/raid1/www/Hosts/bankrupt/TCRAP_Public/191227.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, December 27, 2019, Vol. 22, No. 259

                           Headlines



A U S T R A L I A

ARK MINES: Second Creditors' Meeting Set for Jan. 6
FORWARD HALF: First Creditors' Meeting Set for Jan. 7
ROSE GUERIN: Second Creditors' Meeting Set for Jan. 3
SNACKING INVESTMENTS: S&P Assigns 'B' ICR, Outlook Stable


C H I N A

BAOSHANG BANK: Jia Qizhen Under Probe Over Alleged Corruption
PACTERA TECHNOLOGY: S&P Puts 'CCC+' Long-Term ICR on Watch Pos.
TAHOE GROUP: Fitch Hikes Sr. Unsecured Rating to B-


H O N G   K O N G

LIFESTYLE INTERNATIONAL: Fitch Alters Outlook on BB+ LT IDR to Neg


I N D I A

A.G.S. RATHNA: CRISIL Migrates 'D' Rating to Not Cooperating
AGASTHYACODE RUBBER: CRISIL Moves D Rating to Not Cooperating
ALAYNA INDUSTRIES: CRISIL Assigns 'D' Rating to INR6.40cr Loan
ALCHEMIST LIMITED: CRISIL Migrates D Rating to Not Cooperating
AUTOCREATES SERVICES: CRISIL Moves D Rating to Not Cooperating

B.V.L EXPORTS: Ind-Ra Lowers LongTerm Issuer Rating to D
CHENAB INDUSTRIES: CRISIL Migrates D Rating to Not Cooperating
CHENNAI FOOTBALL CLUB: Insolvency Resolution Process Case Summary
CHOUDHARY BUILDERS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
CLIFTON EXPORT: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable

CURA HEALTH: CRISIL Lowers Rating on INR25cr Cash Loan to 'D'
EVEREST KANTO: CRISIL Keeps C on INR368cr Loan in Not Cooperating
GOEL BUILDERS: CRISIL Lowers Rating on INR30cr LT Loan to 'D'
GREENWORLD INTERNATIONAL: Insolvency Resolution Case Summary
IMPERIAL TUBES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'

INDO GERMAN: Ind-Ra Affirms & Then Withdraws BB- Issuer Rating
INNOVA FABTEX: CRISIL Migrates 'D' Rating to Not Cooperating
JAI HARI: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
JAINEX METALIKS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
JINDAL ALUFOILS: Insolvency Resolution Process Case Summary

JINDAL INFRASTRUCTURE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
JINDAL RICE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
JSB ENTRADE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
KSM SPINNING: Insolvency Resolution Process Case Summary
LTS PLASTICS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'

MELSTAR INFORMATION: CRISIL Keeps 'D' Rating in Not Cooperating
MGI INDIA: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
MINTECH GLOBAL: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
MOHTA PLYWOOD: CRISIL Migrates D Ratings to Not Cooperating
NALANDA ENGICON: Ind-Ra Assigns BB Issuer Rating, Outlook Stable

NIRMITI STAMPINGS: Insolvency Resolution Process Case Summary
PLANET PR: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
PRAVEEN AROMA: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
RAAJMAHAL DEVELOPERS: CRISIL Keeps 'D' Rating in Not Cooperating
RAJESH ESTATES: CRISIL Cuts Rating on INR297.60cr Loan to 'D'

RESURGENT POWER: Insolvency Resolution Process Case Summary
S. K. TEXTILES: CRISIL Migrates 'D' Rating to Not Cooperating
SAFAL SECURITIES: Insolvency Resolution Process Case Summary
SANJAY INSECTICIDES: Insolvency Resolution Process Case Summary
SATHYA SOLUTIONS: Insolvency Resolution Process Case Summary

SKY-BUILD PRIVATE: Insolvency Resolution Process Case Summary
SPARK GREEN: Insolvency Resolution Process Case Summary
SRI ADHIKARI: CRISIL Maintains 'D' Rating in Not Cooperating
SUNDARAM MULTI: CRISIL Maintains 'D' Rating in Not Cooperating
TAMILNADU JAI: CRISIL Migrates 'D' Rating to Not Cooperating

TULIP RENEWABLE: CRISIL Hikes Rating on INR206cr Loan to 'B'
UDAY STRUCTURALS: CRISIL Migrates D Rating to Not Cooperating
VARRON ALUMINIUMM: Insolvency Resolution Process Case Summary
VINYAS INNOVATIVE: CRISIL Lowers Rating on INR27cr Loan to 'D'
VISA DRUGS: Insolvency Resolution Process Case Summary

[*] INDIA: IBC Revives 160 Cos., Creditors Get 44% of Their Claims


J A P A N

JAPAN POST: CEO, Heads of 2 Units to Resign Over Insurance Scandal


N E W   Z E A L A N D

CHRISTIAN SAVINGS: Fitch Affirms BB LT IDRs, Outlook Stable
CREDIT UNION BAYWIDE: Fitch Affirms BB LT IDR, Outlook Stable
CULLEN GROUP: Liquidators Set to 'Freeze' Company's Assets
FIRST CREDIT: Fitch Affirms BB LT IDR, Outlook Stable
WAIRARAPA BUILDING: Fitch Affirms BB+ LT IDR, Outlook Stable



S I N G A P O R E

PARKSON RETAIL: Unit Faces Suit for Alleged Failure to Pay Rent
TRANSCORP HOLDING: Suspends Trading Due to Lack of Capital

                           - - - - -


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

ARK MINES: Second Creditors' Meeting Set for Jan. 6
---------------------------------------------------
A second meeting of creditors in the proceedings of Ark Mines
Limited has been set for Jan. 6, 2020, at 11:00 a.m. at the offices
of KordaMentha, Chifley Tower, Level 5, at 2 Chifley Square, 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 Jan. 5, 2020, at 4:00 p.m.

Richard Tucker and Craig Shepard of KordaMentha were appointed as
administrators of Ark Mines on Sept. 25, 2019.


FORWARD HALF: First Creditors' Meeting Set for Jan. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Forward Half
Pty Ltd, trading as Blackwood Fitness, will be held on Jan. 7,
2020, at 4:30 p.m. at the offices of Tarquin Koch Accounting &
Insolvency Services, Unit 2, at 23-25 Beulah Road, in Norwood, SA.


Tarquin Koch of Tarquin Koch Accounting & Insolvency Services was
appointed as administrator of Forward Half on Dec. 23, 2019.


ROSE GUERIN: Second Creditors' Meeting Set for Jan. 3
-----------------------------------------------------
A second meeting of creditors in the proceedings of Rose Guerin and
Partners Pty Ltd has been set for Jan. 3, 2020, at 2:30 p.m. at
Level 1, 255 Mary Street, in Richmond, 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 Jan. 2, 2020, at 4:00 p.m.

Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of Rose Guerin on Dec. 19, 2019.


SNACKING INVESTMENTS: S&P Assigns 'B' ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Arnott's. S&P also assigned its 'B' issue ratings to the company's
US$400 million and A$485 million (US$330 million) term loan
issuance, A$90 million (US$60 million) delayed draw term loan
credit facility, and A$150 million (US$100 million) revolver.

The rating on Arnott's reflects the company's highly leveraged
balance sheet, which leaves it with limited headroom for
underperformance or ability to defend against competitors. S&P
expects minimal deleveraging over the next two years while Arnott's
implements its strategic initiatives.

As a result, the company's S&P Global Ratings-adjusted leverage is
likely to remain above the 7x range over this period. S&P expects
EBITDA interest coverage to improve toward 2.0x over this period,
which will likely be driven by an improvement in profitability and
growth in EBITDA.

Arnott's leading market position and strong brand equity underpin
its fair business risk assessment. The company benefits from a
portfolio of market-leading products in the Australian biscuit
segment. Supporting the company is the strong brand recognition and
customer loyalty, enabling consistent margins and shielding the
business from the rising threat of private-label substitute
products.

Arnott's significant customer concentration to major supermarket
retailers, who are pursuing a private-label strategy, weighs on its
business risk assessment. S&P expects Australian consumer
preference for "better for you" products and affordable snacking
alternatives to affect Arnott's business over the long term. This
will pressure Arnott's volumes, limit price increases, and
constrain overall margin growth over the next few years. Arnott's
is undertaking a cost control strategy that we expect will protect
margins and counter this threat. However, the benefits will not
occur for a number of years. In addition, Arnott's significant
presence in the category and aisle space occupied in the major
supermarkets support our favorable assessment of its competitive
advantage.

Constraining Arnott's business risk are the mature branded food
market in which it operates, significant customer concentration to
major supermarkets, and high geographic concentration in Australia
(from where it generates more than 70% of sales). S&P also believes
the rising threat of private-label substitute products from
discount players and major supermarket retailers' own brands will
grow and potentially limit the pricing power of branded food
manufacturers.

While Arnott's has meaningful product diversity across the narrow
biscuit segment, S&P believes the company will be challenged to
respond to emerging consumer trends. Australian consumer
preferences are gradually migrating to "better for you" products
and affordable alternatives. This shift will pressure Arnott's
volumes, limit price increases, and constrain overall margin growth
over the next few years.

To counter this threat, Arnott's portfolio consists of products at
differing price segments and healthy alternatives. Some products
have a price/product proposition that makes them more resilient,
particularly in times of economic turbulence. This low correlation
to economic cycles has helped to produce a long track record of
stable sales growth, albeit in the low single-digit range.

S&P believes Arnott's will continue to benefit from its leading
market position in the biscuit segment. The company's brand equity
underpins its business assessment, which benefits from a portfolio
of leading products. Arnott's brand recognition and customer
loyalty have enabled the business to maintain consistent margins
and offset the threat of private-label substitute products.

The Asia-Pacific division accounts for less than 20% of Arnott's
group earnings, and provides some degree of geographic and
operational diversity. The division increases the company's
exposure to emerging southeast Asian markets. However, growth is
predicated on the successful execution of increasing volumes,
market penetration, and expanding the Arnott's product range in
these regions. At the same time, any diversification benefit
derived from the company's Campbell's Australia and New Zealand
(ANZ) division is constrained due to its steady earnings decline.
This is despite the relatively strong market position and
well-performing specialty juice range.

Arnott's highly leveraged capital structure influences its
financial risk profile. S&P said, "In our view, there is minimal
headroom at the 'B' rating for any deterioration in the initial
proforma adjusted EBITDA interest coverage of 1.8x. We expect
operating efficiency improvements and margin expansion to grow
earnings and support EBITDA interest coverage approaching and
exceeding 2.0x over the next few years."

S&P also expect Arnott's pro forma S&P Global Ratings-adjusted
leverage to sustain above the 7x range over the next two years. The
company's fixed commitments will constrain free cash flow, which
will limit the ability to weather adverse impacts to performance.
Arnott's can access undrawn debt facilities to meet funding
requirements, which might be precipitated by a need to invest
further capital in the manufacturing plants or the supply chain.

Arnott's has a significant amount of senior secured debt,
comprising:

-- Seven-year US$400 million and A$485 million (US$330 million)
first-lien term loans,

-- Seven-year A$90 million (US$60 million) first-lien delayed draw
term loan,

-- A$150 million (US$100 million) revolving credit facility (RCF),
and

-- An eight-year A$315 million (US$215 million) second-lien term
loan.

The company has used proceeds from the sale and leaseback
transaction involving three of Arnott's manufacturing properties in
Huntingwood, New South Wales; Virginia, Queensland; and Marleston,
South Australia, to partially fund a part of the overall
transaction price. The US$430 million of proceeds is substantially
below our initial expectations of around US$540 million. This
funding shortfall has been made up by Kohlberg Kravis Roberts & Co
L.P. (KKR)'s contribution of around US$90 million of sponsor equity
and an increase in the first-lien term loan Australian-dollar
tranche of A$35 million (US$24 million). S&P also notes:

-- The three manufacturing properties will be leased back on
long-dated tenancies;

-- The reduction in sale price of the three properties has
resulted in a decline in annual rental expense of approximately
US$4 million (A$6 million); and

-- The total lease liability has also declined to around US$232
million from US$306 million.

Also constraining the rating on Arnott's is the ownership by
financial sponsor KKR. S&P expects KKR to remain committed to the
company's efficiency initiatives and growth strategy. Supporting
this view is the retention of key personnel from the existing
senior management team. S&P expects KKR to prefer reinvestment of
earnings in organic long-term growth opportunities, supply chain
efficiencies, and not pursue an aggressive short-term cost-out
strategy. Following the sale and leaseback transactions, KKR made
an additional equity injection of around US$90 million, increasing
the total sponsor equity to US$930 million.

S&P said, "The stable outlook reflects our view that Arnott's will
continue to generate modest revenue growth over the next 12 months
at least, driven by its longstanding market position and defensive
core brands. We also expect the company to improve its operating
performance, supporting modest margin growth and leading to EBITDA
interest coverage growing beyond 2.0x over the next two years."

However, Arnott's significant ongoing financing obligations
(interest, scheduled debt amortization, and operating lease
commitments) will likely weigh on the rating over the next two
years at least. In addition, exposure to mature, low growth
markets, and threats from private-label competition will limit the
pace of deleveraging. To this end, we believe there is limited
headroom for underperformance at the current rating level.

S&P said, "We could lower the rating if competition from private
labels, failure to successfully execute growth strategies, or
ineffective cost control manifests in lower margins. A
deterioration in capacity utilization or higher capital expenditure
could also pressure the rating. These headwinds would be evident if
Arnott's EBITDA interest coverage fails to improve toward 2.0x or
if the company sustains negative free operating cash flow over the
next two years.

