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

                     A S I A   P A C I F I C

          Monday, March 9, 2020, Vol. 23, No. 49

                           Headlines



A U S T R A L I A

BAIXIN GROUP: Second Creditors' Meeting Set for March 16
BIG RIG: First Creditors' Meeting Set for March 16
CONTAINER FREIGHT: First Creditors' Meeting Set for March 16
LOCKYER QUARRY: First Creditors' Meeting Set for March 13
MORGMAR PTY: First Creditors' Meeting Set for March 17

MOTOR TRADES: First Creditors' Meeting Set for March 16
NEWSAT LIMITED: Former CEO Sentenced for Falsifying Documents
PAMADA MANAGEMENT: Second Creditors' Meeting Set for March 13
TRITON BOND 2020: S&P Assigns BB (sf) Rating to Class E Notes
YEEND & ASSOCIATES: First Creditors' Meeting Set for March 18



H O N G   K O N G

MELCO INTERNATIONAL: Jumbo Kingdom Closes Doors from March 3


I N D I A

ALAPATT JEWELLERY: ICRA Lowers Rating on INR5.50cr Loan to B+
ALIPURDUAR TEA: Insolvency Resolution Process Case Summary
BHISHAM INFRASTRUCTURE: Insolvency Resolution Process Case Summary
CHALAPATHI EDUCATIONAL: ICRA Keeps B+ Rating in Not Cooperating
CUSTOMIZED KITCHEN: Insolvency Resolution Process Case Summary

ETCO DENIM: Insolvency Resolution Process Case Summary
GOLD STAR: ICRA Maintains 'D' Rating in Not Cooperating
HI-TECH FROZEN: ICRA Maintains 'B' Rating in Not Cooperating
HIGH TECH FABLON: ICRA Maintains D Rating in Not Cooperating
HIGH TECH FILATEX: ICRA Maintains 'D' Rating in Not Cooperating

HIGH TECH GARMENTS: ICRA Keeps 'D' Rating in Not Cooperating
HIGH TECH KNITWEAR: ICRA Keeps 'D' Rating in Not Cooperating
HIGH TECH TEXOLENE: ICRA Keeps 'D' Rating in Not Cooperating
HIGH TECH WEAVES: ICRA Maintains 'D' Rating in Not Cooperating
JAIN IRRIGATION: S&P Lowers ICR to 'D' on Missed Interest Payment

JINDAL STAINLESS: Exits Debt Restructuring After a Decade
JSW STEEL: Moody's Affirms Ba2 CFR; Alters Outlook to Stable
KMCT GROUP: ICRA Maintains B+ Rating in Not Cooperating Category
KRISHNA NATURAL: ICRA Keeps B Rating in Not Cooperating Category
LEMSTONE CERAMIC: ICRA Cuts Rating on INR17.50cr Loan to B+

LODHA DEVELOPERS: Markets Bond That's Key to Dodging Default
MADHABGANJ KARUNAMOYEE: ICRA Keeps B Rating in Not Cooperating
MANOGAYAN ESTATES: Insolvency Resolution Process Case Summary
MELTROLL ENGINEERING: ICRA Cuts Rating on INR4.02cr Loan to B+
NEELKANTH PULP: ICRA Lowers Rating on INR7.0cr LT Loan to B+

OM COTTON: ICRA Maintains 'D' Rating in Not Cooperating
PROPYL PACKAGING: Insolvency Resolution Process Case Summary
REGEN INFRASTRUCURE: Insolvency Resolution Process Case Summary
SHANTI EDUCATIONAL: ICRA Keeps 'D' Rating in Not Cooperating
SHREE SIDDHNATH: ICRA Lowers Rating on INR66cr Loan to B+

SHREEJI COTTON: ICRA Maintains 'D' Rating in Not Cooperating
SKYLARK MANSIONS: Insolvency Resolution Process Case Summary
SOMANIL CHEMICALS: Insolvency Resolution Process Case Summary
TECHNO INDIA: ICRA Maintains D Rating in Not Cooperating Category
UNJ IMPORTS: Insolvency Resolution Process Case Summary

VAIBHAV LAXMI: ICRA Migrates 'B+' Rating to Not Cooperating
WESTERN HILL: ICRA Maintains D Rating in Not Cooperating Category
YELLOWSTONE NIRMITI: ICRA Lowers Rating on INR75cr LT Loan to B+
YES BANK: India Government Steps in to Rescue Lender


I N D O N E S I A

ASURANSI JIWASRAYA: No Talks on a Bailout, Audit Agency Says


M O N G O L I A

MONGOLIAN MINING: Fitch Affirms B LT IDR, Outlook Stable


P A P U A   N E W   G U I N E A

PAPUA NEW GUINEA: Moody's Affirms B2 Unsec. Rating, Outlook Stable


S I N G A P O R E

HYFLUX LTD: Aqua Munda to Tap Ex-Ambassador as Non-Exec Director
HYFLUX LTD: Sias Proposes Town Hall for PnP Holders


X X X X X X X X

[*] AsPac Economies Face US$211BB Hit from Coronavirus, S&P Says

                           - - - - -


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

BAIXIN GROUP: Second Creditors' Meeting Set for March 16
--------------------------------------------------------
A second meeting of creditors in the proceedings of Baixin Group
Pty Ltd has been set for March 16, 2020, at 11:30 a.m. at the
offices of Jirsch Sutherland, Level 27, at 259 George Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 13, 2020, at 4:00 p.m.

Sule Arnautovic and Andrew John Spring of Jirsch Sutherland were
appointed as administrators of Baixin Group on Feb. 20, 2020.

BIG RIG: First Creditors' Meeting Set for March 16
--------------------------------------------------
A first meeting of the creditors in the proceedings of Big Rig
Scrubbers Pty Ltd, formerly Trading as 'PP Express', will be held
on March 16, 2020, at 10:00 a.m. at the offices of Cor Cordis,
Mezzanine Level, at 28 The Esplanade, in Perth, WA.

Jeremy Joseph Nipps and Bruno A Secatore of Cor Cordis were
appointed as administrators of Big Rig on March 4, 2020.

CONTAINER FREIGHT: First Creditors' Meeting Set for March 16
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Container
Freight Services Pty Ltd will be held on March 16, 2020, at 2:00
p.m. at the offices of Chartered Accountants ANZ, Kangaroo Room
Level 1, at 33 Erskine Street, in Sydney, NSW.

Dino Berardino Calvisi of Paladin Advisory was appointed as
administrator of Container Freight on March 6, 2020.

LOCKYER QUARRY: First Creditors' Meeting Set for March 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Lockyer
Quarry Pty. Ltd. will be held on March 13, 2020, at 10:00 a.m. at
the offices of Rodgers Reidy (QLD) Pty Ltd, Level 9, River Quarter,
at 46 Edward Street, in Brisbane, Queensland.

David James Hambleton and James Marc Imray of Rodgers Reidy were
appointed as administrators of Lockyer Quarry on March 3, 2020.

MORGMAR PTY: First Creditors' Meeting Set for March 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of Morgmar Pty
Ltd, the trustee for the Crompton-Wall Family Trust, will be held
on March 17, 2020, at 10:00 a.m. at 165 Camberwell Road, Hawthorn
East.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of Morgmar Pty on March 5, 2020.

MOTOR TRADES: First Creditors' Meeting Set for March 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Motor Trades
Association (N.T) Incorporated will be held on March 16, 2020, at
11:00 a.m. at the offices of Rodgers Reidy (QLD) Pty Ltd, Level 9,
River Quarter, at 46 Edward Street, in Brisbane, Queensland.

S G Reid of Rodgers Reidy was appointed as administrator of Motor
Trades on March 4, 2020.

NEWSAT LIMITED: Former CEO Sentenced for Falsifying Documents
-------------------------------------------------------------
Adrian Maxwell Ballintine, of Yaroomba, Queensland has been
sentenced by the County Court of Victoria following his entering of
a plea of guilty to one charge of authorising the making of false
or misleading statements in documents required by, or for the
purposes, of the Corporations Act.

The Court found that between Jan. 18, 2012 and Sept. 15, 2012, Mr.
Ballintine, a former director and chief executive officer of NewSat
Limited, authorised the making of three invoices for amounts
totaling AUD357,000 to be addressed to NewSat Limited (NewSat). The
invoices were issued for purported financial and advisory services,
however no such services were provided to NewSat.

Following the issuing of the invoices, NewSat made payments
totaling AUD357,000 to an accounting and financial advisory firm,
with NewSat receiving no benefit for the payment. Of the total paid
by NewSat, AUD320,000 was then transferred to Cresta Motor Yachts
Pty Ltd, being a company for which Mr Ballintine was a director and
in which he held 73% of its shares in his own name and through a
private company.

Mr. Ballintine was convicted of one count of contravening section
1308(2) of the Corporations Act - being a single charge covering
each of the three invoices issued - and fined an amount of
AUD15,000.

Mr. Ballintine is also automatically disqualified from managing a
corporation for five years.

In delivering sentence, Judge Sarah Dawes said:

"Mr Ballintine held a position of trust and was obliged to protect
the interest of NewSat. His conduct was knowingly dishonest and
financially motivated. Such conduct erodes public confidence in the
share market and public companies."

ASIC Commissioner John Price said, "Making a false and misleading
statement is a serious offence."

"Directors should be on notice that ASIC will take action when
their conduct falls short of required professional standards."

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

NewSat Limited was a satellite communications provider that was
listed on the Australian Securities Exchange until Aug. 31, 2015.

On April 17, 2015, receiver managers were appointed to NewSat, with
the company entering into liquidation on Aug. 7, 2015.

PAMADA MANAGEMENT: Second Creditors' Meeting Set for March 13
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Pamada
Management Pty Ltd has been set for March 13, 2020, at 11:00 a.m.
at the Boardroom of Chifley Advisory, Suite 1903, Level 19, at 31
Market Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 12, 2020, at 4:00 p.m.

Gavin Moss and Desmond Teng of Chifley Advisory were appointed as
administrators of Pamada Management on Feb. 17, 2020.

TRITON BOND 2020: S&P Assigns BB (sf) Rating to Class E Notes
-------------------------------------------------------------
S&P Global Ratings today assigned its ratings to nine classes of
prime residential mortgage-backed securities (RMBS) issued by
Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust
2020 Series 1.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises mortgage
insurance covering 31.8% of the loans in the portfolio, as well as
note subordination for all rated notes and overcollateralization.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.2% of the invested amount of all notes,
principal draws, and a loss reserve that builds from excess spread,
are sufficient under its stress assumptions to ensure timely
payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. (NAB) to hedge the
mismatch between receipts from any fixed-rate mortgage loans and
the variable-rate RMBS.

  RATINGS ASSIGNED

  Triton Bond Trust 2020 Series 1

  Class      Rating        Amount (mil. A$)
  A1-MM      AAA (sf)      200.00
  A1-AU      AAA (sf)      500.00
  A1-5Y      AAA (sf)      150.00
  A2         AAA (sf)       70.00
  AB         AAA (sf)       28.00
  B          AA (sf)        21.00
  C          A (sf)         15.00
  D          BBB (sf)        7.50
  E          BB (sf)         4.00
  F          NR              4.50
  NR--Not rated.


