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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

          Thursday, November 28, 2019, Vol. 22, No. 238

                           Headlines



A U S T R A L I A

BATTERY MINERAL: Administrators Seeks Urgent Offers
CENTENNIAL MINING: Court, ASIC Approve AuStar Acquisition Deal
CHANCE PROPERTY: First Creditors' Meeting Set for Dec. 9
CRINITI GROUP: Slims Down for Suitors after Shedding 5 Locations
DENTEQUIP (AUST): First Creditors' Meeting Set for Dec. 4

FP TURBO 2019-1: Moody's Rates AUD13.5MM Class F Notes '(P)B1'
GLAZING MASTA'S: First Creditors' Meeting Set for Dec. 5
GLOBAL STRESS: Second Creditors' Meeting Set for Dec. 4
INTERSTATE INVESTMENTS: Second Creditors' Meeting Set for Dec. 4
JEFFCORP NOMINEES: Clifton Hall Appointed as Liquidators

MITCHCO CIVIL: First Creditors' Meeting Set for Dec. 4
ORACLE (NSW): First Creditors' Meeting Set for Dec. 6
RESIMAC BASTILLE 2017-1NC: Moody's Ups Class F Notes to B1(sf)
RNR DARWIN: Second Creditors' Meeting Set for Dec. 4


B A N G L A D E S H

BANGLADESH: Fitch Affirms BB- LongTerm IDRs, Outlook Stable


C H I N A

WANDA COMMERCIAL: Fitch Assigns BB+ Rating to New USD Unsec. Notes
WANDA COMMERCIAL: Moody's Rates Unit's New Unsec. Notes Ba3
YESTAR HEALTHCARE: Fitch Withdraws BB- LT IDR on Insufficient Data


H O N G   K O N G

MELCO RESORTS: Moody's Assigns Ba2 on New Sr. Unsec. Notes


I N D I A

AAI KRUPA: ICRA Maintains 'D' Rating in Not Cooperating
AIR COSTA: NCLT Orders Insolvency Process at Low-Cost Carrier
ANISH TRADING: Insolvency Resolution Process Case Summary
ANNAI POWER: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
ARUNESH SAW: ICRA Assigns B+ Rating to INR1.50cr LT Loan

BAIJNATH SCRAP: CRISIL Maintains 'B-' Rating in Not Cooperating
BELLA JEWELRY: CRISIL Maintains 'D' Rating in Not Cooperating
BHAGABAN MOHAPATRA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
BHASKARA LOGISTICS: CRISIL Lowers Rating on INR5.6cr Loan to B+
BHAVANI RENEWABLE: CRISIL Lowers Rating on INR11cr Loan to B+

BIDESH PLYWOOD: CRISIL Maintains D Rating in Not Cooperating
DUNCANS INDUSTRIES: Insolvency Resolution Process Case Summary
GURUSUKH VINTRADE: Insolvency Resolution Process Case Summary
J G AGRO: CRISIL Maintains 'D' Rating in Not Cooperating
KAMDAR CARZ: CRISIL Maintains 'B' Rating in Not Cooperating

KANS WEDDING: CRISIL Maintains 'B+' Rating in Not Cooperating
KMB GRANITE: CRISIL Maintains 'D' Rating in Not Cooperating
KMB TRADING: CRISIL Maintains 'D' Rating in Not Cooperating
KOMARLA HATCHERIES: Ind-Ra Migrates BB Rating to Non-Cooperating
KOTAKURJA PRIVATE: Insolvency Resolution Process Case Summary

LEPL PROJECTS: Insolvency Resolution Process Case Summary
M/S GEORGE: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
MCLEOD RUSSEL: Bank Moves NCLT to Initiate Insolvency Proceedings
MONARCH BROOKEFIELDS: Insolvency Resolution Process Case Summary
MOTHERS PRIDE: Insolvency Resolution Process Case Summary

MUKAND SUMI: Ind-Ra Lowers LT Issuer Rating to BB+, Outlook Stable
NATRAJ ELECTRO: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
NITHIN GRAINS: Insolvency Resolution Process Case Summary
NITHIN NUTRITIONS: Insolvency Resolution Process Case Summary
NITHIN PROTEINS: Insolvency Resolution Process Case Summary

PEARL POLYMERS: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
PENINSULA LAND: ICRA Lowers Rating on INR530.53cr Loan to C
PILETECH INFRA: Insolvency Resolution Process Case Summary
PMJ CONSTRUCTIONS: ICRA Moves 'B' Rating to Not Cooperating
PRATIBHA ELECTRICAL: ICRA Withdraws D Rating on INR16cr Loan

RAMANA SRI: Insolvency Resolution Process Case Summary
RAMANAND EXTRUSIONS: Insolvency Resolution Process Case Summary
RAMANASREE CONSUMER: Insolvency Resolution Process Case Summary
REALTIME TECHSOLUTIONS: ICRA Ups Rating on INR6cr Loan to B-
RIGHT ENGINEERS: Insolvency Resolution Process Case Summary

RR COTTONS: Ind-Ra Corrects Dec. 6 Rating Release
SHARPLINE AUTOMATION: ICRA Ups Rating on INR2.05cr Loan to B-
SIVA RAM: Insolvency Resolution Process Case Summary
SOWBHAGYA BIOTECH: ICRA Cuts Rating on INR7.95cr Loan to 'D'
SRI LAKSHMINARASIMHA: Insolvency Resolution Process Case Summary

SUNPOWER SOLAR: Insolvency Resolution Process Case Summary
SUPREME CONCRETE: Insolvency Resolution Process Case Summary
THARUN CONSTRUCTION: Ind-Ra Migrates B+ Rating to Non-Cooperating
VASWANI INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
VICTORY VISION: Insolvency Resolution Process Case Summary

[] INDIA: To Amend IBC to Ring Fence Stressed Assets Buyers


J A P A N

TOSHIBA CORP: S&P Affirms 'BB' LT ICR on Profitability Prospects
TOYOBO CO: Egan-Jones Lowers Senior Unsecured Ratings to BB
UNIVERSAL ENTERTAINMENT: Fitch Affirms B+ IDR, Outlook Stable


S I N G A P O R E

HYFLUX LTD: Unit Released from Iran Desalination Contract
KEPPEL INFRASTRUCTURE: Unit Gets 1-Year Loan Payment Extension

                           - - - - -


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

BATTERY MINERAL: Administrators Seeks Urgent Offers
---------------------------------------------------
The voluntary administrators of Battery Mineral Resources Limited
are seeking urgent offers for the recapitalization or purchase of
shares in Canadian, U.S. and South Korea subsidiaries undertaking
cobalt, lithium and graphite exploration.

Interested parties may contact:

          Patrick Cashman
          Tel: +61 7 3333 9828
          Email: pcashman@mcgrathnicol.com

Battery Mineral Resources Limited operates as a minerals
exploration company. The Company explores, develops, and produces
graphite, lithium, and cobalt for the rechargable battery and
energy storage sectors.  

Anthony Norman Connelly and William James Harris of McGrathNicol
were appointed as administrators of Battery Mineral on Nov. 11,
2019.

CENTENNIAL MINING: Court, ASIC Approve AuStar Acquisition Deal
--------------------------------------------------------------
miningweekly.com reports that ASX-listed AuStar Gold's acquisition
of Centennial Mining has been approved by both the Court and the
Australian Securities and Investment Commission.

According to miningweekly.com, AuStar in September this year
announced a deed of company arrangement (DOCA) to acquire
Centennial, which owns the A1 Gold mine, and which went into
administration in March this year.

Under the terms of the takeover offer, AuStar will contribute
AUD2.4-million in cash to the DOCA, closing the Centennial
administration, miningweekly.com relates.

Prior to the completion of the DOCA, Centennial and AuStar will
enter into a merger agreement, under which AuStar would allocate
more than 24.98-million shares, or 31.7% of the company's total
shares, to Centennial shareholders, the report says.

miningweekly.com adds that AuStar on Nov. 26 said that the company
continued to progress the transaction, which is expected to deliver
significant regional consolidation and increase the company's ore
resources while delivering corporate synergies.

                      About Centennial Mining

Centennial Mining Limited (ASX: CTL) --
https://www.centennialmining.com/ -- engages in the exploration and
development of gold projects in Australia. It primarily develops
the A1 Gold Mine located in Eastern Victoria.

Richard Tucker, John Bumbak and Leanne Chesser of KordaMentha Perth
were appointed as administrators of Centennial Mining and
subsidiary and Maldon Resources Pty. Ltd. on March 21, 2019.


CHANCE PROPERTY: First Creditors' Meeting Set for Dec. 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Chance
Property Group Pty Ltd as the Trustee for the Janebrook Shopping
Centre Unit Trust will be held on Dec. 9, 2019, at 2:00 p.m. at the
offices of Cor Cordis, Mezzanine Level, 28 The Esplanade, in Perth,
WA.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Chance Property on Nov. 27, 2019.

CRINITI GROUP: Slims Down for Suitors after Shedding 5 Locations
----------------------------------------------------------------
The Administrators of the companies comprising the well-known
restaurant group are preparing a leaner and hungrier Criniti's for
sale as a going concern, with the hunt for a new owner likely to
commence next week.

Worrells Solvency and Forensic Accountants NSW & ACT partner Mr
Graeme Beattie said:

"There is some magic in the Criniti's name, with the early
locations in particular achieving near-iconic status in the minds
of many Australians. The level of brand recognition and affinity is
extraordinary for a small business of this size and we're confident
that shrewd investors will want to take the name forward.

"For the last week it has been business as usual for the majority
of Criniti's Italian restaurants, which we expect to trade strongly
through the Christmas and New Year period".

Very soon after their appointment by Criniti Group directors on
Nov. 18, 2019, the Worrells team made the difficult but necessary
decision to immediately close 5 of the 13 restaurants: Manly,
Wollongong and Kirrawee in Sydney, Chermside in Brisbane and
Cannington in Perth.

"Criniti's is famed for raising the bar with respect to interior
fit-outs. From Monday 25 November we've been taking offers for
plant and equipment from those locations unable to maintain
ordinary operations", said Mr. Beattie.

"The slimmed-down Crinitis is refocussed on its Sydney roots. At
the original restaurant in Parramatta and the flagship Darling
Harbour location, trade has remained seasonally brisk throughout
this difficult week. Woolloomooloo, Wetherill Park and Castle Hill
are open and performing to plan, while Kotara in Newcastle and the
popular Southbank and Carlton locations in Melbourne are doing well
too.

"The ability to rapidly streamline Criniti's and put it on the path
to sustainability speaks to the variability across our fragile
retail economy", said Mr. Beattie.

"A streamlined, re-focussed Criniti's will be well-placed to trade
profitably throughout the peak hospitality season, so we may run
competing processes to maximise returns to creditors; outright sale
of the business as a going concern, and negotiation of a Deed of
Company Arrangement".

In response to questions about the cause of Criniti's financial
distress, Mr. Beattie said: "At this early stage, we've yet to
fully discern all of the factors leading to Criniti's financial
problems. Third-party commentary about these factors or the
performance of current management, whether from arms' length
critics or people previously associated with the company, should be
regarded as speculation or uninformed opinion".

DENTEQUIP (AUST): First Creditors' Meeting Set for Dec. 4
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Dentequip
(Aust) Pty Ltd will be held on Dec. 4, 2019, at 11:00 a.m. at Suite
203, at 517 Flinders Lane, in Melbourne, Victoria.

Trajan John Kukulovski and Liam William Bellamy of Chan & Naylor
were appointed as administrators of Dentequip (Aust) on Nov. 25,
2019.

FP TURBO 2019-1: Moody's Rates AUD13.5MM Class F Notes '(P)B1'
--------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to notes to
be issued by Perpetual Trustee Company Limited in its capacity as
trustee of the FP Turbo Series 2019-1 Trust.

Issuer: FP Turbo Series 2019-1 Trust

AUD75.00 million Class A1 Notes, Assigned (P)Aaa (sf);

AUD269.25 million Class A2 Notes, Assigned (P)Aaa (sf);

AUD32.40 million Class B Notes, Assigned (P)Aa2 (sf);

AUD15.30 million Class C Notes, Assigned (P)A2 (sf);

AUD3.60 million Class D Notes, Assigned (P)Baa1 (sf);

AUD17.10 million Class E Notes, Assigned (P)Ba1 (sf);

AUD13.50 million Class F Notes, Assigned (P)B1 (sf).

The AUD 1.35 million Class G Notes and the AUD 22.5 million Seller
Notes are not rated by Moody's.

The transaction is an Australian prime asset backed securitisation.
It is a cash securitization of operating, novated and finance
leases extended to Australian government and statutory
corporations, corporates, small and medium-sized businesses and
their employees. The leases are secured by passenger cars and
commercial vehicles. The collateral pool composition is static and
no pre-funding or substitution of receivables will take place
during the life of the transaction.

The securitised portfolio comprise lease instalment cash flows and
residual value cash flows. The present value of the outstanding
lease receivables balance is approximately AUD 441 million and the
nominal value of estimated operating lease residual value (RV) cash
flows amounts to around AUD 154.5 million. Due to the right of the
lessees to return the vehicle at contract maturity in order to
cover the final lease balance outstanding under an operating lease,
the notes are exposed to both default and market or residual value
risk of the related vehicles.

RATINGS RATIONALE

The provisional ratings take into account, among other factors: (i)
the evaluation of the underlying portfolio of lease obligors; (ii)
an evaluation of the underlying RV exposure; (iii) back-up
maintenance and servicer solutions; (iv) the credit enhancement
provided by subordination; (v) the liquidity support available in
the transaction by way of principal to pay interest and the
liquidity reserve fund.

The notes will be repaid on a sequential basis in the initial
stages, until the subordination percentage increases from the
initial 23.5% to 40.0% for the Class A Notes at which point Class
A2 to Class E Notes will be repaid on a pro-rata basis and senior
to Class F, Class G and Seller Notes. When the outstanding balance
of the pool falls below 20% of the initial pool balance at closing
the notes will once again be repaid on a sequential basis. There
are other portfolio performance triggers which must be met for the
notes to be paid pro-rata.

MODELLING APPROACH

Moody's applies a two-stage approach to modelling transactions with
RV risk. In the first step, Moody's models the expected loss on the
notes due to defaults. In the second step, additional losses
resulting from RV risk are modelled based on the RV haircuts
applied at contract maturity.

For the assessment of lessee default risk Moody's has determined
the lessee default distribution of the portfolio using CDOROM,
which simulates lessee defaults based on asset correlations and
default probabilities assumptions. Moody's assumed a mean lessee
default rate of 2.33%. For cash flow modeling Moody's assumed a
recovery rate following lessee default of 45%. To account for RV
risk in the portfolio Moody's assumes a Aaa haircut of 40.0%, a Aa2
haircut of 30.5%, a A2 haircut of 25.5%, a Baa1 haircut of 23.0%, a
Ba1 haircut of 18.0% and a B1 haircut of 11.0% on RV cash flows.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
March 2019.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade or downgrade of the note
ratings include (1) an improvement or deterioration in the credit
quality and performance of the collateral pool, and (2) higher or
lower than expected recoveries on defaulted loans. The Australian
economy and the market for used vehicles are primary drivers of
performance.

Other reasons for worse performance than Moody's expects include
poor servicing, error on the part of transaction parties, a
deterioration in credit quality of transaction counterparties, lack
of transactional governance and fraud.

GLAZING MASTA'S: First Creditors' Meeting Set for Dec. 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of The Glazing
Masta's Pty Ltd will be held on Dec. 5, 2019, at 10:00 a.m. at
Suite D, Level 14, at 241 Adelaide Street, in Brisbane,
Queensland.

Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay
Goodwin were appointed as administrators of Glazing Masta's on Nov.
26, 2019.

GLOBAL STRESS: Second Creditors' Meeting Set for Dec. 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of Global Stress
Index Pty Ltd has been set for Dec. 4, 2019, at 10:00 a.m. at the
offices of Woodgate & Co., Level 8, at 6-10 O'Connell Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 3, 2019, at 10:00 a.m.

Giles Geoffrey Woodgate of Woodgate & Co was appointed as
administrator of Global Stress on Oct. 30, 2019.


