/raid1/www/Hosts/bankrupt/TCRAP_Public/191211.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, December 11, 2019, Vol. 22, No. 247

                           Headlines



A U S T R A L I A

AMBROSIA (VICTORIA): First Creditors' Meeting Set for Dec. 19
AUSTRALIAN GOLDEN: ASIC Suspends AFS License Until May 2020
CIRARV PTY: Second Creditors' Meeting Set for Dec. 17
CODE NAME: First Creditors' Meeting Set for Dec. 19
COLOSSAL HOMES: Second Creditors' Meeting Set for Dec. 18

FOX SYMES 2019-1: S&P Assigns Prelim BB+(sf) Rating on Cl. E Notes
FOXWORTH PTY: First Creditors' Meeting Set for Dec. 20
HIVE (MANLY): Second Creditors' Meeting Set for Dec. 20
PARK TOWER: Second Creditors' Meeting Set for Dec. 16
RALAN GROUP: Director O'Dwyer Asks Unit Buyers to Take His Deal



C H I N A

CAR INC: S&P Lowers ICR to 'B+' on Weakening Profitability
EHI CAR: S&P Cuts ICR to 'B+' on Slowing Recovery, Outlook Stable
HOHHOT ECONOMIC: Fails to Pay Interest on CNY1 Billion Bond
IDEANOMICS INC: Reports $13.7 Million Net Loss for Third Quarter
PARKSON RETAIL: Moody's Withdraws B3 CFR for Business Reasons



H O N G   K O N G

HONG KONG AIRLINES: Gets Reprieve From HK Aviation Authority


I N D I A

AARTI SUITINGS: CARE Maintains 'D' Debt Ratings in Not Cooperating
CAIRN INDIA: Fitch Alters Outlook on BB- LT IDR to Negative
DEWAN HOUSING: Investors Claims Deadline Set for Dec. 17
EON ELECTRIC: CRISIL Gives C Rating on INR40cr Cash Credit
HANUMAN RICE: CRISIL Hikes Rating on INR11.8cr Loan to B-

HI-TECH PHARMA: CRISIL Assigns 'B' Rating to INR5.25cr Loan
HOTEL SHUBH: CRISIL Assigns 'D' Rating to INR6.5cr Term Loan
JUBILEE HILLS: Ind-Ra Assigns BB- Rating on INR175MM Term Loan
NATARAJ COLD: CRISIL Assigns B+ Rating to INR3.50cr Cash Loan
PRASAD AGRO: CRISIL Lowers Rating on INR9.75cr Loan to 'D'

RAJASTHAN BAL: CARE Lowers Rating on INR4.24cr LT Loan to 'D'
RATNAM POULTRY: CRISIL Lowers Rating on INR11cr Loan to 'B+'
SHARMA SURGICAL: CRISIL Cuts Rating on INR3cr Cash Loan to 'D'
SHREE B.S. COTTON: CRISIL Assigns 'B' Rating to INR7cr Cash Credit
SHREE BANKE: CRISIL Reassigns Rating on INR10cr Loan to 'B'

SHREE RUPANADHAM: CRISIL Reassigns Rating on INR10cr Loan to B
SHRI KESHAV: Ind-Ra Corrects Dec. 6 Ratings Release
TRES MERCARI: CRISIL Lowers Rating on INR4cr Loan to 'D'
V.J. CONSTRUCTIONS: CRISIL Cuts Rating on INR2.5cr Loan to B+


J A P A N

NISSAN MOTOR: Faces JPY2.4-Bil. Fine Over Carlos Ghosn Scandal


M A C A U

WYNN MACAU: S&P Assigns BB- Rating on New $650MM Unsecured Notes


N E W   Z E A L A N D

CBL CORP: Shareholders Holding Nearly 60MM Shares Join Class Action
CULLEN GROUP: Judge Refuses to Halt Liquidation Process


S I N G A P O R E

NOBLE GROUP: Deadline to Register for Shares in New Noble Extended
SUNMOOD FOOD: Unit Gets Statutory Demand for US$1.2MM From Supplier

                           - - - - -


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

AMBROSIA (VICTORIA): First Creditors' Meeting Set for Dec. 19
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ambrosia
(Victoria) Pty Ltd will be held on Dec. 19, 2019, at 11:00 a.m. at
the offices of Vince & Associates, at 51 Robinson Street, in
Dandenong, Victoria.

Peter Robert Vince and Paul William Langdon of Vince & Associates
were appointed as administrators of Ambrosia (Victoria) on Dec. 9,
2019.


AUSTRALIAN GOLDEN: ASIC Suspends AFS License Until May 2020
-----------------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of
Melbourne-based financial services provider Australian Golden
Securities Ltd (formerly, AFS Capital Securities Ltd) until May 21,
2020.

The licence has been suspended because ASIC is concerned that
Australian Golden Securities is not meeting its obligations as an
AFS licensee.

ASIC found that Australian Golden Securities failed to:

   * lodge its accounts and audit report as a licensee for the
     Year ending June 30, 2018;

   * lodge financial reports or compliance plan auditor reports
     for the registered managed investment schemes it operates
     for the year ending June 30, 2018;

   * notify ASIC of changes to its external dispute resolution
     scheme (EDRS);

   * maintain organisational competence or the resources required
     to provide the financial services covered by its licence;

   * comply with the financial services laws; and

   * do all things necessary to ensure that the financial services
     covered by its licence are provided efficiently, honestly and

     fairly.

Upon receiving the notice of hearing from ASIC, Australian Golden
Securities has taken steps to address a number of concerns
including notifying ASIC of changes to its EDRS and applying for a
variation to the conditions of its AFS licence. ASIC is currently
considering this application.

Australian Golden Securities has not yet fulfilled its financial
reporting and audit obligations. The suspension period will provide
Australian Golden Securities with the opportunity to lodge its
outstanding accounts, financial reports and auditor reports, and do
all things necessary to address ASIC's outstanding concerns in
relation to its AFS licensee obligations.

ASIC Commissioner Danielle Press said, "It is important to get the
basics right.  A licensee's failure to lodge its financial and
audit reports on time indicates a lack of commitment to compliance
with the law."

ASIC will consider revoking the suspension if Australian Golden
Securities is able to address ASIC's concerns by the end of the
suspension period. However, if at the end of the suspension period,
Australian Golden Securities cannot demonstrate that it is able to
comply with its obligations, ASIC will consider cancelling or
further suspending the licence.

ASIC expects AFS licensees to do all things necessary to meet their
obligations under financial services laws, comply with their
licence conditions, and ensure that the financial services covered
by their licence are provided efficiently, honestly and fairly.

The suspension of Australian Golden Securities' licence is part of
ASIC's ongoing efforts to improve standards across the financial
services industry.

Australian Golden Securities may apply to the Administrative
Appeals Tribunal (AAT) for a review of ASIC's decision.

Australian Golden Securities has held AFS licence no. 363925 since
Nov. 16, 2010.

ASIC banned former director Dr Bingxing Hu from providing financial
services for a period of five years in April 2017. Dr Hu was also a
responsible manager of Australian Golden Securities until April 18,
2017.

On June 28, 2019, the banning order was varied by ASIC under s920D
of the Corporations Act 2001 by reducing the banning period from
five years to four and a half years.

On July 24, 2019, Dr Hu applied to the AAT for review of the ASIC
variation decision. The application is yet to be heard.


CIRARV PTY: Second Creditors' Meeting Set for Dec. 17
-----------------------------------------------------
A second meeting of creditors in the proceedings of Cirarv Pty Ltd,
trading as Bhajune Hair & Make Up Artist, has been set for Dec. 17,
2019, at 11:00 a.m. at Level 2, at 9 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. 16, 2019, at 4:00 p.m.

Desmond Teng and Gavin Moss of Chifley Advisory were appointed as
administrators of Cirarv Pty on Nov. 25, 2019.


CODE NAME: First Creditors' Meeting Set for Dec. 19
---------------------------------------------------
A first meeting of the creditors in the proceedings of Code Name
Blessed Pty Ltd, trading as Blessed Health Foods, will be held on
Dec. 19, 2019, at 11:00 a.m. at the offices of SM Solvency
Accountants, at 10/144 Edward Street, in Brisbane, Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Code Name on Dec. 10, 2019.


COLOSSAL HOMES: Second Creditors' Meeting Set for Dec. 18
---------------------------------------------------------
A second meeting of creditors in the proceedings of Colossal Homes
(Qld) Pty Ltd has been set for Dec. 18, 2019, at 11:00 a.m. at the
offices of Romanis Cant, 2nd Floor, at 106 Hardware 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. 17, 2019, at 5:00 p.m.

Anthony Robert Cant and Renee Sarah DI Carlo of Romanis Cant were
appointed as administrators of Colossal Homes on Nov. 22, 2019.


FOX SYMES 2019-1: S&P Assigns Prelim BB+(sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of residential mortgage-backed securities (RMBS) to be issued by
Perpetual Trustee Co. Ltd. as trustee of the Fox Symes Home Loans
2019-1 PP Trust. Fox Symes Home Loans 2019-1 PP Trust is a
securitization of nonconforming residential mortgages originated by
Fox Symes Home Loans (Services) Pty Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including that this is a closed portfolio, which means
no further loans will be assigned to the trust after the closing
date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for the rated notes. In addition, the transaction
includes various mechanisms to utilize excess spread to provide
additional credit support.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 2.0% of the aggregate invested amount of the
rated notes on closing (subject to a floor of A$400,000), principal
draws, and a yield reserve, are sufficient under its stress
assumptions to ensure timely payment of interest.

-- That the extraordinary expense reserve of A$150,000, funded by
Fox Symes Home Loans (Management) Pty Ltd. before closing, is
available to meet extraordinary expenses. The reserve will be
topped up via excess spread if drawn.

  PRELIMINARY RATINGS ASSIGNED

  Class      Rating       Amount
                        (mil. A$)
  A1         AAA (sf)     130.00
  A2         AAA (sf)      47.00
  B          AA (sf)        7.00
  C          A (sf)         6.00
  D          BBB (sf)       4.00
  E          BB+ (sf)       2.00
  F          NR             4.00

  NR--Not rated.


FOXWORTH PTY: First Creditors' Meeting Set for Dec. 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of Foxworth Pty
Ltd will be held on Dec. 20, 2019, at 11:30 a.m. at Level 23,
Riverside Centre, at 123 Eagle Street, in Brisbane, Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Foxworth Pty on Dec. 10, 2019.


HIVE (MANLY): Second Creditors' Meeting Set for Dec. 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of The Hive
(Manly) Pty Limited has been set for Dec. 20, 2019, at 11:30 a.m.
(AEST)/12:30 p.m. (AEDT) at the offices of SM Solvency Accountants,
Level 10, at 144 Edward Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 19, 2019, at 4:30 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of The Hive (Manly) on
Nov. 15, 2019.


PARK TOWER: Second Creditors' Meeting Set for Dec. 16
-----------------------------------------------------
A second meeting of creditors in the proceedings of Park Tower
Developments Pty Ltd has been set for Dec. 16, 2019, at 11:30 a.m.
at the offices of Veritas Advisory, Level 5, at 123 Pitt Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 16, 2019, at 9:00 a.m.

Steve Naidenov and Vincent Pirina of Veritas Advisory were
appointed as administrators of Park Tower on Nov. 11, 2019.


RALAN GROUP: Director O'Dwyer Asks Unit Buyers to Take His Deal
---------------------------------------------------------------
Su-Lin Tan at Australian Financial Review reports that developer
Ralan director William O'Dwyer has embarked on a roadshow of
meetings last week to convince the victims of his collapsed company
to buy more apartments from a mysterious developer "Mr X" in order
to recover their losses.

According to AFR, apartment buyers and Ralan's unsecured creditors
- many of them of Chinese background - heard Mr. O'Dwyer propose
over a series of meetings in Sydney's Chatswood on Nov. 30 and Dec.
2 that "if they stick together" they had more chance of getting
back their money through the Deed of Company Arrangement (DOCA).

In the DOCA or compromise proposed to Ralan's administrators Grant
Thornton, Mr. O'Dwyer offered buyers a chance to get their money
back by buying more apartments in Mr X's separate unrelated
projects, AFR relates.

Buyers would deduct the deposits owed from the purchase prices of
new units. Once the units were settled, buyers would waive their
claims against Mr O'Dwyer and Ralan, AFR says.

According to AFR, Mr. O'Dwyer said at one of the meetings held at
the King Dynasty Restaurant in Westfield Chatswood that he and Mr.
X, a reputable Sydney developer, have identified a site in Sydney's
north shore and have their eye on several other 100 to 500-unit
sites in some of Sydney's big suburbs such as Hurstville, Mascot
and Chatswood.

