/raid1/www/Hosts/bankrupt/TCRAP_Public/191206.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, December 6, 2019, Vol. 22, No. 244

                           Headlines



A U S T R A L I A

4D JOINERY: First Creditors' Meeting Set for Dec. 13
ALITA RESOURCES: Refinances Debt with AUD70MM Loan From CHE
CONCEPT PROJECTS: Second Creditors' Meeting Set for Dec. 13
DESIGN LANDSCAPES: First Creditors' Meeting Set for Dec. 13
MEDALLION TRUST 2019-1: S&P Assigns BB Rating on Cl. E Notes

QBS DEVELOPMENT: Second Creditors' Meeting Set for Dec. 12
SHUBBS METAL: Second Creditors' Meeting Set for Dec. 12
WHIM CREEK: First Creditors' Meeting Set for Dec. 13


C H I N A

CHINA RAILWAY: Restructures in Line With State Sector Reform Push
HNA GROUP: Sells Major Stake in West Air to Pay Down Debts
SEAZEN HOLDINGS: Fitch Rates Proposed USD Sr. Notes BB
TUNGHSU GROUP: Asks Banks to Keep Lending w/o Promising Repayment
YANGZHOU SLENDER: Fitch Withdraws BB+ IDRs for Commercial Reasons



I N D I A

A A ESTATES PRIVATE: Insolvency Resolution Process Case Summary
ANGEL FIBERS: CRISIL Lowers Rating on INR41.1cr Loan to D
ASL LOGISTICS: CARE Assigns 'B' Rating to INR5.0cr LT Loan
AXIOMATA ELEVATORS: Insolvency Resolution Process Case Summary
BHAGWANDAS ISPAT: Insolvency Resolution Process Case Summary

BINDAL COIR: CARE Lowers Rating on INR6.50cr LT Loan to B+
BREADWORKS GOURMET: Insolvency Resolution Process Case Summary
CARAVEL LOGISTICS: Ind-Ra Migrates 'C' Rating to Non-Cooperating
COUPLE INTERNATIONAL: CARE Keeps D Rating in Not Cooperating
CROSS ROAD: Insolvency Resolution Process Case Summary

EMMEGI INDIA: Insolvency Resolution Process Case Summary
ENCANA INTERNATIONAL: CARE Reaffirms B+ Rating on INR6.89cr Loan
FOURTH DIMENSION: CARE Reaffirms 'D' Rating on INR70cr Loan
FROG FONE: Insolvency Resolution Process Case Summary
INDUSTRIAL PROGRESSIVE: CARE Reaffirms D Rating on INR55cr Loan

INFRASTRUCTURE LEASING: Posts $3.15BB Loss for Year Ended March 30
J R FURNACE AND OVENS: Insolvency Resolution Process Case Summary
KOHINOOR STEEL: Insolvency Resolution Process Case Summary
L.B. INDUSTRIES: Insolvency Resolution Process Case Summary
LOGON INDIA: CRISIL Lowers Rating on INR28.86cr LT Loan to D

M. M. AUTOMOBILES: CRISIL Maintains D Rating in Not Cooperating
MAGNEWIN ENERGY: CRISIL Maintains D Rating in Not Cooperating
MAHIP INDUSTRIES: CARE Cuts Rating on INR23.72cr LT Loan to B+
MARK INFRASTRUCTURE: Insolvency Resolution Process Case Summary
METRO BUILDERS: Insolvency Resolution Process Case Summary

MONNET POWER: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
NRSS XXXVI: CARE Lowers Rating on INR306cr Loan to 'D'
PATSPIN INDIA: CARE Lowers Rating on INR157.50cr ST Loan to D
PRATIBHA ELECTRICAL: CRISIL Withdraws D Rating on INR13cr Loan
PRECISION MACHINES: Ind-Ra Assigns 'BB+' Long Term Issuer Rating

R K SILK MILLS: Insolvency Resolution Process Case Summary
REDHU FARMS: CRISIL Assigns 'D' Rating to INR16.67cr Term Loan
ROSA POWER: Ind-Ra Lowers & Reassigns Term Loan Rating to 'B'
SAI MAATARINI: Ind-Ra Affirms 'D' Bank Term Loan Rating
SAMRAT GEMS: Insolvency Resolution Process Case Summary

SANTOSH WAREHOUSING: CARE Reaffirms 'D' Rating on INR23cr Loan
SARAF TRADING: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
SETCO AUTOMOTIVE: CARE Cuts Rating on INR257.18cr Loan to 'B'
SHREE BHIMESHWARI: Insolvency Resolution Process Case Summary
SONI INFRATECH: Insolvency Resolution Process Case Summary

SREE KARPAGAMOORTHY: CARE Cuts Rating on INR7cr LT Loan to B
STARLIT POWER: CRISIL Maintains 'D' Rating in Not Cooperating
TERRA ENERGY: Insolvency Resolution Process Case Summary
TOPKNIT PROCESSING: Insolvency Resolution Process Case Summary
TOPWORTH INFRA: Insolvency Resolution Process Case Summary

UJALA PUMPS: CRISIL Maintains 'D' Rating in Not Cooperating
VISWABHARATHI EDUCATIONAL: CRISIL Keeps Rating in Not Cooperating
WIN TRENDZ: Insolvency Resolution Process Case Summary
WOODVILLE PALACE: CRISIL Maintains D Rating in Not Cooperating


P A K I S T A N

ALLIED BANK: Moody's Alters Outlook on B3 Deposit Rating to Stable


S I N G A P O R E

MIRACH ENERGY: To Remain on Singapore Exchange's Watchlist
STAR PHARMACEUTICAL: To Delist From SGX Main Board on Dec. 6

                           - - - - -


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

4D JOINERY: First Creditors' Meeting Set for Dec. 13
----------------------------------------------------
A first meeting of the creditors in the proceedings of 4D Joinery
Pty. Ltd. will be held on Dec. 13, 2019, at 11:00 a.m. at the
offices of BDO, Collins Square, Tower Four, Level 18, at 727
Collins Street, in Docklands, Melbourne, Victoria.

Nicholas Martin and Andrew Fielding of BDO were appointed as
administrators of 4D Joinery on Dec. 3, 2019.



ALITA RESOURCES: Refinances Debt with AUD70MM Loan From CHE
-----------------------------------------------------------
Ng Ren Jye at The Business Times reports that Alita Resources,
formerly Alliance Mineral Assets, has obtained a AUD70 million loan
from China Hydrogen Energy Limited (CHE), and has used the proceeds
to fully repay a defaulted AUD40 million loan from Galaxy
Resources.

CHE is a special purpose vehicle for an unidentified Chinese party
looking to acquire Alita's assets, BT relates citing Alita's
voluntary administrators KordaMentha.

According to BT, the new loan provides short-term bridging finance
for the company before CHE submits a deed of company arrangement
(DOCA) proposal for the acquisition, KordaMentha said in a bourse
filing on Dec. 5.

This proposal will be submitted for consideration by KordaMentha
and Alita's creditors at a meeting to be held in the week of Dec.
16, BT notes.

BT says KordaMentha will prepare a detailed report to Alita's
creditors, to be released next week, on the DOCA process and
KordaMentha's recommendations for Alita's future.

Having repaid the Galaxy loan, Alita may also use the balance of
the new AUD70 million CHE loan for working capital purposes,
subject to CHE's consent, the report notes.

According to BT, KordaMentha said that the new loan brings benefits
to Alita and its creditors, such as an improved interest rate of 5
per cent versus the previous variable interest rate of 14 to 16 per
cent under the Galaxy loan.

The new loan also reduces ongoing external administration costs and
facilitates a DOCA proposal, the report states.

KordaMentha believes that CHE's DOCA proposal, based on discussions
with CHE and an indicative non-binding term sheet, will deliver a
"superior outcome" for Alita's creditors, compared to other
proposals KordaMentha has received or an insolvent winding up of
the group, BT notes.

If the CHE DOCA proposal is approved by creditors at the upcoming
meeting in the week of Dec. 16, the AUD70 million loan is to be
repaid on the earlier of either Feb. 13, 2020, or two business days
after KordaMentha or Alita is funded to repay outstanding amounts.
However, if CHE's proposal is not approved, the loan is due two
business days after the meeting.

On Dec. 5, KordaMentha also said that KPMG has retired as the
receivers and managers, following the repayment of the Galaxy loan
and the discharge of the related security. KordaMentha will remain
in control of Alita and its operations, the report notes.

Alita suspended trading of its shares on Sept 3, after going into
voluntary administration, BT adds.

Alita Resources Limited operates as a mineral exploration and
excavation company. The Company explores and produces lithium and
tantalum concentrates. Alita Resources offers its services in
Australia.

Richard Tucker and John Bumbak of Kordamentha were appointed as
administrators of Alliance Mineral Assets Exploration Pty Ltd,
Tawana Gold Pty Ltd, and Waba Holdings Pty Ltd on Aug. 28, 2019.


CONCEPT PROJECTS: Second Creditors' Meeting Set for Dec. 13
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Concept
Projects Australia Pty Ltd has been set for Dec. 13, 2019, at 11:00
a.m. at Elizabeth Room, Park Royal Parramatta, at 30 Phillip
Street, in Parramatta, 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. 12, 2019, at 5:00 p.m.

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


DESIGN LANDSCAPES: First Creditors' Meeting Set for Dec. 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Design
Landscapes Australia Pty Ltd will be held on Dec. 13, 2019, at
11:00 a.m. at the offices of Karstens, Conference Room 1.12, at 111
Harrington Street, in Sydney, New South Wales.

Trent Andrew Devine and Andrew John Spring of Jirsch Sutherland
were appointed as administrators of Design Landscapes on Dec. 4,
2019.



MEDALLION TRUST 2019-1: S&P Assigns BB Rating on Cl. E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Medallion Trust Series 2019-1.

The ratings reflect:

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination and lenders' mortgage insurance to 17.20% of the
portfolio, which covers 100% of the face value of these loans,
accrued interest, and reasonable costs of enforcement.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 0.85% of the invested amount of all notes and principal
draws, are sufficient under its stress assumptions to ensure timely
payment of interest.

-- The availability of a A$150,000 extraordinary expense reserve
funded upfront by Commonwealth Bank of Australia (CBA) to support
trust expenses. This reserve will be topped up with available
excess spread if drawn on.

-- The fixed-to-floating interest-rate swap, which is provided by
CBA to hedge the mismatch between receipts from any fixed-rate
mortgage loans and the variable-rate RMBS. Under the swaps, the
trust receives payments based on the monthly compounded AONIA,
which matches the interest-rate benchmark payable to each class of
notes.

-- The underwriting standards and centralized approval process of
the seller, CBA.

  RATINGS ASSIGNED

  Medallion Trust Series 2019-1

  Class      Rating         Amount (mil. A$)
  A1         AAA (sf)       1,380.00
  A2         AAA (sf)          57.00
  B          AA (sf)           27.00
  C          A (sf)            16.50
  D          BBB (sf)           7.50
  E          BB (sf)            6.00
  F          NR                 6.00

  NR--Not rated.

The issuer has informed S&P Global Ratings Australia Pty Ltd. that
the issuer will be publically disclosing all relevant information
about the structured finance instruments that are subject to this
rating report.


QBS DEVELOPMENT: Second Creditors' Meeting Set for Dec. 12
----------------------------------------------------------
A second meeting of creditors in the proceedings of QBS Development
Pty Ltd has been set for Dec. 12, 2019, at 2:30 p.m. at the offices
of Worrells Solvency & Forensic Accountants,
Level 15, at 114 William Street, in Melbourne, Vic.

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. 11, 2019, at 5:00 p.m.

Ivan Glavas and Matthew Jess of Worrells Solvency were appointed as
administrators of QBS Development on Nov. 7, 2019.


SHUBBS METAL: Second Creditors' Meeting Set for Dec. 12
-------------------------------------------------------
A second meeting of creditors in the proceedings of Shubbs Metal
Pty Ltd has been set for Dec. 12, 2019, at 11:00 a.m. at the
offices of Cor Cordis, Level 29, at 360 Collins Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 11, 2019, at 5:00 p.m.

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


WHIM CREEK: First Creditors' Meeting Set for Dec. 13
----------------------------------------------------
A first meeting of the creditors in the proceedings of Whim Creek
Holdings Limited will be held on Dec. 13, 2019, at 10:30 a.m. at
the offices of WA Insolvency Solutions, a division of Jirsch
Sutherland, Suite 6.02, Level 6, at 109 St Georges Terrace, in
Perth, WA.

Jimmy Trpcevski and David Ashley Norman Hurt of WA Insolvency
Solutions were appointed as administrators of Whim Creek on Dec. 3,
2019.




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

CHINA RAILWAY: Restructures in Line With State Sector Reform Push
-----------------------------------------------------------------
Isabelle Li at Caixin Global reports that China's massive
state-owned national railway network operator has given itself a
shiny new coat of paint.

China Railway Corp. (CRC) has renamed itself China State Railway
Group Co. Ltd. (CR) and adopted a more market-oriented corporate
structure, the company said in a statement on its website Dec. 3,
Caixin relates.

According to Caixin, the revamp brings the company into line with a
national push for reform of China's state-owned enterprises. Caixin
says the new group will have a board of directors and a management
team but no shareholder meetings. The Chinese government will
remain the company's sole shareholder, with the Ministry of Finance
performing investor duties at the company on behalf of the State
Council. The restructured group will inherit CRC's significant
existing debts, as well as its rights, qualifications and
intellectual property, Caixin says.

Former CRC executives, 63-year-old Lu Dongfu and 50-year-old Yang
Yudong, will continue to head the group as its president and
general manager, Caixin relays.

Caixin notes that CRC, which has built the world's largest
high-speed rail network, has been criticized for accruing massive
debts while doing so. These amounted to CNY5.27 trillion by the end
of March 2019, Caixin discloses citing CRC's financial reports.

Caixin reported last year that CRC was planning to list the
Beijing-Shanghai high-speed railway line - one of its more
profitable lines - which was seen as an attempt to seek more funds
for expensive infrastructure building.

China Railway Construction (CRCC) is China's state-owned railway
constructor.


HNA GROUP: Sells Major Stake in West Air to Pay Down Debts
----------------------------------------------------------
Lu Yutong, Flynn Murphy and Bao Zhiming at Caixin Global report
that HNA Group will sell its controlling stake in low-cost carrier
West Air to a Chongqing-government backed equity firm, as the
company scrambles to pay down its massive debts.

