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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, November 22, 2019, Vol. 22, No. 234

                           Headlines



A U S T R A L I A

AUSSIE OFF: Second Creditors' Meeting Set for Nov. 29
COOL BREEZE: Dimmeys Shutting Doors After 166 Years
CRINITI GROUP: First Creditors' Meeting Set for Nov. 28
CRINITI GROUP: Pizza Chain Enters Into Voluntary Administration
FIVE FACES: First Creditors' Meeting Set for Nov. 29

GROCON CONSTRUCTORS: Second Creditors' Meeting Set for Nov. 28
IREXCHANGE LTD: Second Creditors' Meeting Set for Nov. 27
JB FINANCIAL: First Creditors' Meeting Set for Nov. 29
MUSCLE COACH: Sold to Fitness Company After Collapse
PERTH FASHION: In Administration Owing More Than AUD800,000

PLATINUM STAR: Second Creditors' Meeting Set for Nov. 28
SB TRANSPORT: First Creditors' Meeting Set for Dec. 2
STYLERUNNER PTY: Accent Group Buys Activewear Brand


C H I N A

SHANDONG YUHANG: Fitch Lowers LT Issuer Default Rating to CC
YUZHOU PROPERTIES: Fitch Rates Proposed USD Sr. Notes 'BB-'


I N D I A

AAJ KA: CRISIL Maintains 'D' Rating in Not Cooperating Category
ABA INFRATECH: CARE Assigns 'B+' Rating to INR30cr LT Loan
ADHITHI INFRA: CRISIL Keeps D Rating in Not Cooperating Category
AHINSA BUILDTECH: Insolvency Resolution Process Case Summary
ALPS PHARMACEUTICALS: Insolvency Resolution Process Case Summary

AMRUTHA VARSHINI: CRISIL Keeps 'D' Rating in Not Cooperating
ASVINI FOUNDATIONS: CRISIL Keeps 'D' Rating in Not Cooperating
B.M. GUPTA: CARE Maintains 'B' Rating in Not Cooperating
BANK OF INDIA: S&P Affirms 'BB+/B' ICRs, Outlook Stable
BASUKINATH AGRO: Insolvency Resolution Process Case Summary

BRILLIANT ALLOYS: CRISIL Keeps 'D' Rating in Not Cooperating
D C METALS: CRISIL Maintains 'D' Rating in Not Cooperating
D.P.D. INDUSTRIES: Insolvency Resolution Process Case Summary
DANCO ENTERPRISES: CRISIL Keeps 'D' Rating in Not Cooperating
DEESAN GINNING: CRISIL Keeps 'C' Rating in Not Cooperating

DLS PAPERS: CARE Maintains 'D' Rating in Not Cooperating
DUKE ENTERPRISE: Insolvency Resolution Process Case Summary
EMAAR ALLOYS: CRISIL Maintains 'D' Rating in Not Cooperating
GAURAV WORLDWIDE: CARE Assigns B+/A4 Rating to INR50cr Loan
HIGH VALUE: CRISIL Maintains 'D' Rating in Not Cooperating

IND-BARATH POWER: Insolvency Resolution Process Case Summary
J AND G TRANSFORMER: CARE Keeps B- Rating in Not Cooperating
JONSON RUBBER: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
KANAK PULP: Insolvency Resolution Process Case Summary
MAHARAJA RESOURCES: Ind-Ra Migrates BB- Rating to Non-Cooperating

NAVAYUGA JAHNAVI: CARE Reaffirms D Rating on INR720cr LT Loan
PAN INDIA: Insolvency Resolution Process Case Summary
PENTAGON ALUMINIUM: CARE Keeps 'B' Rating in Not Cooperating
RAJAT INFRA: CARE Lowers Rating on INR3cr Loan to 'D'
RBD INTERNATIONAL: CRISIL Keeps 'D' Rating in Not Cooperating

ROY APPARELS: CARE Lowers Rating on INR9.86cr LT Loan to B+
SAI LEASING: CARE Reaffirms 'D' Rating on INR7.28cr LT Loan
SARAWGI BUILDERS: CRISIL Cuts Rating on INR38cr Loans to 'D'
SHAH STEEL: CRISIL Maintains 'D' Rating in Not Cooperating
SHREE GINGER: CRISIL Lowers Rating on INR34.9cr Loan to 'D'

SNEH SADAN: Insolvency Resolution Process Case Summary
SUNITTI PAPERS: Insolvency Resolution Process Case Summary
SUNSHINE VEGETABLES: Ind-Ra Migrates BB Rating to Non-Cooperating


J A P A N

JAPAN DISPLAY: Former Exec Embezzled JPY578MM Over Four Years


N E W   Z E A L A N D

NZ CREDIT UNIONS: Fitch Raises LT IDR to BB-, Outlook Stable
TAMARIND TARANAKI: Owes Creditors NZ$190 Million


P H I L I P P I N E S

AMA RURAL: PDIC to File Criminal Charges vs. RB Board, Officers

                           - - - - -


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

AUSSIE OFF: Second Creditors' Meeting Set for Nov. 29
-----------------------------------------------------
A second meeting of creditors in the proceedings of Aussie Off Grid
Solar Energy Pty Ltd has been set for Nov. 29, 2019, at 10:00 a.m.
at the offices of Morgan Conley, Level 6, at 239 George Street, in
Brisbane, Queensland.

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. 28, 2019, at 4:00 p.m.

Daniel Moore of BCR Advisory was appointed as administrator of
Aussie Off on Nov. 1, 2019.

COOL BREEZE: Dimmeys Shutting Doors After 166 Years
---------------------------------------------------
Zach Hope at The Age reports that iconic Australian retailer Cool
Breeze Clothing Pty Ltd trading as Dimmeys is closing its stores
after 166 years of trading.

The company released the news in a Facebook post on Nov. 19, which
has since attracted more than 2,000 comments from mostly shocked
and disappointed customers, The Age says.

The Age relates that the company's Facebook post focused on a
closing down sale but made no mention of a final date or job
losses. It also did not specify if any stores may be spared.

"After 166 years one of Australia's oldest retailers is Closing
Down," it posted. "All stock in store MUST GO! Excludes already
marked down items. Sale starts Wednesday 20th November 2019."

Many customers would remember Dimmeys famous - and similarly no
frills - advertising campaign featuring AFL legend Robert
DiPierdomenico.

"The story of Dimmeys has a long and distinguished past and a very
bright future," its website said.

"Dimmeys is truly a unique retailer, first established in 1853 we
believe we are the oldest ongoing retail company in Australia. With
a fascinating history that has had many twists and turns over the
past 165+ years, it is a remarkable story of survival in an
extremely tough industry."

Dimmeys collapsed in 2014 following a series of product safety
breaches and was sold to Cool Breeze Clothing, the report recalls.

Dimmeys, which specialises in discount and "no frills" merchandise,
has 31 stores across Australia listed on its website, more than
half of them in Victoria.

CRINITI GROUP: First Creditors' Meeting Set for Nov. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Criniti Group Pty Ltd
     - Criniti's Southern Italian Cuisine Pty Ltd
     - Crinitis Catering Pty Ltd
     - Crinitis Kotara Asset Holding Pty Ltd
     - Crinitis Kotara Trading Pty Ltd
     - Crinitis SB Asset Holding Pty Ltd
     - Crinitis SB Trading Pty Ltd
     - Sing Bell Pty Limited
     - M Pompei Pty Ltd
     - Santa Rita Pty Ltd
     - Crinz Media Pty Ltd
     - Crinitis Carousel (Perth) Pty Ltd
     - Crinitis Carousel (Perth) Assets Holdings Pty Ltd
     - Crinitis Chermside Trading Pty Ltd
     - Crinitis Kirrawee Trading Pty Ltd
     - Crinitis Wetherill Park Assets Holding Pty Ltd
     - Crinitis Wetherell Park Trading Pty Ltd
     - Crinitis Wollongong Pty Ltd
     - Crinitis Wollongong Asset Holding Pty Ltd
     - Cosimo Foods Pty Ltd
     - Crinitis Carlton Trading Pty Limited
     - Crinitis Carlton Asset Holding Pty Limited
     - Crinitis Castle Hill Asset Holding Pty Ltd
     - Crinitis Castle Hill Trading Pty Ltd
     - Crinitis Darling Harbour Trading Pty Ltd
     - Crinitis Darling Harbour Asset Holding Pty Ltd
     - Crinitis Manly Asset Holding Pty Limited
     - Crinitis Manly Trading Pty Ltd
     - Crinitis Parramatta Asset Holding Pty Ltd
     - Crinitis Parramatta Trading Pty Ltd
     - Crinitis Woolloomooloo Asset Holding Pty Ltd
     - Crinitis Woolloomooloo Trading Pty Ltd
     - Crinz Fleet Pty Ltd
     - Haiden B. Pty Ltd
     - Criniti Developments Pty Limited
     - Criniti Holdings Pty Ltd
     - Rosacos Pty Limited
     - Waterpearl Pty Limited

will be held on Nov. 28, 2019, at the offices of Worrells Solvency
in:

- Melbourne: 15/114 William St
  Melbourne, Vic (12:00 P.M. local time)

- Brisbane: 8/102 Adelaide St
  Brisbane Qld (11:00 A.M. local Time)

- Perth: 4/15 Ogilvie Rd.
  Mount Pleasant WA (9:00 A.M. local Time)

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.

Aaron Kevin Lucan, Graeme Beattie & Christopher Darin of Worrells
Solvency & Forensic Accountants were appointed as administrators of
Criniti Group, et. Al, on Nov. 18, 2019.

CRINITI GROUP: Pizza Chain Enters Into Voluntary Administration
---------------------------------------------------------------
James Hall at news.com.au reports that Italian chain Criniti's is
the latest hospitality institution to fall victim to the weak
economy and crippled consumer spending after it was revealed the
group had entered into voluntary administration.

news.com.au relates that employees at the iconic restaurant group
were told on Nov. 19 several of the 13 sites across Australia will
be closed for good but administrators are yet to announce which
will survive the dramatic reshuffle.

According to news.com.au, Worrells Solvency and Forensic
Accountants have been tasked with handling the administration of
the restaurant group which comprises 40 companies involved in the
operation of venues across Sydney, Melbourne, Perth and Brisbane.

"Criniti's is a well-known, well-liked chain, but like all
hospitality businesses carries high overheads and is susceptible to
any weakening in retail spending," the report quotes Worrells
partner Graeme Beattie as saying.

"With some locations in the group doing better than others, our
first priority will be the preservation of value by identifying and
closing the poorer performers, of which we expect there to be
several.

"These will be difficult, regrettable but necessary decisions made
solely because we don't believe the group as a whole can trade
indefinitely while a buyer is found or some other solution is
reached, perhaps via a Deed of Company Arrangement".

A team member at a Criniti's Perth restaurant said staff were
sacked on the spot on Nov. 19 and were told five other restaurants
from the more than 15-year-old business would also be closing for
good, news.com.au relays.

"It came as a massive shock. I have not stopped crying since last
night," she told Daily Mail.  "It's weeks before Christmas and I
have been left without a job."

"Some of the staff have families and children and we have been told
not to expect being paid this week."

The former employee told the online publication staff at the
restaurant had suspected an issue with the company's performance
based on issues paying suppliers.

She said there had also been a recent reshuffle among the
leadership but no one expected the end would come so abruptly.

According to the report, Mr. Beattie said there's never a good way
to deliver bad news to workers.

"We understand the shock, disappointment and trepidation felt by
Criniti's loyal staff," Mr. Beattie, as cited by news.com.au, said.
"While of little consolation to affected employees, by acting
quickly to stem losses we are giving remaining employees a better
prospect of ongoing work and all creditors a greater chance of
being paid".

Outstanding gift certificates may not be honored for the restaurant
chain, with Worrells expecting to contact affected customers later
this week, news.com.au says.

FIVE FACES: First Creditors' Meeting Set for Nov. 29
----------------------------------------------------
A first meeting of the creditors in the proceedings of Five Faces
Pty. Ltd will be held on Nov. 29, 2019, at 11:00 a.m. at the
offices of Cor Cordis, Level 19, Waterfront Place, at 1 Eagle
Street, in Brisbane, Queensland.