INTERSTATE INVESTMENTS: Second Creditors' Meeting Set for Dec. 4
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Interstate
Investments Pty. Ltd. has been set for Dec. 4, 2019, at 11:00 a.m.
at the offices of Cor Cordis, Mezzanine Level, at 28 The Esplanade,
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 Dec. 3, 2019, at 4:00 p.m.

Clifford Stuart Rocke and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of Interstate Investments on Oct. 30,
2019.

JEFFCORP NOMINEES: Clifton Hall Appointed as Liquidators
--------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed as Liquidator of
Jeffcorp Nominees Pty Ltd on Nov. 20, 2019.

Initial information was posted to creditors on Nov. 21, 2019.  

The information sent to creditors includes voting forms in respect
of proposals requiring creditor approval. Completed forms must be
returned by 5:00 p.m. on Dec. 16, 2019, for creditors' vote to be
counted.

MITCHCO CIVIL: First Creditors' Meeting Set for Dec. 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Mitchco
Civil Pty Ltd will be held on Dec. 4, 2019, at 3:00 p.m. at
Chartered Accountants Australia and New Zealand, Level 18, at 600
Bourke Street, in Melbourne, Victoria.

Sam Kaso and Barry Wight of Cor Cordis were appointed as
administrators of Mitchco Civil on Nov. 24, 2019.

ORACLE (NSW): First Creditors' Meeting Set for Dec. 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Oracle (NSW)
Pty Ltd will be held on Dec. 6, 2019, at 11:30 a.m. at the offices
of O'Brien Palmer, Level 9, at 66 Clarence Street, in Sydney, NSW.


Liam Thomas Bailey and Christopher John Palmer of O'Brien Palmer
were appointed as administrators of Oracle (NSW) on Nov. 26, 2019.

RESIMAC BASTILLE 2017-1NC: Moody's Ups Class F Notes to B1(sf)
--------------------------------------------------------------
Moody's Investors Service upgraded the ratings on five classes of
notes issued by RESIMAC Bastille Trust Series 2017-1NC.

The affected ratings are as follows:

Issuer: RESIMAC Bastille Trust Series 2017-1NC

Class B, Upgraded to Aaa (sf); previously on May 14, 2018 Upgraded
to Aa1 (sf)

Class C, Upgraded to Aa2 (sf); previously on Mar 1, 2019 Upgraded
to Aa3 (sf)

Class D, Upgraded to A2 (sf); previously on May 14, 2018 Upgraded
to Baa1 (sf)

Class E, Upgraded to Baa3 (sf); previously on Oct 26, 2017
Definitive Rating Assigned Ba1 (sf)

Class F, Upgraded to B1 (sf); previously on Oct 26, 2017 Definitive
Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrade is prompted by an increase in note subordination
available to the affected notes. In addition, the transaction
portfolio has performed better than Moody's expectations at
closing.

Sequential amortization of the notes since closing has led to the
increase in notes subordination in the transaction.

Following the November payment date, the notes subordination
available for the Class B and Class D Notes has increased to 13.9%
and 6.6%, respectively from 8.2% and 3.9% at the time of the rating
action in May 2018. The notes subordination available for the Class
C has increased to 10.2% from 8.2% at the time of the rating action
in March 2019. The notes subordination available for the Class E
and Class F Notes has increased to 4.3% and 2.7%, respectively from
2.2% and 1.1% at closing.

As of October 2019, 3.5% of the outstanding pool was 30-plus day
delinquent, and 1.1% was 90-plus day delinquent. The portfolio has
incurred AUD8,584 losses to date, which have been reimbursed by
excess spread.

Based on the observed performance and outlook, Moody's has revised
its expected loss assumption to 2.3% of the outstanding pool by
projecting the future defaults based on a roll rate analysis on
delinquent and defaulted loans. Moody's initial loss assumption for
the transaction was 1.6% of the original pool balance.

Moody's has decreased its MILAN CE assumption to 13.8% from 14.1%
since the last rating action, based on the current portfolio
characteristics.

The MILAN CE and expected loss assumptions are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the cash-flow model.

The transaction is an Australian RMBS secured by a portfolio of
residential mortgage loans, originated by RESIMAC Limited, an
Australian non-bank mortgage lender. A portion of the portfolio
consists of loans extended to borrowers with impaired credit
histories or made on a limited documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.

RNR DARWIN: Second Creditors' Meeting Set for Dec. 4
----------------------------------------------------
A second meeting of creditors in the proceedings of RNR Darwin Pty
Ltd, trading as Trading as RNR Serviced Apartments Darwin, has been
set for Dec. 4, 2019, at 2:30 p.m. at the offices of Clifton Hall,
Level 3, at 431 King William Street, in Adelaide, SA.

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 Dec. 3, 2019, at 4:00 p.m.

Daniel Lopresti and Timothy Clifton of Clifton Hall were appointed
as administrators of RNR Darwin on Oct. 30, 2019.



===================
B A N G L A D E S H
===================

BANGLADESH: Fitch Affirms BB- LongTerm IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings affirmed Bangladesh's Long-Term Foreign-Currency
Issuer Default Rating at 'BB-' with a Stable Outlook.

KEY RATING DRIVERS

Bangladesh's ratings balance strong GDP growth, high
foreign-exchange reserve buffers and moderate, although rising,
general government debt against weak structural indicators,
including a challenging business environment relative to peers,
exceptionally low fiscal revenue and poor banking-sector health.

Bangladesh's high economic growth has proved resilient to a number
of severe shocks over the past decade, including political crises
and natural disasters. The country exhibits one of the highest real
GDP growth rates of all sovereigns; its 7.4% average real GDP
growth over the past five years well exceeds the 'BB' category
median of 4.2%. The government estimates growth of 8.1% for the
financial year ended June 2019 (FY19), underpinned by strong
domestic demand given high remittances and a solid net export
contribution. Fitch forecasts growth to decelerate slightly to 7.5%
in FY20 and 7.2% in FY21, as external demand for Bangladeshi
exports has been falling in recent months, following the trend of
slowing world trade. Bangladesh's inflation is high against the
'BB' median of 3.4%, averaging 5.5% in 10M19, but is on par with
Bangladesh Bank's target ceiling for FY20.

Foreign reserve buffers remain comfortable, amounting to USD32.4
billion in October 2019 - 5.5 months of current external payments,
compared with 4.3 months for 'BB' category peers - even though
Bangladesh continues to run a modest current account deficit, which
Fitch forecasts at 2.2% of GDP in 2019. This is due to several
large infrastructure projects requiring significant imports of
capital goods. International reserves, though, could come under
pressure if Bangladesh Bank decides to intervene aggressively to
support the exchange rate. Remittances from overseas workers
continue to perform strongly, as USD17.1 billion flowed in through
official channels in the 12 months through September 2019, up by
10% from a year prior, even though average emigration fell by 22%
over the same period.

Bangladeshi ready-made garments, which make up 84% of total
exports, earned the country USD34.1 billion in FY19 - USD3.5
billion more than in FY18. Export growth will likely slow this
fiscal year, however. Bangladesh's share in the global apparel
market has gradually risen to 6.5% in 2017, but the country now
faces weaker global trade and is not seeming to benefit much from a
redirection in trade due to the US-China trade spat.

Fitch estimates the fiscal deficit to have slightly widened to 4.8%
in FY19, from 4.6% in FY18, due to weak revenue and for the revenue
ratio to have fallen to 9.6% of GDP, the lowest ratio among all
Fitch-rated sovereigns with the exception of Nigeria. The
implementation of a new value-added tax law from July 2019 is
unlikely to significantly improve the revenue ratio in the near
term.

Fitch expects fiscal deficits of just under 5.0% of GDP for the
next few years, which implies a gradually rising general government
debt ratio from a low 34.0% of GDP in FY18. Nevertheless,
government debt/revenue of 367% in FY19 is already more than double
the 167% 'BB' median and is increasing at a faster pace. The
government has indicated that it aims to stop annual
recapitalisation of public-sector banks to improve banking
management practices, but Fitch believes there is upside risk to
the government's debt trajectory due to further capital injections
into public entities.

Government interest payments/revenue was a high 17.6% relative to
the 7.6% 'BB' median, but Bangladesh still benefits from external
concessional financing. The lower use of national saving
certificates to finance the deficit is positive, given the
double-digit interest rates paid on such instruments, but a greater
role by domestic banks to finance the deficit may crowd out
private-sector borrowing.

The banking sector's health and governance standards are weak,
particularly at public-sector banks. The official gross
non-performing loan (NPL) ratio was a high 11.7% in June 2019, up
from 10.4% a year earlier, although the NPL ratio net of provisions
was significantly lower at 2.5%. According to the IMF the published
NPL ratios are likely to underestimate problems in the sector, also
indicating that the stressed asset ratio has risen to over 20%. In
spite of the positive macroeconomic environment, gross NPLs at
state-owned commercial banks rose to 31.6% in June 2019, from 28.2%
a year prior. The capital adequacy ratio for the sector is a low
11.7% and is only 8.5% for state-owned commercial banks. The risk
that the sovereign will need to provide additional financial
support to the banking sector is somewhat mitigated by the small
size of private credit, at 37% of GDP.

Weak governance standards are illustrated by a low score for the
World Bank governance indicator - 22nd percentile versus the 'BB'
median of 44th percentile; this constrains the effectiveness of
economic policies. The country ranks lowest in the 'BB' category
for the Ease of Doing Business index, at 168th of 190 countries.
The security situation in Bangladesh seems to have improved
significantly over recent years and no longer seems to deter
foreign visitors, even though recurrence of security incidents and
political turmoil cannot be ruled out. A large infrastructure
deficit continues to hamper investment, although the government has
in recent years significantly enhanced electricity generation
capacity and is focused on progressing some large infrastructure
projects.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Bangladesh a score equivalent to a
rating of 'BB' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final Long-Term Foreign-Currency IDR by applying
its QO, relative to rated peers, as follows:

  - Structural features: -1 notch, to reflect weak governance
hindering the strength and effectiveness of economic policy, weak
health and governance in Bangladesh's banking sector as well as a
challenging business environment from red tape, polarised political
settings and domestic security issues.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within its criteria that are not fully quantifiable or not
fully reflected in the SRM.

RATING SENSITIVITIES

The main factors that individually, or collectively, could trigger
positive rating action are:

  - Sustained improvement in the structure of public finances in
terms of higher government revenue and lower risk of contingent
liabilities

  - Improved governance that strengthens the business climate and
banking-sector health

The main factors that individually, or collectively, could trigger
negative rating action are:

  - A significant rise in the government debt/GDP ratio due to the
crystallisation of contingent liabilities related to banks or other
state-owned enterprises

  - A drop in foreign-exchange reserves, for instance, in
combination with a widening of the current account deficit

  - Substantial slowdown in GDP growth, for example, related to
materialising political risk or a deterioration in security

KEY ASSUMPTIONS

  - The global economy performs broadly in line with Fitch's latest
Global Economic Outlook (September 2019).

FULL LIST OF RATING ACTION

Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook Stable

Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Short-Term Local-Currency IDR affirmed at 'B'

Country Ceiling affirmed at 'BB-'



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

WANDA COMMERCIAL: Fitch Assigns BB+ Rating to New USD Unsec. Notes
------------------------------------------------------------------
Fitch Ratings assigned a rating of 'BB+' to Dalian Wanda Commercial
Management Group Co., Ltd.'s (BB+/Stable) proposed US dollar senior
unsecured notes, to be issued by its wholly owned subsidiary, Wanda
Properties Overseas Limited.

The proposed notes are rated at the same level as Wanda
Commercial's senior unsecured rating, as they will be
unconditionally and irrevocably guaranteed by its wholly owned
subsidiaries; Wanda Commercial Properties (Hong Kong) Co. Limited,
Wanda Real Estate Investments Limited and Wanda Commercial
Properties Overseas Limited. In addition, Wanda Commercial has
granted a keepwell deed and a deed of equity interest purchase
undertaking to ensure the issuer has sufficient assets and
liquidity to meet its note obligations.

Fitch believes Wanda Commercial's Standalone Credit Profile remains
strong at 'bbb+', due to robust rental and management fee revenue
generation and continued Wanda Plaza expansion. However, Wanda
Commercial's ratings are constrained by the consolidated credit
profile of Dalian Wanda Group Co., Limited (Wanda Group), which
Fitch assesses at 'bb+' due to weak entertainment-related
businesses and high leverage. Wanda Group owns 43.7% of Wanda
Commercial.

KEY RATING DRIVERS

Wanda Group Constrains Rating: Fitch assesses the parent and
subsidiary linkage between Wanda Group and Wanda Commercial as
'Moderate', which results in Wanda Commercial being rated on its
parent's weaker consolidated credit profile of 'bb+' under Fitch's
Parent and Subsidiary Rating Linkage criteria. Wanda Group's
consolidated credit profile is driven by Wanda Commercial, which
contributed around 80% of the group's consolidated EBITDA in 2018,
and Beijing Wanda Cultural Industry Group Co., Ltd. (Wanda
Culture), which contributed 20%.

The consolidated credit profile of 'bb+' is constrained by Wanda
Culture's high leverage and the limited transparency of Wanda
Group's aggressive business strategy. Fitch estimates Wanda
Culture's consolidated total adjusted debt/EBITDAR at 8.5x in 2018,
versus 10.0x in 2017, and its operating EBITDAR/interest paid +
rent at 1.4x in 2017-2018, mainly driven by the financials of its
subsidiary, AMC Entertainment Holdings, Inc. Fitch affirmed and
withdrew AMC's rating at 'B' with a Stable Outlook in December
2018.

Standalone Credit Profile 'bbb+': Wanda Commercial has a strong
property portfolio that is in line with 'A' rated property
investment companies due to its large size, asset diversification
and strong operational performance throughout business cycles. It
is China's largest shopping-mall owner and one of the largest
commercial-property owners rated by Fitch. It generated more than
CNY30 billion in rental and management fee income in 2018; this was
up by 22.8% following a 6% rise in average monthly rent to
CNY110.6/square metre (sq m) and a leasable floor area increase of
18%. The company aims to open another 43 shopping malls in 2019, of
which 70% will be through an asset-light cooperative model.

Fitch expects rental and management revenue to continue to rise by
around 10% in 2019-2020 through leasable floor area expansion.
Fitch estimates recurring EBITDA was CNY21.3 billion in 2018 and
recurring EBITDA net interest coverage was 2.3x. This should rise
before stabilising at above 2.6x in 2020, commensurate with its
'bbb+' credit strength. Wanda Commercial's net debt/recurring
EBITDA increased slightly to 5.1x in 2018, from 4.7x in 2017. Fitch
expects net debt/recurring EBITDA to be sustained below 6.0x after
such adjustment in 2019-2020.

Asset-Light Strategy Sped-Up: Fitch expects Wanda Commercial to add
30 asset-light cooperative projects each year in 2020-2021,
charging 30% of net rent from mall owners. It already plans to add
29 cooperative projects in 2019 after speeding up the transition in
2018, when it added 18 against five in 2017. The asset-light
cooperative projects will help Wanda Commercial maintain revenue
growth at around 10%, but will lower the current rental gross
profit margin below 75% in the medium term, from 80%, as
cooperatives usually have a gross profit margin of around 40% after
deducting lease expenses as cost of sales.

Property Development Exit Transfers Risk: Fitch believes Wanda
Commercial's exit from the volatile development business in 2019 is
credit positive. The company intends to dispose of the rest of its
projects to Wanda Properties Group Co. Ltd., which was established
in 2018 and is wholly owned by Wanda Group, by end-2019. This will
transfer development-business risk outside of Wanda Commercial, but
the risk will remain in Wanda Group's consolidated credit profile.
Nonetheless, the exit means Wanda Commercial will not have to
maintain an excessively high cash balance in preparation for land
replenishment, which should bolster recurring EBITDA interest
coverage.

DERIVATION SUMMARY

Wanda Commercial's investment property portfolio of over 280 retail
malls is comparable with that of major global investment-property
companies, such as Simon Property Group, Inc. (A/Stable), which has
over 200 retail outlets, Swire Properties Limited (A/Stable) and
Unibail-Rodamco-Westfield SE (A-/Negative). Wanda Commercial's
strong retail mall portfolio is in line with 'A' rated property
investment companies due to its large size, asset diversification
and strong operational performance throughout business cycles.

