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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

          Wednesday, December 4, 2019, Vol. 22, No. 242

                           Headlines



A U S T R A L I A

ALTURA MINING: Fitch Assigns CCC+ LT IDRs, Outlook Stable
HIRE FORCE: Second Creditors' Meeting Set for Dec. 9
PLATO PROJECTS: Second Creditors' Meeting Set for Dec. 9
WAYLIE TREES: Second Creditors' Meeting Set for Dec. 10
WENDTREV PTY: Second Creditors' Meeting Set for Dec. 10

WRIGHT'S TRANSPORT: First Creditors' Meeting Set for Dec. 11


C H I N A

HILONG HOLDING: Moody's Confirms B1 CFR & Alters Outlook to Pos.
JIA YUETING: Creditors Demand Liability for Debt
PEKING UNIVERSITY FOUNDER: Misses US$285 Million Bond Payments


H O N G   K O N G

ENN ECOLOGICAL: Fitch Maintains BB LT IDR on Rating Watch Positive


I N D I A

ADVANTAGE OVERSEAS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
AJARA HEALTH: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
AURO IMPEX: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
GEETANJALI SPICES: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
GEETASHREE PULSES: Ind-Ra Migrates 'B+' Rating to Non-Cooperating

GPR INFRA: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
HINDUSTAN CONSTRUCTION: CRISIL Cuts Rating on INR6cr Loan to D
INDIA: Tightens Rules on Loan Default Disclosure for Public Firms
JAYPEE HEALTHCARE: Yes Bank Files Insolvency Petition Against Firm
JAYPEE INFRATECH: NBCC May Offer More Land to Lenders in Final Bid

LANCY CONSTRUCTIONS: CRISIL Keeps 'D' Rating on Non-Cooperating
MAHABIR TECHNO: CRISIL Maintains 'D' Ratings in Not Cooperating
MAHADEV PROFILES: CRISIL Maintains 'D' Ratings in Not Cooperating
MEGHA GRANULES: CRISIL Maintains 'D' Ratings in Not Cooperating
METALORE OVERSEAS: CRISIL Maintains 'D' Ratings in Not Cooperating

NETWORK TRADELINK: CRISIL Maintains 'D' Rating in Not Cooperating
P & R INFRAPROJECTS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
PARSHURAM CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
PHORUM JEWELS: CRISIL Maintains 'D' Rating in Not Cooperating
QUEST LIFE: CRISIL Maintains 'D' Rating in Not Cooperating

RASIKLAL SANKALCHAND: CRISIL Keeps 'D' Rating in Not Cooperating
S.S.V. FAB: Ind-Ra Migrates 'BB+' Issuer Rating to Non-Cooperating
SAI AMRUT: CRISIL Maintains 'D' Rating in Not Cooperating
SAISHA ENTERPRISES: CRISIL Keeps 'D' Rating in Not Cooperating
SATYAM SOLUTIONS: CRISIL Maintains 'D' Rating in Not Cooperating

SAVUTE TEXTILES: CRISIL Maintains 'D' Rating in Not Cooperating
SHREE BHATTER: CRISIL Maintains 'D' Rating in Not Cooperating
SHREE KRIPA: CRISIL Maintains 'D' Rating in Not Cooperating
SHREE VAISHNAV METAL: CRISIL Keeps 'D' Rating in Not Cooperating
SHREE VAISHNAV: CRISIL Maintains 'D' Rating in Not Cooperating

SIDDH SAI: CRISIL Maintains 'D' Rating in Not Cooperating
SIRI SMELTERS: CRISIL Maintains 'D' Rating in Not Cooperating
SIYARAM EXPORTS: CRISIL Maintains 'D' Rating in Not Cooperating
SREEKARA ORGANICS: Ind-Ra Migrates BB LT Rating to Non-Cooperating
TASHKENT OIL: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating

THOUSU PERIYAKKAL: CRISIL Maintains 'D' Ratings in Not Cooperating
TORNADO MOTORS: CRISIL Maintains 'D' Rating in Not Cooperating
TUFFWARE INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating
UMMED EDUCATIONAL: Ind-Ra Migrates 'B' Rating to Non-Cooperating
VINOD TEXWORLD: CRISIL Maintains 'D' Ratings in Not Cooperating

YES BANK: Gets $2 Billion Pledge From Little-Known Investors


I N D O N E S I A

[*] INDONESIA: SOEs on Brink of Bankruptcy, Sri Mulyani Says


N E W   Z E A L A N D

CBL CORP: Faces Second Shareholder Class Action


P A K I S T A N

PAKISTAN: Moody's Alters Outlook on B3 Sr. Unsec. Debt to Stable


P H I L I P P I N E S

AMA BANK: TRO Prevents PDIC From Continuing Bank's Liquidation

                           - - - - -


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A U S T R A L I A
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ALTURA MINING: Fitch Assigns CCC+ LT IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings assigned Australia-based Altura Mining Limited a
first-time Long-Term Foreign- Currency Issuer Default Rating of
'CCC+'. The Outlook is Stable. Fitch has also assigned the
company's proposed US dollar senior secured notes an expected
rating of 'CCC+(EXP)' and a Recovery Rating of 'RR4'.

The proposed notes are issued by Altura Lithium Operations Pty Ltd
and are guaranteed by AJM. The proposed notes are rated at the same
level as the IDR as they will be guaranteed by AJM. The net
proceeds from the proposed note issuance will be used to refinance
USD143 million of existing secured notes due August 2020.

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

The 'CCC+' IDR reflects the company's high interest burden and
looming debt maturity should the company fail to sell contracted
volume and maintain its floor price over the next 12-24 months.
AJM's rating also reflects its small scale of operations and single
product focus. These are counterbalanced by AJM's competitive
operating costs compared with those of Australian hard-rock peers.
Fitch believes AJM's credit profile will benefit over the next two
years from higher production volume, which lowers AJM's fixed costs
per tonne and thus improves its cash-generating ability. The floor
price in its offtake contracts provides some hedge against weak
spodumene market conditions.

KEY RATING DRIVERS

Weak Balance Sheet; Strong Lithium Asset: Fitch expects AJM's cash
costs to improve to around USD345 per tonne in the financial year
ending June 30, 2020 (FY20), although Fitch forecasts free cash
flow to be negative. The strain on the cash flow reflects the
company's highly leveraged balance sheet. This negates its
competitive operating costs and reduces AJM's all-in cost
competitiveness. AJM's mine has competitive operating costs
compared with other Australian hard-rock mines and has demonstrated
it could produce at nameplate capacity within a short period. The
product quality is evidenced by strong interests from offtake
partners.

Small Scale, Weak Liquidity: AJM is a small scale spodumene
producer with 220ktpa production capacity and reserves of around
45mt, which provides for a long mine life but is considered small
in global context. In addition, the company's liquidity is weak.
Fitch forecasts AJM to generate negative FCF and the company does
not have any committed undrawn liquidity lines. AJM's weak
liquidity position during a downturn in the spodumene market
reduces the company's financial flexibility to absorb losses from
unforeseen events.

Floor Price and Offtake: Fitch believes that AJM will try to
maintain the floor price in the company's offtake contracts and
will seek alternative offtake partners to minimise the risk of a
reduction in the floor price to below USD550/tonne. AJM's offtake
contracts, which cover 100% of production volume, have floor a
price of USD550/tonne that provides downside protection. The floor
price improves visibility of AJM's cash flow when the market price
for spodumene is under pressure. The floor price arrangement in
each offtake contract has varying length and the earliest expiry of
the floor price arrangement is July 2020.

AJM's ability to maintain its floor price whilst selling contracted
volume over the next 12-24 months will be the most important
factors that will determine its credit profile. Many hard-rock
miners in Australia have reported reduced sales and production
volumes, at the request of their offtake partners. Fitch expects
that AJM will cut sales volumes to about 85% of capacity, although
the company has not announced any reduction in volume, in the
context of the current market and actions by other Australian
hard-rock miners. Fitch believes such supply rationalisation in the
industry is likely to alleviate pressure on short-term spodumene
pricing and support price recovery over the medium term.

Credit Metrics Remain Weak: Fitch expects funds from operations
(FFO) fixed-charge coverage to remain below 1x in FY20 and FY21,
and then improve as Fitch expects the spodumene price to recover
from the current trough and AJM to increase sales volume. Fitch
also expects AJM's FFO adjusted leverage to be around 9x in FY20
and FY21, due to its leveraged balance sheet and the weak spodumene
price and sales volume. However, Fitch expects the company's credit
metrics to improve over time as the company increases its sales
volume and the market price for spodumene recovers.

DERIVATION SUMMARY

Fitch believes that for issuers rated in a low single 'b' category,
liquidity and coverage metrics have far greater impact on the
rating than their leverage metric and business profile. AJM is
smaller in scale and asset diversification compared with other
junior miners in the single 'b' space, but that is partially offset
by the company's relatively long mine life and competitive mining
cost position.

AJM has better cost position and long reserve life than
Petropavlovsk plc (B-/Positive). However, these are offset by AJM's
weak coverage metric and liquidity position as well as its high
leveraged balance sheet. These factors underscore the one-notch
rating differential between the two entities.

AJM has similar cost position when compared with Gran Colombia Gold
Corp. (B/Stable). However, the latter has short reserve life and
higher country risk as Fitch scored Gran Colombia Gold's country
risk relative to mining operation at 'b' (AJM scored at 'bbb'). ,
AJM's weak financial and liquidity profile more than offsets its
strong business profile and underscores the two-notch rating
differential between the two companies.

KEY ASSUMPTIONS

  - Gradual decline in the realised spodumene price over the next
two years, then for the price to recover modestly from FY22 as
demand outpaces supply in the spodumene market.

  - Production volumes and grades in line with management guidance;
sales volume around 15% lower than its nameplate capacity in 2020
and then improves gradually thereafter.

  - Capex of around AUD6 million a year in FY20-FY22.

KEY RECOVERY RATING ASSUMPTIONS

  - The recovery analysis assumes AJM would be liquidated in a
bankruptcy rather than continue as a going-concern because it is an
asset-heavy company. The analysis is based on audited accounts as
of June 30, 2019.

  - Liquidation Approach: The liquidation estimate reflects Fitch's
view of the value of inventory and other assets that can be
realised in a reorganisation and distributed to creditors.

Fitch assumed:

  - 10% administration claims;

  - 75% recovery from accounts receivable;

  - 50% recovery from inventories; and

  - 51% recovery from net property, plant and equipment.

