/raid1/www/Hosts/bankrupt/TCRAP_Public/200422.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

          Wednesday, April 22, 2020, Vol. 23, No. 81

                           Headlines



A U S T R A L I A

123INDUSTRIES PTY: Second Creditors' Meeting Set for April 27
ABM RESOURCES: Second Creditors' Meeting Set for April 24
CAMBRIA MANAGEMENT: Second Creditors' Meeting Set for April 28
LASTMILE AUTO: First Creditors' Meeting Set for April 28
MUNCE RACING: First Creditors' Meeting Set for April 29

PROGRESSIVE GLAZING: Second Creditors' Meeting Set for April 29
SKOPE GROUP: Second Creditors' Meeting Set for April 27
SUPERIOR SCAFFOLDS: First Creditors' Meeting Set for April 28
VIRGIN AUSTRALIA: Collapses Into Voluntary Administration
VIRGIN AUSTRALIA: Moody's Cuts CFR to Caa1 & Unsec. Rating to Caa2



C H I N A

CHINA: Creditor Squeeze Prompts Slowdown in Record Bond Defaults
HANERGY HOLDINGS: Defaults on Millions in Patent Application Fees


I N D I A

ALAMDAR COLD: CRISIL Reaffirms D Rating on INR24.14cr LT Loan
BADRI VISHAL: CRISIL Moves B on INR5cr Loans to Not Cooperating
BANSAL BROTHERS: CRISIL Migrates 'B+' Rating to Not Cooperating
BHAVANAM TEXTILES: CRISIL Migrates B+ Rating From Not Cooperating
BLS IMPEX: CRISIL Reaffirms B+ Rating on INR6cr Loan

BOMMIDALA SREERAM: CRISIL Migrates 'B' Rating to Not Cooperating
EASTERN PETROLEUM: CRISIL Migrates 'B+' Rating to Not Cooperating
EMBIOTIC LABORATORIES: CRISIL Moves B+ Rating to Not Cooperating
EVERWIN EDUCATIONAL: CRISIL Cuts Rating on INR49.35cr Loans to D
FRISCO GLOBAL: CRISIL Withdraws 'B' Ratings on INR50cr Loans

GO-GREEN CONSTRUCTION: CRISIL Reaffirms B+ Rating on Loans
GOVINDAM KNIT: CRISIL Migrates 'B+' Debt Ratings to Not Cooperating
IL&FS ENVIRONMENTAL: Ind-Ra Moves 'D' LT Rating to Non-Cooperating
INDICON CONSTRUCTION: CRISIL Cuts Rating on INR7.5cr Loan to D
J K PULSE: CRISIL Withdraws B- Ratings on INR17.5cr Loans

KAILASH RICE: CRISIL Migrates 'B+' Debt Ratings to Not Cooperating
KAVERI COTTON: CRISIL Migrates 'B' Debt Ratings to Not Cooperating
LAKSHMI COTTON: CRISIL Moves B on INR5cr Credit to Not Cooperating
MAA SHAKUMBARI: CRISIL Raises Rating on INR3.97cr Loan to B-
MAHASEMAM TRUST: Ind-Ra Cuts Rating on Bank Loans to BB+

MARIO EDUCATIONAL: CRISIL Moves B on INR5cr Loan to Not Cooperating
MSP STEEL: Ind-Ra Lowers LT Issuer Rating to BB+, Outlook Negative
NARAYAN INDUSTRIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
NIRUPAMA COLD: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
PRASANNA EDUCATION: Ind-Ra Lowers Bank Loan Rating to 'D'

RAJDEEP TRADERS: CRISIL Assigns B+ Ratings to INR5cr Loans
RIGHTEDGE INFRA: CRISIL Moves B+ Debt Rating to Non Cooperating
ROLLWELL FORGE: CRISIL Moves B+ on INR8cr Debt to Not Cooperating
SHAKTI VEGETABLES: CRISIL Cuts Ratings on INR10cr Loans to 'B'
SHREYA LIFE: CRISIL Reaffirms 'D' Rating on INR64.23cr Cash Loan

SHYAM SUNDER: CRISIL Moves D on INR30cr Loan to Not Cooperating
SOMANI KUTTNER: CRISIL Migrates 'C' Ratings to Not Cooperating
SUDARSHAN ELECTRICAL: CRISIL Hikes Rating on INR6cr Loan to B-
SUPER FLOORINGS: CRISIL Migrates 'B+' Ratings to Not Cooperating


S I N G A P O R E

BREADTALK GROUP: Offeror Applies to Delist Stock at SGX
HIN LEONG: Singapore Police Launch Probe After US$800MM Losses
HONESTBEE PTE: Creditor Applies to Wind Up Company


S R I   L A N K A

SRI LANKA: Moody's Puts B2 Ratings on Review for Downgrade

                           - - - - -


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

123INDUSTRIES PTY: Second Creditors' Meeting Set for April 27
-------------------------------------------------------------
A second meeting of creditors in the proceedings of 123Industries
Pty Ltd has been set for April 27, 2020, at 11:00 a.m.

Creditors wishing to attend by electronic means are advised they
can utilise the following facility:

Facility Number: (02) 9087 3604
Password: 976-640-309

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 27, 2020, at 9:00 a.m.

Vincent Pirina of Aston Chace Group was appointed as administrator
of 123Industries Pty on March 13, 2020.


ABM RESOURCES: Second Creditors' Meeting Set for April 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of ABM Resources
(QLD) Pty Ltd has been set for April 24, 2020, at 11:30 a.m. via
Skype for Business teleconferencing.

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.

Geoffrey Trent Hancock of PKF was appointed as administrator of ABM
Resources on Jan. 15, 2020.


CAMBRIA MANAGEMENT: Second Creditors' Meeting Set for April 28
--------------------------------------------------------------
A second meeting of creditors in the proceedings of The Cambria
Management Corporation Pty Ltd ATF The Cambria Corporation Unit
Trust has been set for April 28, 2020, at 11:00 a.m. at the offices
of Hayes Advisory, Level 16, at 55 Clarence Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 24, 2020, at 5:00 p.m.

Alan Hayes of Hayes Advisory was appointed as administrator of
Cambria Management on March 13, 2020.


LASTMILE AUTO: First Creditors' Meeting Set for April 28
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Lastmile
Auto Logistics Pty Ltd will be held on April 28, 2020, at 10:00
a.m.

Creditors wishing to attend by electronic means are advised they
can use the following facility:

Facility details: 1800 092 578

Password: Please contact Ms Sue Ann Chong --
SChong@hallchadwick.com.au -- to obtain details

David Anthony Ross and Gaurav Mishra of Hall Chadwick were
appointed as administrators of Lastmile Auto on April 17, 2020.


MUNCE RACING: First Creditors' Meeting Set for April 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Munce Racing
Pty Ltd will be held on April 29, 2020, at 10:00 a.m. Due to the
Coronavirus (COVID-19), and consistent with government policy on
gatherings, the forthcoming meeting will be held entirely virtually
via electronic Skype for Business teleconference. Please email
query to munceracing@pkf.com.au.

Geoffrey Trent Hancock & Simon John Thorn of PKF were appointed as
administrators of Munce Racing on April 17, 2020.


PROGRESSIVE GLAZING: Second Creditors' Meeting Set for April 29
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Progressive
Glazing Services Pty Ltd and Fabricated Glazing Pty Ltd has been
set for April 29, 2020, at 12:00 p.m. via teleconferencing
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 24, 2020, at 4:00 p.m.

Grahame Robert Ward and Domenico Alessandro Calabretta of Mackay
Goodwin were appointed as administrators of Progressive Glazing on
March 16, 2020.


SKOPE GROUP: Second Creditors' Meeting Set for April 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of Skope Group
Holdings Pty Ltd and Comm-Klad Pty Limited, trading as "Skope Group
Services Cladding" & "Comm-Klad", has been set for April 27, 2020,
at 10:00 a.m. and 11:00 a.m., respectively, 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 24, 2020, at 4:00 p.m.

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


SUPERIOR SCAFFOLDS: First Creditors' Meeting Set for April 28
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Superior
Scaffolds Illawarra Pty Ltd will be held on April 28, 2020, at
11:00 a.m. at the offices of SM Solvency Accountants, Level 10/144,
at Edward Street, in Brisbane, Queensland.  

SM Solvency Accountants were appointed as administrators of
Superior Scaffolds on April 17, 2020.


VIRGIN AUSTRALIA: Collapses Into Voluntary Administration
---------------------------------------------------------
Angus Whitley at Bloomberg News reports that Virgin Australia
Holdings Ltd. became Asia's first airline to fall to the
coronavirus after the outbreak deprived the debt-burdened company
of almost all income.

Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months, Bloomberg relates.  More than 10 parties
have expressed an interest, Deloitte said April 21.

Virgin Australia joins FlyBe - the U.K.'s biggest domestic airline
before it collapsed last month - among the industry's corporate
casualties of the virus, Bloomberg says. Airlines have been
pummeled by domestic and international travel bans that forced them
to seek government aid.

According to Bloomberg, Virgin Australia, which has furloughed 80%
of its 10,000 workers, will continue to operate some flights for
essential workers, freight and the repatriation of Australians. The
airline's frequent flyer program is a separate company and is not
in administration, the report notes.

Bloomberg relates that Vaughan Strawbridge, one of four
administrators at Deloitte, said the airline's fate should be clear
in two to three months. He said he doesn't plan to change Virgin
Australia's operations or fire any workers.

"Generally you get the best outcome where you sell it as a whole,
so that is definitely the preferred approach," Strawbridge told
reporters on April 21. There were "a number of very sophisticated
parties who have got the capability to be part of the restructure,"
Bloomberg quotes Mr. Strawbridge as saying.

The fate of Virgin Australia, which had more than AUD5 billion
(US$3.2 billion) in debt as of the end of 2019, hung in the balance
after it stopped virtually all services because of the virus and
its request for state help failed, according to Bloomberg. The
company had asked the government for a AUD1.4 billion loan,
convertible into equity, to see it through the crisis.

Instead, the government called on the airline's shareholders to
step in. Virgin Australia's final plea for AUD200 million in state
aid was rebuffed on April 20, Chief Executive Officer Paul Scurrah
said April 21, Bloomberg relates.

Almost entirely owned by foreign airlines, Virgin Australia is a
unique experiment in aviation, the report notes. Singapore Airlines
Ltd., Etihad Airways PJSC, HNA Group Co. and Nanshan Group Co. each
own about 20% of the company. Richard Branson's Virgin Group owns
about 10%, the report discloses.

In a letter to Virgin staff on April 20, the British billionaire
said his airlines in the U.K. and Australia wouldn't survive the
crisis without state support. Bloomberg relates that Mr. Branson
said he's doing everything possible to keep Crawley, England-based
Virgin Atlantic Airways Ltd. afloat, but it needs a U.K.-backed
loan to ride out the storm.

According to Bloomberg, Virgin Australia's fight for survival
triggered an ugly feud with its larger domestic rival. Qantas
Airways Ltd. argued Virgin shouldn't be rewarded with a bailout,
while Virgin accused Qantas of spreading false rumors about its
ebbing cash position -- allegations denied by Qantas, Bloomberg
says.

