/raid1/www/Hosts/bankrupt/TCRAP_Public/200420.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, April 20, 2020, Vol. 23, No. 79

                           Headlines



A U S T R A L I A

CEE: Second Creditors' Meeting Set for April 24
EMPLOYMENT ACTIVE: First Creditors' Meeting Set for April 27
HOTEL DEVELOPMENT: First Creditors' Meeting Set for April 29
INFRABUILD AUSTRALIA: Moody's Alters Outlook on Ba3 CFR to Negative
MINDARIE MANAGEMENT: Second Creditors' Meeting Set for April 28

RUGBY AUSTRALIA: Israel Folau Payout at Risk if RA Goes Under
SMARTASSET SOFTWARE: First Creditors' Meeting Set for April 27
SYSTEMCORP ENERGY: First Creditors' Meeting Set for April 29
TIGERLILY AUST: Second Creditors' Meeting Set for April 24
VENICE LANE: Second Creditors' Meeting Set for April 27

WALKER.1 PTY: First Creditors' Meeting Set for April 27


C H I N A

GOLDEN EAGLE: S&P Affirms 'BB' LongTerm ICR, Outlook Positive
HNA GROUP: Bondholders Challenge Vote Favoring Payment Extension
SUNSHINE 100: S&P Lowers ICR to 'CCC' on Rising Refinancing Risk


I N D I A

AGGARWAL COAL: CARE Lowers Rating on INR15cr LT Loan to 'B'
ANTONY ROAD: Ind-Ra Corrects March 27 Ratings Release
CHAKRAVARTHY FABRIC: CRISIL Reaffirms B+ Rating on INR8.6cr Loan
CHANDNA INFRAPROJECTS: CARE Keeps 'D' Rating in Not Cooperating
COX & KINGS: CARE Maintains 'D' Debt Ratings in Not Cooperating

CREATIVE CLOTHEX: CARE Lowers Rating on INR4.10cr LT Loan to C
DAULAT RAM: CARE Reaffirms 'D' Rating on INR90cr Loan
DECCAN EXTRUSIONS: CRISIL Lowers Rating on INR6cr Loan to D
DIAMOND NUTS: CRISIL Withdraws B+ Rating on INR7cr Cash Loan
FIRST RELIABLE: CARE Reaffirms B+ Rating on INR13.17cr LT Loan

HINDUSTAN CONSTRUCTION: CARE Reaffirms 'D' Rating on Loans
INNOVATIVE TEXTILES: CARE Keeps 'D' Debt Ratings in Not Cooperating
JKV INFRACON: CRISIL Lowers Rating on INR2cr Cash Loan to B+
K. L. VENTURES: CARE Withdraws 'D' Rating on Bank Facilities
MEC ENGINEERS: CRISIL Reaffirms B+ Rating on INR3cr Cash Loan

NAKSHTRA CREATIONS: CARE Lowers Rating on INR7cr LT Loan to B+
P K INFRATECH: CRISIL Lowers Rating on INR2.5cr Loan to 'D'
PADMAVATI STEELS: CARE Keeps 'B+' Rating in Not Cooperating
PC JEWELLER: CRISIL Reaffirms D Rating on INR2,012.62cr Loan
PRO-ARC WELDING: CRISIL Cuts Rating on INR5.6cr Cash Loan to B+

RELIANCE CAPITAL: CARE Maintains D Debt Rating in Not Cooperating
RELIANCE MEDIAWORKS: CARE Cuts Rating on INR638.20cr Loan to C
ROHTAK HISSAR: CARE Reaffirms 'D' Rating on INR942.82cr Loan
S. S. ENTERPRISES: CRISIL Lowers Rating on INR15cr Loan to 'D'
SAIKRUPA FIBRES: CARE Withdraws 'D' Debt Rating on Bank Facilities

SALASAR EXTERIORS: CRISIL Lowers Rating on INR11cr Loan to 'D'
SIDHU INDUSTRIAL: CRISIL Lowers Rating on INR6cr Loan to 'D'
STAR REWINDERS: CRISIL Withdraws B+ Rating on INR3cr Cash Loan
SUZLON ENERGY: CARE Reaffirms 'D' Rating on INR6,406cr Loan
TATA MOTORS: Fitch Lowers LT IDR to 'B', Outlook Negative

V. D. MOTORS: CARE Lowers Rating on INR18cr LT Loan to 'B'


I N D O N E S I A

INDONESIA: Coronavirus Crisis Poses New Threat to Debt Saddled SOEs


J A P A N

JAPAN: More Than 200 Listed Companies Have Cut Their Forecasts


N E W   Z E A L A N D

TITAN ACQUISITIONCO: S&P Lowers ICR to 'B-', Outlook Negative


S I N G A P O R E

SWIBER HOLDINGS: In Talks for Possible US$200MM Cash Investment
TEE INT'L: Posts SGD4.1MM Net Loss in Q3 Ended Feb. 29

                           - - - - -


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

CEE: Second Creditors' Meeting Set for April 24
-----------------------------------------------
A second meeting of creditors in the proceedings of CEE, trading as
Electricity Wizard Pty Ltd, has been set for April 24, 2020, at
11:00 a.m. via teleconference.

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 23, 2020, at 4:00 p.m.

David Joseph Levi of Levi Consulting Pty Ltd was appointed as
administrator of CEE on March 12, 2020.


EMPLOYMENT ACTIVE: First Creditors' Meeting Set for April 27
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Employment
Active Pty Ltd, trading as iSelect Energy, will be held on April
27, 2020, at 10:30 a.m. at the offices of Worrells Solvency &
Forensic Accountants, Level 8, at 102 Adelaide St, in Brisbane,
Queensland.

Christopher Richard Cook of Worrells Solvency & Forensic
Accountants was appointed as administrator of Employment Active on
April 15, 2020.


HOTEL DEVELOPMENT: First Creditors' Meeting Set for April 29
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Hotel
Development Group Pty Ltd in its own right and as the Trustee for
the Foster Family Trust will be held on April 29, 2020, at 11:30
a.m. via teleconference.

Samuel Freeman and Justin Walsh of Ernst & Young were appointed as
administrators of Hotel Development on April 16, 2020.


INFRABUILD AUSTRALIA: Moody's Alters Outlook on Ba3 CFR to Negative
-------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of InfraBuild Australia Pty Ltd. At the same time, Moody's
also affirmed the Ba3 backed senior secured notes rating of
InfraBuild Australia Pty Ltd. The outlook has been changed to
negative from stable.

RATINGS RATIONALE

"The negative outlook reflects the weakening of InfraBuild's credit
metrics and group margins heading into the coronavirus outbreak,
which have left it vulnerable to shifts in construction activity
and weaker ferrous and non-ferrous metals prices" says Matthew
Moore a Moody's Vice President and Senior Credit Officer. "The
outlook also reflects its view that the company will need to
execute on working capital improvements and cost reductions in
order to maintain an adequate liquidity buffer to withstand a
protracted downturn in steel demand and prices", adds Moore.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The steel sector
has been significantly affected by the shock given its exposure to
cyclical end markets, such as the construction and building
sectors, which are vulnerable to the outbreak continuing to spread.
Specifically, InfraBuild's credit profile has left it vulnerable to
the outbreak continuing to spread and steel demand and metals
prices remaining weak. Moody's regards the coronavirus outbreak as
a social risk under its environmental, social and governance
framework, given the substantial implications for public health and
safety. Its action reflects the impact on InfraBuild of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

InfraBuild's credit metrics in the first half of the fiscal year
ended June 30, 2020 (July-December 2019) were weaker than Moody's
previous expectations, largely reflecting continued declines in
construction activity in Australia, weaker commodity prices and
increased borrowing under its asset-based loan facility.

Moody's expects that the shock to the macroeconomic environment and
restrictions put in place from the coronavirus outbreak will mean
that InfraBuild's credit metrics, margins and liquidity will weaken
further. While Moody's base case will allow for an improvement in
credit metrics in fiscal 2022, there is considerable uncertainty
and downside risk to its projections.

InfraBuild has executed on several acquisitions, which helped to
keep sales volumes flat in the first half of fiscal 2020, and has
had some success on its cost improvement initiatives with around
AUD21 million of benefits in the period.

However, Moody's expects weaker volumes going forward, which,
combined with lower commodity prices, will more than offset further
cost improvements and lead to EBIT margins declining to around 2-3%
over the next 12-18 months. This contrasts with Moody's previous
expectations that acquisitions and cost improvements, combined with
volume growth, would see margins and earnings improve.

Under its base case assumptions, Moody's now expects that net
debt/EBITDA will increase to around 4.5-5.5x and will remain above
4x for at least the next 12-18 months. At the same time, Moody's
expects that interest coverage will deteriorate to low levels, with
EBITDA/interest approaching 2x.

InfraBuild's liquidity profile has also weakened, with cash
balances below Moody's previous expectations and increased
commitments under its ABL facility. However, the recent initiatives
the company has undertaken, including closing of hedge contracts,
reducing operating and growth expenditures, and an increasing
working capital focus, will allow for adequate liquidity under the
rating agency's base case assumptions. Despite this, there is
limited liquidity buffer to withstand a protracted shock beyond
Moody's current assumptions, or a sustained shutdown of its
operations, and its liquidity position will be very sensitive to
its ability release funds from working capital as revenue and
earnings decline materially. Liquidity will also be sensitive to
the Group's ongoing capital spending needs and acquisition
appetite.

InfraBuild's Ba3 ratings continue to consider its strong market
position in steel long products in Australia. The rating also
reflects the company's vertically integrated business model, with a
flexible operating profile and lower fixed cost profile relative to
blast furnace operators, as well as consistent production levels
and improving utilization rates, heading into the current downturn.
The ratings also benefit from Moody's expectation that governments
will look to use infrastructure spending as a tool to get economies
going again after the crisis passes.

InfraBuild's Ba3 CFR also reflects the elevated environmental risk
facing steel producers, such as carbon regulation and air
pollution. Nevertheless, given InfraBuild's electric arc furnace
production, which uses scrap steel and emits lower emissions than
blast furnace operations, Moody's sees this risk materializing more
around electricity prices and security of supply.

Governance risk is also a key consideration, reflecting the
concentrated ownership of the company, which is ultimately fully
owned by the UK-based GFG Alliance. Moody's points out that GFG has
full control of InfraBuild, appointing all of its directors and
ultimately making all major decisions. This risk could most
manifest through aggressive dividends, increased leverage, or other
cash flow leakage to boost returns or support other GFG businesses,
although Moody's notes that the current terms of InfraBuild's debt
facilities place substantial restrictions on this. Governance risk
is also amplified by the limited information available on the
financial position of GFG and its entities.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the current negative outlook and the uncertainty as to the
duration of weakening macroeconomic conditions, a ratings upgrade
is unlikely.

However, the rating could be stabilized if market conditions
improve, sales volumes are held near previous levels and steel
spreads increase. Specifically, the rating could be stabilized if
the company can sustain leverage of no more than 4.0x;
EBIT/interest above 2.5x and EBIT margins comfortably above 4%. A
stabilization of the ratings would also require the company to
successfully execute on its plans to improve its liquidity
profile.

The ratings would be downgraded if InfraBuild is unable to execute
on its cost and working capital improvement initiatives, causing
its liquidity buffer contracts meaningfully from current levels.
Further negative rating actions would likely occur if these
initiatives do not demonstrate material progress over the next
three to six months. The ratings would also be downgraded if
InfraBuild's credit metrics deteriorate beyond Moody's current
expectations and/or do not start to show sustained improvement from
the second half of fiscal 2021.

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

BACKGROUND

InfraBuild Australia Pty Ltd is Australia's largest and only
vertically integrated EAF manufacturer and supplier of steel long
products. The company supplies around 2.2 million tonnes per annum
of steel long products to over 15,000 active customers in
Australia. The company's integrated operations reflect its position
as the second largest ferrous and non-ferrous recycling business in
Australia by volume and its large distribution network.

InfraBuild is a private company, and is ultimately owned by GFG
Alliance, a United Kingdom based international industrial, energy,
natural resources and financial services group.


MINDARIE MANAGEMENT: Second Creditors' Meeting Set for April 28
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Mindarie
Management Pty Ltd has been set for April 28, 2020, at 11:00 a.m.
by telephone.

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 24, 2020, at 4:00 p.m.

Martin Bruce Jones and Andrew Michael Smith of KPMGf were appointed
as administrator of Mindarie Management on Feb. 14, 2020.


RUGBY AUSTRALIA: Israel Folau Payout at Risk if RA Goes Under
-------------------------------------------------------------
Wayne Smith at The Australian reports that in a very direct way,
Israel Folau has driven Rugby Australia to the brink of insolvency,
but now it emerges that if the sport's governing body goes under,
it could cost him millions of dollars.

Sources told The Australian that Folau's out-of-court settlement -
which is undisclosed but understood to be the remnants of his
four-year contract, some AUD3 million - is being paid off in
instalments.

The Australian says there were no details of what the payments were
or how frequently they were being paid but, ironically, it leaves
Mr. Folau desperately hoping the game he almost bankrupted with his
freedom of religion lawsuit stays afloat.

Should RA be forced to declare itself insolvent, Mr. Folau would
become an unsecured creditor. Depending on what assets RA could
muster, he'd likely be paid out only a few cents in the dollar.

As one observer put it, he would be paid the same rate as the pest
controller or jersey supplier, The Australian relates.

After a stand-off lasting nine months following Folau's decision to
post homophobic mess­ages on the internet, in breach of promises
he had made to RA chief executive Raelene Castle and Wallabies
coach Michael Cheika, an out-of-court settlement between the two
parties was reached in December, with both parties apologising to
each other, The Australian recalls.

The following month, Mr. Folau signed a one-year deal with the
Catalans Dragons in Super League, where competition has been
suspended because of the COVID-19 pandemic, the report says.

Worryingly for Folau, World Cup-winning captain Nick Farr-Jones
predicted that an administrator could be appointed to RA within the
next fortnight, according to The Australin.

"I understand reserves are minimal . . . that would only be funds
that have come from World Rugby from the participation right of the
World Cup last year," he told the ABC, The Australian relays.
"Otherwise I don't think we've put any acorns away for a winter
like we're expecting at the moment, where there is no income
projected."

The Australian relates that RA, which has no intentions of
declaring itself insolvent, met on April 5 with the Rugby Union
Players Association in an attempt to work out an emergency pay deal
with its players to cover the next three months.

"This is about cash, this is about our cashflow position and what
we can afford to give the players," The Australian quotes RA
chairman Paul McLean as saying. "The rest of rugby has taken an 85
per cent payroll cut. It's not forever. It's for three months, and
then we can continue to work with them on a weekly basis as things
change."

The meeting broke up after 2-1/2 hours with no resolution, the
report states.

"Talks were positive and robust, with both parties agreeing to
continue to move negotiations forward with ongoing discussions
scheduled for this week," RA said in a statement, The Australian
relays. "Rugby Australia remains focused on securing a fair and
reasonable deal with the players that will help protect the
long-term future of our game." RA also took heart from recent
comments from World Rugby as it assists all national unions to
navigate through the pandemic crisis - which, of itself, showed how
desperately it is travelling because the World Rugby statement
promised effectively nothing.

"We are well aware of the situation down south," World Rugby
chairman Bill Beaumont told The Daily Mail. "The southern unions
are looking at the July Tests and the northern unions are looking
at the November Tests but we are all in it together."

The difference is that the SANZAAR partners' peak earning period is
three months from starting whereas the earliest commitments in the
northern hemisphere are in November, the report notes. The
Wallabies are scheduled to play Ireland (November 7 in Dublin),
France (November 14 in Paris) and England (November 28 in London)
on their spring tour.


SMARTASSET SOFTWARE: First Creditors' Meeting Set for April 27
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Smartasset
Software Pty Ltd will be held on April 27, 2020, at 11:00 a.m. via
teleconference only.

Simon John Cathro and Ivan Glavas of Worrells Solvency & Forensic
Accountants were appointed as administrators of Smartasset Software
on April 15, 2020.