YEEND & ASSOCIATES: First Creditors' Meeting Set for March 18
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Yeend &
Associates Pty Ltd will be held on March 18, 2020, at 10:30 a.m. at
the offices of Worrells Solvency & forensic Accountants
Level 2, AMP Building, at 1 Hobart Place, in Canberra City, ACT.  

Stephen John Hundy of Worrells Solvency & Forensic Accountants was
appointed as administrator of Yeend & Associates on March 6, 2020.



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

MELCO INTERNATIONAL: Jumbo Kingdom Closes Doors from March 3
------------------------------------------------------------
South China Morning Post reports that Hong Kong's iconic Jumbo
Kingdom floating restaurants closed their doors from last week
"until further notice" as the coronavirus outbreak continues to
slam a food and beverage industry that has been reeling since
social unrest since last year.

"As of March 3 and until further notice, Jumbo Kingdom will suspend
its day-to-day operation," the report quotes Hong Kong-listed owner
and conglomerate Melco International Development, as saying in a
statement on March 2. "This decision has been taken in light of the
severe impact Covid-19 has had on the restaurants' business. We
will continue to monitor the commercial outlook for Jumbo and will
provide any relevant updates in due course."

According to the report, the impending closure comes as Hong Kong
continues to count the cost of the coronavirus outbreak that
prompted the government to unveil a record HK$139 billion (US$17.8
billion) budget deficit for the coming year to help stabilise the
economy.

SCMP relates that the disease has compounded the pain in the
tourism, retail and hospitality industries that had already been
suffering from months of anti-government protests since last year.
Other restaurant operators are planning to leave the scene,
including Jamie's Italian, adding to the casualty list from 2019.

About half of Jumbo Kingdom's staff, or around 60 to 70 people,
were dismissed in January while its business hours had altered, the
report recalls citing some local media reports.

The latest setback may reflect the struggle in the Jumbo Kingdom
business as tax-free profit slipped to HK$23.4 million in calendar
2018 from HK$72.2 million in 2017, according to a company circular
in September last year, SCMP relays.

The Jumbo Floating Restaurant was first opened in 1976 by Macau
casino tycoon Stanley Ho Hung-sun, and is run under Melco's
subsidiary Aberdeen Restaurant Enterprises. It later acquired the
Tai-Pak Floating Restaurant in 1987.  Both restaurants, located in
Aberdeen Harbour on the south side of Hong Kong Island, are
collectively known as Jumbo Kingdom.



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

ALAPATT JEWELLERY: ICRA Lowers Rating on INR5.50cr Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Alapatt
Jewellery (HOA), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          5.50      [ICRA]B+(Stable); Downgraded
   working capital                from [ICRA]BB-(Stable)
   limits               
                                  
Rationale

The rating revision factors in HOA's stretched financial profile
with decline in margins in FY2019 owing to shift in revenue mix
towards pure gold jewellery, which commands lower margins, and high
capital withdrawals which resulted in stretched coverage
indicators. The rating revision also factors in expected 25-30%
revenue de-growth in FY2020 due to subdued demand owing to high
gold prices. The rating considers high geographical concentration
risk due to HOA's single-showroom presence, the increasing
competition from other renowned jewellery retailers in the Cochin
region, and the cannibalisation of sales among other family-owned
Group entities sharing the 'Alapatt' brand name.

The rating also factors the stretched liquidity position owing to
working capital-intensive nature of operations due to high
inventory levels. The rating considers exposure of HOA's revenues
and margins to regulatory risks, affecting the industry demand. The
rating is also constrained by risks associated with partnership
firms, including the risk of capital withdrawals, as witnessed in
last two financial years. However, the rating positively factors in
the extensive experience of the promoters in the jewellery retail
business spanning over two decades with HOA's established brand
name and prominent store location in Cochin (Kerala) driving the
footfalls.

The stable outlook reflects ICRA's belief that HOA will continue to
benefit from its established brand and prominent store location.

Key rating drivers and their description

Credit strengths

Established brand and prominent store location drives footfalls –
HOA operates out of a ~15000-sq. ft. showroom in Cochin's MG Road.
The extensive presence of the Jose Alapatt Group since 1988 (and
that of brand Alapatt for over six decades) in the Cochin market
enables the firm in driving footfalls.

Credit challenges

Small scale of operations, geographical concentration risk due to
single-showroom presence – HOA's scale is small with a revenue of
INR42.8 crore in FY2019. Moreover, revenues are expected to witness
a de-growth of 25-30% in FY2020 due to subdued demand owing to
sharp rise in gold prices. With a single showroom presence in
cochin, HOA faces geographical concentration risk along with
intense competition from other jewellery retails in the region.

Weak financial profile with thin margins and stretched coverage
indicators – HOA has weak financial profile deteriorated with
decline in margins in FY2019 owing to shift in revenue mix towards
pure gold jewellery, which commands lower margins, and high capital
withdrawals. The coverage indicators were stretched with an
interest coverage ratio of 1.0 time, NCA/Total debt ratio of -12.2%
in FY2019.

Cannibalisation of sales among family-owned entities sharing
Alapatt brand – The larger Alapatt Group is operated by the six
Alapatt brothers and all the entities share the same brand name,
Alapatt. The brand name enjoys significant equity in the region due
to its six-decade long presence. However, the ambiguity owing to
similar names (of the now separately-held family entities) has led
to cannibalisation of sales among the different showrooms in Cochin
region.

High working capital intensity and stretched liquidity position –
HOA's working capital intensity was high at 48.4% in FY2019 owing
to its high inventory holding. As inherent to the trading nature of
the jewellery business, the firm requires a large quantum of gold
ornaments in its showrooms to cater to the requirements of the
retail customers. High working capital intensity and thin profits
resulted in stretched liquidity position.

Increasing regulatory intervention – The jewellery retail
industry has been witnessing an increased regulatory intervention,
over the last five years, which impacted the operating environment
and consequently the performance of jewellers (both manufacturers
and retailers). The measures such as mandatory PAN card disclosure
requirement for purchases over INR2.0 lakh, currency
demonetisation, import duty hikes and inclusion of the jewellery
sector under the Prevention of Money Laundering Act (albeit for
brief period) had its effect on both demand and supply.

Risk associated with partnership nature of firm – HOA is exposed
to risks associated with partnership firms including the risk of
capital withdrawal, as witnessed in the last two fiscals.

Liquidity position: Stretched

HOA's liquidity position is stretched with low retained cash flows
and limited buffer in working capital limits against a repayment
obligation of INR0.35 crore.

Rating sensitivities

Positive triggers – ICRA may upgrade the firm's rating if it
demonstrates a sustained improvement in its revenues and margins.
Specific credit metrics that could lead to an upgrade include
improving its interest coverage ratio over 1.5 times on a
sustainable basis.

Negative triggers – Negative pressure on the firm's rating could
arise if lower than expected accruals, or increase in working
capital intensity, or higher than expected capital withdrawals
impacts the liquidity position.

HOA is a Cochin-based partnership firm established by Mr. Jose
Alapatt in 1994. It is involved in gold and diamond jewellery
retailing through its ~15,000-square feet retail showroom located
in Cochin. The firm meets its gold requirement through traders and
melting of old gold exchanged by the customers and outsourcing the
jewellery manufacturing to local goldsmiths. HOA meets its diamond
jewellery requirement through diamonds procured from merchants
based out of Mumbai and Bangalore.

HOA has reported an operating income (OI) of INR42.8 crore and net
losses of -INR0.4 crore in FY2019, as against an OI of INR37.5
crore and net profit of INR0.2 crore in FY2018.

ALIPURDUAR TEA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Alipurduar Tea Co. Ltd
        2, Church Lane 3rd Floor
        Kolkata 700001
        West Bengal

Insolvency Commencement Date: February 14, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 12, 2020
                               (180 days from commencement)

Insolvency professional: Savita Agarwal

Interim Resolution
Professional:            Savita Agarwal
                         R. Kothari & Company
                         16A, Shakespeare Sarani 5th Floor
                         Kolkata 700071
                         E-mail: savita_22@hotmail.com

Last date for
submission of claims:    March 3, 2020


BHISHAM INFRASTRUCTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Bhisham Infrastrucure Private Limited

        Registered address:
        B-292, Chandra Kanta Complex
        Shop No. 8
        Near Metro Pillar No. 161
        New Ashok Nagar
        New Delhi 110096

Insolvency Commencement Date: February 19, 2020

Court: National Company Law Tribunal, Principal Bench

Estimated date of closure of
insolvency resolution process: August 17, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Udayraj Patwardhan

Interim Resolution
Professional:            Mr. Udayraj Patwardhan
                         Sumedha Management Solutions Private
                         Limited
                         C703, Marathon Innova
                         Off Ganapatrao Kadam Marg
                         Lower Parel West, Mumbai
                         Maharashtra 400013
                         E-mail: udayraj_patwardhan@
                                 sumedhamanagement.com

                            - and -

                         809-810, 8th Floor, B-Wing
                         Trade World
                         Kamala Mills Compound
                         Lower Parel (West)
                         Mumbai 400013
                         E-mail: bisham@sumedhamanagement.com

Last date for
submission of claims:    March 4, 2020


CHALAPATHI EDUCATIONAL: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR16.00 crore bank facilities of
Chalapathi Educational Society to remain under Issuer Not
Cooperating category. The long-term rating is denoted as [ICRA]B+
(Stable) ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      10.21      [ICRA]B+(Stable) ISSUER NOT
   Based TL                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-Fund      2.60       [ICRA]B+(Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.19       [ICRA]B+(Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Chalapathi Educational Society (CES) was established in 1995 as a
non-profit society by its chief promoter Mr. Y.V. Anjaneyulu. The
society operates five institutions including Engineering
institutes, Pharmacy College, Degree college and Junior college.
The establishments of CES, namely, Chalapathi Institute of
Engineering & Technology (CIET), Chalapathi Institute of Technology
(CIT), Chalapathi Institute of Pharmaceutical Sciences (CIPS),
Chalapathi Degree College (CDC) and Chalapathi Junior College (CJC)
are based in Guntur, Andhra Pradesh. The colleges are located in
Guntur, Andhra Pradesh (AP) and are well connected by bus or train
with Vijayawada (40 min), Hyderabad (5.00 hrs.) and Chennai (7
hrs).

