/raid1/www/Hosts/bankrupt/TCRAP_Public/191218.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 18, 2019, Vol. 22, No. 252

                           Headlines



A U S T R A L I A

BARON FORGE: First Creditors' Meeting Set for Dec. 31
GENESIS CARE: S&P Puts 'B+' LongTerm ICR on Watch Negative
INTERNET SERVICES: Marlin Brands Buys Online Furniture Retailer
KEMPSEY TIMBERS: Second Creditors' Meeting Set for Dec. 24
MAXWELL & KEMP: Second Creditors' Meeting Set for Dec. 23

MITCHCO CIVIL: Second Creditors' Meeting Set for Dec. 23
NICOLAS CRINITI: Second Creditors' Meeting Set for Dec. 24
THETA ASSET: First Creditors' Meeting Set for Dec. 27
VALUESTREAM INVESTMENT: First Creditors' Meeting Set for Dec. 27


C H I N A

ANBANG INSURANCE: Chengdu to Take Stake in Anbang-Controlled Bank
CHINA: Defaults in Shandong Province Spook Investors
CHONGQING HECHUAN CONSTRUCTION: Fitch Affirms BB+ LT IDRs
XINJIAN GOLDWIND: Moody's Assigns Ba1 CFR, Outlook Stable


H O N G   K O N G

HONG KONG AIRLINES: Seven Planes Seized After Missed Payments


I N D I A

BHAROSA CHARITABLE: CRISIL Assigns 'B' Rating to INR5cr LT Loan
DURGA SHAKTI: Ind-Ra Raises LT Issuer Rating to BB, Outlook Stable
ESSAR STEEL: SBI to Recover Around INR12,000 Crore
EXCEL TIMBERS: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
G-NEXT MEDIA: CRISIL Lowers Rating on INR11.5cr Loan to 'B+'

GAURI INTERNATIONAL: CRISIL Maintains D Rating in Not Cooperating
GIRRAJ JI STONE: Ind-Ra Affirms Then Withdraws 'BB+' Issuer Rating
GOUTHAMI HATCHERIES: CRISIL Keeps D Debt Ratings in Not Cooperating
GURULAXMI COTTEX: CRISIL Lowers Rating on INR16.26cr Loan to B+
HOSHIARPUR ROLLER: CRISIL Maintains D Ratings in Not Cooperating

JATSON POWER: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
JYOTI HOSPITAL: CRISIL Maintains B- Ratings in Not Cooperating
KAILASH GINNING: CRISIL Maintains D Debt Ratings in Not Cooperating
KAPADIA TEXTILE: CRISIL Maintains 'D' Ratings in Not Cooperating
LEOFORTUNE INFRABUILDCON: CRISIL Keeps Rating in Not Cooperating

MAYA CONSTRUCTION: Ind-Ra Migrates BB- Rating to Non-Cooperating
OM ESHA: Ind-Ra Migrates 'B+' LT Issuer Rating to Non-Cooperating
RM DAIRY: CRISIL Lowers Rating on INR14.9cr Term Loan to 'D'
RUCHI SOYA: Patanjali Seeks 7 Days to Implement Resolution Plan
SHIVA LOKENATH: CRISIL Lowers Rating on INR14cr Cash Loan to D

SHREE JEE: CRISIL Assigns 'B+' Rating to INR8.79cr Term Loan
SHREE TATYASAHEB: Ind-Ra Rates INR1,041 Billion Term Loan 'B+'
SHRIRAM TRANSPORT: Fitch Affirms BB+ LongTerm IDRs, Outlook Stable
SHRIRAM TRANSPORT: S&P Alters Outlook to Neg. & Affirms BB+/B ICRs
TICEL BIO: CRISIL Lowers Rating on INR70cr LT Loan to 'B+'

VIMLESH PRASAD: CRISIL Raises Rating on INR1cr Cash Loan to B-


I N D O N E S I A

SAWIT SUMBERMAS: Moody's Lowers CFR to B3, Outlook Negative


N E W   Z E A L A N D

CBL CORP: FMA Files Civil Proceedings vs. Firm, Directors & CFO
CBL CORP: Serious Fraud Office Files Criminal Charges


S I N G A P O R E

CHINESE GLOBAL: Winding-up Application Against Firm Withdrawn

                           - - - - -


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

BARON FORGE: First Creditors' Meeting Set for Dec. 31
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Baron Forge
Contractors (NSW) Pty Ltd, Baron Forge (NSW) Pty Ltd, Baron Forge
(QLD) Pty Ltd, will be held on Dec. 31, 2019, at the offices of
KordaMentha:

     VIC
     Rialto South Tower, Level 31
     525 Collins Street
     Melbourne, Victoria
     Time: 11:00 a.m.

     NSW
     Chifley Tower, Level 5
     2 Chifley Square
     Sydney, New South Wales
     Time: 11:00 a.m.

     QLD
     Level 14, 12 Creek Street
     Brisbane, Queensland     
     Time: 10:00 a.m.

Craig Peter Shepard, Andrew Knight and Scott Langdon of KordaMentha
were appointed as administrators of Baron Forge on Dec. 17, 2019.


GENESIS CARE: S&P Puts 'B+' LongTerm ICR on Watch Negative
----------------------------------------------------------
S&P Global Ratings, on Dec. 17, 2019, placed the 'B+' long-term
issuer credit rating on Genesis Care Pty Ltd. and associated issue
ratings on the company's debt on CreditWatch with negative
implications.

S&P placed the rating on CreditWatch with negative implications to
reflect its view that Genesis Care's forecast leverage could
increase significantly if funding were weighted more toward debt.
Australia-based cancer and cardiac care service provider Genesis
Care has announced its significant acquisition of U.S.-based
provider of radiation therapy and integrated cancer treatments 21st
Century Oncology (21st Century) for US$1.1 billion. Genesis Care
intends to finance the acquisition through a combination of debt
and new equity issuance from its major shareholders, but has yet to
elaborate further on the details of its financing plan.

The magnitude of likely revenue or cost synergies and operating
leases for this transaction are unclear at this stage. If the
transaction were to be largely debt funded, and 21st Century has
existing onerous operating lease obligations, the group's forecast
leverage could increase significantly from S&P's current
expectations.

The shareholder ownership structure post the transaction is key to
the group's overall creditworthiness. If Genesis Care's current
shareholder KKR Core Fund were to subscribe to the majority of
fresh equity, (absent equity capital contribution from current
majority shareholder, China Resources Holdings Co. Ltd. [CRH]),
KKR's ownership share could increase materially. S&P said, "In this
scenario, we may consider Genesis Care to be a financial
sponsor-owned company, thus potentially constraining the rating. In
addition, we currently incorporate moderately strategic support
from CRH to Genesis Care, which provides one-notch uplift to the
rating."

S&P said, "In our view, 21st Century will broaden Genesis Care's
geographic footprint and increase its scale. However, the
reimbursement environment in the U.S. is inherently higher risk
than in Australia. In our view, operating in a higher
reimbursement-risk environment may lower operating margins and
constrain Genesis Care's ability to generate cash flow. We would
incorporate the company's growth appetite and assess the degree of
the potential lag in earnings recognition between initial setup
costs of sites and revenue recognition. In our view, while Genesis
Care pursues an aggressive growth strategy, its free operating cash
flow generation is likely to be constrained, limiting debt
reduction.

"We aim to resolve the CreditWatch placement once we have assessed
the impact of the transaction on Genesis Care's credit profile. In
particular, we will analyze the structure of the financing, the
ownership intentions and strategy for major shareholders, and the
impact of the acquisition on the group's business risk profile. We
will also consider the group's likely cash generation, capacity to
repay debt, and appetite for further growth opportunities."

Genesis Care is a leader in cancer and cardiac care with radiation
oncology services in Australia, U.K., and Spain: 37, 14, and 21
cancer treatment centers, respectively. The company also has a
cardiac care business in Australia located across 99 locations.

Genesis Care's current ownership consists of China Resources Group
(41%), Genesis Care's management team and doctors (38%), and KKR
Core Fund (21%).


INTERNET SERVICES: Marlin Brands Buys Online Furniture Retailer
---------------------------------------------------------------
Dominic Powell at The Sydney Morning Herald reports that the chief
executive of online furniture retailer Zanui has blamed Black
Friday sales for the company's collapse earlier this year, with the
popular online business announced Dec. 17 on it had been rescued
from voluntary administration by one of Australia's largest
homewares wholesalers.

Zanui suddenly entered administration in late October, shocking
fans and leaving a number of shoppers out-of-pocket, unable to
process returns, refunds or any orders, the report says.

Speaking to The Age and The Sydney Morning Herald, chief executive
Yosuke Hall said the business had been suffering from
"inconsistent" sales throughout 2019 and ran into difficulties
after hitting surprisingly weak trade in October.

"In October, we reached a period where customers are well aware of
all the offers in November like Black Friday, Cyber Monday, Click
Frenzy," the report quotes Mr. Hall as saying.  "October just
happened to be much softer than expected as customers were pushing
their purchasing back, they're now much more aware of when they're
able to shop with discounts."

With Zanui relying on strong pre-Christmas sales, the business was
unable to continue trading, the report notes. However, just two
weeks later on November 12, it was purchased for an undisclosed
price by wholesaler Marlin Brands.

Supplying more than 18,000 retailers across Australia and owned by
investment houses Oaktree Capital Management and Alceon Group, its
brands include homewares brand Albi, kitchen storage brand Decor,
and gifts company Independence Studios.

Alceon is a prominent shareholder in Australia's retail landscape,
holding a majority stake in Mosaic Brands (formerly Noni B), along
with EziBuy and Surfstitch. Oaktree is also the owner of surfwear
companies Quiksilver and Billabong.

According to the report, Marlin's chief executive Malcolm Bundey
said Zanui's purchase was not only complementary to its already
owned brands, but it also provided the company with a foothold into
the online retail space.

"We know online is very important in the retail environment, I
don't think you can survive in the future without some sort of
online presence," Mr. Bundey, as cited by SMH, said.

A "well capitalised" partner, Marlin will look to invest more in
Zanui, with Mr. Bundey believing the previous owners - German
incubator Rocket Internet - had underinvested in the business,
which partially contributed to its collapse, SMH relays.

But, as is the case for private equity investors, Zanui's new owner
will likely look for an exit in the next three to four years after
improving and growing the business, according to SMH.

"We can see quite a strong growth path in the Zanui business, and
one which is complementary to the rest of the businesses in the
Marlin group," the report quotes Mr. Bundey as saying.

Zanui is currently in the process of connecting with customers who
had unfilled orders, with plans to honor existing gift cards, SMH
states.

Morgan John Kelly, Gayle Dickerson and Phil Quinlan of KPMG were
appointed as administrators of Internet Services Australia 3 Pty
Limited, trading as Zanui, on Oct. 28, 2019.


