/raid1/www/Hosts/bankrupt/TCRAP_Public/191120.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 20, 2019, Vol. 22, No. 232

                           Headlines



A U S T R A L I A

ANGELO GROUP: Second Creditors' Meeting Set for Nov. 26
BUILDING AND STRATA: First Creditors' Meeting Set for Nov. 28
ESCA DISTRIBUTING: Second Creditors' Meeting Set for Nov. 27
ESTABLISHMENT 5: First Creditors' Meeting Set for Nov. 27
EVO PIZZA: Second Creditors' Meeting Set for Nov. 27

FOOTPRINT HOSPITALITY: Second Creditors' Meeting Set for Nov. 26
HEAVY AUTOELECTRIC: First Creditors' Meeting Set for Nov. 28
HORIZON GLOBAL: Posts $145.5 Million Net Income in Third Quarter
ONE OF A KIND: Members Approve Restructuring Deal
PROTECTAPRINT MELBOURNE: First Creditors' Meeting Set for Nov. 26

[] AUSTRALIA: Owners of Troubled SMEs Seek Help Late, Probe Says


C H I N A

AGILE GROUP: Moody's Assigns Ba3 Rating on New USD Perpetual Notes
AIRNET TECHNOLOGY: Has Updates on Sale of 20.3% of Advertising Bus.
CHINA LENDING: Reports $27.1 Million Net Loss for H1 2019


I N D I A

ANKITA AGRO: CARE Hikes Rating on INR7.86cr Loan to 'B'
ANNAI INFRA: Ind-Ra Lowers Issuer Rating to 'B-', Outlook Negative
ARKAS ENERGY: ICRA Lowers Rating on INR23cr LT Loan to 'D'
AURO INDUSTRIES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
BHATIA COKE: ICRA Keeps 'D' Rating in Not Cooperating Category

BUILDMET PRIVATE: ICRA Lowers Rating on INR12cr Loan to 'D'
C. P. BAGAL: CARE Lowers Rating on INR5cr LT Loan to 'B+'
CANVAS INTEGRATED: CRISIL Keeps 'B+' Rating in Not Cooperating
CEEDEEYES INFRASTRUCTURE: CRISIL Keeps B Rating in Not Cooperating
CG POWER: Ind-Ra Lowers LT Issuer Rating to 'D', Outlook Negative

CREST ENGINEERING: Ind-Ra Assigns B- Issuer Rating, Outlook Stable
CRYSTAL SEA: ICRA Lowers Rating on INR12.65cr Term Loan to C
DHIR GLOBAL: CRISIL Maintains 'D' Rating in Not Cooperating
EUROPA BIOCARE: ICRA Assigns B-/Stable Issuer Rating
FPC PETRO: CRISIL Maintains 'D' Rating in Not Cooperating

GOODONE TRADERS: CRISIL Maintains 'D' Rating in Not Cooperating
GRAMPUS LABORATORIES: CARE Maintains B Rating in Not Cooperating
GTN INDUSTRIES: ICRA Hikes Rating on INR50.70cr Term Loan to B
HARSHIL TEXTILES: CRISIL Maintains 'B-' Rating in Not Cooperating
HEMANG RESOURCES: ICRA Keeps D Rating in Not Cooperating Category

J.N. TAYAL: CARE Maintains B+ Rating in Not Cooperating
JAGDAMBAY EXPORTS: CARE Lowers Rating on INR10.57cr Loan to B
JAIPUR INTEGRATED: ICRA Cuts Rating on INR25cr Loan to 'D'
JAYPEE INFRATECH: Lenders to Meet Again to Discuss NBCC Bid
KASHIPUR SITARGANJ: Ind-Ra Affirms 'D' Rating on INR4.22BB Loan

NATIONAL STEEL: ICRA Keeps 'D' Rating in Not Cooperating Category
NEW-TECH STEEL: CRISIL Maintains 'D' Rating in Not Cooperating
ORCHID PHARMA: NCLAT Sets Aside NCLT Order Approving Dhanuka's Bid
ROCKEIRA ENGINEERING: Ind-Ra Affirms & Withdraws BB+ Issuer Rating
SESA MINERALS: ICRA Lowers Rating on INR35cr Cash Loan to 'D'

SUZLON ENERGY: Net Loss Widens to INR777cr in Q2 Ended Sept. 30
ZIMIDARA PESTICIDES: CARE Cuts Rating on INR10cr LT Loan to B


I N D O N E S I A

PAN BROTHERS: Fitch Affirms B LongTerm IDR, Outlook Stable


M A L A Y S I A

SEACERA GROUP: 30 Persons Seek Board Role at AGM
SERBA DINAMIK: Fitch Affirms BB- LongTerm IDR, Outlook Stable
SERBA DINAMIK: S&P Affirms 'BB-' ICR on Strong Growth


N E W   Z E A L A N D

INTUERI EDUCATION: Directors, Promoters Face Class Action


S I N G A P O R E

GEO ENERGY: Moody's Lowers CFR to B3, Outlook Negative


T H A I L A N D

IRPC PUBLIC: S&P Alters Outlook to Stable & Affirms 'BB+' LT ICR

                           - - - - -


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A U S T R A L I A
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ANGELO GROUP: Second Creditors' Meeting Set for Nov. 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Angelo Group
Pty Ltd has been set for Nov. 26, 2019, at 12:00 p.m. at the
offices of Jirsch Sutherland, Level 12, at 460 Lonsdale Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 25, 2019, at 4:00 p.m.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Angelo Group on Oct. 23, 2019.

BUILDING AND STRATA: First Creditors' Meeting Set for Nov. 28
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Building and
Strata Certification Pty Ltd will be held on Nov. 28, 2019, at
11:00 a.m. at the offices of O'Brien Palmer, at Level 9, 66
Clarence Street, in Sydney, NSW.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of Building and Strata on Nov. 18, 2019.


ESCA DISTRIBUTING: Second Creditors' Meeting Set for Nov. 27
------------------------------------------------------------
A second meeting of creditors in the proceedings of Esca
Distributing Pty Limited has been set for Nov. 27, 2019, at 10:00
a.m. at the offices of Jirsch Sutherland, Level 27, at 259 George
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 26, 2019, at 5:00 p.m.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Esca Distributing on Oct. 23,
2019.


ESTABLISHMENT 5: First Creditors' Meeting Set for Nov. 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
Establishment 5 Developments Pty Ltd will be held on Nov. 27, 2019,
at 10:30 a.m. at Apso, Exchange Tower Melbourne, Level 1, 530
Little Collins Street, in Melbourne, Victoria.

Laurence Fitzgerald and Michael Humphris of William Buck were
appointed as administrators of Establishment 5 on Nov. 18, 2019.


EVO PIZZA: Second Creditors' Meeting Set for Nov. 27
----------------------------------------------------
A second meeting of creditors in the proceedings of Evo Pizza Pty
Ltd, trading as Little Caesars Pizza (AUS), has been set for Nov.
27, 2019, at 10:30 a.m. at the offices of Jirsch Sutherland, Level
27, at 259 George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 26, 2019, at 5:00 p.m.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Evo Pizza on Oct. 23, 2019.

FOOTPRINT HOSPITALITY: Second Creditors' Meeting Set for Nov. 26
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Footprint
Hospitality Pty Ltd, trading as The Pacific Club Bondi Beach Bistro
& Beach Club, has been set for Nov. 26, 2019, at 10:00 a.m. at the
offices of HoganSprowles, Level 9, at 60 Pitt Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 25, 2019, at 4:00 p.m.

Christian Sprowles and Brendan Copeland of HoganSprowles were
appointed as administrators of Footprint Hospitality on Oct. 22,
2019.

HEAVY AUTOELECTRIC: First Creditors' Meeting Set for Nov. 28
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Heavy
Autoelectric Specialists Pty Ltd, trading as Lawty Auto Electrics &
Air, will be held on Nov. 28, 2019, at 10:30 a.m. at the offices of
Worrells Solvency & Forensic Accountants, at Level 8, 102 Adelaide
Street, in Brisbane, Queensland.

Lee Crosthwaite of Worrells Solvency & Forensic Accountants was
appointed as administrator of Heavy Autoelectric on Nov. 18, 2019.

HORIZON GLOBAL: Posts $145.5 Million Net Income in Third Quarter
----------------------------------------------------------------
Horizon Global Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q reporting net income
attributable to the Company of $145.51 million on $177.85 million
of net sales for the three months ended Sept. 30, 2019, compared to
a net loss attributable to the Company of $32.76 million on $194.03
million of net sales for the same period during the prior year.

For the nine months ended Sept. 30, 2019, compared to net income
attributable to the Company of $112.33 million on $548.17 million
of net sales compared to a net loss attributable to the Company of
$157.20 million on $576.25 million of net sales for the nine months
ended Sept. 30, 2018.

As of Sept. 30, 2019, Horizon Global had $466 million in total
assets, $427.25 million in total liabilities, and $38.75 million in
total shareholders' equity.

                           CEO's Statement

"I am encouraged by the strength of our brands, the ongoing support
of our customers, and the opportunity to return this proud company
to the leadership position it deserves," commented Terry Gohl,
newly appointed president and chief executive officer of Horizon
Global.  "Over the past six weeks, since being tapped to lead
Horizon Global, I have toured our primary manufacturing operations
in Mexico and Europe.  I have met with our teams in each of these
geographies and assessed our operating position and associated
challenges.  Based on this early assessment, we identified actions
that we believe will accelerate improvements in quality and
time-to-market, and which we expect to result in improved margins
and cash flow in the coming quarters."

Gohl continued, "We faced significant headwinds in our Americas
operations during the third quarter, with operational and execution
issues negatively impacting our ability to fill orders in the
aftermarket, retail and industrial channels, resulting in lost
sales, while the impact of tariffs and higher manufacturing costs
impacted profitability, all while our Europe-Africa operations
reported slightly higher sales and increased margins over the
prior-year comparable period, with the increase in margin primarily
due to a favorable commercial settlement of a potential product
liability claim.  There is no doubt that everyone around the globe
is disappointed with our results, and there is an equal amount of
passion to make certain we improve them."

Gohl added, "With the sale of our Asia-Pacific business segment
("APAC") and the resulting debt paydown, covenant relief,
additional liquidity and annual debt service savings, we are able
to focus our time, attention, energy and newly acquired talent on
improving the operating profiles of both our Americas and
Europe-Africa operations.  Without the tireless efforts of the
teams on both sides of the pond, we would not have this unique
opportunity.  On behalf of Horizon Global's remaining 4,000
employees, I want to personally thank everyone involved."

Gohl continued, "While our team has significant work ahead of us,
we are confident in our ability to address what we see and whatever
else might come forward.  In a very short period of time, we have
defined key areas where we can accelerate improvement, including
those impacting customer service and satisfaction.  We see
significant opportunities for both revenue growth and cost
improvement.  We have deployed both internal and external resources
to address the most critical and significant items faster and are
recognizing targeted early results.  The organization is being
reshaped to better serve the market.  Since joining, I have hired a
Chief Operating Officer and a global purchasing lead and will
continue hiring top talent throughout the organization at all
levels until we are at full strength."

In closing, Gohl stated, "Our focus and commitment is to provide
innovative products with superior engineering to our customers on
time, every time.  We look forward to regaining our customers'
confidence and are optimistic they will again recognize Horizon
Global and our market leading brands as their supplier of choice."

                 2019 Third Quarter Segment Results

Horizon Americas.  Net sales decreased $19.3 million, or 16.7%, to
$96.2 million.  Net sales in the aftermarket, retail and industrial
channels were $18.1 million lower than the prior-year comparable
period, while e-commerce net sales were down $1.7 million.  These
decreases were partially offset by OE net sales, which increased
$1.0 million.  Gross profit decreased $10.5 million, primarily due
to the decrease in net sales and unfavorable material input costs
as a result of the impact of tariffs and higher freight costs,
unfavorable manufacturing costs and higher scrap costs.  Horizon
Americas generated an operating loss of $2.2 million, representing
a decrease of $9.5 million from the prior-year comparable period.
Commensurately, Adjusted EBITDA(2) decreased to $0.6 million for
the quarter, as compared to $14.2 million during the prior-year
comparable period.

Horizon Europe-Africa.  Net sales increased $3.1 million, or 4.0%,
to $81.6 million due primarily to increased net sales in the
Automotive OEM and OES channels.  Europe-Africa net sales continued
to be impacted by unfavorable foreign currency translation, while
net sales on a constant currency basis increased $7.0 million, or
8.9%.  Gross profit increased $4.3 million, primarily due to a
favorable expense recovery related to the settlement of a potential
product liability claim.  Operating profit for the quarter was $1.7
million, which represented a $33.1 million improvement over the
prior-year comparable period. Results for the third quarter of 2018
included a goodwill impairment charge of $26.6 million.  Adjusted
EBITDA was $0.7 million for the quarter, an increase of $0.8
million over the prior-year comparable period.

Discontinued Operations.  On Sept. 19, 2019, the Company completed
the sale of APAC for $209.6 million in net cash proceeds after
payment of debt and transaction costs associated with operations
and the transaction.  The Company classified APAC assets and
liabilities as held-for-sale as of Dec. 31, 2018, and classified
APAC's operating results and the gain on sale as discontinued
operations.

Balance Sheet and Liquidity. Gross debt decreased $149.3 million to
$239.2 million from the prior-year comparable period.  Total
liquidity, which includes borrowing availability under the ABL and
cash on-hand, was $60.9 million, down $6.8 million as compared to
the prior-year comparable period.

                    Covenant and Liquidity Matters

The ABL Facility matures on June 30, 2020, and as of Sept. 30,
2019, had an outstanding balance of $19.7 million.  The Company
believes it has sufficient liquidity to operate its business.
However, today the Company does not have the cash or liquidity to
pay off the ABL Facility at maturity.  If the Company cannot
generate sufficient cash from operations to make the aforementioned
payment at maturity, or enter into new or additional financing
arrangements, it may result in an event of default because of the
inability to meet all of its obligations under its credit
agreements.  Such a default, if not cured, would allow the lenders
to accelerate the maturity of the debt, making it due and payable
at that time, which would result in a cross default of other debt
obligations.  The Company is in compliance with all of its
financial covenants as of Sept. 30, 2019.

                    Cash Flows - Operating Activities

Net cash used for operating activities during 3Q19 YTD and 3Q18 YTD
was $65.8 million, and $74.5 million, respectively.  During 3Q19
YTD, the Company used $44.7 million in cash flows, based on the
reported net loss of $78.0 million and after considering the
effects of non-cash items related to gains and losses on
dispositions of property and equipment, depreciation, amortization
of intangible assets, write off of operating lease assets, stock
compensation, changes in deferred income taxes, amortization of
original issuance discount and debt issuance costs, paid-in-kind
interest, and other, net.  During 3Q18 YTD, the Company used $21.9
million in cash flows, based on the reported net loss of $167.6
million and after considering the effects of similar non-cash items
and goodwill impairment.

Changes in operating assets and liabilities used $21.1 million and
$52.6 million of cash during 3Q19 YTD and 3Q18 YTD, respectively.
Increases in accounts receivable resulted in a net use of cash of
$4.7 million and $32.0 million during 3Q19 YTD and 3Q18 YTD,
respectively.  The increase in accounts receivable for both periods
is a result of the higher sales activity during the second and
third quarter compared to the fourth quarter due to the seasonality
of the business.

Changes in inventory resulted in a source of cash of $1.9 million
during 3Q19 YTD and source of cash of approximately $5.6 million
during 3Q18 YTD.  The decrease in inventory during 3Q19 YTD was due
to softening of demand at the start of the typically strong selling
season.  The decrease in inventory during 3Q18 YTD was due to the
seasonality of the Company's business.

Changes in accounts payable and accrued liabilities resulted in a
use of cash of $15.6 million during 3Q19 YTD and a use of cash of
$27.5 million during 3Q18 YTD.  The use of cash for 3Q19 YTD
compared to the use of cash during 3Q18 YTD is primarily related to
the timing of purchases and vendor payments within the quarter.

                Cash Flows - Investing Activities

Net cash provided by investing activities during 3Q19 YTD was
$207.6 million and net cash used for investing activities was $9.9
million during 3Q18 YTD.  During 3Q19 YTD, net proceeds from the
sale of APAC was $209.6 million, and net proceeds from the sale of
certain non-automotive business assets were $5.0 million. 3Q19 YTD
saw lower capital expenditure needs as compared to $9.7 million
incurred during 3Q18 YTD for growth, capacity and
productivity-related projects, primarily within the Westfalia
group.

                 Cash Flows - Financing Activities

Net cash used for financing activities was approximately $163.7
million and net cash provided by financing activities was $74.4
million during the 3Q19 YTD and 3Q18 YTD, respectively.  During
3Q19 YTD, net proceeds from borrowings on the Company's Second Lien
Term Loan were $35.5 million, net of issuance costs; net repayments
on the Company's ABL Facility totaled $43.7 million, while the
Company used cash of $173.4 million for repayments and debt
issuance and transaction costs to amend its First Lien Term Loan.
During 3Q18 YTD, net borrowings from its ABL Facility totaled $37.6
million.  During 3Q18 YTD, the Company used cash of approximately
$6.5 million for repayments on its First Lien Term Loan.

A full-text copy of the Form 10-Q is available for free at:

                       https://is.gd/SDqu7i

                       About Horizon Global

Horizon Global -- http://www.horizonglobal.com/-- is a designer,
manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves the automotive aftermarket, retail and original
equipment manufacturers ("OEMs") and servicers ("OESs")
(collectively "OEs") channels.

Horizon Global reported net losses of $204.9 million in 2018, $4.77
million in 2017, and $12.66 million in 2016.  As of June 30, 2019,
the Company had $604.74 million in total assets, $693.06 million in
total liabilities, and a total shareholders' deficit of $88.32
million.

                           *    *     *

As reported by the TCR on June 18, 2019, Moody's Investors Service
downgraded Horizon Global Corporation's Corporate Family Rating to
C from Caa3.  The downgrade reflects Moody's expectations that
modest earnings improvement will not be sufficient to reduce
leverage to a sustainable level and that the sale of the
Asia-Pacific segment will, while reducing secured leverage,
increase total leverage and create greater reliance on a quick
turnaround in the more weakly performing U.S. and European
operations to diminish restructuring risk.

In March 2019, S&P affirmed its 'CCC' issuer credit rating on the
Company and its 'CCC' issue-level rating on its first-lien debt.
S&P took the rating actions after Horizon issued an incremental $51
million term loan (unrated) and amended its covenants.  In August
2019, S&P Global Ratings revised its outlook on Horizon Global
Corp. to developing following the company's announcement that it
has reached a definitive agreement to sell its Asia-Pacific segment
and use the proceeds to repay debt.

ONE OF A KIND: Members Approve Restructuring Deal
-------------------------------------------------
Jessica Worboys at The Namoi Valley Independent reports that
members of One of a Kind Community Support's committee will work
towards restructuring the business for the future, with former
chief executive officer Michael Ticehurst soon to take the lead.

According to the report, creditors voted at a recent meeting for
the association to enter into a deed of company arrangement (DOCA)
to sort out financial affairs and appoint Mr. Ticehurst to the
position.

The report relates that administrator Andrew Barnden said the DOCA
will allow for all debts to be paid in full and all outstanding
amounts owing to employees to be paid.