Darryl Kirk of Cor Cordis was appointed as administrator of Five
Faces on Nov. 19, 2019.

GROCON CONSTRUCTORS: Second Creditors' Meeting Set for Nov. 28
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Grocon
Constructors (QLD) Pty Ltd and Grocon Constructors (VIC) Pty Ltd
has been set for Nov. 28, 2019, at 10:30 a.m. at the offices of:

  - FTI Consulting
    Bourke Place, Level 21
    600 Bourke Street
    Melbourne, Victoria; and

  - FTI Consulting
    Central Plaza One, Level 20
    345 Queen Street
    Brisbane, Queensland

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. 27, 2019, at 4:00 p.m.

John Park and Kelly Trenfield of FTI Consulting were appointed as
administrators of Grocon Constructors on Oct. 25, 2019.

IREXCHANGE LTD: Second Creditors' Meeting Set for Nov. 27
---------------------------------------------------------
A second meeting of creditors in the proceedings of IRexchange Ltd,
Netget Australia Pty Ltd, and Integrated Retail Distribution Pty
Ltd, has been set for Nov. 27, 2019, at 11:00 a.m. at the offices
of McGrathNicol, Level 6, at 171 Collins 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. 26, 2019, at 4:00 p.m.

Robert Smith of McGrathNicol was appointed as administrator of
IRexchange Ltd on Oct. 22, 2019.

JB FINANCIAL: First Creditors' Meeting Set for Nov. 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of JB Financial
Group Pty Ltd will be held on Nov. 29, 2019, at 10:00 a.m. at the
offices of Karstens Brisbane, Level 24, at 215 Adelaide Street, in
Brisbane, Queensland.

Marcus William Ayres and Brett Lord of EY were appointed as
administrators of JB Financial on Nov. 19, 2019.

MUSCLE COACH: Sold to Fitness Company After Collapse
----------------------------------------------------
Alexis Carey at news.com.au reports that a leading fitness company
has been left on the brink of collapse after a director received a
devastating diagnosis and the company racked up debts of almost
AUD1 million.

The report says Muscle Coach is a major Australian health and
fitness company, specialising in vitamins and supplements and
operating six "superstores" across Brisbane and Melbourne.

But this month it was put into voluntary administration and five of
its stores have abruptly shut, upsetting customers and leaving a
number of employees out of a job, news.com.au discloses.

While stores in West End and Newmarket in Queensland and Blackburn,
Ferntree Gully and Cheltenham in Victoria will remain closed, the
brand's online store and the bricks-and-mortar outlet in Coorparoo
in Brisbane will continue operating as usual, according to the
report.

Administrator Darryl Kirk from Cor Cordis told news.com.au it had
since been purchased by another unnamed fitness company for an
undisclosed figure in a confidential sale.

"The business has been sold – I can't tell you to who or for what
price, but it has definitely been sold," Mr. Kirk confirmed.

"There was a sale process we went through with a competitive bid,
and as a result we've been able to manage to get the brand
preserved and purchased," the report quotes Mr. Kirk as saying.
"The purchaser is looking to continue on with the brand and its
presence."

news.com.au relates that Mr. Kirk said there had been a
"consolidation" of physical stores but that it was business as
usual for the online platform.

He said Muscle Coach had accumulated debts of almost $1 million to
a "principal financier, the Australian Taxation Office and some
other trade creditors," news.com.au relays.

The report, citing the Courier Mail, adds one of the business's
directors had been diagnosed with serious health issues earlier in
2019, a factor Mr. Kirk said "most certainly" contributed to the
company's woes.

"It's pretty sad," Mr. Kirk told news.com.au. "But I think any
situation where you're able to preserve at least part of a business
and the core of a business – and allow the business to continue
on – is valuable."

He said there may be a "short period of adjustment" but that
customers would still be able to buy from the store, news.com.au
adds.

Darryl Kirk of Cor Cordis was appointed as administrator of Muscle
Coach on Nov. 1, 2019.

PERTH FASHION: In Administration Owing More Than AUD800,000
-----------------------------------------------------------
Daile Cross and Linda Parri at WA Today report that the Perth
Fashion Festival has gone into administration owing more than a
hundred creditors about AUD819,000, the newly appointed
administrators have revealed.

Richard Albarran and Cameron Shaw of Hall Chadwick were appointed
administrators on Monday and are assessing the financial position
of the company.

The first creditors meeting will be held on November 28.

According to the report, Perth Fashion Festival joint directors
Tony Sage and Mariella Harvey-Hanrahan said they had been trying to
secure a repayment agreement with the 104 festival creditors but
claimed this had not been achievable.

"A small number of creditors were not prepared to enter into a
payment agreement and funds that are owed to PFF by a major debtor
have, as yet, not been received," their statement said, WA Today
relays.

They had therefore placed the company into voluntary
administration.

One outcome would be proposing a settlement with creditors through
a Deed of Company Arrangement, the report says.

WA Today relates that such an arrangement would aim to maximise the
chances of the festival continuing to operate or to provide a
better return for creditors than an immediate winding up of the
company, or both.

"During this whole process, we – along with Sentinel Corporate
Advisory and other parties - have been working with potential
investors to recapitalise the company," the directors, as cited by
WA Today, said.

In October Perth Fashion Festival offered creditors 25 cents in the
dollar or full repayment over six years.

According to the report, creditors were told if they did not accept
the arrangement, they would receive nothing because the company
would go into liquidation.

Perth Fashion Festival was managed by Perth Fashion Festival Pty
Ltd for 20 years until it faced problems paying suppliers after the
2018 shows.

In an email sent to creditors in October, Jack Blahut of Sentinel
Corporate Advisory said he was yet to receive a response from
creditors in regards to the proposed debt agreement, WA Today
recalls.

"Whilst neither option (25c in the $ or full repayment over 6
years) may be palatable to you, the fact of the matter is that the
company has no capacity to make any other compromise, at this point
in time," Mr. Blahut wrote, adds WA Today.

PLATINUM STAR: Second Creditors' Meeting Set for Nov. 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of Platinum Star
Asset Pty Ltd, trading as Hog's Breath Cafe Rockingham, has been
set for Nov. 28, 2019, at 10:00 a.m. at Eagle Room, Level 24,
Allendale Square, at 77 St Georges Terrace, in Perth, WA.

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. 27, 2019, at 4:00 p.m.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Platinum Star on Oct. 24, 2019.

SB TRANSPORT: First Creditors' Meeting Set for Dec. 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of SB Transport
(NSW) Pty Ltd will be held on Dec. 2, 2019, at 12:00 p.m. at the
offices of O'Brien Palmer, Level 9, at 66 Clarence Street, in
Sydney, NSW.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of SB Transport on Nov. 20, 2019.

STYLERUNNER PTY: Accent Group Buys Activewear Brand
---------------------------------------------------
Sue Mitchell at Australian Financial Review reports that
Australia's largest footwear retailer Accent Group has snapped up
online activewear retailer Stylerunner for a bargain basement price
less than three weeks after it collapsed.

Accent, which owns the Athletes Foot, Hype and Platypus chains, has
acquired all of Stylerunner's assets including inventory and
intellectual property on a debt-free basis through a newly
capitalised subsidiary and has hired co-founder Julie Stevanja and
her team of 14 staff to run the business, AFR relates.

AFR says the acquisition is a major change of tack for Accent,
which accounts for about 20 per cent of the footwear market and
sells brands such as Nike, Skechers, Dr Martens and Vans.

Stylerunner, founded by Ms. Stevanja and her sister Sali in 2012,
is a one-stop online shop selling activewear such as leggings,
swimwear and tops from brands such as Speedo, PE Nation and Under
Armour, sneakers from Nike and Adidas, and vitamins and "inner
beauty" products such as Vida Glow and Imbibe.

Two years ago Ms. Stevanja was placed 87th on the Financial Review
Young Rich list with an estimated net worth of $30 million and as
recently as last year the company claimed to be turning over $50
million annually.

But it fell into receivership and administration late last month
after running into cashflow problems, the report says. Andrew
McCabe and Chris Macdonell from Restructuring Solutions were
appointed receivers and managers and Andrew Schwarz from AS
Advisory and Matt Adams from FTI were appointed administrators, AFR
discloses.

Accent chief digital officer Mark Teperson told The Australian
Financial Review active wear was a new category for the retailer
"but one we're very familiar with."

"There's a considerable footwear offer [on Stylerunner] and it's
exciting for us to get into the active wear and wellness space,"
AFR quotes Mr. Teperson as saying.  "Stylerunner has a fantastic
brand and cult following in Australia and around the world and we
saw it a strategic opportunity for us," he said.

Mr. Teperson declined to reveal the purchase price, saying it
wasn't material, and said Stylerunner was not expected to
contribute to earnings in the first 12 months, AFR relays.

"Whilst the brand has a terrific following, given the tough trade
they've had over the last couple of months it means that we have a
rebuilding job to do in the first couple of months," he said.

"It gives us the ability to leverage the full capability platform
of the Accent Group into that business and grow it profitably and
fast."

Accent plans to initially operate Stylerunner as an online-only
brand but sees scope to eventually open bricks and mortar stores,
AFR notes.

Andrew Schwarz and Matt Adams of AS Advisory were appointed as
administrators of Stylerunner Pty on Oct. 23, 2019.



=========
C H I N A
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SHANDONG YUHANG: Fitch Lowers LT Issuer Default Rating to CC
------------------------------------------------------------
Fitch Ratings downgraded China-based Shandong Yuhuang Chemical Co.,
Ltd.'s Long-Term Issuer Default Rating to 'CC', from ' CCC+'. Fitch
has also downgraded the senior unsecured rating and the rating on
Yuhuang's senior unsecured US dollar notes due 2020 to 'CC', with
Recovery Rating of 'RR4', from 'CCC+' and 'RR4'. The notes were
issued by its offshore SPV, Rock International Investment Inc., and
guaranteed by Yuhuang.

The downgrade reflects Yuhuang's high near-term risk of default on
its maturing debt. This includes two of its domestic bonds
totalling CNY1 billion - which can be put by bondholders for
redemption in November and December, respectively - and the US
dollar notes due March 2020. Yuhuang has been working on several
refinancing plans, but no material progress has been made so far.
In addition, while the local government has provided support to
Yuhuang over the past 12 months, whether such support can continue
on a timely basis to allow the company to avoid default is
uncertain.

The Recovery Rating of 'RR4' reflects average recovery prospects
for Yuhuang's offshore senior unsecured creditors.

KEY RATING DRIVERS

Uncertainty over Government Support: The National Enterprise Credit
Information Publicity System shows that Heze City Construction
Investment, a local government financing vehicle (LGFV), has
transferred its previously acquired shares in Yuhuang's key
refinery subsidiary, Yuhuang Shengshi, back to the founder and
Yuhuang. The LGFV injected CNY1.55 billion by purchasing 39% of
Yuhuang Shengshi in two instalments in 4Q18. The government also
provided other forms of funding support to Yuhuang in 2019, which
helped Yuhuang to pay down the domestic bonds due in 1H19. The
reason for the stake transfer, and whether the government would
require cash consideration from Yuhuang, is unknown at this point,
but it raises questions over the continuity and magnitude of
further financial support from the local government.

No Material Progress on Refinancing: Yuhuang has been working on
several refinancing plans, including efforts to persuade domestic
bondholders not to exercise their put options, as well as seeking
new credit facilities from financial institutions. There has not
been any progress on material refinancing measures, as far as Fitch
is aware, at this point. Yuhuang announced in October and November
that it would not increase the coupon rate for the two domestic
bonds, totalling CNY1 billion, with put dates before year-end. This
means that holders of a large amount of the bonds may seek to
redeem them before year-end, posing significant near-term risk of
default for the company. A default on Yuhuang's domestic bonds will
trigger a default on its US dollar bonds due March 2020. The
company has made no material progress in refinancing of its US
dollar bonds.

Further Deterioration of Liquidity: Yuhuang reported available cash
of CNY 1.7 billion, which includes funds from previous government
injections, as of end-1H19. Fitch also understands from the 2018
annual report that certain available cash is deposited in
previously restricted accounts to maintain banking relationships,
which means some of the reported cash may not be freely accessible.
Yuhuang faces high risk of default on its near-term debt maturities
with no additional funds secured from the local government or
financial institutions.

