/raid1/www/Hosts/bankrupt/TCRAP_Public/200316.mbx        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 16, 2020, Vol. 23, No. 54

                           Headlines



A U S T R A L I A

EMB PROJECTS: Second Creditors' Meeting Set for March 24
GOLD VALLEY: Second Creditors' Meeting Set for March 19
INDOOR CLIMATE: First Creditors' Meeting Set for March 20
KIKKI.K: Nine Interested Buyers Come Forward in 24 Hours
ONE JEWELLERY: Second Creditors' Meeting Set for March 23

ROYAL NATIONAL: Second Creditors' Meeting Set for March 24


C H I N A

OCEANWIDE HOLDINGS: S&P Withdraws 'CCC' Issuer Credit Rating
YINGLI SOLAR: Admits Company Undergoes Debt Restructuring Deal
[*] COVID-19 to Have Devastating Impact on Shanghai Comm. Property


H O N G   K O N G

HONG KONG AIRLINES: In Talks with Air China, Others for Lifeline
LIFESTYLE INT'L: Moody's Alters Outlook on Ba1 CFR to Negative


I N D I A

ABI AND ABI MOTORS: CRISIL Lowers Rating on INR10cr Cash Loan to B+
ADYA BHAWAN: CRISIL Lowers Ratings on INR10cr Loans to B+
AISSHPRA LIFE: CRISIL Keeps B on INR30cr Loan in Not Cooperating
AJANTA PRINT: CRISIL Lowers Rating on INR6cr Cash Loan to B+
AKSHKUBER SORTEX: CRISIL Keeps B on INR7.5cr Debt in NonCooperating

AKSIGEN HOSPITAL: CRISIL Cuts Ratings on INR12cr Loans to B+
AL MANAMA: CRISIL Keeps B+ on INR20cr Loans in Not Cooperating
AL WARIS: CRISIL Keeps B Rating on INR6cr Loans in Not Cooperating
ALBUS INDIA: CRISIL Keeps D on INR22cr Loans in Not Cooperating
ANNAPURNA COTEX: CRISIL Lowers Rating on INR11cr Cash Loan to B+

APOLLO CONVEYOR: CRISIL Keeps D on INR12cr Loans in Not Cooperating
ARABIAN JEWELLERS: CRISIL Keeps B+ Ratings in Not Cooperating
ARHAM NON WOVEN: CRISIL Keeps D on INR14cr Loans in Not Cooperating
BAJRANGBALI RE-ROLLERS: CRISIL Cuts Rating on INR6.4cr Loan to B+
BALA BALAJEE: CRISIL Maintains 'D' Ratings in Not Cooperating

BANSAL FOODS: CRISIL Lowers Ratings on INR5.5cr Loans to B+
BHAGWATI VENEERS: CRISIL Assigns 'B' Ratings to INR9cr Loans
BHALKESHWAR SUGARS: CRISIL Keeps 'D' Ratings in Not Cooperating
BLACK ENERGY: CRISIL Keeps D on INR20cr Loans in Not Cooperating
EXTOL INDUSTRIES: CRISIL Lowers Rating on INR12.5cr Loan to 'D'

FSD BUILDING: CRISIL Lowers Ratings on INR35cr Loans to 'D'
G P PRAJAPATI: CRISIL Assigns B+ Rating to INR7cr Cash Loan
JET AIRWAYS: Creditors Committee to Seek 2-Mo. Extn of Bid Deadline
ORIENT ISPAT: CRISIL Withdraws B+ Rating on INR15cr Cash Loan
RAJESH RAYON: CRISIL Lowers Rating on INR9.73cr Loan to 'B'

RAMKRISHNA ELECTRICALS: CRISIL Cuts Rating on INR3.50cr Loan to D
SAMDARIYA ABHUSHAN: CRISIL Assigns B+ Rating to INR30cr Loan
SHEELU EXPORTS: CRISIL Reaffirms B- Rating on INR0.75cr LT Loan
SOOCH EDUCATIONAL: CRISIL Assigns 'B' Rating to INR8.27cr Loan
YES BANK: Implosion Threatens to Wipe Out Bondholders

YES BANK: Reliance Group Says Entire Debt Fully Secured


S I N G A P O R E

MULHACEN PTE: Fitch Lowers LT Issuer Default Rating to CCC


S O U T H   K O R E A

HANJIN INT'L: Moody's Lowers CFR to B3, Outlook Stable

                           - - - - -


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

EMB PROJECTS: Second Creditors' Meeting Set for March 24
--------------------------------------------------------
A second meeting of creditors in the proceedings of EMB Projects
Pty Ltd has been set for March 24, 2020, at 11:00 a.m. at the
offices of PKF, Level 8, at 1 O'Connell 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 20, 2020, at 4:00 p.m.

Bradley John Tonks of PKF was appointed as administrator of EMB
Projects on Feb. 18, 2020.


GOLD VALLEY: Second Creditors' Meeting Set for March 19
-------------------------------------------------------
A second meeting of creditors in the proceedings of Gold Valley
Iron Pty Ltd has been set for March 19, 2020, at 10:00 a.m. at The
Duxton Hotel, 1 St George's Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 18, 2020, at 4:00 p.m.

John Bumbak and Richard Scott Tucker of Kordamentha were appointed
as administrators of Gold Valley on Feb. 25, 2020.


INDOOR CLIMATE: First Creditors' Meeting Set for March 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Indoor
Climate Technologies Pty Ltd will be held on March 20, 2020, at
11:00 a.m. at the offices of SM Solvency Accountants, Level 10/144,
at Edward Street, in Brisbane, Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Indoor Climate on March 11, 2020.


KIKKI.K: Nine Interested Buyers Come Forward in 24 Hours
--------------------------------------------------------
Eloise Keating at SmartCompany reports that the directors of
stationery chain Kikki.K said they are "humbled" by an outpouring
of support for the brand, with nine interested buyers and partners
coming forward just days after it entered voluntary administration
and receivership.

SmartCompany relates that in an email sent to Kikki.K employees,
co-founder and chief executive Paul Lacy said he and co-founder
Kristina Karlsson are "truly optimistic and excited" about one
potential partnership in particular, and while it has been "a tough
and emotion filled few days . . . it certainly isn't even close to
the end for Kikki.K."  

"This is really just a rebirth in a strange way," he wrote.

In an email shared with SmartCompany, Alana Hose, head of retail
and commercial space at Kikki.K, told staff members on March 12 the
brand's store sales are up 94% against their targets, and 60 stores
had gotten "over the line".

"We have had so many beautiful stories shared - it really does feel
like our amazing guests, Kikki.K alumni, family and friends are
wrapping their arms around everyone and giving us all the biggest
hug," Ms. Hose said.

Ms. Hose also confirmed to the Kikki.K teams that none of the
stores will close, and the brand has not moved to put all stock on
sale, SmartCompany relays.

According to SmartCompany, Ms. Hose said all Kikki.K gift cards are
still valid and can continue to be redeemed in-store and online,
and all scheduled Kikki.K workshops will be going ahead as planned.
The retailer is also continuing to sign up new customers to its
membership program.

Data shared with SmartCompany also shows online sales from the
brand's e-commerce store were up by 400% on March 11, compared to
the year before.

SmartCompany understands the receivers of the business are still in
the process of assessing the company and the expressions of
interest from potential buyers ahead of the first creditors'
meeting next week.

In his email, Mr. Lacy echoed similar sentiments expressed in the
statement on March 10, saying the Kikki.K "dream is very much
alive".

"There are so many silver linings and positives that are coming out
of all this," Mr. Lacy, as cited by SmartCompany, said. "We're
incredibly proud of what we've all built together, from the simple
dream Kristina had over 20 years ago, and we're so proud of our
team and the work and sacrifices we've all done and made for nearly
20 years."

Mr. Lacy admitted "the company certainly needs a re-set", but said
the voluntary administration process is "giving us breathing space
and the chance to . . .  find a new partner".

"It will all make a great chapter in a book one day - or a great
documentary," continued Mr. Lacy.

"And when we read that or watch that, we will all feel a tremendous
sense of pride that even in the toughest of times, we all pulled
together, learned so much and did remarkable things together for
all stakeholders.

"Kristina and I are so happy and humbled with the galvanising
support of our awesome team around the globe - and the support from
thousands of people like you has been breathtaking, heart-warming
and beautiful."

                           About Kikki.K

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

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

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


ONE JEWELLERY: Second Creditors' Meeting Set for March 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of The One
Jewellery Pty Limited has been set for March 23, 2020, at 3:00 p.m.
at the offices of Hall Chadwick, Level 40, at 2 Park 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 20, 2020, at 5:00 p.m.

Kathleen Elizabeth Vouris and Richard Albarran of Hall Chadwick
were appointed as administrators of The One Jewellery on Feb. 14,
2020.


