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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

          Wednesday, September 23, 2020, Vol. 23, No. 191

                           Headlines



A U S T R A L I A

A ONE AUDIO: First Creditors' Meeting Set for Oct. 2
ELWOOD PARK: First Creditors' Meeting Set for Sept. 30
MINERAL RESOURCES: Moody's Affirms 'Ba3' CFR & Sr. Unsec. Rating
MONALENIC PTY: First Creditors' Meeting Set for Oct. 2
PERENTI GLOBAL: Moody's Rates Proposed $350MM Unsec. Notes Ba2

ROYALFIELD CORP: Second Creditors' Meeting Set for Sept. 30
SPEEDCAST INT'L: Black Diamond, Centerbridge Head to Mediation
SPEEDCAST INT'L: Rapp Davis Submit Updated List of Secured Lenders
UNION STANDARD: AFS License Cancelled Following Liquidation
WEILIN TRADE: Directors Sell Farm Assets to Repay Creditors



C H I N A

E-HOUSE (CHINA) ENTERPRISE: S&P Affirms BB- LT ICR, Outlook Neg.
SUNWIN STEVIA: RBSM LLP Raises Substantial Going Concern Doubt
XT ENERGY: Reports $3.7MM Net Loss for the Quarter Ended April 30


I N D I A

A. S. CARRIERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
ARVIND SINGLA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BHARAT HEART: CRISIL Reaffirms D Rating on INR27.67cr LT Loan
D.V. EXPORT: CRISIL Keeps B+ Debt Rating in Not Cooperating
DUVET INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating

EDIZ CERAMIC: CRISIL Keeps C Debt Ratings in Not Cooperating
EMCO PRESSMASTER: CRISIL Keeps B- Debt Rating in Not Cooperating
EMERY TIE-UP: CRISIL Keeps B Debt Rating in Not Cooperating
ENCON IMPEX: CRISIL Lowers Rating on INR9cr Cash Loan to B
ESS ELL: CRISIL Keeps B Debt Rating in Not Cooperating

GOKULA EDUCATION: CRISIL Withdraws B+ Rating on INR50cr Loan
GORANTLA MULTIPLEX: CRISIL Keeps B Debt Rating in Not Cooperating
GREENBERRY FOILS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
HANSRAJ AGROFRESH: CRISIL Keeps D Debt Ratings in Not Cooperating
J. S. GAUTAM: CRISIL Keeps B Debt Ratings in Not Cooperating

JHANWAR INDUSTRIES: CRISIL Lowers Rating on INR17cr Loan to B
KAAS FOOTWEAR: CRISIL Keeps D Debt Ratings in Not Cooperating
KAJUWALLA: CRISIL Keeps D Debt Rating in Not Cooperating
KARMIC ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
KB LUBES: CRISIL Keeps D Debt Ratings in Not Cooperating Category

KF BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
KITTURU CHENNAMMA: CRISIL Keeps B+ Ratings in Not Cooperating
MANGALAM EDU: CRISIL Keeps B+ Debt Rating in Not Cooperating
MOYALAN AGRO: CRISIL Moves B+ Debt Rating from Not Cooperating
SUNRISE MARKETING: CRISIL Reaffirms B- Rating on INR1cr Cash Loan

T R SAWHNEY: CRISIL Withdraws B+ Rating on INR120cr Loans
TECHNOVAA PLASTIC: CRISIL Cuts Rating on INR47.5cr Loan to D
THERMOTECH ENGINEERING: CRISIL Ups Rating on INR5 crore Loan to B+
[*] Fitch Takes Rating Action on 4 Indian NBFIs Amid Pandemic
[*] INDIA: Bill to Amend Insolvency and Bankruptcy Code Passed



I N D O N E S I A

GARUDA INDONESIA: Bankruptcy Off Table Despite Covid Strains
INDONESIA: Sees Economy Contracting for First Time Since 1998


M O N G O L I A

MONGOLIA: S&P Assigns 'B' LT FC Rating to New USD Sr. Unsec. Notes
MONOGLIA: Fitch Rates Proposed USD Bonds 'B'


N E W   Z E A L A N D

FP IGNITION 2019-1: Fitch Affirms B+sf Rating on Class F Notes


S I N G A P O R E

PUMA INT'L: Fitch Rates Planned 5-Year Bond 'BB-(EXP)'


S O U T H   K O R E A

KOREA: Large Conglomerates Restructuring Businesses Amid COVID-19

                           - - - - -


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A U S T R A L I A
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A ONE AUDIO: First Creditors' Meeting Set for Oct. 2
----------------------------------------------------
A first meeting of the creditors in the proceedings of A One Audio
Pty Ltd, trading as Car Stereo Shop, will be held on Oct. 2, 2020,
at 10:00 a.m. at the offices of Cor Cordis, Mezzanine Level, 28 The
Esplanade, in Perth, WA.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of A One Audio on Sept. 21, 2020.

ELWOOD PARK: First Creditors' Meeting Set for Sept. 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of Elwood Park
Pty Ltd ATF The Richard Johnson Family Trust, trading as Justeel,
will be held on Sept. 30, 2020, at 11:00 a.m. The meeting will be
conducted by online video conference using Zoom Meetings.

Sam Kaso and Barry Wight of Cor Cordis were appointed as
administrators of Elwood Park on Sept. 18, 2020.


MINERAL RESOURCES: Moody's Affirms 'Ba3' CFR & Sr. Unsec. Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed Mineral Resources Limited's
(MIN) Ba3 corporate family rating and Ba3 senior unsecured rating.

The outlook on all ratings is stable.

RATINGS RATIONALE

"The affirmation of the Ba3 rating reflects MIN's diverse
operations, with its contracted mining services revenue providing
earnings stability, and strong earnings generation from its iron
ore operations and exposure to large long-life lithium projects,"
says Saranga Ranasinghe, a Moody's Vice President and Senior
Analyst.

Moody's expects MIN's mining services business will continue to
provide a solid earnings base and support its credit profile. MIN
has long-term relationships with key external clients, including
large, high-quality mine owners with strong credit profiles and
mining operations that are generally well positioned in their
respective cost curves for the commodities produced. The life of
its mine contracts at internal operations, combined with the
entrenched nature of the company's services at external customers,
should underpin Moody's expectations of mining services EBITDA of
around AUD400 million per annum over the next 2-3 years.

The ratings also reflect Moody's expectation that the company's
iron ore operations will provide solid earnings and cash flow in
the current elevated price environment.

The ratings also reflect the company's strong liquidity position,
with total cash and cash equivalents of around AUD1.5 billion
following the completion of the Wodgina Lithium Project (WLP)
transaction with Albermarle Corporation (ALB, Baa3 stable) and the
formation of the MARBL Joint Venture.

Moody's expects the company to use the strong cash balance for
organic and inorganic growth when opportunities arise.

The partnership with ALB provides MIN with access to the
high-margin lithium hydroxide market, while at the same time
reducing the execution risk and capital commitments associated with
moving downstream in lithium. MIN will still have access to the
high-margin lithium hydroxide market through its 40% interest in
the Kemerton lithium hydroxide plant. ALB will be responsible for
all construction and commissioning costs associated with MIN's 40%
stake in the Kemerton assets, reducing the execution risk and
capital commitments that MIN would otherwise have had to bear.

Counterbalancing these strengths are the current weak lithium
market fundamentals. Battery-grade lithium prices have deteriorated
further in 2020 as the coronavirus pandemic seriously impacted
automobile production, demand for electric vehicles and the lithium
battery supply chain in the first half of the year. Moody's expects
only slow supply chain recovery as battery producers work off
inventories, while auto production in the US and globally is still
expected to remain down 30% and 20% respectively for the year. Auto
production is unlikely to return to 2019 levels for a few years.
However, Moody's expects MIN to benefit from supportive long-term
demand fundamentals for lithium products.

Moody's expects MIN to maintain strong credit metrics. Leverage, as
measured by adjusted debt/EBITDA registered 1.8x for the 12 months
ended June 30, 2020, and should remain within 1.6x-2.4x over the
next 12-18 months. This level is within the parameters set for the
rating.

The ratings also consider the following environmental, social and
governance (ESG) factors.

MIN, like many operators in the global mining sector, is exposed to
environmental and safety risk. However, these risks are somewhat
mitigated by the company's solid safety track record. The company
also benefits from global trends to reduce carbon emissions because
lithium is a core input for the manufacture of electric vehicles,
with rising demand for such vehicles in turn supporting the
longer-term demand outlook for lithium.

In terms of corporate governance, MIN has maintained a good track
record and has demonstrated prudent financial management over the
years. The company is subject to ASX listing rules and its Board
comprises five directors, with four Non-Executive Directors,
including the Chairman.

The stable outlook reflects Moody's view that MIN will continue to
benefit from a relatively stable earnings and cash flow
contribution from its mining services segment, despite Moody's
expectation that iron ore prices will soften while lithium prices
will also remain subdued over the next 12-18 months.

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

The ratings could be upgraded over time if MIN successfully
completes its lithium expansion projects while maintaining or
improving the position of its mining services business.
Specifically, Moody's could upgrade the ratings if leverage
declines, with debt/EBITDA remaining below 2.5x on a sustained
basis; and the company established a track record of sustained
production at nameplate levels for the Wodgina spodumene plant.

The ratings could be downgraded if the company faces material
challenges at its lithium and iron ore operations, incurs material
contract losses at its mining services business, and/or the price
of lithium products underperforms Moody's expectations for a
protracted period. Specifically, Moody's could downgrade the
ratings if debt/EBITDA is sustained above 3.5x; its EDITDA margins
drop below 20% on a sustained basis; liquidity contracts
meaningfully; and/or the company demonstrates a more aggressive
financial policy.

The principal methodology used in these ratings was Mining
published in September 2018.

Mineral Resources Limited is an ASX-listed company focused on
mining services and a growing commodities mining and processing
business.

MONALENIC PTY: First Creditors' Meeting Set for Oct. 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Monalenic
Pty Ltd will be held on Oct. 2, 2020, at 11:00 a.m. at the offices
of Cor Cordis, Mezzanine Level, 28 The Esplanade, in Perth, WA.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Monalenic Pty on Sept. 21, 2020.

PERENTI GLOBAL: Moody's Rates Proposed $350MM Unsec. Notes Ba2
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the proposed
USD350 million senior unsecured notes to be issued by Perenti
Finance Pty Ltd, a wholly owned subsidiary of Perenti Global
Limited (Ba2 stable).

The outlook is stable.

Moody's expects the proceeds from the issuance of the USD350
million senior unsecured notes will be used to refinance the
current USD350 million senior secured notes issued by Barminco
Finance Pty Ltd (Ba3 stable).

RATINGS RATIONALE

Perenti's credit profile reflects the company's improved business
profile with the increased scale and diversification following the
acquisition of Barminco. Perenti has a strong position in providing
integrated mining services in its target markets and a demonstrated
ability to execute contracts with a diversified range of
counterparties.

Perenti's financial metrics have been improving reflecting the
company's ongoing earnings growth and deleveraging. Perenti's
adjusted financial leverage as measured by debt/EBITDA was 2.1x for
the fiscal year ending June 2020. Moody's expects the company's
financial metrics to remain moderate around 1.8x -- 2.1x over the
next 12-18 months, driven by its expectation that Perenti will
continue to renew existing contracts and win new contracts,
particularly in Africa, Australia and potentially North America.

There will be consolidation of the group's security structure
following the proposed transaction, because Barminco and its
subsidiaries will no longer be ring-fenced following the repayment
of the Barminco notes.

The Ba2 rating on the proposed notes is at the same level as
Perenti Global Limited's Corporate Family Rating, reflecting the
preponderance of unsecured debt in its capital structure.

At the same time, Perenti's ratings are balanced by the cyclical
nature of the mining services sector and Moody's expectation that
competition will remain strong over the next 12-18 months. The
ratings are also constrained by the company's large exposure to
Africa, which Moody's views as showing higher levels of sovereign
risk than Australia and having less-developed institutional
environments.

The stable outlook on Perenti's ratings reflects its solid credit
metrics and Moody's expectation that the company will continue to
renew its existing contracts, win new contracts and operate within
the parameters set for the rating.

Moody's would expect to withdraw the rating of Barminco Finance Pty
Ltd once the refinancing is complete.

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

Perenti's ratings could be upgraded over time if the company
continues to grow its scale and product offerings while maintaining
a track record of strong cash flow generation and improved
earnings, such that adjusted debt/EBITDA is sustained below 1.5x
through the cycle.

Perenti's ratings could be downgraded if the company fails to renew
material contracts or win new contracts, if adjusted debt/EBITDA
exceeds 2.5x, or if operating conditions deteriorate significantly,
leading to reduced earnings and margins over a sustained period.