KEMPSEY TIMBERS: Second Creditors' Meeting Set for Dec. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Kempsey Timbers
(Sawmilling) Pty Ltd and Kempsey Timbers Pty Ltd has been set for
Dec. 24, 2019, at 11:00 a.m. at the offices of Hayes Advisory,
Level 16, at 55 Clarence 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. 23, 2019, at 5:00 p.m.

Alan Hayes of Hayes Advisory was appointed as administrator of
Kempsey Timbers on Nov. 19, 2019.


MAXWELL & KEMP: Second Creditors' Meeting Set for Dec. 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of Maxwell & Kemp
Pty Limited has been set for Dec. 23, 2019, at 2:30 p.m. at the
offices of Restructuring Works, Level 8, at 80 Clarence St, 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. 22, 2019, at 5:00 p.m.

John Raymond Gibbons of Restructuring Works was appointed as
administrator of Maxwell & Kemp on
Nov. 19, 2019.


MITCHCO CIVIL: Second Creditors' Meeting Set for Dec. 23
--------------------------------------------------------
A second meeting of creditors in the proceedings of Mitchco Civil
Pty Ltd has been set for Dec. 23, 2019, at 9:30 a.m. at the offices
of Cor Cordis, Level 29, at 360 Collins Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 20, 2019, at 4:00 p.m.

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


NICOLAS CRINITI: Second Creditors' Meeting Set for Dec. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Nicolas Criniti
Pty Ltd ATF Bridge Road Unit Trust has been set for Dec. 24, 2019,
at 11:00 a.m. at the offices of Condon Associates, Level 6, at 87
Marsden 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. 23, 2019, at 4:00 p.m.

Schon Gregory Condon RFD of Condon Associates was appointed as
administrator of Nicolas Criniti on Nov. 22, 2019.


THETA ASSET: First Creditors' Meeting Set for Dec. 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Theta Asset
Management Ltd will be held concurrently on Dec. 27, 2019, at 12:00
p.m., at the following locations:

     NSW  
     Sydney Suite 1, Level 15
     9 Castlereagh Street
     Sydney, New South Wales

     WA
     Perth 4/15 Ogilvie Rd
     Mount Pleasant, West Australia

Christopher Darin & Mervyn Kitay of Worrells Solvency & Forensic
Accountants were appointed as administrators of Theta Asset on Dec.
13, 2019.


VALUESTREAM INVESTMENT: First Creditors' Meeting Set for Dec. 27
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Valuestream
Investment Management Ltd will be held concurrently on Dec. 27,
2019, at 12:00 p.m., at the following locations:

     NSW  
     Sydney Suite 1, Level 15
     9 Castlereagh Street
     Sydney, New South Wales

     VIC
     Melbourne 15/114 William St.
     Melbourne, Victoria

     QLD
     Brisbane 8/102 Adelaide St,
     Brisbane, Queensland

     WA
     Perth 4/15 Ogilvie Rd
     Mount Pleasant, West Australia

Christopher Darin & Mervyn Kitay of Worrells Solvency & Forensic
Accountants were appointed as administrators of Valuestream
Investment on Dec. 13, 2019.




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C H I N A
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ANBANG INSURANCE: Chengdu to Take Stake in Anbang-Controlled Bank
-----------------------------------------------------------------
Wu Hongyuran and Guo Yingzhe at Caixin Global report that Anbang
Insurance Group Co. Ltd. will probably transfer some of its shares
in a bank based in the southwestern city of Chengdu to an
investment firm owned by that city's government.

Chengdu Xingcheng Investment Group Co. Ltd., an investment vehicle
controlled by the city government, is expected to lead the purchase
of a 35% stake in Chengdu Rural Commercial Bank Co. Ltd., Caixin
relates citing sources familiar with the matter. The deal will
likely be announced before the end of the year, they said.

Caixin says the sale is part of efforts by China's insurance
regulator to dismantle Anbang. It has been systematically selling
off Anbang's assets since taking over the scandal- and debt-ridden
conglomerate last February. The regulator has vowed to dispose of
unnecessary financial licenses held by Anbang that don't do much to
augment the value of its core insurance business. Anbang founder Wu
Xiaohui was sentenced to 18 years in prison last May for
fundraising fraud and embezzlement.

According to the report, a former chairman of Chengdu Rural
Commercial Bank, Fu Zuoyong, was recently put under investigation
and expelled from the Communist Party. The anti-corruption body of
Sichuan province, where Chengdu is located, said in a statement on
Dec. 14 that he is suspected of taking bribes and other
wrongdoings, but did not specifically mention his involvement with
Anbang, Caixin relays.

In December of last year, Anbang's 3.5 billion shares in the bank
were put up for sale for CNY16.8 billion ($2.4 billion), which
meant the price per share represented nearly 120% of the bank's
end-2017 net asset value per share. Despite initial interest, the
deal fell through and was terminated in January, likely because
potential buyers led by state-owned liquor producer Wuliangye Yibin
Co. Ltd. could not agree with Anbang on the price, the report
states.

Anbang became the largest shareholder of Chengdu Rural Commercial
Bank in 2011, buying its 35% stake for CNY5.6 billion, the report
notes. Anbang then bought even more shares through affiliate
companies, eventually controlling at least 46.45% and making the
lender its largest banking asset. Anbang has also held shares in
China Merchants Bank Co. Ltd., China Minsheng Banking Corp. Ltd.,
and China Zheshang Bank Co. Ltd.

Chengdu Rural Commercial Bank has not yet published its 2018 annual
report, but it made a net profit of CNY4.6 billion on assets worth
CNY705.6 billion in 2017, Caixin discloses citing that year's
annual report. Extensive audits are necessary to determine how much
Anbang may have embezzled from it through interbank business and
other deals, the report notes.

                       About Anbang Insurance

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other marquee
properties around the world, and charged its former chairman with
economic crimes. The Strait Times noted that the move is Beijing's
biggest effort yet to rein in a new kind of Chinese company, in
this case, one that spent billions of dollars around the world over
the past three years buying up hotels and other high-profile
properties.  The rise of these companies illustrates China's
growing economic might, but Chinese officials have grown
increasingly concerned that they were piling up debt to make
frivolous purchases. In a statement posted on its website on Feb.
23, the China Insurance Regulatory Commission said the government
was taking over to ensure the "normal and stable operation" of the
company. "Illegal operations at Anbang may have seriously
endangered the company's solvency, prompting the government to take
control," the statement read.

The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.

Mr. Wu Xiaohui was later sentenced to 18 years in prison for fraud
and embezzlement, according to Reuters.


CHINA: Defaults in Shandong Province Spook Investors
----------------------------------------------------
Bloomberg News reports that six privately owned companies in one of
China's wealthiest provinces have defaulted on their debt or come
perilously close in the last three months. With CNY68.1 billion
(US$9.7 billion) in outstanding debt among those six companies
alone, the distress in Shandong has rattled even seasoned
investors.

Bloomberg says the problem isn't the defaults themselves -- other
provinces have seen more and worse. It's the practice common among
Shandong companies of guaranteeing each others' debts. Firms don't
have to make public these liabilities, leaving investors to wonder
who's on the hook and for how much. With the once-strong industrial
economy flagging, the murky ties between the province's private
companies threaten to drag them all down together, Bloomberg
relates.

This is one of many challenges bond investors must grapple with in
China now, after defaults onshore climbed from zero just a few
years ago to CNY130.7 billion ($18.7 billion) in 2019. In Shandong
and elsewhere, it's still unclear how the government will
intervene. Policy makers have been increasingly willing to let weak
companies fail, but they're also under pressure to keep the economy
growing and the markets stable, according to Bloomberg.

As of now, Shandong's city and local governments have stepped in
with piecemeal relief, the report states. It's uncertain whether
the provincial government will do the same. As a result, the
province's firms risk entering a vicious cycle that "spreads
solvency risks to the entire region, swamping the good credits
along with the bad," Bloomberg discloses citing an October report
from S&P Global Ratings.

The default rate for bonds issued by non-state companies across
China increased to a record 4.5% in the first 10 months of 2019,
Fitch Ratings said in a Dec. 3 report, adding that the figure might
understate the true level of defaults given that some borrowers
settle with bondholders privately rather than through clearing
houses, Bloomberg relays. The rate for state-owned companies was
just 0.2% thanks to financial support from the government and
better access to funding from banks, Fitch said.

In Shandong, fears of contagion show up in unusual ways, the report
says. In late October, bad news about a corn and steel conglomerate
in the province dragged down the bonds from at least two seemingly
unrelated provincial neighbors. Aluminum producer China Hongqiao
Group Ltd. and food distributor Shandong Sanxing Group had been
known to back other companies' debt, and investor concerns that
they'd be responsible dragged their bonds to record lows, Bloomberg
relays.

Bloomberg says Hongqiao tried to reassure its creditors, saying it
doesn't have a business relationship with the group and didn't plan
to offer any financial support. The three main international rating
companies haven't changed their assessments on the borrower since
then but investors remained unconvinced. The yield of one of its
dollar bond hit 14% last week, a new high, the report notes.

"Shandong's privately-owned enterprise default rate isn't
particularly high compared to the national one," Bloomberg quotes
Jenny Huang, Director of China Corporate Research at Fitch Ratings,
as saying. "But recently, the risks have exploded."

Shandong is one of China's oldest economic centers, built first on
trade, then agriculture, mining and oil drilling. Not long ago, the
economy was still booming, credit was cheap and private firms were
on a spending spree, restrained only by limited access to capital,
says Bloomberg. In communist-run China, state-owned banks tend to
favor state-owned companies for loans.

So city governments encouraged the private sector to support
itself, Bloomberg relates. Cross-guarantees were one solution. They
also concentrated the financial risks, said S&P analyst Cindy
Huang.

"Cross-guarantees tend to be clustered around certain cities and
regions rather than across the province," Bloomberg quotes Ms.
Huang as saying. "They're often between private, unlisted companies
from either the same city, same sector or where CEOs know one
another."

It's not clear how common cross-guarantees are in the rest of
China, an information gap that heightens investors' anxiety,
Bloomberg notes. There was one analyst who tracked them at Citic
Securities Co., and he left the field earlier this year. His last
survey, in 2018, suggested that cross-guarantees had made Shandong
firms more vulnerable than anywhere else in the country.

In the last year, Shandong's economy has slowed dramatically,
according to Bloomberg. Demand for industrial products is down
overall; in the province, industrial profits fell 15.5% through
October relative to a year earlier. It's still China's
third-richest province, but through the first nine months of 2019,
it grew by just 5.4%, one of the slowest in China.

Every week now seems to bring news of a new default or firm under
stress, the report says. Two companies, Shandong Yuhuang Chemical
Co. and Xiwang Group, have defaulted on CNY4 billion ($572 million)
of domestic notes since October. Investors are watching whether
luxury clothing giant Shandong Ruyi Technology Group will repay a
CNY344 million dollar bond on Dec. 19. Moody's Investors Service
downgraded the firm last week on heightened refinancing risks.