SYSTEMCORP ENERGY: First Creditors' Meeting Set for April 29
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Systemcorp
Energy Pty Ltd will be held on April 29, 2020, at 10:00 a.m. at the
offices of Cor Cordis via teleconference.

Jeremy Joseph Nipps and Bruno A Secatore of Cor Cordis were
appointed as administrators of Systemcorp Energy on April 16,
2020.


TIGERLILY AUST: Second Creditors' Meeting Set for April 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Tigerlily Aust
Pty Ltd and TL Holdco Pty Ltd has been set for April 24, 2020, at  
11:00 a.m. via online conference facilities.

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 23, 2020, at 11:00 a.m.


Scott David Harry Langdon and Jennifer Anne Nettleton of
KordaMentha were appointed as administrators of Tigerlily Aust on
March 22, 2020.


VENICE LANE: Second Creditors' Meeting Set for April 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of Venice Lane Pty
Ltd has been set for April 27, 2020, at 3:00 p.m. via
teleconference.

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 26, 2020, at 4:00 p.m.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of Venice Lane on March 12, 2020.


WALKER.1 PTY: First Creditors' Meeting Set for April 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:

  -- Walker.1 Pty limited, formerly known as Maxiplas Pty Limited
  -- Walker.2 Pty limited, trading as Maxiplas Roto Pty Limited,
  -- Walker.3 Pty limited, formerly known as Maxiplas Injection
     Moulding Pty Limited,

will be held on April 27, 2020, at 9:30 a.m., 10:30 a.m. and 11:30
a.m., respectively, at the offices of Bernardi Martin, at 195
Victoria Square, in Adelaide, SA.

Due to the threat of COVID-19, and consistent with government
policy & ASIC guidance on gatherings, a virtual meeting will be
held via Zoom. Creditors however can still attend in person.

Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of Walker.2 Pty and Walker.3 Pty on April 16, 2020.




=========
C H I N A
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GOLDEN EAGLE: S&P Affirms 'BB' LongTerm ICR, Outlook Positive
-------------------------------------------------------------
S&P Global Ratings, on April 15, 2020, affirmed its 'BB' long-term
issuer credit rating on Golden Eagle Retail Group Ltd. and its
'BB-' long-term issue rating on the company's senior unsecured
notes.

S&P said, "We affirmed the rating because we expect Golden Eagle's
debt leverage to stay low and business fundamentals to remain solid
over the next 12-24 months, despite significant impact from
COVID-19. We expect the company's debt-to-EBITDA ratio to be
1.5x-1.7x in 2020 and 2021, compared with 1.0x in 2019, partly
attributable to its flexible cost structure and expenditure
control."

Offline retailers face tough industry conditions in 2020 given the
COVID-19 outbreak. S&P now forecast Golden Eagle's revenue to
decline 18%-23% in 2020, versus its prior estimate of 1%-3%. In
February 2020, the company's revenue plummeted during the peak of
the outbreak in China. The decline then gradually eased in March.

S&P said, "We expect Golden Eagle's concessionaire revenue and
rental income to be harder hit because the company granted
concessionaire and rental reductions to its tenants in February and
March. Concessionaire revenue has been accounting for around 35% of
the company's revenue, similar to its direct revenue. In the long
run, we anticipate the contribution of concessionaire revenue to
decline given the growth in the company's cosmetics and online
businesses."

Golden Eagle was able to grow its online sales in the past two
months by increasing its presence on social networking platforms
WeChat and Douyin. Gross sales proceeds contribution from the
online segment rose to above 10% in February 2020, from roughly 1%
in 2019. S&P forecasts the online segment will continue to expand
but the contribution may not be as high as in February given
performance at physical stores may pick up later this year. If
Golden Eagle is able to continue to expand its online sales, its
business model will become more robust.

S&P said, "We expect Golden Eagle's EBITDA margin to decline to
37.5%-39.5% in 2020, from 42.7% in 2019. A majority of the
company's expenses are variable. This will help offset a meaningful
portion of revenue pressure. Rent is usually the largest expense
for retailers. However, Golden Eagle owns 63% of its department
stores, and on the rest, it pays rent on a "percentage of sales"
basis with no minimum fixed amount. As a result, labor costs, which
account for around one-third of the company's total operating
expense, are its largest expense. Golden Eagle has already taken
several steps since February, such as arranging for leave without
pay or traffic-based work shifts, to lower its labor costs.

"Although we forecast Golden Eagle's EBITDA will decline 27%-33% in
2020, the company's debt-to-EBITDA ratio will likely remain low.
This is largely a function of the company's conservative financial
management. Golden Eagle's total debt fell to Chinese renminbi
(RMB) 6.7 billion in 2019, from RMB8.3 billion in 2018, after the
company repaid its RMB1.5 billion medium-term notes in 2019 with
cash at hand. We believe early repayment is less likely in 2020,
given tighter cash generation and more uncertainties.

"Golden Eagle is likely to be cautious on investments given the
uncertain macro environment. Our base case assumes that the
company's capital expenditure will be similar to 2019 at around
RMB500 million in 2020, mainly for maintenance and property
projects. We forecast the expenditure to rise to RMB800
million–RMB1 billion in 2021 for investment in new shopping
malls. We do not expect sizable acquisitions over the next 12-24
months.

"We expect the fallout of the COVID-19 outbreak to weaken Golden
Eagle's cash flows. It will take several years for cash flows to
return to the pre-COVID levels. We forecast the company's operating
cash flow to decline to RMB400 million–RMB500 million in 2020,
from RMB1.9 billion in 2019, and somewhat recover in 2021 but still
stay below RMB1.0 billion. Free operating cash flow will be below
RMB100 million in 2020 and 2021, partially because of higher
capital expenditure for new malls.

"The positive outlook on Golden Eagle reflects our view that the
company's EBITDA will rebound post its 2020 trough to a level
moderately below that of 2019 and that its debt leverage will
remain below 3x.

"We could raise the rating if we believe Golden Eagle can maintain
its debt-to-EBITDA ratio materially below 3x and show a solid
recovery through the cycle."

Potential upgrade triggers could be:

-- A rebound in EBITDA to RMB2.0 billion-RMB2.2 billion;
-- Positive free operating cash flow throughout 2020.

S&P may revise the outlook to stable if Golden Eagle's
debt-to-EBITDA ratio rises above 3.0x without signs of improvement.
This could happen if:

-- Golden Eagle's revenue or margin decline is worse than its
    expectation due to a more severe COVID-19 impact;

-- The company undertakes substantial debt-funded expansion,
    acquisitions, and aggressive dividend payments; or

-- Its free operating cash flow turns negative.


HNA GROUP: Bondholders Challenge Vote Favoring Payment Extension
----------------------------------------------------------------
Caixin Global reports that some bondholders of HNA Group filed
complaints with regulators accusing the company of manipulating a
vote for a repayment extension that will help it avoid an immediate
default on a CNY390 million (US$55.3 million) domestic bond.

Caixin relates that several HNA bondholders submitted accusations
against HNA and its lead underwriter Essence Securities Co. Ltd. to
the Shanghai Stock Exchange, the National Development and Reform
Commission and the interbank market regulator. They questioned
whether HNA used connected parties to engineer a vote on April 14
allowing the company to delay the bond repayment for one year.

HNA caused an uproar among bondholders after calling a last-minute
meeting on April 14 to vote for a payment extension just hours
before the bond matured, recalls Caixin.

The company said on April 15 it secured enough support from
bondholders to delay the payment for a year. Three investors
holding CNY345 million of bond principal, representing 98.3% of the
valid votes at the creditor meeting on April 14, agreed to the
proposal, HNA said. But 29 small investors, who accounted for CNY6
million of bonds, voted against the extension, Caixin says.

Several bondholders said they received notification of the meeting
only half an hour before it started, violating procedures and
indicating HNA's intention to leave out investors who might oppose
the plan, Caixin adds.

                       About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of 2017.
The default came despite an estimated $18 billion in asset sales by
HNA in 2018 that have done little to address its ability to meet
its domestic debts, the FT noted.


SUNSHINE 100: S&P Lowers ICR to 'CCC' on Rising Refinancing Risk
----------------------------------------------------------------
S&P Global Ratings, on April 16, 2020, lowered its long-term issuer
credit rating on Sunshine 100 China to 'CCC' from 'CCC+'. S&P also
placed the ratings on CreditWatch with negative implications.

S&P downgraded Sunshine 100 because the company faces substantial
refinancing risk given significant maturities over the next 12
months that amount up to Chinese renminbi (RMB) 10.6 billion as of
end 2019.   In particular, the company has a sizable bullet
repayment of US$400 million in offshore notes and RMB1 billion of
domestic corporate bonds that are both due in September. Therefore,
S&P has also placed the ratings on CreditWatch with negative
implications.

Sunshine 100 has made limited concrete progress on financing
options despite a schedule to collect RMB1.7 billion of proceeds
from sales of its Qingyuan project by end-June.   Although S&P
believes that the company has a reasonable chance of receiving it
on time, a shortfall of about US$160 million remains for repayment
of the company's U.S. dollar notes. Moreover, there is little room
for further slippage given the payment was already delayed from
December 2019.

Supplemental refinancing options, such as new note issuances over
the next one to two months, could support debt repayment.  
However, market volatility after the COVID-19 outbreak makes it
highly uncertain. The company has an existing quota of US$97
million offshore notes expiring in July, and is applying for a
US$500 million quota from the regulator. Key to a successful
refinancing is market demand rather than quota approval, however.

S&P anticipates the company will achieve about RMB10 billion of
contracted sales in 2020, which is insufficient compared to the
scale of its debt maturities.   In addition, around RMB4 billion of
saleable resources located in Wenzhou and Wuhan could face
sell-through challenges due to disruption from the COVID-19
pandemic.

Sunshine 100's liquidity position will remain exceptionally weak
over the next 12 months even if the company manages to repay its
September maturities.   The company has further large bullet
maturities next year and its reliance on alternative financing,
such as trust loans (nearly 50% of its total borrowings), would
make it vulnerable to policy changes in China's shadow banking
sector.

S&P said, "We expect to resolve the CreditWatch by end-June, when
there should be more visibility on whether Sunshine 100 could
obtain new funding offshore from further note issuance and receive
proceeds from the Qingyuan project sales. This would determine the
refinancing feasibility of the company's upcoming maturities,
particularly onshore and offshore bonds due in September.

"We could further lower the rating, potentially by multiple
notches, if the company fails to issue notes or receive proceeds
from asset disposals as planned. Any proposed exchange offer from
the company would also be considered distressed and lead to a
downgrade.

"We could affirm the rating if Sunshine 100 receives proceeds from
asset disposals by end June and obtains new financing. An upgrade
is unlikely given that the company still faces significant
repayment risks over the next 12 months."




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

AGGARWAL COAL: CARE Lowers Rating on INR15cr LT Loan to 'B'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aggarwal Coal Company (ACC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       15.00      CARE B; Stable; Issuer Not
   Facilities                      Cooperating, Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ACC to monitor the rating
vide e-mail communications/letters dated March 13, 2020, March 3,
2020, February 10, 2020, February 4, 2020, January 27, 2020,
January 23, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Aggarwal Coal
Company's bank facilities will now be denoted as CARE B; Stable;
ISSUER NOT COOPERATING.

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

The rating has been revised on account of inherent risk associated
with trading nature of business and susceptibility of margins to
regulatory changes and volatility in international market prices of
coal. The rating is further constrained by small and fluctuating
scale of operations and weak overall solvency position. The rating
however, derives strength from the long track record of operations
with experienced promoter, established business relations with
customers and satisfactory PBILDT margins.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small and fluctuating scale of operations:  The scale of
operations of the firm has remained fluctuating in the past. The
operating income of the firm declined by ~53% in FY17, owing to
subdued demand in the coal industry. It, however, increased by ~42%
in FY18 on the back of increased orders from existing as-well-as
new customers. In 9MFY19 (Provisional), the firm achieved a total
operating income of INR34 crore.

* Weak overall solvency position:  The capital structure has
remained weak on account of high reliance of operations on the
working capital borrowings. There has also been withdrawal of
capital by the proprietor in FY18. The debt coverage indicators
have also remained weak in FY18 on account of low profit
generation. The total debt to GCA ratio stood at 21.07x as on March
31, 2018 and interest coverage ratio stood at 1.44x in FY18.

* Inherent risk associated with trading nature of the business: The
firm is exposed to the risks associated with the trading nature of
business like inherently low profitability margins, low
differentiation, etc.

* Susceptibility of margins to regulatory changes and volatility in
international market prices of coal:  The price of coal is decided
in the international market based on the calorific value (a measure
of quality) of the coal. The prices and therefore, margins for
traders are therefore susceptible to this volatility in the
international price indices. Coal importers also face regulatory
risks in the form of custom duty variations, etc.

Key Rating Strengths

* Long track record of operations with experienced promoter and
established business relations with customers:  ACC was established
in the year 2002 and is promoted by Mr. Deepak Garg who has an
experience of more than 15 years. He is assisted by a team of
professionals who are highly experienced in their respective
domains. Further, long standing of the firm in the market has
helped it in building strong business relationships with its
clients.

* Satisfactory PBILDT margins:  Though the PBILDT margins of the
company declined from 5.67% in FY17 to 4.55% in FY18, they
continued to remain at a satisfactory level.
  
Incorporated in 2002, Aggarwal Coal Company (ACC) is engaged in
wholesale trading of coal. The firm was established in the year
2002 as a proprietorship concern, with Mr. Deepak Garg as its
proprietor. In 2012, the firm was reconstituted as a partnership
firm with Mr. Deepak Garg and his wife Mrs. Rachita Aggarwal as the
two partners. The same was, however, dissolved in Mar-15,
subsequent to which Mr. Deepak Garg remains the sole proprietor of
the firm.


ANTONY ROAD: Ind-Ra Corrects March 27 Ratings Release
-----------------------------------------------------
India Ratings and Research rectified the ratings release on Antony
Road Transport Solutions Private Limited published on March 27,
2020, to correctly classify the instruments rated and the resultant
change in the rating actions.

The amended version is:

India Ratings and Research (Ind-Ra) April 2020: India Ratings and
Research (Ind-Ra) has placed Antony Road Transport Solutions
Private Limited's (ARTSPL) Long-Term Issuer Rating of 'IND BB' on
Rating Watch Evolving (RWE).

The instrument-wise rating actions are:
                                                                   
                                          
-- INR1.468 mil. (increased from INR200 mil.) Term loans due on
     November 2025 placed on RWE with IND BB/RWE rating;

-- INR5 mil. Fund-based limits assigned; placed on RWE with IND
     BB/RWE/IND A4+/RWE rating; and

-- INR277 mil. Non-fund-based limits assigned; placed on RWE with

     IND A4+/RWE rating.
  
The RWE follows the announcement of a nation-wide lockdown
following the COVID-19 outbreak. Due to this, the public transport
services, including cluster buses, will not be running until March
31, 2020 (midnight). The RWE reflects the possibility of its impact
on ARTSPL since the company provides public bus transport services
in cluster 7, cluster 13 and cluster 16A in Delhi.

KEY RATING DRIVERS

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

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

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

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

RATING SENSITIVITIES

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

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

COMPANY PROFILE

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


CHAKRAVARTHY FABRIC: CRISIL Reaffirms B+ Rating on INR8.6cr Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Chakravarthy Fabric Private Limited (CFPL) at 'CRISIL
B+/Stable'

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        8.6       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    6.25      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations in the
intensely competitive textile industry, and high customer
concentration in revenue. These rating weaknesses are partially
offset by the extensive entrepreneurial experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in a competitive industry:  Revenue is
modest at INR12.5 crore in fiscal 2019. The textile industry is
highly competitive and comprises various small players.

* High customer concentration in revenue:  Nearly the entire
revenue is derived from Saranya Spinning Mills Pvt Ltd (SSMPL).
Until the clientele is diversified, the business risk profile will
remain constrained by high customer concentration risk.
  