"We consider an upgrade to be unlikely, given the financial sponsor
ownership. An upgrade would be reliant on a strengthening of the
group's business risk profile that would be a result of
stable-to-growing market share in core and emerging Asian markets,
improved capacity utilization, and margin improvement leading to
earnings growth."

Founded in 1865, Arnott's is Australia's largest producer of
biscuits and the second-largest supplier of snack food. Since 1997,
Arnott's has been a subsidiary of the Campbell Soup Co.
(Campbell's, BBB-/Stable/A-3), a manufacturer and marketer of
branded food and beverage products listed on the New York Stock
Exchange. Post divestment, and under the ownership of KKR, Arnott's
will operate through its Arnott's Biscuits division in Australia
and New Zealand, Asia-Pacific division, and Campbell's Soup ANZ.




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

BAOSHANG BANK: Jia Qizhen Under Probe Over Alleged Corruption
-------------------------------------------------------------
Wu Hongyuran and Timmy Shen at Caixin Global report that Jia Qizhen
has become the latest of several local banking regulators in the
Inner Mongolia autonomous region to have been placed under
investigation on suspicion of corruption in connection with
Baoshang Bank Co. Ltd., a struggling lender taken over by
regulators in May.

According to Caixin, anti-graft watchdogs said in a statement on
Dec. 23 that Jia, an official at the Inner Mongolia branch of the
China Banking and Insurance Regulatory Commission (CBIRC), is
suspected of "serious violations of (Communist Party) discipline
and law" - a euphemism for corruption.

Jia is not formally charged with supervising Baoshang Bank, but
multiple sources from the bank said that Jia had appeared on
occasions like regulatory meetings and inspections just like he was
in charge of supervising the bank, Caixin relates.

One source close to the bank told Caixin that there had long been
an internal strategy in which some Baoshang Bank employees were
assigned to take care of regulatory officials individually and keep
an eye on them.

Caixin has confirmed with sources close to the matter that Li
Zhenxi, a former chairman of Baoshang Bank, was asked by
authorities to assist with investigation in November. It was not
clear at that time what investigation they were referring to, but
multiple sources have told Caixin that Li gave Jia a property in
Beijing worth over CNY10 million ($2.3 million).

In May, Baoshang Bank made headlines when it was taken over by
regulators due to "severe credit risk." The takeover has revealed
endemic corruption surrounding the lender.

Jia isn't the only official who's in trouble, the report notes. Liu
Jinming, another official at the same CBIRC branch, was put under
investigation by graft busters in November, according to an
official statement released at the time.

Caixin has also learned from sources close to the matter that
another CBIRC official who worked at that branch, Chai Baoyu, is
under a graft investigation. All of them, sources told Caixin, are
being investigated for suspicion of involvement in corruption with
Baoshang Bank.

Baoshang Bank's asset quality and business operations have
deteriorated sharply in recent years. It had CNY535.8 billion in
assets and CNY503.4 billion in liabilities as of the end of
September 2018, Caixin discloses citing a filing with the Shanghai
Clearing House, one of China's securities depositories.

                        About Baoshang Bank

Baoshang Bank Co., Ltd. provides various commercial banking
products services to individuals and corporate customers in China.

As reported in the Troubled Company Reporter-Asia Pacific on May
27, 2019, Caixin Global said China's financial regulators took
control of a small private bank as part of authorities' efforts to
break up fallen tycoon Xiao Jianhua's business empire and contain
financial risks.  According to Caixin, the People's Bank of China
(PBOC) and China Banking and Insurance Regulatory Commission
(CBIRC) announced on May 24 the takeover of Baoshang Bank Co. for a
year.  The rare takeover came two years after Xiao, the billionaire
founder of conglomerate Tomorrow Holding Group, went missing from a
luxury Hong Kong hotel. He is reportedly to have been placed under
graft investigation by Chinese authorities. The regulators said the
takeover reflects the "severe credit risk" the bank poses and is
intended to protect the interests of the bank's depositors and
other clients.


PACTERA TECHNOLOGY: S&P Puts 'CCC+' Long-Term ICR on Watch Pos.
---------------------------------------------------------------
S&P Global Ratings placed its 'CCC+' long-term issuer credit rating
on Pactera Technology International Ltd., a China-based IT
consulting services provider, and issue rating on the senior
unsecured notes that the company guarantees on CreditWatch with
positive implications.

S&P said, "We placed the ratings on CreditWatch with positive
implications because we expect Pactera's credit quality to improve
following its proposed acquisition by State-owned China Electronics
Corp. (CEC). We believe that CEC will have better capacity to
support Pactera than the highly leveraged HNA Group. CEC plans to
acquire 100% of Pactera for US$500 million in cash. CEC is a
conglomerate that focuses on information technology (IT), and is
owned by the Chinese central State-owned Assets Supervision and
Administration Commission (SASAC).

"As a result of the transaction, Pactera will become a part of a
large state-owned enterprise (SOE). We believe CEC's relatively low
leverage, which we estimate to be less than 3x as of end-2018,
places it in a better position to support Pactera. Furthermore, as
a central SOE, it is possible that CEC could receive potential
extraordinary support from the government. Also, we see more
synergies between CEC and Pactera, given they both provide IT
outsourcing services to large enterprises in domestic and overseas
markets.

"We expect nearly all of Pactera's existing debt will be repaid
along with the transaction. This includes the US$109.5 million
notes due in April 2021 and the US$212.6 million loan under the
company's secured term facility. We note that all the details of
the deal have not been finalized yet.

"The CreditWatch reflects our view of a likely improvement in
Pactera's credit profile following the acquisition. The degree of
upgrade would depend on Pactera's new capital structure, as well as
the potential level of support from CEC.

"We expect to resolve the CreditWatch placement after the
transaction is finalized in the first quarter of 2020."


TAHOE GROUP: Fitch Hikes Sr. Unsecured Rating to B-
---------------------------------------------------
Fitch Ratings upgraded China-based homebuilder Tahoe Group Co.,
Ltd.'s (B-/Stable) senior unsecured rating to 'B-' from 'CCC+',
with a Recovery Rating of 'RR4', from 'RR5'.

The upgrade follows the decrease of secured debt in Tahoe's capital
structure to CNY71 billion as at 3Q19, from around CNY90 billion as
at 1Q19. The upgrade is also supported by the company's continued
deleveraging trend, with total debt decreasing by CNY23 billion
over the same period. Tahoe aims to lower its reliance on secured
funding and had issued a USD110 million 364-day senior unsecured
note at 11% in December 2019.

Tahoe's ratings are constrained by high leverage due to aggressive
land acquisitions before 2018. It financed its land purchases
mostly via debt, which led to a heavy interest burden that severely
weakened its ability to generate operating cash flow. Tahoe's
ratings are supported by its large contracted sales scale,
diversified footprint across China and strong EBITDA margin, which
is supported by high-quality product lines that differentiate Tahoe
from most fast-churn homebuilders.

KEY RATING DRIVERS

Higher Recovery Rate: Fitch estimates that the recovery rate of
Tahoe's offshore senior unsecured debt had improved to 41% by 9M19,
from 24% by 1Q19. Fitch believes the improvement is sustainable, as
it was driven by fundamental changes. These include a reduction in
total debt to CNY104 billion as at 3Q19, from CNY127 billion at
1Q19, following asset sales to Shimao Property Holdings Limited
(BBB-/Stable), abstaining from land purchases during 2019 and a
continued effort to improve the debt structure by decreasing the
proportion of secured debt; secured debt fell by CNY19 billion in
9M19.

Leverage Improving, but Still High: Fitch expects Tahoe's leverage,
measured by net debt/adjusted inventory, to stay at around 70% for
2019, after factoring in the asset disposal to Shimao and its
expectation of better cash collection and limited land
acquisitions. Leverage fell to 68% in 9M19, from a historical high
of 83% in 2017, after Tahoe's aggressive landbanking since 2013.
Attributable land premium/sales proceeds was high at 215% in 2013
and remained above 100% in 2014-2017, except for 2015. Only 14% of
sales proceeds were used to purchase land in 2018 and the company
did not acquire any land in 11M19.

Fitch expects Tahoe to continue to deleverage, albeit at a slower
pace, but for leverage to remain high at above 65% - the threshold
below which Fitch would consider positive rating action - over the
next three years. Tahoe may deleverage faster than Fitch expects in
the near-term if it continues to dispose of assets. However, the
company will face pressure to replenish its land reserves to
support growth in light of its short landbank life of 2.5 years to
3.0 years. Tahoe's high interest expense of CNY11 billion-12
billion a year is its single largest cash outflow other than land
and construction expenditure and acts as a drag on its cash flow.

Focus on Cash Collection: Fitch estimates Tahoe's cash collection
rate will stay within 75%-80% over the next two years as the
company has emphasised sales collection over sales expansion since
2H18 by focusing on enhancing the quality of contracted sales and
better managing uncollected sales. Tahoe's cash collection rate
improved to around 80% in 9M19, from 61% in 2018 and 52% in 2017.

Tahoe's priority before 2018 was to increase sales. However, some
reported sales included purchase intentions did not result in
actual sales, which explained Tahoe's persistently
lower-than-industry-average cash collection rate of below 70%.
Therefore, Fitch uses sales proceeds to forecast revenue and
calculate sales efficiency, rather than contracted sales. Fitch
will continue to use cash collected as a proxy for sales, as it
more accurately reflects the company's operational situation, until
Tahoe's cash collection rate improves to the industry average of
above 80% on a sustained basis.

Large Contracted Sales Scale: Tahoe's ratings are supported by its
large scale and diversified quality landbank in tier one and two
cities across China. Fitch estimates that Tahoe will achieve total
sales of CNY85 billion in 2019, supported by sellable resources of
CNY185 billion available for the year. Gross contracted sales,
excluding purchase intentions, rose by 31% to CNY91 billion in
2018, supported by a 17% rise in the average selling price to
CNY24,800/square metre and gross floor area (GFA) growth of 12%.
Tahoe's strong product line, with unique designs, differentiates it
from homebuilders that adopt fast-churn models.

Weak Parent, Weak Linkage: Fitch believes Tahoe's ratings are not
constrained by the weaker financials of its parent, Tahoe
Investment Group Co. Ltd., which owns a 48.97% stake in the listed
company, based on its Parent and Subsidiary Rating Linkage
criteria. Tahoe is separately managed and only two of seven board
members are affiliated with Tahoe Investment. Tahoe's parent cannot
access Tahoe's cash flow except via dividends; historically, Tahoe
has paid minimal dividends, as the company has been expanding
aggressively. In addition, Tahoe Investment has pledged 99% of its
shares in Tahoe to banks, further reducing its influence on its
subsidiary.

DERIVATION SUMMARY

Tahoe's ratings are constrained by its aggressive financial profile
and tight liquidity, which are comparable with peers in the low 'B'
category. Tahoe's business profile is similar to that of 'BB'
category peers because of its large contracted sales scale, premium
land bank and diversification across regions and products.

Tahoe's leverage is one of the highest among Fitch-rated
homebuilders. Its leverage, measured by net debt/adjusted
inventory, was 75% in 2018, comparable with Oceanwide Holdings Co.
Ltd.'s (B-/Stable) 75% and Xinhu Zhongbao Co., Ltd.'s (B-/Stable)
73%. Tahoe's scale is much larger than that of Oceanwide and Xinhu
Zhongbao, and its assets are more diversified. Oceanwide's and
Xinhu Zhongbao's churn rates, measured by contracted sales/total
debt, of below 0.25x are lower than Tahoe's 0.40x. However,
Oceanwide and Xinhu Zhongbao are investing in financial
institutions, whose profit can provide some buffer to service
debt.

Sunshine 100 China Holdings Ltd's (CCC+) business profile is less
sustainable than Tahoe's, considering its small sales scale and
high exposure to non-residential property; around 30% of Sunshine
100's 2018 sales were derived from non-residential properties,
which require a longer development cycle. Demand for such products
is also more vulnerable to business cyclicality. Sunshine 100's
landbank is mostly exposed to tier two and satellite tier three and
four cities across China, compared with Tahoe's focus on tier one
and strong tier two cities. Similarly, Sunshine 100's leverage is
high and its unrestricted cash can barely cover short-term debt.

KEY ASSUMPTIONS

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

  - Contracted sales to decrease by 9% to CNY85 billion in 2019 and
increase by 5% in 2020 (9M19: CNY58 billion)

  - No land acquisitions in 2019 and a replenishment rate, measure
by attributable GFA acquired/attributable GFA sold, of 0.5x in 2020
(9M19: nil)

  - Cash collection rate improving to 75% in 2019 and 80% in 2020
(9M19: 80%)

  - Assets disposed to Shimao during 5M19 have been factored in the
rating case

KEY RECOVERY RATING ASSUMPTIONS

  - The recovery analysis assumes that Tahoe would be liquidated in
a bankruptcy rather than maintained as a going-concern, given the
asset-heavy nature of China's homebuilding sector

  - Fitch assumes a 10% administrative claim

  - The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors

  - Cash balance is adjusted such that only cash in excess of the
higher of accounts payables and three months of contracted sales is
factored in

  - 25% haircut to net inventory and joint-venture net assets in
light of Tahoe's high EBITDA margin

  - 70% haircut to investment properties after considering Tahoe's
low rental yield and the quality of its investment property assets

  - 30% haircut to accounts receivables

  - 40% haircut to net property, plant and equipment

  - 70% haircut to available-for-sale financial securities

Based on its calculation of the adjusted liquidation value after
administrative claims, Fitch estimates the recovery rate of the
offshore senior unsecured debt to be within the 'RR4' recovery
range.

