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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

          Thursday, April 9, 2020, Vol. 23, No. 72

                           Headlines



A U S T R A L I A

EXPO DIRECT: First Creditors' Meeting Set for April 15
MICHAEL ELLIS: First Creditors' Meeting Set for April 20
SPEEDCAST INT'L: S&P Cuts ICR to 'D' on Missed Payments
SWC BF (NSW): Second Creditors' Meeting Set for April 17
TECHFRONT AUSTRALIA: First Creditors' Meeting Set for April 21

TYJAC CORP: First Creditors' Meeting Set for April 20
VENTIA PTY LTD: S&P Lowers ICR to 'BB' on Higher Financial Risk


C H I N A

CAR INC: S&P Lowers ICR to 'B-' on Reduced Funding Access
CHINA: Braces for Wave of Soured Loans With New Bad-Debt Manager
KWG GROUP: S&P Affirms 'B+' Issuer Credit Rating, Outlook Negative


I N D I A

AUTOMARK INDUSTRIES: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
AUTOMARK TECHNOLOGIES: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
BELGAUM WIND: Ind-Ra Lowers Bank Loan Rating to 'B+', Outlook Neg.
BLUE STAR: CRISIL Moves D on INR9cr Loan to Not Cooperating
COCHIN STEEL: CRISIL Withdraws 'D' Rating on INR3CR Bank Loan

DELHI INT'L AIRPORT: S&P Cuts ICR to 'BB-', On Watch Negative
DNS ELECTRONICS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
GMR HYDERABAD AIRPORT: S&P Cuts Issuer Credit Rating to 'BB'
JSR MULBAGAL: CRISIL Moves D on INR105cr Loan to Not Cooperating
PEE AAR: CRISIL Maintains 'D' Rating to Not Cooperating

PIONEER EMBROIDERIES: CRISIL Withdraws D Rating on INR15cr Loan
PRADHVI MULTITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
RAGHAVA PROJECT: CRISIL Maintains 'D' Ratings in Not Cooperating
RAJESH HOUSING: CRISIL Lowers Rating on INR140cr NCD to 'C'
RAJLABDHI INFRA: CRISIL Keeps 'D' on INR20cr Loan in NonCooperating

RANA FARMS: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
RAYBAN FEEDS: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
S.B.I.O.A. EDUCATIONAL: CRISIL Cuts Rating on INR34cr Loan to B+
SBM MOTORS: CRISIL Migrates 'B+' Rating to Not Cooperating
SENTHILKUMAR WOOD: CRISIL Migrates D Ratings to Not Cooperating

SHREE BAIDYANATH: CRISIL Lowers Rating on INR8cr Loan to B+
SR CYLINDERS: CRISIL Migrates D Ratings to Not Cooperating
SYNDICATE BANK: S&P Discontinues 'BB+/B' Issuer Credit Ratings
VINAYAKA ELECTROALLOYS: CRISIL Moves B+ Rating to Not Cooperating
YCD INDUSTRIES: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable



I N D O N E S I A

MODERNLAND REALTY: S&P Lowers ICR to 'B-', On Watch Negative


J A P A N

JAPAN: Pandemic Set to Tip Into Deep Recession This Year


N E W   Z E A L A N D

FLIGHT CENTRE: To Close 58 New Zealand Stores, 300 Jobs to Go

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A U S T R A L I A
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EXPO DIRECT: First Creditors' Meeting Set for April 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Expo Direct
Pty Ltd will be held on April 15, 2020, at 10:00 a.m. via
teleconference.

Andrew Schwarz and Matt Adams of AS Advisory were appointed as
administrators of Expo Direct on April 6, 2020.


MICHAEL ELLIS: First Creditors' Meeting Set for April 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Michael
Ellis & Associates Pty Limited will be held on April 20, 2020, at
2:30 p.m. at Office 2, 92 Marine Parade, in Kingscliff, NSW.

Morgan James Chubb and David Morgan of Clout & Associates were
appointed as administrators of Michael Ellis on April 6, 2020.


SPEEDCAST INT'L: S&P Cuts ICR to 'D' on Missed Payments
-------------------------------------------------------
S&P Global Ratings lowered the long-term issuer credit rating on
Speedcast International Ltd. to 'D' from 'CCC'. At the same time,
S&P lowered the issue credit ratings on the affected term loans to
'D' from 'CCC' to reflect the payment default.

S&P lowered the ratings on Speedcast to 'D' following the company's
missed interest and debt amortization payments due on March 31,
2020, on its US$600 million term loan B. Speedcast's debt
facilities comprise the US$600 million term loan B facility and a
US$100 million revolving credit facility.

S&P does not believe that Speedcast will be able to rectify
payments due on its debt facilities within the five-business-day
grace period, given its liquidity position and need for additional
funding to continue operating as a going concern.

The company has signed a forbearance agreement with its lender
group and is in discussion with its lenders to implement an interim
funding package ahead of a planned restructuring. The agreement is
scheduled to expire on April 17, 2020. An interim funding package
would allow Speedcast to continue operating and progress its plans
for a recapitalization and restructuring to reduce overall
leverage.

S&P will reassess the ratings on completion of any restructuring.
The ratings would then take into account the group's business
prospects and prospective capital structure after the completion of
debt restructuring.


SWC BF (NSW): Second Creditors' Meeting Set for April 17
--------------------------------------------------------
A second meeting of creditors in the proceedings of SWC BF (NSW)
Pty Ltd (formerly Baron Forge (NSW) Pty Ltd) and SWC BF Contractors
(NSW) Pty Ltd (formerly Baron Forge Contractors (NSW) Pty Ltd) has
been set for April 17, 2020, at 10:30 a.m. via video-conference.

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 16, 2020, at 10:30 a.m.


Craig Peter Shepard, Andrew Knight and Scott Langdon of KordaMentha
were appointed as administrators of SWC BF (NSW) on Dec. 17, 2019.


TECHFRONT AUSTRALIA: First Creditors' Meeting Set for April 21
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- Techfront Australia Pty Limited;
   -- Screencorp Pty Limited; and
   -- Techfront Infrastructure Solutions Pty Limited

will be held on April 21, 2020, at 11:30 a.m. via teleconference.

Ryan Reginald Eagle and Gayle Dickerson of KPMG were appointed as
administrators of Techfront Australia et al. on April 7, 2020.


TYJAC CORP: First Creditors' Meeting Set for April 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Tyjac
Corporation Pty. Ltd will be held on April 20, 2020, at 10:30 a.m.
by telephone conference.

Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were
appointed as administrators of Tyjac Corporation on April 6, 2020.


VENTIA PTY LTD: S&P Lowers ICR to 'BB' on Higher Financial Risk
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Ventia Pty
Ltd. to 'BB' from 'BB+', and lowered its related issue ratings on
the company's debt to 'BB' from 'BB+'. Recovery ratings on the debt
remain unchanged at '4'.

S&P said, "We lowered the ratings on Ventia to reflect our
assessment of the company's increased financial risk appetite. We
expect the company's credit metrics to weaken following the
debt-funded acquisition of Broadspectrum, with debt to EBITDA
likely to initially increase to about 5x before deleveraging.

"In our view, shareholder-friendly activity eroded Ventia's
financial buffer over the past three years. Following an increase
in debt in 2017, Ventia further increased its existing term loan B
facility by A$100 million in June 2019. In 2019, the company made a
distribution to its two shareholders of about A$100 million. The
company's adjusted debt to EBITDA increased to 4.8x in 2019, from
less than 4x in 2018, while FFO to debt dropped significantly below
20%.

"We forecast that Ventia's leverage will remain elevated due to the
acquisition of Broadspectrum. Ventia is likely to debt-fund the
acquisition for an equity value of about A$485 million (excluding
transaction costs); the acquisition is still pending regulatory
approval. The combined group would generate revenue in excess of
about A$5 billion and about A$300 million-A$350 million in EBITDA
excluding synergies. We expect the transaction to moderately dilute
Ventia's margins, due to the inclusion of the lower margin
Broadspectrum business.

"We believe Ventia's acquisition of Broadspectrum is a good
strategic fit. In our view, the acquisition should modestly
strengthen Ventia's business profile by providing access to new
sectors, broadening capabilities and service offerings. Both
companies are complementary infrastructure-service providers
offering a variety of operational and maintenance services to
private sector and government clients in Australia and New Zealand.
We believe the acquisition will combine Ventia's leading position
as a key service provider to the owners of telecommunication
infrastructure with Broadspectrum's solid positions in facilities
management.

"While we acknowledge a high degree of forecast uncertainty
associated with the length and severity of COVID-19 business
disruptions, we see no imminent liquidity risks for Ventia. While
there is likely to be some pressure on near-term cash flows,
Ventia's liquidity cushion is supported by unrestricted cash of
about A$192 million and available undrawn revolving credit facility
of about A$133 million, as well as internally generated cash flows.
The company has no debt maturities before fiscal 2024 and has
committed funding in place to support the Broadspectrum
acquisition.

"The higher credit quality of the CIMIC Group continues to support
the Ventia rating. We continue to view Ventia as part of CIMIC
Group, which is a core entity of the broader Grupo ACS Actividades
de Construccion y Servicios SA group. We assess Ventia as being
moderately strategic to CIMIC. We believe that it is unlikely that
CIMIC will sell down its 50% interest in Ventia over the long term,
and that it will likely provide financial support to Ventia should
the joint venture encounter financial difficulty.
"The stable outlook reflects our expectation that Ventia will
successfully integrate the Broadspectrum acquisition and maintain
its solid market position and operating performance.