Strength:

* Entrepreneurial experience of the promoters: Mr Shanmugham
Chakravarthy and his son, Mr Deepan Chakravarthy (a textile
engineer with around seven years of experience), used their
entrepreneurial experience to set up CFPL without any cost or time
overrun and start commercial operations as planned. They also
established a strong relationship with SSMPL, the sole customer.

Liquidity Stretched

The company does not have any working capital limits .The accruals
are expected to at around INR3 - 3.5 crores against debt repayment
obligations of about INR1.5 crores over the medium term.

Outlook: Stable

CRISIL believes CFPL will continue to benefit from the extensive
entrepreneurial experience of the promoters.

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher cash accruals

* Improvement in the financial risk profile

Downward factors

* Decline in scale of operations and/or operating margins leading
to accruals to less than INR1 crore

* Large debt-funded capital expenditure or substantial increase in
its working capital requirements thus weakening its liquidity &
financial profile.

Incorporated in 2013, CFPL undertakes weaving of fabric on a
job-work basis for clients. The company is based in Namakkal, Tamil
Nadu. Operations are managed by Mr Deepan Chakravarthy.


CHANDNA INFRAPROJECTS: CARE Keeps 'D' Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chandna
Infraprojects (India) Private Limited (CIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short-term Bank       0.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CIPL to monitor the
rating(s) vide email dated November 1, 2019, November 25, 2019,
January 2, 2020,  March 11, 2020 and March 23, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, CIPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
CIPL's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings of Chandna Infraprojects (India) Private Limited
(CIIPL) continue to take into account ongoing delays in debt
servicing of interest and installment of its term loan owing to
stretched liquidity position.

Detailed description of the key rating drivers

At the time of last rating on March 8, 2019, the following were the
rating strengths and weaknesses (Updated for the information
available from the client):

Key Rating Weakness

* Irregularity in debt servicing due to stressed liquidity:  The
company is engaged in the business of processing of granites which
is mainly used in the cyclical real estate sector. It maintains
inventory of 245-270 days and also collection period got stressed.
Due to it, the liquidity position of the company has deteriorated
and that led to delay in debt servicing. There are instances of
delay in debt servicing of interest and installment of term loan.
The banker of the company has also verbally confirmed the same.

Jaipur (Rajasthan) based CIIPL, incorporated in 2010, is a part of
Chandna Group which is engaged primarily in the mining of marbles
and granites as well as cutting and processing of marbles since
2000.


COX & KINGS: CARE Maintains 'D' Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cox & Kings
Limited (C&K) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Issuer Rating#         -        CARE D; ISSUER NOT COOPERATING;
                                   Based on best available
                                   Information
   
   Long-term Bank       1,760      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Non-convertible        250      CARE D; ISSUER NOT COOPERATING;
   Debentures-I                    Based on best available
                                   Information

   Non-convertible        275      CARE D; ISSUER NOT COOPERATING;
   Debentures                      Based on best available
   (Proposed)                      Information
                                                                   
  
   Commercial Paper       375      CARE D; ISSUER NOT COOPERATING;
   issue                           Based on best available
                                   Information

   Commercial Paper     1,685      CARE D; ISSUER NOT COOPERATING;
   Issue (carved out)*             Based on best available
                                   Information


# The Issuer Rating would be subject to overall gearing not
exceeding 1.01x times (Level as of 31st March 2018)

* Carved out of the sanctioned working capital limits of the
company

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from C&K to monitor the rating(s)
vide e-mail communications/letters dated March 17, 2020, March 7,
2020, February 13, 2020, February 12, 2020, February 11, 2020, June
24, 2019 June 24, 2019, September 30, 2019, August 30, 2019, August
19, 2019, July 24, 2019, July 19, 2019, July 12, 2019, July 11,
2019, July 4, 2019, July 3, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, Cox & Kings
Limited has not paid the surveillance fees for the rating exercise
as agreed to in its Rating Agreement. The rating on Cox and Kings'
bank facilities and/or instruments will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The ratings take into account ongoing delays in debt servicing. The
other issues raised by CARE in its press releases dated
June 28, 2019 remain the same.

Detailed description of the key rating drivers

At the time of last rating on July 10, 2019, the following were the
rating strengths and weaknesses:

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to Cox and Kings Limited (C&K)
takes into account default in CP (carved out) redemption due on
July 9, 2019 and overdues in bank accounts. This CP was carved out
of the working capital limits of the Company. Consequently, issuer
rating has also been revised. The other issues raised by CARE in
its press release dated June 28th, 2019 remain the same.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Increase in receivables:  The company has seen significant
increase in receivables (increased from INR1524 crore as on March
31, 018 to INR2031 crore as on March 31, 2019 in the standalone
business).

* Pledge of promoter shares:  The promoters holding in C&K is 49.8%
as of end of March 2019 (49.34% as at March 2018) of which 63.28%
shares are pledged as of March 2019 (62.62% in March 2018). C&K's
share price has also declined significantly thus curtailing C&K's
financial flexibility to large extent.

Key Rating Strengths

* Long & established track record of operations:  C&K has an
established track record of over 260 years in the tours and travel
industry with strong brand recognition globally. C&K manages its
majority of business operations through subsidiaries/JVs/associates
spread over in countries like United Kingdom, Japan, Australia,
United States of America, etc.

Liquidity

The Company has short term obligations wrt standalone CP of Rs, 345
crs and long term debt obligations of INR176 crore in FY 20 and
INR292 crore in FY21. The Company's working capital facilities had
been utilized at an average of 81% in the last 12 months.

Incorporated in 1939 as Eastern Carrying Company Limited, Cox &
Kings Limited (C&K) is an international tour and travels company
with operations spread over 22 countries. The company is managed by
Mr. A B M Good and Mr. Peter Kerkar, both having vast experience in
tourism industry. C&K has three major business segments,
Leisure-India, Leisure- International and Meininger and are
operated through subsidiaries (including step down), associates and
joint ventures and are largely concentrated in India and Europe
region (including CARE Ratings Ltd. In 2011 C&K acquired Holiday
break UK (HBR)- a leading tour operator in niche segments like
education, adventure and camping. In January 2019 the company sold
its education business to Midlothian Capital Partners (MCP), a
leading UK-based investor for all-cash enterprise value of GBP 467
million (INR4,387 crores). C&K also received approval from the
National Company Law tribunal to demerge its foreign exchange
business and the Scheme became effective on 12th September 2018.
All assets and liabilities pertaining to the foreign exchange
business were transferred w.e.f April 1, 2017.


CREATIVE CLOTHEX: CARE Lowers Rating on INR4.10cr LT Loan to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Creative Clothex (CRCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.10      CARE C; Stable; Issuer not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable; Issuer not
                                   Cooperating; on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 4, 2019, placed the
ratings of CRCL under the 'issuer noncooperating' category as CRCL
had failed to provide information for monitoring of the rating.
Creative Clothex continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated March 21, 2020, March 23, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating Users
of this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above ratings.

The rating has been revised by taking into account banker feedback
is not available as well as non-availability of information due to
non-cooperation by Creative Clothex with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

Detailed description of the key rating drivers

At the time of last rating on January 4, 2019 the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

* Small scale of operations with low net worth base:  The scale of
operations has remained small marked by total operating income and
gross cash accruals of INR19.00 crore and INR0.59 crore
respectively during FY17 (based on provisional results; FY refer to
April 1 to March 31). Further, the firm's capital base remained
small at INR3.28 crore as on March 31, 2017. The small scale limits
the firm's financial flexibility in times of stress and deprives it
from scale benefits.

* Leveraged capital structure:  The company has relatively low net
worth base as against its dependence on external borrowings. The
overall gearing ratio stood at 1.44x as on March 31, 2017 as
against 2.22x on account of repayment of term loans & unsecured
loans, lower utilization of working capital borrowings as on
balance sheet date and retention of profits to reserves.

* Fortunes linked to textile industry: Indian textile industry is
the second largest employer after agriculture. Any adverse changes
in the global economic outlook as well as demand-supply scenario in
the domestic market directly impacts demand of the textile
industry. Textile industry as a whole remains vulnerable to various
factors such as fluctuations in prices of cotton, mobilization of
adequate workforce and changes in government policies for overall
development of the textile industry. Any significant changes in
such factors will have direct impact on the business operations of
the company

* Fragmented and competitive nature of textile industry:  The
readymade garment industry in India is highly fragmented and
dominated by a large number of independent and small scale
unorganized players leading to high competition among the industry
players. Smaller companies/firms in general are more vulnerable to
intense competition due to their limited pricing flexibility, which
constrains their profitability as compared with larger companies
who have better efficiencies and pricing power considering their
scale of operations. Furthermore, Low entry barriers and low
investment requirement makes the industry highly lucrative and thus
competitive.

Key Rating Strengths

* Experienced proprietor and long track record of operations:  CRCL
is a proprietary business managed by Mrs. Geeta Singhal, graduate
by profession who has been actively managing the firm since 1995.

* Moderate profitability margins:  Profitability margins of the
firm are directly associated with designing aspect of the order.
The highly and complex design in nature normally fetch better
margins. Profitability margins of the company have stood moderate
over the last three years (FY15-FY17).

* Moderate operating cycle:  The firm normally maintains inventory
of raw material (knitted and woven fabric) for smooth production
process along with finished goods to meet the urgent demand of its
customers. The average inventory period stood at around three
months in FY17. CRCL normally gives credit of one month to its
customers, and receives credit period of around three weeks from
the suppliers.

Noida, Uttar Pradesh based, Creative Clothex (CRCL) was originally
established in 1995 as a proprietorship concern and is currently
being managed by Mrs. Geeta Singhal. The firm is engaged in
manufacturing of readymade garments such as sportswear and casual
wear (shorts, jackets, track suits, track pants, t-shirts etc.) for
men and women.


DAULAT RAM: CARE Reaffirms 'D' Rating on INR90cr Loan
-----------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Daulat Ram Engineering Services Private Limited (DRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities            6.68      CARE D Reaffirmed

   Long-term/Short-
   Term Bank
   Facilities           90.00      CARE D/CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings for the bank facilities of DRPL have been revised on
account of on-going delays in servicing of its debt obligations due
to its stressed liquidity and weak financial profile.

Rating Sensitivities

Positive factors

* Delay free track record of 90 days in servicing of debt
obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing on back of acute liquidity
stress:  As per interaction with the lender and bank statements
submitted by the client on February 28, 2020, there have been
delays in principle and interest repayment of the term loan along
with instances of overdrawing in the cash credit limit exceeding 30
days on account of an acute liquidity stress. This comes on the
back of considerable time lag in receipt of dues from its customers
which includes various divisions of Indian Railways.

* Weak financial risk profile with decline in scale of operations
in FY19:  DRPL's scale of operations declined significantly marked
by a total operating income of INR44.29 crore compared to INR107.25
crore in FY18. This comes on the back of slower than expected pace
of dispatches in orders. Further with the decline in scale of
operations; the company's operating profitability also declined and
PBILDT stood at INR9.85 crore compared to INR22.05 crore in the
previous year. The fall in operating profitability combined with
stable interest and depreciation cost translated into PAT and GCA
of INR1.81 crore and INR4.44 crore as against INR8.56 crore and
INR11.38 crore in FY18 respectively.  DRPL's overall gearing stood
at 1.31x (P.Y. 0.87x) on the back of increase working capital
borrowings. Additionally the company's debt coverage indicators
weakened with an interest coverage of 1.52x compared to 3.15x in
FY18 and a TD/GCA of 15 years compared to 3.70 years in the
previous year.

* Elongated operating capital:  The operations of DRPL are highly
working capital intensive in nature with investment required in
both inventory [due to time taken for manufacturing as well as
procedure of pre-inspection and trials by Indian Railways (IR)] and
receivables (due to credit period of around 60-90 days offered for
various products). DRPL's products are customized for their
applications and its largest customer, IR, has a procedure of
inspecting and checking of products prior to their dispatch,
translating into a considerable inventory holding requirement.
DRPL's working capital cycle further lengthened from 173 days in
FY18 to 564 days in FY19, primarily due to an increase in inventory
holding which stood at INR56.57 crore as on FY19 compared to
INR42.05 crore as on FY18 despite the decline in total operating
income. The utilization of DRPL's working capital limits also
remained almost full for the last 12 months ended January 2020.

Key Rating Strengths

* Experienced promoters with established track record:  The
promoters of DRPL namely Chandra Prakash Sharma, Rachana Sharma and
Pulkit Sharma have a combined experience of over 50 years in the
area of locomotive equipment manufacturing. The promoters
collectively look after the operations of DRPL and are responsible
for all the strategic decisions. They are suitably aided by
professionals at various levels for management of daily operations
of the company. DRPL also have over two decades long experience in
the industry.

Raisen, Madhya Pradesh based Daulat Ram Engineering Services
Private Limited (DRPL) [CIN: U74210MP1997PTC011601] was
incorporated in 1997 by Mr. Chandra Prakash Sharma. Initially, the
company was engaged in repair, reconditioning and rehabilitation of
dynamic braking resistors for Indian Railways. Later, DRPL
commenced manufacturing of motors, traction motors and alternators,
auxiliary generator, oil cooling blower, vacuum toilet and many
other engineering products which find its application in railway
locomotives and coached. It supplies its products to various diesel
locomotive manufacturing units of Indian Railways including DMW -
Patiala, DLW - Varanasi, ICF - Chennai and National Railway
Equipment Company (NREC) for onward supply to Indian Railways. The
company also manufacturing and installs escalators at various
railway stations.


DECCAN EXTRUSIONS: CRISIL Lowers Rating on INR6cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded the ratings of Deccan Extrusions Private
Limited (DEPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with DEPL for obtaining
information through letters and emails dated January 11, 2019 and
January 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

The downgrade reflects delays by Deccan Extrusions private limited
in servicing of debt obligation.

Commenced commercial operations in 1989, DEPL manufactures
aluminium profiles. The product portfolio consists of various
aluminium profiles which are used as panels, channels and verticals
with their end usage in residential, construction, transport,
power, consumer goods and other industries. DEPL has its
manufacturing facility with an installed capacity of 5400 tonnes
per month (TPM) at Pondicherry.


DIAMOND NUTS: CRISIL Withdraws B+ Rating on INR7cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Diamond
Nuts (DA) and subsequently withdrawn the ratings at the company's
request and receipt of no objection certificate from the bank. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7        CRISIL B+/Stable (Rating
                                   reaffirmed and Withdrawn)

   Foreign Bill           3        CRISIL A4 (Rating reaffirmed
   Discounting                     and Withdrawn)

   Packing Credit         8        CRISIL B+/Stable (Rating
                                   reaffirmed and Withdrawn)

DA was set up in 2016 as a partnership concern by Mr B
Mohanchandran Nair and Ms Abhaya Mohan. The firm processes raw
cashew nuts and exports cashew kernels. It is based in the Kollam
district of Kerala.


FIRST RELIABLE: CARE Reaffirms B+ Rating on INR13.17cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of First
Reliable Industries (FRI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       13.17      CARE B+; Stable Reaffirmed
   Facilities          

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of FRI continues to be
constrained by limited experience of promoters in the technical
textile industry, presence in a highly competitive and fragmented
industry and constitution of the entity being a partnership firm.
The rating is further constrained by the short track record of
operations, small scale of operations with losses at the net level
and leveraged capital structure.  The rating, however, derives
strength from favorable location of operations along with the
healthy growth prospects for the technical textiles industry.

Rating Sensitivities

Positive Factors

* Sustainable improvement in the scale of operations of the firm to
above INR50 Crore.

* Sustainability in its PBILDT margins above ~14% in the medium
term.

* Sustained improvement in overall gearing ratio to below 1.5x.

Negative Factors

* Continued losses at the net level.

* Any major debt funded capex or capital withdrawal resulting in
deterioration of overall gearing ratio to above 3.5x on a sustained
basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Short track record of operations:  The commercial operations of
the firm commenced from July 6, 2018. During FY19, with eight
months of operations, the firm has achieved a total income of
INR21.30 Cr. with PBILDT margins of 10.10%, while, at the net level
the firm has reported losses during the period. However, the firm
had a cash profit of INR1.06 Cr., during the period. In 8MFY20
(Prov.), the firm has achieved a total operating income of INR18.76
cr.

