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

                     A S I A   P A C I F I C

          Wednesday, April 1, 2020, Vol. 23, No. 66

                           Headlines



A U S T R A L I A

AUCTUS MINERALS: First Creditors' Meeting Set for April 1
ENCOREFX (AUSTRALIA): First Creditors' Meeting Set for April 9
HALLMARK (ADELAIDE) 1: First Creditors' Meeting Set for April 9
HORIZON GLOBAL: Idles Manufacturing Facilities Amid COVID Pandemic
HORIZONS GROUP: First Creditors' Meeting Set for April 9

MEDIATION & ONLINE: First Creditors' Meeting Set for April 7
RSJ MACHINERY: Second Creditors' Meeting Set for April 7
TECHNOTORCH WA: Second Creditors' Meeting Set for April 9
[*] Struggling Australian Hotels Get Lifeline


C H I N A

JMU LIMITED: Appoints New Independent Public Accounting Firm
REMARK HOLDINGS: Receives Notice of Acceleration From MGG


I N D I A

AB RICETECH: CRISIL Migrates 'B' Debt Ratings to Not Cooperating
ANTONY ROAD: Ind-Ra Puts BB Issuer Rating on Rating Watch Evolving
ARPEE ENERGY: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
ATIBIR INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
BALAJI RICE: CRISIL Lowers Rating on INR10cr Cash Loan to B+

BANGALORE BLUES: CRISIL Assigns 'C' Rating to INR18.85cr Loan
CATVISION LIMITED: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
CHOUDHARY FASHIONS: Ind-Ra Moves BB+ LT Rating to Non-Cooperating
COIRFOAM INDIA: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
FIRDOUS GOLD: CRISIL Withdraws 'B' Rating on INR5cr Cash Loan

GRAPE MARKETING: CRISIL Moves B+ on INR8cr Loans to Not Cooperating
GSCO INFRASTRUCTURE: Ind-Ra Moves 'D' LT Rating to Non-Cooperating
GULABCHAND BADRINARAYAN: CRISIL Moves B Rating to Not Cooperating
HANUMAN AGENCIES: CRISIL Cuts Rating on INR3cr Cash Loan to B+
HEENA ENTERPRISES: Ind-Ra Lowers LT Issuer Rating to 'B+'

JSK CORP: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
K K P SPINNING: CRISIL Lowers Rating on INR31cr Loan to B+
K. B. RICE: CRISIL Moves B+ on INR12cr Loans to Not Cooperating
KALEESUWARI JEWELLERY: CRISIL Cuts Ratings on INR30cr Loans to B+
KAMINENI EDUCATIONAL: Ind-Ra Lowers Bank Loan Rating to 'BB+'

KERALA CARS: CRISIL Lowers Rating on INR23.15cr Loan to B+
KOHENOOR INDUSTRIES: CRISIL Keeps 'D' Rating in Not Cooperating
KUMARAN POULTRY: CRISIL Withdraws 'B+' Rating on INR5.2cr Loan
MAA KALIKA: CRISIL Keeps D on INR22.5cr Debt in Not Cooperating
MAHALAXMI AUTOMOTIVES: Ind-Ra Assigns B LT Rating, Outlook Stable

MAHALAXMI BUS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
MARITON HOTELIERS: CRISIL Moves B+ Debt Rating to Not Cooperating
MATHRU BUILDTECH: CRISIL Lowers Rating on INR30cr Loan to B+
MAX GOLD: CRISIL Lowers Rating on INR12cr Cash Loan to 'B+'
MBS SERVICES: CRISIL Lowers Rating on INR16.4cr Loan to B+

MEDICON LEATHER: CRISIL Assigns 'B' Rating to INR5cr Cash Loan
MEGASOFT LIMITED: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
MGM EDIBLE: Ind-Ra Affirms Then Withdraws BB- Rating
MINERVA BRIGADE: CRISIL Lowers Rating on INR7cr Loan to B+
MJR BUILDERS: CRISIL Cuts Rating on INR45cr LT Loan to B+

MOTOR TRADES: Second Creditors' Meeting Set for April 8
MSR ENTERPRISES: CRISIL Cuts Rating on INR8cr Bank Loan to 'D'
MY MOBILE: CRISIL Lowers Rating on INR15cr LT Loan to B+
NATIONAL INDUSTRIES: CRISIL Cuts Rating on INR7.5cr LT Loan to B+
NIKITA JEWELLERS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating

PENTAGON LUBRICANTS: CRISIL Migrates B+ Ratings to Not Cooperating
PIONEER PRODUCTS: CRISIL Withdraws B+ Rating on INR3cr Loan
REGINE'S PATISSERIE: First Creditors' Meeting Set for April 7
RG SUNDAR: CRISIL Withdraws B+ Rating on INR7.5cr Cash Loan
SARAVANA INDUSTRIES: Ind-Ra Lowers Issuer Rating to 'B'

TECHNO MARK: CRISIL Lowers Rating on INR2cr Bank Loan to 'D'
TNB POLYMERS: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
VARANASI STP: Ind-Ra Lowers Loan Rating to BB-, Outlook Negative


S I N G A P O R E

AVATION PLC: S&P Lowers ICR to 'B', On Watch Negative
EZION HOLDINGS: Gets Originating Summons Against Units
HONESTBEE PTE: High Court Dismisses Bid to Convene Scheme Meeting
SMARTLY: Winds Down Operations Over Intense Competition


T H A I L A N D

IRPC PUBLIC: Moody's Withdraws Ba1 CFR for Business Reasons
IRPC PUBLIC: S&P Lowers ICR to 'BB' Then Withdraws Rating


X X X X X X X X

MALDIVES: Fitch Lowers LongTerm IDRs to B & Alters Outlook to Neg.

                           - - - - -


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

AUCTUS MINERALS: First Creditors' Meeting Set for April 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Auctus
Minerals Pty Ltd and Auctus Resources Pty Ltd will be held on April
1, 2020, at 1:30 p.m. via teleconference.

Richard Tucker and John Bumbak of Kordamentha were appointed as
administrators of Auctus Minerals on March 20, 2020.



ENCOREFX (AUSTRALIA): First Creditors' Meeting Set for April 9
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of EncoreFX
(Australia) Pty Ltd will be held on April 9, 2020, at 9:00 a.m. via
teleconference.

Adams Pauls Nikitins and Stewart McCallum of Ernst & Young were
appointed as administrators of EncoreFX (Australia) on March 30,
2020.



HALLMARK (ADELAIDE) 1: First Creditors' Meeting Set for April 9
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Hallmark
(Adelaide) 1 Pty Ltd will be held on April 9, 2020, at 3:00 p.m. at
22 Market Street, in Brisbane, Queensland.

Anne Meagher of SV Partners was appointed as administrator of
Hallmark (Adelaide) on March 30, 2020.



HORIZON GLOBAL: Idles Manufacturing Facilities Amid COVID Pandemic
------------------------------------------------------------------
Horizon Global Corporation said in a Form 8-K filed with the
Securities and Exchange Commission that the Company and its
subsidiaries have been adhering to mandates and other guidance from
local governments and health authorities with regards to the novel
coronavirus ("COVID-19"), as well as the World Health Organization
and the Centers for Disease Control.  The Company has implemented
risk mitigation plans across the enterprise to reduce the risk of
spreading the virus while continuing to operate to the extent
possible.  The Company's main priority is the health of its
employees and others in the communities where it does business.

Recently, certain customers in Europe and North America have
announced the temporary idling of their manufacturing facilities.
The Company continues to operate and fill customer orders; however,
in response to the customer shutdowns referenced above and other
anticipated changes in demand, the Company:

  (i) temporarily idled its manufacturing facilities in Rheda-
      Wiedenbruck, Germany and Brasov, Romania, effective
      March 23, 2020;

(ii) expects to temporarily idle its manufacturing facilities in
      Hartha, Germany and Luneray, France on or before March 27,
      2020; and

(iii) will flex down operations at its manufacturing facilities
      in Reynosa, Mexico and its distribution facilities in the
      United States, including its facility in Edgerton,
      Kansas, in line with customer demand in North America and
      in accordance with any government mandated operational
      restrictions.

Horizon Global said, "The Company is taking immediate steps to
mitigate the impact of COVID-19 on its business.  The Company
expects to participate in various governmental programs in Europe
that will protect both the Company's workforce and preserve
liquidity.  In North America, the Company expects to furlough a
portion of its workforce at its manufacturing facilities in
Reynosa, Mexico and distribution facilities in the United States
and participate in governmental programs to the extent available.
Further, the Company will continue to implement cost reduction
measures at its Plymouth, Michigan headquarters.

"The extent and duration of the impact of COVID-19 and resulting
effect on the Company's operations continues to evolve and remains
uncertain.  The Company will continue to assess the operational and
financial impact of COVID-19 and will provide a further update as
and when appropriate, including when results for the first quarter
of 2020 are reported."

                         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 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.

                          *    *    *

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.


HORIZONS GROUP: First Creditors' Meeting Set for April 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Horizons
Group Travel Pty Ltd will be held on April 9, 2020, at 10:00 a.m.
at the offices of Rapsey Griffiths Turnaround + Insolvency, Level
5, at 55-57 Hunter Street, in Newcastle, NSW.

Mitchell Griffiths of Rapsey Griffiths Turnaround + Insolvency was
appointed as administrator of Horizons Group on March 30, 2020.



MEDIATION & ONLINE: First Creditors' Meeting Set for April 7
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Mediation &
Online Dispute Resolution Operating Network Pty. Ltd. will be held
on April 7, 2020, at 11:00 a.m. at the offices of Suite 1, Level
15, at 9 Castlereagh Street, in Sydney, NSW.

Simon Cathro of Worrells Solvency & Forensic Accountants was
appointed as administrator of Mediation & Online on March 26,
2020.


RSJ MACHINERY: Second Creditors' Meeting Set for April 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of RSJ Machinery
Pty Ltd, formerly trading as Wood Tech Group (VIC), has been set
for April 7, 2020, at 11:00 a.m. at the offices of BRI Ferrier
Level 10, at 45 William 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 April 6, 2020, at 4:00 p.m.

James Koutsoukos and David Coyne of BRI Ferrier were appointed as
administrators of RSJ Machinery on March 2, 2020.


TECHNOTORCH WA: Second Creditors' Meeting Set for April 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of Technotorch WA
Pty Ltd has been set for April 9, 2020, at 9:30 a.m. at the offices
of SM Solvency Accountants, 10/144 Edward Street, in
Brisbane, Queensland.  

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 April 8, 2020, at 2:30 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Technotorch WA on
March 6, 2020.


[*] Struggling Australian Hotels Get Lifeline
---------------------------------------------
Bloomberg News reports that Australia's hospitality industry has
been given a lifeline as the government quarantines all arrivals
from overseas in hotels.

According to Bloomberg, more than 1,600 people have been isolated
since March 28 in accommodation including the Intercontinental
Hotel in Sydney and Crown Resorts Ltd.'s Crown Promenade in
Melbourne in an effort to slow the spread of the coronavirus.
Thousands more are expected to be isolated at the government's
expense in hotels, serviced apartments and backpacker hostels,
Bloomberg says.

"It's a lifeline for those that choose to continue trading," the
Australian Hotels Association's chief executive officer Stephen
Ferguson said in an interview, Bloomberg relays. Hotels that remain
open have about a 10% occupancy rate as they keep key staff
employed for when a recovery occurs, he said.

Bloomberg says Australia joins locations including Singapore and
Hong Kong in quarantining all new arrivals following concern that
some residents returning home were failing to self-isolate. About
two-thirds of Australia's infections have come from people
returning to the country after international travel, according to
government data.