HNA signed a deal Dec. 2 to restructure the equity of the
debt-saddled China West Air Co. Ltd., handing minority stakeholder
Chongqing Yufu Assets Management Group Co. Ltd. and its designates
shares that could boost its stake in the carrier from a current 14%
to as much as 70%, Caixin relates. HNA had previously held 84% of
the airline.

It's just the latest affiliate airline HNA Group has disposed of in
a bid to pull itself out of the doldrums, following Beijing Capital
Airlines, Urumqi Air and Beibu Gulf Airlines, according to Caixin.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of 2017.
The default came despite an estimated $18 billion in asset sales by
HNA in 2018 that have done little to address its ability to meet
its domestic debts, the FT noted.


SEAZEN HOLDINGS: Fitch Rates Proposed USD Sr. Notes BB
------------------------------------------------------
Fitch Ratings assigned a 'BB' rating to Seazen Holdings Co., Ltd.'s
(BB/Rating Watch Negative) proposed US dollar senior notes. The
notes are issued by Seazen Holdings' indirect wholly owned
subsidiary, New Metro Global Limited.

The proposed notes are unconditionally and irrevocably guaranteed
by Seazen Holdings and rated at the same level as Seazen Holdings's
senior unsecured rating because they constitute its direct and
senior unsecured obligations. Seazen Holdings intends to use the
net proceeds to refinance existing debt.

Seazen Holdings is a subsidiary of Seazen Group Limited (SGL,
BB/Rating Watch Negative). Fitch uses a consolidated approach to
rate Seazen Holdings, based on its Parent and Subsidiary Rating
Linkage criteria. Fitch placed both companies on Rating Watch
Negative (RWN) in July 2019 because of a possible deterioration in
their business and financial risk profiles after their chairperson
and founder, Mr. Wang Zhenhua, was held in criminal custody by
Chinese police. Fitch expects to resolve the RWN after obtaining
information on the companies' recent operational and financial
performance.

KEY RATING DRIVERS

Chairman Detained: SGL and Seazen Holdings announced on July 3 that
Mr. Wang was removed from his position as chairperson of the board
with immediate effect after confirmation by Shanghai police that he
was detained and held in criminal custody. Mr. Wang Xiaosong, Mr.
Wang's son, previously a non-executive director, has assumed the
role of chairperson of the two companies. The elder Mr. Wang is the
two entities' ultimate shareholder, with a 71% stake in SGL, which
holds 67% of Seazen Holdings.

Potential Risk to Credit Profile: Fitch believes Mr. Wang's custody
may damage the companies' near-term operational and financial
performance and reputation; nevertheless, pre-sales at SGL have
continued to increase, with total contracted sales of CNY247
billion in 11M19, a yoy increase of 24%. Contracted sales by gross
floor area reached 21.9 million square metres, a yoy increase of
38%. Funding channels may also be affected, although there have
been no debt covenant breaches to date. However, if there are any
unexpected events leading to prolonged weakness in operation or
financing, it may weaken the entities' credit profiles.

Underlying Credit Strength: Fitch affirmed the ratings of SGL and
Seazen Holdings in April 2019 to reflect the companies' stable
financial profiles while expanding quickly in both their
property-development and investment-property businesses. SGL's
business profile strength is supported by its large scale - with
contracted sales of CNY221 billion in 2018, diversified land bank,
which is sufficient for three to five years of development, and
growing investment-property business that generates predictable
contractual rental income, driving recurring EBITDA interest
coverage to 0.4x in 2018, from 0.2x in 2017.

SGL's leverage, defined by net debt/adjusted inventory after joint
ventures (JV) and associate proportionate consolidation, climbed to
44% in 2018, from 40% in 2017. Fitch expects some fluctuation in
leverage in the next two years due to rapid expansion, extensive
use of JV structures and a move towards higher attributable
interests in its projects, although leverage should stay below 50%.
Fitch rates the two entities based on their consolidated profile
due to their strong parent and subsidiary linkage.

DERIVATION SUMMARY

Fitch's consolidated approach to rating SGL and Seazen Holdings is
based on the Parent and Subsidiary Rating Linkage criteria due to
SGL's 67% stake in Seazen Holdings at end-2018. The companies'
strong strategic and operational ties are reflected by Seazen
Holdings representing SGL's entire exposure to the China
homebuilding business, while SGL raises offshore capital to fund
the group's business expansion. The two entities share the same
chairperson.

SGL's quick sales churn strategy contributed to the rapid expansion
of its contracted sales to a level that is higher than that of most
'BB' category peers. SGL's attributable sales reached CNY143
billion in 2018, higher than that of Sino-Ocean Group Holding
Limited (BBB-/Stable, Standalone Credit Profile: bb+), CIFI
Holdings (Group) Co. Ltd. (BB/Stable) and almost double that of
China Aoyuan Group Limited (BB-/Positive), KWG Group Holdings
Limited (BB-/Stable) and Logan Property Holdings Company Limited
(BB/Stable). SGL has also quickly expanded its investment
properties, which generated CNY2 billion of recurring income and a
recurring EBITDA/interest of 0.4x in 2018. SGL's
investment-property portfolio of around CNY40 billion is much
larger than that of all other 'BB' rated peers; this contributed to
and justified its leverage rising to be higher than that of peers.

SGL has maintained its leverage at around 45%, in line with 'BB'
rated peers, such as CIFI, but higher than Sino-Ocean Group's
around 35%. SGL's leverage increased in 2017-2018 due to continued
land replenishment and large capex to develop its
investment-property portfolio. SGL's recurring EBITDA/interest of
0.4x is similar to Sino-Ocean Group's level in 2018. However,
Sino-Ocean Group has a stronger and longer record in
investment-property operation, which supports its Standalone Credit
Profile being one notch above SGL's rating.

KEY ASSUMPTIONS

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

  - Total contracted sales reaching CNY270 billion in 2019 and
CNY300 billion in 2020, with around 70% attributable interests

  - Land premium representing around 60% of attributable sales
proceeds in 2019 and 50% in 2020-2022 (2018: 60%)

  - CNY22 billion-25 billion in investment property capex each year
in 2019-2022 (2018: CNY10.7 billion)

  - Overall EBITDA margin to remain above 25% (2018: 26%)

  - SGL maintaining a controlling shareholding in Seazen Holdings,
with no weakening in operational ties

RATING SENSITIVITIES

For both SGL and Seazen Holdings:

Fitch will take negative rating action if it sees a material
deterioration in SGL's pre-sales relative to its expectations or a
weakening in its funding access. The negative rating sensitivities
when Fitch affirmed SGL and Seazen Holdings ratings on April 15,
2019 were:

  - Consolidated contracted sales/total debt sustained below 1.5x

  - Net debt/adjusted inventory (after JV proportionate
consolidation) sustained above 50%

  - EBITDA margin sustained below 18% (2018: 26.4%)

Separately for SGL, a weakening of the linkage between SGL and
Seazen Holdings may lead to negative rating action.

(All the ratios mentioned are based on parent SGL's consolidated
financial data)

The RWN will be resolved after Fitch obtains further information on
the companies' recent operational and financial performance. The
ratings will be affirmed if SGL and Seazen Holdings maintain their
business and financial profiles in line with its forecasts, despite
the custody of their ex-chairperson.

LIQUIDITY

Sufficient Liquidity: The group doubled its unrestricted cash
balance to CNY41 billion in 2018, which was sufficient to cover
short-term borrowings of CNY27 billion. The group repaid its HKD2.3
billion convertible bond in early 2019.


TUNGHSU GROUP: Asks Banks to Keep Lending w/o Promising Repayment
-----------------------------------------------------------------
Wang Juanjuan and Guo Yingzhe at Caixin Global report that
debt-ridden Tunghsu Group Co. Ltd. is trying to persuade lenders
not to take back loans earlier than previously planned or stop
loaning it money, even though the maker of electronic display
panels said it can't repay defaulted bonds.

Tunghsu met Nov. 29 with more than 170 creditors and multiple local
financial regulators to discuss the defaults by its Shenzhen-listed
subsidiary, Tunghsu Optoelectronic Technology Co. Ltd, Caixin
recalls. Investors jokingly called it an "annual conference" of
financial institutions.

Caixin relates that the unit said last month in a Shenzhen Stock
Exchange filing that it was unable to repay more than CNY2 billion
($283 million) of principal and interest on two notes, citing
"short-term liquidity difficulties."

The news shocked the market as the company had promised to repay
the notes on time only a week earlier. It then defaulted on another
bond due Dec. 2, Caixin relates citing a Dec. 3 filing.

Tunghsu did not come up with a repayment plan and instead tried to
placate attendees, a creditor who was at the Nov. 29 meeting told
Caixin.

"They brought regulators to open the meeting and appease creditors,
and asked lenders not to take back loans early or stop lending
within the next two years, but said it is currently impossible to
pay us back," the person said.

According to Caixin, Tunghsu Optoelectronic joined a lengthening
list of Chinese enterprises to go into default as the world's
second-largest economy continues cooling. Bloomberg reported that
at least 15 defaults since the start of November have pushed this
year's total to CNY120.4 billion, approaching the CNY121.9 billion
record set in 2018.

Investors are concerned that Tunghsu may not be able to repay other
bonds, Caixin notes. It has 15 outstanding issues totaling CNY19.6
billion, with CNY8.9 billion set to mature within the next 12
months. They also worry about potential ripple effects, as Tunghsu
could trigger a cascade of defaults if investors sell off bonds
issued by sibling companies en masse, the report relates.

Established in 2004, Tunghsu expanded rapidly since 2009 through a
series of major acquisitions. But some bond investors have long
speculated that Tunghsu would default sooner or later as doubts
rose about the company's asset quality, Caixin notes. Some also
said they believed that Tunghsu bought its own bonds in an effort
to attract real investment.

In the third quarter, Tunghsu Optoelectronic posted an operating
revenue decline of 33.3% year-on-year to CNY4.1 billion as net
profit attributable to shareholders plunged 36.4% to CNY290.7
million, Caixin discloses.

According to Caixin, Tunghsu did not provide any information about
absorbing state capital at the meeting, although it previously said
it was looking for a lifeline from the local government where it is
headquartered, in Shijiazhuang, the capital of North China's Hebei
province.

Tunghsu Optoelectronic said in a filing last month that Tunghsu's
controlling shareholder was considering handing over its 51.5%
stake in Tunghsu to the state-owned asset administrator of
Shijiazhuang, Caixin recalls. But creditors doubt the authenticity
of the potential deal, according to a source from a mutual fund
firm holding Tunghsu bonds, as they do not believe local government
financing vehicles in the city have the ability to inject liquidity
into Tunghsu, Caixin notes.

Tunghsu Optoelectronic Technology Co., Ltd. engages in the
development and sale of liquid crystal glass substrates and
equipment in China. It also offers energy buses, and single-layer
graphene and graphene-based lithium-ion battery related products;
and purchases and sells memory chip products, peripherals and
e-sports main computers, LCD screen modules, and whole machine
products. In addition, the company is involved in the development
and sale of real estate properties.


YANGZHOU SLENDER: Fitch Withdraws BB+ IDRs for Commercial Reasons
-----------------------------------------------------------------
Fitch Ratings affirmed China-based Yangzhou Slender West Lake
Tourism & Development Group Co., Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB+'. The Outlook is
Stable. Simultaneously, Fitch has chosen to withdraw the ratings of
SWL for commercial reasons.

SWL's ratings are credit linked to, but not equalised with, Fitch's
internal assessment of Yangzhou municipality in eastern China. The
link is reflected in SWL's 'Very Strong' status, ownership and
control by the government, 'Moderate' support record and
expectations as well as 'Weak' socio-political implications and
'Very Strong' financial implications of default. Fitch regards SWL
as a government-related entity (GRE) and rates the company under
its GRE criteria using a top-down approach.

The ratings were withdrawn with the following reason For Commercial
Purposes

KEY RATING DRIVERS

Status, Ownership and Control 'Very Strong': SWL is registered as a
limited liability company under China's company law and is fully
and directly owned by Yangzhou municipality. The company is closely
monitored and controlled by the Yangzhou Shugang Slender West Lake
Places of Interest Administration Committee (SWLAC), which
supervises its group strategy and mission and ultimately reports to
the municipal government.

Support Record and Expectations 'Moderate': SWL has been granted
concession rights, which have no expiration, to operate and charge
admission fees for Slender West Lake Park, a scenic lake and garden
with traditional Chinese architecture in the centre of Yangzhou.
The company has received consistent subsidies since 2013, although
the amounts have been declining since 2015 due to the absence of
interest expenses and general tourism subsidies. Capital injections
through rebates on land-sale revenue and exemptions on debt made up
4% of total assets in 2015. The issuer reported another CNY1
billion capital injection in 2017 but none for 2018. The company
has also benefited from the government's debt-swap programme, with
a large portion of its debt being categorised as 'hidden debt' of
the Yangzhou government. Fitch expects further capital injections
to resolve this debt in the next 10 years.

Socio-Political Implications of Default 'Weak': SWL is tasked with
upgrading tourist assets within Yangzhou to boost the regional
economy. Developing tourism assets is unusual for traditional
Chinese urban-infrastructure developers, making the sector
vulnerable to social and political changes and economic cycles. The
social consequences of a default by SWL would be offset by private
and public competitors as well as the availability of tourism
infrastructure in neighbouring regions, despite its significant
contribution to the local economy. This results in its assessment
of the socio-political implications of default as 'Weak' compared
with GREs in other sectors that are more closely linked with social
wellbeing or daily necessities.

Financial Implications of Default 'Strong': SWL is one of Yangzhou
municipality's larger GREs, with total assets of CNY24.3 billion
and Fitch-calculated debt of CNY12.6 billion at end-2018. SWL
borrows from local commercial banks, often from their municipal
branches. Around 10% of total asset represented receivables from
the government as end-2018. A default by SWL would significantly
increase funding constraints for other local GREs, as its failure
would be seen as closely related to the local government's fiscal
situation, since SWL undertakes funding responsibility for
developing Yangzhou's tourism.

'b-' Standalone Credit Profile: Fitch assesses SWL's Standalone
Credit Profile at 'b-', based on SWL's 'Weak' financial profile due
to falling profitability in core business segments and surging
debt, 'Midrange' revenue defensibility operating risk and high
historical and forecast leverage. Leverage, as measured by net
debt/Fitch-calculated EBITDA surged to 145x in 2018, from 67x in
2017, following a drop in its gross margin to 13%, from 22%, after
the government adjusted entrance tickets for Slender West Lake
accompanied by a lower mark-up for new tourism construction
projects in 2018.