* Leveraged capital structure:  Owing to funding through term loans
and unsecured loans from the promoters and related parties for the
setting up the manufacturing facility, along with the working
capital facilities availed, the capital structure of the firm
remained leveraged with debt to equity ratio and overall gearing
ratio of 3.40x and 3.86x respectively, as on March 31, 2019.
However, the interest coverage ratio stood moderate at 1.97x in
FY19.

* Highly competitive and fragmented nature of the industry:  The
Indian technical textile industry is highly competitive and
fragmented in nature because of the low capital and technology
requirements, small gestation period and availability of raw
materials leading to low entry barriers.

Key Rating Strengths

* Favorable location of operations:  The primary raw material, viz.
polypropylene particles are being procured primarily from Ludhiana
and Bathinda (Punjab), which is ~250 km from the firm's plant.
Further, the firm is operating in close proximity to its customer
base (primarily from Punjab, Haryana and Chandigarh) which are
engaged in fertilizer, sugar, cattle feed, cement and
other chemical industry. The location of the manufacturing facility
thus lends ease of addition of customers engaged in these
industries as well as ease of off take and proximity to raw
material sources leads to easy and ample availability of raw
materials.  This also helps the firm in saving on the freight
cost.

* High growth potential in the technical textile industry:  Though
the technical textile industry is currently at a nascent stage, the
products have a wide range of niche application in industries
ranging from agriculture to defense; thus, the industry is likely
to grow at a healthy rate going forward.

Liquidity: Stretched

The liquidity position of the firm remained stretched characterized
by repayment obligations of INR2.12 Cr. due in FY20 and tightly
matched cash accruals during the year. The firm had free cash and
bank balances of ~INR0.11 Cr., as on March 31, 2019. The current
ratio and quick ratio stood at a moderate level of 1.31x and 0.87x,
respectively, as on March 31, 2019. The firm has no major capex
plans in the medium term. The operating cycle of the firm remained
comfortable, at ~45 days as on March 31, 2019. The average
utilization of fund based working capital limit remained ~69% for
the 12 month period ended February-2020.

First Reliable Industries (FRI) is a partnership firm established
in November-2016. It has set up a unit for manufacturing of
Polypropylene (PP) and High-Density Polyethylene (HDPE) based woven
sack bags and fabrics which find application in packaging for
various industries ranging from chemical to fertilizer industry.
The manufacturing unit is located at Khanna, Punjab with an
installed capacity of 7200 MT per annum (MTPA) as on March 31,
2019. The commercial operations of the plant started from  July 6,
2018. The major group concerns of the firm include M/s N.J.
Overseas and Dashmesh Casting Private Limited which are engaged in
the iron and steel industry.


HINDUSTAN CONSTRUCTION: CARE Reaffirms 'D' Rating on Loans
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Hindustan Construction Company Limited (HCC), as:

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term Bank         584.93        CARE D Reaffirmed
   Facilities-
   Term Loan              

   Long term Bank        1,101.65        CARE D Reaffirmed
   Facilities-
   Cash Credit          

   Long term/Short       6,367.37        CARE D Reaffirmed
   term Bank
   Facilities–Non
   Fund based           

   Non–Convertible          18.48        CARE D Reaffirmed
   Debenture I             

   Non–Convertible          68.93        CARE D Reaffirmed
   Debenture II            

Detailed Rationale & Key Rating Drivers

The reaffirmation of the ratings assigned to the bank facilities
and instruments of HCC takes into account the ongoing delays in
servicing the debt obligations. The debt servicing capability of
the company is stressed on account of a high debt burden and
resultant finance costs being incurred along with stressed working
capital cycle on account of delayed receipt of dues and claim
settlement from customers.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in Debt Servicing:  There are on-going delays in servicing
of term loans and there are instances of overdrawals and
devolvement in fund-based and non-fund based limits ranging between
30 to 90 days. The company has decided to novate the interest
bearing debt (term loan and cash credit) to a New Company (NewCo)
along with an award cover of 1.0x and claim cover of 1.5x. The
NewCo will be majorly owned by a third party investor (51% or more)
and HCC will hold 49% or less in the NewCo. This will eliminate the
need to service any debt in HCC for the next 36 months in addition
to addressing the asset liability mismatch facing the Company. Term
Loan and Cash Credit obligations along with current overdues of
INR2,223 crore are proposed to be novated along with a
corresponding assignment 1.x Awards Cover and 1.5x of Claims. The
final debt amount proposed to be novated will also include devolved
BGs and interest overdue till cut-off date. Accordingly, the amount
of Awards and Claims may vary to provide a cover of 2.5x on the
debt transferred.

* Elongated working capital cycle:  The working-capital cycle of
the company continues to be elongated owing to delays in recoveries
from customers and high amount of inventory held due to delays in
commencement of projects.

HCC was promoted by the late Mr. Walchand Hirachand in 1926 and is
presently spearheaded by Mr. Ajit Gulabchand, Chairman and Managing
Director. HCC is one of the large construction companies in India,
engaged in construction activities which include roads, bridges,
ports, power stations, water supply and irrigation projects. The
company's construction capabilities include solutions for
construction of projects in various complex industries including
hydel power, water solution systems, nuclear power and process
plants and transportation. HCC group of companies comprises mainly
of HCC Infrastructure Company Limited (HICL), HCC Real Estate
Limited (HREL), Lavasa Corporation Limited (LCL), Steiner AG,
Zurich (SAG), and Highbar Technologies Limited (HTL). HICL is
engaged in construction and management of assets in the areas of
transportation. HREL develops and executes high-value real estate
projects including Integrated Urban Development and Management, IT
Parks and Commercial Offices, Township Development, and Urban
Renewal projects. LCL is India's first planned hill city which
includes integrated development of five towns. SAG specializes in
turnkey development of new buildings and refurbishments, and offers
services in all facets of real estate development and construction.
HTL provides IT solutions to the infrastructure industry.


INNOVATIVE TEXTILES: CARE Keeps 'D' Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Innovative
Textiles limited (ITL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        86.90     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short-term Bank       13.00     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information and NDS from ITL to monitor the
ratings vide e-mail communications February 2, 2020; March 9, 2020;
March 12, 2020, March 14, 2020, March 17, 2020; and various
telephonic interactions. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, ITL has not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.

The ratings on Innovative Textiles Ltd's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Innovative Textiles
Limited (ITL) takes into account intimation of overdue for more
than 30 days in the company's Packing Credit limit (PCL) in past.
PCL facility which is a sublimit of Cash Credit limit (CC) rated by
CARE.

CARE has been receiving No Default Statements on monthly basis
stating no instances of delays/overdrawls. Banker's feedback in the
past was also satisfactory.

Detailed description of the key rating drivers

At the time of last rating on May 24, 2019 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

* Delay in payment of outstanding PCL:  ITL has a sanctioned limit
of PCL for tenure of 180 days which was not paid within the said
period though ITL had applied for the extension of tenure of PCL
beyond 180 days. However, the approval for extension of PCL
facility was not received within 180 days. Consequently, there has
been delay in the payment of PCL facility.

* Financial risk profile:  During FY18, the company reported a
total operating income of Rs 252.38 cr with PBILDT margin of
10.29%. During FY18, the company incurred loss of INR1.22 cr due to
deferred tax liability. During FY18, the company derived majority
of revenue from sale of fabrics while revenue from sale of poly
cotton yarn declined as company gradually shifted its focus towards
sale of dyed fabrics and garments. The company has achieved sales
of INR234.38 cr in FY19 (A).

* Working Capital Intensive operations:  The operations of the
company are working capital intensive. Accordingly, it has to
maintain high level of inventory (around three to four months) to
avoid traded material price fluctuations and ensure availability of
the same to address quick customer needs. The working capital cycle
of the company stood high owing to higher inventory period.

Key Rating Strengths

* Experienced promoters:  Incorporated in 1993, ITL is promoted by
Mr. Rakesh Bajaj, who has over 25 years of experience in the
production and marketing of yarn and other textile products. Before
2009, the company was engaged in trading of yarn (both cotton and
blended). In 2016, the company has set up a vertically integrated
dyeing and garmenting plant along with another knitting
plant at Butibori Industrial Area, Nagpur that commenced operations
in July, 2016 and November, 2016 respectively.

Liquidity

Stretched: The liquidity profile is stretched due to in delay in
realization of debtors. Operating cycle stood at 131 days owing to
higher inventory days (FY18: 126 days: PY: 108 days) on account of
higher inventory maintained by ITL. Current ratio stood at 1.27x as
on March 31, 2018.

Incorporated in 1993, Innovative Textiles Ltd (ITL) is a closely
held company promoted by Mr. Rakesh Bajaj, who has over 25 years of
experience in the production and marketing of yarn and other
textile products. The company was engaged in trading of yarn till
2008 and had commissioned yarn and knitted fabric manufacturing
facility in 2009.


JKV INFRACON: CRISIL Lowers Rating on INR2cr Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of JKV
Infracon (I) Private Limited (JKVIIPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit/
   Overdraft facility     2         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects stretched liquidity, marked by full
utilisation of the bank limit. It also factors in the weak
financial risk profile, modest scale of operations, and exposure to
risk from geographical concentration in revenue and tender-based
nature of operations. These weaknesses are supported by the
extensive experience of the promoters in construction industry, and
the moderate order pipeline providing revenue visibility for the
medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amidst geographical concentration in
revenue:  Intense competition in the construction industry
constrains scalability of operations and restricts JKVIICL from
bidding for large tenders. Further, with bulk of revenue generated
from Andhra Pradesh, the company also faces significant
geographical concentration risk.

Susceptibility to tender-based operations:  * Since sales are
entirely tender-based, revenue depends on the company's ability to
bid successfully.

* Below-average financial risk profile:  Financial risk profile is
marked by a small networth of INR0.97 crore, and high gearing of
2.94 times as on March 31, 2019. Debt protection metrics were
average, with interest coverage and net cash accrual to total debt
ratios at 4.97 and 0.17 times, respectively, for fiscal 2019.

Strengths:

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

* Moderate order book: Unexecuted orders worth INR38.2 crore as of
March 2020, to be executed over the next 18 months, offer revenue
visibility for the medium term.

Liquidity Stretched

Liquidity is marked by high bank limit utilisation, averaging
around 97.21% for the six months ended February 29, 2020. Cash
accrual of over INR70-90 lakhs expected over the medium term,
should comfortably cover the maturing term debt of INR15-20 lakhs.
Current ratio was healthy at 2.01 times on March 31, 2019.

Outlook: Stable

CRISIL believes JKVIIPL will continue to benefit from the extensive
experience of its promoter, and its moderate order book.

Rating Sensitivity factors

Upward factors

* Sustained growth in revenue (by 20%) and stable operating margin,
leading to higher cash accrual

* Better working capital management

Downward factors

* Decline in operating margin by over 200 basis points on a
sustainable basis

* Any large, debt-funded capital expenditure plan, weakening the
capital structure

Incorporated in 2016 at Hyderabad, by the promoters, Mr Madhusudhan
Rao, Mr Chenchu Sindhu Bhargavi, and Mr Venkata Subbamma, JKVIIPL
undertakes erection, assembly and installation of electric towers.


K. L. VENTURES: CARE Withdraws 'D' Rating on Bank Facilities
------------------------------------------------------------
CARE has reviewed the rating assigned to the bank facilities of  K.
L. Ventures & Enterprises (KLVE) to CARE D and has simultaneously
withdrawn it, with immediate effect. The rating factors in the
ongoing delays in debt servicing. The rating is further constrained
by major pending execution work, funding & marketing risk inherent
to high dependence on customer advances coupled with low booking
status as on December 27, 2018 and presence in cyclical nature of
the real estate industry.

The rating withdrawal is at the request of KLVE and 'No Objection
Certificate' received from the banks that have extended the
facilities rated by CARE.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing:  There have been delays in debt
servicing over 2-10 days in interest payments during past 12 months
ended November 2018.

* Project execution risk inherent to majority unexecuted portion in
ongoing project:  KLVE's Satya Niwas Tower II project has been
slow-moving, since as per the stay order from Bombay High Court on
the new constructions in the BMC limits. Moreover, the project cost
got escalated from INR19.40 crore (estimated at the time of initial
rating in July 2017) to INR22.55 crore, of which the firm has
incurred only 50.02% of the total project cost.

* Funding & marketing risk inherent to high dependence on customer
advances coupled with unsold flats:  Given the slow movement of
Satya Niwas Tower II project owing to the reasons mentioned
earlier, the term loan to the tune of only INR1.71 crore has been
disbursed as on August 31, 2018, whereas the customer advances as
on the same date stood at INR1.50 crore (vis-à-vis INR1.11 crore
as on June 30, 2017).

Incorporated in 2011 by Mr. Satish Aggarwal, K L Ventures &
Enterprises (KLVE) belongs to the Lotus Group (LG), and is engaged
in construction & development of residential spaces. The firm has
recently completed a residential redevelopment project named
Bhagwati Kripa at Malad (West), spanning across a total saleable
area of 19,000 Sq. Ft. with G+9 floors of residential spaces.
Moreover, LG has developed many residential as well as commercial
spaces in Thane, Kandivali (West) and Malad (West). Currently, KLVE
is undertaking a residential redevelopment cum fresh sale project
named Satya Niwas Tower II at Malad (West), spanning across a total
area of 41,176.05 Sq. Ft. (including area of tenant building, area
of saleable building and common area) with 2 wings (A wing would be
existing tenant building comprising G+9 floors with 3 1-BHK flats
per floor, whereas B wing would be new saleable building comprising
G+9 floors with 2 2-BHK flats per floor).


MEC ENGINEERS: CRISIL Reaffirms B+ Rating on INR3cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of MEC
Engineers (India) [MEC] to 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)
   Cash Credit            3        CRISIL B+/Stable (Reaffirmed)

The ratings reflect a modest scale of operations and large working
capital requirement. These weaknesses are partially offset by the
experience of the managing partner in the civil and industrial
construction industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations:  The scale of operations has been
modest, with revenue of INR4 crore in fiscal 2019. On account of
tender based nature of operations, any decline in orders from
regular customers may further weaken the scale of operations.

* Large working capital requirement:  MEC has large working capital
requirement as reflected by Gross current asset (GCA) days of over
800 as on March 31, 2019, due to large inventory days, during the
said period.

Strength:

* Experience of the managing partner:  The founder and managing
partner, Mr B Renjith, is a mechanical engineer, who had earlier
worked as a chief engineer in Shipping Corporation of India.
Currently, the firm is managed by Mr Renjith and Mr Deepu Ranjit,
who has a master in construction projects degree from the UK. The
firm executes projects only in Kerala.

Liquidity Stretched

The firm is highly utilizing its bank limits as indicated by an
average utilization of around 88.5% in last 12 months ending
November 2019. MEC has reported a moderate cash accruals against
nil repayment obligations during 2019, however, the cash accruals
are expected to improve in the medium term. Further, need based
funding support from promoter's supports liquidity profile. The
current ratio was favorable at 2.6 times in 2019.

Outlook: Stable

CRISIL believes MEC will continue to benefit from the extensive
industry experience of the managing partner.

Rating Sensitivity factors

Upward factor

* Improvement in the revenue profile, and net cash accruals of more
than INR1 crores.

* Improvement in the working capital requirements.

Downward factor

* Decline in the revenue profile, and net cash accruals of less
than INR0.5 crores.

* Stretch in the working capital requirements.

MEC, established as a partnership firm in 1983 by Mr B Renjith,
undertakes civil and industrial construction. The headquarters are
in Kochi, and workshop facilities in Kochi and Chennai.


