/raid1/www/Hosts/bankrupt/TCRAP_Public/191108.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, November 8, 2019, Vol. 22, No. 224

                           Headlines



A U S T R A L I A

BACHMANN PLANT: Second Creditors' Meeting Set for Nov. 15
BUSTERBOO PTY: Fernwood Fitness Loganholme Placed in Liquidation
HAVENDALE NOMINEES: Second Creditors' Meeting Set for Nov. 15
KADEN HOLDINGS: First Creditors' Meeting Set for Nov. 14
PROGRESS REAL: Second Creditors' Meeting Set for Nov. 15

QBS DEVELOPMENT: First Creditors' Meeting Set for Nov. 19
WARATAH GROUP: First Creditors' Meeting Set for Nov. 15


C H I N A

ANBANG INSURANCE: Financial Regulator Lists Bank Stake for Sale
GOME RETAIL: S&P Puts 'B' Rating to New US-Dollar Sr. Unsec. Notes
LANDSEA GREEN: Moody's Affirms B2 CFR, Alters Outlook to Stable
TSINGHUA UNIGROUP: Says It Hasn't Defaulted, Has Ample Cash
ZHENRO PROPERTIES: Fitch Rates $300MM Sr. Unsec. Notes Final 'B+'



I N D I A

AADINATH CASHEW: CRISIL Hikes Rating on INR1.51cr LT Loan to B+
AAWRUN FURNISHINGS: Insolvency Resolution Process Case Summary
AKANKSHA AUTOMOBILES: CRISIL Assigns B- Rating to INR6cr Loans
AMRIT FEEDS: Insolvency Resolution Process Case Summary
B.M. ADVERTISING: Insolvency Resolution Process Case Summary

BANGALORE INSTITUTE: CRISIL Assigns 'D' Rating to INR12cr Loans
CBSI INDIA: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
COX & KINGS: Insolvency Resolution Process Case Summary
DIGICONTROLS NORTHERN: Insolvency Resolution Process Case Summary
DREAMZ OVERSEAS: CARE Maintains B+ Rating in Not Cooperating

FLIPKART PRIVATE: Obtains Stay on Insolvency Proceedings
INDO SPONGE: Ind-Ra Moves 'D' LT Issuer Rating to Non-Cooperating
J.R.T. AGROMIN TRADING: Insolvency Resolution Process Case Summary
JASMINE TOWELS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
MAGADH PRECISION: CARE Maintains D Rating in Not Cooperating

MODERN INDIA: Insolvency Resolution Process Case Summary
MOHAMMED ENTERPRISES: CRISIL Reaffirms B+ Rating on INR50cr Loan
MPL AUTOMOBILES AGENCY: Insolvency Resolution Process Case Summary
MSKB INDUSTRIES: CRISIL Assigns 'B' Rating to INR20cr LT Loan
NEERAJ SALES: CRISIL Assigns 'B' Rating to INR7.5cr Cash Loan

P.K. SULPHIKER: CRISIL Lowers Rating on INR10cr Bank Loan to D
PANNALAL COLD: Insolvency Resolution Process Case Summary
PATIL CONSTRUCTION: Ind-Ra Lowers Long Term Issuer Rating to 'D'
PILANIA STEELS: CRISIL Withdraws 'C' Rating on INR7.5cr Loan
PIONEER EMBROIDERIES: CARE Assigns 'B' Rating to INR15cr LT Loan

ROHIT AGRO: CARE Assigns B+ Rating to INR4.50cr LT Loan
SAPTRISHI REALTORS: CRISIL Withdraws B+ Rating from Not Cooperating
SOLAN SPINNING: CARE Lowers Rating on INR8.50cr LT Loan to B
SRI LAKSHMI: CRISIL Assigns 'B' Rating to INR4.0cr LT Loan
SUPRABHA CONSTRUCTION: CRISIL Withdraws D Rating on INR5.8cr Loan

TECPRO SYSTEMS: CRISIL Migrates 'D' Rating to Not Cooperating
UNIHEALTH CONSULTANCY: CRISIL Cuts Rating on INR2.5cr Loan to B
UTTORON ENGINEERING: Insolvency Resolution Process Case Summary
VICEROY BANGALORE: CRISIL Maintains D Rating in Not Cooperating
WELCAST INDIA: Ind-Ra Migrates B Issuer Rating to Non-Cooperating