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

ESG CONSIDERATIONS

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




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

A A ESTATES PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: A A Estates Private Limited
        RNA Corporate Park
        Next to Collector's Office
        Kalanagar, Bandra (East)
        Mumbai 400051

Insolvency Commencement Date: November 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Gaurav Khurana

Interim Resolution
Professional:            Mr. Gaurav Khurana
                         BSRR & Co.
                         Building No. 10 Tower-B
                         8th Floor, DLF Cyber City Phase-II
                         Gurgaon 122002
                         E-mail: gauravkhurana@bsraffiliates.com

                            - and -

                         KPMG Restructuring Services, LLP
                         3rd Floor, Lodha Excelus
                         Apollo Mills Compound
                         N.M. Joshi Marg, Mahalaxmi
                         Mumbai 400011
                         E-mail: irpaaestates@kpmg.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Sudesh Kamath
                         Vithal M. Dahake
                         Jignesh Ajit Ganatra

Last date for
submission of claims:    December 11, 2019


ANGEL FIBERS: CRISIL Lowers Rating on INR41.1cr Loan to D
---------------------------------------------------------
CRISIL has downgraded the ratings of Angel Fibers Limited (AFL) to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         1.5        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Cash Credit            7.0        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

   Long Term Loan        41.1        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with AFL for obtaining
information through letters and emails dated September 28, 2018,
and February 12, 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 they are arrived at without any management
interaction and are based on best available, 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 the company, which restricts
CRISIL's ability to take a forward-looking view on the credit
quality. CRISIL believes information available is consistent with
Scenario 1 outlined in the Framework for Assessing Consistency of
Information with 'CRISIL BB' rating category or lower.

Based on the latest available information, combined with delays in
repayment of term-loan instalment, CRISIL has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating'.

Incorporated in 2014, AFL manufacturers and exports cotton yarn.


ASL LOGISTICS: CARE Assigns 'B' Rating to INR5.0cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of ASL
Logistics Private Limited (ALPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities           5.00      CARE B; Stable Assigned

   Proposed Long-
   term Bank
   Facilities           1.00      CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ALPL is constrained
by small scale of operations coupled with eroded networth base;
moderate profit margins leveraged capital structure and weak debt
coverage indicators, working capital intensive nature of operation
with stretched liquidity position. The rating is further
constrained by volatile nature of fuel prices and presence in
fragmented & competitive logistic industry.

The above constraints are partially offset by experienced promoters
and strong second line of management and reputed clientele base.

Rating Sensitivities

Positive Factors

* Improvement in scale of operation despite high competition:
Improvement in scale of operation to a level of around INR75 crore
on sustained basis

* Maintain its profit ability margins: Maintain its operating
margins in range of 12-15% and net profit margin to remain in range
of 4-6% considering competition in logistic industry

* Improvement in capital structure and debt protection matrix:
Ability of the company to keep its capital structure below unity
level and interest ratio in range of 2-3x times and total debt /GCA
in range of 5-7x times along with substantial increase in its
net-worth base.

Negative Factors

* Elongation in collection period: Ability of ALPL to maintain its
collection period between 30 to 60 days.

* Stretched liquidity position: Ability of ALPL to keep its current
ratio and quick ratio above unity level, maintained sufficient
liquid investment in the form of current investment and cash bank
balance and fixed deposits with banks to meet debt obligations and
moderate utilization of its working capital limits (i.e. below
75%).

Detailed description of Key rating drivers

Key rating Weakness

Small scale of operations coupled with eroded networth base: ALPL's
scale of operations remained small marked by total operating
income, gross cash accruals of INR12.77 crore and INR0.63 crore
respectively during FY19. Further the total operating income has
grew by ~20% y-o-y in FY19 to INR12.77 crore (vis-à-vis INR10.67
crore in FY18) on account of repeated orders received from existing
customers coupled with addition of new clients. Further owing to
carried forward net losses the netwoth of ALPL continues to remain
negative during last four years ended as on March 31, 2019. The
small scale limits the company's financial flexibility in times of
stress and deprives it of scale benefits.

Moderate operating and profit margins: The PBILDT margin has
remained moderate in the range of 11.66% to 17.75% during the past
four years ended as on March 31, 2019 primarily on account of
volatility in fuel prices coupled with increase in efficiency level
on account of purchase of new vehicles. Furthermore, the PAT margin
remained moderate in the range of 0.78% to 3.42% during the past
four years ended as on March 31, 2019 primarily on account of high
interest & depreciation cost.

Leverage capital structure and weak debt coverage indicators: The
capital structure of ALPL remain highly leveraged on account of
high debt level coupled with eroded net worth on account of carried
forward losses during last four years of operations ended as on
March 31, 2019; however ALPL has incurred net profit during the
past four years ended as on March 31, 2019. Further owing to
moderate cash accruals and operating margins the debt coverage
indicators of the ALPL remained moderate during the past four years
ended as on March 31, 2019.

Working capital intensive nature of operation: The operations of
ALPL are working capital intensive as the majority of the funds are
blocked in receivables. The company is engaged into providing road
transport services, warehousing, railway clearing & forwarding
services etc. hence all the activities involves incoming materials
from various rail hea ds as well as plants by road and dispatching
as per the orders provided by the client and then raised the bill
against the party. Further ALPL provides higher credit periods of
around 90 to 120 days to its customers due to low bargaining power
and intense competition in the low barrier industry. On the other
hand ALPL enjoys credit period of around 30 to 60 days from its
suppliers for fleets, fuel and repair work etc. As a result of the
same the operating cycle of ALPL remains elongated leads to higher
utilization of its working capital limits.

Stretched liquidity position: The liquidity position of the ALPL
remained stretched marked by tightly matched accruals to repayment
obligations, highly utilized bank limits and modest cash balance of
INR0.16 crore as on March 31, 2019 (vis-à-vis) INR0.08 crore as on
March 31, 2018). Further current ratio remains at 1.12x times and
quick ratio remains at 1.12x times during FY19.

Volatile nature of fuel prices: Being into transport industry major
cost is incurred on fuel whose prices are very volatile in nature
on account of demand and supply factor. Further to it, in absence
of escalation clause ALPL was not able to pass on the fluctuation
in prices of diesel to customer which may affect the profitability
of the company.

Presence in fragmented & competitive logistic industry: The Indian
logistics industry is characterized by its high degree of
fragmentation. India's diverse geographical and socio-economic
features, huge retail network and infrastructure limitations enable
most of the logistics service providers in the country to provide
the entire gamut of logistics services. Further, the company has to
compete with large number of small and medium-size players
operating in the logistics sector. This leads to price competition
which can have an effect on profitability margins & cash flows of
ALPL. However, comfort can be drawn from the fact that ALLPL has
been in this business for more than eight years and have
established relationship with its customers.

Key rating Strengths

Experienced promoters and strong second line of management:
Promoters, Mr. Mohit Ashok Nawany is a civil engineer by
qualification and has experience of more than eight years in
transportation and logistics industry and Mrs. Kiran Vinod Nawany
has experience of around five years in the logistic industry
through their association with ALPL. Further ALPL has experienced
and specialized second line of management who are specialized in
respective fields to carry out day to day activities.

Reputed clientele base: The extensive experience of promoters in
transportation & logistic industry have helped ALPL to develop
business relationship with existing as well as new clients & have
generated sizeable business on continual basis. Further over the
years they have developed established strong relationship with the
reputed customers from majorly from cement industries namely Zuari
Cement Limited, Prism Johnson Limited, HIL Limited, ACC Limited,
RDC Concrete (India) Private Limited, Skyway RMC Plants Private
Limited, JSW Cement Limited, Bharat Construction Company ( Bombay)
and Afcons Infrastructure Limited etc.

ASL Logistics Private Limited (ALPL) was incorporated on January
10, 2011, by Mr. Mohit Ashok Nawany and Mr. Kiran Vinod Nawany.
ALPL is engaged into providing road transport services,
warehousing, railway clearing & forwarding, and mainly caters to
cement manufacturing companies and it is based in Mumbai,
Maharashtra.


AXIOMATA ELEVATORS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Axiomata Elevators Pvt. Ltd.
        Room No. 10A, B & B Building
        Power House Road
        Opp. Sharon Marthoma Church
        Palarivattom-PO
        Cochin 682025
        Kerala

Insolvency Commencement Date: November 26, 2019

Court: National Company Law Tribunal, Thiruvananthapuram Bench

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

Insolvency professional: Sathiq Buhari

Interim Resolution
Professional:            Sathiq Buhari
                         Sagreen Law Chamber
                         Vanchiyoor, Thiruvananthapuram
                         Kerala 695035
                         E-mail: sathiq33@gmail.com

                            - and -

                         4th Floor, Bank Employees Cooperative
                         Society Building
                         Chirakkulam Road, Statue
                         Thiruvananthapuram 695001
                         E-mail: witturip@gmail.com

Last date for
submission of claims:    December 9, 2019


BHAGWANDAS ISPAT: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bhagwandas Ispat Private Limited
        500, Priti Nagar
        Satrodia Colony
        Hisar, Haryana 125005

Insolvency Commencement Date: October 23, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: April 20, 2020
                               (180 days from commencement)

Insolvency professional: Adv. Prajakta Menezes

Interim Resolution
Professional:            Adv. Prajakta Menezes
                         2D-1104, Dreams CHS
                         LBS Marg, Bhandup West
                         Mumbai 400078
                         E-mail: prajakta@prmlegal.in

                            - and -

                         Flat No. 701, 7th Floor
                         Dheeraj Gaurav Heights 1 CHS LTD
                         Off. New Link Road
                         Andheri West
                         Mumbai 400053
                         E-mail: irp.bipl@gmail.com

Last date for
submission of claims:    November 6, 2019


BINDAL COIR: CARE Lowers Rating on INR6.50cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bindal Coir Private Limited (BCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable; Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from BCPL  to monitor
the rating vide e-mail communications dated November 5, 2019,
October 31, 2019, September 30, 2019, August 13, 2019, August 1,
2019, July 26, 2019, July 1, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided no default statement for monitoring the rating. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Bindal Coir Private Limited's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The rating has been revised on account of raw material price
fluctuation risk and presence in highly competitive and fragmented
industry.

Key Rating Weaknesses

Raw material price fluctuation risk
PU Foam, fabric, Bonded Mattresses, EP foam, Coir Sheet, Fiber,
etc. are the primary raw materials required for manufacturing of
pillows and mattresses. The raw material cost forms major part of
the cost of sales. Any wi de fluctuation in price of its key raw
material and inability to timely pass on the complete increase in
the prices to its customers is likely to affect its profitability
margins.

Presence in highly competitive and fragmented industry
The industry is dominated by unorganized and as well as organized
players resulting in high fragmentation and intense competition.
Small players mainly cater to regional demand and enjoy the
benefits of lower cost in terms of proximity to customers and raw
material suppliers. Further, due to low product differentiation and
value addition, the industry is highly competitive with price being
the key differentiating factor.

Bindal Coir Private Limited (BCPL), based in New Delhi, was
incorporated in 1996 as a private limited company. The company is
currently being managed by Mr. Sandeep Gupta and Mrs. Manju Gupta.
BCPL is engaged in manufacturing of Pillows and Mattresses at its
facility located in Sampla, Haryana with an installed capacity of
manufacturing 2.40 lakh mattresses and 4.50 lakh pillows per annum
as on August 31, 2018. The product line mainly includes Spring
Mattresses, Rebound ed Mattresses, Foam Mattresses, Coir
Mattresses, Fiber Pillows and Foam Pillows. It is also engaged in
trading of PU Foam (income from trading constituted 10% of the
total income in FY18).


BREADWORKS GOURMET: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Breadworks Gourmet Foods Private Limited
        TR3, 4th Floor, Esteem Mall
        Bellary Road
        Bangalore KA 560024
        IN

Insolvency Commencement Date: November 18, 2019

Court: National Company Law Tribunal

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

Insolvency professional: B Parameshwara Udpa

Interim Resolution
Professional:            B Parameshwara Udpa
                         No. 827/7 8th Main 4th Block
                         BEL Layout
                         Vidyaranyapura
                         Bangalore 560097
                         E-mail: beepeeyou@gmail.com

Last date for
submission of claims:    December 17, 2019


CARAVEL LOGISTICS: Ind-Ra Migrates 'C' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Caravel Logistics
Private Limited's (CLPL) 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 C (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR96 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND C (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND C (ISSUER NOT COOPERATING)
     / IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

CLPL provides ocean freight logistics and value-added services for
container cargo movements. The company's main areas of operations
are non-vessel operating common carriers, freight forwarding,
multimodal transport operations (handles domestic transport) and
customs house agency services.


COUPLE INTERNATIONAL: CARE Keeps D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Couple
International Private Limited (CIPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.70       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CIPL to monitor the
rating(s) vide e-mail communications/letters dated November 12,
2019, November 14, 2019, etc. and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of best available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Couple
International Private Limited's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

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

The rating assigned to bank facilities of Couple International
Private Limited (CIPL) remained constraint on account of ongoing
delays in meeting debt obligations, leveraged capital structure and
weak coverage indicators. The rating is further constrained by
working capital intensive nature of operations, foreign exchange
fluctuation risk along with highly fragmented industry resulting in
intense competition from both organized and unorganized players.
The ratings however, derive strength from experienced promoters and
moderate profitability margins.

Detailed description of the key rating drivers

At the time of last rating on September 11, 2018, following were
the rating weaknesses and strengths.

Key rating weaknesses

Ongoing delays in meeting debt servicing
There are ongoing delays in relation to the servicing of principal
installment and interest payments. The delays are on account of
liquidity stress and cash flow miss match arising out of delay in
realization from customers.

Leveraged capital structure and weak coverage indicators
The capital structure of the company stood leveraged owing to low
net worth base coupled with high reliance on external borrowings to
meet working capital requirements. Furthermore, owing to high debt
levels, the debt service coverage indicators marked by interest
coverage and total debt to GCA stood very weak at -0.37x and -8.47x
respectively, during FY18.

Working capital intensive nature of operations
The operations of the company are working capital intensive in
nature marked by an operating cycle of 454 days in FY18. The
company maintains high inventory holdings in form of raw materials
for smooth execution of its production process and in form of work
in progress and finished goods inventory to meet immediate demand
of its customers. Further, the company has elongated collection
period mainly on account of delay in realization from its
customers. On the contrary, the average creditor's period stood at
108 days for FY18.