Wanda Commercial's credit metrics are weaker than those of the
three peers, as its recurring EBITDA interest coverage of 2.0x-3.0x
is lower than the peer average of more than 5.5x. Its ratings are
also constrained by the weaker consolidated credit profile of its
parent, Wanda Group, due to the moderate linkages with its parent,
based on Fitch's Parent and Subsidiary Rating Linkage criteria. No
Country Ceiling or operating environment aspects affect the
rating.

KEY ASSUMPTIONS

  - Wanda Commercial will open 43-45 new Wanda Plazas in 2019
(2018: 49), with around 80,000 sq m of leasable floor area each,
out of which 30 malls will be under an asset-light business model.

  - Asset-heavy shopping malls will have a gross profit margin of
around 80% (2018: 81%) and asset-light shopping malls will have a
gross profit margin of around 40% (2018: around 40%).

  - Rental and property management fee income will increase by
11%-12% in 2019-2020 (2018: 23%).

  - Capex of around CNY13 billion each year in 2019-2020 (2018:
CNY12 billion).

  - Wanda Commercial will wind down its property development
business before the end of 2019.

  - Available cash balance, including 40% of wealth management
products, to be maintained at around CNY70 billion in 2019-2020
(2018: CNY85 billion).

RATING SENSITIVITIES

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

  - Improvement in Wanda Group's transparency or consolidated
credit profile

  - IPO of Wanda Commercial that establishes effective ringfencing
and improves corporate governance

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

  - Inability to execute asset-light business model that leads to
net debt/recurring EBITDA above 7x for a sustained period

  - Wanda Commercial's recurring EBITDA/net interest below 2.5x
after 2020 for a sustained period

  - Deterioration in Wanda Group's consolidated credit profile

LIQUIDITY

Sufficient Liquidity: Wanda Commercial had more than CNY67 billion
in available cash at end-1H19, after including CNY500 million
pledged bank deposits to obtain borrowings and 40% of CNY26 billion
in wealth management products - mostly issued by commercial banks -
with less than a year maturity. The available cash is sufficient to
cover its CNY36 billion in short-term debt. Wanda Commercial has
kept its offshore funding channel open and issued offshore USD300
million 6.25% 363-day notes due in February 2020.

WANDA COMMERCIAL: Moody's Rates Unit's New Unsec. Notes Ba3
-----------------------------------------------------------
Moody's Investors Service assigned a Ba3 senior unsecured rating to
the proposed notes to be issued by Wanda Properties Overseas
Limited, a wholly owned subsidiary of Wanda Commercial Properties
Co. Limited (Ba3 stable).

The outlook is stable.

The proposed notes will be guaranteed by Wanda HK, which is a
wholly-owned subsidiary of Dalian Wanda Commercial Management Group
Co., Ltd. (Ba1 stable, together: the Dalian Wanda Group).

In addition, the proposed notes will also be supported by a deed of
equity interest purchase undertaking and a keepwell deed between
DWCM, Wanda HK, Wanda Properties Overseas Limited and the bond
trustee.

The note proceeds will be used mainly to refinance Dalian Wanda
Group's existing debt.

RATINGS RATIONALE

"The proposed notes issuance will slightly lengthen the group's
debt maturity profile without materially affecting the two
companies' credit metrics, as they plan to use the proceeds mainly
to refinance existing debt," says Kaven Tsang, a Moody's Senior
Vice President.

Wanda HK's Ba3 corporate family rating incorporates the company's
standalone credit profile and a two-notch uplift, reflecting
Moody's expectation that DWCM will provide financial support to
Wanda HK in times of need.

Moody's assumption of support reflects (1) Wanda HK's 100%
ownership by DWCM and the parent's management control over the
company; (2) Wanda HK's role as the primary platform for DWCM's
offshore funding and international expansion; and (3) the parent's
track record of extending support to the company's offshore
financing, through deeds of equity interest purchase undertakings
and keepwell deeds for its bonds, guarantees to its bank loans, and
funding for its loan repayment.

Wanda HK's standalone credit profile reflects its small scale, weak
credit metrics and thin equity base, given its role as the group's
core platform for offshore funding and overseas investment.
However, these risks are partly mitigated by the fact that the
company's operations and financial management are directly
controlled and managed by DWCM.

The stable outlook on Wanda HK's rating primarily reflects Moody's
expectation that DWCM will provide financial support to the company
in times of stress, given the close links between the two
companies.

Moody's also expects that DWCM will have the ability to provide
support, if needed, as reflected by its Ba1 CFR.

DWCM's Ba1 CFR reflects its strong brand and track record of
developing and managing commercial properties in China. The CFR
also considers its declining business risk, as it plans to
gradually exit the more volatile property development business by
2020.

Additionally, the Ba1 CFR reflects the execution risks associated
with DWCM's transformation into an asset-light business model. This
risk is partly mitigated by its strong cash position and high
recurring income, which provide a healthy financial buffer.

Moody's expects DWCM's debt/EBITDA will rise to 6.0x-6.5x in 2020
from 5.6x for the 12 months ended June 2019, while EBIT/interest
should fall to around 3.0x from 3.2x. Such weakening will be the
result of declining revenue from the company's shrinking property
development business. Nevertheless, these metrics remain
appropriate for its Ba1 CFR.

In terms of environmental, social and governance (ESG) factors, the
Ba1 CFR also considers DWCM's corporate governance and
transparency, given its private company status. This risk is partly
mitigated by the presence of independent directors and reputable
shareholders, such as Tencent Holdings Limited (A1 stable) and
other investors, who appoint their representatives to the board of
directors to balance the interests of the shareholders, creditors
and other stakeholders.

DWCM's liquidity is adequate. As of September 2019, DWCM's RMB60.1
billion in cash on hand could fully cover its RMB43.3 billion in
short-term debt. Moody's expects the company's cash and operating
cash flow will be sufficient to cover its short-term debt,
committed land payments and capital spending over the next 12
months.

DWCM's stable outlook reflects Moody's expectation that the company
will maintain stable financial metrics and have adequate cash
resources to support its operating and refinancing needs.

The Ba3 senior unsecured rating of the proposed notes reflects
Moody's expectation that DWCM will provide financial support by
honoring its obligations under the deed of equity interest purchase
undertaking and keepwell deed rather than through a payment
guarantee.

The Ba3 senior unsecured rating is also unaffected by subordination
to claims at the operating companies because Moody's expects
support from DWCM to flow through the holding company rather than
directly to the main operating companies, thereby mitigating any
differences in expected loss that could result from structural
subordination.

Upward pressure on Wanda HK's CFR and on the senior unsecured
ratings of its guaranteed bonds could develop if (1) DWCM's CFR is
upgraded, and (2) the company maintains its strategic and economic
importance to the parent.

However, a downgrade of DWCM's CFR will result in a downgrade of
Wanda HK's CFR and the ratings of its guaranteed bonds.

Furthermore, Wanda HK's rating could face downgrade pressure if its
standalone credit profile deteriorates or if there is a reduction
in (1) the level of ownership by DWCM, or (2) the strategic and
economic importance of the company to DWCM.

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

YESTAR HEALTHCARE: Fitch Withdraws BB- LT IDR on Insufficient Data
------------------------------------------------------------------
Fitch Ratings withdrawn Yestar Healthcare Holdings Company
Limited's Long-Term Foreign-Currency Issuer Default Rating of 'BB-'
with a Stable Outlook. Fitch has also withdrawn the senior
unsecured rating of 'BB-' and the 'BB-' rating on its USD200
million 6.9% senior notes due 2021.

Fitch is withdrawing the ratings as Yestar has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Yestar.

KEY RATING DRIVERS

Not applicable.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as the ratings have
been withdrawn.



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

MELCO RESORTS: Moody's Assigns Ba2 on New Sr. Unsec. Notes
----------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed
senior unsecured US dollar notes to be issued by Melco Resorts
Finance Limited (Ba2 stable).

The outlook on the company remains stable.

MRF plans to use the note proceeds to partially repay existing debt
at its subsidiary Melco Resorts (Macau) Limited.

Assignments:

Issuer: Melco Resorts Finance Limited

Senior Unsecured Regular Bond/Debenture, Assigned Ba2

RATINGS RATIONALE

"The Ba2 rating reflects the established operations and
high-quality assets of the group under the parent Melco Resorts &
Entertainment Limited (MRE), which support robust cash flow
generation and good liquidity," says Sean Hwang, a Moody's
Analyst.

"These strengths are counterbalanced by MRE group's high geographic
concentration in the Macau gaming market as well as its
increasingly aggressive growth strategy, as demonstrated by its
continued pursuit of organic and inorganic growth," adds Hwang.

MRF's credit quality and ratings are driven by the consolidated
credit quality of its parent, MRE, given that MRF is 100%-owned by
MRE with limited ring-fencing mechanisms. In addition, Moody's
expects MRE will continue to rely heavily on MRF for profit
generation and funding.

Moody's expects MRE will maintain steady earnings over the next
12-18 months because the impact of the market-wide softening of VIP
business and increasing macro uncertainties will be mitigated by
steady growth in the mass-market segment which MRE focuses on.
MRE's adjusted EBITDA (as measured by the company) increased to
$1.2 billion in the first nine months of 2019 from $975 million a
year earlier, driven mainly by robust mass-table revenue and
improved win rates.

Moody's expects MRE's gross debt/EBITDA and net debt/EBITDA
(reflecting Moody's adjustments) will increase to around 4.3x-4.5x
and 3.3x-3.5x over the next 12-18 months, from the 3.6x and 2.6x
that Moody's expects for 2019, respectively. The leverage increase
will be driven by the capital spending for a resort development
project in the Republic of Cyprus (Ba2 positive) and the Studio
City phase two expansion as well as the second-tranche payment for
the acquisition of a 19.99% stake in Crown Resorts Limited (Baa2
stable).

These projected metrics for MRE remain within the tolerance levels
for MRF's Ba2 rating category, although limited headroom will
remain for further large debt-funded investments or a
weaker-than-expected operating performance.

The Ba2 rating for the proposed senior unsecured notes is in line
with the company's corporate family rating, because the partial
redemption of the subsidiary-level debt will reduce claims at the
subsidiary to a manageable level.

In terms of environmental, social and governance (ESG) factors, the
rating factors in the company's exposure to changing demographics
and consumer preferences, as well as the high concentration of
ultimate ownership in a controlling shareholder. These factors are
mitigated by Melco group's track record of managing the social
aspect of its operations, the positioning of its core market of
Macau as a destination gaming hub, and the board oversight
exercised through independent board directors.

The stable rating outlook reflects Moody's expectation that MRE
will maintain healthy consolidated earnings over the next 12-18
months, supported by robust mass-market gaming demand in Macau.
Moody's further assumes that, aside from the announced
transactions, MRE will not use further significant debt to pursue
large-scale investments or shareholder distributions.

An upgrade of MRF's ratings is unlikely in the near term, given
MRE's elevated leverage. However, the ratings could be upgraded
over time if MRE establishes a longer track record of maintaining a
conservative investment strategy and improves its consolidated
financial profile, such that MRE's adjusted debt/EBITDA stays below
3.5x while it maintains sizeable cash holdings.

On the other hand, MRF's ratings could be downgraded if (1) MRE's
operating performance weakens as a result of slowing demand or
intensifying competition in MRE's key gaming markets, or (2) MRE's
financial leverage increases significantly because of further large
debt-funded investments or shareholder distributions, or both.
Metrics indicative of a possible downgrade include MRE's adjusted
debt/EBITDA rising above 4.5x-5.0x.

In addition, the ratings on MRF's senior unsecured notes could come
under pressure in the event of a sustained increase in MRF's
subsidiary-level priority claims relative to MRF's holding
company-level claims.

The principal methodology used in this rating was Gaming Industry
published in December 2017.



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

AAI KRUPA: ICRA Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------
ICRA said the long-term rating for the bank facilities of Aai Krupa
Cotton Industries (AKCI) continues to remain under the 'Issuer Not
Cooperating' category. The rating is still denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-        1.70       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based-        5.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Established as a partnership firm in 2013, Aai Krupa Cotton
Industries (AKCI) is engaged in cotton ginning and pressing
operations. The promoters of the firm have moderate experience in
cotton ginning and pressing industry by virtue of their earlier
association with other firms as partners or as key operating
personnel in past. The firm commenced its commercial operations
from November 2013 at its manufacturing unit at Tankara, Dist.
Rajkot with 20 ginning machines and 1 pressing machine. It has an
installed processing capacity of ~37 MT raw cotton daily (assuming
24 hours of operation per day).

AIR COSTA: NCLT Orders Insolvency Process at Low-Cost Carrier
-------------------------------------------------------------
The Economic Times reports that the bankruptcy court has ordered
corporate insolvency resolution process for the grounded South
Indian low-cost air carrier, Air Costa, owned by the
Vijayawada-based Lingamaneni family's LEPL Projects.

Air Costa is the second Indian airline, after Jet Airways to
undergo court-monitored debt resolution process under the
Insolvency and Bankruptcy Code, ET discloses. Aviation regulator
Director General of Civil Aviation had in June 2017 suspended the
flying licence of the airline, making it officially wind up
operations.

According to the report, the Amaravati bench of the National
Company Law Tribunal (NCLT) appointed MS Mano Ranjani as the
interim resolution professional for the airline, responding to a
petition by German aircraft maintenance firm MTU Maintenance
Berlin-Brandenburg GmbH (MTU-Berlin) as an operational creditor.

ET relates that the German firm said the low-cost air carrier
didn't make the required payments for the lease of aircraft engines
and also defaulted on payments under maintenance agreements.

On Nov. 18, Air Costa promoter Ramesh Lingamaneni said in a
statement that LEPL was solvent with strong fundamentals. The
airline has also accused the German company in the NCLT of
supplying defective engines, that too with a delay, causing it
losses, ET notes. It also challenged other claims of the
operational creditor.

MTU-Berlin said Air Costa had in November 2014 entered into an
aircraft engine lease agreement with its associate MTU Maintenance
Lease Services, Netherlands, ET relays. It had entered also into a
separate agreement with MTU-Berlin for engine maintenance, repair
and overhaul (MRO) services and another MRO pact with MTU
Maintenance Canada.

In September 2016, the Indian company signed a settlement agreement
with MTU-Canada for consolidation and settlement of dues, then
totalling around $1.99 million, it claimed, recalls ET.

ET says MTU-Berlin has submitted to the NCLT bench, headed by
Justice Mohammed Ajmal, that though Air Costa claimed transferring
$0.5 million, it didn't receive any amount. The carrier also failed
to pay instalments thereafter despite repeated reminders, it
alleged. MTU-Canada then moved a London court, which in March 2017
directed Air Costa to pay $2.46 million with an interest of
$95,635, it said.

Air Costa disputed the contents of MTU-Berlin's demand notice and
the dues, relates ET. Following this, the German firm moved the
NCLT, seeking corporate insolvency resolution process.

According to ET, Air Costa argued that the MTU entities failed to
supply the leased engine in time that caused severe losses to it,
including loss of bookings and grounding of aircraft. The engine,
delivered late, also had oil leakages beyond permissible limit and
developed technical snags, it claimed. Disputing the validity of
the settlement agreement, Air Costa said it was coerced to enter
into unreasonable settlement agreement, which should be treated
null and void. It also argued that the London court's orders were
not maintainable since they were passed ex parte.

ET relates that the NCLT bench observed that Air Costa did not
raise the issue of deficiency in services nor the delayed delivery
of engine while entering into settlement agreement with the MTU
entities and agreed to pay the dues quantified. Refusing to go into
the validity or otherwise of the settlement agreement, the tribunal
observed also that Air Costa didn't question the settlement
agreement in any appropriate forum till it received the legal
notice from MTU entities in July 2017.

ANISH TRADING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Anish Trading and Mercantile Private Limited
        Shop No. 6, Kanakia Park 1
        Opp. Avenue Hotel
        Thakur Complex, Kandivali East
        Mumbai 400101
        Bandra Suburban, Maharashtra
        India

Insolvency Commencement Date: November 16, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 13, 2020
                               (180 days from commencement)

Insolvency professional: Ms. Rajshree Padia

Interim Resolution
Professional:            Ms. Rajshree Padia
                         Office No. 17, 10th Floor
                         Pinnacle Corporate Park
                         G-Block, Bandra Kurla Complex
                         Bandra (E), Mumbai 400051
                         E-mail: anish.cirp@gmail.com
                                 rajshreecs@hotmail.com

Last date for
submission of claims:    November 29, 2019

ANNAI POWER: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Annai Power
Private Limited's (APPL) 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 action is:

-- INR120 mil. Term loan due on March 2026 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

APPL, which was incorporated in June 2003, is engaged in generating
power in Alungulam (Tirunelveli Dist) and leases out commercial
properties to Naga Limited ('IND BBB+'/Positive).