ROYAL NATIONAL: Second Creditors' Meeting Set for March 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Royal National
Capital Alliance Ltd has been set for March 24, 2020, at 11:00 a.m.
at the offices of PwC, Level 17, at One International Towers, in
Sydney Watermans Quay, Barangaroo, 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 23, 2020, at 4:00 p.m.

Daniel Walley and Derrick Vickers of PricewaterhouseCoopers were
appointed as administrators of Royal National on Feb. 18, 2020.




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

OCEANWIDE HOLDINGS: S&P Withdraws 'CCC' Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings said that it has withdrawn its 'CCC' issuer
credit rating on China-based Oceanwide Holdings Co. Ltd. and the
'CCC-' issue rating on the company's outstanding senior unsecured
notes at the company's request. The ratings on Oceanwide were on
CreditWatch with negative implication at the time of withdrawal.

S&P said, "The CreditWatch placement reflects our view that
Oceanwide's ability to meet near-term repayment obligations is
heavily dependent on the execution of both its asset disposal and
refinancing plan. We see increasing risk of further delays due to
the escalation of the new coronavirus outbreak. Any potential
exchange offer from the company at this point will also constitute
a distressed exchange, in our view." The company has US$280 million
senior unsecured notes puttable in April 2020 and US$400 million
due in July 2020.



YINGLI SOLAR: Admits Company Undergoes Debt Restructuring Deal
--------------------------------------------------------------
Max Hall at pv magazine reports that Yingli Solar has broken cover
after five months of silence to admit it is undergoing a debt
restructuring proposal.

According to the report, the Baoding-based company issued a
statement on March 11 on the English-language investors' section of
its website which said its debt restructuring plan had been
approved by its creditors and interested "governments" and "the
court". The statement went on to add the business would "cooperate
with the court and administrator in accordance with the law to
ensure the normal operation of the company," pv magazine relays.

Pv magazine says the announcement had opened with news of 100 MW of
panel orders in February and a state-sponsored contract for a
further 260 MW.

Yingli Green Energy Holding Co Ltd in October admitted it was in
talks with its lenders about a potential break-up which would see
its creditors take over its chief Chinese operating units, the
report recalls.

During the five months since, when nothing was added to its English
investors' news section and the company failed to respond to
enquiries from pv magazine, "Yingli's debt restructuring has
progressed remarkably", according to the company's March 11
statement.

According to pv magazine, the update was characteristically light
on detail but stated the restructuring plan included creditors
converting debt into controlling stakes in Yingli's China
subsidiaries, repayment of "parts of financial debts and other
payables" and a cash injection from local authorities, apparently
in exchange for certain land use rights held by the company. Yingli
also said it was in talks with "several potential industry
investors".

pv magazine notes that the manufacturer revealed in the 2018 annual
report it published in May that its Baoding Tianwei subsidiary had
overdue medium-term notes worth RMB4.45 billion (US$636 million)
and that the parent company had a RMB11.9 billion capital deficit,
RMB4.77 billion of overdue short-term borrowings, had been unable
to roll over debts of RMB2.39 billion due in April and May and
would have a further RMB8 billion due by May this year.

The U.S. Securities and Exchange Commission filing revealed three
creditors had successfully won claims worth RMB468 million against
the company, a further RMB110 million were being contested in the
courts and Yingli had just received a fresh RMB106 million claim,
pv magazine says. It is unclear whether the court mentioned in the
announcement refers to any or all of those legal cases, the report
states.

Rumors circulated at the SNEC trade show in Shanghai a year ago
that Yingli was set to be taken over by the state-owned China
Development Bank but pv magazine has been unable to put meat on the
bones regarding those whispers.

pv magazine says the company did announce that the 260 MW panel
order it received "recently" for the Zhangbei Internet Plus Smart
Energy Demonstration Project, in the National Renewable Energy
Demonstration Zone in Zhangjiakou city, Hebei, had come from a
"state-owned enterprise".

The stated intent of the restructured company to maintain "a modest
scale" and devote production to high-efficiency products would
imply Yingli's chief Chinese operations are indeed being prepped to
be hived off to creditors, adds pv magazine.

                    About Yingli Green Energy

Yingli Green Energy Holding Company Limited, known as "Yingli
Solar," is a solar panel manufacturer.  Yingli Green Energy's
manufacturing covers the photovoltaic value chain from ingot
casting and wafering through solar cell production and solar panel
assembly.  Yingli Green Energy is headquartered in Baoding, China.
For more information, please visit www.yinglisolar.com and join the
conversation on Facebook, Twitter and Weibo.

Yingli Green reported a net loss of RMB1.65 billion for the year
ended Dec. 31, 2018, compared to a net loss of RMB3.45 billion for
the year ended Dec. 31, 2017.  As of Dec. 31, 2018, the Company had
RMB8.60 billion in total assets, RMB20.92 billion in total
liabilities, and a total shareholders' deficit of RMB12.31
billion.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, the Company's auditor since 2014, issued a
"going concern" qualification in its report dated April 30, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, stating that facts and circumstances including
accumulated deficits and recurring losses from operations, negative
working capital, uncertainties regarding the repayment of financing
obligations and progress of debt restructuring plan raise
substantial doubt about the Company's ability to continue as a
going concern.


[*] COVID-19 to Have Devastating Impact on Shanghai Comm. Property
------------------------------------------------------------------
South China Morning Post reports that no area of business has been
left untouched by the Covid-19 outbreak in mainland China,
including the commercial property sector.

According to the Post, the manufacturing sector might have ramped
up production after a gap of more than a month, but major shopping
districts in Shanghai, China's commercial and financial capital,
remain deserted, with consumers delaying the purchases of daily
necessities as well as big-ticket items. As of early this month,
only a third of the city's about 11,000 stores had reopened for
business. They were expected to resume work on January 31, when the
Lunar New Year holiday ended.

The Post says the Covid-19 outbreak has killed more than 3,000
people and infected more than 100,000 across more than 80
countries.

"Commercial property developers will be one of the biggest victims
of the outbreak," Colliers International said in a recent research
note, the report relays. "A loss of business time and a sharp drop
in foot traffic will have a devastating impact on them."

On March 11, only a few shoppers could be seen at the Nanjing Road
pedestrian shopping street, one of Shanghai's most bustling
commercial areas. Earlier, the Shanghai Metro said passenger trips
had plunged to 1.19 million on February 29, taking its seven-day
moving average to 2.3 million trips – a decline of 79.2 per cent
when compared with the same period last year. Anecdotal evidence
suggests daily sales at stores represented only a small portion of
the amount recorded before the Lunar New Year holiday, which
started on January 25.

According to the Post, analysts said it was difficult to gauge the
impact of the outbreak on commercial mall developers and operators
at the moment. But Zhou Lingzi, a senior manager with a state-owned
commercial property operator, said a rising wave of closures at
retailers would cause a big loss to his company, the report
relays.

"We will lose at least a sixth of our annual revenue for this year,
as the city government requires state-owned landlords to exempt
tenants from paying rents in February and March," the report quotes
Zhou as saying. "Yet, many of them may not be able to survive the
epidemic and will have only one choice, namely, close down their
shops."

The Post adds that Zhou Bin, owner of a milk tea shop on Zhongxing
Road, in Shanghai's Hongkou district, said: "I am seriously
thinking of closing down the shop, given the bleak business outlook
this year," he said. "This has been the worst period for business
since I opened the shop five years ago."

If he terminates his business without honouring his lease
agreement, Zhou will lose an advance payment made to a private
landlord worth three months of rent, or about 30,000 yuan
(US$4,335).

But it is still worth it, he said, because this loss will be less
than an operating loss that he estimated at more than 50,000 yuan
in the coming months, the Post relates.

"With daily sales of a scant 300 to 500 yuan, I will lose more as
opposed to just giving up the upfront payment I made to the
landlord," he said.

The Post adds that Chinese President Xi Jinping has called for
expanding consumer demand to buoy the country's slowing economy.
But the Covid-19 epidemic has turned out to be a stumbling block to
a stronger commercial sector this year.

"It comes down to the point that developers are paying the bill for
the fight against the virus," Zhou said. "But what can you do to
stem the losses? I think there's nothing that we can do."




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

HONG KONG AIRLINES: In Talks with Air China, Others for Lifeline
----------------------------------------------------------------
Enoch Yiu, Peggy Sito and Iris Ouyang at South China Morning Post
report that Hong Kong Airlines Limited has turned to Air China and
other parties for a strategic lifeline to reverse its financial
woes, amid an impasse with a consortium of white knights after
nearly nine months of fruitless negotiations, said three sources
familiar with the matter.

Air China, the nation's flag carrier and biggest international
airline, is among the parties in talks to begin due diligence on
Hong Kong Airlines, the sources said, the report relates. An
earlier takeover bid by Citic Group, Wuxi Communications Industry
Group and the family of Hong Kong's former chief secretary Henry
Tang Ying-yen failed to make headway because of a disagreement over
pricing, the sources said, the Post says.