Amid protestations from some buyers who questioned why Mr. X was
anonymous, Mr. O'Dwyer said Mr. X's name had to be protected
because if the deal or DOCA wasn't accepted, Mr. X wanted immunity
from the Ralan fallout, AFR relates.

Those buyers were among the unsecured creditors to whom $323
million was owed, Grant Thornton's report said. A total of $564
million were owed to both secured and unsecured creditors, AFR
discloses.

AFR adds that Grant Thornton's final report said unsecured
apartment buyers would not recover any of their released deposits
that Ralan used to run an already insolvent company and pay for Mr
O'Dwyer's holidays and bitcoin purchases. They recommended a
liquidation over the DOCA.

                        About Ralan Group

The Ralan Group specializes in the development, marketing and
management of residential and commercial property.

Said Jahani, Philip Campbell-Wilson and Graham Killer were
appointed Voluntary Administrators of the Group by a resolution of
the Group's directors on July 30, 2019.

On Aug. 1, 2019, Jason Tracey, Timothy Heenan and Salvatore Algeri
of Deloitte were appointed Joint and Several Receivers and Managers
of Ralan Paradise Holdings Pty Ltd, Ralan Paradise No. 1 Pty Ltd,
Ralan Paradise No. 2 Pty Ltd, Ralan Paradise No. 3 Pty Ltd, Ralan
Budds Beach No 1 Pty Ltd and Ruby Apartments Pty Ltd.

On Aug. 5, 2019, Ken Whittingham was appointed Receiver and Manager
of Ralan Paradise Resort Pty Ltd and Ralan Paradise No 4 Pty Ltd.




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

CAR INC: S&P Lowers ICR to 'B+' on Weakening Profitability
----------------------------------------------------------
S&P Global Ratings, on Dec. 10, 2019, lowered its long-term issuer
credit rating on CAR Inc. and the long-term issue rating on its
senior unsecured notes to 'B+' from 'BB-'.

S&P said, "We lowered the rating on CAR Inc. to reflect rising
depreciation costs given the weak used car market in China and
falling fleet utilization due to challenges with the company's
fleet expansion. We now expect EBIT margins to decline to 18%-19%
in 2019 and remain flat in 2020, down significantly from 27.4% in
2018. As a result, we revised our EBIT interest coverage estimate
to 1.6x-1.7x for 2019 and about 1.7x for 2020. The ratio was 2.2x
in 2018. At the same time, CAR Inc. faces significant debt maturity
over the next 12-24 months. The company's dominant lead in China's
short-term car rental industry and the industry's continued healthy
demand growth help to mitigate some of these risks.

"We forecast CAR Inc.'s heightened depreciation costs will persist
in the next 12 months. The company continues to rotate its car
fleet in the weak used car market to maintain a healthy fleet age
and generate cash flow to finance its fleet expansion. Used car
prices have declined in recent months, given China's weakening
automotive market. This is highlighted in CAR Inc.'s rising
depreciation costs during the third quarter, which increased to 34%
of rental revenue from 28% in the first half of 2019.

"We believe CAR Inc. is more exposed to residual value risk. The
company has more at-risk cars (cars without a preset resale value,
such as program cars) than some of its competitors. This is likely
to persist as we estimate that program cars will comprise only 13%
of CAR Inc.'s vehicle purchases in 2019 and 25% in 2020. Most of
the program cars will be purchased from Beijing Borgward Automobile
Co. Ltd., the car manufacturing company majority-owned by CAR
Inc.'s parent company, UCAR Group.

"In our view, CAR Inc. faces increasing challenges to efficiently
deploy its growing fleet. Fleet deployment in accordance with
demand is crucial to car renters' operations, given the uneven
growth in car rental demand across China. Fleet expansion must
therefore be targeted in order to maintain steady pricing and
utilization. We believe that CAR Inc.'s falling revenue per
available car (RevPAC)--an indicator of rental yield--of 6%-10%
during the year likely signifies the challenges faced by the
company in anticipating demand as it grows its fleet across China.
We see downside risks to CAR Inc.'s ADRR given the company's plan
to add 10,000-15,000 vehicles in 2020, albeit down from our
expectation of 18,000 vehicles this year.

"Given these challenges, we now project EBIT interest coverage of
1.6x-1.7x and no significant improvement in the next 12 months
because we expect higher depreciation costs and operational
challenges to persist into 2020. In addition, CAR Inc. faces
near-term bullet maturities of Chinese renminbi (RMB) 3.3 billion
due in the next six months, RMB2.8 billion due in 2021, and RMB2.6
billion due in 2022.

"These risks are somewhat offset by the company's dominant position
in China's car rental industry and healthy demand growth. We expect
CAR Inc.'s total fleet size to exceed 150,000 vehicles by end-2019,
compared with our estimate of 85,000 for its largest competitor,
eHi Car Services Ltd. In addition, we forecast demand growth for
China's car rental industry to remain relatively healthy at 10%-15%
over the next 12-24 months. This should help provide some support
to CAR Inc.'s operating performance.

"The stable outlook on CAR Inc. reflects our view that the company
will continue to grow its car fleet with a slight decline in
RevPAC. As a result, we expect CAR Inc. to maintain an EBIT
interest coverage of 1.6x-1.7x and a ratio of funds from operations
(FFO) to debt of above 20% over the next 12 months.

"We may downgrade CAR Inc. if its EBIT interest coverage drops
below 1.3x, or its FFO-to-debt ratio stays below 20% for a
sustained period. This could happen if: (1) the company's
operations deteriorate more than we expect, as indicated by falling
RevPAC and rising depreciation costs; or (2) the company is more
aggressive with debt-funded fleet expansion than we anticipate.

"We may also downgrade CAR Inc. if the company's liquidity further
weakens. This could happen if its access to capital markets or
banking relationships deteriorates further.

"We could raise the rating on CAR Inc. if the company maintains its
EBIT interest coverage at above 2.2x for a sustained period. This
could result from a significant improvement in operations as
indicated by rising RevPAC or falling depreciation costs. We could
also raise the rating if the company is able to significantly
reduce its financing cost through refinancing or debt repayment."
At the same time, the company must improve its liquidity buffer
such that its liquidity sources can cover its uses by more than
1.2x.

CAR Inc., established in 2007, is the largest car rental company in
China. Its services include car rentals, fleet rentals, and
leasing. The company is the market leader in China in terms of
fleet size, revenue, and brand awareness.


EHI CAR: S&P Cuts ICR to 'B+' on Slowing Recovery, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
eHi Car Services Ltd. and the long-term issue rating on its senior
unsecured notes to 'B+' from 'BB-'.

S&P lowered the rating on eHi Car Services Ltd. because it expects
the company's leverage as measured by EBIT interest coverage to
remain below 1.3x and funds from operations (FFO) to debt below 15%
in the next 12-24 months. At the same time, the company's
operational and financial flexibility will likely remain strained
as it manages tight debt covenants amid active growth appetite.

A solid third-quarter performance brings slight margin and leverage
recovery to eHi, but not sufficient to meaningfully improve its
financial profile in S&P's view. eHi expanded its fleet by about
7,700 cars in the first nine months of 2019, to 85,000 cars. A vast
majority of fleet net additions took place in the third quarter
which helped the company to capture strong seasonal demand due to a
holiday spike. By S&P's estimate, the company's EBIT interest
coverage improved slightly to 1.1x in the first nine months of 2019
from 1.0x in 2018, but still lower than its expectation of
1.3x-1.5x for 2019.

Though decelerating, the pace of eHi's fleet expansion will likely
continue to weigh on the company's interest burden and adjusted
debt level. eHi rations its growth strategy to aim for 85,000 cars
at end-2019, and a 10% net fleet addition in 2020. S&P said, "After
netting off disposals, we project annual capital expenditure
(capex) will be Chinese renminbi (RMB) 1 billion-RMB2 billion over
the next two years. In addition, we expect the company to conduct
40%-60% of car purchases over the next 12-24 months under
direct-program car agreements: this involves low initial cash
outlays but increases accounts payables (rather than debt) and
interest obligations. We view these obligations to support
long-lived assets as debt-like, with interest rates moderately
higher than the company's overall funding costs."

The slower pace of fleet expansion should help the company to
better manage the restrictive covenant under its 2021 syndicated
loan. S&P said, "Nonetheless, we believe the company's liquidity
buffer will remain narrow over the next 12 months amid continued
expansion, running on a thin covenant headroom of below 15%. In
addition, the company's debt structure will continue to feature
material bullet maturities (with principal returned in one lump
payment) despite the absence of near-term liquidity risk. We assess
its liquidity to be less than adequate as a result, a revision from
adequate."

S&P said, "We anticipate the company will gradually recover its
EBIT margin to 15.5%-17% over the next 12-24 months, from 14.3% in
2018, owning to increasing scale and normalized operations
post-privatization. We expect eHi to maintain its fleet utilization
rates and pricing over the next 12-24 months. The company's revenue
per available car (RevPAC) for rental services was stable at RMB131
in the first nine months of 2019, same as 2018. eHi's healthy
utilization and relatively stable average daily rental rate support
its RevPAC.

"The stable outlook on eHi reflects our expectation that the
company will gradually improve its profit margins and cash flows
over the coming 12-24 months. We expect the company to see
relatively stable rental rates and utilization rates as it expands
its fleet. The increased scale should enable cost efficiencies. We
expect eHi's EBIT margin to be 15.5%-17.0% and its EBIT interest
coverage to be 1.1x-1.3x over the period, generally improving but
still likely somewhat volatile driven by its debt-funded growth
plan.

"We may downgrade eHi if its utilization or pricing declines due
either to rising competition in China's car rental industry or more
aggressive capex. This scenario could result in its EBIT coverage
dropping below 1.1x or the ratio of FFO to debt falling below 10%
on a prolonged basis. We may also downgrade eHi if its liquidity
profile further deteriorates such that we see evidence of
ineffective initiatives of managing covenant headroom or
refinancing.

"We may consider an upgrade if eHi can maintain its EBIT margin
above 18%, EBIT coverage above 1.3x, and if its ratio of FFO to
debt exceeds 16% for a sustained period. If the company is able to
prudently expand its fleet while increasing its utilization and
rental rates, it may be able to achieve these credit measures. At
the same time, eHi should improve its liquidity profile as
indicated by liquidity sources accumulating sufficient buffer over
1.2x of liquidity uses on a sustained basis and the company
restoring sufficient covenant headroom by effectively managing its
performance or by inviting new capital."

eHi provides car rental and chauffeur services in China. Car
rentals account for about 80% of the company's revenue while
chauffeur services account for 20%.

eHi was established in 2006 and listed on the New York Stock
Exchange in November 2014. The company privatized and delisted in
April 2019.


HOHHOT ECONOMIC: Fails to Pay Interest on CNY1 Billion Bond
-----------------------------------------------------------
Liang Hong and Tang Ziyi at Caixin Global report that a state-owned
infrastructure company in the northern Chinese city of Hohhot has
failed to repay interest on a CNY1 billion ($142.1 million) bond,
marking another potential default by a Chinese local government
financing vehicle (LGFV).

The bond issuer, Hohhot Economic and Technological Development Zone
Investment Development Group Co. Ltd., failed to repay interest on
a private placement note on Dec. 6, according to a document
obtained by Caixin released by the Shanghai Clearing House to bond
investors on the same day. The company is wholly owned by the
financial and audit bureau of a special economic zone government in
Hohhot, the capital city of the Inner Mongolia autonomous region.
Private placement notes are a type of debt financing instrument
issued by nonfinancial firms to a limited group of investors in the
interbank bond market, the report notes.

According to Caixin, the failed payment comes as a surprise to many
market participants who invested in bonds issued by LGFVs, as they
were seen as a safe option with repayments implicitly guaranteed by
local governments.

If the Hohhot LGFV fails to make the interest payment within a
grace period of 10 days, it will cause a default, according to the
2016 bond issuance prospectus seen by Caixin.

Caixin relates that the note, issued in December 2016, carries an
annual coupon rate of 6.8% and allows investors to exercise a put
option three years after issuance. Rumor has it that a month
earlier, the issuer tried to persuade investors not to exercise the
put option due to a capital shortage.

Local infrastructure projects contribute the lion's share of the
Hohhot LGFV's revenue, making up 91.7% and 96.9% in 2015 and the
first half of 2016, respectively, Caixin discloses citing the
prospectus. In 2014, fiscal subsidies it obtained from the local
financial and audit bureau accounted for as much as 44.8% of its
revenue - although the share dropped to 18.5% the next year, the
prospectus shows.