Some hotels feeling the effects of Australia's tighter controls on
movement were given a reprieve after the Western Australia state
government said passengers aboard the Vasco da Gama cruise ship
were to be isolated on tourist haven Rottnest Island. Almost 300
passengers who were aboard the Norwegian Jewel were taken to Accor
SA's Swissotel in Sydney after a mercy flight from Honolulu last
week.

Returning travelers' accommodation and food bills are being picked
up by government authorities, but that hasn't stopped complaints.
Local media reported some in isolation have complained they're not
allowed out of their room or access to outside food, while a woman
in Perth said she was treated worse than prisoners because they
were allowed fresh air.

Not all hotels are opening up to returned travelers. Of the hotel
association's members who replied to a scoping message, roughly
half indicated they were interested in participating in the scheme,
Ferguson said.

And for major hotel chains the business may not take up much
capacity. For Accor, while the business is welcome it's "just a
tiny fraction of our available rooms" and is only making a small
impact on overall occupancy, said Michael Issenberg, chief
executive officer of Accor's Asia-Pacific unit.

"Unfortunately, the hospitality industry is undergoing the worst
crisis we have ever seen," Bloomberg quotes Issenberg, who oversees
1200 hotels in 21 countries, as saying. "With most people at home
or in virtual lock-down, the industry is still suffering, even with
this additional business."




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

JMU LIMITED: Appoints New Independent Public Accounting Firm
------------------------------------------------------------
JMU Limited has appointed Shanghai Perfect C.P.A Partnership as the
Company's independent registered public accounting firm. The change
of the Company's independent registered public accounting firm was
approved by the audit committee of the Company.

The report of Michael T. Studer CPA P.C. on the Company's
consolidated financial statements for the fiscal year ended Dec.
31, 2018 contained no adverse opinion or disclaimer of opinion and
was not qualified or modified as to uncertainty, audit scope or
accounting principles. The Company said the decision to change the
independent registered public accounting firm was not the result of
any disagreement on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure.

                         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
58 million. These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


REMARK HOLDINGS: Receives Notice of Acceleration From MGG
---------------------------------------------------------
Remark Holdings, Inc. received a notice of acceleration from MGG in
connection with the Financing Agreement, dated as of Sept. 24,
2015, between certain of the Company's subsidiaries as borrowers,
certain of the Company's subsidiaries as guarantors, the lenders
from time to time party thereto and MGG Investment Group LP, in its
capacity as collateral agent and administrative agent for the
Lenders, pursuant to which the Lenders extended credit to the
Borrowers consisting of a term loan in the aggregate principal
amount of $35.5 million.

The Notice asserts that certain events of default resulting from
the Company's failure to comply with certain covenants under the
Financing Agreement have occurred and are continuing under the
Financing Agreement. In the Notice, MGG declares that the entire
unpaid principal of and any accrued and unpaid interest on the
Loan, and all fees and other amounts payable under the Financing
Agreement, are immediately due and payable and demands that all
such amounts be paid immediately to MGG. As of March 19, 2020,
$11.9 million remains outstanding under the Financing Agreement.

                       About Remark Holdings

Remark Holdings -- http://www.remarkholdings.com/-- delivers an
integrated suite of AI solutions that enable businesses and
organizations to solve problems, reduce risk and deliver positive
outcomes. The company's easy-to-install AI products are being
rolled out in a wide range of applications within the retail,
financial, public safety and workplace arenas. The Company also
owns and operates digital media properties that deliver relevant,
dynamic content and ecommerce solutions. The company is
headquartered in Las Vegas, Nevada, with additional operations in
Los Angeles, California and in Beijing, Shanghai, Chengdu and
Hangzhou, China.

Remark reported a net loss of $21.56 million for the year ended
Dec. 31, 2018, following a net loss of $106.73 million for the year
ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $21.48
million in total assets, $41.71 million in total  liabilities, and
a total stockholders' deficit of $20.22 million.

Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor
since 2011, issued a "going concern" qualification in its report
dated April 1, 2019, citing that the Company has suffered recurring
losses from operations and negative cash flows from operating
activities and has a negative working capital and a stockholders'
deficit that raise substantial doubt about its ability to continue
as a going concern.




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I N D I A
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AB RICETECH: CRISIL Migrates 'B' Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of AB Ricetech
Private Limited (ABRPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash
   Credit Limit           2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Term Loan     5.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ABRPL for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ABRPL to 'CRISIL B/Stable Issuer not cooperating'.

Established in the year 2016, AB Ricetech Private Limited is
setting up a par boiled rice mill with a capacity of 8tph. It is
promoted by Bibha Jaiswal and Sumit Kumar.


ANTONY ROAD: Ind-Ra Puts BB Issuer Rating on Rating Watch Evolving
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Antony Road
Transport Solutions Private Limited's (ARTSPL) Long-Term Issuer
Rating of 'IND BB' on Rating Watch Evolving (RWE).

The instrument-wise rating action is:

-- INR1.750 bil. (increased from INR200 mil.) Long-term loans due

     on November 2025 placed on RWE with IND BB/RWE rating.

The RWE follows the announcement of a nation-wide lockdown
following the COVID-19 outbreak. Due to this, the public transport
services, including cluster buses, will not be running until March
31, 2020 (midnight). The RWE reflects the possibility of its impact
on ARTSPL, since the company provides public bus transport services
in cluster 7, cluster 13 and cluster 16A in Delhi.

KEY RATING DRIVERS

ARTSPL's credit metrics improved in FY19 with gross coverage
(operating EBITDA/gross interest expense) of 4.1x (FY18: 3.3x) and
net leverage (adjusted net debt/operating EBITDA) of 1.7x (2.2x).
However, the credit metrics will deteriorate in FY20 on a rise in
the total debt availed for CAPEX funding amounting to INR2,600
million; it may improve from FY21 due to an increase in EBITDA
margins. In FY19, the EBITDA margins deteriorated marginally due to
an increase in the minimum wages by the government but continued to
be healthy at 23.1% (FY18: 26.6%). According to the management, the
same is yet to be reimbursed from the state governments. The
absolute EBITDA was almost unchanged year-on-year at INR220 million
in FY19. For FY20, the margins are likely to be in line with FY19's
but might improve in FY21 owing to an increase in the revenue and
the maintenance of fixed overheads. The return on capital employed
was 20% in FY19 (FY18: 21%). According to the management, as per
their agreed terms, the lockdown will not affect the expenses to be
incurred as the government will reimburse 50% of its manpower
expenses.

ARTSPL's revenue grew to INR953 million in FY19 (FY18: INR818
million) on an increase in the kilometer (km) run per month to
6,600 in FY19 from 6,500 in FY18 and a rise in the rate/km on an
average to INR52.53/km from INR49.75/km. The revenue booked until
end-December 2019 was INR904 million. This was due to an increase
in the rate/km to INR58/km coupled with an additional 300 and 200
buses deployed in Cluster 13 and Cluster 16A, respectively, from
August 2019. Furthermore, 100 buses will be operational in both the
clusters before March 2020.

Liquidity Indicator - Stretched: The company's free cash flow could
turn negative in FY20 on account of the CAPEX incurred. It had
turned positive to INR144 million in FY19 (FY18: negative INR41
million) as no major CAPEX was incurred during the year. Cash flow
from operations was positive at INR152 million in FY19 (FY18:
INR136 million) and may continue to be positive on consistent
improvement in the absolute EBITDA as a result of a significant
increase in revenue. The networking capital cycle days improved to
4 days in FY19 (FY18: 15 days) owing to an improvement in the
receivable period as ARTSPL receives payment from its customer
two-to-three times a month. The debt obligations during FY20 are
INR135.67 million. The cash and cash equivalents at FYE19 were INR9
million (FYE18: INR10 million). According to the management, the
lockdown will not affect ARTSPL's debt repayments as the government
will reimburse 100% of its debt-led-CAPEX obligations.

The ratings continue to benefit from the company's promoters who
have experience of a decade in the field of public bus transport
service business.

RATING SENSITIVITIES

Negative: A decline in the revenue and deterioration in the EBITDA
margins leading to debt service coverage ratio below 1.2x and
stressed liquidity will lead to the downgrade of ratings.

Positive: An improvement in the EBITDA margins leading to the debt
service coverage ratio above 1.5x and an improvement in the
liquidity position will lead to positive rating action.

COMPANY PROFILE

Incorporated in 2011, ARTSPL is a special purpose vehicle and a
wholly-owned subsidiary of Antony Garages Private Limited. It
provides public transport services in the form of about 258 buses
in Cluster 7 of New Delhi, 300 buses in Cluster 13 and 200 buses in
Cluster 16A.


ARPEE ENERGY: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Arpee Energy
Minerals Private Limited (AEMPL) 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 action is:

-- INR70.00 mil. Fund-based limit migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 28, 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 2006, AEMPL is engaged in the business of coal
trading in Ranchi, Jharkhand. The company procures trading
materials from Central Coalfields Limited, Bihar Foundry & Castings
Ltd and others, and sells them to players in the steel and power
industry. The company's promoter director is Mr. Praveen Agarwal.


ATIBIR INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Atibir
Industries Company Limited's (AICL) Long-Term Issuer Rating to 'IND
D (ISSUER NOT COOPERATING)' from 'IND BBB (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:

--2.180 bil. Fund-based-working capital limit (Long-term)
    Downgraded with IND D (ISSUER NOT COOPERATING) rating; and

--2628.3 bil. Non-fund-based working capital limit (Short-term)
    Downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects AICL's delays in debt servicing for a period
exceeding 30 days, the details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

Incorporated in 2000, AICL manufactures sponge iron, pig iron,
sinter, and pellets.


BALAJI RICE: CRISIL Lowers Rating on INR10cr Cash Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of M/s. Sri
Balaji Rice Industries (BRI) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

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

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

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

Detailed Rationale

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

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

Set up in 2005, BRI is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. It has an installed
paddy milling capacity of 10 tonnes per hour (tph). Its rice mill
is located in Anumula near Miriyalaguda in Nalgonda disBRIct in
Andhra Pradesh. The firm is promoted by Mr.C.Venkateswarulu and his
family members.


BANGALORE BLUES: CRISIL Assigns 'C' Rating to INR18.85cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Bangalore Blues Entertainment India Private Limited
(BBEIPL).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility     18.85       CRISIL C (Assigned)

   Overdraft               1.00       CRISIL A4 (Assigned)

   Corporate Loan          3.75       CRISIL C (Assigned)

   Long Term Loan         16.40       CRISIL C (Assigned)

The ratings reflect instances of delays in unrated term loans on
account of cash flow mismatches.

The ratings also reflect exposure to intense competition and
exposure to risks related to vulnerability to cyclicality in
hospitality industry. These weaknesses are partially offset by
extensive experience of BBEIPL's promoters in the hospitality
business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in unrated term loans on account of cash flow mismatches:
There have been instances of delayed repayment of unrated term
loan interest and instalment on account of cash flow mismatches.

* Vulnerability to cyclicality in hospitality industry:
The hotel industry is vulnerable to changes in the domestic and
international economy.  Further changes in spending pattern and
consumer sentiments can adversely impact the business of
companies.

* Exposure to intense competition:
BBEIPL is exposed to intense competition from other
restaurants/pubs in the same locality. Intense competition can
adversely impact BBEIPL's   operating performance, which will
adversely impact its financial risk profile. CRISIL believes BBEIPL
shall remain exposed to intense competition over the medium term.

Strength:

* Extensive experience of promoters:
The promoters have an experience of over decade in hospitality
industry. This has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers. The restaurants have been set up strategically in prime
locations, contributing to the revenue growth. CRISIL believes that
BBEIPL shall continue to benefit from extensive experience of its
promoters.

Liquidity Poor

Liquidity is poor on account of instances of delays in repayment of
unrated facilities, owing to cash flow mismatches. The bank limits
have been utilised moderately at around 50 percent over the last
twelve months ended December 2019. Timely repayment of debt shall
remain a key monitorable over the medium term.