WIN POWER: CRISIL Assigns 'B' Rating to INR1cr Proposed LT Loan


I N D O N E S I A

ANEKA TAMBANG: S&P Alters Outlook to Stable & Affirms 'B' ICR
BARITO PACIFIC: Fitch Affirms B+ LT IDR, Outlook Stable


M A L A Y S I A

SCOMI ENERGY: Auditor Flags Going Concern Uncertainty


N E W   Z E A L A N D

GLOBAL COMMUNICATIONS: Goes Into Liquidation


P H I L I P P I N E S

R&L INVESTMENTS: 50-Year-Old Stock Brokerage Shuts Down
RURAL BANK OF LARENA: Creditors' Claims Deadline Set for Dec. 20
RURAL BANK OF LEMERY: PDIC Takes Over Rural Bank

                           - - - - -


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

BACHMANN PLANT: Second Creditors' Meeting Set for Nov. 15
---------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Bachmann Plant Hire Pty Ltd
     - MRS Services Group Pty Ltd
     - MRS Property No1 Pty Ltd
     - Holdings (MRS) Pty Ltd
     - Management Resource Solutions Pty Ltd

has been set for Nov. 15, 2019, at 11:00 a.m. (NSW - AEST) and
10:00 a.m. (QLD - AEST) at Newcastle City Hall, 290 King Street, in
Newcastle, NSW; and at Ipswich Civic Centre, 50 Nicholas Street, in
Ipswich, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 14, 2019, at 4:00 p.m.

Sule Arnautovic, Trent Andrew Devine and Bradd William Morelli of
Jirsch Sutherland were appointed as administrators of Bachmann
Plant on Sept. 4, 2019.

BUSTERBOO PTY: Fernwood Fitness Loganholme Placed in Liquidation
----------------------------------------------------------------
ausleisure.com.au reports that the popular Fernwood Fitness
Loganholme gym on Brisbane's southside, which has about 1,300
female members, has been placed in liquidation after a restructure
of the owning entity failed to see the business trade itself out of
debt.

Busterboo Pty Ltd trading as Fernwood Fitness Loganholme has gone
into liquidation after spending exactly three months under
administration, the report relates.

ausleisure.com.au relates that administrator David Ingram
recommended to creditors the company be placed in liquidation, with
the director unable to secure re-financing of the business.

As reported by Brisbane newspaper The Courier-Mail, five secured
creditors are owed AUD803,350, according to the administrator's
report, ausleisure.com.au relays.

Six employees at the women-only gym are owed AUD29,824 and seven
unsecured creditors are chasing AUD263,084.

How much is returned to creditors has not yet been determined and
the club remains open, the report states.

According to ausleisure.com.au, a spokeswoman for national
franchisor Fernwood Female Fitness said despite the liquidation the
Loganholme club remained a "buoyant and successful business".

The spokeswoman added "Fernwood, is currently assisting
administrators with the sale process.

"There are already a number of interested buyers who have been
approved by Fernwood, with finalisation of new management expected
in the near future."

One offer to purchase the business was rejected when the company
was in administration, the report notes.

About 10 employees work at the club, five of those are full time.

In August 2018, the company owed AUD593,479 to the Australian
Taxation Office (ATO) in unpaid taxation and superannuation dating
back to June 2012.

The ATO applied to wind up Busterboo in September 2018, the report
recalls.

ausleisure.com.au relates that the company took a AUD243,461 loan
with Magnolia Capital in February this year to pay the ATO.

The spokeswoman said Fernwood had a long-term future in Loganholme,
with a head lease on the property signed until 2027.

She added "we therefore look forward to working with new
franchisees in continuing to provide a wonderful exercise and
wellness space for the women of Loganholme," ausleisure.com.au
relays.

HAVENDALE NOMINEES: Second Creditors' Meeting Set for Nov. 15
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Havendale
Nominees Pty Ltd, formerly ATF Llewelyn Family Trust, has been set
for Nov. 15, 2019, at 11:00 a.m. at the offices of BCR Advisory
Level 5, at 63 Pirie Street, in Adelaide, SA.

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 Nov. 13, 2019, at 4:00 p.m.

Stephen Glen James of BCR Advisory was appointed as administrator
of Havendale Nominees on Oct. 11, 2019.