"The [DOCA] has to be executed within 15 business days and then,
following that, the association is handed back to the new interim
committee, then I'll distribute the funds to creditors while the
association will continue to move forward," the report quotes.  Mr.
Barnden as saying.  "All premises will close down over the next
short period of time, except for Tamworth's Hill Street store,
sorting centre and community support centre on Denne Street."

Mr. Barnden said the closing stores - Gunnedah, Armidale, Narrabri
and Toowoomba - may open again in the future, the report relays.

"There's a possibility under the new management that stores will
reopen in due course, but it depends on how they're trading and how
they will take [the business] into the future," he said.

All clothing and other items for sale in the stores will be sent to
Tamworth's sorting centre, where they will be "put through the Hill
Street premises". Gunnedah and Armidale's buildings will be
"returned back to landlords".

The Namoi Valley Independent contacted Mr. Ticehurst, but he said
he could not provide more detail.

"Our small committee is unable to comment on any One of a Kind
Community Support matters until we are formally appointed. We
expect this to be around December 10," the report quotes Mr.
Ticehurst as saying.

One of a Kind's Gunnedah store will close on Nov. 25, after just
over a year's trading in town.

The Namoi Valley Independent says the closure came after the
charity association appointed Mr Barnden because of concerns that
"cash inflows [weren't] sufficient to cover future outflows".

The store is holding a sale on all of its remaining items before
its final day of trading, the report notes.

It first opened in October 2018 on Barber Street before relocating
to Conadilly Street in August of this year.

PROTECTAPRINT MELBOURNE: First Creditors' Meeting Set for Nov. 26
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Protectaprint Melbourne Pty. Ltd. will be held on Nov. 26, 2019, at
2:30 p.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 Protectaprint Melbourne on Nov. 14, 2019.

[] AUSTRALIA: Owners of Troubled SMEs Seek Help Late, Probe Says
----------------------------------------------------------------
SmartCompany reports that small business owners in financial
trouble are leaving it too late to seek help, small business
ombudsman Kate Carnell warns.

As small business insolvencies spike leading into Christmas, the
Australian Small Business and Family Enterprise Ombudsman (ASBFEO)
has held the first meeting of its insolvency practices inquiry
reference group, which is probing whether SMEs are being
shortchanged by overzealous liquidators with conflicted interests,
SmartCompany relates.

According to the report, Ms. Carnell said the ombudsman's office
has received more than 200 responses to its initial survey callout,
which went live last month, and an additional 20 formal
submissions.

One of the initial findings considered by the reference group,
which is chaired by former Nationals senator John Williams, is
small business owners appear to be trying to tough out difficult
trading conditions rather than seeking help, SmartCompany says.

As Ms. Carnell explained in a statement circulated on Nov. 18, this
is making it more difficult for firms to find a lifeline when they
need it most, the report relays.

"It is crucial that small and family businesses experiencing
financial difficulties understand they don't have to go it alone,"
the report quotes Ms. Carnell as saying.  "[Firms] should lean on
their trusted advisors, like your accountant, especially when
financial concerns arise."

SmartCompany says the ombudsman's inquiry is considering a range of
potential issues with insolvency practices and their effect on
small business.

This includes the way small business owners are kept in the loop
once they hand their companies over to administrators, and whether
liquidators are incentivised to recommend liquidations to boost
their own fees, relates SmartCompany.

It's pertinent timing, the report notes. As new concerns emerge
about the direction Australia's economy is heading leading into
2020, CreditorWatch figures published earlier this month revealed a
20% spike in SME insolvencies for the September quarter,
SmartCompany discloses.

Insolvency practitioners are relishing increased revenues, as the
ABC has recently reported, but that's bad news for small business
owners, SmartCompany relays.

Debt recovery firm Prushka published figures last week which argues
SMEs are tightening their growth ambitions for 2020, in what should
be seen as a "canary in the coal mine" of sorts, the report adds.



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AGILE GROUP: Moody's Assigns Ba3 Rating on New USD Perpetual Notes
------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 senior unsecured rating to
Agile Group Holdings Limited's (Ba2 stable) proposed USD senior
perpetual capital securities.

The perpetual securities will be issued directly by Agile and rank
pari passu with all of its other present and future unsecured and
unsubordinated obligations.

Agile will use the proceeds from the proposed bonds to refinance
existing debt.

RATINGS RATIONALE

"The proposed perpetual securities will extend Agile's debt
maturity profile and will not have a material impact on its credit
metrics, as it will mainly use the proceeds to refinance existing
debt," says Kaven Tsang, a Moody's Senior Vice President.

Agile's Ba2 corporate family rating reflects its strong market
position and solid track record of property development in its core
markets of Guangdong and Hainan, its disciplined financial
management, good liquidity with demonstrated access to the offshore
debt and banking markets, and low land costs.

At the same time, the company's Ba2 CFR reflects its geographic
concentration, exposing it to the risk of changes to local
regulations, and the execution and financial risks associated with
its expansion into new businesses.

Agile's Ba3 senior unsecured ratings are one notch lower than its
CFR due to structural subordination risk. This risk reflects the
fact that the majority of claims are at the operating subsidiaries.
These claims have priority over Agile's senior unsecured claims in
a bankruptcy scenario.

In addition, the holding company lacks significant mitigating
factors for structural subordination. As a result, the likely
recovery rate for claims at the holding company will be lower.

The Ba3 senior unsecured rating for the proposed perpetual capital
securities also considers the following factors:

(1) Moody's treatment of the proposed perpetual securities as pure
debt instruments. Moody's therefore does not apply any equity
treatment to these securities.

(2) The fact that the securities will rank pari passu with all of
Agile's other present and future senior obligations.

Moody's expects that Agile's debt leverage, as measured by
revenue/adjusted debt, will recover to around 70% by 2020 from 52%
for the 12 months ended June 2019, as revenue growth will outpace
adjusted debt growth. This recovery will in turn be supported by
moderate presales growth and growing revenue contributions from
Agile's non-property businesses.

Likewise, Moody's expects Agile's EBIT interest coverage will
recover to around 4.0x from 2.9x over the same period. These
projected metrics will support the company's Ba2 CFR.

Moody's expects that Agile will achieve moderate growth in presales
to RMB110-RMB130 billion over the next 12-18 months from RMB103
billion in 2018, while its revenue will grow to RMB65-RMB80 billion
from RMB56 billion over the same period.

In the first 10 months of 2019, the company's presales — along
with presales from its joint ventures and associates — grew 28.2%
year-on-year to RMB100.3 billion, following 14% year-on-year growth
in 2018. These numbers leave the company on track to meet its
presales target for the full year 2019 and will support revenue
growth in the next 12-18 months.

Moody's also expects that Agile will control its debt growth by
taking a disciplined approach towards land acquisition and new
business expansion, such that its adjusted debt will grow only
around 10% to RMB110-RMB115 billion over the next 12-18 months from
RMB104 billion at December 31, 2018.

In terms of environmental, social and governance (ESG) factors, the
Ba2 CFR has considered Agile's concentrated ownership by its key
shareholder, the Chen family, which held a total 67.1% stake in the
company as of June 30, 2019. The Ba2 CFR has also considered the
family's track record of injecting equity of around HKD1.6 billion
into the company to support its liquidity and refinancing needs
during the difficult time in 2014. In addition, the company's
listing on the Hong Kong Stock Exchange means it needs to comply
with certain internal governance structures and disclosure
standards under the Corporate Governance Code.

Agile's liquidity position is good. Its cash holdings of RMB41.6
billion at June 30, 2019 could fully cover its RMB36.1 billion in
short-term debt as of the same date. Moody's expects that over the
next 12 months, Agile's cash holdings and operating cash flow will
be sufficient to cover its short-term debt, committed land premiums
and dividend payments.

Agile's stable outlook reflects Moody's expectation that the
company will maintain its disciplined approach to land acquisitions
and new business expansion, thereby improving its financial metrics
over the next 12-18 months.

Upward rating pressure could develop if Agile grows its scale while
maintaining (1) a strong liquidity position; and (2) sound credit
metrics, with adjusted revenue/debt above 95%-100% and
EBIT/interest coverage above 5.0x-5.5x on a sustained basis.

Downward rating pressure could develop if Agile's presales decline
or the company turns to an aggressive expansion strategy in its
property or non-property businesses such that its credit metrics
weaken, with its EBIT/interest coverage failing to return to 3.5x
or adjusted revenue/debt failing to trend back to 70%.

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

AIRNET TECHNOLOGY: Has Updates on Sale of 20.3% of Advertising Bus.
-------------------------------------------------------------------
AirNet Technology Inc., formerly known as AirMedia Group Inc.,
announced that Beijing Linghang Shengshi Advertising Co., Ltd., one
of the variable interest entities of the Company, Mr. Herman Guo,
the Chairman and CEO of the Company, and Mr. Qing Xu, the director
and executive president of the Company and Jiangsu Hongzhou
Investment Co., Ltd., an independent third party (the "Buyer"),
have recently entered into a supplementary agreement to the equity
transfer agreement on the sale of the 20.32% equity interest of
Airmedia Group Co., Ltd. ("AM Advertising"), which was previously
announced by the Company on Nov. 6, 2018.

The Supplementary Agreement was entered into on the outstanding
amount of RMB380 million out of the total consideration of RMB580
million that has not been paid by the Buyer.  Under the
Supplementary Agreement, Buyer shall cause the RMB60 million out of
the total outstanding amount of RMB380 million to be paid.
Furthermore, after the Target shall be successfully listed, the
remaining consideration of RMB320 million shall be paid in a lump
sum within 90 business days after the lock-up on the equity held by
the Buyer in the Target is lifted, on the condition that the stock
value held by the Buyer in the Target shall not be less than
RMB1.524 billion (i.e. the valuation of the Target is not less than
RMB7.5 billion) when the lock-up on the equity held by the Buyer in
the Target is lifted.

A full-text copy of the Supplementary Agreement to Equity Transfer
Agreement is available for free at:

                        https://is.gd/l4D0XD

                      About AirNet Technology

Incorporated in 2007 and headquartered in Beijing, China, and
formerly known as AirMedia Group Inc, AirNet (Nasdaq: AMCN)
provides in-flight solutions to connectivity, entertainment and
digital multimedia in China.  AirNet -- http://ir.ihangmei.com--
empowers Chinese airlines with seamlessly immersive Internet
connections through a network of satellites and land-based beacons,
provides airline travelers with interactive entertainment and a
coverage of breaking news, and furnishes corporate clients with
advertisements tailored to the perceptions of the travelers.

Marcum Bernstein & Pinchuk LLP, in New York, issued a "going
concern" qualification in its report dated April 30, 2019, on the
Company's consolidated financial statements for the year ended Dec.
31, 2018, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

AirMedia incurred a net loss of US$93.41 million in 2018 following
a net loss of US$179.2 million in 2017.  As of Dec. 31, 2018,
AirMedia had US$129.8 million in total assets, $115.41 million in
total liabilities, and US$14.39 million in total equity.


CHINA LENDING: Reports $27.1 Million Net Loss for H1 2019
---------------------------------------------------------
China Lending Corporation reported its unaudited financial results
for the six months ended June 30, 2019.

Highlights

  * On Nov. 19, 2018, Feng Hui Ding Xin (Beijing) Financial
    Consulting Co., Limited and a third-party company established
    Zhiyuan Factoring (Guangzhou) Co., Ltd.  On Nov. 29, 2018,
    Ningbo Ding Tai Financial Leasing Co., Ltd. and Ding Xin
    acquired 98.04% and 1.96%, respectively of equity interest in
    Hangzhou Zeshi Investment Partners.  As part of its
    restructuring plan, the Company intends to launch new supply
    chain financing services through Zhiyuan and Zheshi in the
    near future.  Such future services include a business
    factoring program, financing product design, related
    corporate financing solutions, investments and asset
    management, etc.  As of June 30, 2019, Zhiyuan had loans
    receivable of approximately US$48.79 million due from three
    customers.

  * For the six months ended June 30, 2019, the Company issued
    one loan of $43.69 million to one customer of Zhiyuan,
    compared to the issuance of three loans by the Company with
    an aggregate amount of $1.21 million for the six months ended

    June 30, 2018.

  * Interest and fee income increased by $2.58 million, or
    5,044%, to $2.63 million for the six months ended June 30,
    2019, from $0.05 million for the same period of 2018.  The
    increase was mainly caused by $2.22 million of interest
    income generated from loans disbursed to Zhiyuan's customers.

  * The Company reversed the impairment loss of $3,346,760 for
    the investment in the cost method investee, according to an
    adjudication issued by the People's Intermediate Court of
    Xinjiang Urumqi.  Pursuant to the adjudication, the Company's
    investment in the cost method investee, valued at $3,346,760,
    should be transferred as a repayment of the borrowings from
    the debtor.

    In addition, as the cost method investee was no longer the
    Company's affiliate, the Company has reclassified the related
    borrowings from a cost method investee to borrowings from a
    third party and reclassified the related interest expenses on
    loans from a cost investment investee to interest expenses on
    loans from third parties.

  * Provision for loan losses decreased by $22.44 million, or
    47%, to $25.20 million for the six months ended June 30,
    2019, from $47.64 million for the same period of 2018.  The
    decrease in provision for loan losses was because a majority
    of loan receivables were provided full allowance during the
    six months ended June 30, 2018.

  * Net loss attributable to ordinary shareholders was $27.13
    million, or net loss of $1.07 per share, for the six months
    ended June 30, 2019, as compared to net loss attributable to
    ordinary shareholders of $52.15 million, or net loss of $2.83
    per share, for the six months ended June 30, 2018.

Ms. Jingping Li, co-founder and chief executive officer of China
Lending, commented, "As we shift our resources towards growing more
promising businesses including supply chain financing and insurance
facilitation, we have also increased our intensity in collecting
past-due loans.  The Company will seek collection of outstanding
loan receivables -- even if they are significantly delinquent --
and will work for shareholders to seek all repayments due.  In
addition, since we stopped distributing loans to customers at the
end of 2018, our need for loan loss provision has decreased
drastically as well.  Armed with a stronger balance sheet, we are
forging ahead with our business restructuring. Step by step, we are
transforming our business into a diversified and nimble non-bank
financial services company."

     Financial Results for the Six Months Ended June 30, 2019

Total interest and fee income, including interest and fees on
direct lending loans, financial advisory fees, and interest on
deposits with banks, increased by $2.58 million, or 5,018%, to
$2.63 million for the six months ended June 30, 2019, from $0.05
million for the six months ended June 30, 2018.  The increase was
attributable to interest income of $2.22 million generated from
loans disbursed by Zhiyuan and financial advisory fees of $0.41
million generated by Zeshi.

The Company borrowed from banks, other financial institutions, and
third parties to fund its direct lending business.  The total
interest expenses increased by $1.86 million, or 53%, to $5.38
million for the six months ended June 30, 2019 from $3.52 million
for the six months ended June 30, 2018.  The increase in interest
expenses was mainly due to accrual of compound interest and
penalties from overdue borrowings.  As of June 30, 2019, the
Company has overdue borrowings of $37.20 million.

Provision for loan losses decreased by $22.44 million, or 47%, from
$47.64 million for the six months ended June 30, 2018 to $25.20
million for the six months ended June 30, 2019.  The decrease was
caused by more "doubtful" loans rolled to "loss" loans during the
six months ended June 30, 2018 than that for the same period ended
June 30, 2019.

The Company has a non-interest income of $1.32 million for the six
months ended June 30, 2019, as compared to a non-interest expense
of $1.05 million for the six months ended June 30, 2018. The change
of $2.37 million was caused by a reversal of investment impairment
of $3.35 million for the Company's investment in a cost method
investee as a result of the adjudication by the court to transfer
the investment to a debtor as a repayment of the borrowings from
the debtor, netting off against a provision of impairment of
$869,488 for long-aged other assets.

As a result of the above, loss before tax was $26.62 million and
$52.15 million for the six months ended June 30, 2019 and 2018,
respectively.  Net loss was $26.78 million and $52.15 million for
the six months ended June 30, 2019 and 2018, respectively.

After deducting dividend payable for Series A convertible
redeemable preferred stocks and non-controlling interests, net loss
attributable to ordinary shareholders was $27.13 million and $52.15
million for the six months ended June 30, 2019 and 2018,
respectively.

As of June 30, 2019, the Company's loan portfolio encompasses a
number of industries, including supply chain financing, commerce
and service, construction and decoration, manufacturing,
agriculture, real estate, energy and mining, communications,
consumer credit, and others.  The Company issued one loan with a
total amount of $43.69 million during the six months ended June 30,
2019.

As of June 30, 2019, the Company had cash and cash equivalents of
$0.41 million, as compared to $1.31 million as of Dec. 31, 2018.
Net loans receivable due from third parties were $51.78 million as
of June 30, 2019, as compared to $92.09 million as of Dec. 31,
2018.  Borrowings consisting of short-term bank loans, loans from a
cost method investee, loans from third parties, and secured loans
aggregated to $85.98 million as of June 30, 2019, as compared to
$105.05 million as of December 31, 2018.

The Company's loans consisted of short-term bank loans, secured
loans, and loans from a third party, all of which were overdue as
of June 30, 2019.  In March 2018, the Company received two
subpoenas from the People's Supreme Court of Xinjiang.  Zhengxin
Financing Guarantee Co., Ltd. and Urumqi Changhe Financing
Guarantee Co., Ltd. sued the Company and its guarantors for a
default on the loan plus penalties.  The Company has reached
settlement agreements with Zhengxin Financing Guarantee Co., Ltd
and Urumqi Changhe Financing Guarantee Co., Ltd. to transfer loan
receivables to both debtors as repayments of the principals and
penalties totaling RMB 61.71 million ($8.99 million) no later than
Oct. 30, 2020.  As a result, Zhengxin Financing Guarantee Co., Ltd.
and Urumqi Changhe Financing Guarantee Co., Ltd. withdrew the
lawsuit cases from the court.

On Jan. 16, 2018, the Company received a subpoena from People's
Supreme Court of Xinjiang.  China Great Wall Assets Management Co,
Ltd. sued the Company and its guarantors for a default on the loan
plus penalties, aggregating US$16.4 million (RMB 112.6 million).
The case is in progress.  The Company is actively negotiating with
China Great Wall Assets Management Co, Ltd. about the debt
restructuring, but has not reached an agreement.

                            Recent Updates

On July 15, 2019, the Company entered into a five-year strategic
partnership agreement with Rui Xin Insurance Technology (Ningbo)
Co., Ltd, a financial technology company providing comprehensive
insurance solutions.  Through the partnership, both parties expect
to jointly grow their businesses and help each other to expand
their customer base by leveraging each other's unique and
complementary strengths as well as resources in financial
technology, the consumer finance market, and the insurance
industry.  Pursuant to the strategic partnership agreement, the
Company would benefit from 80% of the net income generated in
consumer finance market and 90% of the net income generated in the
insurance industry.

The Company will work with Rui Xin to develop its own consumer
financial platform.  In collaboration with Rui Xin and its
partners, the Company expects to provide value-added consumer
financial services to insurance consumers of Rui Xin and its
partners.  Benefiting from the anticipated size of the business and
the good credit record of insurance consumers, the Company will
improve its asset quality and maintain sustainable business growth
through the partnership.  In addition, the Company and Rui Xin will
also explore collaboration opportunities in areas such as insurance
consumer acquisition, development of insurance products, expansion
of insurance business, and customization of consumer financial
solutions.  Moreover, the Company will benefit from Rui Xin and its
partners' advanced technological capabilities in big data and
artificial intelligence to improve its risk management and enhance
its customer experience.