A voluntary administrator is usually appointed by directors after
they decide the company is insolvent or nearing insolvency,
Bloomberg states. Virgin Australia had about AUD1.1 billion in cash
at the end of 2019. The airline is dominated by Qantas in
essentially a two-player market in Australia and hasn't made an
annual profit for seven years, Bloomberg notes.

Globally, airlines may lose out on $314 billion in ticket sales
this year because of the virus, Bloomberg says citing the
International Air Transport Association.

While governments in the U.S. and across Europe have stepped in
with support, or said they intend to, the Australian government
baulked at potentially owning a stake in a money-losing domestic
airline, Bloomberg states. Ministers repeatedly said their goal is
to have two competing airlines in Australia, though stopped short
of singling out Virgin Australia for any special help, Bloomberg
relays.

Virgin Australia's stock was suspended earlier this month while
restructuring talks continued, Bloomberg notes. The shares last
traded at less than 9 Australian cents apiece on April 4, valuing
the company at AUD726 million.

Nicholas Moore, a former CEO of Macquarie Group Ltd., will engage
with the administrator on behalf of the Australian government to
find a "market-led solution" to Virgin's crisis, Treasurer Josh
Frydenberg said on April 21, Bloomberg adds.

                       About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on March 26, 2020, lowered its issuer credit rating
on Virgin Australia to 'CCC' from 'B-', and lowered its related
issue ratings on the airline's debt to 'CCC-' from 'CCC+'.  At the
same time, S&P placed all ratings on CreditWatch with developing
implications. Recovery ratings on the debt remain unchanged at '5'.
S&P lowered its ratings on Virgin Australia to reflect its view
that the company's cash outflow and liquidity pressures have
intensified. This follows Virgin Australia's decision to
temporarily ground 125 aircraft, reduce domestic capacity by 90%,
as well as suspend international flights and Tigerair Australia in
response to heightened government-led COVID-19-related
restrictions. The airline will also defer certain supplier
payments.


VIRGIN AUSTRALIA: Moody's Cuts CFR to Caa1 & Unsec. Rating to Caa2
------------------------------------------------------------------
Moody's Investors Service has downgraded Virgin Australia Holdings
Limited's Corporate Family Rating to Caa1 from B3. Concurrently,
Moody's has downgraded Virgin's senior unsecured and backed senior
unsecured ratings to Caa2 from Caa1, and its backed senior
unsecured MTN program to (P)Caa2 from (P)Caa1.

Moody's has also left all ratings on review for further downgrade.

RATINGS RATIONALE

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 passenger
airline sector has been one of the sectors most significantly
affected by the shock given its exposure to travel restrictions and
sensitivity to consumer demand and sentiment. Its action reflects
the impact on Virgin of the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered.

The rating action was prompted by the announcement that Virgin's
shares had been suspended from official quotation on the ASX
pending the release of an announcement regarding its ongoing
financial assistance and restructuring alternatives.

Moody's base case assumption is that any outcome is likely to
result in an economic loss to creditors relative to the value of
the debt obligation's original promise.

LIQUIDITY

Moody's estimates that Virgin had approximately AUD900 million of
unrestricted cash on its balance sheet in mid-March and minimal
availability under its credit facilities. While the airline has no
new aircraft deliveries until July 2021, and no significant debt
maturities until October 2021, significantly lower bookings as it
cuts capacity will lead to material cash burn in the short term.
The pace and quantum of Virgin's cost reductions will be a critical
factor in reducing the cash burn and ensuring it has the liquidity
to meet its obligations.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Virgin is listed on the Australian Securities Exchange but around
90% of the company is owned by five key shareholders: Etihad
Airways (20.94% stake), Singapore Airlines (20.09%), Nanshan Group
(19.98%), HNA Group (19.82%) and Virgin Group (10.42%). Half of
Virgin's board is comprised of independent directors, with the
other half comprised of the CEO and directors appointed by its five
key shareholders.

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

Moody's review will focus on (1) the details of any announcement by
Virgin on its capital structure and liquidity, (2) the spread of
the virus within Australia, as Virgin is largely a domestic
airline, (3) any significant government support for the airline
sector that would improve Virgin's liquidity, and (4) the airline's
ability to reduce costs to reduce the cash burn.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Passenger
Airline Industry published in April 2018.

COMPANY PROFILE

Virgin Australia Holdings Limited, headquartered in Brisbane, is
Australia's second largest airline following its launch in 2000 and
listing on the Australian Securities Exchange in 2003. As of fiscal
2019, it had generated revenues of AUD5.8 billion and carried
around 24.8 million passengers.




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

CHINA: Creditor Squeeze Prompts Slowdown in Record Bond Defaults
----------------------------------------------------------------
Bloomberg News reports that China's painful economic shutdown was
expected to have put the world's second-largest bond market on
course for a third straight record year of defaults.

But it's not panning out that way. The CNY30.4 billion (US$4.3
billion) worth of debt that's gone sour so far this year in the
$4.5 trillion onshore corporate bond market marks a sharp 21% drop
from the pace in 2019, according to data compiled by Bloomberg.

Bloomberg relates that the turnaround follows a clear signal from
Beijing that borrowers should be given leeway as they seek to
restructure debt in the midst of an historic economic contraction.
In the case of one hastily arranged bondholder meeting by a
prominent conglomerate, the strong-arming resulted in an apology.
Other deals have gone ahead with little public protest.

In one sense, it's deja-vu all over again: policy makers had only
started in recent years to allow defaults, and to push for
bondholder protections in workouts. While nations the world over
have moved to avert mass corporate bankruptcies amid the
coronavirus pandemic, the risk is that the latest shift in China
postpones the emergence of a Western-style bond market, according
to Bloomberg.

"Bond covenants lose meaning if bureaucrats may simply impose
extra-legal solutions in a crisis," Bloomberg quotes Brock Silvers,
Hong Kong-based chief investment officer at Adamas Asset
Management, as saying.  "While these measures are certainly
rational, they nonetheless clearly illustrate a deep risk for
international investors." Beijing's influence is much stronger with
regard to onshore deals, he added.

Since the start of the year, at least a dozen companies have
succeeded or sought to relieve imminent pressure by delaying bond
repayments, swapping old notes for new ones or canceling early
redemptions, according to data compiled by Bloomberg.

"Deadline extensions and bond swaps can help companies under
financial strain resolve short-term liquidity pressure under
extreme circumstances," Bloomberg quotes Ivan Chung, an analyst at
Moody's Investors Service in Hong Kong, as saying. "Behind these
measures there's actually implicit support and guidance by the
government" as policy makers seek to stabilize the market, he
said.

Bloomberg notes that among the signals and actions emanating from
Beijing, China's securities regulator said in February it would ask
brokerages to "actively guide" investors to help bond issuers via
repayment extensions and adjusted repayment cycles. The Shanghai
Stock Exchange separately said it would "actively prompt" bond
trustees to help issuers reduce liquidity risk by asking investors
to accept compromises, such as withdrawing demands for early
redemptions, Bloomberg relates.

And last month, China's interbank market regulator launched a trial
project for bond swaps, "in a bid to offer a convenient mechanism
for issuers to proactively manage debt," the report says.

According to Bloomberg, a slew of companies have succeeded in
altering their payment profiles are:

   * Zhongrong Xinda Group Co., a coal and chemical producer, and
     Shandong Ruyi Technology Group Co., a high-end clothing
     giant, won repayment delays, along with agreements from
     creditors not to label missed payments as defaults.

   * Beijing Sound Environmental Engineering Co., a waste-
     management firm, did a bond swap with investors last month
     after earlier failing to push through a maturity extension.

   * Wafangdian Coastal Project Development Co., a small local-
     government financing vehicle from the northeastern Liaoning
     province, issued a new bond earlier this month that it said
     was for replacing an old security.

Not all borrowers have enjoyed an easy ride, the report says. HNA
Group Co., one of China's most high-profile distressed
conglomerates, caused a stir last week after narrowly escaping a
default by securing a bond repayment delay at a hastily arranged
investor meeting.

Bloomberg relates that the investor call was put together at such
short notice that many investors found it impossible to even get
themselves registered. HNA later apologized for the ill-prepared
and widely criticized gathering.

"Investors in China's bond market don't have the upper hand,"
Bloomberg quotes Qin Han, chief fixed income analyst at Guotai
Junan Securities, as saying. "Long bankruptcy proceedings, which
could last for several years, make them loath to going through such
trouble."


HANERGY HOLDINGS: Defaults on Millions in Patent Application Fees
-----------------------------------------------------------------
Luo Guoping and Lu Yutong at Caixin Global report that debt-ridden
solar firm Hanergy has defaulted yet again, this time on the fees
it has racked up as it has pursued an ever-greater number of patent
applications.

Caixin relates that the Capital Intellectual Property Services
Association, a Beijing-based organization which represents
intellectual property application agencies, said in a statement on
April 18 that several companies, including three Hanergy
subsidiaries, have missed "a large amount of payments" to its
member agencies.

The association didn't disclose the exact number, but a person
familiar with the matter said the subsidiaries have defaulted on as
much as CNY40 million ($5.6 million) of fees, Caixin discloses.

In 2018 alone, Hanergy applied for 10,950 patents, the source said.
Depending on the kind of patent, applications can cost between
CNY3,000 and CNY6,000, which means Hanergy racked up between
CNY32.8 million and CNY65.7 million in fees that year alone, Caixin
relays.

"Hanergy required the agencies to pay the fees for it first," one
of the solar-energy products manufacturer's employees told Caixin.

The company has seen growing its number of patent applications as a
key goal and is aiming to make hundreds of thousands of
applications in the next few years, a person formerly in charge of
Hanergy's patent applications told Caixin. "It's viewed as one of
its business performance metrics," he said.

However, the funds allocated to its research and development
department are relatively low. It received just 100 million yuan in
funding in 2019, compared with CNY300 million earmarked for
marketing, people familiar with the subject said, Caixin relays.

According to Caixin, Hanergy has struggled to perform in recent
years, privatizing a Hong-Kong listed unit in 2018 after a
four-year long trading suspension, cutting its workforce by half,
and stopping work on a billion-dollar plant in southwest China.
Last September it was sued over $10 million in unpaid fees for a
luxury jet it leased. In January, a company backed by Hanergy
missed payments on a tranche of debt raised to finance a factory
project, Caixin recalls.

                       About Hanergy Holdings

Hanergy Holdings Group Company Ltd., together with its
subsidiaries, engages in hydropower, wind power, and solar energy
power generation activities. It also engages in solar power
research and development; thin film photovoltaic cells and modules
production; photovoltaic power plant construction and operation;
integration of solar modules into facades; and energy conservation
and emission reduction. The company also provides solar panels
engineering, procurement, construction, and installation services;
and engages in power plant construction in China, the United
States, and Europe.




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

ALAMDAR COLD: CRISIL Reaffirms D Rating on INR24.14cr LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Alamdar Cold Store (ACS) at 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3          CRISIL D (Reaffirmed)

   Long Term Loan       24.14       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .86       CRISIL D (Reaffirmed)

The rating continues to reflect delays in servicing the term loan;
the delay was because of weak liquidity. Moreover, the scale of
operations is small and liquidity weak. However, the firm benefits
from the extensive experience of the partners in the horticulture
industry.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing:  The firm has delayed the servicing of
its term loan because of weak liquidity.