KADEN HOLDINGS: First Creditors' Meeting Set for Nov. 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Kaden
Holdings Pty Ltd (Administrators Appointed) in its own capacity and
as trustee for the Kaden Holdings Unit Trust, will be held on Nov.
14, 2019, at 2:00 p.m. at the offices of McGrathNicol Level 19, at
2 The Esplanade, in Perth, WA.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Kaden Holdings on Nov. 4, 2019.

PROGRESS REAL: Second Creditors' Meeting Set for Nov. 15
--------------------------------------------------------
A second meeting of creditors in the proceedings of Progress Real
Estate (WA) Pty Ltd has been set for Nov. 15, 2019, at 10:00 a.m.
at the offices of Cor Cordis, Mezzanine Level, at 28 The Esplanade,
in 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 Nov. 14, 2019, at 4:00 p.m.

Clifford Stuart Rocke and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of Progress Real on Oct. 15, 2019.

QBS DEVELOPMENT: First Creditors' Meeting Set for Nov. 19
---------------------------------------------------------
A first meeting of the creditors in the proceedings of QBS
Development Pty Ltd, the Trustee for QBS Unit Trust, will be held
on Nov. 19, 2019, at 2:30 p.m. at Level 15, at 114 William Street,
in Melbourne, Victoria.

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

WARATAH GROUP: First Creditors' Meeting Set for Nov. 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Waratah
Group Pty Ltd, trading as trustee for the Docklands Ability Group
Unit Trust, will be held on Nov. 15, 2019, at 3:30 p.m. at the
offices of Chartered Accountants Australia and New Zealand Level
18, Bourke Place, at 600 Bourke Street, in Melbourne, Victoria.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of Waratah Group on Nov. 6, 2019.



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

ANBANG INSURANCE: Financial Regulator Lists Bank Stake for Sale
---------------------------------------------------------------
Wu Hongyuran and Denise Jia at Caixin Global report that the
Chinese government is continuing to dispose of former Anbang
Insurance Group Co.'s assets, offering to sell its stake in a
regional bank for CNY6.9 billion ($980 million).

According to the report, the China Banking and Insurance Regulatory
Commission (CBIRC) working group in charge of the takeover of
Anbang listed 1.347 billion shares of Zheshang Bank on the Shanghai
United Assets and Equity Exchange. The listing will end Dec. 2.

The listing price is equivalent to CNY5.1 per share, a 3% premium
over the bank's CNY4.94 of net assets per share as of June 30,
Caixin discloses.

Because the sale is a judicial disposal, the buyers need to pay a
CNY600 million deposit, according to the Shanghai United Assets and
Equity Exchange, Caixin relays.

The sale is taking place before Hong Kong-listed Zheshang's plan
for a mainland listing, which makes potential buyers subject to
some restrictions, according to the exchange.

Caixin says potential buyers have to meet the requirements for a
shareholder of a Chinese commercial bank. The buyers and related
parties and concerted action parties cannot hold stakes in more
than two commercial banks as a major shareholder or hold
controlling stakes in more than one commercial bank. The buyers
also cannot transfer the stakes within five years.

Caixin relates that Zheshang Bank said Oct. 11 that it has approval
for an A-share offering. Later last month, it set the offering
price at CNY4.94 a share, the same as its net assets per share. But
it postponed the listing time originally scheduled for late October
to Nov. 14, saying the offering price-to-earnings ratio is higher
than the average P/E level for bank stocks.

Zheshang Bank was set up in 2004 with a mission to serve small and
micro businesses in Zhejiang province, China's hub of private
manufacturers and traders. But the bank's expansion in recent years
has come under closer scrutiny by regulators, according to Caixin.

The bank is 14.8% owned by the provincial government with the rest
dispersed among a number of shareholders, including companies
backed by private conglomerate Baoneng, Anbang and Wanxiang Group,
Caixin notes.

Anbang owns a 7.2% stake in the bank though Traveller Automobile
Group, an auto distribution and maintenance company in which Anbang
founder and former Chairman Wu Xiaohui invested. Traveller
Automobile is listed as the second-largest shareholder of Zheshang
Bank.

According to Caixin, many of Anbang's assets have been disposed of
since the country's bank and insurance regulator took over the
acquisitive company in February 2018 and Wu Xiaohui was sentenced
to 18 years in prison for fundraising fraud and embezzlement.

