/raid1/www/Hosts/bankrupt/TCRAP_Public/191113.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, November 13, 2019, Vol. 22, No. 227

                           Headlines



A U S T R A L I A

BELATORO PTY: First Creditors' Meeting Set for Nov. 22
CONCEPT PROJECTS: First Creditors' Meeting Set for Nov. 20
GALEA QUEENSLAND: First Creditors' Meeting Set for Nov. 21
MCINNES HOLDINGS: First Creditors' Meeting Set for Nov. 20
MOBILE STAGE: First Creditors' Meeting Set for Nov. 19

MYOB INVEST: Moody's Assigns B2 CFR, Outlook Stable
SHUBBS METAL: First Creditors' Meeting Set for Nov. 19
SOUTHERN MORTGAGES: ASIC Cancels AFS License
ZELVY PTY: First Creditors' Meeting Set for Nov. 21
[*] AUSTRALIA: Almost 200 Aged-Care Homes at Risk of Insolvency

[*] AUSTRALIA: Company Collapses at Historical Highs in October


C H I N A

CHINA ALUMINUM: S&P Rates New US$ Sr. Perpetual Securities 'BB'
CHINA AOYUAN: Fitch Affirms BB- LT IDR, Outlook Positive
CHINA GRAND: Fitch Affirms BB- LT IDR, Alters Outlook to Negative
CHINA MINSHENG: Hunts for Cash With $2 Billion Due Next Year
CHINA: Contractors Hit as Local Government Defaults Rise

CIFI HOLDINGS: Fitch Rates $400MM Sr. Notes Final 'BB'
HENAN ZHONGYUAN: Fitch Rates Proposed USD Sr. Unsec. Notes BB+(EXP)
HENAN ZHONGYUAN: Moody's Rates USD-Denom. Bonds Ba2
YANGZHOU SLENDER: Moody's Withdraws Ba2 CFR for Business Reasons
[*] CHINA: Troubled Banks Get a Lifeline from Local Governments



H O N G   K O N G

ROAD KING: Moody's Rates Proposed USD Sr. Perpetual Securities Ba3


I N D I A

ANAHITA HOSPITALITY: CRISIL Moves 'B' Rating to Not Cooperating
ANNUR APA: CRISIL Migrates 'D' Rating to Not Cooperating
APL METALS: CRISIL Migrates 'B' Rating to Not Cooperating
AVIVA LIFE: NCLT Orders Insolvency Proceedings vs. Firm
BALAJEE HITEC: CRISIL Migrates 'B' Rating to Not Cooperating

C. R. JEWELLERY: CRISIL Migrates 'B' Rating to Not Cooperating
CHAMPION OM: CRISIL Migrates 'B+' Rating to Not Cooperating
CKOMPAX METATECH: CRISIL Migrates 'D' Rating to Not Cooperating
G.A.V. AGRO: CRISIL Migrates 'D' Rating to Not Cooperating
GATIMAN AUTO: CRISIL Migrates B+ Rating from Not Cooperating

GOEL SOLVENTS: CRISIL Migrates 'B+' Rating to Not Cooperating
GRACE MICRON: CRISIL Migrates 'D' Rating to Not Cooperating
GREEN POWER: CRISIL Migrates 'D' Rating to Not Cooperating
GULF ORIENT: CRISIL Lowers Rating on INR12cr Loans to 'D'
GVT INFRA: CRISIL Migrates 'B' Rating to Not Cooperating

HANSINI DEVELOPERS: CRISIL Migrates B+ Rating to Not Cooperating
HANUMANT CONSTRUCTION: CRISIL Cuts Rating on INR14cr Loan to D
HILLCREST FOODS: CRISIL Migrates 'D' Rating to Not Cooperating
KALANJIAM DEVELOPMENT: Ind-Ra Cuts INR450MM Loan Rating to 'B+'
MANGALORE MINERALS: Ind-Ra Migrates B+ Rating to Non-Cooperating

MEENAKSHI ENERGY: Ind-Ra Affirms 'D' Bank Loan Rating
MICRO LOGISTICS: CRISIL Lowers Rating on INR10cr Loans to 'D'
MOONHOUSE PROJECTS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
MSV LABORATORIES: CRISIL Migrates D Rating to Not Cooperating
NARMADA CEREAL: CRISIL Migrates 'D' Rating to Not Cooperating

NATIONAL INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
OM ESHA: CRISIL Migrates 'D' Rating to Not Cooperating
OPUS DEI: CRISIL Lowers Rating on INR10cr Loans to 'D'
P. PERICHI GOUNDER: Ind-Ra Assigns 'D' Bank Loan Rating
PARAMPUJYA SOLAR: S&P Assigns BB+ Rating to Restricted Group's Bond

POWER MAX: CRISIL Migrates 'D' Rating to Not Cooperating
QUADSEL SYSTEMS: CRISIL Migrates 'D' Rating to Not Cooperating
R. KANTILAL: CRISIL Migrates 'D' Rating to Not Cooperating
ROYAL LATEX: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
S. J. LOGISTICS: CRISIL Lowers Rating on INR18cr Loan to 'D'

SAINTLIFE PHARMA: CRISIL Moves 'B' Rating to Not Cooperating
SURYA PRAKAAS: CRISIL Hikes Rating on INR4.25cr Loan to 'B'
SWATHY CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR5.0cr Loan
TRIMURTI FABRICATORS: Ind-Ra Affirms BB+ LT Rating, Outlook Stable


I N D O N E S I A

KAWASAN INDUSTRI: S&P Affirms 'B' LT ICR, Outlook Negative


S I N G A P O R E

KRISENERGY LTD: Q3 Loss Widens to US$16.7MM on Lower Oil Prices

                           - - - - -


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

BELATORO PTY: First Creditors' Meeting Set for Nov. 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of Belatoro Pty
Ltd, trading as ProPest Pest Management, will be held on Nov. 22,
2019, at 10:30 a.m. at the offices of Worrells Solvency & Forensic
Accountants, Suite 5A, Level 5, at 34 East Street, in Rockhampton
City, Queensland.

Morgan Gerard James Lane of Worrells Solvency was appointed as
administrator of Belatoro Pty on Nov. 12, 2019.


CONCEPT PROJECTS: First Creditors' Meeting Set for Nov. 20
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Concept
Projects Australia Pty Ltd will be held on Nov. 20, 2019, at 11:00
a.m. at PARKROYAL Parramatta, Elizabeth Room, Ground Level, at 30
Phillip Street, in Parramatta, NSW.

Graeme Robert Beattie of Worrells was appointed as administrator of
Concept Projects on Nov. 8, 2019.


GALEA QUEENSLAND: First Creditors' Meeting Set for Nov. 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Galea
Queensland Pty Ltd, trading as Ultra Tune Maryborough, will be held
on Nov. 21, 2019, at 11:30 a.m. at Carriers Arms, at 405 Alice
Street, in Maryborough.

Darryl Kirk of Cor Cordis was appointed as administrator of Galea
Queensland on Nov. 11, 2019.


MCINNES HOLDINGS: First Creditors' Meeting Set for Nov. 20
----------------------------------------------------------
A first meeting of the creditors in the proceedings of McInnes
Holdings (WA) Pty Ltd, trading as The Butcher and His Knife, will
be held on Nov. 20, 2019, at 11:00 a.m. at the offices of HLB Mann
Judd Insolvency WA, Level 3, at 35 Outram Street, in West Perth,
WA.

Kimberley Stuart Wallman of HLB Mann Judd Insolvency was appointed
as administrator of McInnes Holdings on Nov. 8, 2019.

MOBILE STAGE: First Creditors' Meeting Set for Nov. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Mobile Stage
Truck Australia Pty Ltd will be held on Nov. 19, 2019, at 11:00
a.m. at the offices of O'Brien Palmer, Level 9, at 66 Clarence
Street, in Sydney, NSW.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Mobile Stage on Nov. 11, 2019.


MYOB INVEST: Moody's Assigns B2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service assigned a definitive B2 corporate family
rating to MYOB Invest Co Pty Ltd. At the same time, Moody's has
assigned a definitive B2 senior secured rating to MYOB's AUD918
million equivalent first lien senior secured term loan B facility
and AUD75 million delayed first lien senior secured term loan B
facility. The outlook is stable.

Moody's definitive ratings are in line with the provisional ratings
assigned on February 27, 2019. The assignment of definitive ratings
follows Moody's review of MYOB's final debt documentation and
successful acquisition of the company by KKR.

RATINGS RATIONALE

MYOB's ratings continue to benefit from (1) its leading position in
the provision of accounting software to the small and medium
businesses segment in Australia and New Zealand; (2) a continued
migration towards cloud accounting software, which enhances
recurring revenues as well as customer retention; and (3) good
operating cash flow generation and solid EBITDA margins.

MYOB's credit profile is constrained by (1) its high adjusted
financial leverage; (2) capital expenditure requirements for
product development to facilitate the migration of users to its
cloud platform; and (3) some execution risk involved in the
migration of users to the cloud platform.

MYOB's ownership structure presents some governance risk, to the
extent that private equity firms tend to prioritise more aggressive
growth plans and strategies, including a tolerance for higher
leverage. In addition, the rating also takes into account social
risk from potential data privacy breaches and cyber risk.

Rating Outlook

The stable outlook reflects Moody's expectation that MYOB will
maintain its strong market leading position as an accounting and
management software provider for SMEs and accounting practices in
Australia. As a result, Moody's expects the company will continue
to grow its revenue and earnings by migrating its existing customer
base to its cloud-based platform, while winning a solid share of
new customers, maintaining its high customer retention rate and
increasing its average revenue per user.

At the same time, the stable outlook also reflects Moody's
expectation that MYOB will apply free cash flow to reduce its debt
and that its financial sponsor, KKR, will not pursue aggressive
debt-funded acquisitions or capital distributions that result in
delays to its de-leveraging.

The outlook could change to negative if the company fails to
achieve its migration targets, resulting in MYOB's de-leveraging
trajectory being significantly delayed.

WHAT COULD CHANGE THE RATING

In view of MYOB's current high financial leverage and the time
required to migrate its customers to the cloud-based platform,
upward pressure on the rating is unlikely over the next 12-24
months.

However, positive rating pressure could emerge on the rating should
MYOB's migration to the cloud accelerates beyond its expectations,
so that its financial leverage is sustained below 5.0x and FCF/debt
is above 5%.

Downward rating pressure could emerge if (1) MYOB fails to
gradually de-lever to below 7.0x within the next 24 months; (2)
FCF/debt remains below 3% over the same period; (3) there are
significant delays in migrating its users to the cloud; (4) the
company's financial sponsor pursues aggressive debt-funded
acquisitions and/or capital distributions.

BACKGROUNDw

MYOB Invest Co Pty Ltd (MYOB) is an Australian accounting software
company that operates in three main segments, namely (1) SMEs, (2)
accounting practices, and (3) enterprise and payments.

The principal methodology used in these ratings was Software
Industry published in August 2018.

SHUBBS METAL: First Creditors' Meeting Set for Nov. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Shubbs Metal
Pty Ltd will be held on Nov. 19, 2019, at 11:00 a.m. at the offices
of Cor Cordis, Level 29, at 360 Collins Street, in Melbourne,
Victoria.

Barry Wight and Sam Kaso of Cor Cordis were appointed as
administrators of Shubbs Metal on Nov. 7, 2019.

SOUTHERN MORTGAGES: ASIC Cancels AFS License
--------------------------------------------
The Australian Securities and Investments Commission has cancelled
the Australian financial services (AFS) licence of
Warrnambool-based responsible entity, Southern Mortgages Ltd (SML),
for failure to comply with financial services laws.

The licence cancellation was effective from Sept. 24, 2019.

SML's sole managed investment scheme, Southern Mortgage Fund ARSN
090 928 448 (the Scheme), commenced winding up in August 2014. As
at the date of the licence cancellation, the Scheme is still being
wound up.  

SML had not complied with a number of important financial services
laws over a significant period of time. It did not maintain
sufficient financial resources. It failed to lodge its financial
statements and audit reports for consecutive years since June 30,
2015.

SML had not complied with its obligation to hold membership of a
dispute resolution system.

'A responsible entity must carry out their duties with reasonable
care and diligence. This includes actively monitoring each scheme
and, where necessary, winding up a scheme that is no longer viable
in a timely manner.

'ASIC took action to cancel the licence of SML because we formed
the view it was not completing the wind up of the Scheme in a
timely manner, nor continuing to comply with their core duties as a
licensee,' said ASIC Commissioner Danielle Press.

Under the terms of the licence cancellation, SML can continue
limited operations until March 24, 2020 to facilitate the winding
up of the Scheme.

SML held AFS licence number 238987 since January 31, 2004.

Under the Corporations Act, ASIC has the power to suspend or cancel
an AFS licence if a licensee does not comply with the law, and/or
if ASIC has reason to believe a licensee is likely to contravene
its legal obligations.

SML has the right to seek a review of ASIC's decision from the
Administrative Appeals Tribunal.

ZELVY PTY: First Creditors' Meeting Set for Nov. 21
---------------------------------------------------
A first meeting of the creditors in the proceedings of Zelvy Pty
Ltd will be held on Nov. 21, 2019, at 10:30 a.m. at the offices of
Worrells Solvency & Forensic Accountants, at 195 Hume Street, in
Toowoomba, Queensland.  

Adam Francis Ward of Worrells Solvency & Forensic Accountants was
appointed as administrator of Zelvy Pty on Nov. 11, 2019.

[*] AUSTRALIA: Almost 200 Aged-Care Homes at Risk of Insolvency
---------------------------------------------------------------
Stephen Lunn at The Australian reports that almost 200 nursing
homes with about 50,000 residents across Australia are operating at
an unacceptably high risk of insolvency, analysis by a leading
aged-care advocacy group reveals, bolstering its case for a AUD1.3
billion pre-Christmas cash injection by the government.

According to The Australian, Leading Age Services Australia said an
accounting study of all residential aged-care centres shows the
assets of 197 providers would fall short of enabling them to pay
their current liabilities, excluding refundable accommodation
deposits.