CUSTOMIZED KITCHEN: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Customized Kitchen India Private Limited
        Shop No. 2, Ground Floor
        Flat No. C-1-A/50-A
        Janak Puri, New Delhi 110058

Insolvency Commencement Date: February 18, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: August 16, 2020

Insolvency professional: Gulshan Kumar Gupta

Interim Resolution
Professional:            Gulshan Kumar Gupta
                         202, Kumar House
                         Central Market
                         Prashant Vihar
                         Delhi 110085
                         E-mail: ipgulshan@gmail.com
                                 irp.kitchen@gmail.com

Last date for
submission of claims:    March 5, 2020


ETCO DENIM: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: ETCO Denim Private Limited
        S-13, S-14, Pinnacle Business Park
        Shanti Nagar, MIDC
        Mahakali Caves Road
        Andheri East Mumbai City
        MH 400093
        IN

Insolvency Commencement Date: February 14, 2020

Court: National Company Law Tribunal, Nagpur Bench

Estimated date of closure of
insolvency resolution process: August 12, 2020
                               (180 days from commencement)

Insolvency professional: CA. Swapnil Mukund Agrawal

Interim Resolution
Professional:            CA. Swapnil Mukund Agrawal
                         C-1, Garg Gokul Appt.
                         Plot no. 156, Gokulpeth
                         Nagpur 440010

                            - and -

                         F.No. 102, Krushna Kunj
                         Plot No. 10C, Nawab Layout
                         Near Tilak Nagar Ground
                         Nagpur 440010
                         E-mail: irpforetcodenim@gmail.com

Last date for
submission of claims:    March 4, 2020


GOLD STAR: ICRA Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------
ICRA said ratings for the INR8.50 crore bank facilities of Gold
Star Steels (P) Ltd. continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        5.50       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category


   Non-fund based     1.50       [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit              Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category
  
   Non-fund based     1.00       [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee                Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Unallocated        0.50       [ICRA]D ISSUER NOT COOPERATING;
   Limit                         Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

GSSPL was incorporated in 1992 by the Raipur-based Agarwal family.
However, the company has been taken over by the Vaswani family in
the recent past. GSSPL has facilities for manufacturing high
tension steel (HTS) wire, inserts andinsulated caps.

HI-TECH FROZEN: ICRA Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
ICRA has continued the ratings for the INR11.80 crore bank
facilities of Hi-Tech Frozen Facilities Private Limited. The rating
is now denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING; Rating
continues to remain under 'Issuer Not Cooperating' category".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         10.00       [ICRA]B(Stable); ISSUER
                                   NOT COOPERATING; Rating
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Term Loan            1.80       [ICRA]B(Stable); ISSUER
                                   NOT COOPERATING; Rating
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

Hi-Tech Frozen Facilities Private Limited (HTFFPL) was incorporated
by Mr. Vijay Shah for setting up a frozen & cold chain facility in
Surat, Gujarat. The cold chain facility commenced operations in FY
2010-11 and has an installed cold storage capacity of 10,000 MT.
The company also has two refrigerated trucks of 7 MT and 9 MT
capacities for transporting the farm produce to cold storage
facility and then to the consumption centers. The cold storage
facility was set up under the aegis of the "Integrated Cold Chain
Infrastructure Project Scheme" launched by the Ministry of Food
Processing Industries, Govt. of India under which financial
assistance in the form of grant-in-aid @ 50% of the total cost of
plant and machinery and technical civil works is given to the
company (subject to a maximum grant of INR10.00 crore). HTFFPL
received a total grant of INR7.20 Cr under the scheme.

HIGH TECH FABLON: ICRA Maintains D Rating in Not Cooperating
------------------------------------------------------------
ICRA said ratings for the INR9.37 crore bank facilities of High
Tech Fablon Private Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan         5.87       [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                issuer 'Issuer Not Cooperating'
                                category

   Cash Credit       3.50       [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                issuer 'Issuer Not Cooperating'
                                category

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

Incorporated in the year 2010, High Tech Fablon Private Limited is
engaged in manufacturing of grey fabric made from polyester yarns.
The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located a Kim, Surat.

HIGH TECH FILATEX: ICRA Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
ICRA said ratings for the INR9.68 crore bank facilities of High
Tech Filatex Private Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Term Loan            6.18     [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 issuer 'Issuer Not Cooperating'
                                 category

   Cash Credit          3.50     [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 issuer 'Issuer Not Cooperating'
                                 category

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

Incorporated in the year 2010, High Tech Filatex Private Limited is
engaged in the manufacturing of grey fabric made from polyester
yarns. The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located a Kim, Surat.

HIGH TECH GARMENTS: ICRA Keeps 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said ratings for the INR10.60 crore bank facilities of High
Tech Garments Private Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Term Loan           5.70      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 issuer 'Issuer Not Cooperating'
                                 category

   Cash Credit         4.90      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 issuer 'Issuer Not Cooperating'
                                 category

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

Incorporated in the year 2005, High Tech Garments Private Limited
is engaged in the manufacturing of grey fabric made from polyester
yarns. The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located a Kim, Surat.

HIGH TECH KNITWEAR: ICRA Keeps 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said ratings for the INR50.33 crore bank facilities of High
Tech Knitwear Private Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Term Loan         33.85      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                'Issuer Not Cooperating' category

   Cash Credit       13.51      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                'Issuer Not Cooperating' category

   Unallocated
   Limits             2.97      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                'Issuer Not Cooperating' category

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

High Tech Knitwear Private Limited (HTKPL) is a part of the
Surat-based High-Tech Group which has its presence in manufacturing
of greige fabric, sized yarn and warped yarn. HTKPL manufactures
polyester greige fabrics. The company has its registered office in
Surat and its manufacturing facility in Bharuch District (Gujarat).

HIGH TECH TEXOLENE: ICRA Keeps 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said ratings for the INR9.34 crore bank facilities of High
Tech Texolene Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                  Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Term Loan         5.84      [ICRA]D; ISSUER NOT COOPERATING;
                               Rating Continues to remain under
                               'Issuer Not Cooperating' category

   Cash Credit       3.50      [ICRA]D; ISSUER NOT COOPERATING;
                               Rating Continues to remain under
                               'Issuer Not Cooperating' category

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

Incorporated in the year 2010, High Tech Texolene Limited is
engaged in the manufacturing of grey fabric made from polyester
yarns. The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located a Kim, Surat.

HIGH TECH WEAVES: ICRA Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
ICRA said ratings for the INR8.97 crore bank facilities of High
Tech Weaves (India) Private Limited continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan         1.47       [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                'Issuer Not Cooperating' category

   Cash Credit       7.50       [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                'Issuer Not Cooperating' category

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

Incorporated in the year 1991, High Tech Weaves (India) Private
Limited (HTWPL) is engaged in the manufacturing of sizing and
warping yarns. The company is promoted by Mr. Ajay Agrawal and
other family members who have been in the textile business for over
a decade.

JAIN IRRIGATION: S&P Lowers ICR to 'D' on Missed Interest Payment
-----------------------------------------------------------------
On March 4, 2020, S&P Global Ratings lowered both its issuer credit
ratings on Jain Irrigation Systems Ltd. and the issue rating on the
company's guaranteed 2022 senior unsecured notes to 'D'.

Jain Irrigation's Indian operations are undergoing a
debt-restructuring process initiated by a consortium of Indian
banks as part of the intercreditor agreement. Advisors of the
company and the consortium are working on a debt resolution plan.

But in S&P's view, the plan might take longer than expected and the
company's operations might continue to suffer due to lack of
sufficient liquidity to manage its debt servicing and working
capital requirements.

The company was unable to make the interest payment due on its
guaranteed 2022 senior unsecured notes even after a 30-day grace
period, which ended on March 3, 2020. The notes were issued by its
subsidiary Jain International Trading BV.

Jain Irrigation is an India-based company engaged in the
manufacture of plastics-based micro-irrigation piping and plumbing
systems. It is the world's second-largest provider of such systems,
behind Israel-based Netafim Ltd. The company also has a growing
food processing business--which mainly produces fruit pulp,
dehydrated onions, and spices.


JINDAL STAINLESS: Exits Debt Restructuring After a Decade
---------------------------------------------------------
Business Today reports that Jindal Stainless on March 5 said it has
successfully exited from corporate debt restructuring after it paid
more than INR800 crore to its lenders. The firm had entered the CDR
framework back in 2009.

Business Today relates that JSL said it has already re-compensated
existing lenders to about INR275 crore in cash which will reflect
in their income in the current fiscal while it has fully redeemed
the outstanding Optionally Convertible Redeemable Preference Shares
(OCRPS), which were issued to the lenders in June 2017 paying them
around INR558 crore in the process. The two put together JSL has
paid an aggregate INR833 crore to its lenders and it received a
letter from the consortium of CDR lenders on March 4 to this
effect, the report says.

"The exit from CDR marks a significant step forward for JSL. This
underlines the improvement in JSL's liquidity profile and
profitability. The exit will not only provide financial and
operational flexibility to our business but will pave the way for a
new growth phase," the report quotes Abhyuday Jindal, managing
director, JSL, as saying. "The CDR tenure was prolonged as
sustained imports impacted our top-line growth. We are grateful to
all our stakeholders, especially our lenders, for their continued
faith in us."

To assist the company in the redemption of the OCRPS, the promoter
group entity that largely consists of the Jindal family which
controls over 68 per cent shareholding in the firm, had infused
equity and subsequently JSL had last month issued Non-convertible
Debentures (NCDs) worth INR400 crore to Kotak Special Situations
Fund (KSSF), Business Today says. Kotak has also acquired
approximately 5 per cent equity stake in JSL through the secondary
market.

According to Business Today, the company said its CDR tenure was
unduly extended due to adverse market conditions in view of
consistent dumping of stainless steel flat products over the past
several years from China & ASEAN countries. This hurt its margins
and caused undue financial stress as surplus production in these
countries was being rechanneled to growing markets like India.

"Trade remedial measures like anti-dumping duty and countervailing
duty imposed on imports by the government to create a level-playing
field are being consistently circumvented, rendering these remedial
measures ineffective. However, de-bottlenecking and internal
process improvements helped JSL sustain its operations. Currently,
the Company has an installed capacity of 1.1 million tonnes per
annum (MTPA)," it said in a statement, Business Today relays.

Business Today says the Company has seen an improvement in the net
debt-equity ratio which stood at 1.3 as on December 31, 2019, as
compared to 3.2 as on March 2017.

According to the report, the domestic steel industry found itself
at the centre of a massive NPA build up in the aftermath of intense
dumping from China between 2014/15 and 2016/17 that hit the
profitability of companies. In 2015/16, gross NPAs in the sector
amounted to INR1.15 lakh crore. The sector accounted for four of
the 12 big firms - Essar Steel, Electrosteel Steels, Monnet Ispat
and Bhushan Steel - pushed by the RBI for NPA clean-up under the
Insolvency and Bankruptcy Code (IBC).

The exit of JSL from CDR could be seen as a bottoming out of the
sector as a whole, the report states.

"The CDR exit could have been preponed by at least 2 years provided
the deluge of imports had not impacted the margins," a company
spokesperson added.

In 2015, the company had undertaken an operational restructuring
distributing its INR8,580 crore debt among four firms while cutting
down its interest outgo by 3.35 per cent. This had brought down the
debt of JSL to INR3,080 crore at that time.

Exiting the debt restructuring framework frees up options for the
company to raise funds for its future expansion plans as also allow
freedom to potential lenders to offer preferential terms of
lending, Business Today adds.

Based in New Delhi, India, Jindal Stainless Limited operates as an
integrated stainless steel manufacturing company in India and
internationally. Its products include ferro alloys, slabs, hot
rolled coils, plates and sheets, and cold rolled coils and sheets.
The company's products are used in automotive, railway and
transport, architecture, building and construction, chemical and
petrochemical, capital goods, nuclear, kitchenware, and food
processing industries.