Bloomberg says some of Shandong's firms may find some reprieve from
local and city governments. State-owned Jining City Construction,
for example, came to the rescue of Ruyi in October. It agreed to
become the company's second-largest shareholder and provide a
guarantee for some of its debt. Even still, S&P downgraded and
later withdrew Ruyi's rating at the company's request sending notes
to record lows.

According to Bloomberg, Chinese authorities have reasons to save
jobs and preserve social stability, but it's unlikely they'll bail
out every struggling firm and not always clear how relief will be
allocated. The political will to rescue China's private companies
has been waning since Beijing allowed the first defaults in 2014.

That puts growing pressure on businesses and their bondholders to
work out solutions by themselves, Bloomberg notes. "The next step
is to see if local companies can successfully refinance," Bloomberg
quotes Ivan Chung, head of greater China credit research and
analysis at Moody's, as saying. He echoed mounting calls for
companies to provide more and better information to their
investors. "In the long run, companies must become more transparent
and improve corporate governance to restore the confidence of
financial institutions."


CHONGQING HECHUAN CONSTRUCTION: Fitch Affirms BB+ LT IDRs
---------------------------------------------------------
Fitch Ratings affirmed China-based Chongqing Hechuan City
Construction Investment Co., Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB+'. The Outlook is
Stable. Fitch has also affirmed HCCT's US dollar senior unsecured
bonds due 2022 at 'BB+'.

HCCT is the largest government-related entity in Chongqing Hechuan
district, which is located in south-western China. It mainly
carries out land consolidation and development, urban
infrastructure construction, shantytown redevelopment as well as
water supply and sewage treatment in the district.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: HCCT was established
as limited liability company under the China's Company Law. The
Hechuan district government maintains full control over the company
by appointing senior management, approving its budget and
investment plans, and performing annual assessments through the
Hechuan District State-owned Assets Preservation and Value-added
Operation Centre.

'Strong' Support Track Record and Expectations: Hechuan SAPVOC
injected several important local GREs with total assets of around
CNY37 billion into HCCT in 2016, which made HCCT the sole urban
development platform and the largest GRE by total assets in the
district. Hechuan district also provided HCCT around CNY7.3 billion
of proceeds from municipal bonds issued by the Chongqing municipal
government in 2016-October 2019, as well as a substantial amount of
operating subsidies each year, all of which helped to relieve its
debt burden and refinancing risk.

'Moderate' Socio-Political Implications of Default: HCCT operates a
wide range of public-service functions in the district, including
urban infrastructure, primary land development and water supply
through multiple subsidiaries. However, Fitch assesses the
socio-political implications of its default to be 'Moderate' as the
projects are undertaken by its various subsidiaries. Hence HCCT's
default would not necessarily fully stop the services, and the
local government could appoint other entities to perform part of
its function in the interim.

'Very Strong' Financial Implications of Default: HCCT is the
largest GRE under Hechuan SAPVOC's supervision, accounting for more
than 90% of the total assets of GREs in the district. Most of its
debt is raised for key local infrastructure projects of a
public-service nature. Fitch believes a default would severely
damage the local government's reputation and constrain its
financing capability.

'b+' Standalone Credit Profile: Fitch assesses HCCT's revenue
defensibility and operating risk at 'Midrange' as the company is
the flagship urban developer in the district while it would be
fully compensated for costs incurred for government-granted
projects under the current regime. Its Standalone Credit Profile is
constrained by high leverage ratio, with Fitch-adjusted net debt to
EBITDA of 28.1x at end-2018, which could rise above 30x by 2023 in
its rating-case scenario. However Fitch believes continued cash and
asset injections from the local government would mitigate its
refinancing risk.

DERIVATION SUMMARY

HCCT's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria, reflecting Hechuan district's ownership,
control and strong support track record of the company. Fitch has
also factored in the socio-political and financial implications for
the government if HCCT were to default. HCCT's Standalone Credit
Profile is 'b+' under its Public Sector, Revenue-Supported Entities
Rating Criteria.

RATING SENSITIVITIES

A revision in Fitch's perception of Hechuan district's ability to
provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations would lead to a change in
ratings.

Positive rating action may be triggered by a revised assessment of
the socio-political implications of a default, enhancing Hechuan
district's incentive to provide legitimate support. A downgrade may
result from a significant weakening of the assessment of the
socio-political or financial implications of a HCCT default, or the
assessment of the district's support record, or a dilution of the
government's shareholding or control.

A deterioration of HCCT's Standalone Credit Profile would also
affect the ratings.

Any rating action on HCCT would lead similar rating action on its
US dollar notes.

ESG CONSIDERATIONS

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


XINJIAN GOLDWIND: Moody's Assigns Ba1 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service assigned a Ba1 corporate family rating to
Xinjiang Goldwind Science & Technology Co Ltd and has withdrawn the
company's Baa3 issuer rating.

The rating outlook is stable.

These actions conclude Moody's review for downgrade initiated on
September 16, 2019.

RATINGS RATIONALE

"The rating actions reflect our expectation that the company's
heightened financial leverage over the next two years is unlikely
to recover to levels supporting an investment-grade credit
profile," says Ivy Poon, a Moody's Vice President and Senior
Analyst.

Moody's estimates that Goldwind's leverage — as measured by
adjusted funds from operation (FFO)/debt and adjusted debt/EBITDA
— will register 7.0-7.5% and 8.0x-8.5x in 2019, respectively, and
improve moderately to 10%-11% and 6.5x-7.0x during 2020-21. Such
levels will position Goldwind at the Ba ratings level.

"Goldwind's aggressive capacity expansion will continue to pressure
its leverage, although the recent recovery in its manufacturing
businesses provides some relief to its weakened financial profile,"
adds Poon.

Moody's expects that Goldwind will continue to pursue ambitious
expansions in wind power capacity, resulting in elevated leverage
over the next two years. Moody's projected the company's capital
expenditure will reach RMB12.0-RMB12.5 billion in 2019, and
RMB8.0-RMB9.0 billion annually during 2020-21.

Goldwind's Ba1 CFR reflects its leading market position in the
manufacturing industry of wind turbine generators in China and its
vertically integrated business model. Its business prospect also
benefit from the supportive regulatory environment for renewable
energy. At the same time, the rating is constrained by the
heightened leverage and sizable capital expenditure plan.

The CFR also considers the company's strategy to monetize some of
its power projects could partly mitigate the increased financial
risk. However, there remains uncertainty about the timing, scale
and type of assets to be monetized, as well as the eventual use of
disposal proceeds.

Although the company's manufacturing business will show an
improving operating performance, underpinned by the
stronger-than-expected recovery in average selling prices of wind
turbine generators and solid order backlog, the extent of
improvement is insufficient to offset the financial pressure
brought on by its capital expenditure plan.

At the same time, the volatility in the prices of wind turbine
generators observed in the recent two years highlights the business
risk of Goldwind's manufacturing business; thereby further
pressuring its credit profile.

Goldwind has a challenging liquidity profile, with operating cash
flow and available liquidity unlikely to cover planned capex and
maturing debt. Moody's acknowledges that the company is able to
scale back its planned capex in need and will continue to monetize
its power assets.

In terms of environmental, social and governance factors, Moody's
has considered the company's focus on renewable energy, as well as
its business strategy, financial management, regulatory risk and
corporate governance structure.

The outlook on the rating is stable, reflecting Moody's expectation
that Goldwind will maintain a stable credit profile, with a
moderate improvement in its financial metrics, after the recovery
in the manufacturing business and relatively lower capital
expenditure program after 2019.

While Moody's does not see near-term upward momentum for the
rating, such a momentum could emerge over time if: 1) the
manufacturing business shows a stable operating performance; and/or
2) the company establishes a meaningful track record in monetizing
its power assets or implementing a material deleveraging plan, and
improves its financial profile significantly.

Financial metrics indicative of a review for upgrade of Goldwind's
rating is FFO/debt above 20% on a sustained basis.

But Moody's could downgrade the ratings if: (1) adverse regulatory
policies materially jeopardize the power generation business in
China; (2) Goldwind's manufacturing business exhibits even greater
volatility than historically observed, resulting in a material
deterioration in profitability and cash flow; and/or (3) Goldwind
engages in more aggressive capacity expansion.

Financial indicators for a possible downgrade include FFO/debt
below 8.0% over a prolonged period.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Xinjiang Goldwind Science & Technology Co Ltd is the largest
manufacturer of wind turbine generators in China. The company also
engages in wind power generation. At September 30, 2019, the
company was 13.76% owned by Xinjiang Wind Power Co, Ltd. — which
is ultimately owned by the State-owned Asset Supervision and
Administration Commission of the Xinjiang Uygur Autonomous Region
and China Three Gorges Corporation (A1 stable) — 13.50% owned by
Hexie Health Insurance Co., Ltd., and 10.53% owned by China Three
Gorges Corporation.




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

HONG KONG AIRLINES: Seven Planes Seized After Missed Payments
-------------------------------------------------------------
Kyunghee Park at Bloomberg News reports that embattled Hong Kong
Airlines had seven of its planes seized by the city's Airport
Authority after it failed to make some payments, deepening concerns
about the future of a carrier whose financial difficulties nearly
cost it its flying license.

The seizure was made in accordance to the Airport Authority
Ordinance, the government body said in an email on Dec. 17, citing
a section of the rules that addresses overdue charges, Bloomberg
relays. The statute allows the authority to sell the planes if the
charges aren't repaid within 60 days of the detention, the report
says.

Bloomberg relates that Hong Kong Airlines, whose fleet consists of
39 Airbus SE planes, said the company's operations remain normal,
but some of its aircraft haven't been scheduled for operation and
were suspended from service under the Airport Authority's
arrangement.

According to Bloomberg, the move is the latest sign that Hong
Kong's aviation sector, Asia's busiest for international traffic,
is facing its toughest year since the global financial crisis after
months of anti-China protests drove away visitors and tipped the
city's economy into recession. Cathay Pacific Airways Ltd., Hong
Kong's dominant carrier, has warned it's bracing for a significant
deterioration in earnings.

"Typically, aircraft being seized is a prelude to operations being
shut down for an airline," the report quotes Paul Yong, an analyst
at DBS Group Holdings Ltd. in Singapore, as saying. "Load factors
are running below breakeven, so carriers are losing money on
flights in and out of Hong Kong. So what's happening at Hong Kong
Airlines is not surprising."

For closely held Hong Kong Airlines, which was struggling even
before the demonstrations flared in June, the plane seizures show
the carrier continues to grapple with liquidity challenges despite
averting closure earlier this month, Bloomberg says.

Neither Hong Kong Airlines, which is backed by Chinese conglomerate
HNA Group Co., nor the Airport Authority elaborated on the missed
payments but the South China Morning Post reported earlier that the
company could owe between HK$11 million ($1.4 million) and HK$17.2
million in parking and other fees, according to Bloomberg.