The Australian relates that LASA chief executive Sean Rooney said
the scale of the risk was "alarming for residents, their families,
staff, providers and the government".

"These new figures reveal the dire situation facing many services,
and LASA is calling for a AUD1.3 billion government injection," Mr.
Rooney said, notes the report.

He said the "costs to deliver high-quality care continues to grow,
while the subsidy from government has stagnated," The Australian
relays.

"Salaries have gone up, with minimum wage increases of ­between 3
and 3.5 per cent for a number of years, but the government subsidy
increase for the last three years has either been zero or less than
2 per cent," the report quotes Mr. Rooney as saying.

The Australian says the aged-care royal commission's interim report
released late last month recommended as one of three priorities an
immediate injection of more government funds into in-home care
services. LASA argues the AUD1.3 billion that residential aged care
requires should come on top of that funding, the report states.

Mr. Rooney said the needs of those living in residential aged care
were getting progressively higher as people entered nursing homes
later in life, and with higher levels of need. "If there is no
action from government on this, there is the risk of missed care
and the threat of service failure and closure," he said, noting
three residential care facilities in NSW and Victoria had recently
closed, The Australian relays.

According to The Australian, a recent aged-care financial
performance survey by chartered accountants StewartBrown revealed
over half of residential providers operated at a loss in the
2018-19 financial year, climbing to over two-thirds in regional
areas.

The Australian says the analysis came as a federal inquiry by
former ACT chief minister Kate Carnell into the closure of the
Earle Haven nursing home on the Gold Coast provided its final
report to government, concluding that a dispute over AUD3.9 million
had led to 69 residents being forced to leave in a mass evacuation
in July, and have not been able to return since. Eight of the 69
residents were sent to hospital after the evacuation. Three have
since died, one after a fall during the evacuation.

"The inquiry's view is that senior management of both companies
allowed personal animosity and financial considerations to override
their responsibility for the people in their care," the report
said, adding that the regulator had failed to engage critically
with information received or follow through with necessary action,
relays The Australian.

The Australian adds that the report made 23 recommendations to
improve federal oversight, including subcontracting and commercial
arrangements, all of which have been supported by the federal
government.

Aged Care Minister Richard Colbeck said the recommendations for
greater regulatory oversight were already being acted on,
particularly the move to give more regulatory power to the Aged
Care Quality and Safety Commission, The Australian relates.

And it had already delivered on the major recommendation regarding
the obligation to report changes in key personnel, he said.

[*] AUSTRALIA: Company Collapses at Historical Highs in October
---------------------------------------------------------------
Lucy Battersby at The Sydney Morning Herald reports that insolvency
firm Rogers Reidy has analysed levels of insolvency in October.
They found a total of 899 formal appointments across the country in
October 2019, the majority of which were in New South Wales (407 or
45 per cent), Victoria (228 or 25 per cent) and Queensland (140 or
16 per cent), SHM discloses.

SMH relates that Rogers Reidy also noted that winding up
applications and court liquidations were at their second highest
over the past 16 months, which means business owners are being
forced into liquidation by someone they owe money to.

And while creditors/member's voluntary liquidations were also at
their third highest (at 553) over the past 16 months, voluntary
administrations were noticeably lower at 96, SMH relays. This
suggests business owners are reluctant to give up and think if they
can just get through the bad patch everything will be alright. But
creditors are much less patient, the report says.



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C H I N A
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CHINA ALUMINUM: S&P Rates New US$ Sr. Perpetual Securities 'BB'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
proposed U.S. dollar senior perpetual capital securities that China
Aluminum International Engineering Corp. Ltd. (Chalieco) will
unconditionally and irrevocably guarantee. Chalieco Hong Kong Corp.
Ltd., a subsidiary of Chalieco, will issue the securities.

The issue rating is subject to our review of the final issuance
documentation. Chalieco intends to use the proceeds for refinancing
its existing US$350 million senior unsecured perpetual securities.

S&P said, "We rate the proposed perpetual securities one notch
below the issuer credit rating on Chalieco (BB+/Negative/--) to
reflect the company's option to defer interest payments on the
securities. We consider the securities to have no equity content.
We will therefore treat 100% of the principal as debt and 100% of
the distributions as interest when calculating our financial
ratios. We believe the issuer has strong incentive to call the
securities on their first call date, given the high 300 basis
points coupon step-up.

"The rating on Chalieco reflects our expectation that the company
will remain a strategically important subsidiary of Aluminum Corp.
of China, a central state-owned entity in China. We believe that
extraordinary government support will flow to Chalieco through the
parent, if the company is in distress.

"The negative outlook reflects our view that Chalieco's leverage is
unlikely to improve meaningfully in the next 12 months. The
company's high capital spending on private-public-partnership (PPP)
projects will increase debt, such that its EBITDA interest coverage
may not recover to above 2x.

"We expect Chalieco's leading position in non-ferrous engineering
and construction (E&C) to support its revenue growth in next few
years, anchored by recovery of demand from growing relocation needs
and overseas new projects. At the same time, increasing
participation in PPP projects, which require large upfront
spending, and more uncertainty on project-financing progress than
the company's traditional E&C business will edge up its debt and
keep its leverage high for next two years."


CHINA AOYUAN: Fitch Affirms BB- LT IDR, Outlook Positive
--------------------------------------------------------
Fitch Ratings affirmed China Aoyuan Group Limited's Long-Term
Foreign-Currency Issuer Default Rating at 'BB-'. The Outlook is
Positive.

Aoyuan's business profile has improved after the property developer
completed a nationwide layout in 2018, as evident in wider
geographic diversification, enlarged scale and better customer
recognition. It has shown financial discipline during the
expansion, with leverage below 40% and healthy profitability.

Fitch will assess whether Aoyuan can sustain sales growth while
maintaining adequate leverage headroom over the next six months
before considering an upgrade, in light of the meaningful
penetration into lower-tier cities, where housing demand is more
uncertain in an industry slowdown, and slower cash collection amid
a tight credit environment.

KEY RATING DRIVERS

Growing Diversification: Aoyuan has expanded into a nationwide
developer with a more diversified land bank layout. It had 230
projects in 75 cities across China at end-1H19. With a solid base
in Guangdong province accounting for 32% of the total land bank of
40 million sq m, Aoyuan has also established a greater presence in
major economic zones, including the Yangtze River Delta and central
and western China, which together represent 41% of total land bank
at end-1H19 (2017: 33%). The expansion enables Aoyuan to sustain
its sales growth, instead of being affected by city-specific
austerity policies.

Larger Sales Scale: Aoyuan's total contracted sales doubled to
CNY91 billion in 2018, recording CAGR of 89% in 2016-2018 -- one of
the fastest growth rates among peers. It maintained the strong
momentum in 2019 and achieved CNY79 billion in 9M19 or 69% of 2019
whole-year sales target. Fitch estimates Aoyuan will reach CNY106
billion sales in 2019 after CNY45 billion saleable resources are
launched in 4Q19, and a sell-through rate of 60%. Aoyuan's scale is
comparable with 'BB' rated peers, such as CIFI Holdings (Group) Co.
Ltd (BB/Stable) and Logan Property Holdings Company Limited
(BB/Stable).

Controlled Leverage: Leverage, as measured as net debt/adjusted
inventory on proportionate consolidation basis, stayed at 33.5% in
2018 and 1H19, given disciplined land acquisition, with cash land
premium accounting for 35%-40% of sales proceeds for the same
periods. This was partially offset by a slower cash collection of
around 75%-78% amid the unfavourable credit and policy environment
for the property segment. The slowdown in cash collection is in
line with the industry trend, although slightly lower than industry
average of 80%, due partly to a faster-than-peer sales growth and
largely back-loaded presale activities. End-period sales were
20%-30% of total sales value in 2018 and 1H19.

Fitch expects Aoyuan to maintain leverage of around 40% in 2019,
after considering a cash collection of 78% for the year and
investment in the non-development property (non-DP) business.
Aoyuan spent CNY3.3 billion to acquire 13.86% of Aeon Life
Insurance Company in July 2019. It will become the single largest
shareholder of Aeon Life when the acquisition is completed. Aoyuan
expects some synergies between its health segment and the insurer.
The deal is pending regulatory approval, with resolution before
January 2020. Fitch estimates the acquisition would push up
Aoyuan's leverage by around 4 percent point in 2019.

Stable profitability: Fitch expects Aoyuan's EBITDA margin, after
adding back capitalised interest in cost of goods sold, to stay
above 25% in the short to medium term. The company had unbooked
revenue of around CNY139 billion with a healthy gross profit margin
of 28% as of end-1H19, ensuring profitability within next two
years. Average land bank costs were low at CNY2,320/sq m at
end-1H19, or 23% of the Fitch-estimated average selling prices, as
the company replenishes land mainly through cost-friendly M&A,
contributing around 70% of the company's newly-acquired land.

Higher Business Risk: Aoyuan is more exposed to industry downside
risk due to the meaningful penetration into lower-tier cities and
higher commercial property exposure than 'BB-' peers. Its
contracted average selling price of around CNY10,500/sq m is lower
than the CNY13,500-17,000/sq m of peers, including CIFI and Logan.
However, 67% of the lower-tier land bank was in southern China and
the Yangtze River Delta at end-1H19. Fitch believes these two
property markets are more resilient than other regions.

Fitch believes Aoyuan's large exposure to commercial-property
sales, which have a lower sell-through rate than residential
products and are more susceptible to economic cycles, leaves the
company more vulnerable to operational risk than peers that sell
only residential projects. Around 20% of Aoyuan's contracted sales
were commercial properties in 2018 and 1H19 under its integrated
project-development strategy. Fitch expects the product mix to
remain stable in the short term, as commercial products accounted
for 16% of total land bank by gross floor area at end-1H19 (2017:
19%).

DERIVATION SUMMARY

Logan is Aoyuan's most comparable peer. Logan's land bank quality
is higher than that of Aoyuan because of a stronger presence and
higher concentration in the Greater Bay Area. It also has a longer
land bank life of five years (Aoyuan: three years), which poses
less pressure on the company's leverage. Aoyuan, however, has a
more balanced layout nationwide. It also shows stronger execution
capability with a faster-churn rate of 1.3x than Logan's 1x.

Both CIFI and Aoyuan have similar scale and are diversified
nationwide. CIFI has better land bank quality than Aoyuan. The
majority of CIFI's land is in tier 1-2 cities and the company is
more focused in the Yangtze River Delta, where the economy is more
robust than rest of China. Aoyuan has faster growth due to the
rapidly growing Greater Bay Area. It operates under a faster churn
model while keeping its leverage at 35%-40%, lower than CIFI's
45%-50%. However, CIFI has quality investment properties, including
offices and shopping malls in tier 1-2 cities, that generate
adequate non-DP EBITDA interest coverage of 0.4x, providing some
support to CIFI's rating.

Aoyuan's contracted sales scale is larger than CNY40 billion-50
billion range (on an attributable basis) for 'BB-' peers, including
Yuzhou Properties Company Limited (BB-/Stable), Times China
Holdings Limited (BB-/Stable) and KWG Group Holdings Limited
(BB-/Stable). Aoyuan's land bank is more geographically diversified
and larger than those three companies, which are more regionally
based and have operations in less than 40 cities (Aoyuan: 75
cities). Aoyuan's leverage is lower than Yuzhou's and Times's 40%
-45%, which have a similar churn rate of more than 1x and
profitability of 25%-30%. Aoyuan's better business and financial
profile is sufficient to support the Positive Outlook.

KEY ASSUMPTIONS

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

  - Attributable sales to exceed CNY80 billion in 2019 and CNY90
billion-110 billion in 2020-2021

  - Land premium accounting for 40%-50% of contracted sales each
year on a cash flow basis during 2019-2021

  - Land bank life maintained at above three years

  - Company to maintain a fast-churn business model

RATING SENSITIVITIES

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

  - Increasing scale and geographic diversification without
compromising financial metrics, including:

  - net debt/adjusted inventory sustained below 40%;

  - contracted sales/gross debt sustained above 1.2x; and

  - EBITDA margin sustained above 25%.

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

  - Failure to reach its Positive guidelines would lead to the
Outlook reverting to Stable

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Aoyuan had CNY47.9 billion in available cash on
hand and CNY63 billion in unused credit facilities at end-June
2019, sufficient to cover short-term debt of CNY34.1 billion. The
company has multiple funding channels, including onshore and
offshore bank loans, and private and public bond issuances.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

CHINA GRAND: Fitch Affirms BB- LT IDR, Alters Outlook to Negative
-----------------------------------------------------------------
Fitch Ratings revised its Outlook on China Grand Automotive
Services Group Co., Ltd.'s Long-Term Foreign-Currency Issuer
Default Rating to Negative, from Stable, and has affirmed the
rating at 'BB-'.

The Negative Outlook reflects potential deterioration in CGA's
liquidity as it aims to redeem outstanding perpetual notes with
internal cash, short-term borrowings or other financing means.
CGA's leverage remains high and there is limited leverage and
coverage headroom.

The rating on the USD83 million of 8.885% senior notes due 2021
issued by China Grand Automotive Services Limited as part of an
exchange offer is affirmed at 'BB-(EXP)'. The final rating is
contingent upon the receipt of final documents conforming to
information already received.

KEY RATING DRIVERS

Exchange Lower than Expected: CGA has completed a voluntary
exchange offer for the USD400 million senior perpetual notes
callable in December 2019 and USD300 million senior notes due
February 2020. Holders of an aggregate principal of USD154 million
of the two notes have accepted and tendered for the exchange. As a
result, CGA has issued USD83 million of 8.885% senior notes due
July 2021 and USD72 million of 8.625% senior notes due April 2022.
The company aims to redeem the remaining outstanding balance via
internal cash, onshore borrowings or other financing means.

Redemption Would Affect Liquidity: Fitch believes CGA's inability
to refinance a substantial part of its near-term debt obligations
with long-term borrowings would hurt its liquidity position. A
failure to redeem the outstanding 8.750% senior perpetual notes
when they become callable in December 2019, despite a steep step-up
in interest, would suggest that CGA's underlying liquidity positon
could be worse than Fitch's expectation.