Foreign exchange exposure
CIPL is mainly focused in the export market and the raw material is
mostly procured from domestic markets. With initial cash outlay for
procurement in domestic currency and significant chunk of sales
realization in foreign currency, the company is exposed to the
fluctuation in exchange rates. Though, the company has a policy of
hedging its export receivables to an extent. Nonetheless, it will
remain exposed towards any sharp appreciation in the value of rupee
against foreign exchange currency for the uncovered portion. Highly
fragmented industry resulting in intense competition from both
organized and unorganized players The readymade garment industry in
India is highly fragmented and dominated by a large number of
independent and small scale unorganized players leading to high
competition among the industry players. Smaller companies/firms in
general are more vulnerable to intense competition due to their
limited pricing flexibility, which constrains their profitability
as compared with larger companies who have better efficiencies and
pricing power considering their scale of operations.

Key Rating strength

Experienced promoters coupled with long track record of operations
CIPL is being directed by Mr. Rituraj Gupta and Ms. Kavita Vardhan
who have considerable experience in textile industry through their
association with this entity. Both the directors are graduates by
qualification and look after the overall operations of the
company.

New Delhi based CIPL was incorporated in 1998. The company is
currently being managed by Mr. Rituraj Gupta and Ms. Kavita
Vardhan. CIPL is engaged in the manufacturing of garments and
accessories (scarfs).


CROSS ROAD: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Cross Road Buildcon Private Limited
        95D, AD Block Shalimar Bagh
        Opposite all Heaven Banquet
        Delhi 110088

Insolvency Commencement Date: November 8, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 6, 2020

Insolvency professional: CA Devendra Lodha

Interim Resolution
Professional:            CA Devendra Lodha
                         Office No. 105, 1st Floor
                         6A/1, WEA, Karol Bagh
                         New Delhi 110005
                         E-mail: cadklodha@gmail.com
                                 irp.crossroad@gmail.com
                         Tel.: 011-41100490

Last date for
submission of claims:    December 11, 2019


EMMEGI INDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Emmegi India Private Limited
        1011, Vishal Tower
        10, District Centre
        JanakPuri West Delhi
        Delhi 110058

Insolvency Commencement Date: October 22, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: April 19, 2020
                               (180 days from commencement)

Insolvency professional: Deepak Maheshwari

Interim Resolution
Professional:            Deepak Maheshwari
                         S-30, 2nd Floor
                         Uppals South End
                         Sohna Road, Gurgaon
                         Haryana 122001
                         E-mail: irpdm27@gmail.com
                                 cirp.emmegi@gmail.com

Last date for
submission of claims:    November 27, 2019


ENCANA INTERNATIONAL: CARE Reaffirms B+ Rating on INR6.89cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Encana International (EIN), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.89       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of EIN continues to be
constrained by small scale of operations along with net losses in
last three years and weak overall solvency position. The rating is
further constrained by concentrated revenue profile, competitive
nature of industry and constitution of the entity as a partnership
firm. The rating, however, derives strength from experienced
partners and reputed clientele base.

Key Rating Sensitivity

Positive Factor:

* Significant improvement in the scale of operations and
   profitability resulting in improved cash accruals

* Improvement in debt coverage indicators as marked by interest
   coverage and TDGCA beyond 3x and below 8x respectively

Negative Factor:

* Decline in scale of operation and profitability margins on a
   sustained basis

* Deterioration in solvency position led by increase in debt
   levels or withdrawal by capital by proprietor

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with net losses in last three
years
The total operating income of EIN has marginally increased from
INR17.81 crore in FY18 to INR18.87 crore in FY19 on account of
higher quantity sold owing to higher orders received. The scale of
operations, however, continues to remain small. The small scale of
operations limits the firm's financial flexibility in times of
stress and deprives it from scale benefits. The PBILDT margin
deteriorated from 9.32% in FY18 to 7.28% in FY19 mainly on account
of higher raw material expenses incurred (as a percentage of
income) and continued higher fixed costs. The firm continued to
incur net loss in FY19 as compared to FY18 due to higher
depreciation and interest expenses incurred. However, the firm
achieved cash profit of INR0.60 cr in FY19 as compared to cash
profit of INR0.94 cr in FY18.

Weak overall solvency position
The capital structure of the firm continues to be leveraged with
overall gearing ratio of 12.31x as on March 31, 2019 (PY: 6.24x)
mainly on account of firm's high reliance on bank borrowings to
fund various business requirements and erosion of networth due to
continued losses at a net level. Furthermore, the debt coverage
indicators also stood weak marked by interest coverage ratio of
1.63x in FY19 and total debt to GCA of 11.43x for FY19.

Concentrated revenue profile albeit reputed customer
The firm is in the manufacturing and flexographic printing of
self-adhesive labels and is supplying to various reputed
manufactures. The sales to a single customer constituted 60% of
total operating income in FY19. Thus, the firm is exposed to
customer concentration risk and any adverse change in procurement
policies of this customer may adversely affect the business of
EIN.

Competitive nature of industry
The printing industry is characterized by a high level of
fragmentation and regional concentration. Indian printing industry
is characterized as fragmented & competitive with very little
differentiation in terms of service offering. EIN faces direct
competition from various organized and unorganized players in the
market.

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

Key Rating Strengths

Experienced partners
Mr. Mohit Malhotra, Mr. Sukhmilap Singh, Mr. Vishal Todi have an
industry experience of 15 years, 10 years and 14 years respectively
through their association with group concerns and other entities.
Furthermore, the partners are supported by experienced team having
varied experience in the field of marketing and finance aspects of
business.

Liquidity position- Strectched
The operating cycle of the firm stood at -58 days for FY19 (-94
days for FY18). The average utilization level of working capital
limits remained 90% for the past 12 months period ended October,
2019. EIN had free cash & bank balance of INR0.55 Cr, as on March
31, 2019. The current and quick ratios stood weak at 0.72x and
0.49x, respectively, as on March 31, 2019 (Previous Year: 0.70x and
0.51x, respectively).

Encana International (EIN) was established in March 2014 as a
partnership firm by Mr. Mohit Malhotra and Mr. Sukhmilap Singh.
However, the commercial operations started in December 2014. Later,
in FY17, Mr. Vishal Todi was added as third partner. All the
partners are sharing profit and losses equally. EIN is engaged in
the manufacturing and flexographic printi ng of
self-adhesive labels at its manufacturing unit located in Solan,
Himachal Pradesh. The firm has total installed capacity of 90 lakh
of self-adhesive labels per annum as on October 31, 2019.


FOURTH DIMENSION: CARE Reaffirms 'D' Rating on INR70cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Fourth Dimension Solution Limited (FDSL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term/Short      70.00      CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING; Reaffirmed
   Facilities           

   Long Term Bank       30.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Reaffirmed

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from FDSL to monitor the
rating(s) vide e-mail communications/letters dated November 7,
2019, November 8, 2019 and November 11, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Fourth Dimension Solution Limited's bank
facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on December 7, 2018 the following were
the rating strengths and weaknesses:

Delays in debt servicing: There have been on-going delays by Fourth
Dimension Solution Limited in servicing of its debt obligations.

Fourth Dimension Solution Limited (FDSL) was incorporated in June,
2011 and was converted into public limited company in May, 2015.
The company is listed on NSE EMERGE (SME Exchange Platform of
NSEIL) w.e.f January 22, 2016. FDSL is an India based Information
technology (IT) company engaged in sale of IT products and
services. Its business activities include trading of IT &
electronic products (like tablets, TV, Mobile Phones, etc.) and
providing infrastructure support services, technical support
services and operations outsourcing services.

FDSL caters to various verticals including smart governance
projects, education, BFSI, telecom, power & utilities, security &
surveillance, healthcare, etc. The customer base of the company
comprises private corporates including Lava International, Twinstar
Industries, etc. spread across various industries and also
local/state/central government bodies. The company also has a
wholly owned subsidiary Thumb speed Tech Solutions Private Limited
which is engaged in IT related business.


FROG FONE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Frog Fone Private Limited
        19, Chawla Complex, A-215
        Shakarpur Delhi 110092
        India

Insolvency Commencement Date: November 19, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: May 17, 2020
                               (180 days from commencement)

Insolvency professional: Pankaj Kumar Singhal

Interim Resolution
Professional:            Pankaj Kumar Singhal

                         Not for communication:
                         A-233, Ground Floor
                         Bunkar Colony
                         Ashok Vihar, Phase-IV
                         Delhi 110052
                         E-mail: aprlegalindia@gmail.com

                         For communication:
                         E-mail: cirp.frogfone@gmail.com

                            - and -

                         Insolvency and Bankruptcy Board of India
                         (IBBI)
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Last date for
submission of claims:    December 6, 2019


INDUSTRIAL PROGRESSIVE: CARE Reaffirms D Rating on INR55cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Industrial Progressive (India) Limited (IPIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       55.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Reaffirmed

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IPIL to monitor the
rating(s) vide e-mail communications/letters dated November 7,
2019, November 8, 2019 and November 11, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Industrial Progressive (India) Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on August 8, 2018 the following were the
rating strengths and weaknesses:

Delays in debt servicing: There have been on-going delays by
Industrial Progressive (India) Limited in servicing of its debt
obligations.

Industrial Progressive (India) Limited (IPIL), promoted by Mr.
Subash Goel and his associates, was incorporated on 19th November
1984 as a public limited company. However, the company started its
operations from 1992 onwards with initial capacity of 2 lakh litres
per day (LLPD) of milk. Mr. Rajesh Gandhi, MD looks after the oper
ations of the company. The original promoter Mr. Goel had sold his
stake to Mr. Gandhi in Sept 2010.

The company is engaged in the manufacturing of various Milk
products under the brand name "Doaba" and "Milk Country". "Doaba"
caters to North India especi ally Haryana and Rajasthan whereas
"Milk Country" caters to the demand of Andhra Pradesh, Kerala and
Tamil Nadu. The manufacturing products range of the company
includes Ghee, Skimmed Milk Powder (SMP), Butter, Casein, Whey
Powder and Liquid Milk.


INFRASTRUCTURE LEASING: Posts $3.15BB Loss for Year Ended March 30
------------------------------------------------------------------
Debjit Chakraborty at Bloomberg News reports that Infrastructure
Leasing & Financial Services Ltd., the beleaguered infrastructure
financier, reported an annual loss after writing off some
investments and advances that it doesn't expect to recover.

The troubled shadow bank announced a loss of INR225.4 billion
($3.15 billion) for the financial year ended March, compared with a
profit of INR3.32 billion in the previous 12 months, according to
an exchange filing cited by Bloomberg. Its total income during the
year more than halved to INR8.24 billion, the report says.

Bloomberg says eroding finances led to an unexpected default by
IL&FS Group last year, precipitating a spate of defaults in the
non-banking financing industry and making it difficult for many
companies to refinance debt. India's government immediately seized
control of IL&FS, whose inability to repay debt caused widespread
upheaval in the economy.

IL&FS took a charge of INR194.3 billion during the year after its
new board took a conservative view on the market value and recovery
estimates of loans and investments, it said in a statement,
Bloomberg relays.

Liabilities swelled to INR210.8 billion at the end of March from
INR182.8 billion a year earlier, Bloomberg discloses. Assets
reduced to INR41.5 billion from INR238.7 billion. The company has a
negative net worth of INR169.35 billion.

                            About IL& FS

Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the government on Oct. 1
stepped in to take control of crisis-ridden IL&FS by moving the
National Company Law Tribunal (NCLT) to supersede and reconstitute
the board of the firm which has defaulted on a series of its debt
payments over the last one month. This was said to be an attempt to
restore the confidence of financial markets in the credibility and
solvency of the infrastructure financing and development group.


J R FURNACE AND OVENS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: M/s J R Furnace and Ovens Private Limited
        L-4, SIDCO Industrial Estate
        Villavakkam
        Chennai 600049
        Tamil Nadu

Insolvency Commencement Date: November 26, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 23, 2020
                               (180 days from commencement)

Insolvency professional: M Jayasree

Interim Resolution
Professional:            M Jayasree
                         1A Saffron Krishna Kutiya
                         No. 49 Bharathi Park 7th Cross
                         Coimbatore 641011
                         Tamil Nadu
                         E-mail: jayashree_muralidharan@
                                 yahoo.co.uk

Last date for
submission of claims:    December 10, 2019


KOHINOOR STEEL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kohinoor Steel Private Limited
        16A, Everest House
        46C Jawaharlal Nehru Road
        Kolkata, West Bengal 700071

Insolvency Commencement Date: November 20, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 19, 2020
                               (180 days from commencement)

Insolvency professional: Ashok Kumar Sarawagi

Interim Resolution
Professional:            Ashok Kumar Sarawagi
                         A.K. Sarawagi & Co.
                         18, Rabindra Sarani
                         Poddar Court, Gate-3
                         5th Floor, Room no. 4
                         Kolkata 700001
                         West Bengal
                         E-mail: sarawagiashok@gmail.com
                                 ksteel.cirp@gmail.com

Last date for
submission of claims:    December 4, 2019


L.B. INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: L.B. Industries Private Limited
        Plot No. 2A
        Mount Rd Extension
        Sadar, Nagpur
        MH 440001

Insolvency Commencement Date: November 28, 2019

Court: National Company Law Tribunal, Nagpur Bench

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

Insolvency professional: Megha Agrawal

Interim Resolution
Professional:            Megha Agrawal
                         001, Shivranjini Apartments
                         In Circle of Congress Nagar Garden
                         Congress Nagar
                         Nagpur 40012
                         E-mail: megs9june@yahoo.com

                            - and -

                         13, 2nd floor, NKY Towers
                         Wardha Road, Nagpur 440010
                         Email: ip.lbindustries@gmail.com
                                cirp.lbindustries@gmail.com

Last date for
submission of claims:    December 12, 2019


LOGON INDIA: CRISIL Lowers Rating on INR28.86cr LT Loan to D
------------------------------------------------------------
Due to inadequate information, CRISIL had migrated its rating on
the long-term bank facilities of Logon India Infrastructure Private
Limited (Logon) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the firm has subsequently begun sharing
information necessary for a comprehensive rating review. CRISIL is,
therefore, downgraded its rating from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' to 'CRISIL D/CRISIL D'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        3.11      CRISIL D (Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term   28.86      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL A4 ISSUER NOT
                                   COOPERATING')

   Secured Overdraft     2.00      CRISIL D (Downgraded from
   Facility                        'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The rating reflects delay in servicing the working capital term
debt. The delays were on account of weak liquidity position of the
firm.