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

Perenti Global Limited (Perenti) was established in 1987 as a drill
and blast company in the Australian mining services sector and has
expanded into a vertically integrated provider of surface and
underground mining services in Australia and Africa, with inhouse
capabilities in manufacturing, logistics and supply. Perenti also
provides equipment rental, parts sales, service exchange and
maintenance services.

ROYALFIELD CORP: Second Creditors' Meeting Set for Sept. 30
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Royalfield
Corporation Ltd has been set for Sept. 30, 2020, at 10:30 a.m. via
electronic means.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 29, 2020, at 5:00 p.m.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of Royalfield Corporation on
Aug. 26, 2020.


SPEEDCAST INT'L: Black Diamond, Centerbridge Head to Mediation
--------------------------------------------------------------
Steven Church of Bloomberg News reports that alternative lending
giants Black Diamond Capital Management and Centerbridge Partners
will take their fight to reorganize bankrupt satellite services
provider Speedcast International to mediation.

At a court hearing on Sept. 15, U.S. Bankruptcy Judge Marvin Isgur
gave the investors permission to ask his fellow Houston-based
bankruptcy judge David R. Jones to mediate the dispute.

Black Diamond is the biggest secured lender to Speedcast, which
provides communication services to cruise ships and offshore oil
rigs; the lender is pushing to buy Speedcast by using its debt as a
form of currency at a bankruptcy auction, according to court
documents.

                   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, the 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.

The 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.

SPEEDCAST INT'L: Rapp Davis Submit Updated List of Secured Lenders
------------------------------------------------------------------
In the Chapter 11 cases of Speedcast International Limited, et al.,
the law firms of Davis Polk & Wardwell LLP and Rapp & Krock, PC
submitted a first supplemental verified statement under Rule 2019
of the Federal Rules of Bankruptcy Procedure, to disclose an
updated list of Ad Hoc Group of Secured Lenders that they
representing.

The Ad Hoc Group of Secured Lenders formed by holders of loans
under that certain Syndicated Facility Agreement, dated as of  May
15, 2018, by and among Speedcast and certain of its subsidiaries,
the lenders party thereto, the other parties thereto and Black
Diamond Commercial Finance, L.L.C., as administrative agent,
collateral agent and security trustee, some Members of which are
also lenders under a superpriority, secured debtor-in-possession
credit facility pursuant to that certain Senior Secured
Superpriority Debtor-In-Possession Term Loan Credit Agreement,
dated as of April 24, 2020.

In or around February 2020, the Ad Hoc Group of Secured Lenders
engaged Davis Polk to represent it in connection with the Members'
holdings of Prepetition Term Loans. In April 2020, the Ad Hoc Group
of Secured Lenders engaged Rapp & Krock to act as co-counsel in
these Chapter 11 Cases.

Counsel represents the Ad Hoc Group of Secured Lenders.

Counsel does not represent or purport to represent any other entity
or entities in connection with the Chapter 11 Cases. In addition,
the Ad Hoc Group of Secured Lenders does not claim or purport to
represent any other entity and undertakes no duties or obligations
to any entity.

On May 19, 2020, Counsel submitted the Verified Statement of Davis
Polk & Wardwell LLP and Rapp & Krock, PC Pursuant to Federal Rule
of Bankruptcy Procedure 2019 [ECF No. 226]. Counsel submits this
First Supplemental Statement to update information regarding the Ad
Hoc Group of Secured Lenders' membership and the disclosable
economic interests currently held by its Members.

As of Sept. 10, 2020, members of the Ad Hoc Group of Secured
Lenders and their disclosable economic interests are:

BLACK DIAMOND CAPITAL MANAGEMENT, LLC
1 Sound Shore Drive, Suite 200
Greenwich, CT 06830

* $263,117,989.34 in aggregate principal amount of Prepetition
  Term Loans

* $39,004,744.60 in aggregate principal amount of Prepetition RCF
  Loans

* $48,736,641.36 in aggregate principal amount of New Money Loans
  under the DIP Facility

* $49,295,129. 58 in aggregate principal amount of Roll-Up Loans

MJX ASSET MANAGEMENT LLC
12 E 49th Street
New York, NY 10017

* $20,767,847.00 in aggregate principal amount of Prepetition Term
  Loans

* $3,857,152.91 in aggregate principal amount of New Money Loans
  under the DIP Facility

* $3,857,153.00 in aggregate principal amount of Roll-Up Loans

Upon information and belief formed after due inquiry, Counsel does
not currently hold any claim against, or interest in, the Debtors
or their estates, other than in connection with the accrued fees
and expenses entitled to be paid pursuant to the terms of the DIP
Order. Davis Polk's address is 450 Lexington Avenue, New York, New
York 10017. Rapp & Krock's address is 1980 Post Oak Boulevard,
Suite 1200, Houston, TX 77056.

Counsel submits this First Supplemental Statement out of an
abundance of caution, and nothing herein should be construed as an
admission that the requirements of Bankruptcy Rule 2019 apply to
Counsel's representation of the Ad Hoc Group of Secured Lenders.

Counsel reserves the right to amend or supplement this First
Supplemental Statement.

Counsel to The Ad Hoc Group of Secured Lenders can be reached at:

          RAPP & KROCK, PC
          Henry Flores, Esq.
          Kenneth Krock, Esq.
          1980 Post Oak Blvd, Suite 1200
          Houston, TX 77056
          Telephone: (713) 759-9977
          Facsimile: (713) 759-9967
          Email: hflores@rappandkrock.com
                 kkrock@rappandkrock.com

             - and -

          DAVIS POLK & WARDWELL LLP
          Damian S. Schaible, Esq.
          David Schiff, Esq.
          Jarret Erickson, Esq.
          450 Lexington Avenue
          New York, NY 10017
          Telephone: (212) 450-4000
          Facsimile: (212) 701-5800
          Email: damian.schaible@davispolk.com
                 david.schiff@davispolk.com
                 jarret.erickson@davispolk.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3cg8myd

                    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.

The 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.

UNION STANDARD: AFS License Cancelled Following Liquidation
-----------------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
cancelled the Australian Financial Services (AFS) licence of
Sydney-based retail over-the-counter (OTC) derivatives issuer Union
Standard International Group Pty Ltd (Union Standard).

Union Standard operates under the brand USGFX and held AFS licence
302792. The licence was cancelled on Sept. 14, 2020 under section
915B of the Corporations Act 2001 (Cth) (Corporations Act).

Although the licence is cancelled, ASIC has used its power under
section 915H of the Corporations Act to allow the liquidators to
conduct certain necessary activities under the licence until Dec.
18, 2020, including to have in place a dispute resolution scheme
and arrangements for compensating retail clients, to hold
professional indemnity insurance, and to allow the termination of
existing arrangements with current Union Standard clients.

Union Standard has 28 days from the date of cancellation to apply
to the Administrative Appeals Tribunal (AAT) for a review of ASIC's
decision.

The cancellation follows the appointment of Andrew Cummins and
Peter Krejci of BRI Ferrier (NSW) Pty Ltd as liquidators of Union
Standard on Sept. 3, 2020, by court order. For further information
about the liquidation and what it means for clients can be found at
BFI Ferrier's website.

On July 15, 2020, ASIC suspended Union Standard's AFS licence as it
had entered external administration.

WEILIN TRADE: Directors Sell Farm Assets to Repay Creditors
-----------------------------------------------------------
Andrew Marshall at Queensland Country Life reports that directors
of the failed Chinese-owned cotton merchant Weilin Trade are
selling off land and water assets in southern NSW to pay AUD5.5
million owed to growers and other creditors.

But the money represents just 20 cents in every dollar of Weilin's
approximate AUD22 million in outstanding debts to unsecured
creditors, and it may not be paid until after Christmas, the report
says.

Although not legally responsible for the Weilin debt, an affiliated
company WL Agriculture International has already sold water
entitlements to repay the merchant's AUD35 million loan from
National Australia Bank, according to Queensland Country Life.

WL Agriculture, whose directors and owners also headed up Weilin
Trade, officially owned land and water rights associated with
Weilin Trade's base in southern NSW at Coleambally.

In a year where Australia's cotton harvest shrank to just 600,000
bales, Weilin left a trail of unsecured creditors including
farmers, other traders and service companies, after promising to
buy about 40 per cent of the crop after outbidding other merchants
by up to AUD30 a bale at times, Queensland Country Life says.

The report notes that about 200 growers had forward contracts
covering this year's crop and a further 145 extended to the 2021
season.  However, the trading company went into receivership
mid-year, caught by a AUD100/bale market slump in February-March
which left it unable to pay contracts typically worth more than
AUD560/bale and some worth well above AUD600.

One prominent northern NSW grower had 1,000 bales contracted for
AUD610/bale.

When unpaid contracts were eventually washed out in July the same
cotton was valued on the spot market at just AUD495/bale.

Growers subsequently sought compensation from Weilin's
administrators for the difference between their original contract
price and what their crop was eventually worth, but did not have
many options to bargain with.

While they were able to retrieve their unsold cotton for resale,
traders said the extra volume returning to the market weighed on
Australian prices in the past few months, even though US futures
have been reviving.

The Weilin bales potentially had a AUD20 to 30/bale basis impact on
local prices as international buyers held back, knowing this cotton
had to find a home.

"I gather there is still unsold cotton trickling onto the market
for 2020 and certainly next year," said the head of a committee
representing unsecured creditors in administration talks, David
Goodfellow, the report relays.

Mr. Goodfellow, also well known as an agribusiness investment fund
boss, said it was unfortunate a rising Australian dollar had added
pressure to local prices in recent months.

"The good news is growers got their unsold cotton back. At least
they didn't lose their entire income," the report quotes Mr.
Goodfellow as saying.

"The remaining funds unsecured creditors get won't be anywhere near
what they've actually lost, but it's a lot better than if the
trading company had gone into liquidation.

"There were basically no assets left to share around."

Queensland Country Life says the subsequent payment offer to
unsecured creditors via WL Agriculture had been voluntary, with the
alternative probably being nothing.

However, he said growers remained on tenterhooks until Weilin's
directors raised the AUD5.5 million they had agreed to pay after
selling other assets.

Under a deed of company arrangement between creditors and Weilin's
administrators, accountancy firm Vincents, the company has until
late December to find the cash, the report notes.

Administrator Steven Straatz at Vincents said distributing payments
could take a further two months, but the process may start earlier
if money was available sooner, adds Queensland Country Life.

                        About Weilin Trade

Weilin Trade Pty Ltd. was set up by China's Weilin Group in 2012.
Weilin Trade owned and operated cotton farm in Coleambally, in the
Riverina region of New South Wales.

Steven Staatz & Henry McKenna of Vincents were appointed as
administrators of Weilin Trade on
July 2, 2020.



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E-HOUSE (CHINA) ENTERPRISE: S&P Affirms BB- LT ICR, Outlook Neg.
----------------------------------------------------------------
On Sept. 21, 2020, S&P Global Ratings revised its outlook on
China-based E-House (China) Enterprise Holdings Ltd. to negative
from stable. At the same time, S&P affirmed its 'BB-' long-term
issuer credit rating on E-House and issue rating on the company's
senior unsecured debt.

S&P said, "We revised the outlook to negative to reflect our view
that E-house's continuous business investment needs in its real
estate brokerage platform, "Fangyou," and the company's
consistently high cash balance to preserve its net debt position
and other noncore spending may not allow it to improve its
heightened leverage substantially in the next 12 months. The
China-based primary real estate agency may also struggle again with
a deficit in operating cash flow over the next six to 12 months.

"As such, we estimate E-House's leverage, as measured by
debt-to-EBITDA to rise to around 5.5x-6.0x by the end of 2020 from
3.4x in 2019. The spike in 2020 leverage is also partially due to
the suspension of its primary agency operations in the first
quarter amid the COVID-19 pandemic.

"We believe E-House will continue to pay higher commission rates to
small agencies in its Fangyou network to maintain business
stability. In particular, E-House now receives at most only 10% of
commission sharing from sales of new homes in its Fangyou platform,
lower than the originally planned 20%-25%. As a result, E-House's
overall margin will remain low at around the mid-teens for the next
one to two years.

"In our view, E-House's tendency of maintaining a net cash position
as well as other noncore spending will keep its debt balance high
over the next one to two years. The high cash balance also allows
the company to support noncore spending such as Chinese renminbi
(RMB) 2 billion in concession money for developers to secure agency
contracts and also RMB1.4 billion in financial investments in
structured deposits, bonds, and stock as of the end of June. This
was against total cash and liquid investments of RMB4.6 billion,
which was almost equal to its gross debt of RMB5.6 billion.

"We believe E-House's operating cash flow will likely become mildly
negative again in 2020. This again reflects our view that E-House's
exposure to customers with long accounts receivable days will
remain extensive over the next 12 to 18 months. Its customers will
also likely delay commission payments to preserve cash flow from
the industry's tightening liquidity conditions. We estimate
E-House's account receivable days may further mildly extend from
279 days in 2019.