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory (with
proportionate consolidation of joint ventures), sustained below
65%

  - EBITDA, excluding capitalised interest, sustained above 30%

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

  - Leverage, measured by net debt/adjusted inventory (with
proportionate consolidation of joint ventures), above 75% for a
sustained period

  - EBITDA, excluding capitalised interest, below 25% for a
sustained period

  - Increased likelihood of the company failing to refinance its
maturing debt

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Tahoe's unrestricted cash of CNY11.6 billion at
end-2018 was insufficient to cover reported short-term debt of
CNY57.4 billion and another CNY9.0 billion in domestic bonds
puttable within one year. The company had increased its
unrestricted cash balance to CNY12.4 billion and lowered short-term
debt to CNY33.5 billion (including CNY3.0 billion of bond puttable
in 12 months) by end-9M19 by repaying debt with asset sales,
contracted sales proceeds and by extending existing loans. Fitch
believes Tahoe's liquidity will further improve by end-2019, based
on expected cash collection in 4Q19 and limited land acquisitions.

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.




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

LIFESTYLE INTERNATIONAL: Fitch Alters Outlook on BB+ LT IDR to Neg
------------------------------------------------------------------
Fitch Ratings revised the Outlook on Lifestyle International
Holdings Limited's Long-Term Issuer Default Rating to Negative from
Stable and affirmed the IDR at 'BB+'. Fitch has also affirmed
Lifestyle's senior unsecured rating and the rating on its
outstanding bonds.

The revision of the Outlook to Negative reflects the increased
uncertainty in the company's cash flow generation. The impact of
ongoing unrest in Hong Kong since June 2019 on the retail sector
has been meaningful and is expected to result in a revenue decline
in 2H19. Free cash flow (FCF) generation may also be affected, but
the degree would depend on the pace of capex spending and the
dividend payout.

KEY RATING DRIVERS

Weak Retail Environment: Fitch expects the retail operating
environment in Hong Kong to remain challenging, due mainly to the
ongoing social unrest. Lifestyle is major retailer within Hong
Kong. Fitch expects Lifestyle's revenue to decline by 13.9% in
2019, in-line with the overall retail market. Retail sales in Hong
Kong fell by 22.9% in August 2019 and continued to decline by 24.3%
in October 2019.

In addition, China's mainland visitors to Hong Kong are an
important contributor to retail sales and arrivals started to
decline in July 2019 and dropped by 46% in October 2019, the
biggest fall since May 2003 when an outbreak of SARS struck Hong
Kong.

Weaker Cash Flow Generation: Fitch estimates Lifestyle's cash flow
generation will be weakened due to the difficult retail environment
in Hong Kong. Fitch expects the funds from operations (FFO)
fixed-charge coverage to reach 3.1x in 2019, which is lower than
4.1x in 2018, due to its forecast decline in profit. Lifestyle's
free cash flow may also be affected, as its expectations prior to
the social unrest were for HKD1.0 billion in capex for its Kai Tak
project in 2019 and a HKD1.0 billion dividend payment, in line with
the historical level. However, any reduction in spending could help
cash preservation.

Leverage to Remain High: Fitch expects Lifestyle's FFO net leverage
to remain high until the Kai Tak project is completed in 2022. FFO
adjusted net leverage is expected to increase to 5.9x in 2019, from
4.3x in 2018, due mainly to weaker operating cash flow, but gross
debt will not change substantially as the majority of debt is
related to financing the Kai Tak project. Therefore, Fitch does not
expect gross debt to change significantly ahead of the project
completion.

Amble Liquidity: Fitch expects Lifestyle to have sufficient capital
resources despite its leverage remaining high before the completion
of Kai Tak project in 2022. The company has sufficient cash and
banking facilities to cover its short-term debt, along with
financial assets (end-June 2019: HKD3.4 billion) which Fitch has no
assigned cash credit but could be available as liquidity for the
company.

Property Value Supportive: Lifestyle's ratings remain supported by
its property ownership, East Point Centre (SOGO Causeway Bay),
which is one of the best-known retail properties in Hong Kong. The
Kai Tak project will not contribute meaningful EBITDA in the next
five years, but Fitch expects its capital preservation to be
supported by resilient capital value of retail properties in Hong
Kong. In addition, the prime store locations of both SOGO CBW and
SOGO TST attract both local and tourist foot traffic and help the
company maintain a solid competitive advantage.

DERIVATION SUMMARY

The closest peer in department stores in Hong Kong and mainland
China is Golden Eagle Retail Group Limited (BB/Stable), which also
has high property ownership of its stores. Lifestyle's higher
property ownership of high-quality assets and its mature market
brings its credit profile closer to that of an investment property
company, as its East Point Centre in SOGO Causeway Bay is one of
the most famous buildings in this top-tier retail area. Lifestyle's
leverage following its Kai Tak land acquisition is comparable with
that of Golden Eagle.

The one-notch rating differential is supported by Lifestyle's
higher revenue and earnings visibility, as Hong Kong is a more
mature and stable market compared with Golden Eagle's key mainland
markets, which are subject to a highly competitive environment and
potential changes in consumer sentiment. However, the Negative
Outlook reflects the uncertainty regarding the recent prolonged
unrest in Hong Kong and the corresponding impact on Lifestyle's
cash flow generation.

KEY ASSUMPTIONS

  - Revenue to decline by 13.9% in 2019 and recover to 3% growth in
2020-2022

  - EBITDA margin at 59% in 2019-2022

  - Annual capex of around HKD1.0 billion in 2019, increasing to
around HKD1.5 billion in 2020-2022

  - Dividend payment of HKD1.0 billion annually

RATING SENSITIVITIES

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

  - Operating performance avoiding the negative sensitivities below
for a sustained period may lead to a revision of the Outlook to
Stable

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

  - Significant changes to the business model, such as moving away
from the concession model

  - FFO fixed-charge coverage below 3.0x for a sustained period
(2018: 3.1x)

  - Negative post-dividend FCF for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Lifestyle had HKD5.8 billion in cash as of
end-June 2019 and also had aggregate unused banking facilities
equivalent to approximately HKD7.6 billion. This is sufficient to
cover its short-term debt of HKD3.6 billion as well as the payment
for the Kai Tak project in the next few years. In addition to the
reported cash, the company had HKD3.4 billion in financial assets,
which consisted mainly of listed equities.

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 Lifestyle, either
due to their nature or the way in which they are being managed by
the company.




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

A.G.S. RATHNA: CRISIL Migrates 'D' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of A.G.S. Rathna
Stores Private Limited (AGS) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        .75        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Secured Overdraft    6.00        CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AGS for obtaining
information through letters and emails dated November 26, 2019 and
December 2, 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 AGS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AGS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AGS to 'CRISIL D Issuer not cooperating'.

Incorporated in 2013 by Mr S Ganesh, AGS runs two retail stores in
Chennai that sells consumer durables, household steel vessels, and
furniture.


AGASTHYACODE RUBBER: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Agasthyacode
Rubber Traders (ART) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            13        CRISIL D (ISSUER NOT
COOPERATING;
                                    Rating Migrated)

CRISIL has been consistently following up with ART for obtaining
information through letters and emails dated November 26, 2019 and
December 2, 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 ART, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ART is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ART to '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 2000 as a partnership between Mr Biju Lal and Mr Baiju
Lal, Kollam-based ART trades in rubber sheets and scrap rubber.


ALAYNA INDUSTRIES: CRISIL Assigns 'D' Rating to INR6.40cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities of
Alayna Industries (AI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             2.33       CRISIL D (Assigned)

   Proposed Long Term
   Bank Loan Facility    1.86       CRISIL D (Assigned)

   Cash Credit           6.40       CRISIL D (Assigned)

   Funded Interest
   Term Loan              .41       CRISIL D (Assigned)

The ratings reflect recent delays in debt servicing by AI due to
poor liquidity.  The rating also factors in AI's susceptibility to
climatic conditions and volatility in raw material prices, working
capital intensive operations and weak financial risk profile. These
weaknesses are partially offset by its extensive industry
experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in debt servicing: There have been instances of delays in
servicing of debt because of poor liquidity. Firm's account was
restructured in August 2019 due to liquidity constraint arising out
of capital withdrawal by one of the partners. Nonetheless post
this, there are recent delays in servicing the debt obligations
because of continued weak liquidity.

* Susceptibility to climatic conditions and volatility in raw
material prices: The crop yield of agricultural commodities is
dependent on adequate and timely monsoon. Thus, AI is exposed to
the risk of limited availability of its key raw material-rice
during a weak monsoon. Also production may be impacted by pests or
crop infection leading to higher unpredictability in production and
pricing of agri-commodities and derived products.

* Weak financial risk profile: Networth is small at INR3.23 crore
as on March 31, 2019 and capital structure was highly leveraged
with gearing of 3.27 times and TOL/TNW of 4.91 times as on March
31, 2019. Debt protection metrics were average, with interest
coverage and net cash accrual to total debt ratios of 1.74 times
and 0.09 time, respectively, in FY 2019. The.

Strength

* Partner's extensive experience and extended funding support:
Partner's experience of over two decades in the industry has helped
company establish healthy relations with customers and suppliers,
and gain a strong understanding of the market.

Liquidity Poor

Liquidity is poor as indicated by instances of delays in debt
servicing because of small cash accruals and capital withdrawal
from ex-partner. This has led to regular delays in debt servicing.

Rating sensitivity factors

Upward Factors

  * Track record of timely debt repayment for at least
    consecutive 90 days

  * Significant improvement in operating performance and
    generation of adequate cash accruals for scheduled debt
    repayments.

AI is owned & managed by Mr Gaurav Pachouri and Ms Nishita
Pachouri. AI operate a rice mill . Its manufacturing facility is
located in Mandideep, Bhopal, Madhya Pradesh.


ALCHEMIST LIMITED: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Alchemist
Limited (AL; a part of the Alchemist group) to 'CRISIL D Issuer not
cooperating'.

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

   Proposed Long Term    21.82     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan              7.18     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AL for obtaining
information through letters and emails dated September 24, 2019 and
October 14, 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 AL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AL to 'CRISIL D Issuer not cooperating'.

AL was initially established in 1988 at as Toubro Infotech &
Industries Ltd, a private-limited company by Dr K D Singh; it got
reconstituted as AL when it came out with its initial public
offering in 1994. AL has grown into a diversified corporation with
operations in chemical trading, pharmaceuticals, food-processing,
floriculture, and steel.

AIPL and AHGL are currently not operational.


AUTOCREATES SERVICES: CRISIL Moves D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Autocreates
Services Private Limited (ASPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental          15         CRISIL D (ISSUER NOT
   Discounting                      COOPERATING; Rating Migrated)

   Loan                  

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated November 26, 2019 and
December 2, 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 ASPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ASPL to 'CRISIL D Issuer not cooperating'.

Incorporated in 2006, ASPL is a subsidiary of AIPL, which has 90%
stake in ASPL; while the remaining is equally owned by promoters of
AIPL, Mr Gurinder Singh Arora and Ms Tarvinder Kaur Arora. ASPL has
a dedicated parking yard in Panvel (Maharashtra), on the
Mumbai-Pune highway.


B.V.L EXPORTS: Ind-Ra Lowers LongTerm Issuer Rating to D
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded B.V.L Exports
Private Limited's (BVL) Long-Term Issuer Rating to 'IND D' from
'IND B-' and has simultaneously migrated the ratings to the
non-cooperating category. The Outlook on the earlier rating was
Stable. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR1.250 bil. Fund-based working capital limit (Long-
     term/Short-term) downgraded and migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by BVL; the details
of which are unavailable.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated on October 29, 1997, BVL is engaged in tobacco
procurement and trading. It is also engaged in the trading of
granites. Its registered office is in Prakasam District, Andhra
Pradesh.


CHENAB INDUSTRIES: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chenab
Industries Private Limited (CIPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         4        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash          5.5      CRISIL D (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CIPL for obtaining
information through letters and emails dated November 26, 2019 and
December 2, 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 CIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of CIPL to 'CRISIL D Issuer not cooperating'.

Promoted by Mr Kush Aggarwal and Mr D S Rana, CIPL is setting up a
plant in Govindsar Industrial Area in Kathua, Jammu, to manufacture
nylon and poly propylene yarn. Operations begun in April 2017.


CHENNAI FOOTBALL CLUB: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Chennai City Football Club Private Limited
        Old Door No. 1, New Door No. 4
        Fifth Floor, Vijaya Towers
        Kodambakkam High Road
        Nungambakkam Chennai
        Chennai TN 600034
        IN

Insolvency Commencement Date: December 4, 2019

Court: National Company Law Tribunal, Division Bench-I, Chennai

Estimated date of closure of
insolvency resolution process: June 3, 2020
                               (180 days from commencement)

Insolvency professional: P. Sriram

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

Last date for
submission of claims:    December 21, 2019


CHOUDHARY BUILDERS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Choudhary
Builders Pvt. Ltd.'s (CBPL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR175 mil. Fund-based limit downgraded with IND BB+/Stable
     rating.