Operation on Track: CGA's revenue, excluding leasing, increased by
2% to CNY120 billion in 9M19, while EBITDA, excluding leasing, fell
by 2% to CNY6.6 billion; this was strong relative to the market and
in line with Fitch's estimates. Revenue was boosted by new-vehicle
sales, which also outperformed the broader market. China's total
new passenger-vehicle sales volume was down by 12% yoy. Fitch
continues to monitor CGA's deleveraging measures, as detailed by
management, and expect better cash generation in 4Q19.

Tight Leverage and Coverage Headroom: CGA's leverage was higher
than Fitch expected, with FFO adjusted net leverage rising to 5.2x
in 2018. Fitch forecasts leverage to remain high at around 5.0x in
the near term. The prolonged downturn in China's passenger-vehicle
market has hurt CGA's working capital, leading to lower cash
generation than Fitch had estimated. CGA could also face rising
funding costs as some of its lower-cost borrowings mature. Fitch
expects CGA's leverage and coverage headroom to stay tight in the
near term.

DERIVATION SUMMARY

CGA's ratings are supported by its leading market position and
large operating scale, but are constrained by high leverage. Peers
include AutoNation, Inc. (BBB-/Stable), the largest automotive
retailer in the US, with over 360 new-vehicle franchises across 16
states. CGA has a similar operational scale and margin as
AutoNation, but weaker financial metrics and lower free cash-flow
generation.

eHi Car Services Limited (B/Stable), China's second-largest
car-rental company, has a similar leverage ratio, but CGA has a
much larger operating scale, lower capex requirements and a more
stable competitive environment. CGA has a better market position
than Golden Eagle Retail Group Limited (BB/Stable), a Chinese
department-store operator, but a weaker leverage ratio, lower
margin and smaller FCF generation.

KEY ASSUMPTIONS

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

  - Deconsolidation of CGA's finance-service (leasing) entity is
contingent on the assumption that there will be no significant
deterioration in the quality of the company's lease assets against
historical reported figures.

  - No revenue growth in 2019, returning to low-single-digits in
2020-2022

  - Average EBITDA and EBITDAR margin of 5.5% and 6.1%,
respectively, in 2019-2022 (2018: 5.5%, 6.1%)

  - Capex, inclusive of acquisitions, to decline to CNY1.5 billion
in 2019 and return to CNY3.0 billion by 2022 (2018: CNY2.5
billion)

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to a
Stable Outlook

  - Does not breach any of the negative sensitives within the next
12-18 months

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

  - FFO adjusted net leverage (excluding leasing) above 5.0x for a
sustained period

  - FFO fixed-charge cover (excluding leasing) below 2.0x for a
sustained period (2018: 2.2x)

  - Total adjusted net debt/operating EBITDAR (excluding leasing)
above 4.5x for a sustained period (2018: 4.7x)

  - Failure to redeem the 8.750% senior perpetual notes when they
become callable

  - Significant deterioration in liquidity or financial access

LIQUIDITY

Onshore Remittance Needed: CGA has large offshore refinancing needs
over the next four months despite investor participation in the
voluntary exchange offer for the USD400 million senior perpetual
notes callable in December 2019 and USD300 million senior notes due
February 2020. The company plans to call its 8.750% perpetual bond
and repay the 2020 senior notes via onshore internal cash and
borrowings. Its unrestricted cash balance was CNY8.2 billion at
end-September 2019 and it had available and unused banking
facilities of CNY39 billion, according to management.

Seasonal Factors Affect Liquidity: CGA had CNY52 billion of
reported debt at end-3Q19, of which CNY35 billion was due within 12
months. This was partially covered by CNY16 billion in cash, of
which CNY8 billion was unrestricted. However, the company's
liquidity position was affected by high seasonal fluctuation in
working capital requirements. The company is likely to generate
large positive operating cash flow in 4Q19 that will be reinvested
for working capital purposes in subsequent quarters.

FULL LIST OF RATING ACTIONS

China Grand Automotive Services Group Co., Ltd.

  - Foreign-Currency Issuer Default Rating affirmed at 'BB-';
Outlook revised to Negative

  - Senior unsecured rating affirmed at 'BB-'

China Grand Automotive Services Limited

  - USD83 million 8.885% senior unsecured notes due 2021 affirmed
at 'BB-(EXP)'

  - USD175 million 8.625% senior unsecured notes due 2022 affirmed
at 'BB-'

Baoxin Auto Finance I Limited

  - USD328 million senior perpetual notes guaranteed by CGA
affirmed at 'B+' with a Recovery Rating of 'RR4'

  - USD400 million senior perpetual notes guaranteed by CGA
affirmed at 'B+' with a Recovery Rating of 'RR4'

CHINA MINSHENG: Hunts for Cash With $2 Billion Due Next Year
------------------------------------------------------------
Bloomberg News reports that China Minsheng Investment Group Corp.
once sought to be the nation's version of JPMorgan Chase & Co.
Instead, it's the country's biggest dollar bond defaulter this
year, the report says. With $2 billion of debt maturing in 2020,
the company is scrambling to raise cash. It's slashed executive pay
by as much as 83% and is selling assets.

One of the largest private investment companies in China, the group
was set up by 59 non-state companies in 2014 with a mandate to help
Chinese private enterprise expand globally, Bloomberg says. The
company posted CNY24.7 billion ($3.5 billion) in revenue in the
nine months through September 2018, and had 233 billion yuan in
total liabilities at that point, Bloomberg discloses citing a
prospectus filing. It hasn't disclosed financial results since.

Bloomberg notes that after a debt-fueled spending spree of more
than $4 billion over the past five years, the first signs of
trouble appeared in January, when CMIG was late in making payments
on the group's yuan bonds.

Bloomberg relates that the group said in April that cross defaults
were triggered on two of its dollar bonds amid missed payments on
its affiliate's debt. A Chinese bank guarantor paid the defaulted
$300 million note in June, while the company in October unveiled a
plan to repay another $500 million note.

CMIG is now on a mission to free up cash by slashing executive
salaries and offloading assets, including selling stakes in
property management services company Futurelife and a Tianjin-based
unit to service upcoming debt, according to Bloomberg. It expects
to receive a portion of these funds in the first quarter of next
year, it said in an exchange filing.

The company has CNY27.7 billion worth of local and offshore bonds
outstanding, according to Bloomberg calculations. Half of that
comes due in 2020, including the proposed resolution for the $500
million note.

Bloomberg says investors are watching CMIG closely for clues on how
Chinese authorities respond to the company's financing troubles.
While policy makers have been trying to avoid the moral hazard
associated with government-orchestrated bailouts, they face growing
pressure to prop up struggling businesses as the economy slows and
China's trade spat with U.S. President Donald Trump rumbles on.

CMIG has made every effort to promote asset, debt and equity
restructuring, a spokesperson said in an emailed comment, Bloomberg
relays. "We urge the relevant companies to promote debt service
arrangements in accordance with bond maturities, and fully protect
the rights and interests of all parties."

Chinese rating firm Shanghai Brilliance Credit Rating has
maintained CMIG's AAA label since February 2016. It's not rated by
any of the three main offshore companies.

Bloomberg says CMIG has received help from state-owned Great Wall
Asset Management Co. since February to alleviate its cash crunch
following its delayed yuan bond payments. Traders are waiting to
see if the firm makes good on the payment schedule for its $500
million bond. It has proposed paying back a portion of the note in
March and June next year.

Onshore, the company has several notes due this month and in
December, says Bloomberg. Traders will be watching closely to see
if CMIG repays the principal and coupon.

CHINA: Contractors Hit as Local Government Defaults Rise
--------------------------------------------------------
The Financial Times reports that China's local governments face a
record number of lawsuits for failing to pay their contractors as
the country's slowing economy puts a strain on public finances.

The FT says the financial outlook has deteriorated so markedly that
analysts have warned that there is a risk of social unrest.

According to the FT, Chinese courts have listed 831 local
governments as being in default in the first 10 months of this
year, compared with 100 in the whole of 2018. The value of these
local authorities' overdue payments grew by more than 50 per cent
from CNY4.1 billion at the end of last year to CNY6.9 billion ($984
million) at the end of October, the FT discloses.

The FT relates that the totals do not take into account the amount
owed by local government finance vehicles and companies operated by
municipal or provincial officials, more than 1,000 of which have
been listed as defaulters over the past three years.

The large increase in cases provides a glimpse into the worsening
financial position of many Chinese local governments as they
struggle to revive economic growth that fell to a 30-year low of 6
per cent in the third quarter, the report states.

"The surge in government defaulters could lead to a social crisis
with workers taking to the street and protesting against official
agencies. That's the worst-case scenario for Beijing," the report
quotes Chen Zhiwu, head of the Asia Global Institute at the
University of Hong Kong, as saying.

Andrew Gilholm, director of China and Korea analysis at Control
Risks, a consultancy, also sounded a warning, the FT says.

"If more frequent, high-profile defaults impact social stability
and government credibility, it will become a national problem,
albeit one that looks unlikely now," the report quotes Mr. Gilholm
as saying.

According to the FT, local governments are registered as defaulters
after failing to follow court orders to pay. Most of the defaults
have occurred in counties and towns that are known to be operating
under a tighter budget than cities and provinces.

The FT relates that Liu Kun, China's finance minister, said in
March that it would be a "major political task to ease financial
stress" among county and township governments.

The FT says China's lower-tier governments are under financial
stress because their revenue falls far short of their rising public
expenditure obligations in areas such as education and healthcare.
Local governments, for example, spent Rmb3.9tn on education in
2017, up from CNY1.1 trillion a decade ago.

That has forced many cash-strapped governments to pay vendors on
credit, said Wang Dianxue, a Beijing-based lawyer who has
represented contractors on government default cases, the FT
relays.

"When you become a government contractor, you don't expect to get
paid once your work is completed," the FT quotes Mr. Wang as
saying, "you expect an IOU and an uncertain payment date."

The FT notes that China's economic slowdown is putting extra stress
on local governments that have seen fiscal revenue growth in the
first three quarters of this year fall to 3.1 per cent, an 11-year
low.

In the eastern province of Shandong, the Honghe town government has
no firm plans to service a CNY26 million debt it owes to a local
real estate developer despite a court ruling that the payment must
be made by May, the report notes.

"We will pay off the debt when we have more funds available," said
an official from Honghe, the FT relays.

According to the FT, some large cities are also being sued for
failure to pay. A court ruling last month named Nanchang, capital
of the eastern province of Jiangxi, a defaulter after the city
reneged on a payment of CNY161 million.

Making government entities pay their bills is challenging. There is
no official guidance on seizing government assets to settle overdue
payments.

China's political regime prioritises party control over rule of law
and local governments face few consequences if they decide not to
pay, the report states.

"I can't think of a single official being punished for failing to
pay contractors," said Mr Wang, the Beijing lawyer, the FT relays.
"They are above the law."

CIFI HOLDINGS: Fitch Rates $400MM Sr. Notes Final 'BB'
-------------------------------------------------------
Fitch Ratings assigned China-based property developer CIFI Holdings
Co. Ltd.'s (BB/Stable) USD400 million 6.45% offshore senior notes
due 2024 a final rating of 'BB'. The notes are rated at the same
level as CIFI's senior unsecured rating, as they represent its
direct, unconditional, unsecured and unsubordinated obligations.

The assignment of the final rating follows the receipt of final
documentation conforming to information already received. CIFI
intends to use the net proceeds from the note issue for
refinancing. The final rating is in line with the expected rating
assigned on October 28, 2019.

KEY RATING DRIVERS

Higher Leverage, Land Replenishment Pressure: Fitch expects CIFI's
land acquisitions to exceed its 2019 budget, meaning leverage will
stay above 45% in 2019-2020. Leverage rose in 2018 on continued
high cash outflow for land acquisitions to support expansion. CIFI
spent 68% of total cash receipts from sales proceeds and its
non-development property (DP) segment, or CNY46 billion, on land
acquisitions in 2018 (2017: 85%). It had attributable land bank of
23 million square metres (sq m) at end-June 2019 and Fitch estimate
its available-for-sale portion at 20 million sq m, equivalent to
less than three years of sales, given CIFI's aim to increase sales
by 25% in 2019.

Management budgeted around 55% of total cash receipts, or CNY52
billion, for land acquisitions in 2019. However, Fitch thinks that
a company of CIFI's size would usually have land bank enough for
three years of sales to be resilient to business cycles.

Strong Sales: Fitch believes CIFI is on track to meet its target of
CNY190 billion in total sales from CNY350 billion of saleable
resources in 2019. Total 1H19 sales increased by 34%, with the
average selling price rising by 14% to CNY17,382/sq m on higher
contracted average selling prices in third-tier cities. CIFI aims
to increase attributable interest to 55% in 2019 and 60% in 2020 to
raise profit attributable to shareholders.

Geographical Diversification, Regional Advantage: CIFI's resources
are diversified across city tiers and cover most of China's key
cities, giving it greater operational flexibility in managing its
sales pace to achieve sales targets. CIFI has a historical
advantage in the Yangtze River Delta, with more than 40% of its
land bank in the region in 2015-2018. CIFI has reduced its reliance
on the region, which accounted for 48% of total sales in 2018,
compared with above 60% in 2015-2017.

CIFI continues to increase its presence in tier-three cities, which
made up 27% of total sales in 1H19, against 22% in 2018. This saw a
drop in average attributable new land cost to around CNY4,967/sq m
in 7M19. CIFI intends to continue its focus on second- and
third-tier cities for residential projects, as they have looser
policies and larger land supply. The company will also target
commercial projects in tier-one cities.

Margin Maintained: Fitch believes CIFI's diversified project
portfolio across cities of different tiers allows it to maintain
its fast-churn strategy without sacrificing overall project
margins. CIFI's EBITDA margin, after adding back capitalised
interest, increased to 25% in 1H19, from 22% in 2018. The margin
would have been higher if adjusted for acquisition revaluations,
according to the company. Acquisition revaluations are likely to
continue, as CIFI has a significant number of joint ventures (JV)
and associates.