Bloomberg adds that the airline averted becoming the first carrier
to collapse in the city in more than a decade after the Air
Transport Licensing Authority, or ATLA, said Dec. 7 it wouldn't
take further action, on condition Hong Kong Airlines raises and
maintains enough cash to satisfy the regulator. The authority had
threatened to revoke the company's license because of its financial
difficulties.

Authorities had made repeated requests for the airline to provide
details on its financial situation following changes to its board
of directors last year and reports of business difficulties,
Bloomberg relates.

According to Bloomberg, the economic slowdown didn't help, and then
the impact of the protests left the 13-year-old carrier
ill-equipped to face an inevitable downturn that has hit peers
across Asia, from Cathay to Qantas Airways Ltd. and Cebu Air Inc.

Hong Kong Airlines has taken various measures to try and ease its
troubles, the report notes. The company has delayed paying some of
its staff and announced route cancellations, including to Vancouver
and Ho Chi Minh City. It also stopped providing in-flight
entertainment from the start of December. Concerned about
deteriorating finances, ATLA on Dec. 2 gave the company just five
days to raise more cash or risk losing its license, Bloomberg
relats.

Should the situation deteriorate, passengers face low odds of
securing full refunds on tickets despite regulations aimed at
helping consumers in the event an airline fails, according to
Shukor Yusof, founder of aviation consultant Endau Analytics,
Bloomberg relays.

Ranked 24th out of 100 in the SkyTrax 2019 World Airline awards,
Hong Kong Airlines' jets have been flying as far as North America
and Australia. With cheaper fares than Cathay, the carrier's
troubles have revived memories of Oasis Hong Kong Airlines, which
went bust in 2008 after less than two years operating as a
lower-cost, long-haul carrier.

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
=========

BHAROSA CHARITABLE: CRISIL Assigns 'B' Rating to INR5cr LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Bharosa Charitable Trust (BCT).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term      5         CRISIL B/Stable (Assigned)
   Bank Loan Facility      

The rating reflects the small scale of BCT's operations with
geographical concentration, modest resource profile. These
weaknesses are partially offset by moderate capital position.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operation with geographical concentration

BCT is a non-profit organisation (NGO) registered as trust under
Indian Trust Act, engaged in microfinance activities since October
2015. It had loan portfolio of INR1.5 crore and 2,186 borrowers as
on September 30, 2019. Moreover, operations are geographically
confined to only one district -- North 24 Parganas -- in West
Bengal, having three branches there in Habra, Barasat and
Madhyamgram.

* Modest resource profile

The entire trust's credit is funded through board members of the
trust and their friends. In future, the trust will propose banks
for funds as its legal status of being a trust restricts the
ability to raise capital from the market. Hence, the ability to
raise more borrowed funds needs to be demonstrated.

Strength
* Moderate capital position
BCT is moderately capitalised for its current scale of operation.
Networth was INR52 lakhs as on March 31, 2019, with gearing of 1.5
times. Gearing may increase to 3 times over the medium term, as
trust has plans to tap for external funds.

Liquidity: Stretched

Cash and cash equivalents were INR5.4 lakhs as on March 31, 2019.
The liquidity risk is been mitigated by funding support from board
members and other members in the form of unsecured loans, which
stood at INR80 lakhs as on March 31, 2018.

Outlook: Stable

Capitalisation is likely to remain adequate over the medium term.
However, the scale of operations may remain modest and
geographically concentrated. The outlook may be revised to
'Positive' if market position improves significantly and if the
trust is able to borrow funds without compromising asset quality.
Conversely, the outlook may be revised to 'Negative' if asset
quality and profitability deteriorate, thereby impacting
capitalisation.

Rating sensitivity factors

Upward factors

* Ability to significantly scale-up the loan book while maintaining
operational cost and improving earnings

* Healthy capital position, with gearing below 3 times

Downward factors

* Deterioration in asset quality, with gross net performing assets
increasing to above 3% and its effect on profitability

* Changes in regulatory environment.

BCT, established in June 2015 as an NGO, started its microfinance
operations in October 2015; its loan portfolio is of INR1.5 crore.
BCT has three branches at Habra, Barasat and Madhyamgram in North
24 (West Bengal). The trust is entirely funded by board members and
other members of the trust.


DURGA SHAKTI: Ind-Ra Raises LT Issuer Rating to BB, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Durga Shakti Foods
Private Limited's (DSFPL) Long-Term Issuer Rating to 'IND BB' from
'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR 1.1 mil. Long-term loans due on March 2019 Withdrawn (paid

     in full);

-- INR119 mil. Fund-based facilities upgraded with IND BB /
     Stable / IND A4+ rating; and

-- INR5 mil. Non-fund-based facilities upgraded with IND A4+
     rating.

KEY RATING DRIVERS

The upgrade reflects DSFPL's clean credit history for the past 90
day along with revenue growth of 14.1% yoy to INR3,389 million in
FY19 (FY18: INR2971 million) on account of an increase in the
soybean volumes processed by the company. However, the company's
scale of operations continues to be medium.

Liquidity Indicator-Stretched: DFPL's had a cash balance of INR0.6
million at FYE19 (FYE18: INR2.1 million). The company's average
maximum fund-based facilities utilization was 90% in the 12 months
ended September 2019. DFPL's cash flow from operations turned
positive atINR173 million in FY19 (FY18: negative INR127 million)
on account of an improvement in the net cash conversion cycle. The
free cash flow to turned positive at INR167.4 million in FY19
(FY18: negative INR154.5 million) due to the absence of any major
capex.

The ratings reflect the average EBITDA margins of the company due
to the highly fragmented nature of the industry, with the presence
of a large number of organized as well as unorganized players. The
margin was almost stable at 2.2% in FY19 (FY18: 2.3%) as the
company was able to pass on the rise in raw material prices to its
customers. The return on capital employed of the company was 13.8%
in FY19 (12.8%).

The ratings factor in DFPL's moderate credit metrics, with an
interest coverage (operating EBITDA/gross interest expense) of 2.1x
in FY19 (FY18: 2.1x; FY17: 2.6x) and net financial leverage (total
adjusted net debt/operating EBITDA) of 2.3x (5.0x; 2.9x). The
interest coverage was stable as the company's absolute EBITDA
increased in proportion to the rise in its interest expenses. The
net leverage had increased in FY18 was due to an increase in
short-term debt in March 2018 as the company availed a one-time
short-term funding to take advantage of a favorable raw material
procurement deal. In FY19, the company's total debt stood at INR173
million (FY18: INR342.0 million), which mainly consisted of
short-term debt (FY19: INR163 million; FY18: INR328 million).

The ratings take into consideration DSFPL's comfortable net
operating cycle over FY16-FY19 (35-65 days). The working capital
cycle had increased to 63 days in FY18 from 42 days in FY17
(FY16:48 days) as the company increased its inventory towards March
2018 owing to the above-mentioned beneficial deal for raw material.
However, the cycle improved to 43 days in FY19 owing to a decline
in inventory days (FY19: 30 days; FY18: 66 days). The average
receivable days were around 15-20 days over FY16-FY19.

RATING SENSITIVITIES

Negative: A decline in operating profitability or deterioration in
the working capital cycle or unexpected debt-led capex, resulting
in the interest coverage falling below 1.5x, could be negative for
the ratings.

Positive: A steady growth in revenue and operating profitability,
leading to an improvement in the overall credit metrics, on a
sustained basis, could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2008, Durgashakti Foods is engaged in processing of
soyabean for extracting soyabean oil and soya de-oiled cake. The
processing facility is located in Khamgaon and Nagpur in
Maharashtra.


ESSAR STEEL: SBI to Recover Around INR12,000 Crore
--------------------------------------------------
BloombergQuint reports that State Bank of India is set to recover
INR12,000 crore from Essar Steel India Ltd.'s resolution after the
winning bidder, ArcelorMittal S.A, transferred the settlement to an
escrow account.

"The money has come into an escrow account with State Bank of India
and the distribution to lenders will start today," Rajnish Kumar,
chairman of SBI, told BloombergQuint. "We will be using part of
this money to prop up the provisions for one account in the
non-banking financial services sector."

This comes after the Supreme Court of India cleared the decks for
acquisition of Essar Steel by billionaire Lakshmi Mittal-led
company in November. This will be the single-biggest recovery under
the Insolvency and Bankruptcy Code, the report notes.

On Ruchi Soya, Kumar said the bank is expected to close the
resolution process for Indore-based Ruchi Soya Industries Ltd. on
Dec. 16, BloombergQuint reports. "It will give us INR800 crore in
recovery that will come to our profit and loss account," he said.
Baba Ramdev-led Patanjali Ayurved Ltd. had secured INR3,200-crore
loan from a consortium of lenders to fund the acquisition of Ruchi
Soya, the report notes.

According to BloombergQuint, the state-run lender forecasts 2020 to
"definitely" be the best year in terms of bad loan recovery.
"Leaving aside one or two large slippages, our slippage rate has
moderated and we have absolutely no issues in terms of provisions,"
Kumar said.

SBI's gross bad loans ratio contracted to 7.19 percent in the
second quarter from 7.53 percent sequentially, while the net
non-performing assets ratio narrowed to 2.79 percent against 3.07
percent as of June, BloombergQuint discloses.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar
Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip)
and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore
slurry from the beneficiation plant (located near the iron ore
mines in Dabuna and Kirandul) to the pellet plant (located near the
Paradip and Vizag ports). A large portion of the iron ore pellets
produced are intended for captive consumption by ESIL's steel plant
at Hazira for cost optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted
Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.


EXCEL TIMBERS: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Excel Timbers Private
Limited (ETPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Letter of Credit       7          CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with ETPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 ETPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ETPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Based in Kozhikode (Kerala), ETPL primarily trades in timber logs.


G-NEXT MEDIA: CRISIL Lowers Rating on INR11.5cr Loan to 'B+'
------------------------------------------------------------
CRISIL has lowered the ratings on bank facilities of G-Next Media
Private Limited (GMPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.15       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit          11.50       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Fund-         .35       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with GMPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 GMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of GMPL revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer not
cooperating'.

GMPL managed by Delhi based Mr. Rabindra Narayan and Mr. Rajeev M
Shinde, is currently operating 24 hours free to air satellite
channels. The company has three channels one for Punjabi news,
Punjabi music and Punjabi General Entertainment channel christened
as 'PTC-news', 'PTC Chakde' and 'PTC Punjabi' respectively. The
company's channels are broadcasted in pan-India, US, UK, Canada,
Australia, New Zealand and Europe. GMPL was incorporated in the
December 2006 and the news channel has commenced commercial
operations from November 2007. GMPL is the wholly owned subsidiary
of Gurbaz Media Private Limited (GBMPL). GBMPL is wholly owned
subsidiary of Orbit Resorts Private Limited which runs 2 hotels,
i.e. Oberoi and Trident in Gurgaon. The company has 2 studios in
Delhi, 1 in Mohali (Punjab), 1 in Amritsar (Punjab), 1 in US and 1
in Canada.


