---

       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 23, 2020, Vol. 23, No. 59

                           Headlines



A U S T R A L I A

ACCESS TRAINING: Second Creditors' Meeting Set for March 27
ADANI ABBOT: S&P Lowers ICR to 'BB+' on Heightened Liquidity Risk
COMM-KLAD PTY: First Creditors' Meeting Set for March 24
GO SMART: First Creditors' Meeting Set for March 27
HORIZON GLOBAL: Reports $80.7 Million Net Income for 2019

JIMMY'S RECIPE: First Creditors' Meeting Set for March 30
KP SERVICES: Second Creditors' Meeting Set for March 27
LENORE HOLDINGS: Second Creditors' Meeting Set for March 30
LONGHOU CAPITAL: ASIC Suspends AFS License for 3 Months
MYHOUSE (AUST): First Creditors' Meeting Set for March 27

SKOPE GROUP: First Creditors' Meeting Set for March 24
SPEEDCAST INT'L: Moody's Cuts CFR & Sr. Secured Ratings to Caa1
STELLER 225: Second Creditors' Meeting Set for March 27
WEBJET LTD: Investor Talks Fail to Resolve Financial Woes
[*] Bankruptcy Lawyers Clash on Suspending Insolvent Trading Laws



B A N G L A D E S H

BANGLADESH: Moody's Affirms 'Ba3' LT Issuer Rating, Outlook Stable


C H I N A

CEN BIOTECH: Extends SPA Closing Date Until December 2021
IDEANOMICS INC: Reports $97.6 Million Net Loss in 2019
JMU LIMITED: Falls Short of NASDAQ Minimum Bid Price Requirement
JMU LIMITED: Haohan Xu Has 31.2% Stake as of March 11
OCEANWIDE HOLDINGS: Fitch Cuts IDR & Sr. Unsec. Rating to CCC+

PACTERA TECHNOLOGY: S&P Withdraws 'CCC+' LT Issuer Credit Rating
SPI ENERGY: Sells Sun Roof I Solar Project in Italy for EUR1.1-Mil.


I N D I A

ADVANCE INDIA: Ind-Ra Corrects July 15, 2019 Ratings Release
AKBAR TRAVELS: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
ANSAL PROPERTIES: Challenges NCLT Direction to Initiate Insolvency
AZURE POWER: Moody's Hikes Senior Unsecured Ratings to Ba2
CHEETAH APPARELS: Ind-Ra Moves BB- Issuer Rating to NonCooperating

CHETAN ALLOYS: Ind-Ra Moves 'B-' Issuer Rating to Non-Cooperating
CHETAN OVERSEAS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
COSMOS INDUSTRIES: Ind-Ra Moves D Issuer Rating to Non-Cooperating
ELLJAY TEXTILES: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
FIBREMARX PAPERS: CARE Lowers Rating on INR38.1cr Loan to 'D'

FIRESTAR INT'L: Insolvency Resolution Process Case Summary
HERCULES HOSPITALITIES: Ind-Ra Moves 'B' Rating to Non-Cooperating
IL&FS FINANCIAL: CARE Reaffirms 'D' Rating on INR4,800cr Loan
IL&FS: CARE Reaffirms 'D' Rating on INR9,641.94cr Loan
KAILASH TRADING: CARE Lowers Rating on INR5.75cr LT Loan to D

KLN MOTORAGENCIES: CARE Cuts Rating on INR5.14cr LT Loan to D
MANGALORE MINERALS: Ind-Ra Keeps 'B+' LT Rating in Non-Cooperating
MAXWELL AUTO: Ind-Ra Withdraws BB- LongTerm Issuer Rating
MBE COAL: CARE Reaffirms 'C' Rating on INR10cr LT Loan
MOHAN MOTOR: Insolvency Resolution Process Case Summary

MR PROVIEW REALTECH: Insolvency Resolution Process Case Summary
MUMBAI INT'L: Ind-Ra Cuts Rating to INR61-Bil. Bank Loans to 'BB+'
NAGARJUNA FERTILIZERS: CARE Keeps D Debt Rating in Not Cooperating
PAWAR PATKAR: Ind-Ra Keeps 'BB+' Issuer Rating in Non-Cooperating
PRISM INDUSTRIAL: Insolvency Resolution Process Case Summary

PROCESS CONSTRUCTION: CARE Keeps 'D' Debt Rating in Non-Cooperating
RADHA KRISHNA: CARE Lowers Rating on INR21.82cr Loan to 'D'
RADHE AGRO: CARE Keeps INR13.63cr Loans in Not Cooperating
RAGHUVEER METAL: Ind-Ra Lowers LongTerm Issuer Rating to 'C'
RAMANI TIMBER: Ind-Ra Assigns B- LT Issuer Rating, Outlook Stable

RELIANCE BROADCAST: CARE Cuts Rating on INR100cr Debentures to 'D'
RICOH INDIA: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
RIZVI ESTATES: CARE Cuts Rating on INR15.48cr Loan to 'D'
RKD CONSTRUCTION: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
SE FORGE: CARE Reaffirms 'D' Rating on INR183.40cr LT Loan

SRIKAR LABORATORIES: Ind-Ra Moves 'D' LT Rating to Non-Cooperating
SUSHEE IVRCL: CARE Keeps 'D' on INR308cr Loans in Not Cooperating
ULTRA SPACE: CARE Keeps D on INR200cr Loan in Not Cooperating
UNITRIVENI OVERSEAS: CARE Keeps D on INR20cr Debt in NonCooperating
URBAN TRANSIT: CARE Keeps D on INR162cr Loans in Not Cooperating

VIBRANT COTFAB: Ind-Ra Withdraws BB- LongTerm Issuer Rating
VISWABHARATHI EDUCATIONAL: CARE Keeps D Rating in Not Cooperating
VITTHAL CORP: CARE Keeps 'D' on INR171cr Loans in Not Cooperating
YES BANK: Ind-Ra Revises BB- Issuer Rating to Watch Evolving


I N D O N E S I A

GEO ENERGY: S&P Lowers LongTerm Issuer Credit Rating to 'SD'
MNC INVESTAMA: S&P Cuts ICR to CCC on Growing Refinancing Risk


J A P A N

UNIVERSAL ENTERTAINMENT: S&P Puts 'BB-' LT ICR on Watch Negative


M A L A Y S I A

LION DIVERSIFIED: Chapter 15 Case Summary
SCOMI GROUP: Aborts MYR214MM Cash Call, To Explore Fresh Proposal

                           - - - - -


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

ACCESS TRAINING: Second Creditors' Meeting Set for March 27
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Access Training
Institute Pty Ltd has been set for March 27, 2020, at 12:00 p.m. at
the offices of Cor Cordis, One Wharf Lane, Level 20, at 171 Sussex
Street, in Sydney, NSW.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 26, 2020, at 4:00 p.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Access Training on Feb. 21, 2020.


ADANI ABBOT: S&P Lowers ICR to 'BB+' on Heightened Liquidity Risk
-----------------------------------------------------------------
S&P Global Ratings, on March 19, 2020, lowered its issue rating on
Adani Abbot Point Terminal Pty Ltd.'s (AAPT) debt to 'BB+' from
'BBB-', and placed the ratings on CreditWatch with negative
implications.

S&P said, "We lowered the rating on AAPT's debt due to heightened
liquidity risks following postponement of refinancing the company's
debt due in May 2020, November 2020, and September 2021. We have
revised our liquidity assessment on AAPT to less than adequate from
neutral due to timing concerns in relation to the repayment of
multiple debt maturities."

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

Strengths:

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

-- Good contracted capacity pipeline from multiple shippers

Weaknesses:

-- Exposure to refinancing risk and dependence on cash sweeps

-- Periodic exposure to contract renewals

Liquidity: less than adequate

-- AAPT's available liquidity to refinance debt maturities of
    A$100 million due May 2020 and A$170 million due November
    2020 is less than 1x.

-- Although AAPT plans to repay the May 2020 maturity likely
    via internal cash and a subordinated loan, the liquidity to
    repay the full A$100 million is currently not held within
    AAPT's accounts and the actual terms are not final.

-- For refinancings relatively close to the maturity date as
    this, S&P does not consider such a risk profile to be
    consistent with an investment-grade credit rating.

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

Capital structure:

-- At this time, it is not clear whether AAPT's proposed A$100
    million repayment of the May 2020 maturity will be a
    permanent or temporary reduction in the project's senior
    debt. It is also unclear how the A$170 million November 2020
    maturity will be repaid.

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

-- Despite AAPT's efforts to refinance the debt, current debt
    capital market conditions and the impact of the coronavirus
    pandemic on capital markets in coming months will determine
    whether this remains a viable plan for AAPT.

-- In the absence of a viable senior debt solution for upcoming
    maturities, S&P would need to see a clear and credible plan,
    and action, to consider revising our liquidity assessment to
    neutral.

-- S&P will reassess the rating once AAPT puts in place a more
    permanent capital structure.

S&P said, "If the sponsor repays the May 2020 maturity through the
use of a subordinated loan and cash on hand, we would expect the
project's debt service coverage ratios to improve since the senior
debt will decrease by A$100 million. However, the rating is still
capped by the project's less than adequate liquidity. Furthermore,
we expect that when the capital markets recover, the sponsor would
likely bring senior debt levels back to where they were by issuing
bonds to repay the subordinated debt."

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

The CreditWatch with negative implications reflects heightened
liquidity risks pending repayment of the May 2020 maturity.
Although AAPT has issued a prepayment notice for April 17, 2020, to
holders of the A$100 million notes due May 2020, this money is not
yet in a secure AAPT account and the nature of the funding is
unknown.

S&P said, "We may lower the rating if AAPT does not formalize the
structure to effect the A$100 million repayment and the money is
not in AAPT's accounts by April 3.

"We may remove the rating from CreditWatch upon repayment of the
bonds on April 17 as per the terms of the prepayment notice. Any
change in the rating will also take into account the project's
steps to address the November 2020 maturity."


COMM-KLAD PTY: First Creditors' Meeting Set for March 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Comm-Klad
Pty Limited, trading as "Skope Group Services Cladding" and
"Comm-Klad", will be held on March 24, 2020, at 10:00 a.m. at the
offices of Cor Cordis, One Wharf Lane, Level 20, at 171 Sussex
Street, in Sydney, NSW.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of Comm-Klad Pty on March 12, 2020.


GO SMART: First Creditors' Meeting Set for March 27
---------------------------------------------------
A first meeting of the creditors in the proceedings of Go Smart Pty
Ltd, trading as The CEO Institute WA, will be held on March 27,
2020, at 5:00 p.m. at the offices of Hall Chadwick Chartered
Accountants, Level 11, Allendale Square, at 77 St Georges Terrace,
in Perth, WA.

Cameron Shaw and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of Go Smart on March
18, 2020.



HORIZON GLOBAL: Reports $80.7 Million Net Income for 2019
---------------------------------------------------------
Horizon Global Corporation filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting net income
attributable to the Company of $80.75 million on $690.45 million of
net sales for the 12 months ended Dec. 31, 2019, compared to a net
loss attributable to the company of $203.96 million on $714.01
million of net sales for the 12 months ended March 31, 2018.

"Since my appointment as CEO in September 2019, I am encouraged by
the progress we have made," stated Terry Gohl, Horizon Global's
president and chief executive officer.  "We are executing our
operational improvement initiatives across all facets of the
business and we continue to identify new opportunities every day.
We are moving with speed and purpose to improve our underlying
operations and service to our customers. We expect that our
progress will result in substantially improved margins and free
cash flow, and, importantly, create value for our shareholders in
2020 and beyond."

Gohl added, "Horizon Global undertook a competitive process to
refinance our ABL.  The process demonstrated significant lender
confidence in our operational improvement initiatives plan and the
operating and financial results that we expect to deliver.  On
March 13, 2020, The Company entered into an agreement with Encina
Business Credit, LLC that will provide the Company with the
liquidity and financial flexibility necessary to drive our
operational improvement initiatives in 2020."

Gohl continued, "I am also pleased to announce the appointment of
Dennis Richardville as our Chief Financial Officer.  Dennis is a
proven leader with extensive automotive experience.  Dennis was
instrumental in the success of our recent refinancing and we look
forward to his significant contribution to our short- and long-term
strategic initiatives."

As of Dec. 31, 2019, the Company had $421.04 million in total
assets, $412.44 million in total liabilities, and $8.60 million in
total shareholders' equity.

Horizon Global said, "We have a substantial amount of debt.  To
service our debt, we will require a significant amount of cash. Our
ability to generate cash depends on many factors beyond our
control.  If we cannot generate the required cash, we may not be
able to make the necessary payments required under our debt.

"At December 31, 2019, we had total debt of $240.9 million (without
giving effect to the equity component of our convertible senior
notes or any debt discount).  Our ability to make payments on our
debt, fund our other liquidity needs, and make planned capital
expenditures will depend on our ability to generate cash in the
future.  Our historical financial results have been, and we
anticipate that our future financial results will be, subject to
fluctuations.  Our ability to generate cash, to a certain extent,
is subject to general economic, financial, competitive,
legislative, regulatory and other factors that are beyond our
control.  We cannot guarantee that our business will generate
sufficient cash flow from our operations or that future borrowings
will be available to us in an amount sufficient to enable us to
make payments of our debt, fund other liquidity needs and make
planned capital expenditures.  Additionally, we cannot guarantee
that we will be able to refinance any of our debt on commercially
acceptable terms, or at all."

                2019 Fourth Quarter Segment Results

Horizon Americas.  Net sales were $72.1 million, representing an
increase of $1.2 million, or 1.6%, over prior-year comparable
period.  Net sales in the automotive OEM and e-commerce sales
channels were up a combined $5.3 million, partially offset by a
combined $4.2 million decrease in sales in the retail, industrial
and aftermarket sales channels.  Gross profit increased $3.4
million, in part due to reduced fines and penalties in the retail
sales channel, partially offset by $3.5 million of increased scrap
costs and inventory reserves.  Operating loss was $(16.2) million
as compared to $(11.6) million during the prior-year comparable
period, with gross profit improvement more than offset by a
one-time $6.5 million SG&A expense due to the abandonment of an
automated stock retrieval system operating lease.  Adjusted EBITDA
decreased to $(5.6) million as compared to $(1.8) million during
the prior-year comparable period, attributable to overall
operational underperformance after adjustments for special items.

Horizon Europe-Africa.  Net sales were $70.2 million, representing
an increase of $3.4 million, or 5.1%, over prior-year comparable
period.  Net sales in the automotive OEM, automotive OES and
aftermarket sales channels were up a combined $7.0 million.  The
increase in net sales was partially offset by a $3.2 million
decrease attributable to sales in 2018 from a non-automotive
business that was divested in the first quarter of 2019.  After
removing the impacts of currency translation, net sales on a
constant currency basis increased $5.7 million, or 8.6%.  Gross
profit decreased $0.7 million, due to an unfavorable shift in sales
mix to lower margin automotive OEM business, coupled with $2.6
million of increased scrap costs and inventory reserves.  
Operating loss was $(12.2) million as compared to $(16.5) million
during the prior-year comparable period.  Adjusted EBITDA increased
to $(5.9) million as compared to $(8.5) million during the
prior-year comparable period, attributable to higher sales and cost
savings.

Balance Sheet and Liquidity.  Gross debt decreased to $236.6
million, a $145.7 million reduction from Dec. 31, 2018.  Total
liquidity, which includes borrowing availability under the ABL and
cash on-hand, was $44.9 million, an increase of $20.7 million over
prior year end, after removing any prior-year impacts related to
the APAC discontinued operations reporting.

           Refinancing of Revolving Credit Facility

On March 13, 2020, the Company entered into a Loan and Security
Agreement with Encina Business Credit, LLC, as agent for the
lenders party thereto.  The Loan Agreement provides for an
asset-based revolving credit facility in the maximum aggregate
principal amount of $75,000,000, subject to customary borrowing
base limitations contained therein, which amount may be increased
at the Company's request by up to $25,000,000.  A portion of the
proceeds received by the Company under the Loan Agreement were used
to pay in full all outstanding debt incurred under the Amended and
Restated Loan Agreement, dated as of June 30, 2015, with Bank of
America, N.A., as administrative agent, and the lenders party
thereto.

The interest on the loans under the Loan Agreement will be payable
in cash at the interest rate of LIBOR plus a margin of 4.00% per
annum, subject to a 1.00% LIBOR floor.  There are no amortization
payments required under the Loan Agreement.

Borrowings under the Loan Agreement have a maturity of up to three
years, subject to the maturity of certain of the Company's other
debt facilities.  Indebtedness under the Loan Agreement is and will
be secured by the inventory and receivables of the Company's U.S.
and Canadian subsidiaries.

              Appointment of Chief Financial Officer

Dennis Richardville has been named the Company's chief financial
officer, effective immediately.

Mr. Richardville has served as vice president and corporate
treasurer for the Company since January 2020.  Prior to joining the
Company, Mr. Richardville served as chief financial officer of Dura
Automotive Systems, LLC, from August 2019 to September 2019.  Mr.
Richardville served as executive vice president and chief financial
officer of International Automotive Components Group, SA, a global
supplier of automotive components and systems, including interior
and exterior trim, from 2012 to 2019. From 2007 to 2012, Mr.
Richardville served as vice president and global corporate
controller for IAC.  Prior to joining IAC, Mr. Richardville held
various finance positions with Lear Corporation, Wesley Industries,
Inc., MSX International, Inc. and Hayes Lemmerz International Inc.
from 1999 to 2007.

The Company also announced that Richard Jok, who is currently on
medical leave and has been serving as the Company's interim chief
financial officer since Dec. 13, 2019, will return to his role as
the Company's vice president, financial planning and analysis.

Gohl commented, "Horizon Global's 2019 results reflect the many
challenges we faced during the year.  We are not satisfied with
this performance, we expect this company to be an industry leader
and we are confident that we have the team, brands and focus to
solidify ourselves as the supplier of choice across the markets we
serve.  We will continue to execute our well defined operational
improvement initiatives and capitalize on new opportunities.  Our
focus will continue to be on operational excellence, margin
expansion and free cash flow.  In 2020, we are optimistic that
Horizon Global will deliver on its initiatives, meet and exceed
customer expectations and create value for our shareholders."

A full-text copy of the Form 10-K is available for free at:

                       https://is.gd/osrKMU

                       About Horizon Global

Horizon Global -- http://www.horizonglobal.com/-- is a designer,
manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves OEMs, retailers, dealer networks and the end
consumer.

                          *    *    *

As reported by the TCR on Dec. 16, 2019, S&P Global Ratings
affirmed the 'CCC' issuer credit rating on Horizon Global Corp. and
revised the outlook to negative from developing.  The outlook
revision to negative reflects S&P's view that despite recent debt
reduction and temporary improvement in liquidity, Horizon's credit
metrics and liquidity remain quite weak and could worsen as the
rating agency expects the company to generate negative free flow.

As reported by the TCR on June 18, 2019, Moody's Investors Service
downgraded Horizon Global Corporation's Corporate Family Rating to
C from Caa3.  The downgrade reflects Moody's expectations that
modest earnings improvement will not be sufficient to reduce
leverage to a sustainable level and that the sale of the
Asia-Pacific segment will, while reducing secured leverage,
increase total leverage and create greater reliance on a quick
turnaround in the more weakly performing U.S. and European
operations to diminish restructuring risk.