Non-DP Segment Supports Interest Cover: Fitch expects non-DP EBITDA
interest coverage to reach 0.40x in 2020 (2017-2018: 0.35x) on
expanded investment-property operations, which should generate
rental income and continued sales growth through JVs. Non-DP
revenue rose to CNY2.0 billion in 1H19, a 92% increase that
comprised JV project-management fees, rental revenue from
investment properties and construction services. Fitch believes
CIFI's large JV operations and reputable property products have
created a stable fee-income stream, although fees are not strictly
recurring as most are project-based.

DERIVATION SUMMARY

CIFI's attributable sales reached CNY76 billion in 2018, similar to
Sino-Ocean Group Holding Limited's (BBB-/Stable, Standalone Credit
Profile: bb+) CNY68 billion, but higher than the CNY40 billion-50
billion of most 'BB-' peers, such as KWG Group Holdings Limited
(BB-/Stable), Times China Holdings Limited (BB-/Stable) and Yuzhou
Properties Company Limited (BB-/Stable).

Sino-Ocean Group continues its focus on tier one and affluent
tier-two cities, while CIFI has increased its focus on tier-two and
three cities. CIFI's leverage of around 48% at end-2018 was higher
than Sino-Ocean Group's 40%. Sino-Ocean Group's recurring EBITDA
interest coverage from quality investment properties was at 0.4x,
while CIFI had non-recurring non-DP EBITDA interest coverage of
0.35x at end-2018.

CIFI's leverage is higher than that of KWG, Times China and Yuzhou,
but CIFI has a stronger business profile, with better geographical
diversification and a nationwide presence. CIFI also generates
large non-DP income to provide additional support to service
interest, while the others have minimal non-DP income.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY100 billion in 2019 and
CNY120 billion in 2020.

  - Attributable land purchases and construction cash costs at
around 60% and 25% of contracted sales proceeds in 2019-2020,
respectively.

  - Property development gross profit margin, excluding capitalised
interest and remeasurement gains, at 30%-35% in 2019-2020.

  - Non-DP revenue to increase to CNY4.8 billion in 2019 and CNY6.0
billion in 2020.

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory, including
proportionate consolidation of JVs, sustained below 40%

  - Maintaining high cash flow turnover despite the JV business
model and consolidated contracted sales/debt at over 1.2x
(2018: 1.0x)

  - Land bank sufficient for three years of sales

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

  - Decrease in contracted sales for a sustained period

  - Net debt/adjusted inventory, including proportionate
consolidation of JVs, above 50% for a sustained period

  - EBITDA margin, not adjusting for the effect of acquisition
revaluation, below 25% for a sustained period

  - Non-DP EBITDA/cash interest paid below 0.3x for a sustained
period

LIQUIDITY

Ample Liquidity, Low Funding Costs: CIFI had unrestricted cash of
CNY54 billion at end-June 2019, enough to cover short-term debt of
CNY17 billion. Its average funding costs remained stable at 5.8% in
2018 (2017: 5.2%) and should stay low due to its diversified
onshore and offshore funding channels and active management of its
capital structure.

HENAN ZHONGYUAN: Fitch Rates Proposed USD Sr. Unsec. Notes BB+(EXP)
-------------------------------------------------------------------
Fitch assigned China-based Henan Zhongyuan Financial Holding Co.,
Ltd.'s (HZFH, BB+/Stable) proposed US-dollar senior unsecured notes
an expected rating of 'BB+(EXP)'. The notes are to be directly
issued by HZFH.

The final rating on the proposed notes is contingent upon the
receipt of final documents conforming to information already
received.

KEY RATING DRIVERS

The proposed notes will constitute HZFH's direct, unconditional,
unsubordinated and unsecured obligations and will rank pari passu
with its other present and future unsecured and unsubordinated
obligations. Proceeds will be used to refinance existing debt and
for general corporate purposes.

The proposed notes are rated at the same level as HZFH's Issuer
Default Rating.

RATING SENSITIVITIES

Any change in HZFH's IDR will result in a similar change in the
rating of the proposed notes.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

HENAN ZHONGYUAN: Moody's Rates USD-Denom. Bonds Ba2
----------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term senior unsecured
rating to the USD-denominated bonds to be issued by Henan Zhongyuan
Financial Holding Company Limited (Ba2 stable).

The Ba2 long-term senior unsecured rating for the proposed bond is
in line with Zhongyuan Financial Holding's Ba2 long-term issuer
rating and corporate family rating and reflects the structure of
the proposed issuance.

The bonds will constitute direct, unconditional, unsubordinated and
unsecured obligations of Zhongyuan Financial Holding and shall at
all times rank pari passu and without any preference among
themselves. The payment obligations of Zhongyuan Financial Holding
under the bonds shall at all times rank at least equally with all
its other present and future unsecured and unsubordinated
obligations.

RATINGS RATIONALE

WHAT COULD CHANGE THE BOND RATING -- UP/DOWN

The factors that can cause Zhongyuan Financial Holding's issuer
rating to be upgraded or downgraded will also drive the bond
rating.

WHAT COULD CHANGE THE ISSUER RATING AND CFR -- UP

Zhongyuan Financial Holding's issuer rating and CFR could be
upgraded if (1) there are signs of strengthening support from the
government as the company assumes greater strategic importance or
additional policy roles; or (2) the company's baseline credit
assessment (BCA) is upgraded.

Zhongyuan Financial Holding's BCA could be upgraded if the company
(1) maintains stable asset quality through the economic cycles
while reducing its customer and geographic concentration; (2) slows
its asset growth; (3) demonstrates the sustainability of its
business model and ability to maintain profitability; and (4)
increases its debt maturity coverage ratio while maintaining
abundant credit lines.

WHAT COULD CHANGE THE ISSUER RATING AND CFR -- DOWN

Zhongyuan Financial Holding's CFR could be downgraded if (1) the
government is no longer the largest shareholder of the company; or
(2) its BCA is downgraded.

Zhongyuan Financial Holding's BCA could be downgraded if its (1)
asset quality deteriorates; (2) leverage rises significantly
because of rapid asset growth; (3) profitability continues to
decline; or (4) funding profile weakens because of an increase in
the share of short-term financing and secured borrowings, as well a
significant reduction in available credit lines.

The company's issuer rating could be downgraded if its (1) CFR is
downgraded; or (2) structurally senior debt or secured debt
increases significantly.

The methodologies used in this rating were Finance Companies
published in December 2018, and Government-Related Issuers
published in June 2018.

Headquartered in Zhengzhou, Henan, Henan Zhongyuan Financial
Holding Company Limited reported total assets of RMB11.8 billion as
of June 30, 2019.

YANGZHOU SLENDER: Moody's Withdraws Ba2 CFR for Business Reasons
----------------------------------------------------------------
Moody's Investors Service has withdrawn Yangzhou Slender West Lake
Tourism Development Group Co, Ltd's Ba2 corporate family rating
with a stable outlook as well as its b1 Baseline Credit Assessment
(BCA).

RATINGS RATIONALE

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

Yangzhou Slender West Lake Tourism Development Group Co, Ltd is
100% owned by the Yangzhou municipal government. The company is
mainly engaged in the construction and operation of the tourism
infrastructure for the Slender West Lake Scenic Area in Yangzhou
city on behalf of the Yangzhou government. It is also involved in,
among other things, tourism management, the construction of
traditional Chinese gardens, garden landscape design, and real
estate development.

At the end of 2018, the company reported revenue of RMB1 billion,
with total assets of RMB24.3 billion.

[*] CHINA: Troubled Banks Get a Lifeline from Local Governments
---------------------------------------------------------------
Bloomberg News reports that China's local governments are helping
inject fresh capital into small lenders across the country, part of
an expanding campaign to restore confidence in the world's largest
banking system.

At least 10 small Chinese banks have raised money this year by
selling shares packaged with non-performing loans, in several cases
to buyers controlled by local authorities. In at least one deal,
the NPLs were sold at above-market rates, the report says.

Bloomberg relates that the transactions, while modest in number
given China has 3,000-plus small banks, show the determination of
local authorities to shore up the linchpins of their district
economies. Bloomberg says the health of small banks has become a
growing concern after the seizure of one lender in May forced
losses on creditors and cast doubt on the longstanding assumption
that the state would always backstop troubled banks.

The capital injections amount to "local government bailouts through
cash rich state-owned enterprises," said Alicia Garcia Herrero,
chief economist for the Asia Pacific region at Natixis SA,
Bloomberg relays. Regulators have learned it's better to rescue
troubled banks indirectly to limit the risk of contagion, she
said.

As part of their efforts to stabilize the industry, regulators are
considering a plan that would encourage problematic banks with less
than CNY100 billion ($14 billion) of assets to merge or
restructure, people familiar with the matter said last week,
Bloomberg relays. Local governments would be held responsible for
dealing with troubled lenders, with the central bank providing
liquidity support if necessary, the people said.

According to Bloomberg, Zhou Liang, vice chairman of the China
Banking and Insurance Regulatory Commission (CBIRC) said on Nov. 10
that regulators would try as much as possible to avoid using "a
scalpel" on individual banks because the risk of contagion is high
even if a lender is small.

One bank offering bad debt with their share sale is Anhui Suzhou
Rural Commercial Bank Co., a lender based in a landlocked province
of 63 million people just west of Shanghai, Bloomberg discloses.
Investors are being asked to buy such debt equivalent to half of a
CNY480 millionn ($69 million) private placement, Bloomberg
discloses citing filing to China's securities regulator.

Anhui Suzhou Rural Bank has a nonperforming loan ratio of 12%,
versus 3.95% for rural lenders as of June, the report notes.

While it's hard to find comprehensive data on who's purchasing
shares and NPLs from small banks, local government-backed entities
are among the buyers, says Bloomberg. A municipal subsidiary took
part in an offering from Anhui Feidong Rural Commercial Bank, while
seven state-owned enterprises invested in Anhui Suzhou Rural Bank,
according to regulatory filings cited by Bloomberg.

In 10 deals tracked by Bloomberg, shares were sold below the banks'
net asset values, but there was no public pricing information for
the bad debt. Bloomberg relates that one seller said that while
their debt was offered at a discount to face value, the markdown
was not as steep as what asset managers had indicated they'd
require. The person asked not to be identified discussing a private
deal.

Bloomberg says local governments are stepping up support for small
banks even as their own finances get squeezed by falling tax
revenue, swelling debt and China's deepest economic slowdown since
the early 1990s. By Natixis' count, local SOEs accounted for almost
half of China's corporate bond defaults in the third quarter, the
report notes.

Yulia Wan, a senior analyst at Moody's Investors Service, said
client and government relationships, as well as business strategy,
play into decisions to participate in these deals. Local
governments may want to maintain bank licenses and thus encourage
state-owned firms to become shareholders in banks to prevent them
from becoming insolvent, Wan said, adds Bloomberg.



=================
H O N G   K O N G
=================

ROAD KING: Moody's Rates Proposed USD Sr. Perpetual Securities Ba3
------------------------------------------------------------------
Moody's Investors Services assigned a Ba3 senior unsecured debt
rating to the proposed USD senior perpetual capital securities to
be issued by RKPF Overseas 2019 (E) Limited and guaranteed by Road
King Infrastructure Limited (Ba3 stable).

The outlook on the rating is stable.

Road King plans to use the proceeds from the proposed USD senior
perpetual securities for acquisition of or investment in property
projects or general corporate purposes.

RATINGS RATIONALE

"Although the proposed USD senior perpetual securities will
increase Road King's debt leverage, this concern is partly
mitigated by its still healthy interest coverage position, its
possession of a stable and recurring cash flow from toll road
investments and rental income that could cover 40%-50% of its
interest expenses and good liquidity," says Cedric Lai, a Moody's
Vice President and Senior Analyst.

Road King's Ba3 corporate family rating (CFR) reflects the
company's track record in property development, its cautious
approach to land acquisitions and financial management, and its
track record of maintaining adequate liquidity throughout the
business cycles. However, the CFR is constrained by the geographic
concentration of the company's land bank, as well as the execution
risks associated with any new toll road acquisitions.

Moody's expects Road King's debt leverage, as measured by revenue/
adjusted debt, will weaken slightly to around 60% over the next
12-18 months from 63% for the 12 months ended June 2019, as the
company plans to increase its debt to support contracted sales
growth.

In the first nine months of 2019, Road King, together with its
joint ventures and associates, achieved contracted sales of RMB29.9
billion, up 28% from the same period last year. Such good
contracted sales growth will underpin future revenue growth that
can partly offset the effect of rising debt levels.

At the same time, Moody's expects Road King's EBIT/interest will
weaken to 3.6x-4.1x over the next 12-18 months from the robust 5.4x
recorded for the 12 months ended June 2019, due to the increase in
debt and margin contraction. Nevertheless, the projected
EBIT/interest ratio remain supportive of its Ba3 CFR.

Moody's expects Road King's gross profit margin will moderate to
33%-35% over the next 12-18 months from 40% in H1 2019 and 45% in
2018. The high gross margins during these historical periods were
supported by the completion of certain high-margin projects in the
Yangtze River Delta region.

Additionally, Moody's expects Road King's recurring income to cover
around 40%-50% of the company's interest expense over the next
12-18 months, supported by moderate 5%-10% growth in cash receipts
from toll toad and rental income.

Road King's liquidity is good. At the end of June 2019, its cash
balance of HKD14.0 billion covered 115% of its short-term debt of
HKD12.2 billion. Moody's expects Road King's cash holdings and
operating cash flow will be sufficient to cover its short-term
debt, committed land payments and dividend payments over the next
12 months.

RKPF Overseas 2019 (E) Limited 's Ba3 senior unsecured rating is
not affected by subordination to claims at the operating company
level, because the company's creditors benefit from its diversified
business profile, including in particular the cash flow generated
from the toll road business.

Moody's views the proposed perpetual securities as pure debt
instruments and accordingly does not apply any equity treatment to
these securities.