GAURI INTERNATIONAL: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gauri International
Private Limited (GIPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     10        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with GIPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 GIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Incorporated in 2010 and based in Surat, Gujarat, GIPL manufactures
and trades in fabrics used in home furnishing, readymade garments,
and dress material. DISPL, also based in Surat and incorporated in
2013, is in a similar line of business. The manufacturing
facilities of both companies are in Surat. GIPL is promoted by Mr.
Dhaval Nakrani and DISPL is promoted by Mr. Nakrani and Mr. Vishal
Balar.


GIRRAJ JI STONE: Ind-Ra Affirms Then Withdraws 'BB+' Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Girraj Ji Stone Crushers Private Limited (GSCPL) Long-Term Issuer
Rating of 'IND BB+ (ISSUER NOT COOPERATING)' and has simultaneously
withdrawn it.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR13.70 mil. Fund-based limits*
     affirmed & withdrawn; and

-- The 'IND A4+' rating on the INR58.70 mil. Non-fund based**
     affirmed & withdrawn.

*Affirmed at 'IND BB+ (ISSUER NOT COOPERATING) / IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

** Affirmed at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

KEY RATING DRIVERS

The affirmation reflects GSCPL's continued small scale of
operations. Revenue improved to INR795.50 million in FY19 (FY18:
INR550.15 million) due to increased work orders. FY19 financials
are provisional nature. The rating factors in the nature of GSCPL's
business, which is highly dependent on government regulations and
the availability of tenders/projects; any adverse change in policy
may severely hamper operations.

The rating is further constrained by modest credit metrics as
indicated by interest coverage (EBITDA/gross interest)
deterioration to 4.01x in FY19 (FY18: 4.53x) due to rise in
interest cost to INR17.58 million (INR10.65 million). Net leverage
(net debt/EBITDA) deteriorated to1.61x in FY19 (FY18: 1.46x) due to
a rise in total debt to INR114.47 million (INR82.47 million) to
fund the working capital requirement.

The rating further factors in the company's modest margins, which
marginally expanded to 8.87% in FY19 (FY 18: 8.78%) due to decline
in raw material price, which partially arrested increase in other
expense. The return on capital employed was 26.59% in FY19 (FY18:
23.52%).

Liquidity Indicator – Stretched: The company had liquid cash and
cash equivalents of INR0.99 million at FYE19 (FYE18: INR12.16
million) against the total debt of INR114.47 million (INR82.47
million).

The ratings, however, draw comfort from GSCPL's promoters' long
operational record and experience of around four decades in the
railway construction industry.

COMPANY PROFILE

Girraj Ji Stone Crushers Private Limited is a 'A' class contractor
engaged in the tender-based business of ballast supply, linking of
railway tracks and construction of railway under bridges and
railway over bridges as well as other construction work in various
parts of India.


GOUTHAMI HATCHERIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gouthami Hatcheries
Private Limited (GHPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           16          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan        16.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     7.12       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with GHPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 GHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

GHPL, set up in 1999, produces hatching eggs and broiler birds.
SFPL, set up in 2009, manufactures poultry feed. The companies are
promoted by Mr. D Srinath Reddy and his wife, Ms. D Lokeshwari.


GURULAXMI COTTEX: CRISIL Lowers Rating on INR16.26cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Gurulaxmi
Cottex Private Limited (GCPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            7.74      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             16.26      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with GCPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 GCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of GCPL revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Incorporated in 2010 and promoted by Mr. Sumit Lakhani and his
father, Mr. Pradeep Lakhani, GCPL derives its entire revenue from
sale of cotton yarn. It operates 17280 spindles at its
manufacturing unit in Yavatmal (Maharashtra).


HOSHIARPUR ROLLER: CRISIL Maintains D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hoshiarpur Roller
Flour Mills Private Limited (HRFPL) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            8.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Overdraft              3          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     0.3        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with HRFPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 HRFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HRFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Set up in 1981 by Mr Anil Kumar Gupta and his family members, HRFPL
manufactures fine and coarse flour at its facilities in Hoshiarpur
(Punjab).


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

The instrument-wise rating actions are:

-- INR0.09 mil. Term loan due on July 2019 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR47.5 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating; and

-- INR32.5 mil. Non-fund-based working capital limits migrated to

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 13, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

JPPL, formerly Jatson Industrial Services, was incorporated in 2004
as a private limited company in Vapi, Ahmedabad. The company
undertakes turnkey projects for electrical installations and
manufactures low-voltage electric panels.  


JYOTI HOSPITAL: CRISIL Maintains B- Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jyoti Hospital
Private Limited (JHPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit             2         CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Overdraft               3         CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Term Loan               9         CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with JHPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 JHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of JHPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

JHPL, incorporated in 1994, is promoted by Dr. A K Bansal, his wife
Dr. Vandana Bansal, and Dr. Arpit Bansal. It manages the
multi-speciality, 500-bed Jeevan Jyoti Hospital in Allahabad (Uttar
Pradesh), which has departments for orthopaedics, gynaecology,
neurology, dental, paediatrics, plastic surgery, minimally invasive
surgeries, and laparoscopic surgeries.


KAILASH GINNING: CRISIL Maintains D Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kailash Ginning and
Pressing Private Limited (KGPL) continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            15         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      2         CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with KGPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 KGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KGPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Set up in 2006, KGPL is promoted by Mr Dinesh Patel, who is based
in Rajkot, Gujarat. He has experience of more than two decades in
the cotton ginning industry. The company has a capacity of 240
bales per day.


KAPADIA TEXTILE: CRISIL Maintains 'D' Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kapadia Textile (KT;
part of the Kohinoor group) continues to be 'CRISIL D Issuer not
cooperating'.

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

   Proposed Cash          7          CRISIL D (ISSUER NOT
   Credit Limit                      COOPERATING)

CRISIL has been consistently following up with KT for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 KT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the
promoters.

Incorporated in 2010, EVPL manufactures sarees and dress materials.
The manufacturing facility in Surat is managed by Mr Sanjay Juneja
and Mr Jitendra Shukla.


LEOFORTUNE INFRABUILDCON: CRISIL Keeps Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Leofortune
Infrabuildcon Private Limited (LIPL) continues to be 'CRISIL D
Issuer not cooperating'.

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

CRISIL has been consistently following up with LIPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 LIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

LIPL was incorporated in 2009 by Mr. Pradeep K Swami, Mr. Sitapathy
Chavali, Mr. Dhiren Savla, Mr. Prasad K Swami and Mr. Vasant D
Bhambhaniya. The company is engaged in real estate development in
Navi Mumbai. The company currently has three ongoing projects -
Fortune Symphony, Fortune Calypso and Fortune Oriana.


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

The instrument-wise rating actions are:

-- INR50.0 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR150.0 mil. Non-fund-based working capital limit migrated to

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

MCPL is a class-AA civil contractor incorporated in 2004. It is
engaged in civil construction (canal works, embankment, lining
works, and structures). Almost all of its revenue is generated from
government projects.


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

The instrument-wise rating actions are:

-- INR125 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)  
     rating; and

-- INR103.44 mil. Term loan due on January 2024 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Incorporated in 2015, OEAPPL is engaged in the trading of basmati
and non-basmati rice, and processing of parboiled rice. Nitin
Krishna and Nishant Krishna are the directors.


RM DAIRY: CRISIL Lowers Rating on INR14.9cr Term Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of RM Dairy
Products LLP (RMDP) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Term Loan             14.9      CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with RMDP for obtaining
information through emails dated February 26, 2019 and August 16,
2019 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

The rating reflects instances of delay in payment of payment of
interest and principal and term loan.

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RMDP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RMDP is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Therefore, on account of inadequate information, lack of management
cooperation, and delays in term loan payment, the ratings on bank
facilities of RMDP have been downgraded to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

RMDP incorporated in April 2015 as limited liability partnership
firm by eight partners namely Mr. Ram Vinod Singh, Ms. Radha Singh,
Mr. Shishir Singh, Mr. Girish Goyal, Ms. Suman Goyal, Mr. Ravi
Singhal, Ms. Archana Singhal and Ms. Shally Singh. RMDP is
setting-up an integrated manufacturing plant of Skimmed Milk Power
(SMP), cream and Desi Ghee in Aligarh, Uttar Pradesh with an
installed capacity of around 4.0 lakh litres per day.


RUCHI SOYA: Patanjali Seeks 7 Days to Implement Resolution Plan
---------------------------------------------------------------
CNBC-TV18 reports that Baba Ramdev-led Patanjali Ayurved, whose
takeover proposal for Ruchi Soya was approved by lenders and
courts, has now sought seven days' time to implement the resolution
plan, multiple people familiar with the development said. This
comes after the creditors' committee led by State Bank of India had
given Patanjali a deadline of December 16 to implement the plan,
and were hopeful of closing the deal by the close of Dec. 16,
CNBC-TV18 had earlier reported.

A person aware of the development told CNBC-TV18 that Patanjali
moved the National Company Law Appellate Tribunal (NCLAT) to seek
seven more days to implement the plan, as the court set deadline
was ending on Dec. 16.

A senior banking executive who did not wish to be quoted said,
"Patanjali has tied up the equity portion (to acquire Ruchi Soya),
but release from some sources is taking a bit of time. The debt
portion of the funds is fully tied up," adding that the resolution
is very much in place and that the extension was sought merely as a
"cushion" to allow more time for unavoidable delays. He added that
Patanjali Avyuved has already secured funding from five banks to
acquire Ruchi Soya including SBI, Union Bank of India, PNB and
Syndicate Bank, CNBC-TV18 relates.

According to CNBC-TV18, an SBI led consortium was hopeful of
recovering approximately 48 percent of the money they lent to
bankrupt oil-edible maker Ruchi Soya, after Patanjali's plan to
take-over the company was approved under the Insolvency &
Bankruptcy Code for a total amount of INR4,235 crores. While
Financial Creditors have made claims of INR9,384 cr against Ruchi
Soya, Patanjali has proposed to repay a total of INR4053.19 crore
to them under resolution plan, CNBC-TV18 sas. Workmen and Employees
are to be paid INR14.92 cr under Patanjali's approved plan, and
unsecured financial creditors INR40 crores, CNBC-TV18 adds.

                         About Ruchi Soya

Indore-based Ruchi Soya Industries has manufacturing plants and its
leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and
Ruchi Gold.

The company entered into the corporate insolvency resolution
process in December 2017 and Shailendra Ajmera of EY was appointed
as the resolution professional.

Ruchi Soya is part of the second list of 28 defaulters the Reserve
Bank of India flagged for resolution.  On December 2, the NCLT
bench admitted the company for insolvency resolution process under
the IBC.  The company owes more than INR12,000 crore to various
entities.