NAKSHTRA CREATIONS: CARE Lowers Rating on INR7cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nakshtra Creations Private Limited (NCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.00      CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable, On the basis
                                   on best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NCPL to monitor the ratings
vide e-mail communications/letters dated December 9, 2019, January
23, 2020, February 13, 2020, February 17, 2020 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on NCPL's bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of NCPL has been revised
on account of non-availability of requisite information.

The revision in the rating assigned to the bank facilities of NCPL
takes into consideration its modest scale of operations with
moderate profit margins, moderate debt coverage indicators and
working capital intensive nature of operations during FY18 (refers
to the period April 1 to March 31). The rating, further, remains
constrained on account of raw material price volatility
risk and fragmented nature of industry with low entry barriers. The
rating, however, derives strength from its experienced promoters,
presence in cluster and moderate capital structure.

Detailed description of the key rating drivers

At the time of last rating on May 8, 2019 the following were the
rating strengths and weaknesses:

Detailed description of key rating drivers

Key Rating Weaknesses

* Modest scale of operations coupled with moderate profit margins:
NCPL's scale of operations marked by total operating income (TOI)
remained modest at INR24.29 crore during FY18 as against INR24.76
crore during FY17. PBILDT margin of NCPL decreased marginally by 43
bps y-o-y and remained moderate at 8.42% in FY18 while PAT margin
of NCPL improved by 93 bps y-o-y; albeit stood low at 1.42% during
FY18.

* Moderate debt coverage indicators: The debt coverage indicators
remained moderate marked by total debt to Gross Cash Accruals (GCA)
of 9.09 years as on March 31, 2018 from 8.04 years as on March 31,
2017 due to increase in the debt level. Further, interest coverage
remained moderate at 2.40 times during FY18 as against 1.97 times
during FY17, the marginal improvement is owing to decrease in
interest and finance cost during FY18.

* Working capital intensive nature of operations: The operations of
NCPL remained working capital intensive in nature marked by
elongated operating cycle at 132 days in FY18 as compared to 134
days in FY17, owing to nature of business wherein it needs to keep
variety of materials and dresses for different kinds of customer
needs. Average working capital limits utilization also remained
high at ~92% during past twelve months period ended February, 2019
and ~90% during past twelve months period ended February, 2020. The
cash and bank balance remained at INR0.16 crore as on
March 31, 2018, while the net cash flow from operations remained
negative during FY18. However, the current ratio remained moderate
at 1.44 times as on March 31, 2018.

* Raw material price volatility risk:  The prices of inputs like
fabrics, jari, grey fabric, yarn are volatile in nature. Hence, any
adverse fluctuation in the fabric prices is likely to impact the
profitability margins of NCPL.

* Fragmented nature of industry with low entry barriers: NCPL
operates in lower segment of the value chain and faces stiff
competition from other players in the area. The nature of
the product makes the industry highly fragmented with more than
two-third of the total number of players being in unorganized
sector with very less product differentiation. Furthermore, due to
low entry barriers the competition gets intensified, which might
put pressure for survival on existing as well as new players. Due
to the fragmented nature of the industry, bargaining power of NCPL
with customers is also restricted. Also, the product requires
meeting the current trends of fashion in the market.

Key Rating Strengths

* Experienced promoters:  Mr. Sizer Lakhani, Director is a graduate
and has an experience of more than a decade through his
directorship in NCPL.  Another director Mr. Kanav Arora is a
Textile Engineer and holds an experience of around two decades in
the similar line of business. The vast experiences of both the
directors have helped NCPL in establishing the customer base in the
market.

* Presence in cluster:  The operating facility of NCPL is located
at Surat which is a textile hub of India. Furthermore, raw
materials and labour are the two major cost components (~55-65%) in
designing and stitching of fabrics. NCPL has an added advantage of
easy availability of raw materials owing to its presence in textile
hub. It also enjoys benefits in terms of easy availability of
labour.

* Moderate capital structure:  The capital structure of NCPL
remained moderate marked by overall gearing at 1.71 times as on
March 31, 2018 [March 31, 2017: 1.79 times], the marginal
improvement in the gearing ratio is owing to increase in tangible
net worth of the company.

Surat-based (Gujarat) NCPL was incorporated in 2006. It is mainly
engaged in the designing and stitching of sarees, salwar suit and
lehenga from different types of fabrics; under its own registered
brands namely "Nakkashi", "Mehreen", "Nairra" and "Womaniya". NCPL
is promoted by Mr. Sizer Lakhani and Mr. Kanav Arora who are having
an experience of more than a decade in the same line of business.
The designing process includes different types of embroidery work,
hand work, stitching etc. NCPL primarily procures the raw material
like fabrics and jari from local dealers of Surat while it sells
the final product pan-India as well as to merchant exporters. The
entity is also marketing through its website for online shopping
under the brand name "Nakkashi".


P K INFRATECH: CRISIL Lowers Rating on INR2.5cr Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of P K
Infratech - Rishikesh (PKIR) to CRISIL D/CRISIL D from 'CRISIL
BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3          CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Overdraft             2.5        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term    2.5        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

The rating downgrade reflects the overdues in the overdraft
facility for more than 60 days due to cash flow mismatches.

The ratings are also constrained by the susceptibility to
tender-based operations and its modest scale. These weaknesses are
partially offset by partners' experience in the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing debt obligation:  PKIR has availed overdraft
facility amount of INR2.50 crores. The firm is irregular in
repayment of its interest on overdraft and there has been more than
60 days of overdue on the same.

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

* Modest scale of operations:  PKIRs business profile is
constrained by its modest scale of operations in the intensely
competitive Civil Construction industry.  PKIRs moderate scale of
operations will continue limit its operating flexibility.

Strength

* Extensive industry experience of the promoters:  The promoters
have an experience of over 10 years in Civil Construction industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers.

Liquidity Poor

The liquidity Profile of the firm is under stress which is
reflected in fully utilised overdraft facility and more than 60
days of overdue in the overdraft facility.

Rating sensitivity factors

Upward factors:

* Track record of timely payment of interest and regularisation of
overdraft limits for three months

* Improvement in accrual generation by 30%

PKIR was established in 2014 and is located in Dehradun. PKIR is
promoted by Mr. Gaurav Sharma, Mrs. Rajbala Sharma and Mr. Vishal
Gaur. PKIR is engaged in civil construction works, such as
construction of roads and bridges, canal works, irrigation works
and electrification works. PKIR is also engaged in transportation,
stone crushing and trading of building material.


PADMAVATI STEELS: CARE Keeps 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Padmavati
Steels Limited (PSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.65      CARE B+; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PSL to monitor the rating(s)
vide e-mail communications/letters dated November 1, 2019; November
8, 2019; November 15, 2019; November 25, 2019; December 13, 2019;
December 18, 2019; January 7, 2020; January 15, 2020; January 20,
2020; January 23, 2020; February 3, 2020; February 11, 2020;
February 15, 2020; March 3, 2020 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on PSL's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The rating assigned to the bank facilities of Padmavati Steels
Limited (PSL) is constrained by its modest scale of operations and
low profitability margins. The rating is further constrained by the
inherent cyclicality in the steel industry, susceptibility of
profitability margins to raw material price volatilities and
operations in a highly competitive & fragmented industry. The
rating, however, derives strength from its experienced promoters &
long track record of operations and improving solvency position.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest scale of operations:  The operating income of PSL
continued to remain modest, however increased at a healthy rate of
~63% on a year-on-year (y-o-y) basis to INR92.35 cr. in FY19 from
INR56.51 cr. in FY18.

* Low profitability margins:  The PBILDT margins of the company
stood low and declined to 2.09% in FY19 from 3.88% in FY18.
However, the PAT margins of the company improved marginally to
0.62% in FY19 from 0.45% in FY18.

* Fragmented and competitive nature of industry and susceptibility
of margins to volatility in raw material prices:  The steel
industry in which the company operates is highly fragmented and
competitive. The trading of raw materials industry is highly
fragmented and competitive with large number of players being
unorganized. Hence, the players in the industry do not have any
pricing power with any upward revision in the prices of the raw
material not entirely passed onto its customers.

* Cyclicality inherent in the steel industry:  The steel industry
is sensitive to the shifting business cycles, including changes in
the general economy, interest rates and seasonal changes in the
demand and supply conditions in the market. Apart from the demand
side fluctuations, the highly capital intensive nature of steel
projects along-with the inordinate delays in the completion hinders
the responsiveness of supply side to demand movements.

Key Rating Strengths

* Experienced promoters along with long and established track
record of operations:  PSL was incorporated in 1999. The directors
of the company include Mr. Kailash Chand Bansal who is the Chairman
of the company and looks after the strategic decision making, Mr.
Sushil Kumar Singla and Mr. Bijender Jain who are the non-executive
directors of PSL. The other directors of the company are Mr. Sanjay
Jain, Mr. Jagdish Chander and Sunita Rani Garg. The directors have
around two decades of experience in the iron and steel industry
through their association with the company.

* Comfortable and improving capital structure with moderate debt
coverage indicators:  The capital structure of the company has
remained at a comfortable level with debt to equity and overall
gearing ratios of 0.06x and 0.33x, respectively as on March 31,
2019 (PY: 0.07x and 0.35x, respectively). The debt coverage
indicators of the company have remained moderate with total debt to
GCA ratio of 6.88x, as on March 31, 2019 (PY: 8.35x). The interest
coverage ratio of the company stood at 2.88x in FY19. The operating
cycle of the company stood comfortable at 35 days, as on March 31,
2019.

Incorporated in 1999, PSL is a closely held public limited company
promoted by Mr. Kailash Chand Bansal, Mr. Sushil Kumar Singla, Mr.
Sanjay Jain, Mr. Bijender Jain, Mr. Jagdish Chander and Ms. Sunita
Rani Garg. PSL has its sole manufacturing facility located at
Kala-Amb, Sirmour, Himachal Pradesh for manufacturing of MS Flat
and ERW pipes with annual capacities of 36000 Metric Tonnes Per
Annum (MTPA) each, as on March 31, 2018. The company is also
engaged in trading of billets.


PC JEWELLER: CRISIL Reaffirms D Rating on INR2,012.62cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on bank facilities of PC Jeweller
Limited (PCJ; part of the PCJ group) at 'CRISIL D/CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Exchange     37.94       CRISIL D (Reaffirmed)
   Forward              

   Fund-Based
   Facilities        2,012.62       CRISIL D (Reaffirmed)

   Long Term Loan       12.30       CRISIL D (Reaffirmed)

   Non-Fund Based
   Limit               970.17       CRISIL D (Reaffirmed)

   Proposed Working
   Capital Facility    878.97       CRISIL D (Reaffirmed)

   Standby Line of
   Credit               25          CRISIL D (Reaffirmed)

The reaffirmation reflects instance of delays in interest servicing
towards working capital demand loan facility by more than one day
in last 90 day period ending March 31, 2020.

The ratings continue to reflect large working capital requirement
and the risk of unfavourable regulatory changes. These weaknesses
are partially offset by PCJ group's strong market position in
manufacturing and retailing gold and diamond jewellery and the
above-average capital structure.

Analytical Approach

CRISIL has combined the business and financial risk profiles of PCJ
and its four wholly owned subsidiaries'PC Universal Pvt Ltd,
Transforming Retail Pvt Ltd, Luxury Products Trendsetter Pvt Ltd,
and PC Global Jewellers DMCC'collectively referred to as the PCJ
group, as the entities have business and operational synergies.
Moreover, PCJ had extended inter-corporate advances to the
subsidiaries as they do not have bank lines of their own.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Operations are working
capital-intensive: Inventory, high at INR5297 crore as on Dec 31,
2019 (INR4988 crore as on March 31, 2019). Furthermore, receivables
outstanding at INR1623 crore as on Dec 31, 2019 (Rs 1631 crore as
on Sept. 30, 2019) continue to constrain the working capital cycle.
On account of stretched inventory and debtors, working capital
requirements are expected to remain large going ahead as well.

* Exposure to the risk of unfavourable regulatory changes:  The
jewellery sector depends on the import of gold, which forms an
important part of India's foreign exchange outgo and current
account deficit (CAD). In the past, the government has undertaken
several regulatory measures to curb the import of gold to control
the CAD, including the following:

- Hike in import duty to 12.5% from 2%

- Introduction of the 80:20 rule (scrapped in fiscal 2015)

- Discontinuation of the gold-on-loan scheme (restarted in fiscal
2015)

- Modification of the gold deposit scheme; introduction of excise
duty of 1%

- Requirement of permanent account number card for purchases of
over INR2 lakh

- Introduction of the sovereign gold bond scheme to shift consumer
preference away from physical gold

Introduction of the goods and service tax is, however, expected to
benefit organised jewellers, including the PCJ group. Nevertheless,
the performance of jewellery retailers will remain susceptible to
adverse regulatory changes.

Strengths

* Strong market position:  The group has a strong market position
and a well-established brand in North India backed by the
25-year-long experience of the promoters in the domestic and the
export markets. PCJ has expanded its presence exponentially from
three stores in fiscal 2008, thus increasing the geographic reach.
As on December 31, 2019, it had 84 operational stores, reducing
from 86 as on March 31, 2019 on account of cost rationalization
programme being undertaken by PCJ.

* Above-average capital structure:  Capital structure should remain
above average: total outside liabilities to tangible networth ratio
was 0.61 times as on Sept 30, 2019 vis-a-vis 0.94 time as on March
31, 2019, with limited capital expenditure (capex).

Liquidity Poor

Liquidity continues to remain poor. The utilization for last 2
months ending February, 2020 averaged at 99.6% compared to
overutilization of fund based limits for previous two months i.e.
November and December, 2019. Despite lower than full utilization,
delay in interest servicing with few of its bankers is because of
lower fungibility of funds between various banks.

Current ratio is expected at 2 times over the medium term.
Promoters have infused INR215 crore of unsecured loans during the
second quarter of fiscal 2020, to support the working capital
requirement of the company. However, export receivables recovery
along with cash flow management will remain a key monitorable over
the medium term.

Rating sensitivity factors

Upward factors

* Regularization of banks limits for a period of more than 90 days

* Improvement in working capital management and liquidity

Established in 2005, Delhi-based PCJ manufactures, retails, and
exports jewellery. The product range includes gold, diamond, and
other jewellery and silver articles. The company is promoter by Mr.
Balram Garg and family. PCJ is listed on Bombay Stock Exchange
(BSE) and National Stock Exchange (NSE).

The company has four subsidiaries: PC Universal Pvt Ltd,
Transforming Retail Pvt Ltd, Luxury Products Trendsetter Pvt Ltd,
and PC Jeweller DMCC (incorporated in Dubai).


PRO-ARC WELDING: CRISIL Cuts Rating on INR5.6cr Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Pro-Arc
Welding and Cutting Systems Private Limited (Pro-arc) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.6       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of credit      4.0       CRISIL A4 (Downgraded from
   & Bank Guarantee                'CRISIL A4+')

   Proposed Cash         1.5       CRISIL B+/Stable (Downgraded
   Credit Limit                    from 'CRISIL BB-/Stable')

   Proposed Letter       1.9       CRISIL A4 (Downgraded from
   of Credit & Bank                'CRISIL A4+')
   Guarantee             
                                   
The downgrade reflects the stretched liquidity driven by almost
fully utilized bank lines and large debt repayments; timely
enhancements in limits remain critical. The revenue is estimated to
have increased to INR50 crores in fiscal 2020 from INR29 crores in
fiscal 2017 because of a strong order book (operating margin
expected at 5-6% over the medium term). Strong scale up led to
increased working capital requirements which were primarily met by
available bank lines and mid-term loans. Subsequently the bank
lines were fully utilized and the company also has large debt
repayments. The cash accruals are matched with scheduled debt
repayments, Enhancement in working capital limit remains critical
and will be monitored.

The ratings reflect the extensive experience of Pro-Arc's
promoters, their established relationships with key customers and
suppliers, and moderate debt protection metrics. These strengths
are partially offset by improving, yet modest, scale of operations,
average capital structure, and large working capital requirement.