Rating Sensitivity factors

Upward Factors

* Timely repayment of term loan interest and instalment

* Improvement in operating income by more than 20 percent, with
   sustenance in operating profitability resulting in better than
   expected cash accrual.

Downward Factors

* Delays in repayment of interest/instalment of rated debt

* Any large unanticipated debt funded capital expenditure or
   stretch in working capital cycle weakening the financial
   risk profile.

Incorporated in 2012, BBEIPL, operates restaurants and pubs in
Bangalore and Chennai. The company is promoted by Mr.Srikanth
Upadhyay and Mrs.Vandana Upadhyay.


CATVISION LIMITED: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Catvision
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 actions are:

-- INR85 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating;

-- INR42.5 mil. Non-fund based working capital limits migrated to

     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating; and

-- INR12.5 mil. Term deposit* due on September 30, 2019, migrated

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 4, 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 June 28, 1985, Catvision manufactures community
antenna television equipment for providing cable television
services and also produces cable TV products, such as modulators,
combiners, optic transmitters, optic nodes, radio frequency
amplifiers, power supplies and splitters, and tap-offs of different
functionalities.


CHOUDHARY FASHIONS: Ind-Ra Moves BB+ LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Choudhary
Fashions' (CF) 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 ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR12.40 mil. Term loans due on September 2021 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating; and

-- INR197.5 mil. Fund-based facilities migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 17, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

CF commenced operations in 1974 in Mumbai and became a partnership
firm in 1999. It manufactures and exports ladies woven garments
across the casual wear and beachwear categories in addition to
manufacturing kidswear. It has started a new ladies' knitwear
division across the same lines. Its head office is in Mumbai. Its
manufacturing units are in Jaipur.


COIRFOAM INDIA: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Coirfoam India
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 BB- (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 BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (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

Coirfoam India was incorporated in 1978 as a partnership firm by
the Agarwal family. In 1997, it was taken over by Inderjeet Singh
Khurana, Sukhdeep Singh Khurana, Pankaj Agarwal, and Jagdish Prasad
Agarwal. The company manufactures coir and spring mattresses at its
facility in Faridabad (Haryana). The facility has an installed
capacity to manufacture 2,800 tons per annum of coir and spring
mattresses. Furthermore, the company is engaged in the trading of
home furnishing items such as pillows, cushions, and blankets.


FIRDOUS GOLD: CRISIL Withdraws 'B' Rating on INR5cr Cash Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Firdous
Gold Pattambi LLP (FGP) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                   Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit         5         CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL B/Stable'; Rating
                                 Withdrawn)

CRISIL has been consistently following up with FGP for obtaining
information through letters and emails dated February 27, 2020 and
March 3, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

FGP, set up in 2012, retails gold jewellery at its showroom in
Pattambi, Kerala. Mr Benseer PP and Mr Mohammed Ali are the
partners.


GRAPE MARKETING: CRISIL Moves B+ on INR8cr Loans to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Grape
Marketing Private Limited (GMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     3.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GMPL for obtaining
information through letters and emails dated December 31, 2019 and
February 19, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GMPL to 'CRISIL B+/Stable Issuer not cooperating'

Incorporated in 2000, New Delhi-based GMPL imports and trades in
non-ferrous metals, such as lead, zinc, and aluminium, which are
used to manufacture batteries. Operations are headed by Mr Chetan
Jain.


GSCO INFRASTRUCTURE: Ind-Ra Moves 'D' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GSCO
Infrastructure Private Limited's (GSCO) 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 D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR64 mil. Fund-based working capital limit (long- and short-
     term) migrated to non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating; and

-- INR400 mil. Non-fund-based working capital limit (short-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 20, 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 2004, GSCO Infrastructure is engaged in the civil
construction business.


GULABCHAND BADRINARAYAN: CRISIL Moves B Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Badrinarayan
(GC) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Cash Credit           6        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GC for obtaining
information through letters and emails dated December 31, 2019 and
February 19, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GC to 'CRISIL B/Stable Issuer not cooperating'.

Established in 2000, Nagpur-based GB is a proprietorship firm of Mr
Prakash Khandelwal. It trades in and distributes branded edible oil
and dairy products. The firm is also a carrying and forwarding
agent for Ruchi Soya, Mother Dairy, Louis Dreyfus, Gemini, and
Bhole Baba Milk Food Industries Ltd in Vidarbha.


HANUMAN AGENCIES: CRISIL Cuts Rating on INR3cr Cash Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Hanuman
Agencies (HA) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

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

Hanuman agencies is a proprietorship concern of Mr. Arun Kumar,
based out of Mangalore. The firm is an exclusive distributer of
polyvinyl chloride (PVC) pipes for its principal in Mangalore and
Bangalore.


HEENA ENTERPRISES: Ind-Ra Lowers LT Issuer Rating to 'B+'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded M/s Heena
Enterprises' (Heena) Long-Term Issuer Rating to 'IND B+' from 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. (reduced from INR180 mil.) Fund-based working
     capital limit downgraded with IND B+/Stable/IND A4 rating;
     and

-- INR30 mil. Proposed fund-based working capital limit* assigned

     with Provisional IND B+/Stable/Provisional IND A4 rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by Heena to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The downgrade reflects the sharper-than-expected decline in Heena's
revenue to INR596 million in FY19 (FY18: INR1,189 million),
primarily because of a decline in sales volumes, resulting from a
slowdown in demand, and the transfer of some portion of the
business to another firm. The scale of operations continued to be
small due to intense competition in the industry. In 9MFY20, the
company reported revenue of INR355.7 million.

The ratings reflect the modest EBITDA margins. The margin fell to
2.6% in FY19 (FY18: 3.4%) on account of a reduction in realization.
The return on capital employed was 4% in FY19 (FY18: 7%). Heena's
margin stood at 1.5% in 9MFY20.

The ratings also factors in Heena's weak credit metrics due to the
modest EBITDA margins. The metrics weakened in FY19 due to a
decline in the absolute EBITDA to INR15.5 million (FY18: INR40.9
million) and an increase in the total debt to INR183 million
(INR134 million), and the resultant rise in interest expenses. The
debt increased owing to higher utilization of the working capital
limits at the year-end for completing the memorandum of
understanding signed with the suppliers.

The interest coverage (operating EBITDA/gross interest expense) was
1.2x in FY19 (FY18: 2.0x) and the net leverage (total adjusted net
debt/operating EBITDAR) was 11.6x (3.5x). Ind-Ra expects the credit
metrics of the firm to remain weak, on account of a likely low
EBITDA and increase in the utilization of working capital limits at
the year-end. In 9MFY20, the firm's interest coverage was 1.2x. The
net leverage is estimated to be 8.9x for FY20.

Liquidity Indicator - Stretched: Heena's average utilization of
fund-based limits was 45.8% over the 12 months ended February 2020.
The cash flow from operations turned negative at INR42 million in
FY19 (FY18: INR126 million) because of the increase in working
capital requirements. The net cash conversion cycle of the firm
elongated to 134 days in FY19 (FY18: 53 days), due to an increase
in debtor days to 41 days (12 days) on account of delays in
securing receivables from customers. Also, the inventory days
increased to 96 days in FY19 (FY18: 52 days), as the firm had
procured more materials at the year-end, while the payable days
decreased to 3 days (11 days). The firm does not have any term
debt. The cash and cash equivalents amounted to INR0.36 million in
FY19 (FY18: INR0.50 million).

The ratings are also constrained by the proprietorship nature of
business.

The ratings continue to benefit from the promoters' experience of
more than five decades in the steel and iron trading business.

RATING SENSITIVITIES

Negative: Further deterioration in the operating profitability and
credit metrics will be negative for the ratings.

Positive: An increase in the scale of operations and operating
profitability leading to an improvement in the credit metrics, with
the interest coverage exceeding 1.5x, on a sustained basis, would
be positive for the ratings.

COMPANY PROFILE

Incorporated in 1977, Heena is engaged in the trading of iron and
steel products. The firm derives over 95% of its revenue from the
trading of steel products.


JSK CORP: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated JSK Corporation
Private Limited's (JSKCPL) 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 action is:

-- INR92.5 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating; and

-- INR4.57 mil. Term loan due on March 2021 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 20, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

JSK was incorporated in October 2013. The company is engaged in the
trading of thermo-mechanically treatment bars, structural steels,
mild steel plates, and strips. The day-to-day operations are
managed by Sachin Agrawal, Pratik Agrawal, Avinash Agrawal, Rajeev
Agrawal and Gopal Agrawal who are also the directors of the
company.


K K P SPINNING: CRISIL Lowers Rating on INR31cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of K K P Spinning
Mills Private Limited (KKP Spinning) to 'CRISIL B+/Stable Issuer
not cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Line of Credit        31.0       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

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

Based in Namakkal (Tamil Nadu), the KKP group was set up by Mr. K
Periyasamy, father of Mr. P Nallathambi, who is the present
chairman. KKP Hi Tech and KKP Weaving are into the manufacture of
grey fabric, KKP fine manufactures Madeups and Fabric. KKP textiles
manufactures cotton yarn. KKP Spinning manufactures cotton yarn and
grey fabric.


K. B. RICE: CRISIL Moves B+ on INR12cr Loans to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of K. B. Rice
Mills (KBRM) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     3         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KBRM for obtaining
information through letters and emails dated December 31, 2019 and
February 19, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KBRM to 'CRISIL B+/Stable Issuer not cooperating'.

KBRM was set up in 2013 at Fazilka (Punjab) as a partnership
between Mr Sarandeep Singh, Mr Gurpreet Singh, Mr Darshan Lal, Mr
Pawan Kumar, Ms Kulwant Kaur and Ms Mona Rani. The firm undertakes
rice milling and shelling; it also processes basmati rice and its
by-products such as bran, phuk, and bardana, which are sold in
both, the overseas and domestic markets.


KALEESUWARI JEWELLERY: CRISIL Cuts Ratings on INR30cr Loans to B+
-----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kaleesuwari
Jewellery Private Limited (KJPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

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

   Proposed Long Term     12        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

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

KJPL, incorporated in 2003, manufactures gold and silver jewellery.
The company is based in Chennai and operations are managed by Mr.
Mahaveer Chand. It is part of Kaleesuwari group, which has presence
in the edible oil and other agro-based commodity sectors.


KAMINENI EDUCATIONAL: Ind-Ra Lowers Bank Loan Rating to 'BB+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kamineni
Educational Society's (KES) bank facilities' rating to 'IND BB+
(ISSUER NOT COOPERATING)' from 'IND BBB- (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
the rating.

The instrument-wise rating action is:

-- INR650 mil. Term loan due on September 30, 2023, downgraded
     with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR200 mil. Non-fund-based working capital limits downgraded
     with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Fund-based working capital limits downgraded with
     IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating is based on the best
available information.

KEY RATING DRIVERS

The rating has been downgraded and maintained in the
non-cooperating category as the issuer did not participate in the
rating exercise despite continuous requests and follow-ups by
Ind-Ra. The quality of disclosure to the agency is not consistent
with the existing rating level.

COMPANY PROFILE

Formed in 1989, Kamineni Educational Society is registered under
the Andhra Pradesh (Telangana) Public Societies Registration Act,
1350 Fasli. It runs nursing schools and colleges.


KERALA CARS: CRISIL Lowers Rating on INR23.15cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kerala Cars
Private Limited (KCPL) to 'CRISIL B+/Stable Issuer not cooperating'
from 'CRISIL BB/Stable Issuer not cooperating'.

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

   Inventory             23.15     CRISIL B+/Stable (ISSUER NOT
   Funding                         COOPERATING; Revised from
   Facility                        'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')

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

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

Detailed Rationale

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

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

KCPL, set up in 1999, is an authorized dealer for Ford in southern
and central Kerala. It was part of the MGF group of companies,
which sold the company as a going concern to Kerala-based Indel
group in May 2016.