ARUNESH SAW: ICRA Assigns B+ Rating to INR1.50cr LT Loan
--------------------------------------------------------
ICRA has assigned rating to the bank facilities of Arunesh Saw
Mills, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term–
   Fund Based/CC        1.50       [ICRA]B+(Stable); Assigned

   Short term–
   Non-fund
   Based–LC             6.00       [ICRA]A4; Assigned

Rationale

While arriving at the ratings, ICRA has taken a consolidated view
of Ananda Saw Mills and Arunesh Saw Mills, owing to common
management and significant operational linkages between the two
firms.

The assigned ratings are constrained by the Group's small scale of
operations, which limits its financial and operational flexibility.
Further, the ratings are impacted by the highly fragmented industry
structure, characterised by intense competition from many organised
and unorganised players, resulting in low profitability. Moreover,
the Group's margins are exposed to fluctuations in exchange rates,
as it imports most of its raw material requirement. The Group is
also exposed to inventory risks given its sizeable inventory
holding. The firm's capital structure is stretched as illustrated
by a high gearing (TD/TNW) of 3.9 times and TOL/TNW of 7.9 times as
on March 31, 2019. The assigned ratings, nonetheless, positively
factor in the long track record of the Group's promoters in the
timber industry and established relationship with suppliers.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that the Group will continue to benefit from the extensive
experience of its promoters in the timber trading industry.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in timber trading industry –
The promoters have been present in the timber business for over two
decades and have established relationship with suppliers and
customers.

Credit challenges

Small scale of operations – The Group is a small-sized player in
the fragmented industry with revenues of INR17.0 crore in FY2019,
limiting its financial flexibility.

Intense competition and fragmented industry put pressure on
profitability – Timber processing is a low value-additive
business and faces intense competition from numerous players
operating in the industry. The fragmented and competitive nature of
the industry limits pricing flexibility of participants and keeps
margins under pressure. The pricing flexibility is limited because
of intense competition in the industry. Moreover, the Group's
margins are exposed to fluctuations in exchange rates, as it
imports most of its raw material requirement, and to inventory
risks given the sizeable inventory holding.

Financial profile characterised by stretched capital structure and
weak coverage indicators – The firm's financial profile has been
weak with TOL/TNW of 7.9 times as on March 31, 2019 due to high
debt obligations and low net worth. The coverage indicators were
weak with Interest coverage (OPBITDA/Interest) of 1.6 times and
TD/OPBITDA of 11.0 times in FY2019 because of low operating
profits.

Liquidity position: Stretched

The Group's liquidity position is stretched with low cash flow from
operations of ~INR0.5 – INR1.0 crore and high working capital
utilisation of 95-100%. The firm does not have any major capacity
expansion plans.

Rating sensitivities

Positive triggers – ICRA may upgrade the Group's ratings if the
Group demonstrates a sustained improvement in its scale of
operations and accruals. Specific credit metrics that may lead to
an upgrade of the ratings include OPBITDA/Interest above 2 times on
a sustained basis.

Negative triggers – Negative pressure on the Group's rating may
arise if the Group's liquidity profile deteriorates any further
because of stretched working capital cycle.

The Group (Ananda Saw Mills and Arunesh Saw Mills) was established
in 1982 by Mr. Alagaraja and is involved in importing of sawn
timber and round timber logs and processing them into various
commercial sizes as per the requirement of its customer. The
Group's saw mills are located at Tenkasi (Tamil Nadu) with an
installed capacity of 100 cubic metres per day. In FY2019, the
Group reported a net profit of INR0.37 crore on an operating income
of INR16.99 crore compared to a net profit of INR0.34 crore on an
operating income of INR18.16 crore in the previous year.

BAIJNATH SCRAP: CRISIL Maintains 'B-' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Baijnath Scrap Centre
(BSC) continue to be 'CRISIL B-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          6          CRISIL B-/Stable (ISSUER NOT
   Overdraft facility               COOPERATING)

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

BSC was set up as a sole proprietorship firm, by the promoter, Mr
Baijnath Aggarwal, in 1984. Operations are managed by his son, Mr
Kartikey Aggarwal. The Agra-based firm trades in iron casting and
scrap, and caters to local customers.

BELLA JEWELRY: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bella Jewelry Private
Limited (BJPL) continue to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill          7.5        CRISIL D (ISSUER NOT
   Discounting                      COOPERATING)

   Proposed Short        2.49       CRISIL D (ISSUER NOT
   Term Bank Loan                   COOPERATING)
   Facility              

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

Set up in 2004 as a partnership firm between Mr. Dauji Johari, Mr.
Sharad Johari, and Ms. Prabha Johari, the firm was reconstituted as
a private limited company with the current name in 2007. The
company manufactures and exports diamondstudded gold jewellery. Its
manufacturing unit is in Santacruz Electronics Export Processing
Zone, Mumbai.

The company is part of the Johari group, which also comprises Dauji
& Co (rated 'CRISIL D'), Dow Gems, and Kuber Manufacturing Inc.

BHAGABAN MOHAPATRA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bhagaban
Mohapatra Constructions and Engineers Private Limited's (BMCEPL)
Long-Term Issuer Rating to 'IND D' from 'IND BB+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- INR49 mil. (increased from INR30 mil.) Fund-based limit (Long-
     term) downgraded with IND D rating;

-- INR1.10 mil. Term loan (Long-term) due on September 2020
     assigned with IND D rating; and

-- INR250 mil. (reduced from INR360 mil.) Non-fund-based limit
     (Short-term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects BMCEPL's irregularities in term loan
repayments during the 12 months ended November 2019 due to a
stretched liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

BMCEPL undertakes the execution of civil and mechanical
construction projects, with a primary focus on piling activities.
The company is promoted by Mr. Bhagaban Mohapatra.

BHASKARA LOGISTICS: CRISIL Lowers Rating on INR5.6cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Bhaskara
Logistics (BLS) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          1.5        CRISIL B+/Stable (ISSUER NOT
   Overdraft                        COOPERATING; Revised from
   facility                         'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Cash Term Loan        5.6        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    2.9        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

BLS, established by Mr Chelasani Bhargav, as a proprietorship firm,
is engaged in bulk road transport services. The firm is
headquartered in Vijayawada, Andhra Pradesh, and provides services
across southern, western, and central India.

BHAVANI RENEWABLE: CRISIL Lowers Rating on INR11cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Bhavani
Renewable Energy Private Limited (BREPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER
                                    NOT COOPERATING')

CRISIL has been consistently following up with BREPL for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BREPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BREPL 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 BREPL revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in June 2010, Bhavani Renewable Energy Private Limited
(BREPL) is promoted by Mr. Bhanu Pratap Singh. The company operates
a 4MW Hydro Electric Project in Kangra, Himachal Pradesh,
commercial operations of which started in June 2013.


BIDESH PLYWOOD: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bidesh Plywood
Factory Private Limited (BPFL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          .5         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Cash Credit             4          CRISIL D (ISSUER NOT
                                      COOPERATING)

   Letter of Credit       18          CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term      3.7        CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)
   Standby Letter
   of Credit               1.8        CRISIL D (ISSUER NOT
                                      COOPERATING)

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

Incorporated in 1992, BPFL is promoted by Mr Roshan Lal Agarwal.
The company has a unit near Dhupguri in Siliguri (West Bengal) and
manufactures plywood, block board, and veneers.

DUNCANS INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Ducans Industries Limited
        Duncan House, 2nd Floor
        31 Netaji Subhas Road
        Kolkata 700001

Insolvency Commencement Date: November 19, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Tuhin Kumar Chatterjee

Interim Resolution
Professional:            Tuhin Kumar Chatterjee
                         5A, Sree Mohan Lane
                         Kolkata 700026
                         E-mail: tuhinkc2@gmail.com

Last date for
submission of claims:    December 3, 2019

GURUSUKH VINTRADE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Gurusukh Vintrade Services Private Limited
        Maharshi Valmiki Ward No. 28
        Telibandha, Raipur
        Raipur CT 492006
        Chhattisgarh

Insolvency Commencement Date: November 14, 2019

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: May 11, 2020
                               (180 days from commencement)

Insolvency professional: Umesh Chandra Sahoo

Interim Resolution
Professional:            Umesh Chandra Sahoo
                         Plot No. 4, Snowdrop Apartment
                         2nd Floor Cuttack Road
                         (Near Indian Oil Petrol Pump)
                         Bhubaneswar 751006
                         Odisha, India
                         E-mail: info@nayadarshan.com
                                 gurusukh@nayadarshan.com

Last date for
submission of claims:    December 2, 2019

J G AGRO: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of J G Agro Industries
(JGAI) continue to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             9        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

JGAI was established in 2008 as a partnership firm by the Jindal
family in Patiala (Punjab). The firm was reconstituted as a
proprietorship concern with Mr. Tejinder Mohan Jindal as proprietor
in 2012-13. JGAI is mainly engaged in shelling of basmati and
non-basmati rice.

KAMDAR CARZ: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Kamdar Carz Private
Limited (KCPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     30        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Incorporated in 2011, KCPL is engaged in automobile dealer of
Renault India Pvt Ltd in Ahmedabad. The company owns three
showrooms in Gujarat.

KANS WEDDING: CRISIL Maintains 'B+' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kans Wedding Centre
(KWC) continue to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.6       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         1.22      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Working       0.18      CRISIL B+/Stable (ISSUER NOT
   Capital Facility                 COOPERATING)

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

KWC, incorporated in 2009, is promoted Mr K A Niyas and his family,
who have been in this line of business for over two decades. It is
Kerala's largest wedding apparel retail firm, offering over 10,000
branded products. The firm has three operational retail stores in
Kerala.

KMB GRANITE: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of KMB Granite Quarriers
(KMB) continue to be 'CRISIL D Issuer not cooperating'.

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

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

KMB was established as a partnership firm by Mr. Mohammed Yaseen,
Mr. Mohammed Ismail, and Mr. Abdulla in 2012. The firm undertakes
quarrying of rough granite. It started commercial operations from
January 2014.

KMB TRADING: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of KMB Trading
Corporation Private Limited (KMB) continue to be 'CRISIL D Issuer
not cooperating'.

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

   Corporate Loan         2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest
   Term Loan              4.15      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        12.72      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1.13      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Set up in 1999 as a partnership between Mr. K Shoukath Ali and his
brother Mr. Yusuff Basha, KMB was reconstituted as a private
limited company in 2010. The company, headquartered in Salem (Tamil
Nadu), quarries and sells rough granite blocks.

KOMARLA HATCHERIES: Ind-Ra Migrates BB Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Komarla
Hatcheries' 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:

-- INR114.4 mil. Term loan due on May 2021 migrated to non-
     cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating; and

-- INR95.00 mil. Fund-based working capital limits 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
November 29, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Komarla Hatcheries is a Bengaluru-based partnership firm that is
engaged in the poultry business in Karnataka, Tamil Nadu and
Kerala.   

KOTAKURJA PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kotakurja Private Limited
        311 Lotus House 33A
        Vithaldas Thackersey Marg
        New Marine Lines
        Mumbai 400020

Insolvency Commencement Date: November 18, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 16, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Devarajan Raman

Interim Resolution
Professional:            Mr. Devarajan Raman
                         12, ICT SQ
                         RA Kidwai Road
                         Matunga, Mumbai 400019
                         E-mail: devarajan.raman@gmail.com

                            - and -

                         Office No. 9, 2nd Floor
                         22 Rajabahadur Mansion
                         Mumbai Samachar Marg
                         Mumbai 400001
                         E-mail: ip.kotakurja@gmail.com

Last date for
submission of claims:    December 2, 2019

LEPL PROJECTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s LEPL Projects Limited

        Registered office:
        59-14-10, Ramachandra Nagar
        NH 5, Ring Road
        Vijayawada 520008
        Andhra Pradesh
  
        Corporate office:
        Plot No. 21, Road No. 12
        Banjara Hills
        Hyderabad 500033
        Telangana, India

Insolvency Commencement Date: November 14, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 12, 2020

Insolvency professional: MS Mano Ranjini

Interim Resolution
Professional:            MS Mano Ranjini
                         Flat 122, Vasavi Indraprastha
                         Street 1, Czech Colony
                         Sanathnagar, Hyderabad 500018
                         Telangana
                         E-mail: mano3ranjani@gmail.com
                                 lepl.irp@gmail.com

Last date for
submission of claims:    November 29, 2019

M/S GEORGE: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/S George Maijo
Industries Private Limited's (Maijo) 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:

-- INR315.7 mil. Term loan due on March 2033 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR105 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR185 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 7, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Maijo was incorporated in 1962 by late Mr. T.M. Joseph. Maijo is
the sole distributor of the marine engines, water vehicles, and
boats manufactured by Yamaha Motor Co. in India.

MCLEOD RUSSEL: Bank Moves NCLT to Initiate Insolvency Proceedings
-----------------------------------------------------------------
Business Standard reports that following Techno Electric &
Engineering's appeal at the National Company Law Tribunal (NCLT)'s
Kolkata Bench to initiate insolvency proceedings against McLeod
Russel, a bank has followed suit.

Business Standard relates that in a regulatory filing with the BSE,
while declaring its financial results for the quarter ended
September, McLeod said: "During the quarter, one of the bankers
issued a notice of default and recalled the amount granted under
various facilities. The said banker and another lender have filed
petitions to initiate proceedings under the Insolvency and
Bankruptcy Code . . . These petitions are, however, yet to be
admitted by NCLT."

Sources said the hearing on this matter will be next month, the
report relays.

Other lenders to McLeod and its other group companies have also
obtained injunctions against disposal of McLeod's assets, pending
settlement of their dues, according to Business Standard.

Business Standard says the Williamson Magor Group (WMG) company,
which this year lost its crown as the world's largest tea producer,
has been selling gardens to pare debt of around INR2,000 crore.
Over recent years, of the 52 tea estates it once owned, McLeod has
sold 19 gardens across Assam, Dooars and Africa, for INR765 crore.
The aim was to pare high-cost debt, buy back shares and support
daily operations.

Another estate sale in Assam is under way, for about INR28 crore.
After an interim stay from the NCLT, this transaction has been held
back. Also, the company cannot sell any more gardens unless NCLT
lifts the stay, the report notes.

According to Business Standard, sources aware of this development
feel Techno pressed its case for a stay on asset sale as it felt
this was the best way to prevent McLeod from being liquidated and
exhaust its assets before the creditors were paid fully.

In the notice, McLeod said it had taken various measures to
overcome the current financial situation, such as reduction in
operational costs, monetising group assets (like tea estates and
land parcel sales), including holdings of other group companies,
and proposals for restructuring of borrowings to make these
sustainable, Business Standard relates.

A resolution process of the stressed assets has already been
initiated by the bankers and an Inter Creditor Agreement (ICA) for
working out a suitable resolution plan, outside the scope of NCLT,
is under consideration. The lenders have also appointed an
independent professional for carrying out a techno-economic
viability study and to recommend an overall plan and possible
course of action, the reports notes.

Despite positive earnings, McLeod's financial performance continues
to be under stress. Inter-corporate deposits amounting to INR2,846
crore, given to various group companies, remain unpaid, says
Business Standard.

"All these have resulted in mismatch of current resources vis-a-vis
commitments and obligations and liquidity constraints, causing
hardship in servicing the short-term and long-term debts and
meeting other liabilities on their falling due for payment", the
report quotes McLeod as saying.

Earlier this month, the shareholders rejected all the company's
special resolutions on the issue, including borrowing and lending
money beyond permissible limits, besides others, Business Standard
says.

While hearing an appeal from IL&FS against Williamson Magor & Co, a
WMG company, the high court had passed a temporary order of
injunction restraining Williamson Magor & Co, McLeod and Eveready
(all WMG entities) from transferring, alienating or encumbering any
of their tangible or intangible assets till the application of
IL&FS was disposed off, the report notes.