The ratings continue to reflect its modest scale of operations in
the intensely competitive civil construction industry and working
capital intensive operation.  These weaknesses are offset
promoter's extensive industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Weak liquidity marked by delay in servicing debt obligations
The Company's Gross current asset has increased significantly in
fiscal 2019 due to delays in realizing the bills on time leading to
weak liquidity and subsequently delays in serving interest on
working capital term loan by more than 30 days.

* Modest scale of operations in the intensely competitive civil
construction industry:
Revenue of INR31.75 crore in fiscal 2019 reflects the firm's modest
scale of operations. Revenue is volatile because of tender-based
operations. Given the low entry barriers and tender-based business,
the civil construction industry is intensely competitive. The
firm's business is also vulnerable to changes in government
policies regarding investment in infrastructure

Strengths
* Extensive experience of promoters: Presence of more than a decade
in the civil construction industry has enabled the promoters to
establish strong relationship with customers, leading to a healthy
order book.

Liquidity Poor

Logon has weak liquidity, marked by inadequate cash accruals and
multiple instances overdrawals in working capital limits. The
company has been serving interest on working capital term loan with
a delay of more than 30 days.

Rating sensitivity factor
Upward factor
* Timely debt servicing for more than 3 months.
* Increase in scale of operations and profitability.

Established in 2011, LIIPL undertakes civil construction of
warehouses, residential projects, and roads for various
infrastructure companies on a sub-contract basis. The company is
promoted by Mr. Daljit Singh Chadda and Mr. P Swaminathan.


M. M. AUTOMOBILES: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL the ratings on bank facilities of M. M. Automobiles (MMA)
continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            3.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Standby Line
   of Credit              0.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

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

MMA was set up in 2003 as a proprietorship concern by Mr. Mutchu
Mithi. It is an authorized dealer for passenger vehicles of Hyundai
Motor India Ltd. The firm operates a showroom in Itanagar
(Arunachal Pradesh).


MAGNEWIN ENERGY: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL the ratings on bank facilities of Magnewin Energy Private
Limited (MEPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)  Ratings
   ----------      -----------   -------
   Bank Guarantee       .25     CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit         1.50     CRISIL D (ISSUER NOT COOPERATING)

   Letter of Credit    1.50     CRISIL D (ISSUER NOT COOPERATING)

   Long Term Loan      1.68     CRISIL D (ISSUER NOT COOPERATING)

   Standby Line
   of Credit            .20     CRISIL D (ISSUER NOT COOPERATING)

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

Incorporated in 1991, MEPL manufactures electrical
capacitors'special-purpose capacitors, and high- and low-tension
capacitors'used for compensating transmission line losses and power
factor improvement. These capacitors are primarily used by utility
companies and the defence sector; the capacitors also find
application in industries such as textiles, coal, chemicals, and
sugar. Set up as Magnewin Magnetics, the company was reconstituted
as a private limited company in September 2009.


MAHIP INDUSTRIES: CARE Cuts Rating on INR23.72cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahip Industries Limited (MIL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       23.72     CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE BB-; ISSUER
                                  NOT CO-OPERATING

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to bank facilities of MIL takes
into account poor liquidity upon elongation in its operating cycle
and its low profitability. CARE had, vide its press release dated
March 21, 2017, placed the rating of MIL (erstwhile Care Corupack
Limited) under the 'issuer non-cooperating' category as MIL had
failed to provide information for monitoring of the rating. MIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 12, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 18, 2019, the following were the
rating strengths and weaknesses (updated based on best available
information).

Key Ratings Weaknesses

Moderate capital structure and debt coverage indicators
The capital structure of MIL remained moderate during FY19 as
indicated by an overall gearing at 0.86x as on March 31, 2019
(P.Y.: 1.58x). The debt coverage indicators of MIL also continued
to remained moderate with Total Debt/GCA of 5.78 years as on March
31, 2019 (P.Y.: 5.38 years).

Liquidity: Poor

MIL's operations are working capital intensive in nature. The
company's operating cycle further elongated to 128 days during FY19
as compared to 91 days during FY18. The elongation was primarily on
account of increase in the inventory holding levels along with
continued high receivable days.

Presence in a highly competitive packaging industry with
susceptibility of its profitability to volatility in raw material
prices
Packaging industry is highly fragmented and competitive in nature
with majority of the players being in the unorganized sector. Owing
to this, MIL has limited bargaining power with its customers and
hence cannot fully pass on any adverse movements in raw material
prices to its customers.

Key Rating Strengths

Experienced promoters with long operational track record
MIL's promoters have an industry experience of around 15 years.
Over the years, they have developed strong relationship with
customers and suppliers alike. Some of the customers have been
associated with MIL since its inception.

Stable scale of operations with improvement in operating
profitability
MIL's total operating income (TOI) continued to remain stable and
stood at INR137.08 crore (PY.Y: 140.77 crore). Further, operating
profitability margin of the company improved to 9.75% in FY19
(P.Y.: 8.37%).

Mahip Industries Limited (MIL) was promoted as Care Beverages
(India) Ltd. in 1995 by Mr. Rajiv Agrawal & his family members.
Subsequently, its name was changed to Care Corupack Ltd. in 2001
and to Mahip Industries Ltd. in 2018. MIL is engaged in
manufacturing of corrugated boxes, stiffeners, plates and rolls.
Its manufacturing unit is located near Dholka-Bagodara highway in
Gujarat.


MARK INFRASTRUCTURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Mark Infrastructure Private Limited
        S-25, Srila Park Pride
        Hydernagar
        Near Chaitanya Boys Junior College
        Kukatpally, Hyderabad
        Telangana 500072

Insolvency Commencement Date: November 28, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Mr. Ritesh Mittal

Interim Resolution
Professional:            Mr. Ritesh Mittal
                         Sanjay Kumar Kothari & Co
                         D.No. 205, Doshi Chambers
                         Basheerbagh
                         Hyderabad 500029
                         E-mail: mrriteshmittal@gmail.com

Last date for
submission of claims:    December 16, 2019


METRO BUILDERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Metro Builders Orissa Pvt. Ltd.
        Metro River View Complex
        Sunshine Field
        Ring Road Cuttack
        Orissa, India
        Pin: 753002

Insolvency Commencement Date: December 2, 2019

Court: National Company Law Tribunal, Raipur Bench

Estimated date of closure of
insolvency resolution process: May 30, 2020

Insolvency professional: Mr. Sunil Kumar Keswani

Interim Resolution
Professional:            Mr. Sunil Kumar Keswani
                         House No. 31
                         Canal Linking Road
                         Ravi Nagar, Raipur
                         Chhattisgarh 492001
                         E-mail: sunil.keswani.co@gmail.com
                                 metrobuilders.ip@gmail.com

Last date for
submission of claims:    December 16, 2019


MONNET POWER: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Monnet Power
Company Ltd.'s loans in 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
ratings. The ratings will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR38.190 bil. (including an external commercial borrowing of
     USD140 bil.) Senior project bank loans (long-term) maintained

     in a non-cooperating category with IND D (ISSUER NOT
     COOPERATING)* rating; and

-- INR3.50 bil. Subordinated Term loan (long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)*

     rating.

* The ratings were last reviewed on November 16, 2017. Ind-Ra is
unable to provide an update, as the agency does not have adequate
information to review the ratings.

COMPANY PROFILE

Monnet Ispat Energy Limited, through Monnet Power Company, is
implementing a 1,050MW coal-based thermal power project in Angul,
Odisha. MPCL has a 25-year power purchase agreement with PTC India
Ltd for around 42% of the generation. The company has another
25-year power purchase agreement with PTC India for around 21% of
the power generated, to be sold on a short-/medium-term basis at a
guaranteed tariff.


NRSS XXXVI: CARE Lowers Rating on INR306cr Loan to 'D'
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of NRSS
XXXVI Transmission Limited (NRSS XXXVI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      306.00      CARE D Revised from CARE BB+;
   Facilities-                     [Under Credit Watch with
   Term Loan                       Developing Implications]

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
NRSS XXXVI factors in the ongoing delays in the servicing of debt
obligations by the company.

Rating Sensitivities

Positive Factors

* Timely servicing of debt servicing by the company
* Infusion of equity by promoter leading to timely completion
   of the project.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in the servicing of the debt obligations
The company has delayed the interest payment on its term loan. The
delay in interest payment by NRSS XXXVI is largely attributable to
pending equity infusion by the promoter. This has led to the poor
liquidity position of the company and consequent over dues in debt
servicing.

Update on the progress of the project
The company is implementing power transmission system for "System
Strengthening Scheme in Northern Region (NRSSXXXVI) along with LILO
of Sikar-Neemrana 400kV D/C line at Babai (RRVPNL). As per LIE
report dated June 21, 2019, the financial progress of the project
stood at 71.85%. The cost incurred has been funded with debt of
INR191.98 crore, equity of INR72.53 crore and balance through
project creditors. The project cost of INR408.00 has been proposed
to be funded with debt of INR306.00 crore and equity of INR102.00
crore. Further as per LIE report, Element 1 of the project has been
commissioned on February 17, 2018 and is currently under operation.
For Element 2 and Element 3, the company has to take forest
clearances from respective authorities for part of the project land
which comes under forest area and work could not be started on that
stretch.

Liquidity: Poor

The company has poor liquidity profile marked by ongoing delay in
the servicing of debt obligations. The project is dependent on the
equity infusion by promoter coupled with further drawl of debt for
the timely servicing of debt obligations and completion of the
project.

NRSSXXXVI Transmission Limited (NRSSXXXVI) is a Special Purpose
Vehicle (SPV) promoted by Essel Infraprojects Limited (rated CARE
A4, Issuer not Cooperating) holding 100% equity stake to undertake
the development of power transmission system for "System
Strengthening Scheme in Northern Region (NRSS-XXXVI) along with
LILO of Sikar-Neemrana 400kV D/C line at Babai (RRVPNL). The
project cost is estimated at INR 408.00 crore and is proposed to be
financed through a Debt: Equity mix of 3:1. The debt of INR306
crore includes sub-debt of INR20 crore. The concession period is
for 35 years from the SCOD (i.e. December 22, 2019). The
Transmission Service Agreement between 14 Long Term Transmission
Customers (referred to as LTTCs) and the Transmission Service
Provider (referred to as TSP) was signed on January 13, 2016. The
LOA was issued to Essel infra Projects Ltd on 29th March 2016.


PATSPIN INDIA: CARE Lowers Rating on INR157.50cr ST Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Patspin India Limited (PIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       92.03      CARE D Reaffirmed
   Facilities           

   Short-term Bank     157.50      CARE D Revised from
   Facilities                      CARE A4

   Long/Short-term       7.00      CARE D/CARE D Revised
   Bank Facilities                 from CARE C; Stable/
                                   CARE A4

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PIL continue to
factor in the ongoing delays in repayment of debt and also takes
into account the devolvement of letter of credit due to liquidity
constraints.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing
The Total operating income of the company increased by 5.23% to
INR551.03 crore in FY19 from INR523.64 crore in FY18. The company
reported a net loss of INR2.36 crore in FY19 compared to 4.34 crore
in FY18. Further during H1FY20, the company reported net loss of
INR14.4 crore on total income of INR234 crore. On account low cash
accruals and higher interest cost, there have been ongoing delays
in servicing of term loans and instance of devolvement of Letter of
Credit.

Patspin India Limited (PIL) is part of Kerala based GTN group. GTN
group was established by Late Mr. M.L. Patodia in 1960. GTN group
has presence in spinning yarn, knitting, processing and garmenting.
Primary business activity of PIL is production
and sale of cotton yarn (counts ranging from 20s to 100s). In
addition to this, PIL is also engaged in value-adding activities
like TFO (Two-For-One) twisting and gassing of textile yarn.

Incorporated in the year 1991, PIL had set up its first spinning
uni t in Palakkad, Kerala, in 1993, with 52 ring frames having
51,456 spindles. During 2007, PIL had set up its second spinning
unit in Ponneri, Tamil Nadu, with 52 ring frames having 62,400
spindles. As on March 31, 2018, the total capacity of PIL stood at
113,856 spindles.


PRATIBHA ELECTRICAL: CRISIL Withdraws D Rating on INR13cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Pratibha
Electrical Contractor LLP (PECL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         13         CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Cash Credit             6.5       CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Inland/Import           3.0       CRISIL D (ISSUER NOT
   Letter of Credit                  COOPERATING; Rating
                                     Withdrawn)

   Letter of Credit        2.0       CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Proposed Long Term      0.5       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Rating
                                     Withdrawn)

CRISIL has been consistently following up with PECL for obtaining
information through letters and emails dated December 31, 2017 and
May 31, 2018, Feb. 26, 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 they are arrived at without any management
interaction and are 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 PECL. This restricts CRISIL's
ability to take a forward PECL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of PECL
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of PECL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Formed in 1987 as proprietorship firm and converted into a limited
liability partnership firm in 2014, PECL is engaged in supply,
erection, installation and testing of sub-station equipment along
with laying of transmission and distribution lines for private as
well as government organisations. The firm is promoted by Mr.
Hrishikesh Joshi and is based out of Pune (Maharashtra).


PRECISION MACHINES: Ind-Ra Assigns 'BB+' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Precision Machines
& Equipments Private Limited (PMEPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR78.3 mil. Long-term loan due on March 2024 assigned with
     IND BB+/Stable rating;

-- INR66.0 mil. Fund-based facilities assigned with IND
     BB+/Stable/IND A4+ rating; and

-- INR115 mil. Non-fund-based facilities assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect PMEPL's small scale of operations, as reflected
by revenue of INR987 million in FY19 (FY18: INR536 million).
Revenue grew by 84.3% majorly due to an increase in orders from the
company's largest customer, Caterpillar India Private Limited
(CIPL). PMEPL booked revenue of INR309 million in 1HFY20 and had an
order book of INR400 million as of August 2019, scheduled to be
executed by March 2020. The management expects to witness revenue
of around INR700 million in FY20 owing to a fall in orders from
CIPL.

The ratings are constrained by the high customer concentration
risk, with CIPL accounting for 99% of the company's revenue in FY19
(FY18: 94%).