A lack of other revenue streams leaves companies like this in the
lurch when government support becomes insufficient, with tight
liquidity conditions that often cause cash flow problems, Caixin
says.

In the prospectus, the company warned investors that it could face
difficulties collecting on accounts receivable if macroeconomic
pressure and government control over sectors such as real estate
resulted in deterioration of the local government's fiscal
position.

According to Caixin, Inner Mongolia is among China's less developed
inland regions, where local governments have been struggling to
replenish their coffers in recent years amid an ongoing economic
slowdown. It had a GDP of CNY1.7 trillion in 2018, ranking 21st
among the 31 provincial-level regions on the Chinese mainland,
according to data from the National Bureau of Statistics, Caixin
discloses. Its fixed-asset investment fell 27.3% year-on-year in
2018, steeper than a 6.9% drop in the previous year, according to
Inner Mongolia's statistics bureau.

The Inner Mongolia government relies heavily on the central
government's fiscal support, analysts with Guotai Junan Securities
Co. Ltd. wrote in a research note, relays Caixin.

China's bond market has seen a wave of defaults since last year.
Chinese corporate bond defaults hit a record high in 2018, and are
expected to break the record this year as businesses struggle with
cooling economic growth.

Pan Gongsheng, a deputy governor of China's central bank, said in
an interview with Caixin in August that defaults are beneficial to
long-term development of the bond market.

In the past, many investors believed that bonds could not default
and thus invested in bonds regardless of their ratings, Pan said.
However, now that the implicit guarantee - that investments will be
bailed out if they sour - is broken, the pricing mechanism in the
bond market can be corrected to truly reflect credit risks, he
said.


IDEANOMICS INC: Reports $13.7 Million Net Loss for Third Quarter
----------------------------------------------------------------
Ideanomics, Inc. filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q reporting a net loss attributable
to the Company's shareholders of $13.71 million on $3.10 million of
total revenue for the three months ended Sept. 30, 2019, compared
to a net loss attributable to the Company's shareholders of $7.19
million on $43.71 million of total revenue for the three months
ended Sept. 30, 2018.  The decrease in revenue was mainly due to a
change to the Company's business focus from logistics management to
Electric Vehicles and Fintech businesses.  Its business strategy
and the primary goal for entering the crude oil and electronic
trading businesses was to learn about the needs of buyers and
sellers in these industries that rely heavily on the shipment of
goods.  The Company's activities in the crude oil trading and
electronic trading business have been successful in various aspects
in 2018, and for strategic reasons the Company has now phased out
of its crude oil trading business and electronics trading business
so that it can work towards enabling the application of its Fintech
Ecosystem for other useful cases that it has identified.

For the nine months ended Sept. 30, 2019, the Company reported net
income attributable to the Company's common shareholders of $11.51
million on $44.50 million of total revenue compared to a net loss
attributable to the Company's shareholders of $19.23 million on
$362.63 million of total revenue for the same period in 2018.

As of Sept. 30, 2019, Ideanomics had $164.76 million in total
assets, $47.26 million in total liabilities, $1.26 million in
convertible redeemable preferred stock, and $116.24 million in
total equity.

Cost of revenues was approximately $0.2 million for the three
months ended Sept. 30, 2019, as compared to $42.8 million for the
three months ended Sept. 30, 2019, a decrease of approximately
$42.6 million, or 99%.  From a comparability perspective, the cost
of revenue during 2018 is not necessarily indicative of the
Electric Vehicles and Fintech businesses in 2019.  The cost of
revenue during 2018 was primarily associated with the logistics
management business (oil trading and electronics trading), which
traditionally has a very high cost of revenue and low gross margin,
while the cost of revenue during the third quarter of 2019 is
primarily associated with subsidiaries including Grapevine and
DBOT.

The Company's gross profit for the three months ended Sept. 30,
2019 was approximately $2.9 million, as compared to $0.9 million
during the same period in 2018, representing an increase of 231%.
The gross profit ratio for the three months ended Sept. 30, 2019
was 92%, as compared to 2% during the same period in 2018.

Selling, general and administrative expenses for the three months
ended Sept. 30, 2019 was $7.8 million as compared to $4.3 million
for the same period in 2018, an increase of approximately $3.5
million or 79%.

The Company's professional fees for the three months ended Sept.
30, 2019 was $1.4 million as compared to $1.9 million for the same
period in 2018, a decrease of approximately $0.5 million.  The
decrease was related to a decrease in legal, valuation, audit and
tax as well as fees associated with continuing to build out its
technology ecosystem and establishing strategic partnerships and
M&A activity as part of this technology ecosystem.

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

                        https://is.gd/iyriBX

                          About Ideanomics

Ideanomics, formerly known as Seven Stars Cloud Group, Inc., is a
global fintech advisory and Platform-as-a-Service company.
Ideanomics combines deal origination and enablement with the
application of blockchain and artificial intelligence technologies
as part of the next-generation of financial services.  The company
is headquartered in New York, NY, and has offices in Beijing,
China.  It also has a planned global center for technology and
innovation in West Hartford, CT, named Fintech Village.

Ideanomics reported a net loss of $28.42 million for the year ended
Dec. 31, 2018, compared to a net loss of $10.86 million for the
year ended Dec. 31, 2017.  As of June 30, 2019, the Company had
$149.39 million in total assets, $61.17 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $86.95 million in total equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" opinion in its report dated
April 1, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company incurred
recurring losses from operations, has net current liabilities and
an accumulated deficit that raise substantial doubt about its
ability to continue as a going concern.

PARKSON RETAIL: Moody's Withdraws B3 CFR for Business Reasons
-------------------------------------------------------------
Moody's Investors Service withdrawn Parkson Retail Group Limited's
B3 corporate family rating. At the time of the withdrawal, the
issuer's outlook was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department store
chains in China. Parkson focuses on the middle and upper-middle
ends of the Chinese retail market.




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

HONG KONG AIRLINES: Gets Reprieve From HK Aviation Authority
------------------------------------------------------------
Wei Yiyang and Yang Ge at Caixin Global report that Hong Kong
Airlines Ltd. (HKA) has received a reprieve from its local aviation
authority, which had previously threatened to take action after the
low-cost carrier displayed signs of financial distress.

The reprieve announced by the Hong Kong Civil Aviation Department
(CAD) on Dec. 6 came around the same time a key investor secured a
new bank loan to help the struggling airline, a knowledgeable
source previously told Caixin. The airline was rumored to be facing
financial difficulties early this year, and issued a statement at
that time saying it was working to fix issues related to its
financial structure, Caixin says.

Pressures on HKA may have mounted in recent months as tourism to
the former British colony plummeted amid more than half a year of
anti-government protests, some violent, that have scared away
visitors, Caixin relates.

In its statement, the CAD said that after considering HKA's latest
operating situation it "decided not to take further action against
HKA's air operator's certificate for the time being."

"Having examined HKA's representation and considered factors
including the results of our inspections of HKA lately and the
relevant inspection track record, the CAD has been satisfied that
HKA is able to continue to operate properly and safely," the report
quotes a department spokesman as saying. "Nevertheless, the CAD
will continue to closely monitor HKA's operation and take decisive
actions should HKA (be) found unable to operate in accordance with
the Air Navigation (Hong Kong) Order 1995."

Caixin says the CAD gave its reprieve just five days after issuing
a warning to the airline to improve its situation or risk
"follow-up actions." The regulator expressed specific concerns
about the airline's difficulties paying employee salaries, and said
it "decided to attach new conditions to HKA's license," Caixin
relays.

Hong Kong Airlines is one of the city's youngest air carriers,
carving out a niche for itself as a low-cost airline as it competes
with older incumbents Cathay Pacific and Cathay's Dragon
affiliate.

While the carrier has struggled with its own problems, Hong Kong
has also been hit in recent months by plunging visitor numbers due
to unrest in a city that is one of Asia's most popular tourist
destinations, Caixin states. The number of visitors to the city
tumbled 44% in October to 3.3 million, led by a 46% plunge in
Chinese mainland visitors who account for more than two-thirds of
the total, according to the Hong Kong Tourism Board.

In its latest quarterly report, Cathay Pacific said passenger
volume for it and Cathay Dragon fell 7.1% in October, and cargo
volume fell 4.9% year-on-year, Caixin discloses.

Amid its struggles, one of Hong Kong Airlines' main backers has
stepped in to supply much-needed funding to help the company's
finances, according to Caixin. That development saw HKA-backer HNA
Group Co. secure CNY4 billion ($570 million) in syndicated loans
last week, with the funds being prioritized for resolving the
financial difficulties of the 13-year-old airline, HNA creditors
familiar with the matter told Caixin.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
7, 2019, The South China Morning Post said that a Macau-based
lender has sued troubled Hong Kong Airlines following its alleged
failure to repay a US$20 million loan despite repeated demands.
According to the Post, court documents revealed that Hong Kong
Airlines International Holdings borrowed US$20 million from Luso
International Banking in October 2017, on condition the principal
be repaid with interest by December 28 last year. But lawyers for
the bank said the airline paid only US$257,934.44 after the
deadline, on January 1, in breach of its contractual obligations,
the Post related.

Hong Kong Airlines operates 38 passenger aircraft to 36
destinations.




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

AARTI SUITINGS: CARE Maintains 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aarti
Suitings Private Limited (ASPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      16.72       CARE D; ISSUER NOT COOPERATING
   Facilities                      based on best available
                                   information

   Short term Bank      0.55       CARE D; ISSUER NOT COOPERATING
   Facilities                      based on best available
                                   information

Detailed Rationale & Key rating Drivers

CARE has been seeking information from ASPL to monitor the
rating(s) vide e-mail communications/letters dated July 15, 2019,
August 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.
Further, ASPL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ASPL’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 ratings take into account on-going delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weakness

Delay in the debt servicing
There is delay in debt servicing owing to stretched liquidity
position.

Analytical approach: Combined

For arriving at the ratings of ASPL, CARE has taken a combined view
on ASPL and Adig Jemtex Private Limited (AJPL) as both the entities
are in same line of business, have common promoters and are under
common management as well as have operational linkages.

Bhilwara based Aarti Sutings Private Limited (ASPL) was
incorporated in 1994 by Mr. Nand Kishore Jindal, Mr. Madhur Jindal
and Mrs. Nidhi Jindal. The company is engaged in the manufacturing
of grey fabrics and sells grey and finished fabrics in the market.
The company gets processing work done on job work basis from other
processing units. The company is also engaged in trading of grey
and finished fabrics.The group concern includes Adig Jemtex Private
Limited (AJPL), incorporated in 2010, which is engaged in the
business of seizing of yarns (mainly starching process) and
manufacturing and trading of grey and finished fabrics.


CAIRN INDIA: Fitch Alters Outlook on BB- LT IDR to Negative
-----------------------------------------------------------
Fitch Ratings revised its Outlook on Cairn India Holdings Limited's
to Negative from Stable and affirmed the Long-Term Issuer Default
Rating of 'BB-'. The Outlook revision reflects Fitch's assessment
that the consolidated credit profile of CIHL's owner, Vedanta
Limited, is expected to weaken in the financial year ending March
2020 (FY2020) and FY22, after Fitch recently lowered its long-term
mid-cycle metals and mining price assumptions, including aluminium
and copper price assumptions, due to falling demand. This has
reduced CIHL's headroom at the current rating level. CIHL's rating
is aligned with the consolidated credit profile of VLTD, which owns
100% of CIHL, reflecting their strong linkages in line with Fitch's
Parent and Subsidiary Linkage criteria.

The company expects the profitability and volumes improvement
mainly from their aluminium and zinc business segments, to result
in a better financial metrics as compared to Fitch's expectations.
If the company is successful in demonstrating a better performance,
Fitch may revise the Outlook back to Stable. However further
sustained weakness in the company's consolidated financial metrics
over the coming quarters, could result in a downward rating
action.

CIHL's Standalone Credit Profile (SCP) of 'b+' is driven by its
concentrated and small scale of operations, which are
counterbalanced by its low cost position and strong standalone
financial profile.