* Modest scale of operations:  Revenue was modest at INR15.24 crore
in fiscal 2019.

Strength

* Extensive industry experience of the partners:  The partners, Mr
Fayaz Ahmad, Mr Aashaq Ahmad, and Mr Aazad Ahmad, and their family
members, have an experience of around two decades in the
horticulture business, and have thus built a healthy relationship
with customers.

Liquidity Poor

Poor liquidity led to delay in servicing the term loan.

Rating Sensitivity Factors

Upward Factors

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

* Significant growth in revenue and/or the operating margin

* Improvement in the working capital cycle and in the overall
financial risk profile, particularly liquidity.

ACS was set up as a partnership firm in 2016 by Mr Fayaz Ahmad and
his family members. The firm operates a cold storage facility with
capacity of 7,500 tonne in Pulwama, Jammu & Kashmir, mainly to
store fruits.


BADRI VISHAL: CRISIL Moves B on INR5cr Loans to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Badri Vishal
Agro Private Limited (BVAPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          4.50       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             .55       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

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

Incorporated in 2010, and based in Gwalior, BVAPL manufactures
potato based snacks under the brands, Fatak, Satak and Badri. Mr
Abhishek Sharma and other family members are the key promoters.


BANSAL BROTHERS: CRISIL Migrates 'B+' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bansal
Brothers Private Limited (BBPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee       0.25       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit          8.17       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-       1.58       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BBPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

BBPL was incorporated in 1989 by the Bansal family. The West
Bengal-based company provides a cold storage facility for potatoes,
and has capacity of 2.7 lakh tonne per annum. The company also
trades in potatoes, though the share of revenue from the business
is small.


BHAVANAM TEXTILES: CRISIL Migrates B+ Rating From Not Cooperating
-----------------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facilities of Bhavanam Textiles India Private
Limited (BHTIPL) to 'CRISIL B+/Stable Issuer Not Cooperating'.
However, BHTIPL has subsequently started sharing the information
required for carrying out a comprehensive review. Consequently,
CRISIL is migrating the rating on BHTIPL's long-term bank
facilities to 'CRISIL B+/Stable' from 'CRISIL B+/Stable Issuer Not
Cooperating'

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

   Proposed Long Term      2.32       CRISIL B+/Stable (Migrated
   Bank Loan Facility                 from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

   Term Loan               0.1        CRISIL B+/Stable (Migrated
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

The rating continues to reflect BHTIPL's below-average financial
risk profile and the susceptibility to fluctuations in cotton
prices. These weaknesses are partially offset by the extensive
experience of the promoters in the cotton business.

Analytical Approach

Unsecured loan of INR43 lakhs as of March 31, 2019 was treated as
debt as these loans may not be retained in business going forward
and there have been instances of withdrawals in the past.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth is estimated to
remain modest while high gearing - networth and gearing are
estimated at about INR4.1 crore and 3 times respectively as of
March 31, 2020.  Further the debt protection metrics are expected
to remain weak ' interest coverage and net cash accrual to total
debt ratios are estimated at 1.8 times and 0.07 time respectively
for fiscal 2020.

* Susceptibility to fluctuations in cotton prices: Since cost of
procuring the major raw material (cotton lint) accounts for around
70% of total production cost, even a slight variation in rates may
drastically impact profitability.

Strength

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

Liquidity Stretched

Liquidity is stretched as indicated by cash accruals projected at
INR100-120 lakh per annum over the medium term, which are expected
to be tightly matching with the annual maturing debt of around
INR100 lakh. However liquidity is expected to be supported by the
need based fund support extended by the promoters in the form of
unsecured loans Bank limit utilisation averaged 70% during the 12
months through January 2020.

Outlook: Stable

CRISIL believes BHTIPL will continue to benefit from the experience
of the promoters.

Rating Sensitivity Factors

Upward Factors

* Substantial and sustainable increase in revenue and operating
margin

* Total outside liabilities to tangible networth ratio moderating
to less than 2.5 times

Downward Factors

* Decline in revenue and/or profitability, resulting in cash
accrual falling to less than INR60 lakhs

* Substantial stretch in working capital cycle.

BHTIPL, incorporated in February 2013, is a Guntur (Andhra
Pradesh)-based company that manufactures cotton yarn with installed
capacity of 13,644 spindles. Mr Bhavanam Rama Koti Reddy and Ms
Bhavanam Adi Lakshmi are the promoters.


BLS IMPEX: CRISIL Reaffirms B+ Rating on INR6cr Loan
----------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Bls Impex Private Limited (BIPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Foreign Bill
   Discounting            6        CRISIL B+/Stable (Reaffirmed)

   Packing Credit         6        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     3        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect BIPL's small scale of operations in
the intensely competitive rice-trading industry, an average
financial risk profile, and susceptibility to changes in
regulations governing export of agricultural commodities. These
weaknesses are partially offset by the extensive experience of the
promoters in the rice trading industry, and healthy relationships
with clientele.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile:  Networth was modest and is
estimated at INR6.2 crore as on March 31, 2020, whereas total
outside liabilities to tangible networth, is estimated at 1.75
times. Interest coverage ratio is also expected to remain subdued
at 1.2-1.3 times over the medium term because of modest scale and
moderate operating margin.

* Small scale of operations and susceptibility to changes in
regulations:  BLS is a small player based out of Hyderabad, which
derives its revenue primarily from the export of basmati and
non-basmati rice to the Middle East. Scale of operations is small
with estimated revenue of INR19 crore in fiscal 2020. Moreover the
company remains susceptible to any regulations governing export of
rice.

Strength

* Extensive experience of the promoters: The promoters' experience
of around two decades in the rice trading business and healthy
relationship with customers should continue to support the
business.

Liquidity Stretched
Bank limit utilisation was around 61% over the 12 months through
February 2020. Net cash accrual is expected to be modest at
INR20-25 lakhs per annum in fiscals 2021 and 2022. However absence
of term debt supports liquidity.

Outlook: Stable

CRISIL believes that BIPL will continue to benefit from the
extensive experience of its promoters.

Rating Sensitivity Factor

Upward Factor

* Sustained revenue growth of 25-30% over the medium term with
improvement in financial risk profile.   

* Improvement in working capital cycle.

Downward Factor

* Stagnant business due to weak demand leading to decline in
revenue

* Further stretch in working capital cycle leading to gross current
assets of more than 350 days.

Established in 2011, BLS is a trader and exporter of rice
(basmati/non-basmati). The company is promoted by Mr G Shekhar, Mr
R Srinivas and others.


BOMMIDALA SREERAM: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bommidala
Sreeram Agro Traders Private Limited (BSAT) to 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

   Proposed Long Term    14.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BSAT for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

BSAT, a part of the Bommidala group, was established in 1996 after
the division of assets in the Bommidala family of Guntur (Andhra
Pradesh). The company trades in cotton lint and seed, and operates
a cotton seed oil processing facility.


EASTERN PETROLEUM: CRISIL Migrates 'B+' Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Eastern
Petroleum Private Limited (EPPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        0.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           6.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit     12         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-        1         CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with EPPL for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of EPPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

EPPL, established in 1964, manufactures petroleum sulphonates,
mineral oils, and automotive, industrial, and marine lubricants.
Its daily operations are managed by Mr Pramod Rathi.


EMBIOTIC LABORATORIES: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Embiotic
Laboratories Private Limited (ELPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with ELPL for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 1987, ELPL produces various pharmaceutical formulations
in the form of oral solid dosages and liquids. It is based in
Bengaluru and also undertakes contract manufacturing.


EVERWIN EDUCATIONAL: CRISIL Cuts Rating on INR49.35cr Loans to D
----------------------------------------------------------------
CRISIL has downgraded the ratings of Everwin Educational And
Charitable Trust (EECT) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.  The downgrade reflects delays by EECT in servicing
of debt obligation.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Overdraft           5        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4+
                                ISSUER NOT COOPERATING')

   Proposed Long      25.65     CRISIL D (ISSUER NOT COOPERATING;
   Term Bank                    Downgraded from 'CRISIL BB-/
   Loan Facility                Stable ISSUER NOT COOPERATING')

   Term Loan         49.35      CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL BB-/
                                Stable ISSUER NOT COOPERATING')

CRISIL has been consistently following up with EECT for obtaining
information through letters and emails dated September 24, 2019 and
October 14, 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 EECT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EECT is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

The downgrade reflects delays by EECT in servicing of debt
obligation.

EECT, set up in 1992, provides primary, secondary, and higher
secondary education through Everwin Group of Schools in Chennai.
Dr B Purushothaman (Founder and Senior Principal), Ms V Mageswari
(CEO), Ms M Kalaiarasi (General Principal), and Ms M P Vidhya
(Trustee) look after the operations of the trust.


FRISCO GLOBAL: CRISIL Withdraws 'B' Ratings on INR50cr Loans
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Frisco Global Private
Limited (FGPL) to 'CRISIL B/Stable Issuer Not Cooperating'. CRISIL
has withdrawn its rating on bank facility of FGPL following a
request from the company. Consequently, CRISIL is migrating the
ratings on bank facilities of FGPL from 'CRISIL B/Stable Issuer Not
Cooperating' to 'CRISIL B/Stable'. The rating action is in line
with CRISIL's policy on withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Cash         25       CRISIL B/Stable (Migrated from
   Credit Limit                   'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Proposed Term Loan    25       CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

Incorporated in 1980, FGPL was acquired in 2010 by Delhi-based Mr
Tarun Jain and his brother, Mr Ayush Jain, who manage daily
operations. In 2017, the company sold its manufacturing facility in
Haridwar, Uttarakhand, to the Patanjali group, and continue to
trade in biscuits, wheat, and rice. FGPL is going to set up a new
plant in Indore, Madhya Pradesh, to manufacture and export a
variety of biscuits to Africa, the Middle Eastern, and South Asia.


GO-GREEN CONSTRUCTION: CRISIL Reaffirms B+ Rating on Loans
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Go-Green Construction Solutions
Private Limited (GGCSPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.3        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.02       CRISIL B+/Stable (Reaffirmed)

   Term Loan            12.68       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations in the
intensely competitive autoclaved aerated concrete (AAC) industry,
and an average financial risk profile. These weaknesses are
partially offset by the extensive industry experience of the
promoter.

Analytical Approach

An unsecured loan of INR10.12 crore as on March 31, 2019, has been
treated as 75% equity and 25% debt as it is subordinate to bank
debt, non-interest bearing, and expected to remain in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations:  Despite increasing from INR18.12
crore in fiscal 2018 to INR20.54 crore in fiscal 2019, and
estimated at INR26 crore for fiscal 2020, revenue remains modest.

* Average financial risk profile:  The networth and gearing were
below average at INR4.23 crore and 2.42 times, respectively, as on
March 31, 2019. The gearing is expected to improve over the medium
term due to repayment of debt and moderate accretion to reserves.
Debt protection metrics were adequate, reflected in interest
coverage and net cash accrual to adjusted debt ratios of 5.03 times
and 0.27 time, respectively, in fiscal 2019. Sustained improvement
in the capital structure remains critical and will be monitored.   


Strength:

* Extensive industry experience of the promoter:  The promoter's
experience of over two decades in the construction industry should
continue to support the business. The promoter also provides
financial support by extending unsecured loans, when required.

