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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, October 11, 2019, Vol. 22, No. 204

                           Headlines



A U S T R A L I A

BELLYFLOP PTY: First Creditors' Meeting Set for Oct. 17
CAP COAST: SME's R Us Advisers Plead Guilty to Money Laundering
CONTEMPORARY BUILDING: First Creditors' Meeting Set for Oct. 18
F.A. MAMAC: First Creditors' Meeting Set for Oct. 18
PRESTON GREEN: Second Creditors' Meeting Set for Oct. 21

PULSE IM: First Creditors' Meeting Set for Oct. 18
SKM RECYCLING: Cleanaway Acquires Assets for AUD66 Million


C H I N A

CHINA GRAND: Fitch Rates Proposed USD Sr. Notes 'BB-(EXP)'
CHINA GRAND: Moody's Rates Proposed USD Notes B1, Outlook Stable
FUTURE LAND: Moody's Confirms Ba2 CFR, Outlook Negative
LIUZHOU DONGTON: Fitch Affirms BB LT IDR, Outlook Stable


H O N G   K O N G

HONG KONG: Faces First Recession Since Global Financial Crisis


I N D I A

A R COATING SOLUTIONS: Insolvency Resolution Process Case Summary
BRAHMA TEJA: CARE Maintains D Rating in Not Cooperating
C A V COTTON MILLS: Insolvency Resolution Process Case Summary
CAIRN INDIA: Fitch Assigns BB- LT IDR, Outlook Stable
CAREWAY AGRO: Insolvency Resolution Process Case Summary

DENZONG ALBREW: CRISIL Maintains B- Rating in Not Cooperating
DHARANI SUGARS: BoI Files Insolvency Petition Against Firm
ESSAR AGROTECH: CARE Maintains D Rating in Not Cooperating
GEMINI ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
GOYAL MOTORS: CARE Lowers Rating on INR9.0cr Loan to 'D'

HARDAYAL MILK: CARE Maintains 'D' Rating in Not Cooperating
J N S L FERRO: CRISIL Maintains 'B' Rating in Not Cooperating
JAMNA METAL: CRISIL Maintains C Rating in Not Cooperating
JAY BAJRANG: CRISIL Keeps B Rating in Not Cooperating Category
JAYAWANTI BABU: CARE Maintains D Rating in Not Cooperating

JET AIRWAYS: Synergy Group Seeks More Time to Submit Final Bid
KALYANALAKSHMI SHOPPING: CRISIL Rates INR11.75cr Loan at B+
M.D PRINTING: CRISIL Maintains 'B' Rating in Not Cooperating
MACRO VENTURES: CARE Cuts INR9.0cr LT Loan Rating to 'D', Not Coop.
MAHAVIR BUILDERS: CRISIL Maintains 'B' Rating in Not Cooperating

MANISH EMPIRE: CRISIL Maintains 'D' Rating in Not Cooperating
MILAP RICE: CRISIL Maintains 'B+' Rating in Not Cooperating
N J EXPORTS: CRISIL Maintains 'B' Rating in Not Cooperating
NAGPAL WAREHOUSE: CRISIL Maintains B Rating in Not Cooperating
NICE MARINE: CRISIL Maintains 'D' Rating in Not Cooperating

NONI BIO-TECH: Insolvency Resolution Process Case Summary
NYSE INFRASTRUCTURE: CRISIL Maintains D Rating in Not Cooperating
ORACLE HOME: CRISIL Maintains 'D' Rating in Not Cooperating
ORIGIN FORMULATIONS: Insolvency Resolution Process Case Summary
RANGBIRANGEE SAREES: CARE Maintains D Rating in Not Cooperating

RANGOTSAV LIFESTYLE: CARE Maintains D Rating in Not Cooperating
RUBYKON MANUFACTURING: CRISIL Lowers Rating on INR13cr Loan to D
SWAMI CYBER: Insolvency Resolution Process Case Summary
TEKNO PRINT: CARE Maintains D Rating in Not Cooperating Category
TIRUPUR SRI: Insolvency Resolution Process Case Summary

UNITED CAPZ: CARE Cuts INR23.30cr Loan Rating to 'D', Not Coop.
UTKAL BUILDERS: Insolvency Resolution Process Case Summary
VASAVA ENGINEERING: Insolvency Resolution Process Case Summary
VIVITA LIMITED: Insolvency Resolution Process Case Summary


I N D O N E S I A

SRI REJEKI: Fitch Rates Proposed US$ Sr. Unsec. Notes 'BB-(EXP)'
SRI REJEKI: Moody's Rates Proposed Sr. Unsec. Notes Ba3


S I N G A P O R E

STATS CHIPPAC: Moody's Withdraws B2 CFR for Business Reasons
TRANSIT-MIXED CONCRETE: H1 FY2019 Losses Narrow to SGD733,000


V I E T N A M

VIETNAM: Moody's Reviews Ba3 Sr. Unsec. Ratings for Downgrade

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A U S T R A L I A
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BELLYFLOP PTY: First Creditors' Meeting Set for Oct. 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Bellyflop
Pty Ltd will be held on Oct. 17, 2019, at 11:00 a.m. at the offices
of Cor Cordis, Level 29, at 360 Collins Street, in Melbourne,
Victoria.

Barry Wight and Sam Kaso of Cor Cordis were appointed as
administrators of Bellyflop Pty on Oct. 7, 2019.

CAP COAST: SME's R Us Advisers Plead Guilty to Money Laundering
---------------------------------------------------------------
Mr. Stephen O'Neill of Port Melbourne, Victoria and Mr. John
Narramore, of Main Beach Queensland have both pleaded guilty in the
Brisbane District Court to one charge for dealing in the proceeds
of crime.

An investigation by Australian Securities and Investments
Commission found that in October 2014 Mr. Richard Ludwig, a former
director of Cap Coast Telecoms Pty Ltd (Cap Coast Telecoms) sought
pre-insolvency advice from Messrs. O'Neill and Narramore of SME's R
Us following a dispute his company was having with a creditor.
They advised Ludwig about an asset protection strategy that would
involve the illegal removal of company assets so as to prevent
creditors having access to those assets.

Between October 2014 and January 2015, Messrs. O'Neill and
Narramore issued fictitious invoices from companies under their
control to Cap Coast Telecoms for purported services that were
never provided.  Mr. Ludwig dishonestly transferred a total of
AUD743,050 from the bank account of Cap Coast Telecoms Pty Ltd to
the bank accounts of the companies under O'Neill and Narramore
control. Messrs. O'Neill and Narramore subsequently transferred the
funds to Mr. Ludwig or his associates.  Once the funds were
transferred, Cap Coast Telecoms was wound up in liquidation on
January 19, 2015.

At the time of when Cap Coast Telecoms was wound up, it owed
creditors a total of AUD2,955,138.

The matter was referred to ASIC through an unfunded supplementary
report by the liquidator of Cap Coast Telecoms, Mr. Mark Hutchins
of Cor Cordis.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

On Sept. 5, 2019, Mr. Narramore pleaded guilty to one breach of
s400.4(2) of the Criminal Code Act (Cth) 1995 for intentionally
dealing in proceeds of crime worth AUD100,000 or more. This matter
has been listed for sentence for 12 November 2019.

On Oct. 3, 2019, Mr. O'Neill pleaded guilty to one breach of
s400.4(2) of the Criminal Code Act (Cth) 1995 for intentionally
dealing in proceeds of crime worth AUD100,000 or more. This matter
has been listed for sentence on 27 February 2020.

Mr. Richard Ludwig of Broadbeach Waters has been charged with one
count of intentionally dealing in proceeds of crime and 10 counts
of breaching his directors' duties. He is yet to enter a plea and
is due to appear in the Brisbane District Court on October 31,
2019.

Intentionally dealing with the proceeds of crime is an offence
under the Criminal Code Act (Cth) 1995 and carries a maximum
penalty of 1200 penalty units or imprisonment for 20 years, or
both.

Breaching director duties can be an offence under the Corporations
Act 2001 (Cth) and, at the time of the alleged offending, carried a
maximum penalty of 200 penalty units or imprisonment for five
years, or both.

CONTEMPORARY BUILDING: First Creditors' Meeting Set for Oct. 18
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Contemporary
Building Facades Pty Ltd, trading as Contemporary Building Designs,
will be held on Oct. 18, 2019, at 11:30 a.m. at the Boardroom of
Level 5, at 1 Oxford Street, in Surry Hills, NSW.

Anne Marie Barley of AMB Insolvency was appointed as administrators
of Contemporary Building on Oct. 8, 2019.

F.A. MAMAC: First Creditors' Meeting Set for Oct. 18
----------------------------------------------------
A first meeting of the creditors in the proceedings of F.A. Mamac
Pty Ltd will be held on Oct. 18, 2019, at 11:30 a.m. at Level 8,
West 50 Grenfell Street, in Adelaide, SA.

Peter Ivan Macks and Ian Wayne Burford of Macks Advisory were
appointed as administrators of F.A. Mamac on Oct. 9, 2019.

PRESTON GREEN: Second Creditors' Meeting Set for Oct. 21
--------------------------------------------------------
A second meeting of creditors in the proceedings of Preston Green
Pty Ltd has been set for Oct. 21, 2019, at 11:00 a.m. at the
offices of HLB Mann Judd Insolvency WA, Level 3, at 35 Outram
Street, in West Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 18, 2019, at 4:00 p.m.

Kimberley Stuart Wallman of HLB Mann Judd Insolvency was appointed
as administrator of Preston Green on Sept. 13, 2019.

PULSE IM: First Creditors' Meeting Set for Oct. 18
--------------------------------------------------
A first meeting of the creditors in the proceedings of Pulse IM Pty
Ltd will be held on Oct. 18, 2019, at 11:00 a.m. at Suite 203, 517
Flinders Lane, in Melbourne, Victoria.

Trajan John Kukulovski and Liam William Bellamy of Chan & Naylor
were appointed as administrators of Pulse IM on Oct. 8, 2019.

SKM RECYCLING: Cleanaway Acquires Assets for AUD66 Million
----------------------------------------------------------
Business News Australia reports that Cleanaway Waste Management has
won the bid to acquire SKM Recycling Group for AUD66 million.

The sale follows a public process conducted by KordaMentha who were
appointed as the receivers of SKM in August, the report says.

Business News Australia relates that Cleanaway will become owner of
all SKM properties, plants, equipment and other assets after
completion of the acquisition which is expected to occur before the
end of October.

According to the report, CEO and managing director Vik Bansal said
the recycling sector is undergoing significant structural changes
as Australia transitions to support a more circular economy.

"The acquisition provides us with the infrastructure to capitalize
on the growth opportunities created by these changes," the report
quotes Mr. Bansal as saying.

Five recycling sites, three material recovery facilities, a
transfer station in Victoria and a material recovery facility in
Tasmania are part and parcel in the buyout, Business News Australia
discloses.
However, before the newly acquired business is once again running
full tilt, Cleanaway needs to sift through a bit more trash.

Since SKM fell into receivership, Bansal said substantial work has
been done to clear waste stockpiles from the sites in preparation
for the takeover, Business News Australia relates.

"Significant progress has been made in clearing waste stockpiles
from the sites, repairing plant and equipment and bringing the
sites to required safety, environmental and operational standards,"
the report quotes Mr. Bansal as saying.  "We expect to gradually
restore operations in Victoria over the coming months to provide
councils with a quality, sustainable solution for their recycling."


"The acquisition provides Cleanaway with a strong recycling
platform in Victoria and Tasmania as part of our 'footprint 2025'
strategy and our mission of making a sustainable future possible."

                             About SKM

Privately-owned SKM provided recycling sorting services to 12
councils across Victoria including City of Ballarat, City of
Melbourne and Shire of Mornington Peninsula.  SKM Recycling was
owned and run by the Italiano family.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
7, 2019, Australian Financial Review's Street Talk said that
Commonwealth Bank of Australia has taken control of SKM Corporate
Pty Ltd, one of the entities within SKM Recycling Group. CBA has
appointed KPMG as receiver of SKM Corporate.  

According to Street Talk, SKM's administration came after several
winding-up applications that creditors have made via the Federal
and Victorian Supreme courts.  Victoria's Supreme Court put SKM
into liquidation on Aug. 2, when the company failed to secure a
AUD13.5 million deal to pay off creditors following a series of
fires and stockpiling issues at its plants.  David Ross from Hall
Chadwick was appointed liquidator of SKM Corporate on Aug. 2,
2019.