JSW STEEL: Moody's Affirms Ba2 CFR; Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service changed the outlook on JSW Steel
Limited's ratings to stable from positive. At the same time,
Moody's has affirmed the company's Ba2 corporate family rating and
the Ba2 rating on the company's senior unsecured USD notes.

RATINGS RATIONALE

"The change in outlook to stable reflects JSW's weaker than
expected operating performance, and our expectation that it will
take longer for the company's credit metrics to improve to levels
that warrant a higher rating," says Kaustubh Chaubal, a Moody's
Vice President and Senior Credit Officer.

Steel consumption growth slowed to about 3.5% for the nine months
ended December 2019 from 7.5% growth for the fiscal year ending
March 2019 (fiscal 2019). The slowdown was driven by sluggish
economic activity, which has weakened demand from steel-using
industries such as manufacturing and automotive, and by slow
government disbursements towards infrastructure projects.

Reflecting this weak industry demand, profitability -- as measured
by EBITDA/ton -- for JSW's Indian steel operations declined by 31%
to INR8,168 over the same period from INR11,677 in fiscal 2019.

As a result, JSW's leverage -- as measured by adjusted debt/EBITDA
-- is now trending above the upgrade trigger of 4.0x. Moody's
expects leverage to remain at the 4.6x mark until the end of this
quarter, before recovering to below 4.0x by fiscal 2021. These
estimates are based on sustainable EBITDA/ton of INR9,500.

Moody's expects a slight pickup in steel demand in fiscal 2021,
along with a higher proportion of finished steel products with the
commissioning of JSW's cold rolling mill facility, and concerted
backward integration efforts into increasing the production of its
key input, iron ore. These efforts will support profitability at
levels appropriate for the company's Ba2 rating.

"The change in outlook to stable also reflects our expectation that
JSW will soon complete the acquisition of a minority stake in
Bhushan Power and Steel Limited (BPSL) from the distressed
company's lenders, which will raise some execution risk," adds
Chaubal, who is also Moody's Lead Analyst for JSW.

JSW has been identified as the highest bidder for BPSL. While final
deal details are not known, Moody's expects the acquisition cost to
be around $2.7 billion and JSW's cash outflow is expected to be
limited to $600 million.

"While only a minority stake and despite the non-recourse nature of
BPSL's borrowing, we consider the proposed acquisition as strategic
and integral to JSW's long-term growth strategy. We therefore
expect JSW to provide operational support to the target, should the
need arise, and we will fully consolidate BPSL into our financial
forecasts for JSW," adds Chaubal.

Fully consolidating BPSL will result in JSW's leverage increasing
by around 1.0x, but the target's value-added product portfolio and
expected synergies from JSW should help in rapid deleveraging.

The Ba2 ratings reflect JSW's large scale and strong position in
its key operating markets, competitive conversion costs, good
product and end-market diversification, and increasing focus on
value-added products and retail markets.

The ratings also incorporate JSW's exposure to the inherently
cyclical steel industry, its relatively limited raw material
integration and risks associated with the execution of the BPSL
acquisition.

ESG CONSIDERATIONS

In terms of environmental, social and governance (ESG) factors, the
ratings reflect the elevated environmental risk facing steel
producers in terms of carbon regulation and air pollution. However,
JSW uses advanced technologies for producing steel, such as Corex.
The company also reuses industrial waste gases at its captive power
plants and maximizes reutilization of treated waste water. Other
investments include a pipe conveyor belt to transport iron ore from
mines to its plant to reduce the use of trucks.

JSW's ownership is concentrated in the promoter group led by Mr.
Sajjan Jindal, which held a 42.3% stake as of December 31, 2019.
The associated risks are partially mitigated by the presence on the
board of independent directors and nominees from key shareholders,
such as JFE Steel Corporation, indicating adequate board oversight.
JSW's disclosures and governance practices are in line with those
of large listed Indian corporates, and Moody's assesses governance
risk as moderate for JSW and manageable for its ratings.

OUTLOOK

The stable outlook reflects Moody's expectation that JSW's
operating performance will continue to improve on the back of its
enhanced capacity once its brownfield expansion at Dolvi is
commissioned, which will translate into its leverage trending to
below 4.0x over the next 12 to 18 months.

The stable outlook also reflects Moody's expectation that JSW will
remain selective in its acquisitions, funding them with a prudent
mix of debt and equity. In addition, Moody's expects any such
acquisitions will be earnings accretive and help in rapid
deleveraging, leading to at most only a temporary spike in
leverage.

WHAT COULD CHANGE THE RATING DOWN/UP

Moody's could upgrade JSW's ratings if it maintains leverage below
4.0x and EBIT/interest in excess of 3.0x, both on a sustained
basis.

An upgrade would also require a structural improvement in JSW's
liquidity profile, with a reduced reliance on short-term funding.

Moody's could downgrade the ratings in case weak industry
conditions result in declining sales volumes and lower pricing and
profitability.

Metrics indicative of a downgrade include leverage above 4.5x,
EBIT/interest coverage below 2.0x and EBIT margin below 12%, all on
a sustained basis.

The principal methodology used in these ratings was Steel Industry
published in September 2017.

JSW Steel Limited is one of the largest producers of steel products
in India, with an installed steelmaking capacity of 18 million tons
per annum (mtpa). JSW's international operations comprise: (1) 1.2
million net tonnes plates and pipes mills in Texas; (2) a 1.5 mtpa
hot rolling mill and a 3.0 mtpa electric arc furnace at Ohio; and
(3) a 1.32 mtpa long steel production facility in Piombino, Italy.

KMCT GROUP: ICRA Maintains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said ratings for the INR50.00-crore bank facilities of Kmct
Group of Institutions continue to remain in the 'Issuer Not
Cooperating' category'. The ratings are denoted as [ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      7.00       [ICRA]B+ (Stable); ISSUER NOT
   Based/CC                       COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating 'Category

   Long Term-Fund     25.00       [ICRA]B+ (Stable); ISSUER NOT
   Based TL                       COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating 'Category

   Short Term-Non-     1.00       [ICRA]A4; ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term/Short    17.00       [ICRA]B+ (Stable)/[ICRA]A4;
   Term-Unallocated               ISSUER NOT COOPERATING;
                                  Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

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

Kunhitharuvai Memorial Charitable Trust (KMCT) was established in
1999 in Kozhikode, Kerala. The operations of the trust are managed
by Dr. K Moidu, the Chairman and Managing Trustee and Dr. Navas
Komath Moidu, the CEO and Executive Trustee. The trust manages 24
educational institutions under medical campus, technical campus and
educational campus located in Manassery, Kallanthode and
Kuttipuram, respectively. The trust has one medical college, one
dental college, two engineering colleges, three nursing colleges,
three pharmacy colleges, two polytechnic colleges, one business
school, one teachers' training institute, one teacher education
college, one ayurveda medical college, one law college, two
colleges of architecture, three arts and science colleges and two
institutes of allied health sciences.

KRISHNA NATURAL: ICRA Keeps B Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has continued the ratings for the INR9.95 crore bank
facilities of Krishna Natural Fibre Private Limited. The rating is
now denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING; Rating
continues to remain under 'Issuer Not Cooperating' category".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Cash Credit         8.90      [ICRA]B(Stable); ISSUER
                                 NOT COOPERATING; Rating
                                 Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Term Loan           1.05      [ICRA]B(Stable); ISSUER
                                 NOT COOPERATING; Rating
                                 Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in October 1999, Krishna Natural Fibre Private Limited
(KNFPL) is engaged in the business of cotton ginning and pressing.
KNFPL's manufacturing facility is located at Borisana, Kadi in
Gujarat and is currently equipped with 24 ginning machines and 1
pressing machine. The promoters of KNFPL have long experience in
cotton cultivation and ginning business and are also involved in
the operations of a few other cotton ginning companies, either as
directors or partners.

LEMSTONE CERAMIC: ICRA Cuts Rating on INR17.50cr Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Lemstone
Ceramic Llp, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      7.25       [ICRA]B+(Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating downgraded
                                  from [ICRA]BB-(Stable) and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Long Term-Fund     17.50       [ICRA]B+(Stable) ISSUER NOT
   Based TL                       COOPERATING; Rating downgraded
                                  from [ICRA]BB-(Stable) and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  category

   Short Term-Non      3.40       [ICRA]A4 ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short Term–        (1.00)      [ICRA]A4 ISSUER NOT
   Interchangeable                COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

Rationale

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

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

Established in August 2015, Lemstone Ceramic LLP (LCL) commenced
commercial operations from April 2016 and is engaged in manufacture
of nano polished vitrified tiles from its plant located in the
ceramic belt of Morbi, Gujarat. The firm's facility is equipped
with machinery which can manufacture vitrified tiles in two sizes
600 X 600 mm, 800 X 800 mm and 1200 X 1200 mm, however the company
currently manufactures only 600X600 mm of tiles. The unit is
promoted by  Mr. Jayesh Rangpariya along with his relatives and
friends having significant experience in the ceramic industry
through associate concerns namely Lucaso Ceramic Private Limited,
Lemon Ceramic Private Limited, Lexona Ceramic, Livanto Ceramic
Private Limited and Laffans Ceramic Private Limited.

LODHA DEVELOPERS: Markets Bond That's Key to Dodging Default
------------------------------------------------------------
Bijou George and Rahul Satija at Bloomberg News report that Lodha
Developers is marketing a complex debt offering that it needs to
complete successfully to avoid a default.

Bloomberg relates that the new bond from Lodha Developers
International Ltd. will be key for it to refinance its existing
$324 million note maturing March 13. The company also needs to meet
conditions involving setting aside cash before it can tap the
proceeds of the bond.

"We feel very good about the level of interest and commitments we
have so far," Bloomberg quotes Abhishek Lodha, chief executive
officer of Macrotech Developers Ltd., which is the flagship company
of the Lodha group, as saying. He was referring to the group's
ability to close the bond sale in a difficult market that faces the
fallout of the coronavirus outbreak.

Even before the virus contagion, Indian real estate developers had
been grappling with slowing demand as the country's economic growth
slumps to a decade low and a lingering credit crisis constrains
spending, Bloomberg notes. At least INR10.5 trillion ($143 billion)
of debt is vulnerable to default over the next three years,
Bloomberg discloses citing India Ratings, a local unit of Fitch.

Lodha may fend off its near-term debt maturity, but refinancing
risks remain high, according to Moody's Investors Service,
Bloomberg relays. Selling the new note is key because Macrotech has
no alternate financing arrangements, and if the new issue were
derailed or if Lodha were to fail to meet the conditions, it would
likely slip into a default, Moody's said. Some of those conditions
were unmet as of Feb. 28, it said.

Bloomberg relates that the proposed new note is "subject to
significant execution and market risk, creating uncertainty around
Macrotech's ability to complete the bond transaction as planned,"
said Sweta Patodia, an analyst at Moody's.

Under the proposed bond terms, Lodha needs to set aside $118
million in cash before it can sell the new bond. It still needed to
find about $32 million as of Feb. 28, Bloomberg adds citing Moody's
calculations.

According to Bloomberg, Lodha said the deal's structure should
reassure investors. "The comfort is that we will put the money
first and then the new bondholders will put their money," Bloomberg
quotes Abhishek Lodha as saying. "That's as strong a comfort as one
can give."