Over the past two months, Dajia Insurance Group, the company
created to take over parts of Anbang's business, sold off Anbang's
entire stake in Shanghai- and Hong Kong-listed China Merchants Bank
Co. Ltd, Caixin discloses.

Last year, Anbang tried to sell its 35% stake in Chengdu Rural
Commercial Bank for CNY16.8 billion but failed to reach a deal.

Anbang also needs to dispose of its 17.84% stake in China Minsheng
Banking Corp Ltd. worth CNY47.1 billion, says Caixin.

                       About Anbang Insurance

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

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

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

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

GOME RETAIL: S&P Puts 'B' Rating to New US-Dollar Sr. Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes by GOME
Retail Holdings Ltd. (B+/Negative/--). The company plans to use the
proceeds to refinance certain existing debt. The issue rating is
subject to its review of the final issuance documentation.

S&P said, "We rate the proposed notes one notch below the issuer
credit rating on GOME because the debt is significantly
subordinated to other debt in the company's capital structure. As
of June 30, 2019, the company's capital structure consists of
Chinese renminbi (RMB) 16.2 billion in secured debt and RMB9.0
billion in unsecured debt. GOME's secured debt ratio is around 64%,
above our issue notching down threshold of 50%.

"We do not expect the new issuance to significantly affect GOME's
credit profile. In our view, the company's operating performance
and debt leverage will continue to face pressure from fierce
competition, especially from online retailers. The risk is
reflected in the negative rating outlook on the company."


LANDSEA GREEN: Moody's Affirms B2 CFR, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service revised to stable from positive the
rating outlook of Landsea Green Group Co., Ltd.

At the same time, Moody's has affirmed Landsea's B2 corporate
family rating and B3 senior unsecured debt rating.

RATINGS RATIONALE

"The change in outlook to stable reflects that our expectation that
Landsea's credit metrics will weaken over the next 12-18 months,
driven by slower revenue recognition from a decline in contracted
sales in the first nine months of 2019," says Cedric Lai, a Moody's
Vice President and Senior Analyst.

Specifically, Moody's expects the company's debt leverage--as
measured by adjusted debt/EBITDA--will deteriorate to 5.5x-6.0x
from 4.5x level in the 12 months to June 2019, while its interest
coverage--as measured by EBIT/interest--will weaken to 2.5x-3.0x
from 3.4x over the same period.

Landsea's B2 CFR reflect its asset-light business model, allowing
it to earn service income while requiring limited capital and
borrowed funds when compared to fully-owned property development
projects.

Moody's expects Landsea's service income will grow to around
RMB1.1-RMB1.3 billion over the next 12-18 months, equivalent to
about 1.1x-1.2x of its interest expenses over the same period.

Landsea's B2 CFR is also supported by its recognized brand in the
niche green property market. Landsea has attracted buyers because
its green products demonstrate sustained demand and higher selling
prices when compared to traditional property offerings.

On the other hand, the B2 CFR is constrained by the company's
developing track record for its asset-light business model. Landsea
adopted an asset-light business model in 2015, and the
sustainability of this model will depend on the company's ability
to secure new projects from investors through the property cycles.

Another rating constraint is the company's narrow funding sources.
As of June 2019, Landsea's high-cost loans from non-bank financial
institutions and senior notes accounted for a high proportion of
total debt, at about 52%. Moody's notes that the company is
proactively expanding its funding channels.

Landsea's liquidity position is very good. Moody's expects the
company's cash holdings and operating cash flow will be sufficient
to cover its short-term debt and committed land payments over the
next 12 months. As of June 30, 2019, Landsea's total cash balance
of RMB5.0 billion could cover about 2.3x its short-term debt of
RMB2.1 billion.

The stable outlook reflects Moody's expectation that the company
will maintain its good liquidity and continue to secure new
projects for its asset-light business model.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk. This
subordination risk refers to the fact that the majority of
Landsea's claims are at its operating subsidiaries 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. Consequently, the
expected recovery rate for claims at the holding company will be
lower.

Upward ratings pressure could develop if Landsea substantially
grows its scale, while (1) maintaining sound credit metrics, with
EBIT/interest coverage above 3.0x-3.5x and adjusted debt/EBITDA
below 4.0x-4.5x on a sustained basis; and (2) successfully
executing its asset-light business model.