Key Rating Drivers & Detailed Description

Weakness:

* Improved, but modest, scale of operations and profitability:  The
modest scale is reflected in revenue of INR52.7 crores in fiscal
2019. The revenue has been increasing continuously in past three
years through fiscal 2019 however the scale remains modest. Intense
competition continues to constrain scalability, pricing power, and
profitability.

* Average financial risk profile:  Gearing was moderate and
networth small at 1.55 times and INR5.6 crore, respectively, as on
March 31, 2019.

* Large working capital requirement:  Operations are working
capital-intensive, as reflected in gross current assets of 128 days
as on March 31, 2019, driven by receivables and inventory of 42 and
73 days, respectively. The GCAs have been increasing year-on-year
which along with growing revenue

Strengths:

* Extensive experience of the promoters:  The two-decade-long
experience of the promoters in the computer-numerical controlled
(CNC) cutting machines segment and their strong relationships with
key suppliers and customers will continue to support business risk
profile.

* Moderate debt protection metrics:  Interest coverage and net cash
accrual to total debt ratios were 2.18 times and 0.17 time,
respectively, for fiscal 2019.

Liquidity Stretched

Liquidity is constrained by high bank limit utilisation of 92% on
average over the 12 months through December 2019. The utilisation
is expected to remain high due to large working capital requirement
with no bank line enhancement. Net cash accrual is expected at
INR1-1.5 crores annually in fiscals 2020 and 2021 against yearly
debt obligation of INR4-4.5 crores, over the medium term; the
deficiency will be funded through bank limit. Hence, timely
enhancement in bank limit will remain a key monitor able.

Outlook: Stable

CRISIL believes Pro-Arc will continue to benefit from the extensive
experience of its promoters.

Rating Sensitivity factors

Upward factors

* Enhancement in working capital limit and improvement in liquidity
position

* Sizable improvement in cash accruals net cash accruals to debt
repayment obligation ratio of over 1.2 times

Downward factors

* Significant stretch in working capital cycle leading to continued
bank line utilisation over 95%

* Decline in revenue or profitability resulting in
lower-than-expected cash accrual

Incorporated in 1996, Pro-Arc manufactures CNC-metal-cutting
machines that operate using plasma or gas, mainly for companies in
the engineering and fabrication segments and for government
entities. Its facilities are in Pune. The company recently began to
manufacture machines that operate using laser.


RELIANCE CAPITAL: CARE Maintains D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliance
Capital Limited (RCL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term debt      15,000      CARE D; Issuer not cooperating;
   Programme                       Based on best available
                                   Information

   Subordinated Debt    1,500      CARE D; Issuer not cooperating;

                                   Based on best available
                                   Information

   Market Linked          500      CARE PP-MLD D; Issuer not
   Debenture                       cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RCL to monitor the rating(s)
vide e-mail communications/letters dated March 5, 2020, March 11,
2020, March 14, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, RCL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on Reliance Capital Limited's long
term debt programme and instruments will now be denoted as CARE
PP-MLD D/D; ISSUER NOT COOPERATING.

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

The ratings take into account continuous delay in servicing of debt
obligations on account of stretched liquidity and delay in asset
monetization.

Detailed description of the key rating drivers

At the time of last rating on September 20, 2019, delay in
servicing of debt obligations and poor liquidity were the rating
weaknesses.

Key Rating Weaknesses

* Delay in servicing of debt obligations:  There has been
continuous delay in servicing of debt obligations on account of
stretched liquidity. The liquidity profile of the group continues
to be under stress on account of delay in raising funds from the
asset monetization plan and impending debt
payments.

RCL is converted into a 'Core Investment Company' subject to
necessary approvals from RBI on September 7, 2018. Reliance Capital
has interests in life and general insurance; commercial and home
finance; equities & commodities broking; investment banking; wealth
management services; distribution of financial products; private
equity; asset reconstruction; proprietary investments and other
activities in financial services.


RELIANCE MEDIAWORKS: CARE Cuts Rating on INR638.20cr Loan to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Reliance Mediaworks Financial Services Private Limited (RMFSPL),
as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      638.20     CARE C; Negative Revised from
   Debentures                      'CARE B-; Negative'

Detailed Rationale & Key Rating Drivers

The rating downgrade of NCDs issued by RMFSPL factors in high
levels of borrowings on the back of low cash-flows and considerable
fall in value of investment held by RMFSPL. Moreover, the rating is
constrained due to weak earnings profile, weak solvency profile,
and poor liquidity.

Outlook: Negative

The outlook for the rating is 'Negative' is considering high level
of borrowings on the back of low cash-flows, likely further fall in
value of investments due to current market conditions and
uncertainty of cash-flows proceeds from earmarked promoter held
investments.

Rating Sensitivities

Positive Factors

* Improvement in earnings profile
* Improvement in liquidity profile
* Improvement in solvency profile

Detailed description of the key rating drivers

Key Rating Weaknesses

* Weak earning Profile:  RMFSPL started its operation in the year
2017. Since then, the company suffering losses due to very low
business activity.  Total income in FY19 stood at INR1.63 crore as
compared to INR2.11 crore in FY18. In FY19, RMFSPL reported a loss
of INR0.03 crore. As on December 31, 2019, RMFSPL reported a loss
of INR0.15 crore with zero business activity.

* Weak Solvency Profile:  RMFSPL's tangible net-worth stood at
INR0.26 crore as on March 31, 2019 as compared to INR0.29 crore as
on March 31, 2018. The borrowings stood at INR872.49 crores as on
March 31, 2019, which comprises of INR638.20 crore of NCDs which
are repayable on exercise of put option by holder or by maturity
(by March 2023) and balance of INR234.29 crore borrowings taken
from related parties.

* The NCDs are secured by way of:  First charge on RMFSPL's
investment in equity shares of Prime Focus Limited.  Pledge over
shares of Reliance General Insurance Company Limited (RGICL) by the
guarantor (Reliance Capital Limited).  First charge upto 20% only
on proceeds received from any full or partial sale, transfer or
disposal of the shares of Reliance Nippon Life Asset Management
Limited held, and Hypothecation on the account assets of RMFSPL
along with corporate guarantee by promoter Reliance Capital
Limited.

The borrowings stood at ~INR843 crores as on December 31, 2019,
which comprises of INR604 crore of NCDs and balance of INR239 crore
borrowings taken from related parties. RMFSPL holds ~10.49 crore
equity shares of Prime Focus Limited and as on March 19, 2020,
market value of this holding is ~INR331 crore compared to ~INR696
crore as on March 31, 2019.

Poor Liquidity

As on December 31, 2019, cash and cash equivalents stood at INR0.86
crore as against INR40.93 crore as on September 30,
2019.

Key Rating Strengths

* Experience Management:  Currently, RMFSPL is run by three people
viz., Mr. Satish Kadakia who is a CA and LLB and is associated with
ADAG group since 2008. Previously he has worked with Standard
Industries Limited. Ms. Mangala Savla and Mr. Basant Varma, both of
them are associated with ADAG group for more than one year.

Liquidity: Weak

As on December 31, 2019, cash and cash equivalents stood at INR0.86
crore as against INR40.93 crore as on September 30, 2019.

Reliance Mediaworks Financial Services Private Limited (RMFSPL) was
incorporated on March 10, 2017 which is engaged in to carry on the
business of an investment company and invest, buy, sell, transfer
deal in and dispose of any shares, stocks, debentures, debenture
stock bonds, mortgages, obligations and securities of any kind
issued or guaranteed by any company, corporation or undertaking of
whatever nature whether incorporated or otherwise; and where so
ever constituted or carrying on business of immovable property and
rights directly or indirectly connected therewith and or bullion,
including gold, silver and other precious metals and/ or precious
stones such as diamonds, rubies and/or any other asset.


ROHTAK HISSAR: CARE Reaffirms 'D' Rating on INR942.82cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Rohtak Hissar Tollway Private Limited (RHTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       942.82     CARE D Reaffirmed
   Facilities           

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RHTPL takes into
account on-going delays in debt servicing as indicated by lenders
owing to its poor liquidity and debt coverage indicators arising
due to subdued toll collection on sustained basis as against large
debt obligations.

Key Rating Sensitivities

Positive Factors

* Establishment a track record of timely debt servicing of debt
obligations for a period of atleast 90 days

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing:  As indicated by all lenders,
there are on-going delays in debt servicing. Delays in debt
servicing are on account of continued subdued toll collection along
with large scheduled repayments. Lower toll collection was largely
on account of toll leakages and higher proportion of local vehicles
which are exempt from toll.

Liquidity: Poor

Liquidity of RHTPL is poor marked by lower revenue from toll
collections against large scheduled repayments. DSRA is not created
as per terms of sanction. Toll collection of the company stood at
INR64.96 crore during FY19 and INR53.53 crore during 9MFY20 against
debt repayment obligations of INR116.48 crore (interest +
principal) during FY19 and INR88.39 crore during 9MFY20. Subdued
toll collection is on account of development of alternate route
along with high proportion of local vehicles which are exempt from
toll.

RHTPL is a special purpose vehicle (SPV) incorporated and owned by
Sadbhav Infrastructure Project Limited (SIPL; rated 'CARE A-;
Stable / CARE A2+'), the holding company of BOT projects of Sadbhav
Engineering Limited (SEL; rated 'CARE A-; Stable / CARE A2+').
RHTPL entered into a 22 year concession agreement (CA) with the
National Highways Authority of India (NHAI; rated 'CARE AAA;
Stable') on May 27, 2013 for the four laning of Rohtak to Hissar
section of National Highway – 10 (NH-10) from km 87/000 to km
170/000 including connecting link from km 87/000 of NH-10 to km
348/000 of NH 71 with design length of 98.81 km on BOT - toll
basis. The total cost of the project was INR1,271.58 crore which
was funded through debt of INR952.40 crore, grant from NHAI of
INR211.50 crore and remaining through promoter's contribution.


S. S. ENTERPRISES: CRISIL Lowers Rating on INR15cr Loan to 'D'
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of S. S. Enterprises - Mira
Road Thane (SSE) to 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL has
downgraded the ratings on bank facilities of SSE to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+ Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         15        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Bank          15        CRISIL D (Downgraded from
   Guarantee                        'CRISIL A4+ ISSUER NOT
                                    COOPERATING'))

   Term Loan              10        CRISIL D (Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

The downgrade in rating reflects delays in timely servicing of term
loan repayments.

The rating also continues to reflect susceptibility of revenue and
profitability to volatility in toll collection due to volatility in
traffic as well tender driven nature of business, and intense
competition. These weaknesses are partially offset by established
operations supported by experienced proprietor, and geographical
diversification in business.

Key Rating Drivers & Detailed Description

* Delays in timely servicing of debt obligation:  There has been
delay in repayment of term loan in the month of February 2020,
which continues to be partially unpaid.

Weaknesses

* Susceptibility of operating performance to volatility in toll
collection and traffic flow:  Operating performance is susceptible
to the ability of the management to assess traffic flow and bid
accordingly for the tender. SSE's revenue is dependent on traffic
flow. Thus, any low traffic volume and revenue leakage could impact
the overall financial risk profile and debt-servicing capability.
Apart from these, the revenue risks persist as the contracts do not
provide for any traffic guarantee. The risks associated with
variability in traffic volumes will persist over the medium term;
however, a strong in-house traffic assessment team and the
extensive experience of the proprietor in forecasting traffic flow
partially offsets the risk.

* Tender based nature of business and intense competition:  Tender
based nature of business with intense competition exerts pressure
on pricing. As per tender contract, SSE has to make fixed
remittances independent of vehicular toll collection to the
authorities. However, this risk will be partially offset by force
majeure clause for tolls affected by unforeseen activity and
contract termination clause in case toll operations are not
feasible.

Strengths

* Established operations and experienced proprietor:  SSE has been
in the toll collections for over 25 years, the firm has been able
to steadily improve its scale of operations and operated in
diversified geographical area. SSE has developed in-house traffic
assessment model to enable its bid for right contracts. The firm
has established strong relationship with National Highways
Authority of India (NHAI; rated 'CRISIL AAA/Stable'), various
government authorities and local stake holders, which ensures
smooth operations at the tolls and parking centres. The established
position in the tolls collection segment, healthy relationship with
different stakeholders in the industry should support SSE's
business risk profile over the medium term.

* Geographical diversification in business:  SSE has operating road
tolls in Uttar Pradesh, Bihar, West Bengal, Madhya Pradesh, Andhra
Pradesh, Odisha and Gujarat. This helps in mitigating risks
associated to political activities, natural calamities and other
unforeseen activities, which affect the operations of toll and
thereby revenue.

Liquidity Poor

Liquidity is poor as evidenced by delays in debt servicing of term
loan. However, net cash accruals are expected to be around INR8 to
INR11 crores per annum over the medium term against repayment
obligations of INR4 crores per annum.  

Rating Sensitivity Factors

Upward factors

* Track record of timely debt servicing for at least over 90 days

* Improvement liquidity position   

Incorporated in 2005, SSE, is a Thane based company, is involved in
toll and parking collection on contractual basis for NHAI, AAI and
bodies of states. The company is not engaged in building/operating
of roads.


SAIKRUPA FIBRES: CARE Withdraws 'D' Debt Rating on Bank Facilities
------------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
D; ISSUSER NOT COOPERATING' assigned to the bank facilities of
Saikrupa Fibres Private Limited with immediate effect. The company
has repaid the aforementioned long term bank facility (term loan)
in full and provided 'No Dues Certificate' and 'No Objection
Certificate' for outstanding long term bank facility (cash credit)
received from the lender that has extended the facilities rated by
CARE. The above action has been taken at the request of Saikrupa
Fibres Private Limited.

Saikrupa Fibers Private Limited (SFPL) incorporated on March 29,
2011 based at Wani (Maharashtra) engaged in cotton ginning and
pressing. SFPL is promoted by Mr. Satish Bhatgare who has an
experience of 6 years with SFPL in the cotton ginning industry.
SFPL procures its raw material i.e. cotton from local farmers and
brokers in the Wani region, Maharashtra. SFPL sells its products to
traders based in Maharashtra state.


SALASAR EXTERIORS: CRISIL Lowers Rating on INR11cr Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Salasar
Exteriors and Contour Limited (SECL) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Letter of credit        1        CRISIL D (Downgraded from
   & Bank Guarantee                 'CRISIL A4+')

The downgrade reflects overutilization of cash credit limit for
more than 30 days and delay in interest payment. The delays in is
due to stretch in receivables leading to insufficient cash flows.

SECL has working capital intensive operations and exposed to
intense competition in interior and exterior designing business.
The promoter's have extensive experience in interior and exterior
designing business

Key Rating Drivers & Detailed Description

Weaknesses

* Irregularities in cash credit account:  SECL's fund based limit
i.e. cash credit facility is overdrawn for more than 60 days as
indicated by the banker. This is due to stretch in receivables
since customers are not making timely payments which has led to
weak cash flows.

* Working capital intensive operations:  SECL's operations are
working capital intensive as reflected in its gross current asset
of 230-280 days in past three years, due to stretch in receivables
to 172 days, leading to high bank limit utilisation. Inventory is
moderately maintained at 60 days.

* Intense competition in interior and exterior designing business
industry: SECL faces intense competition from several organised and
unorganised players in interior and exterior designing business.

Strengths

* Extensive experience on promoter:  Mr. Shreekrishna Joshi has
more than 3 decades of experience in interior and exterior
designing business, which has helped establish long standing
relationship with its customers and suppliers. Regular order flow
from its customers has led to increase in its revenue from INR31.31
crores in fiscal 2016 to INR66.98 crores in fiscal 2019.

Liquidity Poor

SECL has weak liquidity as reflected in delay in repayment of debt
obligations on account of weak cash flows.

Rating sensitivity factors

Upward factor

* Track record of timely debt servicing for atleast over 90 days

* Sustainable improvement in financial risk profile.

SECL, incorporated in 1988 in Mumbai, is engaged in interior and
exterior designing of commercial office and mall and factories.
SECL is promoted by Mr. Shreekrishna Joshi. SECL is listed on
National Stock Exchange of India Ltd.