The Ba3 rating for the perpetual securities reflects the following
factors:

(1) the perpetual securities will be irrevocably and
unconditionally guaranteed by Road King, which implies that the
rating on the perpetual securities is closely linked to Road King's
rating; and

(2) the securities will at all times rank pari passu with all
other present and future unsecured and unsubordinated obligations
of Road King.

However, the rating on the perpetual securities could be
lowered—relative to the company's senior unsecured rating—if
debt with deferral features becomes a substantial portion of its
capital structure, or if Moody's expects the company will defer
many payments in advance of default.

In terms of environmental, social and governance factors, the Ba3
CFR has considered the concentration of the company's ownership in
its controlling shareholder, Wai Kee Holdings Limited, which held a
43% stake in the company as of June 30, 2019, and the presence of
governance structure and disclosure standards as required under the
Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange.

The stable outlook on the rating reflects Moody's expectation that
Road King will maintain its prudent financial management while
growing its property development and toll road businesses, thereby
preserving stable credit metrics and good liquidity.

Upward ratings pressure could emerge if Road King (1) grows its
scale without sacrificing its profit margins; (2) grows its toll
road dividends and improves its interest coverage from recurring
income to above 0.6x-0.7x on a sustained basis; (3) maintains
stable credit metrics, with EBIT/interest above 4.0x-4.5x and
revenue/debt above 90%; and (4) maintains adequate liquidity.

On the other hand, downward ratings pressure could emerge if (1)
Road King's liquidity deteriorates because of weaker sales, or
aggressive land or other acquisitions; or (2) the operating
performance of the company's property segment deteriorates. Credit
metrics indicative of downward ratings pressure include
EBIT/interest below 2.5x-3.0x or revenue/debt below 65% on a
sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.



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

ANAHITA HOSPITALITY: CRISIL Moves 'B' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Anahita
Hospitality LLP (AHL) to 'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term     .12       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan            46.48       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AHL for obtaining
information through letters and emails dated August 27, 2019 and
September 27, 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'. 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 AHL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AHL 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 AHL to 'CRISIL B/Stable Issuer not cooperating'.

AHL, set up in 2012 and promoted by Mr Sarvesh Kumar Goel, is
setting up a 57-room hotel, The Centrum, in Lucknow. The hotel is
expected to be operational from October 2019.

ANNUR APA: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Annur A P A
Spinners Private Limited (ASPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        8.6        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 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'. 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 ASPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASPL 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 ASPL to 'CRISIL D Issuer not cooperating'.

Incorporated in 2014, Annur A P A Spinners Private Limited (ASPL)
is engaged in the manufacturing of cotton yarn. The manufacturing
unit is located in Tamil Nadu. The company is promoted by Mr. A P
Annamalai, and his wife Mrs. A Kokila.

APL METALS: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of APL Metals
Limited (APL; formerly Associated Pigments Ltd) to 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       30        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            57        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with APL for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 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'. 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 APL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on APL 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 APL to 'CRISIL B/Stable Issuer not cooperating'.

APL, promoted by the late Mr DN Sahaya, was incorporated in 1948,
for carrying on business of manufacturing lead oxides, white lead,
antimonial lead, lead salts, zinc dust, and zinc oxide. Operations
are managed by his grandson, Mr SN Sahaya, who is also the managing
director.

AVIVA LIFE: NCLT Orders Insolvency Proceedings vs. Firm
-------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal has
ordered to initiate insolvency proceedings against Aviva Life
Insurance in a case filed by Apeejay Trust.

A two-member bench of NCLT Delhi comprising Justice R D Khare and
Sumita Purkayastha allowed the plea against Aviva Life Insurance
and has also appointed an interim resolution professional to run
day-to-day affairs of the company, according to Livemint.com.

Livemint.com says Apeejay Trust, which had leased its Mumbai-based
(Vashi) premise to Aviva Life Insurance, claimed a default of
INR27.67 lakh as an operational creditor for not receiving payments
towards service tax and license fee for the premise.

According to the report, the trust said Aviva --
a JV between Dabur Invest Corp (Dabur group) and Aviva
International Holding Ltd -- has not paid license fee, car parking,
maintenance/service charge and service tax. It had made its last
payment in this regard on October 5, 2017 and from then the debt
was lying due.

"Considering the circumstances this tribunal is inclined to admit
this petition and initiate CIRP of the corporate debtor.
Accordingly this petition is admitted," The National Company Law
Tribunal (NCLT) said, Livemint.com relays.

It has also declared a moratorium under section 14 of the
Insolvency and Bankruptcy Code, protecting the company from its
lenders during the process, the report says.

Livemint.com relates that during the proceedings, Aviva had
questioned the maintainability of Appeejay Trust's plea on the
ground that it is an insurance company and thus being a financial
service provider, IBC can not be applied against it.

According to it, there is an absolute bar under IBC to initiate any
proceedings against insurance companies, the report relays.

This was rejected by the NCLT saying "the operational creditor does
not have any claim in respect of contract of insurance. The claim
is with respect to the outstanding license fee and the service tax
amount," the report notes.

"Hence, the corporate debtor can not use the provision of . . . IBC
as a blanket cover to claim exclusion from IBC proceedings on the
ground that it is an financial service provider," the NCLT, as
cited by Livemint.com, said in its order dated November 4, 2019.

Meanwhile, Aviva Life Insurance in a statement said: "The issue at
hand is a commercial dispute with a vendor and Aviva reserves it
rights & remedies in the court of law. Our customers policies are
fully secure & we remain committed to growing our business and
customers in india," adds Livemint.com.

BALAJEE HITEC: CRISIL Migrates 'B' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Balajee Hitec
Rolling Private Limited (BHRPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-        8.99       CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BHRPL for obtaining
information through letters and emails dated
October 22, 2019 and October 29, 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'. 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 BHRPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BHRPL 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 BHRPL to 'CRISIL B/Stable Issuer not cooperating'.

BHRPL, incorporated in 1992 by Mr Nawal Kumar Kanodia, trades in
iron ore, sponge iron, pig iron, manganese ore, and
thermo-mechanically treated bars.

C. R. JEWELLERY: CRISIL Migrates 'B' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of C. R.
Jewellery (CRJ) 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 CRJ for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 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'. 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 CRJ, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CRJ 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 CRJ to 'CRISIL B/Stable Issuer not cooperating'.

Established in 2000, CRJ is a partnership firm promoted by Mr.
Anandmal Challani and his family members. The firm manufactures and
trades in silver jewellery, mainly on a wholesale basis; it also
trades in bullion on a retail basis.

CHAMPION OM: CRISIL Migrates 'B+' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Champion Om
Dev Construction Limited (CODCL) to 'CRISIL B+/Stable Issuer not
cooperating'.
                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          13.75       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CODCL for obtaining
information through letters and emails dated
October 22, 2019 and October 29, 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'. 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 CODCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CODCL 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 CODCL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2008, the company is engaged in crushing of stones.
The manufacturing facility is based in Palamu, Jharkhand. In
addition, the company is also engaged in trading of sand, and
agricultural commodities and provides for the logistics for
distribution of food grains in Bihar.

CKOMPAX METATECH: CRISIL Migrates 'D' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ckompax
Metatech Private Limited (CMPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Working       30        CRISIL D (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CMPL for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 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'. 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 CMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CMPL 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 CMPL to 'CRISIL D Issuer not cooperating'.

CMPL, incorporated in October 2011 promoted by Zaveri family, CMPL
was acquired in July 2016 by its current promoters, Mr. Atul
Kshirsagar and Mr. Sachin Singare. Since then, the company changed
its operations from lock assembly to sugar and ethanol trading.

G.A.V. AGRO: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of G.A.V. Agro
Private Limited (GAVPL) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        10         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GAVPL for obtaining
information through letters and emails dated
October 22, 2019 and October 29, 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'. 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 GAVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GAVPL 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 GAVPL to 'CRISIL D Issuer not cooperating'.

GAVPL was set up in 2013, by the promoter, Mr Pradeep Kumar and Mr
Om Prakash. The company processes non-basmati rice for customers in
the domestic and overseas markets. Processing facilities are
located at Lucknow.

GATIMAN AUTO: CRISIL Migrates B+ Rating from Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated its ratings on the
bank facilities of Gatiman Auto Private Limited (GAPL) to 'CRISIL
B+/Stable/CRISIL A4 issuer not cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out the comprehensive review of the ratings.
Consequently, CRISIL is migrating the ratings on the bank
facilities of UAIPL to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .2         CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit          4.6         CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable  
                                    ISSUER NOT COOPERATING')

   Letter of Credit     1.45        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

The ratings continue to reflect a average scale of operations in
the highly fragmented automotive ancillary industry, and exposure
to risks relating to volatility in raw material prices. These
weaknesses are partially offset by the experience of the promoters
and a moderate capital structure.

Analytical Approach
Unsecured loans (outstanding at INR1.90 crore as on March 31, 2019)
extended by the promoters have been treated as neither debt nor
equity. That's because these loans carry lower-than-market interest
rates and are expected to remain in the business over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses
* Average scale of operations amid intense competition:
Despite increasing to INR120.78 crore in fiscal 2019 from INR108.72
crore in fiscal 2018, scale continues to remain modest due to
competition. Furthermore, the revenue growth is likely to remain
muted current year due to evident slowdown in automobile sector.
Company's performance depends on cyclicality in automobile sector.

* Low operating margin, exposed to fluctuations in raw material
prices: Volatility in the price of raw material should continue to
impact profitability. Operating margin had remained modest at about
2.5-3%.

Strengths
* Experience of the promoters and their funding support:
Benefits from the promoters' experience of over two decades, their
strong understanding of local market dynamics, and healthy
relationship with customers and suppliers should continue to
support the business. The promoters are also likely to continue
extending timely, need-based funds to aid financial flexibility.

* Moderate capital structure: With gearing less than 1.7 times and
total outside liabilities to tangible networth ratio of less than 3
times over last three fiscals through 2019, the capital structure
remains moderate.

Liquidity: Stretched

Liquidity is stretched. Cash accrual was INR3.83 crore against
repayment obligations of INR0.80 crore in fiscal 2019, and is
expected at INR0.13-0.72 crore per fiscal over the medium term. The
bank limit of INR4.00 crore was utilised at an average of 58%
during the 12 months through June 2019. The current ratio was 1.27
times as on March 31, 2019.

Outlook: Stable
CRISIL believe GAPL will continue to benefit from the extensive
experience of the promoters.

Rating sensitivity factors

Upward factor
* Net cash accruals in excess of INR 1 crores driven by strong
improvement in operating margin
* Strengthening of financial metrics

Downward factor
* Decline in revenue by 25% and operating profit margin below 2%
* Weakening of the financial risk profile due increase in working
capital requirement or large debt-funded capex.

GAPL was incorporated in 1988 at Pithampur, Madhya Pradesh,
promoted by Mr Ashvin Shah, Mr Subhash Chuttar, Mr Shyam Jain, and
Mr Prafull Kothadiya. The company manufactures sheet metal
components (press parts), mainly fuel tanks, silencer assemblies,
and tippers for automobile and industrial original equipment
manufacturers.

GOEL SOLVENTS: CRISIL Migrates 'B+' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Goel Solvents
(GS) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Proposed Long Term     4         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GS for obtaining
information through letters and emails dated August 27, 2019 and
September 27, 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'. 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 GS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GS 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 GS to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2017 as a partnership firm by Mr. Satpal Goel and
family, Goel Solvents has recently set up an edible oil extraction
plant. The capacity of the plant is 200 tons per day. The
manufacturing facility is located in Zirakpur (Punjab). The
commercial operations of the firm started in Feb, 2018.

GRACE MICRON: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Grace Micron
LLP (GML) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .75        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit          2.00        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan       6.75        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GML for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 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'. 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 GML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GML 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 GML to 'CRISIL D/CRISIL D Issuer not cooperating'.

GML, established in 2016 at Morbi, is a Greenfield project for
manufacturing and purifying of soda and potash feldspar mainly used
in the ceramic industry. The firm commenced operations in October
2017.

GREEN POWER: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Green Power
Sugars Limited (GPSL) to 'CRISIL D Issuer not cooperating'.

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

CRISIL has been consistently following up with GPSL for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 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'. 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 GPSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GPSL 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 GPSL to 'CRISIL D Issuer not cooperating'.

GPSL, incorporated in 2006 and promoted by the Deshmukh family, has
an integrated sugar plant, with crushing capacity of 3500 tonne per
day, along with a distillery with capacity of 30 kilolitre per day
and a 16.8-megawatt cogen power plant, at Gopuj in Satara,
Maharashtra.

GULF ORIENT: CRISIL Lowers Rating on INR12cr Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gulf Orient Shipping LLP (GOSL; a part of the SJA group) to
'CRISIL D' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term      7        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

The downgrade reflects delay in servicing of debt obligations as
confirmed by reliable sources. The working capital facility has
remained irregular for more than 30 days.

SJA group has below average financial risk profile, large working
capital requirement, and exposure to intense competition. The
promoters have extensive experience in the logistics industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of GOSL, Opus Dei Logistics (India) Pvt Ltd
(OPLIPL), Micro Logistics (India) Pvt Ltd (MLPL), and SJ Logistics
India Ltd (SJIL). This is because all these entities, collectively
known as the SJA group, have common management and significant
operational links and fungible funds.

Key Rating Drivers & Detailed Description

Weaknesses
* Delay in servicing of debt:
There is irregularity in servicing of debt obligations marked by
continuous overdrawals in the working capital facility for more
than 30 days.

* Below-average financial risk profile:
Gearing and total outside liabilities to adjusted net worth was
high at 4.36 times and 5.43 times, as on March 31, 2019 because of
large working capital requirement.

* Large incremental working capital requirement:
Group gives credit of up to 115 days to clients. This coupled with
high revenue growth has led to high incremental debt. Operations
will remain working capital intensive over the medium term.

* Exposure to intense competition:
Since entry barrier to the logistic business is low, the company
has to compete with numerous small and large players. Also,
business is conducted more on the basis of relationship than
contracts. Operating margin has been low at around 6.3-7.9% in the
four fiscals through 2016.