  - These assumptions result in a recovery rate for senior secured
notes within the 'RR4' range, which maps to a senior secured rating
of 'CCC+' in line with its Corporates Notching and Recovery Ratings
Criteria.

RATING SENSITIVITIES

Development That May, Individually or Collectively, Lead to
Positive Rating Action:

  - FFO fixed charge coverage improves to above 1.5x on a sustained
basis

  - FFO adjusted leverage improves to below 4x on a sustained
basis

Development That May, Individually or Collectively, Lead to
Negative Rating Action:

  - Failure to refinance its debt maturing in August 2020

  - Deterioration of liquidity profile

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: AJM's only available liquidity is cash on hand of
AUD22 million against total debt outstanding of USD143 million at
end-September 2019. Fitch expects AJM to generate negative FCF in
FY20 and FY21. The successful completion of the company's proposed
bond issue will address the upcoming debt maturities and also
provide some liquidity headroom.

AJM has successfully raised equity from strategic partners
(downstream players) which are interested in securing products
reliably. Fitch understands that AJM is in conversation with a
number of parties in regards to potential offtake variations and
additions which may typically attach to an equity position in the
company.

ESG CONSIDERATIONS

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


HIRE FORCE: Second Creditors' Meeting Set for Dec. 9
----------------------------------------------------
A second meeting of creditors in the proceedings of Hire Force
Australia Pty Ltd has been set for Dec. 9, 2019, at 10:30 a.m. at
the offices of Cor Cordis, One Wharf Lane, Level 20, at 171 Sussex
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. 6, 2019, at 4:00 p.m.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of Hire Force on Nov. 4, 2019.


PLATO PROJECTS: Second Creditors' Meeting Set for Dec. 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of Plato Projects
Operations Pty Ltd has been set for Dec. 9, 2019, at 2:00 p.m. at
the offices of Sinisgalli Foster Legal, Level 7, at 224 Queen
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 6, 2019, at 3:00 p.m.

Andrew Beck of Greyhouse Partners was appointed as administrator of
Plato Projects on Nov. 1, 2019.


WAYLIE TREES: Second Creditors' Meeting Set for Dec. 10
-------------------------------------------------------
A second meeting of creditors in the proceedings of Waylie Trees
Pty Ltd has been set for Dec. 10, 2019, at 3:00 p.m. at the offices
of Mackay Goodwin, Level 2, at 10 Bridge 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. 9, 2019, at 4:00 p.m.

Thyge Trafford-Jones and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of Waylie Trees on Nov. 12, 2019.

WENDTREV PTY: Second Creditors' Meeting Set for Dec. 10
-------------------------------------------------------
A second meeting of creditors in the proceedings of Wendtrev Pty
Ltd, trading as Chicken Treat Forest Lakes, Chicken Treat Gosnells,
has been set for Dec. 10, 2019, at 1:30 p.m. at the offices of
Worrells Solvency & Forensic Accountants, Level 4, at 15 Ogilvie
Road, in Mount Pleasant, 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. 9, 2019, at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells Solvency was appointed as
administrator of Wendtrev Pty on Nov. 5, 2019.


WRIGHT'S TRANSPORT: First Creditors' Meeting Set for Dec. 11
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Wright's
Transport Pty Ltd will be held on Dec. 11, 2019, at 11:00 a.m. at
Level 31, Waterfront Place, at 1 Eagle Street, in Brisbane,
Queensland.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Wright's Transport on Nov. 29, 2019.




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HILONG HOLDING: Moody's Confirms B1 CFR & Alters Outlook to Pos.
----------------------------------------------------------------
Moody's Investors Service confirmed Hilong Holding Limited's B1
corporate family rating and senior unsecured ratings.

At the same time, Moody's has changed the outlook to positive from
ratings under review.

This rating action concludes the review for upgrade initiated on
September 10, 2019 following improvements in the company's business
and credit profiles.

RATINGS RATIONALE

"The positive outlook mainly reflects the company's strengthened
business profile, and our expectation that the company will
continue to improve its credit profile over the next 12-18 months,
even amid ongoing volatility in the oil & gas industry," says
Chenyi Lu, a Moody's Vice President and Senior Credit Officer.

"The positive outlook also reflects improvements in the company's
liquidity and debt maturity profile following the completion of a
USD200 million bond issuance in September 2019 to fund part of its
upcoming maturities in June 2020," adds Lu.

Moody's expects Hilong's debt leverage, as measured by adjusted
debt/EBITDA, will improve to 3.0x over the next 12-18 months from
3.6x for the 12 months ended June 2019 and 3.9x in 2018, mainly
because of continued earnings improvements. Such a level of
leverage is strong for its B1 rating and provides it with a buffer
against its working capital needs and potential industry
volatility.

Moody's projects the company's revenue will grow by a further 12%
in 2019 and 9% in 2020, following strong growth in the last two
years. Such strong growth will mainly be driven by (1) continued
strong demand for its oilfield equipment manufacturing and
services, especially in China; (2) the growing business traction in
its concrete-weighted coating services and pipeline inspection
services; (3) the company's growing customer base; and (4) its
expanded oil and gas-field services offerings. The company posted
strong 23.6% year-on-year revenue growth in 1H 2019.

Moody's expects the company's adjusted EBITDA margin will improve
slightly to around 26.0%-26.5% over the next 12-18 months from
24.2% for the 12 months ended June 2019, as the company continues
to focus on cost and expense controls and increases operating
efficiencies with its higher revenue.

Hilong's liquidity profile is modest. At the end of June 2019, the
company had cash and cash equivalents of RMB625 million and
restricted cash of RMB191 million. The company also issued USD200
senior notes in September 2019. These liquidity sources and Moody's
expected operating cash flows of around RMB450-500 million over the
next 12 months are insufficient to cover its RMB2.9 billion of
short-term debt, including the USD310 million notes due in June
2020, RMB221 million of bills payable, and estimated RMB150 million
of maintenance capital expenditure over the same period.

However, this modest liquidity position is mitigated by Hilong's
track record of prudent financial management and good access to the
domestic bank and debt markets, as well as to the equity capital
markets. Moody's expects the company to seek further refinancing
for its remaining USD165 million bonds in advance of the maturity
in June 2020. Any signs of failure to complete the refinancing in a
timely manner will likely result in downward rating pressure.

Hilong's B1 corporate family rating reflects its strong global
market positions in the drill pipe and oil country tubular goods
(OCTG) coating materials and services sectors. This global strength
is based on the company's well-regarded products, technological
capabilities and close, long-term relationships with its major
customers.

Hilong's rating also reflects its product, service and geographic
diversification, which ensures resilience against its industry
peers and partly offsets the challenges associated with a cyclical
industry and high customer concentration.

Hilong's rating is constrained by its relatively small size, high
customer concentration, and performance volatility caused by the
cyclical nature of the drill pipe and oilfield services businesses,
which are exposed to the unpredictability of global oil prices.

The rating also takes into account the following environmental,
social and governance (ESG) considerations.

Firstly, the company is exposed to increasingly stringent
regulations for oil and gas operations and access to new resources.
However, Hilong has to date not experienced any major compliance
violations related to air emissions, water discharge or waste
disposal.

Secondly, on the governance front, the company's ownership is
concentrated in its key shareholder, Jun Zhang, who held a total
58.7% stake in the company at the end of June 2019. This risk is
partially mitigated by the company's track record of good corporate
governance, its listed status, and disciplined dividend policy.

The ratings could be upgraded if the company (1) achieves strong
growth in its revenue and earnings; (2) further expands its
product, service and geographic diversification while maintaining
its profit margin; (3) improves its debt leverage, such that
adjusted debt/EBITDA falls below 3.5x-4.0x on a sustained basis;
and (4) sustains positive free cash flow generation that results in
an adequate liquidity position.

The outlook could return to stable if (1) revenue growth weakens as
a result of the low and volatile oil prices as well as a decline in
profit; (2) the strain on its working capital increases, prompting
it to raise a large amount of debt; (3) its debt leverage rises,
such that adjusted debt/EBITDA exceeds 4.0x on a sustained basis;
or (4) its liquidity position weakens.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. The company's four main businesses are (1)
oilfield equipment manufacturing and services, (2) line pipe
technology and services, (3) oilfield services, and (4) offshore
engineering services.

The company listed on the Hong Kong Stock Exchange in 2011. Jun
Zhang, the chairman and founder of the company, is the controlling
shareholder, with a 58.7% equity interest as of the end of June
2019.


JIA YUETING: Creditors Demand Liability for Debt
------------------------------------------------
Liu Yukun and Isabelle Li at Caixin Global report that embattled
Chinese entrepreneur Jia Yueting, who filed for bankruptcy in
October, continues to struggle to make a deal with his creditors,
after they rejected his proposal that he and his wife be absolved
from their personal responsibility for the debts.

No final agreement on a bankruptcy settlement was reached at a
meeting on Nov. 25 in the U.S., a creditor who attended the meeting
told Caixin on condition of anonymity. All of the creditors at the
meeting objected to Jia's proposal that he and his wife - who are
in the middle of a divorce - no longer be personally responsible
for the debts, the source said.

Caixin relates that the source said that Jia then told the meeting
that he would continue to personally bear responsibility for the
debt.

Jia faces claims of about $2 billion from a total of 154 creditors,
Caixin discloses citing previous court filings.

Jia filed for Chapter 11 bankruptcy in October in the U.S. state of
Delaware, Caixin recalls. That began a process of the entrepreneur,
who was placed on a debtor's blacklist in China, negotiating with
the creditors on a restructuring of his debts.

According to a statement posted by Faraday at the time, Jia planned
to set up a "creditor trust" that would receive all of Jia's equity
interest in Smart King Ltd., the holding company that controls
electric carmaker Faraday Future. Caixin says the trust would be
jointly managed by a committee of creditors and a trustee. Jia
previously set Nov. 8 as the deadline for creditors to vote on
whether or not to accept this plan. However, this was delayed as
the plan did not have sufficient creditor support, with one
creditor saying that they were unsure about the carmaker's
money-making prospects, Caixin notes.

The carmaker's first model, the FF91, was unveiled in 2017, the
company's website said, adding that production is set to begin "in
the near future."

According to Caixin, creditors at the meeting last week worried
that if the couple were no longer responsible for the debts, they
could face massive losses if Faraday Future, the California-based
electric carmaker Jia founded and of which he was previously CEO,
doesn't one day make a successful IPO.

