Serba Dinamik reflects our
expectation that the company will continue to execute its existing
order backlog in a timely manner and maintain a healthy rate of
contract wins. We expect Serba Dinamik to limit investments in
capex and working capital, while maintaining sufficient liquidity
buffer."

S&P could lower the rating on Serba Dinamik if:

-- The company fails to improve the conversion of earnings into
operating cash flows, as indicated for instance by loose customer
payment terms, which will call into question the quality and
viability of its growth model;

-- The company embarks on further debt-funded acquisitions,
resulting in the ratio of FFO to debt falling below 15%; or

-- Less proactive funding management undermines the company's
liquidity. This may include, but is not limited to, higher
dependence on short-term funding or rapid depletion of cash.

Rating upside could occur if Serba Dinamik's earnings growth
outpaces debt growth on a sustained basis, leading to positive free
cash flow generation, while the company maintains adequate
liquidity and a ratio of FFO to debt above 25%.

Serba Dinamik is an engineering and construction company engaged in
the operation and maintenance, and turnkey contract execution of
projects. Serba Dinamik is domiciled in Malaysia and its key
clients are in the oil and gas, power generation, water treatment,
and utilities industries. The company has facilities and clients in
Malaysia, Indonesia, United Arab Emirates, Bahrain, and the U.K. In
2019, Serba Dinamik posted revenue of MYR4.5 billion and EBITDA of
MYR835 million.




===============
M O N G O L I A
===============

MONGOLIAN MORTGAGE: S&P Affirms B/B ICRs, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term and 'B' short-term
issuer credit ratings on Mongolian Mortgage Corp. HFC LLC (MIK),
and the 'B' long-term issue rating on the company's senior
unsecured notes.

S&P said, "We affirmed our 'B' long-term and 'B' short-term issuer
credit ratings on Mongolian Mortgage Corp. HFC LLC (MIK). The
outlook is stable. We also affirmed the 'B' long-term issue rating
on the company's senior unsecured notes.

"We revised down our assessment of MIK's SACP to 'b' from 'b+' to
reflect the company's weakened capital buffers due to higher growth
in commercial real estate mortgages than we expected." This segment
is part of MIK's liquidity-provider business, where the company
purchases market rate mortgage loans with recourse from commercial
banks.

MIK's liquidity-provider business expanded quickly in 2019 after
the company issued US$300 million bonds to fund the growth.
Although the plan was to mostly purchase market rate residential
real estate mortgages from commercial banks, S&P notes that around
60% of the company's liquidity-provider business portfolio was in
commercial real estate mortgages as of end-2019.

S&P said, "We view the underlying commercial real estate mortgages
as higher risk than residential real estate mortgages.
Notwithstanding recourse clauses attached to all purchased mortgage
receivables, MIK has to assume credit risk for underlying mortgage
receivables if the banks default. A higher proportion of commercial
real estate mortgages has therefore weakened our view of MIK's
risk-adjusted capitalization.

"That said, we do not expect further significant growth in MIK's
liquidity-provider business, given that the bond proceeds were
almost fully utilized as of end-2019. Moreover, we expect the
government to expand its affordable housing finance program from
2020 with support from commercial banks and the central bank. This
should reduce growth prospects for market rate residential real
estate mortgages. Although growth prospects for commercial real
estate mortgages may improve with the potential economic recovery
from 2021, MIK's main business focus has not been in commercial
real estate mortgages and hence we expect the company to continue
to focus on residential real estate mortgages. We estimate MIK will
grow its liquidity-provider business at 3%-5% per year over the
next two years."

MIK continues to generate recurring fee and interest income from
its liquidity-provider business and securitization business. S&P
said, "We expect these solid recurring revenue streams and modest
asset growth, especially in the liquidity-provider business, to
support MIK's internal capital generation. We expect MIK's
securitization business to grow by 5%-7% in the next two years.
This growth does not pressure MIK's capital buffers because we view
securitized mortgages as a true sale to special purpose companies.
We therefore project MIK's risk-adjusted capital ratio will rise
above 7% in 2020, from about 5.3% as of end-2019. This ratio, when
viewed together with the company's good capital quality and high
earnings potential, is consistent with our assessment of adequate
capital, leverage, and earnings."

S&P said, "We do not expect the COVID-19 outbreak to significantly
hurt MIK's profitability. This is because the securitization
business utilizes a pass-through structure, while the
liquidity-provider business utilizes recourse clauses to offset the
credit risk of underlying loans. That said, the pandemic could test
the effectiveness of the recourse clauses attached to mortgage
loans purchased under the liquidity-provider business. Given
unprecedented forbearance policies on pandemic-related stress and
mortgage loans, we do not rule out the possibility of banks taking
a reluctant response to recourse should it be activated.