JIMMY'S RECIPE: First Creditors' Meeting Set for March 30
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Jimmy's
Recipe Pty Ltd will be held on March 30, 2020, at 10:00 a.m. at the
offices of Chifley Advisory, Suite 1903, Level 19, at 31 Market
Street, in Sydney, NSW.

Gavin Moss and Desmond Teng of Chifley Advisory were appointed as
administrators of Jimmy's Recipe on March 18, 2020.


KP SERVICES: Second Creditors' Meeting Set for March 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of KP Services
Management Pty Ltd has been set for March 27, 2020, at 11:00 a.m.
at the offices of Cor Cordis, One Wharf Lane, Level 20, at 171
Sussex Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 26, 2020, at 4:00 p.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of KP Services on
Feb. 21, 2020.


LENORE HOLDINGS: Second Creditors' Meeting Set for March 30
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Lenore Holdings
Pty Ltd, trading as "I.T.P The Income Tax Professionals Geraldton"
and "I.T.P The Income Tax Professionals (WA Regional)", has been
set for March 30, 2020, at 11:00 a.m. at the offices of Hamilton
Murphy Advisory, Unit 18, at 28 Belmont Avenue, in Rivervale, 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 27, 2020, at 2:00 p.m.

Stephen Robert Dixon of Hamilton Murphy Advisory (WA) Pty Ltd  of
was appointed as administrator of Lenore Holdings on Feb. 14,
2020.


LONGHOU CAPITAL: ASIC Suspends AFS License for 3 Months
-------------------------------------------------------
Australian Securities and Investments Commission (ASIC) suspends
AFS licence of Longhou Capital Markets Pty Ltd ASIC has suspended
the Australian financial services (AFS) licence of Longhou Capital
Markets Pty Ltd (Longhou), a Queensland-based financial services
provider, for a period of three months, expiring 12 June 2020.

The suspension follows the appointment of Christopher Darin, of
Worrells Solvency & Forensic Accountants, as voluntary
administrator on Feb. 28, 2020. For further information about the
administration and what this means for interested parties, please
refer to http://www.worrells.net.au.  

As of March 13, 2020, Longhou had 18 authorised representatives
providing financial services on its behalf.  These authorised
representatives were able to provide advice and dealing services in
relation to a range of financial products, including securities and
derivatives.

The suspension of Longhou's licence means that these authorised
representatives must immediately cease providing financial services
on Longhou's behalf.

Longhou is the holder of AFS licence no. 292464, which it has held
since Nov. 17, 2005.

Prior to April 15, 2016, Longhou was previously known as Avestra
Capital Pty Ltd from Oct. 15, 2008 and as AG Capital Markets Pty
Ltd from March 13, 2015.


MYHOUSE (AUST): First Creditors' Meeting Set for March 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of MyHouse
(Aust) Pty Limited  will be held on March 27, 2020, at 3:00 p.m. at
the offices of William Buck, Level 29, at 66 Goulburn Street, in
Sydney, NSW.

Michael Brereton and Sean Wengel of William Buck were appointed as
administrators of MyHouse (Aust) on March 19, 2020.


SKOPE GROUP: First Creditors' Meeting Set for March 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of Skope Group
Holdings Pty Ltd, T/As "Skope Group Wholesale Manufacturing", will
be held on March 24, 2020, at 11:00 a.m. at the offices of Cor
Cordis, One Wharf Lane, Level 20, at 171 Sussex Street, in Sydney,
NSW.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of Skope Group on
March 12, 2020.



SPEEDCAST INT'L: Moody's Cuts CFR & Sr. Secured Ratings to Caa1
---------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 Speedcast
International Limited's corporate family and senior secured term
loan ratings.

The rating outlook remains negative.

RATINGS RATIONALE

"The downgrade reflects our expectation that the coronavirus
outbreak will significantly hurt the demand for Speedcast's
services, and further exacerbate its already weak earnings and
liquidity," says Sean Hwang, a Moody's Analyst.

"This situation will heighten the probability of default or debt
restructuring for the company," adds Hwang.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented.

More specifically, the cruise and energy industries -- two
important end markets for Speedcast -- have been significantly hurt
by the spread of the coronavirus, given the significant drops in
cruise passenger volumes and oil and gas prices. Moody's believes
that cruise cancellations and oil rig closures will significantly
hurt demand for Speedcast's satellite communications services this
year, which could possibly last beyond 2020.

Moody's believes that the lower demand will in turn significantly
reduce Speedcast's revenue and EBITDA, and thereby (1) deter the
company's ability to turn around its free cash flow generation and
improve its liquidity; (2) make the company's current debt level
untenable; and (3) force the company to breach the covenants
associated with its revolving credit facilities this year (pro
forma net debt/EBITDA of 4.5x).

In addition, the rising volatility in global financial markets
further increases uncertainty over the company's plans to improve
its liquidity through alternative funding options, including asset
sales.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Speedcast of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

In terms of governance factors, the company's rating also considers
Speedcast's delay in financial reporting for fiscal 2019 and the
frequent changes in its leadership team, which highlight the
company's heightened operational challenges. That said, the newly
appointed members of the board and top management, including the
CEO position, have significant industry experience and are focused
on identifying and addressing the aforementioned operational and
financial challenges facing Speedcast.

The negative outlook on Speedcast's ratings reflects Moody's
heightened concerns over its liquidity profile and the ongoing
negative pressure on its earnings and cash flow.

The outlook could return to stable if the company improves its
liquidity buffers through better cash flow, funding arrangement,
asset sales, or a combination of all three.

Moody's could downgrade the ratings further, if Speedcast's
liquidity and earnings continue to weaken.

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

Speedcast International Limited is a leading provider of satellite
communications and network services in remote locations globally,
mainly serving customers in the maritime, energy, enterprise and
government segments. Speedcast listed on the Australian Stock
Exchange in 2014.


STELLER 225: Second Creditors' Meeting Set for March 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of Steller 225 Pty
Ltd has been set for March 27, 2020, at 10:00 p.m. at the offices
of SV Partners, Level 17, at 200 Queen Street, in
Melbourne, Victoria.  

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 26, 2020, at 5:00 p.m.

Timothy James Brace, Michael Carrafa and Peter Gountzos of SV
Partners were appointed as administrators of Steller 225 on Sept.
20, 2019.


WEBJET LTD: Investor Talks Fail to Resolve Financial Woes
---------------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that Webjet
Limited appears to be no closer to solving its financial woes after
sounding out major investors on March 19 about a potential capital
raising.

SMH relates that the Webjet might be the first of many corporates
being forced to go to the market for more cash despite precipitous
share price declines. Flight Centre could also be forced to raise
capital, according to analysts.

According to SMH, Australia's travel sector faces an unprecedented
threat as the coronavirus outbreak triggers travel bans, widespread
and deep cuts to airline capacity and a sharp drop in tourists.

SMH relates that Morgan Stanley said the need for a raising -
despite Webjet's apparently modest debt levels - "highlights the
severe impact of COVID-19 on the travel sector."

Working capital is a particular issue, with the broker pointing out
that the company's payables exceeded receivables by $178 million as
of December 31, SMH says.

"If the sales run rate declines 80 to 90 per cent, the cash
shortfall could be material," said Morgan Stanley.

SMH notes that Webjet shares crashed more than 70 per cent in less
than a month as the virus took an increasing toll on the travel
sector and triggered earnings downgrades.

Webjet said earlier this month there had been a "material
escalation" in the cancellation rates of near-term travel and a
reduction in overall booking activity. The company slashed the pay
of its executives and board fees in response, the report adds.

Webjet Limited -- https://www.webjetlimited.com/ -- is an online
travel agency in Australia and New Zealand.


[*] Bankruptcy Lawyers Clash on Suspending Insolvent Trading Laws
-----------------------------------------------------------------
Australian Financial Review reports that corporate undertakers are
divided over pleas for the government to impose a "moratorium" on
insolvent trading laws to keep businesses afloat and protect
directors, with some insolvency practitioners warning it will hurt
creditors and worsen the economic downturn.

AFR says thousands of businesses, particularly small and medium
enterprises (SMEs), face collapse in coming months because of a
severe downturn in economic activity from the coronavirus
disruption.

According to AFR, Australian Institute of Company Directors head
Angus Armour said directors were concerned about the health and
safety of their businesses and employees, but also asking "Will I
get sued?" for insolvent trading.

Insolvency accountants and lawyers at MinterEllison, Norton Rose
Fulbright and PwC are among those calling for insolvent trading
laws to be relaxed during the coronavirus crisis to keep
cash-strapped firms alive, AFR relates.

"Given the speed and uncertain nature of the financial impact of
COVID-19 we believe there is a strong argument for a temporary
moratorium on insolvency laws,” AFR quotes MinterEllison
insolvency partner Michael Hughes as saying.

"Short-term measures should be introduced to remove pressure from
directors so they can properly focus their efforts on the task at
hand: saving businesses, employment."

However, Australian Restructuring Insolvency & Turnaround
Association chief executive John Winter said keeping unviable SMEs
alive would have a "snowball" effect on their small business
suppliers who would "cop it in the neck".

"The risk with removing insolvent trading provisions is you do
greater harm to unwitting creditors who are already in a loss
position, such as the ATO, employees and other small businesses,"
Mr. Winter said, AFR relays.

"You think you're saving jobs in one business, but you're
ultimately costing a range of other businesses."

For firms under financial pressure from the coronavirus and
bushfires, ARITA has published on its website, "8 essential steps
if your business is in distress".

According to AFR, KPMG restructuring services co-leader Matt Woods
said the insolvent trading laws were "draconian", but the 2017
"safe harbour" amendment by then-treasurer Scott Morrison provided
a defence for directors to keep trading while technically
insolvent.

Instead of immediately entering administration or liquidation, the
safe harbour's "better outcome test" could be used in the uncertain
economy when firms would struggle to find buyers and have
difficulty valuing assets, he said.

"There is an argument it is better to continue to trade as long as
you have a plan in place and then make a decision in more certain
times about administration or liquidation," the report quotes Mr.
Woods as saying.  "Given the uncertainty, right now is not the time
for legislative change."

The safe harbour provision is Australia's less costly version of
America's Chapter 11 bankruptcy law. A government review was due
last year but never proceeded, the report notes.

AFR adds that the law is designed to keep businesses trading where
there is a reasonable likelihood a troubled firm can be
rehabilitated, if employee entitlements can be protected and a plan
is signed off by an insolvency practitioner or lawyer.




===================
B A N G L A D E S H
===================

BANGLADESH: Moody's Affirms 'Ba3' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed the Government of
Bangladesh's long-term issuer and senior unsecured ratings at Ba3
and maintained the stable outlook. The short-term issuer ratings
are also affirmed at Not Prime.

The drivers behind the rating affirmation include Moody's
expectation that continued robust growth performance,
notwithstanding a sharp global slowdown underway, will anchor
macroeconomic and external stability. Nonetheless, weak revenue
generation capacity continues to constrain improvements in debt
affordability and limits Bangladesh's fiscal flexibility, even as
reliance on concessional borrowing lowers debt refinancing risks.
The rating affirmation also considers challenges in addressing
infrastructure needs and low levels of human capital, both of which
constrain greater foreign investment and limit prospects for
economic diversification over the medium to longer term.

The stable outlook reflects balanced risks at the Ba3 rating level,
with both upside and downside risks, mainly related to the
government's ongoing implementation of key economic and fiscal
reforms. Most significantly, more effective execution of recently
enacted fiscal reforms would expand Bangladesh's revenue base and
increase the government's fiscal flexibility beyond Moody's current
expectations. Conversely, weaker implementation of measures to
expand Bangladesh's narrow revenue base would increasingly
constrain the government's fiscal flexibility.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. For Bangladesh,
the main exposure is reliance on exports to Europe and the US,
which are likely to slow sharply, although at this stage to a
highly uncertain extent. The action reflects the impact on
Bangladesh's credit profile of a deep but temporary slowdown in
global growth.

The local-currency bond and deposit ceilings are unchanged at Baa3.
The foreign-currency bond ceiling is unchanged at Ba2 and the
foreign-currency deposit ceiling is unchanged at B1. In addition,
the short-term foreign-currency bond and deposit ceilings are "Not
Prime."

RATINGS RATIONALE

RATIONALE FOR THE AFFIRMATION OF THE Ba3 RATING

ROBUST GROWTH PERFORMANCE ANCHORS AND IS SUPPORTED BY MACROECONOMIC
STABILITY

Moody's expects the Bangladesh economy will continue to grow
between 7-8% over the next few years, underpinned by its globally
competitive ready-made garments industry, supporting and supported
by macroeconomic and external stability.

Bangladesh's RMG industry has more than doubled its market share of
global apparel exports over the last decade, reaching 6% of global
apparel exports in 2018, and Bangladesh is now the world's second
largest clothing exporter, behind China. The industry's
competitiveness stems from low labor costs, vertical integration,
technological investment and environmentally sustainable processes.
Moreover, Bangladesh's proximity to Asia's largest markets, with
rapidly growing middle-class populations, will continue to support
the industry's performance.

Risks related to the global coronavirus outbreak are notable. RMG
supply chains have been disrupted and demand from Bangladesh's key
markets in Europe and the US looks likely to be depressed. However,
Moody's expects the shock to be temporary, with supply chains and
demand starting to recover later this year.

Robust growth potential anchors macroeconomic stability. In turn,
policies are conducive to preserving stability. Moody's also
expects prudent and credible monetary and fiscal policies to anchor
macroeconomic stability. Moderate reserve money growth -- the
central bank's operational target -- anchors credit growth and
inflation expectations. Adherence to fiscal deficit limits of 5% of
GDP also fosters moderate inflation and reduces growth volatility
arising from pro-cyclical fiscal policy.

External vulnerability risks also remain low, even taking into
account a likely slowdown in exports and potentially weaker
remittances. External financing from multilateral and bilateral
lenders for infrastructure projects supports Bangladesh's external
dynamics. Moody's expects foreign exchange reserves in Bangladesh
to remain adequate, enough to cover around 5-6 months of imports of
goods and services and around 90% of the government's gross
external debt, which carries long tenors and has been contracted on
concessional terms.

WEAK REVENUE GENERATION CONSTRAINS FISCAL FLEXIBILITY, WHILE
CONCESSIONAL BORROWING MITIGATES DEBT FINANCING RISKS

Despite a strong track record of macroeconomic and external
stability, the government's shallow revenue base limits fiscal
flexibility. At approximately 12.6% of GDP as of fiscal 2019 (end
June 2019), government revenue is one of the lowest among
sovereigns globally. Persistently low government revenue and high
domestic financing costs weigh on debt affordability and constrain
the government's fiscal space, particularly considering
infrastructure and social spending needs. These constraints are
balanced by strong fiscal discipline and a largely concessional
external debt burden.

Since enactment of the value-added tax (VAT) law in June 2019,
performance has been weak, given administrative issues leading to
significant leakages and little improvements in compliance. While
the tax authorities are working on amendments to the law to improve
revenue collections, Moody's expects administrative issues and
organizational constraints to limit immediate gains resulting in no
positive impact to government revenue from the VAT law in fiscal
2020. Further delays in revenue improvements could result from
further legislative changes, as well as administrative or
technological issues.

Bangladesh's debt affordability is significantly weaker than among
Ba-rated sovereigns; interest payments amounted to around 19% of
government revenue in fiscal 2018, about double the Ba-median
level. However, administrative reforms have begun to dampen demand
for National Savings Certificates (NSCs) -- social savings
instruments that offer an interest rate premium over domestic
instruments -- which had previously raised overall financing costs
for the government. Fiscal year-to-date borrowing from NSCs through
December has totaled BDT 54 billion, a significant reduction from
around BDT 250 billion in fiscal 2019. The outstanding stock of
NSCs has also begun to decline, which will slowly feed through to
improvements in debt affordability.

Bangladesh's low government debt burden mitigates these fiscal
constraints. Moody's expects the government's debt burden to remain
around 35-37% of GDP over the coming years, anchored by strong
nominal GDP growth and fiscal discipline. Moreover, access to
concessional loans from multilateral and bilateral sources, which
account for around 40% of Bangladesh's general government debt and
more than 90% of government external debt, mitigates fiscal risks
further.

INFRASTRUCTURE, HUMAN CAPITAL AND INSTITUTIONAL CONSTRAINTS WEIGH
ON ECONOMIC COMPETITIVENESS, LIMIT ECONOMIC DIVERSIFICATION

Bangladesh continues to face challenges related to institutions and
governance, particularly in areas of legislative policy
effectiveness, control of corruption, and weak credibility and
effectiveness of its judiciary system. Such institutional
weaknesses limit efficacy in enacting structural reforms measures
that would improve the quality of infrastructure and human capital,
thereby raising economic competitiveness and diversification.
Moreover, weak physical infrastructure continues to constrain
Bangladesh's manufacturing and export capacity, also limiting
industrial diversification into higher value-added industries.

The government aims to reduce constraints through its large
infrastructure projects, which include two deep sea ports, the
country's first mass rapid transit network in Dhaka, a road-rail
bridge, and power plants. However, the significant costs associated
with major infrastructure upgrades and repeated delays in project
execution mean that the projects materialize until the mid-2020s,
failing to keep pace with growing demand.

Persistent weaknesses in corporate governance and lengthy judicial
and bankruptcy processes also raise operational risks in the
country and deter foreign investment. This is particularly
evidenced in weak asset quality and capital adequacy for
state-owned banks, and the increasing use of regulatory
forbearance.

Human capital constraints also weigh on economic competitiveness
and limit diversification prospects into higher value-added
industries. Enrollment rates in secondary education and beyond are
low relative to both rating and regional peers. Despite abundant
working-age population growth leading to an abundant labor supply,
Bangladesh's economy continues to face a skilled labor shortage.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects balanced risks. Effective
implementation of measures to expand Bangladesh's narrow revenue
base and attract foreign direct investment could raise government
revenue beyond Moody's current expectations and increase the
government's fiscal flexibility. Moreover, an acceleration in the
execution of large infrastructure projects and greater investments
in human capital and climate resiliency, beyond Moody's current
assessment, would support long-term economic competitiveness and
resiliency.

Conversely, weaker implementation of measures to expand
Bangladesh's narrow revenue base and complementary economic and
fiscal reforms would increasingly constrain the government's fiscal
flexibility and limit the ability to increase development spending.
Additionally, any sharp increase in risk premia, which would result
in sharp local currency depreciation that raises inflation and
interest rates, would weigh on the government's already weak debt
affordability.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental considerations are material to Bangladesh's rating.
As a low-lying country with a large sea coast, Bangladesh is highly
prone to flooding, which disrupts economic activity and raises
social costs. Low incomes and infrastructure quality compound the
impact of weather-related events on the sovereign. In addition, the
magnitude and dispersion of seasonal monsoon rainfall also
influence agricultural sector growth, generating some volatility
and raising uncertainty about rural incomes and consumption.

Social considerations are material in Bangladesh's economic
strength. Low incomes stem in part from physical and social
infrastructure constraints that will take time to address. That
said, per capita incomes have grown strongly over the past decade
and poverty rates have declined sharply, thanks to high and stable
economic growth.