Liquidity Stretched

Liquidity is stretched. Bank limit utilisation was high at 94.10%
during the 12 months through January 2020. Cash accrual is expected
at INR3.5-4.0 crore, against debt obligation of INR3.3 crore, per
fiscal over the medium term. However, liquidity is supported by
promoter funding through unsecured loans (Rs 10.12 crore as on
March 31, 2019).

Outlook: Stable

CRISIL believes GGCSPL will continue to benefit from the extensive
industry experience of the promoter.

Rating Sensitivity factors

Upward factors

* Sustained increase in revenue or profitability leading to net
cash accrual of more than INR5 crore per fiscal

* Improvement in the financial risk profile

Downward factors

* A steep decline in revenue and/or profitability, leading to net
cash accrual of less than INR3 crore per fiscal

* Larger-than-expected, debt-funded capital expenditure, or a
significant stretch in the working capital cycle

Incorporated in October 2012 and based in Nashik, Maharashtra,
GGCSPL is promoted by Mr Bhushan Khairnar. The company manufactures
AAC.


GOVINDAM KNIT: CRISIL Migrates 'B+' Debt Ratings to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Govindam Knit
Fab (GKF) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      .54      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              2.11      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GKF for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in March 2014, GKF is engaged into knitting and texturizing.
The firm has two partners, Mr. Nikhil Kumar Megotia and Ms. Vibha
Devi Megotia.


IL&FS ENVIRONMENTAL: Ind-Ra Moves 'D' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IL&FS
Environmental Infrastructure and Services Limited's (IEISL)
Long-Term Issuer Rating at 'IND D' and has simultaneously migrated
it to the non-cooperating category. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limits (Long-/short-term) affirmed and
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR54 mil. Term loan (Long-term) due on June 2021 affirmed and

     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR896 mil. Proposed bank loans (Long-/short-term) affirmed
     and migrated to non-cooperating category with Provisional IND

     D (ISSUER NOT COOPERATING) rating.

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

Analytical Approach: Ind-Ra continues to take a consolidated view
of IEISL and its subsidiaries for the ratings on account of the
strong operational and strategic linkages among entities.

KEY RATING DRIVERS

The affirmation reflects IEISL's inability to timely service its
debt liabilities. As per National Company Law Appellate Tribunal
order dated February 11, 2019, IEISL has been classified as a Red
Entity (domestic group entities unable to service even senior
secured financial debt obligations when falling due) and has been
subsequently restricted from making the payment of dues, whether
interest or principal, to any lenders. This moratorium on its
payments, along with the ongoing liquidity challenges across the
IL&FS group has led to the company committing a default on its
financial obligations.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in a rating upgrade.

COMPANY PROFILE

IEISL largely operates in five segments: processing & disposal
(municipality solid waste management business), construction and
demolition, collection & transportation (C&T), waste to energy
(WtE) and social advisory. C&T (except Varanasi) and WtE segments
have been segregated into separate entities while the remaining
segments are included in the standalone financials.


INDICON CONSTRUCTION: CRISIL Cuts Rating on INR7.5cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of Indicon
Construction Private Limited (ICPL) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.9        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit           3.9        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Funded Interest       0.9        CRISIL D (Downgraded from
   Term Loan                        'CRISIL B-/Stable')

   Long Term Loan        1.6        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Long Term    7.5        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

   Working Capital       1.7        CRISIL D (Downgraded from
   Term Loan                        'CRISIL B-/Stable')

The downgrade is driven by delays in debt servicing by the society
because of poor liquidity.

The ratings reflect ICPL's large working capital requirement, small
scale of operations, and exposure to intense competition in the
civil construction industry. However, the company benefits from
extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in servicing of debt:  The company has delayed the
servicing of interest and principal of short term loan due to poor
liquidity.

* Working capital-intensive operations:  Gross current assets
(GCAs) were high at 197 days because of high inventory and
receivables levels of 42 days and 35 days, respectively, as on
March 31, 2019.

* Modest scale of operations in competitive industry:  Revenue was
subdued at INR41.6 crore in fiscal 2019 because of intense
competition from established and regional players. The company
undertakes civil construction contracts mainly for the Government
of Maharashtra, leading to high geographical and customer
concentration in revenue. This exposes revenue growth to regional
impetus on infrastructure development.

Strength

* Extensive industry experience of the promoters:  The company's
promoters have more than a decade of experience in the civil
construction business and have executed various projects for the
government in the past.

Liquidity Poor

Liquidity is constrained by delays in repayment of short term loan
obligations.

Rating Sensitivity factors

Upward factors:

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

* Improvement in working capital cycle

ICPL was established in 2003 by Mr Pradeep Kadam and Mr Ashok
Dhamdhere in Pune, Maharashtra. The company, which is registered as
a Class 1-A contractor with the Government of Maharashtra,
undertakes civil construction for the Public Works Department and
Pradhan Mantri Gram Gadak Yojana. Work comprises construction of
roads, mainly in western Maharashtra.


J K PULSE: CRISIL Withdraws B- Ratings on INR17.5cr Loans
---------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank loan
facilities of J K Pulse Manufacturers Private Limited (JKPMPL), and
subsequently withdrawn the rating at the company's request and on
receipt of no-objection certificate from its banker. The withdrawal
is in line with CRISIL's policy on withdrawal of bank loan
ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           11         CRISIL B-/Stable (Rating
                                    reaffirmed and withdrawn)

   Proposed Cash          6.5       CRISIL B-/Stable (Rating
   Credit Limit                     reaffirmed and withdrawn)

JKPMPL was taken over by Mr. Radheshyam Agarwal and his family
members in 2008. The company, which trades and processes pulses,
largely urad dal, is a part of the JK group of companies, based in
Indore. The group trades and processes pulses, and also has
warehousing facilities.


KAILASH RICE: CRISIL Migrates 'B+' Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kailash Rice
and General Mills Private Limited (KRGM) to 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          12.10       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-         .08       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

   Term Loan              .02       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

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

Incorporated in 2001, KRGM, promoted by Mr Vipan Gupta, is engaged
in milling, manufacturing and trading of basmati and other
varieties of rice. It operates a rice mill in Kapurtala, Punjab.
The company derives its entire sales from the domestic market with
70% to export houses. No direct exports are undertaken.


KAVERI COTTON: CRISIL Migrates 'B' Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kaveri Cotton
Industries (KCI) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            4        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan         1.54     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     1.46     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KCI for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2011 as a partnership firm, KCI gins and presses raw
cotton and sells cotton lint and cotton seeds. It is promoted by Dr
V Satish, Mr K Ramakrishna Rao, Mr V Anjaneyulu, and Mr S Srinivas
Rao along with their family members.


LAKSHMI COTTON: CRISIL Moves B on INR5cr Credit to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Lakshmi Cotton
Traders (LCT) to 'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with LCT for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

LCT was set up in 1992 as a partnership between Mr S Koteswara Rao
and family. The Guntur (Andhra Pradesh)-based firm trades in raw
cotton and cotton lint.


MAA SHAKUMBARI: CRISIL Raises Rating on INR3.97cr Loan to B-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Maa Shakumbari Sponge Private Limited (MSSPL) to 'CRISIL B-/Stable'
from 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.97       CRISIL B-/Stable (Upgraded   
                                    from 'CRISIL D')

   Funded Interest       1.33       CRISIL B-/Stable (Upgraded
   Term Loan                        from 'CRISIL D')

   Working Capital       0.70       CRISIL B-/Stable (Upgraded
   Term Loan                        from 'CRISIL D')

The upgrade reflects timely debt servicing over the past three
months, supported by improved liquidity due steady scale of
operations and support from the promoters.

Production in fiscal 2021 may be hit by the Novel Coronavirus
(Covid-19) outbreak, and various containment measures taken by
state and central governments, including a 21-day nationwide
lockdown (till April 14, 2020). Prolonged closure will impact order
execution and issues related to labour may crop up too. However,
moratorium on bank facilities and deferment of interest on cash
credit facility for 3 months, as permitted by the Reserve Bank of
India, may provide some respite to MSSPL. Further, faster
turnaround to normalcy will limit the impact on business and credit
quality. Ability to maintain operational stability and relief
measures provided by the government will be key monitorables.

The rating reflects susceptibility of operating margin to
volatility in raw material prices, and vulnerability to cyclicality
in the infrastructure and real estate sectors. The rating also
factors in the company's modest scale of operations, large working
capital requirement, weak financial risk profile with a highly
leveraged capital structure, and subdued operating efficiency.
These weaknesses are partially offset by the extensive experience
of the promoters in the iron and steel industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility of operating margin to volatility in raw material
prices, and vulnerability to cyclicality in the infrastructure and
real estate sectors:  Cost of production and profitability depend
on raw material prices. On account of variation in raw material
prices, operating margin has been volatile. Operating performance
will remain susceptible to volatility in raw material prices, and
offtake by key user sectors.

* Modest scale of operation:  MSSPL's business risk profile and
operating flexibility are constrained by its modest scale of
operations in the intensely competitive steel and iron industry.

* Large working capital requirement:  Gross current assets were at
221- 454 days over the 3 fiscals through 2019, and at 221 days as
on March 31, 2019, against over 110 days for some peers.

* Weak financial risk profile with highly leveraged capital
structure:  The financial risk profile is constrained by high total
outside liabilities to tangible networth ratio in the 3 fiscals
ended March 31 2019. Debt protection measures have also been weak
due to high gearing and low accrual. Interest coverage and Net cash
accrual to total debt ratio were 0.51 time and negative 0.02 time
for fiscal 2019. The debt protection measures are expected to
remain weak because of large debt.

* Subdued operating efficiency:  The weak operating efficiency is
reflected in low return on capital employed because of low capacity
utilisation and sluggish demand.

Strength

* Extensive industry experience of the promoters:  Experience of
over 2 decades in the iron and steel industry has given the
promoters an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.
Liquidity Poor

Bank limit utilisation averaged 82% in the 3 months through
February 2020. Cash accrual is expected to barely cover term debt
obligation over the medium term. The promoters are likely to extend
support in the form of equity and unsecured loans to meet working
capital requirement and debt obligation.

Outlook: Stable

CRISIL believe MSSPL will continue to benefit from the extensive
experience of its promoters and established relationships with
clients.

Rating Sensitivity Factors

Upward factors

* Increase in revenue and profitability leading to accrual of more
than INR2 crore

* Improvement in the financial risk profile with interest coverage
of around 2 times and gearing below 1 time

Downward factors

* Accrual below INR1 crore
* Large debt-funded capital expenditure or stretch in working
capital cycle.

Incorporated in 2003 and based in Odisha, MSSPL manufactures sponge
iron and steel. Its manufacturing facility is in Odisha and the
company is owned and managed by Mr Samrat Agrawal and Mr Arvind
Agarwal.


MAHASEMAM TRUST: Ind-Ra Cuts Rating on Bank Loans to BB+
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mahasemam
Trust's (MT) bank loans' rating to 'IND BB+' from 'IND BBB-' and
has placed it on Rating Watch Negative (RWN). The Outlook was
Stable.

The instrument-wise rating action is:

-- INR949.39 mil. Bank loans downgraded; placed on RWN with IND
     BB+/RWN rating.