Lodha's 12% notes maturing this week were indicated at a discount
of about 10% of face value on March 4, according to two Hong
Kong-based traders, who asked not to be identified as they are not
authorized to speak to the media, Bloomberg relays.

Moody's rates Lodha's proposed bond Caa1, seven steps below
investment grade, with a negative outlook, Bloomberg notes. It
cited the market risk, and uncertainty about Macrotech's
refinancing plans over the next 12 months in the face of about $1
billion in debt maturing through March 2021.

According to Bloomberg, Abhishek Lodha said the group has a strong
track record in paying down its debt, citing positive cash flows
over the last two quarters, which helped it pay back $355 million
at Macrotech over the period.

Lodha Developers Limited is a real estate developer in India. The
company is focused on residential developments in the Mumbai
Metropolitan Region, with some projects in nearby Pune.

MADHABGANJ KARUNAMOYEE: ICRA Keeps B Rating in Not Cooperating
--------------------------------------------------------------
ICRA said ratings for the INR5.25 crore bank facilities of
Madhabganj Karunamoyee Himghar Pvt Ltd continues to remain under
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based–          0.83       [ICRA]B (Stable) ISSUER NOT
   Working                         COOPERATING; Rating continues
   Capital Loan                    to remain under the 'Issuer
                                   Not Cooperating' category
    
   Fund Based–          4.23       [ICRA]A4 ISSUER NOT
   Seasonal                        COOPERATING; Rating continues
   Cash Credit                     to remain under the 'Issuer
                                   Not Cooperating' category

   Non-fund based–      0.16       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated          0.03       [ICRA]B (Stable)/[ICRA]A4
   Limits                          ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under the 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2011, MKHPL is owned by the Ranjit Maity and family
and by Mondol family of Kolkata. MKHPL has commenced its commercial
operation in March 2013. Prior to the commencement of cold storage
operation, in FY13, MKHPL was engaged in trading of potato. MKHPL
is situated in the Bankura district of West Bengal and has a
capacity to store 17,200 metric tonnes (MT) of potatoes.

MANOGAYAN ESTATES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Manogayan Estates Private Limited

        Registered address:
        B-292, Chandra Kanta Complex
        Shop No. 8
        Near Metro Pillar No. 161
        New Ashok Nagar
        New Delhi 110096

Insolvency Commencement Date: February 19, 2020

Court: National Company Law Tribunal, Principal Bench

Estimated date of closure of
insolvency resolution process: August 17, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Udayraj Patwardhan

Interim Resolution
Professional:            Mr. Udayraj Patwardhan
                         Sumedha Management Solutions Private
                         Limited
                         C703, Marathon Innova
                         Off Ganapatrao Kadam Marg
                         Lower Parel West, Mumbai
                         Maharashtra 400013
                         E-mail: udayraj_patwardhan@
                                 sumedhamanagement.com

                            - and -

                         809-810, 8th Floor, B-Wing
                         Trade World
                         Kamala Mills Compound
                         Lower Parel (West)
                         Mumbai 400013
                         E-mail: manogayan@sumedhamanagement.com

Last date for
submission of claims:    March 4, 2020


MELTROLL ENGINEERING: ICRA Cuts Rating on INR4.02cr Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Meltroll
Engineering Private Limited (MEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–Fund      2.00        [ICRA]B+(Stable) ISSUER NOT
   Based Cash                      COOPERATING; Rating downgraded
   Credit                          from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long-term–Non       4.02        [ICRA]B+(Stable) ISSUER NOT
   fund-based                      COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short-term–         6.50        [ICRA]A4 ISSUER NOT
   Fund based                      COOPERATING; Rating
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

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

Meltroll Engineering Private Limited (MEPL) manufactures stainless
steel (SS) bright bars from SS wire rods. The company mainly deals
in 300 and 400 series of bright bars. MEPL has an installed
capacity of 6000 metric tons per annum (MTPA) at its manufacturing
facility located at Rabale, Navi Mumbai.The promoter Mr. V. P.
Sharma ventured into SS bright bar trading through a proprietary
firm in 1989. The promoter's sons Mr. Kunal Sharma and Mr. Kapil
Sharma joined the business in 1991 and are actively involved in
day-to-day operations of the company.

NEELKANTH PULP: ICRA Lowers Rating on INR7.0cr LT Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Neelkanth Pulp & Paper Boards (NPPB), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      7.00        [ICRA]B+(Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-Fund      3.48        [ICRA]B+(Stable) ISSUER NOT
   Based TL                        COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short Term-Non      7.94        [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

Rationale

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

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

Neelkanth Pulp & Paper Boards (NPPB) was incorporated in the year
2010 for manufacturing kraft paper and is managed by Mr. Hitesh
Gondalia and other partners. The manufacturing operations commenced
from August 2011. The firm's manufacturing facility is located in
Rajkot (Gujarat) with an installed manufacturing capacity of 31000
MT per annum. NPPB primarily manufactures Kraft paper in varying
gram mage (100-300 Grams per sq. meter) and burst factor (16-22).

OM COTTON: ICRA Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------
ICRA said ratings for the INR6.25 crore bank facilities of Om
Cotton & Oil Industries continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based         5.01      [ICRA]D; ISSUER NOT COOPERATING;
   limits                       Rating Continues to remain under
                                issuer 'Issuer Not Cooperating'
                                category

   Unallocated        1.24      [ICRA]D; ISSUER NOT COOPERATING;
   limits                       Rating Continues to remain under
                                issuer 'Issuer Not Cooperating'
                                category

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

Established in 2012, Om Cotton & Oil Industries (OCOI) is involved
in cotton ginning and pressing business. The manufacturing facility
of the firm is located in Hirapar District Morbi, Gujarat and is
currently equipped with 24 ginning machines and one fully automatic
pressing machine, with a capacity to manufacture 230 bales per day
(24 hours operations). The firm is owned and managed by Mr.
Harjivan Jivani and Mr. Sanjay Jivani along with two other
partners.

PROPYL PACKAGING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Propyl Packaging Ltd

        Registered office:
        Unit-3, Plot-30 & 31, Kinfra Park
        Nalukettu Road, Koratty
        Thrissur 680308

        Administrative office:
        Door No. 488/19, 1st Floor
        Suncity Complex, Koorkenchery
        Thrissur 68007

Insolvency Commencement Date: February 14, 2020

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: August 13, 2020
                               (180 days from commencement)

Insolvency professional: Mr. George Varkey

Interim Resolution
Professional:            Mr. George Varkey
                         Building No. 110, Ground Floor
                         Surabhi Nagar, Kakkanad
                         Kochi, Kerala 682030
                         E-mail: geovaktm@gmail.com

Last date for
submission of claims:    February 28, 2020


REGEN INFRASTRUCURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Regen Infrastrucure and Services Private Limited
        Sivanandam 1st Floor, New No. 1
        Pulla Avenue, Shenoy Nagar
        Chennai 600030
        Tamil Nadu
        India

Insolvency Commencement Date: February 19, 2020

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: August 17, 2020

Insolvency professional: Renuka Devi Rangaswamy

Interim Resolution
Professional:            Renuka Devi Rangaswamy
                         Arthi Illam, #9, Jothi Nagar
                         3rd Street, Uppilipalayam Post
                         Coimbatore 641015
                         E-mail: jrassociatescbe@gmail.com

Last date for
submission of claims:    March 4, 2020


SHANTI EDUCATIONAL: ICRA Keeps 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said ratings for the INR7.10 crore bank facilities of Shanti
Educational Trust continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based–       7.10       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

Shanti Educational Trust (SET) was established in 2010 as a trust
in Patna, Bihar. The trust has started a school as a franchisee of
G. D. Goenka Public School and AY2013-14 was the first year of
operation for the school. Currently, the school conducts classes
from Nursery to standard IX.

SHREE SIDDHNATH: ICRA Lowers Rating on INR66cr Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shree
Siddhnath Cotex Private Limited (SCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      66.00       [ICRA]B+(Stable) ISSUER NOT
   Based/ CC                       COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-Fund       3.00       [ICRA]B+(Stable) ISSUER NOT
   Based TL                        COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   category

Rationale

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

As part of its process and in accordance with its rating agreement
with Shree Siddhnath Cotex Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Incorporated in 2008, Shree Siddhnath Cotex Private Limited (SCPL)
is engaged in the business of ginning and pressing of raw cotton
having an installed capacity of 85 TPD with its product profile
comprising of cotton bales and cotton seeds. The company also
commissioned crushing of cotton seeds from October 2014 thereby
expanding its portfolio to include cotton seed oil and oil cake.
The plant is located at Chotila in Surendranagar district of
Gujarat. The company is promoted by Mr. Suresh Lunagariya and his
family members. Mr. Lunagariya has a vast experience of around two
decades in the industry by the virtue of being a director/partner
in other cotton ginning companies.

SHREEJI COTTON: ICRA Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said ratings for the INR10.50 crore bank facilities of Shreeji
Cotton Industries continue to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based–       10.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Cash Credit                   Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

Established in 2006, Shreeji Cotton Industries (SCI) is a
partnership concern managed by Mr. Ravji Ramani and Mr. Jiva
Ramani. The company is engaged in ginning and pressing of raw
cotton to produce cotton bales and cottonseeds. SCI's manufacturing
facility is located at Jasdan, Rajkot District, Gujarat and is
currently equipped with 24 ginning machines and 1 pressing machine
having an installed capacity to produce 220 cotton bales per day
(24 hours operation).

SKYLARK MANSIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Skylark Mansions Private Limited
        37/21, Skylark Chambers
        Yellappa Chetty Layout
        Ulsoor Road, Bangalore
        Karnataka 560042
        India

Insolvency Commencement Date: February 7, 2020

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: August 5, 2020

Insolvency professional: Ms. Ramanathan Bhuvaneshwari

Interim Resolution
Professional:            Ms. Ramanathan Bhuvaneshwari
                         C-006, Pioneer Paradise
                         24th Main Road, 7th Phase
                         JP Nagar, Bengaluru 560078
                         E-mail: bhoona.bhuvan@gmail.com

                            - and -

                         No. 161, 1st Floor
                         4th Main Road
                         7th Cross Ross
                         Chamarajpet
                         Bengaluru 560018
                         E-mail: cirp.skylark@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Jayashree Parthasaraty
                         Raghuram Manchi
                         Shankar Iyer

Last date for
submission of claims:    March 3, 2020


SOMANIL CHEMICALS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Somanil Chemicals Limited
        H-21, 23 Begrajpur Industrial Area
        Muzaffar Nagar UP 251003
        IN

Insolvency Commencement Date: February 20, 2020

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: August 18, 2020

Insolvency professional: Rajiv Bhatnagar

Interim Resolution
Professional:            Rajiv Bhatnagar
                         Rajiv Bhatnagar & Co.
                         Chartered Accountants
                         C-51, 1st Floor
                         Corporation Bank Building
                         Avas Vikas, Nainital Road
                         Rudrapur, Udham Singh Nagar
                         Uttrakhand 263153
                         E-mail: carajivbhatnagar@gmail.com

Last date for
submission of claims:    March 6, 2020


TECHNO INDIA: ICRA Maintains D Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said ratings for the INR25.00 crore bank facilities of Techno
India continues to remain under the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based–       9.00       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Fund Based-      16.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

Techno India (TI) was established in 2001 as a trust in Kolkata,
West Bengal and manages three colleges offering under and post
graduate courses across engineering, management and computer
application. TI also manages eight primary and secondary level
schools. Techno India College is the flagship college of the trust
contributing significant proportion of the total fee income of the
trust.