Strength
* Extensive experience of promoters:
Presence of around 15 years in the freight forwarding business has
enabled SJA group to register a compound annual growth rate of 23%
over the three fiscals through 2019.

Liquidity: Poor
SJA group has weak liquidity as reflected the continuous
overdrawals in the working capital facility.

Rating sensitivity factor

Upward factor
* Track record of timely debt servicing for more than three
months.
* Sustained improvement in financial risk profile, especially in
liquidity profile.

SJIL is the flagship company of the group and was incorporated in
2003, promoted by Mr Rajen Shah. It is engaged in the freight
forwarding business.

OPLIPL incorporated in 2010, acts as a shipping agent for carrying
out non-vessel operating common carrier activities for the group.

MLPL was set up in 2013 and handles project cargo (break bulk
containers).

GOSL was incorporated in 2010 and caters to the group's inland
transportation business.

GVT INFRA: CRISIL Migrates 'B' Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Gvt Infra (GI)
to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GI for obtaining
information through letters and emails dated August 27, 2019 and
September 27, 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'. 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 GI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GI 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 GI to 'CRISIL B/Stable Issuer not cooperating'.

GI was set up as a partnership firm with Mr Rajnish Singla, Ms
Sunita Singla, Mr Abhinav Singla, Mr Deepanshu Singla as partners,
to undertake residential real estate projects.

HANSINI DEVELOPERS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hansini
Developers (HD) to 'CRISIL B+/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with HD for obtaining
information through letters and emails dated August 31, 2019 and
September 27, 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'. 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 HD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HD 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 HD to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in 2015 as a proprietorship firm of Mr. Kirit Satra, HD
undertakes real estate redevelopment projects in Mumbai. The firm
is currently implementing a residential real estate project
'Hansini Elegance' at Goregaon.

HANUMANT CONSTRUCTION: CRISIL Cuts Rating on INR14cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Hanumant Construction Private Limited (HCPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

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

   Cash Credit            19        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects irregularities in working capital limits for
more than 30 days caused by its weak liquidity.

The ratings continue to reflect HCPL's weak financial risk profile,
driven by large working capital requirement, and the modest scale
of operations, amidst intense competition. These weaknesses are
partially offset by the extensive experience of the promoter in the
civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Large working capital requirement: Gross current assets stood at
191 days, driven by receivables of 94 days and inventory of 72
days, respectively, as on March 31, 2018. Stretch in receivables
has led to over-utilisation of the cash credit facility.

* Modest scale of operations, amidst intense competition: Exposure
to intense competition in the civil construction industry,
restricts scalability of operations. Revenue was estimated at
INR102 crore in fiscal 2019, and has been stagnant between INR98
crore and INR107 crore, for the past four fiscals. Turnover also
depends on the ability to successfully bid for tenders. Any
slowdown in spending by clients or hurdle in execution could delay
implementation of projects and thus, hamper growth prospects.

Strength
* Extensive experience of promoter: Benefits from the
two-decade-long experience of the promoter, in the civil
construction industry, and healthy relationships with suppliers and
customers, will continue to support business.

Liquidity: Poor
Liquidity is poor as reflected in recent instances of overdrawals
in cash credit facility. Unavailability of adequate funds in a
timely manner owing to large working capital requirements has
resulted in the poor liquidity.

Rating sensitivity factors

Upward factor
* Track record of timely debt servicing for more than three
months.
* Sustained improvement in financial risk profile, especially in
liquidity profile.

The Raipur-based HCPL was set up in 1996, by Mr Kamal Dayal
Choudhury. The company executes civil construction projects related
to industrial site development and construction of dams,
reservoirs, canals, road, and bridges.

HILLCREST FOODS: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hillcrest
Foods (HF) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            15       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HF for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 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'. 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 HF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HF 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 HF to 'CRISIL D Issuer not cooperating'.

Set up as a partnership firm in 2005 by the Diwan family, HF
processes and packages frozen peas, fruit pulp and vegetables. It
also trades in fruits, primarily apple. HF's 2500 tonne per annum
processing plant and cold storage is in Nalagarh, Himachal Pradesh.

KALANJIAM DEVELOPMENT: Ind-Ra Cuts INR450MM Loan Rating to 'B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
action on Kalanjiam Development Financial Service's (KDFS) bank
facilities:

-- INR450 mil. (increased from INR340 mil.) Bank loans downgraded

     with IND B+/Stable rating.

The downgrade reflects KDFS's high leverage and poor asset quality,
high geographic concentration, modest loan performance, and lack of
stand-by liquidity plans in FY19.

The rating factor in the entity's exposure to inherent risks under
the self-help group (SHG) model, due to its role as a bridge
financier, and limited growth prospects. However, Ind-Ra also
derives comfort from the operational and strategic support it
receives from the Development of Humane Action Foundation (DHAN).

KEY RATING DRIVERS

KDFS's leverage ratio remained high at 6.8x in FY19 (1HFY19: 5.8x;
FY18: 6.2x; FY17: 5.9x) as its capitalization levels continued to
be low because of limited infusion of share capital by SHG groups.
While the total capital risk adequacy ratio (CRAR) increased
slightly to 13.12% in 1QFY20 from 12.89% in FY19 (14.3% in FY18),
it is still low when compared to other institutions engaged in
microfinance.

The company's capital growth largely depends on the addition of new
SHG groups under the Kalanjiam Programme, but internal accruals are
marginal due to its not-for-profit status. The rising leverage
exposes KDFS to refinancing risks in times of liquidity stress,
which could be particularly detrimental to the company since it
does not have any standby liquidity plans. As KDFS is a
not-for-profit organization operating in the MFI business, it does
not have to follow the Reserve Bank of India's guidelines. However,
additional equity infusion would be essential for the company to
implement its growth plans.

The ratings take into consideration the geographical concentration
risk. While KDFS has a presence across 14 states, covering 46
districts, Tamil Nadu accounting for 49% of its AUM.  Karnataka
accounts for 20.4% of the company's total loan portfolio and
Maharashtra accounts for18.2%.

The rating factor in the company's low operating profitability.
KDFS incurred an operational loss of INR0.27 million in FY19 (FY18:
profit of INR2.96 million) owing to an increase in personnel
expenses and operating costs, with a pre-grant loss of INR1.66
million (INR1.13 million). The company reported a net profit of
INR0.2 million in FY19 (FY18: INR0.3 million) as non-operational
income compensated for the operational loss. Nevertheless, the low
operating profitability and the absence of timely support could
affect the company's debt serviceability in a high leverage
scenario.

KDFS's gross non-performing assets remained at elevated levels of
2.93% as of June 2018 (FY19: 2.93%; FY18: 2.91%), which is higher
than that of the entities in microfinance segment. A rise in credit
costs because of delinquent loans could exert further pressure on
profitability. Although KDFS is a Section 8 company under the new
Companies Act, 2013 and therefore does not come under the purview
of the Reserve Bank of India, it follows the 180+ days past due NPA
recognition policy.

Liquidity Indicator – Poor: KDFS maintained a surplus in each of
the buckets in the up-to-one-year period as of August 2019 (6.2% of
inflows as surplus). However, on stressing the inflows, cumulative
deficit at end-August 2019 was about 0.7%; considering that the
entity does not have any backup funding lines, it could face a
liquidity crisis in the medium term.              

The ratings take into account the risks associated with the SHG
lending model employed by KDFS. The company offers unsecured
lending to SHG groups comprising low-income individuals with low
discipline among borrowers. KDFS operates as a bridge financier to
SHGs. It was formed in line with the Kalanjiam Programme as a
self-help promoting institution at a time when SHGs did not have
access to banking facilities. It extends credit to poor women and
small/marginal farmers who have seasonality in their income, making
the recovery of loans highly vulnerable.

The DHAN Foundation has committed to providing operational,
strategic and liquidity support to KDFS through cross-guarantee
mechanisms and mutuality funds aggregated at the federation level
out of member savings surplus. KDFS provides credit services only
to the SHGs promoted and monitored by the DHAN Foundation.

RATING SENSITIVITIES

Negative: An inability to improve leverage and operational income,
a further decline in the asset quality, inability to raise funds as
and when required to support capital impairment arising out of
possible asset quality shocks, and any signs of deteriorating
support from the DHAN Foundation may result in a negative rating
action.

Positive: A sustained increase in the size and scale of operations
along with improvement in asset quality without a significant
increase in the leverage could result in a positive rating action.

COMPANY PROFILE

KDFS is a section 8 company (not-for-profit) and operates under the
umbrella of DHAN foundation. It is responsible for providing credit
services to the SHG groups promoted by the Kalanjiam Programme of
the Foundation. The Kalanjiam Programme identifies areas for
livelihood development and concentrates on themes such as
agriculture, irrigation, goat rearing, fish rearing, and
agriculture allied activities.

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

The instrument-wise rating actions are:

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

-- INR133.87 mil. Term loan due on March 2022 migrated to non-
     cooperating category with IND B+ (ISSUER NOT
     COOPERATING) rating; and

-- INR50 mil. Proposed fund-based limits migrated to non-
     cooperating category with Provisional IND B+ (ISSUER NOT
     COOPERATING) / Provisional IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 15, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

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

MEENAKSHI ENERGY: Ind-Ra Affirms 'D' Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Meenakshi Energy
Limited's (erstwhile Meenakshi Energy Pvt Ltd) bank loans at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The detailed instrument-wise rating actions are:

-- INR10.570 bil. Senior bank loan phase I (Long-term) affirmed
     with IND D (ISSUER NOT COOPERATING) rating;

-- INR23,311.7 bil. Senior bank loan phase II (Long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR11.310 bil. Additional term loan (Long-term) affirmed with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by Meenakshi
Energy, the details of which are unavailable. As per Central
Electricity Authority, the company had a plant load factor of 1.4%
in FY19 (FY18: 22%), which will be inadequate to cover the debt
service from the operational cash flows.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months will lead to positive rating action.

COMPANY PROFILE

Meenakshi Energy, founded by the Meenakshi Group of companies, is
implementing coal-based thermal power plants of 300MW (2 X 150MW)
and 700MW (2 X 350MW) in two phases in the coastal area of
Thaminappatnam in Andhra Pradesh at a cost of INR14,280 million and
INR50,050 million, respectively. The phase I of the project has
been operational since April 2013, while phase II is under
construction.

According to an announcement in National Stock Exchange Ltd, the
acquisition of Meenakshi Energy by India Power Corporation Limited
(IPCL) was completed on 30 September 2016 and the latter's
shareholding in the former was 95.07%. According to IPCL's FY18
annual report, its entire shareholding in Meenakshi Energy had been
fully pledged with SBI CAP Trustee Company Limited on behalf of the
lenders. The pledge on these shares was invoked on 2 May 2018. IPCL
has filed a suit in this regard and related developments and the
matter is sub-judice.

MICRO LOGISTICS: CRISIL Lowers Rating on INR10cr Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Micro Logistics India Private Limited (MLPL; a part of the SJA
group) to 'CRISIL D' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Fund-         2         CRISIL D (Downgraded from
   Based Bank Limits               'CRISIL B+/Stable')

The downgrade reflects delay in servicing of debt obligations as
confirmed by reliable sources. The working capital facility has
remained irregular for more than 30 days.

SJA group has below average financial risk profile, large working
capital requirement, and exposure to intense competition. The
promoters have extensive experience in the logistics industry.

Analytical Approach
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MLPL, Opus Dei Logistics (India) Pvt Ltd
(OPLIPL), SJ Logistics India Ltd (SJIL) and Gulf Orient Shipping
LLP (GOSL). This is because all these entities, collectively known
as the SJA group, have common management and significant
operational links and fungible funds.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing of debt:
There is irregularity in servicing of debt obligations marked by
continuous overdrawals in the working capital facility for more
than 30 days.

* Below-average financial risk profile:
Gearing and total outside liabilities to adjusted net worth was
high at 4.36 times and 5.43 times, as on March 31, 2019 because of
large working capital requirement.

* Large incremental working capital requirement:
Group gives credit of up to 115 days to clients. This coupled with
high revenue growth has led to high incremental debt. Operations
will remain working capital intensive over the medium term.

* Exposure to intense competition:
Since entry barrier to the logistic business is low, the company
has to compete with numerous small and large players. Also,
business is conducted more on the basis of relationship than
contracts. Operating margin has been low at around 6.3-7.9% in the
four fiscals through 2016.

Strength
* Extensive experience of promoters:
Presence of around 15 years in the freight forwarding business has
enabled SJA group to register a compound annual growth rate of 23%
over the three fiscals through 2019.

Liquidity: Poor
SJA group has weak liquidity as reflected the continuous
overdrawals in the working capital facility.

Rating sensitivity factor

Upward factor
* Track record of timely debt servicing for more than three
months.
* Sustained improvement in financial risk profile, especially in
liquidity profile.

SJIL is the flagship company of the group and was incorporated in
2003, promoted by Mr Rajen Shah. It is engaged in the freight
forwarding business.

OPLIPL incorporated in 2010, acts as a shipping agent for carrying
out non-vessel operating common carrier activities for the group.

MLPL was set up in 2013 and handles project cargo (break bulk
containers).

GOSL was incorporated in 2010 and caters to the group's inland
transportation business.

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

The instrument-wise rating actions are:

-- INR35 mil. Fund-based limit migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR80 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR15 mil. Proposed fund-based limit migrated to non-
     cooperating category with Provisional IND BB+ (ISSUER NOT
     COOPERATING) rating; and

-- INR70 mil. Proposed non-fund-based limits migrated to non-
     cooperating category with Provisional IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 6, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2009, MPL is a private limited construction firm
located in Dhanbad (Jharkhand) with branch offices in Purulia (West
Bengal) and Odisha. The firm undertakes civil works for both
government and private companies.

MSV LABORATORIES: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of MSV
Laboratories Private Limited (MSV) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        .2        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit          1.52       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       9.53       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   4.75       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MSV for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 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'. 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 MSV, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MSV 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 MSV to 'CRISIL D/CRISIL D Issuer not cooperating'.