KEY RATING DRIVERS

Negative Outlook: Fitch expects VLTD's consolidated financial
profile to be weaker than its earlier estimates based on Fitch's
revised metal price assumptions and minor downward revisions to the
FY20 operational assumptions based on year to date trends. Fitch
expects VLTD's consolidated coverage (Operating EBITDAR / (Interest
+ rent)) to be 1.9x in FY20, 2.4x in FY21 and 2.2x in FY22 and net
leverage (total adjusted net debt / operating EBITDAR) to be 5.6x
in FY20, 4.5x in FY21 and 4.9x in FY22, compared with its previous
expectations for coverage of 2.1x, 2.5x and 2.4x, respectively, and
for net leverage of 4.9x, 4.3x and 4.5x, respectively. Fitch
assesses VLTD's financial profile based on the consolidated
financial profile of the group, including its majority shareholder
Vedanta Resources Limited.

CIHL's Rating Aligned to VLTD: Fitch assesses the overall operating
and strategic linkages between CIHL and VLTD as 'Strong'. VLTD
fully owns CIHL and both entities hold equal shares of 35% in the
group's largest oil and gas (O&G) block at Rajasthan. VLTD is also
the operator of the Rajasthan block. VLTD's O&G business is the
second-largest contributor to its EBITDA, after the Indian zinc
operations, and Fitch believes O&G will remain strategically
important to VLTD, given its low cost operations and significant
earnings contribution. VLTD is the largest private upstream O&G
producer in India.

Commodity Prices to Deteriorate: Fitch lowered its long-term
mid-cycle metals and mining price assumptions - most significantly
for aluminium, cutting prices by 6% in FY20, 15% in FY21 and 13% in
FY22. Aluminium faces a challenging outlook due to weakened demand,
primarily from the automotive sector, and increasing supply from
China (expected to rise by 7.1% in 2020), which is unlikely to be
deferred. Fitch expects the impact of lower LME prices to be
cushioned by falling input costs.

Weak 1HFY20 Performance: Fitch has reduced Vedanta Resources'
EBITDA estimates over FY20, FY21 and FY22 by 7%, 7% and 9%,
respectively, with a large part stemming from Fitch's lower
long-term mid-cycle metals and mining price assumptions. Fitch has
cut its EBITDA expectation for VLTD's aluminium segment by around
30% over FY20-FY21. VLTD's reported 1HFY20 aluminium EBITDA of USD9
million (USD37 million after adjusting for certain one-offs), was
significantly below its expectation of USD180 million, affected by
lower LME prices, high cost alumina inventory, high power costs
from weak coal supplies and poor coal quality in the second quarter
due to monsoons and flooding, and a non-cash impact of around
USD50/t.

Fitch has factored in a slower ramp-up at VLTD's domestic zinc and
silver operations, given technical issues during capacity ramp-up
for zinc and lower demand for silver than its expectation in the
1HFY20 financial results. Fitch has lowered its volume expectations
from the Gamsberg mine, which is taking longer than Fitch had
expected to stabilise post commissioning.

Complex Corporate Structure: Its assessment reflects the group's
complex shareholding structure and the risk of cash leakages other
than dividend distributions to parties outside of ultimate parent
Vedanta Resources. In January 2019, CIHL invested in a structured
product of Volcan Investments Limited, a shareholder of Vedanta
Resources, although the investment was subsequently unwound
profitably in August 2019.

The transaction raised concerns from investors, including VLTD's
minority stakeholders, and led to declines in its share and bond
prices. Vedanta Resources has since committed to abstain from
similar transactions; Fitch will monitor Vedanta Resources to see
if any group entities provide further support to Volcan that could
weaken their liquidity and hence VLTD's credit profile. The current
assessment does not factor any cash outflow aside from dividends to
Vedanta Resources.

CIHL's Standalone Credit Profile: CIHL has participatory interest
in an O&G block in Rajasthan where all fields are producing. CIHL's
production scale, based on its 35% share of the block, is small at
about 66,000 barrels of oil equivalent per day (boepd) and
comparable to that of O&G producers in the 'B' category. Fitch
takes into consideration only CIHL's share in the Rajasthan block
in assessing the company's Standalone Credit Profile and does not
factor in any benefit from VLTD's shares in and role as operator of
these blocks.

CIHL, however, benefits from the low cost structure of the
Rajasthan block with operating costs of around USD7.5 per barrel
(bbl) and finding and development costs of about USD5-6/bbl. The
cost position is significantly lower than that of peers and
supports its strong operating cash flow. This underpins CIHL's
positive free cash flow - despite its planned investments of around
USD1 billion over the next four years - and its continuing strong
financial profile with a net cash position.

CIHL's Improving Reserve Life: CIHL's investments at the Rajasthan
block are expected to increase their proven (1P) and probable (2P)
reserves. Management expects the company's 2P reserve base to
increase by about 100 million boe in due course, enhancing the
reserve life to about ten years from eight years, in line with the
increase in the exploration and appraisal capex. CIHL's share of 1P
and 2P reserves in the Rajasthan block was about 112 million boe
and 180 million boe, respectively, at FYE19, resulting in proved
reserve life (based on 1P reserves) of about five years. The
company's exploration capex slowed in the last few years due to the
decline in global crude oil prices.

VARIATION FROM CRITERIA

Fitch applied its Parent and Subsidiary Rating Linkage criteria to
derive the credit profile of VLTD. In case of an assessment of
'Strong' or 'Moderate' linkages between a weaker parent and
stronger subsidiary, the criteria establishes that the Issuer
Default Ratings for both are likely to be based on the consolidated
credit profile. Vedanta Resources' fully consolidated financials
reflect cash leakages to the significant minority shareholders in
its key assets, notably VLTD. Fitch believes that VLTD's creditors
have better access to its operating cash flow and there are some
limits on cash leakages. These support VLTD's credit profile being
assessed as better than the consolidated group profile.

DERIVATION SUMMARY

CIHL's ratings have been aligned to that of its parent VLTD.
Similarly, the rating on Thailand's PTT Exploration and Production
Public Company Limited (PTTEP, BBB+/Positive) is equalised with
that of its parent, PTT Public Company Limited (PTT,
BBB+/Positive), reflecting Fitch's assessment of strong operating
and strategic linkages between the two companies. Fitch also aligns
India-based Hindustan Petroleum Corporation Limited's (HPCL,
BBB-/Stable) rating with the credit profile of its largest
shareholder, Oil and Natural Gas Corporation Limited (ONGC), with
the linkages between the two entities assessed as strong.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer
Commodity prices based on LME spot to average as below, in FY20,
FY21 and FY22:

  - Zinc: USD2,496/t, USD2,275/t, USD2,150/t; Aluminium:
USD1,780/t, USD1,763/t, USD1,825/t; Copper: USD5,996/t, USD5,975/t,
USD6,225/t;

  - 62 Fe CFR benchmark iron ore price to average at USD88/t in
FY20, USD68/t in FY21, and USD59/t in FY22

  - Brent Crude to average at USD65/bbl in FY20, USD62/bbl in FY21
and USD59/bbl in FY22

  - Vedanta Resources to spend capex of USD1.6 billion in FY20 and
USD1.8 billion in FY21

  - Volume growth across various segments based on capex led new
capacities ramping up.

  - Production from Rajasthan block to increase to about 185,000
boepd by FY22

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Outlook being revised to Stable

  - An improvement in VLTD's credit profile, provided the linkage
between CIHL and VLTD remains strong

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

  - Weakening of linkages between CIHL and VLTD

  - Deterioration in VLTD's credit profile

LIQUIDITY

Adequate Liquidity: Fitch expects CIHL to maintain sufficient
liquidity to repay its amortising loan, with internal cash flow
without any refinancing support. CIHL does not have any other
outstanding debt. Free cash flow generation should increase and be
sufficient for the repayment schedule as management expects capex
to reduce after FY21.

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 company.

CIHL has an ESG Relevance Score of 4 for Governance Structure to
reflect the risk of cash leakages other than dividend distributions
to ultimate parent Vedanta Resources. This has a negative effect on
the credit profile and is relevant to the rating in conjunction
with other factors.


DEWAN HOUSING: Investors Claims Deadline Set for Dec. 17
--------------------------------------------------------
The Economic Times reports that the RBI-appointed Administrator for
the beleaguered Dewan Housing Finance Ltd (DFHL) on Dec. 5 asked
all its fixed deposit and non-convertible debenture holders to file
their claims before December 17.

According to the report, the move comes ahead of the Supreme Court
hears a group of investors who have moved it on the matter, and
barely three days after the National Company Law Tribunal's Mumbai
bench admitted the RBI's application for initiating insolvency
proceedings against the cash-strapped firm, and permitted it to go
ahead in the matter.

The DHFL is said to owe over INR15,000 crores to retail investors
who have been running from pillar to post to get their money back
from the failed NBFC since some time, ET says.

ET relates that the Reserve Bank of India, filing the application
for initiating corporate insolvency resolution process against
DHFL, had said there would be a debt moratorium on the company as
long as the insolvency process is pending.

The apex bank had last month appointed R. Subramaniakumar as the
Administrator of the 35-year old DHFL after superseding its board
of directors on November 20.

Some time ago, a Special Leave Petition was filed in the Supreme
Court recently by Vijay Kumar Mittal of Ghaziabad, who is a fixed
deposit holder in DHFL, ET recalls.

Apart from the INR15,000 crore to FD holders, the DHFL owes another
INR38,000 crore to various banks, with a total estimated debt of a
staggering INR88,000 crore including mutual funds and bond holders,
the report discloses.

Besides, the DHFL has already been dragged to Bombay High Court by
the State Bank of India, Union Bank of India and HDFC Bank, seeking
return of their dues, ET notes.

ET says the Debt Recovery Tribunal, Pune has also restrained any
payments to creditors after Catalyst Trustee, on behalf of DHFL
bond-holders, moved it for recovering their dues worth nearly
INR27,000 crore, in what is considered one of the biggest collapses
of any NBFC.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
5, 2019, Deccan Herald said the Mumbai bench of the National
Company Law Tribunal (NCLT) on Dec. 2 admitted an RBI petition
seeking bankruptcy proceedings to resolve the mortgage player Dewan
Housing Finance (DHFL). The move came in after the Reserve Bank on
Nov. 29 made an application for bankruptcy proceedings to resolve
the credit and liquidity crisis at the company, which became the
first financial sector player being sent for bankruptcy.

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.


EON ELECTRIC: CRISIL Gives C Rating on INR40cr Cash Credit
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Eon Electric
Limited (EEL) to 'CRISIL C/CRISIL A4 Issuer not cooperating' from
'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            40         CRISIL C (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B+/Stable')

   Letter of credit       35         CRISIL A4 (ISSUER NOT
   & Bank Guarantee                  COOPERATING; Rating
                                     Migrated)

   Proposed Long Term     10         CRISIL C (ISSUER NOT
   Bank Loan Facility                COOPERATING; Migrated from
                                     'CRISIL B+/Stable')

   Proposed Short Term    15         CRISIL A4 (ISSUER NOT
   Bank Loan Facility                COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with EEL for obtaining
information through letters and emails dated October 30, 2019 and
November 6, 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 EEL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EEL is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' category or lower'.

Further, as per H1 2020 financials available in public domain,
EEL's business has been impacted on account of weak liquidity and
stretched debtors, leading to a weaker financial risk profile. Cash
balances available with company have also been impacted leading to
lower cushion in liquidity.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of EEL to 'CRISIL C/CRISIL A4 Issuer not cooperating'
from 'CRISIL B+/Stable/CRISIL A4'.

EEL manufactures and markets energy-efficient lighting and other
electrical and electronic products, such as LED lights, fans, water
heaters, lithium ion batteries, mobile phone accessories, wires and
cables, and allied products. The company has two plants at
Haridwar, and a registered office at Sonepat, Haryana. It has been
listed on the Bombay Stock Exchange (BSE) since 2005, and on
National Stock Exchange (NSE) since 2012. Mr VP Mahendru is the
promoter, and daily operations are managed by his sons, Mr Vivek
Mahendru and Mr Vinay Mahendru.

In the nine months of fiscal 2019, operating income was INR59.1
crore against net losses of INR17.2 crore, against an operating
income of INR121 crore on a profit after tax of INR1.3 crore in the
corresponding period previous fiscal.