Ind-Ra has taken a standalone view of CBPL due to lack of legal
linkages with its group companies, Brilliant Spaces Limited ('IND
BBB'/Negative), Brilliant Estates Limited ('IND BBB'/Negative) and
Brilliant Hotels Private Limited ('IND BBB'/Stable). However, there
are moderate operational and strategic linkages between the
companies.

KEY RATING DRIVERS

The downgrade reflects deterioration in CBPL's already weak credit
metrics in FY19, with interest coverage declining to 1.35x (FY18:
1.65x) and net leverage (net debt/operating EBITDA) surging to a
high 8.15x (4.99x). The metrics weakened due to a decline in the
absolute EBITDA to INR70.83 million (FY18: INR83.55 million) and an
increase in the total debt to INR195.43 million (FY18: INR124.58
million).

The ratings reflect CBPL's small scale of operations, as indicated
by revenue of INR25.61 million in FY19 (FY18: INR29.9 million). The
revenue decreased owing to lower receipt from rentals.

The ratings take into consideration the company's modest EBITDA
margins. The margin declined to 70.83% in FY19 (FY18: 83.51%) owing
to an increase in overall expenditure. The RoCE fell to 8% in FY19
(FY18: 13%).

Liquidity Indicator - Stretched: CBPL has an average over draft
utilization of around 84.46% for the 12 months ended August 31,
2019; the company could utilize the remaining portion for its
upcoming project in case of any emergency. The cash flow operations
turned negative at INR 4.79 million in FY19 (FY18: INR 4.39
million) due to unfavorable changes in the working capital.
Moreover, there was outstanding rent of INR19 million as on 30
November 2019; this would be a key rating sensitivity for CBPL. The
cash DSCR of the company increased to a comfortable 4.52x in FY19
(1.0x in FY18) due to lower debt servicing.

The ratings are constrained by CBPL's revenue concentration risk,
as its property, Chetak Chambers, is leased out to a single
customer. However, the company has a long term lease agreement as
well as maintenance agreement with its tenant. The lease agreement
was signed on September 1995 and the agreement is valid for 37
years, indicating considerable revenue visibility for the company.
Furthermore, Chetak Chambers is located in the central business
district of Indore and is well-connected and situated close to the
Devi Ahilya Bai Holkar airport and Indore Junction railway
station.

The ratings, however, are supported by promoters' experience of
more than three decades in the real estate market.

RATING SENSITIVITIES

Negative: Fall in the interest coverage below 1.25x, on a sustained
basis, would be negative for the ratings.

Positive: Improvement in the interest coverage ratio above 2.25x,
on a sustained basis, along with growth in lease income will be
positive for ratings.

COMPANY PROFILE

Incorporated in February 1985, CBPL is engaged in the lease rental
business.


CLIFTON EXPORT: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Clifton Export
Private Limited's (CEXPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

  -- INR620.00 mil. (increased from INR520 mil.) Fund-based
      working capital limits affirmed with IND A4+ rating;

-- INR31.10 mil. (reduced from INR136.1 mil.) Long-term loans due

     on March 2023 affirmed with IND BB+/Stable rating; and

-- INR41.50 mil. (increased from INR36.5 mil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects CEXPL's continued medium scale of
operations, as indicated in revenue of INR2,431 million in FY19
(FY18: INR1,851 million). The revenue grew by 31.3% YoY largely on
account of increased execution of orders. In 7MFY20, the company
achieved revenue of INR1,639.4 million.

Liquidity Indicator – Stretched: CEXPL's average use of working
capital limits was 98% during the 12 months ended in October 2019.
At FYE19, its cash and cash equivalents stood at INR9 million
against total outstanding debt of INR555 million. Its cash flow
from operations (CFO) turned positive at INR208 million in FY19
(FY18: negative INR19 million), mainly due to the recovery of
receivables. The company has repayment obligations of INR33.3
million for FY20, which is likely to be paid out of its internal
accruals. CEXPL's free cash flow turned positive at INR200 million
in FY19 (FY18: negative INR64 million) due to better working
capital management and lower capital expenditure.

The ratings reflect the moderate credit metrics, with net leverage
(total adjusted net debt/operating EBITDAR) of 3.1x in FY19
(FY18:5.4x) and interest coverage of 2.6x (2.6x). The net leverage
improved primarily because of a decline in the working capital
borrowings as on March 31, 2019, coupled with repayment of term
loans and unsecured loans. Despite an increase in interest expenses
to INR69 million in FY19 (F18: INR52 million), the interest
coverage remained stable owing to a rise in the absolute EBITDA to
INR176 million (INR134 million) due to revenue growth.

The rating factor in the average EBITDA margins. Despite an
increase in the cost of production, the margins were stable at 7.2%
in FY19 (FY18: 7.2%). This is because the company outsources
various manufacturing processes, and hence, the rise in costs was
offset by the quantum of goods produced. The return on capital
employed was 13% in FY19 (FY18: 8%). In 7MFY20 the company reported
an operating profit of 6.9%. Ind-Ra expects the profitability to
remain stable over the medium term on the back of steady growth in
revenue.

The ratings continue to derive support from CEXPL's long
operational track record in the garment segment, which has led to
well-established relationships with reputed players in the export
market. Furthermore, the company receives support from associate
concerns for the various manufacturing processes.

The ratings also derive comfort from the promoters' experience of
more than 25 years.

RATING SENSITIVITIES

Positive: Sustained improvement in the liquidity, and net leverage
falling below 3x, on a sustained basis, may lead to a positive
rating action

Negative: Any further stretch in the liquidity and/or deterioration
in the credit metrics could lead to negative rating action.

COMPANY PROFILE

Clifton Exports was established as a proprietorship concern by Mr.
B. Nadanasabapathy in 1993. Subsequently, in 2007, the firm was
converted into a private limited company and renamed as Clifton
Exports Private Limited (CEXPL).  along with Mr. B. Vishwanathan,
Mr. B.Bharath, Mr. B.Krishnakumar, and Mr. B.Rathnavelu. The
company manufactures hosiery and garments for infants.


CURA HEALTH: CRISIL Lowers Rating on INR25cr Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Cura
Health Care Private Limited (CHPL; part of the Cura group) to
'CRISIL D/CRISIL D' from 'CRISIL BB+/Negative/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        12.5       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           25.0       CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Proposed Long Term      .5       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB+/Negative')

Based on public information, CRISIL factors the group's weak
liquidity resulting in continuous overdrawal of its working capital
limits for over 30 days.

The ratings continue to reflect the company's Cura group's weak
debt protection metrics and large working capital requirement.
These weaknesses are partially offset by extensive experience of
key management personnel.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CHPL and its subsidiaries: Icure
Technologies Pvt Ltd, Pacsmart Solutions Pvt Ltd, DE Healthcare Pvt
Ltd, Concept Integrations (India) Pvt Ltd, Adonis Medical Systems
Pvt Ltd (Adonis), and IVES Healthcare Pvt Ltd (Ives). This is
because all these entities, collectively referred to as the Cura
group, are in the same business, under a common management, and
have financial links.

Key Rating Drivers & Detailed Description

Weaknesses
* Overdrawal in working capital limits: The group has over utilized
its working capital facilities continuously for over 30 days, led
by weak liquidity.

* Weak debt protection metrics: The group's debt protection metrics
have been impacted due to the losses incurred in the fiscal 2018.
The metrics are likely to improve over the medium term with
improvement in the performance of the group. However the financial
risk profile is supported by a comfortable capital structure with
networth of Rs.65 crore and gearing of 0.52 times as on March 31,
2018.

* Large working capital requirement: Gross current assets were 330
days of sales as on March 31, 2018, driven by substantial
receivables of 228 days.

Strengths
* Experience of key management personnel: The group was taken over
by Peepul Capital Fund III LLC (Peepul) during 2015 and is
currently managed by Mr Balasubramaniam, who has around 25 years of
experience in the healthcare industry.

Liquidity Poor
CHPL has poor liquidity on account of overdrawals in its working
capital facilities for a period more than 30 days, due to working
capital intensive nature of operations, coupled with decline in
operating performance. The liquidity is expected to remain poor
over the medium term

Rating Sensitivity factors

Upside Factors:
* Track record of timely regularisation of the bank facilities
* Improvement in interest coverage to more than 2.5 times

The Cura group trades and manufactures medical equipment and
devices. CHPL, set up in 2001, installs and trades in medical
imaging equipment. It also manufactures digital radiography
equipment and critical care products.

The group's subsidiaries manufacture, trade, and service medical
equipment and healthcare devices in the imaging (CT, MRI,
mammography, and digital radiography), critical care (patient
monitoring and nephrology) and x-ray segments.


EVEREST KANTO: CRISIL Keeps C on INR368cr Loan in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Everest Kanto
Cylinder Limited (EKC) continues to be 'CRISIL C Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Term Loan             368.2       CRISIL C (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with EKC for obtaining
information through letters and emails dated May 31, 2019 and
November 29, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EKC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EKC is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of EKC and its wholly owned subsidiaries,
including step-down entities, EKC International FZE, Dubai; EKC
Industries (Tianjin) Co Ltd, China; EKC Industries (Thailand) Co
Ltd, Thailand; EKC Hungary Kft, Hungary; Calcutta Compressions &
Liquefaction Engineering Ltd, India; EKC-Europe GmbH and CP
Industries Holdings Inc, USA. This is because all these companies,
collectively referred to as the Everest Kanto group, have common
promoters, are in the same line of business, and have intra-group
operational synergies, including fungible cash flows.

Promoted by Mr. P K Khurana in 1978, the Everest Kanto group
manufactures high-pressure seamless compressed natural gas and
industrial cylinders. The gas cylinders are used by automobile
original equipment manufacturers, retrofitters, and gas
distribution companies; the industrial cylinders are used in the
healthcare, fire-fighting, and food and beverages segments. The
group has manufacturing units in India, Dubai, the US, and China,
with a total capacity of ~1 million cylinders per annum, and
marketing offices in Thailand and Germany.


GOEL BUILDERS: CRISIL Lowers Rating on INR30cr LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Goel Builders (GB) to 'CRISIL D' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         30        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects poor liquidity, arising from a cash flow
mismatch, resulting in delay in making interest payment towards the
term loan.

The rating also reflects the firm's susceptibility to risks related
to inherent cyclicality in the real estate industry, and project
and geographical concentration. These weaknesses are partially
offset by the extensive experience of the partners, and lease
agreements formed with various retailers.

Key Rating Drivers & Detailed Description

* Poor liquidity: Liquidity remains constrained, owing to a cash
flow mismatch, and is also reflected in the delay in servicing
interest obligation on the term loan.

Weaknesses
* Susceptibility to inherent cyclicality in the real estate
industry: GB remains susceptible to risks, inherent in the real
estate sector. These may involve a long gestation period, any time
or cost overrun, or delay in obtaining necessary approvals, and
could adversely impact realisations and profitability. Demand for
commercial projects is affected by the level of interest rates and
overall economic activity. Low customer interest in any ongoing
project, or any delay in implementation, could weaken the credit
risk profile.

* Exposure to geographic and project concentration risks: As the
project is in Lucknow, Uttar Pradesh, any slowdown in the local
real estate market, could impact demand for the project. Further,
the firm also remains exposed to project concentration risk since
any adverse event in the marketing or construction of the said
project, can significantly weaken the business risk profile.

Strengths
* Extensive experience of the partners: The three-decade-long
experience of the partners, in the real estate sector, should
enable timely completion of the ongoing project at Lucknow. The
partners have previously constructed three residential complexes
successfully.

* Lease agreements with various retail customers: GB has entered
into lease agreements with various retail customers. Advances
received from these tenants should aid overall liquidity. With
around 14 lease agreements already in place, revenue visibility
also remains healthy over the medium term.

Liquidity Poor
Liquidity is weak, reflected by delay in servicing interest
obligation towards the term loan.

Rating sensitivity factors

Upward factors
* Timely servicing of debt for over 90 days,
* Timely completion of the project.

GB was formed as a partnership firm of Mr Naresh Kumar Agarwal and
Mr Amit Agarwal in January 1985. Till 2017, the firm manufactured
pipes and pipe fittings, used in the construction business. It is
now constructing the Crown Mall at at Faizabad, Lucknow. Commercial
operations are expected to commence from December 28, 2019.


GREENWORLD INTERNATIONAL: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: Greenworld International Private Limited

        Registered office:
        B-92, WHS Kirti Nagar
        West Delhi 110015

        Principal office:
        Plot No. 60-61
        Ganpati Dham, Industrial Area
        Sankhol, Bahadurgarh
        Haryana 124507

Insolvency Commencement Date: November 22, 2019

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: CA IP Sunil Kumar Gupta

Interim Resolution
Professional:            CA IP Sunil Kumar Gupta
                         B-10, Magnum House-1
                         Karampura Commercial Complex
                         New Delhi 110015
                         E-mail: caskg82@gmail.com
                                 green.cirp@gmail.com

Last date for
submission of claims:    December 19, 2019


IMPERIAL TUBES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Imperial Tubes
Pvt Ltd.'s Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

The instrument-wise rating actions are:

-- INR400 mil. Fund-based limits (Long-term) downgraded with IND
     D (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limits (Short-term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Imperial Tubes,
the details of which are not available.

COMPANY PROFILE

Incorporated in 1978, Imperial Tubes manufactures steel tubes and
pipes of various sizes and grades at its manufacturing facilities
in Howrah, West Bengal.