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C H I N A
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CHINA GRAND: Fitch Rates Proposed USD Sr. Notes 'BB-(EXP)'
----------------------------------------------------------
Fitch Ratings assigned China Grand Automotive Services Limited's
proposed US dollar senior notes a 'BB-(EXP)' rating. CAGSL is
wholly owned by China Grand Automotive Services Group Co., Ltd.
(BB-/Stable), which will unconditionally and irrevocably guarantee
the securities.

The notes are rated at the same level as CGA's senior unsecured
rating as they constitute its direct and senior unsecured
obligations.

The final rating on the proposed US dollar notes is contingent upon
the receipt of final documents conforming to information already
received.

KEY RATING DRIVERS

Market-Leading Position Intact: China's passenger-vehicle market
contracted for the first time in more than two decades in 2018 and
continued to decline in 2019. Despite the difficult market
environment, CGA successfully consolidated its market-leading
position and further expanded into the structurally attractive
China premium-auto segment. In the long run, CGA's large operating
scale allows it to use its store network more efficiently to
develop new revenue sources, such as commission income, leasing and
used-car sales.

Tight Leverage and Coverage Headroom: CGA's leverage levels were
high, with FFO adjusted net leverage rising to 5.2x by end-2018
from 4.0x in 2017. CGA's total reported debt, including leasing,
rose further to CNY60 billion as of end-June 2019, from CNY53
billion in 2018. The prolonged downturn in China's
passenger-vehicle market has negatively affected CGA's cash
generation. At the same time, CGA faces rising funding costs as
some of its lower-cost borrowings are maturing. Fitch is continuing
to monitor management's deleveraging measures, although Fitch
believes CGA's leverage and coverage headroom will remain tight in
the near term.

Viable Deleveraging Plan: Fitch believes CGA's near-term
deleveraging plan is viable. Management has provided details on
cost-cutting measures to rein in variable costs, and Fitch expects
working capital to improve in 2H19. CGA has suspended acquisition
activities and is strictly controlling capex. Management also
previously highlighted the potential of cash recovery from its
auto-leasing arm, Huitong Xincheng, as the subsidiary is
increasingly partnering banks to fund leasing assets, which should
free up capital.

Competitive Industry, Low Margins: China's auto-dealership industry
is highly fragmented and competitive. CGA is the country's largest
dealership but has around 4% market share by sales volume across
the country. Industry margins are low as bargaining power with
suppliers is weak and the regulatory environment historically
favoured automakers over dealers. Chinese auto dealers generally
have mid-single-digit EBITDA margins, comparable with US peers, and
Fitch believes the industry's low margins will persist in the
medium term.

Leasing Subsidiary Deconsolidated: Fitch continues to deconsolidate
Huitong Xincheng for the purposes of its analysis in accordance
with its Corporate Rating Criteria as Fitch assumes the capital
structure of the financial-service operations is strong enough such
that its activities are unlikely to be a cash drain on the parent's
operations over the rating horizon to 2022. Huitong Xincheng's
debt-to-equity ratio was below 2.0x at end-2018, which Fitch sees
as healthy.

DERIVATION SUMMARY

CGA's ratings are supported by its leading market position and
large operating scale but constrained by its relatively high
leverage. Its peers include AutoNation, Inc. (BBB-/Stable), the
largest automotive retailer in the US, with over 360 new-vehicle
franchises across 16 states. CGA has a similar operational scale
and margin as AutoNation, but weaker financial metrics and lower
free cash-flow generation.

eHi Car Services Limited (B/Stable), the second-largest car-rental
company in China, has a similar leverage ratio but CGA has a much
larger operating scale, lower capex requirements and a more stable
competitive environment. CGA has a better market position than
Golden Eagle Retail Group Limited (BB/Stable), a Chinese
department-store operator, but a weaker leverage ratio, lower
margins and smaller FCF generation.

KEY ASSUMPTIONS

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

  - Deconsolidation of CGA's finance-service (leasing) entity is
contingent on the assumption that there will be no significant
deterioration in the quality of the company's lease assets against
historical reported figures.

  - Revenue growth slow to 0% in 2019 and return to low single
digits in 2020-2022

  - Average EBITDA and EBITDAR margin of 5.5% and 6.1%,
respectively, in 2019-2022

  - Capex (inclusive of acquisitions) per annum to decline to
CNY1.5 billion in 2019 and return to CNY3.0 billion by 2022

RATING SENSITIVITIES

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

  - FFO adjusted net leverage (excluding leasing) below 3.5x for a
sustained period (2018: 5.2x)

  - Total adjusted net debt/operating EBITDAR (excluding leasing)
below 3.0x for a sustained period (2018: 4.7x)

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

  - Sustained decline in market share, revenue and/or margin

  - FFO adjusted net leverage (excluding leasing) above 5.0x for a
sustained period

  - FFO fixed-charge cover (excluding leasing) below 2.0x for a
sustained period (2018: 2.2x)

  - Total adjusted net debt/operating EBITDAR (excluding leasing)
above 4.5x for a sustained period

  - Significant deterioration in liquidity or financial access

LIQUIDITY

Reliance on Short-Term Funding: CGA had CNY50 billion of debt
(excluding its leasing business) at end-2018, of which CNY33
billion was due within 12 months. This was partially covered by
CNY13 billion in unrestricted cash. Fitch expects the company to
remain reliant on short-term funding in the near term, which will
require it to continuously roll over maturing debt.

CGA redeemed CNY1 billion of onshore perpetual notes in 1H19, but
still has large refinancing needs over the next 12 months. The
company plans to call its USD400 million 8.75% perpetual bond by
the end of the year, but any potential increase in funding costs
could affect its coverage ratios. Total available and unused
banking facilities were CNY39 billion as of end-August 2019,
according to management.

CHINA GRAND: Moody's Rates Proposed USD Notes B1, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service assigned a B1 senior unsecured rating to
the proposed USD notes to be issued by China Grand Automotive
Services Limited--a directly wholly owned subsidiary of China Grand
Automotive Services Group Co., Ltd (China Grand Auto, B1
stable)--based on the unconditional and irrevocable guarantee
provided by China Grand Auto.

The rating outlook is stable.

The bond rating reflects Moody's expectation that China Grand
Automotive Services Limited will complete the bond issuance upon
satisfactory terms and conditions, including proper registrations
with the National Development and Reform Commission and the State
Administration of Foreign Exchange in China (A1 stable).

Proceeds from the proposed notes will be used by China Grand Auto
to refinance its existing indebtedness and for general corporate
purposes.

RATINGS RATIONALE

On October 9, 2019, China Grand Auto announced exchange offers for
any or all of the company's outstanding existing notes due in
February 2020 with an outstanding principal amount of about USD300
million, and also perpetual securities with an outstanding
principal amount of about USD400 million. The exchange offers will
expire on October 21, 2019.

Under the offer, for each USD1,000 principal amount of the
outstanding existing notes due in February 2020, noteholders will
receive 105% of the in aggregate principal amount of the proposed
notes, a 3.5% existing notes cash paydown, and accrued interest.
For each USD1,000 principal amount of the outstanding existing
perpetual securities, holders will receive the existing senior
unsecured notes due in 2022 issued by China Grand Automotive
Services Limited, as well as accrued interest.

Moody's does not regard this exchange offer as a distressed
exchange--which is considered a default event under Moody's
definition — because the holders will not incur economic loss,
given that the exchange offer is at/above the par value of the
existing notes.

The company is also expecting to conduct a concurrent offering of
new notes.

"The proposed notes issuance will not impact China Grand Auto's B1
corporate family rating or the stable outlook on the rating,
because most of the proceeds will be used to refinance the
company's existing debt," says Roy Zhang, a Moody's Assistant Vice
President and Analyst.

"In fact, the proposed notes will improve China Grand Auto's debt
maturity profile," adds Zhang, who is also Moody's Lead Analyst for
China Grand Auto.

Moody's expects that China Grand Auto's leverage will remain at
around 5.5x-6.0x over the next 12-18 months compared with 5.9x at
the end of 2018, reflecting slower earnings growth and stable debt
when compared with 2018.

China Grand Auto has proven its business resilience during the
current industry downturn. Its year-on-year unit sales of new
vehicles grew by 6.1% and revenue by 3% in 1H 2019, despite the
12.4% overall decline of auto sales in China during the same
period, according to the China Association of Automobile
Manufacturers.

Moody's believes this strong performance is underpinned by the
company's large and diversified operating scale and favorable brand
exposure to high-end markets. These strengths, combined with
increasing profit contributions from high-margin services and
commission-based business, have all improved the company's
operating stability.

At the same time, China Grand Auto relies heavily on short-term
debt, resulting in a weak liquidity profile. At June 30, 2019, its
restricted and unrestricted cash pool of RMB20.3 billion was
insufficient to cover its short-term debt. Moody's expects that the
company's financing cost will rise, as it refinances its existing
debt at higher interest rates.

Nevertheless, Moody's also says that the company will be able to
rollover its debt, given its profitable operations, strong market
position and inventory of branded cars.

The company has also demonstrated a track record of access to
diversified funding channels, including onshore debt instruments,
such as corporate bonds, medium-term notes, syndicated loans and
asset-backed securities.

In addition, its strategic relationships with auto makers and
highly liquid working capital provides it with a buffer against
liquidity needs.

China Grand Auto's senior unsecured bond rating for the proposed
USD notes is unaffected by subordination to claims at the operating
company level, because such claims are not material, based on
Moody's expectation that the majority of claims will remain at the
holding company level. At the same time, creditors at China Grand
Auto benefit from the group's highly diversified business profile
— with cash flow generation across a large number of operating
subsidiaries — and which mitigates structural subordination
risk.

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

The company benefits from the social trend of increasing car
ownership in China. This trend is supported by China's improving
infrastructure, rising disposable incomes and urbanization rate.

The company faces regulatory risks related to vehicle ownership
controls, vehicle fuel economy and emission standards, as well as
risks stemming from its financial services and used-vehicle sales.
Any further tightening of related regulations could hamper sales.

China Grand Auto's ownership is concentrated in Xinjiang Guanghui
Industry Investment (Group) Co., Ltd (B2 stable), which held a
32.73% stake in the company at September 21, 2019. This risk is
somewhat mitigated by the fact that China Grand Auto is a listed
and regulated entity, with minimal intercompany transactions with
Xinjiang Guanghui.

The stable ratings outlook takes into account Moody's expectation
that China Grand Auto will maintain its leading market position and
stable level of debt leverage, and can refinance its short-term
debt.

Upward ratings pressure could emerge, if China Grand Auto maintains
its business profile and access to diversified funding sources, and
refinances its short-term debt, while improving on a sustained
basis, (1) its debt leverage; and (2) the contribution of revenue
and gross profit from its auto maintenance business.

Credit metrics indicative of upward ratings pressure include
adjusted debt/EBITDA trending towards 5.0x-5.5x, and interest
coverage as measured by EBITDA/interest exceeding 3.0x; both on a
sustained basis.

On the other hand, downward ratings pressure could emerge if China
Grand Auto's (1) business profile weakens; (2) revenue and/or
margins decline due to deteriorating market conditions or the
termination of contracts with vehicle suppliers; (3) liquidity
position or funding access weakens; or (4) interest coverage--as
measured by EBITDA/interest--falls below 2.5x, or its leverage
rises above 6.0x on a sustained basis.

The principal methodology used in this rating was Retail Industry
published in May 2018.

FUTURE LAND: Moody's Confirms Ba2 CFR, Outlook Negative
-------------------------------------------------------
Moody's Investors Service confirmed the following ratings:

  -- Future Land Development Holdings Limited's Ba2 corporate
family rating and Ba3 senior unsecured rating;

  -- Seazen Holdings Co., Ltd.'s Ba2 CFR, and

  -- The Ba2 backed senior unsecured rating for the bonds issued by
New Metro Global Limited and guaranteed by Seazen.

Seazen is a 67.1%-owned subsidiary of Future Land Development. The
two companies are collectively referred to as the Future Land
Group.

Moody's has changed the outlooks for all the issuers above to
negative from "rating under review".

These rating actions conclude Moody's review initiated on July 15,
2019.