"Our classification of Ventia as a financial sponsor-controlled
company caps our financial risk assessment, with the recent
debt-funded acquisition of Broadspectrum indicating an aggressive
financial risk appetite. We expect the company to operate with
adjusted debt to EBITDA of less than 5x.

"Our calculations for Ventia's adjusted debt to EBITDA don't deduct
accessible cash and liquid investments from debt given that the
company is partly owned by a financial sponsor.

"We expect Ventia to remain as a moderately strategic joint venture
to CIMIC Group."

A downgrade could occur due to adjusted debt to EBITDA increasing
above 5x, particularly if we perceive it is a consequence of a more
aggressive financial risk appetite. This could include a further
sizable debt-funded acquisition or large shareholder returns.
Downward rating pressure could also occur if there is a reduction
in the volume or scope of work, or if reduced National Broadband
Network (NBN) contracts are not offset by new earnings streams
elsewhere.

S&P could also lower the rating if it no longer view Ventia as
moderately strategic to CIMIC or if the issuer credit rating on
CIMIC were lowered to 'BB'. This could be as a result of a
deterioration of CIMIC's stand-alone credit quality or worsening of
the Grupo ACS' group credit profile that affected our overall view
of CIMIC's creditworthiness.

Ventia's classification as a financial sponsor-controlled company
is a constraint on the rating. To this end, improved credit metrics
are unlikely to prompt upward rating action while the financial
sponsor exercises joint control.

S&P said, "In the event that the financial sponsor materially
reduces its ownership and influence over the company--which we
consider unlikely in the next year or two--we could raise the
ratings if Ventia adopts a more conservative financial policy, such
that we believe it will reduce and sustain adjusted debt to EBITDA
well below 4x and adjusted free operating cash flow to debt greater
than 15%. An upgrade would also be predicated on our belief that
the company will not re-leverage materially for a large acquisition
or shareholder payment."




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CAR INC: S&P Lowers ICR to 'B-' on Reduced Funding Access
---------------------------------------------------------
S&P Global Ratings, on April 7, 2020, lowered its issuer credit
rating on CAR Inc. to 'B-' from 'B+' and placed the rating on
CreditWatch with negative implications. S&P also lowered the issue
rating on the company's outstanding U.S.-dollar-denominated debt to
'B-' from 'B+'.

CAR Inc. faces limited access to capital markets, partially offset
by its planned used-car sales. CAR Inc.'s access to capital markets
has reduced dramatically with significant declines in share and
bond prices. Moreover, the company's relationship with banks may be
tested. This follows Luckin Coffee Inc.'s announcement on April 2
that its internal probe revealed fabricated sales totaling Chinese
renminbi (RMB) 2.2 billion. Although CAR Inc. is a separately
listed company with no direct ties to Luckin Coffee, its
association with the company has caused investor concerns over its
corporate governance. Both companies share the same chairman and
some senior managers worked at both companies, including Luckin
Coffee's current chief operating officer, now suspended on alleged
misconduct within the company.

For now, CAR Inc.'s liquidity remains partially supported by
potential cash inflow from planned car sales. However, the
company's capacity to sell used cars is subject to market demand.
S&P revised the liquidity to weak from less than adequate.

Beijing Borgward Motor Co. Ltd.'s reduced ability to repurchase
vehicles from CAR Inc. could further reduce the company's liquidity
in 2021.  Borgward's ability to buy back vehicles from CAR Inc. in
late-2021 will likely diminish, driven by its own weakening
liquidity. This is evidenced by Borgward's agreement with its
minority shareholder, Beiqi Foton Motor Co. Ltd., to repay RMB4
billion out of a total RMB4.67 billion in shareholder loans using a
sale-and-leaseback of fixed assets. Furthermore, Borgward may face
more muted demand for car sales this year. S&P expects auto sales
in China to decline by 8%-10% in 2020.

UCAR Inc.'s share pledges could trigger a change-of-control clause
on CAR Inc.'s U.S.-dollar notes.   CAR Inc. also faces risk of
triggering a change-of-control clause on its outstanding
U.S.-dollar notes should UCAR be forced to sell its 505 million
pledged shares of CAR Inc. (24% of shares outstanding) as of June
2019. The pledged shares are collateral for RMB1.4 billion bank
loans as of June 2019. The change-of-control clause could be
triggered if the combined holding of UCAR (29.76%) and Legend
Holdings Corp. (26.59%) drops to below 35% from the current
56.35%.

Used-car sales could shore up CAR Inc.'s liquidity, though its
disposal plan remains uncertain.   To offset the rising liquidity
pressure, CAR Inc. increased its 2020 target for used-car sales to
30,000-35,000 units from 20,000-25,000 units. This could generate
proceeds of RMB1.7 billion–RMB2.0 billion between April and
December 2020 and could help partially offset maturities of US$300
million (RMB2.1 billion) due in February 2021 and RMB750 million of
Dim Sum bonds due in April 2021. However, the pricing and volume of
car sales are subject to market demand. As such, S&P excludes the
proceeds from its liquidity assessment given the uncertainty of the
disposal.

CreditWatch

S&P said, "We expect to resolve the CreditWatch after we ascertain
CAR Inc.'s financing options for upcoming financial obligations and
its ability to maintain its credit lines with banks over the next
90 days.

"We could lower the rating if CAR Inc.'s banking relationships
deteriorate and its access to capital market is curtailed,
increasing the liquidity and refinancing pressure on the company.
We could also lower the rating if CAR Inc. faces difficulty selling
its vehicles in the used-car market.

"We could affirm the rating with a stable outlook if CAR Inc.
maintains good relationships with banks and we believe the company
can meet its target for used-car sales this year."

CAR Inc. is the largest car rental company in China. Its services
include car rentals, fleet rentals, and leasing. Established in
2007, the company is the market leader in China in terms of fleet
size, revenue, and brand awareness.

S&P said, "We're revising our assessment of CAR Inc.'s liquidity to
weak from less than adequate because of the company's limited
access to capital markets. This is evidenced by the significant
decline in its share and bond prices.

"We estimate the company's liquidity sources will cover liquidity
uses by 0.8x-0.9x over the 12 months ending March 2021."

Principal liquidity sources include:

-- Cash and short-term investments of about RMB2.7 billion at
    the end of March 2020.

-- Cash flow from operations that S&P estimates at RMB1.8 billion
    over the 12 months ending March 31, 2021.

Principal liquidity uses include:

-- Debt maturities of RMB5 billion–RMB6 billion over the 12
    months ending March 31, 2021, including the RMB1.0 billion
    panda bond puttable in April 2020 and RMB2.1 billion U.S.-
    dollar notes due in February 2021.

-- Gross capital expenditure of RMB100 million-RMB200 million.


CHINA: Braces for Wave of Soured Loans With New Bad-Debt Manager
----------------------------------------------------------------
Bloomberg News reports that amid all China's efforts to contain the
economic damage of the coronavirus outbreak, a crucial development
slipped by almost unnoticed -- the creation of the first national
bad-debt asset manager in 20 years.

According to Bloomberg, Galaxy Asset Management Co. won approval in
mid-March to convert into a financial asset management firm,
gaining a much-coveted license to buy bad loans directly from banks
nationwide, and the ability to borrow at relatively low rates.

The economic dislocation from Covid-19 threatens to add CNY5.6
trillion (US$790 billion) of bad debt -- more than double the
amount Chinese banks already sit on -- according to S&P Global
Inc., Bloomberg relays.

"It's long been a consensus that China's capacity to dispose of
distressed assets is insufficient, and the creation of the new
company is certainly a positive signal," Bloomberg quotes
Richard Zhu, a Beijing-based partner for financial services at
PricewaterhouseCoopers LLP, as saying in an interview.

Galaxy Asset is the first stated-owned bad-debt manager set up
since the creation of the so-called big four in 1999 to help clean
up a mountain of soured loans at the nation's biggest banks,
Bloomberg discloses.

And the capacity of those four firms to digest non-performing loans
is still small compared to the pile of bad debts, the report says.
The two listed AMCs -- China Cinda Asset Management Co. and China
Huarong Asset Management Co. -- bought a combined CNY149 billion of
distressed assets last year, according to their annual reports.

Unlike existing AMCs that mostly deal in nonperforming bank loans,
Galaxy Asset will focus more on distressed assets from capital
markets -- which are likely to see faster growth as volatility
mounts.

For instance, onshore bond defaults since 2016 have exceeded CNY340
billion, according to data compiled by Bloomberg, while risky
assets at trust companies, a key link in the shadow banking system,
surged 160% last year to CNY577 billion.

It also has experience in the space, having originally been set up
in 2005 to handle the distressed assets of a bankrupt securities
company. Its state-owned parent also controls one of the nation's
biggest brokerages in China Galaxy Securities Co, the report
notes.

"Although the big four AMCs have developed a full range of
financial licenses, the capital markets still aren't their area of
competitive advantage," Bloomberg quotes Muse Zheng, vice general
manager at SDIC Suiyong Asset Management Co., which specializes in
distressed assets, as saying. "Opportunities abound in areas where
capital-market expertise is needed."