The downgrade reflects MT's stretched position in terms of the
balance sheet liquidity, at least in the near term, against the
company's debt servicing obligations and operating expenses for
1QFY21. The RWN reflects the likelihood that the unprecedented
measures necessitated in the wake of the COVID-19 pandemic would
result in large-scale disruptions of economic activity. This would
have an adverse impact on a large proportion of the customers of
NBFCs (including MFIs), thereby affecting the asset quality of
lenders; however, the exact quantification and ramifications of
these measures will only unravel gradually, given the fluid nature
of the situation. While MFIs have witnessed significant multiple
disruptions in the last decade, the national and nearly total
nature of the lockdown implies that precedents may not hold. There
is a possibility that some of the challenges could lead to further
risk aversion among resource providers, creating additional
challenges for the entities operating in these segments. These
could affect the company's repayment capability and asset quality,
and result in increased credit costs over FY21.

KEY RATING DRIVERS

Lockdown to Have Substantial Impact on Asset Quality: Ind-Ra has
already revised its outlook on the microfinance institutions (MFIs)
to negative for FY21 from stable in January 2020. The agency
expects the asset quality of MFIs to be impacted severely in the
short term, as collections would see unprecedented disruptions on
account of the lockdown in the country. Furthermore, Ind-Ra expects
the income streams of microfinance borrowers to witness a major
disruption; in such a scenario, a moratorium or extension might not
be sufficient to help them. However, a large section of the
borrowers are involved in the essential goods and services, and
therefore, their cash flows might be intact; nevertheless, the
repayment behavior would be impacted by the homogeneity in the
borrower profiles and behavior, the impact of the lockdown on
economic growth, and the gradual recovery in repayment and
discipline.

Moreover, the credit costs could exceed the pre-provision operating
profits for some non-banking microfinance institution (NBFC)-MFIs,
leading to some capital erosion. Ind-Ra rated NBFC-MFIs that come
under the investment-grade category would have adequate liquidity
for 1.5-6 months (assuming nil collections and no moratorium).
However, some of these entities might face refinancing and funding
challenges in the next three-to-six months.

Liquidity Indicator – Stretched: At the end -March 2020, MT had
cash and bank balances of INR102.4 million, which constituted about
7% of its AUM. The company has sanctioned undrawn bank lines of
INR150 million; however, considering the prevailing environment,
these sources of liquidity could prove to be unreliable.
Additionally, MT has encumbered cash of INR 192.7 million that the
corresponding lenders may have to resort to. The company has
outflows in terms of debt servicing (principal and interest) of
INR217 million and operating expenses of INR 27 million for 1QFY21.
Assuming nil collections and no access to unutilized bank lines,
the liquidity position could witness pressure in the short term,
especially since the funding environment could turn extremely
challenging over the next one year.

MT has not received written confirmation on a moratorium from any
of its lenders. However, a fraction of lenders (comprising 20% of
debt outflow in 1QFY21) has provided verbal confirmation. Any
additional moratoriums that it could receive could provide
additional liquidity cushion in the short term, giving it more
breathing space in the event that collections record a slow
recovery.

Modest Operational Profile:  As of March 2020, MT's assets under
management (AUM) amounted to INR1,480.2 million (March 2019:
INR1,397.8 million), which remains concentrated in Tamil Nadu
(operates in nine districts), exposing it to geographical
concentration risk. Also, the trust does not intend to expand the
portfolio out of Tamil Nadu in the near term. The asset quality in
terms of PAR>90 was comfortable at 0.09% as of December 2019 and
the monthly collection efficiency was around 98% until March 23,
2020. Nevertheless, in the agency's view, the nationwide lockdown
will lead to mounting asset quality pressures in the near term.
Ind-Ra expects the credit costs to be elevated in the near term,
thereby affecting the profitability and capital buffers (credit
costs: 9MFY20:1%, FY19:1%).

At end-March 2020, with a net worth of INR340.4 million, MT's
capital risk adequacy ratio and Tier 1 stood at 24%, which is
better than that of its peers. This provides a modest buffer to the
high credit costs that could be incurred if the recovery from the
lockdown's effects is slow. Notwithstanding its vintage in the
microfinance sector, MT would find it difficult to attract equity
support and funding support as it is a non-profit organization.

RATING SENSITIVITIES

The RWN indicates that the ratings could either be affirmed or
downgraded. The RWN could be resolved as and when the agency gets
more clarity on the impact of the announced lockdown on the asset
quality of MT, which could be after it announces its 1HFY20
results. MT could witness further rating actions if, in Ind-Ra's
opinion, the business prospects of MT are materially impacted or it
faces additional funding challenges that could further hinder its
liquidity position, and hence, its repayment capabilities.

COMPANY PROFILE

MT is a Madurai-based trust engaged in microfinance activity. The
trust provides personal unsecured loans to its members across nine
districts Madurai, Tirunelveli, Kanyakumari, Tuticorin,
Virudhunagar, Ramanathpuram, Shivagangai, Tenkasi, and Theni) in
the state of Tamil Nadu.

Over 99% of the trust's loan portfolio consists of women self-help
group (SHG) loans. SHGs operate on the joint liability group model
with the joint guarantee signed by the groups. The trust also
provides maternity loans, education loans, marriage loans, and
sanitation loans to aid and cover the entire life cycle of SHG
members.


MARIO EDUCATIONAL: CRISIL Moves B on INR5cr Loan to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mario
Educational and Charitable Society (MECS) to 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         5.5      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

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

Set up in 2007 by Mr Surendra (president) and seven other trustees,
MECS operates St Francis World School in Meerut. The first year of
operations were in 2017-18.


MSP STEEL: Ind-Ra Lowers LT Issuer Rating to BB+, Outlook Negative
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded MSP Steel &
Power Limited's (MSP Steel) Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB-'. The Outlook is Negative.

The instrument-wise rating actions are:
  
-- INR2,992.4 bil. Long-term loan due on March 2025 downgraded
     with IND BB+/Negative rating;

-- INR2.60 bil. Fund-based working capital limits downgraded with

     IND BB+/Negative rating; and

-- INR1.170 bil. Non-fund-based working capital limits downgraded

     with IND A4+ rating.

The downgrade and the Negative Outlook reflect MSP Steel's weak
financial performance over 9MFY20, its poor-to-stretched liquidity
position and the agency's expectation that EBITDA margins are
likely to remain low leading to deterioration in credit metrics.
Ind-Ra expects MSP Steel's financial and operational performance to
deteriorate further amid the current weak sector fundamentals and
the ongoing nation-wide lockdown.

KEY RATING DRIVERS

MSP Steel's EBITDA margins are likely to fall to 4.5%-5% over
FY20-FY21 (FY19: 7.8%; FY18: 10.1%) on the back of lower sales
realizations due to a slowdown in end-use industries. The lockdown
in 1QFY21 and the upcoming monsoon season are likely to dampen both
realizations and demand in 1HFY21. With the company engaged in the
long products steel segment, the demand from end-use sectors such
as infrastructure and construction could pick up in 2HFY21, backed
by government-led spending.

Accordingly, the blended EBITDA/million tons (MT) is likely to fall
to INR1,100/MT-INR1,200/MT over FY20-FY21 (9MFY20: INR1,148/MT;
FY19: INR2,787/MT; FY18: INR3,555/MT). The dampened EBITDA levels
and limited sales volume growth are likely to impact credit
metrics. The adjusted interest cover (after adding back provision
for doubtful debts to EBITDA and reducing interest on debentures
from total interest, both of which are non-cash flow items) is
likely to have been low at 1x-1.2x in FY20 and sustain in FY21
(FY19: 1.65x) while the net leverage (net debt/adjusted EBITDA) is
likely to be high above 7x over the same period (4.01x) and
deleverage in FY22.

In 9MFY20, the company's blended sales realization fell
substantially to INR28,156/MT (FY19: INR34,962/MT) resulting in
lower per ton EBITDA of INR1,148/MT (FY19: INR2,787/MT). The
company has low value-added sales comprising mainly billets,
thermomechanical treatment (TMT) bars, angles, and channels. In
9MFY20, billet sales volumes were 34,386MT (FY19: 52,817MT; FY18:
52,817MT) while TMT bars, angles and channel sales volumes were at
190,643MT (FY19: 248,889MT; FY18: 230,042). Accordingly, the
company generated a muted EBITDA of INR570 million after adjusting
for non-cash provisions towards doubtful debts in 9MFY20 (FY19:
INR1,300 million).

Liquidity Indicator: Poor: Over the 12 months ended February 2020,
MSP had utilized nearly all of its fund-based limits while its
non-fund-based limits were used in the range of 80%-85%. However,
it holds fixed deposits with the bankers as a lien against availed
bank facilities which, if adjusted, would reduce the utilization of
fund-based limits to around 85%. MSP Steel is likely to generate
limited operational cash flow to meet debt servicing requirements
(around INR1,000 million in FY21) due to compressed EBITDA margins
and weak domestic demand. Accordingly, the debt service coverage
ratio is likely to be below 1x in FY21. However, the company is
holding excess iron ore inventory of 5,50,000MT-6,00,000MT to meet
its requirement of seven-to-eight months to mitigate the risk due
to uncertainty over iron ore availability with Odisha mining
licenses expiring by end-March 2020. Accordingly, networking
capital days were high at around 107 days at end-December 2019
(FYE19: 82 days). The iron ore inventory is likely to ease out over
FY21; hence, it would lead to an easing of working capital over
FY21 and would assist in meeting debt servicing requirements in
addition to the cash, fixed deposits, short-term investments and
undrawn bank lines of INR140 million at FYE20.
Furthermore, MSP Steel has availed the moratorium basis the Reserve
Bank of India's COVID-19 regulatory package. The company witnessed
positive free cash flow from operations over FY18-FY19; however,
this is likely to turn negative to neutral over FY20-FY21 due to
lower EBITDA levels. The company does not have any capital market
exposure and relies on banking channels to meet funding
requirements.

The company's overall size and the commoditized nature of lower
value-added products expose MSP Steel to volatility in the prices
of raw material as well as finished products, as it does not have
captive iron ore mines. This has increased the company's
vulnerability to industry cycles. Furthermore, the high
fragmentation within the sector contributes towards competition
leading to limited pricing power with customers.

RATING SENSITIVITIES

Positive: A sustained increase in the revenue while increasing the
EBITDA margins, leading to an improvement in the credit metrics,
all on a sustained basis, could lead to a Stable Outlook.

Negative: Any stress on the liquidity position due to the
elongation of the working capital cycle and/or a decline in the
EBITDA margins, leading to the adjusted interest coverage declining
to below 1.25x and/or the net leverage exceeding 5x beyond FY22,
all on a sustained basis, would result in a negative rating
action.

COMPANY PROFILE

MSP Steel was incorporated in November 1968 in Kolkata and is now
engaged in the manufacturing of long steel products at Raigarh,
Chhattisgarh. It is a. mid-sized partly integrated player. The
company is present across the value chain of rolled long products,
except captive iron ore and coal mines.  It has the facilities to
manufacture pellets, sponge iron, billets, and rolled products,
with a captive power plant of 76MW (24MW from a waste heat recovery
system; the balance is coal-based).

It manufactures sponge iron (313,500MTPA), pellets 957,000MTPA),
steel billets (407,880MTPA), TMT bars (113,190MTPA) and structural
products (178,600MTPA).