                        About McLeod Russel

McLeod Russel India Limited, together with its subsidiaries,
cultivates, processes, manufactures, and sells bulk teas in India.
It offers CTC and orthodox black teas, as well as green teas. The
company operates tea estates covering approximately 39,770 hectares
in India, Vietnam, Uganda, and Rwanda. It also trades in black tea.
In addition, the company exports its products to Europe, the Middle
East, North America, and internationally.

As reported in the Troubled Company Reporter-Asia Pacific on July
19, 2019, ICRA downgraded the ratings on the INR1031.09-crore
fund-based and non-fund based bank facilities of McLeod Russel
India Limited (MRIL) to [ICRA]D from [ICRA]B-(Negative)/[ICRA]A4.
The ratings continue to remain in the Issuer Not Cooperating
category owing to non-submission of no default declaration.

MONARCH BROOKEFIELDS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Monarch Brookefields LLP
        Survey No. 113/0, Akurli Village
        Panvel Raigarh Mh 410206

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 24, 2020

Insolvency professional: S. Gopalakrishnan

Interim Resolution
Professional:            S. Gopalakrishnan
                         R-2/202, Moraj Riverside Park
                         Takka, Panvel 410206
                         Raigad District, Maharashtra
                         E-mail: gopi63.ip@gmail.com

                            - and -

                         S. Gopalakrishnan, Partner
                         Kanchansobha Debt Resolution Advisors
                         LLP
                         1507-Wing, One BKC
                         Plot No. C-66, G Block
                         Bandra Kurla Complex
                         Bandra East, Mumbai 400051
                         E-mail: monarchbrookfield@gmail.com

Classes of creditors:    Allottees under a Real Estate Project
                         Under Sec. 5 (8) (f) of the Insolvency
                         and Bankruptcy Code, 2016

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rajan Agarwal
                         404, Laxmi Mall
                         Laxmi Industrial Estate
                         New Link Road, Andheri West
                         Maharashtra 400053
                         E-mail: iprajanagarwal@gmail.com

                         Mr. Anil Vaidya
                         Plot No. 107, S.No. 62/65
                         Mahatma Society, Bhusari Colony
                         Kothrud, Pune
                         Maharashtra 411038
                         E-mail: anilvaidya38@gmail.com

                         Mr. Indrajit Mukherjee
                         Flat No. 705 A Wing
                         DeepCHs, D N Nagar
                         J P Road, Andheri (West)
                         Mumbai, Suburban
                         Maharashtra 400053
                         E-mail: indrajitmukherjee15@yahoo.com

Last date for
submission of claims:    December 7, 2019

MOTHERS PRIDE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Mothers Pride Dairy India Private Limited
        Registered office:
        A-11, Ground Floor
        Nirman Vihar, Shakarpur
        New Delhi 110092

Insolvency Commencement Date: November 13, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 11, 2020
                               (180 days from commencement)

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional:            Mohd Nazim Khan
                         MNK & Associates
                         Company Secretaries, G-41
                         Ground Floor, West Patel Nagar
                         New Delhi 110008
                         E-mail: nazim@mnkassociates.com
                                 motherspride.cirp@gmail.com

Last date for
submission of claims:    December 3, 2019

MUKAND SUMI: Ind-Ra Lowers LT Issuer Rating to BB+, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mukand Sumi
Metal Processing Limited's (MSMPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR400 mil. Fund-based limits downgraded with IND BB+ / Stable

     / IND A4+ rating; and

-- INR30 mil. Non-fund based limits downgraded with IND A4+
     rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of Mukand Sumi Metal Processing Limited's (MSMPL) and its parent,
Mukand Ltd (holds 60.07% in MSMPL), to arrive at the ratings, owing
to operational and strategic linkages between them. Mukand's
co-chairman and managing director is the chairman of MSMPL and the
companies have a few common directors.

KEY RATING DRIVERS

The downgrade reflects deterioration in Mukand's already weak
credit profile during FY19 and 6MFY20. In FY19, Mukand's debt
levels increased and EBITDA margins fell, leading its coverage
ratio to further weaken to 0.3x (FY18: 0.5x). MSMPL is totally
dependent on the procurement of raw materials from Mukand and
Mukand Sumi Special Steel Limited (MSSSL), another subsidiary of
Mukand (holds 51% in MSSSL) hived-off in March FY18. MSMPL procures
almost all its required raw material either directly or indirectly
from Mukand. Ind-Ra expects any further deterioration in Mukand's
credit profile to affect MSMPL's operations and margins.

MSMPL's revenue increased 31.6% yoy to INR7,648.0 million in FY19,
majorly driven by the sales from stainless steel segment that
contributed 43.6% to the total revenue in FY19 (FY18: 33.7%). The
alloy steel segment that contributed 56.4% to the total revenue in
FY19 (FY18: 66.3%) is more affected by the slowdown in the
automobile industry than the stainless steel segment due to its
large application in the automotive industry witnessing sluggish
growth. EBITDA margins fell to a modest 4.0% in FY19 (FY18: 6.1%)
mainly because of an increase in the raw material cost as MSMPL was
unable to pass it on the customers due to stiff competition and the
auto industry slowdown. The return on capital employed was 3.3% in
FY19 (FY18: 5.5%)

The ratings are, however, supported by MSMPL's comfortable credit
metrics due to the low debt levels of the company. In FY19, MSMPL's
interest coverage (operating EBITDA/gross interest expense) was
11.1x (FY18: 14.7x) and net leverage (adjusted net debt/operating
EBITDAR) was 1.2x (0.6x). The increase in the net leverage was due
to higher utilization of fund-based limits. Ind-Ra expects the
company to maintain its credit metrics over FY20-FY21 in the
absence of any debt-led capex as the capacity expansion in FY20 by
another 16,000 metric tons per annum amounting to INR250 million is
being fully funded through internal accruals.

Liquidity Indicator - Adequate: MSMPL's average peak working
capital limit utilization was 80.5% for the 12 months ended August
2019. Its fund flow from operations was positive over FY16-FY19 and
cash flow from operations was negative INR57.7 million during FY19
due to an increase in the working capital requirement. The company
is also using bill discounting for its working capital requirements
which helps in controlling its interest costs.

MSMPL is an approved vendor of special alloy steel and stainless
steel wires and bars for automobile original equipment
manufacturers (OEMs). Hence, it receives regular orders from
OEM-affiliated auto ancillary manufacturers for bright wires and
bars. This ensures steady revenue generation. MSMPL faces modest
customer concentration risk, given its top 10 customers (the
majority of which are regular customers) contributed about 62.0% to
its revenue in FY19 (FY18: 66.5%).

RATING SENSITIVITIES

Positive: A sustained improvement in the parent's credit profile
along with MSMPL maintaining its profitability and credit profile
will be positive for the ratings

Negative: Further deterioration in the parent's credit profile
and/or a sustained decline in MSMPL's revenue and EBITDA margins
will be negative for ratings.

COMPANY PROFILE

Incorporated in 2012, MSMPL is a joint venture between Mukand and
Sumitomo Corporation, which hold 60.07% and 39.93% in the company,
respectively. MSMPL manufactures bright bars and wires of special
alloy steel and stainless steel (hived off from Mukand). It has an
installed capacity of 72,000 metric tons per annum in Kalwe, Thane,
Maharashtra.

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

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limit migrated to non-cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR200 mil. Long-term loan due on March 2025 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR15.35 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
December 4, 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 2004, NECPL owns and runs a 45,000mt/annum kraft
paper manufacturing facility in Burdwan, West Bengal. The company
earned revenue of INR408 million over April-October 2018.

NITHIN GRAINS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Nithin Grains and Mills Private Limited
        Registered office:
        D.No. 23/589
        Opp. Sri Rama Temple
        Fathekhanpet
        Nellore (AP) 524003

Insolvency Commencement Date: November 15, 2019

Court: National Company Law Tribunal, Amaravathi Bench

Estimated date of closure of
insolvency resolution process: May 13, 2020

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         C/o P K Associates
                         F-45, 5-9-1121
                         Agarwal Chambers
                         King Kothi, Hyderabad 500001
                         Telangana
                         E-mail: ippavankankani@gmail.com

Last date for
submission of claims:    November 30, 2019

NITHIN NUTRITIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Nithin Nutritions Private Limited
        Registered office:
        18-3-60/C, Saisravanthi
        Kalyanamandapam
        Khadi Colony
        Tirupati 517507 (AP)

Insolvency Commencement Date: November 15, 2019

Court: National Company Law Tribunal, Amaravathi Bench

Estimated date of closure of
insolvency resolution process: May 13, 2020

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         C/o P K Associates
                         F-45, 5-9-1121
                         Agarwal Chambers
                         King Kothi, Hyderabad 500001
                         Telangana
                         E-mail: ippavankankani@gmail.com

Last date for
submission of claims:    November 30, 2019

NITHIN PROTEINS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Nithin Proteins Private Limited
        Registered office:
        18-3-60/C, Road No. 2
        Srihari Colony
        Tirumala Byepass Road
        Tirupati 517507 (AP)

Insolvency Commencement Date: November 15, 2019

Court: National Company Law Tribunal, Amaravathi Bench

Estimated date of closure of
insolvency resolution process: May 13, 2020

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         C/o P K Associates
                         F-45, 5-9-1121
                         Agarwal Chambers
                         King Kothi, Hyderabad 500001
                         Telangana
                         E-mail: ippavankankani@gmail.com

Last date for
submission of claims:    November 30, 2019

PEARL POLYMERS: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pearl Polymers
Limited's (PPL) Long-Term Issuer Rating to 'IND BB-' from 'IND
BB+'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR188 mil. Fund-based working capital limit Long-term rating
     downgraded; short-term rating affirmed with IND BB-
     /Negative/IND A4+ rating; and

-- INR97 mil. Non-fund-based working capital limit the Long term
     rating downgraded; short term rating affirmed with IND BB-
     /Negative/IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects PPL's inability to ramp up its profitability
owing to raw material (PET resin) price volatility risk as its
prices are linked to crude oil prices. The company's EBITDA margin
declined to 2.76% in FY19 (FY18: 3.10%) owing to an increase in the
input price, which couldn't be passed on to clients as the company
doesn't have a price-escalation clause. The company incurred EBITDA
losses in 1HFY20, owing to the same reason. The company reported a
decline in revenue to INR1,787.20 million in FY19 (FY18:
INR1,810.10 million) due to decreased orders from customers. In
1HFY20, revenue stood at INR733 million.   

The downgrade factors in deterioration in PPL's credit metrics. In
FY19, gross interest coverage (operating EBITDAR/gross interest
expense + rents) was 1.00x (FY18: 1.3x) and net financial leverage
(total adjusted net debt/operating EBITDA) was 5.29x (5.05x).
1HFY20 interest coverage deteriorated further owing to EBITDA
losses.

Liquidity Indicator - Poor:  PPL's cash flow from operations
continued being positive, but decreased to INR35 million in FY19
(FY18: INR67.80 million). PPL's cash and cash equivalents decreased
from INR5.30 million at FYE19 (FYE18: INR12.50 million).

The rating, however, is supported by the promoter's extensive
experience of four decades in the market and a well-known brand.
PPL has strong relations with principal customers such as Glaxo
SmithKline Pharmaceuticals Ltd, Johnson & Johnson Pvt Ltd, Reckitt
Benckiser India Limited, United Spirits Limited, and Himalaya Drugs
Company.

RATING SENSITIVITIES

Negative: Continued EBITDA losses or any further stress in
liquidity and weakening of credit metrics will be negative for the
ratings.

Positive: An improvement in the liquidity position, along with a
positive EBITDA, leading to interest coverage above 1.3x, could
lead to positive rating action.

COMPANY PROFILE

PPL was established in 1971 and has been manufacturing PET bottles
and jars since 1986, under its well-established brand Pearlpet. It
has 80 machines across four locations: Mahad (Maharashtra), Baddi
(Himachal Pradesh), Jigani (Karnataka) and Pant Nagar
(Uttarakhand).

PENINSULA LAND: ICRA Lowers Rating on INR530.53cr Loan to C
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Peninsula Land Limited (PLL or the company), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-convertible     530.53      [ICRA]C; Downgraded from
   Debenture                       [ICRA]BB (Negative)
   Programme           
                                   
ICRA has downgraded the long-term rating to [ICRA]C from [ICRA]BB
assigned earlier to the INR530.53-crore non-convertible debenture
programme of PLL.

Material Event
PLL has announced its quarterly results for quarter ended September
30, 2019 on November 14, 2019 wherein it has disclosed that during
the current quarter there are certain delays in repayment of loans
and interest to banks.

Rationale

The rating downgrade takes into account irregularities in debt
servicing by the company owing to poor liquidity position. The cash
flow position of the company is severely impacted due to delays in
collections of sizeable sold inventory as well as weak sales
velocity in ongoing and completed projects. The company also faces
high refinancing risk given sizeable debt repayment obligations
(excluding collection linked payments) aggregating to INR1,167
crore in the next twelve months. As on July 2019, the debt level of
the company was high at INR2,310 crore on a consolidated basis
(including SPV level debt). The rating is also constrained by
exposure to project execution risk for overall project portfolio
considering significant area under development and weak financial
risk profile characterised by considerable losses and deterioration
in gearing levels.

Key rating drivers and their description

Credit challenges

Delays in debt servicing and high refinancing risks – Weak cash
flow position of the company resulted in delays in debt servicing.
The company's debt levels remain high with sizeable repayments in
FY2020 and FY2021. However, the sales and collections from
completed as well as ongoing projects remained poor. Going forward
as well, PLL remains exposed to high refinancing risk with sizeable
debt repayments obligations (excluding collection linked payments)
aggregating toINR1,167 crore in the next twelve months.

Weak operating performance – As on June 30, 2019, PLL sold ~70%
of the total launched area of 49.73 lakh sq. ft. for a total sale
value of INR4,394 crore. However, out of this, sizeable quantum of
collections of INR1,685 crore were pending. Owing to weak demand in
the real estate industry, the sales in many of the projects
remained muted. Additionally, occupancy certificate is delayed in
one of the large projects of the company and receivables of INR245
crore are stuck for a long time.

Exposure to project execution risk – As against the budgeted
cost, the company was yet to spendINR1,198 crore towards completion
of the projects as on June 30, 2019. Out of this, ~68% of the
pending cost was to be incurred on a single project – Salsette 27
– which is in initial stage of construction. Thus, the company
remains exposed to project execution risk. The ongoing weak cash
flow position might further impact the execution of ongoing
projects.

Deterioration in financial risk profile – The company's financial
risk profile has weakened as characterized by the continued losses
and resultant in deterioration in net worth, elevated debt levels
and weakening of its debt coverage metrics. The company has
reported consolidated operating loss of INR355.3 crore in FY2019
compared to operating loss of INR76.5 crore in FY2018 mainly
because of thin project profitability. The operating losses
remained at ~INR45 crore in H1 FY2020. High interest expenses due
to elevated debt levels and exceptional items (inventory
write-downs and impairment of investments/loans extended to project
SPVs) have also led to net losses of INR597.7 crore in FY2019
compared to net losses of INR453.3 crore in FY2018. The net losses
were INR227.0 crore in H1 FY2020. The gearing deteriorated from 4.8
times as on March 31, 2019 from 2.2 times as on March 31, 2018.

Liquidity position: Poor
PLL's liquidity remains poor owing to weak operating performance,
resultant adverse cash flow position and large debt repayments due
in near-to-medium term. Timely receipt of the cash inflows from
pending collections and fresh sales in the ongoing projects would
be essential to support the cash flow position. The company has
consolidated cash balances of ~INR43 crore as on September 2019,
sizeable scheduled debt repayments of INR1,167 crore over the next
12 months and considerable project cost outgo requirements
translate into poor liquidity position.

Rating sensitivities

Positive triggers – ICRA could upgrade PLL's rating if the
company demonstrates regularization in debt repayments for more
than three months.

Negative triggers – Negative pressure on PLL's rating could arise
if there is a delay in interest or principal repayment of ICRA
rated NCDs.