HANUMAN RICE: CRISIL Hikes Rating on INR11.8cr Loan to B-
---------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the ratings on the
bank facilities of Hanuman Rice Mills - Karnal (HRM) to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'. However, the firm has
now shared the requisite information for a comprehensive review of
the ratings. Consequently, CRISIL has downgraded the ratings to
'CRISIL D/CRISIL D' and subsequently revised the rating to 'CRISIL
B-/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Capex Letter          1.75        CRISIL A4 (Revised from
   of Credit                         'CRISIL A4 ISSUER NOT
                                     COOPERATING' to 'CRISIL D'
                                     and Simultaneously Revised
                                     to 'CRISIL A4')

   Cash Credit            11.8       CRISIL B-/Stable (Revised
                                     from 'CRISIL B/Stable
                                     ISSUER NOT COOPERATING'
                                     to 'CRISIL D' and
                                     Simultaneously Revised to
                                     'CRISIL B-/Stable')

   Proposed Long Term      4.45      CRISIL B-/Stable (Revised
   Bank Loan Facility                from 'CRISIL B/Stable
                                     ISSUER NOT COOPERATING'
                                     to 'CRISIL D' and
                                     Simultaneously Revised
                                     to 'CRISIL B-/Stable')

The rating migration to 'CRISIL D/CRISIL D' takes into account the
continuous overdrawal in the working capital limit beyond 30 days
during the months of December 2018 to March 2019. The simultaneous
rating upgrade reflects sufficient track record of financial
discipline maintained by HRM since then.

The ratings also factors in HRM's subdued operating performance and
weak financial risk profile. These weaknesses are partially offset
by partners' extensive experience in the rice milling business and
their funding support.

Analytical Approach

Unsecured loans of INR6.47 crore as on March 31, 2019 extended from
partners and their family members have been treated as neither debt
nor equity as these are expected to be retained in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weakness:
* Subdued operating performance: Operating income declined
substantially from INR69.60 crore in fiscal 18 to INR32.18 crore in
fiscal 19 on account of lower price realisation and muted demand.
Similarly, profit after tax stood at INR2 lakhs in FY19 as against
INR33 crore in FY18.

* Weak financial risk profile: Networth was modest at INR4.79 crore
as on March 31, 2019. Debt protection metrics were weak as
reflected in interest coverage and net cash accrual to adjusted
debt of INR1.21 and 0.03 in fiscal 19.

Strength:
* Extensive experience of the partners: The partners have an
experience of over 2 decades in the rice milling industry. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity Poor
Liquidity is marked by low cash accruals and fully utilised bank
limits. Cash accruals are expected to remain low at over INR64
lakhs annually however, these are sufficient against yearly debt
obligation of INR21 lakhs over the medium term. HRM's bank limits
have been fully utilized due to large working capital requirements.
Bank limits were overdrawn for more than 30 days from December
2018 to March 2019. Though bank limits have remained fully utilised
for the period ended Nov 2019, there have been no instances of
overdrawals in working capital limit during the period. This has
happened on account of stretched receivables. Liquidity is
partially supported by funding support from partners in the form of
unsecured loans; need based funding support is expected to continue
over the medium term.

Outlook: Stable

CRISIL believes HRM will continue to benefit from its partners'
industry experience and their funding support.

Rating Sensitivity factors

Upward factors
*Improvement in net cash accruals leading to improved liquidity
with average bank limit utilization of less than 80%
*Healthy revenue growth along with improvement in profitability

Downward factors
*Continuous overdrawals of working capital limit for more than 30
days due to weak liquidity.
*Weakening of business risk profile due to revenue de-growth or
steep fall in operating profitability

Established in 1990 in Karnal, Haryana, HRM mills and processes
basmati and non-basmati rice and has installed capacity of 10 tonne
per hour. It is a partnership firm of Mr Vipin Kumar, Mr Rajesh
Kumar, and Mr Sushil Kumar, with equal profit sharing. The firm
sells rice in the domestic market and exports primarily to the
Middle East.


HI-TECH PHARMA: CRISIL Assigns 'B' Rating to INR5.25cr Loan
-----------------------------------------------------------
CRISIL has assigned its CRISIL B/Stable rating to the bank
facilities of Hi-Tech Pharma (HTP).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             1.51       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    3.24       CRISIL B/Stable (Assigned)

   Secured Overdraft
   Facility              5.25       CRISIL B/Stable (Assigned)

The rating reflects HTP's working capital intensive operations and
its average financial risk profile. These strengths are partially
offset extensive industry experience of the promoters in animal
health supplement industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensive operations:
Its intensive working capital operations is reflected in its gross
current assets (GCA) of 193 days as on March 31, 2019 as against
over 153 days GCAs of some of its peers. Its's large working
capital requirements arise from its high debtor and inventory
levels.

* Average financial risk profile:
Financial risk profile is marked by low networth at INR2.91 crore
and high gearing at 2.87 times for the period ending March 2019.
HTP's debt protection measures have also been at moderate level.
The interest coverage and net cash accrual to total debt (NCATD)
ratio are at 1.96 times and 0.09 times for fiscal 2019. HTP's debt
protection measures are expected to remain at similar level over
medium term.

Strengths
* Extensive industry experience of the promoters:
The promoters have an experience of over 40 years in animal health
supplement industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity Stretched
Liquidity is stretched marked by fully utilized bank limits for the
last 12 months ending October 2019. Net cash accruals are expected
at 0.9-1.2 crores over the medium against repayment obligation of
INR0.5-0.6 crore. In addition, promoters will infuse unsecured
loans as and when required.

Outlook: Stable

CRISIL believe HTP's will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating Sensitivity Factor
Upward factor
* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher cash accruals
* Prudent working capital management with GCA improving below 150
days

Downward factor
* Decline in operating profitability by over 200 basis points
leading to decrease in accruals
* Any unexpected large debt-funded capital expenditure weakening
capital structure from current levels

Established in the year 1999 as a partnership firm and is owned and
managed by Mr. Venkata Ramana Reddy N and N Sailaja. They are in
the business of the production of a wide range of Premixes and
Probiotics and has focus on the three areas which are Nutrition,
Environment and Health management for Aquatic and Poultry animals.


HOTEL SHUBH: CRISIL Assigns 'D' Rating to INR6.5cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities of
Hotel Shubh In (HSI).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Term Loan             6.5         CRISIL D (Assigned)

The ratings reflect recent instances of delays in debt servicing by
HIS due to poor liquidity. The loss-making operations and large
annual repayments have led to delays in debt repayments. The rating
also factors in weak financial risk profile, modest scale of
operations, and exposure to cyclicality in the hospital industry.
These weaknesses are partially offset by extensive industry
experience of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing: There have been recent instances of
delay in servicing of debt obligations because of poor liquidity.
The firm is incurring losses and for its repaying its scheduled
debt repayments it depends upon fund support from promoters. This
had led to continuous delays in debt servicing till September 2019.
The firm has proposed for restructuring of the loans which remains
critical.

* Modest scale of operation: HIS' business profile is constrained
by its modest scale of operations and losses incurred. Firm's
presence in competitive hospitality industry and ramp-up phase led
to modest revenue and losses. Sharp and profitable scale up of
operations will be critical and hence closely monitored. Further
the hotel and resorts industry is vulnerable to downturns in
domestic and international economies. During a slowdown in the
economy, there is slowdown in demand which impacts the earnings and
profitability of players.

* Weak financial risk profile: Financial risk profile is weak
because of eroded net worth of INR3.09 crore in FY 2019 (Rs. 5.63
in FY 2017) and weak capital structure. The gearing and TOL/TNW are
high at 6.45 times and 7.10 times as on March 31, 2019.

Strength

* Extensive industry experience of the partners: The partners have
an experience of over 20 years in hospitality industry. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with customers.

Liquidity: Poor

Liquidity is poor as indicated by instances of delays in debt
servicing because of losses incurred. The firm has been recording
losses for last three fiscals and has been dependent on fund
support from promoters for making the repayments which isn't coming
timely. This has led to regular delays in debt servicing.

Rating Sensitivity Factor

Upward factor

* Track record of timely debt repayment for at least consecutive 90
days
* Significant improvement in operating performance and generation
of adequate cash accruals for scheduled debt repayments.

Set in 2016 by Bhopal (MP) based Ankit Sharma and Darshan Chawla
families, HIS operates a 45 room and 1 conference room hotel near
Habibganj railway station.


JUBILEE HILLS: Ind-Ra Assigns BB- Rating on INR175MM Term Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) rated The Jubilee Hills Co-op
House Building Society Ltd.'s (Jubilee Hills) bank facilities as
follows:

-- INR175 mil. Term loan due on FY28 assigned with IND BB-/Stable

     rating.

KEY RATING DRIVERS

The ratings reflect the small and restricted nature of Jubilee
Hills' revenue, as the society's only source of income is interest
on fixed deposits, maintenance charges and other utility charges
collected from its members. The revenues have shown a flattish
trend in FY15-FY19. The society's revenue increased to INR19.7
million in FY19 (FY15: INR17.5 million), mainly supported by growth
in the interest income received on its investments.

The ratings take into consideration Jubilee Hills' volatile
operating margins during FY15-FY19 due to its limited revenue
generation and high dependency on interest income. The society
incurred losses at the EBITDA level in FY19 – (FY18 - 5.74%) due
to a reduction in interest income for the year. The average
operating margin was 6.07% during FY15-FY19.

The rating factor in the built-up net worth of Jubilee Hills, which
has increased to INR320.3 million in FY19 from INR285.9 million in
FY18. The society has accumulated a healthy capital reserve on the
back of collections from its members in the form of fees and other
utility charges for over 50 years. Nevertheless, given that it
operates as a society, Jubilee Hills faces certain inherent
limitations in raising equity capital compared to other companies.
Being a society, it can only raise capital from its members and
cannot raise capital from any external sources or investors.

Liquidity – Adequate: The liquidity profile of the society is
adequate and should remain so over the medium term. The society's
available funds (cash and unrestricted funds (including
investments) amounted to INR126.54 million in FY19 (FY15: INR135.32
million). This provides a strong financial cushion to financial
leverage, operating expenditure and future capital expenditure
plans. However, since the society is highly dependent on interest
income, a depletion in investment along with non-improvement in its
maintenance charge collection efficiency will have a bearing on its
financial health.

The ratings are supported by Jubilee Hills' healthy debt coverage
during FY15-FY19, due to the absence of any debt exposure. However,
society has availed a loan of INR175 million to set up a convention
center on its premises. The convention center will be constructed
on the society's land of 4.45 acres. Jubilee Hills has received all
the necessary permissions required for the project and the
construction has begun in FY18. As per Jubilee Hills, the total
proposed built-up area would be 18,688.88 square meters, with a
total project cost estimated at INR346 million. The project is
being funded by a promoters' contribution of INR151 million and
debt funding of INR175 million.

Jubilee Hills has a 22-month moratorium period on its loan and the
repayments are likely to start from January 2021. The society plans
to let out the convention centre and expects to receive rental
income from the same. Jubilee Hills also expects to receive
advances of INR20 million from prospective tenants; the amount will
be used for construction purposes. The ability of the society to
repay the loan obligations from the rental income received from its
tenants will remain a key monitorable over the medium term.

RATING SENSITIVITIES

Positive: The following events, individually or collectively, if
sustained for two consecutive years, could lead to a positive
rating action:

- A sustained increase in total income to above INR60 million

- Stable operating margins sustaining above 7%

- Healthy DSCR levels above 1.2x

Negative: The following events, individually or collectively, if
sustained for two consecutive years, could lead to a negative
rating action:

- Operating margins dipping below FY19 levels

- Fall in DSCR, excluding prepayments, below 1.0x after the
commencement of loan repayments

- Cost and time overrun for the project, resulting in delays in
term debt repayments or term loan restructuring.

COMPANY PROFILE

The Jubilee Hills Co-operative House Building Society was
registered on July 7, 1962, as a Co-operative Society under the
Andhra Pradesh State Co-operative Societies Act, with Registration
No. T.A.173. Its main objectives are to carry on functions for the
benefit of its members and buying and developing land in accordance
with Co-operative principles as per the Andhra Pradesh State
Co-operative Societies Act. Jubilee hills have a total member base
of 4,986 divided amongst residential, commercial members and
non-land/property holders.


NATARAJ COLD: CRISIL Assigns B+ Rating to INR3.50cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Nataraj Cold Storage Private Limited (NCSPL).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Working Capital
   Facility             1.5          CRISIL B+/Stable (Assigned)

   Bank Guarantee        .35         CRISIL A4 (Assigned)

   Cash Credit          3.50         CRISIL B+/Stable (Assigned)

The ratings reflect NCSPL's susceptibility to regulatory changes,
intense competition and delays in payments by farmers. The ratings
also factor in the company's modest networth and high gearing.
These weaknesses are partially offset by the promoters' extensive
experience in the cold storage industry.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to regulatory changes and intense competition: The
potato cold storage industry in West Bengal is regulated by the
West Bengal Cold Storage Association. Storage rent and marketing,
drying, and insurance changes are fixed by the association. This
limits players' ability to generate profits based on their
strengths and geographic advantages. Further, competitive pressure
limits pricing power, as discounts are offered to ensure healthy
utilisation of capacity.