MSV, which was set up in 1991, manufactures organic fertilisers,
bio-fertilisers and bio-pesticides. The company has two warehouses,
leased to the government of West Bengal. It also oversees the
maintenance of 21 warehouses in the state. A gamma radiation plant
is being set up currently, to deploy the in-house technology for
sterilisation of food items. Daily operations are managed by Mr
Ashok Maity, based in Purba Medinipur, West Bengal.

NARMADA CEREAL: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Narmada Cereal
Private Limited (NCPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           52         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Pre Shipment Credit    3.8       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan        4.2       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

NCPL was established in February 2007 by Mr Arun Mittal and Mr
Surendra Gupta. The company commenced commercial production on
April 1, 2008. NCPL mills Pusa 1121 basmati rice, mainly sold in
bulk; a part of the produce is also sold domestically under the
in-house brand, Narmada Rice.

NATIONAL INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of National
Industries - Faridkot (NI) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Term Loan              0.8      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NI for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 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'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

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

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

NI, a partnership set up in 1998 at Faridkot (Punjab), mills and
sorts rice.  It was taken over by the current partners in 2001, and
is currently managed by Mr Rohit Monga and his cousin, Mr Vikram
Monga.

OM ESHA: CRISIL Migrates 'D' Rating to Not Cooperating
------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Om Esha Agro
Products Private Limited (OEAPPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          9.03        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan      10.97        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Incorporated in 2015, OEAPPL is engaged in processing of rice or
paddy into rice. The company has its manufacturing facility based
in Dhanarua, Bihar with installed capacity of processing
non-basmati rice of 200-250 tonne per day (TPD). The company
started commercial operation in January 2017.

OPUS DEI: CRISIL Lowers Rating on INR10cr Loans to 'D'
------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Opus Dei Logistics (India) Private Limited (OPLIPL; a part of
the SJA group) to 'CRISIL D' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term     3         CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

The downgrade reflects delay in servicing of debt obligations as
confirmed by reliable sources. The working capital facility has
remained irregular for more than 30 days.

SJA group has below average financial risk profile, large working
capital requirement, and exposure to intense competition. The
promoters have extensive experience in the logistics industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of OPLIPL, SJ Logistics India Ltd (SJIL),
Micro Logistics (India) Pvt Ltd (MLPL), and Gulf Orient Shipping
LLP (GOSL). This is because all these entities, collectively known
as the SJA group, have common management and significant
operational links and fungible funds.

Please refer Annexure - List of Entities Consolidated, which
captures the list of entities considered and their analytical
treatment of consolidation

Key Rating Drivers & Detailed Description

Weaknesses
* Delay in servicing of debt:
There is irregularity in servicing of debt obligations marked by
continuous overdrawals in the working capital facility for more
than 30 days.

* Below-average financial risk profile:
Gearing and total outside liabilities to adjusted net worth was
high at 4.36 times and 5.43 times, as on March 31, 2019 because of
large working capital requirement.

* Large incremental working capital requirement:
Group gives credit of up to 115 days to clients. This coupled with
high revenue growth has led to high incremental debt. Operations
will remain working capital intensive over the medium term.

* Exposure to intense competition:
Since entry barrier to the logistic business is low, the company
has to compete with numerous small and large players. Also,
business is conducted more on the basis of relationship than
contracts. Operating margin has been low at around 6.3-7.9% in the
four fiscals through 2016.

Strength
* Extensive experience of promoters:
Presence of around 15 years in the freight forwarding business has
enabled SJA group to register a compound annual growth rate of 23%
over the three fiscals through 2019.

Liquidity: Poor

SJA group has weak liquidity as reflected the continuous
overdrawals in the working capital facility.

Rating sensitivity factor

Upward factor
* Track record of timely debt servicing for more than three
months.
* Sustained improvement in financial risk profile, especially in
liquidity profile.

SJIL is the flagship company of the group and was incorporated in
2003, promoted by Mr Rajen Shah. It is engaged in the freight
forwarding business.

OPLIPL incorporated in 2010, acts as a shipping agent for carrying
out non-vessel operating common carrier activities for the group.

MLPL was set up in 2013 and handles project cargo (break bulk
containers).

GOSL was incorporated in 2010 and caters to the group's inland
transportation business.

P. PERICHI GOUNDER: Ind-Ra Assigns 'D' Bank Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) assigned P. Perichi Gounder
Memorial Charitable Trust's (PPG) bank facilities rating as
follows:

-- INR66.42 mil. Bank loans (Long-term) assigned with IND D
     rating; and

-- INR65.00 mil. Fund-based working capital facility (Long-term)
     assigned with IND D rating.

KEY RATING DRIVERS

The ratings reflect delays in debt servicing by PPG during the
three months ended September 2019, due to a stretched liquidity
position, resulting from continuous CAPEX and delays in
receivables.

RATING SENSITIVITIES

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

COMPANY PROFILE

Founded in 1992, PPGPPG is a public charitable trust based in
Coimbatore, Tamil Nadu. The trust, managed by Dr. L. P. Thangavelu,
has a cancer hospital and nine educational institutions including a
CBSE school and offers primary to higher education.

PARAMPUJYA SOLAR: S&P Assigns BB+ Rating to Restricted Group's Bond
-------------------------------------------------------------------
On Nov. 8, 2019, S&P Global Ratings assigned its 'BB+' long-term
issue rating to India-based Parampujya Solar Energy Pvt. Ltd.
Restricted Group's (PSEPL RG) bond. This rating is in line with the
preliminary rating S&P assigned on May 15, 2019.

The rating reflects PSEPL RG's weak counterparties and moderate
DSCR. Benefits from good revenue visibility and diversification
temper the risks. Bond issuance and documentation is largely in
line with S&P's expectations. And, the DSCR should remain
commensurate with the rating, despite weakening somewhat due to
higher-than-estimated cost of debt. Operating performance is strong
with P75 (actual generation to be minimum estimated units at least
75% of the time) against S&P's P90 estimates. Receivables
collection remains in line with our expectations.

S&P said, "We now anticipate PSEPL RG's minimum DSCR to be 1.18x,
compared to our earlier estimate of 1.21x. Average DSCR levels will
also fall to around 1.38x from 1.49x. This is because the weighted
average cost of senior secured debt is higher at 10.77% (initial
estimate of 10%). However, the company has executed a long-term
support service agreement till March 2026 with parent Adani Green
Energy Ltd., and this will partly offset the impact. PSEPL RG has
fixed the price for corporate operating and maintenance cost
allocations, which will protect these overheads from inflation.

"We believe based on independent legal opinion, existing regulatory
and legal precedence (though rare), and covenants to exercise all
legal recourse for timely receivable collection provide a one-notch
insulation from the weak-linked credit profile of the
counterparties. However, we believe such an insulation is not
automatic and will remain subject to review based on the behavior
of the counterparty and PSEPL RG's ability to invoke and recover
overdue receivables on an ongoing basis."

PSEPL RG has entered into a one-year forward cover on a rolling
basis to hedge the exposure with branches of international banks
with a credit rating of at least 'BBB-'.

PSEPL RG's exposure to weak state electric utilities in India,
limited operational track record, and moderate DSCR levels
constrain the rating. Fully contracted fixed-price long-term PPAs,
diversified pool of solar assets, and strong covenant package
partly mitigate the risks.

S&P said, "The stable outlook reflects our expectation that PSEPL
RG will maintain stable cash flows with generation in line with P90
estimates (actual generation to be minimum estimated units at least
90% of the times). We also expect timely receivable collections for
the pool, given around 60% of the receivables are from stronger
counterparties like NTPC and SECI. Cash flows from fully contracted
operational solar assets spread across India will result in minimum
DSCR of above 1.18x."

S&P could lower the rating if the DSCR is likely to fall below
1.17x. This could occur in the following circumstances:

-- Lower than P90 generation or curtailment risk results in weaker
cash flows;

-- Operating and maintenance costs escalate due to
higher-than-expected inflation; or

-- Repowering costs or degradation are higher than its estimates.

S&P said, "We will also lower the rating if: (1) the weak-linked
counterparty credit profile of PSEPL RG's power offtakers were to
go down by one notch; or (2) we expect lower likelihood of support
from the Indian government for the central and state utilities. Any
increase in the risk of delayed collections and ability of the
company to recover overdue receivables can also result in a
downgrade.

"We believe the rating is unlikely to go up in the next 12-24
months, given the weak-linked counterparty credit profile and low
DSCR."

However, the rating can go up if the counterparty credit profile
improves, resulting in a higher stand-alone credit profile (SACP)
for PSEPL RG or the likelihood of government support for offtakers
increases. This assumes that PSEPL RG's receivables profile remains
satisfactory and the company's DSCR improves above 1.3x with good
cash flow resilience in a downside scenario. PSEPL RG will also
need to establish a track record for repowering as a way to offset
degradation of the asset pool.

POWER MAX: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Power Max
India Private Limited (Power Max) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       23.15       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit          20.00       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit      5.00       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Power Max for
obtaining information through letters and emails dated October 22,
2019 and October 29, 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'. 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 Power Max, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Power Max
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 Power Max to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Power Max undertakes erection, commissioning, testing, and
maintenance of structural works and electrical equipment, and civil
and mechanical construction.

QUADSEL SYSTEMS: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Quadsel
Systems Private Limited (QSPL) to 'CRISIL D Issuer not
cooperating'.

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

   Long Term Loan         2         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with QSPL for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 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'. 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 QSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on QSPL 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 QSPL to 'CRISIL D Issuer not cooperating'.

Established in 1996, Chennai-based QSPL is a dealer and channel
partner of HP. Operations are managed by the promoter, Mr Girish
Madhavan.

R. KANTILAL: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R. Kantilal
and Company (RKC) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Post Shipment       111.94       CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

   Pre Shipment         48.06       CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

   Proposed Long Term   20.00       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RKC for obtaining
information through letters and emails dated August 27, 2019 and
September 27, 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'. 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 RKC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RKC 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 RKC to 'CRISIL D/CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

RKC, a partnership firm set up in 1965, manufactures cut and
polished diamonds at its manufacturing facilities in Mumbai and
Surat (Gujarat). Mr Pratik Kothari, Mr Parag Kothari, and Mr Ankit
Kothari are partners in the firm.

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

The instrument-wise rating actions are:

-- INR0.883 mil. Long-term loans due on September 2019 migrated
     to non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating;

-- INR140 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR17.5 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 3, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RLPL was incorporated in 2006 by Mr. Rijo Mathew. RLPL is engaged
in the manufacturing and trading of centrifuged latex and skim
rubber, with its manufacturing facility located in Kerala.  

S. J. LOGISTICS: CRISIL Lowers Rating on INR18cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of S. J. Logistics India Limited (SJIL; a part of the SJA group) to
'CRISIL D' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            18        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term      6        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

   Term Loan               4        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects delay in servicing of debt obligations as
confirmed by reliable sources. The working capital facility has
remained irregular for more than 30 days.

SJA group has below average financial risk profile, large working
capital requirement, and exposure to intense competition. The
promoters have extensive experience in the logistics industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SJIL, Opus Dei Logistics (India) Pvt Ltd
(OPLIPL), Micro Logistics (India) Pvt Ltd (MLPL), and Gulf Orient
Shipping LLP (GOSL). This is because all these entities,
collectively known as the SJA group, have common management and
significant operational links and fungible funds.

Key Rating Drivers & Detailed Description

Weaknesses
* Delay in servicing of debt:
There is irregularity in servicing of debt obligations marked by
continuous overdrawals in the working capital facility for more
than 30 days.

* Below-average financial risk profile:
Gearing and total outside liabilities to adjusted net worth was
high at 4.36 times and 5.43 times, as on March 31, 2019 because of
large working capital requirement.

* Large incremental working capital requirement:
Group gives credit of up to 115 days to clients. This coupled with
high revenue growth has led to high incremental debt. Operations
will remain working capital intensive over the medium term.

* Exposure to intense competition:
Since entry barrier to the logistic business is low, the company
has to compete with numerous small and large players. Also,
business is conducted more on the basis of relationship than
contracts. Operating margin has been low at around 6.3-7.9% in the
four fiscals through 2016.

Strength
* Extensive experience of promoters:
Presence of around 15 years in the freight forwarding business has
enabled SJA group to register a compound annual growth rate of 23%
over the three fiscals through 2019.

Liquidity: Poor
SJA group has weak liquidity as reflected the continuous
overdrawals in the working capital facility.

Rating sensitivity factor

Upward factor
* Track record of timely debt servicing for more than three
months.
* Sustained improvement in financial risk profile, especially in
liquidity profile.

SJIL is the flagship company of the group and was incorporated in
2003, promoted by Mr Rajen Shah. It is engaged in the freight
forwarding business.

OPLIPL incorporated in 2010, acts as a shipping agent for carrying
out non-vessel operating common carrier activities for the group.

MLPL was set up in 2013 and handles project cargo (break bulk
containers).

GOSL was incorporated in 2010 and caters to the group's inland
transportation business.

SAINTLIFE PHARMA: CRISIL Moves 'B' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Saintlife
Pharmaceuticals Limited (SPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     2.65      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              6.35      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SPL for obtaining
information through letters and emails dated August 27, 2019 and
September 27, 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'. 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 SPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPL 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 SPL to 'CRISIL B/Stable Issuer not cooperating'.

SPL was incorporated in 2017, promoted by Mr. Sumit Juneja and his
family members. The company undertakes contract manufacturing of
pharmaceutical formulations such as capsules, tablets, and syrups
at its unit in Dehradun, Uttarakhand. Commercial operations began
in January 2018.