KOHENOOR INDUSTRIES: CRISIL Keeps 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kohenoor Industries
(KI; part of Maa Kalika group) continues to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         14       CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

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

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of KI, Shree Krushna Enterprises (SKE), Maa
Kalika Bhandar (MKB), and Dwarikamayee Bhandar (DB). The firms,
together referred to as the Maa Kalika group, are under a common
management with common customer and supplier base. Moreover, the
promoters treat the four entities as one single group for funding
and support.

The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr Pawan Kumar Jajodia and his son, Mr Jay Jajodia.


KUMARAN POULTRY: CRISIL Withdraws 'B+' Rating on INR5.2cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Kumaran
Poultry Farm (KPF) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.20       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

   Long Term Loan        0.93       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with KPF for obtaining
information through letters and emails dated February 27, 2020 and
March 3, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2005 in Tamil Nadu as a proprietorship firm by Mr K
Subramaninam, KPF is engaged in the poultry and hatchery business.


MAA KALIKA: CRISIL Keeps D on INR22.5cr Debt in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maa Kalika Bhandar
(MKB) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           22.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MKB, Kohenoor Industries (KI), Shree
Krushna Enterprises (SKE), and Dwarikamayee Bhandar (DB). The
firms, together referred to as the Maa Kalika group, are under a
common management with common customer and supplier base. Moreover,
the promoters treat the four entities as one single group for
funding and support.

The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr Pawan Kumar Jajodia and his son, Mr Jay Jajodia.


MAHALAXMI AUTOMOTIVES: Ind-Ra Assigns B LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mahalaxmi
Automotives Wheels Pvt Ltd (MAWPL) a Long-Term Issuer Rating of
'IND B'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR25 mil. Fund-based limits assigned with IND B/Stable/IND A4

     rating.

KEY RATING DRIVERS

The rating reflects MAWPL's small scale of operations, as reflected
by revenue of INR104 million in FY19, which was its first year of
operations. The company reported gross revenue of INR85 million in
9MFY20.

The rating also factors in MAWPL's modest EBITDA margin of 3.85% in
FY19. The company's return on capital employed stood at 5.4% in
FY19.

Liquidity Indicator- Stretched: The average maximum fund-based
working capital utilization was 98% for the 12-months ended in
February 2020. The company had cash and cash equivalents of INR0.2
million as at FYE19 (FYE18: INR0.5 million) against total debt of
INR18.30 million (INR9.9 million). The company reported cash flow
from operations of INR1.1 million in FY19 MAWPL does not have any
debt led capex plan for the near term.

The rating is constrained by MAWPL's modest credit metrics. The
company's gross interest coverage (operating EBITDA/gross interest
expense) stood at 1.54x in FY19 whereas net leverage (total
adjusted net debt/operating EBITDAR) stood at 4.45x.

The rating is further constrained by the geographical concentration
risk, as MAWPL's operations are concentrated in and around Pune
(Maharashtra), rendering the company vulnerable to any weakening in
the region's economy, political disturbances, natural calamities
such as floods, famine, etc. The rating also factors in the
cyclical nature of the auto industry and its susceptibility to
macro-economic factors, and the highly-competitive automobile
dealership business.

The rating, however, is supported by the promotor's experience of
more than a decade in the dealership business in its group
companies, and its position of being among the top five dealers in
Pune.

RATING SENSITIVITIES

Positive: An increase in the scale of operations and operating
EBITDA, resulting in improvement in liquidity profile with net
leverage sustaining below 3x could be positive for the ratings.

Negative: Any decrease in the revenue and/or operating EBITDA,
resulting in further deterioration in the liquidity profile with
net leverage sustaining above 3.5x could be negative for the
ratings.

COMPANY PROFILE

MAWPL commenced operations in FY19 in Pune, Maharashtra and has a
dealership of Honda Motorcycle and Scooter India, Private Limited.


MAHALAXMI BUS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mahalaxmi Bus
Transport Pvt Ltd (MBTPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating action is:

-- INR166 mil. Term loan due on October 2025 assigned with
     IND BB-/Stable rating.

KEY RATING DRIVERS

The rating reflects MBTPL's small scale of operations. Its revenue
grew to INR379 million in FY19 (FY18: INR327 million) due to the
increase in the number of buses plying. The company reported gross
revenue of INR312 million in 9MFY20.

The rating factors in the company's average EBITDA margin, which
contracted to 14.36% in FY19 (FY18:17.42%) due to an increase
indirect expenses. The company's return on capital employed stood
at 14% in FY19 (FY18:23%).

The rating is also constrained by MBTPL's moderate credit metrics.
The company's gross interest coverage (operating EBITDA/gross
interest expense) deteriorated slightly to 1.59x in FY19
(FY18:1.7x) due to fall in operating EBITDA to INR54.5 million
(INR57.1 million). The net leverage (total adjusted net
debt/operating EBITDAR), however, improved to 3.86x (4.23x) due to
partial repayment of debts.
                                                                   
                                                  
Liquidity Indicator- Stretched: The company had cash and cash
equivalents of INR0.5 million as at FYE19 (FYE18: INR0.02 million)
against a total debt of INR210 million (INR241 million).  The
company's cash flow from operations turned positive to INR10.70
million in FY19 (FY18: negative INR132 million) due to improved
working capital cycle.

The rating, however, is supported by the promotor's experience of
more than a decade in the dealership business in its group
companies.

RATING SENSITIVITIES

Negative: A decline in revenue and/or margin, resulting in
deterioration in the liquidity and credit metrics with net leverage
sustaining above 3.5x would be negative for the ratings.

Positive: An improvement in revenue and/or margin, resulting in an
improvement in the liquidity and credit metrics with net leverage
sustaining below 3x would be positive for the ratings.

COMPANY PROFILE

MBTPL was formed in FY17 with its registered office at Baramati,
Maharashtra to undertake maintenance and operation activities of
Navi Mumbai Municipal Transport's 165 buses.


MARITON HOTELIERS: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mariton
Hoteliers Private Limited (MHPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with MHPL for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MHPL to 'CRISIL B+/Stable Issuer not cooperating'.

MHPL is setting up a hotel in Jalandhar which is expected to
commence operations by May 2020.


MATHRU BUILDTECH: CRISIL Lowers Rating on INR30cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Mathru
Buildtech Private Limited (MBPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            30        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

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

Established in 2006 as a partnership firm and later reconstituted
as a private limited company, Mathru Buildtech Private Limited
(MBPL) is engaged in civil construction activities primarily
construction of buildings for private companies. Based in
Bangalore, Karnataka, the company is promoted and managed by Mr.
Umesh K., Sarvesh Kumar and Satish Kumar.


MAX GOLD: CRISIL Lowers Rating on INR12cr Cash Loan to 'B+'
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Max Gold (MG)
to 'CRISIL B+/Stable Issuer not cooperating' from 'CRISIL
BB+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

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

MG, based in Mumbai (branch office at Coimbatore), was established
as a partnership firm in April 2010 by Mr. Vimal Jain and Mr.
Rajendra Jain, and wholesales gold jewellery in the domestic
market. The promoters have more than two decades of experience in
the gold jewellery industry.


MBS SERVICES: CRISIL Lowers Rating on INR16.4cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of MBS Services
(MBS; part of the Manohar group) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             16.4       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MBS, Rochelle Infrastructure Pvt Ltd
(Rochelle), Manohar Infrastructure & Construction Pvt Ltd (MICPL),
and Unistar Builders Pvt Ltd (UBPL). All the entities, collectively
referred to as the Manohar group, have a common management and
significant financial fungibility.

Established in 2004, MBS is a Chandigarh-based proprietorship firm
of Mr Tarninder Singh. It leases and trades in commercial property
and office space.

Rochelle and UBPL have land holdings, while MICPL develops real
estate.


MEDICON LEATHER: CRISIL Assigns 'B' Rating to INR5cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Medicon Leather Private Limited (MLPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B/Stable (Assigned)

The rating reflects MLPL's modest scale of operation and working
capital intensive operations and below average financial risk
profile. These weaknesses are partially offset by its extensive
industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale and working capital intensive operations:  MLPLs
business profile is constrained by its modest scale of operations
in the intensely competitive Leather & Leather goods industry as
reflected in its turnover of around INR15 crore for fiscal 2019
MLPLs scale of operations will continue limit its pricing
flexibility. The operations are working capital intensive as
reflected in the gross currents in the range of 450-550 days ending
fiscal 2019. The large working capital requirements arise from its
high debtor and inventory levels of 168 days and 243 days
respectively in fiscal 2019.

* Below Average Financial Risk Profile:  Financial risk profile is
below average marked by low debt protection metrics. The Interest
coverage and net cash accruals to total debt are low at 0.82 times
and 0.01 times as on March 31, 2019. However, CRISIL believes there
shall be support in the form of unsecured loans from promoters over
the medium term.  The gearing is low at 0.82 times as on March 31,
2019.

Strength:

* Extensive industry experience of the promoters:  The promoters
have an experience of over around 2 decades in leather & leather
goods industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity Poor

Bank limit utilisation is high at 100% for the period ending
January 2020.on account of high gross current assets in the range
of 450-550 days over the last three years. Cash accruals are low
and expected to be in the range of INR0.10 crore-INR0.30 crore
which will be tightly matched to meet repayment obligations of
INR0.10- 0.20 crore over the medium term. However, the liquidity
profile is supported in the form of equity and unsecured loans to
meet its working capital requirements and repayment obligations by
promoters. Current ratio is moderate at 1.54 times on
March 31, 2019.

Outlook: Stable

CRISIL believe MLPL will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation by 20%
  while sustaining operating margins

* Improvement in net cash accruals

Downward factor

* Decrease in interest coverage ratio to less than
  0.50 times

* Further Stretch in working capital cycle

MLPL was incorporated in 1987. It is engaged into manufacturing of
leather products such as belts, bags, wallets, etc. It has
manufacturing facility locate in Bommanahalli-Bangalore. It also
sells its products through its 4 brand outlets, 2 in Bangalore and
2 in Kerala. It is promoted by Mr. Sangieve Bulchandani and Neeta
Bulchandani.


MEGASOFT LIMITED: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Megasoft Ltd's
(Megasoft) Outlook to Stable from Positive while affirming its
Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limits affirmed;
     Outlook revised to Stable from Positive with IND BB+/Stable
     rating; and

-- INR50 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

Analytical Approach: Ind-Ra has taken a consolidated view of
Megasoft and its 100% subsidiaries, XIUS Holding Corp and Xius Corp
in the US, XIUS S DE RL DE CV (formerly, Bostan Communication
Group) in Mexico and Megasoft Consultant in Malaysia, to arrive at
the ratings. This is because all the companies have strong
operational and strategic interlinkages, as they operate in the
same line of business.

The Outlook revision reflects the moderation in the company's core
information technology (IT) business due to the overall slowdown in
the telecom services market.

KEY RATING DRIVERS

Megasoft's consolidated revenue declined to INR619 million in FY19
(FY18: INR663 million), mainly due to the execution of a fewer
number of orders in the mobile switching platform segment. The
scale of operations continued to be small. The company recorded
revenue of INR411 million in 9MFY20. Ind-Ra expects the COVID-19
outbreak to have a major impact on Megasoft's revenue in 4QFY20 as
the company derives a major portion of its revenue from exports. On
a standalone basis, the company has recorded revenue of INR236
million in FY19 (FY18: INR285 million).