INDO GERMAN: Ind-Ra Affirms & Then Withdraws BB- Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn Indo
German International Private Limited's (IGIPL) Long-Term Issuer
Rating of 'IND BB-'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND BB-' rating on the INR150 mil. Fund-based limits*
     affirmed & withdrawn; and

-- The 'IND A4+' rating on the INR200 mil. Non-fund based
    limits** affirmed & withdrawn.

*Affirmed at 'IND BB-/Stable/IND A4+' before being withdrawn
** Affirmed at 'IND A4+' 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 IGIPL's continued weak credit metrics with
negative net leverage (adjusted net debt/operating EBITDAR) in FY19
(FY18: 0.29x) and low-interest coverage (operating EBITDA/gross
interest expense) of 1.18x. FY19 leverage deteriorated due to an
increase in the short-term borrowings while the coverage turned
positive on improved operating profitability. The company reported
operating losses in FY18.

Liquidity Indicator- Adequate: The company had liquid cash and cash
equivalents of INR45.88 million at FYE19 (FYE18: INR1.67 million)
with debt outstanding of INR0.08 million (INR0.31million). Cash
flow from operations turned positive to INR45.01 million in FY19
(FY18: negative INR0.47 million), even as the working capital cycle
improved to negative 53 days (negative 298 days), due to a decline
in creditor days.

The ratings, however, are supported by an improvement in IGIPL's
revenue to INR4,989 million in FY19 (FY18: INR418 million), on the
back increased orders and addition of new customers. However, IGIPL
faces customer concentration with 89% of its revenue being
contributed by the top five customers in FY19. IGIPL recorded
comfortable EBITDA margins of 0.67% in FY19 after reporting
operating losses in FY18 (FY17: 0.49%, FY16: 0.14%). However, the
margins remain susceptible to volatility due to the trading nature
of operations.

The ratings are also supported by the company's healthy margins,
which expanded to 0.66% in FY19 (FY18: negative 1.14%) owing to a
decline in administration expense. Its return on capital employed
was 22.81% in FY19 (FY18: negative 4.25%).

COMPANY PROFILE

IGIPL, incorporated in 1995 by its promoter T.K. Somani, trades
coking coal, anthracite coal, hot rolled coils, iron and steel,
their alloys and other allied products. The company has its head
office in New Delhi.


INNOVA FABTEX: CRISIL Migrates 'D' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Innova Fabtex
Private Limited (INNOVA) to 'CRISIL D Issuer not cooperating'.

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

   Long Term Loan        1         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    6         CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with INNOVA for obtaining
information through letters and emails dated
September 24, 2019 and October 14, 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 INNOVA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on INNOVA is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of INNOVA to 'CRISIL D Issuer not cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Innova Fabtex Pvt Ltd (Innova) and S. K.
Textiles (SKT). That's because both the entities, together referred
to as the S.K. group, are in a similar line of business, have a
common management and centralized treasury operations.

SKT was established in 2006 by Mr Sunil Kukreja. The firm
manufactures and trades in fabrics, mainly cotton, polyester, and
cotton-polyester fabrics. Later on in 2014, he along with his wife,
Mrs Lisha Kukreja, set up Innova in 2014; which is also engaged in
the same line of business.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based limits (Long-term) downgraded with IND D

     (ISSUER NOT COOPERATING) rating;

-- INR27.5 mil. Long-term Loan(Long-term) downgraded with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based limits (Short-term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: based on the best available
information

KEY RATING DRIVERS

The downgrade reflects Jai Hari Industries' delays in debt
servicing, the details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Jai Hari Industries started operations in 2012 and has a registered
office in Borivali, Mumbai. It manufactures building materials such
as thermo-mechanically treated bars, mild steel (MS) angles, MS
channels, MS flats, MS round, and other ancillary products required
in the construction industry.


JAINEX METALIKS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jainex Metaliks
Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

The instrument-wise rating actions are:

-- INR62.5 mil. Fund-based limits (Long-term) downgraded with IND

     D (ISSUER NOT COOPERATING) rating; and

-- INR8 mil. Non-Fund based limits (Short-term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Jainex Metaliks,
the details of which are not available.

COMPANY PROFILE

Jainex Metaliks was incorporated in March 1996 by Prem Chand Jain.
The company produces iron ingots and its main raw materials include
melting steel scrap, sponge iron, and ferroalloys.


JINDAL ALUFOILS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Jindal Alufoils Private Limited
        512, Gayatri Chambers
        Nr Rajpath Hotel
        R C Dutt Road
        Vadodada
        Gujarat 390007

Insolvency Commencement Date: December 11, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: June 7, 2020

Insolvency professional: Gordhanbhai Ratnabhai Godhani

Interim Resolution
Professional:            Gordhanbhai Ratnabhai Godhani
                         16, Sakarta Society
                         Kargil Chowk, Punagam
                         Surat, Gujarat 395010
                         E-mail: grgodhani@gmail.com

                            - and -

                         209 Rajhans Point, Geetanjali
                         VarachhaRoad, Surat 395006
                         E-mail: cirp.jindal@gmail.com

Last date for
submission of claims:    December 25, 2019


JINDAL INFRASTRUCTURE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jindal
Infrastructure's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

The instrument-wise rating actions are:

-- INR 50 mil. Fund-based limit (long term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR 40 mil. Non-fund-based limit (short term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Jindal
Infrastructure, the details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Chhattisgarh-based Jindal Infrastructure was incorporated in 2009.
The firm is engaged in civil construction.


JINDAL RICE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jindal Rice &
Gen. Mills' Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B (ISSUER NOT COOPERATING)'. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR210 mil. Fund based working capital limit (Long-term/Short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;
     and

-- INR36.55 mil. Term loan (Long-term) downgraded with IND D
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: based on the best available
information

KEY RATING DRIVERS

The downgrade reflects Jindal Rice & Gen. Mills' delays in debt
servicing, the details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Jindal Rice & Gen. Mills was established in 1996 as a partnership
firm. The firm undertakes the processing and trading of Basmati and
non-Basmati rice in the domestic market. It also undertakes custom
milling operations for the Haryana government.


JSB ENTRADE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded JSB Entrade
Private Limited's (JSB) Long-Term Issuer Rating to 'IND D (ISSUER
NOT COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings.

The instrument-wise rating action is:

-- INR50 mil. Fund-based working capital limit (long term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by JSB, the details
of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

JSB was incorporated in 2011 but commenced operations from 2013.
The company is engaged in the trading of rice (accounted for 87% of
the total revenue in FY16), cement, and oilseeds. Its operations
are limited to northeastern states such as Assam, Arunachal
Pradesh, and Meghalaya.


KSM SPINNING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: KSM Spinning Mills Limited
        644, Aggar Nagar B-Block
        Ludhiana PB 141012

Insolvency Commencement Date: December 17, 2019

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: CA Nipan Bansal

Interim Resolution
Professional:            CA Nipan Bansal
                         1st Floor, 10-B Udham Singh Nagar
                         Ludhiana, Punjab 141001
                         E-mail: irp@parshotamandassociates.com
                                 irp.ksm@gmail.com
                         Tel.: 0161-4640500

Last date for
submission of claims:    December 31, 2019


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

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limit (long-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR61 mil. Non-fund-based limit (short-term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects LTS's delays in debt servicing, the details
of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Incorporated in 1997, LTS manufactures flexible intermediate bulk
container jumbo bags, wide-width films, pond liners, and jumbo bag
liners. It procures raw material, mainly from Saudi Arabia, and
exports its products to Australia, France, and Japan. It commenced
commercial operations in 2002.


MELSTAR INFORMATION: CRISIL Keeps 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Melstar Information
Technologies Limited (MITL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

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

   Overdraft              4         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     6         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with MITL for obtaining
information through letters and emails dated October 15, 2019 and
November 29, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MITL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MITL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

Based on the last available information, the ratings on bank
facilities of MITL 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.

MITL, part of the Yash Birla group of companies, primarily provides
staffing services to large information technology (IT) companies
and IT divisions of large corporations. MITL also provides
application development and implementation services, albeit on a
modest scale. MITL is listed on the Bombay Stock Exchange and the
National Stock Exchange.


MGI INDIA: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded MGI India
Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'. 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 instrument-wise rating actions are:

-- INR3.54 mil. Term loan (Long-term) due on September 2017
     downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Fund-based working capital limits (Long-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital limits (Short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Based on the best available
information

KEY RATING DRIVERS

The downgrade reflects delays in debt serving by the company, the
details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Incorporated in 2001, MGIIPL manufactures and installs operation
theatres, medical gas pipeline systems and other equipment used in
hospitals. It has two manufacturing facilities one each in Baddi
(Himachal Pradesh) and Faridabad (Haryana).


MINTECH GLOBAL: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mintech Global
Private Limited's (MGPL) Long-Term Issuer Rating to 'IND D (ISSUER
NOT COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating.

The instrument-wise rating actions are:

-- INR25 mil. Fund-based working capital limits (Long-term/Short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;
     and

-- INR220 mil. Term loan (Long-term) due on August 2023
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt serving by the company, the
details of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in February 2014, MGPL is a Telangana-based
manufacturer of ready mortar dry mix, autoclaved aerated concrete
blocks and fly ash/solid/hallow bricks.


MOHTA PLYWOOD: CRISIL Migrates D Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mohta Plywood
Industries Private Limited (MPIPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bill Discounting       13       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit             0.5     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit        4.0     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Packing Credit          6.0     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MPIPL for obtaining
information through letters and emails dated
September 24, 2019 and October 14, 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 MPIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MPIPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 1981 and promoted by Mr. Pawandeep Sachdeva and
family, MPIPL is engaged in manufacturing and exports of the
ready-made garments. Company is also engaged in manufacturing and
trading of plywood.


NALANDA ENGICON: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nalanda Engicon
Private Limited (NALANDA) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital limits assigned with
     IND BB/Stable rating;

-- INR470 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating;

-- INR170 mil. Proposed fund-based working capital limit*
     assigned with Provisional IND BB/Stable rating; and

-- INR430 mil. Proposed non-fund based working capital limit*
     assigned with a Provisional IND A4+ rating.

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

KEY RATING DRIVERS

The ratings reflect NALANDA's medium scale of operations as
reflected in its revenue of INR2,971.62 million in FY19 (FY18:
INR1,147.92 million). The increase in revenue was primarily due to
higher work orders executed during the period. The firm was able to
achieve INR1,731.99 million of revenue till 7MFY20. The firm has a
strong order book position of INR9,666.19 million, providing
revenue visibility of 3.3x of the total revenue in FY19 and the
management expects to execute these orders by August 2020.

The ratings are further constrained by NALANDA's high geographical
and sector concentration as around 93% of present pending order
books are from Bihar for construction of drinking water supply
projects.

Liquidity Indicator – Stretched: NALANDA's liquidity was tight as
indicated by multiple instances of over-utilization of its
fund-based limit during the 12 months ended November 2019. However,
the over-utilization instances were regularized within one to two
days. Furthermore, the cash flow from operations turned positive to
INR159.52 million in FY19 (FY18: negative INR16.18 million) on
account of the significant increase in absolute EBITDA levels
during the period. The cash and cash equivalents stood at INR76.60
million at FYE19 (FYE18: INR17.19 million). Additionally, despite
the deterioration in FY19, the net cash cycle days remained
negative at 27 days in FY19 (FY18: negative 62 days) because of
lower inventory days and stretched creditor period.

The ratings are, however, supported by NALANDA's comfortable credit
metrics as indicated by net financial leverage (adjusted net
debt/operating EBITDAR) of 0.4x in FY19 (FY18: 1.5x) and gross
interest coverage (operating EBITDA/gross interest expenses) of
8.5x (7.5x). The improvement in credit metrics is due to the rise
in absolute EBITDA to INR235.23 million in FY19 (FY18: INR77.84
million).

The ratings are also supported by NALANDA's healthy EBITDA margins.
The margin increased to 7.9% in FY19 (FY18: 6.8%) owing to the
execution of high-margin orders during the period. The return on
capital employed was 53% in FY19 (FY18: 29%).

The ratings are further supported by NALANDA's promoter's
experience of more than five decades in the civil construction
business.

RATING SENSITIVITIES

Positive: Improvement in liquidity profile, along with maintenance
of credit metrics could lead to positive rating action.

Negative: Fall in interest coverage below 3x would be negative for
the ratings.

COMPANY PROFILE

Nalanda Engicon Private Limited (NALANDA) started its operations in
1965 as a proprietorship concern. The firm was reconstituted as a
private limited company in 2007. The company is primarily engaged
in undertaking civil construction projects for drinking water
supply, tube wells, and pipelines. It executes projects for Central
Public Works Department and other government departments. The
entity has two full-time directors Mr. Bibekanand Kumar and Mr.
Saryoo Prasad Sinha.


NIRMITI STAMPINGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Nirmiti Stampings Private Limited
        S-11, S Block
        MIDC Bhosari
        Pune 411026

Insolvency Commencement Date: November 18, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Prakash Dattatraya Naringrekar

Interim Resolution
Professional:            Mr. Prakash Dattatraya Naringrekar
                         503-A, Blue Diamond CHS Ltd
                         Chincholi Bunder
                         Link Road Junction
                         Malad West, Mumbai 400064
                         E-mail: prakash03041956@gmail.com
                                 nspl.cirp@gmail.com

Last date for
submission of claims:    December 23, 2019


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

The instrument-wise rating action is:

-- INR80 mil. Fund-based working capital limit (Long-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Planet PR, the
details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Incorporated in 2004, Planet PR is engaged in the trading of coal
and iron ore.