SHIVA LOKENATH: CRISIL Lowers Rating on INR14cr Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Shiva
Lokenath Rice Mills Private Limited (SLRMPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         0.3       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit           14.0       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Bank          1.0       CRISIL D (Downgraded from
   Guarantee                        'CRISIL B+/Stable')

   Proposed Cash          5.0       CRISIL D (Downgraded from
   Credit Limit                     'CRISIL B+/Stable')

   Proposed Fund-         0.16      CRISIL D (Downgraded from
   Based Bank Limits                'CRISIL B+/Stable')

   Proposed Term Loan     9.54      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects weak liquidity, which led to
over-utilisation of the cash credit facility for over 30 days, and
revocation of the bank guarantee.

The ratings reflects weak liquidity and exposure to risks, arising
from exposure to risks arising from intense competition, adverse
government regulations, volatility in raw material prices and
dependence on monsoon. These weaknesses are partially offset by  
benefits from the extensive experience of the promoter in the agro
commodity business.

Key Rating Drivers & Detailed Description

* Weak liquidity, leading to overutilisation of the cash credit
facility

Weak liquidity has led to over-utilisation of the cash credit
facility for over 30 days, and revocation of the bank guarantee.

Weaknesses

* Susceptibility to adverse changes in regulations on prices of
paddy and rice: Availability of paddy is seasonal, and dependent on
monsoons and availability of irrigation. This exposes the firm to
risks related to shortage of raw material, due to unfavourable
climatic conditions. Stringent regulations, related to paddy
prices, export/import of rice, and the rice release mechanism,
adversely affect the operating margin. The minimum support price
(MSP) of paddy and the prevailing rice prices determine
profitability of rice millers. Paddy accounts for 85-90% of the
input cost. The Government of India also procures rice through the
statutory levy on millers and dealers. Percentage of levy rice is
fixed by state governments, and approved by the central government,
after taking into account requirements for the central pool,
domestic consumption, and marketable surplus.

Strengths

* Extensive experience of the promoters: The two decade-long
experience of the promoters, Mr Ranjan Paul and his family members,
in trading and processing of agro-commodities, and their healthy
relationships with government agencies and cooperatives in West
Bengal, ensuring repeat orders, will continue to support the
business risk profile.

Liquidity Poor

Weak liquidity has led to over-utilisation of the cash credit
facility for over 30 days, and revocation of the bank guarantee

Rating Sensitivity factors

Upward Factors

* Regularization of cash credit account and bank guarantee with a
minimum track record of 3 months.
* Improvement in business performance leading to better accruals.

SLRMPL, which was set up in 1998, processes non-basmati rice, and
trades in wheat and rice. Daily operations are managed by the
director, Mr Ranjan Paul.


SHREE JEE: CRISIL Assigns 'B+' Rating to INR8.79cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shree Jee Celebrations Private Limited (SJCPL).

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       0.21      CRISIL B+/Stable (Assigned)
   Bank Loan Facility       

   Term Loan                8.79      CRISIL B+/Stable (Assigned)

The rating reflects SJCPL's exposure to intense competition and
small scale of operations with geographical concentration risk.
These weaknesses are partially offset by the extensive experience
of the promoters.

Analytical Approach

Unsecured loans (outstanding at INR5.03 crore as on March 31, 2019)
extended to SJCPL by the promoters have been treated as neither
debt nor equity (NDNE). That is because these loans are expected to
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations with geographical concentration: With
an estimated turnover of INR4.12 crore in fiscal 2019, scale
remains small in the intensely competitive hospitality industry.
This will continue to limit operating flexibility. Furthermore,
SJCPL derives its entire turnover from its single property in
Sonepat, thereby reflecting geographical concentration.

* Exposure to intense competition: Concentration of revenue in a
single hotel constrains access to a wider customer base and renders
the company susceptible to the dynamics of operating in a single
market. It is not only vulnerable to competition from bigger
players in the hospitality industry but also from other hotels
operating in the vicinity.

Strengths:

* Extensive experience of the promoters
Benefits derived from the promoters' experience of over two
decades, their strong understanding of local market dynamics, and
healthy relations with suppliers and customers should continue to
support the business. Thus, SJCPL has strong market presence in
Sonepat.

Liquidity Stretched
Cash accrual is projected at INR1.4-1.9 crore per annum over the
medium term, just sufficient to meet the yearly maturing debt of
INR1.1-1.2 crore. However, liquidity is supported by the timely,
need-based funds extended by the promoters.

Outlook: Stable

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

Rating sensitivity factors

Upward factors

* Significant increase in revenue and profitability, leading to
cash accrual above INR2 crore
* Improvement in financial risk profile

Downward factors

* Revenue declined by 10%, with steep decline in profitability
* Any large, debt-funded capital expenditure

SJCPL, incorporated in 2012, operates a hotel and a restaurant in
Sonepat. Mr Radhey Shyam Gupta and family are the promoters.


SHREE TATYASAHEB: Ind-Ra Rates INR1,041 Billion Term Loan 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shree Tatyasaheb Kore
Warana Sahakari Sakhar Karkhana Ltd.'s (STKWSL) bank facilities as
follows:

-- INR1,041.9 bil. Term loan due on FY21- FY24 assigned with IND
     B+/Stable rating;

-- INR 5,240.0 bil. Fund based working capital facility assigned
     with IND B+/Stable rating; and

-- INR218.1 mil. Proposed term loan* assigned with Provisional
     IND B+/Stable rating.

*The rating is provisional and shall be confirmed upon the sanction
and execution of loan documents for the above facilities to the
satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings are constrained by STKWSL's weak credit metrics with
interest cover of 1.15x in FY19 (FY18: 1.15x) and net leverage (net
debt/operating EBITDA) of 8x (9.2x). Its debt service coverage
ratio (DSCR) was below 0.68x in FY19 (FY18: 0.75x). The DSCR has
remained below 1x over the five years ended FY19.

Liquidity Indicator – Stretched: STKWSL's use of bank lines was
over 90% during the last crushing season of FY19, due to the
working capital intensive nature of its operations. The average
cash conversion cycle, which was long at 386 days over FY15-FY19,
elongated to 457 days in FY19, marked by high debtor and inventory
levels. Ind-Ra expects the cash conversion cycle to remain long
over the medium term. At FYE19, STKWSL's cash and cash equivalents
stood at INR176.75 million (FYE18: INR79.74 million). Available
funds covered 19% of debt servicing requirements in FY19. The
company has to repay debt worth around INR422.2 million in FY20,
which will be challenging to meet just with its internal accruals;
thus, there will be further dependence on its working capital
limits to meet these obligations.

The company's medium scale of operations is marked by revenue of
INR5,889.01 million in FY19 (FY18: INR6,996.9 million) at 92 days
of total crushing days during the same period. STKWSL's total
revenue declined at a CAGR of 1.7% over FY15-FY19 due to lower
revenues from the sale of sugar, the primary source of income for
the cooperative. The reduction in sugar sales was due to the
cyclical nature of the sugar industry.

STKWSL's operating margins were modest at 11.57% in FY19 (FY18:
9.81%). This is because the objective of the society is to
encourage agricultural activity and ensure a sustainable livelihood
by providing remunerative prices to cane producers. A major portion
of the revenues is passed onto cane producing farmers.

RATING SENSITIVITIES

Positive: Future developments could, individually or collectively,
lead to a positive rating action includes:

-- Consistent operating margins (maintained in excess of 12%)

-- Improvement in debt metrics (net debt/operating EBIDTA of
    under 5x and DSCR of over 1x)

-- Sustained improvement in the cash conversion cycle

-- Increased availability of monitorable high-frequency
    performance updates

Negative: The following developments could individually or
collectively lead to a negative rating action:

-- Operating margins falling below 9%

-- Deterioration in debt metrics (net debt/operating EBIDTA
    increasing to 10x and DSCR reducing to below 0.5x)

-- Any further deterioration in the cash conversion cycle

-- Failure to furnish monitorable high-frequency performance
    updates

COMPANY PROFILE

STKWSL was registered in September 1955 under The Maharashtra
Co-operative Societies Act, 1960. The cooperative operates a 12,000
metric ton capacity sugar plant, a 44mega watt capacity cogen power
plant and an 80 kiloliter per day capacity ethanol plant out of
Warananagar near Kolhapur, Maharashtra.


SHRIRAM TRANSPORT: Fitch Affirms BB+ LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings affirmed India-based Shriram Transport Finance
Company Limited's Long-Term Issuer Default Rating at 'BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

IDRS

STFC's IDR is driven by its standalone creditworthiness, which
reflects its dominant position in used commercial-vehicle
financing, its adequate management quality and established record.
STFC has a mono-line business model - but this risk is partly
offset by the company's understanding of the business and customer
dynamics, given its four decades of experience, as highlighted by
its manageable credit losses and satisfactory earnings.

STFC does not face meaningful competition in its core segment, as
not many companies understand the used commercial-vehicle customer
profile, which usually entails a lack of credit history and higher
risk. Some fragmented competitors exist in regional pockets, which
Fitch believes are likely to shift towards organised non-bank
finance lending over the long term. Risk mitigation is mainly
through clear underwriting guidelines with respect to the borrower
and asset valuation and ensuring that processes and procedures are
tightly adhered to. The company's presence at key transport hubs
across India as well as its client interface policies help to
closely track customers, who are primarily first-time buyers or
small road-transport operators. STFC's managers have, on average,
spent many years with the company, which gives them a solid
understanding of the business.

STFC's high non-performing loans (NPL) of 8.4% in the financial
year ending March 2019 (FY19) were commensurate with the riskier
asset and borrower class and were not unusual for this business.
However, credit losses were much lower, at 2.3% of loans, and are
trending downwards on STFC's established repossession and
collection methodology as well as timely disposal of repossessed
assets. The weaker economy is pressuring asset quality, but Fitch
believes credits costs will remain manageable in light of the
company's comfortable level of profitability. Profitability has
improved after several years of decline, with a return on assets of
2.6% in 1HFY20 and FY19 (FY18: 2%), despite higher funding costs,
thanks to declining credit costs, which more than offset the lower
net interest margin (NIM). Fitch expects the NIM to remain under
pressure, but STFC's overall earnings should stay healthy in the
medium term on controlled credit costs. STFC enjoys a large income
buffer, with pre-provision operating profit/average loans at a
robust 6.4% in FY19.

STFC's leverage of 5.3x at end-September 2019 was off its peak and
is likely to trend down in the near-term given the lower
asset-growth outlook. However, over the longer term, growth
opportunities are likely to necessitate access to fresh capital.
Likewise, a deterioration in the macro environment may also require
access to capital to mitigate stress.