DERIVATION SUMMARY

Yuhuang's IDR of 'CC' reflects a high probability of default on its
near-term debt maturities over the next six months, as cash
generation and liquidity on hand is insufficient to cover
short-term debt maturities.

KEY ASSUMPTIONS

  - Sales volume for the China operation to decline slightly; US
project to start operations in 2020 with 30% utilisation initially
and 70% in 2021 and 100% in 2022;

  - Product prices to decline in 2019 from 2018, and change with
Fitch's price-deck assumptions of oil prices thereafter;

  - China operation's EBITDA margin to decline to 10.7% in 2019 and
2020, from 11.6% in 2018;

  - Maintenance and upgrade capex for the China operation at CNY600
million in 2019-2020 with no expansionary capex.

  - No more equity contribution towards US project.

Fitch's key assumptions for the bespoke recovery analysis include:

  - Yuhuang would be considered a going-concern in bankruptcy and
would be reorganised rather than liquidated.

  - Fitch has assumed Yuhuang's going-concern EBITDA is equal to
estimated 2019 EBITDA with a 15% discount. The discount rate is
smaller than in its previous assumptions as Fitch believes its 2019
forecast EBITDA already incorporates a down-cycle impact on
EBITDA.

  - A 4.5x enterprise value (EV)/ EBITDA multiple is used to
calculate the post-reorganisation valuation.

  - 10% administrative claim.

  - Fitch has included 50% of Yuhuang's reported equity investment
in the US project in its going-concern value, but excluded the US
project loan from the debt waterfall, as Fitch expects Koch
Industries, which is now the controlling shareholder of the
project, to continue the project, even if Yuhuang enters debt
restructuring in China. A default on Yuhuang's domestic debt and US
dollar bonds will not trigger a cross-default with the US project
debt.

  - All the subsidiary level debts rank prior to Yuhuang's holding
company debt.

  - Yuhuang's external guarantees of CNY1.1 billion are also
treated as pari passu to the US dollar notes in its recovery
analysis.

These assumptions result in a recovery rate for the US dollar bonds
within the 'RR3' range. However, the Recovery Rating is capped at
'RR4' as China falls under the group D jurisdictions under Fitch's
Country-Specific Treatment of Recovery Ratings Criteria.

RATING SENSITIVITIES

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

  - Significant improvement in liquidity, including sizeable funds
being secured to refinance maturing debts

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

  - A default or a default-like process has begun.

YUZHOU PROPERTIES: Fitch Rates Proposed USD Sr. Notes 'BB-'
-----------------------------------------------------------
Fitch Ratings assigned Yuzhou Properties Company Limited's
(BB-/Stable) proposed US dollar senior notes a 'BB-' rating.

The notes are rated at the same level as Yuzhou's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. Yuzhou intends to use net proceeds from the issue to
primarily refinance its existing debt.

Yuzhou's ratings are supported by a higher contracted sales scale
and healthy profitability, with an EBITDA margin at above 25%. Its
quality, low-cost land bank should continue to support a wider
margin than those of peers. The company's sales expansion and
relatively short land-bank life of about three years, however, will
limit room for deleveraging.

KEY RATING DRIVERS

Expansion Pressures Leverage: Fitch expects leverage - measured by
net debt/adjusted inventory that proportionately consolidates joint
ventures and associates - to stay at about 40% in the next 18-24
months (1H19: about 40% after adjusting for unpaid land premium of
CNY2.8 billion, end-2018: 39%). The company had a total land bank
by end-June 2019 of 19.2 million square metres (sq m), which was
only sufficient for development in the next three to four years.
Yuzhou's contracted sales will not be able to continue expanding at
the current pace unless the company replenishes its land bank.
Fitch estimates Yuzhou will spend 50%-60% of its annual total
contracted sales on acquiring land (1H19: 49%).

Larger Sales Scale: Fitch expects Yuzhou's total annual contracted
sales to increase to CNY67 billion in 2019 and to more than CNY100
billion in 2021 (2018: CNY56 billion). Yuzhou's total contracted
sales climbed by 49% to CNY40.6 billion in 8M19, driven by a 38%
yoy increase in gross floor area sold to 2.7 million sq m, while
the contracted average selling price rose to CNY15,090 per sq m
(8M18: CNY13,958). The company is on track to achieve its full-year
sales target for 2019, taking into account it has a pipeline of
CNY80 billion in saleable resources scheduled to launch in 2H19, of
which 55% by sales value are projects located in the Yangtze River
Delta, where housing demand remains resilient.

Margins to Stay Healthy: Fitch expects Yuzhou's gross profit and
EBITDA margins to stay healthy at 27%-28% and 25%, respectively, in
2019-2020. Yuzhou's gross profit margin was 27% in 1H19 (2018:
31%). Yuzhou had unrecognized contracted sales by end-June 2019 of
CNY68 billion, which carry a gross profit margin of about 30% and
will be recognized on the income statement over the next two to
three years. Operating costs remained well-controlled, with
selling, general and administrative expenses as a percentage of
revenue falling to 4.2% in 1H19, from 5.3% in 1H18.

DERIVATION SUMMARY

CIFI Holdings (Group) Co. Ltd. (BB/Stable) is Yuzhou's closest peer
in terms of geography, as both companies focus on the Yangtze River
Delta region. Yuzhou is also strongly positioned in the West Strait
Economic Zone and has less exposure to the Bohai Rim region. CIFI
has higher attributable contracted sales and lower leverage, which
explains why it is rated a notch higher than Yuzhou. CIFI has
higher sales efficiency than Yuzhou, but a narrower EBITDA margin.

In terms of scale, Times China Holdings Limited (BB-/Stable), which
is focussed on the Greater Bay Area, had a similar level of 2018
attributable contracted sales as Yuzhou, at around CNY50 billion.
Times China has adopted a faster churn strategy, and thus its
EBITDA margin is narrower than that of Yuzhou, as is its leverage.
KWG Group Holdings Limited (BB-/Stable) has slightly lower
attributable contracted sales than Yuzhou.

KWG's focus is on Guangzhou, although both companies have some
exposure to Suzhou, Shanghai and Tianjin. KWG has a slower churn
model than Yuzhou, which explains its slightly wider EBITDA margin.
KWG's leverage is rising towards Yuzhou's level.

KEY ASSUMPTIONS

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

  - Annual total contracted sales at CNY67 billion in 2019, CNY86
billion in 2020, and CNY104 billion in 2021 (2018: CNY56 billion)

  - 50%-60% of contracted sales to be spent on land acquisitions to
maintain a land bank reserve sufficient for three to four
years of development (1H19: about three years)

  - Gross profit margin of 27%-28% in 2019-2021 (1H19: 27%)

RATING SENSITIVITIES

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

  - Proportionally consolidated net debt/adjusted inventory
sustained below 40%

  - Proportionally consolidated contracted sales/gross debt
sustained above 1.2x (2018: 0.8x)

  - EBITDA margin sustained above 25%

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

  - Proportionally consolidated net debt/adjusted inventory above
45% for a sustained period

  - Proportionally consolidated contracted sales/gross debt below
1.0x for a sustained period

  - EBITDA margin below 20% for a sustained period

LIQUIDITY

Sufficient Liquidity: Yuzhou had a total cash balance of CNY38.9
billion, including restricted cash of CNY3.2 billion, as of
end-1H19. This is sufficient to cover debt maturing within a year
of CNY13.6 billion and to support planned expansion. The company
has diversified funding channels to ensure the sustainability of
its liquidity, including bank loans, onshore and offshore bond
issuance, as well as equity placements.



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

AAJ KA: CRISIL Maintains 'D' Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aaj Ka Anand Papers
Limited (AKAPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            38        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest        15.2      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Letter of Credit       46.85     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              20.22     CRISIL D (ISSUER NOT  
                                    COOPERATING)

   Working Capital        31.73     CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

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

AKAPL, based in Pune, was formed as a proprietorship firm in 1971;
this firm was reconstituted as a closely held company in 1993,
promoted by Mr. Shyam Agarwal. The company prints and publishes
Hindi, Marathi, and English daily newspapers: Aaj ka Anand,
Sandhyanand, and Life 365, respectively. It also owns a 30-room
budget hotel, Citi-o-tel, at Pune. AKAPL is currently being managed
by Mr. Anand Agarwal.

ABA INFRATECH: CARE Assigns 'B+' Rating to INR30cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of ABA
Infratech Private Limited (ABA), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          30.00       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of ABA is constrained
by its pending financial closure, initial stages of project
implementation with high land acquisition and execution risk along
with the inherent risk associated with real estate sector. Rating
is further constrained by cyclicality and seasonality associated
with real estate industry along with exposure to local
demand-supply dynamic, marketability risk and market competition.
The rating, however, draws comfort from experienced management,
favorable location and moderate sale status.

Key Rating Sensitivity

Positive Factors

* Timely land acquisition along with the continuous sale
   momentum

* Timely collection of customer advances.

Negative factors

* Delay in land acquisition or slowdown in sales momentum or
   customer collection

Detailed description of the key rating drivers

Key Rating Weakness

Pending Financial Closure: The company has planned to fund total
project cost of INR90 Cr with promoter equity of INR15cr, bank debt
of INR30cr and remaining through customer advances. However as on
Nov 8, 2019, the company is yet to achieve the financial closure
for debt. Any further delay in financial closure of debt may lead
to delay in land acquisition and project development Initial Satges
of project implementation and High land aquistion and execution
risk The company has project namely Rail Park spread over land area
of 252 acres of which it has acquired 80 acre and extended advance
for 100 acre of land. As on Nov 6, 2019, the company has incurred
INR 12.25 crores on the development of the project which mainly
comprise of land acquisition. Therefore considering the initial
stages of project execution, there is considerable risk and it is
important for the company to timely execute the project.

Heavy dependence on customer advances for project completion: ABA
is executing Phase-1 of the project in which 50% of total project
cost is to be met through customer advances expected to be realized
from these projects. Thus, the aggregate project cost of ~INR45 Cr
is to be met through customer advances out of the total expected
project cost of ~INR90.00 Cr. However, as on September 30, 2019,
company has sold the saleable area for total value of INR31.72 Cr
and has realized INR3.55 Cr only.

Inherent risk associated with Real Estate sector: For Real Estate
sector, with consumers becoming more discerning, ready-to-move-in
homes will be the main demand drivers in the coming period as well.
Developers will continue to focus on reducing their present
inventory, before launching new projects. The developer's track
record, quality of construction and delivery timelines, will be
crucial aspects that home buyers will consider, in their purchase
decisions. With RERA in place, the investment environment is also
expected to improve. The expected capital inflow would help the
segment. Additionally, with the government providing benefits for
affordable housing, including setting up of a dedicated fund, we
can expect more private developers to get into this segment.

Cyclicality and seasonality associated with real estate industry
and exposure to local demand-supply dynamic: The company is exposed
to the cyclicality associated with real estate sector which has
direct linkage with the general macroeconomic scenario, interest
rates and level of disposable income available with individuals. In
case of real estate companies, the profitability is highly
dependent on property markets. This exposes these companies to the
vagaries of property markets. A high interest rate scenario could
discourage the consumers from borrowing to finance the real estate
purchases and may depress the real estate market.

Marketability risk and market competition: The Indian real estate
industry is highly fragmented in nature with the presence of a
large number of organized and unorganized players spread across
various regions. Many townships are emerging in cities like Karnal,
Bhiwadi, Gurgaon, Haryana, Lucknow and small players are coming
with projects in these areas.

Key Rating Strengths

Experienced management: The company was promoted in the year 2015
by Mr.Ankit Pandey and Mr. Syed Azhar Ali. Mr. Ankit is graduate by
qualification and Mr. Syed is post graduate having experience of 5
years respectively through their association with this company.
They looks after the overall operations of the company.

Favorable Location: The ABA Rail Park is being established beside
the highway around 20 min run from Modern Coach Factory (access to
MCF bypassing Lalganj). This is an opportunity for railway coaches
suppliers to establish the production capacity at low land cost
taking advantage of industrial parks and saving transportation
cost. Further the factory set up can be provided according to
the design and layout plan demanded by the vendors.