"Hong Kong Airlines is here to stay and committed to sustaining our
long-term growth," the airline said in response to a query by South
China Morning Post, adding that as a private company, it does not
disclose its financial activities, or comment on rumours and
speculation. "We are always open to strong strategic investors."

According to the Post, the emergence of several new white knights
is the latest twist in the story of Hong Kong Airlines' journey
back to financial health, as the stricken carrier had to lay off 10
per cent of its staff and put its ground crew on a three-day work
week to cut cost. The airline, which flies passengers and cargo to
48 destinations, has been operating on the brink of collapse for
months, as Hong Kong's anti-government protests, since June 2019,
had deterred mainland Chinese travellers to the city.

Hong Kong Airlines, established in 2006, is 34 per cent owned by
Frontier Investment Partner LP. HNA Group owns 29 per cent of the
carrier, and former director Zhong Guosong has 27 per cent, while
minority shareholders hold the remaining 10 per cent.

The airline began talks with the Citic-Wuxi Communications
consortium last July as part of a debt workout plan led by the
policy lender China Development Bank to untangle the debt at HNA
Group, recalls the Post.

Citic is China's biggest state-owned conglomerate, while Wuxi
Communications is the investment arm of Wuxi's city government in
Jiangsu province, which also owns the Dornier Seawings amphibious
aircraft maker.

The consortium initially planned to inject at least CNY2 billion
(US$288.52 million) of capital into Hong Kong Airlines, and assume
part of its debt, the Post discloses citing sources familiar with
the plan. Wuxi Communications came very close to a deal, to the
extent of drawing up a draft agreement, two sources said. However,
the takeover failed as Wuxi Communications ultimately balked at HNA
Group's asking price for the controlling stake in Hong Kong
Airlines, they said.

Tang, the former Chief Secretary of Hong Kong, confirmed on March 6
to the Post that his family had "walked away" from the takeover,
declining to elaborate.  

More parties were brought to the negotiation table last week, after
China Development Bank showed up in a committee led by the Hainan
provincial government and China's aviation regulator to help HNA
Group manage its financial risk, the Post adds. The indebted
group's aviation assets could be broken up and taken over by
China's state carriers including Air China, Bloomberg reported on
February 20, citing people familiar with the matter, the report
relays.

Hong Kong Airlines operates 38 passenger aircraft to 36
destinations.


LIFESTYLE INT'L: Moody's Alters Outlook on Ba1 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service affirmed Lifestyle International Holdings
Limited's Ba1 corporate family rating and the Ba2 senior unsecured
debt ratings on the notes guaranteed by Lifestyle and issued by LS
Finance (2022) Limited and LS Finance (2025) Limited.

At the same time, Moody's has changed the outlook on the companies'
ratings to negative from stable.

RATINGS RATIONALE

"The negative outlook reflects Lifestyle's likely weak operating
performance this year, as a result of the coronavirus outbreak,
following an already weak second half of 2019 because of the social
unrest in Hong Kong," says Gloria Tsuen, a Moody's Vice President
and Senior Credit Officer.

"The impact of the weakened performance on Lifestyle's credit
quality is mitigated by lower dividends, a flexible cost structure,
solid liquidity and a stable capital structure," adds Tsuen.

According to the company, during 2019, Lifestyle's revenue and
reported EBITDA fell 19% and 14% respectively. As a result, Moody's
estimates that its adjusted net debt/EBITDA, including 50% of
listed short-term financial assets, rose to 3.6x from 3.0x the year
before.

Moody's expects that Lifestyle's revenue and EBITDA will worsen in
2020, because the coronavirus outbreak will keep tourist flow into
Hong Kong low and dampen local consumption. This situation is
exacerbated by the company's high reliance on discretionary
spending.

As a result, Lifestyle's adjusted net debt/EBITDA should rise
further to about 4.4x in 2020, although it will decline next year
if consumption recovers.

The company is conserving cash by cutting dividends, while
indicating that it would reinstate dividend levels when there is
more clarity on the market outlook. At the same time, it is
maintaining its capital spending plan on its Kai Tak project -- the
development of a land lot for office and retail use, including the
opening of a new SOGO department store -- which is targeted for
completion by the end of 2022.

Lifestyle's Ba1 corporate family rating continues to reflect the
company's established operating record in Hong Kong and cash flow
generation, which is supported by the strong competitive position
of its flagship SOGO department store in Causeway Bay, despite
near-term difficulties.

Lifestyle has also maintained a stable capital structure. Moody's
expects that adjusted net debt, including 50% of listed financial
assets, will remain largely unchanged in the HKD9 billion-HKD10
billion range over the next 12-18 months, similar to the last two
years.

In addition, the company's liquidity is solid. At the end of 2019,
it had HKD8.6 billion in cash and cash equivalents, and HKD3.3
billion in short-term financial assets. These resources will be
more than sufficient to cover its HKD4.1 billion in short-term debt
and fund capital spending over the next 12 months.

The Ba1 rating also reflects the company's high revenue
concentration, moderate scale, and the development and business
risks associated with the Kai Tak project.

The rating takes into account the following environmental, social
and governance factors.

First, the rating reflects the change in consumer preference toward
online shopping channels, which could reduce sales at Lifestyle's
department stores. This risk is mitigated by the slow penetration
of online shopping in Hong Kong.

The rating also reflects Lifestyle's concentrated ownership by the
Lau family group, and the fact that independent nonexecutive
directors do not account for the majority of board members. These
factors are balanced by the company's listed status, and track
record of prudently managing the businesses both operationally and
financially, including the current dividend cut in difficult
times.

An upgrade of the ratings is unlikely, given the negative outlook.

Nevertheless, the outlook could return to stable if Lifestyle (1)
returns to stable and solid revenue and profitability, and (2)
improves its debt leverage to the 3.0x-3.5x range.

Moody's would downgrade the ratings if the company's (1) operating
performance fails to recover, (2) liquidity weakens, or (3)
financial profile deteriorates further, including due to delays
and/or cost overruns in the Kai Tak project.

Credit metrics indicative of downward ratings pressure include
adjusted net debt/EBITDA above 3.5x or adjusted retained cash
flow/net debt — including 50% of listed short-term financial
assets — falling below 8%, on a sustained basis.

The principal methodology used in these ratings was Retail Industry
published in May 2018.




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

ABI AND ABI MOTORS: CRISIL Lowers Rating on INR10cr Cash Loan to B+
-------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Abi and Abi
Motors (AAM) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            10       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

   Inventory Funding       5       CRISIL B+/Stable (ISSUER NOT
   Facility                        COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

   Long Term Loan          3       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with AAM for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AAM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AAM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of AAM revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

Set up in 1994 as a proprietorship concern and reconstituted as a
partnership firm in 2002, AAM is promoted by Mr. Elangovan, Mr.
Murugan, and Mr. Abinesh. The firm, part of the Abi group, is the
authorised dealer for HML's twowheelers and TML's commercial
vehicles in Thanjavur. It also deals in Kirloskar diesel
generators, and air conditioners manufactured by Carrier and LG.

ADYA BHAWAN: CRISIL Lowers Ratings on INR10cr Loans to B+
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Adya Bhawan
Limited (ABL) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit             2       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term      5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan               3       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with ABL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ABL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ABL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of ABL revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

ABL, incorporated in 2008 and promoted by the Kolkata-based Seth
family, is part of the Keya Seth group. It manufactures readymade
apparel. The company also sells cosmetics, bags, wallets, junk
jewellery, and other items, and presently operates through a mall
completely owned by it. It commenced commercial operations from
July 2015 and has its manufacturing facilities in West Bengal. Mr.
Sayontan Seth, Mr. Ashish Seth, and Ms. Keya Seth are the directors
of the company. Operations are primarily managed by Mr. Sayontan
Seth. The apparel and junk jewellery products are primarily sold
under its group brand, Keya Seth Exclusive, whereas cosmetics are
sold under the brands Keya Seth Aromatics and Keya Seth Cosmetics,
which are owned by group entities.


AISSHPRA LIFE: CRISIL Keeps B on INR30cr Loan in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aisshpra Life Spaces
(ALS) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              30        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ALS for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ALS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ALS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of ALS continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in February 2014, ALS is a partnership firm between
Aisshpra Life Spaces Pvt Ltd, VS Textiles and Finance Pvt Ltd and
BN Textiles and Investments Pvt Ltd. ALS is developing a
residential complex 'Palm Paradise' at Gorakhpur, Uttar Pradesh.