The ratings are supported by PMEPL's healthy EBITDA margins. The
margins contracted to 10.8% in FY19 (FY18: 11.7%) on account of an
increase in raw material costs. During 1HFY20, PMEPL achieved
margins of 10.8%. In FY20, Ind-Ra expects the margins to be in line
with FY19, as the operating expenses are likely to be at similar
levels. The return on capital employed was 35% in FY19 (FY18:
20%).

The ratings also derive comfort from PMEPL's strong credit metrics
due to the healthy EBITDA margins. The metrics improved in FY19
because of an increase in absolute EBITDA to INR106 million (FY18:
INR63 million) and a decline in cash credit utilization towards the
end of the year. The gross interest coverage (operating
EBITDA/gross interest expense) was 4.5x in FY19 (FY18: 3.3x) and
net leverage (total adjusted net debt/operating EBITDA) was 0.2x
(FY18: 1.1x). In 1HFY20, gross interest coverage was 4.4x and net
leverage was 1.6x. The agency expects the gross interest coverage
to deteriorate on a YoY basis in FY20 due to the debt-led CAPEX
incurred by the company in June 2019.

Liquidity Indicator - Adequate: PMEPL's cash flow from operations
increased to INR67 million in FY19 (FY18: INR43 million) owing to
the improvement in absolute EBITDA. PMEPL's working capital cycle
days improved to 16 days in FY19 (FY18: 56 days) due to a decrease
in receivables period and inventory storing period. The average
utilization of fund-based facilities and non-fund based facilities
was 59.3% and 42.6%, respectively, for the 12 months ended in
October 2019. Cash and cash equivalents stood at INR45 million at
end-FY19 (end-FY18: INR22 million).

The ratings are further supported by the directors' experience of
nearly three decades in the field of fabrication of machines.

RATING SENSITIVITIES

Negative: Decline in revenue along with a contraction in the EBITDA
margin, leading to deterioration in the gross interest coverage
below 2x and a stretched liquidity position, on a sustained basis,
would lead to negative rating action.

Positive: Lowering of customer concentration and significant growth
in revenue, along with substantial growth in EBITDA, while
maintaining the credit metrics and liquidity position, would lead
to positive rating action.

COMPANY PROFILE

Founded in 1990, PMEPL manufactures heavy, precision fabrication
and machining. Its facilities are located in Porur,
Irungattukottai, and Oragadam in Tamil Nadu. The total installed
capacity is 60 units per month.


R K SILK MILLS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: R K Silk Mills India Limited
        5666/78, 1st & 3rd Floor
        Regar Pura, Karol Bagh
        New Delhi Central Delhi
        DL 110005
        India

Insolvency Commencement Date: November 19, 2019

Court: National Company Law Tribunal, Delhi IV Bench

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

Insolvency professional: Mr. Prashant Agrawal

Interim Resolution
Professional:            Mr. Prashant Agrawal
                         Building No. F-174
                         Sumer Complex, First Floor
                         F-106, Gautam Marg
                         Behind Bagadia Bhawan
                         C-scheme 302001
                         Jaipur, Rajasthan
                         E-mail: ippagrawal@gmail.com
                                 rksmcirp@gmail.com

Last date for
submission of claims:    December 13, 2019


REDHU FARMS: CRISIL Assigns 'D' Rating to INR16.67cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Redhu Farms Private Limited (RFPL).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           6.32        CRISIL D (Assigned)

   Funded Interest  
   Term Loan             1.01        CRISIL D (Assigned)

   Working Capital
   Term Loan            16.67        CRISIL D (Assigned)

The rating reflects delay by RFPL, in servicing its monthly
principal and interest obligation towards term debt. The rating
also factors in exposure to inherent risks in the poultry industry
and working capital-intensive nature of operations. These
weaknesses are partially offset by the extensive experience of the
promoters.

Key Rating Drivers & Detailed Description

Delay in servicing maturing debt: Weak liquidity has led to delay
in servicing the maturing principal and debt obligation towards
term debt.

Weaknesses
* Exposure to inherent risks in the poultry industry: The poultry
industry remains vulnerable to outbreak of diseases, which lead to
drop in sales volume, selling price, and production of healthy
chicks. Seasonality in demand also leads to volatility in
end-product prices.

* Working capital-intensive operations: Gross current assets (GCAs)
stood at 175 days as on March 31, 2019, driven primarily due to
high inventory of 157 days. GCAs ranged between 175 and 184 days
over the three fiscals ended March 31, 2019.

Strength
* Extensive experience of the promoters in poultry farming:
Benefits from the decade-long experience of the promoters, in the
poultry farming business, and established relationships with
customers in Haryana, Uttar Pradesh, Himachal Pradesh, Uttarakhand,
and Jammu and Kashmir, will continue to support the business.

Liquidity Poor
Liquidity is marked by delay in servicing the maturing principal
and debt obligation towards the term debt. Further, bank limit
utilisation was also high, averaging around 99.96% for the 12
months ended October 31, 2019.

Rating sensitivity factors
Upward factors
* Timely servicing of debt for at least 90 days
* Better working capital management

RFPL, which was set up in 2002, is engaged in the poultry and
hatchery business, and sells day-old chicks and eggs. The hatchery
units and broiler farms are located at Jind (Haryana) and Chirawa
(Rajasthan). RFPL is owned and managed by Mr Mohinder Singh &
family.


ROSA POWER: Ind-Ra Lowers & Reassigns Term Loan Rating to 'B'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Rosa Power Supply Company Limited's (RPSCL) debt
facilities:

-- INR32.760 bil. Rupee term loan* due on September 30, 2024
     downgraded and reassigned with IND B/Stable rating; and

-- USD192.19 bil. External commercial borrowing* due on December
     31, 2023 downgraded and reassigned with IND B/Stable rating.

* Reassigned 'IND B'/Stable after being downgraded to 'IND D'

The downgrade reflects the mention of delays in debt servicing in
RPSCL's annual report for FY19. The reassignment reflects
regularization of debt servicing from March 1, 2019, to November
30, 2019, as per the monthly no default certificates submitted by
RPSCL to Ind-Ra, and the lender's confirmation regarding the same.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: RPSCL's liquid cash balance
improved to INR390 million as on November 30, 2019, from INR62.9
million at end-FY19, as per the management. The liquidity build-up
was supported by cash flow generation due to better plant
availability during 8MFY20. Also, the project has increased the
debt service reserve to about INR330 million. The project's
receivables period stood at around four months of its revenue
during FY18 and FY19. The project has consistently used the working
capital limits over FY19 and until end-November 2019. While the
projected debt service coverages are reasonably above 1.2x over the
medium term, historical deviations from the waterfall arrangement
and transfer of funds to group companies reduce comfort on the
liquidity to be maintained within the project over the
medium-to-long term. However, the project's performance in 8MFY20
provides some certainty regarding its cash flow generation ability
over the medium term. The agency will monitor the project's
adherence to the waterfall mechanism and liquidity build-up before
taking any further rating action.

However, the comparatively high repayment scheduled during
FY20-FY22 is a constraint. Furthermore, timely realization of power
sale dues from the off-taker would be a key monitorable.

Delays in Tariff Order: RPSCL's debt coverage ratios were to an
extent impacted by continued under-recovery of fixed tariff due to
delay in approval for additional capital expenditure of INR5,170
million incurred for 600MW stage II by the regulator. Moreover, the
tariff order issued by the Uttar Pradesh Electricity Regulatory
Commission (UPERC) on August 22, 2017, reduced the fixed tariff on
account of undercharged liability, tightened the efficiency
parameters for the project, and partial sharing of gains for the
control period of FY14-FY19. The company expects to receive
approvals regarding the additional capital expenditure and true-up
related undercharged liability before end-FY20. The order delays
have resulted in deferment of the upside to the project's cash
flows. At the same time, any negative surprises in multi-year
tariff (MYT) order for the control period of FY20-FY24 would be a
key negative sensitivity.

Weak Financial Flexibility of Sponsor:  The rating is constrained
by decreasing financial flexibility of the project's 100% sponsor,
Reliance Power Limited. As per the audited financial reports for
FY19, RPSCL had outstanding inter-corporate deposits in the form of
current assets to the tune of INR30.08 billion at the end of FY19.
The chances of recovering the same in the near term continue to be
remote, given the liquidity profile of the sponsor. Any further
fund movements from RPSCL to its sponsor/group companies prior to
senior debt servicing would constrain the rating.

Full Fixed Tariff Availability Backed by Availability above
Normative Level: The project displayed an availability factor and
plant load factor of 88.88% and 41.18% during FY19, which improved
to 96.5% and 63.4%, respectively, during 8MFY20. RPSCL is eligible
to receive the full fixed tariff, subject to plant availability
above the normative 85% as per terms and conditions of the power
purchase agreement (PPA). Also, the improvement in scheduling of
power during 8MFY20 compared to FY19 justifies the cost of power
generated by the project to the off-taker.

Favorable PPA Structure: RPSCL's rating is supported by a
take-or-pay clause in its PPA with Uttar Pradesh Power Corporation
Limited (UPPCL). All the major costs, including landed fuel costs,
are pass-through in nature, mitigating any revenue risk. According
to the PPA, in case of a payment default by UPPCL under the escrow
account mechanism, RPSCL will have recourse to the government of
Uttar Pradesh's guarantee after 30 days of the default from the due
date of payment (just for Phase 1 of 600MW), which provides some
surety to payments from the off-taker.

Escrow Mechanism under PPA: RPSCL is exposed to the single
counterparty credit risk associated with the sale of electricity
only to UPPCL. Payments from UPPCL are secured through a default
escrow mechanism, apart from one month letter of credit, which has
not been invoked by RPSCL till date. According to the mechanism,
UPPCL's end-consumers will directly deposit the billed amount in an
escrow account created for UPPCL. UPPCL has identified various
revenue circles with average monthly revenue of about INR3,570
million. The escrow cover is sufficient to cover the monthly
billing for the entire project capacity of 1,200MW.

RATING SENSITIVITIES

Negative: The following factors, individually or collectively,
could lead to a rating downgrade

- Plant availability below normative level of 85% during any
financial year

- Debt service coverage ratio below 1.15x for any financial year
as per audited annual accounts

- Significant delays in obtaining the final tariff approval for
the additional CAPEX of INR5170 million incurred for 600MW stage II
or tariff reduction due to any continuing undercharged liability

- Delay or any negative surprise on MYT tariff approval for the
control period of FY19-FY24 by the regulator

- Significant increase in receivables from off-taker

- Intercompany fund movements to the sponsor or any other group
company and a further reduction in cash liquidity available with
the project

Positive: The following factors, individually or collectively,
could lead to a rating upgrade:

- Sustained operational and financial performance, better than
Ind-Ra's base case scenario, with timely debt servicing

- Liquidity built up equivalent to at least three months of debt
service reserve

- Significant improvement in the sponsor's credit profile

COMPANY PROFILE

RPSCL is a coal-fired thermal power plant located in Rosa,
Shahjahanpur District, Uttar Pradesh.

RPSCL has set up a 1,200MW (4 X 300MW) power plant in two phases of
600MW (2 X 300MW each) capacity. The project site is located 4km
from the Rosa railway station, about 160km from Lucknow. The phase
I commenced commercial operations in July 2010, while phase II came
online in April 2012.

Reliance Power's generation capacity is about 6,000MW, majorly in
thermal power and some renewable capacity. Apart from RPSCL, its
operational projects include the Butibori project in Nagpur,
Maharashtra (600MW), an ultra-mega power project in Sasan, Madhya
Pradesh (3,960MW), a solar PV project in Dhursar, Rajasthan (40MW),
a concentrated solar power project in Pokhran, Rajasthan (100MW)
and a wind project in Vashpet, Maharashtra (45MW).


SAI MAATARINI: Ind-Ra Affirms 'D' Bank Term Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
action on Sai Maatarini Tollways Limited's (SMTL) bank facilities:

-- INR13,973.5 bil. Term loans (Long-term) due on October 1, 2027

     affirmed with an IND D rating.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by SMTL
due to a tight liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

SMTL is a special purpose vehicle, incorporated to implement a
166.17km lane expansion (two-to-four-laning) between Panikolli and
Rimuli in Odisha on National Highway 215, under a 24-year
concession agreement from the National Highways Authority of India
('IND AAA'/Stable).


SAMRAT GEMS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Samrat Gems Impex Private Limited
        Unit No. 13, Plot No. 17
        Marol Co. Op. Industrial Estate
        M.V. Road, Marol
        Andheri (East) Mumbai 400059

Insolvency Commencement Date: November 13, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 11, 2020

Insolvency professional: Anurag Kumar Sinha

Interim Resolution
Professional:            Anurag Kumar Sinha
                         83, Mittal Court
                         Wing A, Nariman Point
                         Mumbai 400021
                         E-mail: aksinhaip3@gmail.com

                            - and -

                         C/o Quest Profin Advisor Pvt. Ltd.
                         75/76, Mittal Court
                         Wing C, Nariman Point
                         Mumbai 400021

Last date for
submission of claims:    December 10, 2019


SANTOSH WAREHOUSING: CARE Reaffirms 'D' Rating on INR23cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Santosh Warehousing Limited ((SWL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       23.00     CARE D; ISSUER NOT COOPERATING
   Facilities                     Reaffirmed

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SWL to monitor the rating(s)
vide e-mail communications/letters dated November 7, 2019, November
8, 2019 and November 11, 2019 and numerous phone calls. However,
despite CARE's  repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on Santosh
Warehousing Limited's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on December 13, 2018 the following were
the rating strengths and weaknesses: The ratings continue to remain
constrained by small scale of operations, customer concentration
risk and leveraged capital structure .The rating constraints are
partially mitigated by experience of the promoters, reputed
clientele coupled with medium-term contracts and financial risk
profile marked by healthy profitability. The ratings have been
revised on account of non-receipt of requisite information and
hence CARE is not able to conduct appropriate analysis and ongoing
delays.

Santosh Warehousing Ltd (SWL) was established in the year 2012 by
Mr Suniil Mittal and Neena Mittal. The company is engaged in
providing warehouse services. It has one warehouse located at
Sikandrabad (Uttar Pradesh) with an area of 4.84 lakhs sq. ft.