Incorporated on August 10, 1871 as a public limited company,
Peninsula Land Limited (PLL) is a part of the Ashok Piramal Group.
The company is in to real estate development with a portfolio
comprising commercial, residential and retail developments. The
projects include PLL's 'Ashok' product line in the residential
sector and 'Peninsula' in the commercial sector. Since 1997, PLL
has developed over 7.8 million square feet of real estate projects
in Mumbai. Most of the development by PLL in the past has been
either on the former textile mill lands owned by the group, or in
joint development with the land owners. PLL has initiated the
diversification of its operations outside of Mumbai by undertaking
projects in cities such as Pune, Nashik, Lonavala, Bangalore and
Goa. PLL also manages a Real Estate fund through a subsidiary,
having co-invested in five projects with the fund.

PILETECH INFRA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Piletech Infra Private Limited
        106, CTS 1622
        Willington Business Park
        Ark Road, Andheri East
        Opp Honda Showroom
        Mumbai 400059

Insolvency Commencement Date: October 16, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 13, 2020

Insolvency professional: Ms. Dipti Mehta

Interim Resolution
Professional:            Ms. Dipti Mehta
                         201-206, Shiv Smriti
                         2nd Floor, 49A
                         Dr. Annie Besant Road
                         Above Corporation Bank
                         Worli, Mumbai 400018
                         E-mail: dipti@mehta-mehta.com

Last date for
submission of claims:    October 30, 2019


PMJ CONSTRUCTIONS: ICRA Moves 'B' Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the long term ratings for the bank facilities of PMJ
Constructions Pvt. Ltd. to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]B (Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Long Term-          2.00        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Short Term-        10.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

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

PMJ Constructions Pvt. Ltd., established in 2002, is promoted by M.
Jagannath and is mainly involved in the field of civil construction
work in and around Karnataka for various clients. The company is
registered as a 'Class 1A category contractor' with the Karnataka
PWD. The clientele of the company mainly includes government
entities like Bangalore Development Authority (BDA), Bruhat
Bengaluru Mahanagara Palike (BBMP), Bangalore University,
Visvesvaraya Technological University, among others.

PRATIBHA ELECTRICAL: ICRA Withdraws D Rating on INR16cr Loan
------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Pratibha Electrical Contractor LLP, as:

                  Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Long Term–       6.50       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                 Withdrawn
   Limits           
                             
   Short Term-     16.00       [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund                    Withdrawn
   Based Limits    
                               
   Long Term/       1.50       [ICRA]D/[ICRA]D ISSUER NOT
   Short Term                  COOPERATING; withdrawn
   Unallocated
   Limits            
                               
Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension based on the no objection
certificate provided by its bankers and as desired by the company.
ICRA does not have requisite information to suggest
any change in the credit risk since the time the rating was last
reviewed.

Key rating drivers and their description

Key rating drivers have not been captured as the rated instruments
are being withdrawn

Liquidity Position
Liquidity position has not been captured as the rated instrument is
being withdrawn.

Rating sensitivities
Rating sensitivities have not been captured as the rated instrument
is being withdrawn

Established in 1987 and converted into Limited Liability
Partnership (LLP) in June 2014, the firm is engaged in executing
turnkey electrification projects. The firm undertakes planning and
implementation of lighting systems and power distribution of the
factory premises, process plants, and commercial complex and
residential colonies. In addition, the firm also specializes in
securing sanction for High Tension (HT) load requirements from the
Maharashtra State Electricity Board (MSEB) and other government
authorities. The partner, Mr H. L Joshi has experience of more than
20 years in the electrical contracting space.

RAMANA SRI: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ramana Sri Logistics Private Limited
        Registered office:
        18-3-60/C, Road No. II
        Srihari Colony
        Tirupati 517501
        AP

Insolvency Commencement Date: November 15, 2019

Court: National Company Law Tribunal, Amaravathi Bench

Estimated date of closure of
insolvency resolution process: May 13, 2020

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         C/o P K Associates
                         F-45, 5-9-1121
                         Agarwal Chambers
                         King Kothi, Hyderabad 500001
                         Telangana
                         E-mail: ippavankankani@gmail.com

Last date for
submission of claims:    November 30, 2019

RAMANAND EXTRUSIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Ramanand Extrusions Private Limited
        Flat No. 1, Premsagar Co-op
        Housing Society
        Opp. Dr. Beck Company
        Near United Church
        Pimpri, Pune 411018

Insolvency Commencement Date: November 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 13, 2020

Insolvency professional: Manoj Kumar Jain

Interim Resolution
Professional:            Manoj Kumar Jain
                         11, Friends Union Premises CSL
                         2nd Floor, 227, P.D' Mello Road
                         Opp. St. George Hospital
                         Mumbai 400001
                         Maharashtra
                         E-mail: manojj2102@gmail.com

Last date for
submission of claims:    December 2, 2019

RAMANASREE CONSUMER: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Ramanaasree Consumer Products Private Limited
        Registered office:
        18-3-60/C, Road No. 2
        Srihari Colony
        Tirumala By-pass Road
        Tirupati 517507 (AP)

Insolvency Commencement Date: November 15, 2019

Court: National Company Law Tribunal, Amaravathi Bench

Estimated date of closure of
insolvency resolution process: May 13, 2020

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         C/o P K Associates
                         F-45, 5-9-1121
                         Agarwal Chambers
                         King Kothi, Hyderabad 500001
                         Telangana
                         E-mail: ippavankankani@gmail.com

Last date for
submission of claims:    November 30, 2019

REALTIME TECHSOLUTIONS: ICRA Ups Rating on INR6cr Loan to B-
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Realtime
Techsolutions Pvt. Ltd. (RTTS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-           6.00       [ICRA]B- (Stable); Upgraded
   Cash Credit                     from [ICRA]D

   Short Term-          3.00       [ICRA]A4; Upgraded from
   Letter of Credit                [ICRA]D

   Short Term-         16.00       [ICRA]A4; Upgraded from
   Bank Guarantee                  [ICRA]D

Rationale

The ratings upgrade of RTTS considers the curing of past delays in
debt servicing. The delays in debt servicing in the past were due
to the weak liquidity profile, resulting from the company's
stretched receivables from Government customers. The ratings
consider the improvement in its profit margins, driven by better
negotiations with its raw material/component vendors and
cost-cutting measures undertaken. The ratings continue to derive
comfort from the promoter's extensive experience in the defence
industry and its technical competence, as reflected by its
successful track record of design and development, and execution of
various types of system integration projects. The ratings also
consider the established relationships with reputed customers and
suppliers, and favourable demand outlook for the domestic defence
industry.

The ratings, however, are constrained by RTTS' modest scale of
operations, which limits its operational and financial flexibility.
Besides, it has a stretched liquidity position because of stretched
collection period from Government entities resulting in high
working capital intensity and high utilisation of working capital
limits. The losses incurred in the past, leading to an erosion in
its net worth, coupled with an increase in borrowings, resulted in
subdued debt protection and coverage metrics. Further, the ratings
consider the seasonality of cash flows, which are highly
concentrated in the third and fourth quarters, and project
deferrals due to procedural delays, which lead to revenue
deferment. ICRA also takes into consideration the long gestation
cycle of investments towards design and development of products,
which is inherent in the defence industry.

The Stable outlook on the [ICRA]B- rating reflects ICRA's opinion
that RTTS Group will continue to benefit from the extensive
experience of its promoters and senior management in the defence
industry and its moderately diversified product and services
profile.

Key rating drivers

Credit strengths

Extensive experience of promoters in Indian defence industry –
The promoters of RTTS have extensive experience in system
integration for the defence industry and the company has high
technical competence, as reflected by its successful track record
of design, development and execution of various types of system
integration projects.

Moderately diversified product service portfolio – RTTS offers a
wide range of products and services across segments. The company
offers customised products like consoles, display handlers, record
and display, RNIC, workstations to blade server, switches to
high-end routers, displays etc., finding applications in the
defence sector. In the services segment,

RTTS offers services in system software including firmware and
embedded application development such as RTOS porting, multi
CPUs/multi OS integration, real-time systems involving RT
application development, BSP/firmware and driver development,
specialised GUI development, air situation picture display, marine
ENC display, application development, software migration and
software maintenance services.

Long-term relationship with key customers – RTTS' customer
profile consists of several defence PSUs, various defence
laboratories under the Defence Research and Development
Organisation (DRDO), units operated by the Indian Space Research
Centre (ISRO), National Academic and Research Institutions and
other defence undertakings under the Ministry of Defence. The
company also caters to private companies like Larsen & Toubro Ltd.,
C2C-DB Systems Private Limited, KTI Intelligent Systems Private
Limited and Kontron Technology India Pvt Ltd etc., operating in the
defence sector. Supported by strong experience and stable
execution, the company has received repeat orders from its
customers.

Credit challenges

Moderate scale of operations – RTTS' operating income remained
modest and stood atINR40.6 crore in FY2019 compared toINR40.8 crore
in FY2018, limiting its operational and financial flexibility to an
extent. This was primarily owing to lower order inflow from its
customers in the defence segment, impacting project execution
during the year.

High working capital intensive operations due to stretched
receivables – RTTS operates in a working capital-intensive
environment due to long payment cycles with the Government entities
because of procedural delays. The working capital intensity
increased significantly to 66.3% in FY2019 compared to 29.3% in
FY2018, owing to a stretch in debtor days to 253 in FY2019 from 202
in FY2018, resulting in high utilisation of working capital limits
and stretched liquidity position.

Weakening in capital structure and debt coverage metrics – RTTS
has incurred sizeable cash losses in the past, leading to subdued
debt protection and coverage metrics. RTTS' net worth declined to
INR10.2 crore in FY2019 compared to INR21.2 crore in FY2016.
Further, its borrowings have increased significantly to INR22.7
crore in FY2019 compared to INR4.3 crore in FY2016. This resulted
in weakening of its capital structure, which stood at 2.2 times as
on March 31, 2019. The debt coverage metrics also weakened over the
years, as reflected by Total debt/OPBDITA of 7.8 times, TOL/TNW of
4.4 times and NCA/TD of 4.3% as on March 31, 2019.

Seasonality in order execution cycle and project-related risks –
The order execution cycle faces seasonality, leading to uneven cash
flows throughout the year and exposure to cost and time overrun,
especially for high-value projects with long execution cycles. This
could make it difficult to sustain margins for such contracts. The
revenues are also vulnerable to project deferrals due to procedural
delays, which lead to revenue deferment.

Liquidity position: Stretched

RTTS' liquidity is stretched owing to negative cash flow from
operations due to significant increase in working capital
intensity. The average utilisation of the sanctioned fund-based
limits remained high at 96% between April 2018 and August 2019,
leaving limited buffer for any contingencies. Going forward,
enhancement in the existing limits or reduction in working capital
intensity would be essential for improving the company's liquidity
profile.

Rating sensitivities

Positive triggers – ICRA may upgrade the ratings if improvement
in working capital position and profitability leads to an
improvement in the liquidity position.

Negative triggers – Negative pressure on the ratings may arise,
if any reduction in the company's profitability and cash accruals
or a further increase in the working capital intensity further
weakens its liquidity position.

Rating Methodologies Corporate Credit Rating Methodology
Parent/Group Support
Not Applicable Consolidation / Standalone

For arriving at the ratings, ICRA has consolidated the financials
of Realtime Techsolutions Pvt. Ltd. with its wholly-owned
subsidiary, RTTS Pte Ltd., given the strong operational and
financial linkage between the companies. As on March 31, 2019, the
company had one subsidiary which is listed in Annexure-2.

Established in 1998, Realtime Techsolutions Private Limited (RTTS)
is a niche player delivering end-to-end system integration and
software solutions for defence sector requiring extreme levels of
performance reliability and robustness. The company combines system
integration and software capabilities across multiple platforms and
operating systems to deliver a range of products and subsystems
designed and tested to perform under severe conditions. The company
is also ISO-9001-2008 certified.

On a consolidated basis, the company reported a net profit of
INR0.2 crore, on an OI of INR40.6 crore in FY2019, compared to a
net loss of INR2.7 crore on an OI of INR40.8 crore in the previous
year.

On a standalone basis, the company reported a net profit of INR0.2
crore, on an OI of INR30.9 crore in FY2019, compared to a net
profit of INR0.8 crore on an OI of INR29.3 crore in the previous
year.

RIGHT ENGINEERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Right Engineers  Equipment India Private Limited
        No. 25, 'D' Cross
        Bilekahalli Industrial Area
        Banneraghatta Road
        Bangalore 560076

Insolvency Commencement Date: October 29, 2019

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: April 26, 2020

Insolvency professional: Mr. Addanki Haresh

Interim Resolution
Professional:            Mr. Addanki Haresh
                         No. 36/1, 2nd Floor
                         Munivenkatappa Complex
                         Bellary Road, Ganganagar
                         Bangalore 560032
                         E-mail: addanki.haresh@gmail.com

Last date for
submission of claims:    December 4, 2019

RR COTTONS: Ind-Ra Corrects Dec. 6 Rating Release
-------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies a ratings release on
RR Cottons published on December 6, 2018, to correctly state the
issuer name as RR Cottons.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has upgraded RR Cottons' (RRC)
Long-Term Issuer Rating to 'IND BB-' from 'IND B+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR21.7 mil. (reduced from INR27.2 mil.) Term loan due on
     November 2022 upgraded with IND BB-/Stable rating; and

-- INR150.0 mil. Fund-based limits upgraded with IND BB-
     /Stable/IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in RRC's scale of operations to
medium from small, leading to an improvement in the credit metrics.
During FY18, revenue surged to INR833 million (FY17: INR558
million) on the back of an increase in the number of orders
received from new customers. During 8MFY19, RRC booked revenue of
INR363 million. Interest coverage (operating EBITDA/gross interest
expenses) remained at 1.2x in FY18 (FY17: 1.2x) due to a
proportionate increase in interest expenses and absolute EBITDA.
The latter also led to net leverage (net debt/operating EBITDA)
improving to 8.2x in FY18 (FY17: 28.6x).

However, the metrics stay at moderate levels due to RRC's modest
EBITDA margin because of a short track record of operations. FY18
was the first full year of operations for the company. The return
of capital employed was 9% in FY18 (FY17: 4%). The EBITDA margin
improved to 3.4% in FY18 (FY17: 1.5%) due to a decrease in the
variable cost. During 8MFY19, the firm has booked an EBITDA margin
of 4.9%.

The rating factor in RRC's tight liquidity position as indicated by
its 99% average utilization of the working capital limits during
the 12 months ended in October 2018. The company has unutilized
credit lines of INR0.6 million and a cash balance of INR1.0
million. Its cash flow operations improved to INR4 million in FY18
(FY17: negative INR224 million) due to a change in working capital
and improved operating EBITDA. Also, the company had an outstanding
term loan of INR21.7 million as of October 31, 2018, and the same
will be repaid fully by November 2022.

However, the ratings continue to be supported by RRC's partners'
three-decade-long experience in the ginning business.

RATING SENSITIVITIES

Negative: Deterioration in the liquidity position and profitability
on a sustained basis may lead to negative rating action.

Positive: A sustained improvement in the scale of operations and
credit metrics while maintaining the EBITDA margin could lead to
positive rating action.

COMPANY PROFILE

RR Cottons were established in July 2016. It is involved in the
ginning and pressing of cotton in Adilabad, Andhra Pradesh.

SHARPLINE AUTOMATION: ICRA Ups Rating on INR2.05cr Loan to B-
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Sharpline Automation Private Limited (SAPL), as:

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based-            2.05        Downgraded to [ICRA]D from
   Cash Credit (CC)                   [ICRA]B+ (Stable), and
                                      simultaneously upgraded to
                                      [ICRA]B- (Stable) from  
                                      [ICRA]D

   Fund Based-            1.29        Downgraded to [ICRA]D from
   Term loan (TL)                     [ICRA]B+ (Stable), and
                                      simultaneously upgraded to
                                      [ICRA]B- (Stable) from
                                      [ICRA]D

   Fund Based-            1.00        Downgraded to [ICRA]D from
   Packing                            [ICRA]A4 and simultaneously
   Credit (PC)                        upgraded to [ICRA]A4 from
                                      [ICRA]D

   Non-Fund Based-        4.50        Downgraded to [ICRA]D from
   Bank Guarantee (BG)                [ICRA]A4 and simultaneously
                                      upgraded to [ICRA]A4 from
                                      [ICRA]D

   Non-Fund Based-        1.50        Downgraded to [ICRA]D from
   Letter of                          [ICRA]A4 and simultaneously
   Credit (LC)                        upgraded to [ICRA]A4 from
                                      [ICRA]D

   Unallocated            0.16        Downgraded to [ICRA]D from
                                      [ICRA]B+ (Stable), and
                                      simultaneously upgraded to
                                      [ICRA]B- (Stable) from
                                      [ICRA]D

Rationale

The rating revision to [ICRA]D/[ICRA]D takes into account the
irregularity in debt servicing by SAPL in March 2018 and March 2019
as reflected in the auditor's reports. Post revision, the rating
has been simultaneously upgraded to [ICRA]B- (Stable)/[ICRA]A4 due
to the subsequent regularisation of debt servicing since and the
completion of the curing period over the last six months.