The ratings reflect the modest EBITDA margins due to the intense
competition in the market. The margin fell to 3.2% in FY19 (FY18:
14.5%) owing to the lower absorption of fixed costs due to the fall
in revenue. The return on capital employed was negative in FY19
(FY18: 3%).  On a standalone basis, the company saw an EBITDA loss
of INR46 million (FY18: loss of INR26 million)

The rating factor in the weak credit metrics due to the modest
EBITDA margin. The metrics deteriorated in FY19 due to the fall in
the absolute EBITDA to INR20 million (FY18: INR68 million). The
interest coverage (operating EBITDA/gross interest expense) was
0.3x in FY19 (FY18: 1.8x), and the net leverage (adjusted net
debt/operating EBITDAR) was 19.4x in FY19 (FY18: 4.8x).

Liquidity Indicator - Stretched: Megasoft's average peak
utilization of fund-based facilities was 80% during the 12 months
ended February 2020. The cash flow from operation increased to
INR476 million in FY19 (FY18: INR63 million) and the free cash flow
turned positive at INR40 million in FY19 (FY18: negative INR98
million) owing to an increase in income from rental premises and
the deposits received from Google Connect India Private Limited
(GCIPL; a foreign subsidiary of Google Incorporation, the lessee)
for the usage of the company's Lt park infrastructure in Telangana.
The working capital cycle elongated slightly to 255 days in FY19
(FY18: 238 days) due to a fall in creditor days (FY19: 90 days;
FY18: 173 days). The company has a cash balance of INR25 million
and a restricted cash balance of INR4.5 million at FYE19 against a
short-term debt of INR450 million. Megasoft does not have any term
debt and all the rental incomes are routed through an escrow
account. The company received a rental income of INR11.2 million in
FY19 and INR68 million in 9MFY20.

The ratings, however, are supported by the strong master lease
agreement between Megasoft (the lessor) and GCIPL for the use of
the IT park infrastructure in Nanakramguda Village, Telangana.
Also, a clause in the lease agreement directs the lessee to make
lease payments by a quarter in advance with a lock-in period of
three years. At end-January 2020, the company had leased out
215,775 square feet of constructed IT infrastructure to Google
Connect India.

The ratings are also supported by Megasoft's operational track
record of over a decade in setting up prepaid cellular billing
infrastructure and offering related services in the US, Europe, and
the Middle East.

RATING SENSITIVITIES

Negative: Any delay in the completion of infrastructure or
deterioration in the company's operating profitability and revenue,
or any unplanned debt-led CAPEX, leading to deterioration in the
liquidity or credit metrics, could be negative for the ratings.
Positive: A strong master lease agreement with Google Connect India
for phase III, and an improvement in the operating profitability as
well as revenue of the company, without any debt-led CAPEX, leading
to a sustained improvement in the liquidity and credit metrics,
will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1994, Megasoft (represented by its telecom brand,
XIUS) is a mobile technology specialist. It is focused on real-time
transaction processing in mobile infrastructure, mobile payments,
and the Internet on Things solutions. Its head office and
development center are located in Hyderabad. Megasoft has delivered
over 900 projects to more than 400 enterprises across global
markets in the United States, Latin America, Asia, Europe, the
Middle East, and Africa.


MGM EDIBLE: Ind-Ra Affirms Then Withdraws BB- Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn MGM
Edible Oils Private Limited's (MGM) Long-Term Issuer Rating of 'IND
BB-'. The Outlook was Stable.

The instrument-wise rating actions are given below:

-- INR12.42 mil. Long-term loans* affirmed and withdrawn*;

-- IINR75 mil. Fund-based facilities# affirmed and withdrawn*;
     and

-- INR130 mil. Non-fund-based facilities** affirmed and
     withdrawn*.

* Affirmed at 'IND BB-'/Stable before being withdrawn

# Affirmed at 'IND BB-'/Stable/'IND A4+' before being withdrawn

** Affirmed at 'IND A4+' before being withdrawn

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

KEY RATING DRIVERS

MGM’s scale of operations continued to be medium despite revenue
increasing to INR3,652 million during 10MFY20 and INR5,856 million
in FY19 (FY18: INR4,469 million) with an improvement in the number
of orders received.  EBITDA margin remained modest at 0.5% in FY19
(FY18: 0.9%) due to the trading nature of MGM's business. The
return on capital employed stood at 3% in FY19 (FY18: 4%).

Its credit metrics remained weak in FY19 with interest coverage
(operating EBITDA/gross interest expense) of 3.7x (FY18: 2.1x) and
net adjusted leverage (adjusted net debt/operating EBITDAR) of
10.2x (17.1x).

Liquidity Indicator - Stretched: MGM's average peak bank limit
utilization was around 97% for the trailing 12 months ended
February 2020. Cash and cash equivalents were weak at INR34 million
at FYE19 (FYE18: INR12 million). The cash flow from operations
turned positive at INR535 million in FY19 (FY18: negative INR208
million) on favorable working capital requirements. The working
capital cycle shorted to 12 days in FY19 from 26 days in FY18 on a
reduction in the inventory days.

The ratings are supported by the company's promoter's experience of
more than two decades in the oil trading business.

COMPANY PROFILE

MGM supplies palmolein oil to wholesalers and retailers.


MINERVA BRIGADE: CRISIL Lowers Rating on INR7cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Minerva
Brigade (MB) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental           7         CRISIL B+/Stable (ISSUER NOT
   Discounting Loan                 COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     5.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

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

MB, a partnership concern set up in 2010, is constructing a school
on 6.24 acres in Bengaluru. Its operations are managed by Mr. Ram
Prakash.


MJR BUILDERS: CRISIL Cuts Rating on INR45cr LT Loan to B+
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of MJR Builders
Private Limited (MJR) to 'CRISIL B+/Stable Issuer not cooperating'
from 'CRISIL BB-/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       45       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan                20       CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

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

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

Detailed Rationale

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

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

MJR was established in February 2011 by Mr. S Jayram Reddy and Mr.
Madhusudhan Talamarla. Mr. Reddy has been engaged in infrastructure
development for close to three decades through his family-run SJR
group. MJR is currently developing four projects in Bengaluru: MJR
Platina, MJR Pearl, MJR Clique Hydra, and MJR Clique Hercules.


MOTOR TRADES: Second Creditors' Meeting Set for April 8
-------------------------------------------------------
A second meeting of creditors in the proceedings of Motor Trades
Association (N.T.) Inc has been set for April 8, 2020, at 11:00
a.m. at the offices of Rodgers Reidy, Unit13, at 16 Charlton Court,
in Woolner, NT.   

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 April 7, 2020, at 5:00 p.m.

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


MSR ENTERPRISES: CRISIL Cuts Rating on INR8cr Bank Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded the ratings of MSR Enterprises (MSR) to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.  The downgrade
reflects delays by MSR Enterprises in servicing of debt
obligation.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee      8        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4+
                                ISSUER NOT COOPERATING')

   Cash Credit         2.9      CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL BB-
                                /Stable ISSUER NOT COOPERATING')

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

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL has downgraded the ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL
A4+ Issuer Not Cooperating'.

The downgrade reflects delays by MSR Enterprises in servicing of
debt obligation.

Established in 1995, MSR Enterprises (MSR) is engaged in laying of
distribution lines, erection of electrical substations and
transformers, and refurbishment of old distribution lines. MSR
majorly caters to all the four zonal power distribution companies
of Andhra Pradesh and derives its entire from them. The firm is
promoted by Mr. M Srinivasa Rao, a mechanical engineering graduate
who manages the operations of the firm.


MY MOBILE: CRISIL Lowers Rating on INR15cr LT Loan to B+
--------------------------------------------------------
CRISIL has revised the ratings on bank facilities of MY Mobile
Payments Limited (MMPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term        15        CRISIL B+/Stable (ISSUER
   Bank Loan Facility                  NOT COOPERATING; Revised
                                       from 'CRISIL BB/Stable
                                       ISSUER NOT COOPERATING')

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

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

Detailed Rationale

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

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

MMPL was incorporated in 2010 as closely held public limited
company. It provides mobile payment services for mobile phones,
direct-to-home (DTH), utilities, and others across India. The
payment services are for both the prepaid and post-paid categories
and are provided under its brand MoneyOnMobile. The company is
authorised by the Reserve Bank of India to operate semi-closed
payment system instruments; these are prepaid payment instruments
redeemable at a group of clearly identified merchant
locations/establishments, which contract specifically with the
issuer to accept the payment instrument.


NATIONAL INDUSTRIES: CRISIL Cuts Rating on INR7.5cr LT Loan to B+
-----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of National
Industries (NI) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB+/Stable Issuer not cooperating'.

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

   Proposed Long Term     7.5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

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

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

Detailed Rationale

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

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

NI was set up in 1976 as a partnership firm between Mr. Navneet
Jairath and Mrs. Savita Bembi in the ratio 51:49. The company is
engaged in manufacturing of handle bars, leg-guards, brake shafts
and carrying out electroplating works. Its manufacturing plants is
located at Ludhiana (Punjab).


NIKITA JEWELLERS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated' Nikita Jewellers
Pvt. Ltd'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 BB
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR156 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (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 1998, Nikita Jewellers is a retail jeweler, with
two showrooms in Mumbai.


PENTAGON LUBRICANTS: CRISIL Migrates B+ Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pentagon
Lubricants India Private Limited (PLIPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          2.85       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       2.00       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   0.15       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PLIPL for obtaining
information through letters and emails dated December 31, 2019 and
January 13, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PLIPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2012, Chennai (Tamil Nadu)-based PLIPL,
manufactures and trades industrial and automotive lubricants oil
under the brand Pentagon with capacity of 50 kilo litres per day.
Mr Sabastine Balasamy and Mr Alexwilfred are the promoters.


PIONEER PRODUCTS: CRISIL Withdraws B+ Rating on INR3cr Loan
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Pioneer
Products (PP) on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bill Discounting       3        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term
   Bank Loan Facility     0.62     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)
     
   Term Loan              1.38     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with PP for obtaining
information through letters and emails dated December 31, 2019,
February 18, 2020 and February 25, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PP to 'CRISIL B+/Stable Issuer not cooperating'.

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

Based in Coimbatore and established in 2000, PP manufactures
domestic and agricultural pumps. The firm is promoted by Mr P
Manohar.


REGINE'S PATISSERIE: First Creditors' Meeting Set for April 7
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Regine's
Patisserie Pty Ltd, trading as Regine's Patisserie, will be held on
April 7, 2020, at 12:00 p.m. at the offices of Hamilton Murphy
Advisory (WA) Pty Ltd, Unit 18, at 28 Belmont Avenue, in Rivervale,
WA.

Stephen Robert Dixon of Hamilton Murphy Advisory was appointed as
administrator of Regine's Patisserie on March 26, 2020.


RG SUNDAR: CRISIL Withdraws B+ Rating on INR7.5cr Cash Loan
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of RG Sundar
and Co (RGSC) on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.
                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

   Long Term Loan        5.1        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)
  
CRISIL has been consistently following up with RGSC for obtaining
information through letters and emails dated February 27, 2020 and
March 3, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its rating on the bank facilities of RGSC on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
RGSC is a erode based partnership firm founded by Mr. Ganapathy in
1979. It is a family owned business primarly involved in the
manufacture of compunded cattle feeds in the brand name of
'Kamadhenu super cattle feeds'.


SARAVANA INDUSTRIES: Ind-Ra Lowers Issuer Rating to 'B'
-------------------------------------------------------
India Rating and Research (Ind-Ra) has downgraded Shri Saravana
Industries Private Limited's (SSIPL) Long-Term Issuer Rating to
'IND B' from 'IND B+ (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limits Long-term rating
     downgraded  and short-term rating affirmed with IND
     B/Stable/IND A4 rating; and

-- INR253 mil. Non-fund-based working capital limits affirmed
     with an IND A4 rating.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: The downgrade reflects SSIPL's
continued stretched liquidity position; the company overused its
fund-based facilities up to 10 days in the 12 months ended February
2020. The non-fund-based limits were used up to 94%. The company
had a cash balance of INR4.2 million and a restricted cash balance
of INR32.7 million at FYE19.