Jia Yueting told the meeting that his debt problems have made it
harder for Faraday to attract new investors, but that he hopes the
debt issues will be resolved by the end of February, Caixin
relays.

Caixin, citing documents filed with the court, relates that there
will be an official creditor's meeting on Dec. 6. That will be
followed by a hearing on Dec. 18 at which the court will approve or
reject an amended reorganization plan filed by Jia and his legal
team. If approved, the judge will set a deadline for the creditors
to vote on the new plan, the report adds.

Jia currently holds 33% of Faraday, Caixin discloses. Before that,
he was known for founding the former star online video firm LeEco,
which has been troubled since 2016 after taking on too much debt
during a frenzied expansion. Jia was later blacklisted as a debt
defaulter by Chinese regulators and barred indefinitely from
traveling by rail or air in the country for failing to repay about
CNY480 million ($69.7 million) in debt owed by LeEco.

Faraday has run into financial issues, with sources saying its
headcount had dropped to 350 by the middle of this year, Caixin
says. The company had claimed a headcount of 2,000 at the end of
2018.

Jia stepped down as Faraday's CEO in September, but remains the
company's chief product and user officer, a title he will retain
even after the bankruptcy filing, Caixin recalls. His chief role
was succeeded by BMW veteran Carsten Breitfeld, who had held
positions at two China-based EV startups before, the report notes.

PEKING UNIVERSITY FOUNDER: Misses US$285 Million Bond Payments
--------------------------------------------------------------
Bloomberg News reports that two Chinese companies failed to repay
bonds worth a combined half a billion dollars on Dec. 2,
underscoring rising debt risks in the highly leveraged nation as
the economy slows.

Peking University Founder Group was unable to secure sufficient
funding to repay a 270-day, CNY2 billion (US$285 million) bond,
Bloomberg discloses citing a company filing to the National
Interbank Funding Center. Tunghsu Optoelectronic Technology Co.
failed to deliver repayment on both interest and principal on a
CNY1.7 billion bond, according to Shanghai Clearing House.

According to Bloomberg, the quickening speed of bond defaults in
China, especially among ailing private firms, highlights the
growing financial strain triggered by the country's worst economic
slowdown in three decades and unabated trade tensions with the U.S.
Last week, industrial firm Xiwang Group failed to pay a
CNY1 billion bond, missing a fresh repayment deadline on an already
defaulted bond, Bloomberg reports.

"It's getting harder for companies to get funding help when facing
a debt crisis, unless they're centrally-controlled companies and
local SOEs that have great importance to the local economy,"
Bloomberg quotes Yang Hao, fixed income analyst from Nanjing
Securities Co., as saying.

Bloomberg says Founder's missed payment on the bond, which has a 15
business-day grace period, is set to escalate concerns about the
weak finances of debt-laden business arms of Chinese universities.
The company and Tsinghua Unigroup Co., a top chipmaker run by
arch-rival Tsinghua University, have been under the spotlight in
recent months following a tumble in their dollar bonds, Bloomberg
says.

Founder Group's debt-asset ratio rose to 82.74% as of the end of
June from 81.94% at the end of last year, with net losses widening
to CNY1.05 billion from CNY867 million in the same period,
Bloomberg discloses.

Bloomberg says Tunghsu's five-year paper was originally due
December 2021 but investors recently opted to exercise a put option
on it. The electronic display panel maker has now missed three
onshore bond payments in the past month, Bloomberg notes.

Bloomberg relates that Tunghsu failed early repayment on CNY1.97
billion of principal and interest on a note on which bondholders
similarly exercised a put option. It also was unable to make good
on an interest payment on another local bond.

Tunghsu Group's financial woes are indicative of China's sluggish
manufacturing sector, which saw spending only barely above the
record low level hit in September, according to Bloomberg.

It also highlights the payment struggles faced by the nation's
private firms, which are being hit harder by the economic slowdown.
Their access to the banking sector remains limited as lenders focus
more on politically influential state-owned companies, the report
says.

Private sector firms accounted for more than 80% of total defaults
this year, according to Bloomberg-compiled data. Moody's Investors
Service said it expects 40 to 50 new, first-time defaulters in
2020, compared with 35 so far this year, Bloomberg relays.

Peking University Founder Group Corp provides information
technology services. The Company offers software development,
electronic publishing system development, smart city solution
development, data operation, and other services. Peking University
Founder Group also operates financing, medical technology
development, and other businesses.




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ENN ECOLOGICAL: Fitch Maintains BB LT IDR on Rating Watch Positive
------------------------------------------------------------------
Fitch Ratings maintained ENN Ecological Holdings Co., Ltd.'s
Long-Term Issuer Default Rating of 'BB' and the 'BB' rating on its
USD500 million 7.5% senior unsecured notes issued by ENN Clean
Energy International Investment Limited on Rating Watch Positive.
ENN Clean Energy International Investment Limited is wholly owned
by Xinneng (Hong Kong) Energy Investment Limited, which is in turn
wholly owned by ENN EC. The notes are guaranteed by ENN EC.

ENN EC's 9M19 operating results were weaker than its expectations,
mainly due to a margin decline in its methanol business, and its
2019 leverage, measured by FFO adjusted net leverage, is likely to
remain around 4.0x, little changed from end-2018, and higher than
its previous forecast. The company, on a standalone basis, is
unlikely to deleverage to its previous expectation for FFO adjusted
net leverage of 3.5x by end-2020.

However, ENN EC's ratings remain on RWP pending the completion of
its planned acquisition of a 32.80% stake in ENN Energy Holdings
Limited (ENN Energy; BBB/Stable) from the two companies' common
ultimate controlling shareholder Chairman Wang Yusuo and his wife.
If the planned acquisition is completed, Fitch expects to assess
ENN EC's rating based on a consolidated group credit profile as
Fitch believes the linkage between the two companies will be at
least 'Moderate', based on Fitch's Parent and Subsidiary Rating
Linkage criteria.

Fitch expects the consolidated group credit profile to be stronger
than the standalone credit profile of ENN EC, underpinned by a
stronger business profile, supported by ENN Energy's stable cash
flow generation and slightly better financial profile based on the
final financing structure of the deal. Fitch expects to resolve the
RWP after the transaction closes. The completion timeline remains
uncertain, but Fitch thinks the deal may take place more than six
months from now.

KEY RATING DRIVERS

Details of the Deal: ENN EC has completed its due diligence and
announced it will acquire the whole 32.80% stake held by ENN Group
International Investment Limited (EGII) and Essential Investment
Holding Company Limited for a total of CNY25.84 billion. ENN EC
plans to swap 9.97% of its shares in Australian liquefied natural
gas (LNG) company, Santos Limited, which is held by wholly owned
subsidiary, United Faith Ventures Limited, for an equivalent value
of CNY7.09 billion in ENN Energy shares held by EGII. The remainder
will be financed by cash of CNY5.50 billion and issuance of 1,341
million new ENN EC shares at CNY9.88/share, amounting to a total
value of CNY13.25 billion.

The deal is pending the approval of ENN EC shareholders at a
meeting to be held on December 9, 2019. After approval is obtained,
the deal will be submitted to the China Securities Regulatory
Commission, the National Development and Reform Commission and the
Ministry of Commerce for approval.

Uncertainty over Private-Equity Placement: ENN EC plans to sell up
to 246 million new shares in a private placement to 10 independent
investors to fund part of the CNY5.50 billion cash portion of the
acquisition consideration. The investors include ENN Holdings
Investment Co., Ltd., its parent company, which has agreed to
subscribe for at least 10% of the private placement if it is
successful. ENN EC needs to submit the transaction to the CSRC,
which has to approve the private placement.

The placement is not a prerequisite of the deal although it could
lower the cash or debt required for the deal, which may improve the
consolidated group's financials. Mr. Wang will be able to maintain
a stake of at least 20% in ENN Energy, as required by the terms of
the company's loans, independent of the success of the
private-equity placement.

Moderate or Strong Linkage: If the transaction is completed, the
linkage between ENN EC and ENN Energy, based on its Parent and
Subsidiary Rating Linkage, is likely to be 'Moderate' or higher as
it will be underpinned by Mr. Wang's effective control of ENN
Energy via his shares in ENN EC as well as the synergies realised
along the gas value chain as a result of the deal. ENN EC's
construction-engineering business also supports ENN Energy's gas
expansion and integrated energy projects. As a result, Fitch may
assess ENN EC based on the consolidated group profile.

Stronger Group Credit Profile: The consolidated group credit
profile will benefit from lower business risks due to stable cash
flows from ENN Energy's city-gas projects, compared with ENN EC's
more cyclical and volatile cash flows, as ENN Energy generated 3x
more EBITDA than ENN EC. Potential synergies from the integration
include higher bargaining power for ENN EC to invest in upstream
assets and competitive gas-procurement prices for ENN Energy
through ENN EC. Fitch believes the group's financial profile will
be slightly stronger than ENN EC's current profile, with net
debt/EBITDA of around 3.0x in 2020-2021 without the private-equity
placement or 2.6x-3.0x with the placement, versus ENN EC's net
debt/EBITDA of around 3.5x in 2019-2021 on a standalone basis.

Weak 9M19 Earnings: The 22% yoy decline in ENN EC's 9M19 EBITDA to
CNY1,470 million from CNY1,889 million in 9M18 was mainly caused by
margin pressure in the methanol business and the disposal of its
biopharmaceutical business in June 2019. The methanol business's
gross margin narrowed to 8% in 9M19 from 13% in 2018 and 15% in
9M18 amid a 22% decline in the market price of methanol. The
disposal of its high-margin biopharmaceutical business caused a
shift in its business mix, also leading to a gross margin decline.
Fitch expects gross margins to be maintained at around 19%-21% in
the medium term (2018: 22%).

Slower-than-Expected Deleveraging: Fitch expects ENN EC's 2019 and
2020 capex to remain significant at CNY750 million and CNY1
billion, respectively, mainly due to the construction of the Daqi
Phase II Project, which is a 200,000 tonne stable and light
hydrocarbon project located in the Dalad Economic Development Zone
in Inner Mongolia. Fitch estimates capex will decline to below
CNY650 million per year in 2021-2022, allowing free cash flow to
turn positive. However, ENN EC may invest in other assets,
especially in the LNG upstream business subject to opportunities.
Fitch expects the company's FFO adjusted net leverage, on a
standalone basis, to remain at 3.8x-3.9x in 2019-2020 (2018: 4.0x)
due to the weaker-than-expected 9M19 earnings and large capex,
before falling towards 3.5x by end-2021.