Governance considerations are material to Bangladesh's rating. The
country's Worldwide Governance Indicator scores point to weaknesses
in control of corruption and rule of law, while the credibility of
legal structures is also limited. These governance challenges have
in part contributed to asset quality issues in the banking sector.

FACTORS THAT COULD LEAD TO AN UPGRADE

Upward pressure on the rating would likely emanate from a durable
and material improvement in Bangladesh's fiscal environment beyond
Moody's current expectations, likely emanating from improvements in
the government's revenue generation capacity and a lower cost of
financing, both of which would improve debt affordability and
afford the government greater fiscal flexibility.

Moody's would also consider upgrading the rating should there be
materially greater progress in developing critical physical
infrastructure and enacting institutional and economic reforms that
would raise economic competitiveness and diversification and
increase the economy's shock absorption capacity to a greater
degree than Moody's currently expects.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward pressure on the rating would emerge should there be a
marked deterioration in the government's fiscal position, occurring
potentially through large borrowing to fund infrastructure projects
that do not provide commensurate economic returns, an erosion in
the government's revenue base, or a sharp increase in financing
costs -- all of which would significantly restrict fiscal
flexibility.

Moody's would also likely downgrade the rating should there be a
material weakening in the health of the financial sector,
particularly among state-owned banks, raising contingent liability
risks, or if signs that a period of greater financial stress would
adversely affect macroeconomic and external conditions.

Moody's would also consider downgrading the rating upon a renewed
increase in political tensions that materially undermined
macroeconomic stability.

GDP per capita (PPP basis, US$): 4,630 (2018 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): 7.9% (2018 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 5.5% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -4.6% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -3.5% (2018 Actual) (also known as
External Balance)

External debt/GDP: 20.0 (2018 Actual)

Economic resiliency: ba2

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

On March 16, 2020, a rating committee was called to discuss the
rating of the Bangladesh, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
issuer's institutions and governance strength, have not materially
changed. The issuer's governance and/or management, have not
materially changed. The issuer's fiscal or financial strength,
including its debt profile, has not materially changed. The
issuer's susceptibility to event risks has not materially changed.

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

The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.




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

CEN BIOTECH: Extends SPA Closing Date Until December 2021
---------------------------------------------------------
CEN Biotech, Inc., on March 16, 2020, entered into an amendment to
the Share Purchase Agreement executed on Sept. 12, 2016 and dated
Aug. 31, 2016, which was amended on March 29, 2018, Oct. 4, 2018
and April 3, 2019 by and between the Company and Stevan Pokrajac,
Tesla Digital Inc. and Tesla Digital Global Group Inc. to extend
the closing date under the Agreement from Dec. 31, 2019, to Dec.
31, 2021. No other changes to any of the terms of the Agreement
were made by the Amendment.

                         About CEN Biotech

CEN Biotech, Inc. is a global holding company dedicated to
identifying and developing alternative approaches to business
opportunities in diversified, yet related industries. With core
operations focused on North America, Eastern Europe and China, CEN
Biotech is continually looking to develop its dynamic and unique
businesses, by seeking to leverage exclusive relationships with
governments and private enterprises, around the world. In addition
to CEN's focus on improving the health and wellness of people, CEN
also has proprietary technologies, which it believes has widespread
commercial application in the Industrial, Automotive, and
Agriculture sectors.

CEN Biotech reported a net loss of $7.53 million for the year ended
Dec. 31, 2018, compared to a net loss of $14.08 million for the
year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had
$7.38 million in total assets, $31.97 million in total liabilities,
and a total shareholders' deficit of $24.59 million.

Mazars USA LLP, in New York, New York, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 16, 2019, citing that the Company has incurred significant
operating losses and negative cash flows from operations since
inception. The Company also had an accumulated deficit of
$35,655,053 at Dec. 31, 2018. The Company is dependent on obtaining
necessary funding from outside sources, including obtaining
additional funding from the sale of securities in order to continue
their operations. These conditions raise substantial doubt about
its ability to continue as a going concern.


IDEANOMICS INC: Reports $97.6 Million Net Loss in 2019
------------------------------------------------------
Ideanomics, Inc., filed with the Securities and Exchange Commission
its Annual Report on Form 10-K reporting a net loss attributable to
common stockholders of $97.66 million for the year ended Dec. 31,
2019, compared to a net loss attributable to common stockholders of
$28.42 million for the year ended Dec. 31, 2018.

Revenue for the year ended Dec. 31, 2019 was $44.6 million as
compared to $377.7 million for the same period in 2018, and
decrease of approximately $333.2 million, or 88%.  This was due to
the transition away from the oil trading and electronics trading
business units, as Ideanomics' reorganized its business to focus on
its Mobile Energy Global and Ideanomics Capital divisions.

Ideanomics said, "The management team has taken important steps to
focus our company on two transformative industries which we are
confident will provide us with both near- and long-term revenues
and the subsequent increase in shareholder value.  Those two
industries are Electric Vehicles (EV) and Financial Services.

"The most significant development in 2019 was the formation of our
MEG division.  We believe that enabling commercial fleet operators
to migrate from gasoline and diesel-powered vehicles into clean,
energy-saving, electric vehicles affords Ideanomics and its MEG
subsidiary with an opportunity to participate in a high-growth
industry segment that offers the possibility of meaningful
revenues.  The commercial fleet segments MEG is focused on are
Heavy Trucks, Buses & Coaches, Logistical Vans and Small Trucks,
and Taxis.  We believe these represent the major opportunities in
commercial fleet transitioning to EV.

"To help develop MEG for growth, we hired industry executives from
the EV Automotive, Financial Services, EV Battery, and Electrical
Energy Storage and Management industries to run our China
operations, announced the MEG sales hub in the coastal port city of
Qingdao, as well as partnerships with leading automotive and EV
battery manufacturers, and of course energy partners including GCL,
Three Gorges, and PetroChina.

"In our MEG division we've built a diverse pipeline of orders and
opportunities covering each of the 4 commercial vehicle segments,
leveraging our team's network and the strategic partnerships and
JVs we have established over the past 18 months.  In addition to
our direct sales, these partnerships help us source order flow
directly from their fleet operator customers and have generated a
consistent level of inbound inquiries.

"This acquisition of commercial EV fleet customers provides us with
opportunities to earn upfront revenues from vehicle procurement
buying spreads and origination fees from financing services, and
extends the customer life cycle through long-term, recurring,
revenues from the consumption of electrical energy."

Cost of revenues was $1.5 million for the year ended Dec. 31, 2019,
as compared to $374.6 million for the year ended Dec. 31, 2018. The
Company's cost of revenues declined by $373.1 million which is in
line with its decrease in revenues.

The Company's gross profit for the year ended Dec. 31, 2019 was
approximately $43.1 million, as compared to $3.2 million during the
same period in 2018.

The Company's selling, general and administrative expense for the
year ended Dec. 31, 2018 was $24.9 million as compared to $22.5
million for the same period in 2018, an increase of $2.4 million or
11%.

Professional fees are generally related to public company reporting
and governance expenses as well as legal fees related to business
transition and expansion.  The Company's professional fees
increased approximately by $1.1 million, or 23%, for the year ended
Dec. 31, 2019, compared with the same period in 2018.  The increase
was related to an increase in legal, valuation, audit and tax as
well as fees associated with continuing to build out the Company's
technology ecosystem and establishing strategic partnerships and
M&A activity as part of this technology ecosystem.

The Company's loss from operations increased by $42.4 million to
$68.6 million for the year ended Dec. 31, 2019, from $26.2 million
during 2018.  This was due principally to the impairments of the
Company's holdings of GTB cryptocurrency ,impairments related to
buildings the Company demolished at Fintech Village and expenses
related to the true-up of DBOT selling stockholders.  Loss per
share for 2019 was $0.82 as compared to $0.35 in 2018.  As of Dec.
31, 2019, the company had cash of $2.6 million, total assets of
$126.9 million, and total equity of $33.6 million.

"The results for 2019 reflect the finalization of our business
transformation and position us to focus on our core activities in
EV and Financial Services from 2020 forward," said Alf Poor, CEO of
Ideanomics.  "The impairments taken in our 2019 financials are due
to US GAAP accounting rules and reflect our decision to clear a
path to profitability and growth which will see our resources fully
focused on the near-term revenue opportunities in MEG and the
strategic development of Ideanomics Capital.  The fact that these
are non-cash impairments, and the assets are still within the group
and available to be sold or otherwise divested, means we have taken
definitive decisions to ensure we are best-placed to grow our
revenues and shareholder value from this point forward."

As of Dec. 31, 2019, the Company had $126.94 million in total
assets, $66.95 million in total liabilities, $1.26 million in
convertible redeemable preferred stock, and $58.73 million in total
equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 16, 2020 citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

A full-text copy of the Form 10-K is available for free at:

                       https://is.gd/GKSKwR

                         About Ideanomics

Ideanomics -- http://www.ideanomics.com/-- is a global company
focused on facilitating the adoption of commercial electric
vehicles and developing next generation financial services and
Fintech products.  Its electric vehicle division, Mobile Energy
Global (MEG) provides financial services and incentives for
commercial fleet operators, including group purchasing discounts
and battery buy-back programs, in order to acquire large-scale
customers with energy needs which are monetized through pre-paid
electricity and EV charging offerings.  Ideanomics Capital includes
DBOT ATS and Intelligenta which provide innovative financial
services solutions powered by AI and blockchain.  MEG and
Ideanomics Capital provide our global customers and partners with
better efficiencies and technologies and greater access to global
markets.  The company is headquartered in New York, NY, and has
offices in Beijing, China.

Ideanomics received a letter from the Listing Qualifications Staff
of The Nasdaq Stock Market LLC on Jan. 10, 2020, indicating that
the bid price for the Company's common stock for the last 30
consecutive business days had closed below the minimum $1.00 per
share required for continued listing under Nasdaq Listing Rule
5550(a)(2).  Under Nasdaq Listing Rule 5810(c)(3)(A), the Company
has been granted a 180 calendar day grace period, or until July 8,
2020, to regain compliance with the minimum bid price requirement.


JMU LIMITED: Falls Short of NASDAQ Minimum Bid Price Requirement
----------------------------------------------------------------
JMU Limited had received a notice from the NASDAQ Stock Market LLC,
dated March 2, 2020, notifying that, the Company is currently not
in compliance with the minimum bid price requirement set forth
under NASDAQ Listing Rule 5550(a)(2).  It has resulted from the
fact that the bid price of the Company's American depositary shares
("ADSs") closed below US$1 per share for the last 30 consecutive
business days from Jan. 15, 2020 to Feb. 28, 2020.  The Company has
been granted a grace period of 180 calendar days, expiring on Aug.
31, 2020, in which to regain compliance.  The Company will regain
compliance if, at any time during this 180-day period, the closing
bid price of the Company's ADSs is at least US$1 for a minimum of
ten consecutive business days.  In the event the Company does not
regain compliance with the Rule within 180 calendar days, the
Company may be eligible for additional time.

The Company intends to monitor the closing bid price of its ADSs
between now and Aug. 31, 2020 and intends to consider available
options to cure the deficiency and regain compliance with the
Rule's minimum bid price requirement within the prescribed grace
period.  The Company's ADSs will continue to be listed and trade on
the NASDAQ Capital Market during this period, unaffected by the
receipt of the written notice from NASDAQ.

                      About JMU Limited

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

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


JMU LIMITED: Haohan Xu Has 31.2% Stake as of March 11
-----------------------------------------------------
Haohan Xu reported in an amended Schedule 13D filed with the
Securities and Exchange Commission that as of March 11, 2020 he
beneficially owns 896,477,774 ordinary shares, par value US$0.00001
per share, of JMU Limited, which represents 31.23 percent of the
shares outstanding.  Amazon Capital Inc. also disclosed beneficial
ownership of 574,131,836 Common Shares as of that date.

Mr. Xu is a director of the JMU Limited.  Mr. Xu's business address
is 12 East 49 Street, 17th Floor, New York, New York 10017.  He
currently is the chief executive officer of Apifiny Group Inc., a
company providing global digital asset trading platform services.

Amazon Capital Inc. is a company incorporated under the laws of the
State of New York.  Amazon Capital Inc. is an investment holding
company wholly owned by Haohan Xu.  The principal business address
of Amazon Capital Inc. is 199 Water Street, 33rd Floor, New York,
NY 10038.

On March 12, 2020, Mr. Xu transferred 114,825,600 Ordinary Shares
to Universal Hunter (BVI) Limited with a consideration price of
US$401,890 pursuant to an oral agreement with Universal Hunter.

On March 12, 2020, Haohan Xu transferred 574,131,836 Ordinary
Shares to Amazon Capital Inc. which is wholly owned by Haohan Xu.
As such, Haohan Xu may exercise voting and dispositive power over
these Ordinary Shares held by Amazon Capital Inc.

A full-text copy of the regulatory filing is available for free
at:

                     https://is.gd/38F0zt

                      About JMU Limited

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

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


OCEANWIDE HOLDINGS: Fitch Cuts IDR & Sr. Unsec. Rating to CCC+
--------------------------------------------------------------
Fitch Ratings has downgraded China-based Oceanwide Holdings Co.
Ltd.'s Long-Term Foreign-Currency Issuer Default Rating and senior
unsecured rating to 'CCC+' from 'B-'. The Recovery Rating on its
senior unsecured rating is 'RR4'.

The downgrade reflects the uncertainties in the execution of
Oceanwide's fund-raising plans to cover cash outflows for the year.
Oceanwide is transforming into a financial conglomerate, but there
is significant debt locked in the property business. The company is
dependent on sales of property assets and other liquidity sources
to service debt and meet ongoing operational costs.

KEY RATING DRIVERS

Tight Liquidity: Oceanwide's available cash of around CNY2 billion
at end-2019 was inadequate to cover its large short-term debt
balance of CNY44.1 billion. Among the CNY30.2 billion in short-term
bank and trust loans, CNY25.6 billion were secured against land,
property projects and shares at financial institutions. Fitch
believes a large portion of the secured loans are likely to be
rolled over on the back of Oceanwide's track record of extending
these maturities.

However, repayment of CNY13.9 billion of outstanding bonds due
within a year and Fitch's estimate of around CNY10 billion in
operating and financial costs for 2020 depend on Oceanwide settling
the sales of its US assets and securing additional liquidity
sources as mentioned below.

Uncertainties in Refinancing Plan: Oceanwide expects to raise at
least CNY28 billion from property and asset sales, government
reimbursements for primary-land development, capital injections
from strategic investors, dividends from financial institutions and
new banking facilities. However, Fitch believes these fund-raising
channels are subject to high execution risks in the current
economic conditions, despite the company's continued efforts to
secure them.

Delay in Asset Disposal: Oceanwide announced that the deadline to
complete the sale of its US assets has been pushed back to 31 March
from the original March 5 due to disruption in project due
diligence caused by the coronavirus outbreak. The successful sale
of the assets would be an important source of funds to repay
capital-market obligations maturing in 2H20 and 1H21.

However, Oceanwide says it has secured CNY3.1 billion in new bank
facilities and CNY1 billion of property sales proceeds since the
start of 2020, which can cover the USD280 million note issued by
Oceanwide Holdings International Development III Co., Ltd that will
be puttable in April 2020 and most of the USD400 million senior
notes maturing in July 2020 issued by Oceanwide Holdings
International 2017 Co., Limited. Oceanwide has sufficient quota to
transfer money offshore to repay the notes.

Business Transition: Oceanwide is turning into a financial
conglomerate and the China Securities Regulatory Commission changed
Oceanwide's industrial designation from 'Homebuilding' to
'Financials-others' on January 14, 2020. Oceanwide has significant
property assets and it expects the company to continue to sell
property assets for debt repayment and operational purposes until
it sustains itself as a financial conglomerate.

DERIVATION SUMMARY

Oceanwide's ratings are reflective of uncertainties in the
execution of plans to refinance its capital-market debt maturing in
the short term. Its ratings are constrained by weak contracted
sales/gross debt, excluding its financial institution subsidiaries,
of below 0.25x, which is among the lowest ratios of all rated
Chinese homebuilders. The company is also one of the highest
leveraged among all rated Chinese homebuilders due to weak internal
liquidity generation.

KEY ASSUMPTIONS

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

  - No new land acquisitions over the next two years

  - Contracted sales of CNY6 billion-7 billion in 2020 and 2021
(2019: CNY8 billion)

  - Property development EBITDA margin, excluding capitalised
interest, of 35%-40% in 2019-2021 (2018: 41.5%)

  - Stable financial institution segment performance

  - No large investment in financial institutions over the next two
years

RATING SENSITIVITIES

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

  - Successful transition to a sustainable financial conglomerate

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

  - Material delay or failure to execute its asset disposals and
other fund-raising activities

  - Inability to maintain cash to cover six months of cash outflows
and debt maturities, on a rolling basis

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity; Uncertainties in Refinancing: Oceanwide's
available cash of CNY2 billion at end-2019 was inadequate to cover
its large short-term debt balance of CNY44.1 billion. Among the
CNY30.2 billion in short-term bank and trust loans, CNY25.6 billion
was collateralized. Fitch believes a large portion of the secured
loans are likely to be rolled over. For the remaining CNY13.9
billion of bonds due within a year, CNY10.4 billion will mature or
have early put options in 2H20.

Oceanwide issued CNY1.6 billion of domestic corporate bonds earlier
this year. The company has laid out a detailed refinancing plan for
2020 and expects to raise CNY28 billion in additional liquidity.
However, Fitch believes there are significant uncertainties in the
execution of Oceanwide's refinancing plans, which leaves it with
limited liquidity buffer as it has a heavy interest burden and
substantial operating expenditures.

In accordance with Fitch's policies the issuer appealed and
provided additional information to Fitch that resulted in a rating
action which is different than the original rating committee
outcome.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity, either due to their nature or the way in which they
are being managed by the entity.


PACTERA TECHNOLOGY: S&P Withdraws 'CCC+' LT Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' long-term issuer credit
rating on Pactera Technology International Ltd. at the company's
request. S&P also withdrew its 'CCC+' long-term issue rating on the
senior unsecured notes the China-focused information technology
services provider guarantees. The ratings were on CreditWatch with
positive implications at the time of the withdrawal.


SPI ENERGY: Sells Sun Roof I Solar Project in Italy for EUR1.1-Mil.
-------------------------------------------------------------------
SPI Energy Co., Ltd. has closed the sale of its Sun Roof I assets,
a 479 kWp rooftop solar project located in Aprilia, Italy, that has
been in operation since 2012.

Proceeds from the sale were approximately EUR 1.1 million before
transaction fees, strengthening the Company's balance sheet and
providing additional capital for the development of solar assets in
the US.

Mr. Xiaofeng Peng, chief executive officer of SPI Energy,
commented, "We are excited about the successful sale of Sun Roof I,
which followed the sale of Sun Roof II and Sun Roof V to the same
buyer.  The sale is part of our strategic plan to consolidate our
solar platform in Europe as we continue to grow our solar projects
pipeline in the United States, such as the recently announced
acquisition of the Oregon Portfolio."