The ratings could be downgraded if (1) its contracted sales weaken;
(2) it engages in aggressive land acquisitions, such that its debt
leverage and liquidity deteriorate materially; or (3) its credit
metrics deteriorate, such that adjusted debt/EBITDA is above
6.0x-6.5x and EBIT/interest falls below 1.5x-2.0x on a sustained
basis.

In terms of environmental, social and governance (ESG) factors,
Moody's has taken into account the concentrated ownership by
Landsea's key shareholder, Mr. Tian Ming, who held an approximate
57.92% stake (direct and indirect) in Landsea as of June 30, 2019.

Moody's has also considered (1) the presence of three independent
non-executive directors who chair the audit, nomination and
remuneration committees; and (2) the application of the Listing
Rules of the Hong Kong Stock Exchange and the Securities and
Futures Ordinance in Hong Kong to related-party transactions.

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

Landsea Green Group Co., Ltd. is a property developer, as well as a
development and management services provider in China and the US,
specializing in green property projects. "Landsea" is a well-known
green property brand in the Yangtze River Delta, including the
cities of Nanjing, Shanghai and Suzhou.

The company listed in Hong Kong through a reverse IPO in 2013,
after acquiring Shenzhen High-Tech Holding Limited. As of June
2019, Landsea had total land reserves of 6.72 million sqm across
cities in both China and the US.

TSINGHUA UNIGROUP: Says It Hasn't Defaulted, Has Ample Cash
-----------------------------------------------------------
Bloomberg News reports that Tsinghua Unigroup Co. moved to reassure
bondholders in the wake of a plunge in its debt that its finances
are in good shape.

The company has a key role building China's domestic chip industry
and will get continuous support from its controlling holders for
healthy development, its listed unit Unisplendour Corp. said in a
filing to the Shenzhen stock exchange, Bloomberg relates. The group
has abundant cash and liquidity and hasn't defaulted, the statement
said.

In recent days, investors dumped dollar debt issued by the Tsinghua
Unigroup, a subsidiary of Tsinghua University, pushing prices to
record lows, amid concern about its finances as well as the
strength of state support, Bloomberg says.

Bloomberg relates that Tsinghua's bonds made a slight recovery
after its executives said on Nov. 1 that the firm has more than
CNY17 billion ($2.4 billion) of cash in the offshore market, as
well as credit lines of CNY250 billion. The company's bonds
maturing in 2021 and 2023 were both largely steady on Oct. 31.

According to Bloomberg, Unisplendour said Tsinghua Holdings Corp.
has no plan for further stake changes in Tsinghua Unigroup.
Tsinghua Holdings, the parent company with a 51% holding, sought to
sell a 36% stake to a local government investment arm in the
southern city of Shenzhen last year. However, the company said in
August it has canceled the plan.

Tsinghua Unigroup's debt-to-asset ratio jumped to 73.42% last year
from 62.09% in 2017 and 59.09% in 2016, after the company went on a
borrowing spree to finance takeovers and other investments to boost
its position in the chip industry, Bloomberg notes.

Tsinghua Unigroup is an indirect controlling holder of Unisplendour
Corp. and an affiliate of Unigroup Guoxin Microelectronics Co, the
report discloses.

Earlier last week, Peking University-backed Founder Group also saw
a bond selloff amid concern about its finances, Bloomberg reports.
The firm has posted "big" losses in the past three years as its
core business in the IT sector faces fierce competition and its
pharmaceutical business also has low profitability, Lianhe said in
a June report. Its dollar note due 2023 remained near a record low
on Oct. 31, despite having secured a commitment from from China
Cinda Asset Management Co. for CNY8 billion in loans backed by
assets, according to Bloomberg.

ZHENRO PROPERTIES: Fitch Rates $300MM Sr. Unsec. Notes Final 'B+'
------------------------------------------------------------------
Fitch Ratings assigned Zhenro Properties Group Limited's
(B+/Stable) USD300 million 9.15% senior unsecured notes due 2023 a
final rating of 'B+' with a Recovery Rating of 'RR4'.

The notes are rated at the same level as Zhenro's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. Zhenro intends to use the net proceeds from the issue
to primarily refinance existing debt. The final rating follows the
receipt of final documentation conforming to information already
received, and is in line with the expected rating assigned on
October 29, 2019.