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

The instrument-wise rating action is:

-- INR150 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 14, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, PAPL is engaged in the manufacturing and
trading of mint and allied products in Uttar Pradesh. The company
manufactures menthol, menthol crystals, peppermint oil, essential
oils and other allied products that are used in industries such as
food, pharmaceuticals, FMCG and tobacco.


RAAJMAHAL DEVELOPERS: CRISIL Keeps 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Raajmahal Developers
(RMD) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan              37       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

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

Established in 2013, RMD is engaged in the construction of real
estate projects both residential and commercial. The firm is based
out of Surat and managed by Mr. Ramesh Gupta, Mr. Ramanuj Bhattar
and Mr. Akhil Bhattar.


RAJESH ESTATES: CRISIL Cuts Rating on INR297.60cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded the rating on the non-convertible debentures
(NCDs) of Rajesh Estates and Nirman Private Limited (RENPL)'s to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Non Convertible      297.60       CRISIL D (ISSUER NOT
   Debentures  LT                    COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been following up with the RENPL for getting information
through letters and emails, dated April 30, 2019, and June 24,
2019, apart from various telephonic communications. However, the
issuer has continued to be 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'. This rating lacks a
forward-looking component as it is arrived at without any
management interaction and is based on best available, limited, or
dated information on the company'.

Detailed Rationale

The rating downgrade reflects delays in interest payment on the
NCDs, based on publicly available information.

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on the its credit
quality. CRISIL believes the information available 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 interest servicing, CRISIL has downgraded
the rating on the non-convertible debentures (NCDs) of RENPL's to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating'.

Incorporated in 1996, RENPL is a fully owned subsidiary of Rajesh
Constructions Company Pvt Ltd (the flagship company of the Rajesh
group). RENPL is developing two projects, Raj Grandeur and Raj
Embassy, and has recently started developing Raj Torres, in Thane,
Maharashtra, aggregating to a total saleable area of 19 lakh square
foot.

The Rajesh group is a Mumbai-based real estate developer, promoted
by Mr Raghavji Patel. Group companies have been engaged in real
estate construction and development for over 50 years. Operations
are currently managed by the third-generation of the family, Mr
Priyal Patel and Mr Pratik Patel. The group has nearly 86 lakh
square foot of area under development across various projects in
Mumbai as on date.


RESURGENT POWER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Resurgent Power Projects Limited

        Registered office:
        Old No. 484-485, New No. 28-30
        2nd Floor, Pantheon Plaza
        Pantheon Road, Egmore
        Chennai 600008
        Tamil Nadu

        Principal office:
        443, Anna Salai
        Teynampet
        Chennai 600018
        Tamil Nadu

Insolvency Commencement Date: December 4, 2019

Court: National Company Law Tribunal, Chennai Division Bench

Estimated date of closure of
insolvency resolution process: June 1, 2020

Insolvency professional: Sundararaman Natarajan

Interim Resolution
Professional:            Sundararaman Natarajan
                         c/o P.S. Subramnia Iyer & Co.
                         Jayshree Apartments
                         New No. 60, II Main Road
                         Chennai 600028
                         E-mail: sundar54@gmail.com

Last date for
submission of claims:    December 24, 2019


S. K. TEXTILES: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S. K. Textiles
(SKT) to 'CRISIL D Issuer not cooperating'.

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

   Long Term Loan       1          CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SKT for obtaining
information through letters and emails dated September 24, 2019 and
October 14, 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 SKT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SKT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SKT to 'CRISIL D Issuer not cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Innova Fabtex Pvt Ltd (Innova) and SKT.
That's because both the entities, together referred to as the S.K.
group, are in a similar line of business, have a common management
and centralized treasury operations.

SKT was established in 2006 by Mr Sunil Kukreja. The firm
manufactures and trades in fabrics, mainly cotton, polyester, and
cotton-polyester fabrics. Later on in 2014, he along with his wife,
Mrs Lisha Kukreja, set up Innova in 2014; which is also engaged in
the same line of business.


SAFAL SECURITIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Safal Securities Limited
        9, Ankur Complex
        B/h. Town Hall, Ellisbridge
        Ahmedabad, GJ 380006
        IN

Insolvency Commencement Date: November 29, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Suhas Bhattbhatt

Interim Resolution
Professional:            Suhas Bhattbhatt
                         212, Atlantis
                         K-10, B Tower
                         Opp. Honest Restaurant
                         Near Genda Circle
                         Sarabhai Road, Vadodara
                         Gujarat 390007
                         E-mail: cssubhasb@gmail.com
                                 sbhattbhattco@gmail.com

Last date for
submission of claims:    December 26, 2019


SANJAY INSECTICIDES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Sanjay Insecticides Private Limited
        Gut No. 206 Village Panshendra
        Jalna MH 431203
        IN

Insolvency Commencement Date: November 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Murlidhar Namdeo Bhalekar

Interim Resolution
Professional:            Murlidhar Namdeo Bhalekar
                         Nilayam, 29 Vishva Karma
                         Co-op Hsg Society
                         CIDCO, N-8-E
                         Aurangabad 431003
                         Maharashtra
                         E-mail: mnbhalekar@gmail.com

Last date for
submission of claims:    December 22, 2019


SATHYA SOLUTIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sathya Solutions Private Limited
        #6-3-853/1, No. 206, 2nd Floor
        Meridian Plaza, Ameerpet
        Hyderabad TG 500016

Insolvency Commencement Date: December 4, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: June 1, 2020

Insolvency professional: Pavan Kankani

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

Last date for
submission of claims:    December 19, 2019


SKY-BUILD PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sky-Build Private Ltd
        Harleen 1st Floor
        Fl-32, Main Avenue
        Santacruz (W)
        Mumbai 400054

Insolvency Commencement Date: December 13, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 10, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Rajendra Kumar Khandelwal

Interim Resolution
Professional:            Mr. Rajendra Kumar Khandelwal
                         302, Tara Mahal
                         Plot No. 756, 5th Road
                         Khar (West), Mumbai 400052
                         E-mail: rkkshashi@yahoo.co.in
                         Tel.: 7987900772

                            - and -

                         Risolto Associates Pvt. Ltd.
                         240 Ajay Deep
                         53, Perin Nariman Street
                         Fort Mumbai 400001
                         E-mail: irpskybuild@gmail.com

Last date for
submission of claims:    December 27, 2019


SPARK GREEN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Spark Green Energy (Satara) Limited
        Plot No. A-53, MIDC-Lonand
        Taluka – Khandala
        Khandala MH 415521

Insolvency Commencement Date: November 28, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 26, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Anil Rajkotia

Interim Resolution
Professional:            Mr. Anil Rajkotia
                         501, Balkrishna Co-op Housing Society
                         Tilak Road
                         Next to Asha Parekh Hospital
                         Santacruz (West)
                         Mumbai 400054
                         E-mail: anilrajkotia@gmail.com
                                 cirp.sparkgreenenergy@gmail.com

                         Address for Correspondence:
                         502, Marathon Icon
                         Off Ganpatrao Kadam Marg
                         Lower Parel (West)
                         Mumbai 400013

Last date for
submission of claims:    December 13, 2019


SRI ADHIKARI: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Adhikari Brothers
Television Network Limited (SABTNL) continues to be 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              75        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SABTNL for obtaining
information through letters and emails dated
October 15, 2019 and November 29, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SABTNL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SABTNL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

Based on the last available information, the ratings on bank
facilities of SABTNL 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.

SABTNL was incorporated on December 19, 1994 by Mr. Gautam Adhikari
and Mr. Markand Adhikari, to take over the business of partnership
firm - Sri Adhikari Brothers. SABTNL is engaged in the business of
content production and syndication for television. The company is
listed on the Bombay and National Stock Exchanges.


SUNDARAM MULTI: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sundaram Multi Pap
Limited (SMPL; part of Sundaram Group) continues to be 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit          15.87        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Corporate Loan       15.75        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Funded Interest       5.43        CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

   Proposed Long Term    7.95        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with SMPL for obtaining
information through letters and emails dated October 15, 2019 and
November 29, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

Based on the last available information, the ratings on bank
facilities of SMPL 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.

To arrive at the ratings of SMPL, CRISIL has consolidated the
business and financial risk profiles of SMPL with that of its 100
per cent subsidiary E-Class Education System Limited (EESL) on
account of significant financial interlinkages between the
companies.

SMPL, incorporated in 1985, manufactures stationery, such as note
books, long books, diaries, note pads, and office stationery under
the Sundaram brand. Its manufacturing facility is in Palghar,
Maharashtra. The company is managed by the Shah family and is
promoted by Mr. Amrut Shah and his brother Mr. Shantilal Shah.


TAMILNADU JAI: CRISIL Migrates 'D' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Tamilnadu Jai
Bharath Mill Limited (TNJBL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         0.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           26.0       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Key Loan              10.0       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       4.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        14.0       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    25.45      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Tamilnadu Jai
Bharath Mill Limited (TNJBL) for obtaining information through
letters and emails dated November 26, 2019 and December 02, 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 TNJBL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TNJBL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information with '.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of TNJBL to 'CRISIL D/CRISIL D Issuer not cooperating'.

Set up in 1989, TNJBL is part of the Ramalinga group of companies,
which has diversified interests in businesses such as spinning and
cargo transportation. The company manufactures cotton yarn and
operations are currently managed by Mr TR Dhinakaran and his son,
Mr D Senthilkumar.


TULIP RENEWABLE: CRISIL Hikes Rating on INR206cr Loan to 'B'
------------------------------------------------------------
CRISIL has revised its rating on the long-term bank facilities of
Tulip Renewable Powertech Private Limited (Tulip) to 'CRISIL D'
from 'CRISIL B/Stable'. Also, the rating has been simultaneously
upgraded to 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             206       CRISIL B/Stable (Revised from
                                   'CRISIL B/Stable' to
                                   'CRISIL D' and Simultaneously
                                   Upgraded to 'CRISIL B/Stable')

The rating revision to 'CRISIL D' reflects instances of delay by
Tulip in servicing of term loan prior to August 2019 with one of
the lender.

The upgrade in the rating to 'CRISIL B/Stable' from 'CRISIL D'
primarily takes into account timely servicing of debt obligations
by Tulip from August 2019 to November 2019. However, the rating is
constrained by weak liquidity coupled with subdued performance in
fiscal 2019 and in the first half of fiscal 2020 due to bad wind
pattern.

Analytical Approach

For arriving at rating, CRISIL has done a standalone assessment of
Tulip, which is in contrast to the consolidation approach applied
earlier. With the debt at the holding company (Leap Green Energy
Pvt Ltd) being refinanced, repayment obligation will be limited
over the medium term. No further upstreaming of cash flow is
expected to the holding company unless the yearly maturing debt is
first met.

Key Rating Drivers & Detailed Description

Weaknesses

* Subdued operational performance
Business growth has been muted in fiscal 2019 as well in the first
half of fiscal 2020 due to unfavourable wind pattern that led to
modest cash accrual. Thus, the average plant load factor (PLF) of
23.05% in fiscal 2019 was low as compared to 25.09% in the previous
fiscal as well as below P90 level of 25.45%.

* Exposure to inherent risk of variability in wind speed and
pattern
Cash flow of wind power projects is highly sensitive to PLF, while
also being impacted by other factors such as operating cost and
interest rate. Now PLF is inherently unpredictable as it depends on
wind patterns; any unfavourable deviation in wind speed and pattern
will significantly reduce PLF, thereby impairing debt servicing
ability.

Strengths
* Timely debt servicing over the last four months
Prior to August 2019, there were instances of delay in servicing of
debt obligation owing to cash flow mismatch and stretched liquidity
position in the group. However, in August 2019, debt at the holding
company has been completely refinanced using proceeds from the
promoter, AIRRO (Mauritius) Holdings II. Debt refinancing along
with improvement in the overall cash flow in the special purpose
vehicles (SPV) led to timely debt servicing from August 2019 to
November 2019.

* Minimal cash flow support required by the holding company
In August 2019, the holding company had refinanced the existing
debt through external commercial borrowing of INR617 crore from
AIRRO (Mauritius) Holdings II. The refinanced debt has an interest
and principal moratorium for two and four years, respectively.
Consequently, debt servicing requirement at the holding company in
the near to medium term remains low.

Liquidity Poor
Liquidity remains subdued, with cash and cash equivalents of
INR3.25 crore as on September 30, 2019. There was a dip in debt
service reserve account (DSRA) prior to August 2019; DSRA of
INR1.96 crore was outstanding as on September 30, 2019. Banked
units were about INR17 crore as on September 30, 2019, against debt
obligation of INR15 crore in the second half of fiscal 2020,
lending some support to overall liquidity.

Outlook: Stable

CRISIL believes Tulip's operational performance and receivables
will remain stable over the medium term.

Rating sensitivity factors
Upward factors
* Sustained improvement in the liquidity position amounting to 3-4
months of debt servicing requirements.
* Healthy operational performance, in line with P90 PLF levels.

Downward factors
* Significant stretch in the receivables cycle to more than 150
days.
* Any significant upstreaming of cash flow to the holding company
prior to Tulip's debt servicing in a particular fiscal, or cash
flow fungibility between SPVs of the Leap Green group.