                         About SPI Energy

SPI Energy Co., Ltd. -- http://www.spisolar.com/-- is an
established green energy player with global operations in key
markets in Australia, Europe, Japan and the United States.  It is
leveraging its solar platform and industry expertise to make
strategic investment opportunities in green industries with
significant growth and earnings potential and/or industries than
can benefit from green power.

SPI Energy reported a net loss attributable to shareholders of the
Company of $12.28 million for the year ended Dec. 31, 2018,
compared to a net loss attributable to shareholders of the Company
of $91.08 million for the year ended Dec. 31, 2017.  As of Dec. 31,
2018, SPI Energy had $188.73 million in total assets, $188.7
million in total liabilities, and $70,000 in total equity.

Marcum Bernstein & Pinchuk LLP, in Beijing, China, the Company's
auditor since 2018, issued a "going concern" opinion in its report
dated April 30, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a significant working capital deficiency, has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.




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

ADVANCE INDIA: Ind-Ra Corrects July 15, 2019 Ratings Release
------------------------------------------------------------
India Ratings and Research corrected a ratings release on Advance
India Projects Limited's (APIL) published on July 15, 2019, to
clarify that the instruments rated are proposed in nature and the
ratings are provisional.

The amended version is:

India Ratings and Research (Ind-Ra) has downgraded Advance India
Projects Limited's (APIL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Proposed term loan* downgraded with Provisional
     IND BB+/Stable rating; and

-- INR150 mil. Proposed non-fund based limits* downgraded with
     Provisional IND A4+ rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above facility
by AIPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The downgrade reflects slowdown in sales velocity leading to stress
in liquidity and deterioration in cash debt service coverage ratio
(DSCR). AIPL's DSCR deteriorated to 2.6x in FY19 (FY18: 11.6x;
FY17: 29x) due to decreased cash inflows due to slowdown in the
real-estate industry, coupled with loan repayments that started
from FY19P. The ratings are further constrained by investments made
by AIPL in its subsidiaries. AIPL invested around INR1,159.90
million in FY18 (FY17: INR949.24 million), which led to stress in
liquidity, as reflected by the negative cash flow from operation of
INR571.57 million in FY18 (FY17: negative INR 477.12 million). The
cash and cash equivalent has been around INR375.92 million in FY18
(FY17: INR602.73 million). FY19 financials are provisional in
nature.

AIPL has booked around 60.09% of the total build-up area of 1.942
million square feet (msf) as of March 2019 (FY18: 40% of the total
build-up was booked). The ongoing projects have moderate dependence
on advances from the customers at 73%, with 25% of the project
being funded by term loan and 2% from promoters' contribution
mitigating the risk of delay in cash inflows. The company has
already incurred cost of INR7,452 million, out of total project
cost of INR12,110 million.

The ratings are supported by AIPL's promoters' experience of around
three decades in real estate development with a track record of
executing 40 projects, primarily office spaces in Delhi, National
Capital Region and Punjab.

The ratings are also supported by the locational advantage of its
ongoing projects, which are located in the southern part of
Gurgaon, near Golf Course Extension Road. All the projects are well
connected to Sohna Road and Golf Course Road and are only 30
minutes' drive from Indira Gandhi International Airport. The
projects are easily accessible to National Highway-8 and are
surrounded by upcoming premium residential apartments.

RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of sold units,
leading to stressed cash flows could lead to negative rating
action.

Positive: An improvement in sales and timely receipt of advances
from customers, leading to stronger cash flows, could lead to
positive rating action.

COMPANY PROFILE

Delhi-based AIPL is a closely-held public limited company engaged
in the real estate development business. It has a multi-dimensional
portfolio ranging from residential to commercial and retail
segments.

The company's ongoing projects, AIPL Business Club (59.56% sold),
AIPL Joy Street (85.83% sold) and AIPL Joy Central (43.92% sold)
have a total built-up area of 0.72 million sf, 0.48 million sf, and
0.74 million sf, respectively.


AKBAR TRAVELS: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Akbar Travels of
India Private Limited's (ATIPL) Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  

The instrument-wise rating actions are:

-- INR1,817.5 bil. Fund-based facilities** maintained in non-
     cooperating category and withdrawn;

-- INR400 mil. Non-fund based facilities# maintained in non-
     cooperating category and withdrawn; and

-- INR22.6 mil. Term loan* due on February 2020 maintained in
     non-cooperating category and withdrawn.

  * Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn

** Maintained at 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

# Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.

COMPANY PROFILE

ATIPL is promoted by K.V. Abdul Nazar and family. It commenced
commercial operations as a proprietary concern in 1978 and was
converted into a private limited company in 2001. It is engaged in
the business of airline ticketing, visa/passport services and
documentation, insurance services, forex services, car rental
services, hotel booking, cruise booking, and euro rail passes, Haj
and Umrah tours, etc.


ANSAL PROPERTIES: Challenges NCLT Direction to Initiate Insolvency
------------------------------------------------------------------
ETRealty.com reports that Ansal Properties and Infrastructure Ltd
on March 19 said it has challenged a National Company Law Tribunal
(NCLT) order that allowed insolvency proceedings against the
company for default.

"The company has filed an appeal against the aforesaid order before
NCLAT, which has been partly heard [on March 19] and part of the
matter has been adjourned [] the 20th March, 2020," said Ansal
Properties and Infrastructure in a regulatory filing, ETRealty.com
relays.

On March 17, the NCLT allowed a plea to initiate insolvency
proceedings against realty firm Ansal Properties and Infrastructure
Ltd and appointed an interim resolution professional replacing the
board of the company, ETRealty.com notes.

A two-member bench of Delhi-based NCLT has allowed the plea of two
of its flat buyers claiming default, the report says.

". . . the present petition being complete and having established
the default in payment of the financial debt for the default amount
being INR1 lakh, the petition is admitted," the NCLT said.

It has also appointed Amrapal as the interim resolution
professional replacing the board of the company, ETRealty.com
discloses.

According to ETRealty.com, the NCLT order came over a plea by two
flatbuyers, who had jointly booked a unit measuring 3,764 sq ft
project against a total consideration of INR1.62 crore at Sushant
Golf City in Lucknow.

One of them has also booked a separate unit in the same project.

As per the clauses of the two agreements between them in September,
2014, Ansal Properties and Infrastructure undetook to complete it
within two years from the date of commencement of construction on
receipt of sanction plan from the authority, ETRealty.com notes.

As per the project summary available on the website of RERA, it was
to start from September 2015 and as per the agreements, the flat
buyers were supposed to get possession in next two years.

However, Ansal Properties and Infrastructure failed to complete the
projects and abandoned it in the midway, ETRealty.com states.

After this, home buyers, who are now a financial creditor of the
company following amendments in the IBC has approached NCLT.

Ansal Properties and Infrastructure Ltd is engaged in real estate
development in North India (in states of Delhi, Haryana, Punjab,
Rajasthan and Uttar Pradesh). The company is a part of API group
engaged in real estate development with wide range of business
verticals, viz, integrated townships, Condominiums, group housing,
commercial, retail, hospitality, special economic zones,
information technology parks, and facility management.


AZURE POWER: Moody's Hikes Senior Unsecured Ratings to Ba2
----------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 the senior
unsecured ratings assigned to the USD notes issued by Azure Power
Energy Ltd. At the same time, Moody's has upgraded to Ba1 from Ba2
the ratings of senior unsecured USD notes issued by Azure Power
Solar Energy Private Limited and backed by Azure Power Global
Limited.

Azure Power Energy is a special purpose vehicle that has used the
proceeds from the USD notes to subscribe to senior secured Indian
rupee (INR)-denominated bonds and loans as external commercial
borrowings issued by 17 restricted subsidiaries in the restricted
group (RG-1). Azure Power Energy is also part of RG-1.

Azure Power Solar is a special purpose vehicle that has used the
proceeds from the USD notes to subscribe to senior secured
INR-denominated bonds and loans as external commercial borrowings
issued by 10 restricted subsidiaries in the restricted group
(RG-2). Azure Power Solar is also a part of RG-2.

The outlook on the ratings is stable.

RATINGS RATIONALE

"The upgrade reflects our increased expectation that Caisse de
depot et placement du Quebec (CDPQ, Aaa stable), which is now the
majority shareholder of APGL, will provide support to Azure Power
Energy and Azure Power Solar in case of need," says Abhishek Tyagi,
a Moody's Vice President and Senior Analyst.

CDPQ has recently increased its stake in APGL to 50.9%, making it
APGL's majority shareholder. Since March 2017, CDPQ has more than
doubled its stake in APGL, demonstrating the growing strategic
nature of its investment in APGL as well as its commitment to the
group.

Furthermore, the position of CDPQ as a majority shareholder will
strengthen APGL's corporate governance and will allow CDPQ to
maintain close oversight of the group's strategy and operations.

The two restricted groups -- RG-1 and RG-2 -- represent around 70%
of APGL's operational capacity, and their operational and financial
metrics are of significant importance to its own performance. The
holders of senior unsecured notes issued by Azure Power Solar also
benefit from a guarantee from APGL, thereby establishing a link
between the credit profiles of RG-2 and APGL. APGL's guarantee on
the USD notes will not be released unless RG-2's combined leverage
ratio, defined as debt/EBITDA, falls below 5.5x.

The one-notch differential between the ratings of Azure Power
Energy and Azure Power Solar is primarily driven by Azure Power
Solar's lower leverage and the better structural features of the
notes, including cash-traps that reduce refinancing risk.

The stable rating outlook reflects Moody's expectation that
incremental cash flows from newly commissioned projects under
long-term power purchase agreements will keep credit metrics within
the tolerance levels for the respective Ba1 and Ba2 ratings over
the next 12-18 months, without any material ramp-up risk, and that
APGL's credit quality will not deteriorate materially.

Moody's could upgrade Azure Power Energy's rating if FFO/debt and
FFO interest coverage remain above 10% and 2.2x on a sustained
basis and if APGL's credit quality improves.

Moody's could downgrade Azure Power Energy's rating if (1) APGL's
credit quality deteriorates; (2) RG-1's FFO/debt falls towards 5%
on a sustained basis; and/or (3) support from APGL's shareholders
weakens, as reflected by a meaningful decrease in CDPQ's
ownership.

Moody's could upgrade Azure Power Solar's rating if FFO/debt and
FFO/interest coverage remain above 12% and 2.5x on a sustained
basis and if APGL's credit quality improves. Such improvements
could be achieved with a track record of larger and stable
operations.

Moody's could downgrade Azure Power Solar's rating if (1) APGL's
credit quality deteriorates; (2) Azure RG-2's FFO/debt falls
towards 7% on a sustained basis; and/or (3) support from APGL's
shareholders weakens, as reflected by a meaningful decrease in
CDPQ's ownership.

The principal methodology used in these ratings was Power
Generation Projects published in June 2018.

Azure Power Energy Ltd is a special purpose vehicle, which was
incorporated in Mauritius in 2017 as a wholly owned subsidiary of
Azure Power Global Limited (APGL). The restricted subsidiaries
under the USD notes issuance are wholly or majority owned
ultimately by APGL. The restricted subsidiaries operate solar power
plants with a total capacity of 621 MW as of March 2020.

Azure Power Solar Energy Private Limited is a special purpose
vehicle, which was incorporated in Mauritius in 2018 as a wholly
owned subsidiary of APGL. The restricted subsidiaries under the USD
notes issuance are ultimately majority owned by APGL. The
restricted subsidiaries operate solar power plants with a total
capacity of 647.5 MW as of March 2020.

Listed on the New York Stock Exchange, APGL is one of the largest
solar power companies in India. Its total operational capacity was
1,804 MW across 24 states in India as of January 2020.


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

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR39.28 mil. Term loan due on March 2026 migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating; and

-- INR9.69 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 1, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

CA was incorporated in 2006 and has an installed capacity of 14
machineries. The company executes embroidery work on hosiery
garments.


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

The instrument-wise rating action is:

-- INR100 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND B- (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 15, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, Delhi-based Chetan Alloys is a private
limited company that trades nonferrous metals. The company's
product portfolio includes alloys and scraps of copper, zinc, lead,
nickel, and brass.


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


The instrument-wise rating action is:

-- INR135 mil. Fund-based limits migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) / IND A4 (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 15, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Chetan Overseas is engaged in the retailing
of jewelry and ornaments, with showrooms in Jamnagar and Gandhidham
(Gujarat). It also trades in designer sarees and gift items.


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

The instrument-wise rating action is:

-- INR620 mil. Fund-based working capital limit (long and short-
     term) migrated to non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 5, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1955, Cosmos Industries manufactures sugar at its
manufacturing unit, with a daily capacity of 4,000 tons, in Dhuri,
Sangrur district, Punjab.


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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Non-fund-based working capital limit Migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating; and

-- INR6.67 mil. Term loan due on August 2020 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 29, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, ETPL is a Tamil Nadu-based cotton yarn
manufacturer with a total installed capacity of 27,536 spindles.


FIBREMARX PAPERS: CARE Lowers Rating on INR38.1cr Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Fibremarx Papers Private Limited (FPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      38.10       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE BB-; Stable

   Short term Bank      2.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 25, 2019, placed the
rating(s) of FPPL under the 'issuer non-cooperating' category as
FPPL had failed to provide information for monitoring of the
rating. FPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone
calls. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings have been revised on account of irregularities in debt
repayment due to stressed liquidity position of the company.
Further, the ratings are constrained because of non-receipt of
complete information required for review of ratings due to which
CARE is unable to conduct appropriate credit risk assessment.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing:  There are delays in debt servicing by
the company due to its stressed liquidity position.

Fibremarx Papers Private Limited was incorporated in January 2006
and commenced its commercial operations in May 2006. The company is
promoted by Mr Jasdeep Singh Goraya and his brother Simrandeep
Singh Goraya. It is engaged in manufacturing of writing & printing
paper (WPP) paper, kraft paper and newsprint paper at its
manufacturing facility located at Udham Singh Nagar, Kashipur,
Uttrakhand. The main raw material used by the company is waste
paper which is procured domestically and also imported.


FIRESTAR INT'L: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Firestar International Limited
        Registered office:
        2001 & 2002, 20th Floor
        Peninsula Business Park
        Tower B, Ganpatrao Kadam Marg
        Lower Parel, Mumbai 400013

Insolvency Commencement Date: November 18, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ram Ratan Kanoongo

Interim Resolution
Professional:            Ram Ratan Kanoongo
                         708, 7th Floor
                         Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: rrkanoongo@gmail.com
                                 cirpfirestar@gmail.com

Last date for
submission of claims:    March 31, 2020


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


The instrument-wise rating actions are:

-- INR10.29 mil. Long-term loans due on March 2022 migrated to
     non-cooperating category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR110 mil. Fund-based limits migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) / IND A4 (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 2, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2003, HHPL is part of the Hercules Group. The
company had set up an automobile dealership showroom of NEXA in the
Alleppey district of Kerala.


IL&FS FINANCIAL: CARE Reaffirms 'D' Rating on INR4,800cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of IL&FS
Financial Services (IFIN), as:

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Non-convertible
   debentures             4,800       CARE D Reaffirmed

   Non-convertible
   Redeemable
   Cumulative
   Preference Shares        250       CARE D Reaffirmed

   Subordinate Debt       1,100       CARE D Reaffirmed

   Long-term Bank
   Facilities             2,425       CARE D Reaffirmed

   Commercial Paper
   Issue                  4,000       CARE D Reaffirmed

   Perpetual Debt           200       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of ratings of various debt instruments and bank
facilities of IFIN is on account of continued instances of
irregularities in servicing of debt by the company.

Based on the petition filed by the Union of India, the National
Company Law Tribunal (NCLT) vide its order dated October 1, 2018
suspended the erstwhile Board and appointed the New Board proposed
by the Union of India which took charge of the company from October
4, 2018.

The entities in the IL&FS group, have been classified into Indian
and offshore entities. The Indian entities in the IL&FS group have
been classified, by an independent third party, into three
categories based on the basis of a 12-month cash flow based
solvency test viz 'Green', 'Amber' and 'Red', indicating their
ability to repay both financial and operating creditors, only
operating creditors, or only going concern respectively.

Based on this classification of 'Green', 'Amber' and 'Red', the New
Board has put in place a payment protocol for the IL&FS group
during the resolution process. IFIN is classified as a 'Red'
entity, indicating that it is not able to meet all obligations
(financial and operational) including the payment obligations to
senior secured financial creditors.

The New Board of Directors of the Company, as part of the
resolution process, has submitted several progress reports to the
NCLT, including a framework for a resolution plan and process,
steps undertaken for monetization of assets, appointment of
consultants, and classification of group entities based on their
abilities to meet various financial and operational obligations,
measures for cost optimization and protocol for making payments
beyond certain limits.

Rating Sensitivities

Positive Factors

Timely servicing of debt for a period of three consecutive months

Negative Factors
Not applicable

Liquidity: Poor

The liquidity profile of the company is severely constrained
leading to the company continuing to default on its debt
obligations.

Analytical approach:

CARE has analyzed standalone credit profile of IFIN along with
IFIN's financial, operational and managerial linkages with its
parent, IL&FS.

Incorporated in September 1995, IL&FS Financial Services Ltd is
registered as systemically Important Non Deposit taking Non-Banking
Financial Company (NBFC-ND-SI). IFIN is a 100% subsidiary of IL&FS
Ltd (rated 'CARE D'). IFIN's business profile is broadly divided
into investment banking business (asset & structured finance),
project debt syndication business, corporate advisory services
business and project finance advisory.


IL&FS: CARE Reaffirms 'D' Rating on INR9,641.94cr Loan
------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Infrastructure Leasing and Financial Services Limited (IL&FS), as:

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Non-convertible
   debentures            9,641.94      CARE D Reaffirmed

   Subordinate Debt          6.85      CARE D Reaffirmed

   Redeemable Preference
   Shares                1,500.00      CARE D (RPS) Reaffirmed

   Long Term Bank
   Facilities              400.00      CARE D Reaffirmed

   Non-fund based bank
   Facilities              200.00      CARE D Reaffirmed

   Commercial Paper
   Issue                 2,500.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of ratings of various debt instruments and bank
facilities of IL&FS is on account of continued instances of
irregularities in servicing of debt by the company.

Based on the petition filed by the Union of India, the National
Company Law Tribunal (NCLT) vide its order dated October 1, 2018
suspended the erstwhile Board and appointed the New Board proposed
by the Union of India which took charge of the company from October
4, 2018.

The entities in the IL&FS group, have been classified into Indian
and offshore entities. The Indian entities in the IL&FS group have
been classified, by an independent third party, into three
categories of entities based on a 12-month cash flow based solvency
test viz 'Green', 'Amber' and 'Red', indicating their ability to
repay both financial and operating creditors, only operating
creditors, or only going concern respectively. Based on this
classification of 'Green', 'Amber' and 'Red', the New Board has put
in place a payment protocol for the IL&FS group during the
resolution process. IL&FS is classified as a 'Red' entity,
indicating that it is not able to meet all obligations (financial
and operational) including the payment obligations to senior
secured financial creditors.

The New Board of Directors of the Company, as part of the
resolution process, has submitted several progress reports to the
NCLT, including a framework for a resolution plan and process,
steps undertaken for monetization of assets, appointment of
consultants, and classification of group entities based on their
abilities to meet various financial and operational obligations,
measures for cost optimization and protocol for making payments
beyond certain limits.