SIDHU INDUSTRIAL: CRISIL Lowers Rating on INR6cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sidhu Industrial Corporation (Sidhu) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           2.5       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Term Loan             3.5       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects the delays in meeting the interest and
principal obligation of the term loan on account of poor
liquidity.

The rating continues to reflect the firm's working capital
intensive operations and leveraged capital structure. These
weaknesses are partially offset by its promoter's extensive
experience and Sidhu's established market position.

Key Rating Drivers & Detailed Description

* Poor liquidity:  Liquidity is poor, as indicated by the
continuous delays in meeting interest and principal obligation of
the term loan from January, 2020 onwards.

Weaknesses:

* Working capital-intensive operations:  Gross current assets stood
at 234 days as on March 31, 2019, driven by high receivables and
inventory of 88 and 73 days, respectively. Operations are likely to
remain working capital intensive over the medium term.

* Leveraged capital structure:  The total outside liabilities to
tangible networth (TOLTNW) ratio was high at 8.98 times as on March
31, 2019 because of sizeable dependence on debt, stretched
creditors and modest networth (Rs 2.73 crore). Capital structure is
expected to remain leveraged over the medium term.

Strength:

* Promoter's extensive experience with established market position:
Sidhu is registered as a vendor with the Indian Railways, for the
manufacture and supply of side walls, driver's cabins, steel
casting, steel ingots, steel forgings, mechanised steel, and wagon
components. Promoter's experience of over three decade along with
Sidhu's status as one of the few approved vendors having the
technology to manufacture stainless steel corrosion resistant
factor components, side walls, and underframes for locomotives
should benefit the business risk profile over the medium term.

Liquidity Poor

Liquidity is poor, as reflected in continuous delays in meeting
interest and principal obligation of the term loan from January,
2020 onwards.

Rating Sensitivity factors

Upward factor

* Timely debt servicing for more than 90 days

* Improvement in working capital management

Set up in 1987, Sidhu is a proprietorship concern of Mr Parshotam
Singh and is based in Punjab. The firm manufactures and fabricates
various locomotive parts such as roofs, side walls, partitions, and
underframes.


STAR REWINDERS: CRISIL Withdraws B+ Rating on INR3cr Cash Loan
--------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Star
Rewinders and Electricals (SRE) following a request from the
company and on receipt of a 'no dues certificate' from the banker.
The rating action is in line with CRISIL's policy on withdrawal of
bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        15         CRISIL A4 (Withdrawn)
   Cash Credit            3         CRISIL B+/Stable (Withdrawn)
   Letter of Credit       2.5       CRISIL A4 (Withdrawn)

SRE, is a Raigad-based partnership firm established in 1982 by Mr
Vijay More and his son Prathamesh More. SRE undertakes turnkey
electrical projects for Maharashtra Govt.


SUZLON ENERGY: CARE Reaffirms 'D' Rating on INR6,406cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Suzlon Energy Limited (SEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short     6,406.00    CARE D Reaffirmed
   Term Bank
   Facilities          

   Long Term Bank      9,779.46    CARE D Reaffirmed
   Facilities          

Detailed Rationale & Key Rating Drivers

The ratings of SEL continue to reflect the on-going delays in
servicing of debt obligations by the company on account of
stretched liquidity position. This has been on account of impaired
volumes resulting from wind industry's transitionary phase and
delay in monetization of assets.

Rating Sensitivities

Positive Factors

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

Detailed description of the key rating drivers

Key Rating Weaknesses

The company has defaulted in term loan obligations and there are
irregularities in fund based and non-fund based limits.

Liquidity: Poor

Analytical approach:

Combined Financials of SEL along with its three subsidiaries and
one jointly controlled entity have collectively been referred to as
Suzlon The Group (STG) and the asset and liabilities of the
entities are collectively considered co-obligors under Corporate
Debt Restructuring (CDR) Scheme.  

SEL, promoted by Mr Tulsi Tanti, is fully-integrated wind power
solution provider and its activities include wind resource mapping,
land & infrastructure development, creation of power evacuation
facilities, component manufacturing, wind turbine installation,
commissioning and Operation & Maintenance Services (OMS) both in
domestic and international markets. SEL, through its wholly owned
subsidiary namely SE Forge Limited undertakes the manufacturing and
machining of large forging and casting products. SEL has formed a
number of subsidiaries in India & overseas for component
manufacturing, Wind Turbine Generator (WTG) marketing and for
providing Engineering Procurement & Construction (EPC) and OMS.

SEL along with its three subsidiaries (catering to captive usage as
well) and one joint venture has collectively been referred to as
Suzlon the Group (STG) and the asset and liabilities of the
entities are collectively considered under CDR Scheme. In FY13, STG
was referred to the CDR Cell for restructuring of its debt
considering positive long-term outlook of the wind energy sector
and the package was approved by CDR Empowered Group in December
2012. The approved CDR package was implemented by execution of
Master Restructuring Agreement (MRA) by all CDR lenders on March
28, 2013.


TATA MOTORS: Fitch Lowers LT IDR to 'B', Outlook Negative
---------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating of
Tata Motors Limited to 'B' from 'BB-'. The Outlook is Negative.

The downgrade reflects Fitch's significantly lower expectations for
TML's profitability and cash flow over the next few years due to
the effect of the coronavirus pandemic on demand and disruption to
TML's Indian operations as well as to key auto markets globally
that are served through its fully owned UK-based subsidiary, Jaguar
Land Rover Automotive plc (JLR, B+/Rating Watch Negative). Fitch
estimates that TML's consolidated EBITDA generation will drop by
nearly 50% yoy in the financial year ending March 2021 (FY21) and
will remain below FY19 levels in FY22 even with a recovery. Fitch
expects sharp deterioration in TML's free cash generation and
leverage, as the company will have limited flexibility to lower
heavy investment, despite lower profitability, particularly at JLR,
as it needs to bolster its long-term competitiveness in view of
emerging industry trends.

The Negative Outlook reflects risks to TML's financial profile from
a prolonged pandemic that could result in further deterioration in
TML's profitability and exert greater pressure on its liquidity
than it currently envisages. Fitch rates TML on a consolidated
basis.

KEY RATING DRIVERS

Sharply Weaker Profitability: Coronavirus mitigation measures,
including shutdowns, have affected TML's operations globally. Fitch
has sharply cut its global economic growth forecasts and expects a
deep global recession in 2020. This will cause double-digit falls
in new auto sales and hurt TML's profitability due to lower
absorption of fixed costs, despite some flexibility. Fitch expects
recovery in FY22, from a low in FY21, but volume is likely to
remain lower than in FY20 in absolute terms. This will see TML's
consolidated FY22 EBITDA remaining nearly 40% lower than it
previously estimated.

In India, auto industry conditions remain weak, with sales volume
for passenger as well as commercial vehicles declining by more than
15% and 25%, respectively, in FY20. The fall in TML's volume has
been even sharper, at 35%. The pandemic will further weaken demand
in FY21, as it will compound higher ownership costs following the
implementation of stricter BS6 emission norms. JLR's business -
which accounts for the majority of TML's consolidated EBITDA - has
significant exposure to Europe and North America, two heavily
affected regions, which together made up more than 60% of its FY19
volume.

Substantially Negative Free Cash Flow: Fitch believes TML will have
limited flexibility to meaningfully cut capex over the medium-term
for new product development and alternative platforms, because it
needs to sustain its long-term competitiveness, particularly in its
JLR business. This will increase negative FCF over the medium term
compared with its previous expectation and raise dependence on debt
issuance and refinancing. Fitch believes TML's strategy to explore
partnerships - as reflected in its recent announcement to move its
domestic car business under a wholly owned subsidiary - will
improve its investment flexibility to an extent. The group also has
a prudent approach to capex and TML is focused on conserving cash
and meeting operational cash needs amid a weak demand environment
and significant working capital mismatch due to shutdowns.

Fitch estimates that the pandemic could cause negative FCF of
around INR400 billion during 1QFY21 due to lower earnings and
working capital mismatch caused by lower sales receipts, while
payments continue to suppliers for past supplies. This remains
significant compared with a combined liquidity buffer at TML and
JLR of around INR630 billion at end-2019 and underscores the risks
from a prolonged pandemic.

Leverage to Deteriorate: Fitch expects TML's consolidated net
leverage - measured by net debt/EBITDA and excluding auto-financing
subsidiary, TMF Holdings Limited - to increase to 7.8x in FY21,
from an estimated 3.2x in FY20. Fitch expects net leverage to
normalize to around 5.2x in FY22, but to remain markedly higher for
the previous rating. Leverage could deteriorate further if the
pandemic is prolonged. Weaker earnings largely account for the
heightened leverage, but an adjustment for deconsolidating TML's
financial services added around 0.5x to FY19 leverage on account of
a lower debt/equity ratio.

Strategic Importance to Parent: TML's rating benefits from a
one-notch uplift due to moderate linkages with its strong
shareholder, Tata Sons Limited (TSOL), as per Fitch's Parent and
Subsidiary Rating Linkage criteria. Fitch believes TSOL is likely
to continue supporting TML, if required, due to TML's strategic
importance to the group and the reputational risk arising from the
shared Tata brand. TSOL has provided financial support to TML
several times in past; the latest being a subscription to equity
and warrants totaling INR65 billion in October 2019. Any weakening
of linkages between the group and TML or deterioration in TSOL's
ability to provide support is likely to affect TML's ratings.

ESG - GHG Emissions & Air Quality: TML has an ESG relevance score
of 4 for GHG emissions and air quality because its key subsidiary -
JLR - is exposed to stringent CO2 emission targets, particularly in
Europe. JLR has developed compliant models and aims to offer
electric variants to remain compliant, despite its focus on larger,
less fuel-efficient SUVs. Nonetheless, uncertainty regarding
adoption of electric vehicles and a decline in diesel sales in
Europe poses a risk over the medium term.

DERIVATION SUMMARY

TML's Standalone Credit Profile of 'b-' reflects its smaller scale
and limited diversification compared with peers, despite a leading
market position in India's commercial-vehicle segment and premium
offerings in the JLR business. TML's rating also reflects a
significantly more levered capital structure and its relative
disadvantage in deriving the same level of economies of scale as
larger peers, from the heavy investments required to bolster its
competitive position - particularly in its JLR business. Fitch
expects the pandemic to have a magnified impact on TML's financial
profile considering its already weak profitability and capital
structure.

Both Fiat Chrysler Automobiles N.V. (BBB-/Stable) and Peugeot S.A.
(BBB-/Stable) have larger scale and stronger financial profiles,
which support their multiple notches higher rating than TML's SCP.
Renault SA (BB+/Negative) benefits from a larger scale and stronger
financial profile, even after considering the impact of the
pandemic, which justifies its higher rating, despite a more premium
focus in JLR.

KEY ASSUMPTIONS

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

  - TML's consolidated revenue (excluding financial services
business) to decline by 12% in FY21 due to the effect of the
pandemic-related shutdown on auto sales volume in India and at
JLR's business globally. Revenue to rise by 8% in FY22, supported
by a recovery in auto sales volume.

  - TML's consolidated EBITDA margin to decline to 5.5% in FY21
(FY20 estimate: 9.0%) due to negative operating leverage. EBITDA
margin to recover to around 9% in FY22.

  - Capex/revenue to fall to 12% in FY21, in line with a prudent
approach, but remain above 15% in FY22.

  - No dividend payments over the medium term, consistent with the
flexible approach demonstrated in the past.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  - TML's consolidated net debt/EBITDA, excluding its
auto-financing subsidiary, exceeding 6.0x for a prolonged period

  - Weakening of linkages between Tata group and TML

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  - Fitch may consider revising the Outlook to Stable if a recovery
in global economic conditions lowers the risk of underperformance
in TML's operations relative to Fitch's expectations.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Adequate, Risks Exist: TML's consolidated liquidity is
sufficient to cover a manageable level of near-term debt
maturities, both in India and at JLR, as well as a moderate level
of working-capital mismatch over the next few months. However, free
cash generation is likely to remain negative, creating a sustained
dependence on refinancing to maintain a liquidity buffer. A
prolonged pandemic could severely impair liquidity.

At end-2019, TML had INR87 billion in cash and INR15 billion in
undrawn credit facilities that mature in 2022, compared with
INR35.8 billion and INR31.3 billion in scheduled maturities of
long-term debt over 2020 and 2021, respectively. TML also had
INR77.2 billion of short-term debt at end-2019 that Fitch expects
it to roll over considering its good banking relationships and
access to the local debt market.

TML raised proceeds of INR39 billion from issuance of equity and
warrants to TSOL in October 2019. The warrants entitle TSOL to
infuse a further INR26 billion, which Fitch believes will enable
TSOL to further support TML's liquidity - especially over the next
few months - in line with its record. At end-2019, JLR reported
liquidity of GBP5.8 billion, against less than GBP1.1 billion of
maturities over 2020 and 2021.

SUMMARY OF FINANCIAL ADJUSTMENTS

Summary of Financial Statement Adjustments

  - Fitch has treated INR60.1 billion in FY19 (equivalent to 2% of
sales) as restricted cash for intra-year working-capital
volatility

  - Fitch adjusts the debt deconsolidated to TML's financial
services business so that the debt/equity ratio at the financial
services business does not exceed 1.0x. This results in INR178.9
billion being allocated to the industrial business for FY19.


V. D. MOTORS: CARE Lowers Rating on INR18cr LT Loan to 'B'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of V.
D. Motors Private Limited (VDM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        18.00     CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

VDM has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on VDM's bank facilities will now be
denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

The revision in the rating of V. D. Motors Private Limited (VDM)
takes into account weak solvency position and stretched liquidity
position.  The rating, however, continues to remain constrained on
account of decline in Total Operating Income (TOI) in FY19 (FY
refers to the period April 1 to March 31), thin profitability
margins on account of volume driven business with high competition
in auto dealership industry.  The rating, however, continue to
favorably takes into account experienced management in the industry
and long standing association with its principal Mahindra &
Mahindra Ltd (M&M).

Detailed description of the key rating drivers

At the time of last rating on March 28, 2019, the following were
the rating strengths and weaknesses (Updated for the information
available from the client):

Key Rating Weaknesses

* Decline in TOI with thin profitability margins:  TOI has
witnessed continuous declining trend over the past three financial
years (FY16-FY19) owing to decline in sale of vehicles due to
slowdown in demand. During FY19, TOI dipped by 13.10% and remained
modest at INR57.81 crore. The profitability margins remained thin
with PBILDT and PAT margin of 4.37% and 0.33% respectively in FY19
as against 2.89% and 0.03% respectively in FY18.

* Weak solvency position:  The capital structure remained weak
marked by overall gearing stood at 4.52 times as on March 31, 2019,
deteriorated from 3.57 times as on March 31, 2018 owing to infusion
of unsecured loans in the company. Further, debt coverage
indicators remained weak with total debt to GCA of 58.69 times as
on March 31, 2019 and interest coverage of 1.11 times in FY19.

* Stretched liquidity position:  The operating cycle of the company
remained elongated at 113 days in FY19, deteriorated from 93 days
in FY18 due to lower sales of vehicles that led to higher inventory
holding period as well as increase in collection period. Inventory
management is crucial for VDM as it needs to maintain optimal
inventory of vehicles and spare parts to meet the customer demand
and unforeseen supply shortage. VDM receives inventory against
advances to its principal and due to delayed payment from
customers. Due to higher utilization of working capital limit, the
liquidity ratios stood stressed with current ratio and quick ratio
at 0.96 times and 0.34 times respectively as on March 31, 2019.

* Volume driven business with high competition in auto dealership
industry:  Indian automobile industry is highly competitive in
nature as there are large numbers of players operating in the
market like Mahindra & Mahindra Limited, Maruti Suzuki India
Limited, Tata Motors Limited, The Hyundai Motors Company, Honda
Motors Company, Toyota Motors Corporation and Skoda Auto etc. in
the passenger vehicle segment. VDM is dealer of M&M and it derives
its TOI from sale of M &M's passenger cars and spare parts. Hence,
performance and prospects of VDM is highly dependent on M&M being
its principal. Moreover, in this business a dealer has very less
bargaining power over principal manufacturer. The margin on
products is set at a particular level by the principal manufacturer
thereby restricting the company to earn incremental income.