According to Bloomberg, the market turmoil could see a resurgence
in problematic loans to controlling shareholders of listed
companies backed by pledged stock. The issue, which strained
finances at brokerages during a market downturn in late 2018, is
showing signs of a comeback.

While regulatory steps, including curbs on shareholders dumping
shares, has helped ease pressure on the market, creating a
specialized distressed-asset manager like Galaxy Asset to explore
more market-based, long-term solutions is "not a bad idea," PwC's
Zhu said, Bloomberg relays.

The number of listed companies with a high ratio of pledged shares
has fallen about 33% from its peak, and leverage in the stock
market has shrunk 80% from record highs in 2015, Li Chao, a vice
chairman of the China Securities Regulatory Commission, told a
briefing in Beijing last month, according to Bloomberg.

"The risk didn't just disappear, and once pressures surge, chain
reactions could follow," Bloomberg quotes Zhu as saying. Although
the spread of the virus has been curbed inside China, "there's so
much we don't know about it and nobody can say when it's going to
end."

Still, profiting from such risks is no easy job for Galaxy Asset.
Valuing assets such as pledged shares or defaulted bonds is much
more complicated than calculating the value of properties backing a
bad loan, the report states.

Also, unlike banks that are under regulatory pressure to offload
bad debt to free up capital, securities brokerages are often
reluctant to dump pledged shares cheaply as long as chances for a
price-rebound remain, according to Essence Securities Co. analyst
Zhang Jingwei.

"It's certainly a business they can do, but it will probably take
time to build up scale," Zhang said, adds Bloomberg.


KWG GROUP: S&P Affirms 'B+' Issuer Credit Rating, Outlook Negative
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on KWG Group Holdings Ltd. and its 'B' long-term issue rating on
the company's senior unsecured notes.

S&P said, "We affirmed the ratings because KWG's strong growth in
earnings in 2019 has led to significant deleveraging. The company's
leverage is now closer to a range commensurate with the rating. KWG
reported a 72.4% increase in proportionate revenue in 2019, partly
due to revenue slippage in 2018 being recognized during the year
and acceleration in sales of completed units. As such, the
see-through debt-to-EBITDA ratio (where joint venture projects are
proportionally consolidated) improved to 8.3x, from 10.4x in 2018.

"We maintain our negative rating outlook on KWG to reflect our view
that the company's deleveraging plan may be constrained by its
expansion appetite. Since adopting a more aggressive growth
strategy in 2016, KWG has invested heavily in land and built up its
cash cushion amid tighter liquidity conditions. The company's
adjusted debt (including guarantee to jointly controlled entities)
grew significantly to Chinese renminbi (RMB) 104 billion in 2019,
from RMB82 billion in 2018 and RMB62 billion in 2017. We believe
KWG is ultimately targeting a higher sales ranking and market
share, which could continue to drive strong land replenishment
needs and put pressure on its leverage.

The COVID-19 pandemic is affecting the pace of construction
industrywide. KWG's revenue may slip from our forecast if the
company's delivery schedule does not catch up as its plans, or if
the sale of completed properties is slower than S&P expects. KWG's
margin could also compress due to continuing price restrictions in
most higher-tier cities in China. These highly uncertain factors
could significantly affect the company's deleveraging plan.

S&P said, "In our view, KWG's strong contracted sales execution
should support 20%-25% growth in revenue and EBITDA annually over
the next two years. This could support further improvement in
leverage. The company achieved a 31.5% rise in contracted sales in
2019 and expects about 20% growth in 2020 to reach RMB103 billion.
We assess this target as achievable because we believe KWG's
contracted sales will likely largely normalize from April onwards
as the COVID-19 outbreak has subsided in China." The company
targets to increase its saleable resources for 2020 to RMB170
billion.

KWG's overall business strength is improving, given its growing
non-development income. The company's investment property portfolio
is also expanding, with eight shopping malls and eight office
buildings in prime higher-tier cities including Beijing, Shanghai,
Guangzhou, Suzhou, Chengdu, Chongqing, Nanning, and Foshan. S&P
estimates KWG's consolidated non-development income will increase
to RMB2.6 billion in 2020, from RMB2.2 billion in 2019. This is
because the company has nine shopping malls and seven office
buildings that should tentatively open over the next three to four
years.

KWG's urban redevelopment projects are also proceeding faster than
S&P expected, partly due to local government support and the
company's long record in Guangzhou. As of end-2019, KWG has signed
26 such projects, mainly in villages around Guangzhou. Demolition
and construction phases commenced in four to five villages. These
should provide RMB10 billion of higher-margin saleable resources
for 2021.

KWGs' large cash balance and strong funding access continue to
support the rating. As of Dec. 31, 2019, the company has RMB56.7
billion of cash, sufficient to cover 2.4x its short-term debt,
indicating a strong liquidity position. In the first quarter of
2020, KWG issued RMB3 billion equivalent of U.S. dollar senior
notes and domestic corporate bonds including US$300 million in
longer-dated seven-year offshore senior notes. The company's
average funding cost of 6.4% is competitive when compared with
peers'.

S&P said, "The negative outlook on KWG reflects our view that the
company's leverage may not recover significantly over the next 12
months despite improving earnings and good profitability. This is
because we believe KWG's deleveraging is still highly influenced by
its revenue recognition, which could be hit by a slippage in
operating performance while the land acquisition strategy remains
aggressive. We also believe the company's continuing investments in
jointly controlled entities could hamper its control over debt.

"We could lower the ratings if KWG is unable to sustain its good
profitability and revenue growth, or if the company's debt growth
remains significant. The consolidated debt-to-EBITDA ratio not
falling to below 8x on a proportionately consolidated basis, or the
consolidated debt-to-EBITDA ratio not improving would indicate such
deterioration."

The rating could also come under pressure if KWG's liquidity
weakens from its current strong position, such that the ratio of
liquidity sources to uses is less than 1.5x for the next 12 months.
This could happen if KWG's unrestricted cash balance falls
substantially, or if the company fails to manage its debt maturity
profile such that its short-term debt due over the next 24 months
increases significantly.

S&P could revise the rating outlook on KWG to stable if the company
achieves strong sales and if its delivery of projects continues to
support solid revenue growth. KWG will also need to demonstrate
more disciplined debt growth such that the debt-to-EBITDA ratio on
a see-through basis falls below 8x, and improves significantly on a
consolidated basis.

KWG is a Hong Kong-listed midsize property developer based in
Guangzhou, China. The company was founded in 1995 and focuses on
the development and sale of residential and commercial properties
in China. KWG also operates commercial and hotel properties in
higher-tier cities. As of end-2019, the company owned 156 projects
in 39 cities across China and Hong Kong with an attributable land
bank of 17.01 million square meters.




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AUTOMARK INDUSTRIES: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Automark
Industries (India) Limited's (AIIL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR140 mil. Fund-based working capital facilities affirmed
     with IND BB+/Stable rating; and

-- INR40 mil. Non-fund-based working capital facilities affirmed
     with an IND A4+ rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of AIIL and its wholly-owned subsidiary, Automark Technologies
(India) Pvt Ltd ('IND BB+ (ISSUER NOT COOPERATING)'), together
referred to as the Automark Group, while arriving at the ratings,
on account of significant operational and financial linkages
between them. Both companies operate in a similar line of business
and have common management.

KEY RATING DRIVERS

The affirmation reflects the group's continued medium scale of
operations. The group's consolidated revenue grew 17% YoY in FY19
to INR1,257 million due to an increase in orders received. The
group achieved a turnover of INR966.43 million during 9MFY20 and
has work orders worth INR310.98 million, which the company hopes to
execute within four months. Ind-Ra estimates the company's export
orders to have grown 12%-15% in FY20 (FY19: 10%) due to increased
orders received. On a standalone basis, AIIL's revenue surged to
INR1,207 million in FY19 (FY18: INR956 million). The agency expects
the ongoing 21-days' lockdown, to combat the outbreak of COVID-19,
to exert pressure on the company's business operations. The group
is present across the value chain in the road marking business.
Other than manufacturing road marking materials, it has undertaken
road marking contracts for reputed contractors namely, L&T Chennai,
Hindustan Construction Co Ltd Mumbai, Oriental Structural Engineers
Pvt. Ltd, Ircon International, Sadbhav Engineering Ltd.

The rating factor in the group's average margins. The consolidated
EBITDA margins expanded to 9.6% in FY19 (FY18: 7.9%) due to a
decrease in the cost of raw materials. The return on capital
employed stood at 13.04% in FY19 (FY18: 10.25%). AIIL's standalone
EBITDA margin was 7.16% in FY19 (FY18: 4.9%).

Liquidity Indicator-Stretched:  The maximum average utilization of
fund-based facilities was 91% during the 12-months ended in
February 2020. The working capital cycle elongated to 142 days in
FY19 (FY18: 127) due to an increase in inventory days to 105 (66)
as the company could not dispatch its finished goods in March 2019
owing to the general elections; all the finished goods were
dispatched in April 2019. Resultantly, the group reported negative
cash flow from operations in FY19 of INR24 million (FY18: INR11
million). Its free cash flow also turned negative at INR36 million
in FY19 (FY18: INR41 million). Additionally, the cash and cash
equivalent were low at INR8 million in FY19 (FY18: INR46 million)
against the total outstanding debt of INR236 million (INR178
million). Ind-Ra expects the group to stock raw materials to meet
exigencies which could further elongate the working capital cycle
over the medium term.