On July 29, 2019, the Company entered into a five-year strategic
partnership with Zhong Lian Jin An Insurance Brokers Co., Ltd., a
leading insurance brokerage company in China with over 90 branches
across the nation.  The partnership will enable both companies to
further expand each other's customer base and to develop superior,
customized consumer financing and insurance products by leveraging
their industry expertise, service capabilities, and industry
networks.  China Lending will utilize its market resources to help
ZLJA to effectively expand and manage its insurance customer base
and sales channels. In return, ZLJA will leverage its
existingcustomer base to identify potential sales leads for the
Company's consumer financing services.  Pursuant to the strategic
partnership agreement, the Company would benefit from 60% of the
net income generated from the insurance customer base and sales
channels facilitated by the Company.

On Aug. 12, 2019, the Company's subsidiary, China Fenghui
Industrial Financial Holding Group Co., Ltd. has entered into a
framework agreement with Zhejiang Zhongfeng Investment Management
Co., Ltd., pursuant to which Zhongfeng will either acquire 100% of
equity interest in Urumqi Fenghui Direct Lending Co., Ltd., a
variable interest entity of the Company primarily engaged in the
microloan business, or obtain control over and become the primary
beneficiary of Feng Hui through contractual arrangements for a cash
consideration of no less than RMB15 million.  Feng Hui primarily
provides loan facilitation services to micro, small and medium
sized enterprises in the Xinjiang Uygur Autonomous Region.

On July 11, 2019, the Company received a delisting determination
letter from Nasdaq Listing Qualifications, indicating that the
Company's securities would be subject to delisting from the Nasdaq
Capital Market based on its non-compliance with the continued
listing requirements, unless the Company timely requests a hearing
before the Nasdaq Hearings Panel.  The Company has requested a
hearing before the Panel on Aug. 22, 2019, to appeal the delisting
determination.  The hearing request has stayed the delisting action
of the Company's securities by Nasdaq pending the Panel's final
decision.  There can be no assurance that the Panel will grant the
Company's request for continued listing.

On Aug. 20, 2019, the Company received a notification letter from
Nasdaq Listing Qualifications advising the Company that based upon
the closing bid price for the Company's common shares for the past
30 consecutive business days, the Company no longer met the minimum
$1.00 per share Nasdaq continued listing requirement set forth in
Nasdaq Listing Rule 5555(a)(2).  The notification also stated that
the Company would be provided 180 calendar days, or until Feb. 11,
2020, to regain compliance with the foregoing listing requirement.
To do so, the bid price of the Company's common stock must close at
or above $1.00 per share for a minimum of 10 consecutive business
days prior to that date.

On Sept. 6, 2019, the Company was notified by Nasdaq that the Panel
denied the Company's recent appeal and determined to delist the
Company's common shares from Nasdaq.  The decision to delist the
Company's common shares was reached as a result of the Company's
inability to regain compliance with the continued listing
requirement of a minimum of $2.5 million in stockholders' equity,
as set forth in Nasdaq Listing Rule 5550(b)(1). Accordingly, the
trading of the Company's common shares on Nasdaq ceased at the
opening of business on Sept. 6, 2019.  Subsequently, Nasdaq will
file a Form 25-NSE with the Securities and Exchange Commission to
effect the removal of the Company's securities from listing and
registration on the Nasdaq Capital Market.

Subsequently, the Company's securities has been quoted on the Pink
Sheets, a centralized electronic quotation service for
over-the-counter securities, following the Nasdaq delisting; the
trading symbol for the Company's securities has changed to
"CLDOF".

Such quotation will continue so long as market makers demonstrate
an interest in trading in the Company's common ‎shares;
however, the Company can give no assurance that trading in its
common shares will continue on the Pink Sheets or any other
securities exchange or quotation medium.  Further, trading of the
Company's common shares on the Pink Sheets may be restricted
depending on the jurisdiction in which potential purchasers or
sellers of shares reside.

The Company will remain a reporting company under the Securities
Exchange Act of 1934 and continue to be subject to the public
reporting requirements of the Securities and Exchange Commission.

                       About China Lending

Founded in 2009, China Lending -- http://www.chinalending.com/--
is a non-bank direct lending corporation and provides services to
micro, small and medium sized enterprises, farmers, and
individuals, who are currently underserved by commercial banks in
China.  The Company is headquartered in Urumqi, the capital of
Xinjiang Autonomous Region.

China Lending reported a net loss US$94.12 million for the year
ended Dec. 31, 2018, compared to a net loss of US$54.78 million for
the year ended Dec. 31, 2017.  As of June 30, 2019, the Company had
US$55.40 million in total assets, US$108.26 million in total
liabilities, $9.99 million in convertible redeemable Class A
preferred shares, and a total deficit of $62.85 million.


Friedman LLP, in New York, the Company's auditor since 2017, issued
a "going concern" qualification in its report dated April 26, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has incurred
significant losses and is uncertain about the collection of its
loans receivables and extension of defaulted loans.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.



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

ANKITA AGRO: CARE Hikes Rating on INR7.86cr Loan to 'B'
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ankita Agro and Food Processing Private Limited (AAFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.86       CARE B; Stable Revised from
                                   CARE B-; Stable and Revoked
                                   from Issuer Non-Cooperating

   Short-term Bank
   Facilities           3.75       CARE A4 Reaffirmed and Revoked
                                   from Issuer Non-Cooperating

Detailed Rationale & Key Rating Drivers

The revision in the long-term rating of AAFPL takes into account
improvement in profitability margins in FY19 (FY refers to the
period from April 1 to March 31) with registering of net profit in
FY19 as against net loss in FY18.

The ratings, further, continue to derive strength from experienced
management with established customer base, healthy demand prospects
for processed oats and exemption available in indirect taxes.

The ratings, however, continue to remain constrained on account of
weak solvency position and stretched liquidity position. The
ratings are, further, continued to remain constrained mainly on
account of high level of competition and raw material prices
dependant on agro-climactic conditions.

Rating Sensitivities

Positive factors

* Increase in scale of operations of the company on a sustainable
basis.
* Sustained improvement in profitability margins over a period of
time.
* Improvement in solvency position marked by improvement in overall
gearing less than 3 times.

Negative factors

* Decline in scale of operation and profitability margins on a
sustained basis
* Deterioration in solvency position led by increase in debt
levels
* Any deterioration in liquidity position of the firm

Key Rating Weaknesses

Modest scale of operations, Moderate Profitability margins and
leveraged capital structure
During FY19, Total Operating Income (TOI) of the company stood
modest at INR36.03 crore, increased by 11.71% over FY18 mainly on
account of increase in sale of plain oats.

During FY19, PBILDT margin of the company has improved by 12 bps
over FY18 owing to decrease in cost of raw material consumed which
is offset to an extent by increase in other manufacturing costs and
selling expenses. Further, the company has registered net profit of
INR4.25 crore in FY19 as against net loss of INR2.27 crore in FY18
due to change in depreciation method from Written Down Value (WDV)
to Straight Line Method by the company resulting into Extra
Ordinary Income (EOI) of INR3.78 crore owing to revert back of
excess depreciation of previous years. Due to registering of net
profit in FY19, it has registered cash profit in FY19.

The capital structure of the company stood leveraged marked by
overall gearing of 5.69 times as on March 31, 2019. Further,
the debt coverage indicators of the company also stood weak marked
by Total debt to GCA of 12.76 times as on March 31, 2019 as against
negative Total Debt to GCA as on March 31, 2018 and the interest
coverage ratio stood moderate at 1.70 times in FY19 as against 0.91
times in FY18.

High level of competition and raw material prices dependent on
agro-climactic conditions
The breakfast cereals industry is highly fragmented in nature due
to presence of a large number of unorganized players and few
organized players in the industry. Further, there are large numbers
of options available to the consumers and such options can be
differentiated based on nutrition available in it and taste it adds
into the meal. Moreover, the business is also susceptible to
changing preferences of consumers towards products, brands etc. The
major raw material of AFPL will be raw oats which are cultivated
mainly in Australia, Canada, Russia, USA and European countries and
prices of it are fluctuating because of the seasonal availability
and irregularity of climatic condition leading to unpredictable
yields etc.

Key Rating Strengths

Experienced management

Mr Rajesh Kumar Jain and Mrs Preeti Jain have wide experience of
more than a decade in the food processing industry and look after
overall affairs of the company. They are assisted by Mr Rajesh
Kumar Dugad, brother in law of Mr Rajesh Kumar Jain, who has vast
experience of more than three decades in food processing industry.

Reputed customer base and exemptions available in indirect taxes
The company has established strong relationship with reputed
customers and sells its products mainly to Patanjali Ayurved
Limited, Marico Limited, Bagrry's India Limited, GSK Limted,
Bajrangbali Vanijiya Private Limited and various other
companies.

Oats consumption in India is in the form of jumbo oats, quick
cooking oats, broken oats, oats bran and oats floor etc. Finish
oats is majorly imported in India mainly from Australia and
European countries, which attach 36% of custom duty in total. While
importing oats in raw form does not attach any import duty, hence,
the company proposes to import duty free raw oats from Australia,
Russia, Canada, USA and European countries and further process it
into oat flakes and jumbo oats.

Liquidity: Stretched

The liquidity position of the company stood stretched marked by
maximum 95% utilization of its working capital bank borrowings and
80% utilization of its non-fund based limits during last 12 months
ended October, 2019. The current ratio and quick ratio stood below
unity level as on March 31, 2019. However, the working capital
cycle of the company stood at 12 days in FY19 owing to high
creditors. Further, cash flow from operating activities has
improved from positive cash flow of Rs.2.11 crore in FY18 to
positive cash flow of INR4.20 crore in FY19. The cash and bank
balance stood at INR0.39 crore as on March 31, 2019.

New Delhi based Ankita Agro and Food Processing Private Limited
(AAFPL) was established in 2005 as a private limited company by Mr.
Rajesh Kumar Jain along with his wife Mrs Preeti Jain. However, the
operations have started from 2013. AFPL is engaged in the business
of processing of raw oats into oat flakes. The manufacturing unit
of the company is located at Neemrana, Rajasthan, with a total
installed capacity of Plain Oats of 1000 Metric Tonnes Per Month,
Masala Oats of 500 Metric Tonnes Per Month, Atta Oats of 100 Metric
Tonnes Per Month as on March 31, 2019.

ANNAI INFRA: Ind-Ra Lowers Issuer Rating to 'B-', Outlook Negative
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Annai Infra
Developers Limited's (Annai) Long-Term Issuer Rating to 'IND B-'
from 'IND BBB' while resolving the Rating Watch Negative (RWN). The
Outlook is Negative.

The instrument-wise rating actions are:

-- INR740 mil. Fund-based limit downgraded; Off RWN with IND B-/
     Negative rating;

-- INR2.30 bil. Non-fund-based limits downgraded; Off RWN with   

     IND A4 rating;

-- INR10 mil. Proposed fund-based limit* downgraded; Off RWN
     with Provisional IND B-/Negative rating; and

-- INR350 mil. Proposed non-fund-based limits* downgraded; Off
     RWN with Provisional IND A4 rating.

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

KEY RATING DRIVERS

The rating downgrade and RWN resolution reflect Annai's inability
to provide any clarification on the GST fraud of INR4,500 million,
as per newspaper reports dated October 17, 2019, and the subsequent
arrest of the company's director. The Negative Outlook reflects
Ind-Ra's expectation that the company's tight liquidity position,
due to the freezing of some of its bank accounts, would impact the
business operations in the near term and hamper the execution of
outstanding orders.

Liquidity Indicator- Poor: Annai's cash flow from operations turned
positive at INR57.12 million in FY19 (FY18: negative INR83.14
million). The company's operations are working capital–intensive,
with elongated receivables days cycle (FY19: 113 days; FY18: 115
days). It has scheduled debt repayments of around INR35.98 million
in FY20.

However, the ratings are supported by the promoters' experience of
more than eight years in executing engineering, procurement and
construction projects.

RATING SENSITIVITIES

Positive: Resolution of GST fraud and sustainable improvement in
the liquidity will be positive for the ratings.

Negative: Further stress on the liquidity position and order
execution capability will be negative for the ratings.

COMPANY PROFILE

Annai Infra Developers is headquartered in Erode, Tamil Nadu. It is
primarily engaged in heavy highway, dam, and bridge; canal mining;
pond building; earthmoving industrial site work; transmission and
distribution and water supply projects.

ARKAS ENERGY: ICRA Lowers Rating on INR23cr LT Loan to 'D'
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Arkas
Energy LLP (AEL), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based        23.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits–Term                   Rating downgraded from [ICRA]B
   Loan                          (Stable) and moved to 'Issuer
                                 Not Cooperating' category

Rationale

The rating downgrade primarily considers unfavorable debt-serving
track record of AEL in the recent past, as confirmed by the lender.
The rating is also constrained by weak generation profile of three
wind power assets in Karnataka, Madhya Pradesh (MP) and Andhra
Pradesh (AP). Delayed payments from the counterparties in MP and
AP, extending over around six months, stressed the liquidity
profile of the company. The rating also factors in the seasonality
and possible variance in wind power density across years, which can
impact year-on-year returns as revenues are linked to actual
generation.

The rating, however, considers the long-term Power Purchase
Agreements (PPAs) with state discoms, which lend comfort by
mitigating demand risk to a large extent. The rating is further
supported by the diversification benefit arising from the location
of three plants at three different states.

The rating is based on limited information on the entity's
performance since the time it was last rated in July 2018. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Arkas Energy LLP, ICRA has been trying to seek information
from the entity to monitor its performance. Despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers and their description

Credit strengths

Long-term PPAs with state discoms mitigate offtaker's risk to a
large extent – The three power assets have tied up 25-year PPAs
with respective state discoms, mitigating demand risk to a large
extent. The Karnataka plant has signed a PPA with Bangalore
Electricity Supply Company Limited (BESCOM) at a tariff of
INR3.40/unit while the MP plant has tied up a PPA with Madhya
Pradesh Power Management Company Limited (MPPMCL) at a tariff of
INR4.78/unit. The third PPA for the AP plant has been signed with
Southern Power Distribution Company of AP Limited (SPDCAL) at a
tariff of INR4.84/unit.

Benefits from geographical diversification as plants are located at
three different sites – The three plants are located at three
different sites, which largely offsets asset concentration risk.
Unavailability or low availability of wind resource at one site is
not expected to result in volatility in cash flows as the same is
often compensated by higher resource availability at the other.

Credit challenges

Delays in servicing of debt obligations – The company has delayed
in timely servicing of debt obligations in the recent past due to
its stretched liquidity position, leading to overdue interest and
principal on its term loans.

Weaker generation profile in all three assets raises concern –
The generation has been below the estimated levels in all the three
assets, which has significantly impacted revenues and
profitability. Generation in MP plant has been affected by grid
unavailability issues apart from low wind resource availability at
the project site. Generation in the Karnataka plant was subdued
because of low wind availability. The AP plant's generation was low
as the unit was yet to be stabilised.

High receivable days because of delayed payments from
counterparties affect liquidity – Payments in MP are received
with a delay of around six months, while no payments have been
received since the commissioning in case of the AP plant. This
stressed the liquidity as the company depends on timely payments
from the counterparties to service its debt obligations.

Vulnerability of cash flows to weather conditions as tariffs are
linked to actual generation – As revenues are linked to actual
generation, any variance in wind levels would directly affect the
revenues of the company. However, the same is mitigated to some
extent as the company had conducted site specific wind resource
assessment at the MP and AP plants.

Liquidity position: Poor

AEL's liquidity position would continue to remain poor in view of
delayed payments from the counterparties.

Rating sensitivities

Positive triggers – Regularisation of debt servicing on a
sustained basis (more than three months), following improvement in
liquidity profile of the entity may result in a rating upgrade.

Incorporated in June 2015, Arkas Energy LLP (AEL) is primarily
involved in the business of power generation and distribution
activities. The company owns and operates 1x1.25 MW wind turbine
generator (WTG) at Kappadgudda, Karnataka, 2x2 MW WTG at Mandsaur,
MP and 1x2.1 MW WTG at Vajrakarur, AP. AEL is a group concern of
Bhilai Engineering Corporation Ltd., rated at CRISIL D (withdrawn).

AURO INDUSTRIES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Auro Industries
Limited's (AIL) 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:

-- INR80 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 21, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1990, AIL is primarily engaged in the dealership
and distribution of porcelain insulators, light fittings, UPS
systems, textiles, and other products. Also, the company is the
sole carry and forward agent in West Bengal for the batteries
manufactured by Tractors and Farm Equipment Limited.

BHATIA COKE: ICRA Keeps 'D' Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the ratings for the INR300.00-crore bank facilities of
Bhatia Coke & Energy Limited continue to be in 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         24.00      [ICRA]D ISSUER NOT COOPERATING;
   fund-based                   Rating continues to be under
   Cash Credit                  'Issuer Not Cooperating' category

   Long-term        110.83      [ICRA]D ISSUER NOT COOPERATING;
   fund-based                   Rating continues to be under  
   Term Loan                    'Issuer Not Cooperating' category

   Long-term         14.00      [ICRA]D ISSUER NOT COOPERATING;
   non-fund                     Rating continues to be under
   based                        'Issuer Not Cooperating' category

   Short-term        75.50      [ICRA]D ISSUER NOT COOPERATING;
   non-fund                     Rating continues to be under
   based                        'Issuer Not Cooperating' category

   Long-term         75.67      [ICRA]D ISSUER NOT COOPERATING;
   unallocated                  Rating continues to be under
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

A part of Bhatia Group of Indore, Bhatia Coke & Energy Limited
(BCEL) is a manufacturer of coke with an installed capacity of
340,000 MTPA. In addition, the company also has 22.5MW capacity for
power generation using waste heat recovered from coke oven plant.

BCEL was incorporated in June 2008; however, it didn't undertake
any operations till business transfer agreement was signed with
erstwhile flagship company of the group i.e. Bhatia International
Limited, which has been renamed to Asian Natural Resources (India)
Limited (ANRIL). As a part of Bhatia Group's restructuring plans,
coke manufacturing unit having capacity of 168,000 MTPA and 10MW
power plant based on waste heat recovered from coke oven plant were
transferred to BCEL. The effective date of transfer of business to
BCEL was October 2009; however, actual transfer happened in
February 2011 after appraisal and approval of bankers. Subsequently
in FY2013, BCEL completed brownfield capacity expansion program at
its unit in Gummidipoondi, Tamil Nadu, whereby coke manufacturing
capacity was doubled to about 340,000 MTPA and power generation
capacity was increased to about 22.5 MW.

BUILDMET PRIVATE: ICRA Lowers Rating on INR12cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Buildmet
Private Limited (BPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan            4.72      [ICRA]D; Revised from
                                  [ICRA]BB(Stable); ISSUER NOT
                                  COOPERATING; Removed from
                                  Issuer not Cooperating category

   Fund based          12.00      [ICRA]D; Revised from
   Limits                         [ICRA]BB(Stable); ISSUER NOT
                                  COOPERATING; Removed from
                                  Issuer not Cooperating category
   
   ST-Unallocated       8.78      [ICRA]D; Revised from
                                  [ICRA]A4+; ISSUER NOT
                                  COOPERATING; Removed from
                                  Issuer not Cooperating category

   ST-Non-fund based   24.50      [ICRA]D; Revised from
                                  [ICRA]A4+; ISSUER NOT
                                  COOPERATING; Removed from
                                  Issuer not Cooperating category

Rationale

The rating revision factors in the delays in repayment of term
loans by BPL, as confirmed by the lenders. The delays are due to
poor liquidity position of the company resulting from increased
working capital requirements given the increased order book. The
company has high client and project concentration of the order
book. The company witnessed a healthy revenue growth over the past
two years and had a healthy order book as on October 2019, which
provides revenue visibility in the medium term. Going forward,
timely servicing of all its debt obligations consistently and on a
sustained basis and improved liquidity position could lead to a
rating upgrade.