UNJ IMPORTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s UNJ Imports Private Limited
        A-15, South Extension-II
        New Delhi 110049

Insolvency Commencement Date: February 3, 2020

Court: National Company Law Tribunal, New Delhi Bench VI

Estimated date of closure of
insolvency resolution process: August 1, 2020
                               (180 days from commencement)

Insolvency professional: Kamal Agarwal

Interim Resolution
Professional:            Kamal Agarwal
                         487/27 School Road
                         Near Peeragarhi Metro Station
                         New Delhi 110087
                         E-mail: advocate.kamal.aggl@gmail.com
                                 cirpunjimports@gmail.com

Last date for
submission of claims:    March 2, 2020


VAIBHAV LAXMI: ICRA Migrates 'B+' Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the ratings for the INR9.00 crore bank facilities of
Vaibhav Laxmi Tex Pvt. Ltd. to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based          5.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating moved to
                                   issuer not cooperating
                                   category

   Fund based          3.50        [ICRA]B+ (Stable) ISSUER NOT
   term loan                       COOPERATING; Rating moved to
                                   issuer not cooperating
                                   category

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

Incorporated in 2009, Vaibhav Laxmi Tex Private Limited (VLTPL)
started operations with the manufacturing of AirTexturised Yarn
(ATY) from Partially oriented yarns (POY) since July 2011. The
company also ventured into dyeing of yarns since 2012. The company
has its manufacturing facility located in surat. Yarn Manufacturing
and dyeing capacity stands at ~220 MT per month.

WESTERN HILL: ICRA Maintains D Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has continued the long-term/Short Term ratings for the bank
facilities of Western Hill Foods Ltd. to the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING."

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-        8.00       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continued to remain under
                                 'Issuer Not Cooperating'      
                                 category

   Fund based-       15.81       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continued to remain under
                                 'Issuer Not Cooperating'      
                                 category

   Long Term/         3.19       [ICRA]D ISSUER NOT COOPERATING;
   Short Term–                   Rating continued to remain under

   Unallocated                   'Issuer Not Cooperating'      
                                 category

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

Western Hill Foods Ltd. was established in 2008 by Mr. Bhagwan
Bende along with Mr. Girishkumar Samdadia and Mr. Vivek Walsepatil.
The company's facility is located at Pune, Maharashtra. The closely
held company is engaged in processing and exporting of Individual
Quick Freezer (IQF) Frozen Fruits, Vegetables.

YELLOWSTONE NIRMITI: ICRA Lowers Rating on INR75cr LT Loan to B+
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Yellowstone Nirmiti Llp, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term-Fund       75.00       [ICRA]B+(Stable) ISSUER NOT
   Based-Term                       COOPERATING/Rating downgraded
   Loan Limits                      from [ICRA]BB- (Stable) and
                                    Continues to remain under
                                    'Issuer Not Cooperating'
                                    Category

Rationale

The ratings for the INR75.00 crore bank facilities of Yellowstone
Nirmiti Llp. Downgraded and continues to remain under 'Issuer Not
Cooperating' category.The rating is now denoted as "[ICRA]B+
(stable); ISSUER NOT COOPERATING".

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

As part of its process and in accordance with its rating agreement
with Yellowstone Nirmiti Llp. ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Incorporated in February 2015, Yellowstone Nirmiti LLP is engaged
in execution of residential projects. The promoters of the
partnership firm are also the promoters of real estate groups
namely; "Pristine Group', 'Kohinoor Group' and 'Wellworth Reality'
having presence in Pune, Maharashtra. The company is executing a
project named Yellowstone Nirmiti; located in Mahalunge, Pune near
Mumbai Bangalore Highway and close to Hinjewadi IT park.

YES BANK: India Government Steps in to Rescue Lender
----------------------------------------------------
Siddhartha Singh and Suvashree Ghosh at Bloomberg News report that
the Indian government has stepped in to organize a rescue plan for
the nation's fourth largest private bank as a long-running crisis
among shadow lenders threatened to spill over into the banking
system.

Bloomberg relates that State Bank of India, the nation's largest
lender, has been selected to lead a consortium that will inject new
capital into Yes Bank Ltd., people familiar with the matter said
March 5. The plan would throw a lifeline to the embattled lender,
which has been struggling to raise capital to offset a surge in bad
loans, the report says.

"Yes Bank is currently in the intensive care unit, and a State Bank
capital injection will provide much needed oxygen," Bloomberg
quotes Kranthi Bathini, a director at WealthMills Securities Ltd,
as saying.

According to Bloomberg, the rescue highlights India's struggle to
contain a crisis among non-traditional lenders that has choked
credit to consumers and small businesses, slowing economic growth
to an 11-year low. It marks yet another instance of the government
being forced to intervene to stem an erosion of confidence among
investors.

Yes Bank has been unable to quickly raise the capital needed to
bolster its ratios and quell questions about its stability due to
its exposure to shadow banks entangled in a prolonged crunch in the
local credit market, Bloomberg says. That erupted with a series of
defaults at Infrastructure Leasing & Financial Services Ltd. in
September 2018.

"After 18 months of shadow banking crisis, the government did not
want another major turmoil to hit the financial sector," Bloomberg
quotes Ravikant Anand Bhat, a senior analyst at Indianivesh
Securities Ltd, as saying.

The government took over IL&FS in 2018 in an effort to reassure
creditors after the defaults. And last year, the Reserve Bank of
India seized control of another struggling shadow lender, Dewan
Housing Finance Corp., and said it will initiate bankruptcy
proceedings, Bloomberg adds.

RBI Governor Shaktikanta Das pledged last week in an interview with
Bloomberg News that no major bank would be allowed to fail.

An announcement on the Yes Bank rescue is expected soon, the people
said, asking not to be identified as the information isn't public.
State Bank has been authorized to select other members of the
consortium, the people added.

Yes Bank's total exposure to shadow lenders and developers -- both
caught up in a funding crunch since late 2018 -- was 11.5% as of
September, Bloomberg discloses citing filings. A Credit Suisse
Group AG note in April marked Yes Bank out as the lender with the
largest proportion of outstanding loans to large stressed
borrowers, including Anil Ambani group companies, Essel Group,
Dewan Housing and IL&FS, Bloomberg says.

Last month, Yes Bank said it has received non-binding offers from
foreign investors including JC Flowers & Co., Tilden Capital, Oak
Hill Advisors and Silver Point Capital, Bloomberg recalls. However,
it wasn't the first time the bank had announced names of potential
investors. In November, the bank's board disclosed several other
names before rejecting most of the offers.

According to Bloomberg, Yes Bank postponed the release of its
December quarter results, citing talks about fund raising. It's now
set to announce the earnings by March 14.

In an exchange filing, Yes Bank said it hadn't received any
communication from regulatory authorities or the government, and is
still exploring various means of capital raising, Bloomberg
reports. State Bank of India said in a separate filing it will
abide by disclosure requirements of the Securities and Exchange
Board of India, without giving further details, adds Bloomberg.

                          About Yes Bank

Yes Bank Limited provides banking services. The Bank offers
deposits, personal loans, e-banking, trade finance, corporate, and
business banking services. YES BANK serves the food and
agribusiness, life sciences, healthcare, biotechnology,
telecommunications, media, information technology, and
infrastructure development industries in India.

As reported in Troubled Company Reporter-Asia Pacific on Jan. 20,
2020, Moody's Investors Service placed Yes Bank Limited's long-term
foreign currency issuer rating of B2 under review, with the
direction uncertain.  Moody's has also placed the bank's long-term
foreign and local currency bank deposit ratings of B2, and its
foreign currency senior unsecured MTN program rating of (P)B2,
under review, with the direction uncertain.  At the same time,
Moody's has downgraded Yes Bank's Baseline Credit Assessment and
adjusted BCA to caa2 from b3.



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

ASURANSI JIWASRAYA: No Talks on a Bailout, Audit Agency Says
------------------------------------------------------------
The Jakarta Post reports that the Supreme Audit Agency (BPK) has
said that they did not discuss a bailout or a state capital
injection to solve state-owned insurer PT Asuransi Jiwasraya's
problems and save it from bankruptcy.

According to the report, BPK Head Agung Firman Sampurna said on
March 4 that the discussion on Jiwasraya's future did not reach a
discussion on a bailout.

"We never ever said there should be a capital injection [to solve
Jiwasraya case]. What the AGO [Attorney General's Office] and BPK
are doing is protecting the rights of Jiwasraya policyholders,"
said Agung, as quoted by Kontan.co.id, the report relays.

According to the Post, the State-Owned Enterprises (SOE) Ministry
previously stressed that a capital injection into Jiwasraya would
be a last resort in the government's effort to rescue the ailing
insurance company as the ministry and the House of Representatives
were discussing several scenarios to save the insurer from
bankruptcy and help it pay its policyholders' claims.

The Post relates that Jiwasraya has been in the spotlight following
its failure to pay its customers' matured policies, worth trillions
of rupiah due to investment mismanagement, prompting the AGO to
launch a corruption investigation. The AGO has named five suspects
and detained all of them, the report says.

BPK claimed it had found out the total amount of losses suffered by
the state from the case but would make an official report this
week, the report adds.

"We are currently having an intense communication with our
colleagues at the AGO," the Post quoted Agung as saying. Agung said
they will announce the results today.

Jiwasraya is in dire need of a lifeline after audits revealed
violations of investment guidelines, leading to the insurer
reporting a negative equity of IDR27.2 trillion ($2 billion),
according to Bloomberg News. The crisis, stemming from alleged
product mispricing, reckless investment activities, aggressive
window dressing and liquidity pressure has hurt its more than 7
million clients, Bloomberg said.



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

MONGOLIAN MINING: Fitch Affirms B LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings affirmed Mongolia-based coal producer Mongolian
Mining Corporation's Long-Term Foreign-Currency Issuer Default
Rating of 'B'. The Outlook is Stable. Fitch has also affirmed MMC's
senior unsecured rating of 'B' with a Recovery Rating of 'RR4'.

MMC's rating is constrained by its small scale, single-product
focus on hard coking coal and limited cost competitiveness outside
of northern China, its main market. However, MMC has flexibility in
capex, which should give it a sufficient buffer to continue
generating free cash flows (FCF) during coal price downturns.

KEY RATING DRIVERS

Small Scale, Single Product: MMC is relatively small compared with
Fitch's global rated coal-mining companies in terms of revenue,
which Fitch estimates amounted to USD602 million in 2019. MMC
operates two mines with production concentrated in the Ukhaa Khudag
mine in South Gobi. Hard coking coal accounted for over 90% of
MMC's total revenue in 2019. The latest coal reserve statements
show pro forma total run-of-mine coal reserves of 499 million
tonnes, giving MMC a reserve life of 30-35 years. MMC's small scale
and product concentration constrain its business profile to the 'B'
rating category.