Rating Sensitivities

Positive Factors

Timely servicing of debt for a period of three consecutive months

Negative Factors

Not applicable

Liquidity: Poor

The liquidity profile of the company is severely constrained
leading to the company continuing to default on its debt
obligations.

Analytical approach:

CARE has analyzed standalone credit profile of IL&FS. Further, CARE
has also assessed the operational, managerial and financial support
that IL&FS provides to its subsidiaries / group companies as a
CIC.

IL&FS is an infrastructure development and finance company promoted
by the Central Bank of India (CBI), Housing Development Finance
Corporation (HDFC) and Unit Trust of India (UTI). IL&FS was
established with twin mandates of providing financial services and
to develop infrastructure projects under a commercial format. The
shareholding of the company is held by Life Insurance Corporation
of India (LIC) - 25.3%, Orix Corporation, Japan - 23.54%, IL&FS
Employee Welfare Trust - 12.00%, Abu Dhabi Investment Authority
(ADIA) - 12.56%, Central Bank of India (CBI) - 7.67% and State Bank
of India (SBI) - 6.42%.

IL&FS reported net loss of INR22,401 crore (standalone) (under Ind
AS) for FY19 (refers to period from April 1 to March 31) and its
reported net worth was INR16,935 crore as on March 31, 2019.


KAILASH TRADING: CARE Lowers Rating on INR5.75cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kailash Trading Corporation (KTC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       5.75       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE BB-; Stable

   Short term Bank      5.65       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KTC to monitor the rating(s)
vide e-mail communications dated January 7, 2020, February 14, 2020
and February 21, 2020 and numerous phone calls. However, despite
our repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Kailash
Trading Corporation's bank facilities and will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of delays in debt
servicing by KTC ascertained by CARE as a part of its due diligence
exercise.

Detailed description of the key rating drivers

Key Rating Weaknesses

CARE as a part of its due diligence exercise interacts with various
stakeholders of the company including lenders to the company and as
a part of its exercise has ascertained that there are delays in
debt servicing.

KTC established in 2001 by Mr K Chandrasekhar is engaged in trading
of engineering and commodity plastics. On the commodity plastics
segment KTC acts as a consignment agent of LG and on the
engineering plastics segment it imports polymers like hostaform,
celanex and sells them to Tier 1 and Tier 2 OEM's of automobile and
electronic industries. The firm operates out of Chennai and has a
warehouse of capacity 4000 sq.ft.

Status of non-cooperation with previous CRA:
ICRA has conducted the review on the basis of best available
information and reaffirmed Kailash Trading Corporation as "Not
Co-operating" vide its press release dated December 16, 2019.


KLN MOTORAGENCIES: CARE Cuts Rating on INR5.14cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of KLN
MotorAgencies Private Limited (KLN), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       5.14       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KLN to monitor the rating(s)
vide e-mail communications dated December 13, 2019, January 7, 2020
and February 14, 2020 and numerous phone calls. However, despite
our repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on KLN Motor
Agencies Private Limited's bank facilities and will now be denoted
as CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of delays in debt
servicing by KLN ascertained by CARE as a part of its due
diligence exercise.

Detailed description of the key rating drivers

Key Rating Weaknesses

CARE as a part of its due diligence exercise interacts with various
stakeholders of the company including lenders to the company and as
a part of its exercise has ascertained that there are delays in
debt servicing.

KLN, incorporated in 2007 belongs to KTC group of companies. KLN
was an authorized dealer of General Motors India Limited (GM) since
inception. Now, the company is a service provider of GM after the
exit of GM in May 2017 and has taken up the dealership of passenger
cars of Tata Motors Limited (TM) from August 2017. KLN has one
showroom at Ekkattuthangal for sale of cars & spares and service of
TM and GM cars. KTC group has diversified line of business
including automobile dealership (Two wheelers, Four Wheelers),
chemicals trading business which includes engineering and plastic
chemicals.

Status of non-cooperation with previous CRA: Acuite has conducted
the review on the basis of best available information and reafirmed
KLN Motor Agencies Private Limited as "Not Co-operating" vide its
press release dated August 23, 2019.


MANGALORE MINERALS: Ind-Ra Keeps 'B+' LT Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mangalore
Minerals Private Limited's (MMPL) Long-Term Issuer Rating of 'IND
B+ (ISSUER NOT COOPERATING)' in the non-cooperating category and
has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR110 mil. Fund-based facilities* maintained in non-
     cooperating category and withdrawn;

-- INR133.87 mil. Term loan** due on March 2022 maintained in
     non-cooperating category and withdrawn; and

-- INR50 mil. Proposed fund-based limits# maintained in non-     
     cooperating category and withdrawn.

*Maintained at 'IND B+ (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER
   NOT COOPERATING)' before being withdrawn

** Maintained at 'IND B+ (ISSUER NOT COOPERATING)' before being
    withdrawn

# Maintained at 'Provisional IND B+ (ISSUER NOT COPPERATING)'/
    'Provisional IND A4 (ISSUER NOT COOPERATING)' before being
     withdrawn

KEY RATING DRIVERS

MMPL did not participate in the rating exercise despite continuous
requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.

COMPANY PROFILE

MMPL is the flagship entity of the MMPL group. It processes
industrial silica sand and resin-coated sand. MMPL's customers are
from pump and motor casting foundries, engine block foundries and
other general engineering industries.


MAXWELL AUTO: Ind-Ra Withdraws BB- LongTerm Issuer Rating
---------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Maxwell Auto
Components Private Limited's (MACPL) Long-Term Issuer Rating to
'IND BB-' from 'IND B+' and has simultaneously withdrawn it. The
Outlook was Stable.

The instrument-wise rating actions are:

-- INR50.35 mil. Term loans* due on June 2023 upgraded and
     withdrawn; and

-- INR67.5 mil. Fund-based limit^ upgraded and withdrawn.

  ^Upgraded to 'IND BB-'/Stable/'IND A4+' before being withdrawn

  * Upgraded to 'IND BB-'/Stable before being withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the company's lenders.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017, for credit rating agencies.

KEY RATING DRIVERS

The upgrade reflects an improvement in MACPL's revenue to INR440
million in FY19 (FY18: INR393 million), on increased order inflow.
The company achieved revenue of INR299.14 million during 9MFY20. At
end-February 2020, it had an order book of INR43.5 million to be
executed by end-March 2020.

The ratings continue to reflect the company's moderate credit
metrics. Despite improving slightly due to lower interest expenses,
the interest coverage (operating EBITDA/gross interest expense)
remained weak at 2.3x in FY19 (FY18: 2.2x). Additionally, the net
financial leverage (adjusted net debt/operating EBITDA)
deteriorated to 4.1x in FY19 (FY18: 3.7x) owing to an increase in
unsecured debt (non-interest bearing in nature) and a rise in
short-term debt.

EBITDA margins declined to 6.7% in FY19 (FY18: 12.9%) with a return
on capital employed of 8% (9%). The fall in margins was due to poor
market conditions and intense competition in the industry.

Liquidity Indicator – Poor: MACPL's average use of fund-based
limits was 88.5% for the 12 months ended January 2020. Its working
capital cycle remained elongated to 121 days in FY19 (FY18: 103
days) due to a long inventory holding period. Cash flow from
operations remained positive at INR24 million in FY19 (FY18: INR16
million) on the back of favorable working capital changes. At
FYE19, the company had a cash balance of INR2 million (FYE18: nil).
MACPL's free cash flow has been positive since the FY16 (FY19:
INR20 million).

The ratings are supported by MACPL's promoter's over seven years of
experience in manufacturing castings.

COMPANY PROFILE

Incorporated in 2011, MACPL is a Coimbatore-based company engaged
in the manufacturing of grey iron and spheroidal graphite iron
castings. The company started commercial operations from August
2013. It has a foundry with an installed capacity of 12,000 mt/year
for roughcasting (liquid metal).


MBE COAL: CARE Reaffirms 'C' Rating on INR10cr LT Loan
------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of MBE
Coal & Mineral Technology India Private Ltd (MCMT), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           10.00       CARE C; Stable Reaffirmed

   Long-term Bank
   Facilities            8.50       CARE D Reaffirmed

   Long/Short-term      10.00       CARE C; Stable/CARE A4
   Bank Facilities                  Reaffirmed

Detailed Rationale and Key Rating Drivers

The rating assigned to the bank facilities (b) above of MCMT
continues to take into account the delays in debt servicing of the
facilities by the company. The ratings for facilities (a) and (c)
continues to take into account the decline in the financial
performance in FY19 (refer to the period April 1 to March 31),
small scale of operation of the company, vulnerable capital
structure and debt protection metrics, volatility in raw material
prices and working capital intensive nature of operations. The
rating also takes into account experienced promoter and diversified
group, moderate order book position and slight improvement in
financial performance in 9MFY20.

Rating Sensitivities

Positive Factors

  * Default free track record of 90 days

  * Increase in order book and turnaround in operating
    profitability

  * Timely execution of the order book and timely receipt of
    contract proceeds

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing:  The company has delayed interest
servicing for more than 30 days in one of its cash credit limits.

* Decline in financial performance in FY19 with slight improvement
in 9MFY20:  Gross Billing of the company declined by 23% y-o-y in
FY19 on account of slow execution of contracts. The company
incurred operating loss of INR5.02 crore in FY19 vis-à-vis INR1.89
crore in FY18 mainly on account of under absorption of fixed
overheads and higher job work charges. The company has serviced
interest out of advances from customers.  In 9MFY20, MCMT reported
PBT of INR0.62 crore on a total operating income of INR31.99
crore.

* Small scale of operations of the company:  MCMT was incorporated
in August, 2009 as a separate company through the demerger of the
coal and minerals division of Humboldt Wedag India Pvt Ltd (HWIPL;
operating since 1976). Even then, MCMT continues to be a small
company with total capital employed of INR13.51 crore as on March
31, 2019.

* Vulnerable capital structure and negative debt protection
metrics:  Overall gearing ratio of the company declined to 8.95x as
on  March 31, 2019 from 2.40x as on Mar 31, 2018 mainly due to
depletion of reserves on account of losses incurred in last two
years. The debt protection metrics remained negative as on March
31, 2019.

* Exposure to volatility in the prices of raw materials:  The
company is exposed to volatility in prices of raw materials and
finished goods as majority of the contracts are on fixed price
basis.

* Working capital intensive nature of operations:  MCMT operations
are highly working capital intensive in nature. The tenure of O&M
contracts is minimum 3 years, while the delivery cycle for
Centrifuge machine manufacturing and selling is 3-4 months.
Further, EPC contracts for Coal and Mineral beneficiation plants
have a delivery period of around 6-8 months. The operating cycle
deteriorated to 334 days in FY19 from 252 days in FY18 and it
continued to remain high. The deterioration in operating cycle was
primarily on account of delay in receipt of dues from the clients.

Key Rating Strengths

* Experienced promoter and diversified group:  MCMT belongs to
Kolkata based B.M. Khaitan group, which is a well-diversified
industrial house having interest in dry batteries, tea, chemicals,
construction etc. with Eveready Industries (India) Ltd being the
flagship company. Given the long track record of the B.M. Khaitan
group in construction & construction equipment business, technical
and business support is available to the company.

* Moderate Order Book:  MCMT has an outstanding order book of
INR29.97 crore as on Dec 31, 2019 which is forming 1.1x of the
total operating income for FY19.

Liquidity: Poor

Liquidity is marked by highly utilized bank limits at ~98% in last
12 months ended Dec'19 and cash balance of INR2.43 crore as on
March 31, 2019 vis-à-vis INR 0.77 crore as on March 31, 2018.
There are instances of overdrawals in one of the banks pertaining
to CC account.

MCMT belongs to B.M. Khaitan Group of Kolkata. It is a subsidiary
of McNally Sayaji Engineering Ltd. The company is engaged in
turnkey engineering & project execution of coal and mineral
beneficiation plants, manufacturing of various material handling
equipment and trading of material handling equipments.


MOHAN MOTOR: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Mohan Motor Distributors Private Limited
        9, A.J.C. Bose Road
        Kolkata 700020 (W.B.)

Insolvency Commencement Date: February 28, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 26, 2020

Insolvency professional: Mr. Sandip Kumar Kejriwal

Interim Resolution
Professional:            Mr. Sandip Kumar Kejriwal
                         322, 3rd Floor, Martin Burn House
                         1, R.N. Mukherjee Road
                         Kolkata 700001
                         E-mail: sandipkej2@gmail.com

Last date for
submission of claims:    March 13, 2020


MR PROVIEW REALTECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: MR Proview Realtech Private Limited
        190 Saini Enclave
        Delhi 110092

Insolvency Commencement Date: February 14, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Rajbir Singh Khatak

Interim Resolution
Professional:            Rajbir Singh Khatak
                         A-28, Overseas Apptts
                         Sector-9, Rohini
                         Delhi 110085
                         E-mail: rajbirsinghkhatak@gmail.com
                                 cirp.mrproview@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Sh. Vijay Kumar
                         Sh. Rakesh K Jain
                         Sh. Arvind Mittal

Last date for
submission of claims:    March 11, 2020


MUMBAI INT'L: Ind-Ra Cuts Rating to INR61-Bil. Bank Loans to 'BB+'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mumbai
International Airport Limited's (MIAL) bank facility ratings to
'IND BB+' while maintaining them on Rating Watch Negative (RWN) as
follows:

-- INR61.410 bil. Long-term bank loans downgraded and Maintained
     on RWN with IND BB+/RWN;

-- INR21.550 bil. Long-term bank loan against airport development

     fee (ADF) receivables downgraded and Maintained on RWN with
     IND BB+/RWN rating;

-- INR3.50 bil. Term loans against real estate deposits due on
     May 2025 downgraded and Maintained on RWN with IND BB+/RWN
     rating; and

-- INR11.350 bil. Bank facilities* downgraded and maintained on
     RWN with IND BB+/RWN rating.

*Details in Annexure

The rating downgrade and RWN reflect the inordinate delays in
MIAL's real estate monetization (REM) and developing situation on
passenger traffic, its stretched liquidity and the limited cash
flow visibility and thus uncertainties regarding timely debt
servicing in March. Given the COVID-19 outbreak has significantly
affected air traffic, cash flows and thus liquidity will be lower
than Ind-Ra's base case assumptions in the near term. This is
notwithstanding MIAL's appeal to the Airports Authority of India
(AAI) to defer the revenue share by invoking the force majeure
clause under the Operation, Management and Development Agreement.
However, the relief would ease the pressure on cash flows for March
2020 and INR460 million as on March 18, 2020, earmarked towards the
same would be available for debt servicing.

Since March 2019, MIAL has revised the timelines of real estate
monetization multiple times from August 2019 to December 2019 to
February 2020 and now to April 2020 leading to multi-notch
downgrades by Ind-Ra over the last 12 months. The company has
approvals from the senior lenders to service loans against real
estate deposits from general cash flows until March 2020, thereby
heightening the risk of servicing on these loans. Simultaneously,
MIAL's request to continue with this arrangement is yet to be
cleared by the senior lenders.

The company's liquidity deteriorated to INR400 million at
end-February 2020 and INR532 million as of March 17, 2020, from
INR1,200 million at end-December 2019. This, combined with
continued delays in monetization, would compel MIAL to dip into the
debt service reserve account (DSRA) to meet the March 2020 debt
service, if the cash flows are lower than INR850 million between
March 18, 2020, and March 31, 2020.

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
factor in the support provided by MIAL to Navi Mumbai International
Airport Private Limited (NMIAL). MIAL has undertaken to support
NMIAL's equity requirements and cost overruns and has provided a
corporate guarantee for the replenishment of the latter's DSRA for
four years from the commencement of operations date.

KEY RATING DRIVERS

Continued Delays in REM Impacts Liquidity; Places Capex at Risk:
Given the deterioration in liquidity, there is heightened
dependence of MIAL's credit metrics on REM. This was supposed to be
completed prior to March 2019 and has been delayed multiple times
with the timelines now being revised to April 2020. The management
has indicated that the terms of the transactions have been
finalized with INR6250 million likely to come in April 2020 and the
balance INR3,750 million on compliance with certain conditions
relating to approvals. With lenders' approval for the utilization
of project cash flows until March 2020 for the debt obligation of
loans raised against real estate deposits, timely debt repayment is
at risk in case of further delays. Furthermore, the servicing of
project loans are equally dependent now on REM with the company's
stretched liquidity and limited visibility of cash flows due to the
impact of COVID-19. Timely monetization is extremely critical to
ensure timely debt servicing obligations and mitigate the impact of
COVID-19 on cash flow mismatches.

Multiple Events led to Subdued Revenue Growth: The overall traffic
at Mumbai airport fell around 3.2% YoY in 11MFY20, post the
downfall of Jet Airways. During 11MFY20, the domestic traffic saw a
flattish growth of around 0.7% YoY whereas international traffic
fell around 12.1% YoY. Furthermore, due to the COVID-19 outbreak,
the international passenger load factor reduced to 73.7% in
February 2020 from 81.4% in February 2019. The domestic and
international traffic in the second week of March 2020 as a
percentage of average daily traffic during the three months ended
February 2020 was 80% and 59%, respectively. Also, visa curbs could
have a significant impact on international passengers that
contributed around 50% to the overall aero-nautical revenues. Due
to MIAL's subdued liquidity, Ind-Ra is monitoring the impact of
COVID-19 on the overall traffic and cash flows and in the event of
a prolonged effect, and the ratings could be further impacted.

Delays in Third Control Period Tariff Provides Temporary Liquidity
Cushion: The third control period for MIAL started in April 2019;
however, the tariffs for the same have not been implemented. While
the Airports Economic Regulatory Authority of India has allowed for
the extension of the second control period tariff until March 2020,
the management believes the third control period tariff will not be
implemented before September 2020. As the tariffs are likely to be
trued down for the third control period, any delays in the
implementation of the tariff will enable the company to build an
additional cash flow of INR300 million-500 million per month, which
could be used for building cash and meet CAPEX requirements.
However, these additional cash flows would also be now impacted due
to reduced air traffic.

Liquidity Indicator – Poor: MIAL had unutilized limits of only
INR532 million as of March 17, 2020, and INR400 million at
end-February 2020. While the company has a DSRA in the form of a
bank guarantee of INR2,130 million from Yes Bank Limited ('IND
BB-'/Rating Watch Evolving), in case the same is invoked, the
company is liable to replenish the same. Furthermore, the falling
passenger movements and thus reduced cash flow visibility have
increased the reliance on real estate loans and the need for quick
approval from AAI for revenue share relief and dipping into DSRA
for all loans of the company. Ind-Ra will continue to monitor the
approval from AAI and REM timelines.

MIAL undertook CAPEX of INR3490 million at end-February 2020, with
the balance INR300 million likely over the ensuing month. The
management has further indicated that it shall not undertake any
CAPEX works until adequate liquidity is maintained for debt
servicing.

Uncertainty of NMIAL Sanction leads to Higher Risk: MIAL has not
infused any additional funds in NMIAL, after infusing INR9,050
million until March 2019. However, the completion timeline for the
acquisition of the balance land of 0.35% has been further extended
to 1QFY21 from September 2019. NMIAL is in talks with an alternate
lender; the terms of the same have not been finalized yet. Ind-Ra
will monitor the progress of the fresh sanction and its terms and
conditions including the equity requirement at MIAL. Any
incremental equity requirement or the preponement of the equity
required or penalties being levied for delays in the commencement
of the NMIAL project could lead to higher cash outflow from MIAL
and would be a rating sensitivity.