Moreover, its networking capital cycle deteriorated in FY19 at 376
days (FY18: 197 days), primarily on account of an increase in
inventory days due to the delayed completion of works. The
company's working capital requirement is high, as it takes two to
three years to execute a work order. Moreover, the company's major
counterparties are government and public entities which are facing
poor financial health.

The ratings also factor in the company's small scale operations and
modest EBITDA. The revenue declined to INR241 million in FY19
(FY18: INR353 million), primarily driven by the slow execution of
work orders. Also, EBITDA deteriorated to negative INR10.9 million
in FY19 (FY18: INR23.5 million), owing to the poor absorption of
fixed cost because of the decreased revenue and bad debts written
off. The credit metrics are weak due to a negative EBITDA margin.

Ind-Ra expects an improvement in the financial performance in FY20,
as the company has recorded revenue of INR248 million and EBITDA
margin of 5.2% in 9MFY20.

The ratings are supported by the company's track record of over two
decades and the promoters' experience of more than three decades in
the hydro-mechanical works.

RATING SENSITIVITIES

Positive: An improvement in the liquidity, cash conversion cycle,
as well as growth in the revenue and EBITDA margin leading to an
improvement in the credit metrics, all on a sustained basis could
be positive for the ratings.

Negative: A further stress in the liquidity position and a decline
in the revenue and EBITDA margin on a sustained basis could be
negative for the ratings.

COMPANY PROFILE

Founded as a proprietorship firm in 1989 by Mr. S Kandasamy,
Madurai-based SSIPL was reconstituted as a private limited company
in April 2008. SSIPL undertakes hydromechanical operations, which
involve the design, procurement, fabrication, manufacture,
installation, testing, and commissioning of complete
hydro-mechanical equipment, including penstocks, steel liners,
expansion joints, pressure shafts, and gates.


TECHNO MARK: CRISIL Lowers Rating on INR2cr Bank Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded the ratings of Techno mark Engineers India
Private limited (TEIPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       2       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4
                                ISSUER NOT COOPERATING')

   Overdraft            2       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4
                                ISSUER NOT COOPERATING')

   Overdraft            9       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with TEIPL seeking
information through letters and emails dated February 28, 2019,
April 8, 2019, April 12, 2019 and December 31, 2019, among others,
apart from telephonic communication. However the issuer has
remained non-cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL has downgraded the ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

The downgrade reflects delays by Technomark Engineers India Private
limited in servicing of debt obligation.

TEIPL, established as a proprietorship firm in 1988 by Mr R S Nair,
was reconstituted as a private limited company with its current
name in 2008. It is based out of Trivandrum (Kerala) and provides
mechanical, electrical and plumbing services to various corporate
and government establishments.


TNB POLYMERS: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree TNB Polymers
Limited's (STPL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR220 mil. Fund-based limits affirmed with IND BB-/Stable/IND

     A4+ rating;

-- INR16 mil. Term loans due on March 2020 affirmed with IND BB-/

     Stable rating; and

-- INR14 mil. Non-fund-based limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects STPL's moderate credit metrics. Its gross
interest coverage (operating EBITDAR/gross interest expense) fell
to 1.75x in FY19 (FY18: 1.8x) due to increase in interest  
expenses to INR42 million (INR38 million) which arrested the
increase in absolute EBITDA. The net leverage (adjusted net
debt/operating EBITDA), however, improved to 3.15x in FY19 (FY18:
4.09x) due to partial repayment of debts as well as increase in the
absolute EBITDA to INR73.58 million (INR68 million).

The ratings also factor in the company's continued medium scale of
operations. Its revenue improved significantly to INR1,118 million
in FY19 (FY18: INR847 million) due to increased orders. The company
achieved a turnover of INR855 million in 9MFY20 and receives weekly
orders from its customers.

The ratings take into consideration the company's average EBITDA
margins, which contracted to 6.58% in FY19 (FY18: 8.07%) due to
volatility in crude oil prices. Owing to the high competition in
the industry, the company passes on hikes in its raw materials with
a lag, leading to its average margins. The company's return on
capital employed stood at 12% in FY19.

Liquidity Indicator- Poor: The company's average utilization of the
working capital limits was 100% during the 12-months ended February
2020 and there have been instances of overutilization in the
facility during the 12-months ended February 2020. Cash and cash
equivalents stood at INR5.56 million as at FYE19 against total
outstanding debt of INR237 million during FY19 (FY18: INR281
million). Cash flow operations, however, improved to INR83 million
in FY19 (FY18: INR7.19 million) owing to improvement in working
capital. Free cash flow continued to be positive at INR45 million
(FY18: INR4.5 million). The company does not have any major capex
plan in FY20 and FY21. For supporting liquidity, the promoters have
infused equity of INR17 million during September 2019 through
rights issue and is likely to infuse additional funds during FY21.

The ratings, however, are supported by the promoter's decade-long
experience in the pipes and fittings industry.

RATING SENSITIVITIES

Positive: An improvement in the revenue and EBITDA margin, leading
to an improvement in the credit metrics and overall liquidity, with
net leverage sustaining below 3x would be positive for the ratings.


Negative: Any decline in the revenue and EBITDA margin, leading to
further deterioration in the liquidity and credit metrics with net
leverage rising above 3.5x would be negative for the ratings.

COMPANY PROFILE

STPL was incorporated in 2007 to take over the operations of three
partnership firms Balaji Polymers, Noble Polymers, Tirupati Plastic
Industries. The manufacturing facilities of all three units are
located at the Union Territories of Silvassa, Dadra and Nagar
Haveli. Established in 1994, Noble Polymers manufactured
high-density polyethylene and polypropylene pipes, fittings and
drip irrigation pipes with a registered trademark Noble; while
Tirupati Plastic Industries, set up in 2000, manufactured solid
plastic sheets with a registered trademark Tirupati. Balaji
Polymers, established in 2004, manufactured plastic hollow sheets
with a registered trademark Wellpack.


VARANASI STP: Ind-Ra Lowers Loan Rating to BB-, Outlook Negative
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Varanasi STP
Project Private Limited's (VSPPL) bank loans to 'IND BB-' from 'IND
BBB-'. The Outlook is Negative.

The detailed rating actions are:

-- INR570 mil. Term loans due on June 2029 downgraded with IND
     BB-/Negative rating; and

-- INR130 mil. Bank guarantee downgraded with IND BB-/Negative
     rating.

The downgrade reflects the project's slippages in meeting the
scheduled commercial operation date and the resultant deductions
from the construction grants by the concessionaires, Uttar Pradesh
Jal Nigam and National Mission for Clean Ganga (NMCG). The sponsor,
Essel Infra Projects Limited (EIPL) will have to plug in the
shortfall in the grant through contributions. The Negative Outlook
reflects the uncertainty regarding timely project completion, and
higher reliance on the sponsor to fund the shortfall.

KEY RATING DRIVERS

Construction Delays Elevate Execution Risk: The project had
achieved physical progress of 78.2% as on 31 December 2019 against
the planned progress of 100% as per the Lender's Independent
Engineer (LIE) report Dec 2019. The company had missed the
scheduled commercial operation date in November 2019 and applied
for an extension from the concessionaire. If the company fails to
complete the project within six months of the grace period, it
shall be considered as an event of default. The concessionaire has
already been deducting liquidated damages (LD) from the
construction grants. The engineering, procurement, and construction
(EPC) contractor is Pan India Infraprojects Private Limited
(PIIPL), the nodal EPC agency for various projects undertaken by
the Essel group. It has a reasonable track record of executing
projects; however, its financial profile has deteriorated due to
the reduced financial flexibility of the Essel Group promoters,
resulting from the recent decline in the share prices of some key
group entities.

Deduction from Construction Grants: The concessionaire has deducted
INR8.8 million, INR4.8 million and INR15.7 million from the first,
second and third construction grants, respectively. The LD deducted
from the first grant was reversed with the payment for the third
construction grant, but further LD impositions cannot be ruled
out.

Weakened Credit Profile of Construction Contractor: The weakened
credit profile of the EPC contractor, PIIPL, renders the project
vulnerable to risks associated with delayed construction as well as
operations and maintenance (O&M). The Outlook would be revised to
Stable post the achievement of material progress with respect to
construction, visibility on timely completion of the project, and
injection of the entire equity.

Increased Dependence on Sponsor: EIPL has provided an undertaking
to meet any cost overruns and shortfalls in resources related to
project completion and shortfalls in debt servicing for the entire
loan tenor. As per the undertakings, during the operations period,
the sponsor will bridge the funding gap resulting from any
delays/non-payment of an annuity by the authority and inject
additional funds until maturity to maintain a debt service coverage
ratio of 1.10x.

The sponsor's financial health has weakened following the stress in
Essel Group; this could impede the timely injection of funds.
However, the management has highlighted the historical equity
contributions and established a track record of the timely
completion of construction. Timely equity infusion, the release of
grants and sponsor support for project completion will remain key
monitorable for the ratings.

Low Revenue Risk Profile: The rating factor in the proposed receipt
of quarterly annuities from NMCG. VSPPL shall have five revenue
streams: a) CAPEX annuity – 60% of the bid project cost, b)
interest on the reducing balance of 60% of the completion cost, c)
O&M charges, d) power charges for the facility subject to the cap
on power charges based on the guaranteed energy consumption, and e)
power charges at actual for the associated infrastructure to be
paid by NMCG to the concessionaire during the O&M period. The O&M
expenses are inflation-adjusted. The price index multiple comprises
70% of the wholesale price index and 30% of the consumer price
index.

While O&M payments are subject to variations in the inflation
index, deductions for non-conformance of the treated effluent
meeting discharge standards or plant availability below guaranteed
availability criteria are relatively straightforward and will
remain key monitorable for the project.

Moderate Debt Structure; Low Liquidity Flexibility: Financial risks
stem from an annual variable interest rate, which is linked to the
base rate of the lead bank. Any significant fluctuations in the
interest rate, which is not covered by an equivalent increase in
annuity payments, and absent sponsor support, would be a credit
negative. The repayment will begin post one year from the
commercial operation date in 31 structured quarterly installments.
A debt service reserve equivalent to three months of principal and
interest will be created from operational cash flows after the COD,
indicating the project's reliance on timely sponsor support. The
sponsor has extended an unconditional/irrevocable corporate
guarantee to fund any default in payment/repayment or reimbursement
of any outstanding in case of any event of default (up to six
months after commencement of operations).

Significant Effluent Treated Quality Risk: The ratings are
constrained by the project’s lack of operational history.
Fluctuations in meeting specified discharge standards cannot be
estimated at the initial phase of the project. These uncertainties
are experienced by sewage treatment plants across many
municipalities. Any non-conformance will lead to liquated damages
and affect the project's cash flows. Ind-Ra believes sewage
treatment plants are prone to such uncertainties.

High O&M Risk: Sewage treatment plants consume high electricity.
The consumption of higher electricity than the bid quoted
electricity (guaranteed energy consumption) in any quarter could
lead to power consumption liquated damages. On any given day, if
the availability of the plant is lower than the guaranteed value,
it shall lead to liquated damages. The same will be deducted from
the O&M payment by NMCG on a quarterly basis. If the amount exceeds
the O&M quarterly payment, then NMCG may decide to deduct it from
the subsequent installments or recover the same from the O&M
security. The technical evaluation report validating the O&M
expenses was not made available to Ind-Ra.

Infrastructure Renewal Risk: VSPPL is likely to incur major
maintenance expenditure once in five years. The project company has
assumed major maintenance expenses throughout the term of the
project. In addition, the project loan document mandates the
creation of a provision for major maintenance from the first year
of operations.