DERIVATION SUMMARY

ENN EC's rating is supported by its business diversification, with
operational benefits from being part of the ENN Group, and a
moderate financial profile. The rating is constrained by the
company's evolving business profile and exposure to cyclical
sectors with higher business risks. Fitch expects ENN EC's net
leverage to hover around 4.0x in the near term and decline to below
3.5x after 2021.

ENN EC is rated one notch higher than Indonesia-based PT Chandra
Asri Petrochemical Tbk (CAP; BB-/Stable), whose ratings reflects
its parent PT Barito Pacific Tbk's (Barito; B+/Stable) diversified
businesses across the petrochemical and energy industries, its
leading market position as Indonesia's largest petrochemical
producer, and a strong record of geothermal operation with
long-term contracts driving stable revenue. CAP has much lower
leverage than ENN EC, but this is offset by ENN EC's stronger
vertical integration and business diversification, as well as
higher financial flexibility from its 10.07% stake in Santos.

KEY ASSUMPTIONS

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

  - Fitch's thermal coal price deck of USD90.0/tonne in 2019,
USD80.0/tonne in 2020, USD75.0/tonne in 2021 and USD75.0/tonne
thereafter

  - Fitch's Brent crude oil price of USD65.0/barrel in 2019,
USD62.5/barrel in 2020, USD60.0/barrel in 2021 and USD57.5/barrel
thereafter

  - Fitch's UK natural gas price deck of USD5.5/million cubic feet
(mcf) in 2019, USD6.25/mcf in 2020, USD6.5/mcf in 2021 and
USD6.5/mcf thereafter

  - EBITDA margin to be maintained at 17%-18% in 2019-2022

  - Capex of around CNY750 million in 2019 and CNY1 billion in
2020, falling to below CNY650 million from 2021

  - Acquisitions of around CNY200 million per year in 2020-2022

RATING SENSITIVITIES

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

  - Fitch may take positive rating action on ENN EC if the proposed
transaction with ENN Energy is completed in accordance with the
proposed terms, after which Fitch is likely to assess ENN EC based
on the consolidated credit profile of the group.

  - If the transaction with ENN Energy fails to be completed, Fitch
would remove ENN EC's ratings from RWP. No positive rating action
is envisaged in the medium term until the company's business
profile reaches a steady stage while maintaining a prudent
financial strategy.

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

  - If the proposed transaction with ENN Energy is completed but
a tight ring-fencing mechanism is introduced to limit ENN EC's
access to ENN Energy's cash flows, Fitch may assesses ENN EC's
credit profile with ENN Energy on a proportionately consolidated
basis, or Fitch may notches ENN EC's ratings below the consolidated
group credit profile.

  - If the transaction with ENN Energy fails to be completed, Fitch
would remove ENN EC's ratings from RWP and take negative rating
action if its FFO adjusted net leverage stays above 3.5x for a
sustained period, its EBITDA margin is sustained below 15% over the
next three years, and/or there is deterioration of the financing or
liquidity position of ENN EC's controlling shareholders and their
related businesses.

LIQUIDITY

Good Liquidity: The company has sufficient liquidity as its cash
and cash equivalents on hand of CNY2.1 billion and unutilised
credit facilities of CNY2.5 billion can cover its short-term debt
maturities of CNY3.6 billion as of end-1H19. In addition, ENN EC's
10.07% stake in publicly listed Santos offers an additional
liquidity buffer, if needed.

FULL LIST OF RATING ACTIONS

ENN Ecological Holdings Co., Ltd.

Long-Term IDR of 'BB' maintained on Rating Watch Positive

ENN Clean Energy International Investment Limited

'BB' rating on USD500 million 7.5% senior unsecured notes
maintained on Rating Watch Positive




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

ADVANTAGE OVERSEAS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Advantage
Overseas Private Limited's Long-Term Issuer Rating to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR0.285 mil. Fund-based working capital limits (long-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Non-fund-based working capital limits (short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by AOPL; the
details of the same are unavailable.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2004, AOPL is engaged in the bulk trading of Agri
commodities.


AJARA HEALTH: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ajara Health Care
and Research Centre Private Limited's (AHCRC) 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 action is:

-- INR293 mil. Term loan due on April 2026 migrated to non-
     cooperating with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 27, 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 June 2011, AHCRC is setting up a 350-bed
multi-specialty hospital in Hanumakonda, Warangal District, and
Telangana State.


AURO IMPEX: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Auro Impex &
Chemicals Pvt. Ltd.'s (AICPL) 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:

-- INR120 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 29, 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 January 1994, AICPL manufactures components, spares
and fabricated internal structures, primarily used in pollution
control equipment such as electrostatic precipitators.


GEETANJALI SPICES: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Geetanjali Spices'
(GS) 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:

-- INR100 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 30, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, Kumbhraj-based GS is engaged in the trading
of coriander seeds.


GEETASHREE PULSES: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Geetashree Pulses'
(GP) 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 action is:

-- INR100 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (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

Incorporated in 2013, GP is a partnership firm primarily engaged in
the trading of coriander seeds. The firm's registered office is in
Kumbhraj, Madhya Pradesh. It is managed by Mr. Ram Kasat and his
family.


GPR INFRA: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GPR INFRA's (GPR)
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:

-- INR90 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING) /

     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR300 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (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

Established in December 2013, GPR is an engineering, procurement
and construction firm.


HINDUSTAN CONSTRUCTION: CRISIL Cuts Rating on INR6cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on long-term bank facilities of
Hindustan Construction - Raebareli (HC) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit            6        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Term Loan              0.47     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects delays by the company in servicing its debt
obligations on account of lower sales and high inventory level.

The ratings reflect a modest scale and tender-based nature of
operations in a highly fragmented industry, and a weak financial
risk profile. These rating weaknesses are partially offset by the
extensive experience of the proprietor in the civil construction
business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and tender-based nature of operations in a highly
fragmented industry
Revenue is dependent on the ability to bid successfully for
tenders. On a provisional basis, revenue was INR5.85 crore in
fiscal 2019, and should remain modest over the medium term.

* Weak financial risk profile
The networth was small at INR2.53 crore and the gearing high at 3
times, as on March 31, 2019. The debt protection metrics remained
muted, with interest coverage and net cash accrual to total debt
ratios estimated at 1.28 times and 0.05 time, respectively, for
fiscal 2019.

Strength

* Extensive industry experience of the proprietor
The proprietor has an experience of around 15 years as an approved
government civil contractor in Raebareli, Uttar Pradesh. Over the
years, he has developed a healthy relationship with various
government organisations such as the Public Works Department (PWD)
and the Irrigation Department, and with raw material suppliers.

Liquidity Poor

Liquidity is poor marked by delays in servicing its debt
obligations. Bank limits are fully utilized.

Rating Sensitivity Factor

Upward factor
* Timely servicing of debt obligations for 3 months
* Improvement in liquidity profile with cushion in bank limits

HC was established as a proprietorship firm in 2005 by Mr
Pushpendra Singh. It is an A class approved government contractor
working for the PWD, AA class approved contractor for the
Irrigation Department, and a contractor for Power Corporation of
India to undertake projects related to construction of roads,
buildings, drainage, and other works. The registered office is at
Raebareli.


INDIA: Tightens Rules on Loan Default Disclosure for Public Firms
-----------------------------------------------------------------
Reuters reports that India's publicly listed firms must disclose
any failure to repay loans within 24 hours in cases where 30 days
have passed since the default, its securities regulator said
tightening rules at a time when bond defaults have soared.

Reuters relates that the decision was aimed at addressing any gaps
in the availability of information to investors surrounding
corporate defaults, the Securities and Exchange Board of India
(SEBI) said in a statement.

"The philosophy is that more and more information should be in the
public domain that guide investors and other stakeholders," SEBI
Chairman Ajay Tyagi told reporters in Mumbai, Reuters relays.

According to Reuters, the move comes as loan and bond defaults by
companies, particularly several housing finance firms, are rising -
adding to pressure on India's banks, which are saddled with a level
of bad debt that is one of the world's highest.

Reuters says India's housing finance companies and shadow lenders,
a key source of credit to millions, have been battling a credit
crunch since giant shadow bank IL&FS collapsed in late 2018 amid
fraud allegations.

Publicly-listed Dewan Housing Finance Corp Ltd is one of India's
top defaulters, and owes close to INR1 trillion ($14 billion) to
its debtors, which include banks and mutual funds, Reuters
discloses.

Reuters says the SEBI also tightened rules for portfolio managers,
requiring that such firms must have a net worth of INR50 million
($696,233) from the earlier INR20 million.

It also doubled the required minimum investment by clients of
portfolio managers to INR5 million from INR2.5 million, adds
Reuters.

"We have many clients between the 2.5 to 5 million-rupee bracket
that are going to be disappointed," Reuters quotes Deepak Shenoy,
the founder of Capitalmind, a portfolio manager in Bengaluru that
manages 1.1 billion rupees in assets, as saying.  "It's not
extremely bad . . . (but) it will definitely affect business,"
Shenoy said.


JAYPEE HEALTHCARE: Yes Bank Files Insolvency Petition Against Firm
------------------------------------------------------------------
Livemint.com reports that private sector lender Yes Bank on Dec. 2
filed an insolvency petition against Jaypee Healthcare Ltd before
the Allahabad bench of National Company Law Tribunal (NCLT). Yes
Bank has made claims worth INR189.4 crore against Jaypee Infratech,
which is the promoter company of Jaypee Healthcare.

Jaypee Infratech is already undergoing insolvency proceedings, the
report notes.

Jaypee Infratech, which was admitted to the NCLT in August 2017
after an application by an IDBI Bank-led consortium, owes nearly
INR9,800 crore to as many as 13 lenders, which doesn't include Yes
bank. Its business affairs and assets are being managed by the
interim resolution professional, the report notes.  

Yes Bank, which according to the Reserve Bank of India (RBI),
under-reported bad loans by INR3,277 crore in FY19, posted a net
loss of INR600 crore for the quarter ended September, primarily due
to a one-time deferred-tax asset adjustment of INR709 crore,
Livemint.com discloses. The bank had posted a net profit of INR965
crore in the same period last year. The private sector lender also
reported a 42% rise in provisions in the September quarter to
INR1,336.25 crore, the report says.

Yes Bank's asset quality deteriorated in the September quarter as
its gross bad loan ratio or bad loans as a percentage of advances
rose 579 bps year-on-year and 238 bps sequentially, Livemint.com
adds.