The ratings further factor in the group's moderate credit metrics.
In FY19, interest coverage (EBITDA/gross interest coverage)
deteriorated to 3.02x (FY18:3.82x) and net financial leverage to
1.89x (1.56x). The company's credit metrics deteriorated in FY19
due to an increase in debt to INR236 million (FY18: INR178 million)
and an increase in interest expenses. During 9MFY20, the interest
coverage improved to 4.43x and net financial leverage to 1.68x. The
agency expects the credit metrics to improve gradually as the
company has no major debt-led CAPEX plans for the near term.

The ratings are also constrained by fluctuations in input prices
(resin, titanium dioxide, and wax). The group imports its entire
resin (about 60% of raw material) requirement from China and the
United States of America. The company has put its imports from
China on hold owing to the outbreak of the COVID-19. As a result,
the company plans to procure its raw material from other countries
namely, Sweden and Russia. Any adverse fluctuations in the
commodity prices will impact the group's operating profitability.

The ratings, however, are supported by the Automark Group's
decade-long experience in the manufacturing of thermoplastic road
marking materials, leading to established relationships with
customers. The Automark Group's management is vested in with M
Khara and Amit Khara, who have a combined industry experience of 30
years.

RATING SENSITIVITIES

Negative: Any significant deterioration in the group's revenue or
EBITDA margin and/or further elongation of the working capital
cycle leading to deterioration in credit metrics would be negative
for the ratings.

Positive: A substantial improvement in the revenue and EBITDA
margin along with improvement in the working capital cycle and
maintaining the gross coverage above 3x on a sustained basis will
be positive for the ratings.

COMPANY PROFILE

AIIL, a marketing arm of the Automark Group, procures road marking
material from Automark Technology (India) and undertakes road
marking contracts.


AUTOMARK TECHNOLOGIES: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Automark
Technologies (India) Private Limited's (ATIPL's) Long-Term Issuer
Rating at 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital facilities affirmed with

     IND BB+/Stable/IND A4+ rating;

-- INR150 mil. Non-fund-based working capital facilities affirmed

     with IND A4+ rating; and

-- INR18.87 mil. (reduced from INR23.67 mil.) Term loan due on
     October 2024 affirmed with IND BB+/Stable rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of ATIPL and its parent Automark Industries (India) Limited's
(AIIL); IND BB+ (ISSUER NOT COOPERATING), together referred to as
the Automark Group, while arriving at the ratings, on account of
significant operational and financial linkages between them. Both
companies operate in the similar line of business and have common
management.

KEY RATING DRIVERS

The affirmation reflects the group's continued medium scale of
operations. The group's consolidated revenue grew 17% yoy in FY19
to INR1,257 million due to increase in orders received. The group
achieved a turnover of INR966.43 million during 9MFY20 and has work
orders worth INR310.98 million, which the company hopes to execute
within four months. Ind-Ra estimates the company's export orders to
have grown 12%-15% in FY20 (FY19: 10%) due to increased orders
received. On standalone basis, ATIPL's revenue surged to INR1,079
million in FY19 (FY18: INR926 million). The agency expects the
ongoing nation-wide lockdown to exert pressure on the company's
business operations. The group is present across the value chain in
the road marking business. Other than manufacturing road marking
materials, it has undertaken road marking contracts for reputed
contractors namely, L&T Chennai, Hindustan Construction Co Ltd
Mumbai, Oriental Structural Engineers Pvt. Ltd, Ircon
International, Sadbhav Engineering Ltd.

The ratings factor in the group's average margins. The consolidated
EBITDA margins expanded to 9.6% in FY19 (FY18: 7.9%) due to a
decrease in the cost of raw materials. The return on capital
employed stood at 13.04% in FY19 (FY18: 10.25%). On a standalone
basis, ATIPL's EBITDA margin was 2.6 % in FY19 (FY18: 4.6%).

Liquidity Indicator-Stretched: The maximum average utilization of
fund-based facilities was 91% during the 12-months ended February
2020. The working capital cycle elongated to 142 days in FY19
(FY18: 127) due to an increase in inventory days to 105 (66) as the
company could not dispatch its finished goods in March 2019 owing
to the general elections; all the finished goods were dispatched in
April 2019.  Resultantly, the group reported negative cash flow
from operations in FY19 of INR24 million (FY18: INR11 million). Its
free cash flow also turned negative at INR36 million in FY19 (FY18:
INR41 million). Additionally, the cash and cash equivalent was low
at INR8 million in FY19 (FY18: INR46 million) against a total
outstanding debt of INR236 million (INR178 million). Ind-Ra expects
the group to stock raw materials to meet exigencies which could
further elongate the working capital cycle over the medium term.

The ratings further factor in the group's moderate credit metrics.
In FY19, interest coverage (EBITDA/gross interest coverage)
deteriorated to 3.02x (FY18:3.82x) and net financial leverage to
1.89x (1.56x). The company's credit metrics deteriorated in FY19
due to an increase in debt to INR236 million (FY18: INR178 million)
and increase in interest expenses. During 9MFY20, the interest
coverage improved to 4.43x and net financial leverage to 1.68x. The
agency expects the credit metrics to improve gradually as the
company has no major debt-led capex plans for the near term.

The ratings are also constrained by fluctuations in input prices
(resin, titanium di-oxide and wax). The group imports its entire
resin (about 60% of raw material) requirement from China and the
United States of America. The company has put its imports from
China on hold owing to the outbreak of the COVID-19. As a result,
the company plans to procure its raw material from other countries
namely, Sweden and Russia. Any adverse fluctuations in the
commodity prices will impact the group's operating profitability.

The ratings, however, are supported by the Automark Group's
decade-long experience in the manufacturing of thermoplastic road
marking materials, leading to established relationships with
customers. The Automark Group's management is vested in with M
Khara and Amit Khara, who have a combined industry experience of 30
years.

RATING SENSITIVITIES

Negative: Any significant deterioration in the group's revenue or
EBITDA margin and/or further elongation of working capital cycle
leading to deterioration in credit metrics would be negative for
the ratings.

Positive: A substantial improvement in the revenue and EBITDA
margin along with improvement in working capital cycle and
maintaining the gross coverage above 3x on a sustained basis will
be positive for the ratings.

COMPANY PROFILE

Incorporated in 2002 Maharashtra-based ATIPL is a 99.99% subsidiary
company of AIIL and operates in the niche segment of road marking.
ATIPL specializes in the manufacture of thermoplastic road marking
material/paint. It also manufactures water-borne marking paint, and
reflective paint. Its day-to-day activities are managed by Mayur
Khara and Amit Khara.


BELGAUM WIND: Ind-Ra Lowers Bank Loan Rating to 'B+', Outlook Neg.
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Belgaum Wind
Farms Private Limited's (BWFPL) senior project bank loan to 'IND
B+' from 'IND BB'. The Outlook is Negative.

The detailed rating action is:

-- INR700 mil. (outstanding INR399.4 as of January 31, 2020)
     Senior project bank loan downgraded with IND B+/Negative
     rating.

The downgrade reflects the weakening of BWFPL's coverage ratios due
to the lower tariff imposed by the Karnataka Electricity Regulatory
Commission (KERC) for the remainder of the power purchase agreement
(PPA) term against Ind-Ra's base case expectations and the possible
erosion of the debt service reserve account (DSRA) in FY21. The
Negative Outlook reflects BWFPL's reduced financial flexibility to
build up any further liquidity from the project cash flows.

KEY RATING DRIVERS

The project has a 20-year PPA with Bangalore Electricity Supply
Company Ltd (BESCOM) at a fixed tariff of INR3.40/kWh for the first
10 years (up to FY19). However, Karnataka Electricity Regulatory
Commission has imposed the continuance of the existing tariff for
the remainder of the PPA term. This is lower than the tariff
considered in Ind-Ra's base case estimates. The debt repayment is
structured in a ballooning pattern, due to incremental repayment
over FY21-FY25. This, coupled with the lower-than-expected tariff,
will erase the margin on the debt service coverage ratios of the
project for the remainder of the loan tenor.

The project generated power at a plant load factor of 18.4% in
FY19, lower than the P90 estimate of 20.89%. Typically, wind plants
exhibit volatile plant load factor due to fluctuations in wind
velocity. The company's performance remains in line with revised
Ind-Ra base case. Its EBITDAs margin for FY19 was 62.80% (FY18:
64.30%, FY17: 66.03%).

The project has availed debt of INR544.23 million out of the
sanctioned debt of INR700 million. The current outstanding debt of
INR399.4 million will be amortized in 28 structured quarterly
payments ending December 31, 2025. The quarterly repayments are not
structured keeping in mind the generation seasonality associated
with wind power plants. The interest rate is floating and exposes
cash flows to some volatility. The company had maintained a debt
service reserve account (DSRA) of INR25.1 million, apart from the
cash and bank balance of INR7.3 million as on 31 January 2020.

The company has scheduled repayment of INR53.7 million in FY21,
higher than the repayment of INR47.2 million in FY20. The project's
liquidity will remain stretched due to incremental repayments
scheduled in the coming years (FY22: INR61.1 million, FY23: INR69.4
million, FY24: INR78.8 million, FY25: INR88.9 million and FY26:
INR25.7 million). Any dip in the DSRA and may exhaust BWFPL's
entire cash reserve to meet the debt obligation in FY21/FY22.