STFC has successfully navigated funding disruption thanks to its
granular loan profile and a well-managed asset-liability profile.
Further diversification and lengthening of its funding mix has
occurred towards offshore borrowings (12% of total funding) and a
steady flow of funds from banks and more prominently via
securitisation and asset sales. Liquidity cover has declined in
recent months, however, the low share of commercial paper and
steady repayment inflows support the overall liquidity profile. The
large pool of priority sector-eligible loans adds some buffer,
since STFC can quickly raise funds through securitisation from
banks whenever the need arises. The company has historically
enjoyed adequate access to the local debt capital market, with bond
issuances forming 32% of funding. Furthermore, it has access to
retail public deposits, which form 13% of borrowings.

SENIOR SECURED DEBT

The rating on the US dollar MTN programme and US dollar-denominated
notes is equalised with STFC's Long-Term IDR, which reflects a
company's vulnerability to default on its financial obligations,
whose non-payment would 'best reflect the uncured failure of that
entity'. For STFC, Fitch considers its senior secured debt to be
the obligation whose non-payment would best reflect uncured
failure, as most of its debt is secured. STFC can issue unsecured
debt in the overseas market, but such debt is likely to constitute
a small portion of its funding and thus cannot be viewed as the
primary financial obligation. The US dollar-denominated notes are
secured by a fixed-charge over specified accounts receivable, in
line with STFC's domestically issued secured bonds. The notes are
also subject to maintenance covenants that require STFC to meet
regulatory capital norms at all times, maintain a net NPL ratio
equal to or less than 7% and ensure the security coverage ratio is
equal to or greater than 1x at all times. STFC has issued the notes
in the international market under the central bank's new external
commercial borrowings framework issued in January 2019.

STFC's rupee-denominated bonds, which have been issued in the
international market, are rated at the same level as its Long-Term
Local-Currency IDR. The coupon payments and principal on maturity
are settled in US dollars at the prevailing rupee-dollar exchange
rate. Therefore, settlement is subject to transfer and
convertibility risk on exchange operations involving the Indian
rupee, which means that the rating on the notes can be no higher
than India's Country Ceiling of 'BBB-'. The linkage of payments
under the note terms to the prevailing exchange rate means Fitch
does not regard the trustee's role in facilitating the conversion
of rupees into dollars at the transaction's initiation and maturity
as altering the underlying local-currency nature of the notes. The
bonds, which have a fixed-rate coupon payable annually, are secured
by a fixed charge over specified standard accounts receivable, in
line with STFC's domestically issued secured bonds. Fitch caps the
upward notching of ratings for secured debt over the IDR, given
country-specific constraints on recovery expectations.

RATING SENSITIVITIES

IDRS

The IDRs are sensitive to weakening in the company profile in
India's challenging environment and any management execution
missteps, particularly relating to the company's funding profile
and market access. A rise in non-performing assets leading to
higher credit costs could also weigh on the IDR, especially if it
leads to a lower leverage tolerance, given STFC's riskier business
profile. Leverage consistently greater than 5.5x would weigh on the
IDR.

A rating upgrade would require lower leverage for a sustained
period along with an overall stable performance, together with an
improved operating environment outlook; this appears unlikely in
the near term.

SENIOR SECURED DEBT

The ratings on the US-dollar MTN programme and US
dollar-denominated notes will move in tandem with STFC's Long-Term
Foreign-Currency IDR. The senior secured rupee-denominated bond
rating will move in tandem with STFC's Long-Term Local-Currency
IDR.

The rating actions are as follows:

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

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

Short-Term IDR affirmed at 'B'

USD2.00 billion global MTN programme affirmed at 'BB+'

USD1.15 billion senior secured notes affirmed at 'BB+'

INR11.60 billion rupee-denominated senior secured bonds affirmed at
'BB+'


SHRIRAM TRANSPORT: S&P Alters Outlook to Neg. & Affirms BB+/B ICRs
------------------------------------------------------------------
S&P Global Ratings has revised its outlook on Shriram Transport
Finance Co. Ltd. (STFC) to negative from stable. At the same time,
S&P affirmed its 'BB+' long-term and 'B' short-term issuer credit
ratings on the company. S&P also affirmed its 'BB+' long-term issue
rating on STFC's senior secured notes. India-based STFC is a
commercial vehicle finance company that predominantly finances used
trucks.

S&P revised the outlook to negative to reflect the increased risk
of a deterioration in STFC's asset quality, which could also affect
availability of credit to the company over the next 12 months or
so. S&P has progressively lowered our growth expectations for India
during 2019 such that it now expects the country's GDP to grow at
5.1% in fiscal 2020 (year ending March 31, 2020) and 6.5% in fiscal
2021. Performance of the commercial vehicle industry is closely
correlated to the economy because infrastructure, real estate, and
consumption drive movement of goods and material across the
country. Slower economic growth and weaker economic activity could
lower vehicle utilization, affecting the cash flows of road
transport operators.

STFC's strong business position and capitalization will continue to
underpin the ratings. The company remains the largest financier of
commercial vehicles in India. Its reported net interest margin
remains high at 7.2%, despite declining, supporting profitability
and capital ratios. As of Sept. 30, 2019, STFC's reported return on
assets is 2.5%, Tier 1 capital ratio is 16.3%, and total capital
adequacy ratio is 20.4%.

S&P expects growth and profitability to remain under pressure for
STFC, given market funding conditions continue to be tight. STFC's
assets under management increased about 4% year-on-year for the
half year ended Sept. 30, 2019, with growth mainly from
securitization and direct assignment, while balance sheet assets
showed a de-growth. The company's assets and liabilities are
broadly matched, and as of Sept. 30, 2019, the company has about
Indian rupees 45 billion in cash and bank balances.

STFC's stage 2 loans are sizable at 22% as of Sept. 30, 2019,
increasing over the past few quarters from 19% as of March 31, 2019
and 18% as of March 31, 2018. The company's stage 3 loans also
increased to 8.8% as of Sept. 30, 2019, from 8.4% as of March 31,
2019. However, credit costs improved to 2.5% for fiscal 2019 (2.2%
for the half year ending Sept. 30, 2019), from 3.9% in fiscal 2018.
Stage 2 loans are loans with significant increase in credit risk
and which are 30-89 days overdue, and stage 3 loans are loans that
are 90 days overdue.

S&P believes challenging operating conditions could result in a
higher transition rate from stage 2 to stage 3 loans, resulting in
an increase in STFC's nonperforming loans and credit costs. The
company is holding about 34% of provisions against stage 3 loans
and 6% against stage 2 loans. In our opinion, STFC may have to step
up this provisioning in a weaker environment. S&P notes that the
level of stage 2 and stage 3 loans has reduced slightly since
September 2019. The rise in stage 2 loans in the first two quarters
of fiscal 2020 was partly seasonal due to a prolonged monsoon
season that delayed the movement of agricultural output.

S&P's funding and liquidity assessment for STFC remains adequate.
The company continues to have access to several funding sources and
its primary borrowing rates and offshore secondary rates remain
contained. However, there has been some increase in onshore
secondary rates, affecting STFC in the current domestic market
conditions where risk aversion remains high.

STFC's cost of funds has risen in the past one year due to tighter
funding and liquidity conditions. The company has diversified its
sources through overseas (12% of borrowings as of Sept. 30, 2019,
from 3% a year ago) and retail bond issuances and also relied on
securitization during this time (25% of borrowings from 19% a year
ago). A deterioration in asset quality will likely lower the credit
available to STFC because Indian financial markets remain risk
averse and finance companies operate in a confidence-sensitive
sector.

The negative outlook on STFC reflects a one-in-three chance that
STFC's asset quality will deteriorate over the next 12 months or
so, which will lead S&P to lower the rating. Should this not occur,
and other risks remain satisfactorily managed, then the rating
outlook will revert to stable.

S&P said, "We will downgrade STFC if the company's asset quality
deteriorates. This could occur if stage 3 loans deteriorate to
11%-12% and if we believe they will stay at that level or worsen;
or credit costs increase sharply. We could also lower the rating if
the company's access to funding is negatively affected due to asset
quality pressures.

"We will likely revise the outlook back to stable if: (1) the
recent trend of increasing stage 2 loans reverses with STFC
maintaining lower levels of these loans; and (2) stage 3 loans
don't deteriorate significantly and credit costs don't increase
sharply."


TICEL BIO: CRISIL Lowers Rating on INR70cr LT Loan to 'B+'
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Ticel Bio Park
Limited (Ticel) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        70         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    20         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with Ticel for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 Ticel, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Ticel is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Ticel Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Incorporated in 2002 in Chennai and jointly promoted by Tamil Nadu
Industrial Development Corporation Ltd, TIDEL Park Ltd, Indian Bank
Ltd, Karur Vyasya Bank Ltd, and Indian Overseas Bank Ltd, Ticel
owns the Ticel Biotechnology Park at Taramani in Chennai. The park
exclusively houses life sciences companies.


VIMLESH PRASAD: CRISIL Raises Rating on INR1cr Cash Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of M/s
Vimlesh Prasad Singh (VPS) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         10        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit             1        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade reflects no instance of overdrawing of cash credit
account for more than six months. The limit had remained
overutilised for more than 30 days due to delay in receivables
realisation.

The ratings reflect VPS's modest scale of operations, large working
capital requirement, and risk related to tender-based business.
These weaknesses are partially offset by partners' extensive
experience in the civil construction business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Revenue has remained range-bound at
INR19-24 crore (INR19.57 crore in fiscal 2019), and is expected to
continue to be subdued over the medium term.

* Large working capital requirement: The construction industry is
inherently working capital intensive. The firm has to provide
security deposit and retention money, which are released after
project completion. Working capital requirement is majorly funded
through supplier credit, internal sources, and bank limit.

* Exposure to risks related to tender-based business: Since the
entire income is tender-based, revenue and profitability depend on
the ability to win tenders. This is compounded by intense
competition, which leads to aggressive bidding.

Strengths

* Partners' extensive experience in the civil construction
business: Benefits from partners' experience of around three
decades and healthy relationships with suppliers and customers
should continue to support business.

Liquidity Stretched

Accrual was low at INR1.28 crore in fiscal 2019, though debt
obligation was nil. Accrual is likely to remain at a similar level
over the medium term. Liquidity is constrained by large working
capital requirement. Any delay in receivables realisation can
severely impact liquidity. Cash credit limit of INR1 crore was
almost fully utilised in the six months through October 2019.
However, current ratio was adequate at 1.97 times as on March 31,
2019.

Outlook: Stable

CRISIL believes VPS will continue to benefit from the extensive
experience of its partners.

Rating sensitivity factors

Upward factors

* Improvement in scale of operations to above 20% and sustenance of
operating margin

* Unsecured loans from partners improving liquidity

Downward factors

*Delay in realisation of receivables leading to further stretch in
liquidity

*Decline in scale or profitability resulting in accrual of below
INR10 lakh (post-capital withdrawal).