India-based Jaypee Healthcare Limited provides dental care, liver
transplant, radiology and imaging, chest surgery, ophthalmology,
pain management, plastic surgery, diabetes, kidney diseases, spine,
cancer treatment, and rehabilitation services.

JAYPEE INFRATECH: NBCC May Offer More Land to Lenders in Final Bid
------------------------------------------------------------------
The Economic Times reports that state-owned NBCC Ltd is likely to
offer more land to lenders and reduce timeline for completion of
about 20,000 flats in its final bid to acquire bankrupt realty firm
Jaypee Infratech, sources said.

NBCC is considering to give additional land to lenders in lieu of
its offer to provide profit share in unclaimed flats and some land
parcel, which is pledged as well as under litigation, they added,
ET relays.

For homebuyers, NBCC is looking to reduce the deadline for
completing pending flats from four years timeline proposed in the
bid submitted on November 17, the report says.

ET relates that in the last meeting of the Committee of Creditors
(CoC) held on November 28, lenders asked NBBC and Suraksha Realty
to make a final offer by December 3 after revising their earlier
bids by removing impediments and making it more lucrative for
homebuyers as well as banks.

Lenders had asked the NBCC to provide more land with clear title in
lieu of its current offer of over 600 acres land that is under
litigation and some unclaimed flats. Also, they wanted complete
Yammu Expressway Project without any debt obligation, the report
notes.

ET says to settle an outstanding claim of nearly Rs 9,800 crore to
bankers, NBCC, in its bid submitted last month, offered 1,426 acre
land worth Rs 5,000 crore.

That apart, it offered 75 per cent of 858 acre land, which has been
pledged by promoter Jaiprakash Associates Ltd and now claimed by
Jaypee Infratech, the report relates.

Moreover, NBCC offered to share 50 per cent of the sale proceeds of
unclaimed flats after deducting receivables from earlier buyers and
any expenses related to tax/duties/legal, adds ET.

Yamuna Expressway, which connects Noida to Agra, will be
transferred to lenders, but before that NBCC has proposed to take
Rs 2,500 crore debt against the expressway for completion of
pending flats, the report states.

According to ET, the sources said that NBCC in the final bid could
withdraw its offer related to unclaimed flats and pledged land. In
lieu of these two offers, it might provide more land parcels, over
and above 1,426 acre offered in its latest resolution plan.

Not only NBCC, Mumbai-based Suraksha Realty was also told to
increase the upfront payment to lenders from the existing offer of
mere Rs 25 crore, the report says.

ET relates that Suraksha Realty has offered 1,934 acres worth Rs
7,857 crore to lenders. It has proposed to bring in Rs 2,000 crore
as working capital to complete construction in the next three years
and will retain the Yamuna Expressway with itself. The Mumbai-based
developer has proposed to complete flats in the next three years,
ET notes.

                      About Jaypee Infratech

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

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

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

In the first round of insolvency proceedings conducted last year,
the INR7,350-crore bid of Lakshdeep, part of Suraksha Group, was
rejected by lenders. The Committee of Creditors (CoC) rejected the
bids of Suraksha Realty and NBCC Ltd in the second round held in
May-June this year, according to The Economic Times.

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

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


LANCY CONSTRUCTIONS: CRISIL Keeps 'D' Rating on Non-Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lancy Constructions
(LC) continue to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Overdraft            13      CRISIL D (ISSUER NOT COOPERATING)

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

Set up in 1973 in Mangalore as a proprietorship firm by Mr. Lancy
Mascarenhas, LC manufactures RMC for the construction industry and
also undertakes civil construction projects.


MAHABIR TECHNO: CRISIL Maintains 'D' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahabir Techno
Limited (MTL) continue to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            33        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      1        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               1        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Set up by members of the Khurana family of Kurukshetra (Haryana),
MTL refines rice bran oil, palm oil, sunflower oil, and other
edible oils. The refining operations commenced in a partnership
firm, Mahabir Techno, in 1996, which was acquired by MTL in 2003.


MAHADEV PROFILES: CRISIL Maintains 'D' Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahadev Profiles
Private Limited (MPPL) continue to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            7.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan         5.4        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term
   Bank Loan Facility     1.1        CRISIL D (ISSUER NOT
                                     COOPERATING)

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

MPPL was set up in 2007 by Mr. G Mahadev Naidu and his family
members. The company designs and manufactures pre-cast and
pre-stressed concrete elements, such as blocks, beams, roofs, and
columns. It is based in Hyderabad, Telangana.


MEGHA GRANULES: CRISIL Maintains 'D' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Megha Granules
Private Limited (MGPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        2.97        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit          29           CRISIL D (ISSUER NOT
                                     COOPERATING)

   Funded Interest      10.8         CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

   Term Loan            42.24        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Working Capital       9.99        CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

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

Incorporated in May 2005, MGPL is promoted by Mr Trilok Agarwal and
his son. The company has been manufacturing block-bottom valve bags
since December 2012. Currently, it has an installed capacity of
10,000 tonne per annum at its facility in Guwahati, Assam. The
promoters have various other companies engaged in the manufacturing
of bulk packaging materials and ferroalloys. They have been in this
line of business for the past two decades.


METALORE OVERSEAS: CRISIL Maintains 'D' Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Metalore Overseas
Private Limited (MOPL; part of the Metalore group) continue to be
'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            6.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Foreign Bill          19.5        CRISIL D (ISSUER NOT
   Exchange                          COOPERATING)

   Inland/Import           .25       CRISIL D (ISSUER NOT
   Letter of Credit                  COOPERATING)

   Packing Credit         1.50       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term    22.25       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MOPL, KS Impex Ltd (KSIL), and Shree
Kripa Agro (SKA). This is because the three entities, together
referred to as the Metalore group, are in the same line of
business, have operational and financial linkages, and are under
the same promoter group and management.

The Metalore group, set up in 2001, exports steel utensils,
polyester yarn, cosmetics and standard toiletries, and agricultural
commodities, mainly to the UAE. The group also trades in these
commodities in the domestic market. Recently, it started processing
and selling edible oil (mustard and soya bean) in the domestic
market.


NETWORK TRADELINK: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Network Tradelink
Private Limited (NTPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit         2        CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit    3        CRISIL D (ISSUER NOT COOPERATING)

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

NTPL, incorporated in 2009 and promoted by Kolkata-based Jhawar
family, trades in, and processes, grey fabric. It procures grey
fabric from across India, and outsources its processing, including
bleaching and dyeing, to jobworkers in different parts of the
country.

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

The instrument-wise rating actions are:

-- INR200.00 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR850.00 mil. Non-fund-based working capital limit migrated
     to non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 28, 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 1986, P&R is engaged in civil and mechanical work
in the power sector, and designing, erection and construction work
for infrastructure projects. The company is promoted by Mr.
Pavaljeet Singh, Mrs. Pradeep Kaur, and Mr. G.S Ruppal.


PARSHURAM CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Parshuram
Construction (PC) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Overdraft              4         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1.83      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              1.67      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

PC is a proprietorship firm established by Mr. Nitin Parshuram
Warghade in 2005-06 (refers to financial year, April 1 to March
31). The firm undertakes civil construction contracts for roads,
footpaths, and laying of drainage pipes for the Pune Municipal
Corporation.

PHORUM JEWELS: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Phorum Jewels Limited
(PJL) continue to be 'CRISIL D Issuer not cooperating'.

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

   Proposed Long Term      4         CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

PJL was incorporated in 2001 by Mr. Bharat Mewawala and his family.
The company retails in plain gold and diamond-studded gold
jewellery. PJL has two retail showrooms - one in Byculla and
another in the Opera House (both in Mumbai).

QUEST LIFE: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Quest Life Sciences
Private Limited (Quest) continue to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit        .35       CRISIL D (ISSUER NOT COOPERATING)
   Long Term Loan    2.5        CRISIL D (ISSUER NOT COOPERATING)
   Overdraft         1.45       CRISIL D (ISSUER NOT COOPERATING)

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

Quest, incorporated in 2005 at Chennai, is a contract research
organisation that provides services such as clinical trials and
bio-equivalent studies. Mr T S Jayashankar and his wife, Ms Rajam
Jayashankar, are the promoters.

RASIKLAL SANKALCHAND: CRISIL Keeps 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Rasiklal
Sankalchand Jewellers Private Limited (RSJPL) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            40         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan               5         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with RSJPL for obtaining
information through letters and emails dated April 10, 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 RSJPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for RSJPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.

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

The downgrade reflects shut down of business following allegations
on promoters for fraud. This is expected to impact the debt
servicing ability of the company, in absence of any cash flows.

RSJPL was originally formed in 1972 as a proprietorship firm,
Rasiklal Sankalchand Jewellers. In 2000, this firm was
reconstituted as a private limited company with the current name.
The company retails diamond-studded and gold jewellery through its
showroom in Ghatkopar (Mumbai).

S.S.V. FAB: Ind-Ra Migrates 'BB+' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated S.S.V. Fab
Industries Private Limited's (SSV Fab) 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:

-- INR100 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR150 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR11.57 mil. Term loan due on September 2019 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 18, 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 2007, SSV Fab manufactures high-density
polyethylene/polypropylene sacks, woven fabrics and liner packaging
bags for fertilizers, chemical sugar, rice, spices, food grains,
cement and salt at its 9,000-metric-tonne-per-annum site in
Hyderabad, Telangana.


SAI AMRUT: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Sai Amrut Murali
Enterprises Private Limited (SMEL) continue to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Rupee Term Loan      5.62       CRISIL D (ISSUER NOT
                                   COOPERATING)

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

SMEL, incorporated in 2008, manages a three-star hotel, The Temple
View, in Shirdi, Maharashtra, as well as a restaurant and
pay-and-park business in Shirdi. The company is managed by the
Gondakar family who have been in the hospitality industry for 30
years.

SAISHA ENTERPRISES: CRISIL Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Saisha Enterprises
Private Limited (SEPL) continue to be 'CRISIL D Issuer not
cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term       6.08       CRISIL D (ISSUER NOT
   Bank Loan Facility                  COOPERATING)  

   Term Loan                6.42       CRISIL D (ISSUER NOT
                                       COOPERATING)

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

Incorporated in 2010, SEPL derives parking income from its parking
space located in Shirdi (Maharashtra). The company has constructed
its commercial complex including 13 shops, 40-room hotel and a
restaurant having total rental area of 1.5 lakh square feet. SEPL
is promoted by Mr. Navnath Gondkar and has its registered office in
Ahmednagar (Maharashtra).