AJANTA PRINT: CRISIL Lowers Rating on INR6cr Cash Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Ajanta Print
Arts (APA) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft             6          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    3.67       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             14.33      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with APA for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of APA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on APA is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of APA revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

Set up in 1952 by the late Mr Jaigopal Khanna as a commercial art
studio, APA entered the packaging business in 1955. The third
generation of the Khanna family now runs the firm. It offers total
packaging and publicity solutions, and manufactures lytho laminated
folding cartons, plastic cartons, blister cards, and shelf ready
packs. It is also involved in designing, development, production
and logistics.


AKSHKUBER SORTEX: CRISIL Keeps B on INR7.5cr Debt in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Akshkuber Sortex
Private Limited (ASPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan               7.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASPLis consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of ASPLcontinues to be 'CRISIL B/Stable Issuer not
cooperating'.

ASPL, established in 2015, is setting up a project for
manufacturing various wheat-based products such as atta, maida,
suji, and bran. Its manufacturing unit is in Bhilwara, Rajasthan.
Mr Anil Agrawal, Mr Akshay Agrawal, Mr Vinay Singhal, and Ms Sikha
Agarwal are the promoters.


AKSIGEN HOSPITAL: CRISIL Cuts Ratings on INR12cr Loans to B+
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aksigen Hospital Care
(AHC) revised to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash           7        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with AHC for obtaining
information through letters and emails dated October 15, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AHC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AHC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of AHC revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

Established in 1993, AHC is a partnership firm and is engaged in
manufacturing and marketing of enzyme and nonenzyme based
formulations (tablet form) in the Indian market majorly in
Orthopaedics and acute treatment. Firm is promoted by Dr. Gautam
Daftary, Mr. Akshay Daftary and Mr. Karan Daftary.


AL MANAMA: CRISIL Keeps B+ on INR20cr Loans in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Al Manama Wedding
Center (Al Manama) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Long Term Loan          4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Rupee Term Loan         4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Al Manamafor
obtaining information through letters and emails dated August 31,
2019 and February 6, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Al Manama, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Al Manama
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of Al Manama continues to be 'CRISIL B+/Stable Issuer
not cooperating'.

Established in 2012, Al Manama runs a single retail textile and
cosmetics show room in Kollam and Karunagappally (Kerala). The firm
is promoted by Mr. Abdul Aziz and his family.


AL WARIS: CRISIL Keeps B Rating on INR6cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Al Waris Exports
(AWE) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1.6       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Working  
   Capital Facility       4.4       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AWE for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AWE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AWE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of AWE continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2013, Chennai-based AWE is a proprietorship firm of
Mr Mohammed Imran. It processes raw hide into finished leather, and
sells it to domestic and overseas customers.


ALBUS INDIA: CRISIL Keeps D on INR22cr Loans in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Albus India Limited
(AIL)  continues to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       11         CRISIL D (ISSUER NOT COOPERATING)

   Term Loan         11         CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with AIL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AIL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of AIL continues to be 'CRISIL D Issuer not
cooperating'.

AIL was set up in 2011 by Mr. Gaurav Agrawal and his two brothers -
Mr. Gautam Agrawal and Mr. Gokul Agrawal. The company manufactures
low carbon ferro manganese. Its manufacturing unit is located in
Vishakhapatnam (Andhra Pradesh), and commenced operations in August
2015.


ANNAPURNA COTEX: CRISIL Lowers Rating on INR11cr Cash Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Annapurna
Cotex Private Limited (ACPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      0.12     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan               3.49     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ACPL for obtaining
information through letters and emails dated November 30, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ACPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ACPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of ACPL revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

ACPL is promoted by the Aurangabad, Maharashtra-based Goyal family.
It was incorporated in Aurangabad in 2008. The company has a
manufacturing facility in Ahmednagar, Maharashtra.


APOLLO CONVEYOR: CRISIL Keeps D on INR12cr Loans in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Apollo Conveyor
Private Limited (ACPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.15       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    2.95       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             7.90       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ACPL for obtaining
information through letters and emails dated August 31, 2019 and
February 06, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ACPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ACPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of ACPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2010, ACPL manufactures rubber conveyor belts for
industries such as steel, cement, mining, thermal power, and
fertiliser. Promoted and managed by Mr. Pravin Patel and his wife
Mrs. Sangeeta Patel, ACPL is based in Ahmedabad and commenced
commercial operations in October 2013.


ARABIAN JEWELLERS: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Arabian Jewellers
-Pathanamthitta (AJP) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Long Term     2         CRISIL B+/Stable (ISSUER NOT  
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with AJP for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AJP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AJP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of AJP continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

AJP was set up in 2003 as a proprietorship concern by Mr. M.
Shahuddin. It is engaged into trading, manufacturing and retailing
of gold jewellery. The firm is based in Kerala.


ARHAM NON WOVEN: CRISIL Keeps D on INR14cr Loans in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Arham Non Woven
Private Limited (ANWPL) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       3.00       CRISIL D (ISSUER NOT COOPERATING)

   Term Loan        11.55       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with ANWPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ANWPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ANWPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of ANWPL continues to be 'CRISIL D Issuer not
cooperating'.

ANWPL was incorporated in January 2014 by Mr. Dharmesh Jain and Mr.
Nishant Daga. The company, based in Surat, manufactures technical
textile fabric made out of polypropylene. The plant is located at
Mangrol in Surat (Gujarat). It started commercial operations in
January 2015.


BAJRANGBALI RE-ROLLERS: CRISIL Cuts Rating on INR6.4cr Loan to B+
-----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Bajrangbali
Re-Rollers Private Limited (BRPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.4       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BRPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BRPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BRPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of BRPL revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

BRPL was set up in 2005 by members of the Agrawal family. The
company manufactures structural steel products such as mild steel
rounds, bars, angles, and channels. It has two rolling mills and an
induction furnace in Rourkela, Odisha.


BALA BALAJEE: CRISIL Maintains 'D' Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bala Balajee Textiles
Limited (BBTL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      1.39     CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit        13.00     CRISIL D (ISSUER NOT COOPERATING)

   Letter of Credit    1.50     CRISIL D (ISSUER NOT COOPERATING)

   Proposed Cash
   Credit Limit        6.64     CRISIL D (ISSUER NOT COOPERATING)

   Term Loan          21.47     CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with BBTL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BBTL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BBTL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of BBTL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

BBTL was set up in 2004 by Mr. Subba Rao Chitturi and his family
members. The company manufactures combed cotton yarn. Its spinning
unit is in West Godavari district in Andhra Pradesh.


BANSAL FOODS: CRISIL Lowers Ratings on INR5.5cr Loans to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Bansal Foods
(India) (BFI) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan        1.0        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BFI for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BFI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BFI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of BFI revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

BFI is a proprietorship concern of Mr. Jodha Ram and is established
in 2015. The firm is engaged in the processing of basmati rice for
supply to other players involved in the export market. The
processing facilities of the firm is located in Samana, Patiala.


BHAGWATI VENEERS: CRISIL Assigns 'B' Ratings to INR9cr Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Bhagwati Veneers (BV).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3          CRISIL B/Stable (Assigned)
   Long Term Loan        6          CRISIL B/Stable (Assigned)

The rating reflects the firm's exposure to risks related to the
ongoing project and the likelihood of a leveraged capital
structure. These rating weaknesses are partially offset by the
extensive experience of BV's partners in the plywood and laminates
industry.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to the ongoing project: BV is scheduled
to commence its project in April 2020. Intense competition in the
plywood and laminates business, which has low entry barriers, would
keep the demand risk moderate. Hence, timely completion and
successful stabilisation of operations at the new unit, will remain
a key rating sensitivity factor.    

* Capital structure likely to be leveraged: BV is expected to have
an average financial risk profile with high gearing and moderate
debt protection metrics. The project is aggressively funded through
a gearing ratio of over 2 times.

Strengths

* Extensive experience of the partners: The decade-and-half-long
experience of the partners, in the plywood and laminates industry,
their strong understanding of local market dynamics, and
established relationships with suppliers and customers, will
continue to support the business risk profile.

Liquidity Stretched

The bank has already disbursed around INR4.42 Cr of the total
sanctioned loan of INR6 Cr. The promoters will infuse around INR3
Cr till Mar 31, 2020. CC limit of INR3 Cr has also been sanctioned
for working capital requirements.

Outlook: Stable

CRISIL believes BV will benefit from extensive experience of its
partners in the plywood and laminates industry.

Rating Sensitivity factors

Upward factors

*Growth in revenue to over INR28 crore

*Commencement of operations as per proposed timelines.

Downward factors

*Delay in completion of project, leading to time and cost
  overrun

*Delay in servicing interest/principal

*Significantly low cash accrual during the initial phase of
  operations.

BV was set up as a partnership between Mr Jai Prakash Agarwal and
Mr Chandra Prakash Agarwal in January 2018. The firm, based in
Faizabad (Uttar Pradesh), is setting up a manufacturing plant for
all kinds of plywood, mica, veneer, core & boards. Operations are
likely to commence from April 2020.