Cost Competitive in Limited Markets: MMC is cost competitive only
in the northern parts of China due to the proximity of its mines to
steel mills in that area. MMC's mine gate-cash cost is relatively
low compared with that of its global peers at roughly USD30 per
tonne but MMC's transportation cost by land to its Chinese
customers is more than USD20 per tonne, which limits its cost
competitiveness. Delivery beyond northern China would further
increase costs, leaving MMC with customers that are mainly in
northern China.

Evolving Impact from COVID-19 Outbreak: The Chinese-Mongolian
border has been closed since February 10, 2020 amid the coronavirus
outbreak and is scheduled to re-open on March 15. MMC had already
boosted its production before the border shutdown to stockpile its
inventory on both sides of the border and has been continuing its
sales and deliveries to customers from its existing coal inventory
within China. Overall steel demand is weak in China due to a slow
resumption of construction activities, which has led to softer
steel product prices, while coking-coal inventories at steel mills
are running low and would need to be re-stocked in the near future
to prevent the high cost of shutting down and restarting blast
furnaces.

At the same time, the domestic supply of coking coal also hinges
upon the resumption of Chinese coking-coal producers' normal
operations, which are experiencing difficulties due to
transportation restrictions and hence the availability of labour.
This could lead to pent-up demand for coking coal from other
sources such as MMC, should some of these suppliers fail to resume
their operations. At this stage, Fitch assumes the virus' impact
will be temporary, and Fitch will evaluate this assumption once
there is greater clarity over the containment of the outbreak.

Neutral Regulatory Environment: The Mongolian tax and royalty
stabilisation certificate granted to MMC for 24 years from 2015
outlines the tax and royalty rates that apply to the company. The
certificate helps mitigate risks of sudden shifts in Mongolia's
royalty and tax policies. Management said previous bottleneck
issues at the China-Mongolia border have been mostly resolved with
newly installed gates and systems that will enable MMC to increase
its sales to its Chinese customers over the next few years.

Capex Flexibility: The company estimates its minimum sustaining
capex, most of which is for regular maintenance of its mines and
coal-hauling trucks, will be around USD5 million per year. MMC
capitalises some of its stripping cost, where stripping of the mine
results in long-term benefits. The capitalised stripping cost and
minimum sustaining capex are likely to be around USD100 million per
annum in 2020-2022. MMC can decrease its capitalised stripping cost
and reduce capex should there be a significant coal price decline.

Moderate Financial Profile: MMC's financial and liquidity profile
is in line with that of peers with similar ratings. Fitch estimates
MMC's FFO adjusted net leverage fell to 3.0x by end-2019 from 3.5x
at end-2017. MMC's leverage is likely to remain below 3.5x in the
next three years with positive FCF due to sustained profit
generation based on a stable metallurgical coal-price environment
and steady levels of capex spending. Fitch expects MMC to be able
to maintain its FFO fixed-charge coverage above 3x in the near
future.

DERIVATION SUMMARY

MMC has a much smaller scale in terms of revenue and EBITDA than
other rated coal producers such as Yanzhou Coal Mining Company
Limited (BB-/Stable) and PT Golden Energy Mines Tbk (B+/Stable).

MMC has a single product, similar to its peers. MMC has slightly
better margins than Golden Energy Mines. MMC's profitability in
2017 and 2018 was exaggerated due to large price increases for hard
coking coal, but Fitch believes the gains are unsustainable in the
medium-to-long term and its margins will decrease to peer levels.
MMC's operational profile in terms of mine life is strong compared
with that of Geo Energy Resources Limited (B-/Negative), which has
a mining life of less than five years, and at a similar level as
that of Golden Energy Mines, which has a mining life of over 25
years.

MMC's financial and liquidity profile is similar to that of its 'B'
rated peers, with Fitch's expectations of FFO adjusted net leverage
at less than 3.5x and FFO fixed-charge cover of above 3x until
2022. MMC's rating, however, remains constrained by its operating
environment and scale.

KEY ASSUMPTIONS

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

  - Hard coking coal average selling price of USD121/tonne from
2020-2022

  - Capex at around USD100 million per annum from 2020-2022

Key Recovery Rating Assumptions:

Recovery analysis for MMC is on a going-concern basis in case of
bankruptcy and assumes that the company would be reorganised and
not liquidated. Fitch has assumed a 10% discount to enterprise
value to account for bankruptcy-related administrative claims.

Going-Concern (GC) Approach

The GC EBITDA estimate of USD160 million (2019 Fitch estimate:
USD227 million) reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation. Fitch has taken a lower sustainable EBITDA as
a restructuring would most likely be a result of a coal-market
downturn.

An enterprise value (EV) multiple of 4x EBITDA is applied to the GC
EBITDA to calculate a post-reorganisation EV. The choice of this
multiple considers the EV/EBITDA multiple that Fitch uses for
several rated Indonesian coal company peers that also adopt the GC
approach for recovery analysis.

The recovery waterfall results in a 100% recovery estimate
corresponding to a 'RR1' Recovery Rating for offshore senior
unsecured debt. However, MMC's Recovery Rating is capped at 'RR4'
because Mongolia is subject to a soft cap of 'RR4' as it falls
under the 'Group D' of countries in terms of creditor-friendliness,
as per Fitch's Country-Specific Treatment of Recovery Ratings
Criteria.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Positive rating action is not envisaged in light of MMC's small
scale and lack of cost competitiveness beyond northern China

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Generation of negative FCF

  - FFO adjusted net leverage sustained above 3.5x

  - Any negative regulatory changes

LIQUIDITY AND DEBT STRUCTURE

Liquidity Dependent on FCF: MMC has a much smoother debt-maturity
profile following the issuance of USD440 million in senior
unsecured notes in April 2019. MMC had no short-term debt as of
June 30, 2019, with cash on hand of USD36 million. It also has
limited undrawn committed bank facilities. However, failure to
continually accumulate FCF may lead to a liquidity crunch in a
downturn. In addition, the company will likely need to refinance at
least part of its notes maturing in 2024 as Fitch does not expect
cumulative FCF generation to be sufficient to redeem the full
amount.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.



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

PAPUA NEW GUINEA: Moody's Affirms B2 Unsec. Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service affirmed the Government of Papua New
Guinea's issuer and senior unsecured ratings of B2 and maintained
the stable outlook.

The drivers behind the rating affirmation include Moody's
expectation that mobilization of external financing resources will
mitigate government liquidity risks, despite a weaker fiscal
trajectory than previously expected. While the government's
economic and fiscal reform plans entail some implementation risk,
effectiveness will be supported by technical assistance from
development partners. The rating affirmation also takes into
account renewed delays on resource investments which, being
repeated, constrain PNG's growth potential.

The stable outlook reflects balanced risks at the B2 rating level,
with both upside and downside risks mainly related to the
government's access to external financing at affordable costs and
its implementation of reform plans. Moreover, significantly longer
delays in resources investment could raise government liquidity and
external risks beyond Moody's current assessment.

The local-currency bond and deposit ceilings are unchanged at Ba2.
The foreign-currency bond ceiling is unchanged at B1 and the
foreign-currency deposit ceiling is unchanged at B3. In addition,
the short-term foreign-currency bond and deposit ceilings are "Not
Prime.''

RATINGS RATIONALE

MOBILIZATION OF EXTERNAL FINANCING RESOURCES MITIGATES GOVERNMENT
LIQUIDITY RISKS, DESPITE A WEAKER FISCAL TRAJECTORY

Following a review of PNG's fiscal landscape in late 2019, the
government established a comprehensive economic and fiscal reform
program, which Moody's expects will foster greater adherence to
fiscal rules, increased fiscal transparency, and stronger
commitment towards maintaining macro-fiscal stability, while taking
into account the likely implementation challenges. With the policy
anchor of an IMF staff-monitored program aiding mobilization of
greater amounts of external, concessional financing, Moody's
expects that government liquidity risks will remain contained.

Revenue shortfalls, expenditure overruns and the build-up in
government arrears led to a deterioration in PNG's fiscal position
during 2019. Delays in external financing mobilization also led to
erosion in the government and external liquidity positions.
Extraordinary financing of approximately $300 million (1.2% of 2019
GDP according to Moody's estimates) in late 2019 provided immediate
liquidity relief.

Moody's expects the fiscal deficit to widen to slightly over 5% of
GDP in 2020, including the clearance of public sector arrears and
as the government gradually redirects expenditure towards capital
spending and social needs. Moody's expects a modest narrowing of
fiscal deficits to around 4.5% of GDP in 2021-22, as expenditure-
and revenue-based measures are progressively implemented.

While Moody's expects PNG's debt burden to increase to around 45%
of GDP in 2020-21, from around an estimated 40% of GDP at end 2019,
and debt affordability -- as measured by interest payments as a
share of revenue -- to weaken to around 20% over the same period,
PNG's fiscal position will remain broadly in line with
similarly-rated sovereigns.

Moody's expects that the revised fiscal rules will foster greater
fiscal discipline and gradually reorient expenditure towards
facilitating growth in the non-resource economy. Moreover, the
government has committed to limiting the growth in public sector
emoluments and preventing any further build-up in domestic payment
arrears. Support from development partners will also provide
technical and administrative capacity in implementing a revised
medium-term revenue strategy (MTRS), focusing on key areas
including improvements to tax administration at various agencies
and review of existing SOE divided policies, and an overall
governance reform package within the SOE sector. The reform program
intends to start addressing a number of weaknesses in PNG's fiscal
policy and debt management. Moody's fiscal and debt projections
take into account some challenges in implementing the full extent
of the government's reform program.

Moody's expects the government's annual gross borrowing
requirements to peak at approximately 20% of GDP in 2020, before
gradually declining to around 15% of GDP by 2022-23.

Support for the government's economic and fiscal reforms will come
not only from technical assistance, but also from the crowding-in
of broader external, concessional financing. Increased policy-based
lending from development partners, including the World Bank (IBRD,
Aaa stable), the Asian Development Bank (ADB, Aaa stable), and the
Government of Australia (Aaa stable), will help enact reforms in
areas of public financial management, state-owned enterprise
governance, and monetary and exchange rate reforms and raise PNG's
external financing over 2020-21.

Greater security over the availability of external financing is
likely to maintain domestic liquidity pressures manageable and
support greater economy-wide foreign exchange availability,
notwithstanding the impact of the global economic slowdown and the
coronavirus outbreak on prices of PNG's key commodities exports.

While greater mobilization of external, concessional financing
supports government liquidity, it also raises PNG's fiscal
strength's exposure to exchange rate risk, especially as the
country's central bank, Bank of Papua New Guinea ("BankPNG"),
commits to greater exchange rate flexibility. In line with the IMF,
Moody's estimates that at this stage, downward pressure on the
exchange rate is contained and unlikely to result in a large
increase in the debt burden.

RECURRING DELAYS IN RESOURCE INVESTMENTS LIMIT PNG'S GROWTH
POTENTIAL

PNG's sovereign rating takes into account significant
susceptibility to external shocks, including prolonged periods of
lower commodity prices or sudden climate events, given its small
size and reliance on commodities production and exports. Recurring
delays in resource projects constrain the economy's growth
potential and capacity to build resilience ahead of potential
shocks.