SATYAM SOLUTIONS: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Satyam Solutions
Limited (SSL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Electronic Dealer       10        CRISIL D (ISSUER NOT
   Financing Scheme                  COOPERATING)
   (e-DFS)                  

   Overdraft               2.5       CRISIL D (ISSUER NOT
                                     COOPERATING)

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

Incorporated in 1986 and promoted by Garg family, SSL is an
authorised dealer of Ashok Leyland.

SAVUTE TEXTILES: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Savute Textiles
Private Limited (STPL) continue to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        13.5      CRISIL D (ISSUER NOT COOPERATING)

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

Started in 2012, Kerala based Savute Textiles Private Ltd is
engaged in the manufacturing of linen fabric. The company's day to
day operations are managed by its director Mr. Stephen Logan and Mr
Gopinathan.

SHREE BHATTER: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Bhatter
Industries (SBI) continue to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit          7       CRISIL D (ISSUER NOT COOPERATING)

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

Shree Bhatter Industries (SBI) was established in 2011 as a
partnership firm based out of Jodhpur (Rajasthan). The firm is
engaged in processing of guar seeds to produce guar gum splits and
the bye-products, guar korma, and guar churi. The firm has an
installed capacity to process about 40 tonnes per day (TPD).

SHREE KRIPA: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Kripa Agro
(SKA; part of the Metalore group) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Foreign Documentary    5        CRISIL D (ISSUER NOT
   Bills Purchase                  COOPERATING)

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SKA, Metalore Overseas Pvt Ltd (MOPL)
and KS Impex Ltd (KSIL). This is because the three entities,
together referred to as the Metalore group, are in the same line of
business, have operational and financial linkages, and are under
the same promoter group and management.

The Metalore group, set up in 2001, exports steel utensils,
polyester yarn, cosmetics and standard toiletries, and agricultural
commodities, mainly to the UAE. The group also trades in these
commodities in the domestic market. Recently, it started processing
and selling edible oil (mustard and soya bean) in the domestic
market.

SHREE VAISHNAV METAL: CRISIL Keeps 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Vaishnav Metal
and Power Private Limited (SVMPPL) continue to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           15         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      10         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    31.27      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             22.73      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

SVMPPL, incorporated in 2005 by the Agarwal family, is engaged in
galvanisation and fabrication. Its manufacturing facilitates are in
Wada (Maharashtra) and registered office is in Mumbai.


SHREE VAISHNAV: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Vaishnav
Casting Private Limited (SVCPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         8        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Cash Credit           47        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit      42        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Short Term   30.97     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Standby Line           5        CRISIL D (ISSUER NOT
   of Credit                       COOPERATING)

   Term Loan             67.03     CRISIL D (ISSUER NOT
                                   COOPERATING)

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

SVCPL, incorporated in 2007, manufactures mild steel billets. The
company has its manufacturing facilitates in Nashik (Maharashtra)
and registered office in Mumbai (Maharashtra). SVCPL is also
setting up a rolling mill in Nashik.

SIDDH SAI: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Siddh Sai Developers
Private Limited (SSDPL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

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

   Letter of Credit      3          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.2        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line          1.8        CRISIL D (ISSUER NOT
   of Credit                        COOPERATING)

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

SSDPL was incorporated in 2008 by Delhi-based Agarwal family. Mr.
Atul Agarwal and his nephews, Mr. Shikhar Agarwal and Mr. Shivam
Agarwal, are the key promoters of the company and are actively
managed in its day-to-day operations. SSDPL trades in iron and
steel scrap, sponge iron, mild steel billets/ingots, and other long
steel products such as thermo-mechanically treated bars and angels
in Uttar Pradesh and the National Capital Region (NCR).

SIRI SMELTERS: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Siri Smelters and
Energy Private Limited (SSEPL) continues to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       6.45       CRISIL D (ISSUER NOT COOPERATING)
   Term Loan         8.55       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SSEPL 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 SSEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

SSEPL was incorporated in 2011 and its day-to-day activities are
managed by its managing director, Mr. Mohan Sajja. The company
manufactured ferro alloys, and has temporarily closed down its
manufacturing activities at its plant in Bobbili (Andhra Pradesh).

SIYARAM EXPORTS: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Siyaram Exports India
Private Limited (SEIPL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

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

   Foreign Exchange       0.02       CRISIL D (ISSUER NOT
   Forward                           COOPERATING)

   Working Capital        1.79       CRISIL D (ISSUER NOT
   Demand Loan                       COOPERATING)

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

SEIPL, incorporated in 1986, manufactures and exports bed linen,
table linen, mattress, cushion cover, and pillow cover. It is
located in Durgapura (Jaipur). The daily operations of the company
are managed by Mr.Satish Chandra Katta.


SREEKARA ORGANICS: Ind-Ra Migrates BB LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sreekara
Organics's (SO) 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:

-- INR65 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 30, 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 2000, SO manufactures active pharmaceutical
ingredients and related intermediates at its site in IDA Bollaram,
Sangareddy District, Telangana.


TASHKENT OIL: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tashkent Oil
Company Private Limited's (TOCPL) 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:

-- INR70 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

TOCPL was incorporated as a private limited company in 1980 and
manufactures a wide range of lubricants and oils such as gear oil,
transformer oil, and grease. The company sells its product under
the brand Tashoil to various government and private organizations.


THOUSU PERIYAKKAL: CRISIL Maintains 'D' Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Thousu Periyakkal
Educational Health and Charitable Trust (TPHCT) continue to be
'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.60       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       18.94       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft             2.70       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

TPHCT, located in Trichy (Tamil Nadu), was set up in 2004 by Mr. B
Selvaraj as a trust registered under the Indian Trust Act, 1881.The
trust offers undergraduate, post-graduate, and diploma courses in
engineering and teacher education courses.


TORNADO MOTORS: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Tornado Motors
Private Limited (Tornado) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      13       CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit         17       CRISIL D (ISSUER NOT COOPERATING)

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

Tornado, incorporated in September 2010, is promoted by Mr.
Jitendra Pal Singh Chadha, and his wife, Mrs. Amanpreet Chaddha.
The company is an authorised dealer of Volkswagen passenger
vehicles, and has one showroom and workshop in Mumbai
(Maharashtra).


TUFFWARE INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Tuffware Industries
(TI) continue to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         .05      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Bill Discounting      8.00      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit      0.50      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Overdraft              .26      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Packing Credit        4.75      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Short Term    .54      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

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

TI was established in 1994 by the Mumbai-based Ganger family. The
firm manufactures and exports stainless steel utensils and
non-stick cookware. It sells its products primarily to Latin
American and African countries through agents and traders based in
these countries. TI has its manufacturing unit at Vasai,
Maharashtra.


UMMED EDUCATIONAL: Ind-Ra Migrates 'B' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ummed Educational
Foundation's term loan 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 detailed rating action is:

-- INR96 mil. Term loan due on March 2025 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was 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

UEF was incorporated under Section 25 of the Companies Act, 2013,
in February 2014. Its school will provide education from the
pre-primary level to the senior secondary level.

VINOD TEXWORLD: CRISIL Maintains 'D' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vinod Texworld
Private Limited (VTPL; previously known as Shree Shiv Shakti
Cot-Fab Private Limited) continue to be 'CRISIL D Issuer not
cooperating'.

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

   Proposed Long Term     10.32       CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)  

   Term Loan               8.18       CRISIL D (ISSUER NOT
                                      COOPERATING)

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

Incorporated in 2012, SSSCF is promoted by Ahmedabad
(Gujarat)-based Sindhav family. It undertakes jobwork for dyeing
grey fabric and has installed capacity of close to 150,000 metres
per annum. It commenced operations in December 2013.


YES BANK: Gets $2 Billion Pledge From Little-Known Investors
------------------------------------------------------------
Bloomberg News reports that Yes Bank Ltd., an Indian lender caught
in the country's deepening shadow banking crisis, boosted its
target for a capital raising to $2 billion after receiving
commitments from new investors.

The nation's fourth-largest private lender said its board signed
off on the capital increase, which is higher than the previous
figure of $1.2 billion, at a meeting on Nov. 29, Bloomberg relates.
Investors including Canada's Erwin Singh Braich, SPGP Holdings and
Citax Holdings Ltd. "individually expressed their
agreement/willingness to subscribe to equity shares," Bloomberg
discloses citing a stock exchange filing.

Bloomberg says the board will meet again on Dec. 10 to approve a
preferential allotment of shares to investors, none of which will
receive more than a 25% stake in the bank.

According to Bloomberg, Yes Bank needs to raise new capital after
being forced to step up provisioning against bad loans, including
to some of the non-bank lenders caught up in the country's shadow
banking crisis. The lender's core equity capital is 8.70%, barely
above the regulatory minimum of about 8%.

There was some disappointment about the lack of a heavyweight
international investor among the firms and individuals announced.
Yes Bank's shares dropped 6.2% in Mumbai on Dec. 2 while its dollar
bonds due February 2023 fell the most in two months, Bloomberg
notes.

"The market was expecting strong and marquee global names and they
are all missing," Bloomberg quotes Siddharth Purohit an analyst
with SMC Global Securities as saying.

Braich and SPGP Holdings together committed $1.2 billion to the
capital increase, the largest single amount, followed by Citax with
$500 million, the filing, as cited by Bloomberg, said. The bank
will this week disclose the name of a "top tier U.S. fund house"
which committed $120 million, it added.

The new shares will be priced at around INR78 (US$1.09) each based
on the average over the past six months, Chief Executive Officer
Ravneet Gill said in an interview with CNBC-TV18 on Dec. 1,
Bloomberg relates. That would represent a 14% premium to Yes Bank's
closing price of INR68.30 on Nov. 29.

India's preferential allotment rules bar investors from
participating if they have sold the shares during the past six
months, according to Bloomberg. That excluded several potential
candidates because of the wholesale selling of Yes Bank shares
during 2019 -- they are down over 60% from the start of the year.

Yes Bank's discussions with Erwin Braich and SPGP are ongoing and
are "expected to be concluded shortly," the filing said, Bloomberg
relays. In the meantime a binding term sheet has been extended
until the end of the year, it added.



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

[*] INDONESIA: SOEs on Brink of Bankruptcy, Sri Mulyani Says
------------------------------------------------------------
Adrian Wail Akhlas at The Jakarta Post reports that state-owned
enterprises (SOEs) in the sectors of agriculture and aircraft and
ship manufacturing, among other sectors, are on the brink of
bankruptcy, according to Finance Ministry data.