BHALKESHWAR SUGARS: CRISIL Keeps 'D' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhalkeshwar Sugars
Limited (BSL) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan      18       CRISIL D (ISSUER NOT COOPERATING)

   Term Loan          122       CRISIL D (ISSUER NOT COOPERATING)

   Working Capital
   Facility            60       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with BSL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BSL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of BSL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2000, Karnataka-based BSL is promoted by Mr Prakash
Khandre. It manufactures sugar and has a cane crushing capacity of
about 2500 tonne per day (TPD) and a 14 megawatt co-generation
power plant. It is undertaking a debt-funded capital expenditure
plan to enhance the sugar crushing capacity up to 4000 TPD and
setting up distillery units with total capacity of 60 kilo litres
per day. Commercial operation of the distillery is expected to
commence from January 2018.


BLACK ENERGY: CRISIL Keeps D on INR20cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Black Energy India
Private Limited (BEIPL) continues to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        11        CRISIL D (ISSUER NOT COOPERATING)
   Overdraft           9        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with BEIPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BEIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BEIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of BEIPL continues to be 'CRISIL D Issuer not
cooperating'.

BEIPL, incorporated in 2012, trades in coal. The company also owns
a washery in Bilaspur, Chhattisgarh. Mr. Sanjay Singh and Mr. Rohit
Singh are the directors. The operations are primarily managed by
Mr. Sanjay Singh.


EXTOL INDUSTRIES: CRISIL Lowers Rating on INR12.5cr Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Extol
Industries Limited (EIL) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL C Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital      12.5        CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Downgraded from
                                    'CRISIL C ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with EIL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EIL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

On account of adverse banker feedback stating that EIL has been
classified as non-performing asset (NPA), CRISIL has downgraded the
rating on bank facilities of EIL to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL C Issuer Not Cooperating'.

Incorporated in 1997, EIL is owned and managed by Mr. Gyanendra
Bhatnagar and his family members. EIL operates wind turbine
generator facility in Raisen (Madhya Pradesh). The facility started
operations in September 2014.


FSD BUILDING: CRISIL Lowers Ratings on INR35cr Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of FSD
Building Materials Private Limited (FSD) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. The
downgrade in the rating reflect ongoing delays in debt servicing,
i.e. overdrawals in the overdraft account for continuous 60 days
since December 2019 which have not been regularized as on date.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              30        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      5        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with FSD for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative. This led CRISIL
to carry out rating surveillance with the best available
information.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of FSD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes the information available for FSD is
consistent with 'Scenario 1' outlined in the 'Framework for
assessing consistency of the information'.

Based on the available information, CRISIL has downgraded the
rating on the bank facilities of FSD to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. The
downgrade in the rating reflect ongoing delays in debt servicing,
i.e. overdrawals in the overdraft account for continuous 60 days
since December 2019 which have not been regularized as on date.

FSD, incorporated in 2010, is promoted by Mr Yahya Farouk Darvesh,
Ms Hanifa Farouk Darvesh, and Mr Zakaria Farouk Darvesh based in
Mumbai. The family has been engaged in the timber industry for over
100 years. The company trades in timber, medium-density fibreboard,
and wood-based chemicals, and is managed by Ms Hanifa Farouk
Darvesh and Mr Zakaria Farouk Darvesh.


G P PRAJAPATI: CRISIL Assigns B+ Rating to INR7cr Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of G P Prajapati (GPP).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7        CRISIL B+/Stable (Assigned)

The rating reflect GPP's susceptibility to tender-based operations
and modest scale of operation. These weakness are partially offset
by its extensive industry experience of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restricts the operating
margin to a moderate level. Also, given the cyclicality inherent in
the construction industry, the ability to maintain profitability
margin through operating efficiency becomes critical.

* Modest scale of operation: GPP's business profile is constrained
by its modest scale of operations in the intensely competitive
civil construction industry. For FY 19 the firm reported a revenue
of INR16.8 cr as against R.16.36 cr in FY 18 with a flattish
growth. For FY 20, revenue is likely to grow by over 30%. Further,
though outstanding order book of around INR50 cr provides with
moderate revenue visibility, the scale of operations will continue
to remain at a moderate level over the medium term. CRISIL believes
that GPP's modest scale of operations will continue limit its
operating flexibility.

Strength

* Extensive industry experience of the partners: The partners have
an experience of over 30 years in Civil Construction industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity Stretched
GPP has stretched liquidity marked by marginal cash and cash
equivalents of INR0.05 crore as on March 31, 2019 and tightly
matched accruals of INR0.80 crore for FY 20 and around INR0.90
crore in FY 21 to the term debt obligations of around. The firm has
access to fund based limits of INR7 crore, which are almost fully
utilized at an average of 96% over the 12 months ended January
2020.

Outlook: Stable

CRISIL believes that GPP will continue to benefit over the medium
term from the extensive experience of the partners

Rating Sensitivity Factors

Upward Factor

* Improvement in Gross current asset (GCA) to less than 170 days

* Significant growth in revenue coupled with sustained operating
   margins.

Downward Factor

* Deterioration in the liquidity with cushion (net cash accruals/
   repayment obligation)of less than 1.20 times

* Increase in gearing (debt/net worth).

GPP was establish in 2015, it is located in Vadodara, Gujarat.  GPP
owned & managed by Mr. Govind P Prajapati, Mr. Ishwar P Prajapati,
Mrs. Nayana Prjapati and Mrs. Raxa Parajapati. GPP is engaged in
civil construction works, such as construction of building, roads
and bridges.


JET AIRWAYS: Creditors Committee to Seek 2-Mo. Extn of Bid Deadline
-------------------------------------------------------------------
BloombergQuint reports that Jet Airways (India) Ltd.'s Committee of
Creditors on March 12 decided to approach the National Company Law
Tribunal to seek two months extension of the deadline for
submission of bids, which expired on March 10.

The CoC may seek an extension in the deadline in the face of no
potential bidder coming forward and also due to the ongoing
coronavirus concerns as it feels that it may not get the desired
results if it were to go for liquidation of assets at this stage,
according to sources privy to the development, BloombergQuint
relates.

BloombergQuint says the bankers' committee had on Feb. 18 set the
new deadline of March 10, for submission of bids for the grounded
airline after South American conglomerate Synergy Group and New
Delhi-based Prudent ARC failed to meet the deadline. According to
sources, Synergy Group had backed out of the bidding process over
the slot issues.

The March 10 deadline was set after Russia's Far East Asia
Development Fund evinced interest in Jet Airways, BloombergQuint
relates. Against this backdrop, the CoC extended the deadline for
submission of bids to March 10. The cash-strapped airline, which
was grounded in April 2019, owes more than INR 8,000 crore to
banks, with those from the public sector has significant exposure.

                          About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.


ORIENT ISPAT: CRISIL Withdraws B+ Rating on INR15cr Cash Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Orient
Ispat Private Limited (OIPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its rating
on bank loan facilities.
                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           15        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term     2.58     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

   Term Loan              1.50     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with OIPL for obtaining
information through letters and emails dated June 29, 2019 and
December 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of OIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'. Based on the last available information, CRISIL
has continues the rating on the bank facilities of OIPL to 'CRISIL
B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of OIPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Set up in 2004 by Mr. Suresh Ahuja, OIPL started commercial
production from December 2005, and manufactures hot-rolled
strips/skelp and mild steel flats.


RAJESH RAYON: CRISIL Lowers Rating on INR9.73cr Loan to 'B'
-----------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Rajesh Rayon Silk Mills
Limited (RRSML) to 'CRISIL B+/Stable Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL is migrating the rating on the long
term bank facilities of RRSML from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.73       CRISIL B/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

   Proposed Long Term    3.27       CRISIL B/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

The rating continues to reflect modest scale of operation amid
intense competition and below average financial risk profile. These
weaknesses are partially offset by extensive experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amid intense competition: RRSML has
modest scale of operation with revenue of INR32.98 crore in fiscal
2019 which is expected to increase to over INR55 crore in fiscal
2020. Intense competition may continue to constrain scalability,
pricing power, and profitability.

* Below-average financial risk profile: Total outside liabilities
to adjusted networth ratio was high at 8.99 times as on March 31,
2019 on account of modest networth of INR2.85 crore. Debt
protection metrics were also weak, with interest coverage and net
cash accrual to adjusted debt ratios of 0.83 time and 0.06 time,
respectively, in fiscal 2019.

Strength

* Extensive experience of the proprietor: Benefits from the
promoters' experience of nearly four decades, their strong
understanding of local market dynamics, and healthy relations with
customers and suppliers should continue to support the business.

Liquidity Stretched

Cash accruals of around INR90-113 lakhs is expected for fiscal 2020
and fiscal 2021. The Company has access to fund based limits of
INR9.73 crore utilized to the tune of 99.50% for last 12 months
ending January 2020. Liquidity is supported by unsecured loans of
INR41 lakhs as on January 31, 2020.