RATING SENSITIVITIES

The RWN indicates that the rating may be affirmed or downgraded.

For term loans against real estate deposits: Ind-Ra will resolve
the RWN on the timely receipt of REM.

For project loans: The agency will resolve the RWN after monitoring
the timely receipt of deposits from the REM and assessing the
COVID-19 impact on passenger movement and cash flows.

For long-term bank loan against ADF receivables: The RWN will be
resolved subsequent to the resolution of the RWN on other loans on
account of the presence of a cross-default clause with other loans,
and the lack of bankruptcy remoteness structure and the impact of
COVID-19 on passenger movement, which would have a direct impact on
ADF collections.

COMPANY PROFILE

MIAL is a joint venture company held by a GVK group-led consortium,
comprising GVK Airport Holdings Ltd. (50.5% stake), South
Africa-based Bid Services Division (Mauritius) Limited (13.5%) and
ACSA Global Limited (10%) and Airports Authority of India (26%).

Under a 30-year concession, the government of India has granted
MIAL the right to operate, maintain, develop, design, construct,
upgrade, modernize, finance and manage Chhatrapati Shivaji Maharaj
International Airport. MIAL provides domestic and international
airport services to the Mumbai metropolitan area.


NAGARJUNA FERTILIZERS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nagarjuna
Fertilisers & Chemicals Ltd. (NFCL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      1276.14     CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

   Long-term/Short-    1179.67     CARE D; ISSUER NOT COOPERATING;
   Term Bank                       Based on best available
   Facilities                      Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NFCL to monitor the
rating(s) vide e-mail communications dated March 9, 2020, March 5,
2020 and June 17, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Nagarjuna Fertilizers and Chemicals Limited's bank facilities will
now be denoted as 'CARE D; ISSUER NOT COOPERATING'.

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

The rating factors in delays in servicing of debt obligations on
account of stretched liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on March 30, 2019 the following were the
rating strengths and weaknesses (updated for FY19 financials
obtained from stock exchange filings)

Key Rating Weaknesses

Stretched liquidity position: The company continued to report
subdued operational and financial performance during FY19 led by
slower receipt of fertilizer subsidy, absence of adequate working
capital to run the plants and high debt servicing obligation.
Consequently, the company reported net loss for the year FY19 with
resultant stretch on cash flow position and delays in debt
servicing. The total operating income more than halved to
INR1950.59 crore in FY19 as compared to INR3933.49 crore in FY18.

Regulated nature of industry: The Indian Fertilizer industry is
highly energy and capital intensive, besides being a highly
regulated industry. Urea, the most consumed fertilizer in the
country, remains under the Government control with the selling
price fixed by the Government and the excess of the cost of
production over the selling price, allowing for a suitable return,
given as subsidy to the units.

Key Rating Strengths

Long-track record of the company: NFCL belongs to the Nagarjuna
group of Hyderabad, promoted by the late Mr. K.V.K. Raju. The group
is an established south India based industrial house with major
focus on agricultural fertilizers & chemicals business since the
last three decades.

Raw material and fuel sourcing arrangement: Natural gas is key
feedstock & fuel and NFCL has long-term contract for procuring the
same from GAIL (India) Limited and Reliance Industries Limited
which are received through pipelines at NFCL's receiving station at
its plant.

Nagarjuna Fertilisers & Chemicals Ltd. (NFCL), promoted by late
Shri. K.V.K. Raju, is the flagship company of the Hyderabad based
Nagarjuna group. Along with Mr. Raju, Andhra Pradesh State
Government and FIIs are the major shareholders of NFCL. NFCL,
currently, operates two Urea plants (capacity – 2,300 MT per day
each) at its facilities located at Kakinada, Andhra Pradesh. While
Plant-I operates entirely on natural gas as the feedstock, Plant
–II can use both natural gas (NG) and naphtha. Besides
manufacturing, NFCL is also involved in trading of Urea (Government
Pool Urea), Specialty Fertilizers and Agriinputs [viz. Muriate of
Potash (MOP), Di-ammonium Phosphate (DAP), NPK etc.) A small
proportion of NFCL's revenue also comes from micro irrigation
business and manufacturing of PVC Pipes.


PAWAR PATKAR: Ind-Ra Keeps 'BB+' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Pawar Patkar
Construction Private Limited's Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR140 mil. Fund-based working capital limits* maintained in
     non-cooperating category and withdrawn; and

-- INR430 mil. Non-fund-based working capital limits** maintained

     in a non-cooperating category and withdrawn.

*Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn

** Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

Pawar Patkar Construction did not participate in the rating
exercise despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.

COMPANY PROFILE

Pawar Patkar Construction undertakes civil construction projects
(primarily roads and military buildings) for the Maharashtra
government and the government of India. The company is managed by
Mr. Sanjay K Patkar and Mr. Kailas Pawar.


PRISM INDUSTRIAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Prism Industrial Complex Limited
        Durga Chowk
        Seklendabad
        Gazipur UP 233001
        IN

Insolvency Commencement Date: January 29, 2020

Court: National Company Law Tribunal, Lucknow Bench

Estimated date of closure of
insolvency resolution process: July 27, 2020

Insolvency professional: Anuj Kumar Tiwari

Interim Resolution
Professional:            Anuj Kumar Tiwari
                         C-147, Raja Ji Puram
                         Lucknow 226017
                         E-mail: anujtiwarics@gmail.com

                            - and -

                         201, Second Floor Indra Karan Plaza
                         Lalbagh, Lucknow 226001
                         Mobile: 9794051011

Last date for
submission of claims:    February 12, 2020


PROCESS CONSTRUCTION: CARE Keeps 'D' Debt Rating in Non-Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Process
Construction & Technical Service Private Limited (PCTSPL) continues
to remain in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      15.80       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

   Short-term Bank     17.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

   Long-term/Short-    66.70       CARE D; ISSUER NOT COOPERATING;
   Term Bank                       Based on best available
   Facilities                      Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2019, placed the
rating(s) of PCTSPL under the 'issuer non-cooperating' category as
PCTSPL had failed to provide information for monitoring of the
rating. PCTSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated February 29, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

Key Rating Strengths

Key Rating Weaknesses

There have been instances of delays in servicing of debt obligation
as informed by the bankers.

Incorporated in the year 2006, Process Construction and Technical
Services Private Limited is a closely held company promoted by Mr.
K. P. Francis and his family. It offers engineering and technical
services to off-shore/on-shore clients in the field of Oil & Gas
Sector.


RADHA KRISHNA: CARE Lowers Rating on INR21.82cr Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Radha Krishna Automobiles Private Limited (RKAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      21.82       CARE D; Issuer not cooperating;
   Facilities–                     Revised from CARE BB+;
Positive
   Term Loan                       On the basis of best available
                                   Information

   Long Term Bank      18.18       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB+; Positive
   Working capital                 On the basis of best available
   term loan                       Information

   Long Term Bank      20.00       CARE D; Issuer not cooperating;
   Facilities-                     Revised from CARE BB+; Positive
   Cash Credit                     On the basis of best available
                                   Information

   Long Term Bank      26.00       CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE BB+; Positive

   Electronic dealer               On the basis of best available
   Financial scheme                Information

   Long Term Bank      10.00       CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE BB+; Positive
   Vendor Finance                  On the basis of best available
                                   Information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE has been seeking information from RKAPL to monitor the
rating(s) vide e-mail communications/letters dated March 10, 2020,
March 5, 2020, February 20, 2020, January 17, 2020, December 13,
2019, November 15, 2019, October 22, 2019, July 30, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Radha Krishna Automobiles
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING*/CARE C; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of delays in debt
servicing upon confirmation from the lender.

Detailed description of the key rating drivers

At the time of last rating on April 1, 2020, the following were the
rating strengths and weaknesses (updated from Annual Report for
FY19):

Key Rating Weaknesses

Delays in debt servicing:  The lender has confirmed that there are
delays with respect to repayment of instalment amounts of term loan
and working capital demand loan.

Key Rating Strengths

Experienced and resourceful promoters with long established track
record:  The Radha Group Toyota was established in 1964 as a
trading organization is being promoted by Mr. Subrahmanyam
(Chairman), who has more than five decades of experience in trading
business and over two decades of experience in managing automobile
business. He is ably supported by his son Mr M. V. Srinivas
(Managing Director), who has a long and established track record of
operations in the automobile business for over three decades. The
operations of the group draw strength from the extensive dealership
network spread across Andhra Pradesh and Telangana.

Long and established relationship with TKML:  Radha group Toyota is
an authorized dealer for Passenger Vehicles of TKML (both new and
pre used vehicles) in Andhra Pradesh and Telangana since 2004. As
per SIAM data, Toyota sold 1,51,480 units in CY18 out of which
11,433 units (7.5% of the total sales of Toyota) is being
contributed by the group. Over the years Radha group Toyota has
been able to develop comfortable and long-standing relations with
its principal which is reflected in the group's success in getting
its contract renewed in the past.

Wide distribution network across Andhra Pradesh and Telangana:  The
company has dealership rights in Passenger Vehicle segment, which
spread across the states of Andhra Pradesh and Telangana with 15
show rooms and 9 service centres. Equipped with such wide
distribution network and ability to handle large volumes of cars
enables the group to achieve economies of scale, cost absorption
and ability to offer competitive pricing.

Analytical approach: Combined; Radha Krishna Automobiles Private
Limited is part of Radha Group Toyota; the group comprises of four
companies namely Radha Madhav Automobiles Private Limited (RMAPL),
Radha Krishna Automobiles Private Limited (RKAPL), Leela Krishna
Automobiles Private Limited (LKAPL) and Yashoda Krishna Automobiles
Private Limited (YKAPL), and all of them are operating in similar
line of business and are managed by same promoters. Hence while
arriving at the rating CARE has factored in combined financials of
the group companies, group's established brand name and management
bandwidth.  However, ratings are constrained by delays in
standalone entity.

Radha Krishna Automobiles Private Limited (RKAPL) belongs to Radha
Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a
trading organization. Radha Group Toyota is engaged in the business
of sales and service of passenger vehicles of Toyota Kirloskar
Motors Pvt Limited (TKML) and it is an authorized dealer of TKML.
The group was promoted by Mr. M Subrahmanyam (Chairman), who has
more than five decades of experience in trading and more than two
decades of experience in automobile industry. Mr. M Srinivas
(Managing Director) has more than two decades of experience in
automobile industry. The group comprises of four automobile
companies namely Radha Krishna Automobiles Private Limited, Radha
Madhav Automobiles Private Limited, Leela Krishna Automobiles
Private Limited and Yashoda Krishna Automobiles Private Limited
located in Andhra Pradesh and Telangana. These four companies are
in to similar line of business catering to different regions in
both states. RMAPL and LKAPL are operating in the state of Andhra
Pradesh, Whereas RKAPL and YKAPL are operating in the state of
Telangana with a total of 15 showrooms in both the states.


RADHE AGRO: CARE Keeps INR13.63cr Loans in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radhe Agro
Industries India Private Limited (RAIIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      13.63       CARE B+; Stable; Issuer not
   Facilities                      cooperating; On the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RAIIPL to monitor the rating
vide e-mail communications dated October, 2019 to March 5, 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Radhe Agro Industries India
Private Limited' bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of Radhe Agro
Industries India Private Limited continues to be tempered by short
track record and small scale of operations during the review
period, decline in PBILDT margin and thin net profit margin albeit
increase in total operating income, leveraged capital structure and
weak debt coverage indicators, working capital
intensive nature of operations and highly fragmented and
competitive nature of business with intense competition from large
number of players. However, the ratings, take into account, the
experience of the promoter for more than two decades in agro
industry, locational advantage and favorable demand outlook for
Agro Industry.

Key Rating Weaknesses

* Short track record and small scale of operations during the
review period:  RAIIPL was incorporated in March 2012 and started
its operation in FY14. The total operating income although
increased, stood modest at INR 56.92 crores in FY19 as compared to
INR 45.38 crores in FY18.

* Decline in PBILDT margin and thin net profit margin albeit
increase in total operating income:  The PBILDT margin has
decreased from 8.08% in FY18 to 6.27% in FY19 due to the increase
in the cost of materials consumed and power and fuel expenses. The
PAT margin has decreased from 0.25% in FY18 to 0.15% in FY19 due to
the increase in interest cost and tax expense. The total operating
income stood increased at the rate of 25.41% in FY19 and stood at
INR 56.92 crores.

* Leveraged capital structure and weak debt coverage indicators:
The overall gearing ratio although improved, stood leveraged at
3.42x as on March 31, 2019 as against 4.45x as on March 31, 2018
due to the repayment of term loans and decrease in working capital
borrowings. The total debt to GCA although improved, stood weak at
13.20x as on March 31, 2019 from 14.07x as on March 31, 2018 due to
the repayment of term loans and decrease in working capital
borrowings.

* Working capital intensive nature of operations:  The operating
cycle of the company improved and stood at 103 days in FY19 as
against 135 days in FY18 due to the decrease in inventory holding
period.

* Highly fragmented and competitive nature of business with intense
competition from large number of players:  The rice milling
business requires limited quantum of investment in machinery,
however has high working capital needs. Further, rice milling is
not very technology intensive and as a consequence the industry is
highly fragmented with large number of players operating in the
organized and unorganized segments. The high level of competition
has ensured limiting bargaining power, as a consequence of which
rice mills are operating at low to moderate profitability margins.

Key Rating Strengths

* Experienced promoter for more than two decades in agro industry:
Radhe agro Industries India Private Limited was incorporated in
March 2012 by Mr. Gopaldas Soni. Mr. Gopaldas Soni has experience
of more than two decades in rice milling and trading business.

* Locational advantage:  The mill is located in Raichur district of
Karnataka state which is one of the major paddy cultivation areas
in the State. This ensures easy raw material access and smooth
supply of raw materials at competitive prices and lower logistic
expenditure.

* Favorable demand outlook for Agro Industry:  The Indian rice
industry plays a vital role in the economic growth, employment
rates and foreign exchange earnings. It is a huge agricultural
sector, which makes lot of money. All thanks to the preferential
soil, climatic conditions and growing technology. India is the
largest producer and exporter of Rice, all over the world. It
supplies almost 20 per cent of the total rice exports.

The country did suffer from financial stress due to weak
international demand and excess of paddy supply but it is been
expected that it would rebound in 2018-19. As per a statistics of
Government of India, the total production of Indian rice decreased
by 1.1 million or 1.09 per cent in the year 2014-15. The Indian
government has set a production target of 285.2 million tonnes of
food grains in the year 2018-19. India had harvested a record of
almost 248.8 million tonnes of food grains in the year 2017-18. For
the year 2018-19, the agro- industry has fixed Rice production
target of 113 million tonnes, which was 112.9 million tonnes last
year. India is a major rice producer, exporter, and consumer and it
continues to be the world's largest rice exporter for the 4th
consecutive year. Rice is the most vital agricultural crop in
India. It contributes more than 40 % of the country's total food
grain production. The country has high quality paddy, high yield,
low production costs and is been known to efficiently execute its
contracted businesses from that of the ports of East coast and West
coast of India. In the last one decade, the rice industry in India
has seen a major transformation, due to the growth of branded
businesses in that of the domestic market and a strong impetus to
export.

Raichur based (Karnataka) Radhe Agro Industries India Private
Limited (RAIIPL) is a Private Limited Company incorporated in
March, 2012 by Mr. Gopaldas Soni. The Company started its
commercial operation from 2014. RAIIPL is engaged in Engaged in
Rice Milling and Paraboiling. The firm purchase its raw material
i.e. paddy from local farmers, process the paddy in their
plant and sells the final product in the domestically.


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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limit downgraded with
     IND C (ISSUER NOT COOPERATING)/ IND A4 (ISSUER NOT
     COOPERATING) rating; and

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

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

KEY RATING DRIVERS

The downgrade reflects uncertainty with respect to RMIL's ability
to service its debt obligations. The National Company Law Tribunal
passed an order on September 25, 2019, to commence the corporate
insolvency resolution process for RMIL; however, the same was
terminated on November 22, 2019, owing to the settlement between
the company and its creditor. The agency neither has details on
this settlement nor the company's ability to repay its debt.

RATING SENSITIVITIES

Positive: Sustainable operations and improvement in the liquidity
position could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1997, Raghuveer Metal Industries manufactures steel
ingots, thermo-mechanically treated and cold twisted bars in Ajmer
(Rajasthan). It has an annual installed capacity of 46,800 tons of
steel ingots and 60,000 tons of bars.


RAMANI TIMBER: Ind-Ra Assigns B- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ramani Timber
Corporation (RTC) a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR75.0 mil. Fund-based facilities assigned with IND B-
     /Stable/IND A4 rating;

-- INR140.0 mil. Non-fund-based facilities assigned with IND A4
     rating; and

-- INR37.6 mil. Term loan due on October 30, 2022, assigned with
     IND B-/Stable rating.

KEY RATING DRIVERS

The ratings reflect RTC's small scale of operations, as indicated
by revenue of INR260.87 million in FY19 (FY18: INR97.35 million).
The revenue grew on account of an increase in orders. The firm
booked sales of INR161.64 million till October 2019.

The ratings are constrained by the modest EBITDA margins owing to
the trading nature of the business. The margin increased to 5.35%
in FY19 (FY18: 4.30%) due to a decrease in variable expenses. The
firm's return on capital employed was 11% in FY19 (FY18: 3%).

The rating factor in RTC's weak credit metrics owing to the modest
margins and high dependency on debt. The metrics improved in FY19
due to an increase in the absolute EBITDA to INR14 million in FY19
(FY18: INR4 million). The gross interest coverage (operating
EBITDAR/gross interest expense) was 1.08x in FY19 (FY18: 0.37x) and
the net leverage (total adjusted net debt/operating EBITDAR) was
5.50x (17.44x).

Liquidity Indicator-Poor: RTC's average utilization of fund-based
and non-fund-based facilities was 90.1% and 53.9%, respectively,
for the 12 months ended in February 2020. However, the cash flow
from operations improved to a negative INR8.40 million in FY19
(FY18: negative INR16.78 million) due to a decline in payables. The
cash and cash equivalents amounted to INR5.31 million at end-FY19
(end-FY18: INR1.70 million) against scheduled debt repayment of
INR12.5 million for FY20. The working capital cycle improved
significantly to 75 days in FY19 (FY18: 200 days) owing to a
decrease in the receivables period as well as the inventory
period.

The ratings, however, are supported by the promoters' experience of
three decades in the trading of timber.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue and the EBITDA
margin, leading to deterioration in the overall credit metrics and
weakening of the liquidity position, will lead to negative rating
action.

Positive: Improvement in the liquidity position along with a
significant rise in the revenue and  EBITDA margins, leading to an
improvement in the gross interest coverage to above 1.3x, will lead
to positive rating action.

COMPANY PROFILE

RTC was incorporated in 1985 as a partnership firm. The firm is
engaged in the trading of timber in Trichy, Tamil Nadu. It is
headed by Mr. Ramesh N Patel.