* Vulnerability to frequent delays in payments by farmers: Farmers
often default servicing the loans provided to them by NCSPL against
the stored products. In the event of adverse market trends, farmers
do not find it profitable to pay rental and interest charges while
also servicing the debt, and prefer not to retrieve potatoes from
cold storages.

* Modest networth and high gearing: Networth is modest and gearing
high at INR1.42 crore and 2.25 times, respectively, as on March 31,
2019. Gearing is, however, likely to improve as the term loan is
gradually repaid.

Strengths

* Extensive experience of the promoters: The promoters' experience
of close to four decades in the industry and healthy relations with
farmers and traders should continue to support the business.

Liquidity Adequate

Liquidity is adequate. Cash accrual is expected to remain
sufficient against upcoming repayment obligation over the medium
term. Bank limit utilisation tends to increase towards year-end,
since March and April constitute the peak season in the cold
storage business. Current ratio was moderate at 1.05 times as on
March 31, 2019.

Outlook: Stable

CRISIL believes NCSPL will continue to benefit from the extensive
experience of its promoters.

Rating sensitivity factors

Upward factors

* Upward revision in rental rates and optimum capacity utilisation,
resulting in ramp-up in revenue, while operating margin exceeds
20%

* Improvement in liquidity, with cash accrual comfortably exceeding
the maturing debt'of more than INR40 lakh per annum

Downward factors

* Downward revision in rental rates and dip in capacity
utilisation, weakening the business risk profile

* Deterioration in the interest coverage ratio to less than 1 time

* Delay in payments by the farmers

Incorporated in 1987, NCSPL is promoted by Mr Rajesh Kumar Bansal
and Mr Rahul Bansal provides cold storage facility to potato
farmers and traders in Pashchim Medinipur (West Bengal). The firm
has an installed capacity of 2, 68, 500 quintals per annum.


PRASAD AGRO: CRISIL Lowers Rating on INR9.75cr Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Prasad Agro Industries (PAI) to 'CRISIL D' from 'CRISIL
BB-/Stable'.


                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           9.75        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Long Term Loan        3.75        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects the recent delays in servicing debt
obligations because of weak liquidity.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in debt servicing due to weak liquidity: The firm could not
service its repayment obligations and the interest was unserved.

* Modest scale of operations and susceptibility to volatility in
raw material prices: Though revenue has grown, the scale of
operations remains modest, with revenue at INR63.77 crore for
fiscal 2018. Furthermore, dal prices have been volatile in the past
few years, and profitability is susceptible to fluctuations in dal
prices.

* Weak financial risk profile: The financial risk profile is
constrained by modest debt protection metrics, reflected in
interest coverage of 1.7 times and net cash accrual to total debt
ratio of 0.07 time in fiscal 2018, and small networth of INR6.4
crore and high gearing of 2.04 times as on March 31, 2018.

Strengths

* Extensive industry experience of the company's promoters: The
proprietor's experience of two decades in the dal milling industry
and longstanding relationships with customers and suppliers should
continue to support the business risk profile.

Liquidity Poor

Liquidity is poor as indicated by instances of delays in the
repayment of loan.

Rating sensitivity factor

Upward factor

* Track record of timely debt servicing for at least 90 days
* Significant improvement in operating performance and generation
of adequate cash accruals and improvement in liquidity and debt
protection metrics

PAI, a proprietorship firm of Mrs. Vaishali Gulange was set up in
2013-14 in Latur (Maharashtra). The firm is engaged in dal mill
with an installed capacity of 30 MT per day. Gulange Warehouse and
Allamprabhu Warehouse are engaged in providing warehouse services
to agri commodities. Each firm has storage capacity of 6000
tonnes.


RAJASTHAN BAL: CARE Lowers Rating on INR4.24cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajasthan Bal Kalyan Samiti (RBKS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       4.24       CARE D Revised from CARE BB;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings of Rajasthan Bal Kalyan Samiti takes
into account ongoing delays in repayment of term loans.

Key Rating Sensitivities

Positive Factors

* Regularity in debt servicing through timely receipt of payment
   from government department and receipt of new grants

Detailed description of the key rating drivers

Key Rating Weaknesses

Irregularity in debt servicing owing to poor liquidity position The
firm is majorly engaged into education services and it receives
education fees for some courses like B.Ed receives from
universities due to which it gets payment from them in the end of
academic years. Further, RBKS is also engaged into rural
development activities like Natural Resource Management (NRM)
activities, plantation activities, watershed program, women and
child development etc. and undertakes various projects for National
Bank for Agricultural and Rural Development (NABARD) and there may
be delay in the payment from NABARD. Owing to these reasons,
liquidity position of RBKS remained stretched and consequently
there are ongoing delays in debt servicing.

Udaipur (Rajasthan) based Rajasthan Bal Kalyan Samiti (RBKS) was
registered as a trust in March 1983 under Rajasthan Societies
Registration Act 1958 by Mr. Pandit Jeevat Ram Sharma with an aim
to provide the benefit to poor and tribal community in India
focusing for betterment of women and children. RBKS is mainly
engaged into education to poor and tribal community and currently
operating 9 graduation colleges, 1 nursing college, 1 training
college and 6 schools in the backward of area of Rajasthan. RBKS is
also engaged into rural development activities like Natural
Resource Management (NRM) activities, plantation activities,
watershed program, women and child development etc. and undertakes
various projects for National Bank for Agricultural and Rural
Development (NABARD).


RATNAM POULTRY: CRISIL Lowers Rating on INR11cr Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ratnam Poultry Private Limited (RPPL) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Open Cash Credit       11        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term      9        CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The downgrade indicates deterioration in liquidity, as reflected in
bank limit utilisation at 89% during the 12 months through October
2019. Further, there was a decline in revenue and a significant dip
in the operating margin, leading to losses. The stretched liquidity
and drop in margin have impacted the financial and business risk
profiles.

The rating reflects a below-average financial risk profile, large
working capital requirement, and susceptibility to risks inherent
in the poultry industry and to intense competition. These
weaknesses are partially offset by the extensive industry
experience of the promoters, and an established relationship with
customers and suppliers, aided by a long track record of
operations.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile
The adjusted networth was modest and the gearing high at INR5.96
crore and 1.72 times, respectively, as on March 31, 2019. The debt
protection metrics were weak, with interest coverage ratio at 0.58
time and net cash accrual to total debt ratio at a negative 0.04
time, in fiscal 2019.

* Large working capital requirement
Gross current assets were high at 93 days as on March 31, 2019.
That's mainly driven by large inventory of livestock and feed, at
90-100 days' of cost of sales, needed to be maintained to support
operations.

* Susceptibility to risks inherent in the poultry industry and to
intense competition
The poultry industry is susceptible to risks such as infections,
diseases and other epidemics. Also, the industry is highly
fragmented due to a large number of unorganised players given the
low entry barrier and limited capital intensity. The business risk
profile should remain susceptible to risks inherent in the poultry
industry and to intense competition.

Strengths

* Extensive industry experience of the promoters and established
relationship with customers and suppliers
The promoters have been associated with the poultry industry for
close to three decades. Over the years, they have established a
healthy relationship with customers and suppliers; this should
continue to support the business risk profile.

Liquidity: Stretched

Bank limit utilisation was high at an average of 89% during the 12
months through October 2019, due to large working capital
requirement. However, cash accrual is sufficient as there is no
term debt obligation.

Outlook: Stable
CRISIL believes RPPL will continue to benefit from the extensive
industry experience of the promoters.

Rating sensitivity factors

Upward factors

* Improvement in the operating profitability margin to above 7%,
leading to higher cash accrual
* Stable growth in revenue

Downward factors

* Decline in the margin to below 3%
* Large, debt-funded, capital expenditure, weakening the capital
structure.

RPPL was set up in 1986 by Mr M P Seshaiah and his family members.
The company undertakes poultry farming. Revenue is mainly derived
from the sale of commercial eggs, but also from sale of day-old
chicks.


SHARMA SURGICAL: CRISIL Cuts Rating on INR3cr Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sharma
Surgical and Engineering Private Limited (SSEPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            3          CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Inland/Import
   Letter of Credit       1.35       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan              4.60       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects the recent delays in servicing debt
obligations because of weak liquidity.

Key Rating Drivers & Detailed Description

* Delay in debt servicing due to weak liquidity: The firm has been
recently irregular in servicing its repayment obligations with
instances of overdrawing in bank limits.

Weaknesses

* Modest scale of operations amid intense competition
Intense competition keeps scale of operations modest with revenue
of INR6.7 crore in fiscal 2019.

* Susceptibility to volatility in steel prices
Volatility in the prices of raw materials such as stainless steel
and titanium can impact operating margin.

Strength

* Experience of the promoters: Industry presence of over a decade
has enabled the promoters to understand market dynamics and
establish healthy relationship with customers and suppliers.

Liquidity: Poor
Liquidity is poor as indicated by instances of delays in the
repayment of loan.

Rating sensitivity factor

Upward Factor

* Track record of timely debt-servicing for at least 90 days with
working capital utilisation within limits
* Significant improvement in operating performance with generation
of adequate cash accruals and enhancement in liquidity and debt
protection metrics.

Incorporated in 1994, Vadodara (Gujarat)-based SSEPL is promoted by
Mr Anand Sharma and his family and manufactures medical products,
primarily orthopaedic implants and its allied equipment.


SHREE B.S. COTTON: CRISIL Assigns 'B' Rating to INR7cr Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Shree B.S. Cotton Private Limited (SBSCPL).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit             7         CRISIL B/Stable (Assigned)

The rating reflects its modest scale of operation, susceptibility
to volatility in cotton prices and to regulatory framework, and
weak financial profile. These weaknesses are partially offset by
extensive industry experience of the promoters.

Analytical Approach

Unsecured Loans from promoters of INR0.73crore as on March 31,
2019, have been treated as NDNE as they are expected to remain in
the business

Key Rating Drivers & Detailed Description

Weaknesses
* Susceptibility to volatility in cotton prices and to regulatory
framework:
Cotton being an agricultural commodity, its availability depends on
monsoon. Moreover, government interventions and fluctuations in
global cotton output have resulted in sharp fluctuations in cotton
prices. Any abrupt change in regulation can distort market prices
and affect the profitability of players in the cotton value chain,
including ginners.

* Modest scale of operation:
SBSCPL's business profile is constrained by its moderst scale of
operations, reflected in revenue of Rs.13.40 crores for fiscal
2019, in the intensely competitive textile ginning industry.

* Below average financial profile:
SBSCPL has below average financial profile marked by low networth
of INR1.48 crores and high total outside liabilities to adjusted
networth (TOLANW) of 5.5 times- NOT CORRECT as on  March 31, 2019.
Debt protection measures are subdued with interest coverage and net
cash accrual to total debt (NCATD) ratio are at 1.39 times and 0.05
time for fiscal 2019.

Strengths
* Extensive industry experience of the promoters:
The promoters have an experience of over 25 years in
textile-ginning industry. This has given them an understanding of
the dynamics of the market, and enabled them to establish
relationships with suppliers and customers.

Liquidity Poor
SBSCPL has poor liquidity marked by low expected cash accruals of
INR0.34-44 crores annually in fiscal 2020 and fiscal 2021. The
company has no long term repayment obligations. Cash and cash
equivalents were Rs.0.42 Lakhs as on March 31, 2019. SBSCPL's fund
based limits are fully utilized over the 12 months ended March
2019. Fund support from promoters partly supports liquidity.
However, investment in group of INR1.77 crores constrains
liquidity.

Outlook: Stable

CRISIL believe SBSCPL will continue to benefit from the extensive
experience of its promoter.

Rating Sensitivity factors

Upward Factors:

* Reports revenue of INR15 Crores or more and sustenance of
operating profitability, leading to higher cash accruals
* Large equity infusion leading to gearing of less than 1 time

Downward Factors:

* Decline in revenue (below Rs.4 crores) or lower operating
profitability, impacts net cash accruals
* Higher exposure to group entities, withdrawal of unsecured loans
or increase in working capital requirements, impact liquidity.

SBSCPL, incorporated in 2012 by Tayal family, is engaged in cotton
ginning and pressing business in Sendhwa (Madhya Pradesh). The
operations are currently managed by Mr. Nikunj Tayal.