Outlook: Stable

CRISIL believes RRSML will continue to benefit over the medium term
from the extensive experience of its promoters

Rating Sensitivity Factors

Upward factors

* Sustained net cash accruals of over INR1.5 crore
* Sharp improvement in capital structure

Downward factors

* Decline in net cash accruals to below INR0.5 crore

* Larger-than-expected debt funded capex or acquisition, or
   more-than expected dividend payout, weakening the financial
   risk profile, particularly liquidity.

Incorporated in 1972 and situated at Mumbai, RRSML manufactures and
sells variety of fabrics under its own brand 'R R Lene' in the
domestic as well as export markets. RRSML is promoted by Mr.
Shikharchand Jain and his brothers Mr. Gyanbala Singhvi and Mr.
Vikas Singhvi.


RAMKRISHNA ELECTRICALS: CRISIL Cuts Rating on INR3.50cr Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ramkrishna Electricals Limited (REL) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         6        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           16.95     CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Letter of Credit       3.50     CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The downgrade reflects continuous overdrawals in its working
capital limits for more than 30 days. This is due to stretch in
working capital cycle leading to weak liquidity.

The ratings reflect REL's working capital intensive operations,
average debt protection metrics, and moderate scale of operations.
These weaknesses are partially offset by REL's established market
position in the transformer industry.

Key Rating Drivers & Detailed Description

Weaknesses:

  * Delays in Servicing of Debt.  There has been instances of
overdrawals in the cash credit facility and devolvement in LC
facility for more than 30 days due to delayed receivables and
higher inventory period.

  * Modest scale of operations.  REL is a modest player in the
transformer industry, with an annual capacity of 600 MVA and
operating income of INR58.68 cr in 2017-18. It mainly caters to the
SEBs, where orders are received through competitive bidding,
limiting the company's pricing power. However, the company has been
increasing its supply to private players.

  * Large working capital requirement.  Operations are working
capital intensive, with gross current assets of 301 days as on
March 31, 2018 driven by large receivable at 172 days as on March
31, 2018. CRISIL believes REL's working capital requirement will
remain high because of its mode of operations, and increase as the
expanded capacities come on stream.

  * Average debt protection measures.  Debt protection measures
'with interest coverage and net cash accrual to total debt of 1.35
times and 0.05 time in fiscal 2018, due to high interest outgo on
its sizeable debt are expected to remain weak over the medium
term.

Strengths:

  * Established market position.  REL has been present in the
transformer industry for over three decades and has established
itself as a strong player in the Maharashtra and Central India
regions.

Liquidity Poor

The liquidity of company is poor marked by instances of overdrawals
in the cash credit facility and devolvement in LC facility for more
than 30 days. Improvement in the working capital management thus
improving its liquidity will remain a key rating driver.

Rating Sensitivity factors

Upward Factors

  * Timely servicing of debt for more than 90 days.

  * Improvement in working capital cycle

REL was originally set up in 1984-85 (refers to financial year,
April 1 to March 31) as Arkays Electricals; it was reconstituted as
a private limited company named Ramkrishna Electricals Pvt Ltd in
1988-89, and as a public limited company with its current name in
2006-07. REL manufactures power and distribution transformers. It
is promoted by Mr. S Ramlingam.


SAMDARIYA ABHUSHAN: CRISIL Assigns B+ Rating to INR30cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-term
bank facilities of Samdariya Abhushan Private Limited (SAPL; part
of Samdariya Group).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital
   Facility               30        CRISIL B+/Stable (Assigned)

   Gold Loan               9.69     CRISIL B+/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits        .31     CRISIL B+/Stable (Assigned)

The rating reflects large working capital requirements, modest
revenue and susceptibility of revenue and profitability to intense
competition in a fragmented industry and to volatility in gold
prices, and weak financial risk profile. These rating weaknesses
are partially offset by the extensive industry experience of the
promoters and fund support from promoters.

Analytical Approach

To arrive at the ratings of SAPL, CRISIL has combined the business
and financial risk profiles of SAPL and Samdariya Abhushan (SA;
part of Samdariya Group). This is because both the entities,
together referred to as Samdariya Group are in the same line of
business, have a common brand, have financial fungibility, and same
promoter group.

Furthermore, unsecured loans of INR29.87 crore as on March 31, 2019
have been treated as Neither Debt nor Equity. These unsecured loans
are from promoters and will be maintained in the business going
forward.

Key Rating Drivers & Detailed Description

Weaknesses

  * Large working capital requirements: Group has working capital
intensive operations, reflected in gross current assets of 205 days
as on March 31, 2019, driven by large inventory of 135 days and
high security deposits paid to group companies for the showrooms.

  * Modest revenue and susceptibility of revenue and profitability
to intense competition in a fragmented industry, and to volatility
in gold prices: The presence of a large number of players, both
small and big, in the retail jewellery market leads to pressure on
profitability. Also, the profitability is susceptible to volatility
in gold prices. With an operating income of INR147.08 crore in
fiscal 2019, the scale of operations remains small.

  * Weak financial risk profile: Company has a moderate networth of
INR18.47 crore as on March 31, 2019. High reliance on external debt
to support large working capital requirements has thus resulted in
moderately high gearing of 2.54 times as on March 31, 2019.
Debt-protection metrics too are subdued, with interest coverage and
net cash accruals to adjusted debt ratios of 1.62 times and 0.05
time, respectively in fiscal 2019.

Strengths

  * Extensive industry experience of the promoters: The group
commenced its jewellery business around 250 years back and
currently it is being managed by the fourth generation of the
family. The current promoters have been in the business for around
two decades. Over their long tenure in the industry, they have
developed a sound understanding of the local market dynamics which
has also enabled them to establish strong relationships with
suppliers and customers.

  * Fund support from promoters: SAPL's promoters have extended
need based funding in the form of unsecured loans which stood at
INR21.25 crore as on March 31, 2019. SA's partners too have
extended unsecured loans in the business and the same stood at
INR10.73 crore as on March 31, 2019. The unsecured loans support
the working capital requirements and the liquidity.

Liquidity Poor

Liquidity is poor with fully utilized bank lines and no proposed
enhancement in the same. However, net cash accruals expected at
INR3-4 crore per fiscal are more than sufficient against repayment
obligations of INR0.2-0.9 crore per fiscal going forward, thus
supporting the liquidity. Unsecured Loans of INR29.87 crore from
the promoters also support the liquidity to some extent. Cash and
bank balance stood at INR2.81 crore, while current ratio was 1.47
times as on March 31, 2019.

Outlook: Stable

CRISIL believes SAPL will continue to benefit over the medium term
from promoters' extensive experience in the gems & jewellery
segment.

Rating Sensitivity Factors:

Upward Factors:

  * Better working capital management thus leading to lower
reliance on external debt and hence lower utilization in bank lines
or enhancement in bank lines, thus supporting liquidity

  * Increase in revenue and sustenance of operating margin at
around 5% thus leading to net cash accruals over INR3 crore

Downward Factors:

  * Decline in revenue or operating margin leading to net cash
accruals under INR2 crore

  * Further stretch in working capital cycle, thus further
deteriorating the liquidity and financial risk profile.

SAPL, incorporated on September 10, 2004, is engaged in retailing
of gold, diamond and studded jewellery, loose stones, silver
jewellery, platinum jewellery. The company generates around 25%
revenue from manufacturing sales, while the remaining 75% sales of
from trading and jewellery manufactured by way of job-work. It is
promoted by Mr. Pawan Samdariya and Mr. Kuber Samdariya.

SA was incorporated in July 1998 and is engaged in retailing of
gold, diamond and studded jewellery, loose stones, silver
jewellery, platinum jewellery. The company is engaged into trading
of jewellery. Mr. Kishore Samdariya and Mr. Pawan Samdariya are the
partners.


SHEELU EXPORTS: CRISIL Reaffirms B- Rating on INR0.75cr LT Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of Sheelu Exports (SE).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing
   Credit                9.50       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .75       CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect a below-average financial risk
profile, and a modest scale of operations in the intensely
competitive human-hair export industry. These weaknesses are
partially offset by the extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile

The Networth was small at INR4.11 crore, while gearing was high at
2.39 times, as on March 31, 2019. Debt protection metrics were
weak, with interest coverage and net cash accrual to total debt
ratios at 1.65 times and a negative 0.02 time, respectively, for
fiscal 2019.

* Modest scale of operations

Revenue was modest at INR28.94 crore for fiscal 2019, and is
expected to decline in fiscal 2020 due to intense competition in
the export segment and the coronavirus outbreak.

Strength:

* Extensive industry experience of the partners

The partners' experience of more than a decade in the processing
and conditioning of human hair and an established relationship with
customers should continue to support the business.