RATINGS RATIONALE

"The ratings confirmation reflects our view that Future Land
Group's good contracted sales growth and liquidity profile will
provide it with certain financial buffers for the risks associated
with the criminal allegations against Mr. Wang Zhenhua, the largest
shareholder and former chairman of the Future Land Group," says
Kaven Tsang, a Moody's Senior Vice President.

"However, the negative outlooks reflect the risks associated with a
change of control or deterioration in the group's operations and
funding access, if there is further negative news on Mr. Wang's
court case," adds Tsang.

Moody's notes that the group's funding access has been constrained
to a certain extent after the allegations against Mr. Wang
surfaced, as banks and investors remain cautious about the impact
of the incident on the group's operations and financial profile.
Such concerns are partly mitigated by the group's sufficient
internal resources — as seen by the group's cash holding,
contracted sales growth and recent asset sales — that can fully
cover its maturing debt and committed land payments over the next
12-18 months.

While Moody's notes that a few onshore banks have restarted
financing to the group over the past 2-3 months, a broader recovery
of funding access to the major Chinese banks as well as the debt
capital markets remains uncertain and could take time. Such
uncertainties are reflected in the negative outlooks.

Moody's notes that Future Land Group's contracted sales remain
strong over the last two months; the period since allegations were
made against the former chairman. Contracted sales for July and
August totaled RMB24.5 billion for each month, representing an
average year-on-year growth of 16.7% for the two months.

For the first eight months of 2019, the Future Land Group
registered a 24.8% year-on-year growth in contracted sales to
RMB171.5 billion. This good contracted sales performance helped
support the group's liquidity.

Moody's expects that the credit metrics of the Future Land Group
will improve over the next 12-18 months, because of the group's
planned slowdown in expansion and Moody's expectation of strong
revenue recognition, given the strong contracted sales over the
past 1-2 years.

Specifically, Future Land Development's debt leverage — as
measured by adjusted revenue/debt — and interest coverage — as
measured by adjusted EBIT/interest coverage, including its share in
joint ventures (JVs) — will improve to 70%-75% and 3.0x-3.5x by
2020 from 54% and 2.7x, respectively, for the 12 months to June
2019.

Likewise, Seazen's adjusted revenue/debt and adjusted EBIT/interest
coverage — including its share in joint ventures (JVs) — will
improve to 75%-80% and 3.5x-4.0x from 57% and 3.0x, respectively,
over the same period.

Such financial metrics remain appropriate for the two companies'
Ba2 CFRs.

Seazen's Ba2 CFR continues to reflect its strong sales execution,
large-scale operation and the growing stream of recurring rental
income from its retail malls. Additionally, the CFR has considered
the company's exposure to the regional economy of the Yangtze River
Delta and its sizable JV business exposures.

Future Land Development's Ba2 CFR mainly reflects the credit
profile of its subsidiary, Seazen, which accounts for most of its
operations and financial profile. There is also a close link
between the two entities, as reflected in an intercompany loan
agreement, as well as the high level of ownership by Future Land
Development in Seazen.

In terms of environmental, social and governance factors, Moody's
has taken into account the concentrated ownership by Future Land
Development's key shareholder, Mr. Wang Zhenhua, who held a total
71% stake in the company as of September 30, 2019.

This risk of concentrated ownership is partly mitigated by: (1) the
presence of special committees (audit, nomination and remuneration
committees) chaired by independent non-executive directors to
oversee the company's corporate governance; (2) the company's
moderate 20%-25% dividend payout ratio over the past three years;
and (3) the presence of other internal governance structures and
standards, as required under the Corporate Governance Code for
companies listed on the Hong Kong Stock Exchange.

Liquidity of both Future Land Development and Seazen is adequate
and good, respectively. Moody's expects that the two companies'
cash holdings and operating cash flow will be sufficient to cover
their maturing debt and committed land payments over the next 12-18
months.

Future Land Development's Ba3 senior unsecured bond rating is lower
than its CFR by one notch because of the risk of structural
subordination.

This subordination risk reflects the fact that most of Future Land
Development's claims are at the operating subsidiaries level and
have priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
likely recovery rate for claims at the holding company will be
lower.

On the other hand, there is no notching for the Ba2 senior
unsecured rating of the notes guaranteed by Seazen. Although most
of the company's claims are at the operating subsidiary level, its
diversified business profile — with cash flow generation across a
large number of operating subsidiaries and different business
segments, covering both property development and property
investment — mitigates structural subordination risks.

Moody's is unlikely to upgrade Future Land Development's and
Seazen's ratings, given the negative outlooks on the ratings.

Nevertheless, Moody's could revise the outlooks to stable, if the
group demonstrates a recovery of its access to funding from the
banks as well as the debt capital markets at reasonable funding
costs, sustains resilient sales through the cycles, and maintains
adequate or good liquidity.

However, downward ratings pressure could emerge if (1) the group's
contracted sales growth slows, or (2) its credit metrics weaken,
with EBIT/interest coverage, including its share in JVs, falling
below 3.0x, or adjusted revenue/debt, including its share in JVs,
falling below 70%-75% on a sustained basis, or (3) the group's
liquidity deteriorates, as reflected by an inability to recover its
access to funding, its funding costs increase materially, or
cash/short-term debt falls to below 1.25x; with all three factors
occurring on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Future Land Development Holdings Limited was founded by Mr. Wang
Zhenhua in 1996, and engages primarily in residential development.

Seazen Holdings Co., Ltd. is a 67.1%-owned subsidiary of Future
Land Development, and accounted for most of Future Land
Development's operations.

As of June 2019, the Future Land Group--which comprises Future Land
Development Holdings and Seazen--had a land bank across 103 cities
in China, with a total gross floor area of 131 million square
meters.

LIUZHOU DONGTON: Fitch Affirms BB LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings affirmed China-based Liuzhou Dongtong Investment &
Development Co., Ltd's Long-Term Foreign- and Local-Currency Issuer
Default Ratings at 'BB'. The Outlook is Stable. Fitch has also
affirmed LDI's senior unsecured bonds at 'BB'. The bonds were
directly issued by LDI and constitute LDI's direct, unconditional,
unsubordinated and unsecured obligations, and rank pari passu with
all its other obligations.

LDI is the major government-related entity in Liuzhou and plays a
key role in urban infrastructure construction. The company
undertakes affordable housing, primary land development and urban
infrastructure projects in the city.

LDI's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria and reflect the entity's 100% state
ownership, very strong government control, strong support record,
moderate socio-political and strong financial implications for the
government upon a company default.

KEY RATING DRIVERS

'Very Strong' Status, Ownership, Control: The company is wholly
controlled by the Liuzhou municipal government, which appoints the
company's board members. Major events, including strategic
development, acquisitions, disposals, long-term plans, major capex
and funding plans, require the government approval. The company's
operational and financing activities are also monitored by the
government.

'Strong' Support Record and Expectations: LDI is a major GRE in
Liuzhou and has a solid government support track record. The
company has received over CNY17 billion in asset and capital
injections from the government as of end-2018, accounting for
around 35% of total assets. Fitch expects the government support to
continue in the next few years.

'Moderate' Socio-Political Implications of Default: LDI plays an
important role in social housing, primary land development, and
urban infrastructure construction in the city. Fitch does not
expect a default by the company to immediately disrupt its business
activities. The government may consider appointing another GRE to
provide some of the services, if necessary.

'Strong' Financial Implications: LDI has borrowed substantially
from state-owned banks and the onshore and offshore debt capital
markets over the past few years. A financial default by LDI would
negatively affect the funding for other enterprises owned by the
Liuzhou municipal government. The government would have a strong
incentive to avoid a company default.

'b' Standalone Credit Profile: The Standalone Credit Profile of 'b'
is assessed under Fitch's Public Sector, Revenue-Supported Entities
Rating Criteria. Its Revenue Defensibility is assessed at 'Weaker'
because the company carries out work for the public sector and
pricing is constrained by government. Its Operating Risk is
assessed at 'Midrange' and Financial Profile is assessed at
'Weaker'. The weak financial profile reflects the company's high
leverage, which Fitch expects to remain high in the medium term,
although ongoing government financial support will mitigate its
weak credit profile.

DERIVATION SUMMARY

LDI's ratings are assessed under Fitch's GRE criteria, reflecting
Liuzhou municipality's ownership and oversight, a strong government
support record, as well as moderate socio-political implications
and strong financial implications if the company defaults. These
factors indicate the government has strong incentives to provide
extraordinary support to LDI, if needed.

LDI's IDR was derived from the four factors under Fitch's GRE
Rating Criteria and the SCP of 'b' under its Public Sector,
Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

LDI's ratings could change if Fitch revises its perception of
Liuzhou municipality's ability to provide subsidies, grants or
other legitimate resources allowed under the country's policies and
regulations.

Positive rating action could be triggered by a stronger assessment
of the socio-political and financial implications of a default, and
stronger government support. A downgrade could arise from a
weakening of the socio-political and financial implications of a
default, a weaker support record and expectation from the
government, or a dilution of the government's shareholding.

A change of LDI's Standalone Credit Profile could also affect the
ratings.

Any change in LDI's IDR will result in a similar change in the
rating of the notes.



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

HONG KONG: Faces First Recession Since Global Financial Crisis
--------------------------------------------------------------
Bloomberg News reports that Hong Kong is facing its first recession
since the global financial crisis, with little prospect of an
immediate recovery as the city confronts its most violent protests
in decades.

Bloomberg relates that from luxury hotels and major shopping malls
to neighborhood stores and restaurants in tourist hubs like
Central, Causeway Bay and Tsim Sha Tsui, businesses are closing
early or seeing fewer customers. Even when things are open, stores
and the airport are quiet, as tourists stay away, Bloomberg says.

According to Bloomberg, the city's subway network, or MTR, was
closed entirely for long stretches during the holiday weekend from
Oct. 4 amid the violent backlash to Chief Executive Carrie Lam's
attempt to quell months of protests by invoking a colonial-era
emergency law.

Bloomberg says the economy in Hong Kong contracted in the second
quarter, almost certainly in the third quarter and the data are
still deteriorating. The question is how deep and prolonged the
pain will be. Once Asia's manufacturing powerhouse before the rise
of mainland China, Hong Kong's freewheeling consumer and
finance-led economy is highly vulnerable to a collapse in
confidence that has been delivered by the turmoil.

The city's government has struggled to make the case that it has
the policy tools to arrest the slide while the unrest continues,
Bloomberg relays.

"I do not expect to see any strong measures that can
instantaneously turn things around," Bloomberg quotes Dong Chen,
senior Asia economist with Pictet Wealth Management, one of a
growing chorus of experts predicting Hong Kong had a second
straight quarterly contraction in the three months through
September, as saying. "The best scenario is after this political
unrest they can come up with longer-term planning or measures to
solve structural problems."

Bloomberg says the effects of the U.S.-China trade war combined
with a lack of tourist spending power also raises the prospect of a
contraction for the full year, compared with 2018.  Bloomberg notes
that the downturn has been rapid, as declining exports and protests
have erased any economic momentum from the start of 2019. When
Financial Secretary Paul Chan unveiled his budget in February, he
forecast annual growth of 2% to 3%--by August, he had slashed that
forecast to zero to 1%, the report says.

Bloomberg adds that many economists see growth for all of 2019
sliding well below 1%--JPMorgan Chase & Co.'s latest call is
0.3%--for the weakest reading since 2009.

The downturn has also taken its toll on Hong Kong's equity market,
the report notes. The MSCI Hong Kong Index has slumped 18% from an
April high, with real estate and consumer stocks leading declines
in that time, says Bloomberg.