SHREE BANKE: CRISIL Reassigns Rating on INR10cr Loan to 'B'
-----------------------------------------------------------
CRISIL has reassigned its rating on the long-term bank facilities
of Shree Banke Bihari Ispat Private Limited (SBBIPL; a part of the
Shree Banke Bihari group) to 'CRISIL B/Stable' from 'CRISIL
BBB/Stable'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            10         CRISIL B/Stable (Reassigned
                                     from 'CRISIL BBB/Stable')

   Rupee Term Loan         5         CRISIL B/Stable (Reassigned
                                     from 'CRISIL BBB/Stable')

The revision in the rating follows the reassessment of the overall
credit profile of the Shree Banke Bihari group that has been
conducted post receipt of revised financial data on both the rated
entities. CRISIL has found discrepancy in the financial statements
provided by the management in case of SBBIPL for fiscals 2017 and
2018. Further, CRISIL understands that the financial statements for
fiscal 2019 had also been overstated by the management for both the
rated entities. This also tantamount to misrepresentation of facts
and financial statements by the management. The correctness of the
revised available financial statements has been verified from
reliable external sources. CRISIL has attempted to seek explanation
from the management about the said discrepancies, however despite
multiple follow ups there has been no concrete response. As per
correct financial statements, CRISIL understands that the group's
credit risk profile is weaker than earlier thought necessitating
the revision in rating.

Analytical Approach
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SBBIPL and Shree Rupanadham Steel
Private Limited (SRSPL). The two companies, are under a common
management, operate in the same line of business, and have
operational and financial linkages.

Key Rating Drivers & Detailed Description

Weakness:
* Below-average financial risk profile: Financial risk profile is
constrained by modest profitability and cash accruals. Group's
operating profitability has been low at 2.0.-2.5% and cash accruals
at INR1.2-2.0 crore over the three fiscals through 2019.

* Susceptibility to demand fluctuations, volatility in raw material
prices and changes in government regulations: The group remains
vulnerable to cyclicality in the steel industry given the close
linkage between the growth of the industry and the domestic and
global economies. Profitability remains susceptible to steel
prices, fluctuations in raw material prices, and changes in
government regulations in relation to imports and duties. Any
significant change in the demand and pricing scenario will remain
closely monitored.

Strength:
* Benefits derived because of established presence: Established
presence in the steel products industry and steady demand will
support the business.

Liquidity Stretched
Liquidity is stretched. Cash accrual, expected at INR2.0-2.5 crore
per fiscal over the medium term should cover yearly maturing debt
of INR1.4-1.8 crore. Further, bank limit utilisation has been 66%
in the 12 months through September 2019. Any larger-than expected
capital expenditure (capex) and debt contracted for it should
remain critical and will be monitored.

Outlook: Stable

CRISIL believes the Shree Banke Bihari group will benefit from the
steady demand for steel products.

Risk sensitivity factors
Upward factors
* Increase in revenue and operating profitability leading to annual
cash accruals of over INR4 crore
* Significant improvement in financial risk profile

Downward factors
* Decline in revenue or operating margin, and cash accruals to debt
repayments ratio of less than 1 time
* Any large capex or stretch in working capital cycle weakening the
financial risk profile, especially liquidity.

SBBIPL was incorporated in 2004 by Mr Bhola Prasad Agrawal. This
Raigarh (Chhattisgarh)-based company manufactures sponge iron and
mild steel (MS) billets. Mr Bhola Prasad Agrawal and his sons - Mr
Pawan Agarwal, Mr Mayan Agarwal and Mr Ajay Agarwal - currently
manage the business.

Incorporated in 2007, SRSPL manufactures MS ingots with installed
capacity of 46,750 tonne per annum and also has a sponge iron
unit.


SHREE RUPANADHAM: CRISIL Reassigns Rating on INR10cr Loan to B
--------------------------------------------------------------
CRISIL has reassigned its rating on the long-term bank facilities
of Shree Rupanadham Steel Private Limited (SRSPL; a part of the
Shree Banke Bihari group) to 'CRISIL B/Stable' from 'CRISIL
BBB/Stable'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            10         CRISIL B/Stable (Reassigned
                                     from 'CRISIL BBB/Stable')

   Proposed Cash
   Credit Limit           10         CRISIL B/Stable (Reassigned
                                     from 'CRISIL BBB/Stable')

   Rupee Term Loan         5         CRISIL B/Stable (Reassigned
                                     from 'CRISIL BBB/Stable')

The revision in the rating follows the reassessment of the overall
credit profile of the Shree Banke Bihari group that has been
conducted post receipt of revised financial data on both the rated
entities. CRISIL has found discrepancy in the financial statements
provided by the management in case of SBBIPL for fiscals 2017 and
2018. Further, CRISIL understands that the financial statements for
fiscal 2019 had also been overstated by the management for both the
rated entities. This also tantamount to misrepresentation of facts
and financial statements by the management. The correctness of the
revised available financial statements has been verified from
reliable external sources. CRISIL has attempted to seek explanation
from the management about the said discrepancies, however despite
multiple follow ups there has been no concrete response. As per
correct financial statements, CRISIL understands that the group's
credit risk profile is weaker than earlier thought necessitating
the revision in rating.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SRSPL and Shree Banke Bihari Ispat Pvt
Ltd (SBBIPL). The two companies, are under a common management,
operate in the same line of business, and have operational and
financial linkages.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile: Financial risk profile is
constrained by modest profitability and cash accruals. Group's
operating profitability has been low at 2.0.-2.5% and cash accruals
at INR1.2-2.0 crore over the three fiscals through 2019.

* Susceptibility to demand fluctuations, volatility in raw material
prices and changes in government regulations: The group remains
vulnerable to cyclicality in the steel industry given the close
linkage between the growth of the industry and the domestic and
global economies. Profitability remains susceptible to steel
prices, fluctuations in raw material prices, and changes in
government regulations in relation to imports and duties. Any
significant change in the demand and pricing scenario will remain
closely monitored.

Strength:

* Benefits derived because of established presence: Established
presence in the steel products industry and steady demand will
support the business.

Liquidity Stretched

Liquidity is stretched. Cash accrual, expected at INR2.0-2.5 crore
per fiscal over the medium term should cover yearly maturing debt
of INR1.4-1.8 crore. Further, bank limit utilisation has been 66%
in the 12 months through September 2019. Any larger-than expected
capital expenditure (capex) and debt contracted for it should
remain critical and will be monitored.

Outlook: Stable

CRISIL believes the Shree Banke Bihari group will benefit from the
steady demand for steel products.

Risk sensitivity factors

Upward factors

* Increase in revenue and operating profitability leading to annual
cash accruals of over INR4 crore
* Significant improvement in financial risk profile

Downward factors

* Decline in revenue or operating margin, and cash accruals to debt
repayments ratio of less than 1 time
* Any large capex or stretch in working capital cycle weakening the
financial risk profile, especially liquidity.

SBBIPL was incorporated in 2004 by Mr Bhola Prasad Agrawal. This
Raigarh (Chhattisgarh)-based company manufactures sponge iron and
mild steel (MS) billets. Mr Bhola Prasad Agrawal and his sons - Mr
Pawan Agarwal, Mr Mayan Agarwal and Mr Ajay Agarwal - currently
manage the business.

Incorporated in 2007, SRSPL manufactures MS ingots with installed
capacity of 46,750 tonne per annum and also has a sponge iron
unit.


SHRI KESHAV: Ind-Ra Corrects Dec. 6 Ratings Release
---------------------------------------------------
India Ratings and Research (Ind-Ra) rectified a ratings release on
Shri Keshav Cements and Infra Limited published on December 6,
2019, to correctly state the rating in the headline.

The amended release is as follows:

India Ratings and Research (Ind-Ra) has revised Shri Keshav Cements
and Infra Limited's (SKCIL) Outlook to Positive from Stable while
affirming its Long-Term Issuer Rating at 'IND BB'.

The instrument-wise rating actions are:

-- INR413 mil. Long-term loans due on January 2030 affirmed;
     Outlook revised to Positive from Stable with IND BB/Positive
     rating; and

-- INR267 mil. Fund-based limits affirmed; Outlook revised to
     Positive from Stable with IND BB/Positive/IND A4+ rating.

KEY RATING DRIVERS

The Outlook revision reflects Ind-Ra's expectations that SKCIL's
margins, which were around 40.6% during 1HFY20 (1HFY19: 29%), would
continue to be at similar levels over the medium term.

SKCIL's EBITDA margins rose to 36% in FY19 (FY18: 14.2%),
primarily due to commencement of operations of the plant that had
been partially shut in FY18 and reduction in power and fuel costs
due to captive usage of the company's 20MW solar power plant.
Furthermore, sales of excess power contributed to SKCIL's total
operating income, thereby improving its profitability. The return
on capital was 7% in FY19 (FY18: 1%).

The ratings reflect SKCIL's continued modest credit metrics due to
the additional debt taken for CAPEX on plant expansion and solar
power plant establishment. The interest coverage (operating
EBITDA/gross interest expense) improved to 1.38x in FY19 (FY18:
0.8x) due to partial repayment of debts. The net leverage (total
adjusted net debt/operating EBITDAR) improved to 7.22x in FY19
(21.98x) owing to improvement in the absolute operating EBITDA to
INR252.47 (FY18: INR73.68 million).

The ratings reflect SKCIL's small scale of operations. The
company's revenue, however, increased to INR700 million in FY19
(FY18: INR521 million) on account of an increase in orders
received. The company derives a major part of its revenues from
cement sales, followed by trading in fuel and sale of excess solar
power. During 1HFY20, SKCIL achieved a turnover of INR347.72
million. The company receives regular orders from customers.

Liquidity Indicator - Stretched: The average utilization of the
fund-based limits was around 100% for the 12 months ended in
October 2019. The cash and cash equivalents remained at INR11
million as against total outstanding debt of INR1,797 million. Cash
flow from operations turned negative at INR99 million in FY19
(FY18: INR118 million) on account of unfavorable changes in the
working capital cycle. Free cash flow remained negative at
INR163.12 million in FY19 (FY18: negative INR-1014.26).

The ratings, however, are supported by the promoters' experience of
over 11 years in the cement sector.

RATING SENSITIVITIES

Negative: Any decline in the revenue or the EBITDA margin, leading
to a deterioration in the liquidity position and the credit
metrics, with the net leverage remaining above 5x, on a sustained
basis, would result in the Outlook being revised to stable.

Positive: Improvement in the scale of operations and stable EBITDA
margin,  leading to an improvement in the liquidity position and
the credit metrics, with the net leverage falling below 4x, all on
a sustained basis, would lead to positive rating action.

COMPANY PROFILE

Incorporated in 1993, SKCIL is listed on the Bombay Stock Exchange.
The company manufactures ordinary Portland cement.


TRES MERCARI: CRISIL Lowers Rating on INR4cr Loan to 'D'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Tres Mercari Private Limited (TMPL) to 'CRISIL D' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Long Term Loan        2.38        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Overdraft             4.00        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays in debt servicing due to poor
liquidity resulting from slower than expected ramp-up of
operations. This resulted in losses and negative accruals resulting
in poor liquidity.

The rating also factors in the company's small scale of operations
and the weak financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters in the textile
industry.

Key Rating Drivers & Detailed Description

* Delays in debt servicing

The company has delayed its term debt obligation because of poor
liquidity due to slower than expected ramp-up of operations.

Weaknesses

* Small scale of operations

Scale remains small, as reflected in revenue of INR1.50 crore in
fiscal 2019 due to slower than expected ramp-up of operations.

* Weak financial risk profile

Financial risk profile is weak due to eroded networth on account of
past losses and negative debt protection metrics and return on
capital employed.

Strength

* Extensive experience of the promoters

Benefits from the 15-year-long experience of the promoters, their
in-depth understanding of the industry dynamics, and healthy
relations with weavers and other garment manufacturers should
continue to support the business.

Liquidity: Poor

Liquidity is poor, as reflected in the delays in debt servicing.

Rating sensitivity factors

Upward Factors

* Track record of timely debt servicing for at least 90 days
* Ramping up of operations resulting in increase in revenue and
profitability.

Incorporated in 2016, TMPL retails women's apparel under brands
such as Zarivastram, Amor Tela, and Navalia. Mr Vamsi Krishna
Yeluri manages the operations.


V.J. CONSTRUCTIONS: CRISIL Cuts Rating on INR2.5cr Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of V.J.
Constructions (VJC) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee       2.5          CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Overdraft            2.5          CRISIL B+/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

The downgrade indicates deterioration in the liquidity profile with
bank lines being utilised 96% in the 12 months through September
2019. Further, there is a significant increase in the working
capital requirement marked by gross current assets (GCAs) of 303
days as on March 31, 2019. The tight liquidity and large working
capital requirements have weakened the financial risk profile.