NARAYAN INDUSTRIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Narayan
Industries - Allahabad (NIA) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

   Warehouse Financing     7.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

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

NIA was set up in 2015 at Allahabad (UP) by Mr Kesharwani and
family. The firm undertakes rice milling and shelling.


NIRUPAMA COLD: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Nirupama Cold Storage Private Limited
(NCSPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits      1.74      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Facility               1.31      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect NCSPL's susceptibility to
regulatory changes and intense competition in the West Bengal
cold-storage business, vulnerability to delays in payments by
farmers because of adverse market conditions, and a modest
networth. These weaknesses are partially offset by the extensive
experience of the promoters in the cold storage industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptible to regulatory changes and intense competition in the
West Bengal cold-storage industry:  The potato cold storage
industry in West Bengal is regulated by the West Bengal Cold
Storage Association. The storage rent as well as the marketing,
drying, and insurance changes are fixed by the association. Fixed
rentals limit NCSPL's ability to generate profits based on its
strengths and geographic advantages. Furthermore, the cold storage
segment is fragmented. Hence, players have limited bargaining power
and they offer discounts to ensure healthy utilisation of their
storage capacity.

* Vulnerability to delays in payments by farmers:  NCSPL provides
loans to farmers against the stored products. During adverse market
trends, farmers do not find it profitable to pay the rental and
interest charges along with loan obligations, and hence, do not
retrieve potatoes from cold storages. Thus, the company remains
exposed to vulnerability to delays in payments by farmers.

* Modest networth:  Networth was modest at INR2.65 crore as on
March 31, 2019, but may increase over the medium term owing to the
projected steady accretion to reserve.

Strength:

* Extensive experience of the promoters:  Benefits from the
promoters' experience of over two decades, their strong
understanding of local market dynamics, and healthy relations with
farmers and traders should continue to ensure optimum utilisation
of the storage capacity for potatoes, thereby aiding business
growth.

Liquidity Stretched

Cash accrual is projected at around INR51 lakhs per annum over the
medium term, against no major repayment obligation. The working
capital facilities remained highly utilised, especially during the
year end. Current ratio was 1.78 times as on March 31, 2019.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors
* Cash accrual increasing to more than INR0.7 crore, along with
steady profitability

* Healthy capital structure and prudent working capital management

Downward factors

* Revenue dropping by 20%, leading to a steep decline in cash
accrual

* Any large, debt-funded capital expenditure plan

NCSPL, incorporated in 1997, provides cold storage facility to the
potato farmers and traders in Bankura (West Bengal); the facility
has an installed capacity of 2,15,000 quintals per annum. Mr Bidyut
Kumar Mal, Mr Ranjan Kumar Mal, Mr Joydeb Mal, Mr Shyama, Mr Baran
Chattaraj, and Mr Sunil Kumar Mal are the directors.


PRASANNA EDUCATION: Ind-Ra Lowers Bank Loan Rating to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating of
Prasanna Education Trust's (PET) bank facilities to 'IND D' from
'IND B- (ISSUER NOT COOPERATING)'.

The detailed rating actions are:

-- INR88.84 mil. (reduced from INR100 mil.) Bank loans (Long-
     term) downgraded with IND D rating; and

-- INR20.00 mil. Fund-based working capital facility (Long-term)
     downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing obligations by PET
over the three months ended February 2020 due to a stretched
liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

COMPANY PROFILE

PET is a public charitable trust established in 2003 and managed by
K. Gangadhara Gowda, former Minister, Government of Karnataka and
his family. The trust runs six institutions, including a
residential school and offers primary-to-higher education in
Dhankshina Kannada, Karnataka. The trust started four new
institutions over 2019-2020.


RAJDEEP TRADERS: CRISIL Assigns B+ Ratings to INR5cr Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Rajdeep Traders (RT).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             .40        CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility   4.60        CRISIL B+/Stable (Assigned)

The rating reflects RT's low operating margins due to trading
nature of the business and working capital intensive operations.
These weaknesses are partially offset by its extensive industry
experience of the proprietor and healthy capital structure.

Key Rating Drivers & Detailed Description

Weaknesses:

* Low operating margins due to trading nature of the business: The
small initial investment and the low complexity of operations have
resulted in existence of innumerable entities, much smaller in
size, leading to significant fragmentation and low operation
margins.

* Susceptibility to cyclicality in automotive industry and
government regulation:  The business risk profile is susceptible to
inherent cyclicality in automotive industry, linked to performance
of the economy. Also, it is susceptible to change in government
policies regarding auto mobiles like pollution norms, electric
vehicles etc.   

* Working capital intensive operations:  Due to its working capital
intensive operations gross current assets were over 200 days during
the last three fiscals ended March 31, 2019. It's large working
capital requirements arise from its high debtor and inventory
levels. Due to its business need, it hold large finished goods
leading to inventory of 116 days as on March 31, 2019.

Strengths

* Extensive industry experience of the proprietor:  The proprietor
has extensive experience of over a decade in the auto components
trading industry. This has given him an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

* Healthy capital structure:  RT's  capital structure have been at
healthy level due to lower reliance on external funds yielding low
total outside liabilities to tangible networth (TOL/TNW) for last
three year ending on 31st March  2019.

Liquidity Stretched
The firm is estimated to generate accruals of about INR5 lacs
against nil repayment obligations. Bank limit of INR40 lacs is
utilised at around 12.5 percent for the past four months ended
Feb-2020, supporting its liquidity. However, any large expansion
plans could constrain its liquidity and increase its reliance on
bank borrowings as the accruals are small.

Outlook: Stable

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

Rating Sensitivity Factor

Upward factor

* Sustained improvement in scale of operation and profitability
* Net cash accrual of over 50 lacs

Downward factor

* Decline in scale of operation and profitability
* Interest coverage of less than 1.5 times.

RT setup in 1976, is engaged in trading & distributorship of Two
Wheeler Spares and Accessories mainly Two Wheeler Kick Parts,
Motorcycle Indicator, Motorcycle Tail Light, LED Motorcycle
Headlight etc. RT is owned & managed by Mr Rakesh Kumar Bothra. The
firm is also a sole distributor of 'Final Coat', a corrosion
protection device in Tamilnadu, Puducheery and Srilanka.


RIGHTEDGE INFRA: CRISIL Moves B+ Debt Rating to Non Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rightedge
Infrastructures Private Limited (RIPL) to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        2.85      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           7.15      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RIPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2010, RIPL is involved in civil construction works,
such as construction of buildings in Kerala. The company is managed
by Rakesh Roshan Sinha, Reji Mannarkuzhiyil Jacob, Girish Santhan
and Shyam Kumar Menon.


ROLLWELL FORGE: CRISIL Moves B+ on INR8cr Debt to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rollwell Forge
Private Limited (RFPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital       8.5        CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

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

RFPL was incorporated in 1991 by Mr. Ashok Kumar Patel and Mr.
Bharat Kumar Vadalia. In 2003, Mr. Omprakash Kanungo, Mr. Babulal
Mehta & Mr. Naresh Mehta took-over the business and commenced
manufacturing of forgings and forged flanges. In 2016, there was
again a change in the management of the company. Currently, RFPL is
led by Mr. Omprakash Kanungo, Mr. Kanji Rangani, Mr. Rameshbhai
Rangani and Mr. Mehul Kanungo.


SHAKTI VEGETABLES: CRISIL Cuts Ratings on INR10cr Loans to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Shakti Vegetables and Fruits Storage (SVFS) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           .25        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Term Loan            9.75        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects stretch in liquidity marked by fully
utilized bank lines and tightly matching cash accruals of INR0.8-1
crore expected for fiscal 20 and fiscal 21 against repayment
obligation of INR0.86 crore per annum. The downgrade also reflects
expected deterioration in business risk profile of the firm, with
moderation in scale of operation and stretch in debtor cycle
further impacting liquidity.

The ratings continue to reflect large working capital requirement
and susceptibility to changes in government policies amidst modest
scale of operation. These rating weaknesses are partially offset by
established market presence backed by experience of promoters.

Analytical Approach

Unsecured secured loans to the tune Rs. 5.31 lakhs outstanding as
on March 31, 2019 have been treated as debt in absence of track
record of non-withdrawal of such funds.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement:  Operations of the firm are
working capital intensive marked by gross current assets (GCA) of
154 days as on March 31, 2019 driven by debtors of 97 days and
inventory of 30 days. GCA days are expected to increase further due
to stretch in debtors cycle.

* Susceptibility to changes in government policies amidst modest
scale of operation:  The state government decides the storage
facilities' hire charge, which is the key source of revenue. Modest
scale of INR9.97 crore in fiscal 2019, restricted mainly to cold
storage facility providers makes it susceptible to unfavorable
changes in the regulatory framework.

Strength:

* Established market presence backed by experience of promoter:
The promoters have around three decades' experience in the
agricultural products industry and seeds trading. The main
promoter, Mr. Shamal Patel, manages the firm's overall operations.
Benefits from the promoters' extensive experience are likely to
continue over the medium term.

Liquidity Stretched

Liquidity is stretched marked by tightly matching cash accruals of
INR0.8-1 crore expected for fiscal 20 and fiscal 21 against
repayment obligation of INR0.86 crore per annum. The firm has
access to fund based bank lines of INR25 lakhs which are almost
fully utilized for last 12 months ending February 2020.
Unencumbered cash balance of around INR60 lakhs and unsecured loan
of INR6.84 lakhs as on February 29, 2020 is expected to support
liquidity during the lockdown period.

Outlook: Stable

CRISIL believes SVFS will continue to benefit over the medium term
from the extensive experience of its partners.

Rating Sensitivity factors

Upward factor

* Improvement in cash accruals at over INR1.5 crore on sustained
basis.

* Improvement in capital structure and working capital cycle

Downward factor

* Decline in profitability resulting in net cash accruals falling
below Rs. 0.5 crore

* Larger-than-expected, debt-funded capex, stretch in working
capital cycle or sizeable capital withdrawal, weakening the
financial risk profile, particularly liquidity

Set up in 2014, SVFS provides cold storage facilities for potatoes
and fruits on rent. Its facility is in Palanpur (Gujarat), with
5000 tonne capacity, and is promoted by Mr Shamalbhai Patel and his
family. The facility started operations in March 2015.


SHREYA LIFE: CRISIL Reaffirms 'D' Rating on INR64.23cr Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Shreya Life Sciences Private Limited (SLPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          64.23       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan             8.95       CRISIL D (Reaffirmed)

   Letter of Credit     11.25       CRISIL D (Reaffirmed)

   Long Term Bank
   Facility             41.25       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   39.12       CRISIL D (Reaffirmed)

   Working Capital
   Demand Loan           4.00       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            21.20       CRISIL D (Reaffirmed)

The ratings continue to reflect delay in servicing of debt
obligations, weak financial risk profile, intense competition in
the pharmaceuticals sector and large working capital requirements.
These weaknesses are partially offset by the promoter's extensive
experience in pharmaceuticals industry and diversified product
portfolio.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing of debt obligations:  SLPL's weak liquidity is
reflected in delay in the repayment of term debt obligation for one
of the banks.

* Weak financial risk profile:  Gearing and total outside
liabilities to adjusted networth ratio weak at 3.97 times and 4.79
times, respectively, as on March 31, 2019. Debt protection metrics
were subdued, with interest coverage ratio of 0.78 time in fiscal
2019. Low profitability and high reliance on debt may continue to
constrain financial risk profile.