"That said, we consider that the company is making considerable
effort to manage its cash flow by cutting exposure to projects with
long receivable days. As a result, the company's first half
operating cash flow was positive at RMB833 million, compared with a
RMB245 million outflow during the same period last year.

"We expect E-House to maintain a leading position in the real
estate agency business in China. Project pipelines in its primary
real estate agency business are still sufficient for the company to
develop over the next five to six years. We also expect its Fangyou
business will continue to grow, with network branded stores now
close to 15,000, compared with 10,000 about a year ago.

"We believe the company is ready to cope with the rising trend in
online property sales. As announced in July this year, E-House and
Alibaba Group Holding Ltd. (A+/Stable/--) will set up a joint
venture to develop an online property sales platform, which will
help the company to improve and broaden its market position.
E-House will hold 15% of the RMB5 billion joint venture.

"We also consider that the acquisition of Leju will help mitigate
E-house's leverage growth. The New York Stock Exchange-listed
online real estate services platform is expected to generate on
average US$30 million–US$40 million in annual EBITDA and carries
no debt. The acquisition is expected to close within 2020.

"The negative outlook reflects our expectation that E-House's
heightened leverage may not improve substantially over the next 12
months. This is largely due to the continuous high debt levels
required to support operational needs, investments in Fangyou, and
other noncore spending. It also reflects our view that the company
will face negative operating cash flow in the next six to 12 months
due to tightening liquidity of some of its large customers.

"We could downgrade the company if E-House continues to pursue more
debt funded operations, especially in Fangyou expansion and noncore
spending acquisitions, such that its debt-to-EBITDA ratio fails to
improve to below 4.0x over the next 12 months.

"We could also lower the rating if the company demonstrates worse
than expected working capital management such that its operating
cash flow continues to show a deficit over the next six to 12
months."

If the company's liquidity deteriorates such that its liquidity
sources to uses drop below 1.2x, we could also lower its rating.

S&P could revise the outlook to stable if E-House's leverage, as
measured by debt-to-EBITDA ratio, falls below 4.0x and its
operating cash flow turns positive on a sustained basis.


SUNWIN STEVIA: RBSM LLP Raises Substantial Going Concern Doubt
--------------------------------------------------------------
Sunwin Stevia International, Inc. filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K, disclosing
a net loss of $1,382,683 on $26,091,484 of total revenues for the
year ended April 30, 2020, compared to a net loss of $4,908,360 on
$20,850,445 of total revenues for the year ended in 2019.

The audit report of RBSM LLP states that the Company has a
significant accumulated deficit, incurred recurring losses and,
generated negative cash flow from operating activities. These raise
substantial doubt about the Company's ability to continue as a
going concern.

The Company's balance sheet at April 30, 2020, showed total assets
of $29,355,449, total liabilities of $16,983,962, and a total
stockholders' equity of $12,371,487.

A copy of the Form 10-K is available at:

                       https://is.gd/tgp1x7

Sunwin Stevia International, Inc. produces and sells stevioside, a
natural sweetener; and herbs used in traditional Chinese medicines
and veterinary products primarily in the People's Republic of
China.  It operates through two segments, Stevioside and Chinese
Medicines.  Sunwin Stevia International, Inc. is based in Qufu,
China.


XT ENERGY: Reports $3.7MM Net Loss for the Quarter Ended April 30
-----------------------------------------------------------------
XT Energy Group, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $3,655,962 on $230,459 of total revenue
for the three months ended April 30, 2020, compared to a net income
of $149,525 on $1,275,268 of total revenue for the same period in
2019.

At April 30, 2020, the Company had total assets of $45,763,211,
total liabilities of $29,932,057, and $15,831,154 in total equity.

The Company said, "Management has determined there is substantial
doubt about our ability to continue as a going concern.  If we are
unable to generate significant revenue, we may be required to cease
or curtail our operations."

The Company further stated that its management is trying to
alleviate the going concern risk through the following sources:

   * it will continuously seek equity financing to support ots
working capital;

   * other available sources of financing from PRC banks and other
financial institutions;

   * financial support and credit guarantee commitments from its
related parties.

A copy of the Form 10-Q is available at:

                       https://is.gd/YMB3LU

XT Energy Group, Inc., engages in the compressed air energy storage
field primarily in China.  The company offers air compression power
generation systems with a photovoltaic (PV) installation for
industrial users, such as factories and power plants; and PV
systems without the air compression generation technology.  The
company was formerly known as Xiangtian (USA) Air Power Co., Ltd.,
and changed its name to XT Energy Group, Inc., in November 2018.
XT Energy Group, Inc., was founded in 2008 and is based in
Xianning, China.




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

A. S. CARRIERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of A. S. Carriers
Private Limited (ASCP) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental          32         CRISIL B+/Stable (ISSUER NOT
   Discounting Loan                 COOPERATING)

CRISIL has been consistently following up with ASCP for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASCP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ASCP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ASCP
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

ASCP, established in 1993, runs warehouses, which are located in
several industrial regions and are leased. It is promoted by Mr.
Amar Rahman and his family.

ARVIND SINGLA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Arvind Singla (AS;
part of the Singla group) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash          3         CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with AS for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AS
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of AS and Usha Singla (US), as the two
entities, together referred to as the Singla group, are in the same
business, and have common owners, and fungible operations and
finances.

AS, formed by Mr. Arvind Singla in 2007 as a proprietorship firm,
distributes and retails liquor in Punjab. The promoter has been in
the liquor distribution business through his family for five
decades.

US, formed by Ms. Usha Singla (Mr. Arvind Singla's mother) in 2013
as a proprietorship firm, retails liquor in Punjab and Chandigarh.

BHARAT HEART: CRISIL Reaffirms D Rating on INR27.67cr LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the long-term bank
facility of Bharat Heart and Super Speciality Hospitals (BHSSH).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       27.67       CRISIL D (Reaffirmed)

CRISIL had on July 28, 2020, downgraded its rating on the long-term
bank facility of BHSSH to 'CRISIL D' from 'CRISIL BB-/Stable'.

The rating also reflected firm's leveraged capital structure.
However, these weaknesses are partially mitigated by extensive
experience of the promoters in the healthcare industry.

Analytical Approach

Unsecured loans estimated at INR4 crore as on March 31, 2020, have
been treated as debt as they will be repaid. The firm pays interest
of around 10% per annum on the loans.

Key Rating Drivers & Detailed Description

Weakness

* Poor liquidity: Poor liquidity of the firm, envisaged by delays
in servicing of maturing debt obligations.

* Leveraged capital structure: Gearing was high and networth
modest, estimated at 6.43 times and INR7.9 crore, respectively, as
on March 31, 2020. CRISIL believes the capital structure will
remain leveraged with expected losses in the near term resulting in
reduction of capital in the firm.

Strength

* Extensive experience of promoters in the healthcare industry: The
key promoter Dr Chetan Sharma has experience of more than three
decades in the medical industry. He is a well-known cardiologist,
and runs his own hospital Bharat Heart Institute, in Dehradun,
Uttarakhand. CRISIL believes BHSSH will continue to benefit from
its experienced management.

Liquidity Poor
The poor liquidity reflected in delays in servicing debt
obligation. Bank lines were utilised extensively at 94% on average
over the 12 months through June 2020. However, funding support from
the promoters shall support liquidity and will remain a
monitorable.

Rating Sensitivity Factors

Upward factors
* Sustained increase in revenue and profitability leading to
adequate accrual to service term debt
* Track record of timely servicing of debt for at least 90 days.

Set up in fiscal 2017 as a partnership firm, BHSSH is managed and
promoted by Dr Chetan Swaroop Sharma. The firm runs a hospital,
Velmed Hospital, in Dehradun. Operations commenced in October 2018.

D.V. EXPORT: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of D.V. Export (DVE)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing        19         CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING)

CRISIL has been consistently following up with DVE for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DVE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DVE is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DVE
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2007, DVE is engaged in trading of cotton bales,
seeds and hull. The firm is based in based in Sendhwa, district
Barwani (Madhya Pradesh) with offices in Indore, Aurangabad and
Adilabad. It is owned and managed by Mr. Sanchit Rajpal and belongs
to Manjeet group.

DUVET INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Duvet Industries
(Duvet) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       .2          CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit         3.0          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan           2.8          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Duvet for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Duvet, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on Duvet is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of Duvet
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in January, 2016, as a partnership concern, Duvet
manufactures mink blankets. The firm started commercial operations
in September, 2016.


EDIZ CERAMIC: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ediz Ceramic Private
Limited (ECPL) continue to be 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.06       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           2.75       CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    2.86       CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             2.33       CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ECPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ECPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ECPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ECPL
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

Set up in May 2013 as Florim Ceramic Pvt Ltd by Morbi-based Kalaria
family and renamed ECPL, following a change in management December
2014 (acquired by Mr. Bishan), the company manufactures ceramic
wall tiles. The company has been taken over by Mr. Pravin Patel and
Mr. Dhirajlal Aghara and their family members, in 2017.

EMCO PRESSMASTER: CRISIL Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Emco Pressmaster
Private Limited (EPPL) continue to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            5         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       1         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with EPPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on EPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of EPPL
continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

EPPL, incorporated in 1990, manufactures sheet metal forming
machines, mainly power press machines used to manufacture
automotive components. The company's unit is in Faridabad, Haryana.
Mr. Manoj Manga and his wife, Ms Rupa Manga manage the operations.


EMERY TIE-UP: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Emery Tie-Up Private
Limited (ETUPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        20       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with ETUPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ETUPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ETUPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ETUPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

ETUPL was incorporated in 1995 by promoters, Mr. Sampat Kumar
Sharma and Mr. Kalpataru Maiti. The company is proposing to set up
a 100-key three-star hotel at Digha, West Bengal.


ENCON IMPEX: CRISIL Lowers Rating on INR9cr Cash Loan to B
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Encon Impex Private
Limited (EIPL) was revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with EIPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on EIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of EIPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

EIPL is a Bengaluru based company promoted by Mr. Prakash Chand in
2005. The company is a distributor for various leading
manufacturers of IT products such laptops, printers and other
computer hardware. The registered office is located at Bengauru,
Karnatka.

ESS ELL: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------
CRISIL said the rating on bank facilities of ESS Ell Cables Company
(ESS Ell) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ESS Ell for
obtaining information through letters and emails dated February 12,
2020 and August 15, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ESS Ell, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on ESS Ell is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ESS
Ell continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1994 as a partnership firm by Mr. Harish Goyal, Mr.
Mahesh Goyal and late Mr. Ramesh Goyal, Ess Ell manufactures copper
winding wire, polyvinyl chloride winding wire, enameled copper
wire, aluminum wires, and fibre glass rectangular wires at its
facility in Daman. The firm sells products to manufacturers of
electric transformers (power and distribution), electric motors,
telecommunication equipment, and electronics and electrical
appliances through a wide distribution network spread across the
country.

GOKULA EDUCATION: CRISIL Withdraws B+ Rating on INR50cr Loan
------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Gokula
Education Foundation (Medical) (GEFM; part of the MS Ramaiah group)
on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              50        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Long Term
   Bank Loan Facility     10        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Short Term
   Bank Loan Facility     10        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL has been consistently following up with GEFM for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GEFM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SWC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GEFM
continues to be at 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GEFM and MS Ramaiah University of
Applied Sciences (MSRU). This is because GEFM and MSRU, together
referred to as the MS Ramaiah group, are promoted and managed by
the same trustees. Moreover, GEFM is the sponsor of MSRU.

GEFM was set up in 1979 to impart higher education in medicine in
Bengaluru. It operates educational institutes, including a medical
college and three hospitals. MSRU, a private university, was formed
in December 2013, as per a Karnataka state legislative order. It
manages institutes offering graduate, post-graduate, and doctorate
courses in engineering, dentistry, pharmacy, management, hotel
management, and design, among others.


GORANTLA MULTIPLEX: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Gorantla Multiplex
(GM) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        9.75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GM for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'


Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GM
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in the year 2006, Gorantla Multiplex (GM) is
propertiorship firm that currently own and operates a multiplex in
ongole district of Andhra Pradesh. The operations of the
propertiorship firm started in 2009.The multiplex is owned by Mr.
G.V.N Babu.

GREENBERRY FOILS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Greenberry Foils
India Limited (GFIL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       10        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Long Term Loan          5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GFIL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GFIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GFIL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GFIL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

GFIL, was established as in 2006 by Ms Janak Nandini Gupta, Mr.
Rajesh Kumar Gupta and Mr. Parag Gupta. Company started its
commercial operations in December 2017 and is engaged in
manufacturing of SRC, House foil, Aluminum foil container, blister
foil, yielding foil and pharma foil.

HANSRAJ AGROFRESH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Hansraj Agrofresh
Private Limited (HAFPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.01       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        3.46       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up HAFPL for obtaining
information through letters and emails dated February 12, 2020 and
August 31, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HAFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on HAFPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of HAFPL
continues to be 'CRISIL D Issuer Not Cooperating'.