The ratings continue to reflect the large working capital
requirements and modest scale of operations in the highly
competitive construction industry. These weaknesses are partially
offset by the extensive experience of the partners in the
construction business.

Key Rating Drivers & Detailed Description

Weaknesses
* Large working capital requirement: Operations are working capital
intensive as reflected in GCAs of 303 days as on March 31, 2019
driven by sizeable debtors.

* Modest scale of operations: Intense competition keeps scale of
operations modest with revenue of INR12.62 crore in fiscal 2019.

Strengths
* Extensive experience of the partners: Benefits from the partners'
experience of over two decades should continue to support the
business.

Liquidity: Stretched
Large working capital requirements have kept bank limit utilisation
high at 96% in the 12 months through September 2019. Moreover,
expected cash accruals are tightly matched against maturing debt.

Outlook: Stable

CRISIL believes VJC will continue to benefit from the experience of
its partners and moderate outstanding orders providing revenue
visibility.

Rating sensitivity factor
Upward Factors
* Sustained increase in scale of operations by 20%
* Improvement in  working capital cycle leading to GCAs of less
than 200 days

Downward Factors
* Decline in net cash accrual to below INR40 lakh on account of
fall in revenue or profits
* Large debt-funded capital expenditure weakens capital structure.

Formed in 2008 as a partnership firm by Mr J Mohan Reddy and Mr
Raman Reddy, VJC undertakes civil contracts to construct highways,
roads and bridges for the Telangana government.




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

NISSAN MOTOR: Faces JPY2.4-Bil. Fine Over Carlos Ghosn Scandal
--------------------------------------------------------------
The Japan Times reports that Japan's securities watchdog is set to
recommend that Nissan Motor Co. be fined JPY2.4 billion (US$22
million) over allegations that it underreported former Chairman
Carlos Ghosn's remuneration for years, a source close to the matter
said on Dec. 9.

The recommendation by the Securities and Exchange Surveillance
Commission, which has also filed a criminal complaint against
Nissan and Ghosn over the alleged misreporting, will likely be made
to the Financial Services Agency on Dec. 10, the source said, the
Japan Times relates.

According to the report, the watchdog accused Nissan of violating
the financial instruments law by underreporting Ghosn's pay package
by around JPY9.1 billion in the eight years through March 2018 in
the company's securities reports presented to regulators.

The fine targets the underreported period of four years through
March 2018 for which the statute of limitations has not expired,
the Japan Times says.

Initially, the penalty for Nissan was expected to reach JPY4
billion based on the amount of pay left out of submitted documents,
but the automaker has asked the watchdog for a reduction in the
fine by reporting the matter before an investigation got fully
underway, the report says. The SESC is set to accept Nissan's
request, the source said.

The Japan Times notes that Tokyo prosecutors have indicted Nissan
on the charge. The company corrected its securities reports in May,
including executive remuneration, from fiscal 2005 to fiscal 2017.

It is rare for the SESC to both file a criminal complaint and
recommend a fine to the Financial Services Agency over alleged
financial statement falsification, the Japan Times says.

There was one such case in 2012 when a fine was recommended and a
criminal complaint was filed against Olympus Corp. which had
admitted to hiding massive investment losses, the report notes.

Nissan Motor Company Ltd, usually shortened to Nissan, is a
Japanese multinational automobile manufacturer headquartered in
Nishi-ku, Yokohama, Japan.




=========
M A C A U
=========

WYNN MACAU: S&P Assigns BB- Rating on New $650MM Unsecured Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating to Wynn
Macau Ltd.'s proposed $650 million senior unsecured notes due 2029.
Wynn Macau plans to use proceeds from the new senior notes to
facilitate the repayment of a portion of the senior secured credit
facilities and for general corporate purposes. Wynn Resorts (Macau)
S.A., a subsidiary of Wynn Macau that holds the concession and
operates the company's resorts in Macau, will retain a larger
portion of its cash flow over the next several quarters to repay
secured debt. The transaction will be leverage neutral.

Issue Ratings--Subordination Risk Analysis

S&P said, "We apply our subordination risk criteria to rate Wynn
Macau's credit facilities and notes in lieu of assigning recovery
ratings because we do not assign recovery ratings to debt issued in
Macau. Macau is a jurisdiction for which we have not published an
insolvency report and have not ranked because, to date, there is
limited historical precedent for a large-scale bankruptcy filing of
a foreign-owned entity there. The jurisdiction is a special
administrative region of the People's Republic of China.
Furthermore, even if lenders have a good claim with a registerable
interest in the real estate, we believe there is significant
uncertainty surrounding the application of the insolvency process
and lenders' ability to realize asset value in this jurisdiction."

Capital structure

Pro forma for the proposed notes issuance and expected secured debt
repayment, Wynn Macau Ltd.'s capital structure consists of $2.1
billion of secured debt outstanding as of Sept. 30, 2019, issued by
subsidiary Wynn Resorts (Macau) S.A. and $2 billion of unsecured
debt issued by Wynn Macau Ltd.

Analytical conclusions

The secured debt issued by Wynn Resorts (Macau) S.A. is rated 'BB',
the same as the issuer credit rating on its parent Wynn Macau Ltd.,
because it is secured. The $2 billion of unsecured debt issued by
Wynn Macau Ltd. is rated 'BB-', one notch below the issuer credit
rating, because it is structurally subordinated and ranks behind a
significant amount of secured debt issued by a subsidiary in the
capital structure.




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

CBL CORP: Shareholders Holding Nearly 60MM Shares Join Class Action
-------------------------------------------------------------------
Andrew Bascand, Chair of the CBL Class Action, has confirmed
registrations to join the action against the directors and CBL
Corporation have been received from investors owning approximately
60 million shares - representing nearly 50% of all eligible shares
in CBL at the date of its ceasing to trade in February 2018.

"In addition to the significant named representative shareholders -
institutional investor Harbour and Australian based Argo
Investments Limited, who collectively represent over 27 million
shares, a large number of other eligible shareholders have joined
our action to try and get some of their losses back.

"We now have nearly 50% of the total of number of shares in CBL
signed up to our CBL Class Action," said Mr. Bascand.

"This has been calculated on the basis of the eligible
shareholdings held in CBL when it collapsed in 2018, a number we
estimate to be around 125m shares."

Mr. Bascand adds, "Shareholders who have signed up come from around
the globe and are both institutional investors and out of pocket
mum and dad shareholders who want the opportunity to recover the
money they lost as a result of the company's collapse."

"Shareholders who acquired CBL shares in the IPO or subsequently
and either sold them at a loss or held them at the time of CBL's
collapse in February 2018 are eligible to join the claim," said Mr
Bascand.

The CBL Class Action is against the directors of CBL and the
company itself and seeks compensation for the significant losses
suffered by shareholders as a result of the company's collapse in
2018. The claim is funded by LPF Group.

"We filed a Statement of Claim in the Wellington High Court on 31
October, that clearly outlined the claims against both the
directors and the company. This included allegations of misleading
statements in IPO documents, breaches of continuous disclosure
obligations and insider trading.

"We believe legal action is the only way for investors in CBL to
get some money back," said Mr. Bascand.

                         About CBL Corp.

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

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

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

The administration relates to New Zealand-domiciled companies.

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

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


CULLEN GROUP: Judge Refuses to Halt Liquidation Process
-------------------------------------------------------
NZ Herald reports that the High Court has rejected expatriate
businessman Eric Watson's attempt to delay payment of more than
NZ$500,000 in overdue court costs in a decision that rubbishes the
tactics used.

In the latest twist in the one-time corporate high-flier's
long-running tax avoidance case, lawyers for Mr. Watson tried to
argue that if his Cullen Group was forced to pay the NZ$505,399.05
in interest costs, it would likely tip the firm into liquidation,
NZ Herald relates.

According to NZ Herald, Cullen Group already owes the Inland
Revenue Department NZ$114.7 million in unpaid tax and interest,
plus as yet undetermined penalties, relating to a March decision in
the Auckland High Court that Cullen had avoided some NZ$51.5
million of tax in the first decade of this century.

In his decision on the application for a stay on costs, issued on
Nov. 29 and published on Dec. 2, Justice Matthew Palmer noted that
while Cullen Group had negative equity in its accounts of NZ$203.4
million, its subsidiary Cullen Investments had assets of more than
NZ$148 million in its 2017 financial statements, NZ Herald
relates.

Total liabilities were just over NZ$73 million, and it recorded
operating expenses of NZ$6.3 million, including NZ$2.6 million of
salaries. Cullen Group's own opex that year was more than NZ$21
million.

"The costs award of some NZ$500,000 that has been owing for almost
eight months should not be enough to tip Cullen Group into
insolvency and liquidation unless those controlling it, including
Mr. Eric Watson, wish it to do so. It is likely to be up to him
whether Cullen Group is liquidated."

NZ Herald says Justice Palmer had already found in the earlier
judgment that Mr. Watson exercised a "high degree of control" over
Cullen assets.

"A party owing costs under a judgment cannot force a stay of the
judgment by effectively threatening its own liquidation," the judge
said. "Rather, that appears to be a reason in favour of liquidation
and against a stay, to enable enforcement of the judgment."

According to NZ Herald, Mr. Watson's legal team had argued that
Cullen Group was in the process of an asset sale, which had become
complicated, but which should yield NZ$1.2 million in proceeds in
February when court costs could be paid.

But Justice Palmer was having none of it.

"If Cullen Group wishes to avoid liquidation, it should pay the
relatively minor costs award in the time it still has to do so. If
it cannot . . . it should be liquidated."

According to NZ Herald, Mr. Watson left New Zealand permanently for
the UK in 2002 and has tried to argue the avoidance arrangements
were part of arranging his affairs to become a British taxpayer.

The avoidance was arranged by turning shares in one of Mr. Watson's
New Zealand companies into loans to another company, which were
then parked in a company in the Cayman Islands, a tax haven.

Justice Palmer ruled in March that Mr. Watson had used "a web of
entities" designed to avoid paying non-resident withholding tax of
15 per cent on loans to Cullen Investments between 2002 and 2010.

Mr. Watson is taking that decision to the Court of Appeal in
February, NZ Herald discloses.

As well as denying a stay on the costs order and potential
liquidation, Justice Palmer also denied an application to extend
the September 10 deadline for Cullen Group to file a statement of
defence on the liquidation issue as it had "given no reason for
that failure other than oversight," adds NZ Herald.




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

NOBLE GROUP: Deadline to Register for Shares in New Noble Extended
------------------------------------------------------------------
The Business Times reports that investors still holding on to
shares of the formerly Singapore Exchange-listed Noble Group, or
"Old Noble", are getting a three-month extension until March 19,
2020 to register with the appointed trustee to receive their shares
in the new unlisted entity Noble Group Holdings (Noble Holdings).

The original date for shareholders of Old Noble to register with
trustee, Lucid Issuer Services, was Dec. 19, 2019.

According to BT, the restructuring of Old Noble became effective on
Dec. 20, 2018. As part of the restructuring, all the assets and
business of Old Noble were transferred to Noble Holdings.

Under the terms of the restructuring, shareholders of Old Noble are
entitled to receive one share in Noble Holdings for every 10 shares
held in Old Noble, BT says. Fractional entitlements will be rounded
up to the nearest whole share.

Noble Group Limited was a manager of global supply chains for
physical commodities. The company's activities across these chains
included the sourcing, storage, processing, transportation, and
distribution of various commodity products.


SUNMOOD FOOD: Unit Gets Statutory Demand for US$1.2MM From Supplier
-------------------------------------------------------------------
The Business Times reports that SunMoon Food Company on Dec. 10
said its wholly-owned subsidiary has received a statutory demand on
Nov. 29 from Japanese food supplier Wismettac Foods, which is
seeking payment of US$1.2 million within 21 days from the date the
demand was served.

If SunMoon Distribution & Trading fails to comply with the demand,
or compound the outstanding sum owed within reasonable
satisfaction, Wismettac will apply for a winding-up order against
the company.

SunMoon Food directors said the claim will have no material adverse
impact on the financial position and performance of the group.

Sunmoon Food Company Limited, an investment holding company,
distributes and markets branded fresh fruits, vegetables, and
consumer products worldwide. Its fresh fruits include apples,
pears, stone fruits, and seasonal fruits; and consumer products
comprise fruit cups, juices, snacks, and frozen products. The
company also manages a network of retail franchise outlets. It
distributes products through supermarkets, convenience stores,
online and wholesale channels, airlines, and food services.



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

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

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

This material is copyrighted and any commercial use, resale or
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