Moderate sale status: Out of the total salable area of 252 acres,
the company has already sold 61.41 acres till September 2019 valued
at INR 31.75 crores. and has realizaed INR3.55 crores. The
confirmed receivable provide cash flow visibility to the company in
the short term, however despite of that it is necessary for the
company to timely sell the remaining area and realize the customer
advances in timely manner.

Liquidity position - Adequate
As on November 6, 2019, the company doesn't have any debt and has
confirmed receivable of INR 28.20 crores providing cash flow
visibility and liquidity support for its land acquisition.

ABA Infratech Private Limited established in March 30, 2015, is a
private limited company, engaged in the business of real estate
development. The company is promoted by Mr. Ankit Pandey and Mr.
Syed Azhar Ali. The company is in process of developing an
industrial park project namely Rail Park located in Fatehpur. The
total land area of 252 acres which consists of 71 Industrial plots,
Commercial Area and Warehouses out of which 61.41 acres (12 plots)
has already been booked by various vendors. Also, the company has
an associate concern namely ABA Infra Promoters Private Limited
incorporated in 2017 which is engaged in real estate business.

ADHITHI INFRA: CRISIL Keeps D Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Adhithi Infra
Projects Private Limited (DHPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        6.97       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           3.00       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Bank
   Guarantee               .53      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital
   Term Loan              2.00      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

DHPL was set up in 2000 by Mr. Yella Reddy and his family members.
The company is executing a sub-contract received from IVRCL Ltd,
towards construction of canals and reservoirs in the Kadapa region,
Andhra Pradesh.

AHINSA BUILDTECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ahinsa Buildtech Private Limited
        The View, 165
        Dr. Annie Besant Road
        Worli, Mumbai 400018

Insolvency Commencement Date: November 4, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 2, 2020

Insolvency professional: Mr. Vijay P. Lulla

Interim Resolution
Professional:            Mr. Vijay P. Lulla
                         201, Satchitanand Bldg.
                         12th Road, Opp. Ram Mandir
                         Khar (West), Mumbai 400052
                         E-mail: vijayplulla@rediffmail.com

                            - and -

                         501, Arcadia Building
                         5th floor, Nariman Point
                         Mumbai 400021
                         E-mail: ahinsa.cirp@gmail.com

Classes of creditors:    Class 1 – Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Shailesh Pranlal Bhutta
                         901/902, Regent Chambers
                         Nariman Point, Mumbai 400021
                         E-mail: shailesh@bhutashah.com

                         Mr. Malhar Mehta
                         404, W1
                         Opp. PSP Projects House
                         Iscon-Ambli Road
                         Ambli, Ahmedabad 58
                         E-mail: malhar_mehta@hotmail.com

                         Mr. Rajan Agarwal
                         Office No. 404, Laxmi Mall
                         Laxmi Industrial Estate
                         New Link Road, Andheri (West)
                         Mumbai 400053
                         E-mail: iprajanagarwal@gmail.com

Last date for
submission of claims:    November 25, 2019

ALPS PHARMACEUTICALS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Alps Pharmaceuticals Private Limited

        Registered office:
        24, Royal Crescent
        Nr. Asopalav
        Bunglows, Thaltej
        Ahmedabad GJ 380054
        IN

        Factory at:
        Plot No.: 1936/p, 1938/p, 1946/p
        1947/p, 1950/p, 1933/p, 1934/p
        1939/p, 1940/p, 1941/p, 1937/p
        1948/p, 1949/p, 1908/l, 2827/p
        Pataldevi Industrial Estate
        Almora, Uttaranchal

Insolvency Commencement Date: November 6, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 4 2020
                               (180 days from commencement)

Insolvency professional: Mr. Bhupendra Singh Narayan Singh Rajput

Interim Resolution
Professional:            Mr. Bhupendra Singh Narayan Singh Rajput
                         A-309, ATMA House
                         Opp. Old RBI, Ashram Road
                         Ahmedabad 380009
                         E-mail: cabsrajput309@gmail.com

Last date for
submission of claims:    November 29, 2019


AMRUTHA VARSHINI: CRISIL Keeps 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Amrutha Varshini
Dairy Farms Private Limited (AVDF) continue to be 'CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit         12.5     CRISIL D (ISSUER NOT COOPERATING)
   Long Term Loan       4.5     CRISIL D (ISSUER NOT COOPERATING)

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

AVDF was set up in 2001 by Mr. A V S N Rao and his family members;
it is a part of the Agri Gold group. The company, based in
Hyderabad, processes and sells milk and milk products.

ASVINI FOUNDATIONS: CRISIL Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Asvini Foundations
Private Limited continue to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         15        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Set up as a private limited company in 2006, Asvini is involved in
the construction and sale of residential apartments in Tamil Nadu.
The firm is promoted by Mr. Sivagurunathan along with his friends
and family.

B.M. GUPTA: CARE Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B.M. Gupta
Estates Private Limited (BMG) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      15.00       CARE B; Stable Issuer not
   Facilities                      cooperating; Based on best
                                   available information

   Short Term Bank     15.00       CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, in its press release dated July 4, 2018 placed the rating
of BMG under the 'issuer non-cooperating' category as B.M. Gupta
Estates Private Limited had failed to provide information for
monitoring of the rating. B.M. Gupta Estates Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mail dated August 13, 2019 and
July 8, 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. The rating on B.M. Gupta Estates Private Limited
facilities will now be denoted as 'CARE B; Stable/CARE A4 ISSUER
NOT COOPERATING'.

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

The rating continues to remain constrained on account of small
scale of operations, leveraged capital structure, dependence on the
retail consumption/spending and intense competition from other
shopping malls. The rating, however, draws comfort from experienced
promoters in the metal industry though limited experience in
running a mall, moderate profitability margins and satisfactory
coverage indicators and reputed client base coupled with
advantageous location of the mall.

Detailed description of the key rating drivers

At the time of last rating on July 2, 2018, the following were the
rating weakness and strengths:

(Updated with Data from MCA)

Key rating weakness

Short track record coupled with small scale of operations: BMG
commenced its operations from August 14, 2011 reflecting short
track record of operations. The scale of operations stood small
which limits the company's financial flexibility in times of stress
and deprives it of scale benefits.

Leverage capital structure and weak coverage indicators: The
capital structure of the company continued to remain leveraged on
account of high debt levels as compared to moderate tangible net
worth. Furthermore, the debt coverage indicators stood weak on
account of high interest cost.

Liquidity: Stretched

Liquidity is marked by weak current ratio and quick ratio of 0.51x
and 0.14x respectively as on March 31, 2018.

Dependence on the retail consumption/spending: Shopping malls are
dependent on the retail consumption pattern which, in turn, is
dependent on the macro-economic scenario as any deterioration in
the macro-economic indicators will lead to reduced consumer
spending. In such a scenario, BMG Mall runs the risk of
non-renewal/downward revision of rental agreements.

Intense competition from other shopping malls: Although BMG is one
of the major mall but other shopping malls (City mall, V square
mall etc.) are providing alternate shopping experience to retail
consumer and thereby increasing competition.

Key rating strengths

Experienced promoters in the metal industry though limited
experience in running a mall: BMG group is promoted by four
brothers namely Mr Radhey Shyam Gupta, Mr Vijay Kumar Gupta, Mr
Ripu Dhaman Gupta and Mr Ravi Shankar Gupta. BMG Mall is the first
foray of the management in this line of business. All of the
promoters have experience of more than three and half decade of
experience in the trading industry through its associate concerns
namely Gupta Metal Sheets Limited but development and management of
shopping malls is a new venture for them.

Moderate profitability margins: The profitability margins of the
company stood moderate and in line with the previous years.

Reputed client base coupled with advantageous location of the mall:
BMG has reputed and diversified clients' base ranging in retail,
food & beverage and entertainment industry. The major
brands having presence in the shopping mall Reliance Super, BATA,
Nike, Woodland, Peter England, Monte Carlo, Van Hussain, Croma
fashion, Louise Phillips etc. which attracts traffic in the mall.
BMG Mall was the first major mall opened at Rewari, Haryana. In the
last decade, Rewari witnessed a population growth at about 40% and
the population count is expected to continue in the same manner in
the future as well. Demand for retail malls and other facilities
like restaurants, multiplexes and gaming zones have been increasing
in Tier III cities like Rewari. Therefore, by virtue of being the
first mall in Rewari, growing urban population and growing demand
for such facilities in Rewari, BMG Mall is likely to benefit in the
future as well.

Rewari-based (Haryana) B.M. Gupta Estates Private Limited (BMG)
incorporated in 2004 as a private limited company is promoted by
four brothers namely Mr Radhey Shyam Gupta, Mr Vijay Kumar Gupta,
Mr Ripu Dhaman Gupta and Mr Ravi Shankar Gupta. BMG owns a shopping
mall in Rewari (Haryana) under the name “BMG Mall” which became
operational in August 14, 2011. BMG business encompasses
leasing/sale of shopping space, running of multiplex cinemas (under
the name BMG cinemas), food court (under the name First Bite),
gaming zone (under the name Fantoos), retail unit (BMG Retail,
under which it runs various retail shops) and maintenance of the
mall. The mall has two floors with total leasable/saleable area of
1.25 lakh square feet out of which 32% of area has been let out to
various lessees engaged in a different industry. There are 105
shopping spaces of various sizes from 275 to 24350 square feet.
Additionally, BMG is also engaged in trading of nonferrous metal
under the name BMG metal at its mall. The company procures its
traded products from importers and traders based in pan India and
sells the same to its associate concerns and traders based in
India.

BANK OF INDIA: S&P Affirms 'BB+/B' ICRs, Outlook Stable
-------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB+' long-term
and 'B' short-term issuer credit ratings on Bank of India (BOI).
The outlook on the long-term rating is stable. In addition, S&P
affirmed its 'BB+' long-term issue rating on the outstanding senior
unsecured debt of the bank. S&P also affirmed its 'BB+' long-term
and 'B' short-term issuer credit ratings on Bank of India (New
Zealand) Ltd. (BOI [New Zealand]). The outlook on the long-term
rating is stable. BOI (New Zealand) is the New Zealand subsidiary
of BOI.

Rationale

S&P said, "We affirmed the rating because we expect BOI's
strengthening funding base to offset its smaller market share in
the Indian banking industry. In our view, the likelihood of
government support for the bank will remain very high."

BOI's asset base has been flat for the past few years compared to
high single-digit growth for the industry. Its market share has
diminished. The bank has faced high stress in its corporate loan
book resulting in pressure on its profitability and capitalization.
As a result the bank has been reducing the share of its domestic
and foreign corporate loan book while changing the loan mix toward
a more granular exposure. The shift in loan mix and the
consolidation of its operations is targeted at conserving capital
and improving the yield on assets.

S&P said, "While BOI's provision coverage and capitalization has
improved over the past one year due to a sizable government capital
infusion, we expect the bank's focus on granular loans to continue.
We expect the bank will grow at a measured pace broadly in line
with the industry. Notwithstanding the market share loss in recent
years we expect BOI to remain one of the top 10 banks with a
pan-India presence and a large branch network.

"We expect BOI will maintain improvement in its funding profile
over the next 12-18 months. The balance sheet consolidation and
higher share of granular and low-cost domestic deposits have
enhanced the bank's funding profile. A decline in overseas loans,
which are typically wholesale funded has also helped the funding
mix. The bank lowered its loan-to-deposit ratio over the past few
years and it is focused on enhancing low-cost current and savings
accounts (CASA) to support margins."

The bank's loan to deposit ratio of 70% and stable funding ratio of
133% at the close of fiscal 2019 (ending March 31. 2019) is better
than the peer average. BOI's ratio of domestic CASA to customer
deposits is 42.3% as of Sept. 30, 2019, which is an improvement
from the 35.7% ratio seen as of Sept. 30, 2016. The deposit
concentration is now among the lowest in the industry with the top
20 largest depositors contributing only 3.7% of total deposits at
the end of fiscal 2019. The bank's liquidity ratios are stronger
than several peers'.