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

A R COATING SOLUTIONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: A R Coating Solutions India Private Limited

        Registered office as per MCA records:
        Office No. 402, B-Wing
        Sector-15, Plot No. 53
        Brahma Shopping Complex
        CBD Belapur Navi Mumbai Thane
        Maharashtra 400614

Insolvency Commencement Date: September 20, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 19, 2020

Insolvency professional: Hemantprakash Shyamsunder Jain

Interim Resolution
Professional:            Hemantprakash Shyamsunder Jain
                         7 Jyotikapark Society
                         Near Police Commissioner officer
                         Shahibaug Road
                         Ahmedabad 380004
                         E-mail: hpsjca@gmail.com

                            - and -

                         501, Aalin Complex
                         Nr. Rambha Complex
                         Opp. Gujarat Vidyapith
                         Ashram Rd
                         Ahmedabad 380014
                         E-mail: cirp1arcoating@gmail.com

Last date for
submission of claims:    October 15, 2019


BRAHMA TEJA: CARE Maintains D Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Brahma Teja
Paper Products (BTPP) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.45       CARE D; ISSUER NOT COOPERATING
   Facilities                      on the basis of best available
                                   information

   Short-term Bank      4.55       CARE D; ISSUER NOT COOPERATING
   Facilities                      on the basis of best available
                                   information

Detailed Rationale& Key Rating Drivers

CARE has been seeking information from BTPP to monitor the rating
vide e-mail communications/ letters dated April 30, 2019, June 12,
2019, September 16, 2019, September 17, 2019, September 18, 2019
and numerous phone calls However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. . The rating on Brahma Teja Paper Products bank
facilities will now be denoted as 'CARE D ISSUER NOT COOPERATING'.

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

Detailed description of the key rating drivers

At the time of last rating on July 19, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weakness

Ongoing delays in servicing debt obligations
The firm has ongoing delays in term loan installment repayments
along with servicing of interest obligations due to stressed
liquidity position at the back of delays in collection of payments
from debtors coupled with the funds being blocked in inventory.

Small scale of operations with fluctuating total operating income
BTPP had a small scale of operations marked by a Total Operating
Income (TOI) of INR9.24 crore in FY17 and a low net worth base of
INR3.14 crore as on March 31, 2017. Being dependent on tender
driven process for receipt of orders, the TOI declined from
INR12.98 crore in FY16 to INR9.24 crore in FY17 due to lower orders
secured.

Leveraged capital structure and weak debt coverage indicators
The capital structure of the firm remained leveraged marked by debt
to equity and overall gearing ratio. However the debt to equity and
overall gearing ratio of the firm has improved from 2.14x and 2.89x
respectively as on March 31, 2016 to 1.65x and 2.53x respectively
as on March 31, 2017 at the back of repayment of term loan
installments. The debt coverage indicators of the firm remained
weak during the review period. The total debt to GCA and interest
coverage ratio of the firm has deteriorated from 13.79x and 1.99x
respectively in FY 16 to 17.82x and 1.68x respectively in FY17 due
to decrease in gross cash accruals and increase in interest cost at
the back of increase in working capital utilization.

Working capital intensive nature of business operations
The firm is operating in working capital intensive nature of
business. The working capital cycle of the firm is elongated and
stood at 342 days in FY17 as compared to 192 days in FY16. The
increase in operating cycle days was mainly due to elongated
average collection period and average inventory days at 262 days
and 221 days respectively in FY17. Further, as the funds of the
firm are blocked majorly in debtors and inventory, the creditor's
payment period is also elongated and stood at 142 days in FY17.

Constitution of the entity as proprietorship firm with inherent
risk of withdrawal of capital
The firm being a proprietorship firm is exposed to inherent risk of
capital withdrawal by the proprietor, due to its nature of
constitution. Further, any substantial withdrawals from capital
account would impact the net worth and thereby the financial
profile of the firm.

Highly fragmented industry with intense competition from large
number of players
The firm is engaged in Manufacturer of paper products and paper
goods; also offering paper printing services, which is highly
fragmented industry due to presence of large number of organized
and unorganized players in the industry, the firm faces huge
competition.

Key Rating Strengths

Experience of the proprietor about two decades in manufacturing of
paper products and printing
The firm was established in 1998 by Mrs. Janaki Paruchuri
(proprietor) who has about two decades of experience in
manufacturing of paper products and printing. Due to long term
experience in the paper business, the promoters have good relations
with suppliers and customers. Further, Mrs. Janaki has received
"Best Woman Entrepreneur award" from Khadi and Village Industries
Board and from All India Manufacturers organization (Andhra Pradesh
state board) and National award from Government of India for
production of best quality note books and for providing employment
to 30 women.

Satisfactory profitability margins although fluctuating during
review period
The PBILDT margin of the firm has been fluctuating during the
review period in the range of 11%-19% due to variation in margins
associated with orders received from state departments and
educational institutes through tender based process along with
fluctuating scale of operations impacting absorption of fixed
overheads. Furthermore, the PAT margin of the firm though stood
satisfactory fluctuated in the range of 3%-5% during review period
due to fluctuating operating profit and financial expenses.

Hyderabad based, Brahma Teja Paper Products (BTPP) was established
in the year 1998 by Mrs. Janaki Paruchuri under Khadi and Village
Industries Board margin scheme. The firm is engaged in
manufacturing of paper products and paper goods and also offering
paper printing services. The raw material used in manufacturing
paper products includes paper, chemicals & inks, duplex board, art
cards, which the firm procures from dealers and distributors
located in Telangana region. The firm procures its orders through
tenders majorly from Andhra Pradesh, Telangana and Karnataka state
government departments for printing of text books. Furthermore, the
customer base of the firm also includes educational institutions to
which it supplies note books.

C A V COTTON MILLS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: C A V Cotton Mills Private Limited
        551, Ganesapuram (P.O.)
        S.S. Kulam (Via)
        Annur, Coimbatore 641107

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 25, 2020

Insolvency professional: S. Sridhar

Interim Resolution
Professional:            S. Sridhar
                         No. 9, I Floor, Rajamannar Street
                         T. Nagar, Chennai 600017
                         E-mail: sridhar@sssindia.com

Last date for
submission of claims:    October 11, 2019


CAIRN INDIA: Fitch Assigns BB- LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings assigned Cairn India Holdings Limited a Long-Term
Issuer Default Rating of 'BB-'. The Outlook is Stable.

CIHL's rating is aligned with the credit profile of Vedanta
Limited, which owns 100% of CIHL, reflecting their strong linkages
in line with Fitch's Parent and Subsidiary Rating Linkage
Criteria.

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

KEY RATING DRIVERS

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

VLTD's Credit Profile: VLTD's credit profile reflects its low-cost
and diversified mining portfolio, where zinc, O&G and aluminium
assets contributed about 47%, 32% and 9% to EBITDA in the financial
year ended March 2019 (FY19). Fitch believes that with nearly 80%
of VLTD's cash flows generated from mining assets in the lowest
quartile of their respective global production cost curves, the
company is able to maintain a relatively better cash flow position
during downturns in global commodity prices. The strength of VLTD's
credit profile, however, is weighed down by the company's weaker
relative financial profile.

Fitch assesses VLTD's financial profile based on the consolidated
financial profile of the group, including its majority shareholder
Vedanta Resources Limited (previously known as Vedanta Resources
PLC). Fitch expects the consolidated leverage, measured by adjusted
net debt to operating EBITDA, to average around 4.5x (FY19: 5.4x)
and coverage, measured by operating EBITDAR to interest and rent,
to average around 2.3x (FY19: 1.9x) over the next four years. Fitch
expects the consolidated credit metrics to remain high for its
rating and do not expect a deleveraging path given its expectations
of large investment plans and Fitch's generally declining mid-cycle
mining price assumptions. In its view, the ability to deleverage is
weighed down by the dependence of Vedanta Resources on dividends to
meet its significant debt obligations.

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

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

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

CIHL, however, benefits from the low cost structure of the
Rajasthan block with operating costs of around USD 7.5 per barrel
(bbl) and finding and development cost of about USD5-6/bbl. The
cost position is significantly lower than that of peers and
supports its strong operating cash flows, which underpin CIHL's
positive free cash flows - despite its planned investments of
around USD1 billion over the next four years - and its continuing
strong financial profile with a net cash position.

CIHL's Improving Reserve Life: CIHL's investments at the Rajasthan
block are expected to increase their 1P and 2P reserves. Management
expects the company's 2P reserve base to increase by about 100
million boe in due course, enhancing the reserve life to about 10
years from 8 years, in line with the increase in the exploration
and appraisal capex. CIHL's share of 1P and 2P reserves in the
Rajasthan block was about 112 million boe and 180 million boe,
respectively, at FYE19, resulting in proved reserve life (based on
1P reserves) of about 5 years. The company's exploration capex
slowed in the last few years due to the decline in global crude oil
prices.

VARIATION FROM CRITERIA

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

DERIVATION SUMMARY

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

KEY ASSUMPTIONS

  - Commodity prices based on London Metal Exchange spot to average
as below, in FY20, FY21, and FY22: Zinc: USD2,496/t, USD2,275/t,
USD2,150/t; Aluminium: USD1,900/t, USD2,063/t, USD2,100/t; Copper:
USD6,221/t, USD6,550/t, USD6,775/t; and 62 Fe CFR benchmark iron
ore price to average at USD88/t, USD68/t, USD59/t.

  - Brent crude to average at USD65/t in FY20, USD62/t in FY21, and
USD59/t in FY19

  - VLTD's parent, Vedanta Resources, to have capex of USD1.6
billion in FY20 and USD1.8 billion in FY21

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

  - Per day production from Rajasthan block to increase to about
185,000 boepd by FY22

RATING SENSITIVITIES

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

  - An improvement in VLTD's credit profile, provided the linkage
between the two entities remain strong

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

  - Weakening of linkages between CIHL and VLTD

  - A deterioration in VLTD's credit profile

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects CIHL to maintain sufficient
liquidity to repay the proposed amortising loan, with internal cash
flow without any refinancing support. Free cash flow generation
should grow and be sufficient for the proposed loan's repayment
schedule as management expects capex to reduce after FY21.

CAREWAY AGRO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Careway Agro Procurement Private Limited
        Plot No. 915-916 Third Floor
        Rithala Industrial Area
        Delhi North West
        DL 110085

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 22, 2020
                               (180 days from commencement)

Insolvency professional: Naresh Kumar Munjal

Interim Resolution
Professional:            Naresh Kumar Munjal
                         125, 2nd Floor, Kailash Hills
                         New Delhi 110065
                         E-mail: irpcarewayagro@gmail.com
                                 nkmunjalcacs@yahoo.co.in

Last date for
submission of claims:    October 8, 2019


DENZONG ALBREW: CRISIL Maintains B- Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Denzong Albrew
Private Limited (DAPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             17         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with DAPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 DAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DAPL 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 DAPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

DAPL was incorporated in 1999. The promoter-directors, Mr Rishi
Kumar Mittal and his brother, Mr Sanjay Mittal, have been in the
liquor manufacturing business in North Eastern India since the past
two decades. DAPL commissioned its beer plant in June 2011, with a
production capacity of 150,000 hecto litres per annum (hlpa). The
manufacturing unit produces mild (lager) and strong beer using malt
and hops as primary raw materials. The company has a memorandum of
understanding (MOU) with UBL to manufacture and bottle beer under
the principal's brands Kingfisher and Kalyani Black Label.

DHARANI SUGARS: BoI Files Insolvency Petition Against Firm
----------------------------------------------------------
The Times of India reports that Bank of India has filed a petition
for insolvency against Dharani Sugars and Chemicals, a flagship
company of the PGP Group of Companies with the National Company Law
Tribunal (NCLT).

According to the report, Dharani Sugars said that consequent to its
debts being classified as non-performing in August 2018, the
company submitted a resolution plan to its lenders, and also put
forward a proposal for One Time Settlement (OTS) to the banks, both
of which are under consideration.

"In the meantime, Bank of India has chosen to refer it [the
default] to NCLT," Dharani Sugars said in a BSE filing, TOI relays.
The company attributed its financial position to the glut in sugar
production and reduction in prices, TOI notes.

"In addition, the sugar units in Tamil Nadu were facing continuous
drought during the last four years affecting the performance of the
sugar mills . . . Most of the sugar companies in India particularly
in Tamil Nadu have incurred huge losses during the last few years,"
the company, as cited by TOI, said in a exchange filing.

TOI says Dharani Sugars made a proposal to restructure the
accounts, and requested banks to keep all recovery proceedings in
abeyance till then, in a meeting between the South Indian Sugar
Mills Association and TN State government in September.  The State
Level Banking Committee (SLBC) is currently discussing on the
proposal, and the entire sugar industry is awaiting the SLBC's
recommendation, the company said.

Dharani Sugars and Chemicals Limited (DSCL), part of the PGP group
of companies based in Tamil Nadu was established in the year 1987
by Dr. Palani G Periyasamy and his NRI Associates. The company is
engaged in the manufacture of sugar, industrial alcohol and
co-generation of power. DSCL has three sugar mills located across
Tamil Nadu. These units are located in Dharani Nagar (Tirunelveli
Dist.), Sankarapuram (Villupuram Dist.) and Polur (Thiruvannamalai
Dist.).