The rating continues to remain constrained by SAPL's small scale of
operations with a declining operating income (OI) in FY2019,
coupled with a stretched liquidity position. The same is owing to
the elongated receivables cycle and high lead time in retrofitting
and reconditioning, resulting in high inventory holding, which has
entailed high utilisation of the sanctioned fund-based limits.
Further, ICRA notes the company's low bargaining power, compared to
its large and more established clients, limits its pricing
flexibility.

The rating, however, draws comfort from the promoter's extensive
experience in the machine tool industry and the formidable entry
barriers to the business because of high technical requirements.
SAPL's reputed clientele across diverse industries also reduces
sector-specific risks to an extent. ICRA expects SAPL to benefit
from the promoter's extensive experience, which has enabled it to
establish a reputed customer base over the years.

Key rating drivers

Credit strengths
Technically qualified management with extensive experience in
machine tool industry – The industry requires technical qualified
professionals for retrofitting, reconditioning, designing and
manufacturing special purpose machines (SPMs). The company's
efficient design and execution team provides a competitive
advantage over its peers. Further, the company's two-decade-long
track record and demonstrated execution capabilities across sectors
ensure healthy order inflows.

Reputed clientele across diverse industries reduces sector specific
risks – SAPL has a reputed client portfolio of various Government
and private companies across sectors such as steel, engineering,
power generation, defence, aerospace and nuclear energy. The
company's clientele across various industries mitigates the
sector-specific demand risk to some extent.

Credit challenges
Instances of delays in debt servicing; however, following the
curing period of the last six months, debt servicing has
regularised – The company had delayed servicing its debt
obligations due to its stretched liquidity position during March
2018 and March 2019, as reflected in the auditor's statement.
However, as per lenders, the account has been regular in its debt
servicing since May 2019.

High working capital intensity of operations; high lead time needed
in retrofitting and reconditioning – The time needed to retrofit
or refurbish machines typically ranges between four to eight
months, which results in a high inventory holding. Further, the
stage-wise payments from clients as well as delays in requisite
client approvals result in high debtors outstanding and full
utilisation of working capital limits. As a result, SAPL relies on
creditor funding to partially meet its working capital
requirements. The debtors position of the company decreased from
INR9.51 crore as on March 31, 2018 to INR7.10 crore as on
March 31, 2019; however, debtors of more than six months increased
from INR3.51 crore as on March 31, 2018 to INR4.86 crore as on
March 31, 2019. Coupled with higher inventory level, this led to
stress in the liquidity position. The working capital intensity of
the company as represented by NWC/OI deteriorated from 25.92% as on
March 31, 2018 toINR44.23% as on March 31, 2019.

Significant decline in scale of operations in FY2019 – The
operating income of the company declined by 25.61% to INR15.63
crore in FY2019 from INR21.01 crore in FY2018 due to delays in
execution of a few projects. The company has introduced
diversification in its product line from retrofitting and
refurbishment of machineries to manufacturing SPMs and
ultra-testing system machines (UTS) through its associations for
various reputed players in the industry. Due to the development of
new customised products for each of its clients as per their
specifications, there were delays in developing new machines since
the same requires significant R&D. Further, the project was delayed
to an extent by delays in receipt of requisite client approvals,
which led to delayed generations of bills, thereby, hitting the top
line of the company.

Vulnerability of profitability to change in product mix - SAPL
derives revenues from two segments, materials and services, and the
margins are primarily affected by changes in the product mix. While
the service order is high margin yielding due to higher
customisation involved, the contribution from material orders is
relatively low. Further, the margins depend on the complexity of
customisation involved per order. Profitability as represented by
OPM declined marginally from 12.07% in FY2018 to 11.31% in FY2019.
However, NPM stood at 5.24% in FY2019, almost in line with that of
the previous year.

Limited bargaining power restricts pricing flexibility – SAPL's
clientele of reputed Government and private players across
industries results in limited bargaining power and restricts its
pricing flexibility.

Liquidity position - Poor
The company had an outstanding term loan of INR1.46 crore as on
March 31, 2019. SAPL is expected to have an annual repayment of
INR0.39 crore in FY2020, INR0.40 crore in FY2021 and INR0.43 crore
in FY2022. Due to moderate profitability, and high interest
expense, the interest and debt coverage indicators are expected to
remain weak. Moreover, due to an elongated receivable cycle from
customers and higher inventory days, the working capital intensity
of operations remains high, leading to almost full utilisation of
the fund-based and non-fund based limits. Coupled with limited free
cash of INR0.11 crore as on March 31, 2019, this leads to a weak
liquidity position. Going forward, the ability to improve its
liquidity position, achieve a better working capital cycle by
improving its debtors realisation and decreasing its inventory
level, coupled with improvement in scale and profitability, remains
critical.

Rating sensitivities

Positive triggers – The rating is likely to witness an upgrade
for reasons such as improvement in liquidity position and working
capital cycle, led by improvement in debtor's realisation and
decrease in inventory days. Further, growth in the scale of
operations to an extent that its competitive position is enhanced,
and considerable increase in net worth level will also be a key
trigger for an upward rating movement.

Negative triggers – Negative pressure on the rating could arise
if further stretch in debtor's realisation and increase in
inventory level lead to increase in working capital intensity and
deterioration in liquidity position, causing a strain on timely
debt servicing.

Incorporated in 1995, Sharpline Automation Private Limited (SAPL)
is in the business of machine tool retrofitting, refurbishing,
reconditioning, designing and manufacturing of special purpose
machines as per client specifications. At present, SAPL operates
out of its manufacturing/assembling facilities in Navi Mumbai,
Maharashtra.

In FY2019, SAPL reported a profit after tax (PAT) of INR0.82 crore
on an OI of INR15.63 crore compared to a net PAT of INR1.09 crore
on an OI of INR21.01 crore in the previous year.

SIVA RAM: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Siva Ram Yarns Private Limited
        D.No. 74-14-49 Yanamalakuduru
        Vijayawada AP 520007

Insolvency Commencement Date: November 18, 2019

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: May 16, 2020

Insolvency professional: A.R. Ramasubramania Raja

Interim Resolution
Professional:            A.R. Ramasubramania Raja
                         No. 3, Sundaram Brothers Layout
                         Opp. To All India Radio
                         Trichy Road, Ramanathapuram
                         Coimbatore 641045
                         E-mail: arrsraja@yahoo.com

Last date for
submission of claims:    December 2, 2019

SOWBHAGYA BIOTECH: ICRA Cuts Rating on INR7.95cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the rating of bank facilities of Sowbhagya Biotech
Private Limited (SBPL) to [ICRA]D from [ICRA]B+ (Stable).

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based–       7.95       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Revised from [ICRA]B+(Stable);
                                Rating continuous to remain under
                                'Issuer Not Cooperating' category

   Fund Based–       1.87       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Revised from [ICRA]B+(Stable);
                                Rating continuous to remain under
                                'Issuer Not Cooperating' category

   Long Term         0.18       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                  Revised from [ICRA]B+(Stable);
                                Rating continuous to remain under
                                'Issuer Not Cooperating' category

The rating continues to remain under 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING".

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

Sowbhagya Biotech Private Limited (SBPL) was established in the
year 2003 as a partnership firm named Sowbhagya Amino Inputs and
later converted into a private limited company – Sowbhagya Amino
Inputs Private Limited in August 2005. Further, the company's name
was changed to Sowbhagya Biotech Private Limited in 2012. The
company is engaged in the manufacturing of specialized organic
plant growth promoters, micronutrient mixtures, zinc and organic
fertilizers. The company has two manufacturing facilities, one at
Choutuppal, Nalgonda district (50 km from Hyderabad and other at
Cherlapally, Hyderabad with aggregate installed capacity of 7500
metric tons per annum. The company sells its products under various
brand names for different products, such as Srimin for organic
plant growth promoters, mostly in Telangana and Andhra Pradesh.
SBPL is also an ISO 9001, 14001 & OHSAS 18001 certified company.

SRI LAKSHMINARASIMHA: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Sri Lakshminarasimha Oil Mills Private Limited

        As per MCA Registered office:
        Plot No. 2/4, Anjaiah Nilayam
        SSS Nagar, West Marredpally
        Secunderabad 500026 TG

        As per NCLT Order Registered office:
        H.N. 6-3-563/8/7/1, Ground Floor
        Beside Sarada Residency
        Near Bhagat Singh Statue
        Padmavathi Nagar
        Near Venkataramana Colony
        Khairatabad, Hyderabad 500004

        Factory:
        Tatipalli Village
        Jagitial Mandal & Dist
        Telangana

Insolvency Commencement Date: November 13, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 14, 2020

Insolvency professional: Kasthuri Rangan Sundaresan

Interim Resolution
Professional:            Kasthuri Rangan Sundaresan
                         909 A, Raghava Ratna Towers
                         Chirag Ali Lane
                         Hyderabad 500001
                         Telangana
                         E-mail: askrco@gmail.com

Last date for
submission of claims:    November 30, 2019

SUNPOWER SOLAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sunpower Solar Technick Private Limited
        D-97-A, Road No. 18
        IDA Phase-1, Jeedimetla
        Hyderabad 500055

Insolvency Commencement Date: November 18, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 11, 2020
                               (180 days from commencement)

Insolvency professional: P. Sriram

Interim Resolution
Professional:            P. Sriram
                         No. 10/17, Anandam Colony
                         South Canal Bank Road
                         Mandaveli, Chennai 600028
                         E-mail: srirampcs@gmail.com

Last date for
submission of claims:    December 2, 2019


SUPREME CONCRETE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Supreme Concrete & Infrastructure Private Limited
        A/6-Polymer Complex
        Chandaka Industrial Estate
        PO-KIIT
        Bhubaneswar 751024
        Odisha

Insolvency Commencement Date: November 19, 2019

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: May 16, 2020

Insolvency professional: Mr. Debadatta Mohapatra

Interim Resolution
Professional:            Mr. Debadatta Mohapatra
                         Plot-VIM-79, Sailashree Vihar
                         Bhubaneswar, Odisha 751021
                         E-mail: ip.csdeba@gmail.com
                                 irpsupremeconcrete@gmail.com

Last date for
submission of claims:    December 3, 2019

THARUN CONSTRUCTION: Ind-Ra Migrates B+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tharun
Construction & Co's (TC) 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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR250.0 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     / IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR250.0 mil. Non-fund-based working capital limits migrated
     to non-cooperating category with IND A4 (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 5, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2016, TC executes civil construction work (building
material) solely for the government of Tamil Nadu. Civil
construction works are related to hospitals, official quarters,
universities, schools, etc.

VASWANI INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vaswani
Industries Limited's (VIL) Long-Term Issuer Rating to 'IND B+
(ISSUER NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'.
The issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is on the basis of the best available information.

The instrument-wise rating actions are:

-- INR400 mil. Fund-based working capital limit downgraded with
     IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR320 mil. Non-fund-based limits downgraded with IND A4
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects a decline in the company's profitability
affecting its overall credit metrics. In 2QFY20, the company booked
EBITDA margins of negative 4.04% (1QFY20: negative 2.82%), EBITDA
losses of INR35.67 million (INR20.95 million) and interest cover
(absolute EBITDA/interest cost) of negative 1.6x (negative 0.78x).
In 1HFY20, VIL's leverage (net debt/EBITDA) deteriorated to
negative 9.11x (1HFY19: 5.53x) due to lower profitability as the
cost of raw material procurement increased.

However, the ratings are supported by VIL's moderate revenue that
improved to INR882.92 million in 2QFY20 (1QFY20: INR744.37
million). The ratings continue to draw comfort from the founders'
experience of over two decades in the iron and steel industry.

The ratings have been maintained in the non-cooperating category as
VIL has not provided Ind-Ra with the bank utilization details,
no-dues certificates, and other information despite continuous
requests and follow-ups.

RATING SENSITIVITIES

Negative: A negative rating action could result from sustained
EBITDA losses and deterioration in the overall credit metrics of
the company.

Positive: Stabilization in the EBITDA margins while maintaining the
interest coverage above 1.5x will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2003, VIL is engaged in generating power and
manufacturing sponge iron, steel billets and ingots in Raipur. Its
sponge iron is mainly used as a raw material for manufacturing mild
steel billets/ingots. Its captive power plant provides an
uninterrupted power supply to its manufacturing plant.

VICTORY VISION: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Victory Vision Home Appliances Private Limited
        No. 6 Subbammmal Salai
        Swaminathan Estate
        Vanagaram, Mettukuppam
        Chennai 600095

Insolvency Commencement Date: November 13, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: N. Kumar

Interim Resolution
Professional:            N. Kumar
                         Old No. 8, New No. 3, Third Street
                         Race View Colony Guindy
                         Chennai 600032
                         E-mail: naraykumar71@rediffmail.com
                         Mobile: 9952418350

Last date for
submission of claims:    November 27, 2019

[] INDIA: To Amend IBC to Ring Fence Stressed Assets Buyers
-----------------------------------------------------------
Firstpost reports that the Indian government plans to amend the
Insolvency and Bankruptcy Code (IBC) to provide immunity to
companies taking over stressed assets from prosecution for
financial crimes committed by erstwhile promoters.

This will help make the insolvency process more attractive for the
bidders and instill confidence in them, sources said.

According to the report, the amendment comes after several
companies that are vying for assets being auctioned under IBC
expressed concern regarding getting into legal trouble over the
cases against previous promoters.

In many of the cases under insolvency, the promoters are under
investigation by various agencies, the sources said, Firstpost
relays.

"We are working out a mechanism where the resolution applicant, who
through this entire court supervised process is acquiring a
stressed asset as a going concern, will not be encumbered by the
criminal liability relating to the company which has been caused by
the previous management," the report quotes an official as saying.

A clear direction on this will not allow occurrence of cases like
Bhushan Power and Steel Ltd (BPSL), the report notes.

Last month, the Enforcement Directorate (ED) had attached BPSL's
land, buildings, plant and machinery in Odisha worth more than
INR4,000 crore in a case related to alleged diversion of bank
funds, delaying the resolution process under which JSW Steel was
set to take over the company, Firstpost recalls.

Following the development, the National Company Law Appellate
Tribunal (NCLAT) asked the ED and the corporate affairs ministry to
reach a consensus on the issue of attachment of assets of BPSL, the
report states.

While the ED is of the opinion that it can attach the property of
BPSL under the Prevention of Money Laundering Act (PMLA), the
ministry has been maintaining that the agency cannot do so as
proceedings under the IBC are on, adds Firstpost.



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

TOSHIBA CORP: S&P Affirms 'BB' LT ICR on Profitability Prospects
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit and
senior unsecured debt ratings and 'B' short-term issuer credit and
commercial paper program ratings on Japan-based capital goods and
diversified electronics company Toshiba Corp. The outlook on the
long-term issuer credit rating remains positive.

S&P said, "We have affirmed the ratings based mainly on two views.
First, we believe Toshiba's aggressive efforts to reduce costs and
restructure its businesses will steadily restore its consolidated
EBITDA margin in the next one to two years. Second, we expect the
company to maintain a financial standing commensurate with our
ratings. This is because its improving EBITDA and operating cash
flow are likely to ease the impact of worsened shareholder equity,
which has resulted from an increase to its stakes in its listed
subsidiaries and heavy losses at equity-method affiliate Kioxia
Holdings Corp., the semiconductor company formerly known as Toshiba
Memory Holdings Corp.