S&P said, "By our estimates, BOI's pre-diversification
risk-adjusted capitalization will remain above 5% over the next
12-24 months. The bank's consolidated common equity tier 1 ratio
improved to 11.8% as of June 30, 2019, from 8.5% in March 2018,
after it received an Indian rupee (INR) 147 billion capital
infusion from the government.

"We equalize the ratings and outlook on BOI (New Zealand) with
those on BOI to reflect the parent's unconditional and irrevocable
guarantee of the subsidiary's obligations. In our view, operating
arrangements between BOI (New Zealand) and BOI should facilitate
timely payments, if required, under the guarantee. The
unconditional guarantee covers a broad scope of debt obligations,
is unlimited in amount, and includes clear demand provisions for
creditors.

"The stable outlook on BOI reflects our expectation that the
likelihood of government support for the bank will remain very high
over next 12-18 months. The ratings and outlook on BOI (New
Zealand) will move in tandem with that on BOI.

"We may lower the rating on BOI if our assessment of the bank's
stand-alone credit profile (SACP) weakens by two notches to 'b+'.
We could lower the SACP to 'bb-' from 'bb' if the bank's
pre-diversification risk-adjusted capital (RAC) ratio drops below
5% on a sustainable basis, possibly due to continuously weak
internal capital generation. Delays in resolution of bad loans may
weaken the SACP, as may weakness in finance companies or a
protracted economic slowdown in India that leads to sharp
deterioration in the bank's asset quality. We may also lower the
SACP if the bank is unable to sustain the qualitative and
quantitative improvements in its funding profile.

"We may upgrade the bank if there is substantial improvement in the
bank's asset quality, a scenario that we view as unlikely over the
next 12 months."

BASUKINATH AGRO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Basukinath Agro Pvt. Ltd.
        17A, Ratan Sakar Garden Street
        2nd Floor, Room No. 202
        Kolkata 700007

Insolvency Commencement Date: November 5, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 6, 2020
                               (180 days from commencement)

Insolvency professional: Parag Chakrabarti

Interim Resolution
Professional:            Parag Chakrabarti
                         Mookherjee Biswas & Pathak
                         Chartered Accountants
                         5&6 Fancy Lane, 5th Floor
                         Kolkata 700001
                         E-mail: parag.chakrabarti@gmail.com
                                 ip.basukinathagro@gmail.com

Last date for
submission of claims:    November 22, 2019

BRILLIANT ALLOYS: CRISIL Keeps 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Brilliant Alloys
Private Limited (BAPL) continue to be 'CRISIL D Issuer not
cooperating'.

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

   Proposed Long Term      0.16     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Rupee Term Loan        12.75     CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Incorporated in 2011 and promoted by Mr. R Indrajit, BAPL
manufactures mild steel billets at its facility in Thirvannamalai
Tamil Nadu.

D C METALS: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of D C Metals (DCM)
continue to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         30       CRISIL D (ISSUER NOT COOPERATING)

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

Established in 1984, DCM, a partnership concern based in Mumbai,
trades in iron and steel products. It is promoted by the Bhansali
family, led by Mr. Keshrimal Bhansali and his brothers. The family
has been engaged in this line of business for over 70 years.

D.P.D. INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: D.P.D. Industries Limited
        Moti Bazar Outside Hira
        Mandi Ferozepur
        PB 152002
        IN

Insolvency Commencement Date: November 6, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: May 3, 2020

Insolvency professional: Anup Sood

Interim Resolution
Professional:            Anup Sood
                         Flat No. 185, Block-H
                         5th Floor, Spangle Condos
                         Old Ambala Road, Gazipur
                         Tehsil Dera Bassi
                         Mohali, Sahibzada
                         Ajit Singh Nagar
                         Punjab 140603
                         E-mail: anupsood1954@gmail.com
                                 dpdcirp@gmail.com

Last date for
submission of claims:    November 19, 2019

DANCO ENTERPRISES: CRISIL Keeps 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Danco Enterprises
India Private Limited (DEIPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       3.0         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          3.5         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Corporate Loan        .72        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit     1.50        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

DEIPL was incorporated in 2012 to takeover the business of Danco
Enterprises, which was setup in 1975. The company is engaged in
undertaking turnkey project for electrical work. The company is
based out of Mumbai and is promoted by Mr. Kuulin Danani and Mr.
Niraj Danani.

DEESAN GINNING: CRISIL Keeps 'C' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Deesan Ginning and
Pressing Private Limited (DGPPL) continue to be 'CRISIL C Issuer
not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       15.0       CRISIL C (ISSUER NOT COOPERATING)
   Term Loan          1.8       CRISIL C (ISSUER NOT COOPERATING)

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

DGPPL was incorporated in 1995 by Mr. Bhupesh Rasiklal Patel, Mr.
Chintan Amarish Patel, and Mr. Tapan Mukesh Patel. The company
processes raw cotton into lint at its manufacturing facility at
Dhule, Maharashtra.

DLS PAPERS: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of DLS Papers
Private Limited (DLS) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      11.22       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DLS to monitor the ratings
vide e-mail communications/letters dated October 17, 2019, October
7, 2019, August 30, 2019, etc. and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on DLS's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The rating takes into account the ongoing delays in meeting debt
obligations. The rating continues to remain constrained by small
scale of operations with low net worth base, net losses, leveraged
capital structure & weak coverage indicators and highly competitive
industry along with susceptibility to volatility in prices of raw
material. The rating, however, derive strength from experienced
management.

Detailed description of the key rating drivers

At the time of last rating on August 16, 2018 the following were
the rating weaknesses and strengths:

Key rating weaknesses

Ongoing delays in meeting debt obligations: There had been
instances of delays in relation to the servicing of principal
installment and interest payments on account of liquidity stress in
the past.

Small scale of operations with low net worth base: The scale of
operations of the company remained modest as marked by total
operating income and gross cash accrual of INR38.11 crore and
INR0.67 crore for FY18. The net worth base of the company stood low
at INR2.85 crore as on March 31, 2018.The small scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits.

Weak profitability margins, leveraged capital structure and weak
coverage indicators: The profitability margins of the company stood
weak as marked by PBILDT and PAT margin of 5.23% and 0.40%
respectively for FY18. The capital structure of the company stood
leveraged as on past two balance sheet date ending, March 31, '16
– '18 mainly on account of debt funded capex undertaken coupled
with low net worth base and high reliance on working capital
borrowing to meet the working capital requirements. Further, the
coverage indicators of the company stood weak on account of high
interest cost due to high debt level coupled with low
profitability.

Highly competitive industry along with susceptibility to volatility
in prices of raw material: DLS operates in competitive segments of
the industry, which is very fragmented due to low entry barriers.
There are numerous players in the unorganized sector which
increases the level of competition. Moreover, raw material cost
constitutes approximately 70% of the total cost of production.
Thus, margins are vulnerable to fluctuation in raw material cost.
Being a new player in the paper industry, the profitability of the
company is based on the ability of the company to absorb the
increase in raw material prices which will have an impact on the
profitability margins and sales realization.

Key Rating strength

Experienced management: The company is being managed by Mr Laxman
Sing, Mr Dinesh Kumar, Mr Arshad Ali and Mr Aamir Ahmed. DLS is
well supported by experienced management having rich experience in
diversified business segments such as paper, textile and
construction industry.

Muzzafarnagar, Uttar Pradesh, based, DLS Paper Private Limited
(DPPL) was incorporated in March, 2013 and started its commercial
operation in October, 2015. The company is being managed by Mr
Laxman Singh, Mr Dinesh Kumar, Mr. Aamir Ahmed and Mr. Arshad Ali.
The company is engaged in manufacturing of craft paper at its
manufacturing facility located in Muzzafarnagar with installed
capacity of 80 tonnes per day as on March 31, 2018.

DUKE ENTERPRISE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Duke Enterprise Private Limited
        Plot No. 409, Sector-1
        Gandhinagar 382007
        Gujarat, India

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 7, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Chandra Prakash Jain

Interim Resolution
Professional:            Mr. Chandra Prakash Jain
                         D-501, Ganesh Meridian
                         Opp. Gujarat High Court
                         S.G. Road
                         Ahmedabad 380060
                         E-mail: jain_cp@yahoo.com

Last date for
submission of claims:    November 23, 2019

EMAAR ALLOYS: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Emaar Alloys Private
Limited (EAPL) continue to be 'CRISIL D Issuer not cooperating'.

                  Amount
   Facilities   (INR Crore)   Ratings
   ----------   -----------   -------
   Cash Credit       9.54     CRISIL D (ISSUER NOT COOPERATING)

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

Incorporated in 2004, EAPL manufactures sponge iron. The company is
promoted by Mr. Abhimanyu Singh, Mr. Manoj Sinha, and Mr. Vikas
Sinha.

GAURAV WORLDWIDE: CARE Assigns B+/A4 Rating to INR50cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gaurav
Worldwide Trading Private Limited (GWTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term/           50.00      CARE B+; Stable/CARE A4
   Short-term                      Assigned
   Bank Facilities     

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GWTPL are
constrained by its small and fluctuating scale of operations,
moderate profitability margin with moderate working capital cycle.
The ratings are further constrained by tender driven nature of
operation and vulnerability of the profits to fluctuations in raw
material prices with highly competitive and fragmented industry.
The ratings, however, derive strength from established track record
of operations along with experienced promoters and moderately
comfortable capital structure and debt coverage indicators with
moderate order book position.

Rating Sensitivities:

Positive:
* Significant growth in scale of operation
* Improvement in cash accruals

Negative:
* Significant decline in profitability margin
* Stretched working capital cycle
* Significant deterioration in capital structure and debt
   coverage indicator

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and fluctuating scale of operation and moderate profitability
margin: GWTPL's scale of operations of the remained small and
fluctuating during past three years with total operating income
(TOI) INR18.75 crore in FY19 (vis-à-vis of INR25.33 crore in FY18
and INR1.96 crore in FY17) on account of tender driven nature of
business. In FY19, TOI has declined by 35.09% over FY18 due to
significant increase in tenders awarded during the year. The PBILDT
margin of the company has marginally deteriorated and the same
remained moderate in the range of 6.69-22.99% during FY17-FY19.
Despite, marginal deterioration in PBILDT margin, the PAT margin
has improved and stood at 3.85% in FY19 (vis-à-vis 1.21% in FY18)
due to significant decline in interest and depreciation cost.

Efficient management of working capital cycle: The operations of
GWTPL are less working capital intensive in nature due to efficient
management of the working capital cycle. The collection period
stood at 6 days in FY19 (vis-à-vis 1 day in FY18) on account of
better realization of funds from its customers. The company allows
10-15 days of credit period to its customers which results in lower
collection period. Average inventory holding period remains low at
14 days in FY19 owing to trading nature of business of the company.
Therefore gross current assets period remains low at 20 days in
FY19 (vis-à-vis 1 day in FY18).

Adequate liquidity position: The liquidity position is marked by
comfortable current ratio and quick ratio of 3.53x and 2.83x as on
March 31, 2019 (vis-avis 6.61x and 6.59x as on March 31, 2018). Net
working capital borrowing as % of capital employed stood at 24.30%
in FY19 vis-a-vis 38.19% in FY18. Cash flow from operating
activities stood positive at INR0.91 crore in FY19 (vis-a-vis
INR2.28 crore in FY18). Average monthly utilization of the working
capital limit of INR50.00 crore remained low at 5-7% during the
past twelve months ending October, 2019.

Tender driven nature of operations: GWTPL deals with the various
government organizations across Maharashtra, Uttar Pradesh and
Rajasthan, which constitute 90-95% of the TOI, for which it has to
participate in the tenders, wherein they quote the bid and hence
has to face the risk of successful bidding for the same, which
again comes with the risk of quoting at low price to sustain the
competition. Moreover, the tenders are mainly dependent on the NPA
and sick unit registered under government body's, furthermore the
company also participate in auction for procures in any liquidation
unit and risk of biding, and Moreover risk of bidding in auction is
also associated with it.

Vulnerability of the profits to fluctuations in raw material prices
with highly competitive and fragmented industry: The company trades
with variety of metals viz. MS/SS steel, copper, brass and
aluminium. However, the proportion of the same varies based on the
bidding contract received from the government bodies. Also grade of
these materials defers on y-o-y basis which also results in
variation in the profit margins. Moreover the prices of these
metals have witnessed the fluctuation in past years. Moreover, the
company does not have any long-term contract with
suppliers/customers due to which the profitability may hamper. The
business also remained cyclical due to dependency of the plants
available for the auctions.