ESSAR AGROTECH: CARE Maintains D Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Essar
Agrotech Limited (EAL) continues to remain in the 'Issuer Not
Cooperating' category.


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       21.65      CARE D; ISSUER NOT COOPERATING
   Facilities                      on the basis of best available
                                   information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE had, vide its press release dated April 4, 2018, placed the
rating of EAL under the 'issuer  noncooperating' category as EAL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. EAL continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated August 27, 2019 and numerous
calls. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers
At the time of last rating on August 1, 2018 following were the
rating strengths and weaknesses:

Key Rating Weaknesses
Delays in debt servicing: As per banker interaction dated July 27,
2018, there have been ongoing delays in servicing of interest and
principal on long term debt. Timely repayment of debt is the key
rating sensitivity.

EAL was incorporated in April 1993 and is engaged in farming of
flowers, plants and vegetable and trading of milk. EAL has
established the brand name of 'Indus Fresh Brand' for Dutch roses
(13 different types of roses) and exotic vegetables. Currently EAL
is producing roses, vegetables, mango, plants and plugs in five
sites which include Lonavala, Kamshet, Ooty, Jategaon and Jamnagar.

GEMINI ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gemini Enterprises -
Hyderabad (GE) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             7        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GE for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 GE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GE 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 GE continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established as a proprietorship firm in 1999 by Mr. V Ramesh, GE is
a primary distributor for HUL's products in Hyderabad.

GOYAL MOTORS: CARE Lowers Rating on INR9.0cr Loan to 'D'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Goyal Motors (GM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       9.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 2, 2018 placed the
rating of GM under the 'issuer noncooperating' category as GM had
failed to provide information for monitoring of the rating. GM
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 4, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the rating assigned to the bank facilities of Goyal
Motors (GM) factors in ongoing delays in the servicing of the debt
obligations.

Key Rating Weaknesses
Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligation for the working capital limit
availed by the firm. The cash credit limit availed by the firm has
remained overdrawn for more than 30 days.

Goyal Motors (GM) was established as a proprietorship firm by Mr.
Amit Goyal with commencement of operations from August, 2015. Prior
to May, 2016, the firm was engaged in the sale of only spare parts
of Tata Motors Ltd. *TML; rated 'CARE AA-; Negative/CARE A1+'+ and
sale of second hand passenger vehicles. Presently, the firm is an
authorized dealer of TML and is engaged in the sale of passenger
vehicles, servicing of vehicles and sale of spare parts. The firm
owns & operates a showroom in Patiala (started operations from
May-2016), providing 3S (sales, service and spare parts)
facilities. Besides GM, the proprietor is also involved in other
group concerns namely Pushpa Goyal Enterprises Private Limited
(PGEPL; rated 'CARE B+; Stable; Issuer Not Cooperating'), engaged
in the dealership of Mahindra & Mahindra Ltd (MML) since 2012;
Sangrur Autos engaged in the dealership of Bajaj Auto Ltd. (BAL),
since 1989 (prior to 2014, the same was operating by the name
Sangrur Autos Pvt. Ltd.) and Hemant Goyal Motors Pvt. Ltd. (HGMPL)
established in 2005. Apart from this, the firm has an associate
concern namely Sangrur Autos (Malerkotla) (SAM; rated 'CARE B;
Stable/Care A4; Issuer Not Cooperating'), engaged in the dealership
of Bajaj Auto Limited (BAL), since 2014.

HARDAYAL MILK: CARE Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hardayal
Milk Products Private Limited (HMPPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       50.72      CARE D; ISSUER NOT COOPERATING
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from HMPPL to monitor the ratings
vide e-mail communications/letters dated September 12, 2019;
September 23, 2019; September 24, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on Hardayal Milk Products Private Limited's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Delay in Debt Servicing
HMPPL is facing stretched liquidity position due to elongated
operating cycle on account of increase in collection period. As a
result, there has been delay in the payment of interest of term
loan and overutilization of working capital limit.

Weak financial risk profile
HMPPL has a weak financial risk profile as Profit after Tax of the
company declined to INR0.38 crore in FY18 (refers to the period
April 1 to March 31) as compared to INR0.57 crore in FY17.
Furthermore, the average collection days and average inventory days
decreased and but remained high during FY18 at 146 days and 139
days respectively (PY: 157 days and 147 days respectively).

Key Rating Strengths

Experienced promoters
The promoters of the company has established track record of
running milk chilling plant and cold storages. Mr. Praveendra
Kumar, Managing Director of the company has 26 years of experience
out of which 18 years are towards running chilling plant and cold
storages.

Liquidity Analysis:

Operating cycle days of the company had decreased to 280 days in
FY18 in comparison to 298 days in FY17; with marginal decrease in
Average collection period from 157 days in FY17 to 146 days in
FY18.

Hardayal Milk Products Pvt. Ltd. (HMPPL) was setup by Mr.
Praveendra Kumar, Mr. Ramveer Singh, Mr. Hardayal Singh, Mr.
Veerpal Singh and Mr. Amol Yadav in July 2005. The company started
production from December 2006 with initial milk processing capacity
of 2 lac ltrs per day (Llpd). HMPPL is involved in production of
various milk products mainly in Pasteurised packed milk, Ghee and
other milk products like Flavored Milk, Curd, Flavored Yogurt,
Butter milk, Paneer, SMP (Skimmed Milk Powder), Pasteurized Butter,
Whole Milk Powder and Dairy Whitener.

J N S L FERRO: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of J N S L Ferro Alloys
(JFA) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.9       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1.6       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              1.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with JFA for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 JFA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JFA 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 JFA continues to be 'CRISIL B/Stable Issuer not
cooperating'.

JFA, a proprietorship firm, was incorporated in 2006-07 (refers to
financial year, April 1 to March 31) by Mr. Lakesh Juneja. It
trades in various ferrous metals like hot-rolled coils/sheets, cold
rolled coils/sheets, structured steel products, stainless steel
products and metal scrap. JFA has also developed a shopping mall in
Ludhiana (Punjab) which is expected to commence operations in
October 2015.

JAMNA METAL: CRISIL Maintains C Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Jamna Metal Co. (JMC)
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.67       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           4          CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   10.01       CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             1.82       CRISIL C (ISSUER NOT
                                    COOPERATING)

   Working Capital       5.5        CRISIL C (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with JMC for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 JMC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JMC 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 JMC continues to be 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

JMC commenced operations in 1997 as Shree Jamna Metal Works, a
proprietorship concern of Mr Kishan Chand Bansal. The firm
manufactures galvanised steel trays used in the power sector as a
base for laying power transmission cables.

JAY BAJRANG: CRISIL Keeps B Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jay Bajrang Cotton
Industries (JBCI) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.5        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with JBCI for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 JBCI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JBCI 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 JBCI continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

Promoted in June 2013, JBCI has set up a ginning and pressing unit
having a capacity to produce 20,000 to 25,000 bales per annum at
Morbi in Rajkot (Gujarat). The unit commenced operations from April
2014.

JAYAWANTI BABU: CARE Maintains D Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jayawanti
Babu Foundation (JBF) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.51       CARE D; ISSUER NOT COOPERATING
   Facilities                      on the basis of best available
                                   information

   Short-term Bank      1.49       CARE D; ISSUER NOT COOPERATING
   Facilities                      on the basis of best available
                                   information


Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE had, vide its press release dated April 4, 2018, placed the
rating of JBF under the 'issuer non-cooperating' category as JBF
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. JBF continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated July 4, 2019 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 4, 2018 the following were the
rating weaknesses:

Key Rating Weaknesses

Delay in servicing of debt obligations: As per the interaction with
the banker dated August 29, 2019, there are ongoing delays in the
repayment of term loan and the account has been classified as NPA.

Established in 2007, Jayawanti Babu Foundation (JBF) runs an
education institute. The trust is registered under Bombay Public
Trust Act, 1950. Currently, the trust is managing one college,
namely, Metropolitan Institute of Technology and Management (MITM).

JET AIRWAYS: Synergy Group Seeks More Time to Submit Final Bid
--------------------------------------------------------------
Financial Express reports that the Colombian Synergy Group, the
sole entity interested in Jet Airways, has sought time till
November 30 to complete its due diligence and put in a formal bid
for the grounded airline, sources said.

FE relates that the committee of creditors (CoC) for Jet Airways
may give the group time till the end of October. The resolution of
the airline will consequently get delayed further.

"The Synergy Group has not yet found an Indian partner. They are
also taking time to complete due diligence and prepare a business
plan. They have sought time till November 30, but that is not
feasible since the plan needs to be in place in time for the
government to allot slots for the summer schedule," FE quotes a
person involved in the discussions as saying.

FE says the summer season schedule starts from the last Sunday of
March. The Directorate General of Civil Aviation (DGCA) typically
expects airlines to file slot requests for the summer season by
mid-October. According to the earlier timeline set out by the
resolution professional (RP), interested parties were expected to
submit a resolution plan latest by October 14, FE notes. The final
resolution plan was expected to be put before the National Company
Law Tribunal (NCLT) for its approval on October 28.

FE relates that the RP legal counsel on Oct. 9 informed the NCLT
that the Synergy Group has been given access to all of Jet's
financials and due diligence is ongoing. "No (resolution) plan has
been submitted yet," the RP told the tribunal. The RP on Oct. 9
submitted the sixth report on the progress of the resolution
process of the airline to the tribunal.

FE had in September reported that the resolution process for Jet
Airways is likely to get delayed since progress has been slow in
finding an Indian partner to invest in Jet Airways. The government,
during its meeting with the Synergy Group, had raised serious
concerns on whether the Synergy Group's investment would comply
with India's foreign direct investment (FDI) regulations. As per
the Indian FDI regulations, a foreign airline can directly invest
only up to 49% in a scheduled Indian carrier.

"There were representations made by the Synergy Group and other
parties to the government to consider relaxing the FDI restrictions
for Jet Airways. It is up to the government now. Meanwhile, the
Synergy Group is in talks with Indian firms. The RP had suggested
some names, but nothing concrete has emerged as yet," the source,
as cited by FE, said.

Jet Airways has been grounded for nearly six months now since April
17. The airline was grounded after lenders refused to provide
emergency funding to continue operations. The slots allotted to Jet
have since been re-allocated to other airlines.

The airline was admitted for insolvency on June 20. The 180-day
deadline for completing the corporate insolvency resolution process
(CIRP) will end on December 16, the RP informed the NCLT on Oct. 9,
FE discloses. Jet's insolvency order stated that the airline's
revival is of national importance. "The corporate debtor company
has more than 20,000 employees, and its revival at the earliest by
a viable resolution plan is essential," the order stated.

FE, citing latest update on the firm's website, notes that
creditors have filed claims worth INR30,907 crore. The RP has so
far admitted claims worth over INR14,000 crore. The CoC of the
airline have also reached a settlement to evacuate Jet's
headquarters at Siroya Centre, Mumbai. According to FE, the NCLT on
Oct. 9 raised concerns that evacuating the headquarters may be
detrimental to the resolution process. The matter will be heard by
the tribunal on November 5, the report adds.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- was one of India's top airlines
founded by Naresh Goyal.  It provided passenger and cargo air
transportation services as well aircraft leasing services. It
operated flights to 66 destinations in India and international
countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Jet Airways on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.

KALYANALAKSHMI SHOPPING: CRISIL Rates INR11.75cr Loan at B+
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Kalyanalakshmi Shopping Mall (KSM).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          11.75       CRISIL B+/Stable (Assigned)

The rating reflects below average financial risk profile, high
working capital requirements and the company presence in a highly
fragmented market. These weaknesses are partially offset by
extensive experience of the partners and healthy operating
efficiencies.

Key Rating Drivers & Detailed Description

Weakness:
* Below-average financial risk profile: KSM's financial risk
profile is marked by its low net worth and below average total
outside liabilities to adjusted net worth (TOLANW) ratio 3.94 crore
and 4.32 times respectively as on March 31, 2019, and modest debt
protection metrics interest cover of 1.24 times and NCATD of 0.03
times in fiscal 2019.