SURYA PRAKAAS: CRISIL Hikes Rating on INR4.25cr Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Surya Prakaas Foundry (SPF) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable' and reaffirmed the short-term rating at 'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5         CRISIL A4 (Reaffirmed)

   Cash Credit           4.25        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Inland/Import          .5         CRISIL A4 (Reaffirmed)
   Letter of Credit       

   Long Term Loan         .4         CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term     .35        CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The upgrade reflects the expectation of sustained improvement in
the firm's operating performance over the medium term. Operating
profitability improved to 22.6% in fiscal 2019 from 13.9% the
previous fiscal due to the higher execution of value-added products
in fiscal 2019. Consequently, higher profitability led to an
improvement in accruals to INR0.98 crore in fiscal 2019 from
INR0.44 crore the previous year and the interest coverage ratio to
2.2 time as on March 31, 2019, from 1.7 times a year earlier.
Revenue growth is expected at more than 10% in fiscal 2020, while
operating profitability should be maintained at around 20%. In the
absence of any debt-funded capital expenditure (capex) over the
medium term, the financial risk profile, including liquidity,
should improve further.

The ratings reflects the modest scale of operations amid intense
competition and large working capital requirement. However, these
weaknesses are partially offset by the extensive experience of the
proprietor and its average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations amid intense competition: Scale should
remain modest: revenue is estimated at INR9.66 crore in fiscal
2019. Low entry barriers due to small capital and technological
requirement and limited differentiation have led to intense
competition in the castings segment.

* Large working capital requirement: SPF's operations are working
capital-intensive: gross current assets were 634 days as on
March31, 2019, on account of high inventory required to meet the
large orders from Neyveli Lignite Corporation Ltd (NLC).

Strengths
* Extensive experience of the proprietor: Benefits from the
three-decade-long experience of the proprietor in the castings
industry and healthy relationships with suppliers and key
customers, such as NLC, should continue to support the business
risk profile.

* Average financial risk profile:
Financial risk profile should remain average: gearing was 1.32
times and networth was INR5.3 crore as on March 31, 2019. Debt
protection metrics are moderate, with interest coverage and net
cash accrual to total debt ratios of around 2.2 times and 14%,
respectively, in fiscal 2019.

Liquidity: Stretched

Liquidity is stretched: cash accruals expected in the range of
INR1.00 crore in the medium term should be sufficient to meet the
repayment obligations of INR0.30 crore. The fund based limit of
INR4.25 crore has been utilised high at an average of 95% over the
last 12 months ended September 2019 due to the working capital
intensive nature of operations.

Outlook: Stable

CRISIL believes SPF will continue to benefit from the proprietor's
extensive experience.

Rating sensitivity factor

Upward factor
* Improved revenue and stable profit margin leading to accrual of
more than INR1.5 crore
* Improvement in working capital management, backed by reduction in
inventory

Downward factor
* Decline in revenue or profit margin leading to accrual of less
than INR0.6 crore
* Further increase in inventory constraining the liquidity risk
profile

Established in 2003 as a proprietorship concern, SPF manufactures
steel castings at its unit in Coimbatore (Tamil Nadu). Mr M
Kanagarajan is the proprietor.

SWATHY CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR5.0cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Swathy Constructions (SC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.1        CRISIL A4 (Assigned)
   Cash Credit           5.0        CRISIL B+/Stable (Assigned)

The ratings reflect SC's exposure to intense competition and
tender-based nature of operations along with large working capital
requirement and a modest financial risk profile. These weaknesses
are partially offset by the extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses
* Exposure to intense competition and tender-based nature of
operations
Revenue and profitability entirely depend on the ability to win
tenders. Also, given the cyclicality inherent in the construction
industry, the ability to maintain profitability margin through
operating efficiency becomes critical. Further, intense competition
may continue to constrain scalability, pricing power, and
profitability.

* Large working capital requirement
The working capital cycle is likely to remain stretched over the
medium term and hence its efficient management will be closely
monitored. Gross current assets (GCAs) have been 170-270 days over
the three fiscals ended March 31, 2019. GCAs were as on 270 days
March 31, 2019, driven by huge inventory of around 173 days as on
March 31, 2019 and will be a key monitorable.

* Below average modest financial risk profile
The financial risk profile may remain weak over the medium term.
Networth was low at INR1.41 crore as on March 31, 2019, with
gearing high at 3.18 times. However, debt protection metrics were
moderate, with interest coverage and net cash accrual to total debt
ratios of 2.75 times and 11%, respectively, in fiscal 2019.

Strength

* Extensive experience of the partners
Benefits from the partners' experience of over a decade, their
strong understanding of local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business.

Liquidity: Stretched

Liquidity is likely to remain weak. Cash accrual is projected to be
modest at INR0.41-0.69 crore per annum over the medium term,
against the yearly maturing debt of INR0.07 crore. The fund-based
limit worth INR5 crore was utilised moderately at an average of
about 60% during the 12 months through September 2019.

Outlook: Stable

CRISIL believe SC will continue to benefit from the extensive
experience of the partners, and established relationships with
clients.

Rating sensitivity factors
Upward factor
* Increase in revenue by over 20%
* Prudent working capital management

Downward factor
* Deterioration in capital structure, with gearing increasing to
more than 4.5 times
* Steep decline in profitability and cash accrual

SC was set up in Ernakulam as a partnership firm. This Kerala-based
firm undertakes civil works such as construction of building, roads
and bridges.

TRIMURTI FABRICATORS: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Trimurti
Fabricators Private Ltd.'s (TFPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based facilities affirmed with IND
     BB+/Stable/IND A4+ rating; and

-- INR75 mil. (reduced from INR 80 mil.) Non-fund-based
     facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects TFPL's continued small scale of
operations. Its revenue declined to INR368 million in FY19 (FY18:
INR426 million, FY17: INR451 million) on account of the execution
of a lower number of orders. During 1HFY20, the company recorded
revenue of INR250 million. As of September 2019, it has an order
book of INR396 million, to be completed by March 2020.  FY19
numbers are provisional in nature.

The ratings also factor in TFPL's average EBITDA margin of 12.1% in
FY19 (FY18: 12.9%, FY17: 13.4%) with a return on capital employed
of 12%. The decline in margin was due to the execution of low
margin orders. The company's absolute EBITDA declined to INR44
million in FY19 (FY18: INR55 million on account of the decrease in
revenue.

However, the ratings are supported by the company's strong credit
metrics, despite deterioration, due to low reliance on external
debt. Its interest coverage (operating EBITDA/gross interest
expense) deteriorated to 13.2x in FY19 (FY18: 19.7x) and net
leverage (total adjusted net debt/operating EBITDAR) to 2.5x (1.4x)
on account of the decline in absolute EBITDA. However, Ind-Ra
expects the credit metrics to remain strong in the near term due to
the absence of any debt-funded CAPEX plan.

Liquidity Indicator – Adequate: The company's average utilization
of its cash credit limit and overdraft facility was 88.29% and
92.33%, respectively, for the 12 months ended October 2019. The
company does not have any term loan and CAPEX plans in the near
term. The cash flow from operation turned negative to INR 1 million
in FY19 (FY18: INR50 million) owing to the decline in absolute
EBITDA as well as an increase in working capital requirement.
However, the liquidity is supported by excess cash availability in
the form of unencumbered fixed deposits of INR149.03 million (FY18:
INR 146.6 million) which can be used when required.

The ratings also continue to be supported by the promoters'
experience of over two decades in the mechanical fabrication
business.

RATING SENSITIVITIES

Positive: An increase in order book leading to an improvement in
the scale of operation, along with an improvement in the liquidity
position will be positive for the ratings.

Negative: Any further decline in the revenue or stretch in the
liquidity position will be negative for the ratings.

COMPANY PROFILE

TFPL undertakes engineering, procurement, and construction of
mechanical fabrication activity-related contracts, such as piping,
structural work, tank fabrications and all kinds of erection.
Rajeev Vaidya, Sumangal Kanade, Hemant Mhatre and Abhay Aphale are
the promoters.



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

KAWASAN INDUSTRI: S&P Affirms 'B' LT ICR, Outlook Negative
----------------------------------------------------------
On Nov. 8, 2019, S&P Global Ratings affirmed its 'B' long-term
issuer credit rating on PT Kawasan Industri Jababeka Tbk.
(Jababeka) and the 'B' long-term issue rating on the company's
guaranteed senior unsecured notes. S&P removed the ratings from
CreditWatch, where they were placed with negative implications on
July 9, 2019.

S&P affirmed the ratings and removed them from CreditWatch because
it believes Jababeka's imminent refinancing risk from a dispute
among shareholders has reduced.

In July 2019, a proposal by two minority shareholders of Jababeka
to change the composition of the board of directors and board of
commissioners received 52% shareholder approval. This could be
considered as surpassing the voting block and could potentially
trigger a change-of-control clause (CoC) in the company's US$300
million outstanding notes and lead to sizable refinancing risk.

The dispute is ongoing. It is the subject of pending litigation,
which, in Indonesia, is likely to be protracted.

The shareholder dispute has so far had no direct and measurable
impact on Jababeka's land sales or power generation. These
businesses remain driven by prevailing soft operating conditions
and the status of an offtake contract with state electricity
distributor PT Perusahaan Listrik Negara. The dispute has also not
affected the company's capital structure or liquidity. S&P also
believes noteholders have limited incentives to trigger the CoC,
given the notes are not due until 2023. Moreover, the company's
operations are still profitable and it is able to service its
financial obligations from internal resources.

Jababeka's operating performance remains soft. For the nine months
ended Sept. 30, 2019, the company's EBITDA was about Indonesian
rupiah (IDR) 344 billion, meeting only 50% of S&P's full-year
expectation. While it anticipates a pick-up in EBITDA in the fourth
quarter, the EBITDA interest coverage is likely to remain thin at
1.5x in 2019.

S&P said, "We expect Jababeka's interest servicing capacity to stay
thin due to soft operating performance through 2020. In our base
case, we project the company's EBITDA interest coverage will hover
around 1.5x over the period." That level is thin compared to that
of other 'B' rated regional developers with similar size,
concentration, and earnings quality.

Jababeka's free operating cash flows are also likely to stay
negative through 2020. S&P expects the company's capital spending
to be steady to replenish land amid subdued operating cash flows.
Jababeka reduced capital spending to about IDR160 billion in 2018
(and about IDR140 billion for the nine months ended Sept. 30,
2019), compared with IDR840 billion in 2017. Yet, the company's
modest asset base and business model of selling lumpy land plots
for industrial development require steady investments to maintain
revenue predictability. Negative free operating cash flows, if they
persist, will gradually reduce the company's cash balance and
ability to absorb weaker operating conditions and slower land
sales.

S&P said, "In our opinion, Jababeka's recurring income from its dry
port, power plant, estate management, and hospitality operations
provide some buffer against volatility in the property market. The
company's recurring EBITDA from these operations, which we estimate
at IDR350 billion-IDR400 billion a year, can cover most of its
annual interest obligation of IDR400 billion-IDR450 billion."

S&P said, "Jababeka's sufficient cash balance and long-dated
maturity profile also support the rating. Liquidity at Jababeka's
parent level remains sufficient, in our view. That factor is
important in our credit analysis because the company's joint
ventures, mainly for the Kendal project (which accounts about one
third of property sales), are in expansionary phases and are not
upstreaming meaningful cash flows to the parent, where the bulk of
the debt sits. As of Sept. 30, 2019, the cash balance at the parent
level, excluding joint ventures, was about IDR700 billion. We
expect this cash balance to be about IDR750 billion at end-2019 and
IDR600 billion by the end of 2020."

The negative outlook reflects the risk that Jababeka's EBITDA
interest coverage could stay thin at below 1.5x over the next six
to 12 months amid protracted soft operating conditions, steady
capital spending, and the absence of a significant pick-up in land
sales and cash collection.

S&P said, "We may lower the rating if Jababeka's EBITDA interest
coverage stays below 1.5x with no prospect of a material and
sustainable pick-up, or if the company continues burning cash,
resulting in a declining cash balance. We believe annual EBITDA
failing to exceed IDR720 billion sustainably, or annual capital
spending exceeding IDR300 billion could trigger a downgrade.

"We could also lower the rating if the company's ongoing
shareholder dispute starts to have a tangible effect on its
operations, ability to generate sales, capital structure,
liquidity, or strategic focus.

"We would revise the outlook to stable if Jababeka has steady
property sales, maintains a sound liquidity buffer, is prudent in
capital spending, and keeps its EBITDA interest coverage
substantially above 1.5x. Annual EBITDA sustainably exceeding
IDR800 billion and break-even discretionary cash flows would
indicate such improvement."

A revision of the outlook to stable would also be contingent upon a
substantial reduction in event risks associated with the company's
shareholder dispute.




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

KRISENERGY LTD: Q3 Loss Widens to US$16.7MM on Lower Oil Prices
---------------------------------------------------------------
Fiona Lam at The Business Times reports that KrisEnergy, which is
undergoing a financial restructuring, saw its net loss deepen to
US$16.7 million for its third quarter ended Sept. 30, from a loss
of US$11 million for the year-ago period.

Loss per share stood at 1.1 US cents for the quarter, compared with
a loss per share of 0.7 cent a year ago, the report discloses.

According to BT, revenue for Q3 almost halved to US$22.9 million,
down 41.6 per cent from US$39.2 million a year ago, due to lower
average realised selling prices for oil and liquids. This was
partially offset by higher average realised selling prices for gas
in Thailand, KrisEnergy said on Nov. 12, BT relays.

Overall, the group's average realised oil and liquids sale price
fell by 19.3 per cent to US$57.15 per barrel for the third quarter,
and dipped 10.4 per cent to US$60.10 per barrel for the nine
months, the report says.

BT adds that revenue for the nine months to Sept 30 also fell,
declining 28.2 per cent to US$91.5 million, weighed down by lower
oil prices and sale volumes.

                     About KrisEnergy Limited

KrisEnergy Limited (SGX:SK3) -- https://krisenergy.com/ --
is a Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

KrisEnergy reported net losses of US$237.1 million, US$139.2
million and US$137.3 million for the financial years 2016, 2017 and
2018, respectively.

KrisEnergy is under court protection from legal action by creditors
in Singapore. Its three-month debt moratorium, which lasts till
Nov. 14, was granted in September, according to the Strait Times.

Shares of KrisEnergy have been suspended since Aug. 14.


                           *********


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,
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2019.  All rights reserved.  ISSN: 1520-9482.

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