RATING SENSITIVITIES

Negative: Delays in construction or equity infusion beyond May 2020
and any further deductions in grants could result in a rating
downgrade.

Positive: Commencement of commercial operations within May 2020,
sustained receipt of annuities on a timely basis from the
concession authority along with meeting quality standards could
lead to a rating upgrade.

COMPANY PROFILE

VSPPL is 74%-owned by EIPL. Uttar Pradesh Jal Nigam and National
Mission for Clean Ganga has awarded VSPPL a concession to construct
a 50 million liters per day (MLD) sewage treatment plant in Ramana,
Varanasi and restore allied facilities under the hybrid annuity
model. The O&M period as per the concession agreement is 15 years
from the commercial operation date. The bid project cost of
INR1,565.502 million includes land, project cost, and O&M. The
appraised project cost of INR1,234.7 million is proposed to be
funded by term loan of INR568.3 million, construction grant of
INR423.0 million, and the balance through equity.




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

AVATION PLC: S&P Lowers ICR to 'B', On Watch Negative
-----------------------------------------------------
S&P Global Ratings, on March 31, 2020, lowered its long-term issuer
credit rating on the Singapore-based aircraft lessor Avation PLC
along with the long-term issue credit rating on the company's
guaranteed medium-term notes and the US$350 million senior
unsecured notes to 'B' from 'BB-'. The recovery ratings on the
notes remain at '4'. At the same time, S&P placed the ratings on
CreditWatch with negative implications.

The downgrade reflects the prospective weakening in cash flow
adequacy and coverage ratios through fiscal 2020 and 2021 as air
travel demand drops and liquidity at airlines deteriorates
rapidly.

Avation's earnings, cash collection, and cash flow adequacy ratios
will likely sharply weaken following the unprecedented decline in
global air traffic. Avation's concentration of earnings magnifies
its vulnerability to weaker operating conditions and customers'
eroding credit quality. Compared with its larger rated peers, it
has a less globally diverse range of customers with 18 airline
customers across 15 countries. One of the company's largest
clients, Virgin Australia Holdings Ltd., contributes about 20% of
the company's revenues. The carrier is currently facing significant
liquidity pressure following its decision to temporarily ground 125
aircraft and reduce domestic capacity by 90%. Avation also has a
sizeable exposure to small regional airlines of about 56%, rather
than flag carriers, which we regard as less likely to benefit from
liquidity injection or sovereign support. Besides Virgin Australia,
Avation's top clients include Vietjet Aviation Joint Stock Co. and
A/S Air Baltic Corporation, which in aggregate contribute more than
30% of its revenues.

S&P said, "With a growing number of airlines grounding their fleets
to adjust to reduced demand for travel, we believe the company's
revenues, profits, and cash collection could fall significantly in
2020 and 2021. We also believe airlines that elect to keep the
aircraft may seek to reduce lease rates or defer lease payments,
with potential implications for Avation's earnings or working
capital.

"We now project Avation's ratio of funds from operations to debt
could fall to 5.5% in 2021 and its EBIT interest coverage below
1.5x as a result of rent deferrals compared to our earlier
expectations of FFO-to-debt of 6%-7% and EBIT interest coverage
exceeding 1.5x. These levels are indicative of a balance sheet
quality that is no longer commensurate with a 'BB-' rating.

"We estimate a 20% reduction in lease income would cause
FFO-to-debt to fall below 4.5% and EBIT interest coverage of about
1x, a scenario we envision as probable should some of Avation's
customers undergo insolvency from the crisis.

"We recognize that Avation has historically been able to promptly
repossess and re-lease its aircraft in the event of default, most
recently those leased to Thomas Cook in 2019 or Flybe Ltd. in
2020." More difficulty with fleet transitions is likely this time,
given the systemic shock to the transportation industry, and the
likely sizable capacity reduction and residual overcapacity for the
next 12 to 24 months at least.

A protracted slump of the sector will likely complicate Avation's
refinancing efforts as the company's 2021 bond maturity approaches.
Weaker operating conditions are coinciding with sizable debt
maturity at Avation over the next 18 months. Besides over US$200
million in secured bank loans in 2020 and 2021, the company also
needs to tie up funding to refinance a US$350 million bond maturing
in May 2021. S&P believes risk appetite and investor sentiment
toward companies directly exposed to the sharp drop in travel and
transportation could be weak for the next three to six months. That
compares with cash and equivalents of about US$140 million as of
Dec. 31, 2019. S&P had earlier anticipated operating cash flows to
be about US$75 million in 2020 under normalized industry
conditions. Lease cancellations, renewals at lower rates, or lease
deferments could offset this cash inflow and further reduce
liquidity sources available to the company.

Avation's interactions with banks has historically been sound, with
a network of 11 active banking relationships. Bank support in a
significant downturn is untested, however, given the company's
record of operations largely spans positive industry developments.
We note the company does not have a record of maintaining large
multiyear committed credit facilities and with one bond
outstanding, has a limited record in debt capital markets. That is
unlike some of its larger peers like BOC Aviation.

Committed investments could also constrain Avation's ability to
preserve cash reserves. Avation has a total of eight ATR-600s
scheduled for delivery over fiscal 2021 and 2022 amounting to over
US$140 million. While the company has planned for the deferral of
four deliveries to Braathen's and US Bangla by six months from
fiscal 2020 to 2021, there would be a catch up in spending in
2021.

Aircraft lessors have historically used asset disposals as a
liquidity source. In fiscal 2019, Avation made a US$10 million gain
on the disposal of two aircraft. In addition, the company has about
15% of unencumbered assets as of the first half of fiscal 2020.
Yet, the ability of the company to monetize these assets in a
timely basis and use this as a source toward repaying amortizing
debt remains uncertain in the current operating environment.

The CreditWatch placement reflects a one-in-two likelihood of a
further downgrade within the next three months if a protracted
slump in air travel and cash flows at client airlines shows signs
of delaying the refinancing process of Avation's 2021 bond
maturity.

S&P expects to resolve the CreditWatch within the next three
months. The major focus point will be the evolution of financing
markets and any measures the company puts in place to deal with its
debt maturity profile, in particular regarding refinancing of the
2021 bond maturity.

S&P said, "The 'B' issue rating and '4' recovery rating on the
senior unsecured notes that Avation guarantees reflect our
expectation of average (30%-50%) recovery prospects for lenders in
the event of a payment default. Our simulated default scenario
assumes a default in the first half of 2023 stemming from a
significant slowdown in airline passenger demand as a result of a
widespread economic downturn, or mounting fears of terrorist
attacks or epidemics." This will reduce the demand for aircraft
leasing.

This hypothetical scenario also assumes that major customers will
not renew expiring contracts or commit to new contracts.
Furthermore, weaker customers would begin to fail, resulting in
lost revenue, while the market for used aircraft would fall below
book value.

In S&P's recovery analysis, it uses discrete asset values of
Avation's assets, in particular its aircraft. This approach is
consistent with S&P's evaluation of recovery prospects for other
aircraft leasing companies globally.

-- Simulated year of default: 2023
-- Jurisdiction: Singapore
-- Net value available to creditors (after 5% administrative
costs): US$663 million
-- Secured claims: US$539 million*
-- Unsecured claims: US$356 million*
-- Secured recovery expectation: 30%-50%

* All debt amounts include six months of prepetition interest.


EZION HOLDINGS: Gets Originating Summons Against Units
------------------------------------------------------
The Board of Directors of Ezion Holdings Limited on March 30, 2020,
announced that Whitesea Shipping & Supply (LLC) FZC ("WSS") has
issued (i) an originating summons HC/CWU 98/2020 requesting the
High Court of Singapore to wind up a wholly-owned subsidiary Teras
Conquest 3 Pte Ltd ("TC3PL"); and (ii) an originating summons
HC/CWU 99/2020 requesting the High Court of Singapore to wind up a
wholly-owned Teras Conquest 5 Pte Ltd ("TC5PL").

In the affidavit supporting HC/CWU 98/2020, WSS alleged that TC3PL
is indebted to WSS in the amount of USD408,275.94 for purported
provision of catering services under a Services Agreement between
WSS and TC3PL dated May 18, 2017. In the affidavit supporting
HC/CWU 99/2020, WSS alleged that TC5PL is indebted to WSS in the
amount of USD518,879.31 for purported provision of catering
services under a Services Agreement between WSS and TC5PL dated May
9, 2017.

TC3PL and TC5PL are of the view that there is no basis for WSS'
Winding-Up Applications, as TC3PL and TC5PL have respective
counterclaims against WSS and the debts are disputed.

The Winding-Up Applications are scheduled to be heard on April 17,
2020 at 10:00 a.m. TC3PL and TC5PL are currently exploring legal
representation to defend the Winding-Up Applications.

The Group does not believe that the proceedings will cause any
material disruptions to its operations and business. The Company
will keep its shareholders informed of any further developments and
make the necessary announcements.

Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment holding and
provision of management services. The Company, along with its
subsidiaries, specializes in the development, ownership and
chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the oil
and gas industry; Exploration and development support, which is
engaged in owning, chartering and management of rigs and vessels
involved in the exploration and development phase of the oil and
gas industry, and Others, which includes assets or investments
involved in renewable energy and other oil and gas related
industry. The Company owns a fleet of multipurpose self-propelled
service rigs. It owns a fleet of service rigs in Southeast Asia for
use in offshore oil and gas industry, and  offshore wind farm
industry.


HONESTBEE PTE: High Court Dismisses Bid to Convene Scheme Meeting
-----------------------------------------------------------------
The Business Times reports that the High Court has dismissed
honestbee's application to convene a scheme meeting in its effort
to restructure some US$230 million of debt, effectively enabling
creditors to now apply to wind up the company.

In a hearing on March 26, honestbee had sought a two-week
adjournment, but this was dismissed by the court, BT understands.
As BT had reported on March 25, honestbee sought the adjournment
due to its key white knight Brian Koo and his affiliated entities
potentially withdrawing their support for the restructuring.

As a result of the court outcome, honestbee is now no longer under
court protection from its creditors, BT says. Its sole secured
creditor is Formation Group, Mr. Koo's venture firm, with
all-monies charges for US$4 million. The distressed startup also
has more than 1,000 other unsecured trade and financial creditors.


In addition, LHN Space Resources is now able to retake level 1 of
34 Boon Leat Terrace, which had housed honestbee's concept
supermarket habitat, BT understands.

BT relates that the court outcome could mark the end of the road
for honestbee, which had still been looking for other potential
investors on March 25. In an e-mail to creditors on March 25, the
startup said that FLK and Formation are now re-considering their
continued support for the company due to "the worsening Covid-19
pandemic across the world and the resulting uncertainties".

Under honestbee's proposed scheme of arrangement, FLK was to have
injected US$7 million into the company to repay creditors owed
above SGD500 each, with three cents on the dollar in cash, the
report notes. honestbee was to have repaid the remainder of its
debt via issuing creditors equity.

                         About honestbee

Headquartered in Singapore, Honestbee Pte. Ltd. --
https://honestbee.sg/ -- is an online grocery and food delivery
service as its core business, a concierge service, and also aparcel
delivery service for its B2B clients.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
7, 2019, Inside Retail Asia said that sinking in debts of around
US$180 million, Honestbee is seeking court protection from
creditors to allow it to restructure.   The company has applied to
the High Court to commence a process which reportedly would give it
six months protection from creditors lodging winding up procedures
or other legal attempts to recover what they are owed.

Honestbee has received demands from creditors claiming SGD6
million, and owes about US$209 million to its largest creditors,
the embattled grocery startup revealed in an affidavit filed at a
Singapore High Court pre-trial conference on August 6, according to
The Business Times.


SMARTLY: Winds Down Operations Over Intense Competition
-------------------------------------------------------
DealStreetAsia reports that Singapore-based robo-advisor Smartly is
winding down its operations, a move it attributed to "intense"
competition in the digital investment advisory space.