* Large working capital requirements: KSM's business has large
working capital requirement, as reflected in gross current asset
(GCA) days of 177 days as on March 31, 2019. The high GCA days
emanate from the company's inventory levels of 175 days.

Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of over 2 decades in trading of readymade
garments. This has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers.

* Sound operating efficiencies: KSM has healthy operating
efficiencies, marked by healthy return on capital employed (RoCE)
which are around 14.50% as on 31st March, 2019. These efficiencies
are driven by high economies of scale and experienced management.

Liquidity: Stretched

Liquidity is marked by high BLU at 95% and moderate accruals
against Repayment Obligation. The promoters are likely to extend
support in the form of unsecured loans to the firm to meet its
working capital requirements and repayment obligations.

Outlook: Stable

CRISIL believes KSM will continue to benefit over the medium term
from its longstanding relationships with principals and experience
of the management to mitigate the inherent risk in trading
business.

Rating Sensitivity Factors

Upward factor
* Sustained revenue growth of 25 percent over the medium term while
ensuring an improvement in financial risk profile.
* Improvement in working capital cycle.

Downward factor
* Further stretch in working capital cycle, with gross current
assets more than 220 days affecting liquidity.
* Capital withdrawals by promoters.

Established in 2011, Kalyanalakshmi Shopping Mall (KSM) is engaged
in the trading of  Ready Made Garments (RMG). The firm has 1 outlet
(3 floors) based out of Warangal, Telangana. The firm is promoted
by Mr.Santoshbai Attal, Mr.Trinath Attal, Mr.Vijay Attal, Mr.
Pradeep Kumar Bajaj, Mr. Sharad Loya and Ms. Sonali Patil.

M.D PRINTING: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of M.D Printing and
Packaging Private Limited (MDPL) continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              1.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Term Loan               7.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MDPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 MDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MDPL 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 MDPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in November 2011, MDPL manufactures potato chips and
extruded snacks in Haridwar, Uttarakhand. It also has a packaging
unit in Himachal Pradesh and was promoted by Mr Muhammed Daud.

MACRO VENTURES: CARE Cuts INR9.0cr LT Loan Rating to 'D', Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Macro Ventures Private Limited (MVPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       9.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018 placed the
rating of MVPL under the 'issuer non-cooperating' category as MVPL
had failed to provide information for monitoring of the rating.
MVPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 4, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the rating assigned to the bank facilities of Macro
Ventures Private Limited (MVPL) factors in ongoing delays in the
servicing of the debt obligations.

Key Rating Weaknesses
Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligation for the working capital limit
availed by the company. The cash credit limit availed by the
company has remained overdrawn for more than 30 days.

Incorporated in 2011, Macro Ventures Private Limited (MVPL) is a
part of the Macro Group and started its commercial operations in
February-2013. The company is an authorized dealer of Tata Motors
Ltd (CARE AA-/Negative; CARE A1+) for its passenger cars, spares &
accessories in Mohali and Ropar, Punjab. MVPL is promoted by Mr.
Deepak Chopra and Ms. Sonia Chopra, who have extensive experience
in the trading/distribution business, as the group is already
operating several dealerships including Honda, Castrol Lubricants
etc. under Macro Group Pvt Ltd (MGPL; 'CARE D; Issuer Not
Cooperating'), M/s Macro Linkers (ML), M/s Vinayak Enterprises (VE)
and M/s Pioneer Sales Network (PSN).

MAHAVIR BUILDERS: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahavir Builders (MB)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MB for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 MB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MB 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 MB continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 2003 as a partnership entity by Mr. Pravin K Dedhia and
his family, MB develops commercial real estate in Hyderabad.

MANISH EMPIRE: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Manish Empire (ME)
continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             12.6       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ME for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 ME, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ME 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 ME 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.

Established in 2014 by Vadodara-based Mr Manish Patel and his
family members, ME has a hotel in Vadodara.


MILAP RICE: CRISIL Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Milap Rice Mill (MRM)
continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.75      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               .75      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)     

CRISIL has been consistently following up with MRM for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 MRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MRM 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 MRM continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Milap Rice Mill (MRM) is a partnership firm located in Ahmedabad
district of Gujarat. The firm was established in the year 1988 and
is engaged in the business of processing i.e. milling, polishing
and sorting of basmati rice and non-basmati rice. The firm is
promoted by nine partners ' Mr. Kamlesh Kumar Patel, Mr. Akbar
Vhora, Mr. SulemanVhora, Mr. Alpesh Kumar patel, and 5 others.

N J EXPORTS: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of N J Exports (NJE)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with NJE for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 NJE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NJE 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 NJE continues to be 'CRISIL B/Stable Issuer not
cooperating'.

NJE, a registered partnership firm established in 2014, is a
merchant exporter of Vannamei shrimps. Its registered office is in
Andhra Pradesh. Mr. K Natrajan and Mrs. Jona Sahaya Rani are the
partners of the firm.

NAGPAL WAREHOUSE: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nagpal Warehouse Inc.
(NWI) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan               6        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with NWI for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 NWI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NWI 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 NWI continues to be 'CRISIL B/Stable Issuer not
cooperating'.

NWI, a partnership firm set up in 2012, is promoted by Mr. Kanhaiya
Nagpal and his son Mr. Ajay Nagpal. The firm has a warehouse on
226,512 square feet (sq ft) of land to facilitate storage of
agriculture-based products in Sonepat (Haryana).

NICE MARINE: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Nice Marine Exportts
(India) Private Limited (NMEPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting      2          CRISIL D (ISSUER NOT
                                    COOPERATING)
   Cash Credit           5          CRISIL D (ISSUER NOT
                                    COOPERATING)
   Packing Credit        3          CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with NMEPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 NMEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NMEPL 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 NMEPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in April 2012, NMEPL is based in Hyderabad, and trades
in shrimp and other fishes.


NONI BIO-TECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Noni Bio-Tech Private Limited
        No. 12, Rajiv Gandhi Road
        Perungudi, Chennai
        Tamil Nadu 600096

Insolvency Commencement Date: September 24, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 22, 2020
                               (180 days from commencement)

Insolvency professional: J. Karthiga

Interim Resolution
Professional:            J. Karthiga
                         Sri Nivas, New No. 1, Old No. 1052
                         41st Street, Korattur
                         Chennai 600080
                         E-mail: karthigasri@hotmail.com

Last date for
submission of claims:    October 9, 2019


NYSE INFRASTRUCTURE: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of NYSE Infrastructure
Private Limited (NYSE) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        110        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with NYSE for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 NYSE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NYSE 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 NYSE continues to be 'CRISIL D Issuer not
cooperating'.

NYSE was set up in 2001 as a special-purpose vehicle by Navayuga
Engineering Company Ltd and Soma Enterprises Ltd. The company
constructed a four-lane highway of around 17 kilometres on National
Highway 5, the Chennai-Kolkata section of the Golden Quadrilateral
project. It was a build, operate, and transfer project on an
annuity basis awarded by NHAI.


ORACLE HOME: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Oracle Home Textile
Limited (Oracle) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Purchase-        3.75       CRISIL D (ISSUER NOT
   Discounting                      COOPERATING)
   Facility              
                                    
   Cash Credit           2          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      4          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit       22.45       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Post Shipment         7.1        CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Standby Export        6.7        CRISIL D (ISSUER NOT
   Packing Credit                   COOPERATING)

   Term Loan            25.16       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Oracle for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 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 Oracle, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Oracle 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 Oracle continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Oracle was originally set up in 1992 by Mr. Sanjay Dave and Ms.
Shilpa Dave as a partnership firm, Oracle Exports; this firm was
reconstituted as a closely held public limited company under the
current name in August 2011. The company exports 75 per cent of its
output of terry towels and home textiles to makers of leading
global brands such as Esprit, Hollister, Kmart, and Tommy Hilfiger;
the balance 25 per cent is sold in the domestic market. Oracle has
a diverse customer base across different geographies, including the
US, Europe, Australia, the Middle East, and Africa. The company is
among the leading manufacturers of terry towels in the jacquard
segment in India. It has vertically integrated operations,
comprising weaving, yarn and fabric dyeing, and finishing
facilities.

ORIGIN FORMULATIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Origin Formulations Private Limited
        4th Floor Narayankrupa Square
        Behind Old Natraj Cinema
        Beside Sakar V, Off Ashram Road
        Ahmedabad GJ 380009
        IN

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 14, 2020
                               (180 days from commencement)

Insolvency professional: Parag Sheth

Interim Resolution
Professional:            Parag Sheth
                         404, Sachet II
                         Opp. GLS University
                         Maradia Plaza Lane
                         C.G. Road
                         Ahmedabad 380006
                         E-mail pksheth@hotmail.com
                                irp.ofpl@gmail.com

Last date for
submission of claims:    October 11, 2019


RANGBIRANGEE SAREES: CARE Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Rangbirangee Sarees Pvt. Ltd. continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      23.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      on the basis of best available
                                   information


Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Rangbirangee Sarees Pvt.
Ltd. to monitor the rating(s) vide e-mail dated June 06, 2019 and
phone calls. However, despite CARE's repeated requests, RLPL has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on RLPL's bank facilities will continue to be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers
At the time of last rating on July 6, 2018, the following were the
rating strengths and weaknesses (updated for the information
received from Registrar of Companies).

Key Rating Weaknesses

Ongoing delays in debt servicing
On interaction, the bankers have stated about overdrawal in the
Cash Credit account due to non-payment of interest, which has
continued for more than 30 days. The overdrawal in the account
still continues and it has turned NPA.

Loss reported in FY18
The company has reported gross loss to the tune of INR3.12 crore in
FY18 on the back reduced sales and increased cost of traded goods
and selling costs. Further, the company has reported net loss to
the tune of INR6.03 crore in FY18 because of negative PBILDT and
increased interest and finance charges. The company has also
reported cash loss of INR5.82 crore in FY18.

Liquidity: Poor
RSPL has a debt payable of INR23.46 crore and interest expense of
INR2.70 crore in FY18. However, the company has reported net loss
of INR6.03 crore and cash loss of INR5.82 crore in FY18. Also, the
current ratio has fallen from 1.51x in FY16 to 1.06x in FY18 and
the operating cycle has increased from 167 days in FY16 to 224 days
in FY18 due to increase in inventory days and collection period.
These factors suggest poor liquidity position.

Rangotsav Sarees Pvt. Ltd. was incorporated by Mr. Narendra Kumar
Agarwal in the year 1999. It started under the name of '
Rangbirangee Sarees Pvt. Ltd.', later on changing it to 'Rangotsav
Sarees Pvt. Ltd'.The company deals in silk fabrics (crepe and
georgette), sarees, fabrics and dress materials. In its initial
years of operations, the company was involved in trading
activities, but it commenced manufacturing activities in the year
2010 by starting its own factory unit at Kolkata. All activities
viz. designing, dyeing, threading and priniting are conducted
in-house completely in the factory, without outsourcing any of the
activities. RSPL also undertakes job work at its factory for other
manufacturers. Trading and manufacturing accord for 70% and 30%
share respectively in the business.

RANGOTSAV LIFESTYLE: CARE Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rangotsav
Lifestyle Pvt Ltd continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      32.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Rangotsav Lifestyle Pvt Ltd
to monitor the rating(s) vide e-mail dated June 6, 2019 and phone
calls. However, despite CARE's repeated requests, RLPL has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on RLPL's bank facilities will continue to be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 6, 2018, the following were the
rating strengths and weaknesses (updated for the information
received from Registrar of Companies).

Key Rating Weaknesses

Ongoing delays in debt servicing
There are overdrawals in the Cash Credit account due to non-payment
of interest, which has continued for more than 30 days.

Loss reported in FY18
The company has reported gross loss to the tune of INR6.27 crore in
FY18 on the back reduced sales and increased cost of traded goods
and selling costs. Further, the company has reported net loss to
the tune of INR11.33 crore in FY18 because of negative PBILDT and
increased interest and finance charges. The company has also
reported cash loss of INR10.77 crore in FY18.

Poor liquidity position
RLPL has a debt payable of INR38.77 crore and interest expense of
INR4.65 crore in FY18. However, the company has reported net loss
of INR11.33 crore and cash loss of INR10.77 crore in FY18. Also,
the current ratio has fallen from 1.63x in FY16 to 0.83x in FY18.
These factors suggest poor liquidity position.