The company has been receiving payments from BESCOM within an
average of 30 days after raising invoices. Payments are further
secured by a non-revolving, irrevocable and unconditional letter of
credit in favor of the company equal to one month's projected
payments payable by BESCOM. BWFPL, however, remains exposed to
risks related to a single-revenue counterparty.

The original operations and maintenance contract signed with Wind
World India Limited expired in February 2019. The revised O&M
contract has not been made available for Ind-Ra's analysis.

RATING SENSITIVITIES

Positive: Improved operational and financial performance with
average debt service coverage ratio above 1.05x and a substantial
improvement in internal liquidity will be positive for the
ratings.

Negative: Lower-than-expected plant performance, any significant
payment delays from the off-taker beyond 45 days, the
non-maintenance of DSRA according to the loan covenants, the
depletion of liquidity and operational expenses higher than
Ind-Ra's base case estimates could result in a rating downgrade.

COMPANY PROFILE

BWFPL is a 24.8 megawatt (MW) wind power project located in the
Gadag plains near Belgaum, Karnataka and operational since February
2009. The project has a PPA with BESCOM for 20 years (expiring in
2029). The wind turbines are supplied by Enercon India Ltd. The
project has been set up and promoted by the Indian Energy Group.


BLUE STAR: CRISIL Moves D on INR9cr Loan to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Blue Star
Construction Co. (BSCC; a part of the Blue Star group) to 'CRISIL D
Issuer not cooperating'.

                   Amount
   Facilities   (INR Crore)     Ratings
   ----------   -----------     -------
   Cash Credit        9         CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with BSCC 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 BSCC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BSCC 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 BSCC to 'CRISIL D Issuer not cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BSCC and its group company, Blue Star
Building Materials Pvt Ltd (BSBMPL). That's because the two
entities, together referred to as the Blue Star group, have strong
financial and operational linkages and a common management.

The Blue Star group is promoted by Navi Mumbai-based Mr Pandurang
Thakur and family. BSCC, set up as a partnership firm in 1978,
constructs and maintains roads. BSBMPL, incorporated in 1996,
manufactures and lays paver blocks.


COCHIN STEEL: CRISIL Withdraws 'D' Rating on INR3CR Bank Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Cochin
Steel Industrial Complex (Construction) (CSIC) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        3        CRISIL D/Issuer Not Cooperating
                                  Rating Withdrawn

   Overdraft             3        CRISIL D/Issuer Not Cooperating
                                  Rating Withdrawn

   Proposed Long Term    2        CRISIL D/Issuer Not Cooperating
   Bank Loan Facility             Rating Withdrawn

CRISIL has been consistently following up with CSIC for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 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 they are arrived at without any management
interaction and are 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 CSIC. This restricts CRISIL's
ability to take a forward CSIC 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, the ratings on bank facilities of CSIC
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

CSIC, set up in 2000, is a proprietorship concern undertaking civil
contracts for the government of Kerala. Its operations are managed
by its proprietor, Mr M M Varghese.


DELHI INT'L AIRPORT: S&P Cuts ICR to 'BB-', On Watch Negative
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Delhi International Airport Ltd. (DIAL) and the issue rating on the
company's senior unsecured notes to 'BB-' from 'BB'. The ratings
remain on CreditWatch, where they were placed with negative
implications on March 20, 2020.

S&P said, "We downgraded DIAL because in our view the company's
cash flows are likely to remain weak for the next two years, at
least, because of lower passenger volumes as a result of the
COVID-19 outbreak. We believe that travel restrictions and social
distancing measures in India and abroad will result in lower
traffic demand. In addition, DIAL has high committed spending plans
for the next three years for its airport expansion. We therefore
believe the company's leverage will rise to a level more
commensurate with a 'BB-' rating level. One or more Environmental,
Social and Governance (ESG) credit factors are key drivers behind
the rating action.

"We estimate that DIAL's ratio of operational cash flow (OCF) to
debt over the next five years will fall sharply to about 5% as the
company spends up to Indian rupee (INR) 90 billion to INR 100
billion between fiscals 2020 and 2023 (years ending March 31) to
increase airport capacity. This compares with our earlier
expectation of 8% for the period.

"DIAL has limited flexibility to reduce capital expenditure, and we
expect its adjusted net debt levels to balloon to around INR83
billion by fiscal 2022, from INR35 billion in fiscal 2019. In our
view, this will outpace the growth in DIAL's EBITDA, which we
estimate will fall to about INR8 billion in fiscal 2021, before
potentially recovering to around INR10.9 billion by fiscal 2022.

"DIAL's higher leverage is driven by the company's lower passenger
volumes as result of the COVID-19 outbreak, at a time of high
capital spending. We expect aero and non-aero revenues to fall
because we now believe that DIAL's passenger traffic and air
traffic movements (ATMs) will drop considerably as a result of the
COVID-19 pandemic. This follows India's current 21-day lockdown
that has resulted in the suspension of all domestic and
international flights, in addition to the strict travel
restrictions that have been implemented by numerous governments
globally. We expect these conditions to lead to a fall of 25%-30%
in international traffic and 20%-25% for domestic traffic in fiscal
2021.

"We further anticipate that traffic growth could rebound in fiscal
2022 by about 15%-20%, if the virus is contained within our current
expectation of midyear. Ultimately, we anticipate that the slowdown
in traffic translates to a 7%-8% drop in total revenues in fiscal
2021, before growing by around 10% in the following year."

The rating remains on CreditWatch with negative implications to
reflect the continued delay in DIAL's receipt of income from
commercial property development (CPD) since September 2019. This
income consists of lease rentals of about INR3.7 billion per year
and a one-off upfront security deposit payment of about INR15.3
billion. While the company expects to receive this money in the
next couple of months, further delay beyond the end of June would
put immediate pressure on the rating. It also reflects S&P's view
that there could be further downside to its passenger traffic
assumptions, amid regulatory uncertainties regarding tariff reset,
potentially beyond May 2020.

S&P said, "In our view, the significantly weaker operating
environment for DIAL heightens its dependence on the quick
implementation of the currently delayed tariff for the control
period (CP3; running from April 1 2019–March 31, 2024) at a level
that is sufficiently higher than the current base airport charges
(BAC) assumed in our base case. In our opinion, if the tariff is at
least 50% higher than current BAC levels or passenger traffic
volumes are better than our expectations, it may support credit
ratios at a 'BB-' rating level. However, for the CP3 tariff
revision to be sufficiently high, the tariff would need to
incorporate positive outcomes from past regulatory disputes as well
as factor in the true-up figure on lost revenues as a result of the
lower COVID-19 traffic volumes. In the absence of these factors,
however, we anticipate that CP3 could be lower than BAC. In this
scenario, BAC would prevail and there could be continued rating
pressure."

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety.

Travel restrictions and social distancing measures in India and
abroad will result in lower traffic demand.

S&P said, "We aim to resolve the CreditWatch within the next 90
days based on the company's receipt of CPD income and better
clarity on CP3 regulatory reset.

"We could lower the ratings on DIAL by at least one notch if CPD
income is not received in the next 90 days, which would result in
the ratio of OCF to debt being sustainably below 5%. Downward
pressure could also arise if the CP3 tariff is not sufficiently
higher than the current BAC or if passenger traffic is sharply
lower than we expect because of the COVID-19 outbreak in India.

"We could affirm the ratings if the company receives its CPD
payments within the next three months, CP3 tariff is sufficiently
higher than current BAC, or passenger traffic is higher than our
expectations. This could support DIAL's financial leverage at a
ratio of OCF to debt of more than 5% for a sustained period."


DNS ELECTRONICS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained DNS Electronics
Private Limited's (DEPL) Long-Term Issuer Rating of 'IND BB (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR240 mil. Fund-based limits* maintained in non-cooperating
     and withdrawn.

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

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra has withdrawn the ratings as it 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.

COMPANY PROFILE

DEPL is an exclusive distributor of products such as mobile phones,
home appliances, water geysers, lubricants for companies such as LG
Electronics Limited, VIP Industries Limited, Philips India Limited,
Samsung India Electronics Private Limited, Sony India Private
Limited and Lenovo (India) Private Limited. It supplies to several
wholesalers in Delhi. It was incorporated in 2006 by Rajan Dhingra
and Vikas Dhingra.


GMR HYDERABAD AIRPORT: S&P Cuts Issuer Credit Rating to 'BB'
------------------------------------------------------------
S&P Global Ratings, on April 7, 2020, lowered its long-term issuer
credit rating on GMR Hyderabad International Airport Ltd. (GHIAL)
and its long-term issue rating on the company's senior secured
notes to 'BB' from 'BB+'. S&P also removed all the ratings from
CreditWatch, where they were placed with negative implications on
March 20, 2020.

S&P said, "We lowered the rating on GHIAL because we expect the
company's cash flows to weaken over the next 12 months. The
deterioration is a result of the implementation of a lower control
period 2 (CP2) tariff effective April 1, 2020, and significantly
weaker operating conditions following the COVID-19 pandemic. GHIAL
also has large committed capital expenditure (capex) plans over the
next three years. Considering all these factors, we expect the
company's leverage to increase to a level more commensurate with a
'BB' rating.

"There could also be further downside to our passenger traffic
assumptions if the pandemic-related travel restrictions and traffic
disruptions persist. We believe that travel restrictions and social
distancing measures in India and abroad will result in lower
traffic demand. One or more Environmental, Social and Governance
(ESG) credit factors are key drivers behind the rating action."