Tulip (a part of Leap Green group), incorporated on October 22,
2012 is an SPV set up to install and operate a 55.5 megawatt of
wind-based power plant in Tamil Nadu. The Company is engaged in the
business of generation and sale of power generated from renewable
sources of energy. Tulip has undertaken power purchase agreements
of 9-12 years with industrial and commercial establishments in
Tamil Nadu at weighed average tariff of INR6.8/unit. The Company is
a subsidiary of Leap Green Energy Private Limited (Holding Company)
and the ultimate holding company is AIRRO (Mauritius) Holdings II.


UDAY STRUCTURALS: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Uday
Structurals and Engineers Private Limited (USEPL) to 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         2        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            4        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with USEPL for obtaining
information through letters and emails dated September 24, 2019 and
October 14, 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 USEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on USEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of USEPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

USEPL, based in Mumbai (Maharashtra), was set up in 2010 by Mr.
Uday Patil and his wife. The company manufactures scaffoldings and
also undertakes real estate construction on contractual basis.


VARRON ALUMINIUMM: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Varron Aluminiumm Private Limited
        403, Floor-4, Shree Krishna Buiding
        Sant Gadge Baba Marg
        Off Dadasaheb Phalke Road
        Dadar (E) Mumbai
        Maharashtra 400014
        India

Insolvency Commencement Date: November 6, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 2, 2020
                               (330 days from commencement)

Insolvency professional: Mrs. Tanuja Jalan

Interim Resolution
Professional:            Mrs. Tanuja Jalan
                         G-2/12B SundarSangam CGS Ltd
                         S V Road, Sunder Nagar
                         Malad (W), Mumbai 400064
                         E-mail: tanujajalan@yahoo.co.in

                            - and -

                         B-1706, AbrolVastu Park
                         Near Ryan International School
                         Evershine Nagar
                         New Link Road, Malad West
                         Mumbai 400064
                         E-mail: cirp.varron@gmail.com

Last date for
submission of claims:    December 13, 2019


VINYAS INNOVATIVE: CRISIL Lowers Rating on INR27cr Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded the ratings on Vinyas Innovative Technologies
Private Limited (VITPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB+/Negative/CRISIL A4+ Issuer Not
Cooperating'.

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

   Cash Credit            27        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB+/Negative ISSUER
                                    NOT COOPERATING')

   Letter of Credit       15.13     CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Long Term Loan         16.87     CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB+/Negative ISSUER
                                    NOT COOPERATING')

CRISIL has been consistently following up with VITPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 and October 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 VITPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VITPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the publicly available information, CRISIL has downgraded
the ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL BB+/Negative/CRISIL A4+ Issuer Not Cooperating'.

Incorporated in 2001 and based in Mysuru (Karnataka), VITPL
primarily assembles printed circuit board components. The company
also provides system integration services. The company's operations
are managed by its managing director, Mr. Narendra.


VISA DRUGS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Visa Drugs & Pharmaceuticals Private Limited

        Address of Corporate Debtor as per website of Ministry
        Of Coporate Affairs:
        Room No. A-402/8, Bagree Market 71
        Biplabi Rashbehari Basu Kolkata
        Kolkata WB 700001
        IN

        Address of Corporate Debtor as per order of the
        Hon'ble NCLT:
        1, A.J.C. Bose Road
        3rd Floor, B-Wing
        Kolkata 700020
        West Bengal

Insolvency Commencement Date: December 5, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 2, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Uday Narayan Mitra

Interim Resolution
Professional:            Mr. Uday Narayan Mitra
                         72/1, Dawnagazi Road
                         Bally, Kolkata
                         West Bengal 711201
                         E-mail: udaynarayanmitra@yahoo.co.uk
                                 cirp.visadrugs@gmail.com
                         Mobile: 94335-37994
                                 8240850244

Last date for
submission of claims:    December 19, 2019


[*] INDIA: IBC Revives 160 Cos., Creditors Get 44% of Their Claims
------------------------------------------------------------------
BloombergQuint reports that the Insolvency and Bankruptcy Code has
helped rescue 160 companies and its creditors have got back 44
percent of their claim amounting to 1.6 lakh crore, a top
government official said on Dec. 20.

He pointed out that though 44 percent of recovery may not look very
rosy but one should view keeping reality in mind and the present
value of the business, the report says.

"IBC has rescued 160 companies and recovered INR1.6 lakh crore
which amounts to 44 percent of creditors' claim," the report quotes
Insolvency and Bankruptcy Board of India Chairman MS Sahoo as
saying.  "But, also this amount is 210 percent of their liquidation
value."

BloombergQuint relates that the creditors have recovered 110
percent more than their liquidation value, while highlighting the
success of IBC since it rolled out in 2016, he said, speaking at
ICAI regional conference in Kolkata.

Sahoo pointed out that early-stage resolution will help creditors
to get better valuations, the report relays.

As many as 21,136 applications have been filed under the code,
which provides for resolution of stressed assets in market-linked
and time-bound manner.

About 9,653 cases involving a total amount of INR3,74,931.30 crore
have been disposed of at pre-admission stage of IBC, the government
had said recently, adds BloombergQuint.




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

JAPAN POST: CEO, Heads of 2 Units to Resign Over Insurance Scandal
------------------------------------------------------------------
Japan Today reports that the chief executive of Japan Post Holdings
Co and the heads of two subsidiaries will resign to take
responsibility for improper sales of insurance products that has
prompted the government to plan the imposition of harsh penalties,
sources close to the matter said on Dec. 25.

Masatsugu Nagato, the 71-year-old CEO of the former state-owned
postal services group, Japan Post Insurance Co CEO Mitsuhiko
Uehira, 63, and Japan Post Co CEO Kunio Yokoyama, 63, plan to
announce their resignations from their positions at a press
conference on Dec. 27, the sources said, Japan Today relates.

The Financial Services Agency is set to impose a three-month
suspension of new sales of insurance products on Japan Post
Insurance and Japan Post on Dec. 27, another source close to the
matter said, adding that the penalty contents were told to the
units on Dec. 25, according to the report.

As Nagato's successor, Hiroya Masuda, a former minister of internal
affairs, is among people being eyed as a candidate, the sources
said, Japan Today relays.

Japan Post will hold an executive nomination committee and a board
meeting on Dec. 27 to decide on the successor, also taking into
consideration the view of the Japanese government, its largest
shareholder, the sources, as cited by Japan Today, said.

Japan Today adds that the Ministry of Internal Affairs and
Communications, which supervises the postal group, also plans to
issue business improvement orders.

Yasuo Suzuki, senior executive vice president at Japan Post
Holdings, will also step down from the post after it was discovered
he was obtaining information from the then top bureaucrat at the
ministry over a draft plan of the penalty to be imposed on the
group, the report says.

Japan Today relates that the top bureaucrat, Shigeki Suzuki,
resigned as vice minister of the internal affairs ministry on Dec.
20 after admitting to leaking the draft plan to Japan Post's
Suzuki, also a former vice minister at the ministry.

A company panel looked at 183,000 suspected cases of improper sales
at Japan Post Insurance and Japan Post and found that of those,
12,836 are suspected of violating a law or in-house rules as of Dec
15. The investigation is ongoing, Japan Today notes.

"Regarding management responsibility, I will announce it at an
appropriate time," Nagato told reporters last week, the report
relays.

Japan Post Holdings Co. offers postal and package delivery
services, banking services, and life insurance.  Japan Post
Holdings was formed in October 2007 to oversee the four operating
companies, which were created from a state agency known as Japan
Post.  The holding company structure was implemented as a step
toward the eventual privatization of the underlying businesses.




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

CHRISTIAN SAVINGS: Fitch Affirms BB LT IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings affirmed Christian Savings Limited's Long-Term
Foreign- and Local-Currency Issuer Default Ratings at 'BB'. The
Outlook is Stable. At the same time, CSL's other ratings were
affirmed.

KEY RATING DRIVERS

IDRS and VIABILITY RATING

CSL has a modest franchise with its lending operations focused on a
niche customer base. In addition, CSL has limited pricing power
relative to the major banks. However, it operates a stable business
model and benefits from the relationship between its shareholders
and target market. CSL's core objectives have remained consistent
under the current management team, and Fitch believes franchise
growth is likely to be gradual and through organic means.

Fitch expects CSL's capitalisation to remain broadly stable over
the next 12 months. Loan and risk-weighted asset growth is expected
to be moderate, which will alleviate downward pressure on its
capitalisation ratios. Unlike some of its non-bank deposit taking
peers, CSL's ownership structure has allowed it to raise new common
equity when required to support growth.

CSL's earnings and profitability are likely to remain consistent
over the next year. Fitch expects some compression in the net
interest margin as a result of lower income on the liquid asset
holdings and general competition for deposits. CSL does not provide
any transactional banking products, which means downward movements
in the official cash rate affect it less. The cost-to-income ratio
weakened in the financial year ended August 31, 2019 (FY19) due to
greater personnel investment. However, Fitch believes CSL's
operating efficiency should improve over the next two years.

CSL's lending activities are fully funded by a combination of
church and household deposits, and reinvestment rates continue to
be maintained at a high level. Fitch expects CSL's loan-to-deposit
ratio to remain stronger than at most of its non-bank deposit
taking peers, but it similarly has limited access to contingent
funding sources.

Fitch believes CSL's loan impairments and losses will remain lower
than peers through the cycle, reflecting its underwriting and
collateral positions across its loan portfolio. However, CSL
continues to have high single-name concentration risk due to the
small number of lending customers and this is unlikely to change.
Strong growth in recent years has been driven mainly by expanding
its target market rather than through aggressive lending
practices.

SUPPORT RATING AND SUPPORT RATING FLOORS

CSL's Support Rating and Support Rating Floor reflect its
assessment that while support from the New Zealand sovereign
(AA/Stable) is possible, it cannot be relied on. CSL is not
captured under the Open Bank Resolution Scheme (OBR), which allows
for the imposition of losses on depositors and senior debt holders
to recapitalise failed institutions. However, Fitch believes the
existence of the OBR, in conjunction with CSL's low systematic
importance, makes sovereign support unlikely.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

CSL's ratings are sensitive to a weakening in its franchise or a
loss of support from its target market as this would ultimately
have a significant impact on its financial profile. Negative rating
action may be taken if CSL's risk appetite weakens through a
loosening in underwriting standards, controls or aggressive growth.
Positive rating action on the IDR and VR would require a
significant improvement in CSL's franchise and risk appetite.

SUPPORT RATING AND SUPPORT RATING FLOORS

The Support Rating and Support Rating Floors are sensitive to any
changes in assumptions around the propensity of the New Zealand
government to provide timely support.

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 CSL, either due to
their nature or the way in which they are being managed by the
entity.


CREDIT UNION BAYWIDE: Fitch Affirms BB LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Ratings of
Credit Union Baywide at 'BB'. The Outlook is Stable.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

CUB's IDRs and Viability Rating capture its greater risk appetite
relative to New Zealand banks and building societies, which leaves
the credit union's profitability, asset quality and capitalisation
more susceptible to an economic downturn. The higher risk appetite
is reflected in a focus on riskier segments, such as higher
loan/value mortgages and consumer lending, though CUB's risk
controls are adequate for its size and consistent with similarly
sized peers. That said, Fitch believes these loan classes are
susceptible to higher losses through an economic cycle relative to
traditional residential mortgages, which are the focus of larger
domestic peers. Exposure to consumer lending, which Fitch regards
as riskier than mortgages, increased significantly in 2019 due to a
merger with three other credit unions in May and could rise
further.

CUB's capitalisation is a weakness for the rating. Capital buffers
eroded significantly during 2019 due to the merger and the
acquisition of all of New Zealand Association of Credit Unions'
(trading as Co-op Money NZ; BB-/Stable) base capital notes in
November. Fitch believes the credit union has a credible plan to
restore capital buffers over the next 18 months, although it could
be hampered by the integration process. CUB's total regulatory
capital ratio was 10.6% at end-September 2019, a buffer of 2.1pp
above the regulatory minimum of 8.5%, although this does not
incorporate the impact of the Co-op Money NZ acquisition, which
further eroded the ratio.

Earnings are likely to remain subdued over the next two years as
CUB progresses through the integration process while also facing
lower interest rates and slower loan growth. Fitch believes earning
risks are to the downside in the short term, although longer-term,
the merger should provide significant cost synergies.

CUB has small system market share, reflecting a moderate franchise
and limited competitive advantages in its target markets. This
makes CUB a price taker. This is unlikely to change without
significant merger activity, which Fitch does not expect given the
nature and size of the domestic credit union sector.

Customer deposits are likely to remain the main source of CUB's
funding, although one of the merger partners had access to a small
warehouse facility that could be re-established by CUB.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor reflect its view that,
while support from the New Zealand sovereign (AA/Stable) is
possible, it cannot be relied on. CUB is not part of the open bank
resolution scheme, which allows for the imposition of losses on
depositors and senior debt holders to recapitalise failed
institutions. However, Fitch believes the existence of the scheme,
in conjunction with CUB's low systemic importance, makes sovereign
support doubtful.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

CUB's IDRs and Viability Rating are sensitive to a change in its
risk appetite. Negative rating action may result from a large
increase in risk appetite, possibly following a significant
rebalancing of the loan book towards riskier products, without a
commensurate increase in profitability and capital buffers. This
could damage asset quality, profitability and capitalisation
through the cycle. Failure to improve capital buffers following the
Co-op Money NZ acquisition would also pressure the ratings, as CUB
would have less capacity to withstand a downturn.