Liquidity Poor
Bank limit utilisation was high at 90% during the 12 months ended
December 31, 2019. Cash accrual is sufficient considering that
there is no term debt obligation.

Outlook: Stable

CRISIL believes SE will continue to benefit from the extensive
industry experience of the partners.

Rating Sensitivity factors

Upward factors

  * Improvement in the working capital cycle, with gross current
assets below 150 days

  * Reduced reliance on outside borrowings, leading to a better
financial risk profile

Downward factors

  * More-than-expected decline in revenue to below INR5 crore

  * A stretch in the working capital cycle, adversely affecting the
financial risk profile, especially liquidity.

SE was established in 2001 as a proprietorship concern and was
reconstituted as a partnership firm in 2007. It currently has two
partners, Mr K Srinivasa Rao and Ms K Sita Devi. The firm exports
processed human hair.


SOOCH EDUCATIONAL: CRISIL Assigns 'B' Rating to INR8.27cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sooch Educational Welfare Society (SEWS).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             8.27       CRISIL B/Stable (Assigned)

   Working Capital
   Term Loan             3.73       CRISIL B/Stable (Assigned)

The rating reflects Society's modest scale of operation,
vulnerability to stringent regulations in the education sector, and
a leveraged capital structure. These weaknesses are partially
offset by the extensive experience of the trustees in the education
sector.

Analytical Approach

Unsecured loans from the promoters, outstanding at INR14.3 crore as
on March 31, 2019, have been treated as 75% equity and the
remaining as debt, as the loans are subordinated to external debt
and would remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

  * Modest scale of operation and vulnerability to stringent
regulations: The scale of operations is modest reflected in
estimated revenues of about INR9 crore in fiscal 2020. The school
operates in an intensely competitive education services industry
which restrict sizable scalability.

Further establishment and operations of educational institutions
are regulated by various governmental and quasi-governmental
agencies, such as the Central Board of Secondary Education (CBSE),
state governments and universities. Each body has detailed
procedures for granting permission to set up institutions, and
approvals need to be renewed regularly. The operations remain
vulnerable to any adverse regulatory changes.

  * Weak financial profile: Past losses have led to a modest
networth and leveraged capital structure for the firm. Further, the
adjusted debt services coverage ratio (ADSCR) has remained just 1
time or below in the three fiscals through 2019.

Strength

  * Extensive industry experience of the trustees: The trustees
have an experience of around 15 years in education services, which
would continue to support the business risk profile. The society
also benefits from fund support from promoters in the form of
unsecured loans.

Liquidity Stretched

Liquidity is stretched marked by expected ADSCR of around 1 time
and cash accruals tightly matched with repayments over the medium
term. Society receives fees monthly and quarterly and enables the
debt servicing which is scheduled on quarterly basis. Promoters'
fund support in the form of unsecured loans would aid liquidity
over medium term.

Outlook: Stable

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

Rating sensitivity factors:

Upward factors:

  * Sustained increase in revenue, leading to cash accrual of more
than INR3.5 crore per fiscal

  * Improvement in the financial risk profile, mainly capital
structure

Downward factors:

  * Decline in revenue or operating margin, leading to cash accrual
of below INR1 crore per fiscal

  * Any large, unexpected debt-funded capital expenditure,
impacting the financial risk profile and liquidity

SEWS was established on December 28, 2011, as a non-profit-making
educational society. It runs a school with the brand name Delhi
Public School at Ferozepur, Punjab. The society is currently
managed by Mr Manjit Singh Dhillon (President), Mr Surinder Pal
Singh Sooch (Secretary), and Mr Sanjay Ahuja (Treasurer).


YES BANK: Implosion Threatens to Wipe Out Bondholders
-----------------------------------------------------
Benjamin Parkin at The Financial Times reports that Indian
authorities' takeover of one of the country's largest private banks
could wipe out more than $1 billion in high-risk rupee bonds,
dealing a blow to the mutual funds that piled into the market and
leaving other lenders struggling to raise money.

The Reserve Bank of India last week took over Yes Bank, a once
high-flying private lender that experienced a sharp rise in bad
loans, after the bank struggled to find investors to shore up its
capital base, the FT says. The RBI proposed a rescue plan that
would see India's largest public lender, the State Bank of India,
take a 49 per cent stake with an investment of INR75.2 billion
($975 million).

The FT relates that the intervention shook Indian markets, as
investors worried that Yes Bank's precarious position could spark
contagion. But it has caused the most consternation among a class
of bondholders who stand to lose everything under the terms of the
rescue.

"People didn't believe that it would ever come to this," the FT
quotes Suman Chowdhury, president of Acuite Ratings & Research as
saying. Yes Bank had been seen as one of the top private-sector
banks in the country, he noted. "There's a painful process until
this whole thing settles down."

According to the FT, the RBI has proposed that Yes Bank's
additional tier 1 (AT1) bonds be wiped out. These quasi-equity
instruments, introduced after the financial crisis of 2008-09 to
shore up banks' balance sheets, have high coupons and perpetual
maturities, meaning that banks do not need to repay the principal.
But crucially, the bonds can also be written off if the lender
ceases to be a viable entity, the FT states.

Similar instruments were issued by banks around the world, as
regulators encouraged funding structures that could be dissolved
relatively easily if a lender hit trouble, the FT says.

In India, Yes Bank was one of the largest private-sector issuers of
such bonds, with about INR108 billion (US$1.5 billion) of AT1 debt
outstanding, according to Acuite. The FT says the move by the RBI
has therefore come as a shock to asset managers such as the Indian
arms of Franklin Templeton and Japan's Nippon, which in recent
years stuffed mutual funds full of these higher-risk bonds, luring
customers with the prospect of better returns.

The FT relates that AT1 bonds were seen as a good way for
risk-hungry investors to participate in the expansion of India's
debt markets, fuelling fast-growing lenders such as Yes Bank -
which in turn funded ambitious industrialists in sectors such as
real estate and so-called shadow finance.

But slowing growth caused many of the banks' bets to sour, leading
to an uptick in corporate defaults, straining balance sheets and
contributing to a broader unwinding in the financial system. Yes
Bank's loans, for example, grew more than 30 per cent a year from
2014 to 2019. But non-performing assets more than doubled to 7 per
cent in September last year, from 3 per cent just six months
earlier. Many analysts believe the true extent of Yes Bank's stress
runs much deeper.

According to ICRA, a rating agency, Indian banks between them have
issued INR940 billion ($12.7 billion) in AT1 bonds with the share
split between state and private banks, the FT relays.

If the write-off of Yes Bank's AT1s goes ahead, analysts say it
could have a ripple effect for other private banks who want to sell
similar instruments, cutting off a valuable source of funding at a
time when balance sheets remain under pressure. One such private
lender, IndusInd, suspended plans for an AT1 bond issue after the
RBI's intervention last week.

"Investors' appetite for future issuances of AT1 bonds [will]
reduce," said ICRA. This will prompt "some of them to avoid these
bonds in future".

Wiping out the bond would also be a blow to India's young mutual
fund industry, which has seen roaring growth as millions of Indians
began to invest in financial products for the first time, says the
FT. Confidence has already been damaged by funds' exposure to
stressed real estate companies and shadow banks, some of which have
gone bankrupt.

Some AT1 bondholders are attempting a legal challenge against Yes
Bank's rescue plan, arguing that their holdings should be converted
into equity rather than written off. The FT adds that analysts at
HDFC Securities said that, while the move to write off the bonds
was in line with regulations, it was "slightly odd," given that the
bank's capital - stated at 16 per cent of its risk-weighted assets
at the end of September last year - had not yet been reduced to
zero.

                           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 March 10,
2020, Moody's Investors Service downgraded Yes Bank Limited's
long-term foreign currency issuer rating to Caa3 from B2. The
ratings remain under review, with the direction uncertain.  
Moody's has also downgraded the bank's long-term foreign and local
currency bank deposit ratings to Caa1 from B2, and its foreign
currency senior unsecured MTN program rating to (P)Caa3 from (P)B2.
The ratings remain under review, with the direction uncertain.  In
addition, Moody's has downgraded the bank's long-term domestic and
foreign currency Counterparty Risk Rating and long-term
Counterparty Risk Assessment to Caa1 from B1 and Caa1(cr) from
B1(cr) respectively. The ratings remain under review, with the
direction uncertain.  At the same time, Moody's has downgraded Yes
Bank's Baseline Credit Assessment and adjusted BCA to ca from
caa2.


YES BANK: Reliance Group Says Entire Debt Fully Secured
-------------------------------------------------------
BloombergQuint reports that Anil Ambani-led Reliance Group on March
11 said its entire debt from troubled Yes Bank Ltd. is fully
secured and was availed in the ordinary course of business.

BloombergQuint relates that in a statement, the group said it is
committed to honouring repayments of all its borrowing from Yes
Bank through its asset monetisation programme. The Group, it said,
has "nil direct or indirect exposure to Rana Kapoor, former Chief
Executive Officer of Yes Bank, or his wife or daughters, or any
entities controlled by Rana Kapoor or his family."