Key Rating Strengths

Established track record of operation along with experienced
promoters: GWTPL has been in existence for more than a decade in
the scrap trading business and is managed by Mr. Gaurav Jhaveri and
Mrs. Manju Jhaveri who possesses total experience of 25 years in
same line of business. Further, Mr. Gaurav Jhaveri and Mrs. Manju
Jhaveri mutually manage the overall operation of the company. Over
the years of existence in the market, the company has established
long term relationships with its customers.

Moderately comfortable capital structure and debt coverage
indicators: GWTPL's capital structure has remained comfortable with
overall gearing stood at 0.33x as on March 31, 2019 (vis-à-vis
0.01x as on March 31, 2018) owing to lower reliance on debt to fund
its business operations coupled with accretion of profits to
reserves. However, the same has marginally deteriorated in FY19
over FY18 on account of increase in debt level due to higher
working capital utilization as on balance sheet date as the company
has increased its import purchase during the year.

Further, the debt coverage indicators i.e. the total debt to GCA
also stood comfortable at 1.90x in FY19 (vis-à-vis 0.09x in FY18)
however, the same has deteriorated on y-o-y basis due to increase
in the debt level as on balance sheet date. However, the interest
coverage ratio improved and stood comfortable at 3.25x in FY19
(vis-à-vis 1.47x in FY18), owing to decline in interest cost
charged for unsecured loans during the year.

Moderate order book position: The Company has unexecuted order book
position amounting to INR32.75 crore (around 1.74x of the total
income for FY19) and the same is excepted to be executed by
February 2020 which provides medium term revenue visibility to the
company.

Gaurav Worldwide Trading Private Limited was incorporated in 2004
by Mr. Gaurav Jhaveri and Mrs. Manju Jhaveri and is engaged in
trading of steel scrap material which includes all kinds of
structural material viz. MS channels, MS beam, MS angle, MS plate
and TMT bars, copper, aluminium and plant & machinery etc. which
are directly sold to steel rolling mills, furnaces and varies other
steel manufacturing companies. For procurement of scrap, GWTPL
participates in auctions floated by MSTC Limited, Salvage Settlers,
High court of Mumbai, and various banks through auction websites
wherein the company does bidder registration and offer its quotes
and bids online. During FY19, company has procured 91% of its raw
material from domestic market (vis-à-vis 100% in FY18). It
operates through its registered office located at Mumbai,
Maharashtra.

HIGH VALUE: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of High Value Exim
Private Limited (HVEPL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Foreign Bill
   Purchase           37        CRISIL D (ISSUER NOT COOPERATING)

   Packing Credit      8        CRISIL D (ISSUER NOT COOPERATING)

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of High Value Exim Pvt Ltd, Welldone Exim
Pvt Ltd, Attire Designers Pvt Ltd, RBD International, and Goodone
Traders Pvt Ltd. 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.

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.

IND-BARATH POWER: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: IND-Barath Power Gencom Limited
        H.No. 8-5-210/43, Plot No. 44
        Shiva Enclave, Old Bowenpally
        Secunderabad 500011
        Ranga Reddy Dist.
        Telangana

Insolvency Commencement Date: November 13, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 10, 2020
                               (180 days from commencement)

Insolvency professional: Chillale Rajesh

Interim Resolution
Professional:            Chillale Rajesh
                         B-421, Western Plaza
                         O.U. Colony, H.S. Darga
                         Hyderabad 500008
                         Telangana
                         E-mail: chillalerajesh@yahoo.co.in
                                 rajesh.c.irp@gmail.com

Last date for
submission of claims:    November 27, 2019

J AND G TRANSFORMER: CARE Keeps B- Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J and G
Transformer Private Limited (JGT) continues to remain in the
'Issuer Not Cooperating' category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     12.95      CARE B-; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 12, 2018, placed the
ratings of JGT under the 'issuer non-cooperating' category as JGT
had failed to provide information for monitoring of the rating. JGT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated November 7, November 5 and November 4, 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 ratings).

Detailed description of the key rating drivers

At the time of last rating on July 12, 2018, the following were the
rating weaknesses and strengths. (updated for the information
available from Registrar of Companies)

Key Rating Weakness

Small scale of operations: The total operating income of the
company continues to remain small which inherently limits the
company's financial flexibility in times of stress and deprives it
of scale benefits.

Weak financial risk profile: The profitability margins remained on
lower side mainly on account of competitive industry. The capital
structure remained leveraged on account of high dependence on
working capital borrowings. Also, the debt coverage indicators of
the company remained weak on account of low profitability.

Working capital intensive nature of operations: JGT's operations
continues to remain working-capital intensive with high operating
cycle. There is usually a delay in the recovery of debtors on
account of procedural delays. The company is required to maintain
adequate inventory of raw material for smooth running of its
production processes and requires varying inspections and approvals
before dispatching of goods. This result in higher inventory
holding period.

Exposure to raw material price volatility: Raw material is the
single largest cost of the company which contributes majority of
the total cost of production. The key raw materials for transformer
manufacturing are copper, aluminum, Cold Rolled Grain-Oriented
(CRGO) and transformer oil, etc. Price for this product is mainly
driven by demand and supply conditions with strong linkage to the
global market. JGT's operating margins are susceptible to
volatility associated with its raw material prices which fluctuated
widely with global demand and supply scenario. Furthermore,
majority of the orders are small in size and are normally fixed
price in nature due to which any change in the market price of
inventory holding is normally borne by the company because of the
competitive nature of the industry.

Presence in highly competitive transformer industry and
tender-driven nature of business: Transformer industry especially
distribution transformer segment is highly competitive with
presence of many organized and unorganized players. The competition
in the domestic transformer industry has been increasing due to
factors like diversion of export focused production capacity to
cater to domestic market on the back of upheavals in the advanced
economies, import of cheaper equipment, especially from China and
large number of smaller players with limited capacity entering in
the industry due to its high profitability and easy availability of
technology. Also, as most of the business is tender-driven, the
incumbent players have less advantage due to aggressive bidding
from players seeking entry in the market. The tenderbased business
is characterized by intense competition and the growth of the
business depends on its ability to successfully bid for the tenders
and emerge as the lowest bidder.

Key Rating Strength

Experienced promoter: The promoter of the firm has an experience of
7 years in transformer industry out of this total three decades
through varied industries. Further the promoter is assisted by a
team a professionals to take care of the day-to-day operations of
the firm.

Gurgaon-based (Haryana) JGT was originally established as
proprietorship firm by Mr Monohar Lal Bera in 2009. The firm was
reconstituted into private limited company in 2015 and is currently
being managed by Mr Monohar Lal Bera and Mrs Usha Gera. JGT is
engaged in the manufacturing of power & distribution transformers.
JGT is also engaged in maintenance and repairing of transformers.
The company has unit for manufacturing of transformers with
capacities ranging from 25 KVA to 10,000 KVA. The manufacturing
capacity of the company is located in Dhorka, Gurgaon, with an
installed capacity of 18,000 transformer as on March 31, 2016. The
main raw materials for manufacturing transformer are aluminium,
copper, Cold Rolled Grain Oriented (CRGO) and transformer oil. The
company procures the raw material from the regional players
situated in nearby area. The company customer vase mainly includes
state electricity boards and DISCOMS.

JONSON RUBBER: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jonson Rubber
Industries Limited's (JRIL) 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:

-- INR320.0 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR300.0 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 22, 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 1979, JRIL manufactures various types of conveyor
and transmission belts, rubber sheets, industrial fabrics, and
allied products. Its registered office is in Delhi and its factory
is in Sonipat, Haryana.

KANAK PULP: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Kanak Pulp and Paper Mills Private Limtied
        Registered office:
        c/o Bharat Sale
        Opp. HotelGrand International
        Station Road
        Rajpur 492001

Insolvency Commencement Date: November 14, 2019

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: May 12, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Jagdish Kumar

Interim Resolution
Professional:            Mr. Jagdish Kumar
                         B56, Wallfort City
                         Bhatagaon, Ring Road No. 1
                         Raipur, Chhattisgarh 492001
                         E-mail: jkparulkar@yahoo.co.in

                            - and -

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048
                         E-mail: kanakpulp@aaainsolvency.com

Last date for
submission of claims:    November 29, 2019

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

The instrument-wise rating actions are:

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

-- INR49 mil. Term loan due on December 2021 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 27, 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 2010, MRPL manufactures stainless steel pipes at
its 1,000-tonne-per-month plant in Jajpur, Odisha.

NAVAYUGA JAHNAVI: CARE Reaffirms D Rating on INR720cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Navayuga Jahnavi Toll Bridge Private Limited (NJTB), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities          720.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to bank facilities of NJTB is on account of
delays in interest servicing at the back of delay in achievement of
commercial operation date.

Rating Sensitivities

Positive Factors

* Regularising delays in interest servicing and timely repayment
   of future debt obligation

* Achieving the financial tie-up for the revised project cost and

   completing the project within the envisaged revised time
   lines and costs.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: Due to delay in achieving the commercial
operations on account of pending approval from lenders for the
revised financial plan and approval from Authority seeking EOT up
to May 2022 for project completion, the company continues to delay
debt servicing obligations.

Project implementation risk with further delay in project progress:
The project has been delayed substantially by more than 43 months
against the envisaged scheduled commercial operations date of May
29, 2016 and having achieved physical progress of 47.23% with
available RoW of 90.80% as on August 2019. On account of delays
attributed to intermittent floods, hail storms, collapse of gantry,
non-availability of RoW (Right of Way) on time have resulted in
delay and cost overrun. The company has revised its project from
INR1969 crore to INR2129 crore (to fund additional IDC and EPC
costs), which is being proposed to be funded by way of unsecured
loans from promoters of INR546 crore, VGF grant of INR585 crore and
term loans of INR998 crore. Currently, the company has brought in
unsecured loans of INR439.57 crore, received VGF of INR333.49 crore
from the Authority and outstanding debt of INR458.57 crore. The
revised financial plan is pending for approval from the existing
lenders. Further, the company has sought extension of time from
Authority up to May 2022 through the letter dated 27.07.2019, which
is pending for approval.

Key Rating Strengths

Experienced promoter group: NJTB is promoted by Navayuga
Engineering Company Limited (NECL) which is the flagship company of
the Hyderabad based Navayuga group. NECL is into all types of core
infrastructure development with focus on foundation technology.
Having gained requisite experience over the years and possessing
the financial capabilities, the company has presence in
infrastructure development segment on Public Private Partnership
(PPP) basis.

Liquidity: The liquidity of the company is weak on account of
significant delay in project completion resulting cost overrun
leading to cashflow mismatch.

Navayuga Jahnavi Toll bridge Pvt. Ltd is a special purpose vehicle
(SPV) incorporated for development of Greenfield Bridge across
river Ganges and its approaches connecting Bhaktiyarpur Bypass of
NH-31, near village Karjan & NH-28 at Tajpur in the state of Bihar
on DBFOT (Toll Basis). The project involves construction of
Four-Lane Greenfield Bridge across river Ganges for a length of
5.55 km long and 45.393 km length for approach road. The concession
was awarded by Bihar State Road Development Corporation Limited
(BSRDCL) for a period of 30 years including construction period of
1642 days. The concession agreement was signed on October 8, 2010
and the SPV received appointed date on November 30, 2011. The
company is promoted by Navayuga Engineering Company Ltd. (NECL)
(rated CARE A; Stable/CARE A1) with 26.66% and balance with
Navayuga Road Projects Private Limited (A Road Holding company).