"We think Toshiba's operating performance will likely continue to
make a solid recovery, with profitability steadily improving in the
next one to two years, as the cost cuts and restructuring bear
fruit. Its main businesses now focus on relatively stable
operations like infrastructure and energy, making earnings less
volatile than they were previously, despite the global economic
slowdown, in our view. The company has also decided to reduce the
size of its large and unprofitable large-scale integrated circuit
business. As a result, we expect its EBITDA margin to improve to
about 7% in fiscal 2019 (ending March 31, 2020) from 4.5% the
previous year. The margin is then likely to continue to gradually
improve.

"Under its new, disciplined financial policy, in which Toshiba is
likely to limit its reliance on debt, we expect the company to keep
major financial ratios in line with the rating. We believe the
company will gradually improve cash flow generation from its
businesses, backed by the recovery in EBITDA. We estimate that its
ratio of debt to EBITDA will deteriorate year on year from 1.3x to
about 2.5x in fiscal 2019 as a result of losses in the LNG business
and an extensive share buyback. Nonetheless, the ratio remains
within the tolerance range for the rating, and we foresee it
remaining relatively stable thereafter.

"We believe that Toshiba is unlikely to again find itself with
extremely thin capital or badly lacking in financial flexibility,
as it did in 2017-2018. Shareholder equity is likely to stand at
JPY860 billion-JPY870 billion at the end of fiscal 2019, having
been JPY1.46 trillion at the end of the previous year. Cash and
deposits are also likely to fall. This is a result of spending and
impairments in equity after buying back shares and increasing its
stake in its consolidated listed subsidiaries, and losses from
businesses including Kioxia. However, we think shareholder equity
is thick enough to absorb expected risks for the foreseeable
future. This is based on our view that the company's focus on
stable businesses, with the exception of Kioxia, will keep
impairment risk relatively low. It is also based on its recovering
operating performance and a diminished likelihood of aggressive
shareholders returns.

"The rating outlook remains positive. It reflects our view that,
despite increasingly difficult market conditions and stiff
competition, its profitability retains a more than one-in-three
chance of recovering materially in fiscal 2019 following the cost
cuts and restructuring. We may consider upgrading Toshiba if we
believe it will keep its ratio of debt to EBITDA below 3.0x while
also restoring its EBITDA margin to about 7% in fiscal 2019 by
increasing EBITDA through cost reductions, and we determine that
the margin will remain stable thereafter. We may also consider
upgrading Toshiba if its operating performance appeared likely to
become more stable through enhanced governance and risk management
under the current leadership.

"We will consider revising the outlook downward to stable if we
determine that Toshiba's EBITDA margin will stay at about 5%. This
could occur if Toshiba's profitability fails to rise despite the
various steps it is taking to improve its businesses. We might
revise the outlook to stable also if its ratio of debt to EBITDA
worsens to above 3.0x with little chance of a swift recovery.

"We equalize our long-term issue rating on Toshiba's senior
unsecured debt with our long-term issuer credit rating on the
company. We have removed the one notch downward adjustment we were
incorporating in the senior unsecured debt rating, based on our
view that its existing senior unsecured debt is not significantly
subordinated to its priority debt. Security interests on its bank
loans were released in October 2019. As a result, we estimate that
debt of higher priority than its senior unsecured debt, such as
secured debt and subsidiaries' debt, has shrunk substantially and
accounts for roughly 15% of its total debt on a consolidated basis.
We have also removed the one notch of uplift we were incorporating
in the senior unsecured debt rating. This is because, with
Toshiba's credit quality improving, we now see a lower likelihood
of the company being granted a waiver for certain bank loans. In
Japan, when an issuer receives loan waivers from their key lender
banks, it usually continues to honor other debts in a timely
manner. The potential absence of such a waiver means we believe
there is now a lower likelihood of the company paying off other
debt, including bonds that we rate."

TOYOBO CO: Egan-Jones Lowers Senior Unsecured Ratings to BB
-----------------------------------------------------------
Egan-Jones Ratings Company, on November 20, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Toyobo Co Limited to BB+ from BBB.

Toyobo Co., Ltd. is one of Japan's top makers of fibers and
textiles, including synthetic fibers and natural fibers, such as
cotton and wool.

UNIVERSAL ENTERTAINMENT: Fitch Affirms B+ IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings affirmed Universal Entertainment Corporation's
Long-Term Foreign-Currency Issuer Default Rating at 'B+' with a
Stable Outlook. Fitch has also affirmed UE's US dollar senior
secured notes at 'B+' and Recovery Rating of 'RR4'.

The ratings reflect UE's strong market position both in the casino
business as the operator of the Okada Manila, the largest
integrated casino resort in Manila's Entertainment City, and its
amusement equipment business in Japan, which comprises manufacture
and sales of pachinko and pachislot machines and where UE has a
leading market share. The IDR is also supported by UE's moderate
financial risk and adequate liquidity. The IDR is constrained by
UE's modest size, single-location focus and execution risk in the
casino operations because its track record in the junket and
high-roller business lines is limited.

The amusement equipment segment has been in a long decline. Fitch
expects replacement demand to pick up in 2020, but there is
uncertainty over the precise timing and extent of a sustainable
rebound. Moreover, falling player numbers are likely to depress
long-term demand and weigh on future profitability.

The rating of 'B+'/'RR4' on UE's senior secured notes reflects the
fact that Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the
operating company for the Okada Manila, is part of the guarantor
group, and is based on the assumption that UE will retain a
controlling stake in TRLEI upon the release of the guarantee in the
event of an IPO.

KEY RATING DRIVERS

Casino Ramp-Up on Track:  The Okada Manila could establish itself
as a leading IR in Entertainment City thanks to its scale and
high-end focus. The ramp-up is well under way and likely to
increase visitor numbers as additional hotel rooms come online.
Despite a delay in the construction of Hotel Tower B, which UE now
expects to be completed in the first half of 2020, Fitch views
construction risk as limited as most of the investment has been
completed.

Fitch expects high single-digit gross gaming revenue growth in the
Philippines as a result of robust economic expansion. Increasing
international tourist numbers are likely to boost junkets and
ancillary revenue streams at high-end casinos. The Okada Manila is
well-positioned to benefit from these positive dynamics.

Healthy Growth in Casino Business: Mass-market operations at the
Okada Manila began in early 2017 and should benefit from its large
scale of 500 tables and 3,000 slot machines upon completion, which
puts it ahead of local competitors. The IR generated revenue of
JPY49 billion in 2018, more than the domestic Japanese business,
and EBITDA turned positive in 3Q18 and reached almost JPY3 billion
before adjustments for the full year. The momentum continued in the
first nine months of 2019 on higher visitor numbers, with IR
revenue and EBITDA before adjustments rising to JPY49.6 billion
(9M18: JPY33.8 billion) and JPY9.0 billion (9M18: JPY0.7 billion),
respectively.

Material Execution, Operational Risks: Expansion plans for the
casino business are highly dependent on growth in junkets and high
rollers, an area in which UE has a limited track record. It not
only competes directly with established local competitors, such as
Solaire and City of Dreams, but also strong and experienced
overseas rivals. As a result, there is limited earnings and cash
flow visibility in these sub-segments and greater risk that actual
performance may lag UE's growth targets.

Event Risks Limited: Potential risks could arise from investments
in the casino or other expansions not reflected in UE's current
plans. A number of projects are being evaluated, according to
management, but any significant investment beyond the current scope
would be done via partnerships. Therefore, Fitch believes
management is unlikely to take any steps that would threaten the
company's operational or financial profile in terms of gross
leverage, which Fitch considers a more useful measure of
indebtedness than net debt as the casino is still in the expansion
phase.

Domestic Business Volatile, Recovery Modest: Fitch believes growth
in the amusement equipment business will be modest and continue to
be volatile over the near term. In line with its forecast, the
segment posted weak revenue of JPY42.4 billion and an operating
loss of JPY1.7 billion in 2018 following the introduction of more
stringent regulation, but recovered moderately in 9M19.

The domestic pachinko and pachislot market is in a structural
decline but UE's competitive technology and leading market share
should help the segment to recover and achieve stable, albeit low,
growth and steady profitability. This will be supported by
replacement demand, which Fitch thinks could accelerate in 2020.
However, Fitch expects segmental margins to stay below historical
averages in view of the downward pressure on pachinko hall
operators' income as a result of declining player numbers and more
stringent regulation. There is also limited visibility over the
exact timing and the extent of this recovery.

Evolving Regulatory Framework: The Philippine regulatory framework
is less established than that of other APAC gaming markets,
including Macau, Singapore, Malaysia and Australia. Developments
such as President Rodrigo Duterte's public criticism of gambling
add an element of uncertainty and may lead to regulatory changes.
However, Fitch does not expect such potential changes to be
materially harmful to the casino sector as the Philippines has
benefitted from gambling bans in other south-east Asian countries.
IRs provide new jobs and generate substantial tourism and tax
revenue.

Moderate Leverage, Sufficient Liquidity: The IDR is supported by
its expectation of moderate debt levels and adequate liquidity over
2020-2022. UE repaid outstanding high-yield bonds and a large
portion of loans in early 2018, and in December 2018 issued USD600
million of senior secured notes. The total debt quantum, at JPY82.8
billion in interest-bearing debt at the end of 3Q19, was
significantly below prior year levels of JPY252 billion. Fitch
projects cash balances of around JPY27 billion at end-2019, and
expect the company to turn free cash flow (FCF) positive before
dividend payments in 2020, with gross leverage remaining slightly
below 3.0x thereafter.

DERIVATION SUMMARY

UE operates the largest casino in Manila's Entertainment City, but
on a standalone basis, the scale of the IR is modest compared with
most peers such as Crown Resorts Limited (BBB/Stable) and Las Vegas
Sands Corp (BBB-/Positive). UE's profitability is roughly in line
with these two peers but Fitch thinks its casino business is more
vulnerable because it is dependent on a single location while
Crown's resorts are spread across Australia and Sands has multiple
attractive locations. Crown and Sands also operate in more stable
regulatory regimes than UE.

The Japanese company's execution and operational risks are also
notably higher than that of Crown and other peers as UE has not yet
established a track record in the junket and high-roller segments.
Heightened volatility in the previously stable domestic amusement
equipment segment in 2018 and early 2019 in the wake of regulatory
changes adds to the uncertainty amid the lack of visibility over
the timing and extent of a recovery. This offsets UE's moderate
leverage and robust coverage metrics to a large extent.

KEY ASSUMPTIONS

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

  - High single-digit to double-digit revenue growth, driven by
successful rollout of junkets and further mass-market expansion

  - Return to positive EBITDA in 2019 with margin in the high teens
and improving margins over the next three years

  - Higher capex in 2019 to complete casino ramp-up, but
normalising thereafter to around 4% of revenue

Key Recovery Rating Assumptions

Its distressed scenario envisages failure to ramp up the casino
business and a prolonged deterioration of the domestic pachinko and
pachislot segment. Fitch believes the going-concern approach would
yield the higher recovery for creditors given the brand value of
the Okada Manila.

In its going-concern enterprise valuation, Fitch has assumed a 30%
discount to a projected EBITDA of JPY24 billion, broadly in line
with its base-case projection for group EBITDA after the completion
of the casino expansion, resulting in post-distress EBITDA of about
JPY17 billion. At this level, FCF would be mildly negative and FFO
adjusted gross leverage at more than 4.0x would exceed its negative
guidance. Fitch has applied a distressed enterprise value
(EV)/EBITDA multiple of 4.5x, which balances the brand value of the
Okada Manila with the muted long-term prospects of the pachislot
and pachinko business and, in its view, represents a suitable
haircut to a broader sector trading benchmark. Fitch also deducts
10% of EV for administrative claims.

The assumptions result in a recovery rate for the senior secured
notes in the 'RR1' range. Despite the notes being secured
obligations of subsidiary guarantors, however, a country cap
applies under Fitch's criteria because of the lack of a track
record of enforceability in the Philippines, the location of the IR
and future source of much of the group's future earnings and cash
flows in Fitch's projections. As a result, the bonds are rated at
'B+' with Recovery Rating 'RR4'.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:

  - Group revenue above JPY200 billion, reflecting a successful
ramp-up and competitiveness in the casino business

  - Sustainably positive FCF with at least high single-digit
margins

  - FFO adjusted gross leverage sustained below 2.5x

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

  - Failure to achieve a meaningful increase in scale, reflecting a
lack of competitiveness in the casino business and the pachinko and
pachislot segment

  - Failure to sustain stable EBIT in the amusement equipment
business

  - FFO adjusted gross leverage above 4.0x for a sustained period

LIQUIDITY

Manageable Leverage, Adequate Liquidity: UE has reduced leverage
significantly by repaying its outstanding high-yield bonds as well
as a large portion of bank debt. Following the issuance of USD600
million of senior secured notes, leverage is manageable, with
long-dated bond maturities providing a high degree of flexibility.
Fitch expects cash balances of around JPY27 billion at end-2019,
down from JPY46 billion at end-2018, but still sufficient to cover
short-term interest-bearing debt (end-3Q19: JPY9.4 billion). Fitch
expects the company to turn FCF positive in 2020 upon completion of
the casino ramp-up and recovery of the amusement equipment
business, and gross leverage to remain slightly below 3.0x
thereafter.



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

HYFLUX LTD: Unit Released from Iran Desalination Contract
---------------------------------------------------------
Fiona Lam at The Business Times reports that Hyflux Ltd on Nov. 26
announced that its subsidiary has been released and discharged from
all rights, duties, obligations, claims and demands under a
contract for a desalination package in Iran.

Under the contract, the subsidiary, Hyflux International Pte Ltd
(HIPL), was to design, manufacture and supply a seawater reverse
osmosis desalination package in Bandar Abbas, Iran, BT says.

BT relates that Iranian firm Asia Water Development Engineering
Company (AWDEC) had awarded the project to HIPL in April 2018.

However, it was suspended in October 2018, after the US
reintroduced sanctions on Iran and pulled out of the Iran nuclear
deal, also known as the Joint Comprehensive Plan of Action.

Due to the sanctions, Hyflux was unable to maintain the requisite
banking support to receive payment from AWDEC for works to be
performed under the contract, the report states.

On Nov. 26, Hyflux said that it had entered into a deed of novation
with AWDEC and Horsol Switz Engineering Asia Pte Ltd, for Horsol to
replace HIPL in the contract.

The novation of the contract is not expected to have a material
effect on the financial performance of the Hyflux group, the report
says.

It was announced hours after Hyflux said it had finally inked a
restructuring agreement with Middle Eastern utilities group Utico
for a SGD400 million rescue package, following seven months of
negotiation, according to BT.

The insolvent water treatment firm is scheduled to give the
Singapore High Court a progress update on Nov. 29, when the court
will also determine whether to extend Hyflux's debt moratorium
beyond its Dec. 2 expiry, adds BT.

KEPPEL INFRASTRUCTURE: Unit Gets 1-Year Loan Payment Extension
--------------------------------------------------------------
The Business Times reports that Keppel Infrastructure Trust's (KIT)
Australian unit, Basslink, has got a one-year extension on the
maturity date of a loan for its undersea electricity cable, it said
in a bourse filing on Nov. 27.

BT relates that Basslink, an undersea power cable company, said
financiers of the cable, the Basslink Interconnector, have also
extended the waiver of all breaches and events of default under the
project by a year.

The interconnector links the electricity grids of Victoria and
Tasmania in Australia, the report says.

BT notes that the loan deadline extension comes after Australian
state enterprise Hydro Tasmania had in October restricted Basslink
from operating at full capacity except during critical periods.

Under Hydro Tasmania's instructions, from Nov. 1 to May 31, the
last 33 megawatts (MW) of Basslink's 478 MW capacity can only be
used when the wholesale electricity price reaches the market price
cap, the report says.

According to the report, Basslink is in dispute with both the state
of Tasmania and Hydro Tasmania over a six-month outage of the cable
in 2015. Tasmania last year claimed some AUD100 million (SGD92.6
million) over the cable failure.

Basslink had gone into technical default on its project financing,
and had a loan of AUD694.4 million that matures in November, the
report discloses.

"Given that there is no contractual recourse to KIT under the
project financing and KIT does not rely on Basslink's cash flows
for distributions, the above-mentioned update is not expected to
have any material financial impact on the distribution per unit of
KIT for the financial year ending Dec. 31, 2019," said KIT.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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electronic re-mailing and photocopying) is strictly prohibited
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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 ***