Key rating drivers and their description

Credit strengths

Healthy revenue growth and improved order book during the last two
financial years - BPL has recorded a healthy revenue growth of ~65%
in FY2018 and ~71% in FY2019 due to improved order book position
and timely execution of the orders. It had a healthy unexecuted
order book of ~INR290.0 crore as on October 2019, which is 2.36
times of FY2019 revenues, providing medium term revenue
visibility.

Credit challenges

Delays in debt servicing – There have been delays in repayments
of term loans by BPL, due to its poor liquidity position resulting
from increased working capital requirements owing to increase in
scale of operations.

High client and project concentration -– BPL has high customer
and project concentration with top three clients accounting for
over 75% of the unexecuted order book and top three projects
accounting for over 60% of the unexecuted order book. BPL also has
high segment concentration with a major portion of the order book
comprising projects in the cement industry.

Liquidity position: Poor BPL's liquidity position is poor due to
increased working capital requirements because of increased scale.
The same is evident from 100% utilisation of working capital limits
for the past 6 months period.

BPL was established in 1974 as a private limited company by a group
of civil engineers. The company is a civil constructor and is also
a registered Class-I contractor for PWD, Karnataka. The company was
taken over by Ayoki Fabricon Private Limited, a Pune-based company
in May 2015. The company does civil construction work for
cement-manufacturing units, power-production units,
sugarcane-manufacturing units, roads etc.

BPL has reported an operating income (OI) of INR122.6 crore and net
profit of INR5.0 crore in FY2019, as against an OI of INR71.8 crore
and net profit of INR2.7 crore in FY2018.

C. P. BAGAL: CARE Lowers Rating on INR5cr LT Loan to 'B+'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of C.
P. Bagal and Company (CPBC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.00       CARE B+; Stable Revised from
   Facilities                      CARE BB-; Stable

   Short-term Bank
   Facilities           2.40       CARE A4 Reaffirmed

Detailed Rationale & Key rating drivers

The revision in the rating assigned to the bank facilities of CPBC
factors in the decline in total operating income in FY19
(Provisional; refers to a period from April 1 to March 31) and
H1F20 (refers to a period from April 1 to September 30). The
revision further factors in the deterioration in capital structure
majorly on account withdrawal of funds by partners as on March 31,
2019. The ratings continue to be constrained on account of its
small scale of operations with low capitalization, moderate capital
structure and debt coverage indicators, stretched liquidity
position, presence of the firm in a highly fragmented civil
construction industry and constitution as a partnership firm
limiting financial flexibility. The above weaknesses are partially
offset by the extensive experience of the partners in construction
industry, moderate profitability margin and healthy order book
position providing revenue visibility in medium term.

Rating Sensitivities

Positive factors

* Improvement in the scale of operations and profitability on
sustained basis on account of timely execution of existing order
book position

* Ability to procure fresh orders and maintain profitability on the
backdrop of intensifying competition in the industry

* Improvement in liquidity position of the firm

Negative factors

* Further decline in the total operating income and decline PBILDT
and PAT margins below 10% and 2% respectively
and cash accruals

* Deterioration overall gearing ratio beyond 3x led by increase in
debt levels or withdrawal of capital by the partners

* Deterioration in the liquidity position of the firm from
inventory pile up or delay in realization debtors

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low capitalization: CPBC has
registered a decline of approximately 27% in total operating income
(TOI) to INR8.03 crore for FY19. TOI declined due to lower number
of road construction projects executed during the year majorly on
account of cyclicality in the industry. The same continued to
hamper the performance of the company in H1FY20 (Provisional:
refers to a period from April 1 to September 30), during which the
firm has registered TOI of approximately INR2.50 crore. Moreover,
net worth base of the firm declined to INR4.51 crore as on March
31, 2019 on account of withdrawal of funds by partners. Also, owing
to small scale of operations and low capital base, the financial
flexibility of the firm is restricted.

Moderate capital structure and debt coverage indicators: The
capital structure of the firm is marked by an overall gearing
deteriorated to 1.73x as on March 31, 2019 (as against 1.00x as on
March 31, 2018). The same was on account of withdrawal of funds by
partners and increase in overall debt profile. Further, with
moderate gearing levels and profitability margins, the debt service
coverage indicators of CPBC continues to remain satisfactory as at
the end of FY19 (Provisional).

Fragmented nature of business along with exposure to the tender
driven process: The firm operates in the construction industry
which is characterized by high competition due to low entry
barriers, high fragmentation and presence of a large number of
players in the organized and unorganized sector. Thus the entities
present in the segment have a low bargaining power vis-à-vis their
customers. Also the bidding process is at most times lengthy
sometimes taking more than a year to fructify. Thus, there may be
times when CPBC may not be in a position to get newer contracts
which in turn may significantly impact the firm's revenue
visibility.

Partnership nature of constitution: Being a partnership concern, it
is exposed to the risk of withdrawal of capital by the partners on
personal emergencies and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential.

Key Rating Strengths

Extensive experience of the partners in the construction industry:
CPBC is promoted by Mr. Padmakar Bagal, Mr. Bharat Bagal and Mr.
Prashant Bagal who have more than two decades of experience in the
construction industry. The partners are well versed with the
intricacies of the business through CPBC. Being in the industry for
about two decades, the partners have established good relationship
with labor contractors and the material suppliers resulting in
smooth execution of projects and regular receipt of orders from
them.

Moderate profitability margins: The PBILDT margin of CPBC has shown
a volatile trend, however continues to remain moderate in the range
of 14%-17% during last three years ended FY19. Further, the PAT
margin of the firm was also moderate and stood in range of 4%-7% in
last three years ended FY19.

Healthy order book position albeit segment concentration risk: The
firm has an outstanding order book to sales ratio of 7.93x (based
on TOI of FY19) as on September 30, 2019. The outstanding order
book is to be executed with 12-24 months thereby indicating revenue
visibility over the medium term. However, the outstanding orderbook
position of the firm is limited to irrigation and road construction
segments which makes the earnings of firm vulnerable to the risk of
a slowdown in the segment.

Liquidity: Stretched

The liquidity position of the firm remained stretched characterized
by higher gross current asset days of 136 days as at the end of
FY19 majorly on account of funds blocked in inventory owing to
delay in execution of projects. Further, the utilization of bank
credit lines is higher (average utilization of more than 90% for
the last twelve months ended September 30, 2019) indicating lower
headroom available for additional working capital requirements. The
liquidity profile is also supported by unsecured loan from the
partners to the tune of INR1.66 crore (as on March 31, 2019).
Moreover, cash and bank balance stood modest at INR1.71 crore as on
March 31, 2019.

CPBC, established in the year 1993, is promoted by Mr.Prashant
Bagal, Mr.Bharat P. Bagal and Mr.Padmakar P. Bagal. CPBC is a
registered contractor (Category 1-A) with Public Works Department
(P.W.D), Government of Maharashtra and undertakes contracts for
roads & irrigation works (dams & canals) on tender basis mainly in
the rural areas of Maharashtra.

CANVAS INTEGRATED: CRISIL Keeps 'B+' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Canvas Integrated
Cold Chain Services (CICCS) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             5.0        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CICCS for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 CICCS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CICCS is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of CICCS continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Established in 2010 as a partnership firm, CICCS is based in
Himachal Pradesh. It started commercial operations in August 2014.
The firm processes and packages frozen peas, sweet corn, potato
patties, nuggets, and mixed vegetables, which it markets under its
Frozen Delight brand. Its operations are managed by Mr Aloke
Bhatnagar. Its processing plant is in Una, Himachal Pradesh.

CEEDEEYES INFRASTRUCTURE: CRISIL Keeps B Rating in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ceedeeyes
Infrastructure Solutions Private Limited (CIDPL) continues to be
'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        56.9       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    59.1       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Proposed Overdraft    20.0       CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with CIDPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 CIDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CIDPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, the ratings on bank
facilities of CIDPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in April 2005, CIDPL is developing a residential
township. It leases out commercial space in Chennai. The company is
promoted by Mr. Brunth D Sundar and his family, and is a part of
the CeeDeeYes group of companies.

CG POWER: Ind-Ra Lowers LT Issuer Rating to 'D', Outlook Negative
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded CG Power and
Industrial Solutions Limited's (CG Power) Long-Term Issuer Rating
to 'IND D' from 'IND B'. The outlook was Negative.

The instrument-wise rating actions are:

-- INR11.8 mil. Fund-based working capital limits (long-term)
     downgraded with IND D rating;

-- INR19.27 mil. Non-fund-based working capital limits (short-
     term) downgraded with IND D rating;

-- INR1.95 mil. Proposed fund-based working capital limits (long-
     term) withdrawn (the company did not proceed with the
     instrument as envisaged);

-- INR5.73 mil. Proposed non-fund-based working capital limits
     (short-term) withdrawn (the company did not proceed with the
     instrument as envisaged);

-- INR0.66 mil. Derivative limits (short-term) downgraded with
     IND D rating; and

-- INR11.32 mil. Term loans (long-term) due on FY22 downgraded
     with an IND D rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of CG Power and its subsidiaries while arriving at the ratings, due
to the strong legal, operating and strategic linkages among them.
CG Power has guaranteed the borrowings of its overseas
subsidiaries. In the past, the company has also supported its
subsidiaries through equity infusions and unsecured loans.

KEY RATING DRIVERS

The downgrade reflects CG Power's delays in meeting its debt
service obligations since October 2019 owing to continued weak
operating performance and stretched liquidity position.

The management is in discussion with its lenders to work out a
resolution and has submitted a draft corrective action plan that is
being reviewed by them. The company is in the process of executing
an inter-creditor agreement with its lenders, and as of October 31,
2019, it was signed by nine out of a total of 14 lenders
constituting 87.68% of total outstanding credit facilities of the
company (fund-based as well as non-fund-based).

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

CG Power, part of the Avantha Group, has two segments - power
systems and industrial systems. The power systems segment
manufactures electrical products such as transformers, switchgear
and circuit breakers, which find application in power transmission.
The industrial systems segment manufactures high and low tension
rotating machines (motors and alternators), stampings, as well as
railway transportation and signaling products.

CREST ENGINEERING: Ind-Ra Assigns B- Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Crest Engineering
Solutions (CES) a Long-Term Issuer Rating of 'IND B-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital facility assigned with
     IND B-/Stable/IND A4 rating; and

-- INR210 mil. Non-fund-based working capital facility assigned
     with IND A4 rating.

KEY RATING DRIVERS

Liquidity indicator - Poor: The ratings reflect CES's stressed
liquidity position, with instances of overutilization in the
fund-based limits over the 10 months ended September 2019. The
average maximum utilization of fund-based limits was 99.8% for the
12 months ended September 2019.  The company does not have any term
loans outstanding. The cash flow from operations turned positive at
INR0.1 million in FY19 (FY18: negative INR37 million) due to an
improvement in the cash conversion cycle (FY19: 178 days; FY18: 282
days).

The ratings are also constrained by CES's small scale of
operations, as indicated by revenue of INR303 million in FY19
(FY18: INR191 million). Revenue grew on a yoy basis due to
increased execution of orders. CES recorded revenue of INR220
million in 7MFY20. As of October 2019, the firm had an outstanding
order book of INR753 million, which would be executed over
FY20-FY21, thereby providing near-term revenue visibility.

The ratings also take into account the intense competition in the
industry due to low entry barriers.

The ratings factor in CES's moderate credit metrics.  The metrics
improved in FY19 owing to an increase in absolute EBITDA to INR35
million (FY18: INR32 million).  The net financial leverage (total
adjusted net debt/operating EBITDA) was 3.5x in FY19 (FY18: 3.8x)
and gross interest coverage operating (EBITDA/gross interest
expense) was 1.6x (1.5x).

The ratings, however, are supported by the healthy EBITDA margins.
The margins declined to 11.5% in FY19 (FY18: 17.0%) due to an
increase in raw material costs.  The return on capital employed was
19.9% in FY19 (FY18: 21.9%).

The ratings also derive strength from the partners' experience of
two decades in the construction sector.

RATING SENSITIVITIES

Negative: Further strain on the liquidity position, along with a
decline in profitability, resulting in deterioration in the credit
metrics, on a sustained basis, could lead to a negative rating
action.

Positive: An improvement in the liquidity, timely receipt of
payments from its customers, along with substantial revenue growth
and an improvement in the credit metrics, could lead to a positive
rating action.

COMPANY PROFILE

CES is a partnership firm incorporated and registered in Andhra
Pradesh in June 2014. The firm has four partners namely Mr.
Madhusudhana Rao, Mr. Srinivas Chirukuri, Mr. Radha Krishna Murthy
Pentyala and Mrs. Manasa Gowri Vasireddy.   The firm is engaged in
the business of civil, electrical and pre-engineered building (PEB)
contracts.  

CRYSTAL SEA: ICRA Lowers Rating on INR12.65cr Term Loan to C
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Crystal
Sea Foods Private Limited (CSFPL), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-       12.65       [ICRA]C ISSUER NOT COOPERATING;
   Term Loan                     Rating downgraded from [ICRA]B+
                                 (Stable) and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Fund based-       25.00       [ICRA]A4 ISSUER NOT
   Export Packaging              COOPERATING Rating continues to
   Credit                        remain under 'Issuer Not
                                 Cooperating' category

Rationale

The rating revision factors in the insolvency proceedings initiated
against the company by its creditor, which is expected to impact
its operations and liquidity position. The rating also considers
the company's small scale of operations. The rating, however,
favourably factors in the company's favourable location in
proximity to major aquaculture region of Andhra Pradesh.

Key rating drivers and their description

Credit strengths

Proximity to major aquaculture region of Andhra Pradesh - The
company's plant is located near major aquaculture region of Andhra
Pradesh, resulting in easy availability of raw materials.

Credit challenges

Insolvency proceeding initiated – The insolvency proceeding has
been initiated against the company which could impact its
operations and liquidity position.

Small scale of operations - The company's scale of operations
remained small with revenues of INR58.0 crore during FY2019,
limiting the financial flexibility.

Liquidity position: Poor

Crystal Sea Food Private Limited's liquidity is poor reflected in
the delays in payments to its creditors and its liquidity is
expected to be impacted bythe insolvency proceedings initiated
against it.

Rating sensitivities

Positive triggers – ICRA could upgrade the CSFPL's ratings if the
insolvency proceedings initiation is resolved. The ratings could be
upgraded if the healthy growth in the company's scale of operations
and accruals leads to improvement in the financial risk profile and
liquidity position.

Negative triggers – Any adverse effect on the company's liquidity
position due to insolvency proceedings' initiation would lead to
the rating downgrade.

Crystal Sea Foods Private Limited (CSFPL) was incorporated as a
private limited company in June 2013 at Chirala in Andhra Pradesh
for setting up a shrimp processing unit with installed processing
capacity of 10,500 MTPA and 2100 MT cold storage capacity. The
promoters of the company namely, Mr. Amanchi Krishna Mohan, Mr.
Amanchi Rajendra Prasad, Mr. Venkateswara Prasad, Mr. Cherukuri
Peddabai Naidu and Mr. Syed Waseem have more than 20 years of
experience in prawn cultivation and marketing and have a good
network with aquaculture farmers and traders. The shrimp processing
unit is a forward linkage to the existing shrimp culture.

DHIR GLOBAL: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhir Global Industria
Private Limited (DGIPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Foreign Bill          6.0        CRISIL D (ISSUER NOT
   Purchase                         COOPERATING)

   Letter of Credit      9.0        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         .6        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit        9.0        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.9        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with DGIPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 DGIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DGIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

Gurgaon (Haryana)-based DGIPL was promoted by Mr. M K Dhir and his
family in 1999. It manufactures readymade garments sold in domestic
and export markets Its manufacturing facility is in Gurgaon.

EUROPA BIOCARE: ICRA Assigns B-/Stable Issuer Rating
----------------------------------------------------
ICRA has assigned long-term issuer rating of [ICRA]B- (Stable) to
Europa Biocare Private Limited.

Rationale

The assigned rating favourably factors in the extensive experience
of the promoter in the pharmaceutical industry. The rating,
however, is constrained by Europa small scale of operations and its
weak financial profile characterised by low profitability,
leveraged capital structure and weak coverage indicators. ICRA
takes note of the high customer and geographical concentration
risks and its high working capital intensity due to elongated
receivable cycle, with significant amount of debtors' amount
outstanding for over six months. Further, the company's
profitability remains vulnerable to fluctuations in foreign
exchange rates and volatility in prices of traded goods.

The Stable outlook on the [ICRA]B- rating reflects ICRA's opinion
that Europa will continue to benefit from the extensive experience
of the promoters in the pharmaceutical industry.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in pharmaceutical industry –
The company's promoter Mr. Mani Iyer has been in the pharmaceutical
business since over three decades. He has prior experience of many
years managing the export division of Lyka Labs Limited.

Credit challenges

Small scale of operations – The trading industry is highly
fragmented with a large number of organised and well-established
players as well as unorganised players in the market, which exerts
pricing pressures. It has a small scale of operations as it
generated INR22.95-crore revenue in FY2019.

Weak financial profile characterised by low profitability,
leveraged capital structure and weak coverage indicators – Due to
trading nature of operations, the profitability margins remained
modest at ~1-2% over the last two fiscals. However, it increased to
2.10% in FY2019 over 1.21% in FY2018 with better absorption of
fixed costs. The net margins rose to 1.64% in FY2019 over 0.39% in
FY2018, in line with its operating profitability. The return
indicators remained modest with RoCE at 12.82% in FY2019 due to low
profitability. The company's capital structure as on March 31, 2019
remained highly leveraged with gearing at 7.50 times (10.17 times
as on March 31, 2018). However, ICRA notes that 77% of the total
debt comprises unsecured loans from Group companies. Owing to its
low profitability, the overall debt protection metrics remained
weak as reflected in interest cover of 0.53 times in FY2019 (P.Y.
0.57 times), Total Debt/OPBDITA of 20.94 times (P.Y. 60.54 times)
and NCA/Total Debt of 4.02% as on March 31, 2019 (P.Y. 0.76%).

High working capital intensity with significant amount of debtors'
amount outstanding – The working capital intensity of operations
is high for the company as reflected by NWC/OI of 49% as on March
31, 2019 (78% as on March 31, 2018). It gives a credit period of
six to nine months to its customers and gets a credit period of 60
days from its suppliers. However, its debtor days stood high at 325
days in FY2019, which increased from 272 days in FY2018 since it
takes eight to nine months for the sales to be realised. The
debtors' outstanding for over six months amounting to INR7.96 crore
as on March 31, 2019, was due from Diaylaa. This is likely to be
recovered eventually. The recovery of debtors' overdue for over six
months is a key monitorable from the credit perspective.