Rangotsav Lifestyle Private Limited (RLPL), incorporated in
September 2010 as Suman Vinimay Pvt Ltd (SVPL), is currently
managed by two of its directors Mr. Narendra Kumar Agarwal (aged 55
yrs) and Mr. Sumit Agarwal (aged 30 yrs, son of Mr. Narendra Kumar
Agarwal), with headquarters in Kolkata. On January 16, 2013, RLPL
entered into a long term franchisee agreement (i.e. 9 years) with
Titan Industries Ltd for selling jewellery items in precious metal
inclusive of jewellery watches under the brand name "Tanishq" at
their showroom in Burdwan. From October 2016, RLPL has opened up
showroom in the basement of its Burdwan showroom for selling of
saris. RLPL derives around 80-85% of its revenue from sale of
'Tanishq' jewelry, around 8% from sale of diamond jewelry and
remaining from sale of saris.RLPL is part of the Rangotsav Sarees
group [flagship company of the group is Rangotsav Sarees Pvt. Ltd.
(RSPL, rated CARE BB/Stable)] promoted by Mr. Narendra Kumar
Agarwal in the year 1999.

RUBYKON MANUFACTURING: CRISIL Lowers Rating on INR13cr Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rubykon
Manufacturing Company (RMC) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4; Issuer Not
Cooperating' .There are recent instances of consistent delays in
servicing repayment obligations on term loan and cash credit limit
.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            13        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Foreign Letter          5.7      CRISIL D (ISSUER NOT
   of Credit                        COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit         .1      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Long Term Loan          6.7      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with RMC for obtaining
information through letters and emails dated Feb 28, 2018,
Aug. 31, 2018, May 5, 2019 and May 31, 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 RMC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RMC 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, CRISIL has downgraded its
ratings on the bank facilities of RMC to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable/CRISIL A4; Issuer Not
Cooperating' .There are recent instances of consistent delays in
servicing repayment obligations on term loan and cash credit
limit.

Established in 2011 as a partnership firm by Mr. Ashok Mehta and
his wife Mrs. Bharti Mehta, RMC is engaged in manufacturing of 3
ply and 5 ply corrugated boxes and cardboard cartons widely ranging
in thickness, shapes and sizes. The firm has manufacturing plant
set up at Kala Amb, Himachal Pradesh.

SWAMI CYBER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Swami Cyber Solutions Private Limited
        No. 315 Nilatechnopark Kariavattom Trivandrum
        Kerala 695581
        India

Insolvency Commencement Date: September 20, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Suman Kumar

Interim Resolution
Professional:            Mr. Suman Kumar
                         B-106, Basement, Amar Colony
                         Lajpat Nagar-IV
                         New Delhi 110024
                         India
                         E-mail: sumankrcs@gmail.com
                                 cirp.swami@gmail.com

Last date for
submission of claims:    October 8, 2019


TEKNO PRINT: CARE Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tekno Print
Solutions (TPS) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       4.80       CARE D; ISSUER NOT COOPERATING
   Facilities                      on the basis of best available
                                   information

   Short-term Bank      0.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 3, 2019, placed the
rating of TPS under the 'issuer non-cooperating' category as TPS
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. TPS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
September 24, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on August 8, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from MCA website).

Key rating weaknesses
On going delays in debt servicing: There were delays in debt
servicing on account of weak liquidity position as the firm was
unable to generate sufficient funds in a time manner in the past.

Tekno Print Solutions (TPS) was initially established as a
proprietorship firm by Mr. Parshant Mudgil in June, 2012. Later on,
in July 2013, the constitution was converted to a partnership firm
having Mr. Sanjeev Chowdary, Mr. Parshant Mudgil and Mr. Deepak
Kumar as its partners sharing profit and loss in the ratio of
51.00%, 24.50% and 24.50% respectively. FY14 was the first full
year of operations. TPS is engaged in the trading of printing
material like rollers, blankets, solvents and adhesives. The firm
is the authorized dealer of 'Bottcher Systems' and also procures
material from various manufacturers based in Maharashtra, Delhi,
Madhya Pradesh and Punjab and supplies to wholesalers and retailers
located in Punjab, Himachal Pradesh, Uttar Pradesh and Uttarakhand.

TIRUPUR SRI: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. Tirupur Sri Senthil Cotton Mills Limited
        SF No. 302, Konathottamandipalayam Village
        Tirupur, Tamilnadu 641687

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, Tirupur Bench

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

Insolvency professional: Kanakkampalayam Chinnasamy Senthilkumar

Interim Resolution
Professional:            Kanakkampalayam Chinnasamy Senthilkumar
                         27, 4th Street, Ramaiah Colony West
                         Ram Nagar, Tirupur 641602
                         E-mail: kcsenthilkumarip@gmail.com

Last date for
submission of claims:    October 9, 2019


UNITED CAPZ: CARE Cuts INR23.30cr Loan Rating to 'D', Not Coop.
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
United Capz Private Limited (UCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      23.30       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of UCPL
is primarily due to on-going delay in servicing its long term debt
obligations.

Detailed description of key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing
UCPL has exhibited on-going delays in servicing of its debt
obligation for its term loan.

Liquidity Analysis: Poor

Liquidity position of UCPL remained poor. The total project cost of
INR33.47 crore was funded through term loan of INR19.88 crore and
balances INR13.59 crore by way of mix of share capital and
unsecured loans.

Thane-based (Maharashtra) UCPL was incorporated on October 08, 2015
as a private limited company by Mr. Dahyabhai Patel and Mr. Rakesh
Dahanuwala for manufacturing of Empty Hard Gelatin Capsule (EHGC)
shells. UCPL operates from its plant in Valsad (Gujarat) with an
installed capacity of manufacturing 32,659 lakh Capsule shells per
annum.

UTKAL BUILDERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Utkal Builders Limited
        At-777, Sahid Nagar
        Bhubaneswar
        Odisha 751007

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Cuttack Bench

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

Insolvency professional: Suresh Chandra Pattanayak

Interim Resolution
Professional:            Suresh Chandra Pattanayak
                         GKV-38, Gatikrushna Villa Tankapani Road
                         Bhubaneswar, Odisha 751018
                         E-mail: suresh_pattanayak@yahoo.co.in

                            - and -

                         341, BJB Nagar
                         Ground Floor Bhubaneswar
                         Odisha, PIN: 751014
                         E-mail: utkal.cirp@gmail.com

Classes of creditors:    Unsecured Financial Creditor

Insolvency
Professionals
Representative of
Creditors in a class:    Surya Kant Satapathy
                         Ardhendu Sekhar Rout
                         Niraj Kumar Tiwari

Last date for
submission of claims:    October 10, 2019


VASAVA ENGINEERING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Vasava Engineering Private Limited

        Registered office:
        113, Friends Arcade
        Shastri Nagar, Supela Bhilai
        CT 490023
        IN

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Cuttak Bench

Estimated date of closure of
insolvency resolution process: March 24, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Sunil Kumar Keswani

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

Last date for
submission of claims:    October 11, 2019


VIVITA LIMITED: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Vivita Limited

        Registered Office:
        Village Naigaon Taluka Maval
        Pune

Insolvency Commencement Date: September 19, 2019

Court: National Company Law Tribunal, Navi Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 17, 2020

Insolvency professional: Subrata Maity

Interim Resolution
Professional:            Subrata Maity
                         B-202, Jai Gurudeo Complex
                         Plot 16-19 & 21-25
                         Kamothe, Navi Mumbai 410209
                         E-mail: subrata.m@hotmail.com

Last date for
submission of claims:    October 3, 2019




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

SRI REJEKI: Fitch Rates Proposed US$ Sr. Unsec. Notes 'BB-(EXP)'
-----------------------------------------------------------------
Fitch Ratings assigned Indonesia-based integrated textile and
garment manufacturer PT Sri Rejeki Isman Tbk's (BB-/Stable)
proposed US dollar-denominated senior unsecured notes an expected
rating of 'BB-(EXP)'. The notes will be issued by Sritex and
guaranteed by its subsidiaries PT Sinar Pantja Djaja, PT Bitratex
Industries and PT Primayudha Mandirijaya.

The notes are rated at the same level as Sritex's senior unsecured
rating as they represent the company's unconditional, unsecured and
unsubordinated obligations. The note guarantors together generate
or control 100% of Sritex group's operating cash flows. At June 30,
2019, Sritex's prior-ranking debt/ EBITDA ratio was 0.2x, well
below the 2.0x-2.5x threshold that would indicate that creditors
may be significantly impaired by the presence of prior-ranking
debt. The company's debt may be downgraded, regardless of any
movement in the Issuer Default Rating, if the ratio of
prior-ranking debt/EBITDA moves above the threshold. The final
rating on the notes is contingent upon the receipt of final
documents conforming to information already received.

Fitch believes Sritex's credit profile will remain unchanged and
consistent with its ratings, as the proposed notes will be mainly
used to refinance its outstanding USD175 million senior unsecured
notes, which are due in 2021. The issuance will lengthen the
company's debt maturity profile and provide Sritex with significant
cash-flow flexibility to execute its medium-term plans. The
earliest significant debt maturity will then be the USD350 million
syndicated loan due in 2022, which has an option to extend the
maturity by two years, subject to the lenders' consent.

KEY RATING DRIVERS

Increasing Scale; Normalising Margins: Sritex's ratings reflect the
company's robust operating performance, stemming from the
production ramp-up on its two spinning companies, which were
acquired in early 2018. Net sales rose by 16% yoy to USD632 million
in 1H19, while EBITDA margin improved to 20% in 1H19 from 18% in
2018 due to the cost-optimisation measures on its new spinning
entities. Fitch believes Sritex's growing operating scale
strengthens its bargaining power with suppliers, as it is able to
purchase larger quantities of raw materials, allowing for higher
bulk-purchase discounts.

Furthermore, net working-capital days improved in 1H19 to 214 days
from 222 days in 1H18. Leverage, measured by net adjusted
debt/adjusted EBITDAR, fell to 3.0x from 3.2x during the same
period. Fitch expects net working capital days to remain similar at
around 217 days and leverage to be 2.9x by end-2019.

Capex Risk; Limited Rating Headroom: Fitch believes Sritex's
leverage limits its rating headroom over the next two to three
years, and any capacity expansion, either organic or via M&A -
especially if aggressively debt-funded - may keep leverage high for
longer than Fitch expects, leading to negative rating action.
Sritex has an annual output capacity of 1.1 million bales of yarn,
180 million metres of greige cloth, 240 million yards of finished
fabric and 30 million garments. Its capacity utilisation rate could
reach its optimal level in the next year or two despite recent
expansion. It could consider further expansion in the short to
medium term, although this is not factored into its forecast.

Vertical Integration; Export-Oriented: Fitch expects more than half
of Sritex's net sales (1H19: 60%) to come from exports over the
medium term, up from an average of 47% in 2014-2016, providing the
company with a partial natural hedge for its foreign-currency
liabilities. The company also benefits from its vertically
integrated operations. Sritex sources yarn and raw fabric from its
mills and produces specialty garments, such as military uniforms,
which have higher profit margins and less cyclical demand than
fashion apparel. It is also a nominated supplier to several of its
main buyers, which promotes demand and revenue sustainability. This
is supported by its record of punctual delivery to customers'
required quality and cost

DERIVATION SUMMARY

Sritex may be compared with its main peers: 361 Degrees
International Limited (BB-/Stable) and PT Pan Brothers Tbk (PB;
B/Stable). 361 Degrees is an established sportswear-brand owner and
producer in China. 361 Degrees' stronger financial profile, evident
from its net cash position, is offset by Sritex's larger operating
scale and wider profit margin. Fitch believes Sritex also has a
stronger market position than 361 Degrees, given its position as a
top-three player within the textile and garment manufacturing
industry in Indonesia relative to 361 Degrees' declining market
share, which further compensates for Sritex's higher leverage.
Fitch believes these result in both companies being rated at the
same level.

PB is the largest publicly listed garment manufacturer in
Indonesia. The two-notch difference between the ratings of Sritex
and PB is mainly driven by Sritex's considerably larger operating
scale, wider profit margin, stronger financial profile and better
business-risk profile from its vertically integrated operations.