Key Rating Strengths

* Long standing experience of the promoters in Automobile
dealership business:  The overall affairs of VDM are looked after
by Mr. Vikas Godara, Director, who has more than two decades of
experience in the automobile dealership. He is further supported by
other directors, Mr. Rajendra Singh Godara who has experience of
around three decades and is involved in strategic decision making
of the company.

* Established track record of operations and long standing
association with its principal - M&M:  VDM is engaged in the
automobile dealership business and has a long standing association
with its principal since 1998. Currently, the company operates two
showrooms at Sri Ganganagar, Hanumangarh and Nohar and has five
sales showrooms. It has service stations, spare parts distribution,
vehicle finance and insurance which provide the customer with
complete solution at single point.

Sri Ganganagar (Rajasthan) based VDM was incorporated in 1998 by
Mr. Rajendra Singh Godara and Mr. Vikas Godara. VDM is an
authorised dealer of M & M and currently, the company operates two
showrooms 3S (Sale , service and spares) at Sri Ganganagar and
Hanumangarh and also sales offices at Anupgarh, Suratgarh, Nohar
and Bhadra within Rajasthan region. Further, the company also
receives orders from Rajasthan Government for service of vehicles
in various departments.




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

INDONESIA: Coronavirus Crisis Poses New Threat to Debt Saddled SOEs
-------------------------------------------------------------------
Karlis Salna and Fathiya Dahrul at Bloomberg News report that the
coronavirus crisis is creating a new threat for Indonesia's
debt-laden state-owned businesses.

Bloomberg says many had binged on debt for years, faced accusations
of mismanagement and even corruption, and were running into
repayment problems before the virus struck. Now a slump in revenues
and a credit crunch triggered by the dollar's surge mean those
risks will get a whole lot worse.

"Covid-19 is exacerbating some of the challenges of the state-owned
sector," Bloomberg quotes Xavier Jean, an analyst at S&P Global
Ratings in Singapore, as saying. State-owned enterprises are facing
"a sharp decline in traffic volumes, reduced prospects for growth
in electricity consumption at a time of added capacity, and in
general more difficult trading conditions."

Indonesia's state-owned sector is one of the most pervasive in the
world, Bloomberg notes citing the Organization for Economic
Cooperation and Development. The 114 state-owned firms and their
hundreds of subsidiaries employ millions of Indonesians and are
crucial to building new ports, railways and thousands of miles of
roads as part of President Joko Widodo's $415 billion
infrastructure plan, the report states.

At the same time, as of the third quarter of last year state-owned
firms had amassed combined debt of IDR1,600 trillion ($98 billion),
Bloomberg discloses citing data from the State Owned Enterprise
Ministry. That had grown 15% over the preceding year, putting some
companies at risk as economic conditions worsen.

Even before the virus outbreak, some SOEs were running into
problems, Bloomberg says. Krakatau Steel, Indonesia's largest
steelmaker, said in January it would restructure $2 billion of debt
as it teetered on the brink of bankruptcy, Bloomberg recalls. Two
state insurers, PT Jiwasraya and PT Asabri, defaulted. The full
extent of Jiwasraya's problems were revealed last month, with
authorities putting total state losses at more than IDR16 trillion,
the report notes.

According to Bloomberg, two of the SOEs that are key to building
infrastructure have boosted borrowing in recent years. PT Waskita
Karya, which builds roads, bridges, harbors, airports and buildings
-- including Bank Indonesia's Jakarta headquarters -- saw its debt
soar more than 10 times to IDR82.8 trillion as of September, from
IDR7.7 trillion in 2015. Debt at PT Wijaya Karya, which builds
commercial and residential apartments as well as rail transport
systems and bridges, jumped to IDR21.7 trillion from IDR3.5
trillion in the same period, Bloomberg discloses.

Bloomberg says Jokowi has been trying to clean up the state-owned
companies since winning a second term in office last year and
appointed Erik Thohir, former owner of Italy's Inter Milan soccer
team, as SOE minister. Thohir has pledged to liquidate firms that
fail to show they're contributing to the country's economic
performance and welfare, the report relates.

Bloomberg notes that SOEs have been racking up foreign debt as
well, boosting their funding costs as the dollar surges. Those
risks are reflected in financial markets, for example in the bonds
of PT Garuda Indonesia, the airliner facing a slump amid travel
curbs. Its $500 million notes due June 3 have tumbled to 47.77
cents on the dollar from 98.72 cents at the end of January,
according to Bloomberg-compiled prices.

According to the report, Edward Gustely, managing director of
Penida Capital Advisors Ltd. in Jakarta, said the government must
jettison the worst-performing companies -- non-strategic and
non-profitable ones -- while others should be candidates for
privatization.

Thohir is trying to fix the industry "and certainly has the
required leadership skills and capacity to do so," the report
quotes Mr. Gustely as saying. "But he's going to need outside help
to restructure SOE debt and hire professional talent that can
deliver without worry, and can be protected from political
interference."




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

JAPAN: More Than 200 Listed Companies Have Cut Their Forecasts
--------------------------------------------------------------
Reed Stevenson at Bloomberg News reports that the coronavirus
pandemic has forced 217 listed Japanese companies to warn of lower
profits and sales in the coming year, an increase of 35% from less
than a week ago, researcher Teikoku Databank said.

All told, the forecast revisions represent JPY1.74 trillion (US$16
billion) in lost sales, the firm said on April 16, Bloomberg
relays.

According to Bloomberg, Japan's earnings season for the fiscal year
and quarter ending in March usually goes into full swing in late
April. Japan, which has so far avoided the complete economic
shutdowns seen in other Group of Seven countries, only started to
embrace more restrictive lockdown measures this month. That makes
it more likely that companies will be reporting profit and sales
warnings for the coming fiscal year, and also delay earnings
reports, Bloomberg says.

"There seems to be no end in sight for the impact of the new
coronavirus outbreak, with related bankruptcies reaching 61 cases,"
Teikoku said, Bloomberg relays. In the second week of April, Uniqlo
clothing owner Fast Retailing Co. cut its full-year operating
profit outlook to JPY145 billion, 41% below its prior forecast and
27% less than analysts' average estimate, Bloomberg says. A total
of 27 retailers have cut their forecasts, according to Teikoku.

Bloomberg relates that manufacturers made up the biggest chunk of
companies warning of lower profit and sales, a quarter of the
total. Service industries came in second, with 53 companies
revising their outlooks. Although 26 financial firms and insurers
made up a smaller number, they were responsible for the bulk of the
loss in revenue at JPY767 billion, or 44% of the total. Many other
companies reporting so far have either declined to give forecasts,
or given outlooks that only partially reflect the coronavirus, adds
Bloomberg.




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

TITAN ACQUISITIONCO: S&P Lowers ICR to 'B-', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings, on April 16, 2020, lowered its issuer credit
rating and related issue rating to 'B-' from 'B' on Titan
AcquisitionCo New Zealand Ltd. (Trade Me) and the company's debt,
respectively.

S&P lowered its ratings on Trade Me to reflect its view that
challenging domestic demand conditions from COVID-19 containment
measures will continue to impair listing volumes, revenues, and
cash flow generation across the company's online businesses. The
extent and duration of the COVID-19 containment measures are
uncertain and, so too, is the rate of earnings recovery following
cessation of the containment period. The company's online jobs
business has suffered significant falls in new listings as a result
of slowing employment demand and recessionary economic conditions
that are a direct result of the COVID-19 fallout. S&P now believes
New Zealand's economy will grow at just 1.0% in 2020.

S&P said, "In our view, Trade Me is significantly exposed to a
downturn in consumer discretionary spending. Despite the group's
cost reduction initiatives, in particular labor, the company is
likely to generate negative operating cash flows for at least the
next few months. Trade Me's online goods marketplace may provide
some stability to earnings as customers sell belongings to free up
cash. However, COVID-19 social distancing measures and weakening
consumer sentiment, in our view, will limit discretionary spending
on non-essential purchases. Moreover, the company's two largest
segments, online motor vehicle and property classifieds (about 50%
of group revenue), have recently faced significant double-digit
declines in listing volumes and revenues as a direct result of
COVID-19. Containment closures continue to materially affect car
dealerships and residential property auctions.

"We believe Trade Me's highly leveraged capital structure magnifies
the company's vulnerability to a sudden earnings shock and limits
its ability to reduce leverage. In our view, the company's adjusted
debt to EBITDA (including the shareholder loan as debt) is likely
to increase above 10x over the next 12 months as a result of
materially weaker EBITDA and operating cash outflows. Furthermore,
significant uncertainty remains regarding the timing and extent of
a recovery in earnings as COVID-19 containment restrictions are
eased.

"As the situation evolves, the group's liquidity and covenant
compliance will be key. The group currently has NZ$58 million in
undrawn bank facilities and about NZ$60 million in cash on balance
sheet as of April 1, 2020. While the group has no debt maturities
until after 2024, we believe the company's covenant compliance
could be tested over the next 12 months due to the sudden drop in
earnings. In this regard, we anticipate that access to the
company's revolving credit facility (RCF) may be restricted by
covenants that could prevent further drawdowns under the facility.

"Our analysis does not incorporate parental support during periods
of financial stress. Our rating analysis focuses on the ongoing
sustainability of the stand-alone business, which is burdened by a
highly leveraged capital structure. We believe Trade Me's
shareholder APAX Partners continues to be supportive given that the
parent purchased the business early last year. However, we do not
ascribe any equity support into the rating."

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) Credit Factors for this
rating and outlook change:

-- Social: Safety Management Factors

S&P said, "The negative outlook reflects our view that challenging
domestic demand conditions are likely to pressure the company's
earnings and liquidity profile over the next 12 months. We forecast
adjusted debt to EBITDA to remain elevated above 10x and EBITDA
cash interest coverage below 1.5x.

"We could lower the rating if operating conditions worsen beyond
our expectations, such that the RCF covenant is triggered
(preventing further drawdowns under the RCF) and the ongoing cash
outflow threatens to erode Trade Me's currently adequate liquidity
buffer. This scenario could occur in a situation where strict
COVID-19 containment measures continue beyond the next few months,
or there is a slower than anticipated recovery in demand following
a relaxation of containment measures.

"We could revise the outlook to stable if we believe Trade Me's
earnings outlook and positive cash flow generation will be
sufficient to prevent a material erosion of the group's available
cash balance. This would likely depend on a recovery in listing
volumes and willingness of customers to trade as the COVID-19
restrictions are relaxed."




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

SWIBER HOLDINGS: In Talks for Possible US$200MM Cash Investment
---------------------------------------------------------------
The Business Times reports that Swiber Holdings, currently in
judicial management, has started discussions with a third party
with a view to set out the broad terms of a possible restructuring
deal in a term sheet.

If signed, the term sheet will then form the general basis for
negotiations of the definitive transaction agreements for the
investment, the report says.

The potential investor is a Middle East-based oil and gas
conglomerate, offshore support vessel owner Swiber said in a bourse
filing on April 15, BT relays.

According to BT, Swiber's judicial managers understand that the
proposed investment is aligned with the Middle Eastern firm's
strategy for the region.

As part of the proposed deal terms, the conglomerate will invest a
total of US$200 million cash in a new wholly-owned subsidiary to be
incorporated by Swiber and/or in Swiber's existing wholly-owned
unit Equatoriale Energy Pte Ltd (EEPL), BT notes.

BT says the investor plans to do this by injecting an initial US$10
million through the subscription of new shares in the new
subsidiary, accounting for about 80 per cent of this subsidiary's
enlarged share capital.

Subsequently, the balance of US$190 million will be invested by way
of subscribing, in tranches, for new shares in the new subsidiary
and/or EEPL.

BT relates that the potential deal will also have a debt
restructuring component. This includes the new subsidiary issuing
redeemable convertible bonds to certain secured creditors, to
address Swiber Holdings' liabilities to those secured creditors.

These bonds will be convertible into shares which will constitute
about 10 per cent of the new subsidiary's enlarged share capital if
the bonds are converted, according to BT.

For the unsecured creditors of Swiber Holdings and Swiber Offshore
Construction (SOC), the new subsidiary will issue shares making up
about 12.6 per cent of its enlarged share capital to the creditors,
the report adds.

Before the closing of the initial US$10 million investment, the
Swiber group will also conduct an internal restructuring, says BT.

BT relates that this will see the group transferring certain
assets, including secured and unsecured vessels, a secured
leasehold property, shares in certain subsidiaries, and some
contracts and intellectual property to the new subsidiary.

On April 5, the Middle Eastern conglomerate had sent a preliminary
and non-binding expression to Swiber regarding the potential
investment, which is subject to satisfactory due diligence, the
receipt of necessary approvals and the signing of definitive
transaction agreements, BT recalls.

Swiber emphasised that as at April 15, no definitive or binding
agreements - including any term sheet - have been signed in
connection with the possible restructuring deal, BT states.

The court in January extended the judicial management periods for
Swiber and SOC to April 30, 2020.

Trading in Swiber shares has been suspended since 2016.

                       About Swiber Holdings

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is a
Singapore-based investment holding company. The Company, through
its subsidiaries, is engaged in offshore marine engineering; vessel
owning and chartering, and provision of corporate services. The
Company is an integrated offshore construction and support services
provider for shallow water oil and gas field development. It offers
a range of engineering, procurement, installation and construction
(EPIC) services, complemented by its in-house marine support and
engineering capabilities, to support the offshore field development
and production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd., Swiber
Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd., Resolute
Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
2, 2016, Reuters said Swiber Holdings Ltd has applied to place
itself under judicial management instead of liquidation. According
to Reuters, Swiber shocked markets in July 2016 by filing for
liquidation, as it faced hundreds of millions of dollars in debt
and a decline in orders, becoming the largest local company to fall
victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.

Swiber had $1.43 billion of liabilities and $1.99 billion of assets
on March 31, 2016, before it sought court protection in late July,
Bloomberg News reported citing the company's last published
accounts.


TEE INT'L: Posts SGD4.1MM Net Loss in Q3 Ended Feb. 29
------------------------------------------------------
The Business Times reports that Tee International sunk into the red
with a net loss of SGD4.1 million for its third quarter ended Feb.
29, 2020, compared with a net profit of SGD435,000 a year ago.

Cost of sales increased by SGD5.1 million in the infrastructure
businesses and engineering projects, resulting in an overall gross
loss position, the mechanical engineering company said in a bourse
filing on April 15, BT relates.

BT says based on continuing operations, the group's loss per share
stood at 1.79 Singapore cents, compared with earnings per share of
0.32 cent in the year-ago period.

Revenue for Q3 fell 1.9 per cent to SGD100.7 million from SGD102.5
million a year ago, due mainly to lower revenue from its
infrastructure business, the report discloses.

No dividend was declared for the quarter, unchanged from a year
ago.

On March 5, Tee said it had removed its chief executive officer
(CEO) Phua Chian Kin from his post and revealed he had been
interviewed by the Commercial Affairs Department for an offence
under the Penal Code, Chapter 224, BT recalls.

Mr. Phua had earlier admitted to taking company funds to repay his
own debts and satisfy margin calls between July 2018 and October
last year.

Following its CEO's removal, the company said it has implemented a
slew of measures to tighten internal control policies and raise its
level of corporate governance, the report adds.

                      About Tee International

TEE International Limited (SGX:M1Z), an investment holding company,
engages in engineering, real estate, and infrastructure businesses.
TEE International Limited has operations in Singapore, Malaysia,
Thailand, Vietnam, Hong Kong, Australia, and New Zealand. The
company was founded in 1980 and is headquartered in Singapore.

TEE International reported net losses of SGD1.56 million and
SGD7.60 million for years ended May 31, 2017, and 2018,
respectively.



                           *********


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,
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Information contained herein is obtained from sources believed
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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***