High geographical and customer concentration risks – The
company's focus is mainly on exports, which contribute to 89% of
total revenues. The geographical and customer concentration risks
remain high with over 50% of sales derived from a single company in
Iraq. In order to mitigate this risk, it is expanding its presence
in Nigeria in FY2020.

Vulnerability of profitability to fluctuations in foreign exchange
rates and volatility in prices of traded goods – Europa deals in
a variety of different products, some of which exhibit price
volatility. However, risks pertaining to inventory losses for the
company remain limited as most of purchases done by the company are
backed by orders from the customers. With a major portion of sales
being exports, its profitability is exposed to foreign currency
exchange rate fluctuation risk with no hedging mechanism in place.
Although the promoters and management have considerable experience
in the pharmaceutical business, the absence of formal hedging
policies exposes its profitability to forex fluctuation risks.

Liquidity position: Stretched

Europa's liquidity is stretched given the low accruals and
elongated receivable cycle supported by stretching of payables. The
working capital utilisation is moderate with average utilisation of
58% during the six-month period that ended in August 2019. It has
scheduled debt repayment of INR0.58 crore every year till FY2023.
The cash accruals remained low, along with marginal buffer in the
form of free cash balance of INR0.12 crore as on March 31, 2019.

Rating sensitivities

Positive triggers – ICRA could upgrade the rating if a) Europa's
scale, profitability and net worth base is strengthened on a
sustained basis b) receivables cycle improves.

Negative triggers – Downward pressure on the rating could arise
if a) Europa's scale and profitability margins show sustained
deterioration b) receivable cycle deteriorates further, worsening
the liquidity profile.

Europa Biocare Private Limited was incorporated in 2006. It is a
merchant exporter of bulk drugs, pharmaceutical raw materials,
formulations and similar products. The company is helmed by Mr.
Mani Iyer, who has more than three decades of experience in the
field of pharmaceuticals.

FPC PETRO: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of FPC Petro Energy
Private Limited (FPC) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit     12.0        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Cash         6.5        CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with FPC for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 FPC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on FPC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

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

FPC (formerly, Fortrec Petrochem Pvt Ltd) was promoted in 2002 by
Mr. Surya Kumar Shikha. The company trades in petrochemical
products, mainly heavy aromatics and toluene, and is based in
Hyderabad.

GOODONE TRADERS: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Goodone Traders
Private Limited (GTPL, part of the RBD group) continues to be
'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill           19        CRISIL D (ISSUER NOT
   Purchase                         COOPERATING)

   Packing Credit          6        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GTPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 GTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Goodone Traders Pvt Ltd, Welldone Exim
Pvt Ltd, High Value Exim Pvt Ltd, Attire Designers Pvt Ltd, and RBD
International. This is because all these entities, together
referred to as the RBD group, have the same board of directors and
senior management team with common procurement, marketing, and
finance functions.

GRAMPUS LABORATORIES: CARE Maintains B Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Grampus
Laboratories (GPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      3.71       CARE B; ISSUER NOT COOPERATING,
   Facilities                     Based on best available
                                  Information

   Short term Bank     1.00       CARE A4; ISSUER NOT COOPERATING,
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 5, 2018, placed the
rating of GPL under the 'issuer non-cooperating' category as GPL
had failed to provide information for monitoring of the rating. GPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 25, 2019, September 24, 2019,
September 23, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 05, 2018 the following were the
rating weaknesses.

Key Rating Weaknesses

Stringent regulations and high competition
The Indian pharma industry has very high entry barriers in highly
regulated markets in terms of intellectual property rights and
regulatory requirements. The pharma companies have to get United
States Food and Drug Administration (USFDA) approval for their
manufacturing units in order to export drugs to the US market.
Furthermore, Indian Pharmaceuticals Industry is highly fragmented
and competitive in nature with a large number of small and medium
sized players having established brands and marketing set ups.

Partnership nature of constitution
GPL's constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Grampus Laboratories (GPL) was established as a partnership concern
in June, 2005 and is currently being managed by Mr. P.K. Maini and
Mr. Manav Maini as its partners sharing profit and loss in 3:1
ratio. GPL is engaged in the manufacturing of veterinary medicines
(used for animals) and external medicines (used to kill germs and
parasites in wool) in multiple dosage forms including tablets,
capsules, injections, liquids, ointments and dry powder at its
manufacturing facility located at Sirmour, Himachal Pradesh.
Further, the firm is also engaged in trading of injections and feed
supplements through its trading unit located at Ambala (Haryana).

GTN INDUSTRIES: ICRA Hikes Rating on INR50.70cr Term Loan to B
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of GTN
Industries Limited's (GTNIL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan           50.70      [ICRA]B (Stable); Long-term
                                  rating upgraded from [ICRA]C

   Fund-based
   Limits              87.36      [ICRA]A4; reaffirmed

   Non-fund
   based limits        26.20      [ICRA]A4; reaffirmed

   Unallocated
   Limits              18.50      [ICRA]B (Stable)/A4; Long-term
                                  rating is upgraded from [ICRA]C
                                  and short-term rating is
                                  reaffirmed

Rationale

The revision in long-term rating is on account of healthy increase
in GTN Industries Limited's (GTNIL) operating income (OI) by 21% in
FY2019 after muted growth during FY2017-FY2018, expected
improvement in debt coverage indicators with decline in the term
loan repayment obligations from FY2020 onwards. The rating
favorably takes into account the consistent track record of funding
support from the group company, GTN Engineering India Limited
(rated at [ICRA]BBB+(Positive)/A2+) to meet debt obligations
through issue of redeemable preference shares and unsecured loans.
The ratings consider the established presence of the company in the
domestic cotton yarn market, its long relationship with reputed
customers in the domestic and exports markets and extensive
promoter experience of more than five decades in the cotton
spinning industry.

The ratings, however, remain constrained by GTNIL's weak financial
profile characterized by net losses and high gearing. Also, the
inherent high working capital intensive nature of the business and
high repayment obligations have resulted in weak liquidity
position, leading to continued dependence on funding support from
promoters to support its cash flows. Further, GTNIL operates in an
intensely competitive and commoditised spinning industry,
characterised by low product differentiation and fragmented
industry structure, which results in limited pricing power and
profitability. Thus, the earnings of spinners remain exposed to the
volatility in cotton prices, which have constrained contribution
levels in the past. ICRA notes the negative demand outlook for
Indian cotton spinning industry as weak export market demand and
uncompetitive cotton prices continue to take a toll on financial
performance of cotton spinning companies.

Key rating drivers

Credit strengths

Established presence in domestic market and extensive promoter
experience – The established presence of the company in the
domestic cotton yarn market, its long relationship with reputed
customers in the domestic and exports markets and extensive
promoter experience of more than five decades in the cotton
spinning industry. The rating favorably takes into account the
consistent track record of funding support from the group company,
GTN Engineering India Limited to meet debt obligations of GTNIL.

Credit challenges

Weak financial profile – GTNIL's financial profile remains weak
characterized by net losses and high gearing. Also, the inherent
high working capital intensive nature of the business and high
repayment obligations have resulted in weak liquidity position,
leading to continued dependence on funding support from promoters
to support its cash flows. However, debt coverage indicators are
expected to improve with decline in the term loan repayment
obligations from FY2020 onwards.

Intense competition limits pricing power – GTNIL operates in an
intensely competitive and commoditised spinning industry,
characterised by low product differentiation and fragmented
industry structure, which results in limited pricing power and
profitability. Thus, the earnings of spinners remain exposed to the
volatility in cotton prices, which have constrained contribution
levels in the past.

Negative industry outlook – ICRA notes the negative demand
outlook for Indian cotton spinning industry as weak export market
demand and uncompetitive cotton prices continue to take a toll on
financial performance of cotton spinning companies. ICRA expects a
healthy recovery of 12-14% in India's cotton output in CY2020.

Liquidity position
The liquidity position of the company is poor on account inadequate
cash flow from operations and high debt obligations of INR11.6
crore in FY2020 thereby necessitating dependence on support from
promoter group. The average fund based utilisation is high at 92%
during the twelve month period ending September 2019.

Rating sensitivities

Positive triggers – If DSCR remains above 1.0x times on a
sustained basis.

Negative triggers – Any deterioration in the operational
performance of the company than expected and/or any weakening of
linkages with promoter group and/or any delay in receiving support
from the group company to repay the debt obligations.

Parent/Group Support

Group Company: GTN Engineering India Limited (GEIL)
The ratings factor in ICRA's expectation that GEIL (rated
[ICRA]BBB+ (Positive)/A2+) and GTNIL's promoters to be willing to
extend financial support to GTNIL, should there be a need. There is
a track record of funding support from promoter group in the past.

GTNIL manufactures and trades in cotton yarn and is a part of the
established GTN Group, which has diversified business interests
ranging from textiles to engineering. GTN was founded by Late Mr. M
L Patodia and at present managed by Mr. M K Patodia. The company's
shares are listed on the Indian bourses and the promoters hold a
74.3% stake in the entity. GTNIL has an installed capacity of
97,584 spindles across its two spinning units at Medak, Telangana
and Nagpur, Maharashtra. Around 60% of its sales are made in the
domestic market and the rest is exported to markets like
Bangladesh, Italy, Japan and Turkey among others.

HARSHIL TEXTILES: CRISIL Maintains 'B-' Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Harshil Textiles (HT)
continues to be 'CRISIL B-/Stable Issuer not cooperating'.

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

   Proposed Long Term     3         CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with HT for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 HT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Based on the last available information, the ratings on bank
facilities of HT continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

HT, set up in 2012 as a partnership firm, trades in cotton shirting
fabric. Mr. Pravin Shah, Mrs. Vandana Shah, and Mr. Harshil Shah
are partners in the firm. Mr. Harshil Shah manages its operations.
The firm is based in Mumbai.

HEMANG RESOURCES: ICRA Keeps D Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said the ratings for the INR200.00-crore bank facilities of
Hemang Resources Limited continue to be under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term fund-   12.00       [ICRA]D ISSUER NOT COOPERATING;
   based bank                    Rating continues to be under
   facilities:                   'Issuer Not Cooperating'
   Cash Credit                   Category

   Long-term fund-    6.28       [ICRA]D ISSUER NOT COOPERATING;
   based bank                    Rating continues to be under
   facilities:                   'Issuer Not Cooperating'
                                 Category

   Short term Non-   77.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund based                    Rating continues to be under
   Bank Facilities               'Issuer Not Cooperating'
                                 category
    
   Short term       104.72       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to be under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Hemang Resources Limited (erstwhile Bhatia Industries and
Infrastructure Limited) is promoted by the Bhatia Group of Indore,
and is involved in coal trading, wherein coal is imported from
coalfields in Indonesia and South Africa and is sold to domestic
companies. It was initially incorporated as BCC Finance Limited and
was involved in asset financing business. Subsequently in the year
FY2007, it surrendered its NBFC certificate and changed the name to
Bhatia Industries and Infrastructure Limited before being renamed
HRL from March 2015 onwards. Since then, the company has been
trading in coal as the main commodity, apart from commodities such
as sand and soybean (which is now discontinued). Within the Bhatia
Group, HRL is vested with the 'stock and sale' business with focus
on catering to small corporate entities and dealers.

J.N. TAYAL: CARE Maintains B+ Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J.N. Tayal
Steels Private Limited (JNT) continues to remain in the 'Issuer Not
Cooperating' category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      6.29      CARE B+; ISSUER NOT COOPERATING,
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 5, 2018, placed the
rating of JNT under the 'issuer non-cooperating' category as GPL
had failed to provide information for monitoring of the rating. JNT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 30, 2019, September 27, 2019,
September 26, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 05, 2018 the following were the
rating weaknesses.

Key Rating Weaknesses

Small scale of operations
The scale of operations remained small marked by total operating
income (TOI) of INR70.54 crore in FY18 (refers to the period April
1 to March 31).

Low profitability margins
The profitability margins of the company stood low marked by PBILDT
margin of 1.55% and PAT margin of 0.67% in FY18.

Susceptible to volatility in raw material prices
The main raw materials of JNT are scrap steel. Raw material costs
have always been a major contributor to total operating
cost in the past three years, thereby making profitability
sensitive to raw material prices mainly due to the reason that the
major raw material is commodity in nature and witness frequent
price fluctuations. The prices of steel are driven by the
international prices which had been volatile in past. Thus any
adverse change in the prices of the raw material may affect the
profitability margins of the company.

Presence in a highly fragmented and competitive industry
Steel being the sole raw material of JTPL can affect its
performance .The spectrum of the steel industry in which JTPL
operates is highly fragmented and competitive marked by the
presence of numerous players in India. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

Key Rating Strengths

Experienced promoters
JTPL is currently being managed by Mrs Geeta Tayal, Mr Jatin Tayal,
Mr Nitin Tayal and Mr M. L Tayal. Mr M. L Tayal and Mrs
Geeta Tayal have an experience of around two and half decades and
more than one and half decade, respectively, through their
association with JTPL and entities engaged in the similar business.
Mr Jatin Tayal and Mr Nitin Tayal have gained experience of 5 years
each through their association with JTPL.

Moderate operating cycle
The average operating cycle of the company stood moderate at 24
days for FY18 as compared to 39 days for FY17.

Moderate capital structure and debt coverage indicators
The overall gearing ratio of the company remained at a moderate
level of 0.86x as on March 31, 2018. The debt coverage indicators
stood moderate marked by total debt to GCA ratio of 6.62x for FY18
and interest coverage ratio of 3.87x in FY18.

Incorporated in 2008, JTP is a private limited company with its
registered office in Guwahati, Assam. The company is engaged in the
manufacturing and selling of steel ingots at its manufacturing
facility located in Guwahati, with an installed capacity of
manufacturing 16,000 MTPA (metric tonnes per annum) of steel
ingots. The shareholders in JTP include B.K Bansal Services Private
Ltd, Rongri Tea Estate Private Limited, Sagar India Ltd and ESS ESS
Pharma Private Limited, which are Assam-based companies engaged in
the business of horticulture, pharmaceutical and consultancy. Other
promoters in company include Mrs Geeta Tayal, Mr Jatin Tayal, Mr
Nitin Tayal, Mr M.L Tayal, among others.

JAGDAMBAY EXPORTS: CARE Lowers Rating on INR10.57cr Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jagdambay Exports (JE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      10.57       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Issuer Not Cooperating
                                   on the basis of best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 5, 2018, placed the
rating of JE under the 'issuer non-cooperating' category as JE had
failed to provide information for monitoring of the rating. JE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 25, 2019, September 24, 2019,
September 23, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The long term rating has been revised on account of proprietorship
nature of constitution and highly competitive and fragmented
industry.

Key Rating Weaknesses

Constitution of the entity being a proprietorship firm JE's
constitution as a proprietorship firm leads to limited financial
flexibility and inherent risk of capital withdrawal at the time of
personal contingency and the firm being dissolved upon the
death/retirement/insolvency of partner.

Highly competitive and fragmented industry

The firm operates in highly fragmented textile manufacturing
industry where in the presence of large number of entities in the
unorganized sector and established players in the organized sector
limits the bargaining power with customers.

Jagdambay Exports (JE), was established in May, 1993 as a
proprietorship firm by Mr. Balwinder Kumar Sharma (proprietor) and
his brothers Mr. Pawan Kumar Sharma & Mr.Suraj Prakash Sharma. The
firm is engaged in the manufacturing of readymade garments and
knitted fabrics at its manufacturing facility located at Ludhiana,
Punjab with total installed capacity of 20,000 units per day for
readymade garments and 70 tonne per day for knitted fabric. JE is
an export oriented unit with majority of its sales comprising of
exports to various countries (~80% of its total income in FY15).
The product line of the firm comprises of readymade garments and
knitted fabrics which caters to baby wear segment with age from 0
to 36 months.

JAIPUR INTEGRATED: ICRA Cuts Rating on INR25cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Jaipur
Integrated Texcraft Park Private Limited (JITPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          25.00       [ICRA]D; revised from
   Term Loan                       [ICRA]BB- (Stable)

Rationale

The downward revision in the rating takes into consideration the
delays in debt-serving of JITPPL, despite the cushion available in
the form of debt service reserve account (DSRA), as confirmed by
the lender. The rating is further constrained by JITPPL's increase
in working capital intensity to 44.78% in FY2019 on the back of
delay in collections from customers. Further, ICRA takes note of
the increasing proportion of debtors falling under the greater than
six-month category at INR2.00 crore (~56.98% of total debtors) as
on March 31, 2019.

Key rating drivers and their description

Credit challenges

Delays in debt servicing – The company has delayed in servicing
its debt obligations due to its stretched liquidity position.

Liquidity position: Stretched

JITPPL's liquidity is stretched as characterized by delays in debt
repayments made over the past 3-4 months. This apart,
stuck receivables from certain clients stresses its liquidity
position.

Rating sensitivities

Positive Trigger: ICRA could upgrade JITPPL's ratings in the event
of sustained debt repayments in a timely manner.

JITPL is a special purpose vehicle (SPV) promoted by hand block
printers and garment manufacturers with operations in and around
Jaipur. The specific objective of the 23-member company is to
implement an Integrated Textile Park. The implementation process
includes the project's development, operations and maintenance. The
project is sanctioned under the Scheme for Integrated Textile Park
(SITP). Moreover, the Government of India's grant for 40% of the
project cost (excluding pre-operative expenses) has been approved
and disbursed. The commercial operations of the Textile Park
commenced partially from December 2012 and the textile park was
inaugurated in July 2013.

In FY2017, the company reported a net loss of INR0.9 crore on an
operating income (OI) of INR7.4 crore compared to a net loss of
INR1.9 crore on an OI of INR7.4 crore in the previous year.

JAYPEE INFRATECH: Lenders to Meet Again to Discuss NBCC Bid
-----------------------------------------------------------
The Economic Times reports that lenders of Jaypee Infratech on Nov.
18 discussed the bids submitted by NBCC Ltd and Suraksha Realty to
acquire the debt-ridden firm in an insolvency process, and decided
to meet again in November last week to negotiate with the two
contenders, sources said.

A meeting of Committee of Creditors (CoC) was held on Nov. 18 in
Gurugram, Haryana to discuss NBCC and Suraksha Realty's resolution
plans that were submitted on Nov. 17, ET relays.

ET relates that Jaypee Infratech's Interim Resolution Professional
(IRP) Anuj Jain had sought bids from state-owned NBCC and
Mumbai-based Suraksha Realty as per the direction of the Supreme
Court. This is the third round of bidding process.

According to the sources, senior officials of the NBCC and Suraksha
Realty made their presentations before the CoC and highlighted main
features of their resolution plans to revive Jaypee Infratech, ET
relays.

Lenders may seek certain clarifications from the two contenders,
they said, adding that a next meeting of the CoC is likely to be
convened in the last week of November, possibly on November 28th,
the report discloses.

After further clarifications and negotiations, NBCC and Suraksha
might be asked to submit final plans, sources said, adding that
voting process could be conducted before December 10, ET notes.
Lenders could also decide on the highest bidder (H1) and place the
offer of H1 for voting process first.

Some of the buyers present at the meeting venue demanded forensic
audit of Jaypee Infratech to ascertain diversion of funds, the
report notes.

As many as 13 banks and over 23,000 home buyers have voting rights
in the CoC. Buyers have nearly 60 per cent votes. For the bid to be
approved, 66 per cent votes are required.