Moody's expects real GDP growth of just 1.1% in 2020 and 2.3% in
2021, reflecting renewed delays in construction and foreign direct
investment flows from large resource projects entering final
investment decision in the coming years.

Despite ratification of the $15 billion Papua LNG project agreement
during 2019, Moody's expects inconclusive negotiations for
development of the P'Nyang gas field to delay development of the
Papua LNG and the PNG LNG extension projects, given synergies
across the projects. Additionally, uncertainty over the timing of
FID for Wafi-Golpu, a gold and copper mine, presents further
downside risks for greater production volumes in PNG's mining
sector, a significant source of foreign exchange inflows.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects balanced risks. Upside risks relate to
increased engagement with and reform assistance from development
partners that may stabilize the government's fiscal trajectory
faster than Moody's anticipates.

Conversely, downside risks stem from difficulties in implementing
the government's reform program, in turn contributing to greater
challenges in mobilizing external financing at low costs and
raising renewed government and external liquidity risks.

Moreover, while Moody's baseline forecasts assume a delay in the
resource-sector investments pending final decision, significantly
greater delays or outright abandonment would impair near-term
economic growth, government revenue and foreign-exchange inflows,
raising government liquidity and external risks.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental risks are material for PNG's credit profile, as it is
both exposed to ongoing climate change, particularly extreme
rainfall and heat stress, as well as longer-term carbon transition
risks, given the economy's and government's reliance on
hydrocarbons as a source of revenue. Economic growth is
inextricably tied to potential impact from both gradual and sudden
climate events. Moreover, PNG's resources sector, which includes
oil, gas, gold and copper, among others, contributes greater than
one-fourth of the economy's total value-added and around 90% of
export revenue, while the government's revenue performance
fluctuates with prevailing commodity prices and the tax take on
resource agreements.

Social risks are not material for PNG's credit profile. Access to
basic services continues to constrain economic development, while
other societal issues including gender-based violence, political
unrest, and widespread poverty, particularly in the country's most
rural areas, remain present, although these issues are not
significantly more severe than for similarly-rated sovereigns. The
government continues to direct resources towards its long-term
development plan, which prioritizes raising living standards and
increasing formal job opportunities.

Governance risks are material for PNG's credit profile. Its
assessment of PNG's institutions and governance strength considers
the country's limited progress on institutional reforms that is
reflected in its Worldwide Governance Indicator scores. These
scores include weak assessments of the rule of law and control of
corruption, despite ongoing technical assistance from development
partners.

FACTORS THAT COULD LEAD TO AN UPGRADE

Upward pressure on the rating would likely emanate from a durable
and material reduction in refinancing risks, consistent with a
significantly greater fiscal adjustment and reduction in gross
borrowing requirements than Moody's currently expects.

Moody's would also consider upgrading the rating should a sustained
increase in non-debt-creating external inflows lead to a sustained
accumulation in foreign exchange reserves. Such an improved
position in external liquidity buffers would enhance PNG's external
debt servicing capacity, aid economic activity in the non-resource
sector, and provide monetary and fiscal authorities with improved
policy flexibility.

Over the longer term, should implementation of key resource sector
investments generate positive economic spillovers in the
non-resource economy, the positive impact on growth potential would
contribute to upward rating pressure.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Significant delays in the negotiations between the government and
LNG and/or mining companies that would threaten PNG's growth
potential and external position would put downward pressure on the
rating.

Moody's would also likely downgrade the rating should a markedly
weaker implementation of the government's reform agenda contribute
to higher liquidity pressure than Moody's currently assumes.

Moody's would also consider downgrading the rating upon a likely
sustained decline in the stock of foreign exchange reserves, and/or
worsening foreign exchange shortages. Such diminished external
liquidity buffers would heighten risks to PNG's external debt
servicing capacity and significantly restrict monetary and fiscal
institutions' policy flexibility to effectively respond to
potential shocks or implement credit-profile enhancing reforms.

GDP per capita (PPP basis, US$): 3,804 (2018 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): -0.8% (2018 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 4.8% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -2.6% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: 21.6% (2018 Actual) (also known as
External Balance)

External debt/GDP: 73.6% (2018 Actual)

Economic resiliency: b2

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On March 02, 2020, a rating committee was called to discuss the
rating of the Papua New Guinea, Government of. The main points
raised during the discussion were: The issuer's governance and/or
management, have not materially changed. The issuer's fiscal or
financial strength, including its debt profile, has materially
changed. Other views raised included: The issuer's economic
fundamentals, including its economic strength, have not materially
changed. The issuer's susceptibility to event risks has not
materially changed.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



=================
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HYFLUX LTD: Aqua Munda to Tap Ex-Ambassador as Non-Exec Director
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Tay Peck Gek at The Business Times reports that Aqua Munda, the
company that has offered to buy certain debts of embattled Hyflux,
announced it will appoint two non-executive directors including
Singapore's non-resident ambassador to Kuwait, Zainul Abidin
Rasheed.

BT relates that the company, which has been criticised by Utico --
a potential white knight of Hyflux -- for not being transparent,
made the announcement through Hyflux to the Singapore Exchange on
March 5.

Mr. Zainul, currently corporate adviser to Temasek International,
was a senior minister of state and member of parliament in the
past, the report discloses.

According to the report, Aqua Munda's other appointment of
non-executive director is Rashed Mubarak Alhajeri. Mr. Al Hajeri
has held a number of senior roles in government and the private
sector in Abu Dhabi. He was chairman of Agthia Group and Alfoah
Company as well as chairman of the Department of Municipal Affairs.
He has also served as chairman of the Department of Civil Service
and an executive director at the Abu Dhabi Investment Authority.

Hyflux said it would make the appropriate announcements as and when
there are any further material developments, the report relays.

Aqua Munda announced the appointment of former Indonesian minister
Rizal Ramli as non-executive director earlier this month, BT adds.
It was criticised publicly by Utico in January for having just
formed in the morning and in the afternoon made an offer to buy out
some of Hyflux's debts from noteholders and unsecured creditors,
the report says.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, WongPartnership applied to discharge themselves due to
difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to Reuters.

HYFLUX LTD: Sias Proposes Town Hall for PnP Holders
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Fiona Lam at The Business Times reports that the Securities
Investors Association (Singapore) or Sias has invited Hyflux Ltd to
organise a town hall with retail holders of its preference shares
and perpetual securities (PnP), to better understand and respond to
the investors' concerns and queries.

In a letter to the troubled water treatment firm, Sias president
and chief executive officer (CEO) David Gerald proposed that a town
hall be convened between March 11 and 17, BT says.

Thereafter, the investor advocacy group and its advisers will hold
small group meetings with the PnP holders to continue discussions
with them on Utico's proposed deal, Mr. Gerald wrote, BT relays.

According to the report, Sias requested that Hyflux be responsible
for all costs incurred in organising the town hall.

It also suggested Hyflux to establish an escrow account and place
SGD1.5 million in it for the Sias adviser's fees. Mr. Gerald
pointed out that the judge recently asked Hyflux to consider
whether protection for the provision of advice by the Sias advisers
can and should be put in place by the creation of an escrow
account.

BT relates that Sias clarified on March 12 that the outstanding
fees of its advisers have not been fully paid, and there is no
assurance they will be paid as the Utico deal is not guaranteed to
complete successfully.

In the letter, Mr. Gerald relayed more queries and comments from
the PnP informal steering committee (ISC) members, on top of those
sent in its Jan. 13 letter.

This includes the opposition by some PnP ISC members to the
releasing of claims against Hyflux directors once the Utico scheme
becomes effective. Sias thus urged Hyflux to reconsider its
position on this matter, BT relates.

It also requested Hyflux to provide, and to request Utico to
provide, evidence to "give comfort" to the PnP holders that the
deferred payment obligations under the proposed scheme are
sufficiently provided for, according to BT. This comes after Hyflux
said on March 4 that it had instructed its lawyers to reach out to
Utico's legal advisers to obtain further financial information on
the Utico entities.

On potential Hyflux investor Aqua Munda, Sias noted that PnP
holders have not been included in the Singapore-registered firm's
proposal, the report adds.

A PnP ISC member asked: "What is the proposal to the PnP holders?
Why can't Aqua Munda disclose the proposal to PnP holders upfront,
together with the proposal to the senior unsecured creditors?"

BT says Sias also asked Aqua Munda to disclose who is behind the
company, whether it has sufficient funds to see through a rescue
package that can address all creditor classes, and what plans it
has for Hyflux.

Sias requested Hyflux to disclose whether its directors as well as
its legal and financial advisers have an interest in Aqua Munda.

In January, Aqua Munda said it will commit SGD208 million to buy
eligible debts and contribute to Hyflux's working capital
requirements, the report notes. Sias asked Hyflux about the purpose
of this debt purchase – whether Aqua Munda plans to negotiate
directly with Utico for a better deal or whether Aqua Munda intends
to eventually purchase all Hyflux debts and take control of the
water treatment firm.

On Feb. 28, the potential investor also said it is prepared to
discuss the provision of a working capital facility of up to SGD100
million to Hyflux, for a pipeline of projects in the Gulf
Cooperation Council countries, North Africa and South-east Asia,
the report relates.

Sias asked Hyflux whether it has discussed with Aqua Munda about
this working capital facility and the profile and nature of the
projects, and whether Hyflux has conducted due diligence and is
satisfied with Aqua Munda's proof of funds, adds BT.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, WongPartnership applied to discharge themselves due to
difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to Reuters.



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[*] AsPac Economies Face US$211BB Hit from Coronavirus, S&P Says
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Reuters reports that a fast spreading coronavirus outbreak could
knock US$211 billion off the combined economies of the
Asia-Pacific, with Japan, Hong Kong, Singapore and Australia among
the most exposed, S&P Global Ratings said on March 6.

According to the report, S&P cut its 2020 growth forecast for China
to 4.8% from previous estimate of 5.7%. It forecast Australian
growth to slow sharply to 1.2% from an already below-trend 2.2% in
2019.

Japan would take 0.5 percentage point hit and Korea a 1 percentage
point knock.

"The balance of risks remains to the downside due to local
transmission, including in economies with low reported cases,
secondary transmissions in China as people return to work and
tighter financial conditions," S&P said in a report, Reuters
relays.

In other forecasts, Hong Kong's economy would likely contract by
-0.8% in 2020, Singapore's would flat line, and Thailand's
expansion likely slow to 1.6%, Reuters relays.

Reuters says the coronavirus epidemic, which emanated from China's
Hubei province, has claimed more than 3,000 lives worldwide in less
than three months, prompting monetary policy easings in major
economies including the United States.

Reuters relates that S&P did not cut growth forecasts for emerging
markets of Indonesia, Malaysia, the Philippines and India, citing
the fact that reported infections in those countries were still
low.

However, it noted the outlook could quickly deteriorate if the low
level of cases was due to minimal testing and if those countries
were swept up in financial contagion, the report adds.

"We have already had a taster of what can happen with overshooting
exchange rates in response to a pick-up in world's fear gauge,"
S&P, as cited by Reuters, said.


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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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