Positive rating action would require an improved risk appetite,
possibly through more stringent underwriting standards or
strengthened risk controls, while also significantly improving
capital buffers. This appears improbable in the short to medium
term.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to any
change in assumptions around the propensity of the New Zealand
government to provide timely support.

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.


CULLEN GROUP: Liquidators Set to 'Freeze' Company's Assets
----------------------------------------------------------
NZ Herald reports that liquidators of Eric Watson's Cullen Group
are working to identify and freeze the company's assets.

In the liquidators' first report published on Christmas Eve, KPMG's
Vivian Fatupaito and Luke Norman said they were "still working to
understand the extent of the assets held within the group," NZ
Herald relays.

Cullen Group was placed into liquidation by court order, meaning it
might no longer fight a NZ$112 million tax judgment against it, on
December 17, the report says.

According to NZ Herald, Fatupaito and Norman in their report said
there were a significant number of related party transactions that
they needed to access still.

They have requested more information from a number of parties,
including Mr. Watson and the IRD, and have appealed for creditors
to come forward.

"Since their appointment the liquidators have worked to identify,
freeze, and control the group's assets by placing entities within
the group into liquidation," the liquidators, as cited by NZ
Herald, said.

NZ Herald relates that the liquidators have also requested anyone
with information on Cullen Group's management to get in touch:
"Liquidators can only act on written information as undocumented
information is deemed to be hearsay only and is inadmissible in
court."

It is not yet known exactly how much Cullen Group owes creditors.

It was last month reported that the group owed the Inland Revenue
Department and Kea Investments about NZ$100 million each, the
report notes.

NZ Herald says IRD had been pursuing the Cullen Group's liquidation
after Justice Matthew Palmer ruled in March this year that Cullen
Group was part of Mr. Watson's "web of entities" designed to avoid
paying non-resident withholding tax.

While Cullen Group is appealing and a date is set for February next
year, the IRD sought the payment of about half a million dollars in
costs in the meantime, the report states.

Last month, Justice Palmer refused a request from Cullen Group to
halt the IRD's liquidation proceedings against it, NZ Herald
notes.

In that proceeding, Cullen's lawyers said it didn't have enough
money to pay the IRD but was in the process of trying to sell debts
owed to it by Hart Acquisitions in the United States.

They also said that a liquidator wouldn't continue with the
appeal.

Evidence before the court said Cullen Group's financial statements
showed negative equity of NZ$203 million, but the IRD's lawyer said
the amount could be paid if Cullen Group hadn't structured its
affairs so the debt sits in a now insolvent company, NZ Herald
discloses.

"The costs award, owing for almost eight months, should not be
enough to tip Cullen Group into insolvency and liquidation unless
those controlling Cullen Group, including in particular Mr. Eric
Watson, wish it to do so," the judge said at the time, NZ Herald
relays.

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

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 25, 2019, BusinessDesk said nine other Eric Watson-linked
companies have been moved into liquidation following the collapse
of Cullen Group.  According to BusinessDesk, Cullen Group was moved
into liquidation by court order earlier in December after a High
Court judge refused to halt insolvency proceedings against it.
KPMG's Vivian Fatupaito was appointed liquidator by associate judge
Hannah Sargisson on December 17. Since then nine other entities
linked to Watson have also gone under.


FIRST CREDIT: Fitch Affirms BB LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Ratings of
First Credit Union at 'BB'. The Outlook is Stable.

KEY RATING DRIVERS

IDRS and VIABILITY RATING

FCU's ratings reflect its higher risk appetite relative to most
other deposit-taking institutions in New Zealand. As a result,
Fitch believes asset quality is likely to be weaker relative to
peers and more volatile through the cycle. The ratings also take
into account FCU's small franchise, higher liquidity relative to
peers and modest earnings and profitability.

Fitch believes FCU has sufficient risk controls for its size and
level of complexity, but has a higher risk appetite relative to
peers, evident through the composition of its loan portfolio.
Consumer loans, which have a higher risk profile than residential
mortgages, made up about 45% of the loan portfolio in the financial
year ending June-2019 (FY19), which is unlikely to change. However,
Fitch does not expect aggressive loan growth, an indicator of
higher risk, due to the current environment and management
strategy.

Fitch believes FCU's earnings and profitability are low relative to
its risk profile. This limits FCU's ability to absorb higher loan
losses and generate retained earnings. Partly offsetting this,
however, is FCU's strong capital position and buffers that are
above regulatory minimums. Fitch expects the earnings and
profitability improvement in FY19 to continue in FY20 now that the
implementation of the core banking system and insurance subsidiary
is complete.

FCU is wholly deposit funded and its liquidity position is the
strongest among its peer group due to the high level of liquid
assets held on balance sheet. FCU's funding profile has been stable
for a sustained period and this should remain the case in 2020.
Notwithstanding, the credit union lacks access to contingent
liquidity options and its small franchise means it is generally a
price taker for deposits.

SUPPORT RATING AND SUPPORT RATING FLOOR

FCU's Support Rating and Support Rating Floor reflect its view
that, while support from the New Zealand sovereign (AA/Stable) is
possible, it cannot be relied on. FCU is not captured under the
open bank resolution scheme, which allows for the imposition of
losses on depositors and senior debt holders to recapitalise failed
institutions. However, Fitch believes the existence of the scheme,
in conjunction with the institution's low systematic importance,
makes sovereign support doubtful.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

FCU's IDRs and Viability Rating are sensitive to a change in the
credit union's risk appetite. The ratings may be upgraded if there
is a sustained tightening in risk appetite, possibly through an
improvement in the type and mix of exposures in the loan book while
also maintaining strong capital ratios and high liquidity.

Alternatively, the ratings could face downward pressure if there is
a weakening in FCU's risk appetite, possibly due to a loosening in
underwriting standards that increases the risk of significant
deterioration or greater volatility in the core financial metrics.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to any
changes in assumptions around the propensity of the New Zealand
government to provide timely support.

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.


WAIRARAPA BUILDING: Fitch Affirms BB+ LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Ratings of
Wairarapa Building Society at 'BB+'. The Outlook is Stable.

KEY RATING DRIVERS

IDRs AND VIABILITY RATING

WBS's IDRs and Viability Rating and its Stable Outlook on the
ratings reflect the society's moderate franchise, sound asset
quality and adequate capital buffers over regulatory minimums. This
is partly offset by higher earning volatility, which somewhat stems
from its investment property portfolio.

WBS's underwriting standards are consistent with those of domestic
peers and should continue to underpin its asset quality over the
medium term. Fitch expects WBS to remain focused on residential
mortgages in the Wairarapa region and to target local quality
commercial-lending customers. Asset quality should be supported by
the low interest-rate environment and improved arrears management,
as evident in the last 12 months. Single name and geographic
concentration remains high, although single-name concentration has
slightly improved from previous years. This is partly mitigated by
the conservative loan/value ratios of the top-20 borrowers.

The society's capitalisation compares favourably against that of
non-bank deposit takers in New Zealand, reflecting management's
focus on financial resilience and stability. The recent slowdown in
credit growth has further strengthened the capital ratios, which
should continue to improve in 2020. However, the capital mid-point
also reflects WBS's small capital base in absolute terms and its
high geographic concentration.

Profitability is satisfactory and benefitted from a large
revaluation gain in 2019, which Fitch considers as non-recurring.
Fitch expects the low interest-rate environment to continue in
2020, which is likely to keep WBS's interest margins under pressure
due to its limited ability to reduce deposit rates without damaging
its retention rate. Ongoing investment in systems and regulatory
compliance could also weigh on the cost/income ratio for the next
two years.

Fitch expects WBS to remain fully funded by customer deposits in
2020 and for deposit growth to be moderate and in line with loan
growth. Similarly to its loan book, geographic deposit
concentration is high, reflecting the society's business model.
WBS's liquidity position was well in excess of its trust-deed
requirements as at September 2019. Lack of contingent liquidity
sources, such as the central bank's repo facility, remains the main
weakness of the liquidity profile.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor reflect its view that,
while support from the New Zealand sovereign (AA/Stable) is
possible, it cannot be relied on. The institution is not part of
the open bank resolution scheme, which allows for the imposition of
losses on depositors and senior debt holders to recapitalise failed
institutions. However, Fitch believes the existence of the scheme,
in conjunction with WBSs' low systemic importance, make sovereign
support doubtful.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

WBS's IDRs and Viability Rating would come under pressure if there
was a substantial increase in its risk appetite, possibly evidenced
by aggressive loan growth or growth outside of its home market or
weaker underwriting standards, in an effort to grow its franchise.
This could lead to larger weakening in asset quality and
profitability during a downturn.

Positive rating action is not probable due to the society's small
absolute capital base, moderate franchise, concentration risk and
limited access to contingent liquidity sources.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to any
change in assumptions around the propensity or ability of the New
Zealand government to provide timely support.

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.




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

PARKSON RETAIL: Unit Faces Suit for Alleged Failure to Pay Rent
---------------------------------------------------------------
Rachel Mui at The Business Times reports that PKNS-Andaman
Development Sdn Bhd has served Parkson Corporation Sdn Bhd (PCSB),
a subsidiary of Parkson Retail Asia, with a writ and statement of
claim in relation to premises let to PCSB within EVO shopping mall
in Malaysia.

BT relates that in a regulatory filing on Dec. 26, PKNS alleged
that PCSB has failed to observe its obligation to pay rental for
the premises, according to the tenancy agreement entered into
between both parties on Oct 2, 2017.

Therefore, PKNS is claiming for reliefs including MYR3.7 million
(SGD1.2 million) as accrued monthly rental from April 2, 2018 to
Dec 2, 2019, and thereafter at the rate of MYR183,000 per month
until the return of the premises. Alternatively, a sum of MYR3.8
million could be paid as accrued monthly rental from Feb 27, 2018
to Nov 27, 2019, and thereafter at the same monthly rate of
MYR183,000 until the return of the premises to PKNS, the filing
showed, BT relays.

According to the report, PKNS is also seeking MYR1.9 million in
renovation costs; a 5 per cent interest per annum on the debt with
effect from Dec 13, 2019 when the writ was served until the date of
judgement; and another 5 per cent interest on the debt from the
date of judgement until the full settlement date.

BT, citing the filing, says PCSB is to return the vacant possession
of the premises to PKNS in the original condition, and/or return
vacant possession of the premises within 14 days from the date of
the judgement. PKNS has also requested PCSB to bear the cost of the
proceedings.

In response, PCSB has taken the position that no rental is payable,
the report states.

This is because "PKNS has failed to satisfy the conditions set out
in the tenancy agreement for rental commencement to be triggered",
and PKNS's act of issuing notice backdating the commencement date
of rental without satisfying the conditions precedent is
"unlawful", the company, as cited by BT, said.

PCSB is of the view that it has a "good defence" and has instructed
its solicitors to defend against the suit, it added.

Parkson Retail Asia Limited is a Singapore-based investment holding
company. The Company operates as a department store retailer. The
Company's segments include Malaysia, Vietnam, Indonesia, Myanmar
and Cambodia. The Company offers a range of merchandise from
fashion apparel to household goods.


TRANSCORP HOLDING: Suspends Trading Due to Lack of Capital
----------------------------------------------------------
Marissa Lee at The Business Times reports that the board of
Catalist-listed Transcorp Holdings has recommended that trading in
Transcorp shares be suspended with immediate effect until it
resolves its liquidity crisis, it said on Dec. 24.

An earlier plan to raise SGD550,000 through a share placement has
also been scrapped, since Transcorp was unable to obtain a loan
from the placees and a substantial shareholder to fund the required
extraordinary general meeting (EGM) and professional service fees
to make the placement happen, according to BT.

BT relates that the board said in a bourse filing on Dec. 24: "The
board has evaluated that the company is no longer able to continue
as a going concern. It recommends that trading in the company's
securities be suspended with immediate effect until the company
resolves the issue of working capital sufficiency and going
concern."

Meanwhile, creditor Ace Financial Services is seeking a claim of
SGD290,188 from Transcorp. The board noted that discussions with
Ace were "amicable" but the parties have not been able to reach a
common understanding on the matter, BT relays.

Ace Financial Services is owned by Keith Oh Chee Tat. Mr Oh also
owns Motor Megamall, an online car marketplace. Transcorp paid
SGD1.5 million for a 10 per cent stake in Motor Megamall last year.
Kevin John Chia, a non-executive non-independent director of
Transcorp, is also a director of Ace.

"As a direct result of the claim from Ace and the absence of the
short-term funding from stakeholders, the company is not able to
execute the required corporate actions, and unable to effect the
placement through an EGM. The claim from Ace will also render the
placement proceeds as insufficient for the working-capital needs of
the company," the board, as cited by BT, explained.

Separately, Transcorp clarified the reasons behind its request for
a trading halt on Dec. 18, according to BT.

BT relates that the board said: "This arose after Transcorp
subsidiary Regal Motors had on Dec 17 received a notice from the
Commercial Affairs Department (CAD) to provide financial
information from 2014 to 2018 as well as the corporate email
accounts of past employees.

"The provision of the information was to assist CAD to ascertain
the facts and circumstances of an ongoing investigation. No
statement was provided to CAD. The company has extended and will
continue to extend its fullest cooperation to the CAD in its
investigations and will make further announcements as and when
there are significant developments concerning this matter."

Based in Singapore, Transcorp Holdings Limited, an investment
holding company, engages in the import, wholesale, and rental of
motor vehicles in Singapore. It is also involved in the rental and
leasing of private cars without operator.



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***