PAN INDIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Pan India Utilities Distribution Company Limited
        513/A, 5th Floor, Kohinoor City
        Kirol Road, L.B.S. Marg
        Kurla (W), Mumbai 400070

Insolvency Commencement Date: September 20, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 18, 2020

Insolvency professional: Hemant J Mehta

Interim Resolution
Professional:            Hemant J Mehta
                         B4, Panchsheel Nath Pai Nagar
                         Ghatkopar, Mumbai 400077
                         E-mail: hemant@apmh.in

                            - and -

                         APMH & Associates LLP
                         D613/614, Neelkanth Business Park
                         Nathani Road, Opp. Railway Station
                         Vidyavihar West, Mumbai 400086
                         E-mail: ip.panindiadist@gmail.com

Last date for
submission of claims:    October 4, 2019

PENTAGON ALUMINIUM: CARE Keeps 'B' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pentagon
Aluminium Company Private Limited (PAPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      18.00       CARE B; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PAPL to monitor the ratings
vide email communications/letters dated October 17, 2019, October
7, 2019, July 22, 2019, etc. and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on PAPL's
bank facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

The rating takes into account the constraints related to residual
project execution and stabilization risk associated with debt
funded project and raw material price fluctuation risk. The rating
further continues to be constrained by competitive nature of the
industry and presence of large players in the organized segment as
well as competition from imports. The rating, however, draws
comfort from the experienced management.

Detailed description of the key rating drivers

At the time of last rating on August 17, 2018 the following were
the rating weaknesses and strengths:

Key rating weaknesses

Residual project execution and stabilization risk regarding
operations: CARE is unable to comment as the update on the
information is unavailable.

Raw material price fluctuation risk: The prices of raw materials,
especially non – ferrous metals such as aluminium ingots are
volatile in nature. Any adverse movement in the raw material prices
would adversely affect the profitability of the company. Further
PAPL might not be able to pass on the rise in raw material prices
to its end consumer due to stiff competition.

Competitive nature of industry with presence of large players in
the organized segment as well as competition from imports: PAPL
operates in a competitive industry marked by the presence of large
players in the organized sector. In addition to the competition in
domestic market the company also faces competition from imports.

Key rating strengths

Experienced management: Mr. Abhishek Kaushik is the managing
director of the company and holds nearly a decade of experience in
the trading of aluminum extruded products and flat rolled products
through its associate concerns and will handle marketing department
of the company. Mr. Amit Sharma is the promoter director of the
company and holds more than one and a half decade of experience in
trading of aluminum extruded products and flat rolled products
through its associate concerns and will looks after the overall
operations of the company.

Analytical approach: Standalone

Delhi-based, Pentagon Aluminum Company Private Limited (PAPL) was
incorporated in February 2014 by Mr Amit Sharma and Ms Shakuntala
Kaushik. PAPL is setting up a manufacturing (Hot rolling mill) unit
at Una, Himachal Pradesh with the objective to manufacture aluminum
products such as aluminum sheets, plates and coils of various
shapes and sizes with proposed installed capacity of 3600 tonnes
per annum. The key raw material for the company would be aluminum
ingots.

RAJAT INFRA: CARE Lowers Rating on INR3cr Loan to 'D'
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajat Infra Developers Private Limited (RIDPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       3.00       CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable on the basis
                                   Of best available information.

   Short-term Bank      7.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 30, 2019, placed the
ratings of RIDPL under the 'Issuer non-cooperating' category as
RIDPL had failed to provide information for monitoring of the
ratings for the rating exercise as agreed to in its Rating
Agreement. RIDPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
emails dated November 1, 2019, November 5, 2019 and November 7,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on RIDPL's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

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

The revision in the ratings assigned to the bank facilities of
Rajat Infra Developers Private Limited (RIDPL) is primarily due to
on-going delay in servicing its debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: RIDPL has been irregular in
servicing its debt obligation due to weak liquidity position of the
company.

Vadodara-based (Gujarat) RIDPL was incorporated in March, 2012 by
Mr. Prabhakant Jadav and Chandrashekhar Yadav. The company is
engaged into the Civil Construction of road, civil and other
irrigation canal project.

RBD INTERNATIONAL: CRISIL Keeps 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of RBD International
continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Foreign Bill
   Purchase           16        CRISIL D (ISSUER NOT COOPERATING)

   Packing Credit      4        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with RBD International
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 RBD International, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
RBD International 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 RBD International 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.

ROY APPARELS: CARE Lowers Rating on INR9.86cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Roy
Apparels Private Limited (RAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       9.86       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable on the basis
                                   Of best available information.

Detailed Rationale and key rating drivers

CARE has been seeking information from RAPL to monitor the ratings
vide e-mail communications/letters dated June 19, 2019, July 11,
2019, July 19, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on RAPL's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The revision in the rating takes in account non-availability of
information due to non-cooperation by Roy Apparels Private Limited
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information non-availability risk as a key
factor in its assessment of credit risk.

At the time of last rating in July 20, 2018 the following were the
rating strengths and weaknesses: (Updated for the information
available from Registrar of Companies.)

Key Rating Weaknesses

Small scale of operations with moderate profit margins: The scale
of operations of the company remained relatively small marked by
its total operating income (TOI) of INR18.88 crore (FY17: INR14.67
crore) with a PAT of INR0.53 crore (FY17: INR0.56 crore) in FY18.
Furthermore the profitability margins of the company remained
moderate marked by PBILDT margin of 6.74% (FY17: 7.46%) and PAT
margin of 2.80% (FY17: 3.82%) in FY18.

Exposed to volatility in prices of raw materials and its presence
in a labour intensive industry: The major raw materials of RAPL are
fabrics, cotton yarn, thread etc., the prices of which are highly
volatile. Moreover, the company does not have any long term
contracts with the suppliers for the purchase of the aforesaid raw
materials and it procures the required raw materials from open
market at spot prices. Hence, the profitability margins of the
company are exposed to any sudden spurt in the raw material prices.
Also the garments division of the company is a highly labour
intensive nature of business due to involvement of high number of
manual labours for design, cutting and stitching of readymade
clothes. Thus, any kind of labour unrest or substantial increase in
wages may have an adverse impact on the profitability of the
company. However, RAPL's plant is located at Kolkata, West Bengal,
where ample number of skilled and unskilled labours
are available.

Leveraged capital structure with moderate debt coverage indicators:
The capital structure of the company remained leveraged marked by
overall gearing ratio of 3.15x (0.77x as on March 31, 2017) and
debt equity ratio of 2.20x (0.65x as on March 31, 2017) as on March
31, 2018. Further the debt coverage indicators remained moderate
marked by interest coverage of 3.95x (FY17: 7.74x) and total debt
to GCA of 13.10x (FY17: 3.11x) in FY18.

Intensely competitive industry: Given lower capital requirements,
apparel manufacturing is characterized by low entry barriers. The
industry is highly fragmented industry with presence of large
number of organized and unorganized manufacturers resulting in
limited pricing power leading to low operating margins. At the same
time, RAPL also faces competition from manufacturers in the
neighboring countries like China, Bangladesh and Sri Lanka etc.

Key Rating Strengths

Long track record and experienced promoters: RAPL is into apparels
manufacturing business since 2008 and thus has long track record of
operations. The promoters Mr. Nanda Dulal Roy and Mrs. Krishna Roy
are having over 25 years of experience in apparels manufacturing
business. They look after the overall management of the company
supported by a team of experienced professionals.

Diversified and reputed clientele: Since its inception, the company
has been engaged in manufacturing of apparels such as T-shirts,
caps, shirts, trousers, sportswear, jackets, sweat shirts for
advertising & promotions or even everyday workwear for the
corporates as per their specification and requirement. Due to its
long track record of operations, the promoters have established
satisfactory relationship with its clients. The company has huge
and reputed client base which includes reputed names like Birla
Corporation Limited, Deccan Corporate, Ramco Cements Limited, JSW
Cement Limited, ACC Limited, Bharti Airtel Limited, ICICI Bank
Limited, Axis Bank Limited, ITC Limited etc.

Roy Apparels Private Limited (RAPL) was incorporated on April 08,
2008 and the registered office of the company is situated at
Kolkata, West Bengal. Since its inception, the company has been
engaged in manufacturing of apparels such as T-shirts, caps,
shirts, trousers, sportswear, jackets, sweat shirts for advertising
& promotions or even everyday work-wear for corporates as per their
specification. Currently the company has four manufacturing units
located in Kolkata (2 units) and South 24 Parganas (2 units) with
an aggregate installed capacity of 10,000 pieces of apparels per
day. The unit-3 and unit-4 plants which are located in South 24
Parganas have started the commercial operations in October 2017 and
March 2018 respectively.

SAI LEASING: CARE Reaffirms 'D' Rating on INR7.28cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Sai
Leasing Company (SLC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.28        CARE D Reaffirmed

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of SLC continues to
remain constrained by ongoing delays in debt servicing, exposure to
cyclicality in the real estate and construction sector, firm's
presence in highly competitive and fragmented nature of industry
and partnership nature of constitution. The rating, however,
derives strength from experienced partners.

Key Rating Sensitivity

Positive Factor: Repay its debt obligations in a timely manner.

Detailed description of the key rating drivers

Key Rating Weakness

Weak liquidity position: There are on-going delays in the repayment
of principal and interest obligation. The delays are on account of
weak liquidity as the firm is unable to generate sufficient funds
on timely manner.

Fragmented nature of the construction sector: Indian construction
industry is characterized by fragmented and competitive nature as
there are a large number of players at the regional level. Hence,
going forward, due to increasing level of competition, the profits
margins are likely to be range bound. Further, delays in obtaining
statutory clearances and increasing working capital needs have put
pressure on the financial profile of the companies in this sector.

Partnership nature of constitution: SLC's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factor affecting credit decision of the lenders.

Key Rating Strengths

Experienced partners in the construction industry: Mr. Mohit Dabra
has total work experience of 8 years which he gained through his
association with Dabra Weighbridge, engaged in manufacturing
weighbridges (capital goods) and Jai Financing Company, engaged in
providing financial services, as an employee. On the other hand,
Mrs. Pakija Arora has total work experience of around one decade in
the construction industry. She gained this experience through her
association with R K City Developers Private Limited (RKC) as
employee. Both the partners have adequate acumen about various
aspects of business.

Sai Leasing Company (SLC) was established in September, 2016 as a
partnership firm by Mr. Mohit Dabra and Mrs. Pakija Arora sharing
profit and losses equally. SLC is engaged in providing of
construction material like aluminum scaffoldings, shuttering
plates, planks and other equipment's such as cranes to various
contractors, builders and developers located in the Chandigarh
Tricity area (Chandigarh, Panchkula and Mohali) on rental basis.
The premises of the firm are based in Zirakpur, Punjab. The firm
started its commercial operations in April, 2019.

SARAWGI BUILDERS: CRISIL Cuts Rating on INR38cr Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sarawgi Builders and Promoters Private Limited (SBPPL) to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Term Loan          30       CRISIL D (ISSUER NOT COOPERATING;
                               Downgraded from 'CRISIL B+/Stable
                               ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SBPPL for obtaining
information through letters and emails dated
November 30, 2018, and May 13, 2019, among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

'Investors, lenders, and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'issuer not cooperating'. These ratings lack a
forward-looking component as they are arrived at without any
interaction with the management and are based on the best
available, limited, or dated information regarding 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 SBPPL, restricting the ability
to take a forward-looking view on the entity's credit quality.
CRISIL believes information available on SBPPL is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, coupled with adverse news available in the
public domain, CRISIL has downgraded its rating on the long-term
bank facilities of SBPPL to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating'.

The downgrade reflects delay by SBPPL in servicing its debt
obligation due to stretched liquidity. However, it benefits from
the extensive experience of the promoters.

Incorporated in 1995, SBPPL is promoted by the Ranchi-based Mr.
Gyan Prakash Sarawgi and his family members. The directors, Mr Gyan
Prakash Sarawgi and Mr Ayush Sarawgi, manage the operations. The
company develops residential and commercial projects in and around
Ranchi.

Status of non cooperation with previous CRA
SBPPL has not cooperated Brickwork Ratings India Private Limited,
which has classified it as non-cooperative vide release dated Nov
11, 2019. The reason provided by Brickwork Ratings India Private
Limited is non-furnishing of information for monitoring of ratings.

SHAH STEEL: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shah Steel Impex
Private Limited (SSIPL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            0.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Channel Financing     50.0       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      59.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

SSIPL, incorporated in 2006, trades in steel products such as
hot-rolled coils, cold-rolled coils, and galvanised coils. It is an
authorised distributor of JSW Steel Ltd, which accounts for 60% of
its trading business. SSIPL is promoted and managed by Mr Ambrish
Shah.