Finance Minister Sri Mulyani Indrawati said the SOEs, some of which
have received state capital injections (PMN), were considered
"distressed" based on the Altman Z-score, a formula used to predict
the likelihood of a business going bankrupt.

"Based on the indicators used to predict bankruptcy and liquidity
problems, there are two distressed SOE categories below the 1.3
[safe net point] score, namely the agriculture and various
industries categories," she told the House of Representatives
Commission XI overseeing financial affairs in Jakarta on Monday.

The former World Bank managing director said SOEs in the
agriculture sector recorded a -0.4 z-score, while SOEs in the
various industries category recorded a z-score of 0.0, below the
safe threshold of 1.1 to 1.3.

State-owned agriculture enterprises PT Sang Hyang Seri and PT
Perkebunan Nusantara III each recorded the lowest z-scores of
-14.02 and 0.35, respectively.

Meanwhile, the data showed that the z-score of state-owned aircraft
manufacturer PT Dirgantara Indonesia, which falls into the various
industries sector, stood at -0.84, while state-owned ship
manufacturer PT Dok & Perkapalan Kodja Bahari recorded a z-score of
-1.72, meaning it is "fragile".

Sri Mulyani said seven SOEs booked losses despite receiving PMN.

"[We recorded] losses in seven SOEs namely PT Dok Kodja Bahari, PT
Sang Hyang Seri, [ship manufacturer] PT PAL, [aircraft maker] PT
Dirgantara Indonesia, PT Pertani, [State Logistics Agency] Bulog
and [steel maker] PT Krakatau Steel," the minister said, adding
that the government had disbursed Rp 20.3 trillion (US$1.44
billion) in PMN this year, up from Rp 3.6 trillion in 2018.

The ministry will inject a further Rp 18.7 trillion next year into
SEOs, including construction company PT Hutama Karya, geothermal
energy firm PT Geo Dipa Energi and electricity firm PT PLN, among
other enterprises.

Finance Ministry State Assets Director General Isa Rachmatarwata
said after the meeting with lawmakers that the government would
handle these companies with care, adding that the government used
the z-score system to "measure the vulnerability of a company to
bankruptcy or instability."

"There are several over-leveraged SOEs that we must be careful with
or give additional funds to make them healthy," Isa told reporters.
The ministry, he went on to say, could issue sovereign debts to
give the companies a boost.




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

CBL CORP: Faces Second Shareholder Class Action
-----------------------------------------------
Radio New Zealand reports that another application for a class
action against the failed insurer CBL has been filed at the High
Court in Auckland.

The action, backed by Australian litigation funder IMF Bentham and
law firm Glaister Ennor, followed a class action against CBL by the
Auckland-based LPF Group, filed a month ago, RNZ says.

RNZ relates that the latest class action, which would seek
compensation for shareholders, alleged CBL breached its obligations
to keep investors informed about the state of its French insurance
business.

CBL was worth almost NZ$750 million on the New Zealand stock
exchange when it collapsed in February last year, hitting investors
across the world.

"We have continued to receive strong interest in the IMF funded
action from both retail and institutional investors in New Zealand
and abroad, and we have signed up a significant amount of
shareholders who together purchased tens of millions of shares in
CBL and whose investment has been lost due to the company's alleged
misconduct," RNZ quotes IMF Bentham investment manager Ewen McNee
as saying.

RNZ says litigation funders back cases on a no win, no fees basis,
meaning they collected a slice of any damages awarded or had to pay
all of the costs if they lost.

A former director of CBL, Peter Harris, was not immediately
available for comment, but in his response to the other class
action filing last month, he said it was a 'cheap shot' by LPF
Group to get ahead of its competitor, IMF, according to RNZ.

He said the allegations by LPF accusing him of misleading
shareholders, breaching disclosure obligations and of insider
trading, were 'damaging and unsubstantiated,' RNZ relays.

"The court is the proper forum to decide whether these allegations
are true or not, or had anything to do with any loss, not through
the media before the court case is even heard," Mr. Harris told RNZ
Business in November.  "The IPO was an incredibly robust process,
with many professional firms and several government regulators
involved."

CBL was still under investigation by the Financial Markets
Authority and the Serious Fraud Office, RNZ notes.

An external review of the Reserve Bank's handling of the downfall
of CBL Insurance found that it acted properly in fighting through
the courts for its liquidation, however was at times too lenient
and did not act on early concerns, adds RNZ.

                          About CBL Corp.

Founded in 1973, CBL Corporation Limited together with its
subsidiaries, provided insurance and reinsurance products and
services primarily in New Zealand. It offered financial risk
products, builders' risks, sureties, guarantees, and contractor
bonds primarily in Europe and Scandinavia; deposit guarantees in
Australia; and bonding and fiduciary services to the Mexican
commercial sector. The company also provided a range of specialty
products, such as credit enhancement, surety bonds, specialized
property insurance, aviation, and rural risk in Australia, as well
as distributes construction-sector insurance products in France
through a network of brokers.

CBL Corp. went into voluntary administration in late February 2018,
in a move to prevent other regulators from taking action after the
Reserve Bank moved to have its subsidiary CBL Insurance placed in
interim liquidation.

On Feb. 23, 2018, KordaMentha New Zealand partners Brendon Gibson
and Neale Jackson were appointed Voluntary Administrators by the
Board of CBL Corporation Ltd and certain of its subsidiaries.

The administration relates to New Zealand-domiciled companies.

Messrs. Gibson and Jackson are administrators to these CBL
entities: CBL Corporation Limited; LBC Holdings New Zealand Ltd;
LBC Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings Europe
Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company Ltd;
Deposit Power Ltd; South British Funding Ltd; and CBL Corporate
Services Ltd.

In November 2018, the High Court in Auckland placed CBL Insurance
into liquidation with Kare Johnstone and Andrew Grenfell from
McGrathNicol appointed as liquidators.




===============
P A K I S T A N
===============

PAKISTAN: Moody's Alters Outlook on B3 Sr. Unsec. Debt to Stable
----------------------------------------------------------------
Moody's Investors Service affirmed the Government of Pakistan's
local and foreign currency long-term issuer and senior unsecured
debt ratings at B3 and changed the outlook to stable from
negative.

The change in outlook to stable is driven by Moody's expectations
that the balance of payments dynamics will continue to improve,
supported by policy adjustments and currency flexibility. Such
developments reduce external vulnerability risks, although foreign
exchange reserve buffers remain low and will take time to rebuild.
Moreover, while fiscal strength has weakened with higher debt
levels largely as a result of currency depreciation, ongoing fiscal
reforms, including through the country's International Monetary
Fund (IMF) programme, will mitigate risks related to debt
sustainability and government liquidity.

The rating affirmation reflects Pakistan's relatively large economy
and robust long-term growth potential, coupled with ongoing
institutional enhancements that raise policy credibility and
effectiveness, albeit from a low starting point. These credit
strengths are balanced against structural constraints to economic
and export competitiveness, the government's low revenue generation
capacity that weakens debt affordability, fiscal strength that will
remain weak over the foreseeable future, as well as political and
still-material external vulnerability risks.

Concurrently, Moody's has affirmed the B3 foreign currency senior
unsecured ratings for The Second Pakistan Int'l Sukuk Co. Ltd. and
The Third Pakistan International Sukuk Co Ltd. The associated
payment obligations are, in Moody's view, direct obligations of the
Government of Pakistan.

Pakistan's Ba3 local currency bond and deposit ceilings remain
unchanged. The B2 foreign currency bond ceiling and the Caa1
foreign currency deposit ceiling are also unchanged. The short-term
foreign currency bond and deposit ceilings remain unchanged at Not
Prime. These ceilings act as a cap on the ratings that can be
assigned to the obligations of other entities domiciled in the
country.

RATINGS RATIONALE

RATIONALE FOR THE STABLE OUTLOOK

IMPROVING BALANCE OF PAYMENTS DYNAMICS REDUCE EXTERNAL
VULNERABILITY RISKS, ALTHOUGH LOW FOREIGN EXCHANGE RESERVE BUFFERS
WILL TAKE TIME TO REBUILD

Narrowing current account deficits, in combination with
enhancements to the policy framework including currency
flexibility, lower external vulnerability risks in Pakistan.
However, foreign exchange reserve adequacy will take time to
rebuild.

Moody's expects Pakistan's current account deficit to continue
narrowing in the current and next fiscal year (ending June of each
year), averaging around 2.2% of GDP, from more than 6% in fiscal
2018 (the year ending June 2018) and around 5% in fiscal 2019.
Under Moody's baseline assumptions, subdued import growth will
likely remain the main driver of narrowing current account
deficits. In particular, the ongoing completion of power projects
will reduce capital goods imports, while oil imports will remain
structurally lower given the gradual transition in power generation
away from diesel to coal, natural gas and hydropower. Currently
tight monetary conditions and import tariffs on nonessential goods
will also weigh on broader import demand for some time, although
Moody's sees the possibility of monetary conditions easing when
inflation gradually declines towards the end of the current fiscal
year.

Moody's expects exports to gradually pick up on the back of the
real exchange rate depreciation over the past 18 months, also
contributing to narrower current account deficits. The government
is focusing on raising the country's trade competitiveness and has
recently rolled out a National Tariff Policy aimed at incentivising
production for exports or import substitution. If effective, the
policy, coupled with improvements in the terms of trade, will allow
exports to grow more robustly. The substantial increase in power
generation capacity over the past few years and improvements in
domestic security have largely addressed two significant
supply-side constraints and further support export-related
investment and production.

Moody's expects policy enhancements, including strengthened central
bank independence and the commitment to currency flexibility, to
support the reduction in external vulnerability risks. In
particular, the government is planning to introduce a new State
Bank of Pakistan (SBP) Act to forbid central bank financing of
government debt and clarify SBP's primary objective of price
stability. The central bank has already stopped purchases of
government debt in practice since the start of fiscal 2020. At the
same time, it has strongly adhered to its commitment to a floating
exchange rate regime since May 2019. These enhancements to the
policy framework will foster confidence in the Pakistani rupee,
while the use of the exchange rate as a shock absorber increases
policy buffers.

Notwithstanding improved balance of payments dynamics, Pakistan's
foreign exchange reserve adequacy remains low. Foreign exchange
reserves have fluctuated around $7-8 billion over the past few
months, sufficient to cover just 2-2.5 months of goods imports.
Coverage of external debt due also remains low, with the country's
External Vulnerability Indicator -- which measures the ratio of
external debt due over the next fiscal year to foreign exchange
reserves -- remaining around 160-180%.