HAFPL, a private limited company incorporated in August 2014,
manufactures fruit juices under its Hansraj brand. Registered
office is in Varanasi, Uttar Pradesh, and manufacturing unit in
Jalpaiguri, West Bengal.

J. S. GAUTAM: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of J. S. Gautam
Enterprises Private Limited (JSEGPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        3.6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with JSEGPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JSEGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on JSEGPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of JSEGPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

The company is promoted by Mr. Jitendra Gautam. J.S. Gautam
Enterprise Pvt Ltd (JSEGPL) is being set up to manufacture mineral
water that will be supplied to 'Parle Agro- Bailley'. The company
has manufacturing capacity of 120 bottles Per Min. Its
manufacturing unit is located in Kanpur. The company's operations
has not started it is expected to start in July 2018.

JHANWAR INDUSTRIES: CRISIL Lowers Rating on INR17cr Loan to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Jhanwar
Industries (JI) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            17        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with JI for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on JI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of JI Revised
to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

JI was set up in 1988 as a partnership between by Mr. B L Jhanwar,
Mr. P D Jhanwar, Ms. Kailash Devi, and Ms Shakuntla Jhanwar. The
Bundi (Rajasthan)-based firm mills and sorts basmati rice at an
installed capacity of 100 tonne per day.

KAAS FOOTWEAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kaas Footwear
Industries Private Limited (Kaas) continue to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          3.67        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan            6.71        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Kaas for obtaining
information through letters and emails dated February 12, 2020 and
August 31, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kaas, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on Kaas  is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of Kaas
continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in February 2014 and promoted by Mr. Rajesh Karande
and family, Kaas started commercial operations in November 2015 and
manufactures shoes for men and women. Unit is in Khed SEZ near
Pune.

KAJUWALLA: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the rating on bank facilities of Kajuwalla continues to
be 'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities           (INR Crore)    Ratings
   ----------           -----------    -------
   Cash Credit & Working     10        CRISIL D (ISSUER NOT
   Capital demand loan                 COOPERATING)

CRISIL has been consistently following up with Kajuwalla for
obtaining information through letters and emails dated February 12,
2020 and August 15, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kajuwalla, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Kajuwalla  is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of
Kajuwalla continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2012, Kajuwalla, a proprietorship concern by Mr.
Jatin Sharma, trades in dry fruits. It is based in Delhi.

KARMIC ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Karmic Energy Private
Limited (KEPL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        2.50       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan            18.75       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KEPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KEPL
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

Incorporated in 2010, KEPL is setting up a 5-megawatt (MW)
biomass-based power generation plant at Chanadungri in Bilaspur
(Chhattisgarh). It is promoted by Ms Radha Prakash and her husband
Mr. Ved Prakash manages the operations.

KB LUBES: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of KB Lubes Private
Limited (KBLPL) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.90       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             1.39       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KBLPL for obtaining
information through letters and emails dated February 12, 2020 and
August 31, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KBLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KBLPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KBLPL
continues to be 'CRISIL D Issuer Not Cooperating'.

KBLPL was incorporated in February 2012 by Mr. Subhash Agarwal, Mr.
Jignesh Agarwal and Mr. Ankit Agarwal. The company manufactures
industrial and automotive lubricants and sells products under its
own brand, Lubrinox. It has two manufacturing units at Pune.
Commercial operations started in November 2012.

KF BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of KF Biotech Private
Limited (KFBPL) continue to be 'CRISIL C Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL C (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         1         CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Working       1         CRISIL C (ISSUER NOT
   Capital Facility                 COOPERATING)

CRISIL has been consistently following up with KFBPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KFBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KFBPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KFBPL
continues to be 'CRISIL C Issuer Not Cooperating'.

KFBPL was established in 2005 by the Kapur group of companies and
is engaged in the high quality seed potato business. The company
has a dedicated plant tissue culture-based facility in Bengaluru.

KITTURU CHENNAMMA: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kitturu Chennamma
Poultry Farm (KCPF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        0.51       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Open Cash Credit      6.80       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash         2.22       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

   Proposed Long Term    0.10       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with KCPF for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KCPF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KCPF is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KCPF
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2010 and based in Belgaum (Karnataka), KCPF is
engaged in the poultry business and produces hatching eggs. The
firm is promoted and managed by Mr. T Sesha Reddy.

MANGALAM EDU: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Mangalam Edu Gate
(MEG) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             80         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MEG for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MEG, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MEG is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MEG
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

MEG, a non-profit organisation, was established in 2004 to provide
under- and post-graduate education. MEG is managed by Mr. Yash Dev
Gupta and his brothers, Mr. Jai Dev Gupta, Mr. Kapil Dev Gupta, and
Mr. Inder Dev Gupta. MEG has established KRMU, which offers
technical and management courses in Gurgaon, Haryana.

MOYALAN AGRO: CRISIL Moves B+ Debt Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Moyalan Agro Pipes (Moyalan)
to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is migrating the rating on bank facilities of
Moyalan to 'CRISIL B+/Stable' from 'CRISIL B+/Stable Issuer Not
Cooperating'.

                    Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Overdraft           8         CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable ISSUER NOT
                                 COOPERATING')

The rating continues to reflect the firm's below-average financial
risk profile and large working capital requirements. These
weaknesses are partially offset by extensive experience of the
proprietor in the pipes industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Networth was small at about
INR1.76 crore as on March 31, 2020 which has reduced from Rs.3.46
crore in FY18, due to a capital withdrawals in FY 19 along with low
accretion to reserves. Consequently, gearing was high at 10.14
times as on March 31, 2020, mainly due to large working capital
debt. Debt protection metrics were moderate, with interest coverage
ratio at 1.42 time during fiscal 2020.

* Large working capital requirement: Working capital requirement
has been historically at higher levels. Debtor and creditor days
were high at above 300 days ending March 2020. Inventory was
moderate at 70 days as on March 31, 2020. Overall Gross Current
Asset (GCA) Days stood at above 400 days as on March 31, 2020.

Strength:
* Extensive experience of the proprietor in the pipes industry: The
experience of 30 years of proprietor Mr. Rainy Jose in the pipe
industry has helped the firm establish healthy relationships with
dealers in Kerala, and strengthen its position in the highly
competitive polyvinyl chloride (PVC) pipes market.

Liquidity Stretched

Bank limit utilization is high at around 97 percent for the past
twelve months ended June 2020. Cash accruals are expected to be
over INR7-8 million which are sufficient against no term debt
obligation over the medium term. In addition, it will be act as
cushion to the liquidity of the company. Current ratio are low at
0.91 times on March 31, 2020.COVID-19 moratorium was availed by the
firm to shore up the liquidity.

Outlook: Stable

CRISIL believes Moyalan will continue to benefit from the
proprietor's extensive industry experience and established
dealership network.

Rating Sensitivity factors

Upward factor
* Sustained improvement in revenues by 20% and margin to 7%,
leading to higher cash accruals.
* Improvement in working capital cycle, with gross current asset
days improving to 200 days

Downward factor
* Decline in scale of operations leading to fall in revenue by 20 %
and profitability margin below 3%
* Witnesses a substantial increase in its working capital
requirements thus further weakening its liquidity & financial
profile.

Moyalan, based in Thrissur (Kerala), manufactures PVC pipes. The
firm is a proprietorship concern of Mr. Rainy Jose.

SUNRISE MARKETING: CRISIL Reaffirms B- Rating on INR1cr Cash Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Sunrise Marketing Agents (SMA)

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       3.5       CRISIL A4 (Reaffirmed)

   Overdraft              3         CRISIL A4 (Reaffirmed)

   Term Loan              1.2       CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect SMA's below-average financial risk
profile, modest scale of operations, and low profitability due to
trading nature of business. These weaknesses are partially offset
by promoters' extensive experience in trading in polyvinyl chloride
(PVC) resin and PVC plumbing fittings, and established relationship
with customers and suppliers.

Key Rating Drivers & Detailed Description

Weakness:
* Below-average financial risk profile: Networth is negative due to
losses incurred in fiscal 2019 and 2020. Hence, debt protection
metrics also deteriorated, with negative net cash accrual to total
debt ratio and a weak interest coverage ratio.

* Modest scale of operations and low profitability: With revenue of
INR22.27 crore for fiscal 2019, scale remained small. Also, trading
nature of business results in limited value addition and
consequently, a low operating margin.

Strength:
* Extensive experience of promoters: Industry presence of more than
a decade has enabled the promoters to establish a strong
relationship of around 10 years with major suppliers, which include
Finolex Industries Ltd (Finolex; rated 'CRISIL AA/Stable/CRISIL
A1+'), Astral, and Suparna Plastics.

Liquidity Stretched
Bank limit utilization is high at around 97.63 percent for the past
twelve months ended June 2020. Cash accrual are expected to be over
INR30-40 lakhs which are sufficient against minimal term debt
obligation. The partners have infused INR60 lakhs in FY20 and INR20
lakhs in June 2020.

Outlook: Stable

CRISIL believes SMA will continue to benefit from the extensive
experience of its promoters and established relationship with
suppliers.

Rating Sensitivity factors

Upward factor
* Sustained improvement in scale of operation and improvement of
operating margin, leading to improvement in cash accruals to 1 Cr
* Improvement in financial risk profile

Downward factor
* Decline in net cash accruals below INR0.2 crore on account of
decline in revenue or operating profits.
* Stretch in working capital weakening liquidity

Set up in 1999 as a partnership firm by Mr. K Dinesh Kamath and his
son, Mr. K Rajendra Kamath, SMA trades in PVC plumbing fittings and
PVC resin. It is an exclusive distributor for the range of plumbing
fittings manufactured by Finolex, Astral Pipes, and Suparna
Plastics in Uttara Kannada, Udupi, and Dakshina Kannada (all in
Karnataka). It is the sole authorised distributor for PVC resin of
Finolex in the state.

T R SAWHNEY: CRISIL Withdraws B+ Rating on INR120cr Loans
---------------------------------------------------------
CRISIL has withdrawn its ratings on INR100 crore inventory funding
facility and cash credit of T R Sawhney Motors Private Limited
(TRSMPL) on the request of the company and receipt of a no
objection certificate from its bank. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           50         CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Inventory Funding     70         CRISIL B+/Stable/Issuer Not
   Facility                         Cooperating (Withdrawn)

CRISIL has been consistently following up with TRSMPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TRSMPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TRSMPL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of TRSMPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on INR100 crore inventory funding
facility and cash credit of TRSMPL on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                          About the Group

The TR group, established in 1993, is based in Delhi and managed by
Mr. Rajeev Sawhney, Mr. Sanjeev Sawhney, and their sons. TRSMPL and
TRSAPL are authorised dealers of MSIL for NCR. The group commenced
operations from a single workshop in Delhi in 1993. Over the years,
it has expanded operations to 12 showrooms and 8 workshops.

TECHNOVAA PLASTIC: CRISIL Cuts Rating on INR47.5cr Loan to D
------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Technovaa
Plastic Industries Private Limited (TPIPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable Issuer Not Cooperating'.

                   Amount
   Facilities   (INR Crore)    Ratings
   ----------   -----------    -------
   Cash Credit        18       CRISIL D (ISSUER NOT COOPERATING;
                               Downgraded from 'CRISIL B-/Stable
                               ISSUER NOT COOPERATING')

   Term Loan          47.5     CRISIL D (ISSUER NOT COOPERATING;
                               Downgraded from 'CRISIL B-/Stable
                               ISSUER NOT COOPERATING')

CRISIL has been consistently following up with TPIPL for obtaining
information through letters and emails dated January 14, 2020, July
17, 2020, September 14, 2020 and September 15, 2020 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TPIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TPIPL is consistent
with 'Assessing Information Adequacy Risk'.

Moreover, based on the information about irregularities in debt
servicing, the rating on bank facilities of TPIPL is downgraded to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B-/Stable Issuer Not
Cooperating'.

Incorporated in 2010, TPIPL is part of the Darvesh group. The
group, based in the United Arab Emirates, has interests in diverse
businesses such as plastic packaging, paper core manufacturing,
construction equipment, trading of building materials, and real
estate. TPIPL manufactures plastic packaging products such as cast
polypropylene films and stretch wrap films at its facility at
Gujarat.

THERMOTECH ENGINEERING: CRISIL Ups Rating on INR5 crore Loan to B+
-------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan facility
of Thermotech Engineering (India) LLP (TELLP) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and reaffirmed its 'CRISIL A4' rating on the
firm's short-term facility.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

The upgrade reflects the firm's better-than-expected performance in
fiscal 2020 supported by ramp-up in operations. The firm reported
revenue of INR7 crore for the four months through July 2020 and
revenue is expected to grow moderately in fiscal 2021 backed by
better order flow.