VPS was set up in 1990 as a proprietorship firm, Bimlesh Prasad
Singh. It was reconstituted as a partnership firm in 2009 and is
currently promoted by Mr Mani Shankar and Ms Satya Bhama Devi along
with their family. VPS undertakes civil contracts in Patna.




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

SAWIT SUMBERMAS: Moody's Lowers CFR to B3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Sawit Sumbermas Sarana Tbk (P.T.) to B3 from B2. At the same time,
Moody's has downgraded the senior unsecured rating on the $300
million notes issued by its wholly-owned subsidiary, SSMS
Plantation Holdings Pte. Ltd. to B3 from B2.

The outlook on the ratings remains negative.

RATINGS RATIONALE

"The downgrade reflects our expectation that SSMS' credit profile
will be materially weaker than our previous expectation, weighed by
negative earnings from its downstream operations, as well as by the
limited transparency around its group operations amid significant
related party transactions," says Maisam Hasnain, a Moody's
Assistant Vice President and Analyst.

SSMS' CFR reflects the credit quality of its parent, Citra Borneo
Indah (P.T.), which consolidates SSMS. CBI's credit metrics have
weakened in recent years, partly due to operating losses and
elevated capital spending associated with the development of its
downstream operations, including a new palm oil refinery and
industrial park.

For the six months ended June 2019, CBI generated operating losses
of around IDR45 billion, with earnings from the company's upstream
operations offset by losses at its other businesses, including its
refinery business. High-level financial information provided by the
company on its Q3 2019 earnings call suggests that the refinery
continued to generate operating losses during Q3.

"As a result of continued operating challenges and uncertainty
around when the refinery will materially improve its operations, we
estimate CBI's consolidated leverage will remain considerably
higher than the 5.5x downward trigger for its previous B2 rating
over the next 12-18 months," adds Hasnain, who is also Moody's Lead
Analyst for SSMS.

Moody's also expects that SSMS will continue to financially support
CBI, including the refinery operations. Since December 2018, SSMS
has increased loans to CBI to IDR2.4 trillion in September 2019,
from IDR1.6 trillion. SSMS also generated 86% of its revenue from
sales to the refinery for the nine months ended September 2019.
Continued support to the refinery is a shift from SSMS' previously
stated plans that the refinery would largely operate as an
independent unit.

Outside of intergroup transactions, CBI also has considerable
related party transactions in the form of receivables and payables
with affiliates and shareholders. While CBI's financial statements
show that these transactions involve operational expenses
associated with related parties, there is limited clarity on the
specific nature of these payments. In addition, these related party
transactions point to weak financial controls and limited corporate
transparency.

While the company has stated that it plans to streamline its
corporate structure, which could improve transparency, the timing
and details of such plans remain uncertain.

CBI's credit profile is supported by its strong liquidity, with a
large cash balance of around IDR2.1 trillion at September 30, 2019.
This provides a cushion against volatile CPO prices and the ability
for the company to support its loss-making downstream operations in
the near-term. However, a material reduction in its cash balance
from current levels would lead to further immediate negative rating
pressure.

The rating also considers the company's exposure to the following
environmental, social and governance (ESG) risks.

First, the rating considers the increasing stakeholder scrutiny
around environmental and social risks associated with the palm oil
sector. Following negative publicity and allegations in recent
years, the company has strengthened its sustainability practices,
including improving its environmental management and stakeholder
engagement. The company aims to have all its plantations and mills
certified with the Roundtable for Sustainable Palm Oil (RSPO) by
2020. The RSPO is an association of palm oil industry stakeholders
that promotes sustainable growth and use of palm oil products.

Second, Moody's has considered the governance risks related to the
company's concentrated ownership, with Pak Abdul Rasyid and his
family owning around 70% of SSMS and 100% of CBI. In addition,
while SSMS is a publicly listed company which makes regular filings
with the Indonesian Stock Exchange, CBI, which consolidates the
group's downstream operations, is a private company with limited
public disclosures. Governance risk is further elevated by the
large number of related party transactions between group entities
at CBI, between CBI and its shareholders, and by the absence of
meaningful controls restricting flows between SSMS and CBI.

The rating outlook is negative, reflecting Moody's expectation that
on a consolidated basis, CBI's credit metrics will remain weak for
its current ratings over the next 6-12 months, and that limited
transparency around group operations will continue to weigh on
CBI's credit profile.

Upward ratings pressure is unlikely, given the negative outlook.
Nevertheless, Moody's could change the outlook to stable if CBI
shows improved earnings or reduced debt, while maintaining prudent
financial policies and improving corporate transparency,
particularly around its downstream operations and related party
transactions.

Credit metrics indicative of a change in the ratings outlook to
stable include adjusted debt/EBITDA falling below 6.0x and adjusted
EBITA/interest increasing above 1.5x, both on a sustained
forward-looking basis.

Alternatively, Moody's could downgrade the ratings if (1) CBI fails
to implement its business plan, in particular for its downstream
business, such that its earnings do not improve; (2) the company
undertakes large debt-funded acquisitions that materially weaken
its credit profile; or (3) there is evidence of material cash
leakage outside of SSMS.

Credit metrics indicative of ratings downgrade include adjusted
debt/EBITDA increasing above 6.5x or adjusted EBITA/interest
falling below 1.0x, both on a sustained forward-looking basis.

The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.




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

CBL CORP: FMA Files Civil Proceedings vs. Firm, Directors & CFO
---------------------------------------------------------------
The Financial Markets Authority (FMA) has issued two sets of civil
proceedings in the Auckland High Court against CBL Corporation
Limited (CBLC), the six directors and the chief financial officer
alleging multiple breaches of the Financial Markets Conduct Act
2013. The FMA is seeking declarations of contravention and civil
pecuniary penalties in both proceedings.

CBL was listed on the NZX main board in 2015. It had a market
capitalisation of NZD747 million, and a share price of NZD3.17,
when it went into suspension from trading in February 2018. The
company was put into voluntary administration in February 2018, and
then placed in liquidation in May 2019.

The FMA had established these regulatory objectives in pursuing
this case:

   * sending an important denunciation and deterrence message
     where misconduct is identified in an area of strategic
     importance to New Zealand's financial markets;

   * holding to account those considered most culpable for any
     identified misconduct, e.g. directors or management;

   * clarifying the law and provide important legal precedent
     for future actions.

Based on these objectives the following proceedings have been
filed.

The first proceeding concerns alleged breaches of the FMC Act in
relation to disclosures by CBLC as part of its Initial Public
Offering in September 2015, namely:

   a) failure to disclose related party transactions; and

   b) false and/or misleading statements in respect of solvency
      ratios and the use of the IPO proceeds.

The defendants to this proceeding are CBLC, directors Peter Harris
and Alistair Hutchison, and CFO Carden Mulholland.

The second proceeding concerns alleged breaches of the FMC Act,
namely:

  a) failure to comply with continuous disclosure obligations in
     respect of:

       i. the need to strengthen CBLI's reserves;

      ii. aged SFS premium receivables following the acquisition
          of SFS; and

     iii. directions issued to, and conditions imposed on, CBL
          Insurance Europe dac (CBLIE) by the Central Bank of
          Ireland (Central Bank); and

  b) misleading and deceptive conduct and/or unsubstantiated
     representations in trade in respect of CBLC's market
     announcement on Aug. 24, 2017.

The defendants to this proceeding are CBLC, and its directors Sir
John Wells, Peter Harris, Anthony Hannon, Norman Donaldson, Ian
Marsh, Alistair Hutchison and the CFO, Carden Mulholland.

Nick Kynoch, FMA General Counsel, said, "Our key statutory
objective is to promote and facilitate the development of fair,
efficient and transparent financial markets. There will be
corporate failures in a well-functioning market, however the size
and circumstances of CBL's collapse threaten our overarching
objective. Because of this we conducted a significant and complex
investigation into CBL's failure.

"We have identified a number of areas of potential misconduct by
CBL and its directors and considered a range of potential
enforcement actions against the backdrop of our regulatory
objectives. We are also mindful of bringing an appropriately
targeted and manageable case. The proceedings filed today address
these objectives.

"We also acknowledge the two litigation-funded class actions filed
by investors against CBL, which are primarily aimed at securing
compensation for investors. The FMA will engage with investors and
the courts to manage the various proceedings now in progress.

"Investors exercising their own legal rights and pursuing privately
funded litigation plays an important part in a well-functioning
market, which the FMA strongly supports. However private civil
litigation may not always address areas of broader public interest
that are of concern to the FMA."

The FMA's two sets of civil proceedings have been drafted
separately for ease of understanding, as each one relates to
different underlying facts and different time periods. The FMA
proposes that the two proceedings be heard together.

[1] Proceedings where declarations of contravention and penalties
are sought will, if granted, provide the ability for individual
claimants to seek compensation in reliance on the declarations of
contraventions (which will have been established by the FMA
proceedings).

The maximum amount of a pecuniary penalty for a contravention, or
involvement in a contravention, of a civil liability provision is
likely to be NZD1 million in the case of a contravention, or
involvement in a contravention, by an individual or NZD5 million in
any other case.

                          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.


CBL CORP: Serious Fraud Office Files Criminal Charges
-----------------------------------------------------
Rob Stock at Stuff.co.nz reports that the Serious Fraud Office has
filed criminal charges following its investigation into the
collapse of insurer CBL Corp, but it wouldn't confirm who it had
laid the charges against.

Stuff relates that the SFO said its policy was not to name those
charged ahead of a first hearing in case they sought name
suppression.

                          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.




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

CHINESE GLOBAL: Winding-up Application Against Firm Withdrawn
-------------------------------------------------------------
Annabeth Leow at The Business Times reports that Chinese Global
Investors Group, which was slapped with a winding-up application
after its former chief financial officer (CFO) claimed tens of
thousands of dollars in unpaid salary, has seen the application
pulled after the company ponied up.

The High Court ordered the withdrawal of the Nov. 14 winding-up
application against the investment-holding group on Dec. 13, the
board of directors said in an update three days later, as Chinese
Global Investors Group had paid the sum of about SGD42,300 to Kemmy
Koh, BT relates.

According to the report, lawyers for Ms Koh, who was Chinese Global
Investors Group's CFO from May 2011 to July 2019, had filed two
statutory demands in October - first for SGD41,958.12, then for
SGD42,079.51.

BT relates that Ms. Koh sought the payment of her salary for the
April-to-July period, including Central Provident Fund
contributions and interest, having cited "unpaid remuneration due
from the company" for her departure.

Trading in the company's shares has been suspended since October
2018, the report notes.

                        About Chinese Global

Headquartered in Singapore, Chinese Global Investors Group Ltd. --
http://www.chineseglobalinvestors.com/html/index.php-- through a
subsidiary, offers mortgage loans to middle-income prospective
owner-occupiers of apartments. The Company also invests in treasury
bills. Chinese Global Investors Group provides waterproofing and
building protection solutions and products.



                           *********


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

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

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

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