Founded in 2015, Smartly was acquired by Vietnam-based asset
management firm VinaCapital in 2019. In a notice on its website,
the startup said its decision to wind down operations was guided by
its parent company's strategic considerations.

"Competition in the digital investment advisory space is intense
and maintaining a high service standard on the platform has been
challenging. Despite initially contemplating core platform
improvements . . . strategic corporate considerations by our
parent, VinaCapital Group Ltd, ultimately guided this decision," it
said.

VinaCapital told DealStreetAsia the decision followed a strategic
evaluation and was made weeks ago. "After evaluating the
investments that would be necessary to continue to build the
platform in terms of both technology and talent, we arrived at the
decision that this business in Singapore no longer aligns with our
group's strategic objectives," the firm said on March 25.

"We understand that some customers may be anxious about our
decision to end Smartly's operations, given the current market
turmoil as a result of the COVID-19 outbreak. Our decision was made
weeks ago and we have been working to develop a process that
ensures the wind-down occurs in an orderly manner. We have also
notified the Monetary Authority of Singapore (MAS) of our decision
to cease the service," it added.

Smartly's portfolio includes more than 20 exchange-traded funds
(ETFs), and the startup charges its customers annual management
fees of 0.5-1 per cent, and the underlying ETF fee charged by the
ETF providers (0.1-0.25 per cent per year), DealStreetAsia
discloses.

Smartly has arranged the return of all funds held in customers'
accounts and informed them of another service provider with whom it
has negotiated a special arrangement, according to VinaCapital.




===============
T H A I L A N D
===============

IRPC PUBLIC: Moody's Withdraws Ba1 CFR for Business Reasons
-----------------------------------------------------------
Moody's Investors Service has withdrawn IRPC Public Company
Limited's Ba1 corporate family rating and its stable outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Listed on the Thailand stock exchange, IRPC Public Company Limited
is an integrated refinery and petrochemical operator in Thailand.
It owns the third largest refinery in the country with a nameplate
capacity of 215,000 barrels per day. The company is a producer of
naphtha and reformate-based petrochemicals, and is also a leading
producer of styrenics in Thailand.


IRPC PUBLIC: S&P Lowers ICR to 'BB' Then Withdraws Rating
---------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on IRPC Public
Co. Ltd. (IRPC) to 'BB' from 'BB+' on the back of the company's
weakening earnings performance, sustained spending, and elevated
leverage level amid an unfavorable industry outlook. S&P then
withdrew its issuer credit rating on the Thailand-based refining
and petrochemical producer at the issuer's request.

The subdued industry outlook will further weaken IRPC's earnings
generation capacity over the next two to three years. Cancellation
of flights and limited travel due to the COVID-19 pandemic have
curbed demand for jet, diesel, and gasoline in the first three
months of 2020. A likely global recession will further hinder
consumption demand, and consequently the product spreads, for the
remainder of the year. This will likely mitigate any positive
impact on diesel spreads from the International Marine
Organization's new sulfur cap in 2020. S&P projects IRPC's reported
EBITDA to be about Thai baht (THB) 9 billion per annum over
2020-2021.

The softening earnings trend, combined with high spending needs,
will result in negative discretionary cash flows and weaken IRPC's
leverage. S&P projects IRPC's debt will exceed THB60 billion
through 2022, slightly higher than THB59 billion as of Dec. 30,
2019. The company will have little flexibility in curbing its
spending over the next two to three years given its commitment to a
US$300 million investment on its Ultra Clean Fuel project. IRPC has
prioritized the clean-fuel project in preparation for the
enforcement of Euro 5 diesel regulation in Thailand in 2024. S&P
expects IRPC's debt-to-EBITDA to be about 8.0x over the next two
years.

S&P said, "Our stable outlook on IRPC at the time of ratings
withdrawal reflects our view that the company will maintain its
stable operations, defer other uncommitted investments, and
continue to have access to operating and financial support from its
parent company, PTT Public Co. Ltd. (BBB+/Positive/--)."




===============
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MALDIVES: Fitch Lowers LongTerm IDRs to B & Alters Outlook to Neg.
------------------------------------------------------------------
Fitch Ratings has downgraded the Maldives' Long-Term
Foreign-Currency and Local-Currency Issuer Default Ratings (IDRs)
to 'B' from 'B+' and revised the Outlook to Negative from Stable.

KEY RATING DRIVERS

The downgrade of the Maldives' IDRs reflects the following key
rating drivers.

Fitch expects the Maldives' economy to be hit hard by the
coronavirus pandemic because of the dominance of the tourism
sector. The Maldives has recorded few COVID-19 cases so far and can
use remote islands for quarantining, if needed, but tourism
receipts will nevertheless remain close to zero for months due to
global conditions.

A deep recession seems unavoidable, as tourism directly accounts
for about 25% of GDP, according to national accounts data, and even
more indirectly. Its forecast of a 5% contraction in economic
activity in 2020 and a rebound to 10% growth in 2021 are subject to
significant uncertainty. The Maldives faced even more severe
economic downturns in 2009, following the global financial crisis
(-6.6%) and the 2004 tsunami (-13.4%), which flooded the country.
Economic activity in 2020 is still likely to be supported by
construction, even though some projects may face disruption, and
imports of materials may get delayed. The government also announced
stimulus measures, including temporary subsidies for electricity
and water, and support for businesses affected by the pandemic.

Several large infrastructure development projects undertaken
simultaneously over the past few years have resulted in a rise in
government and government-guaranteed debt. Projects that are
ongoing or in the pipeline are, for instance, related to housing,
airport development and the construction of another bridge. In this
year of recession Fitch expects government debt to increase further
to 73% of GDP, from 60% in 2019. The government has enhanced
transparency of debt accumulation and aims to limit a further
build-up of government guarantees, which rose to 15% of GDP in 2019
from 4% of GDP in 2017.

Inflows of foreign currency and government revenue will fall
significantly as a result of the halt in tourism. Hence, Fitch
expects the fiscal deficit to widen to 12% of GDP in 2020 from 5.7%
in 2019. The government may face challenges in financing the
deficit, as its otherwise strong ability and propensity to tax the
luxury tourism sector will be impaired. However, Fitch expects the
Maldives to continue to benefit from financial support from its
international partners. India supported the Maldives last year with
USD1.4 billion in grants and concessional loans, while
international financial institutions provided assistance after the
2004 tsunami.

The Negative Outlook reflects its assessment that risks remain
skewed to the downside given the Maldives' limited external
buffers. Gross foreign reserves were USD757 million in January
2020, while reserves net of the monetary authorities' short-term
liabilities amounted to USD311 million. The government's external
debt service obligations amount to USD118 million this year, while
USD217 million in government-guaranteed debt will need to be
serviced. However, the government has no foreign marketable debt
falling due before June 2022, when its USD250 million international
bond matures. Resources in the sovereign development fund, intended
in principle for the repayment of the US dollar bonds, have been
broadly stable over the past year at around USD130 million.

The Maldives' 'B' IDRs also reflect the following key rating
drivers.

The Maldives' success as a prime luxury tourist destination has
generated relatively high GDP per capita of USD10,776 ('B' category
median is USD3,311). Tourism demand should rebound once the
Covid-19 crisis has passed and tourists feel more confident to
travel again. Tourist arrivals showed an increasing trend in recent
years, rising to 1.7 million in 2019 from 1.2 million in 2015.
Capacity is still expanding, as many new resorts are being built.
The development of an additional runway and new terminal at the
main international airport, in particular, should allow for a
significant increase in the number of tourists in the coming
years.

The high dependence on tourism implies that the economy is
vulnerable to sudden events that structurally harm the perception
of the Maldives as a safe and reliable tourist destination.
Political tensions have eased significantly since the election of
President Ibrahim Mohamed Solih in September 2018. A strong
electoral mandate was confirmed when his Maldivian Democratic Party
won a 74% majority in the parliamentary elections in April 2019.
There is consensus among the political parties on the central
policy objectives to facilitate a thriving tourism sector and
expand infrastructure and housing development, but this government
aims to improve governance and restore public confidence in law
enforcement, which strengthens the support by international
donors.

Fitch expects the current account deficit to widen slightly, to
22.6% of GDP in 2020 from 21.4% of GDP in 2019. Imports will
probably drop materially in tandem with the reduction in tourism
and a lower oil price, mitigating the impact of the fall in tourism
on the current account. This projection is subject to significant
uncertainty, as with most other forecasts in the current global
environment.

The banking system is well-capitalised, with a reported Tier 1
capital/risk-weighted asset ratio of 38.8% in 2019. Private credit
represents only 33% of GDP and a significant proportion of the
banking system is foreign-owned, implying that the sovereign's
exposure to banking sector risk is relatively low. Non-performing
loans were high, however, at 9.4% of total loans, but down from a
peak of 20.9% in 2012.

ESG - Governance: The Maldives has an ESG Relevance Score of '5'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators (WBGI) has in its
proprietary Sovereign Rating Model. The Maldives has a medium WBGI
ranking at the 34th percentile, reflecting a recent peaceful
political transition, a moderate level of rights for participation
in the political process, moderate institutional capacity, and a
high level of corruption compared with peers.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns the Maldives a score equivalent to
a rating of 'B+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows.

External Finances: -1 notch to reflect low reserve coverage in
combination with high dependence on one sector - tourism - and an
accumulation of external debt from the execution of large
infrastructure projects.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable or not fully reflected in
the SRM.

RATING SENSITIVITIES

The main factors that may, individually or collectively, lead to a
downgrade or other negative rating action are:

  - External liquidity pressures, eg due to a fall in foreign-
    currency reserves or an increase in external debt higher than
    Fitch expected.

  - A sharper rise in general government debt or government
    guarantees to state-owned enterprises than Fitch expects,
    eg due to a prolonged economic downturn or a rise in public
    investment spending.

The Rating Outlook is Negative. Consequently, Fitch does not
currently anticipate developments with a high likelihood of leading
to a positive rating change.

However, the main factors that may, individually or collectively,
lead to an upgrade or other positive rating action are:

  - Strengthening of external buffers through accumulation of
    foreign-currency reserves.

  - A reduction in debt owed or guaranteed by the general
    government, leading to improved public-debt dynamics.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of sovereign issuers have a
best-case rating upgrade scenario (defined as the 99th percentile
of rating transitions, measured in a positive direction) of three
notches over a three-year rating horizon; and a worst-case rating
downgrade scenario (defined as the 99th percentile of rating
transitions, measured in a negative direction) of three notches
over three years. The complete span of best- and worst-case
scenario credit ratings for all rating categories ranges from 'AAA'
to 'D'. Best- and worst-case scenario credit ratings are based on
historical performance.

KEY ASSUMPTIONS

  - The global tourism industry experiences a gradual recovery
    extending into 2021 after the initial, sharp shock from the
    coronavirus pandemic this year.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The Maldives has an ESG Relevance Score of '5' for Political
Stability and Rights, as WBGI have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and a key
rating driver with a high weight.

The Maldives has an ESG Relevance Score of '5' for Rule of Law,
Institutional and Regulatory Quality, and Control of Corruption, as
WGBI have the highest weight in the SRM and are therefore highly
relevant to the rating and a key rating driver.

The Maldives has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms, as WBGI have the highest weight in the SRM and
are relevant to the rating and a rating driver.

The Maldives has an ESG Relevance Score of '4' for Creditor Rights,
as willingness and ability to service debt are relevant to the
rating and a rating driver, as for all sovereigns.

The Maldives has an ESG Relevance Score of '3' for Human
Development, Heath and Education, as the global impact of the
pandemic will have an adverse effect on tourism receipts and the
country's broader external finances, which is relevant to the
rating in combination with other factors.

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


                           *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

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