The ratings continue to reflect TELLP's modest scale of operations
and large working capital requirement. These weaknesses are
partially offset by the extensive experience of the promoters in
the engineering segment and the firm's moderate financial risk
profile despite modest networth.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations: Revenue increased to INR28 crore in
fiscal 2020 from INR1.5 crore in the previous fiscal, but remained
modest due to limited track record of operations.

* Large working capital requirement: Gross current assets remained
large at 136 days as on March 31, 2020, driven by 81 days.
Receivables remained moderate at 32 days.

Strengths
* Extensive experience of the promoters: The promoters' experience
of over two decades and established relationships with customers
should continue to support the business.

* Moderate financial risk profile: Networth remained modest at INR6
crore as on March 31, 2020. However, lower external borrowings
resulted in comfortable gearing of below 1 time as on March 31,
2020. Debt protection metrics were adequate as reflected in
interest coverage of 2.5 times in fiscal 2020.

Liquidity Stretched

Liquidity remains stretched marked by modest cash accruals. Cash
accrual is expected at INR0.9-1.1 crore annually against nil debt
obligation over the medium term. Bank limit was moderately utilised
at 20-30% over the six months through June 2020.

Outlook: Stable

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

Rating Sensitivity Factors

Upward factors
* Significant and sustained increase in revenue and operating
margin resulting in cash accrual over INR2 crore
* Sustained financial risk profile.

Downward factors
* Dip in revenue or operating margin resulting in cash accrual
below INR30 lakh
* Weakening of the financial risk profile due to stretched working
capital cycle or debt-funded capital expenditure.

Formed in November 2018 by Mr. Sanjeev Gandhi and based in Pune,
Maharashtra, TELLP designs and manufactures process equipment.
Fiscal 2020 was its first full year of operations.

[*] Fitch Takes Rating Action on 4 Indian NBFIs Amid Pandemic
-------------------------------------------------------------
Fitch Ratings has taken rating action on the Long-Term Issuer
Default Ratings (IDR) of four Indian non-bank financial
institutions (NBFI) in light of the companies' performance amid the
coronavirus pandemic. The rating actions are as follows:

  - IIFL Finance Limited 'B+' rating maintained on Rating Watch
Negative (RWN)

  - Manappuram Finance Limited (MFIN), affirmed at 'BB-'; RWN
removed; Outlook Stable

  - Muthoot Finance Ltd (MFL), affirmed at 'BB'; RWN removed;
Outlook Stable

  - Shriram Transport Finance Company Limited (STFC), affirmed at
'BB'; RWN removed; Outlook Negative

The RWNs on the bond ratings of MFIN, MFL and STFC have also been
removed.

The companies' Long-Term IDRs were placed on RWN in March this
year, as Fitch expected the pandemic to present further
macroeconomic and funding challenges for the entities, heightening
downside risk to their credit profiles.

IIFL Finance's rating remains on RWN due to continued uncertainty
on its funding and liquidity, with trends potentially becoming more
evident within the next six months. This is despite a steady
improvement in collections over the past few months and easing
funding conditions, which have partly benefited from government
support measures for NBFIs and other parts of the economy.

The removal of the RWN and Stable Outlooks on MFIN and MFL's
ratings reflect the entities' generally resilient performance in
the face of significant economic disruption amid local measures to
contain the pandemic.

The RWN on STFC's ratings has been removed, as Fitch believes
near-term operational uncertainty is easing for the entity.
However, the Negative Outlook highlights the ongoing downside risk
to asset quality and the implication for the company's funding and
liquidity, which Fitch expects will only become apparent in the
medium term.

KEY RATING DRIVERS

IDRS

The ratings of the entities continue to reflect the considerable
economic and financial challenges arising from the pandemic. Fitch
has revised down India's (BBB-/Negative) GDP growth forecast for
the financial year ending March 2021 (FY21) by 5pp to -10.5%, one
of the sharpest negative revisions across the major economies in
its coverage. Fitch expects economic activity to remain below
pre-pandemic levels for at least the next year, pressuring system
asset quality and funding and liquidity conditions. This is likely
to be partly offset by government measures to support the economy
and boost funding access.

IIFL Finance

IIFL Finance's rating reflects its moderate domestic franchise and
diversified loan mix, satisfactory, though short, operating record,
greater exposure to higher-risk segments, such as business loans,
microfinance and developer and construction finance, and a more
confidence-sensitive funding profile relative to rated peers.

Fitch expects credit quality to deteriorate in the near-term as a
six-month regulatory loan moratorium expires. The reported
non-performing asset ratio eased to 2.0% in June 2020 (end-March
2020: 2.3%), but a significant 31% of assets under management were
under moratorium at the time. Collections have improved, but Fitch
believes the loans remain susceptible to impairment or
restructuring. Fitch expects asset-quality deterioration to
pressure earnings and capital generation in FY21, although lower
loan growth may help alleviate pressure on capitalisation and
leverage.

Fitch regards IIFL Finance's funding profile as more sensitive to
market conditions relative to rated peers. The company has
maintained sufficient funding access, despite challenging markets,
partly benefiting from government support schemes, including
partial and full guarantee schemes on NBFI debt. However, liquidity
coverage of near-term debt maturities has fluctuated, with
refinancing risk remaining elevated relative to the rating.

MFIN

MFIN's ratings reflect its moderate franchise in niche gold-backed
financing, which constitutes 70% of its consolidated portfolio at
end-June 2020. The niche underpins the company's typically steady
asset quality due to the security of liquid gold collateral, its
liquid balance sheet due to the short-tenor nature of gold loans,
and its satisfactory funding access, even during the recent market
dislocation, due to lender confidence in its gold-lending
portfolio.

The ratings also reflect the company's increased exposure to
non-gold segments, which Fitch considers to be higher-risk, namely
microfinance, affordable housing and vehicle finance, key-person
risk due to significant involvement by the founder, and a history
of compliance lapses, including on customer-related matters, which
suggests weaker governance standards relative to higher-rated peers
- although MFIN has improved its compliance in recent quarters.
This is reflected in the ESG relevance score for Governance
Structure moving to '4', from '5'.

The company's operation was disrupted by measures to contain the
pandemic, but the disruption was shorter and less significant for
MFIN than for non-gold-loan peers. Its operation has recovered
substantially in recent months and Fitch expects any asset-quality
deterioration to be manageable in light of MFIN's portfolio
composition, which should help to maintain the stability of the
company's near-term earnings, capital and funding and liquidity.
This underpins the Stable Outlook. Its view on asset quality is
supported by the security of gold collateral on the bulk of MFIN's
portfolio - where a regulatory loan/value limit of 75% should help
preserve some buffer against a sharp correction in gold prices.

MFL

MFL's ratings reflect its established franchise in the niche
segment of gold-backed lending, with roughly an 18% market share of
the formal market. Its loan exposure is largely secured against
gold collateral, which constitutes 88% of its consolidated loans
and underpins its lower asset-quality risk relative to peers, high
profitability, healthy capital generation and liquid balance
sheet.

Operational constraints due to pandemic-related containment
measures were short lived. MFL has demonstrated a significant
improvement in operating metrics after the initial disruption,
along with broadly resilient funding access. Fitch expects asset
quality, profitability and funding and liquidity to remain adequate
for the rating and for the company to avoid significant spill-over
effects from ongoing pressure in the operating environment. This
drives the Stable Outlook.

Its view on asset quality is partly premised on recoverability due
to the gold collateral backing MFL's loans. Rising gold prices have
built a large collateral buffer in its gold-loan portfolio against
credit and collateral value risk. A sharp correction in gold prices
could diminish this buffer, but the loan/value ratio on its
gold-backed lending was a moderate 54% in August 2020, suggesting
some cushion against price falls. Fitch expects MFL to remain
sufficiently disciplined in its lending standards amid the
significant appreciation in the gold price.

STFC

STFC's ratings remain at the higher-end of rated peers', driven by
its long operating history and large franchise in used
commercial-vehicle financing, steady, experienced management team,
established underwriting processes and risk controls and
longstanding relationships with a diversified range of funding
providers. STFC raised INR15 billion in equity capital in August
2020, with board approval to raise another INR25 billion. This has
strengthened its loss-absorption buffers against unexpected losses
and supports its ratings.

The ratings and Negative Outlook also reflect STFC's exposure to a
higher-risk borrower segment, which tends to have more variable
income and less financial resilience, and sustained risks to its
credit profile from the economic fallout of the pandemic.

Loan collection inflows were significantly curtailed during the
moratorium period till August, although they continue to rise
steadily from the April 2020 trough. High-frequency indicators
suggest that economic activity remains well-below pre-pandemic
levels. This will directly affect STFC's borrower base of
commercial-vehicle owners and operators, and Fitch expects asset
quality to deteriorate in the coming months as the pandemic
continues to take a toll on the economy.

Reduced loan collections have hurt liquidity inflows. Meanwhile,
new securitisation funding, which comprises around 23% of STFC's
funding, has slowed. Liquidity buffers remain acceptable relative
to near-term debt maturities, supported by lower loan disbursals
and adequate access to new funding. However, Fitch believes that
loan collections recovering and remaining at close to pre-pandemic
levels is key for STFC to maintain its funding and liquidity
profile and current rating level.

MTN PROGRAMMES, SENIOR SECURED DEBT AND RECOVERY RATING

The ratings on the entities' medium-term note (MTN) programmes and
foreign-currency senior debt are at the same level as the Long-Term
Foreign-Currency IDRs, while STFC's rupee-denominated senior debt
is rated at same level as its Long-Term Local-Currency IDR in
accordance with Fitch's rating criteria.

Indian NBFI borrowings are typically secured and Fitch believes
non-payment of senior secured debt would best reflect uncured
failure of the entities. NBFIs can issue unsecured debt in the
overseas market, but such debt is likely to constitute a small
portion of their funding and thus cannot be viewed as their primary
financial obligation.

Fitch has assigned a Recovery Rating of 'RR4' to IIFL Finance's
senior secured debt in accordance with Fitch's criteria for
entities with a Long-Term IDR of 'B+' or below. The Recovery Rating
reflects Fitch's expectation for 'Average' recovery prospects for
noteholders in the event of a default.

ESG Relevance factor that is a Key Rating Driver

MFIN has ESG Relevance Scores of 4 for Customer Welfare and
Governance Structure, due to a record of business practices
including customer-related activity that did not fully comply with
regulatory norms in the past. The scores reflect its assessment
that governance and customer-related practices that are weaker than
rated peers' raises regulatory and reputational risk for MFIN, and
would have a material influence on MFIN's IDRs in conjunction with
other factors. MFIN has taken steps to improve governance and
compliance in the past year, and therefore Fitch has revised the
score for Governance Structure to 4 from 5.

RATING SENSITIVITIES

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

IIFL Finance

Over-reliance on government-support programmes may be viewed as an
indication of weaker funding access, which would be negative for
IIFL Finance's Long-Term IDR. Any usage of short-tenor
government-guaranteed borrowings may also elevate near-term
refinancing risk. The ratings may be downgraded if short-term
liquidity indicators weaken, in particular, if the liquidity buffer
- including approved but undrawn bank facilities - falls to and
remains below three months' debt repayments for a sustained
period.

Fitch may also take negative rating action in the event of an
outsized deterioration in asset quality, particularly given the
company's higher-risk exposures. Fitch expects the reported
impaired-loan ratio to remain below 5%, but downside risk remains
in light of IIFL Finance's concentration risks and unknowns around
loan restructuring. Fitch would also consider loan collection
shortfalls or significant loan restructuring as indications of weak
asset quality, which could pressure the credit profile.

Increased leverage beyond 7.0x (March 2020: 5.7x) would also
pressure the ratings - although Fitch does not foresee leverage
rising to that level in the near-term unless asset quality
deteriorates by more than Fitch expects and results in significant
capital impairment.

MFIN

Fitch may take negative rating action on MFIN in the event of
aggressive growth in non-gold segments, which could indicate a rise
in risk appetite, or an increase in debt/tangible equity to beyond
4.5x (end-June 2020: 4.0x). The rating will also see downward
pressure if any regulatory action creates funding challenges or if
higher-than-expected losses stemming from operational risk affect
earnings and capital buffers.

MFL

MFL's ratings will face downward pressure if losses due to
operational risk exceed Fitch's expectations; if asset quality or
the price of gold collateral deteriorates sharply and weakens the
company's profitability and capitalisation; or if liquidity
coverage or funding access deteriorates. The rating may also be
downgraded on higher leverage, with debt/tangible equity exceeding
4.5x for a prolonged period, or if aggressive expansion in new
lending segments leads Fitch to revise down its assessment of MFL's
risk appetite and asset quality.

STFC

STFC's rating could be downgraded in the event of a
greater-than-expected rise in impairments and restructured loans,
or if the recovery in loan collections is weaker than Fitch
expects. The rating could also face negative action if the funding
and liquidity profile were to weaken; this may be indicated by a
reduced liquid asset buffer or sustained, narrowing liquidity
coverage of near-term liabilities.