SHREE GINGER: CRISIL Lowers Rating on INR34.9cr Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shree
Ginger Enterprises Limited (SGEL) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         20        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit            34.9      CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Proposed Long Term      7.1      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB/Stable')

The downgrade reflects continuously overdrawn working capital
facility for more than 30 days, along with devolvement of inland
letter of credit (LC).

SGEL is also exposed to intense competition and has working
capital-intensive operations. However, the promoters of the company
do have extensive experience in the textiles industry.

Key Rating Drivers & Detailed Description

* Delay in debt servicing due to inadequate liquidity
There is irregularity in servicing of debt obligations marked by
continuous overdrawals in the working capital facility for more
than 30 days, along with devolvement of inland letter of credit
(LC).

Weaknesses

* Exposure to intense competition
SGEL manufactures texturized, twisted, and dyed polyester yarn and
garments, which is a highly fragmented segment. There is limited
differentiation because of commoditized product. Intense
competition restricts pricing power of manufacturers, thereby
keeping margin range bound.

* Working capital-intensive operations
Gross current assets were quite high because of inventory and
receivables of more than two months.

Strength

* Promoters' extensive experience
The company's promoters have cumulative experience of more than 21
years in the textiles industry.

Liquidity: Poor
SGEL has continuously overdrawn working capital facility for more
than 30 days, and devolved on inland LC.

Rating sensitivities factors

Upward Factors
* Track record of timely debt servicing for at least 90 days
* Sustainable improvement in liquidity.

SGEL was incorporated as Ginger Enterprises Ltd in 2002 and is
promoted by Mr Sanjay Kumar Tayal and his family members. The
company manufactures partially oriented yarn (POY), polyester
texturised yarn (PTY), and knitted fabric in Silvassa. Operations
are managed by Mr Keshav Tayal.

SNEH SADAN: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sneh Sadan Traders and Agents Limited
        Cecil Court 1st Floor
        Ansdowne Road
        Mumbai MH 400039

Insolvency Commencement Date: October 22, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 18, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Alok Kumar Agarwal

Interim Resolution
Professional:            Mr. Alok Kumar Agarwal

                         Not for Communication purpose:
                         605, Suncity Business Tower
                         Golf Course Road
                         Sector-54, Gurugram
                         Haryana 122002
                         E-mail: alok@insolvencyservices.in

                         For Correspondence purpose:
                         Sagar Tech Plaza
                         B-Wing, Office No. 605
                         Andheri Kurla Road
                         Saki Naka, Andheri (East)
                         Mumbai 400072
                         E-mail: sneh.cirp@gmail.com

Last date for
submission of claims:    November 21, 2019

SUNITTI PAPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sunitti Papers Private Limited
        8, Canning Street
        3rd Floor, Room No. 312
        Kolkata 700001

Insolvency Commencement Date: November 6, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 3, 2020

Insolvency professional: Jitendra Lohia

Interim Resolution
Professional:            Jitendra Lohia
                         Klass Insolvency Resolution Professionals
                         Pvt. Ltd.
                         Todi Chambers
                         2 Lal Bazar Street
                         2nd Floor, Room No. 204-205
                         Kolkata 700001
                         West Bengal
                         E-mail: jitulohia@knjainco.com
                                 ip.jitulohia@gmail.com

Last date for
submission of claims:    November 25, 2019

SUNSHINE VEGETABLES: Ind-Ra Migrates BB Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sunshine
Vegetables Private Limited's (SVPL) 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:

-- INR43.40 mil. Term loan due on October 2022 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR22.50 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     / IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 17, 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 2009, SVPL is engaged in carrot farming and has a
cold storage capacity of 5,000MT.



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

JAPAN DISPLAY: Former Exec Embezzled JPY578MM Over Four Years
-------------------------------------------------------------
The Japan Times reports that a former executive in charge of
accounting at loss-making panel-maker Japan Display Inc. embezzled
some JPY578 million ($5.3 million) over a four-year period from
2014, and was dismissed last December, the company said on Nov.
21.

The Japan Times relates that the Apple Inc. supplier filed a
criminal complaint against the former executive with the
Metropolitan Police Department in August this year after the
alleged embezzlement came to light after a tip from an employee in
October last year. The former executive said he'd used the money
for gambling, the firm said.

Between July 2014 and October 2018, the former executive
transferred company funds to an account at another company as
expenses for fictitious deals and exchanged revenue stamps, which
were purportedly obtained for contract papers, for cash, Japan
Display said, The Japan Times relays.

According to the report, the panel maker said it had previously
refrained from making the incident public in line with a request by
the police, who said disclosing the matter could disrupt
investigations into possible accomplices.

"We have implemented steps to prevent a recurrence and will make
efforts to thoroughly comply with laws and strengthen governance,"
the company said in a statement.

The incident comes as a further blow to the embattled company,
which has been affected by severe competition from Chinese and
South Korean rivals and declining demand from Apple, The Japan
Times says.

Japan Display reported a group net loss of  JPY108.67 billion in
the six months through Sept. 30, up more than tenfold from  JPY9.52
billion a year earlier, due to massive restructuring costs that saw
its negative net worth surpass  JPY100 billion, the report
discloses.

The manufacturer hopes to repair its finances through capital
injections from Apple as well as from Hong Kong's Oasis Management
Co. by the end of November, after a bailout plan from a
Chinese-Taiwanese consortium stalled.

The company was established in 2012 through the merger of the
display operations of Sony Corp., Hitachi Ltd. and Toshiba Corp.
and with help from state-backed fund INCJ Ltd., its biggest
shareholder. Japan Display went public in 2014.



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

NZ CREDIT UNIONS: Fitch Raises LT IDR to BB-, Outlook Stable
------------------------------------------------------------
Fitch Ratings upgraded the Long-Term Issuer Default Rating of New
Zealand Association of Credit Unions to 'BB-' from 'B+'. The
Outlook is Stable. At the same time, Fitch has assigned Co-op Money
NZ a Support Rating of '3'.

KEY RATING DRIVERS

The upgrade is the result of Fitch's factoring in the benefit of
extraordinary institutional support from Co-op Money NZ's key
shareholder, Credit Union Baywide (BB/Stable). Fitch believes that
Co-op Money NZ is a strategically important part of CUB because it
provides critical banking and transactional services on which CUB
and other credit unions rely to operate their businesses. Co-op
Money NZ's Outlook is aligned with that of CUB. Previously, Fitch
had assessed Co-op Money NZ's risk profile on a standalone basis.
Fitch views the credit profile of Co-op Money NZ without the
benefit of support as significantly weaker.

Co-op Money NZ's IDR is notched down once from that of CUB to
reflect its view that while Co-op Money NZ is important to CUB's
operations, not all of its operations relate to the sale of
products and services to members. Co-op Money NZ's operations also
include sales to third parties, which are not integral to its
members. As per Fitch's criteria, the notching also reflects its
view that while there are no plans to sell parts of Co-op Money NZ,
CUB's franchise would not be fundamentally altered should this
occur.

The standalone liquidity position of Co-op Money NZ remains weak
and operating cash flows are very limited relative to capex and
operational needs. The organisation's liquidity has been supported
by extraordinary support from CUB in the form of lines of credit
and working-capital facilities, which Fitch expects will continue
if needed. CUB has been the provider of support from among the
membership base as it accounts for around 90% of total member
services used and has the greatest ability to extend support.

RATING SENSITIVITIES

Co-op Money NZ's IDRs and Support Rating are sensitive to changes
in CUB's ratings or any change in Fitch's assumptions around the
propensity of CUB to provide timely support. The ratings could be
downgraded by multiple notches if Fitch believed there was a
reduced propensity from CUB to provide ongoing support to Co-op
Money NZ.

In accordance with Fitch's policies the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Co-op Money NZ's ratings are directly linked to the credit quality
of Credit Union Baywide.

TAMARIND TARANAKI: Owes Creditors NZ$190 Million
------------------------------------------------
Jane Matthews at Stuff.co.nz reports that Tamarind Taranaki could
owe creditors around NZ$190 million, it has been revealed.

According to Stuff, the Malaysian-owned firm, which owns the Tui
oil field off the coast of Taranaki, was placed into voluntary
administration last week after company directors issued a statement
announcing it was "insolvent, or may become insolvent".

As a result, a "procedural" meeting was held in New Plymouth
between its administrators Borelli Walsh and creditors on Nov. 20.

Stuff relates that Borelli Walsh managing director Jason Kardachi
said the meeting was an opportunity to confirm the administrator,
form a creditors' committee and discuss the near future of the
business.

Mr. Kardachi said he couldn't discuss much more about the meeting
but said the NZ$190 million figure, which the NZ Herald reported
around 78 creditors were owed, was "right," Stuff relays.

However, Mr. Kardachi said that was a ballpark figure and creditors
tended to say higher figures.

Stuff says the managing director was positive for the near future
of the company, with the "general plan" of keeping operations
running.

"We want to keep going as long as we can."

Mr. Kardachi told the NZ Herald he was still trying to secure the
support of several key suppliers to avoid having to place Tamarind
into liquidation.

"We've reached an agreement with most of them but not all, which
I'm working on and I hope to [secure] in coming days, for continued
operation for a yet-to-be-agreed period of time," Stuff quotes Mr.
Kardachi as saying.

Last week's voluntary administration announcement saw Tamarind
Taranaki given a 25-day moratorium to assess its ability to
continue operating, according to Stuff.

This followed its struggle with financial commitments since a
NZ$300 million well-drilling programme in the offshore Tui field
was suspended in September after the first well proved dry, the
report says.

In October, the company did not renew a contract with BW Offshore
for the floating production, storage and offloading (FPSO) vessel
Umuroa after December 31 this year, putting 58 jobs at risk, too,
Stuff notes.



=====================
P H I L I P P I N E S
=====================

AMA RURAL: PDIC to File Criminal Charges vs. RB Board, Officers
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) is set to file
criminal charges against Directors, Corporate Secretary, officers
and employees of the closed AMA Rural Bank (RB) of Mandaluyong,
Inc. for refusal to comply with their legal duty to account for and
turn over bank records under their accountabilities.

The PDIC gave the accountable individuals 24 hours to report to the
Receiver and comply as they are mandated by law, or face legal
action. As of November 19, 2019, only 16 accountable employees of
the Bank reported at the bank premises.

When a bank is served a notice of closure, employment is terminated
by operation of law but directors, officers and employees who hold
assets, records, documents in trust or under administration have a
duty to account for and surrender these to the Receiver as well as
provide information relating to the assets/ records.

The PDIC sealed bank equipment, vaults and cabinets containing bank
records. After the 24-hour deadline expired, the PDIC commenced the
inventory-taking with a person-in-authority as witness. The PDIC
also sought the assistance of government authorities in the conduct
of investigation on possible fraud, irregularities and anomalies
that may have been committed in the Bank.

Section 26 (f) (1) (h) of the PDIC Charter states that refusal to
turn over or destroying or tampering bank records by any director,
officer, employee or agent of a bank are punishable with
imprisonment of not less than six (6) years up to twelve (12) years
or a fine of not more than P10 million, or both, at the discretion
of the court.

The PDIC assured the public that alternative plans are being
pursued to minimize delay in the payment of deposit insurance to
all insured depositors of AMA RB. It has started meeting with
depositors and borrowers to provide updates on PDIC's operations at
AMA RB on November 21, 2019 for those at the Head Office, and its
branches in Pasig City, Pampanga, Baliuag, Calamba City and San
Pablo City. The schedules of meetings with depositors and borrowers
in the other branches are announced through the PDIC's website
(www.pdic.gov.ph) and its social media accounts.

PDIC's public assistance personnel stationed at the Bank's offices
may also assist and reply to queries of depositors and borrowers.
They may call the PDIC Public Assistance Department at (02)
8841-4141 during office hours for more information. For those
outside Metro Manila, the Toll Free Hotline, 1-800-1-888-PDIC
(7342), is available during office hours. Inquiries may also be
sent by e-mail to pad@pdic.gov.ph or via private message to the
official PDIC Facebook account at www.facebook.com/OfficialPDIC.


                           *********


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