* Susceptibility to intense competition in the pharmaceuticals
industry:  The Indian formulation industry has a large number of
organised and unorganised players, which limits pricing flexibility
of the players and bargaining power with customers and suppliers.

* Large working capital requirement:  Gross current assets (GCAs)
were at 755 days as on March 31, 2019, driven by receivables of 677
days. The company extends a high credit period to its customers and
maintains moderate inventory. Working capital requirement are
expected to remain large over the medium term.

Strengths:

* Extensive experience of the promoter in the pharmaceuticals
industry:  The promoter has experience of more than two decades,
which has helped the company to diversify into various therapeutic
segments. It now has over 200 products. SLPL also has a strong
marketing network, covering over 200,000 doctors of major
specialties.

Liquidity Poor

Liquidity is poor, as reflected by delay in repayment of term debt
obligation.

Rating Sensitivity Factors

Upward factors

* Timely servicing of debt for over 90 days for all banks.

* Improvement in the working capital management, with GCA below 300
days.

SLPL was set up in 2001 by Mr Sujit Kumar Singh. The company is
based in Mumbai. It manufactures and markets a wide range of
pharmaceutical products, such as tablets, capsules, liquid orals,
and lozenges, across diverse medical categories.


SHYAM SUNDER: CRISIL Moves D on INR30cr Loan to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shyam Sunder
Estates Private Limited (SSEPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan       30      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with SSEPL for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SSEPL, promoted by Mumbai based Darvesh group, is currently
undertaking construction of residential project- 'Darvesh Grand' at
Khar (West), Mumbai.


SOMANI KUTTNER: CRISIL Migrates 'C' Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Somani Kuttner
India Private Limited (SKIPL) to 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Bank Guarantee      4       CRISIL A4 (ISSUER NOT COOPERATING;
                               Rating Migrated)

   Overdraft          14.1     CRISIL C (ISSUER NOT COOPERATING;
                               Rating Migrated)

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

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SKIPL to 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

Set up in August 1996 by the Somani group, SKIPL is currently
jointly promoted by the Somani group and Kuttner. The latter is a
leading player in design, engineering, and installation of foundry
equipment and steel mill technology. The Somani group is run by Mr
DK Somani and his son, Mr TK Somani. SKIPL operates as an
engineering, procurement, and commissioning contractor, and
undertakes turnkey projects for the steel industry. The balance 50
percent stake in SKIPL is held by Northern Exim Pvt Ltd.


SUDARSHAN ELECTRICAL: CRISIL Hikes Rating on INR6cr Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sudarshan
Electrical Engg. Works (SEEW) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         14        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Proposed Fund-          6        CRISIL B-/Stable (Upgraded
   Based Bank Limits                from 'CRISIL D')

The upgrade reflects track record of more than a quarter of no
overdrawal in cash credit and no invocation of bank guarantee.

The ratings also factor in modest scale of operation, geographical
concentration and working capital intensity in operations. These
rating weaknesses are partially offset by the proprietor's
extensive experience in the electrical contracting business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and geographic concentration in operations:  Modest
scale, reflected in net sales of INR15.80 crore in fiscal 2019,
restricts bargaining power with customers and suppliers in the
intensely competitive electrical contracting business. Geographical
concentration risk also persists, with operations focused largely
in Maharashtra.

* Large working capital requirement:  Operations continue to be
working capital intensive, with gross current assets of 400 days as
on March 31, 2019, and receivables of 331 days.

Strength

* Proprietor's extensive experience:  Benefits from the proprietor,
Mr Ram S Patil's experience of over three decades in electrical
contracting, and healthy relationships with suppliers and
customers, should continue to support the business.

Liquidity Stretched

Liquidity is marked by modest accrual of INR30-40 lakhs for fiscal
2020 and fiscal 2021. The firm has repaid its term loans of INR1.12
crore in fiscal 2020. Further, the firm has no repayment obligation
or capex plan over the medium term. The firm has also closed its
fund based facilities in fiscal 2020. Liquidity is supported by
unsecured loans of INR1.37 crore as on March 31, 2019. Capital
withdrawal of INR14.75 lakhs was done in fiscal 2019. Moderate
capital withdrawal is expected over the medium term as well.
Current account balance of INR10.67 lakhs as on January 2020 and
funding support from partners is expected to support liquidity
during the lockdown period.

Outlook: Stable

CRISIL believes SEEW will continue to benefit over the medium term
from the extensive experience of its proprietor.

Rating Sensitivity factors

Upward factors

* Sustained growth in revenues and stable operating margins leading
to cash accruals of over INR1 crore

* Significant improvement in working capital cycle

Downward factors

* Stretch in GCA days above 400 days

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

Started in 1988, by Mr Patil, SEEW is a proprietorship firm. SEEW
undertakes tenders for laying electrical cable and electrification,
instrumentation projects, and electrical contracting job. The firm
mainly caters to Maharashtra State Electricity Distribution Co. Ltd
(MSEDCL).


SUPER FLOORINGS: CRISIL Migrates 'B+' Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Super
Floorings Private Limited (SFPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft              5         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     6.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SFPL for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SFPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 1988, SFPL is promoted by Mr Ish Anand. The company
manufactures PVC and ethyl vinyl acetate sheets, and PVC automotive
products.




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

BREADTALK GROUP: Offeror Applies to Delist Stock at SGX
-------------------------------------------------------
Rachel Chia at The Business Times reports that Breadtalk's offeror
will be applying to the Singapore Exchange to delist the food and
beverage player.

This comes as the offer closed on April 20 with the offeror's
concert parties having owned, controlled or agreed to acquire 98.03
per cent of BreadTalk shares.

BreadTalk requested a trading suspension on Tuesday morning. The
mainboard-listed company lost its free float on April 4.

Offeror BTG Holding will compulsorily acquire the remaining shares
at the same offer price of S$0.77 apiece.

According to the report, BreadTalk founder and chairman George Quek
made the offer to buy back all of the issued ordinary shares
through BTG Holding, which he owns with his wife Katherine Lee and
Minor International, a hospitality and leisure company listed in
Thailand. Minor International owns 99.7 per cent of The Minor Food
Group, which in turn wholly owns Primacy Investments, a substantial
shareholder of BreadTalk.

Parties acting in concert with BTG Holding held a 70.58 per cent
stake before the offer, the report notes.

BT relates that BreadTalk on April 16 said BTG Holding had amassed
acceptances representing about 97.77 per cent of the total number
of shares in the company.

The offer was unveiled earlier in February after the group
announced it had sunk into the red for 2019, recalls BT. It also
said it was in technical breach of financial covenants for its
S$100 million notes due in 2023.

In its filing, BreadTalk said the offer was an attractive
opportunity for shareholders to exit their investment in the shares
at a premium, BT relays.

BTG Holding said privatising BreadTalk would give the company more
operational flexibility and savings on listing costs, since there
was no need for it to tap on capital markets, adds BT.

As reported in the Troubled Company Reporter-Asia Pacific on March
20, 2020, The Business Times said Breadtalk Group has launched a
consent solicitation exercise (CSE) to get noteholders'
approval to waive a technical default for SGD100 million 4 per cent
fixed-rate notes due 2023, the company said on March 18. The food
and beverage player is seeking to waive breaches of the
consolidated tangible net worth covenant and the consolidated total
borrowings to consolidated tangible net worth covenant.
Additionally, the exercise seeks to lower the thresholds of the
covenants - consolidated tangible net worth will not be less than
SGD50 million while the consolidated total borrowings to
consolidated tangible net worth will not exceed a 3.5:1 ratio from
the quarter ending June 30, 2021.

Headquartered in Singapore, BreadTalk Group Limited, an investment
holding company, engages in bakery, food court, restaurant, and
food and beverage businesses in Singapore, Mainland China, Hong
Kong, Taiwan, Southeast Asia, and internationally. The company
manufactures and retails various food, bakery, and confectionary
products, as well as engages in franchising activities. It also
manages and operates food courts, food and drinks outlets, eating
houses, and restaurants. In addition, the company bakes,
manufactures, and deals in bread, flour, and biscuits; acquires and
holds intellectual property rights; processes, distributes, and
sells premium coffee beans and tea dust; and distributes related
processing equipment. Further, it is involved in the wholesale of
confectionery and bakery products; and food and beverage management
activities. The company operates approximately 1,000 outlets in 16
countries under the BreadTalk, Toast Box, Bread Society, Food
Republic, Thye Moh Chan, The Icing Room, So Ramen, Song Fa Bak Kut
The, Din Tai Fung, Wu Pao Chun Bakery, Nayuki, and TaiGai brands.


HIN LEONG: Singapore Police Launch Probe After US$800MM Losses
--------------------------------------------------------------
Bloomberg News reports that the troubles facing Singaporean oil
trading firm Hin Leong deepened as the city-state's police have
started investigating the company.

Bloomberg relates that the probe, which the Singapore Police Force
confirmed by email, is the latest twist in the downfall of the
company, which owes $3.85 billion to more than 20 banks and
revealed in court filings that it hid about $800 million in losses.


Bloomberg says the implosion of Hin Leong Trading (Pte) Ltd., one
of the biggest and most secretive players in the world of physical
oil trading, is among the most spectacular impacts wrought by this
year's collapse in oil prices, which squeezed the firm's revenues
and triggered banks to call in debts.

It's also the latest disaster to hit the commodity trading
community in Singapore, among the biggest globally alongside
Geneva, London and Houston, the report states. The city-state in
recent years has seen the collapse of two other big names in the
industry, Noble Group Ltd. and Agritrade International Pte, and a
rogue oil trader racking up millions of dollars in losses.

Hin Leong, founded in 1963 by Lim Oon Kuin, is seeking Singapore
court protection from its lenders, Bloomberg notes. In filings seen
by Bloomberg, it said the company hid about $800 million in losses
incurred from futures trading over the years on the orders of
founder Lim. It also sold some of the millions of barrels of fuel
it had used as collateral to secure loans from its banks, according
to the documents cited by Bloomberg.

Separately, Singapore's Accounting and Corporate Regulatory
Authority said in an email on April 21 that it's "monitoring this
case and will assess if further action is warranted," Bloomberg
reports.  Meanwhile, the Monetary Authority of Singapore, the
nation's financial regulator and central bank, has been in contact
with Hin Leong's bank creditors, according to people familiar with
the matter, who requested anonymity as the matter is confidential,
adds Bloomberg.

                          About Hin Leong

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, according
to the people, who asked not to be identified as the matter is
sensitive, according to Bloomberg News.

But Hin Leong told its creditors this month that total liabilities
reached US$4.05 billion as of early April, while assets were just
US$714 million, leaving a hole of at least US$3.34 billion,
according to screenshots of the presentation to a group of bankers
seen by Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.


HONESTBEE PTE: Creditor Applies to Wind Up Company
--------------------------------------------------
The Business Times reports that a creditor of honestbee, Benjamin
Lim Jia-Rong, has filed a court application to wind up the
distressed startup, according to a notice filed on the Government
Gazette.

The application was heard by the High Court on April 17.

BT understands that honestbee owes Mr Lim US$3.8 million, which he
had previously extended to the startup via an unsecured loan. This
makes him junior to honestbee's sole secured creditor, Formation
Group, which has all-monies charges for US$4 million in debt.