Reliance Group alongside Subhash Chandra's Essel Group were among
the large borrowers that Finance Minister Nirmala Sitharaman had
named after Yes Bank's board was superseded by the Reserve Bank of
India and withdrawal restrictions placed, BloombergQuint
discloses.

As many as 44 companies belonging to 10 large business groups
reportedly accounted for bad loans of INR 34,000 crore of Yes Bank.
Nine firms of Anil Ambani Group reportedly owed INR 12,800 crore
while Essel Group had unpaid loans of INR 8,400 crore. Other
companies on the list include DHFL Group, Dewan Housing Finance
Corporation Ltd, Jet Airways (India) Ltd., Cox & Kings, and Bharat
Infra.

Without giving the loan it has from Yes Bank, Reliance said: "Its
entire exposure to Yes Bank is fully secured and transacted in the
ordinary course of business." "Reliance Group is committed to
honouring repayments of all its borrowings from Yes Bank Ltd
through its various asset monetisation programmes which are all at
advanced stages," the statement, as cited by BloombergQuint, said.

                           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 March 10,
2020, Moody's Investors Service downgraded Yes Bank Limited's
long-term foreign currency issuer rating to Caa3 from B2. The
ratings remain under review, with the direction uncertain.  Moody's
has also downgraded the bank's long-term foreign and local currency
bank deposit ratings to Caa1 from B2, and its foreign
currency senior unsecured MTN program rating to (P)Caa3 from (P)B2.
The ratings remain under review, with the direction uncertain.  In
addition, Moody's has downgraded the bank's long-term domestic and
foreign currency Counterparty Risk Rating and long-term
Counterparty Risk Assessment to Caa1 from B1 and Caa1(cr) from
B1(cr) respectively. The ratings remain under review, with the
direction uncertain.  At the same time, Moody's has downgraded Yes
Bank's Baseline Credit Assessment and adjusted BCA to ca from
caa2.




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

MULHACEN PTE: Fitch Lowers LT Issuer Default Rating to CCC
----------------------------------------------------------
Fitch Ratings downgraded Mulhacen Pte Ltd's Long-Term Issuer
Default Rating and its senior secured payment-in-kind notes to
'CCC' from 'BB-' to reflect the heightened risk of the PIK
mechanism being activated, which would constitute a default of the
notes and Mulhacen under Fitch's criteria.

The rating actions follow the unexpected adverse ruling by Spain's
Supreme Court last week on a usury-related case at WiZink Bank
S.A., Mulhacen's sole investment.

KEY RATING DRIVERS

IDRS AND DEBT RATING

Mulhacen is the non-operating holding company set up by Varde
Partners to acquire Spanish WiZink Bank, S.A. The bank is
Mulhacen's only asset, and the issuer does not have any material
sources of income to service its outstanding debt other than the
dividends up-streamed from the bank. Mulhacen's Long-Term IDR is
primarily driven by the structural subordination of Mulhacen's
creditors to those of WiZink and its reliance on dividend payments
from WiZink to service its debt.

Fitch considers the senior notes are Mulhacen's reference
liabilities and therefore the rating of the notes is aligned with
Mulhacen's Long-Term IDR. In Fitch's view, any PIK (instead of cash
payments) would be viewed as non-performance of the notes and
Mulhacen.

The multi-notch downgrade therefore reflects its view that the
activation of the PIK mechanism included in Mulhacen's notes over
the coupon payments subsequent to the March 2020 one is a real
possibility. Fitch believes the unexpected adverse ruling by
Spain's Supreme Court last week on a usury-related case at WiZink
is likely to result in rising customer claims, leading to
potentially high litigation costs, ultimately impairing the bank's
ability to distribute dividends and affecting Mulhacen's liquidity
position and its capacity to reduce net cash flow leverage of the
bond.

WiZink is mostly focused on the revolving credit card market in
Spain and Portugal, a business with high interest rate margins
given its risk profile. Spain's Supreme Court ruled last week that
a revolving credit contract originated by WiZink was usurious and
null according to the "usury law" as the interest rate charged was
significantly above the market reference rate. This poses material
litigation risks for the bank.

To date, WiZink's number of customer claims related to usury
remained relatively contained at less than 1% of the total
portfolio of active customers in Spain. Although future claims will
be analysed on a case-by-case basis, Fitch expects these to
materially increase following the new ruling despite the bank's
effort to reduce legal risks. At end-September 2019, WiZink's
excess capital over the minimum common equity Tier 1 ratio
committed with the Bank of Spain (13.8% of risk-weighted assets)
was modest, at around EUR60 million and the bank had EUR47.3
million of provisions for contingent legal risks. Fitch believes
the combination of all these elements poses threats to the bank's
capacity to distribute dividends to Mulhacen.

Fitch has not assigned Recovery Ratings to the notes given the
rapidly evolving nature of circumstances and the wide range of
possible outcomes for the bondholders, which at this stage make the
assessment of recoveries particularly unpredictable.

RATING SENSITIVITIES

IDRS AND DEBT RATING

Mulhacen's IDR and the long-term rating of the notes could be
downgraded if Mulhacen fails to build sufficient liquidity buffers
to service its debt obligations in the coupon payments after March
2020 or Fitch sees increased risks to the activation of the PIK
mechanism. The ratings are also sensitive to any possible
regulatory restriction on WiZink's capacity to pay dividends or
increased regulatory capital requirements, of which Fitch has no
visibility at the moment.

Conversely, negative rating pressures could subside or reverse if
Fitch views risks of the PIK mechanism being activated as lower.




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

HANJIN INT'L: Moody's Lowers CFR to B3, Outlook Stable
------------------------------------------------------
Moody's Investors Service downgraded Hanjin International Corp.'s
corporate family rating to B3 from B2, and has downgraded to B1
from Ba3 the rating on the company's senior secured term loan due
October 2020.

At the same time, Moody's has placed the ratings under review for
downgrade. The previous outlook of the entity was stable.

RATINGS RATIONALE

"The downgrade and review for further downgrade mainly reflect our
expectation that the material drop in passenger and travel demand
associated with the coronavirus will significantly hurt the
operations of HIC and its parent guarantor Korean Air, at least
through the middle of the year, thereby increasing refinancing
risk," says Sean Hwang, a Moody's Analyst.

The global spread of the virus will weaken HIC's hotel business as
well as the passenger airline operations of its guarantor Korean
Air Lines Co., Ltd. (KAL). KAL has already drastically reduced
passenger capacity in response to rapidly falling demand amid
quarantine orders, travel restrictions and general public contagion
fear.

Moody's expects the weakening demand will significantly reduce
HIC's and KAL's revenue and earnings in 2020, despite a decline in
fuel and labor expenses. Specifically, Moody's expects KAL's
adjusted debt/EBITDA to increase to around 10x-15x this year from
around 7.5x in 2019, while HIC's EBITDA interest coverage will fall
to around 0.2x from around 0.4x over the same period. Such
weakening operations will lead to significant negative free cash
flow at both companies, although KAL's reduced capital spending
will contain the debt growth.

In addition to the weak operating environment, rising volatility in
the global financial markets is creating an unfavorable environment
for debt refinancing. This situation is exacerbated by the
companies' weak liquidity. KAL has KRW5.3 trillion of debt
maturities in 2020, including HIC's $600 million term loan and $300
million senior unsecured notes, the latter of which is guaranteed
by The Export-Import Bank of Korea (KEXIM, Aa2 stable). These
refinancing needs well exceed the companies' liquidity sources.

This refinancing risk is partly mitigated by the favorable
relationships that KAL maintains with existing creditors, including
Korean policy banks.

HIC's credit quality is closely linked to that of KAL, reflecting
Moody's assessment of a strong likelihood of financial support from
KAL to HIC. This financial support is evidenced by KAL's guarantee
of 100% of HIC's existing debt.

During the review period, Moody's will assess (1) whether KAL and
HIC are able to refinance their maturing debt; (2) to what extent
the adverse environment will affect their cash flow, and in
particular the severity and length of the slump in passenger
demand.

Moody's could downgrade the ratings if HIC's or KAL's liquidity and
refinancing risk increases materially, for example due to
protracted weakness in their operations or a significant tightening
in the domestic funding market.

In terms of environmental, social and governance (ESG)
considerations, the ratings incorporate the fact that HIC and KAL
are ultimately owned and controlled by Hanjin KAL Corporation, over
which chairman Mr. Cho's family has significant influence. The
associated governance risk is somewhat mitigated by the listed
status of KAL and Hanjin KAL, and the presence on KAL's eight board
members of five independent directors. KAL's guarantee on HIC's
debt also mitigates the governance risk by aligning the interests
of HIC's creditors to those of KAL's and its shareholders.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***