GHIAL's dependency on the timely implementation of its control
period 3 (CP3) tariff has increased. The airport's CP3 tariff
implementation targeted for April 2021-March 2026 could be delayed,
and the actual level of the tariff is uncertain. This is because
the consultation paper has yet to be completed and approved by
Airports Economic Regulatory Authority of India (AERA).

S&P said, "We forecast GHIAL's ratio of operating cash flows (OCF)
to debt to fall sharply to around 5% over the next two fiscal
years, from about 26% in fiscal 2019 (year ended March 31, 2019).
This compares to our earlier projections of more than 9% over the
period. Considerably lower airport traffic, announced CP2 tariff
drop, and the company's committed capex of Indian rupee (INR) 60
billion over the period will result in negative free OCF of about
INR20 billion in fiscals 2021 and 2022. We therefore expect GHIAL's
net debt to increase to close to INR60 billion by fiscal 2022, from
INR24 billion in fiscal 2019."

AERA's notification to implement its CP2 tariff in April 2020 will
lower GHIAL's aero-revenues. The CP2 tariff, which was originally
meant to be in force from April 2016 to March 2021, will be at a
passenger yield of around INR217/passenger, 50% lower than the
existing higher tariff. This contrasts to our earlier understanding
that the company's higher existing tariff would prevail until
fiscal 2022, followed by a likely combined CP2 and CP3 tariff that
would help reduce cash flow volatility. GHIAL had decided to vacate
the stay on the higher CP1 tariff to allow for the CP2 reset based
on its expectation of timely CP3 implementation by the regulator
from April 1, 2021.

The tariff drop coincides with the materially weaker operating
environment as a result of the COVID-19-related travel
restrictions. S&P anticipates GHIAL's passenger traffic and air
traffic movements will be considerably lower. This follows India's
current 21-day lockdown that has resulted in the suspension of all
domestic and international flights, and the strict travel
restrictions that have been implemented by numerous governments
globally. The return to normalcy will be gradual. These factors
could lower GHIAL's international traffic by 25%-28% and domestic
traffic by 20%-25% in fiscal 2021. The 50% drop in tariff and the
slowdown in traffic will translate to about a 35% decline in the
company's total revenues in fiscal 2021.

S&P estimates that air traffic growth will rebound in fiscal 2022
by about 20%, if the virus is contained within our current
expectation of mid-year. This should support a rebound in GHIAL's
revenues by about 20% during the period. S&P Global Ratings'
baseline assumption is that the outbreak will peak between June and
August of 2020.

Lower traffic volumes and the tariff drop together increase GHIAL's
dependency on the timely implementation of a sufficiently high CP3
tariff. S&P said, "We expect the CP3 tariff to incorporate the bulk
(more than 70%) of the company's upcoming spending plans and the
true-up of lost revenues due to lower traffic volumes stemming from
travel restrictions. However, given that the CP3 tariff is pending
regulatory approval, we see downside risk if the tariff approval is
delayed, or the capex or traffic volumes approved are lower than
actual."

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. Some
government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. S&P believes the measures adopted to
contain COVID-19 have pushed the global economy into recession. As
the situation evolves, S&P will update its assumptions and
estimates accordingly.

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety.

Travel restrictions and social distancing measures in India and
abroad will result in lower traffic demand.

S&P said, "The negative outlook reflects our view that GHIAL's
OCF-to-debt ratio could fall sustainably below 6.5% over the next
12-24 months. The outlook also reflects the regulatory uncertainty
in the timely implementation of the CP3 tariff and unexpected
downside to passenger traffic volumes, while the company pursues
its high capex plans.

"We could lower the rating on GHIAL if CP3 tariff is delayed for
more than a year or passenger traffic is weaker than we expect. We
could also lower the rating if regulatory uncertainties and delays
in tariff implementation continue, heightening the uncertainty over
the company's capex recovery and returns. This may result from,
among other things, the regulator failing to compensate GHIAL
adequately for the agreed capex.

"We could revise the outlook to stable if regulatory tariff under
CP3 adequately compensates GHIAL for passenger traffic trends and
capex, supporting an OCF-to-debt ratio of more than 6.5% on a
sustainable basis."


JSR MULBAGAL: CRISIL Moves D on INR105cr Loan to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of JSR Mulbagal
Tollways Private Limited (JSR) to 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan          105       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with JSR 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 JSR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JSR 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 JSR to 'CRISIL D Issuer not cooperating'.

JSR is a special purpose company promoted by JSR Constructions
Private Limited for augmentation of National Highway No. 4 from km
216.912 to km 239.100 (approx. 22.188 km) on the Mulbagal - AP/KNT
border section in Karnataka under NHDP Phase III, by four-laning on
design, build, finance, operate and transfer (DBFOT) on toll basis.
JSR Constructions Private Limited has 70% shareholding in JSR with
the remaining 30% being held by the directors of the company.


PEE AAR: CRISIL Maintains 'D' Rating to Not Cooperating
-------------------------------------------------------
CRISIL said the ratings on bank facilities of Pee Aar International
Private Limited (PALPB) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill          11         CRISIL D (ISSUER NOT
   Purchase                         COOPERATING)

   Overdraft              1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit        11         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Short Term    0.1       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line           4.4       CRISIL D (ISSUER NOT
   of Credit                        COOPERATING)

CRISIL has been consistently following up with PALPB 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 PALPB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PALPB 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 PALPB continues to be 'CRISIL D Issuer not
cooperating'.

Set up in 2003 by Mr. Rakesh Kumar Miglani and family as a
partnership firm and reconstituted as a private limited company in
2008, PAIL manufactures ready-made garments for men and children
and trousers for women. It exports these products mainly to the
Middle-East and Latin American countries. The company has its
manufacturing unit in Ludhiana (Punjab) with a capacity of 10,000
pieces per day.


PIONEER EMBROIDERIES: CRISIL Withdraws D Rating on INR15cr Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Pioneer
Embroideries Limited (PEL) 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
   ----------       -----------     -------
   Bank Guarantee         0.4       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Cash Credit           15         CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Proposed Fund-         1.45      CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Working Capital        0.65      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with PEL for obtaining
information through letters and emails dated March 3, 2020 and
March 9, 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 PEL. 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 PEL 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 PEL to 'CRISIL
D/CRISIL D Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of PEL 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.

Incorporated in 1991, PEL manufactures and exports DDPY and
embroidered fabrics, and laces. The Mumbai-based company has been
promoted by Mr Raj Kumar Sekhani. The manufacturing facilities are
located in six different locations across India.


PRADHVI MULTITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Pradhvi Multitrade
Private Limited (PMPL) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          10      CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PMPL 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 PMPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in February 2011, Pradhvi Multitrade Pvt Ltd (PMPL) is
promoted by Mr Rajpal Singh. Company was not operational until
November 2012 and started trading in processed fabrics in Dec
2012.


RAGHAVA PROJECT: CRISIL Maintains 'D' Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Raghava Project
Constructions Private Limited (RPCPL) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        3.25      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Overdraft             3.25      CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with RPCPL 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 RPCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RPCPL 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 RPCPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

RPCPL was set up in 2012 by Mr. B Raghava Rao and Mrs. B Sudha
Rani. The company executes civil contracts in Andhra Pradesh. It is
based in Vijayawada, Andhra Pradesh.


RAJESH HOUSING: CRISIL Lowers Rating on INR140cr NCD to 'C'
-----------------------------------------------------------
CRISIL has downgraded its rating on the non-convertible debentures
(NCDs) of Rajesh Housing Private Limited (RHPL) to 'CRISIL C' from
'CRISIL B-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible      140.00      CRISIL C (Downgraded from
   Debentures LT                    'CRISIL B-/Stable')

The downgrade reflects continued delay in project implementation,
with no progress in construction, and weak liquidity, reflected by
inability to service debt from cash flows. This makes RHPL highly
susceptible to refinancing risk, as the NCDs now mature in June
2020. However, the company has been receiving timely extension from
its investors.

The rating also reflects exposure to implementation risk, arising
from the nascent stage of the project, and cyclicality inherent in
the real estate sector. These weaknesses are partially offset by
extensive experience of RHPL's promoters in real estate development
and favourable location of the project in Mumbai.

The NCDs will now be maturing on June 16, 2020, following an
extension in date.

Analytical Approach

CRISIL has taken a standalone view on RHPL as it is the only
project in the company's book and cash flow is not fungible with
other projects. Unsecured loans have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Heightened refinancing risk impacting financial risk profile:  In
the absence of any project cash flows, the debt has to be
refinanced before the date of maturity. This exposes the company to
refinancing risk, considering the upcoming repayment and high
quantum of debt involved. Maturity of the NCDs has been extended
till June 16, 2020. Any delay in refinancing will remain a key
rating sensitivity factor.

* Exposure to implementation risk, given the nascent stage of the
project:  Though RHPL has already acquired the entire land of 10.5
acres, delays in obtaining requisite approvals, led to postponing
of the project launch. The company has decided to modify its
project plans and is yet to finalise the same. Approvals for
commencement of construction are still awaited. Though the project
will be executed in phases, it remains exposed to risks related to
time and cost overruns at the initial stage.