In addition, honestbee's current and former employees who are still
owed salaries and CPF contributions will likely be paid ahead of
creditors in a liquidation scenario, BT says. The startup's total
debt pile stands at about US$230 million.

In August last year, Mr. Lim filed a lawsuit against former
honestbee chief executive Joel Sng seeking to recover the sum, but
BT understands that the matter has since been resolved.
Subsequently, Mr. Lim filed affidavits opposing honestbee's
restructuring bid.

According to a BT report on March 26, honestbee lost court
protection from creditors after the court dismissed its bid to
convene a scheme meeting to restructure its debt.

Under honestbee's proposed scheme of arrangement, FLK - an entity
controlled by Formation's managing partner Brian Koo - was to have
injected US$7 million into the company. The cash was to have been
used to repay creditors owed above S$500 each with three cents on
the dollar in cash. honestbee was to have repaid the remainder of
its debt via equity issuance, BT relays.

BT relates that FLK and Formation later told honestbee that they
were reconsidering their continued support for the company due to
"the worsening Covid-19 pandemic across the world and the resulting
uncertainties".

                         About honestbee

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

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

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




=================
S R I   L A N K A
=================

SRI LANKA: Moody's Puts B2 Ratings on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed the Government of Sri Lanka's
long-term foreign currency issuer and senior unsecured B2 ratings
under review for downgrade.

The decision to place Sri Lanka's ratings on review for downgrade
is prompted by Moody's assessment that the acute tightening in
global financing conditions, fall in export revenue, and sharp
slowdown in GDP growth as a result of the global coronavirus
outbreak exacerbate Sri Lanka's existing government liquidity and
external vulnerability risks, raising risks of heightened financing
stress and macroeconomic instability. Moreover, the economic and
financial shock will further dim medium-term prospects for reforms
that would meaningfully strengthen Sri Lanka's fiscal and external
position.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, and falling asset prices are
creating a severe and extensive credit shock across many sectors,
regions and markets. The combined credit effects of these
developments are unprecedented. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

For Sri Lanka, the current shock transmits mainly through capital
outflows, a marked local currency depreciation, wider risk premia
and a sharp drop in GDP growth that raise the sovereign's debt
burden, liquidity pressures and cost of external debt servicing.
This shock occurs at a time when Sri Lanka's credit profile is
highly vulnerable given low reserve coverage of large forthcoming
external debt payments and very weak debt affordability. At the
same time, Sri Lanka's relatively robust institutions and
governance strength compared to similarly rated peers and a
sizeable banking sector may support the government's access to
funding at manageable costs.

The review period, which may extend beyond the usual three-month
horizon, will allow Moody's to assess the capacity of the
government to secure financing at manageable costs and in a way
that does not further weaken the country's external position and
threaten macroeconomic stability. The review will also assess the
likelihood of the government being able to stabilize its debt
burden and restore better debt affordability once the most acute
phase of the shock has passed.

Concurrently, Sri Lanka's local currency bond and deposit ceilings
remain unchanged at Ba2. The Ba3 country ceiling for foreign
currency bond and B3 ceiling for foreign currency bank deposits
also remain unchanged. These ceilings act as a cap on the ratings
that can be assigned to the obligations of other entities domiciled
in the country.

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

RATIONALE FOR INITIATING A REVIEW FOR DOWNGRADE ON SRI LANKA'S B2
RATINGS

ACUTE TIGHTENING IN GLOBAL FINANCING CONDITIONS, ECONOMIC SHOCK,
HEIGHTEN SRI LANKA'S LIQUIDITY AND EXTERNAL VULNERABILITY

Like other emerging and frontier market sovereigns, Sri Lanka faces
a severe tightening in financing conditions and fall in revenue,
including export revenue, from a sharp economic slowdown. Compared
to most other sovereigns, this shock occurs at a time when Sri
Lanka's credit profile is highly vulnerable given low reserve
coverage of large forthcoming external debt payments, and very weak
debt affordability. Prior to the coronavirus outbreak, the
government's fiscal position had already begun to weaken,
amplifying long-standing debt affordability, liquidity and external
credit weaknesses.

Tightening external financial conditions have resulted from large
capital outflows and increased pressure on the exchange rate. The
Sri Lankan rupee has depreciated approximately 6% against the US
dollar since the beginning of March, while spreads on Sri Lankan
international sovereign bonds over US Treasuries have widened
sharply in recent weeks to around 1600 basis points, indicating
significantly impaired market access. These conditions are raising
Sri Lanka's cost of servicing external debt, weigh on foreign
exchange reserves and jeopardize macroeconomic stability.

Meanwhile, the ongoing global shock will significantly curtail
demand for Sri Lanka's textile and garment exports in major markets
including the US and Europe, in addition to a domestic lockdown
curbing domestic demand, which will only be partially buffered by
income support from policy measures. Moody's expects Sri Lanka's
economy to grow just 1.5% in 2020, with risks skewed to the
downside. Weaker foreign exchange inflows from exports, tourism
activity and overseas remittances will further weaken Sri Lanka's
already fragile external position, despite some relief from a lower
imports bill.

The government's external debt service payments amount to
approximately $4 billion between 2020 and 2025[1], in addition to
financing part of the wider budget deficit externally.
International sovereign bonds account for a sizeable portion of
maturing government debt over this period, including upcoming
payments of $1 billion each in October 2020 and July 2021. In the
current market conditions, refinancing these maturities on
international markets would come at considerable costs.

Moody's expects that Sri Lanka will reorient some of its external
funding to international and bilateral creditors. At this stage,
financing from official sources to cover Sri Lanka's need beyond
the immediate term has not been fully secured yet. Sri Lanka may
obtain some liquidity relief for instance from participation in the
initiative just outlined by the G20 or similar global efforts.
However, missed or delayed payments of contractually obligated
interest or principal owed to private sector creditors constitute a
default under Moody's definition.

The government may also rely more on domestic financing but
refinancing external debt domestically would dent reserves further,
potentially putting more pressure on the exchange rate. Moreover,
domestic debt generally comes at higher costs and shorter
maturities than external debt.

Overall, a higher cost of debt, lower revenue and higher
expenditure to support the economy will widen the budget deficit,
to over 8% of GDP in 2020-21 according to Moody's projections.
Combined with slower nominal GDP growth and a weaker exchange rate,
the government's debt burden will rise to close to 100% of GDP.
Debt affordability, already one of the weakest amongst the
sovereigns that Moody's rates, will worsen further with interest
payments comprising more than 50% of government revenue in
2020-21.

PROSPECTS FOR REFORMS THAT WOULD ADDRESS LONG-STANDING
VULNERABILITIES PUSHED FURTHER

Moody's expects the current environment to challenge Sri Lanka's
institutions in managing the country's twin deficits, which will
constrain the authorities' ability to deliver a credible and
effective policy response, further dimming medium-term prospects
for reforms that would meaningfully strengthen Sri Lanka's fiscal
and external position.

Fiscal policy is unlikely to mitigate the effects of the ongoing
shock for some time, given constrained fiscal policy space. Moody's
expects Sri Lanka's narrow revenue base, with revenue of 12.6% of
GDP as of 2019[2], will deteriorate further amid weaker economic
growth and large-scale tax relief measures enacted last year.
Expenditure pressure from public sector wage hikes and higher debt
servicing costs will continue to limit flexibility, probably beyond
the most acute phase of the economic and financial shock.

The current shock will also challenge monetary policy
effectiveness. The central bank has undertaken substantial
liquidity injections over the past month to ease domestic credit
conditions. Nonetheless, given Sri Lanka's worsening external
position, risks are skewed towards more pronounced pressure on the
rupee. Further currency depreciation may result in higher
inflation, given the pass-through to prices for Sri Lanka's
import-reliant economy. Moody's expects this challenging trade-off
between anchoring inflation expectations and supporting growth and
a potential rise in borrowing costs to constrain monetary policy
effectiveness.

Longer term, Moody's expects the ongoing shock to at least delay
economic, fiscal and monetary reforms. Even after the parliamentary
elections which have been postponed from April 25 to an
undetermined date, policy scope for reforms that would address
hurdles to economic competitiveness, very weak public finances and
a strengthened monetary regime is likely to be very limited for
some time

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental considerations are material to Sri Lanka's credit
profile. Variations in the seasonal monsoon can have marked effects
on real GDP growth and rural household incomes. Although the
agriculture sector comprises only around 7% of the total economy,
it employs around 25% of Sri Lanka's total labor force. Moreover,
the natural disasters - including drought, flash foods, and
tropical cyclones -- that Sri Lanka is exposed to contribute to
supply-side inflationary pressures on major food items part of the
consumer price basked, as well as higher import needs, both for
food stocks and oil imports.

Social considerations are material to Sri Lanka's credit profile.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. While Sri Lankan authorities have initiated a domestic
lockdown to prevent potential community transmission of the virus,
this will come at cost to domestic economic activity. Moreover, the
acute financing risks explained above are triggered by heightened
uncertainty about the impact of the global coronavirus outbreak. In
general, social considerations relevant to Sri Lanka's credit
profiles include relatively good access to basic education and
environmental quality, set against weaknesses in provision of some
other basic services. As Sri Lanka's population continues to grow,
the government will face ongoing fiscal pressures to deliver
high-quality social services and infrastructure.

Governance considerations are material to Sri Lanka's credit
profile and are captured in its assessment of institutions and
governance strength. These considerations primarily relate to the
slow pace of reform implementation, as well as political risks,
which impair the effectiveness of fiscal and economic
policymaking.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

Moody's would likely downgrade Sri Lanka's rating should it become
increasingly likely that financing of the government's debt will
come at significant financial costs and/or weaken reserves adequacy
further. Should the probability increase that Sri Lanka's
government debt will continue to rise markedly beyond Moody's
baseline projections, with a related further deterioration in debt
affordability, this would also likely result in a downgrade of the
rating. A significant probability of missed or delayed payments of
contractually obligated interest or principal owed to private
sector creditors, potentially as part of a broad initiative, would
also likely be negative for the rating.

FACTORS THAT COULD LEAD TO CONFIRMATION OF THE RATING AT THE
CURRENT LEVEL

Moody's would likely confirm the rating if Sri Lanka's financing
risks diminished materially and durably. This could stem from a
credible and secure financing strategy that maintained a manageable
cost of debt and prevented a further decline in foreign exchange
reserves adequacy. Additionally, implementation of fiscal measures
that pointed to a material narrowing of deficits in the next few
years and contributed to lower the government's medium-term
borrowing needs would be positive for Sri Lanka's rating.

GDP per capita (PPP basis, US$): 13,443 (2018 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 3.2% (2018 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.4% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -5.3% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -3.2% (2018 Actual) (also known as
External Balance)

External debt/GDP: 59.2% (2018 Actual)

Economic resiliency: ba1

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

On 14 April 2020, a rating committee was called to discuss the
rating of the Sri Lanka, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutions and governance strength, have not materially
changed. The issuer's governance and/or management, have not
materially changed. The issuer's fiscal or financial strength,
including its debt profile, has not materially changed. The
systemic risk in which the issuer operates has not materially
changed. The issuer has become increasingly susceptible to event
risks.

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



                           *********


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

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

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

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