SARAF TRADING: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Saraf Trading
Corporation Private Limited's (STCPL) 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:

-- INR70.0 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND B- (ISSUER NOT COOPERATING)

     / IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR17.5 mil. Non-fund-based working capital limits migrated to

     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

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

COMPANY PROFILE

Kerala-based STCPL was founded by Shri. V.G. Saraf in 1948 and
incorporated in 1994. It is engaged in the processing, blending,
and trading of packaged tea under the brand, Suntips.


SETCO AUTOMOTIVE: CARE Cuts Rating on INR257.18cr Loan to 'B'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Setco Automotive Limited (SAL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      257.18      CARE B; Negative Revised from
   Facilities                      CARE BB; Negative

   Short term Bank
   Facilities            2.00      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of SAL
factors in continuing losses reported by SAL at the consolidated
level on the back of weak demand scenario witnessed in the
automotive segment [especially Medium & Heavy Commercial Vehicle
(MHCV) segment], weakened liquidity, high utilization on its
working capital lines, which translates into minimal cushion to
manage weak demand scenario. The revision also factors in the
weaker than envisaged leverage and debt coverage indicators
reported for H1FY20.

The ratings continue to be tempered by loss-making subsidiaries
which are depleting the consolidated net-worth, customer
concentration risk as significant part of its revenue is
contributed by top two customers under sales to OEM segment, its
elevated leverage (as on September 30, 2019) and high working
capital intensity on account of long operating cycle. The aforesaid
constraints are, however, partially offset by experience of
promoters in automotive business, favorable revenue mix both from
OEM's and replacement market and long standing relationship with
domestic and global OEM's.

Rating Sensitivities

Positive Factors

* Substantial equity infusion translating into comfortable
   leverage and liquidity indicators

* Positive profitability at the consolidated level on a
   consistent basis and turnaround of all loss-making subsidiaries

* Improvement in overall gearing to 1.5x at the consolidated
   level on a sustained basis

Negative Factors

* Continuing losses at the consolidated level

* Further deterioration in liquidity and leverage indicators

Outlook: Negative

The negative outlook assigned to SAL factors in the significant
weakness witnessed in the demand outlook for domestic (including
both commercial vehicles and passenger vehicles), which would
translate into elongation in payment terms from its customers and
liquidity challenges arising due to same. Further, owing to
depleting demand from OEM's the Total Operating Income for FY20 is
expected to remain subdued. The debt coverage indicators and
liquidity indicators are expected to weaken further given high debt
dependency coupled with moderation in expected cash accruals for
FY20.

Detailed description of the key rating drivers

Key Rating Weaknesses

Deteriorating operating performance in H1FY20; loss making
subsidiaries continue to be a drag on consolidated
financials:

On a standalone basis, SAL reported 30% decline in top-line in
H1FY20 due to weak demand scenario witnessed by the automotive
segment (especially MHCV segment) translating into lower Profit
After Tax (PAT) in H1FY20 which declined by 33.1% on a YoY basis.
Further, the loss-making subsidiaries are taking longer than
expected duration for turn-around and are depleting the
consolidated net-worth of SAL.

Leveraged Capital Structure with weakened liquidity indicators: SAL
has been undertaking debt funded capex for the past few years which
mainly includes the backward integration casting project under its
subsidiary LCPL. This has adversely impacted the overall gearing
which remained elevated as on H1FY20 (on a consolidated basis). The
overall gearing deteriorated further in H1FY20 due to depletion in
the net-worth on account of loss-making subsidiaries. The liquidity
indicators have also weakened as reflected by higher working
capital utilization limiting company's financial flexibility.

Exposed to cyclicality associated with the auto industry: The auto
component industry is impacted by the cyclical nature of the
automobile i ndustry. The auto industry is currently facing
slowdown due to weak demand scenario impacting volumes of OEM's.
However, the demand in the replacement market is an indirect
function of demand from OEMs. The presence of SAL in replacement
market partially offsets the weak demand from OEMs.

Higher segment and customer concentration risk: SAL has its major
share of revenue from MHCV segment which exposes it to segment
concentration risk. Further, around 70% of the total revenue from
OEM's is derived from top two OEM's. Any change in business risk
profile of these companies is likely to have a material impact on
the business of SAL.

Key Rating Strengths

Established track record and experienced promoters: SAL was jointly
promoted by 'Sheth Family' and Government of Gujarat which divested
its stake in the year 2001. SAL, the flagship company of the 'Sheth
Group' is led by Mr. Harish Sheth. At present, SAL caters about 85%
of MHCV Original Equipment (OEM) demand in India and it is an
exclusive supplier to Tata Motors Limited's CV and MHCV segments.

Established relationship with OEMs: SAL has long standing
relationship with OEMs and acts as supplier to leading supplier of
clutches to commercial vehicle manufacturers in India. Its
clientele includes Tata Motors, Ashok Leyland, AMW, Daimler India
Commercial Vehicles, Volvo-Eicher Commercial Vehicles, Mahindra &
Mahindra and MAN India. Sales to OEMs contributed around 43% to the
revenue for FY19.

Liquidity: Poor

The liquidity position of SAL is poor as reflected cash and cash
equivalents of INR8.95 crore at the end of September 30, 2019 and
high working capital utilization coupled with elongated credit
period extended to its customers which translates into minimal
cushion to manage weak demand scenario.

Analytical approach:

CARE has taken a consolidated view on Setco Automotive Limited and
all its subsidiaries for arriving at the ratings as the entities
are under a common management, have similar line of business and
financial linkages. List of subsidiaries which are consolidated is
presented in Annexure 4. Further SAL has provided corporate
guarantee to the facilities availed by its subsidiary LCPL.

Setco Automotive Limited (SAL) is engaged in manufacture of
clutches for Medium and Heavy Commercial vehicles (MHCV) and
markets it under brand name 'LIPE Clutches'. SAL led by Mr. Harish
Sheth, is the flagship company of the 'Sheth Group'.

Incorporated in 1982, SAL has manufacturing facilities in India
(Kalol in Gujarat, Sitarganj in Uttarakhand), United Kingdom
(Haslingden - Lancashire) and USA (Paris – Tennessee). The
overseas facilities of SAL act as assembling units. At present, SAL
meets about 85% of MHCV Original Equipment (OEM) demand in India.
The product line of SAL also includes supply of hydraulics
(pressure converters) and fully machined ferrous castings.


SHREE BHIMESHWARI: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shree Bhimeshwari Ispat Private Limited
        J-18/2/5 & J-18/2/5/1
        J-18 and J-19, Addl. MIDC
        Satara 415004
        Maharashtra

Insolvency Commencement Date: November 28, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 28, 2020

Insolvency professional: CA Fanendra Harakchand Munot

Interim Resolution
Professional:            CA Fanendra Harakchand Munot
                         Joshi Kale Munot & Associates
                         6th Floor, Mafatlal House Building
                         H T Parekh Marg
                         Backbay Reclamation
                         Mumbai 400020
                         E-mail: fhmunot@gmail.com

                            - and -

                         101, Monoplex Plaza
                         Deep Bungalow Chowk
                         Pune 411016
                         Mobile: 7588325800
                         E-mail: cirp.bhimeshwari@gmail.com

Last date for
submission of claims:    December 14, 2019


SONI INFRATECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Soni Infratech Private Limited
        Plot No. 13-29, HarshaBhawan
        3rd Floor, Middle Circle
        E Block, Connaught Place
        New Delhi 110001

Insolvency Commencement Date: November 22, 2019

Court: National Company Law Tribunal, New Delhi Bench II

Estimated date of closure of
insolvency resolution process: May 20, 2020

Insolvency professional: Bhim Sain Goyal

Interim Resolution
Professional:            Bhim Sain Goyal
                         109-B, Pocket-F
                         Mayur Vihar-II
                         Delhi 110091
                         E-mail: bsgoyal1@gmail.com

                            - and -

                         M-25, Greater Kailash-II
                         New Delhi
                         NCT of Delhi 110048
                         E-mail: cirpsoniinfratech@gmail.com

Classes of creditors:    Allottees under real estate project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Anil Kumar Gupta
                         Mr. Subhash C Aggarwal
                         Dr. Arun Mohan

Last date for
submission of claims:    December 13, 2019


SREE KARPAGAMOORTHY: CARE Cuts Rating on INR7cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sree
Karapagamoorthy Automobiles, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.00       CARE B Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable; Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Sree Karpagamoorthy
Automobile to monitor the rating vide e-mail communications dated
May 20, 2019, June 7, 2019, July 19, 2019 and November 11 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of best available information
which however, in CARE's opinion is not sufficient to arrive at
fair rating. The rating on Sree Karpagamoorthy Automobile bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

The revision in the rating to the bank facilities of Sree
Karpagamoorthy automobiles are primarily tempered by decline in
total operating income driven by fortunes of TATA Motors Limited
and small scale of operations along with leveraged capital
structure, weak debt coverage indicators, constitution of the
entity as partnership firm, working capital intensive nature of
operations and intense competition from large number of players.
However, the rating derives comfort from experience of partner in
automobile dealership business along with increasing profitability
margin, and positive outlook for auto and ancillary industry.

At the time of last rating on August 2, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weakness

Decline in total operating income and small scale of operations
The Total Operating Income of the firm was found declining
year-on-year during the review period. The operating income dropped
from INR19.81 crore in FY15 to INR10.92 crore in FY17. It was
mainly due to decrease in demand as a result of stiff competition
from other major players in the market.

Leveraged Capital Structure and weak debt coverage indicators
The capital structure of the firm stood leveraged during review
period. However the debt equity ratio below unity on account of
minimal borrowing from unsecured creditors. The overall gearing
ratio though improving year-on-year i.e., from 2.87x as on March
2015 to 2.79x as on March 2017, still remained leveraged. The firm
has weak debt coverage indicators, although improving marked by
PBILDT Interest coverage ratio improved from 1.14x in FY15 to 1.21x
in FY17 due to increase in PBILDT level and total debt/GCA improved
from 79.12x in FY15 to 43.98x in FY17 on account of increase in
cash accruals, still the debt coverage indicators remained weak.

Working capital intensive nature of operations
The firm is engaged into working capital intensive nature of
operations, due to average inventory period which stoo d at 380
days during FY17. It was noted that the value of average inventory
stood at INR10.3 crores during FY17. This is mainly due to
accumulated car stock in yard, excessive stock of slow moving spare
parts to meet the customer service requirement. The spares are
procured on advance payment by placing order based on sale and
service level during that of previous year. Due to elongated
inventory days, the operating cycle also elongated to 386 days. The
operations of the firm are dependent on working capital; and the
average utilisation of cash credit is 100% for the last 12 month
ended June 30, 2018.

Performance of Sree Karapagamoorthy Automobiles linked to fortunes
of TATA Motors Limited
The firm is an authorized dealer of TATA Motors Limited (TML) and
the business risk profile is directly linked to that TML in terms
of delivery of vehicles, new product launches and marketing effort
undertaken to promote the sale of its vehicles. The market share of
TATA Motors Limited stood over 42.79% in FY17 and 43.95% in FY18.
The company is riding on its turnaround strategy which aims in
regaining lost ground to rivals in FY18.

Partnership nature of constitution
Constitution as a partnership has the inherent risk of possibility
of withdrawal of the capital at the time of personal contingency
which can adversely affect its capital structure. Furthermore,
partnership firms have restricted access to external borrowings as
credit worthiness of the partners would be key factors affecting
credit decision for the lenders.

Highly fragmented industry with intense competition from large
number of players
SKA faces stiff competition in the automobile business from large
number of established and unorganized players in the market.
Competition gets strong with the presence of unorganized players
leading to pricing pressures. However, improved demand scenario of
automobile products in the country enables well for the firm.

Key Rating Strengths

Established track record and experience of the partner in
automobile dealership industry
Mr. K.R.C.T. Ganesan, the Managing partner of the firm has about 15
years of experience in automobile dealership business. The firm's
major decisions and operations are vested in him. The partners are
supported by qualified and experienced second level management team
consisting of a technical team includes technicians and
administrative staff. The vast experience of the key partner in the
automobile segment is to benefit the firm at large.

Five Operational showrooms and workshop
SKA has five operational showrooms in Tamil Nadu located at various
places i.e., Sivagangai, Ramnad, Paramakudi, Singampunari and
Thondi, two workshops and one stock yard in Sivangangai. Each
showroom has a display capacity of about 15 cars. The workshops
have installed facilities like lifts, ramps, wheel alignment
machines and paint booths for servicing the cars and stock yard has
capacity to stock up to 300 cars at a time.

Increasing Profitability margins albeit thin PAT margin
The profitability margins are guided by TML as it fixes the
ex-showroom price as well the ex-factory price. The automobiles
are sold at a profit margin of 5% of ex-showroom price. The firm
reported increasing PBILDT margin during the review period.
In FY15 and FY16, PBILDT margin increased from 4.27% to 4.72%.
However in FY17 PBILDT margin almost doubled to 9.20% despite
declining operating income. This was mainly due to higher margin
associated with services and sale of spares as compared to margins
associated with sale of vehicles Since the margin on sal e of
automobile is quiet thin and also dependent on discounts and
promotions provided by the manufacturers, the firm has maximized
the margin level on account of sale of spares parts and services.
The firm has used product and service mix in order to avail
benefits of greater margin. PAT margin also improved year-on-year
as a result of improving PBILDT margin despite increase in interest
charges.

Sree Karapagamoorthy Automobiles was established by Mr. K.R.C.T.
Ganesan in the year 2003 and he is the Managing Partner of the
firm. The other partners include Mrs. Pandari Boi, Mr. G. Karpaga
Manikandan, Ms. G. Karpaga Priyanka. All partners are members of a
family and Mr. Ganesan takes care of the affairs of the business.
The registered office of the firm is located in Karaikudi,
Sivagangai district Tamil Nadu. It has four other branches and one
stock yard in Sivagangai and Ramanathapuram districts of Tamil
Nadu. The firm is the authorised dealer of TATA motors Limited (TML
rated ICRA AA; positive/ICRA A1+) for Heavy and Light commercial
vehicles. The firm's revenue is predominantly attracted from sale
of TATA ACE range of models, popularly known as "Chota Hathi". It
is also involved in purchase and sale of spare parts, accessories
and auxiliary items and services of TATA motor automobiles. The
firm purchases vehicles and spare parts directly from TML
manufacturing units in Gurgoan, Bangalore, Pantnagar, and Kolkata.