"We expect MIK to maintain its very important role and very strong
link with the Mongolian government. As the only authorized issuer
of residential mortgage-backed securities, MIK is the key
participant of the government-led affordable housing finance
program. While budgetary constraints may slow down the program,
providing more housing will likely remain one of the government's
most important agendas, in our view. That said, MIK will likely not
benefit from any extraordinary government support given the
sovereign's weak capacity to extend support.

"The stable outlook on MIK mainly reflects our view that the
company's capitalization will steadily improve to an adequate level
over the next one to two years, backed by solid recurring revenue
streams and modest asset growth. We also expect MIK to maintain its
solid market position, and stable funding and liquidity profiles
over the same period. At the same time, the outlook on MIK reflects
the outlook on the sovereign credit rating on Mongolia."

S&P will downgrade MIK if it lowers the rating on Mongolia.

S&P will also downgrade MIK if the company's capitalization does
not steadily improve to above 7% on a sustained basis. This could
happen if MIK grows its liquidity-provider business, particularly
commercial real estate mortgages, at a higher rate than we expect.
This could also happen if a significant economic downturn in
Mongolia leads to unexpected losses or profitability pressure,
reducing the company's internal capital generation.

S&P could also downgrade MIK if its ability to manage underlying
credit risk significantly weakens.

S&P believes an upgrade is highly unlikely over the next one to two
years.




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

HIN LEONG: Responds to PwC's Report; Says Mr. Lim was Unwell
------------------------------------------------------------
Marissa Lee at The Business Times reports that the boss of stricken
oil trading firm Hin Leong Trading was not given a "reasonable
opportunity" to respond to fraud allegations laid out in a recent
report by PricewaterhouseCoopers (PwC) Advisory Services, his
family said in a press statement on June 25.

BT relates that PwC, the court-appointed interim judicial manager
(IJM) for Hin Leong, alleged in a report filed with the Singapore
High Court on June 23 that the company had misled banks into
lending it money. The oil trader also overstated its assets by at
least US$3 billion and used fictitious profits to hide US$808
million in trading losses over the last 10 years, PwC alleged.

But the statement argued that Mr. Lim had not been given a
reasonable opportunity to put forward facts and arguments in
justification of his conduct and to respond to any criticism
against him, BT relays.

According to BT, PwC said in its report that it had not been able
to interview Mr. Lim, who is in his late 70s, as it had been told
by Davinder Singh Chambers (DSC), the lawyers for the Lim family,
that Mr. Lim is "suffering from various medical conditions, in
deteriorating health and unfit to be questioned for prolonged
periods of time".

But the Lim family objected to this description as it had provided
PwC with copies of medical certificates from a specialist in
respiratory medicine, a cardiologist and a psychiatrist, certifying
Mr. Lim unfit for work for various periods in April, May and June,
BT says.

"None of this was disclosed in the report," the statement said. It
was signed by Hin Leong's founder Lim Oon Kuin, better known as
O.K. Lim; his son Evan Lim Chee Meng; and his daughter Lim Huey
Ching.

BT says the family also took issue with the fact that PwC had not
applied to have its report sealed or kept confidential.

PwC became the IJM for Hin Leong on April 27 and was given a June
22 deadline to submit a report to the court, including a
preliminary assessment of the financial irregularities that Mr. Lim
had admitted to in an affidavit filed on April 17, according to BT.
In the affidavit Mr. Lim had revealed that the oil trader had
suffered about US$800 million in futures losses over the years,
which were not reflected in its financial statements.

In his April 17 affidavit Mr. Lim also proposed that Hin Leong's
debt restructuring be intertwined with that of Ocean Tankers, a
separate entity that is owned by the Lim family. The restructuring
plan would "likely" include an injection of assets by the Lim
family, such as their shares in the Xihe Group and Universal Group
Holdings, Mr. Lim wrote at the time, recalls BT.

In May, the family hired nTan Corporate Advisory and DSC to act for
them, BT notes.

On May 20, the IJMs had sent an open letter to DSC seeking the
family's confirmation that they remain committed to all efforts to
rehabilitate Hin Leong and that they would inject their personal
assets into and as part of the restructuring.

BT relates that PwC said in its report that it did not receive a
reply from DSC.

The Business Times has written to Mr. Evan Lim for clarification on
the restructuring terms, and to ask if the family will be
responding to the specific allegations put forth in the PwC
report.

                          About Hin Leong

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

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

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

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

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

On April 27, the Company was granted interim judicial management by
the the Singapore High Court.  Goh Thien Phong and Chan Kheng Tek
of PricewaterhouseCoopers Advisory Services (PwC) have been
appointed as interim judicial managers.