Greater than expected credit costs and weaker profitability
relative to Fitch's expectations would also place downward pressure
on the ratings. Leverage consistently greater than 5.5x (March
2020: 5.3x) would weaken the IDR.

MTN PROGRAMMES, SENIOR SECURED DEBT AND RECOVERY RATING

Negative action on the entities' Long-Term IDRs would drive similar
action on their MTN programme and senior secured debt ratings.
Significantly weakened recovery prospects on IIFL Finance's senior
secured notes - such that investors were expected to recoup no more
than 30% on the notes in a hypothetical liquidation - would lead to
negative action on the Recovery Rating.

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

IIFL Finance

Fitch will resolve the RWN on IIFL Finance's ratings once there is
greater clarity on its asset quality, funding and liquidity trends
post-moratorium. A recovery in collections to close to pre-pandemic
levels and sustained stable funding and liquidity, with low
reliance on government support schemes, would ease rating pressure
for the company.

A near-term rating upgrade is not probable in light of the RWN and
significant operating environment challenges for Indian NBFIs.
However, over the longer term, Fitch may take positive rating
action if IIFL Finance demonstrates a strengthened funding and
liquidity profile without an over-reliance on asset sales or
specific asset encumbrance, along with an improvement in the
economic environment, a lower-risk loan mix and steady asset
quality, capitalisation and leverage metrics.

MFIN

The rating is unlikely to be upgraded in the near-term in light of
the challenging operating environment. Fitch would look for
improved branch efficiency in the gold-loan business, indicating a
strengthened business profile, controlled credit costs in non-gold
segments, and sustained improvement in regulatory compliance,
before considering an upgrade in the medium to long term.

MFL

An upgrade of MFL's Long-Term IDR is less probable in the near-term
in light of India's significant operating environment challenges.
Positive rating action would hinge on an improvement in the
operating environment, including strengthening of the domestic
financial system, and a steady record of expansion in MFL's
franchise beyond the gold-loan market niche, both of which Fitch
views as longer-term possibilities.

STFC

An upgrade of STFC's Long-Term IDR is not probable in the near-term
given the still-challenging operating environment for Indian NBFIs.
Positive rating action in the longer-term would depend on a
strengthened operating environment, including the domestic
financial system - which is only more likely in the medium to
longer-term - assuming other rating factors are also at levels
commensurate with a higher rating.

MTN PROGRAMMES, SENIOR SECURED DEBT AND RECOVERY RATING

Fitch may take positive action on the ratings on the MTN programmes
and senior secured debt should there be positive action on the
entities' Long-Term IDRs. There is no upside to the Recovery Rating
on IIFL Finance's senior secured notes, as it is already at the
highest level possible for an Indian issuer under Fitch's
criteria.

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

MFIN has ESG Relevance Scores of 4 for Customer Welfare and
Governance Structure, for reasons discussed above.

IIFL Finance, MFL and STFC have ESG Relevance Scores of 3 for
Customer Welfare, compared with the standard score of 2 for the
finance company sector. This reflects their retail-oriented
operations, which expose them to risks around fair lending
practices, pricing transparency and repossession, foreclosure, and
collection practices, whereby aggressive practices in these areas
may subject the companies to legal, regulatory and reputational
risk that may negatively affect their credit profiles. The
relevance scores of '3' for this factor reflects Fitch's view that
such risks are adequately managed and have a low impact on the
companies' credit profiles at present.

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

RATING ACTIONS

IIFL Finance Limited

  -- LT IDR; B+ Rating Watch Maintained; previously at B+

  -- senior secured LT; B+ Rating Watch Maintained; previously
RR4B+

Manappuram Finance Limited

  -- LT IDR; BB- Affirmed; previously at BB-

  -- LC LT IDR; BB- Affirmed; previously at BB-

  -- senior secured; LTBB- Affirmed; previously at BB-

Muthoot Finance Ltd

  -- LT IDR; BB Affirmed; previously at BB

  -- LC LT IDR; BB Affirmed; previously at BB

  -- senior secured LT; BB Affirmed; previously at BB

Shriram Transport Finance Company Limited

  -- LT IDR; BB Affirmed; previously at BB

  -- ST IDR; B Affirmed; previously at B

  -- LC LT IDR; BB Affirmed; previously at BB

  -- senior unsecured LT; BB Affirmed; previously at BB

  -- senior secured LT; BB Affirmed; previously at BB

[*] INDIA: Bill to Amend Insolvency and Bankruptcy Code Passed
--------------------------------------------------------------
Bignews Network reports that the Parliament on Sept. 22 passed a
bill that temporarily suspends initiation of corporate insolvency
resolution process under the IBC, for a period not exceeding one
year from March 25, to provide relief to companies affected by
COVID-19 to recover from the financial stress.

According to the report, the Lok Sabha passed the Insolvency and
Bankruptcy Code (Second Amendment) Bill 2020 after a reply by
Finance and Corporate Affairs Minister Nirmala Sitharaman. The bill
had earlier been passed by the Rajya Sabha and will replace an
ordinance brought by the government.

Bignews Network says the benefit of the suspension will be
available to all defaults of the corporate debtor that occur from
March 25, 2020 till the end of the period of suspension.

Bignews Network relates that Sitharaman said the government had to
prevent any company which is experiencing stress because of
COVID-19 getting or being pushed into insolvency proceedings and an
ordinance was brought.

"The dimension and scale of the pandemic was obvious. So, we had to
come up with an ordinance which clearly suspended the application
of three sections 7, 9 and 10 of the Insolvency and Bankruptcy
Code. We had to prevent any company which is experiencing stress
because of COVID-19 getting or being pushed into insolvency
proceedings. Therefore, we had to suspend these three sections,"
Bignews Network quotes Sitharaman as saying.

"Insolvency proceedings which could be triggered for reasons prior
to March 2020, we wanted to exclude. Therefore, the commencement
itself was from March 25, 2020. We gave ourselves first six months
with a provision in the Act itself saying extendable," she said.

Sitharaman relates that the minister said countries are working to
have some kind of an immediate response, temporary response and
then making sure when companies come out of stress how they would
handle it.

Sitharaman said the whole approach was to provide immediate help
with some relief. She said there could be a kind of resolution
mechanism for those who are not able to survive and handholding is
inadequate in particular instances, Sitharaman relays.



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

GARUDA INDONESIA: Bankruptcy Off Table Despite Covid Strains
------------------------------------------------------------
Harry Suhartono at Bloomberg News reports that the head of
Indonesia's flag carrier said better terms on aircraft loans will
help it avoid falling into bankruptcy as the nation grapples with
surging coronavirus cases.

"We discussed the risks, the benefits, the pluses and minuses and
the company's leadership decided against it," PT Garuda Indonesia
President Director Irfan Setiaputra said when asked in a Sept. 18
interview about considering bankruptcy proceedings, Bloomberg
relays.

Garuda is expecting a IDR8.5 trillion ($580 million) bridging loan
from the government to come through this year, according to
Setiaputra, an industry outsider who joined the airline in January
just before the Covid-19 outbreak began. The injection would help
after the airline suffered a $713 million net loss in the six
months through June, though it is taking longer than initially
hoped, Setiaputra, as cited by Bloomberg, said.

Bloomberg says airlines worldwide are under immense pressure as the
pandemic and tight restrictions on movement decimated demand for
travel. Several have collapsed, filed for bankruptcy protection or
are restructuring, including Thai Airways International Pcl, which
this month got court approval to proceed with a business
reorganization plan.

According to Bloomberg, Setiaputra said he'd reassured lessors that
the company wouldn't enter bankruptcy. "I think that has given them
a lot of confidence and now they see Garuda as one of the airlines
in this region with good prospects for recovery."

Yet the backdrop is worsening in Indonesia, which has nearly a
quarter of a million virus cases, Bloomberg states. There were
4,176 confirmed infections on Sept. 21 alone, a daily record, and
an official from the taskforce handling the pandemic response
warned that Jakarta's health system is overwhelmed.

Latest data show air travel around the vast Indonesian archipelago
picked up in July from deep lows, Bloomberg notes. A total of 1.46
million people flew domestically that month, compared with just
87,000 in May, according to the country's central statistics
bureau. The numbers were still a long way below the early months of
the year before the virus spread through the Southeast Asian
nation.

Declining traffic squeezed Garuda to such a degree that it extended
the repayment of a $500 million sukuk, an Islamic bond, by three
years, according to Bloomberg. The airline also missed a payment on
an asset-backed security and is facing a lawsuit in London over
aircraft rental fees. Garuda's Z-score, a model used to predict
bankruptcies, is stuck at its lowest in at least a decade,
according to Bloomberg.

Bloomberg says Setiaputra took the helm of the company in January
after the previous boss was dismissed for allegedly smuggling a
classic Harley-Davidson motorcycle and two Brompton folding
bicycles into Indonesia on a Garuda flight from Toulouse. The
pandemic was a baptism of fire for an executive with a background
in technology and mining.

"This was really tough for me, I had no prior knowledge about the
industry," Bloomberg quotes Setiaputra as saying.

Bloomberg notes that Garuda has renegotiated with some aircraft
lessors to get lower rates and longer terms, and it also cut
salaries, freeing up some much-needed cash. Many other airlines
have taken similar steps, with the industry not expected to fully
recover before 2024, according to International Air Transport
Association estimates.

Indonesia has closed its borders to most foreign visitors, leaving
Garuda's hopes pinned to domestic travelers and other revenue
streams such as cargo, Bloomberg notes. This week, it is starting
direct flights to transport fresh tuna direct from Manado, the
capital of North Sulawesi province, to Tokyo.

Setiaputra said Garuda's passenger numbers could return to about
50% of pre-coronavirus levels by the end of this year, Bloomberg
notes.

"It is going to get better," Bloomberg quotes Setiaputra as saying.
"The problem for us is how to speed things up."

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.

INDONESIA: Sees Economy Contracting for First Time Since 1998
-------------------------------------------------------------
Grace Sihombing at Bloomberg News reports that Indonesia's economy
is set to contract for the first time since the Asian financial
crisis more than two decades ago as the country struggles to get
virus cases under control.

Gross domestic product is forecast to decline 0.6% to 1.7% this
year, Finance Minister Sri Mulyani Indrawati said on Sept. 22 at a
briefing in Jakarta, Bloomberg relays.  The government previously
had estimated the economy could grow 0.2% or shrink by as much as
1.1%.

"The recovery is still very early and fragile, so it must be
maintained," Bloomberg quotes Indrawati as saying.

According to Bloomberg, Southeast Asia's largest economy is
struggling to contain the coronavirus pandemic as the number of new
cases each day continues to set records. The worsening outbreak
prompted the renewal of social-distancing curbs in the capital,
measures that had battered growth in the second quarter.

Consumption, investments and exports are all set to decline this
year, pushing the economy to contract in the third and fourth
quarters, Indrawati, as cited by Bloomberg, said. The government is
maintaining its 2021 forecast for growth of 4.5%-5.5%.

Bloomberg relates that government consumption is set to be the only
component showing positive growth of 0.6% to 4.8% this year as the
government accelerates spending, she said. However, "it cannot be
done alone, it must be accompanied by a recovery in the private
consumption and business sectors," she added.

According to Bloomberg, other key items from the briefing are:

   * State spending as of August was up 10.6% from a year
     earlier, even as revenue declined 13.1%

   * The government stepped up disbursement of its national
     economic recovery budget, with 36.6% of the total
     IDR695.2 trillion ($47 billion) rolled out

   * Indrawati said Indonesia needs to learn from other
     countries in avoiding prolonged deflation, as inflation
     slowed in August

   * Consumption is seen contracting 2.1% to 1%, investment is
     expected to fall 5.6% to 4.4% and exports are set to decline
     9% to 5.5% this year



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

MONGOLIA: S&P Assigns 'B' LT FC Rating to New USD Sr. Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term foreign currency
rating to the proposed benchmark-sized U.S. dollar-denominated
senior unsecured notes issued by Mongolia (B/Stable/B). The
government of Mongolia will issue the notes as part of a liability
management exercise. Concurrently, Mongolia has announced a cash
tender offer of its U.S. dollar-denominated bonds due in 2021 and
2022, which the government intends to fund with proceeds from the
proposed bond issuance.

The notes represent direct, general, unconditional, unsecured, and
unsubordinated obligations of the sovereign, and rank equally with
the sovereign's other unsecured and unsubordinated debt
obligations.


MONOGLIA: Fitch Rates Proposed USD Bonds 'B'
--------------------------------------------
Fitch Ratings has assigned Mongolia's (B/Stable) proposed US dollar
bonds a 'B' rating.

Proceeds from the proposed bonds will be used to refinance bonds
maturing in 2021 and 2022 through a cash tender offer.

KEY RATING DRIVERS

The rating is in line with Mongolia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) of 'B' with a Stable Outlook.

Fitch affirmed Mongolia's Long-Term Foreign- and Local-Currency
IDRs on 28 May 2020.