The IMF programme, which commenced in July 2019, targets higher
foreign exchange reserve levels and has unlocked significant
external funding from multilateral partners including the Asian
Development Bank and the World Bank. Nevertheless, unless the
government can effectively mobilise private sector resources,
foreign exchange reserves are unlikely to increase substantially
from current levels.

ONGOING FISCAL REFORMS WILL GRADUALLY STRENGTHEN VERY WEAK
GOVERNMENT FINANCES AND MITIGATE DEBT SUSTAINABILITY AND GOVERNMENT
LIQUIDITY RISKS

On the fiscal side, Pakistan's metrics have weakened recently, with
wider fiscal deficits and an increase in government debt burden
largely as a result of currency depreciation over the course of
fiscal 2019. However, Moody's expects ongoing fiscal reforms,
anchored by the IMF programme and technical assistance from other
development partners, to contribute to a gradual narrowing of
fiscal deficits. The reforms would also mitigate debt
sustainability and government liquidity risks.

Moody's expects the government's fiscal deficit to remain
relatively wide at around 8.6% of GDP in fiscal 2020, compared to
8.9% in fiscal 2019, before narrowing to an average of around 7%
over fiscal 2021-23. High interest payments owing to policy rate
hikes will continue to weigh on government finances and
significantly constrain fiscal flexibility. Meanwhile, government
revenue as a share of GDP, while likely to increase, is growing
from a lower base, having declined significantly in fiscal 2019.

To widen the tax net, the fiscal authorities have eliminated a
number of tax exemptions and concessions and lowered the minimum
threshold for personal income taxes. The authorities are also
introducing automatic income tax filing to reduce tax evasion and
applying the sales tax to a wider group of businesses. Support from
the IMF and the World Bank will raise effectiveness of the revenue
measures. However, Moody's estimates that the revenue growth
targets set by the IMF programme are challenging to achieve in full
in a subdued economic growth environment. In particular, Moody's
expects Pakistan's GDP growth to slow to 2.9% in fiscal 2020 from
3.3% last fiscal year, given tight financial conditions that
continue to weigh on domestic demand, before rising to 3.5% in
fiscal 2021.

On the expenditure side, the government has introduced a new Public
Financial Management (PFM) Act, which was approved in June 2019, to
instill budget discipline. The PFM Act notably bars the use of
supplementary budgets except in exceptional circumstances,
introduces the use of a single Treasury account to better monitor
cashflows, and prevents fiscal authorities from changing future tax
policies without parliamentary approval. The Act is in line with
IMF recommendations and serves as primary legislation that will be
accompanied by other secondary legislation to increase fiscal
policy effectiveness.

Given baseline assumptions of gradually narrowing fiscal deficits,
Moody's expects the government's general government debt to slowly
decline over the next few years to around 75-76% of GDP by 2023,
still a high debt burden, from a peak of around 82-83% of GDP
currently. Moody's projections are based on the assumption of
relative exchange rate stability, particularly in comparison with
the sharp exchange depreciation experienced between December 2017
and June 2019.

In addition to the gradual decline in the debt burden, the debt
structure will also continue to become more favourable. The
government has already reprofiled a substantial portion of domestic
debt from short-term Treasury bills into longer-term floating rate
bonds. This will reduce gross borrowing requirements to around 25%
of GDP in fiscal 2020, from nearly 40% in the last fiscal year. The
government is aiming to lengthen domestic maturities further and
reduce its reliance on Treasury bills and floating rate debt.
Moody's expects that banks and other domestic institutional
investors will retain strong appetite for government securities.
Lower gross borrowing requirements and exposure to floating rate
liabilities sustained over time will reduce the government's
exposure to liquidity and interest rate risks that is currently
very high.

RATIONALE FOR THE RATING AFFIRMATION

The affirmation of Pakistan's B3 rating is underpinned by the
country's relatively large economy and robust growth potential,
coupled with ongoing enhancements to the institutional and policy
framework that raise policy credibility and effectiveness, albeit
from a low starting point. Pakistan's economy is among the largest
across similarly rated peers, while Moody's estimates its growth
potential to be around 5%, higher than the median for B3 rated
sovereigns.

Institutional enhancements including increased central bank
independence and the implementation of the new PFM Act, effective
fiscal 2020, also raise monetary and fiscal policy credibility and
effectiveness. Moody's expects the government to introduce and
approve a new SBP Act within fiscal 2020, which will forbid central
bank financing of government debt and reinforce price stability as
the central bank's primary objective.

These credit strengths are balanced against structural constraints
to economic and export competitiveness, the government's low
revenue generation capacity that weakens debt affordability, as
well as political and still-material external vulnerability risks.
Economic and export competitiveness has been hampered by
supply-side challenges, although power sector projects, including
through the China-Pakistan Economic Corridor, have largely
addressed chronic power shortages, domestic security has improved
significantly in recent years, and ongoing investments in transport
infrastructure will improve its quality and connectivity.
Meanwhile, political risks remain material, despite a gradual
normalisation of the working relationship between the federal
government and the military and judiciary, as the institutional
structure involves provincial level implementation of some fiscal
and development policies, including services and property tax
administration and the management of special economic zones.

As discussed, the government's narrow revenue base and low foreign
exchange reserve adequacy remain credit challenges.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental considerations are material to Pakistan's credit
profile, as it is vulnerable to climate change risk. With varied
climates across the nation, Pakistan is significantly exposed to
extreme weather events, including tropical cyclones, drought,
floods and extreme temperatures. In particular, the magnitude and
dispersion of seasonal monsoon rainfall influence the agricultural
sector growth and rural household consumption. While the
agricultural sector accounts for around 20% of GDP and exports, it
accounts for slightly over 40% of total employment. Overall, around
70% of the entire population lives in rural areas. As a result,
both droughts and floods can create economic, fiscal and social
costs for the sovereign.

Social considerations are relevant to Pakistan's credit profile.
Access to quality healthcare, education and utilities such as
electricity and water remains limited, especially in rural areas,
although the government is addressing these issues as a key
priority through its Ehsaas programme that is aimed at reducing
poverty and inequality, strengthening social safety nets, and
promoting human capital development. The country's young and
growing population presents both opportunities and challenges. The
United Nations projects an annual increase of around 3 million in
Pakistan's working age population over the next 20 years.

Governance considerations are material to Pakistan's credit
profile. International surveys of various indicators of governance
point to weak rule of law and control of corruption, as well as
limited government effectiveness. These weaknesses are balanced
against a lengthening track record of effective checks and balances
and judicial independence for the level of development in the
country.

WHAT COULD CHANGE THE RATING UP

Upward pressure on Pakistan's rating would develop if ongoing
fiscal reforms were to raise the government's revenue base and debt
affordability, and lower its debt burden markedly beyond Moody's
current expectations. Further reduction in external vulnerability
risks, including through higher levels of foreign exchange reserve
adequacy and/or increased economic competitiveness that were to
lift export prospects, would also put upward pressure on the
rating.

WHAT COULD CHANGE THE RATING DOWN

Downward pressure on the rating would stem from renewed
deterioration in Pakistan's external position, including through a
significant widening of the current account deficit and erosion of
foreign exchange reserve buffers, which would threaten the
government's external repayment capacity and heighten liquidity
risks. A continued rise in the government's debt burden, without
prospects for stabilisation over the medium term, would also put
downward pressure on the rating.

GDP per capita (PPP basis, US$): 5,690 (2018 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): 5.5% (2018 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 5.2% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -6.4% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -6.3% (2018 Actual) (also known as
External Balance)

External debt/GDP: 30.2% (2018 Actual)

Level of economic development: Moderate level of economic
resilience

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On November 27, 2019, a rating committee was called to discuss the
rating of the Pakistan, Government of. The main points raised
during the discussion were: The issuer's institutional
strength/framework have materially increased. The issuer's fiscal
or financial strength, including its debt profile, has materially
decreased. Other views raised included: The issuer's economic
fundamentals, including its economic strength, have not materially
changed. The issuer's susceptibility to event risks has not
materially changed.

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




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

AMA BANK: TRO Prevents PDIC From Continuing Bank's Liquidation
--------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) is now
constrained to stop its liquidation operations in the closed AMA
Rural Bank of Mandaluyong, Inc. (AMA Bank) for a period of 60 days
from Nov. 26, 2019. This was following the issuance of a Temporary
Restraining Order (TRO) by the Court of Appeals which prohibited
the Bangko Sentral ng Pilipinas (BSP) and the PDIC from further
implementing the closure order of AMA Bank. The TRO was issued
after the Majority Stockholders of AMA Bank questioned Monetary
Board Resolution No. 1705.D dated November 7, 2019.

On November 8, 2019, the PDIC took over the assets and affairs of
the closed AMA Bank. However, accountable directors, officers and
employees refused to account for, surrender and turn over records
under their accountabilities, custody and possession, despite
demand.

The PDIC earlier said that the refusal to account for, surrender
and turn over records shall delay the payment of the claims of AMA
Bank's depositors for insured deposit. The PDIC has since adopted
alternative procedures, although with great difficulty. Faced with
another setback, the TRO prevents the PDIC from further continuing
the inventory-taking of bank records during the 60 days of its
effectivity. As explained by the PDIC during the series of meetings
with depositors, without the bank records, the PDIC will be unable
to immediately pay the claims of depositors for insured deposits.

PDIC President Roberto B. Tan said, "We assure our depositing
public that the PDIC's paramount commitment is to expedite the
validation of bank records to be able to immediately pay the
insured depositors of AMA Bank. We have in fact resorted to
alternative procedures to do just that when the TRO was issued. We
appeal to the depositors for their understanding."

In the meantime, the PDIC will pursue legal remedies. The PDIC
shall advise depositors, creditors and borrowers of AMA Bank of any
further developments through announcements made at PDIC's official
website, www.pdic.gov.ph, and Facebook account, and through local
media networks. They may communicate with PDIC by calling the PDIC
Public Assistance Hotline (02) 8841-4141 during office hours or
send emails to pad@pdic.gov.ph. Concerned clients of the bank who
are outside Metro Manila may also call PDIC at its Toll Free
Hotline at 1-800-1-888-PDIC (7342) during office hours. Inquiries
may also be sent via private message to the official PDIC Facebook
account at www.facebook.com/OfficialPDIC



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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