* Susceptibility of sales to cyclicality inherent in the real
estate sector:  Cyclicality inherent in the real estate sector
could result in fluctuations in saleability and cash inflow, and
disrupt the flow of customer advances. In contrast, cash outflow
related to project completion and debt obligation are relatively
fixed, and could thus, lead to substantial cash flow mismatch.

Strengths

* Extensive experience of promoters:  The promoters have been
engaged in the real estate sector for over five decades. They have
developed residential and commercial space of over 3 million square
feet (sq ft) over the past eight years, and have a strong track
record in the western and eastern suburbs in Mumbai.

* Favourable location of project:  The project, located on LBS Marg
in Vikhroli, is accessible to both the central and western suburbs
of Mumbai, including Powai and SEEPZ. Hence, saleability is
expected to be healthy.

Liquidity Poor

Liquidity remains weak, given the nascent stage of the project.
Although NCDs do not entail coupon payments, redemption with
premium is due in June 2020.This exposes RHPL to refinancing risk,
with approvals yet to be obtained. Timely refinancing will remain a
key rating sensitivity factor.

Rating Sensitivity Factors

Upward Factor

* 100% refinancing of debt, along with redemption premium

* Significant progress in project construction and sales, leading
to higher cash flow

Downward Factor

* Inability to refinance the debt on time or less than 100%
refinancing of the debt

* Delay in debt servicing.

RHPL, which is a part of the Rajesh Lifespaces group, was set up in
2015. The company is developing a residential-cum-commercial
project in Vikhroli, Mumbai.

The Rajesh Lifespaces group is a Mumbai-based real estate
developer, promoted by Mr Raghav Patel. The group has been in real
estate construction and development for over 50 years. Operations
are currently managed by the third-generation of the family, Mr
Priyal Patel and Mr Pratik Patel. As on date, the group has nearly
8.6 million sq ft of area under development across Mumbai.


RAJLABDHI INFRA: CRISIL Keeps 'D' on INR20cr Loan in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rajlabdhi
Infrastructure Private Limited (RIPL) continues to be 'CRISIL D
Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           20       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with RIPL 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 RIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RIPL 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 RIPL continues to be 'CRISIL D Issuer not
cooperating'.

RIPL was established in 2010 by Mr. Bhupendrabhai Ramanlal Patel.
The company has a presence in the residential real estate segment,
primarily in Ahmedabad and Gandhinagar. It is executing a
residential project, Rajlabdhi Heritage, in Gandhinagar, comprising
eight buildings. Mr. Patel manages RIPL's daily operations.


RANA FARMS: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rana Farms and Foods
Private Limited (RFPL) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit        3.6       CRISIL D (ISSUER NOT COOPERATING)
   Long Term Loan     5.0       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with RFPL 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 RFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RFPL 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 RFPL continues to be 'CRISIL D Issuer not
cooperating'.

Set up in 1985 by Mr. R Ravindran, RFPL is engaged in layer farming
for production and sell of white shell eggs to wholesalers located
in Tamil Nadu, Kerala, Karnataka, Bangalore etc. The company has
its own poultry farm spread across an area of around 545acres in
Namakkal district of Tamil Nadu. Currently RFPL has egg production
capacity of around 2,00,000 eggs per day.


RAYBAN FEEDS: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rayban Feeds and
Hatcheries Private Limited (RFHPL) continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         11        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      2        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with RFHPL 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 RFHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RFHPL 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 RFHPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2011, RFHPL is engaged in poultry farming. The
company was incorporated as a joint venture between the Elahi and
Vadivel families, based in Hapur, Uttar Pradesh,-and Coimbatore,
Tamil Nadu, respectively. It has a registered office in Coimbatore
while its poultry farming unit is in Hapur; the unit commenced
operations in fiscal 2014.


S.B.I.O.A. EDUCATIONAL: CRISIL Cuts Rating on INR34cr Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of S.B.I.O.A.
Educational Trust (SBIOAET) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       1        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan               34        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with SBIOAET for
obtaining information through letters and emails dated December 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 SBIOAET, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SBIOAET 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 SBIOAET revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

SBIOAET was founded in 1978 under the Societies Registration Act of
India, and is sponsored by State Bank of India Officers'
Association - Chennai Circle. The trust operates nine educational
institutions in Tamil Nadu and Kerala, which offer courses from
lower kindergarten to higher secondary.


SBM MOTORS: CRISIL Migrates 'B+' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SBM Motors
(SBM) to 'CRISIL B+/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with SBM 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 SBM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBM 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 SBM to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in 2006, SBM has a dealership of TVS Motors' two wheelers in
Chennai. Mr. Selveraja is the proprietor.


SENTHILKUMAR WOOD: CRISIL Migrates D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Senthilkumar Wood Industries (SSKWI) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         3        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Letter of Credit    7        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with SSKWI 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 SSKWI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSKWI 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 SSKWI to 'CRISIL D/CRISIL D Issuer not cooperating'.

Established in 1978 as a proprietary concern in Krishnagiri, Tamil
Nadu, by Mr Krishnan, SSKWI processes and trades in timber.
Operations are managed by his son, Mr Senthilkumar.


SHREE BAIDYANATH: CRISIL Lowers Rating on INR8cr Loan to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shree
Baidyanath Ayurved Bhawan Private Limited (Naini) (SBAB) to 'CRISIL
B+/Stable Issuer not cooperating' from 'CRISIL BB/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              0.96      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SBAB 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 SBAB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBAB 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 SBAB revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

SBAB, incorporated in 1947, manufactures ayurvedic medicines and
products. Its operations are divided among its 5 branches: in
Kolkata; Patna; Jhansi in Uttar Pradesh, Nagpur in Maharashtra; and
Naini. Each branch is managed independently by factions of the
promoter family.


SR CYLINDERS: CRISIL Migrates D Ratings to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SR Cylinders
Private Limited (SRCPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           3          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit      1          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)
   
   Term Loan             5.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SRCPL 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 SRCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRCPL 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 SRCPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 2015 in Hyderabad and promoted by Mr. Shiva
Shankara Reddy, SRCPL manufactures domestic liquefied petroleum gas
(LPG) cylinders, in sizes ranging from 2 47.50 kilograms. It also
offers services like such as hot / cold repair of cylinders.


SYNDICATE BANK: S&P Discontinues 'BB+/B' Issuer Credit Ratings
--------------------------------------------------------------
S&P Global Ratings said that it discontinued its 'BB+' long-term
and 'B' short-term issuer credit ratings on Syndicate Bank as well
as its 'BB+' long-term issue rating on the bank's senior unsecured
debt, given Syndicate's amalgamation with Canara Bank (unrated).
The surviving entity is Canara Bank.


VINAYAKA ELECTROALLOYS: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vinayaka
Electroalloys India Private Limited (VEIPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

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

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

   Proposed Long Term     2.5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VEIPL 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 VEIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VEIPL 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 VEIPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2006, Erode (Tamil Nadu)-based VEIPL, promoted by
Mr S Venkatachalamurthi, Mr P Chinnusamy, and Mr K Muthurathinam,
manufactures steel castings for valves and pumps.


YCD INDUSTRIES: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed YCD Industries
Limited's (YCD) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR200 mil. (reduced from INR280 mil.) Fund-based limits
     affirmed with IND BB+/Stable/IND A4+ rating;


-- INR42 mil. (increased from INR18 mil.) Term loan due on Mar
     2025 affirmed with IND BB+/Stable rating; and

-- INR40 mil. (reduced from INR80 mil.) Non-fund-based limits  
     affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects YCD's continued medium scale of
operations, as reflected by revenue of INR1,606.08 million in FY19
(FY18: INR1,275.76 million). The revenue grew due to higher sales
volumes and the addition of new clients. Ind-Ra estimates the
company's scale of operations to have remained low in FY20 (than
FY19) and to continue being low in FY21 owing to the nation-wide
lockdown.

The rating factor in YCD's continued modest EBITDA margin, which
contracted to 3.79% in FY19 (FY18: 4.53%) due to fluctuation in raw
material prices. Its return on capital employed stood at 6.6% in
FY19 (FY18: 7.1%).

The ratings further factor in YCD's modest credit metrics. Its
gross interest coverage (operating EBITDA/gross interest expense)
improved to 2.24x in FY19 (FY18: 1.59x) and net financial leverage
(adjusted net debt/operating EBITDA) to 4.62x (7.03x) on account of
the repayment of a term loan and resultant lower interest expenses.
Ind-Ra expects the company's credit metrics to remain close to FY19
levels in the medium term, owing to the absence of any debt-led
CAPEX plan.

Liquidity Indicator – Stretched: The maximum average utilization
of fund-based facilities was around 90% during the 12-months ended
in February 2020. The cash flow from operations turned positive to
INR154.33 million in FY19 (FY18: negative INR121.03 million) due to
the lower utilization of working capital. The free cash flow, too,
turned positive to INR98.45 million in FY19 (FY18: negative
INR145.46 million). The cash and cash equivalent stood at INR4.34
million at FYE19 (FYE18: INR2.91 million). Ind-Ra expects the cash
flows to remain positive in the medium term on the back of a stable
working capital cycle and no CAPEX plans.

The ratings, however, continue to be supported by the management's
experience of more than a decade in the textile industry.

RATING SENSITIVITIES

Negative: A substantial contraction in the EBITDA margin, leading
to weaker credit metrics with gross interest coverage reducing
below 1.7x will be negative for the ratings.