RELIANCE BROADCAST: CARE Cuts Rating on INR100cr Debentures to 'D'
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Reliance Broadcast Network Limited (RBNL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      83.69       CARE D; Issuer not Cooperating;
   Facilities                      Revised from CARE C; Stable
                                   on the basis of best available
                                   information

   Non-Convertible    100.00       CARE D; Issuer not Cooperating;
   Debenture issue                 based on best available
   (NCD)-1                         information
                                    
   Non-Convertible     66.80       CARE D; Issuer not Cooperating;

   Debenture issue                 Revised from CARE C; Stable
   (NCD)-2                         based on best available
                                   Information

   Non-Convertible     50.00       CARE D; Issuer not Cooperating;
   Debenture issue                 Revised from CARE C; Stable  
   (NCD)-3                         based on best available
                                   information

   Non-Convertible     65.00       CARE D; Issuer not Cooperating;
   Debenture issue                 based on best available
   (NCD)-4                         information

   Non-Convertible     50.00       CARE D; Issuer not Cooperating;
   Debenture issue                 based on best available
   (NCD)-3                         information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RBNL to monitor the ratings
vide e-mail communications dated September 30, 2019, October 1,
2019, October 4, 2019, October 9, 2019, October 22, 2019, October
31, 2019, November 1, 2019, November 5, 2019, November 7, 2019,
November 18, 2019, November 20, 2019, December 2, 2019, December 4,
2019, December 6, 2019, December 13, 2019, January 1, 2020, January
2, 2020, January 6, 2020, January 8, 2020, January 10, 2020,
January 16, 2020, February 1, 2020, February 3, 2020, February 6,
2020, February 7, 2020, February 19, 2020, February 29, 2020, March
2, 2020, March 3, 2020, March 4, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on RBNL's bank facilities/Instruments will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings of Bank facilities/Instruments have been revised on
account of ongoing delays in debt servicing reported to CARE
through 'No Default Statement' dated March 06, 2020 received on
March 10, 2020 and non-payments of the principal of the NCDs
(ISINs: INE445K07122, INE445K07130 INE445K07155 and INE445K07189)
maturing on September 13, 2019 and October 8, 2019.

Detailed Rationale & Key Rating Drivers

Key Rating Weaknesses:

Ongoing delays/default in debt servicing:  As a part of CARE's due
diligence process, CARE had obtained 'Default if any' statements
dated March 06, 2020 received on March 10, 2020 from the company
which mentioned delays/default in debt servicing (both principal
and interest) on the terms loans availed by the company, as also
delays of more than 30 days in servicing interest on loans from
banks/financial institutions, and a delay in debt servicing of the
listed/unlisted debt obligations of the Company.

Analytical approach:

(I) For the bank facilities, NCD-2, NCD-3, NCD-4 and NCD-5 above):
Standalone

(II) For the rating based on credit enhancement (i.e. NCD-1 above):
The rating of NCD-1 is based on the credit enhancement in the form
of structure based on loan against pledge of shares (LAS) of
Reliance Nippon Asset Management Ltd. (RNAM) and share purchase
agreement entered into between the lenders, Nippon Life Insurance
Company (NLIC), RCL and Indusind Bank, whereby the transaction was
expected to conclude on September 13, 2019 for ISINs INE445K07122
and INE445K07130. The earlier ratings factored in the comfortable
security cover against the loan extended, market risk mitigated by
the locked-in share price and volume for RNAM shares. However, RCL
guarantee continues to be in force although the same has not been
considered in the analytical approach.

RBNL, incorporated on December 27, 2005, is a part of the Anil
Ambani-led Reliance Group. The company is in the business of radio
broadcasting (BIG FM). On May 29, 2019 the RCL and Reliance Land
Pvt. Ltd. (RLPL) announced divestment their entire equity stake in
RBNL to Music Broadcast Ltd., which is owned by Jagran Prakashan
Ltd., for a total consideration of INR1050 crore. As per RBNL's
management, the entire transaction is expected to close in April
2020.


RICOH INDIA: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ricoh India
Limited's Long-Term Issuer Rating of 'IND D'.

The instrument-wise rating action is:

-- INR2.0 bil. Non-convertible debentures ISIN INE291B08028
     issued on September 11, 2014, 7% coupon rate due on September

     10, 2020 is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating on the
instrument, as Ricoh India ceases to exist following the company's
implementation of the corporate insolvency resolution proposal
approved by the National Company Law Tribunal in November 28, 2019.

COMPANY PROFILE

Ricoh India provides copier-based laser multi-function printers in
India.


RIZVI ESTATES: CARE Cuts Rating on INR15.48cr Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rizvi Estates and Hotels Private Limited (REHPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       15.48      CARE D Revised from CARE BB-;
   Facilities                      Stable

Detailed Rationale

The revision in the rating assigned to the bank facilities of REHPL
factors in ongoing delays in debt servicing. The rating is further
tempered due project stabilization and marketing risk and presence
in competitive and cyclical real estate industry.

The rating however, continues to derive strength from experienced
promoters with long track record of operations of the company
coupled with prime location of project.

Key rating sensitivity

Positive Factors:

Timely repayment of debt obligation: Ability of the company to book
the flats in timely manner, timely repay its debt
obligation and stabilize its repayment track record.

Description of Key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing
As per banker interaction, there are ongoing delays in debt
servicing wherein the term loan repayment was delayed by two
months. Moreover, the current outstanding remains unpaid.

Project stabilization and marketing risk
REHPL had completed the construction of Tower A and B in October
2019 and the repayment of the term loan has
commenced since November 2019.

The company arranged for the funds in timely manner along with
timely construction of the tower without any cost and time overrun.
The OC for the said project was received in October 2019.  Moreover
marketing risk also persists due to stretched liquidity position
led by lower booking status. Thus its ability to monetize its
already developed property along with timely repayment of the loan
shall be critical. As on Feb 29, 2020, REHPL has booked 18 units
only (out of total 78 units to be booked) and received customer
advances amounting to INR 13.89 crore.

Thus going forward, its ability to initiate its sales to meet its
debt obligations shall be critical from credit perspective.
Presence in the competitive and cyclical real estate industry The
real estate industry in India is highly fragmented with most of the
real estate developers having region-specific presence. The firm is
exposed to the cyclicality associated with the real estate sector
which has direct linkage with the general macroeconomic scenario,
interest rates and level of disposable income available with
individuals. In case of real estate companies, the profitability is
highly dependent on property markets. A high interest rate scenario
could discourage the consumers from borrowing to finance the real
estate purchases and may depress the real estate market.

Key Rating Strengths

Experienced promoters and long track record of operations
With nearly four decades of group's presence in the real estate
industry, REHPL has developed strong position in the market. The
group in all has undertaken several real estate projects in prime
suburbs such as Bandra, Mahim, Santacruz and Vile Parle, whereas
the promoters – Dr. Akhtar Rizvi and Mrs. Meena Rizvi possess an
experience of over 37 years, whereas Mrs. Reshma Rizvi possesses an
experience of over 22 years in the real estate industry.

Prime location of projects

The residential project of REHPL viz. Rizvi Utopia is located at
prime locations viz. Santacruz in Mumbai, which fall in vicinity to
the Western Express Highway. Moreover, the said location is the
preferred location by the premium class.

Established in 1978, Rizvi Estates and Hotels Private Limited
(REHPL) are engaged into development of residential and commercial
real estate projects primarily in Mumbai, Pune and Goa. Currently
REHPL is executing a project named Rizvi Utopia (registered with
RERA with RERA number - P58100012249), which was started in Q4FY16
and has been successfully completed in October 2019 and the
Occupation Certificate (OC) of the same has been received in
October 2019. However in totality in Tower A and B, 18 units have
been booked as on date i.e February 29, 2020.


RKD CONSTRUCTION: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded RKD Construction
Private Limited's (RKDCPL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB+/Negative' and has simultaneously migrated the same
to the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR108.84 mil. Term loan due on June 2022 downgraded and
     migrated to non-cooperative category with IND BB+ (ISSUER NOT

     COOPERATING) rating;

-- INR975 mil. Fund-based working capital limits downgraded and
     migrated to non-cooperative category with IND BB+ (ISSUER NOT

     COOPERATING) rating;

-- INR1.925 bil. Non-fund-based working capital limits downgraded

     and migrated to non-cooperative category with IND A4+ (ISSUER

     NOT COOPERATING) rating;

-- INR60 mil. Proposed fund-based working capital limits*
     downgraded and migrated to non-cooperative category with
     Provisional IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR1.390 bil. Proposed non-fund-based working capital limits*
     downgraded and migrated to non-cooperative category with
     Provisional IND A4+ (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects lower financial transparency, with the
non-filing of financials in the public domain, and the increased
customer concentration risk, as the ongoing economic slowdown would
affect the construction sector, especially segments such as
industrial development and infrastructure.

Ind-Ra has a negative outlook on the construction sector, with
expectations of muted order inflows across a few sub-sectors.
Furthermore, the high utilizations of working capital limits,
especially non-fund based facilities, and delays in the sanction of
additional limits could hamper the execution capabilities and
ability of infrastructure companies to bid for new orders.

RKD Construction did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. The company has
not provided information such as audited financials, interim
financials, utilization reports and key details required for the
surveillance exercise.

COMPANY PROFILE

Incorporated in 1996, RKD was promoted by Rohit Kumar Das as a sole
proprietorship in 1963. The company is primarily engaged in civil
construction activities, mainly the construction of roads and
highway.


SE FORGE: CARE Reaffirms 'D' Rating on INR183.40cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of SE
Forge Limited (SEFL), as:

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        183.40      CARE D Reaffirmed
   facility-Term
   Loan               

   Long term Bank         46.45      CARE D Reaffirmed  
   facility–Fund
   Based Working
   capital limits         

   Short term Bank        96.00      CARE D Reaffirmed
   facility–Non
   Fund based
   working capital
   Limits              

Detailed Rationale & Key Rating Drivers

The ratings of SEFL continue to reflect the on-going delays in
servicing of debt obligations by the company on account of
stretched working capital cycle.

Rating Sensitivities

Positive Factors

* Repayment of dues in timely manner for over 3 months.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligation
SEFL had delayed in servicing of its debt obligations due to
deterioration in the financial and liquidity profile of parent
which generated the major revenue coupled with high debt service
obligations.

Liquidity: Poor
Analytical approach: Standalone

SE Forge Ltd. (SEFL), incorporated in June 2006, is a wholly owned
subsidiary of Suzlon Energy Ltd. SEFL was established by SEL as a
backward integration to its Wind Turbine Generators (WTGs) design
and manufacturing facilities. SEFL is engaged in the business of
manufacturing Iron Castings and Forged products, primarily used as
components in the WTGs and other related equipment. SEFL has a
Forging unit with an installed capacity of approx. 42,000 rings per
annum at Vadodara in Gujarat and a Foundry unit with an installed
capacity of approx. 1,20,000 MTPA at Coimbatore in Tamil Nadu, both
situated in Special Economic Zones (SEZs).


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


The instrument-wise rating actions are:

-- INR37.5 mil. Fund-based working capital limits (Long-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR53.1 mil. Term loans (Long-term) due on March 2020 migrated

     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 26, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on February 23, 2011, Srikar Laboratories Private
Limited manufactures bulk drugs, and active pharmaceutical
ingredients and its intermediates at its manufacturing plant
located in JN Pharma City, Vizag, Andhra Pradesh. SLPL has an
operating track record of about a decade and its promoters have
more than two decades of experience in the pharmaceutical
industry.


SUSHEE IVRCL: CARE Keeps 'D' on INR308cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sushee
IVRCL ArunachalHighways Limited (SIAL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      234.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long-term/Short-     74.30      CARE D/CARE D; Issuer not
   Term Bank                       cooperating; Based on best
   Facilities                      available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking for information from SIAL to monitor the
ratings vide email communications dated June 27, February 11, 2020,
February 13, 2020, February 17, 2020 and various phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on bank facilities of Sushee IVRCL ArunachalHighways Limited
will now be denoted as CARE D; ISSUER NOT COOPERATING/CARE D;
ISSUER NOT COOPERATING.

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

At the time of last rating on February 20, 2020, the following were
the rating strengths and weaknesses.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: The auditor in his CARO report has
mentioned delays in payment of interest to banks and financial
institutions to tune of INR0.05 crore.

SIAL is a SPV floated by Sushee Infra & Mining Limited (Sushee)
[erstwhile Sushee Infra Private Limited] – 74% and IVRCL Limited
(IVRCL) – 26% to undertake execution of project awarded by MoRTH.
The project involves widening of the existing road to 2-lane NH
standards along with improvement and re-alignment from Nechipu to
Hoj via Seppa, Khodaso, Saggalee (part of Trans Arunachal Highway)
in Arunachal Pradesh under Arunachal Pradesh package of roads and
highways of SARDPNE on NH 229 on Design, Build, Finance, Operate
and Transfer (DBFOT) Annuity basis. The concession period for the
project is 17 years from the appointed date, ie, July 18, 2013,
including a 4 ½ years of construction period.


ULTRA SPACE: CARE Keeps D on INR200cr Loan in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ultra Space
Developer Private Limited (USDPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank     200.00      CARE D; Issuer not cooperating;
   Facilities-                    Based on best available
   Term Loan                      Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 28, 2019, placed the
rating(s) of USDPL under the 'issuer non-cooperating' category as
USDPL had failed to provide information for monitoring of the
rating. USDPL continues to be non-cooperative despite repeated
requests for submission of information through emails, phone calls
and a letter dated February 29, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

The rating has been reaffirmed on account of the ongoing delays in
debt servicing of the company.

Ultra Space Developers Private Limited (USDPL) is a Mumbai-based
private limited company, engaged in the real estate development and
construction. It develops residential and commercial spaces. The
company was incorporated on August 20, 2008. USDPL operates as a
subsidiary of RKW Developers Private Limited which is the real
estate arm of Wadhawan Group. The projects under RKW are marketed
under the brand name "Dheeraj Realty".

RKW has six premium residential projects at prime locations in
Mumbai such as the Bandra-Kurla Complex, Juhu and Chembur. USDPL is
currently implementing a residential cum commercial project
"Insignia" spread over a land area of 1,06,284 sqft at Kalina in
Santacruz East, Mumbai.


UNITRIVENI OVERSEAS: CARE Keeps D on INR20cr Debt in NonCooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Unitriveni
Overseas (UTO) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      17.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

   Short-term Bank      3.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from UTO to monitor the rating
vide letters/e-mails communications dated December 12, 2019,
December 20, 2019 January 14, 2020 February 8, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on UTO's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers
At the time of last rating on October 18, 2019 the following were
the rating weaknesses and strength.

Key Rating Weaknesses
Ongoing delays in debt servicing: There are on-going delays in debt
servicing of the firm.

Unitriveni Overseas (UTO) was constituted as a partnership firm on
May 6, 2008 by Bhattacharya family of Kolkata, West Bengal. The
firm is engaged in processing and export of sea food, primarily
Vannami and black tiger prawns. UTO has its processing facilities
on lease rental basis at Kolkata, West Bengal (owned by Sunshine
Packaging Industries). The facility has an aggregate processing
capacity of 28 metric tonnes per day (MTPD) of seafood. The firm
has One Star Export House status from the Government of India. The
firm exports its products mainly to USA, France, Vietnam, etc. UTO
procures prawn from the open market from farmers and agents for
processing and export. The plant is appropriately located in
proximity to several aquaculture farms in West Bengal which reduces
the risk of raw material availability and also keeps the inward
freight costs under control.


URBAN TRANSIT: CARE Keeps D on INR162cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Urban
Transit Private Limited (UTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       152.00     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Non        10.00     CARE D; Issuer not cooperating;
   Fund Based–                     Based on best available
   LC/BG                           information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2019, placed the
rating(s) of UTPL under the 'issuer non-cooperating' category as
UTPL had failed to provide information for monitoring of the
rating. UTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated February 29, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

There have been instances of delays in servicing of debt
obligation.

Urban Transit Pvt. Ltd. (UTPL) is a wholly owned subsidiary of
Scomi Engineering Bhd, Malaysia (SEB). UTPL is executing a
subcontract of Mumbai Monorail Project which entails supply of
Telecommunications, Signalling and Communication Equipment and
Installation, Testing and Commissioning (ITC) of these systems and
the rolling stock including Operation and Maintenance of Monorail
System in Mumbai Metropolitan Region, Mumbai. The subcontract has
been awarded to UTPL by the unincorporated consortium of Larsen &
Toubro Ltd. (L&T) and SEB, hereafter called LTSE, which is the
contractor for 19.7 km Mumbai Monorail appointed by Mumbai
Metropolitan Region Development Authority (MMRDA). SEB's portion of
the contract relates to provision of train cars and its related
electrical systems and L&T's part pertains to civil and structural
construction works. The original value of the contract for UTPL was
INR 292 crore.


VIBRANT COTFAB: Ind-Ra Withdraws BB- LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vibrant Cotfab
Private Limited's (VCPL) Long-Term Issuer Rating to 'IND BB-' from
'IND BB' and has simultaneously withdrawn the rating. The Outlook
was Stable.

The instrument-wise rating actions are:

-- INR134 mil. Fund-based limits* Long-term rating downgraded and

     withdrawn, short-term rating affirmed and withdrawn;

-- INR8.5 mil. Non-fund-based limits' affirmed and withdrawn; and

-- INR354.18 mil. Long-term loan# due on March 2027 downgraded
     and withdrawn.

* Fund-based limits downgraded to 'IND BB-'/Stable and short-term
rating affirmed at 'IND A4+' before being withdrawn

'Non-fund-based limits affirmed at 'IND A4+' before being
withdrawn

# Long-term loans downgraded to 'IND BB-'/Stable before being
withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.

KEY RATING DRIVERS

The downgrade reflects VCPL's deteriorated credit metrics in FY19
with interest coverage ratio (operating EBITDA/gross interest
expense) of 1.90x ( FY18: 3.30x) and leverage ratio (adjusted net
debt/operating EBITDA) of 10x (5.38x) due to the additional debt
availed for CAPEX and EBITDA margins being
lower-than-the-management's expectations. According to the
provisional results for 9MFY20, net leverage was 6.16x and interest
coverage was 2.14x with absolute operating EBITDA of INR87 million
(FY19: INR61.31 million).

The scale of operations continues to be medium despite revenue
increasing to INR778 million during 9MFY20 and INR798 million in
FY19 (FY18: INR738 million) with a marginal improvement in the
number of orders received.  Since the company operates in a highly
competitive industry, with several organized and unorganized grey
cloth manufacturers and traders, EBITDA margin remained modest even
as it improved to 7.68% in FY19 (FY18: 7.6%) due to a fall in other
expenses. During 9MFY20, the company booked EBITDA margin of 11%
with an improvement in the cost of materials consumed. The return
on capital employed stood at 5.53% in FY19 (FY18: 7.6%).

Liquidity Indicator - Stretched:  VCPL's average working capital
utilization was 97% over the 12 months ended February 2020. Cash
and cash equivalents were weak at INR0.8 million at FYE19 (FYE18:
INR0.5 million) against a total outstanding debt of INR621 million.
The cash flow from operations remained negative at INR59 million in
FY19 (negative INR61 million) on increased working capital
requirement. The working capital cycle lengthened to 98 days in
FY19 from 88 days in FY18 with an increase in the inventory days
and debtors' days. The debt service coverage ratio is likely to be
below 1x during FY20.