ET says to settle an outstanding claim of nearly INR9,800 crore to
bankers, NBCC has offered 1,426 acre land worth INR5,000 crore, 75
per cent of the 858 acre land likely to be transferred to Jaypee
Infratech and 50 per cent of the sale proceeds of benami or
unclaimed flats. From the sale proceeds, amount receivables from
earlier buyer and any expenses related to tax/duties/legal will be
deducted.

ET adds that sources said that there are about 3,000 such unclaimed
units.

According to the report, the public sector firm has proposed to
transfer the Yamuna Expressway, which connects Noida and Agra, to
the lenders, but before that it plans to take INR2,500 crore debt
against the expressway for completion of over 20,000 flats to
customers in next four years.

ET relates that sources said that the NBCC has pegged the value of
640 acre land (75 per cent of 858 acre) at around INR2,500 crore,
while the Yamuna Express Way has been valued at INR2,000 crore
after deducting the debt.

Meanwhile, Suraksha Realty has offered 1,934 acres worth INR7,857
crore to lenders. It proposed to bring in INR2,000 crore as working
capital to complete construction in the next three years and will
retain the Yamuna Expressway with itself, ET discloses.

The Mumbai-based developer has proposed to complete flats in the
next three years.

On delays compensation, the NBCC has proposed INR5 per sq per month
to be payable after grace period of one year from the scheduled
delivery date, while Suraksha offers INR10 per sq ft post grace
period of 9 months, according to ET.

ET notes that Suraksha Realty has proposed that any liabilities
towards farmers compensation would be extinguished and not passed
on to home buyers, while NBCC has stated that it should be
collected from end user including home buyers and development
authority.

That apart, Suraksha Realty has proposed to set aside INR100 crore
worth land for the welfare of the home buyers.

Jaypee Infratech, which is a subsidiary of crisis-hit Jaiprakash
Associates, went into insolvency process in 2017 after the National
Company Law Tribunal (NCLT) admitted an application by an IDBI
Bank-led consortium.

In the first round of insolvency proceedings conducted last year,
INR7,350-crore bid of Lakshdeep, part of Suraksha Group, was
rejected by lenders. The CoC rejected the bids of Suraksha Realty
and NBCC in the second round held in May-June this year. The matter
reached to the National Company Law Appellate Tribunal (NCLAT) and
then to the apex court.

On November 6, the Supreme Court directed completion of Jaypee
Infratech's insolvency process within 90 days and said the revised
resolution plan will be invited only from NBCC and Suraksha Realty,
ET adds.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In September 2017, the Supreme Court of India stayed the insolvency
proceedings initiated against JIL, after various associations of
homebuyers moved a batch of petitions fearing they will lose their
apartments and not get any compensation, according to Livemint. The
stay was later revoked by the court, which directed the resolution
professional to submit an interim resolution plan that takes into
account the interest of homebuyers.

The court also directed the parent company, Jaiprakash Associates
Ltd. (JAL), to deposit INR2,000 crore to protect the interest of
homebuyers.  Out of this, only INR750 crore has been deposited so
far, Livemint relayed.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company, JAL owes
more than INR29,000 crore to various banks, the report added.


KASHIPUR SITARGANJ: Ind-Ra Affirms 'D' Rating on INR4.22BB Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kashipur Sitarganj
Highways Pvt Ltd.'s bank loan rating 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 the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR4.22 bil. Senior long-term rupee loans (long term) due on
     March 2029 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 continued delays in debt servicing by
Kashipur Sitarganj Highways during the 12 months ended October
2019.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

Kashipur Sitarganj Highways is a special purpose vehicle that was
incorporated to implement a 77.2km lane expansion project (two to
four lanes) between Kashipur and Sitarganj in Uttarakhand on NH 74,
under a 21-year concession from National Highways Authority of
India ('IND AAA'/Stable).

NATIONAL STEEL: ICRA Keeps 'D' Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said ratings for the INR1633.32-crore bank facilities of
National Steel and Agro Industries Limited continue to be under
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long-term fund-     200.55     [ICRA]D ISSUER NOT COOPERATING;
   Based working                  Rating continues to be under
   capital                        'Issuer Not Cooperating'
   facilities                     category

   Long-term fund-      17.95     [ICRA]D ISSUER NOT COOPERATING;
   based term loan                Rating continues to be under
                                  'Issuer Not Cooperating'
                                  category

   Short-term non-   1,199.52     [ICRA]D ISSUER NOT COOPERATING;
   Fund based                     Rating continues to be under
                                  'Issuer Not Cooperating'
                                  category  

   Short-term          215.30     [ICRA]D ISSUER NOT COOPERATING;

   unallocated                    Rating continues to be under  
                                  'Issuer Not Cooperating'  
                                  category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Incorporated in 1985, National Steel and Agro Industries Limited
(NSAIL) manufactures cold-rolled (CR) coils, galvanised plain (GP)/
galvanised corrugated (GC) coils and sheets, and colour coated
coils and sheets. The company started as a CR coil manufacturer and
undertook forward integration by expanding into GP/GC coils/ sheets
and colour coated coils/ sheets divisions over the years. At
present, the company has an installed capacity of 300,000 TPA in
the CR coils division, 330,000 TPA in the GP/GC unit and 170,000
TPA in the colour coated coils division. In addition, it also has a
captive power plant with an installed capacity of 6 MW.

NEW-TECH STEEL: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of New-Tech Steel and
Alloys Private Limited (New Tech) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            25        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Inland/Import           5        CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING)

   Proposed Long Term      0.08     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              10.42     CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with New Tech for
obtaining information through letters and emails dated April 23,
2019 and October 11, 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 New Tech, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on New Tech
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

New Tech, incorporated on June 6, 2003, in Assam, is promoted by
Mr. Suresh Sharma. The company manufactures thermomechanically
treated bars, mild steel (MS) rolls, and MS ingots.

ORCHID PHARMA: NCLAT Sets Aside NCLT Order Approving Dhanuka's Bid
------------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal has rejected the bid of Dhanuka Laboratories for the debt
ridden Orchid Pharma Ltd., and vacated the order passed by the
Chennai-bench of National Company Law Tribunal, which had earlier
approved its resolution plan.

According to the report, the appellate tribunal observed that the
approved resolution value, which stood at INR1,146.04 crore,
proposed by Dhanuka Laboratories was lower than the liquidation
value of INR1,309 crore of the company.

"The upfront payment alleged to be less than the 'Liquidation
Value' of INR1,309 crore," said the NCLAT-bench headed by Chairman
Justice SJ Mukhopadhaya, BloombergQuint relays.

Earlier, the Chennai-bench of NCLT had approved the Resolution Plan
submitted by Dhanuka Laboratories on its order dated June 25 and
June 27, BloombergQuint recalls.

"Admittedly, the amount offered in favour of stakeholders including
the 'Financial Creditors' and the 'Operational Creditors' is being
much less than the 'Liquidation Value', such 'Plan' cannot be
accepted."

"For the reasons aforesaid, we set aside the impugned order dated
June 25/27, 2019 ordering approval the 'Resolution Plan', but do
not interfere with the impugned order dated June 25/27 2019 by
which the application filed by M/s Dhanuka Laboratories Ltd, a
'Resolution Applicant' was rejected," said the NCLAT,
BloombergQuint relays.

According to BloombergQuint, the appellate tribunal said infusions
of fund for maximisation of the assets of the Corporate Debtor
cannot be counted for the purpose of the amount. Dhanuka
Laboratories resolution plan also had a provision of equity
infusion of INR570 crore as working capital.

"Infusions of fund for maximisation of the assets of the 'Corporate
Debtor' cannot be counted for the purpose of the amount, which is
being kept for distribution amongst the stakeholders, including the
'Financial Creditors' and 'Operational Creditors', if it is less
than the 'Liquidation Value', such 'Plan' cannot be upheld, being
against the object of the I&B Code and Section 30(2) of the said Co
ode," it said.

BloombergQuint says the NCLAT order came over a petition filed by
Accord Life Spec, which had challenged the order of NCLT approving
Dhanuka Laboratories' bid.

                         About Orchid Pharma

Orchid Pharma Limited is an integrated pharmaceutical company with
presence in bulk drug manufacturing, formulations and drug
discovery.  Orchid commenced its operations as a cephalosporin
Active Pharmaceutical Ingredient (API) manufacturer and largely
remained so till 2004 before moving to formulations.

Orchid Pharma was in the second list of 28 companies that the RBI
had mandated banks to refer to bankruptcy court.

ROCKEIRA ENGINEERING: Ind-Ra Affirms & Withdraws BB+ Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Rockeira Engineering LLP's Long-Term Issuer Rating at 'IND
BB+'/Negative.

The instrument-wise rating actions are:    

-- The 'IND BB+' rating on the INR120 mil. Fund-based working
     capital limits affirmed and withdrawn; and

-- The 'IND BB+' rating on the INR305 mil. Non-fund-based working

     capital limits affirmed and withdrawn.

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

KEY RATING DRIVERS

The affirmation reflects Rockeira's continued small scale of
operations, as indicated by revenue of INR838.5 million in FY19
(FY18: INR444 million). Revenue grew on account of receipt of
additional orders and timely execution of existing orders.
Rockeira's order book stood at INR2,372.69 million (about 2.83x of
FY19 revenue) at end-August 2019. The company will depend upon
additional bank limits to execute the order book, as the existing
limits will not be sufficient for this purpose. The company expects
to execute two more projects over FY21- FY23.

Liquidity Indicator- Poor: Rockeira's average utilization of
fund-based limits for the 12 months ended September 2019 was
88.02%. The cash flow from operations turned negative at INR138
million in FY19 (FY18: INR11.1 million) because of an increase in
working capital requirements.

The ratings are also constrained by high concentration risk. The
company has two projects that require the construction of bridges
across two branches of the Godavari river, Gautami, and Vasista.
The ultimate counterparty for both these projects is the South
Central Railways. However, as the counterparty is a central
government entity, it mitigates the customer concentration risk to
some extent. These projects are joint ventures (JV) with B.Seenaiah
& Company (Projects) Limited (BSCPL: 51%) and Bekem Infra Projects
Private Limited (24.5%) and Rockeira making up the rest. (24.5%).
As per the JV mechanism, 23.50% of the revenue earned from BSCPL
has to be received by Rockeria, which signifies a significant
receivable risk.

The rating factor in Rockeira's moderate credit metrics due to the
high debt levels. The company's metrics deteriorated in FY19 due to
a rise in debt to INR233.6 million (FY18: INR71.2 million) to
execute the order book requirements and the resultant increase in
interest expenses. The net financial leverage (total adjusted net
debt/operating EBITDA) deteriorated to 2.5x in FY19 (FY18: 1.3) and
interest coverage (operating EBITDA/gross interest expense)
weakened to 4.7x (FY18: 5.3x).

The ratings, however, are supported by Rockeira's healthy EBITDA
margins. The margins increased to 11.2% in FY19 (FY18: 10.4%, FY17:
11.1%) due to revenue growth. The company's return on capital
employed was 23% in FY19 (FY18: 22%; FY17: 23%).

The ratings also draw comfort from Rockeira's partners' over two
decades of experience in the civil construction business.

COMPANY PROFILE

Hyderabad-based Rockeira was established as a partnership firm in
2005 under the name of M/s Srikant Impex. It is primarily engaged
in the construction of road and railway bridges and waste-to-energy
projects.

SESA MINERALS: ICRA Lowers Rating on INR35cr Cash Loan to 'D'
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Sesa
Minerals Limited (SML), as:

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based–        35.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating downgraded from [ICRA]B+
                                 (Stable) and moved to 'Issuer
                                 Not Cooperating' category

   Fund-based–        20.00      [ICRA]D ISSUER NOT COOPERATING;
   FDBP/FUDBP                    Rating downgraded from [ICRA]A4
                                 and moved to 'Issuer Not
                                 Cooperating' category

   Fund-based–       (15.80)     [ICRA]D ISSUER NOT COOPERATING;
   Packing credit#               Rating downgraded from [ICRA]A4
                                 and moved to 'Issuer Not
                                 Cooperating' category

   Non-Fund based–
   Letter of Credit  (20.00)^    [ICRA]D ISSUER NOT COOPERATING;
                                 Rating downgraded from [ICRA]A4
                                 and moved to 'Issuer Not
                                 Cooperating' category

#sub-limit of FDBP/FUDBP
^sub-limit of cash credit

Rationale

The downward revision in the ratings primarily consider
unfavourable debt-serving track record of SML in the recent past,
as confirmed by the lender. The ratings are constrained by SML's
increase in working capital intensity of operations to 38% in
FY2018 from 28% in FY2017 on the back of stretched receivables.
ICRA notes that the working capital facilities availed by the
company have been almost fully utilised over the past one year,
which in turn restricts its financial flexibility. The ratings also
factor in the deterioration in credit profile of the flagship
company of the Group, Sesa International Limited (SIL), which could
impact the Group's overall liquidity position and financial
flexibility. The ratings are, also, constrained by the highly
fragmented and intensely competitive steel trading business due to
the low value-added nature of products, which restricts its pricing
flexibility.

The ratings take into consideration the depressed level of coverage
indicators on the back of high working capital borrowings and low
profitability. The ratings also factor in the cyclicality inherent
in the steel industry, which is likely to keep the margins and cash
flows of all players in the steel trading business volatile,
including that of SML. Meanwhile, the ratings favourably consider
the long experience of the promoters in the steel trading business
and the location-specific advantages of the company regarding
sourcing as well as dispatch of goods, which keep transportation
and storage costs at a low level.

The rating is based on limited information on the entity's
performance since the time it was last rated in September 2019. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Sesa Minerals Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Key rating drivers and their description

Credit strengths

Long experience of promoters in steel trading business – SML has
been promoted by Mr. Shankar Bagri and his family members, who are
in the business of trading in steel products for over three
decades. SML's promoters are also directors of its Group concern,
Sesa International Limited (SIL), which is involved in trading
operations since 2002 and has been granted the certificate of a
'Star Export House' by DGFT. However, ICRA notes that the credit
profile of SIL stands weak, which could impact the Group's overall
liquidity position and financial flexibility.

Lower storage and transit costs – SML's customer profile
primarily consists of steel manufacturers and traders. The company
sources intermediary and finished steel products mainly from
manufacturers located in West Bengal. Further, a major portion of
its customer base is concentrated in and around West Bengal, which
in turn facilitates lower transit cost and timely delivery of
products. The company usually delivers materials to its customers
directly from suppliers' premises, which also keeps storage and
material handling costs at a low level.

Credit challenges

Delays in servicing of debt obligations – The company has delayed
in timely servicing of debt obligations in the recent past due to
its stretched liquidity position, leading to overutilisation in the
working capital facilities.

High working capital intensity of operations, adversely impacting
liquidity – SML's working capital intensity of operations has
been high in the past and increased to 38% in FY2018 from 28% in
FY2017 on the back of stretched receivables, which in turn exert
pressure on its liquidity position. This is primarily due to
liberal credit terms extended by SML to acquire and retain
customers in an intensely competitive business, as well as delays
faced in realisation of its receivables. The average utilisation of
working capital limits remained high at ~96% between April 2018 and
July 2019.

Depressed level of coverage indicators – High working capital
borrowings, coupled with low profitability, resulted in depressed
level of coverage indicators as reflected by an interest coverage
of 0.86 times, NCA/TD of 1% and TD/OPBDITA of 12.85 times in
FY2018.

Low operating margins due to trading nature of business – The
company's profitability remains thin due to its trading nature of
business with limited value addition. The steel trading business is
highly fragmented and is characterised by intense competition from
a large number of organised and unorganised players, which
restricts its pricing flexibility. Also, there are counterparty
credit risk in the trading business.

Cyclical nature in steel industry – The ratings continue to be
impacted by the cyclicality inherent in the steel industry, which
are likely to keep the margins and cash flows of all the players in
the steel industry, including SML, volatile. Steel and intermediate
steel product prices generally move in tandem, but there could be
short-term mismatches and lead to volatility, which can impact the
company's profitability.

Liquidity position: Poor

SML's liquidity remains poor as reflected in delays in the debt
servicing obligations by the entity.

Rating sensitivities

Positive triggers – Regularisation of debt servicing on a
sustained basis (more than three months), following improvement in
liquidity profile of the entity.

Incorporated in 2007, SML trades in steel products such as iron ore
pellets, steel scrap, sponge iron, steel billets, wire rods, angle,
channel, round and TMT bars. The company mainly operates in West
Bengal, however, it has commenced exports to Nepal, Bangladesh etc.
in FY2019.

In FY2019, on a provisional basis, the company reported an
operating income of INR153.43 crore compared to an operating income
of INR146.58 crore in the previous year.

SUZLON ENERGY: Net Loss Widens to INR777cr in Q2 Ended Sept. 30
---------------------------------------------------------------
moneycontrol.com reports that Suzlon Energy on Nov. 14 reported
widening of its consolidated net loss to INR777.52 crore in the
quarter ended September 30, 2019. The company had reported a net
loss of INR625.76 crore in the corresponding quarter last fiscal,
Suzlon Energy said in a BSE filing.

Its revenue from operations fell to INR803.09 crore during the
quarter under review as against INR1,194.99 crore in the year-ago
period, moneycontrol.com discloses.

The company's total expenses were at INR1,551.16 crore as against
INR1,850.28 crore in the same period of preceding fiscal.

"The sector is witnessing issues on project execution due to some
policy issues but there has been some healthy growth in
installations over the last year. Wind capacities added in India in
H1 2019-20 was at 1,304 MW as compared to 569 MW in H1 2018-19,"
moneycontrol.com quotes Suzlon Group CEO J P Chalasani as saying in
a separate statement.

"Our operations are at a subdued level with minimal allocation of
funding as we are trying to fix our capital structure," he added.

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its operations
relate sale of WTGs and allied activities, including sale/sub-lease
of land, infrastructure development income; sale of gear boxes, and
sale of foundry and forging components. Others primarily include
power generation operations.

As reported in the Troubled Company Reporter-Asia Pacific on July
18, 2019, Bloomberg News said Suzlon Energy Ltd., which became
India's biggest convertible-note defaulter in 2012, slumped in
Mumbai after missing payments on dollar-denominated convertibles
due July 16.

Shares of the stressed wind-turbine maker fell as much as 8.6% in
trading on July 17 after missing a July 16 deadline to repay US$172
million outstanding on the securities, according to Bloomberg.
While an earlier debt revamp helped the company's shares surge in
2014-2015, they've since slumped as increased competition has
diluted Suzlon's market share, Bloomberg said.

ZIMIDARA PESTICIDES: CARE Cuts Rating on INR10cr LT Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Zimidara Pesticides (ZP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      10.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Issuer Not Cooperating
                                   on the basis of best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 18, 2019, placed
the rating of ZP under the 'issuer non-cooperating' category as ZP
had failed to provide information for monitoring of the rating. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive
at a fair rating.

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

Detailed description of the key rating drivers

The long term rating has been revised on account of operations in
highly competitive and fragmented industry and proprietorship
nature of constitution.

Key Rating Weaknesses

Operations in highly competitive and fragmented industry ZP
operates in highly competitive industry with a large number of
players engaged in wholesale trading of various pesticides in
Punjab region. Moreover, the customers of the entity belong to
retail traders in agrochemicals industry. Thus the profit margins
are affected due to low bargaining power with them.

Proprietorship nature of constitution
Being a proprietorship concern, ZP has inherent risk of withdrawal
of capital at the time of personal contingency. Hence, limited
funding avenues along with limited financial flexibility have
resulted in small scale of operations for the firm.