STARLIT POWER: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL the ratings on bank facilities of Starlit Power Systems
Limited (SPSL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting         2        CRISIL D (ISSUER NOT
   under Letter                      COOPERATING)
   of Credit              

   Cash Credit              9.8      CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term       5.27     CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               7.93      CRISIL D (ISSUER NOT
                                     COOPERATING)

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

SPSL, based in Delhi, manufactures refined lead, lead alloys, and
lead acid batteries. The manufacturing unit is located in Gurgaon
(Haryana). The company was started in 2008 by Mr. Sachin Sridhar,
Mr. Surinder Pal, and Mr. Yogesh Gupta.


TERRA ENERGY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Terra Energy Limited
        Eldorado, V Floor 112
        Uthamar Gandhi Salai
        Nungambakkam High Road
        Post Box No. 3328
        Madras (Chennai) 600034

Insolvency Commencement Date: November 20, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Sanjeevi C

Interim Resolution
Professional:            Sanjeevi C
                         469 A4, Golden Enclave
                         Anugraha Appartments
                         Kamarajar Road
                         Peelamedu Post
                         Coimbatore 641004
                         Tamilnadu
                         E-mail: sanjeevicra@yahoo.co.in

Last date for
submission of claims:    December 15, 2019


TOPKNIT PROCESSING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Topknit Processing Mill Private Limited
        8/1234-U, MLR Building
        Mummoorthy Nagar
        Boyyampalayam, P.N Road
        Tirupur 641602

Insolvency Commencement Date: November 30, 2019

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: May 28, 2020

Insolvency professional: A.R. Ramasubramania Raja

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

Last date for
submission of claims:    December 14, 2019


TOPWORTH INFRA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Topworth Infra Private Limited
        Registered office:
        308, 3rd Floor Ceejay House
        Dr. A.B. Road, Worli
        Mumbai 400018
        Maharashtra

Insolvency Commencement Date: November 13, 2019

Court: National Company Law Tribunal, Principal Bench, Mumbai

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

Insolvency professional: Mita Pushpal Sanghavi

Interim Resolution
Professional:            Mita Pushpal Sanghavi

                         Not for communication:
                         B/17 Giri Sannidhya Chs
                         Shree Nagar, Wagale Estate
                         Thane (W) 400604
                         E-mail: mita.sanghavi@yahoo.in

                         For communication:
                         Office No. 6, Runwal Commercial Complex
                         LBS Marg
                         Near Krishna Sagar Hotel
                         Mulund (West) Mumbai 400080
                         E-mail: cirptopworth@gmail.com

Last date for
submission of claims:    December 16, 2019


UJALA PUMPS: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL the ratings on bank facilities of Ujala Pumps Private
Limited (UPPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit         30       CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit    18       CRISIL D (ISSUER NOT COOPERATING)
   Rupee Term Loan      7       CRISIL D (ISSUER NOT COOPERATING)

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

Set up in 1992 by the Gupta family of Rajasthan, UPPL manufactures
water pumps, which it sells under its Ujala brand. The company
primarily manufactures mini mono-bloc pumps and submersible pumps,
along with jet pumps and centrifugal pumps.


VISWABHARATHI EDUCATIONAL: CRISIL Keeps Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL the ratings on bank facilities of Viswabharathi Educational
Society (VES) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        9.5         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan       155.0        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     1.6        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

VES, set up by Dr. D Kanta Reddy in 1995, operates a medical
college and a 750-bed teaching hospital, set up in 2014, in
Kurnool, Andhra Pradesh.

Viswabharathi Super Speciality Hospital, set up in 2005, operates a
multi-speciality hospital in Kurnool. Viswabharathi Cancer
Hospital, set up in 2009, is a single-speciality hospital.


WIN TRENDZ: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Win Trendz Exim Private Limited
        Khar Lotia Palace, 1st Floor
        Linking Road, Khar West
        Mumbai Maharashtra 400052

Insolvency Commencement Date: November 7, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 5, 2020
                               (180 days from commencement)

Insolvency professional: Pankaj Sham Joshi

Interim Resolution
Professional:            Pankaj Sham Joshi
                         C/o Omega Business Solutions Pvt. Ltd.
                         Unit 12, Kakad Industrial Estate
                         Lady Jamshedji Cross Road No. 3
                         Mahim (West) Mumbai 400016
                         E-mail: pjoshi.ip@gmail.com

Last date for
submission of claims:    December 16, 2019


WOODVILLE PALACE: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL the ratings on bank facilities of Woodville Palace Hotel
(WPH) continues to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           20       CRISIL D (ISSUER NOT COOPERATING)

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

Established in 1980 as a proprietorship firm by Mr Raj Kumar Uday
Singh, WPH operates a hotel, Woodville Palace, in Shimla. The
property comprises 24 rooms, and is currently being renovated and
expanded to 50 rooms.




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

ALLIED BANK: Moody's Alters Outlook on B3 Deposit Rating to Stable
------------------------------------------------------------------
Moody's Investors Service affirmed the B3 long-term local currency
deposit ratings of five Pakistani banks and changed the outlook to
stable from negative. Affected banks include Allied Bank Limited,
Habib Bank Ltd., MCB Bank Limited, National Bank of Pakistan and
United Bank Ltd.

The rating actions follow Moody's decision on December 2 to affirm
the B3 rating for the Government of Pakistan and change the outlook
on the sovereign rating to stable from negative and reflect reduced
external vulnerability risks and ongoing fiscal reforms.

The banks' rating actions reflect improvements in the operating
environment in Pakistan and in the country's sovereign credit
profile, which affect the banks' given (1) their high government
exposures that link their credit profiles to that of the
government; and (2) the expectation that the government's capacity
to support banks in case of need will not deteriorate.

RATINGS RATIONALE

STABLE OUTLOOK

The primary driver of Moody's decision to change the five Pakistan
banks' outlooks to stable is the extensive interconnectedness
between their balance sheets and sovereign credit risk, owing to
the banks' high exposures to government securities. According to
Moody's estimates as of the latest available information, the five
banks' direct exposure to government credit risk stood at around
10.2x of Tier-1 capital for ABL, 8.1x for HBL, 6.4x for MCB, 9.5x
for NBP and 6.8x for UBL.

The high direct exposure to government credit risk, in addition to
the primarily Pakistan focus of their operations, links the banks'
credit profile to that of the government. As a result, the
improvements in the operating environment and in the sovereign
credit profile have eased pressures on banks as well.

The stable outlook assigned to the banks' local currency deposit
ratings also reflects Moody's expectation that the government's
capacity to support banks in case of need will not deteriorate.
This is reflected by the stable outlook on Pakistan's sovereign B3
bond rating which is driven by reduced external vulnerability risks
on the back of policy adjustments and currency flexibility, as well
as ongoing fiscal reforms that will mitigate risks related to debt
sustainability and government liquidity. The local currency deposit
ratings of NBP and HBL incorporate one notch of support uplift from
their caa1 baseline credit assessments.

RATINGS AFFIRMATIONS

Moody's decision to affirm the banks' ratings reflects their stable
deposit-based funding structures, high liquidity buffers and good
earnings generating capacity, as well as Pakistan's high growth
potential. These credit strengths balance banks' modest capital
buffers and high asset risks, as well as their high exposure to the
government, which links their credit profile to that of the
government.

Moody's does not have any particular environmental, social or
governance concern for the banks included in this action, and does
not apply any corporate behaviour adjustments to them.

WHAT COULD MOVE THE RATINGS UP/DOWN

The outlook on the five affected banks' local currency deposit
ratings is stable, aligned with the stable outlook on the sovereign
rating of the government of Pakistan. Further improvements in the
operating environment and in the sovereign's credit risk profile
could place upward rating pressures.

Moody's would downgrade the banks' ratings in the event of a
weakening of the Pakistan sovereign's creditworthiness. Additional
pressure may arise from a weakening in banks' baseline credit
assessment, driven by asset quality pressures that also affect
banks' capital buffers.

LIST OF AFFECTED RATINGS

Issuer: Allied Bank Limited

Affirmations:

  -- Long-term Bank Deposit Rating (Local Currency), Affirmed B3,
Outlook changed To Stable from Negative

  -- Long-term Bank Deposit Rating (Foreign Currency), Affirmed
Caa1

  -- Short-term Bank Deposit Ratings, Affirmed Not Prime

  -- Long-term Counterparty Risk Ratings, Affirmed B2

  -- Short-term Counterparty Risk Ratings, Affirmed Not Prime

  -- Adjusted Baseline Credit Assessment, Affirmed b3

  -- Baseline Credit Assessment, Affirmed b3

  -- Long-term Counterparty Risk Assessment, Affirmed B2(cr)

  -- Short-term Counterparty Risk Assessment, Affirmed Not
Prime(cr)

Outlook Action:

  -- Outlook Changed To Stable from Negative

Issuer: Habib Bank Ltd.

Affirmations:

  -- Long-term Bank Deposit Rating (Local Currency), Affirmed B3,
Outlook changed To Stable from Negative

  -- Long-term Bank Deposit Rating (Foreign Currency), Affirmed
Caa1

  -- Short-term Bank Deposit Ratings, Affirmed Not Prime

  -- Long-term Counterparty Risk Ratings, Affirmed B3

  -- Short-term Counterparty Risk Ratings, Affirmed Not Prime

  -- Adjusted Baseline Credit Assessment, Affirmed caa1

  -- Baseline Credit Assessment, Affirmed caa1

  -- Long-term Counterparty Risk Assessment, Affirmed B3(cr)

  -- Short-term Counterparty Risk Assessment, Affirmed Not
Prime(cr)

Outlook Action:

  -- Outlook Changed To Stable from Negative

Issuer: MCB Bank Limited

Affirmations:

  -- Long-term Bank Deposit Rating (Local Currency), Affirmed B3,
Outlook changed To Stable from Negative

  -- Long-term Bank Deposit Rating (Foreign Currency), Affirmed
Caa1

  -- Short-term Bank Deposit Ratings, Affirmed Not Prime

  -- Long-tern Counterparty Risk Ratings, Affirmed B2

  -- Short-term Counterparty Risk Ratings, Affirmed Not Prime

  -- Adjusted Baseline Credit Assessment, Affirmed b3

  -- Baseline Credit Assessment, Affirmed b3

  -- Long-term Counterparty Risk Assessment, Affirmed B2(cr)

  -- Short-term Counterparty Risk Assessment, Affirmed Not
Prime(cr)

Outlook Action:

  -- Outlook Changed To Stable from Negative

Issuer: National Bank of Pakistan

Affirmations:

  -- Long-term Bank Deposit Rating (Local Currency), Affirmed B3,
Outlook changed To Stable from Negative

  -- Long-term Bank Deposit Rating (Foreign Currency), Affirmed
Caa1

  -- Short-term Bank Deposit Ratings, Affirmed Not Prime

  -- Long-term Counterparty Risk Ratings, Affirmed B3

  -- Short-term Counterparty Risk Ratings, Affirmed Not Prime

  -- Adjusted Baseline Credit Assessment, Affirmed caa1

  -- Baseline Credit Assessment, Affirmed caa1

  -- Long-term Counterparty Risk Assessment, Affirmed B3(cr)

  -- Short-term Counterparty Risk Assessment, Affirmed Not
Prime(cr)

Outlook Action:

  -- Outlook Changed To Stable from Negative

Issuer: United Bank Ltd.

Affirmations:

  -- Long-term Bank Deposit Rating (Local Currency), Affirmed B3,
Outlook changed To Stable from Negative

  -- Long-term Bank Deposit Rating (Foreign Currency), Affirmed
Caa1

  -- Short-term Bank Deposit Ratings, Affirmed Not Prime

  -- Long-term Counterparty Risk Ratings, Affirmed B2

  -- Short-term Counterparty Risk Ratings, Affirmed Not Prime

  -- Adjusted Baseline Credit Assessment, Affirmed b3

  -- Baseline Credit Assessment, Affirmed b3

  -- Long-term Counterparty Risk Assessment, Affirmed B2(cr)

  -- Short-term Counterparty Risk Assessment, Affirmed Not
Prime(cr)

Outlook Action:

  -- Outlook Changed To Stable from Negative

PRINCIPAL METHODOLOGY

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




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

MIRACH ENERGY: To Remain on Singapore Exchange's Watchlist
----------------------------------------------------------
Vivien Shiao at The Business Times reports that Mirach Energy will
not be able to exit the Singapore Exchange's (SGX) watchlist under
the minimum trading price (MTP) criteria, on the back of two Trade
with Caution (TWC) alerts as well as unusual activities in the
shares of the company that resulted in what appears to be
artificial valuations.

BT relates that to meet the MTP exit criteria, the company must
record a volume-weighted average price (VWAP) of at least SGD0.20
and an average daily market capitalisation of SGD40 million or more
over the last six months. The company has been on the watchlist
since June 5, 2017, BT notes.

As at Dec. 2, Mirach Energy did meet the criteria theoretically, BT
says. Its average market capitalisation was SGD46.3 million and its
average VWAP was SGD0.212.

However, SGX RegCo issued two TWC alerts to the company on Sept. 24
and Nov. 5 this year, relates BT.

While the company's share price climbed, SGX RegCo's review of the
trades between Feb. 8, 2019 and Sept. 3, 2019 found that a small
group of individuals was responsible for over 69 per cent of the
buy volume, according to BT. These individuals appear to be
connected to each other.

Mirach Energy Ltd. explores for oil and natural gas, and offers
technical oilfield advice, enhanced oil recovery, project
management, and mud logging services.


STAR PHARMACEUTICAL: To Delist From SGX Main Board on Dec. 6
------------------------------------------------------------
The Business Times reports that Star Pharmaceutical will delist
from the Singapore Exchange's main board with effect from 9:00 a.m.
on Dec. 6, it said in a bourse filing on Dec. 4.

It will do so after the offeror for the firm completes its
compulsory acquisition exercise on or about Dec. 5, the report
says. The exercise is for all the shares of shareholders who have
not accepted the SGD0.45 per share offer price, BT notes.

The offeror is executive chairman Xu Zhi Bin and a special-purpose
vehicle of which he is the sole director, the report discloses.

According to BT, Star Pharma had said in its offer announcement
that delisting and privatising the company will give it more
control and management flexibility in implementing its strategic
initiatives and operational changes. It will also do away with the
resources and costs of maintaining the company's listing status.

The drug company has been listed on the bourse since February 2006,
the report says.

Star Pharmaceutical Limited manufactures prescription drugs. The
Company produces antibiotics, and cerebrovascular and
cardiovascular drugs. Star markets its products in the Peoples
Republic of China.



                           *********


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.

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