RATING SENSITIVITIES

The rating on the proposed bond is sensitive to any changes in
Mongolia's Long-Term Foreign-Currency IDR.

The following were the rating sensitivities for the sovereign
rating published in the rating action commentary in May 2020.

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

  - The accumulation of larger foreign-currency reserve buffers and
the implementation of a debt-management strategy that lowers
refinancing risks and maintains external debt sustainability.

  - A reduction of fiscal deficits that puts gross general
government debt (GGGD)/GDP back on a downward trajectory after the
increase in 2020 related to the coronavirus shock.

  - A resumption of stronger economic growth and export trends
without the emergence of imbalances, and the maintenance of a
favourable business environment conducive to robust FDI inflows.

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

  - Evidence of heightened external financing stress, for example
if official multilateral and/or bilateral inflows are not
forthcoming or in the event of a marked decline in foreign
reserves.

  - Failure to reduce the budget deficit and stabilise the GGGD/GDP
ratio after the increase in 2020 related to the coronavirus shock.

  - Political instability sufficient to significantly disrupt
strategic mining projects or FDI inflows.

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 ESG profile is in line with that of Mongolia.



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

FP IGNITION 2019-1: Fitch Affirms B+sf Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has affirmed six Series 2019-1 of the FP Ignition
Trust 2011-1 New Zealand.

At the same time, Fitch has removed the Rating Watch Negative (RWN)
from the class D, E and F notes due to the portfolio's resilience
against the coronavirus pandemic and has placed the notes on
Outlook Negative. This reflects the elevated risk of negative
rating action amid the pandemic, as the notes have a large exposure
to small- to medium -enterprises (SME) in industries that Fitch
deems to be vulnerable to income volatility and falling demand. An
increase in defaults or decrease in recoveries or residual value
proceeds over and above those assumed by Fitch could result in a
downgrade.

The Stable Outlook on the class A, B and C notes reflects the
notes' ability to withstand the sensitivity to higher defaults and
lower recoveries stemming from the pandemic and the liquidity
support available to cover interest shortfalls.

RATING ACTIONS

Series 2019-1 of the FP Ignition Trust 2011-1 New Zealand

Class A NZFPID1014R1; LT AAAsf Affirmed; previously at AAAsf

Class B NZFPID1015R8; LT AAsf Affirmed; previously at AAsf

Class C NZFPID1016R6; LT Asf Affirmed; previously at Asf

Class D NZFPID1017R4; LT BBBsf Affirmed; previously at BBBsf

Class E NZFPID1018R2; LT BBsf Affirmed; previously at BBsf

Class F NZFDIP1019R0; LT B+sf Affirmed; previously at B+sf

TRANSACTION SUMMARY

The transaction consists of notes backed by a pool of first ranking
New Zealand passenger, light and heavy commercial vehicle operating
and finance leases originated by Eclipx Fleet Holding (NZ) Limited
(FleetPartners NZ), the New Zealand subsidiary of FleetPartners
Limited.

KEY RATING DRIVERS

Coronavirus-Related Economic Shock: Fitch has made assumptions
about the spread of the coronavirus and the economic impact of the
related containment measures. As a base-case (most likely)
scenario, Fitch assumes that New Zealand and global economic growth
will begin to recover in 3Q20 as the health crisis subsides.
Fitch's downside (sensitivity) scenario in the Rating Sensitivities
section below takes into consideration a more severe and prolonged
period of stress, with recovery to pre-crisis GDP levels delayed
until around the middle of the decade.

Coronavirus-Related Impact: The measures put in place to limit the
virus spread are affecting New Zealand's economy, with many
businesses continuing to experience a decline in income. Fitch
expects these measures to affect loan performance and this has been
factored into its revised base-case assumptions.

Fitch expects mortgage performance in New Zealand to deteriorate in
the near term. Fitch forecasts New Zealand's GDP to shrink by 5.9%
in 2020, with unemployment rising to 7.9%. This is partially offset
by a low official cash rate of 0.25% and the application of both
central bank and government stimulus measures. Fitch expects GDP
growth to bounce back to 5.0% in 2021 and the unemployment rate to
fall to 6.8%.

Liquidity Risk from Payment Holidays: Fitch has reviewed the
transaction's ability to survive a significant proportion of
borrowers taking a payment holiday. The transaction benefits from a
liquidity reserve that can accommodate four months of required
payments at the current bank bill spot rate. The transaction can
withstand over 97% of the portfolio being granted a payment holiday
for six months, before needing to draw on the facilities. As at
end-June, there were 4.3% receivables in the FP Ignition 2019-1
pool that had been granted a payment holiday.

Obligor Default Risk: Obligor default and recovery rates are key
assumptions in Fitch's quantitative analysis. Fitch took into
consideration the historical and current performance of the
Fleetpartners NZ portfolio in reviewing the base-case assumptions,
as well as the performance of UK SME transactions during the
2007-2008 global financial crisis and Fleetpartners NZ's response.
The default rates were increased for all rating levels by 2.1%;
this increased the 'AAAsf' default rate to 29.0%, from 26.9%, and
the 'B+sf' default rate to 6.9%, from 4.8%. The base-case recovery
rates were reduced by 0.86x as a result, while Fitch also adjusted
its rating haircuts to reflect its through-the-cycle approach and
to account for the fact that its base cases incorporate an
additional element of economic stress.

As of end-June 2020, 30+ day arrears for the trust were 3.0%,
compared with the 2Q20 Dinkum ABS Index 30+ day arrears of 2.7%;
arrears were up from 1.15% in April. The index for the Australian
ABS market is used as a comparison due to the similarities between
the two markets and the shortage of ABS performance data in New
Zealand. The arrears percentage also excludes Fleetpartners NZ's
reported COVID-19 approved hardship loans, which made up 4.3% of
the portfolio in June 2020.

Cash-Flow Dynamics: Cash flow analysis was performed and
incorporates Fitch's expectation of increased in defaults and
reduced recovery proceeds as a result of the pandemic and the
government's restrictions on economic activity. Class A, B, C and D
notes can withstand all Fitch stresses at their current rating
levels. The class E and F notes are one-notch higher than the
model-implied ratings due to resilience of the portfolio and
strength of its residual value sale proceeds through to June 2020.
The cash flow model results support the ratings of each note within
the tolerance levels outlined in Fitch's SME Balance Sheet
Securitisation Rating Criteria.

Structural Risk: Structural risk was evaluated in the initial
transaction analysis through the review of transaction
documentation, legal opinion and structural features. There have
been no material changes to the transaction since closing.

Counterparty Risk: Counterparty risk was evaluated in the initial
transaction analysis through the review of transaction
documentation, legal opinion and structural features. There have
been no material changes to any transaction counterparties since
closing.

Servicer, Operational Risk: All assets are originated by
Fleetpartners NZ. Fitch undertook an onsite operational review and
found that the operations of the originator and servicer were
comparable with those of other lenders in New Zealand. Perpetual
Corporate Trust Limited acts as standby servicer for the trust.
Collection and servicing activities have not been disrupted by the
pandemic, as staff members are able to work remotely and have
access to the office, if needed.

Residual Value Risk: Fitch has observed Fleetpartners NZ's sales
proceeds as a percentage of the vehicle's documented residual
value, excluding end of lease income and vehicle disposal costs,
tracking at 111% in July 2020. This reflects the current strength
of the second-hand car market, which may be benefiting from a
change in consumer preferences away from public transport and the
country's used-car import restrictions, which have diminished the
supply of older used vehicles. Rating sensitivity to changes in
residual value indicates the model-implied ratings are particularly
sensitive to changes in residual value risk. This sensitivity
analysis overstates the sensitivity, as the Fitch model caps
residual value at 100%, compared with the actual level of 111%. Had
the model included actual levels, the ratings would not be as
sensitive to these changes.

Rated Above Sovereign: Structured finance notes can be rated up to
six notches above New Zealand's Long-Term Local-Currency Issuer
Default Rating of 'AA+', supporting the 'AAAsf' rating on the class
'A' notes.

RATING SENSITIVITIES

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

Macroeconomic conditions, collateral performance and credit losses
that are better than Fitch's baseline scenario or sufficient
build-up of credit enhancement that would fully compensate for the
credit losses and cash flow stresses commensurate with higher
rating scenarios, all else being equal.

The class A notes are rated at 'AAAsf', which is the highest level
on Fitch's scale. The ratings cannot be upgraded.

Upgrade Sensitivity:

Class B / C / D / E / F

Recommended rating: AAsf / Asf / BBBsf / BBsf / B+sf

Decrease defaults by 10%; increase recoveries by 10%: AAAsf / A+sf
/ BBB+sf / BBsf / B+sf

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

A longer pandemic than Fitch expects that leads to deterioration in
macroeconomic fundamentals and consumers' financial position in New
Zealand beyond Fitch's baseline scenario. Credit enhancement cannot
compensate for the higher credit losses and cash flow stresses, all
else being equal. Fitch conducted sensitivity analysis by
increasing gross default levels, decreasing recovery rates and
decreasing residual value sales proceeds over the life of the
transaction.

Downgrade Sensitivity:

Impact on note ratings of increased defaults:

Class A / B / C / D / E / F

Current rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 10%: AAAsf / AAsf / Asf / BBBsf / B+sf / Bsf

Increase defaults by 25%: AAAsf / AA-sf / A-sf / BBB-sf / B+sf /
B-sf

Increase defaults by 50%: AAsf / A+sf / BBB+sf / BB+sf / Bsf /
Below Bsf

Impact on note ratings of decreased recoveries:

Current rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Reduce recoveries by 10%: AAAsf / AAsf / Asf / BBBsf / B+sf / Bsf

Reduce recoveries by 25%: AAAsf / AAsf / A-sf / BBB-sf / B+sf /
B-sf

Reduce recoveries by 50%: AAAsf / A+sf / BBB+sf / BB+sf / Bsf /
Below Bsf

Impact on note ratings of reduction in residual value sale
proceeds:

Current rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Decrease residual value sales proceeds by 5%: AAAsf / AAsf / A-sf /
BBB-sf / Below Bsf/ Below Bsf

Decrease residual value sales proceeds by 10%: AAAsf / AA-sf /
BBB+sf / BB+sf / Below Bsf / Below Bsf

Decrease residual value sales proceeds by 15%: AA+sf / A+sf / BBBsf
/ B+sf / Below Bsf / Below Bsf

Decrease residual value sales proceeds by 25%: AA-sf / Asf / BBsf /
Below Bsf / Below Bsf / Below Bsf

Decrease residual value sales proceeds by 35%: Asf / BBBsf / Below
Bsf / Below Bsf / Below Bsf / Below Bsf

Decrease residual value sales proceeds by 50%: BB+sf / Below Bsf /
Below Bsf / Below Bsf / Below Bsf / Below Bsf

Impact on note ratings of multiple factors:

Current rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 10%; reduce recoveries by 10%: AAAsf / AA+sf /
Asf / BBBsf / BBsf / below Bsf

Increase defaults by 25%; reduce recoveries by 25%: AAAsf / AAsf /
A-sf / BBB-sf / B+sf / below Bsf

Increase defaults by 50%; reduce recoveries by 50%: AA+sf / A+sf /
BBBsf / BB-sf / below Bsf / below Bsf

Coronavirus Downside Scenario Sensitivity

Fitch has added a coronavirus downside sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in major economies and no meaningful
recovery until around the middle of the decade. Under this more
severe scenario, Fitch tested a default multiplier of 6.0x, rather
than 3.9x, resulting in a base-case default rate of 4.7% as well as
lower base-case recoveries of 54.2% (multiple factors) and a
residual value sale proceeds haircut of 10%. This compares with
default and recovery base cases of 3.1% and 60.2%, respectively,
and no additional stress on residual value sales proceeds in the
baseline scenario. The default rate incremental increase is 3.7%,
compared with 2.1% in the baseline scenario, while the 'AAAsf'
recovery rate is reduced to 30.8%, from 32.5% in the baseline
scenario, to reflect the higher degree of stress already included
in the base case.

Current rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Impact on note ratings of multiple factors: AAAsf / A+sf / BBBsf /
BBsf / Below Bsf / Below Bsf

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and transactions. There were no findings that were material
to this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio as part of its
ongoing monitoring.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of FleetPartners NZ's origination files and found the
information contained in the files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

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.

The principal sources of information used in the analysis are
described in the applicable criteria.

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

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

PUMA INT'L: Fitch Rates Planned 5-Year Bond 'BB-(EXP)'
------------------------------------------------------
Fitch Ratings has assigned Puma International Financing S.A.'s
prospective five-year bond an expected senior unsecured rating of
'BB-(EXP)'. The expected rating is aligned with its other senior
unsecured instruments.