Zimidara Pesticides was established in 1990 by Mr. Om Prakash, the
entity is engaged in wholesale trading of agrochemicals viz.
pesticides, seeds and fertilizers of various types of herbicides,
fungicides and insecticides etc. whereas the customers of the
entity belong to various agrochemicals players. ZP is an authorized
dealer and distributor of around 42 pesticides companies across
Punjab. It operates its registered office in Abohar, Punjab.



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

PAN BROTHERS: Fitch Affirms B LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings affirmed Indonesia-based garment manufacturer PT Pan
Brothers Tbk's Long-Term Issuer Default Rating at 'B' with a Stable
Outlook. At the same time, Fitch Ratings Indonesia has affirmed the
company's National Long-Term Rating at 'A-(idn)'. The Outlook is
Stable.

The affirmation reflects its view of the company's improving
business risk profile, as reflected in the larger operating scale
and stronger bargaining power with its customers. Fitch believes
this counterbalances the company's persistent negative free cash
flow due to longer-than-expected working capital days, which is in
line with the industry trend, but has led to leverage remaining
high. Fitch has revised the rating sensitivities for PB to reflect
its improving business profile and to ensure consistency with those
of its peers.

The Stable Outlook reflects its expectation that the company's
financial profile will be stable for the next 18-24 months. Fitch
expects PB's operating cash flow to remain negative in 2019-2021
due to higher working-capital requirements for its short- to
medium-term capacity expansion. This will also keep leverage high,
though stable, at around 4x.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

KEY RATING DRIVERS

Strong Market Position: Fitch believes PB's rating is underpinned
by the company's strong business profile. PB is the largest
publicly listed apparel manufacturer in Indonesia by capacity, and
it has been improving its bargaining power and wallet share with
its customers, which include large global brands such as Uniqlo,
Adidas and North Face. The rating also reflects PB's base in
Indonesia, which is one of the more cost-competitive locations for
garment manufacturing globally.

Fitch believes PB's increasing importance in its customers' supply
chain, the company's established track record and wide product
range, and its longstanding relationships with global brands
together improve customer dependency and overall bargaining power
with its clients in the medium to long term.

Increasing Automation: Fitch believes PB's planned capacity
expansion will keep leverage high for the next 18-24 months,
particularly due to additional working capital required during the
ramp-up period. PB expects to increase its annual installed
capacity to 130 million pieces by end-2021 from 90 million
currently, largely through the use of process digitalization,
automation and a pre-production assembly system. These will allow
PB to increase output per work shift. Fitch believes a larger
operating scale will allow PB to expand its customer base and
position it to benefit from the trend of consolidation among the
vendors of global apparel brands.

Cost Pass-Through Ability: PB operates under a cost-plus pricing
mechanism, where the prices of its products are derived from the
cost of raw materials plus a margin. This allows PB to pass through
cost fluctuations to customers. Nevertheless, margins may come
under pressure during prolonged cyclical downturns. Fitch expects
the EBITDA margin to remain stable at around 9% over 2019-2021.

Longer Working-Capital Days: Fitch forecasts net working capital
days to be around 200 days by end-2019, after remaining stable in
3Q19 at 205 days (3Q18: 203 days). However, this will increase to
around 210 days over the next three years due to the planned
capacity expansion. The industry trend of giving longer payment
terms to customers will see PB's leverage remain at around 4x. PB's
leverage fell to 4.2x in 3Q19 from 4.7x in 3Q18, driven by a 13%
yoy rise in operating EBITDAR and the largely stable
working-capital cycle. The longer working capital days and planned
capacity expansion will result in negative free cash flow over the
next few years.

Stable Margins on Pricing Model: Fitch believes the company's
cost-plus pricing model not only provides stable EBITDAR margins,
but also wider funds from operations margin. Fitch believes the
improving trend in FFO margin reflects the company's stronger
bargaining power with customers, and Fitch has introduced rating
sensitivity based on the FFO margin.

Seasonal Cash Flow: PB's working-capital cycle is longer in the
first half of the year due to purchases of materials to cater for
woven outerwear clothing, in particular, down jackets, to be ready
for the peak production season between April and September. Its
knitwear sales are rising, which will provide some earnings
stability. Fitch has excluded an estimated USD25 million from PB's
year-end cash balance from the year-end leverage ratio to reflect
the seasonality.

Manageable Currency Exposure: Over 90% of PB's sales are from
exports, while around 75% of its raw materials are imported. This
provides a natural hedge against currency volatility, as was
evident in 2015 and 2018 when PB's EBITDA margin remained intact in
the face of severe exchange-rate volatility. Raw material costs
make up around 65% of the company's total costs.

DERIVATION SUMMARY

PB's IDR may be compared with that of 361 Degrees International
Limited (BB-/Stable) and PT Sri Rejeki Isman Tbk (Sritex;
BB-/Stable). The ratings on Sritex and PB are underpinned by their
strong market positions in the Indonesian textile and garment
industry. Relative to PB, Sritex has better operational
integration, higher end-product diversification, larger operating
scale and stronger financial profile, which warrant a
multiple-notch rating gap with PB. Nevertheless, Fitch believes
PB's downstream-focused operations have inherently lower risks than
Sritex's upstream-focused operations due to the relationship
between PB's sales, debt and its working capital inventories, where
all of PB's existing inventories and working capital-related debt
incurred are fully backed by existing purchase orders from
reputable global retail brands, limiting speculative inventories in
the company's balance sheet.

Relative to 361 Degrees, PB's significantly smaller operating
EBITDAR, thinner margins and weaker financial profile, indicated by
361 Degrees' net cash position, also justify the multiple-notch
rating difference between the two companies.

PB's National Long-Term Rating is well-positioned compared with
companies rated on the national scale, such as Sritex
(A+(idn)/Stable), PT Aneka Gas Industri Tbk (A-(idn)/Stable) and PT
Tunas Baru Lampung Tbk (TBLA; A(idn)/Stable). Fitch believes
Sritex's larger operating scale and stronger financial profile
warrant a multiple-notch difference between the ratings of the two
companies on the national scale, although Fitch believes PB has an
inherently lower business risk in its operations compared to
Sritex.

The ratings on Aneka Gas and PB are supported by their market
positions in their respective industries and both have similar
financial profiles. Aneka Gas' wider profit margin reflects its
capital-intensive business, as evident from its high capex/revenue
ratio, and is counterbalanced by PB's larger operating scale and
greater geographic diversification. Relative to TBLA, Fitch
believes its larger operating scale, wider profit margin and
stronger financial profile warrant a one-notch higher rating than
PB.

KEY ASSUMPTIONS

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

  - Net sales growth of around 10% in 2019 and 13% in 2020-2021

  - EBITDA margin of 9%-10% in 2019-2021

  - Capex of around 3% of revenue in 2019-2021

KEY RECOVERY RATING ASSUMPTIONS

  - The recovery analysis assumes that PB would be considered a
going concern in bankruptcy and that the company would be
reorganised rather than liquidated.

  - Fitch has assumed a 10% administrative claim on the
going-concern enterprise value (EV)

  - The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which Fitch
bases the valuation of the company

  - PB's going-concern EBITDA is estimated to be USD58 million,
which is in line with the EBITDA in the 12 months to September 2019
and around 30% below its forecast of PB's EBITDA post the company's
expansion completion in 2021, to reflect the industry's mid-cycle
conditions and competitive dynamics.

  - An multiple of 5.0x is used to calculate a post-reorganisation
EV of around USD290 million. The EV multiple of 5x, a slight
revision from 6x used previously, reflects a discount from the
median multiple of 9x for the completed M&A transactions in the
textile industry over the past 10 years globally, based on
Bloomberg data. The 5x multiple also reflects PB's smaller size
compared with global manufacturers.

  - Fully drawn syndicated loan facilities, which have priority
over senior unsecured debt, to the extent allowed by the bond
indenture.

  - These assumptions results in a recovery rate for PB's unsecured
debt corresponding to a 'RR3' Recovery Rating after adjusting for
administrative claims. Nevertheless, Fitch has rated the senior
unsecured bonds 'B'/'RR4' because, under its Country-Specific
Treatment of Recovery Ratings criteria, Indonesia is classified
under the Group D of countries in terms of creditor friendliness
and the instrument ratings of issuers with assets located in this
group are subject to a soft cap at the issuer's IDR

RATING SENSITIVITIES

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

Fitch does not expect a positive rating action over the next 24
months. However material improvement in leverage, measured by net
adjusted debt/ adjusted EBITDAR, of below 2.5x on a sustained basis
may lead to a positive rating action

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

  - Weakening leverage to above 4.5x on a sustained basis

  - Failure to generate neutral-to-positive cash flows from
operations for a sustained period

  - Decline in FFO margin to below 4% for a sustained period

LIQUIDITY

Sufficient Liquidity: As of September 2019, PB had cash and cash
equivalents of around USD65 million, short-term debt maturities of
around USD2 million and an unused working-capital facility of
around USD9 million from its syndicated revolving-loan facility.
Fitch believes PB has adequate liquidity to cover its maturing
short-term loans, and Fitch expects the company's strong banking
relationships and access to credit markets to support the company's
projected negative free cash flow in the medium term.

PB's order book is seasonal and therefore working-capital
requirements increase during the second and third quarters of the
year. Fitch has conservatively treated USD25 million as cash that
is not readily available to service debt, being the minimum cash
balance earmarked for meeting seasonal working-capital purposes.
Therefore, Fitch excludes USD25 million in cash from the
calculation of PB's year-end leverage ratio

FULL LIST OF RATING ACTIONS

PT Pan Brothers Tbk

  - Long-Term IDR affirmed at 'B'; Outlook Stable

  - National Long-Term Rating affirmed at 'A-(idn)'; Outlook
Stable

PB International B.V.

  - USD171 million 7.625% senior unsecured bond due 2022 affirmed
at 'B', with Recovery Rating of 'RR4'



===============
M A L A Y S I A
===============

SEACERA GROUP: 30 Persons Seek Board Role at AGM
------------------------------------------------
The Malaysian Reserve reports that the tussle over Seacera Group
Bhd's control has seen 30 names proposed by various parties to vie
for seats on its board at its upcoming AGM on Nov. 29, 2019.

In an exchange filing on Nov. 18, the PN17 (Practice Note 17)
company stated that the collective individuals include names that
have been proposed since October and are subjected for an election
and re-election, the report relates.

"The company wishes to confirm there are altogether 30 individuals
subject to re-election and/ or election to the office of the
director of the company in the AGM," the company said.

On Nov. 4, its four shareholders with a collective 2.5% stake in
the company - Ng Wai Yuan, Datin Sek Chian Nee, Low Swee Foong and
Datuk William Tan Wei Lian - issued a notice of resolutions to be
moved at the AGM, nominating six new directors to the board,
according to the Malaysian Reserve.

The six individuals are Rivzi Abdul Halim, Datin Ida Suzaini
Abdullah, Marzuki Hussain, Tan Lee Chin, Ong Eng Taik and Ramnath R
Sundaram, the report discloses.

According to the Malaysian Reserve, the tile manufacturer and
property developer's filing on Nov. 8 stated its substantial
shareholder, Asiabio Capital Sdn Bhd, proposed five candidates for
the election to the board of directors at the upcoming AGM.

Then, Datuk Abd Talib Bachek, a member of the company, on Nov. 11
nominated Shi'aratul Akmar Sahari and himself for a position on the
board.

On Nov. 12, the group's non-executive independent director Ishak
Ismail proposed four candidates, while Pelaburan Mara Bhd proposed
its GM Mohd Adzhar Abd Hamed as a candidate for election to the
Seacera board, the report notes.

A check on Bloomberg shows Seacera now has a 12-member board led by
chairman Datuk Nik Ismail Nik Yusoff heading to the AGM, the
Malaysian Reserve discloses.

The Malaysian Reserve says the company has had a turbulent year
with many seeking to have a seat or to take control of the board.

The group's boardroom tussle, failure to provide a solvency
declaration and its PN17 status since April have put Seacera under
the spotlight, the report notes.

                        About Seacera Group

Seacera Group Bhd engages in manufacturing and trading of ceramic
tiles. The company operates in mainly two divisions namely, Tiles
division involving the manufacturing, trading, and marketing of all
kinds of ceramic tiles and related products which contributes a
major part of revenue and Property development and construction
division which comprises of Investing and development of properties
located in Malaysia. The company operates in multiple states across
Malaysia, while it has a presence in ASEAN and other countries.

Seacera Group Bhd has been classified as a Practice Note 17 (PN17)
company as it has defaulted on the payment of principal and profits
to AmBank Islamic Bhd and not being able to provide a solvency
declaration to Bursa Malaysia Securities.

The company recorded a net loss of MYR43.13 million in the
financial year ended Dec. 31, 2018, from a net profit of MYR8.92
million in the previous year.


SERBA DINAMIK: Fitch Affirms BB- LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings affirmed Serba Dinamik Holdings Berhad's Long-Term
Issuer Default Rating at 'BB-' with a Stable Outlook. At the same
time, Fitch has affirmed SDHB's 'BB-' senior unsecured debt class
rating and the 'BB-' rating on the company's USD300 million dollar
sukuk due 2022, which was issued by SDHB's wholly owned subsidiary,
SD International Sukuk Limited.

The affirmation follows SDHB's robust operating performance, which
stems from stronger-than-expected financial performance
year-to-date. The affirmation also considers further investments by
the company, given its rising order book, and financing associated
with the investments. However, the company has flexibility with
respect to any investment. Revenue rose 38% yoy in 1H19 and EBITDAR
by 47%, exceeding its forecast of 29% and 31%, respectively, for
the full year. EBITDAR margin of 17.8% in 1H19 was largely in line
with expectations, while leverage of 2.4x in 1H19, measured by net
adjusted debt/ adjusted EBITDAR that proportionately consolidates
minority stakes in a number of associate entities, was below its
negative rating sensitivity threshold of 2.5x.

SDHB's rating reflects its strong market position in Malaysia,
where it was the fourth-largest provider of operation and
maintenance services to the oil and gas industry by revenue in
2017. The rating is also supported by SDHB's solid financial
profile, short- to medium-term revenue visibility and relatively
low earnings cyclicality. The company's smaller operating scale and
limited product and end-market diversification relative to other
higher-rated peers constrains its rating

KEY RATING DRIVERS

Strong Market Position; Robust Orders: SDHB has an established
reputation for project completion. Its order book has grown by more
than eight-fold in the five years to 2018 and reached around MYR10
billion by mid-2019. The company's order book-to-revenue ratio was
about 2.2x at end-June 2019 and Fitch expects it to remain at
1.5x-2x in the medium term, providing revenue visibility. Fitch
also believes SDHB is well-positioned to benefit from vendor
consolidation and rising capex in the downstream segment by
Malaysian national oil company Petroliam Nasional Berhad's
(PETRONAS; A-/Stable).

Limited Diversification; High Capex: Fitch believes SDHB's rating
is constrained by its small operating scale, its limited product
and end-market diversification relative to Fitch-rated peers, and
the need for capex to support its growth, which limits its ability
to generate a neutral-to-positive free cash flow (FCF).
Nevertheless, this is partly compensated by the company's focus on
mid-tier clients, which supports its bargaining power and has
translated into industry-leading profit margins.

Substitution Risks: The company's O&M contracts, which account for
the majority of revenue, are typically non-exclusive, which exposes
the company to the risk that it may be substituted by competitors,
especially those from outside Malaysia. Nevertheless, Fitch
believes the risk is mitigated by the operating licences SDHB holds
in different jurisdictions, its long-term client relationships and
its track record and reputation in the industry.

Fitch also believes substitution risks are likely to reduce as the
company diversifies its customers and end-markets. SDHB's revenue
concentration in Malaysia fell to 30% from 55% between 2013 and
1H19, and its exposure in the oil and gas sector to 82% from 87%.

Revenue Visibility: SDHB typically enters into two- to five-year
contracts for its O&M services and 1.5-year to three-year contracts
for engineering, procurement, construction and commissioning (EPCC)
projects, which provides some revenue visibility.

Resilient Operations: SDHB's maintenance services, which tend to
have more resilient demand during industry downturns, partly offset
to its exposure to the cyclical oil and gas sector, where lower
prices lead to curtailment in activities and spending. Over 60% of
SDHB's order book is from the downstream oil and gas segment, which
makes its cash flow less sensitive to the exploration business and,
subsequently, to commodity price fluctuations.

Expected Deleveraging: Fitch expects SDHB's leverage, after
adjusting for the key financials of associates to which SDHB
provides proportionate financial guarantees, to increase to around
2.7x by end-2020 (end-2018: 1.9x) on higher working-capital needs
to fulfil new orders. Leverage is also affected by the associates'
debt that it guarantees. Nevertheless, Fitch expects EBITDAR
contribution from the associates to be more meaningful in the
future, leading leverage to improve to below 2.5x in 2022.

Acquisition Risks: The company may make small acquisitions of
around USD10 million each as part of company's asset-ownership
strategy. Fitch believes this strategy could drive growth in the
longer term, but the acquisitions present integration risks and
leverage may increase, which could affect the company's credit
profile. Fitch believes these risks are mitigated by the relatively
small value of the acquisitions, the short investment payback
period and SDHB's expertise in the industry.

DERIVATION SUMMARY

SDHB's rating may be compared with PT Bukit Makmur Mandiri Utama
(BUMA; BB-/Stable), PT ABM Investama Tbk (B+/Negative), PT Wijaya
Karya (Persero) Tbk (WIKA; BB/Negative, standalone: b+) and Emeco
Holdings Limited (B/Stable). BUMA is the second-largest mining
contractor in Indonesia with a 20% market share. Fitch believes
SDHB's higher customer and product diversification and lower
earnings sensitivity to commodity price fluctuations compensates
for its thinner profit margin. This was evident from SDHB's revenue
growth when oil prices were low in 2014-2016, while BUMA's scale
shrank when coal prices fell in 2012-2016.

Relative to ABM, which focuses on coal production, mining
contracting services, integrated logistics, engineering services
and distributive power, Fitch believes SDHB's higher geographical
diversification, lower earnings sensitivity to commodity price
fluctuations and stronger leverage profile offsets ABM's wider
profit margin and stronger free cash flow generation. SDHB also has
more stable profit margins while ABM has a weakening business
profile due to the loss of key contracts and short reserve life.
The differences result in ABM being rated a notch lower than SDHB.

The ratings of both SDHB and WIKA, which is one of Indonesia's
leading and most diversified state-owned contractors with
established track record in the construction and EPCC activities of
large infrastructure and power plant projects, are supported by
their strong domestic market franchises. Although SDHB's operating
scale is smaller, it has wider profit margins, higher geographical
diversification and a stronger leverage profile than WIKA. Fitch
also considers WIKA's order book, which is based on EPCC and
infrastructure projects, as more unpredictable than SDHB's
maintenance-and-operations-based order book. As a result, SDHB is
rated one notch higher than WIKA's Standalone Credit Profile.

SDHB and Emeco have comparable leverage profiles and operating
scales. Nevertheless, Fitch believes the latter's highly volatile
business and high earnings sensitivity to commodity prices, as
evident from the deterioration in Emeco's profitability, cash flow
generation and operating scale during the past global commodity
price downturn, warrant a multiple-notch difference between the two
companies

KEY ASSUMPTIONS

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

  - Bid book to increase by 5%-10% annually from 2020.