The ratings are constrained by the company's high geographic
concentration with Gujarat accounting for about 60% of the total
turnover in FY19.

The ratings are, however, supported by the company's promoters'
experience of over two decades in the textile industry.

COMPANY PROFILE

Incorporated in July 2013, VCPL manufactures grey cotton fabrics
and grey denim fabrics at its unit in Ahmedabad, Gujarat with 96
looms. The company also trades in finished fabrics.


VISWABHARATHI EDUCATIONAL: CARE Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Viswabharathi Educational Society (VES) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     166.50       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VES to monitor the rating
vide e-mail communications dated February 5, 2020, February 17,
2020, February 25, 2020, February 28, 2020 and numerous phone
calls. However, despite CARE's repeated requests, the trust has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Viswabharathi Educational Society's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating takes into account ongoing delays in debt servicing by
Viswabharathi Educational Society.

Detailed description of the key rating drivers

At the time of last rating on April 2, 2019, the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Delay in debt servicing by the company due to tight liquidity
position
The trust continues to delay in servicing of debt obligations.

Established in 1997, Viswabharathi Educational Society (VES) is
promoted by Dr D Kantha Reddy and family. Various institutions
under the promoter include Viswabharathi Medical College & Teaching
Hospital, Viswabharathi Super Specialty Hospital, Viswabharathi
Cancer Hospital, Viswabharathi College of Nursing, and
Viswabharathi School of Nursing.


VITTHAL CORP: CARE Keeps 'D' on INR171cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vitthal
Corporation Limited (VCL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     171.25       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VCL to monitor the rating
vide e-mail communications/letters dated December 3, 2019, January
13, 2020, February 10, 2020, March 9, 2020 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Vitthal Corporation Limited's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Rating Sensitivities

Positive factors

   * Repayment of debt obligations on timely manner and
     demonstration of default free track record of more than
     90 day.

Detailed description of the key rating drivers

At the time of last rating on February 11, 2020, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies)

Key Rating Weakness

Delays in debt servicing
As per the feedback received from the bankers of VCL, there are
ongoing delays in debt servicing.

Vitthal Corporation Limited (VCL) was incorporated in 1998 as
Vitthal Sugars Manufacturing Limited (VSML) to undertake
manufacturing of sugar. The company changed its name to its present
name on July 22, 2010. VCL's facility was commissioned in 2008 with
an installed capacity of 2500 TCD (tons of cane crushed per day).
VCL has a fully integrated sugar manufacturing unit consisting of
distillery unit of 30 KLPD (kilo liters per day) and 12MW
(megawatt) bagasse based power generation plant.


YES BANK: Ind-Ra Revises BB- Issuer Rating to Watch Evolving
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the rating watch on
Yes Bank Ltd's Long-Term Issuer Rating of 'IND BB-' to Rating Watch
Evolving (RWE) from Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR110 mil. Basel III Tier 2 bonds Rating Watch revised to
     Evolving from Negative with IND B+/RWE rating;

-- INR111 mil. Additional Basel III Tier 1 (AT1) bonds# is   
     withdrawn; and

-- INR35.8 mil. Infrastructure bonds Rating Watch revised to
     Evolving from Negative with IND BB-/RWE rating.

*Details in annexure

# Given that Basel III AT1 bonds have been written
off/extinguished, agency withdraws its ratings on the same.

KEY RATING DRIVERS

The revision of the rating watch to evolving follows the systemic
support Yes Bank has received recently in terms of both equity and
liquidity from the new set of investors and the regulator for its
reconstruction. It also considers the pressure that could show up
on the liabilities once the regulator-imposed moratorium is
lifted.

Ind-Ra downgraded the bank's ratings and maintained them on RWN on
March 6, 2020; in the agency's opinion, the temporary
regulator-imposed moratorium resulted in the bank not being able to
follow through with settlement and transaction requests.
Subsequently, the bank declared its 3QFY20 results. Its gross
non-performing assets (NPAs) increased to 18.87% in 3QFY20 from
7.39% in 2QFY20 while its net NPAs grew to 5.97% from 4.35%. This
implies the additional recognition of INR230 billion as
non-performing till the time of publishing the 3QFY20 results and
not just end-December 2019. Including this, the total stressed book
including non-fund limits to the same accounts is about INR490
billion. The bank has significantly ramped up its provision cover
on gross NPAs (3QFY20: 72.7%; 2QFY20: 43.05%); the credit cost
incurred in 3QFY20 was INR223 billion (80% of the bank's net-worth
at end-September 2019). In its communication to the markets, Yes
Bank has indicated that as a prudent measure, it has provided a
substantially higher amount than required under the Reserve Bank of
India's (RBI) norms and non-performing assets recognition and
provisions cover FY20 till the time of publishing the 3QFY20
results and not just end-December 2019. So, the bank may see
limited credit costs over the next couple of quarters.  

The unprecedented levels of provisions resulted in CET1 declining
to 0.6% in 3QFY20 from 8.5% in 2QFY20 (adjusted for the
divergences). Based on the reconstruction plan that was notified on
13 March 2020, the State Bank of India ('IND AAA'/Stable), along
with a group of private banks, was to infuse INR100 billion into
Yes Bank. Also, the AT1 bonds of INR84.15 billion have been fully
written down and extinguished, adding to the net worth of the bank.
The bank's CET1 now stands at 7.6%, marginally higher than the
minimum requirement of 7.375% before 31 March 31, 2020 but lower
than 8% required on and after March 31, 2020. The bank also plans
to raise further capital in subsequent stages.

Liquidity Indicator – Stretched: Yes Bank also saw a substantial
outflow of deposits; there was a 21% qoq reduction in deposits in
3QFY20 to INR1.66 trillion. The bank managed the same by increasing
borrowings and selling assets to generate liquidity. Its liquidity
coverage ratio and statutory liquidity ratio were both below the
regulatory requirements.

The Finance Ministry and the RBI subsequently, through press
conferences and public statements, have assured liquidity and other
forms of support as and when required for the reconstruction to be
successful. Ind-Ra expects that the reconstructed bank could face
deposit withdrawals as soon as the moratorium is lifted and the
liquidity support commitments that various investors and the RBI
have committed may need to materialize. The scheme of
reconstruction also states that all the deposits would be honored.


On an operational basis, the bank's pre-provision operating profit
was nil in 3QFY20 (2QFY20: INR14.5 billion). For the bank to be
profitable again, it needs to gain confidence of both the
depositors and the borrowers. While its ability to manage both
asset and liability sides for growth could be tested in the near
term, based on the systemic support that the bank has been provided
with, Ind-Ra expects the bank to begin to build its business
again.

RATING SENSITIVITIES

The success of the resolution plan over a reasonable timeframe in
the agency's opinion and the ability of the bank to maintain a
reasonable liability profile to run its business profitably could
lead to the resolution of the RWN.

COMPANY PROFILE

Yes Bank is a private bank headquartered in Mumbai. It was
incorporated in 2004 and has grown to become a full-service
commercial bank. The bank had an asset size of INR2,909.8 billion
at end-December 2019, with a net loss of INR190.47 billion for
9MFY20.




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

GEO ENERGY: S&P Lowers LongTerm Issuer Credit Rating to 'SD'
------------------------------------------------------------
S&P Global Ratings, on March 19, 2020, lowered its long-term issuer
credit rating on Geo Energy to 'SD' (selective default) from 'B-'.
S&P also lowered its issue rating on the senior unsecured notes the
company guarantees to 'D' from 'B-'.

S&P said, "We lowered the ratings because we consider Geo Energy's
series of debt buybacks as distressed, rather than opportunistic.
Geo Energy announced on March 17, 2020, that it had bought back the
equivalent of nearly US$76 million of notes on the secondary market
between March 13 and March 17, 2020. Along with other small note
buybacks in December 2019 and March 2020, we now estimate that the
company has repurchased nearly 37% of its outstanding notes."

S&P regards these buyback transactions as constituting a distressed
exchange under our criteria because of the following factors:

-- The cumulative share of notes repurchased exceeds one-third of
the company's notes of US$300 million.

-- These transactions took place at substantial discounts to face
value of 33% to 46%.

-- S&P believes there was a possibility of a conventional default
because Geo Energy has been unable to expand its coal reserves,
increasing the likelihood that a put option on the notes would be
triggered in April 2021. In addition, the company's cash balance
had significantly eroded over the past 12 months given the buybacks
along with coal offtake prepayments.

Geo Energy had been seeking to acquire two coal mines in South
Sumatra in Indonesia since September 2019. A successful transaction
would increase reserves above 80 million metric tons (MMT) by the
first call date on April 4, 2021. In our view, this investment
would reduce the risk that the notes would be puttable in 2021,
provided the existing mining concessions at the PT Sungai Danau
Jaya (SDJ) and PT Tanah Bumbu Resources (TBR) mines are extended to
2025.

The company had planned to close the acquisitions in December 2019,
but that has been delayed.


MNC INVESTAMA: S&P Cuts ICR to CCC on Growing Refinancing Risk
--------------------------------------------------------------
S&P Global Ratings, on March 19, 2020, lowered its long-term issuer
credit rating on the Indonesia-based diversified media company PT
MNC Investama Tbk. to 'CCC' from 'B-'. At the same time, S&P
lowered the issue rating on MNC Investama's senior secured notes to
'CCC' from 'B-'.

The downgrade reflects MNC Investama's lack of progress on
articulating and implementing a comprehensive and credible
repayment or refinancing strategy for its US$231 million senior
secured notes due on May 11, 2021.

With 14 months to notes' maturity, MNC Investama has limited
flexibility to find alternative funding sources to repay or
refinance the notes. Weak global economic conditions exacerbate the
problem.

In S&P's view, the company will increasingly be dependent on
favorable conditions outside its control to repay or refinance the
notes. Investor sentiment toward higher-risk assets has weakened
over the past few weeks. This could make it increasingly
challenging for MNC Investama to refinance the notes in a timely
and cost-effective manner. The company's corporate structure
remains complex, with substantial debt at the holding level and
reliance on dividend payments from operating subsidiaries or asset
sales. MNC Investama's credit standing in the market remains weak
after a distressed exchange of its 2013 notes.

S&P views management willingness to execute divestments to fund
debt repayment as uncertain.

MNC Investama has listed assets it could divest to fund debt
repayment, including shares in real estate developer PT MNC Land
Tbk. and financial services provider PT MNC Kapital Indonesia Tbk.
(MNC Kapital). However, S&P views management's willingness to
execute those sales in a timely manner and to a level that would be
sufficient to reduce its debt load substantially as uncertain. The
company did not divest these assets to repay the 2013 notes, opting
instead for a restructuring that we viewed as a distressed
exchange. The current economic uncertainty has also depressed asset
prices, a situation that may delay any disposals the company may
have planned.

Despite heightened refinancing risk, MNC Investama and its
operating subsidiaries have continued to explore acquisitions.
These include the acquisition of PT Digital Vision Nusantara (or
K-Vision) completed in August 2019 and the potential acquisition of
PT Link Net Tbk. announced in December 2019. The K-Vision
acquisition is modest in absolute terms and the acquisition of PT
Link Net has not been closed. But these actions are creditor
unfriendly, in S&P's view, and signal that MNC Investama
prioritizes business growth over meeting financial commitments.

MNC Investama may prioritize repayment or refinancing of debt at
operating subsidiaries that are maturing ahead of the US$231
million notes.

Other than short-term loans, the group's operating subsidiaries
have bullet maturities in 2020. These include Indonesian rupiah
(IDR) 250 billion sustainable bonds, US$40 million guaranteed
floating rate notes, and IDR150 billion sukuk held at subsidiary PT
Global Mediacom Tbk. While these maturities are not as large as the
U.S. dollar notes, we believe trying to settle them will distract
MNC Investama from crystallizing repayment or refinancing plans for
its US$231 million notes.

S&P said, "We believe the stake sale in MNC Kapital can help
alleviate the pressure of meeting interest payments on the notes.

"We had expected MNC Investama to fund interest payments on the
US$231 million notes of about IDR160 billion (or US$10.4 million)
semiannually in May and November using cash on hand, dividends from
operating companies, small stake disposals in listed assets (as MNC
Investama did to service interest on its 2013 notes), or one-off
upstreaming of funds from subsidiaries. However, with the earlier
maturities and continued growth plans at the operating
subsidiaries, we believe resources may be conserved at those levels
and not be upstreamed as dividends to MNC Investama." However, MNC
Investama's sale of stake in MNC Kapital in December 2019 raised
about IDR700 billion (US$45 million), which should sufficiently
fund interest payments on the notes in May 2020 and likely in
November 2020.

The negative outlook reflects MNC Investama's growing refinancing
risk and prospects of a further downgrade within the next six
months if refinancing plans that significantly alleviate
refinancing risk do not materialize. S&P believes the current
weakened global markets will exacerbate the difficulty in executing
repayment or refinancing plans.

S&P could lower the rating by one notch or more if MNC Investama
cannot refinance its maturing U.S. dollar-denominated notes, or if
the company does not have more concrete actions toward refinancing
by the third quarter of 2020. S&P may also lower the rating if MNC
Investama undertakes capital market transactions related to its
2018 notes that it assesses as constituting a distressed exchange.
These include capital market purchases below par.

A positive rating action would be contingent on a sustainable
reduction in refinancing risk and a substantial lengthening of MNC
Investama's debt maturity profile.




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

UNIVERSAL ENTERTAINMENT: S&P Puts 'BB-' LT ICR on Watch Negative
----------------------------------------------------------------
S&P Global Ratings said it has placed its 'BB-' long-term issuer
credit rating on Japan-based gaming machine and casino company
Universal Entertainment Corp. (UE) and its 'BB-' senior secured
debt rating for the company on CreditWatch with negative
implications.

The CreditWatch placement follows the company's announcement on
March 16 that it has suspended operations at its Okada Manila
casino resort complex near the Philippine capital from March 15 to
April 14. It also reflects S&P's view that its profit is likely to
fall materially if the global COVID-19 pandemic persists and the
company extends the suspension, leading to a substantial delay in
the recovery of its financial health.

S&P said, "We believe UE's cash flow generation capacity will
deteriorate materially due to the suspension of almost the entire
casino resort complex, which generates about 50% of the company's
EBITDA. As a result, key financial metrics will likely worsen to a
level that is far weaker than set out in our assumptions. The
Philippine Amusement and Gaming Corp. (PAGCOR), the local
regulator, has ordered the suspension of all casino and other
gaming operations in the Metro Manila area for one month. However,
we regard a resumption of operations in one month as highly
uncertain given the ongoing spread of the virus. We now believe
UE's debt-to-EBITDA ratio could rise well beyond 3.0x (excluding
the effects of adopting new leasing accounting standards for
overseas subsidiaries), which is one of our downgrade triggers, if
operations at the Okada Manila do not resume for several months. We
had previously assumed the ratio would improve to about 2.5x by
Dec. 31, 2020.

"We also believe that the gaming machine business, another earnings
pillar, is likely to suffer a deterioration in performance due to
the impact of the pandemic going forward. Pachinko hall
operators--the company's customers--may have to suspend or restrict
operations if the number of COVID-19 cases in Japan continues to
rise, in our view. An increase in the number of cases could also
intensify competition with smartphone game applications, which do
not carry the same risk of infection.

The company's liquidity status is stable. S&P said, "We believe
UE's substantial cash balance of over JPY38 billion, which far
exceeds its debt repayments for the next 12 months (about JPY8
billion), will continue to support our assessment of the company's
liquidity. We assess that its liquidity position became more stable
in fiscal 2019 (ended Dec. 31, 2019) due to refinancing of
short-term borrowings to long-term borrowings. Nevertheless, we
will closely watch how the company refinances U.S.
dollar-denominated bonds worth about JPY67 billion, or US$ 600
million, that mature in December 2021 in case it faces a material
delay in the recovery of its financial health amid an expected
deterioration in the funding environment."

S&P said, "We will resolve the CreditWatch placement within 90 days
after examining the impact of the suspension of its casino
operations and outlook for the operational performance of the
entire company, including the gaming machine business. In resolving
the CreditWatch placement, we will also consider possible
reductions in expenses, such as staffing costs, at the casino
complex. If the suspension is extended for longer than two to three
months, the rating is likely to remain on CreditWatch after our
rating action.

"We have also placed the long-term issue ratings on CreditWatch
with negative implications. We will likely equalize the rating on
the long-term issue rating with the long-term issuer credit rating,
because the U.S. dollar-denominated bonds issued by the company are
senior secured debt."




===============
M A L A Y S I A
===============

LION DIVERSIFIED: Chapter 15 Case Summary
-----------------------------------------
Chapter 15 Debtor: Lion Diversified Holdings Berhad
                   Level 14, Lion Office Tower, No. 1 Jalan
                   Nagasari, 50200 Wilayah Persekuluan
                   Kuala, Lumpur, Malaysia

About the Business: The Company is an investment holding
                    corporation, primarily involved in
                    the manufacturing of high-grade
                    steel.  The Company faced
                    difficulties after the Chinese govt.
                    funneled state money into the
                    steel industry.

Foreign Proceeding: Liquidation proceeding in Malaysia
                    pursuant to Sec. 465 and 466 of
                    Companies Act 2016 pending before the
                    High Court of Malaya at Kuala Lumpur.

Chapter 15 Petition Date: March 18, 2020

Court: United States Bankruptcy Court
       Central District of California

Case No.: 20-13029

Judge: Hon. Sandra R. Klein

Foreign Representative: Datuk Tee Guan Pian

Foreign
Representative's
Counsel:                Bradley M. Rose
                        KAYE ROSE & PARTNERS, LLP
                        169 South Rodeo Drive
                        Beverly Hills, CA 90212
                        Tel: (310) 551-6555
                        E-mail: brose@kayerose.com

Estimated Assets: Unknown

Estimated Debts: Unknown


SCOMI GROUP: Aborts MYR214MM Cash Call, To Explore Fresh Proposal
-----------------------------------------------------------------
Wong Ee Lin at theedgemarkets.com reports that Scomi Group Bhd,
which had in May last year planned to make a cash call to raise up
some MYR214 million to pare down its debts, has decided to call off
the multiple corporate exercises.

The proposed corporate exercises included a rights issue sweetened
by free warrants, share consolidation, liabilities settlement and
shares capital reduction.

theedgemarkets.com relates that in a filing with Bursa Malaysia on
March 20, Scomi's board of directors have decided to abort the
proposals due to the current market conditions as well as the
deteriorating market price of its shares.

"The board shall explore a fresh proposal, to comprehensively
address the company's current PN17 status," said Scomi.

Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd --
http://www.scomigroup.com.my/publish/home.shtml-- provides
drilling fluids and mud engineering services and the supply of
industrial and production chemicals to the upstream and downstream
oil and gas industry.

In December 2019, Scomi Group Bhd slipped into Practice Note 17 (PN
17) status after it triggered Paragraphs 2.1(a) and 2.1(e) of PN17
of the Listing Requirements, whereby its shareholder equity fell
below the 25% threshold with modified opinion from its auditors.



                           *********


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 ***