KEY ASSUMPTIONS

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

  - Net sales growth of around 10% in 2019 and around 4% in
2020-2021 (2018: 36%)

  - EBITDAR margin of around 20% in 2019-2021 (2018: 18%)

  - Capex/revenue ratio of around 4% in 2019-2021 (2018: 4%)

  - Net working capital cycle of around 217 days in 2019 (2018: 204
days)

RATING SENSITIVITIES

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

Fitch does not expect positive rating action for the next two
years, as Sritex's leverage, measured by net adjusted debt/EBITDAR,
is likely to remain high for its ratings

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

  - Inability to reduce net adjusted debt/EBITDAR to around or
below 3.0x on a sustained basis (2019F: 2.9x)

  - A sustained weakening in EBITDAR margin

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Sritex had a cash balance of around USD137
million at June 30, 2019 against around USD30 million of debt
maturities over the next 12 months, a majority of which consists of
short term working capital facilities, which are typically rolled
over during the normal course of business. Sritex also had about
USD175 million of bonds maturing in 2021, which it plans to
refinance using the proceeds of the proposed new issuance. If
successful, the company's debt-maturity profile will be extended,
allowing greater flexibility to manage cash flow.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's readily available cash used in the leverage calculation
included prepaid interest, payment guarantee of interest on notes
payable and guarantees in the form of time deposits and cash of the
company's long-term bank-loan facilities. Fitch also includes
advance payments for inventory as part of the working-capital
calculation and adds amortised cost of debt back to total debt
outstanding.

SRI REJEKI: Moody's Rates Proposed Sr. Unsec. Notes Ba3
-------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the proposed
senior unsecured notes to be issued by Sri Rejeki Isman Tbk (P.T.)
(Ba3 stable) and unconditionally and irrevocably guaranteed by all
its operating subsidiaries. The proposed notes will rank equal to
Sritex's existing senior unsecured notes.

The rating outlook is stable.

Sritex will use a portion of the net proceeds to redeem the
remaining $175 million on its $350 million notes due 2021, and the
remainder for working capital and other general purposes.

RATINGS RATIONALE

"The refinancing exercise will extend Sritex's debt maturity
profile once completed, with the company's next major maturity of
$350 million coming due only in 2022," says Stephanie Cheong, a
Moody's Analyst.

Sritex's proposed issuance constitutes a proactive step in managing
the company's upcoming maturities. It follows its refinancing
exercise in January 2019, when the company successfully refinanced
$175 million of its $350 million 2021 bonds and existing short-term
secured working capital facilities using a three-year $350 million
unsecured syndicated loan facility, composed of an up to $200
million term loan facility and a $150 million revolving loan
facility, which has an option to extend the maturity by two years,
subject to lenders' consent.

Meanwhile, Sritex's operating results for the 12 months ended June
30, 2019 were in line with Moody's expectations, reflecting solid
earnings growth and margin stability. However, cash flow generation
remained tempered by working capital fluctuations, given the
seasonality of Sritex's garment business and the size and delivery
timeline of customer orders.

Sritex's Ba3 corporate family rating remains supported by the
company's track record of high organic growth, its diversification
across customers, products and geographies, as well as its
relatively stable leverage profile, with debt/EBITDA expected to
remain between 3.5x and 4.0x over the next 12-18 months.

The CFR also incorporates Sritex's exposure to related-party
transactions, which Moody's expect will increase over the next
12-18 months following the ramp-up of PT Rayon Utama Makmur, an
affiliate company that manufactures rayon.

The stable outlook reflects Moody's expectations that Sritex will
maintain its solid operating performance on the back of strong
demand from both domestic and international customers. Moody's
expects working capital and capital investments to remain moderate
over the next 12 months, which will in turn support positive free
cash flow.

The ratings could be upgraded if Sritex maintains its growth
trajectory while funding capital expenditure and working capital
with internally generated cash flows and lowering debt.

Financial metrics that would support an upgrade include: (1)
debt/EBITDA maintained below 3.0x, even during periods of high
working capital investment; (2) EBITA/interest rising above 5.0x;
or (3) RCF/net debt consistently above 20%.

The ratings could be downgraded if Sritex embarks on large
debt-funded capital expenditure programs or acquisitions. Further,
any signs of moderating customer demand or signs that its
related-party transactions are weighing on its margins, could
pressure the ratings.

Financial metrics that would support an downgrade include: (1)
debt/EBITDA rising above 4.5x; (2) EBITA/interest expense falling
below 2.5x; or (3) RCF/net debt maintained below 10%.

The principal methodology used in this rating was Global
Manufacturing Companies published in June 2017.

Sri Rejeki Isman Tbk (P.T.), based in Central Java, Indonesia, is a
vertically integrated manufacturer of yarn, greige (raw fabric),
finished fabric and apparel, including uniforms and retail
clothing. The company's operations are spread across 25 factories,
consisting of nine spinning plants, three weaving plants, five
finishing plants and eight garment plants. Net revenue generated by
the company's four divisions amounted to around $1.1 billion for
the 12 months ended June 30, 2019.

Sritex is majority owned by the Lukminto family (60.11%). Iwan
Setiawan Lukminto, son of the founder H.M Lukminto, has been the
president director since 2006. The family has day-to-day control of
operations. The remaining 39.89% share of the company is publicly
traded on the Indonesian Stock Exchange.



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

STATS CHIPPAC: Moody's Withdraws B2 CFR for Business Reasons
------------------------------------------------------------
Moody's Investors Service has withdrawn STATS ChipPAC Pte. Ltd.'s
B2 corporate family rating and stable outlook.

RATINGS RATIONALE

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

STATS ChipPAC Pte. Ltd. is a leading service provider of
semiconductor packaging design, assembly, test and distribution
solutions in diverse end market applications including
communications, digital consumer and computing. With global
headquarters in Singapore, STATS ChipPAC has design, research and
development, manufacturing or customer support offices throughout
Asia, the United States and Europe.

STATS ChipPAC is a business unit of Jiangsu Changjiang Electronics
Tech Co., Ltd. (unrated), a publicly-traded company on the Shanghai
Stock Exchange. JCET is 19.0% owned by the National Integrated
Circuit Industry Investments Fund Co, Ltd and 14.3% owned by
SilTech Semiconductor (Shanghai) Corporation Limited (SilTech), an
indirect, wholly owned subsidiary of Semiconductor Manufacturing
International Corporation (Baa3 stable).

TRANSIT-MIXED CONCRETE: H1 FY2019 Losses Narrow to SGD733,000
-------------------------------------------------------------
The Business Times reports that watch-listed Transit-Mixed Concrete
saw losses from its continuing operations narrow 13% to SGD733,000
for H1 FY2019 ended August, amid continued challenges in the
construction industry.

This translates to a loss per share of 1.05 cents for the
half-year, compared to the 1.21 cents loss per share a year ago.
Factoring in the discontinued ready-mixed concrete operations in
Malaysia, the Mainboard-listed company's losses narrowed 7 per cent
to SGD869,000, BT discloses.

According to BT, Transit-Mixed Concrete recorded a 7 per cent drop
in revenue for H1 to SGD4.2 million, hit by subdued demand for its
concrete-pumping services and an increased use of prefabricated
concrete. Construction activities have also slowed broadly.

BT says the company's operations also generated a lower net cash
sum of SGD210,000, compared to SGD334,000 a year ago.

However, the bottom line was bolstered slightly by a reduction in
the selling, general and administrative expenses, alongside
increased contribution from a joint venture, ATMC.

Transit-Mixed Concrete expressed optimism that construction demand
may be boosted by major infrastructure projects such as the
North-South Corridor, the Deep Tunnel Sewerage System Phase 2, the
JTC Space Industrial Property, as well as private projects such as
data centres and mega warehouses, adds BT.

Transit-Mixed Concrete Limited manufactures and supplies
ready-mixed concrete. The Company also provides concrete pump
services and trades raw materials for the production of ready-mixed
concrete. Transit-Mixed Concrete imports, exports, distributes, and
deals ready-mixed concrete, manufactures structural cement and
concrete products, and provides waste management services.



=============
V I E T N A M
=============

VIETNAM: Moody's Reviews Ba3 Sr. Unsec. Ratings for Downgrade
-------------------------------------------------------------
Moody's Investors Service placed the Ba3 local and foreign currency
issuer and senior unsecured ratings of the Government of Vietnam
under review for downgrade.

The decision to place the ratings under review for downgrade is
driven by institutional deficiencies that have come to light. In
particular, Moody's has become aware of delayed payments on an
obligation by the government. While the information available so
far points to no or minimal losses for creditors, the coordination
gaps within the administration that the delayed payments may
reflect, point to creditworthiness that may no longer be consistent
with a Ba3 rating. During the review period, Moody's will assess
the practices and systems the government has or is instituting, to
ensure reliable, timely, and smooth payment of all obligations.

Moody's expects to complete the review within three months.

Vietnam's long-term foreign currency (FC) bond ceiling at Ba1, its
long-term FC deposit ceiling at B1, and its local currency bond and
deposit ceilings at Baa3 are unchanged. The short-term FC bond and
deposit ceilings remain unchanged at Not Prime.

RATINGS RATIONALE

RATIONALE FOR INITIATING THE REVIEW FOR DOWNGRADE

The key driver behind Moody's decision to place Vietnam's rating
under review for downgrade is institutional weaknesses, as revealed
by delayed payments on an obligation by the government.

These weaknesses seem to reflect deficient coordination and
planning among various arms of the government, with a degree of
opacity around the decisions and actions needed to meet some of the
government's obligations; and complex bureaucratic processes that
can obstruct the smooth and timely payment of government
obligations.

While Vietnam's large foreign exchange reserves and modest
government financing requirements denote ample capacity to meet
debt obligations, the review period will allow Moody's to ascertain
if the revealed institutional weaknesses raise the risk of future
delayed or missed payments that could denote weaker willingness to
pay than Moody's has previously assessed. To this end, during the
review period, Moody's will aim to clarify the nature and likely
effectiveness of the measures and processes that the government has
put or is putting in place to ensure full and timely payment of all
obligations.

Independent of the outcome of the rating review, Vietnam's credit
profile will remain underpinned by strong growth potential. Absent
significant economic or contingent liability shocks, Moody's
expects the government's debt burden to remain broadly stable, just
under 50% of GDP. Meanwhile, although the financial health of
Vietnamese banks has improved over recent years, the banking system
remains the chief driver of overall event risks for the sovereign.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental risks are material to Vietnam's sovereign rating. Its
credit profile is exposed to climate change risks because of the
magnitude and frequency of economically disruptive climate events,
combined with the limited fiscal space to mitigate the impact of
such events when they occur, as identified in Moody's report on
environmental risks and their impact on sovereigns. Of particular
note, Vietnam is susceptible to rising sea levels, which will over
time, leave a significant proportion of its land and population
exposed to submersion and act as a drag on economic activity.

Social considerations are inherent to the sovereign's overall
economic strength. On the back of the Doi Moi reforms in the late
1980s, Vietnam has seen rapid economic growth, and a sharp fall in
the poverty ratio.

Governance poses material risks for Vietnam. This consideration is
reflected in Moody's assessment of institutional strength, which
reflects weak coordination and planning among various arms of the
government, while still taking into account a track record of
effective economic policy that has led the economy to maintain
strong growth and rise up the value chain. Moody's view of
institutional strength also takes into consideration the very
gradual pace of state-owned enterprise reforms, and outstanding
fragilities in the banking sector.

WHAT COULD LEAD TO A DOWNGRADE

Moody's would downgrade Vietnam's rating if the rating review
concludes that administrative gaps are such that a non-negligible
risk of future delayed payments remains.

WHAT COULD LEAD TO A CONFIRMATION OF THE RATING AT THE CURRENT
LEVEL

Moody's would maintain and confirm Vietnam's Ba3 rating if the
rating review were to conclude that there is evidence of clear and
effective steps being taken that offer very high confidence that
all debt obligations will be honored in a smooth and timely
manner.

GDP per capita (PPP basis, US$): 7,040 (2018 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): 7.1% (2018 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.5% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -3.5% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: 2.4% (2018 Actual) (also known as
External Balance)

External debt/GDP: 46% (2018 Actual)

Level of economic development: Moderate level of economic
resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On October 03, 2019, a rating committee was called to discuss the
rating of the Vietnam, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutional strength/framework, have materially decreased. The
issuer's fiscal or financial strength, including its debt profile,
has not materially changed. The issuer's susceptibility to event
risks has not materially changed.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in November 2018.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***