Positive: An improvement in the scale of operations, leading to an
improvement in the credit profile, with gross interest coverage
exceeding 2.75x, on a sustained basis, will be positive for the
ratings.

COMPANY PROFILE

YCD, a manufacturer of cotton and polyester yarn, is promoted by
Dhruv Satia and is a part of the Satia Group. The company is
located in Rupnagar, Punjab.




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

MODERNLAND REALTY: S&P Lowers ICR to 'B-', On Watch Negative
------------------------------------------------------------
S&P Global Ratings lowered the long-term issuer credit rating and
long-term issue rating on PT Modernland Realty Tbk.'s guaranteed
notes to 'B-' from 'B'. At the same time, S&P placed all ratings on
CreditWatch with negative implications.

S&P lowered itsr ratings on PT Modernland Realty Tbk. because the
company's cash collection in 2019 was weaker than it expected.
Also, Modernland's slow marketing sales and cash collection since
the beginning of 2020 will deplete its liquidity amid steady debt
servicing and committed capital spending over the next six months.

Modernland's liquidity buffer is likely to reduce further through
2020 barring a substantial step-up in marketing sales and cash
collection. S&P said, "Our estimate of Modernland's cash collection
in the second half of 2019 falls short of our expectation of
Indonesian rupiah (IDR) 2 trillion. Modernland has not yet
collected IDR680 billion in receivables for a land sale transaction
in early 2018 from PT Waskita Modern Realty, which we previously
included in our base case for 2019 and early 2020. We estimate the
2019 year-end cash balance to be IDR500 billion-IDR550 billion,
which is below the average cash balance for the past five years."

S&P revised its estimate of Modernland's marketing and land sales
for 2020 to range from IDR2 trillion to IDR2.5 trillion (most of
which may happen in the second half of 2020), from a little over
IDR3.5 trillion previously. The COVID-19 outbreak is likely to
delay a number of launches that S&P anticipated. Due diligence and
negotiations for land sales could also be disrupted, resulting in
increased execution risks for the company's lumpy land sales, which
historically accounted for 50%-60% of annual sales.

Modernland's weaker marketing sales and cash collection coincide
with steady debt servicing in 2020, ongoing overhead expenses, and
residual committed land acquisition. The company needs to cover
IDR120 billion-IDR130 billion of interest payment in February and
another IDR120-IDR130 billion in April for its U.S.-dollar notes.
In addition, it has IDR150 billion of domestic bonds maturing in
July 2020. S&P said, "We also estimate committed land acquisitions
to be IDR200 billion-IDR300 billion over the next six months. Given
this significant outflow, we believe Modernland's cash balance
could decline below IDR200 billion over the next quarter, barring
accelerated cash collection from previous land sales or a marked
pick-up in marketing activity or land sales."

Refinancing risks are increasing on Modernland's US$150 million
notes due in August 2021. Modernland's declining cash balance and
negative discretionary cash flow in 2020 indicate that the company
will need to refinance its US$150 million notes due in August 2021.
While this is still about 16 months away, Modernland remains
structurally dependent on foreign currency bond markets and
investor sentiment--currently negative toward Indonesian issuers
with weaker credit fundamentals--to fund its operations. About 96%
of its reported debt as of Sept. 30, 2019, comprised U.S.-dollar
bonds. The company does not have established diversified banking
relationships for funding and we believe negotiating domestic bank
loans will take time. Modernland has tapped the domestic bond
market, though for much smaller amounts than the 2021 maturity.

The CreditWatch placement with negative implications reflects a
one-in-two likelihood of a further downgrade within the next two to
three months if Modernland is unable to shore up its cash position
through faster cash collection or other fundraising activities to
meet its debt servicing obligations and committed cash outflow
during the COVID-19 outbreak. S&P aims to resolve the CreditWatch
within the next two to three months.

S&P said, "We could lower the rating if the company's liquidity
buffer continues to deplete, resulting in an imminent risk of it
not being able to repay its domestic bond due in July 2020 or its
interest payment obligations due in the second half of 2020.

"We could affirm the rating at 'B-' if Modernland can meaningfully
improve its liquidity buffer, or substantially reduce its
refinancing risk with regard to its US$150 million notes due in
August 2021."

Modernland is an Indonesia-based property developer. The company
primarily engages in residential and industrial township
development in the suburbs of Jakarta. Its major projects include
Jakarta Garden City, Modern Cikande, and Modern Bekasi.




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

JAPAN: Pandemic Set to Tip Into Deep Recession This Year
--------------------------------------------------------
A Reuters poll showed on April 8 that Japan is expected to slip
into a deep recession this year with the economy set to contract
for a third straight quarter in April-June as the coronavirus
outbreak wreaks havoc on businesses and daily life.

Nearly 80% of economists polled saw the Bank of Japan's next move
to be an easing of monetary policy, Reuters says. About half said
it would happen this month, which would follow the BOJ's easing of
corporate funding strains in March to calm markets jolted by the
health crisis.

Reuters relates that the pandemic has disrupted supply chains and
severely damaged the tourism sector while social distancing rules
to contain the spread of the virus has put an additional burden on
economic activity, setting Japan on course for a deep recession.

Last month, the Tokyo Olympics were postponed until 2021 as the
virus impact worsened, an unprecedented move in the Games' 124-year
modern history.

According to Reuters, Japanese Prime Minister Shinzo Abe on April 7
declared a state of emergency to fight coronavirus infections in
major population centres and rolled out a nearly $1 trillion
stimulus package to soften the economic blow.

The world's third-largest economy is forecast to contract an
annualised 3.7% in January-March and 6.1% in April-June, the March
30-April 6 poll showed.

That would follow an annualised 7.1% contraction in the fourth
quarter of last year, when the economy was hit by a sales tax hike
that was rolled out in October, Reuters discloses.

It would be the first three straight quarterly falls since similar
contractions stretching from October-December 2010 to April-June
2011 around the time of Japan's March earthquake and tsunami.

The economy is expected to shrink 2.1% in the current fiscal year
that began on April 1 but rebound 1.6% the following year, the poll
showed.

Reuters relates that Mari Iwashita, chief market economist at Daiwa
Securities, warned the economic forecasts could change depending on
how long travel bans and social distancing policies need to
continue.

"Even if the outbreak calms down in industrialized nations,
instability could continue in emerging nations. We may need to
brace for the risk of a W-shaped, not V-shaped, recovery," the
report quotes Ms. Iwashita as saying.

Under the gloomiest scenario, the economy likely fell 5.0% in the
first quarter and will shrink 10.0% in the current quarter,
according to the poll.

The coronavirus pandemic could also push down prices as social
distancing policies keep shoppers home.

Core consumer inflation, which excludes volatile fresh food costs,
will be only 0.1% in the second and third quarters, and slip to
0.3% in October-December, the poll found.

The poll also showed nearly 80%, or 31 of 40 economists predicted
the BOJ's next policy move would be further easing, Reuters adds.




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

FLIGHT CENTRE: To Close 58 New Zealand Stores, 300 Jobs to Go
-------------------------------------------------------------
Melanie Carroll at Stuff.co.nz reports that Flight Centre is
closing 58 New Zealand stores and standing down 300 employees, with
the tourism industry hit hard by the coronavirus pandemic.

Stuff relates that the measure was intended to be temporary, said
Flight Centre NZ managing director David Coombes.

Mr. Coombes said coronavirus-related travel restrictions in New
Zealand and around the world, coupled with the lockdown which
stopped Kiwis travelling domestically, meant staff were unable to
do the "overwhelming majority" of their work, Stuff relays.

"Today, we made the incredibly difficult decisions to do what many
other companies have already done by standing down over 300 of our
people, and closing 58 of our retail stores across the country,"
the report quotes Mr. Coombes as saying.  "We are determined to
ensure this is a temporary measure."

Flight Centre will also close 428 Australian stores by the end of
July in an attempt to radically slash costs. In total, it will shut
half its leisure brand shopfronts worldwide, or 371 of the 593
stores it has outside of Australia, Stuff discloses.

Last month, the company said it would temporarily close 33 New
Zealand branches, recalls Stuff. It has about 1,200 employees in
total and 140 outlets around the country.

Stuff says employees were eligible for the Government wage subsidy,
and Flight Centre was trying to find alternative work for them
while they were stood down.

"We set up 'Project Remedy' to tackle this and we've been thrilled
with the response so far from New Zealand businesses. We are still
welcoming employment prospects, any companies in a position to do
so can email projectremedy@flightcentre.co.nz," Mr. Coombes, as
cited by Stuff, said.

The company had spent the last few weeks helping customers
rearrange travel plans, and repatriating Kiwis who had been
stranded overseas.

Stuff adds that Flight Centre's Australian owner said on April 6 it
had raised over AUD900 million (NZ$927 million) in additional
funding to help see it through the industry turmoil and
uncertainty.

"While this is not a 'cure-all', it does ensure that Flight Centre
New Zealand is financially secure and well positioned to rebound,"
Mr. Coombes said.

Headquartered at Brisbane, in Queensland, Australia, Flight Centre
Ltd. -- http://www.flightcentre.com/-- is an Australian owned and
New Zealand-run independent retail travel group, guaranteeing the
lowest prices on all airfares.  It had a turnover in excess of $3
billion worldwide and 18 years of consecutive profits until its
shares plunged more than 8% following the announcement of its first
ever annual profit decline.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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