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

ASIANA AIRLINES: Acquisition by HDC Delayed to H2 Amid Pandemic
---------------------------------------------------------------
Yonhap News Agency reports that HDC Hyundai Development Co.'s
planned acquisition of Asiana Airlines Inc. has been delayed to the
second half due to the new coronavirus' impact on the airline
industry, industry sources said on June 26.

In December, the HDC-Mirae Asset Daewoo consortium signed a deal to
acquire the country's second-biggest airline from Kumho Asiana
Group, with a plan to complete the acquisition by June 27,
according to Yonhap.

Yonhap relates that early this month, Asiana's main creditor Korea
Development Bank (KDB) demanded that the HDC-led consortium notify
the state lender of its intent to complete the deal by the
initially scheduled date.

In response, HDC called for renegotiations with Asiana creditors
over the acquisition terms, describing the ongoing virus crisis as
a "never expected and very negative factor" that will affect its
planned acquisition of Asiana Airlines.

HDC also cited snowballing debts of the airline as another reason
for renegotiations, noting that debts are "damaging the acquisition
value of the carrier," Yonhap relays.

Asiana's debts jumped by KRW4.5 trillion from July last year to
March this year, and its debt-to-equity ratio skyrocketed by 16,126
percent during the same period, the report notes.

According to Yonhap, HDC has demanded renegotiations with the KDB
through written documents, but the policy bank asked the company to
hold face-to-face talks. The two sides have yet to set the date for
renegotiations, the report states.

"We once again sent a letter to HDC last week to ask the company to
have a face-to-face meeting to discuss the renegotiations. But we
haven't received any response from the company yet," Yonhap quotes
a KDB spokesman as saying over the phone.

Yonhap relates that HDC said June 26 the company is "in talks with
Asiana's creditors and will continue negotiations with them to
proceed with the deal."

According to the report, HDC has reiterated its plan to acquire
Asiana, dismissing speculation that it may have difficulties in
taking over the company due to the economic fallout from the
coronavirus outbreak.

Regulators in the United States, China, Kazakhstan, Uzbekistan,
Turkey and South Korea approved HDC's planned takeover of Asiana.
Russia is the only remaining country that is still reviewing the
integration, the report notes.

HDC and Kumho Asiana Group will have six more months to close the
deal by Dec. 27 as HDC has to receive approval from all countries
to which it flies, the KDB spokesman said, relays Yonhap.

The HDC consortium signed the deal to acquire a 30.77 percent stake
in Asiana from Kumho Industrial Co., a construction unit of Kumho
Asiana Group, as well as new Asiana shares to be issued and
Asiana's six affiliates, for KRW2.5 trillion (US$2.2 billion),
according to Yonhap.

Yonhap notes that Asiana has suspended most of its flights on
international routes as more than 180 countries have strengthened
entry restrictions amid virus fears this year.

As a result, its net losses for the January-March quarter deepened
to KRW683.26 billion from KRW89.18 billion a year earlier.

To help Asiana stay afloat, the country's two state lenders -- the
KDB and the Export-Import Bank of Korea -- plan to inject a
combined KRW1.7 trillion into Asiana. Last year, the two banks
extended a total of KRW1.6 trillion to the cash-strapped carrier,
Yonhap discloses.

In its latest self-help plans, Asiana has had all of its 10,500
employees take unpaid leave for 15 days a month since April until
business circumstances normalize, Yonhap reports.  Asiana's
executives have also agreed to forgo 60 percent of their wages,
though no specific time frame was given for how long the pay cuts
will remain in effect, adds Yonhap.

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



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

PEOPLE'S LEASING: Fitch Affirms and Withdraws B- LT IDRs
---------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Sri Lanka-based People's
Leasing and Finance PLC's Long-Term Foreign- and Local-Currency
Issuer Default Ratings of 'B-'. The Outlook is Negative. The
affirmation of PLC's IDRs reflects that there have been no material
changes from its previous review on June 10, 2020.

This rating action does not affect PLC's National Long-Term Rating
of 'A+(lka)'/Stable and the National Long-Term Rating of PLC's
senior unsecured debentures at 'A+(lka)'.

People's Leasing & Finance PLC

  - LT IDR B-; Affirmed  

  - LT IDR WD; Withdrawn  

  - LC LT IDR B-; Affirmed  

  - LC LT IDR WD; Withdrawn  

Fitch has chosen to withdraw PLC's IDRs for commercial reasons.

KEY RATING DRIVERS

There has been no material change in PLC's credit profile since the
previous rating action on June 10, 2020.

RATING SENSITIVITIES

Rating sensitivities for the IDR are no longer relevant as the
ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of financial institution 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.

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).

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.

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).


                           *********


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

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

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

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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