  - New order book win rate of 25%-30% in 2019-2022

  - Order book renewal rate of 25%-30% in 2019-2022

  - EBITDA margin of around 18% over 2019-2022 (2018: 17%)

RATING SENSITIVITIES

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

Fitch does not anticipate any positive rating action over the next
18-24 months. However, Fitch may consider positive rating action
should the company achieve a material improvement in operating
scale and generally neutral free cash flow, while maintaining a
stable financial profile

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

  - Significant weakening of the order-book profile, primarily
driven by loss of key contracts or customers

  - Net adjusted debt/EBITDAR above 2.5x on a sustained basis.
Fitch has adjusted the leverage metric by including the key
financials of the associate entities to which SDHB provides
proportionate financial guarantees

  - EBITDA margin sustained below 12%

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of June 2019, SDHB had readily available
cash of around MYR1 billion, compared with short-term debt
maturities of MYR306 million, which mainly comprise revolving
credit facilities that may be rolled over during the normal course
of business. The company also has around MYR900 million of unused
credit facilities as of September 30, 2019. Furthermore, Fitch
believes the company's liquidity profile is supported by strong
banking access, given its long-term relationships with both
regional and global banks, and capital market access, which provide
the company with flexibility in financing its capex plans in the
future.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Fitch has treated the convertible preferred shares outstanding
in 2015 and 2016 as debt

  - Fitch has included cash interest received and paid as part of
cash flow from operations

  - Fitch has included pledged deposits as readily available cash

  - Fitch has adjusted the leverage metric by including the key
financials of the associate entities to which SDHB provides
proportionate financial guarantees, and deducting net profit
attributable to minority interests from the consolidated EBITDA.

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.

SERBA DINAMIK: S&P Affirms 'BB-' ICR on Strong Growth
-----------------------------------------------------
S&P Global Ratings, on Nov. 19, 2019, affirmed the 'BB-' issuer
credit rating on Serba Dinamik Holdings Bhd. S&P also affirmed the
'BB-' issue rating on the US$300 million sukuk the company
guarantees.

S&P said, "We affirmed the rating because Serba Dinamik has broadly
performed in line with our expectations to date. However, continued
high cash burn poses risks to the company's creditworthiness.

"We expect Serba Dinamik to sustain strong growth.  Over the past
five years, the company has substantially grown its order book and
expanded rapidly. At the end of 2018, the order book significantly
increased to Malaysian ringgit (MYR) 7.6 billion, compared with
MYR1.7 billion as of Dec. 31, 2014. The order book exceeded MYR10
billion at end-June 2019. As a result, revenue has more than
quadrupled during the period. In a high growth phase, the company
has maintained consistent to slightly growing margins of 16%-18%
for operations and maintenance (O&M) and 16% for engineering,
procurement, construction, and commissioning (EPCC). This
demonstrates its ability to increase volumes while preserving
prices. The company's net debt increased almost eightfold to MYR0.9
billion from 2014 to 2018, and will be about MYR1.8 billion by Dec.
31, 2019.

"However, the pace of cash burn may not be sustainable in the
future at the current rating level.  We believe the company's
growth capital intensity poses long-term challenges to its
creditworthiness. Between 2014 and 2018, Serba Dinamik's EBITDA
quadrupled to MYR562 million. In parallel, working capital
investment increased exponentially from 45% of reported EBITDA in
2014 to 82% in 2016 and 87% in 2018. This means operating cash
flows have been limited at about MYR80 million on average, while
average capital expenditure was close to MYR245 million across the
same period. In tandem with the company's recent asset ownership
model, acquisition spending picked up to MYR270 million in 2018
from MYR34 million in 2017. We do not believe such high cash usage
will be sustainable because higher debt magnifies the sensitivity
of Serba Dinamik's credit metrics to underperformance and increases
refinancing risk. Our base case currently includes a peak of net
debt at close to MYR3 billion in 2020, net debt stabilization in
2021, followed by a gradual decrease from 2022. Any earnings
trajectory pointing to a different scenario would undermine the
company's creditworthiness.

"Our stable outlook on Serba Dinamik indicates our expectations
that the company will continue to renew expiring contracts and win
new deals at a healthy rate, translating into respectable revenue
growth and stable margins. We assume the company will manage
prudently its growth capital expenditure and working capital
investment, so that liquidity remains in check and cash burn
reduces steadily."

If Serba Dinamik fails to derive more operating cash flow from its
EBITDA and reduce its cash burn significantly, this could raise
questions on the viability of its business model and the prudence
of its financial policy. Such a scenario could lead to a lower
rating on Serba Dinamik.

In addition, a ratio of funds from operations (FFO) to debt
permanently retreating to 20% will pressure the ratings. This would
happen if the company fails to convert high investments into
significant cash flow growth, because of cost inflation and delays
in projects.

S&P will also lower the rating if it believes the company's
liquidity has eroded, with elevated dependence on short-term debt
or tight covenant headroom.

Rating upside will occur if the company reduces the capital
intensity of its growth. Continued project wins and successful
execution of the order book, coupled with controlled working
capital investments and capital outlays, would create positive
rating momentum. In addition, S&P may raise the rating if debt
levels stabilize and the ratio of FFO to debt remains above 40%.
However, S&P views this scenario as unlikely over the next 18
months.

Serba Dinamik is an engineering and construction company engaged in
O&M and turnkey contract execution of projects. It is domiciled in
Malaysia and its key clients are in the oil and gas, power
generation, water treatment, and utilities industries. Serba
Dinamik has facilities and clients in Malaysia, Indonesia, United
Arab Emirates, Bahrain, and the U.K. For the financial year ended
Dec. 31, 2018, Serba Dinamik's posted revenue of MYR3,283 million
and EBITDA of MYR562 million.

Its key operating segments comprise:

-- O&M (90% of revenues in 2018). The company provides servicing
of rotary and stationary equipment in oil and gas upstream
production platforms and downstream refineries, petrochemical
plants; and maintenance services to power and utilities companies.

-- EPCC (10% of revenue in the same period). The company designs
and installs industrial operation and control systems; and
constructs plants, facilities, road infrastructure, and buildings.

-- Asset ownership (recently started). Serba Dinamik takes on
strategic minority stakes in assets, thereby getting an entry in
the bid to win EPCC contracts in new industrial segments, and
participating in the assets' O&M contracts for the rest of the
asset's life.



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

INTUERI EDUCATION: Directors, Promoters Face Class Action
---------------------------------------------------------
NZ Herald reports that more than 800 shareholders in failed
education provider Intueri Education Group finally have a chance to
claw back some losses through a class action funded by LPF Group.

NZ Herald relates that the proposed action, led by prominent
Auckland lawyer Adina Thorn and barristers Neil Campbell QC and
Zane Kennedy, targets the company's promoters and certain former
directors and alleges they are responsible for misstatements and
improper disclosure.

One former director, Dame Alison Paterson, is not being named in
claim as she came on to the Intueri board later, NZ Herald says.

In April 2017 the Serious Fraud Office dropped an investigation
into enrollments at Intueri's defunct Quantum Education Group,
while its operations were also investigated by the Tertiary
Education Commission, the report recalls.

A statement from Adina Thorn noted that Australian private equity
firm Arowana International pocketed more than NZ$100 million in the
sharemarket float.

"Arowana's managing director, Kevin Chin, personally took home a
bonus of approximately AUD13 million on the back of the IPO and he
will also be named as a defendant along with directors of Intueri
itself," NZ Herald quotes Ms. Thorn as saying.

"I believe this proposed class action provides significant
opportunity for the company's shareholders to be compensated for
losses they have suffered in the hands of those responsible."

"No one need feel embarrassed about coming forward and I am pleased
to confirm that the proposed class action has some institutional
shareholder support."

Funding has been secured from litigation funder LPF Group, which is
also funding the CBL class action, the Kiwifruit class action
against the Ministry of Primary Industries, and the Mainzeal
action, NZ Herald notes.

NZ Herald adds that LPF director Phil Newland said: "This is a
meritorious case and we are pleased to be able to assist
shareholders of Intueri to obtain compensation – people who would
otherwise not be able to mount a lengthy and expensive legal fight
to right a wrong."

According to NZ Herald, Conor McElhinney, one of the Liquidators
and a partner of McGrathNicol said he couldn't comment on the
precise allegations in the claim, but at this stage there will not
be any recovery to shareholders from the liquidation of Intueri and
its related entities.

"This proposed class action is therefore currently the only option
we are aware of for shareholders to recover anything from their
investment".

                      About Intueri Education

Intueri Education Group Limited provided physical and online
private training tuition in New Zealand and Australia.

Intueri was placed into voluntary administration in June 2017 after
a strategic review attracted an offer for its operating assets for
less than the NZ$70.7 million owed to ANZ Bank New Zealand, meaning
the lender would be forced to take a loss, according to
BusinessDesk.

William Black and Conor McElhinney, partners of McGrathNicol, were
appointed liquidators of Intueri Education Group and its New
Zealand subsidiaries in September 2017 after the administrators
presented their report at a meeting on Sept. 1, 2017, and
"recommended that creditors vote to place the entities into
liquidation, given that there was no other viable alternative and
that all of the assets of the companies had been sold," the
liquidators said in a note to the stock exchange, BusinessDesk
related.



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

GEO ENERGY: Moody's Lowers CFR to B3, Outlook Negative
------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Geo Energy Resources Limited to B3 from B2.

In addition, Moody's has downgraded to B3 from B2 the senior
unsecured guaranteed notes issued by Geo Coal International Pte.
Ltd., a wholly-owned subsidiary of Geo Energy.

The outlook remains negative.

RATINGS RATIONALE

"The downgrade reflects our expectation that Geo Energy's credit
metrics will remain very weak over the next 12-18 months, despite
incremental earnings from its planned mine acquisitions in South
Sumatra," says Maisam Hasnain, a Moody's Assistant Vice President
and Analyst.

Geo Energy's adjusted leverage has continued to rise due to lower
coal prices, limited production growth and elevated operating costs
at its existing mines. Its adjusted leverage -- as measured by
adjusted debt/EBITDA -- increased to around 18.0x as of September
2019 from 4.5x in 2018 and 4.0x in 2017.

Including dividends from mines currently being acquired, Moody's
expects Geo Energy's adjusted leverage to remain high for its B3
rating at 6.0x -- 6.5x by end-2020. Given its small scale, Geo
Energy's operating performance remains susceptible to slight
changes in coal prices and production costs.

The company is in the process of acquiring a 51% effective interest
in two coal producing mines in South Sumatra for $25 million, which
it expects to complete by December 2019.

"In addition to its weak credit metrics, the negative outlook also
reflects uncertainty over Geo Energy's ability to prevent the put
option on its $300 million bond being triggered in April 2021,
which if triggered would lead to elevated liquidity and refinancing
risk," adds Hasnain, also Moody's Lead Analyst for Geo Energy.

The company's ability to prevent the put option from being
triggered will be contingent on Geo Energy (1) extending its
existing mining licenses, which currently expire in 2022, to beyond
2025, and (2) having at least 80 million tons of coal reserves on
April 4, 2021. The reserves must be measured no earlier than six
months prior to this date.

With the minimum reserves from its South Sumatra mine acquisitions
and based on its current production run rate at its existing mines,
Moody's estimates Geo Energy will likely have around 85 million
tons of coal reserves by the end of 2020, only slightly above the
80 million ton threshold.

This thin estimated buffer elevates Geo Energy's risk of falling
short of the minimum reserve requirement, particularly if it
increases production beyond its current run rate or if future coal
reserve calculations are lower than currently estimated.

Therefore, Moody's expects Geo Energy will continue to pursue
further acquisitions, though the timing and amount remain
uncertain. The company's previously announced target to acquire a
large, operating mine in East Kalimantan has been put on hold as
the sellers have postponed the sale process.

Geo Energy had a large cash balance of around $180 million as of
September 2019, which is sufficient to meet its capital spending,
South Sumatra mine acquisitions, scheduled debt maturities and
dividends over the next 12 months. However, the liquidity buffer
will decline if Geo Energy uses its cash to acquire additional coal
assets.

The rating also considers Geo Energy's exposure to environmental,
social and governance (ESG) risks as follows:

First, Geo Energy faces elevated environmental risks associated
with the coal mining industry, including carbon transition risks as
countries seek to reduce their reliance on coal power. However, the
risk is somewhat mitigated as Geo Energy's customers are primarily
located in Asia, a region with growing energy needs. Also, Geo
Energy has off-take agreements with global commodity traders to
purchase Geo Energy's coal for export.

Geo Energy's two operating mines are adjacently located in South
Kalimantan, and are vulnerable to adverse weather. For example,
operations at one of its mines were temporarily halted for around a
week in June due to prolonged flooding. However, the company's
planned mine acquisitions in South Sumatra will reduce such
operational concentration.

Second, Geo Energy is also exposed to social risks associated with
the coal mining industry, including health and safety, responsible
production and societal trends. The company has implemented an
Environmental and Social Management System, which seeks to address
its issues such as workplace health and safety procedures, and
local community development.

Finally, with respect to governance, Geo Energy's ownership is
concentrated in its promoter shareholders, who own 39% of the
company. However, this risk is somewhat balanced against the
company's listed status in Singapore and the fact that half its
board consists of independent directors.

The outlook is negative, reflecting Geo Energy's weak credit
metrics and uncertainty over its current ability to prevent the put
option on its $300 million bond being triggered in April 2021,
which if triggered would lead to elevated liquidity and refinancing
risk.

Upward pressure on Geo Energy's ratings is unlikely, given its
negative outlook.

Nevertheless, the outlook could return to stable if Geo Energy
improves its financial profile, and effectively executes on its
plan to acquire new mines to ramp up production and improve its
mine reserve life, effectively removing risk from the bondholder
put option.

Credit metrics indicative of a change in outlook to stable include
(1) adjusted debt/EBITDA falling below 5.5x, and (2) adjusted
(CFO-dividends)/debt rising above 10% on a sustained basis.

On the other hand, Moody's could downgrade the ratings if Geo
Energy's operating performance does not materially improve, or if
it fails to acquire coal assets that improve its credit profile in
the near term and eliminate the risk of its put option being
triggered in April 2021.

In addition, an inability to extend the licenses on its current
mining concessions at substantially similar terms would likely lead
to a rating downgrade.

Credit metrics indicative of a ratings downgrade include (1)
adjusted consolidated debt/EBITDA rising above 6.0x, and (2)
adjusted (CFO-dividends)/debt below 10%, both on a sustained
forward looking basis.

The principal methodology used in these ratings was Mining
published in September 2018.

Established in 2008 and listed on the Singapore Stock Exchange, Geo
Energy Resources Limited is a coal mining group with mining
concessions in South and East Kalimantan. Its promoter
shareholders, including Charles Antonny Melati and Huang She Thong
own 39% of the company, while the public owns 45%.



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

IRPC PUBLIC: S&P Alters Outlook to Stable & Affirms 'BB+' LT ICR
----------------------------------------------------------------
S&P Global Ratings, on Nov. 19, 2019, revised its outlook on the
Thailand-based refinery and chemicals producer IRPC Public Co. Ltd.
to stable from positive. S&P also affirmed its 'BB+' long-term
issuer credit rating on the company.

S&P said, "Our outlook revision on IRPC Public Co. Ltd. follows
IRPC's sustained capital spending, and a sharp decline in earnings.
It also reflects our view that industry conditions may remain
depressed in the next few months, while IRPC will keep investing to
fortify its operations. In addition, the company has not yet
demonstrated the ability to generate meaningful earnings from its
specialty chemicals business since the commissioning of the
facility almost two years ago. We affirmed the rating as we believe
IRPC should be able to withstand the downturn and consistently post
leverage (debt-to-EBITDA ratio) below 4x beyond 2019."

The increasingly subdued outlook in the refining and petrochemical
industries will continue to weigh on IRPC's earnings generation
capability. Weak refining products spread will likely cap IRPC's
EBITDA at about Thai baht (THB) 9 billion in 2019. While the
International Marine Organization's (IMO) new sulfur cap could
provide some uplift to diesel spreads in 2020, this will be offset
by low olefin and polyolefin spreads amid persistent oversupply.

Despite the uncertain industry conditions, IRPC has not shown any
intention to curtail its spending plan. The delay of the final
investment decision of IRPC's new aromatics enhancement project
(MARS) to early 2021 does not automatically translate into IRPC's
using excess cash for debt reduction.

Instead, other strategic investments are likely to sustain the
company's spending plan at about THB30 billion over 2019-2023. For
instance, IRPC has prioritized the Ultra Clean Fuel project (UCF)
in preparation for the enforcement of Euro 5 diesel regulation in
Thailand in 2024. The final investment decision of this THB8.0
billion project will be in late 2020. In S&P's opinion, there is a
high likelihood the company will pursue this UCF project given
Thailand's regulatory requirement.

Compensating for the industry risk, IRPC continues to improve
operations and efficiency, building on previous efficiency
enhancement projects. The company's utilization rate has
consistently been above 90% since its major turnaround in the first
quarter of 2017. The low-sulfur fuel oil project started its first
shipment in July 2019 and will place the company in a good position
to benefit from the IMO's sulfur cap in 2020. The Catalyst Cooler
project, which started earlier this year, will enable IRPC to
process heavier crude and enhance cost efficiency in the coming
years.

S&P said, "We affirm our view on IRPC as strategically important to
parent PTT Public Co. Ltd. (PTT: foreign currency BBB+/Stable/--;
local currency A-/Stable/--). Unlike other sister companies that
have clear flagship attributes, IRPC will lack the scale for at
least the next three years to establish its status as PTT's
specialty chemicals flagship, in our view. Its polypropylene
compound facility produces high value-added specialty chemicals for
the automotive industry at the capacity of 140,000 metric tons per
annum. This accounts for only about 5% of IRPC's total
petrochemicals capacity, and has contributed minimally to IRPC's
earnings in almost two years since the commissioning. We expect the
ramp up of specialty chemicals business will be challenging given
the lengthy research and development and customization process.

"Given IRPC's high debt load, investment aspirations and reduced
earnings, we expect PTT will likely to support the company if
needed. This includes extended crude payment terms and intercompany
funding facilities until IRPC has decisively reduced debt.

"Our stable outlook on IRPC reflects our view that the company will
be able to withstand volatility in the industry over the next 12-18
months given its improved operations and efficiency enhancement
projects."

S&P may lower the rating on IRPC on either of the following
factors:

-- S&P revises downward the company's 'b+' stand-alone credit
profile because of rising leverage due to material increase in its
investment plan, or overly challenging market conditions for a
prolonged time. A debt-to-EBITDA ratio that is materially above
4.0x for more than 12 months could indicate such deterioration.

-- S&P assesses IRPC to have a reduced strategic importance to
PTT.

S&P said, "We may raise the rating on IRPC if the company
establishes a sustainable record of operating with a debt-to-EBITDA
ratio heading towards 3.5x. This would happen if IRPC's efficiency
investments fully contribute to earnings, the scale of its
specialty chemicals operations increase, and its spending appetite
moderates. We would also be looking at the company's ability and
willingness to reduce its debt, and rely less on short-term debt."

IRPC is a Thailand-based refining and petrochemical producer. Its
refinery is the country's third largest, with nameplate capacity of
215,000 barrels per day. Its petrochemical business consists of
olefins, polyolefins, and aromatics chains, with total capacity of
3.1 million tons per annum. IRPC is listed on the Stock Exchange of
Thailand. PTT has a controlling stake of 48.05% in the company.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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