Puma International Financing S.A. (Issuer) is a Luxembourg-based
financial vehicle wholly-owned by Puma Energy Holdings Pte Ltd
(Puma Energy; BB-/Stable). The notes will be guaranteed by Puma
Energy and will rank pari passu with other senior unsecured
obligations of Puma Energy. As per Fitch's criteria, prior-ranking
debt at the operating companies' level is below 2.0x-2.5x EBITDA
and thus not sufficiently material to affect the bond rating. The
transaction will improve Puma Energy's debt maturity profile.

The assignment of final rating is conditional upon the completion
of the new bond, prepaying Term Loan B, and final terms and
conditions of the new bond being in line with information already
received.

Puma Energy's rating of 'BB-' reflects its solid geographic
diversification, limited oil price risk offset by high leverage,
high cash flow volatility due to currency fluctuations and rebased
profitability that remains below the 2015-2017 levels. Fitch
expects continued delivery of strategic objectives by Puma Energy's
management team, including disposals, aimed at debt reduction.

KEY RATING DRIVERS

Planned Bond Extends Debt Maturity: The prospective bond will
extend the maturity profile of Puma Energy's debt and reduce its
refinancing risk. The proceeds will be used towards the repayment
of outstanding Term Loan B (USD650 million as at August 2020, due
in May 2021), thus this transaction is leverage-neutral.

Fitch expects Term Loan B to be fully repaid from the new bond
issue and disposal proceeds from Australia Fuels Business. Fitch
believes Puma Energy's subsequent refinancing risk on two revolving
credit facilities (RCFs; about USD0.6 billion in 2Q20) maturing in
May 2021 is mitigated via limited impact from the pandemic on
performance, progress on deleveraging and the reduction in Cochan
Holding's interest in the company.

Limited Pandemic Impact on Profitability: Fitch expects the
temporary reduction in Puma Energy's profitability in 2020 due to
the impact of the coronavirus pandemic on fuel demand to be largely
offset by USD100 million of shareholder support through an interim
price adjustment on fuel supply. Puma Energy's 1H20 EBITDA
decreased by less than 5% yoy, with strong benefit from the
above-mentioned shareholder support that was mostly realised in
2Q20.

Recovery Shape Post-Coronavirus: Fitch expects a fairly quick fuel
demand recovery for Puma Energy by end-2020, assuming no second
wave of infections, following a 16% sales volume drop in 2Q20 yoy
on a like-for-like basis. This is supported by the diversification
of the business and the largely non-discretionary nature of
post-lockdown demand in emerging economies.

Fitch continues to expect EBITDA to trend towards USD500 million
over the rating horizon (pre-IFRS 16). A regulated price structure
and leading positions in some deregulated markets support profit
margins, while foreign-exchange volatility (as proven by the issues
faced in Angola) can reduce its profitability.

Sufficient Liquidity: Fitch believes Puma Energy has sufficient
liquidity to withstand the impact of the pandemic, comprising
unrestricted cash (USD593 million as of 2Q20), working capital
facilities drawn by operating companies (USD416 million), available
revolving credit facilities (USD430 million, maturing in May 2021),
and committed undrawn shareholder loan (USD500 million), in
addition to USD1 billion uncommitted shareholder loan. The company
partially drew its RCFs (USD166 million) and increased drawings
under local working capital facilities by around USD150 million to
fund higher working capital needs during 2Q20.

Working Capital Outflow: Fitch expects the large working-capital
outflow of USD0.5 billion in 2Q20, mainly due to lower volumes and
oil prices in 1H20, to reduce by the end-2020 as operations
progressively recover. Expected USD100 million higher working
capital outflow in 2020 adds 0.2x to funds from operations (FFO)
readily marketable inventories (RMI) and lease-adjusted net
leverage under the revised Fitch's forecast.

Deleveraging in Progress: Puma Energy is implementing its
deleveraging strategy towards its target net debt (minus
inventory)/EBITDA of 2.5x (versus 3.2x at 2Q20) through portfolio
management and disposals, working capital and capex discipline. In
addition to a USD150 million prepayment of a term loan in 1Q20, the
sale of the Australian commercial and retail fuels business for
USD285 million completed in June 2020, with USD200 million of
disposal proceeds expected to be applied against the term loan in
2020. Puma Energy is targeting to dispose of further non-core
assets (USD100 million) by end-2020.

Fitch expects FFO RMI and lease-adjusted net leverage to exceed the
negative sensitivity in 2020 and then decrease to 4.9x (vs. 4.7x
under previous forecast) over the rating horizon from 5.5x in 2019.
This compares to the pre-pandemic forecast of 3.9x (2022) and 4.9x
(2019). Application of the new lease approach within Fitch's
Corporate Criteria (to adjust for IFRS 16 reporting) has increased
the leverage by 0.5x in 2019 and by 0.4x over the forecast period.

Limited Oil Price Risk: Puma Energy hedges its physical fuel
supply. All of its supply stock is either pre-sold or hedged
against price fluctuations. Therefore, in evaluating leverage and
interest coverage ratios, Fitch excludes debt associated with
financing RMI and reclassifies the related interest costs as cost
of goods sold. The difference between RMI lease-adjusted and
RMI-unadjusted lease-adjusted FFO net leverage is 0.5x-1.0x.

No Rating Impact from Buyback: In June 2020, Puma Energy and its
shareholders Trafigura and Cochan completed their shareholding
restructuring transaction, which reduced Cochan's stake in Puma
Energy to less than 5% from 15%. The transaction was financed by a
USD390 million subordinated shareholder loan from Trafigura with an
initial tenor of seven years. Puma Energy's management believes the
move should give it better access to capital markets and
international banks, although the company's priority is still to
reduce its debt. The instrument has no impact on the group's
leverage metrics as Fitch considers it as equity under its
Corporate Rating Criteria.

DERIVATION SUMMARY

Puma Energy's closest peer is Vivo Energy plc (BB+/Stable), which
operates on a smaller scale with limited midstream activities and
high concentration in Africa (23 countries post-Engen transaction).
Vivo Energy's capital intensity is lower than that of Puma Energy,
whose significant investments in midstream infrastructure over the
past few years have not yielded sufficient cash flow. This, in
turn, materially increased leverage. Vivo Energy's rating is
supported by a cash-generative and conservative financial profile,
with RMI lease-adjusted net leverage below 1x.

Puma Energy's retail operations can be compared, to some extent,
with those of EG Group Limited (B-/Stable), a UK-based independent
petrol retailer. EG's overall scale and diversification have
recently improved through acquisitions and the group is present in
the mature European, US and Australian markets. EG has a higher
exposure to more profitable convenience and food-to-go retail than
Puma Energy. EG's rating reflects its weaker financial profile
following a period of mainly debt-funded acquisitions with FFO
lease-adjusted gross leverage at 12.0x in 2019, and forecast
deleveraging to 8.6x by 2021.

KEY ASSUMPTIONS

  - Low double digit decline in sales volumes in 2020, followed by
a recovery to 2019 levels (excluding Paraguay and Australia) in
2021 and onwards

  - USD100 million support from shareholder suppliers compensating
for reduced performance in 2Q20 and 3Q20

  - Fairly stable gross profit unit margins during 2021-2023 that
are close to 2019 levels

  - Working capital outflow of USD150 million in 2020, followed by
modest inflows until 2023

  - Capex to be reduced to USD130 million in 2020, increasing to
USD200 million-230 million during 2021-2023

M&A:

  - 2020: proceeds of AUD425 million (USD285 million equivalent)
from the sale of Australian commercial and retail fuels business
and USD36 million from the sale of non-core assets

  - 2021: proceeds of remaining USD46 million from the sale of the
Paraguay business and USD54 million from the sale of non-core
assets

  - Further foreign-exchange cash impact of about USD70 million in
2020 and USD50 million in 2021, decreasing to USD35 million a year
onward. This is partly related to Angola

  - Term Loan B (USD700 million outstanding as at 2Q20) repaid from
the new bond and Australia disposal proceeds

RATING SENSITIVITIES

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

  - Improved headroom under financial metrics with FFO RMI
lease-adjusted net leverage sustained below 4.4x

  - Improved competitive position, with either sustained
operational improvements or favourable changes in regulatory
frameworks leading to a material and sustained improvement in unit
margins and free cash flow (FCF) generation

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

  - FFO RMI lease-adjusted net leverage sustained above 5.4x

  - Deteriorating competitive position or adverse changes in
regulatory frameworks, with further material and sustained
weakening in unit margins

  - Deterioration in liquidity position, either due to a prolonged
impact from the coronavirus pandemic or from a reduction in
available committed credit lines, leading to one-/two-year
liquidity ratios falling to, or below, 1.0x

  - Lack of progress on the refinancing of upcoming debt maturities
by end-2020

  - FCF/EBITDAR excluding expansionary capex (cash conversion)
decreasing to 15% or below on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Subject to Bond Placement: At end-June 2020,
Puma Energy held an available unrestricted cash balance of USD593
million and undrawn committed credit line of USD500 million from
Trafigura maturing in September 2023, undrawn since 2014.

The company also benefited from USD430 million availability under
RCFs that Fitch excludes from the amount of available liquidity as
the two facilities will mature in less than one year (May 2021).
Fitch has also excluded the additional USD1 billion undrawn
facility from Trafigura as it is uncommitted.

The available liquidity of USD1.1 billion was not covering the
reported current debt of USD1.5 billion (as at 2Q20, excluding the
IFRS 16 impact), ahead of the new bond issue partly refinancing the
maturing Term Loan B (due May 2021). The liquidity ratio will be
restored to 1.1x from 0.8x post the new bond issue for 12 months as
of 2Q20. Fitch expects extension of RCFs (USD0.6 billion, drawn
USD166 million) and continued use of short-term working capital
facilities at operating companies in local currencies (USD416
million drawn), both of which are included in short-term debt as at
2Q20. The liquidity ratio is forecast at 1.8x for 2021, assuming
refinance of RCFs at current levels.

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

KOREA: Large Conglomerates Restructuring Businesses Amid COVID-19
-----------------------------------------------------------------
Baek Byung-yeul at The Korea Times reports that large conglomerates
are rapidly restructuring their businesses in an effort to help
cushion the negative impact caused by the prolonged COVID-19
pandemic.

As corporations are struggling with looming challenges from the
global recession induced by the virus pandemic, they are selling
not only cash-strapped units but also cash-generative businesses to
secure liquidity, The Korea Times says.

According to the report, the Fair Trade Commission (FTC) said
mergers and acquisitions (M&As) rose sharply in the first half of
this year compared with the same period in 2019.

The Korea Times relates that the FTC said the combined value of
M&As, which involved local companies and that were approved by the
antitrust regulator from January to June, was KRW18.8 trillion
($16.2 billion), a 48.1-percent increase from the KRW12.7 trillion
recorded in the same period in 2019. Also, the number of M&A cases
increased to 356 from 270 from a year earlier.

The increased number of M&As means that corporations are actively
restructuring their business models amid the COVID-19 crisis, the
report notes. Due to the restructuring, conglomerates think they
will be able to have new business opportunities in the
post-COVID-19 era," an industry official said.

According to The Korea Times, SK Group recently sold its cosmetics
material arm SK Bioland to Hyundai Department Group for KRW120.5
billion. With this deal, Hyundai Department Group has gained a
foothold to extend its scope into the beauty and healthcare
business, while SK Group can secure liquidity to focus more on its
future growth items such as mobility and semiconductors.

With more consumers buying goods online, retail companies are also
downsizing their operations, The Korea Times says.  Lotte Mart
already announced it would close 50 stores nationwide within five
years. To slash expenses, Lotte Group's restaurant service firm
Lotte GRS is reportedly seeking to unload its business of running
restaurant chain TGI Friday's, the report discloses.

The Korea Times says shipbuilding and steel production industries
are also undergoing business restructuring. Hyundai Heavy
Industries Group announced last month that it decided to sell its
energy equipment unit Hyundai Heavy Industries Power Systems, which
produces industrial boilers. Steel giant POSCO also sold its
Chinese affiliate POSCO-CDPPC in June to improve its liquidity
ratio.

The aviation industry, hit hardest by the pandemic, is still in a
long and dark tunnel, The Korea Times notes. Due to the prolonged
COVID-19 pandemic, it appears inevitable that the aviation industry
will undertake a hard restructuring processes.

Korean Air, the top full-service carrier, sold its in-flight
catering and duty free business to private equity fund Hahn & Co
for KRW990 billion last month in an effort to secure liquidity, te
report recalls.

However, Asiana Airlines, the country's No.2 full-service airline,
failed to find a new owner as local property developer HDC Hyundai
Development Company scrapped its plans to acquire the cash-strapped
airline.

Things are much more difficult for low-cost carriers. Compared with
Korean Air, which could post operating profit thanks to strong
cargo demand, the low-cost carriers are struggling with high debt
ratios, according to The Korea Times.

Jeju Air's debt-equity ratio in the first half of this year was 869
percent, almost double the figure in the same period in 2019, which
was at 353 percent, the report discloses. Jin Air also posted a
debt ratio of 592 percent while it was 267 percent in the first
half of 2019.


                           *********


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.

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