Zhenro has been repaying its debt through equity issuance and
internally generated cash flow, which Fitch believes has reduced
its leverage - defined by net debt/adjusted inventory, including
proportional consolidation of joint ventures and associates - to
around 51%, from 55% at end-June 2019. Fitch believes Zhenro can
sustain leverage at around 50% as it pursues a less aggressive
growth strategy than in the past two years.

Zhenro's Issuer Default Rating is supported by its high-quality and
diverse land bank, healthy contracted sales growth, sales churn and
good margin. The rating is constrained by a small land bank, which
creates some pressure to replenish land and limits room for
significant deleveraging.

KEY RATING DRIVERS

Sustained Leverage Profile: Fitch believes Zhenro can sustain a
leverage profile commensurate with a 'B+' rating. Leverage
increased to 55% in 1H19, but Fitch believes subsequent debt
repayment from equity issuance and internal cash generation has
lowered leverage to around 51%. Zhenro spent around CNY16 billion
on land acquisitions in 1H19, which represented around half of
1H19's attributable contracted sales. Chinese homebuilders have
been more active in acquiring land in Tier 2 cities during 2019,
resulting in higher land premiums.

Fitch forecasts Zhenro will spend CNY35 billion on land acquisition
in 2019 on an attributable basis, resulting in leverage of around
50%. Nevertheless, as of 10M19, Zhenro has spent an attributable
amount of only CNY21 billion on land acquisition and its full-year
amount may be lower than Fitch's forecast.

More Balanced Capital Structure: The cash/short-term debt ratio was
stable at 1.2x in 1H19. Fitch also expects funding costs to
continue to fall, as more expensive trust loans are replaced with
lower-cost financing. Zhenro has diversified its funding sources
since its IPO in 2018. The percentage of unsecured borrowings
increased to 41% of total debt in 1H19, from 34% in 2018. The
company continues to replace onshore non-bank borrowings with
offshore funding.

High-Quality Land Bank: Zhenro's land bank is focused on Tier 2
cities and is diversified across China's eastern, northern,
south-east, western and central regions. No single city contributes
a significant portion to total sales, avoiding concentration and
regional policy risks. This allowed Zhenro to achieve robust
attributable contracted sales growth in the previous three years,
with attributable sales reaching CNY30 billion in 1H19. The average
selling price (ASP) dropped to CNY15,390/square metre (sq m), from
CNY16,770/sq m, due to a lower proportion of sales from Tier 1
cities, but was still higher than that of most 'B+' category
peers.

Relatively Small Land Bank: Fitch estimates Zhenro's unsold
attributable land bank at end-1H19 was sufficient for around 2.5
years of development. The company relies on continuous land
acquisition to sustain contracted sales growth. This is likely to
drive Zhenro to replenish land bank at market prices and could
limit its ability to keep land costs low, especially as it acquires
more land parcels in Tier 2 cities, where there is more intense
competition on land bidding. Fitch forecasts Zhenro will keep its
land-bank life at current levels, as Zhenro believes a larger land
bank would limit its flexibility to manage policy uncertainties.

Zhenro acquired new land at an average cost of CNY6,311/sq m in
1H19, 31% higher than in 2018. Land costs accounted for about 41%
of contracted sales ASP. Fitch expects the EBITDA margin to
gradually edge down from the 2018 level, following the same trend
as most other Chinese homebuilders.

Significant Minority Shareholders: Total non-controlling interest
in Zhenro's balance sheet increased to CNY10.6 billion in 1H19,
from CNY8 billion in 2018, due to minority shareholders completing
capital injections for projects acquired in 2018. Total
non-controlling interest was 36.5% of total equity in 1H19. Fitch
expects non-controlling interest to stay stable, as Zhenro sought
higher shareholdings in its land acquisitions during 2019, although
this also increased leverage in 1H19.

DERIVATION SUMMARY

Zhenro's leverage of 50%-55% and relatively small land bank
constrain its rating to the 'B+' category, while its sustainable
contracted sales scale and diverse and quality land bank are
comparable with those of 'BB-' peers. As with Zhongliang Holdings
Group Company Limited (B+/Stable), Zhenro's unsold attributable
land bank at end-1H19 was equivalent to around 2.5 years of gross
floor area sold, which is shorter than that of fast-churn peers.

Zhenro's leverage is at the higher end of 'B+' peers, but is
complemented by a high-quality land bank, which drives its
contracted sales scale and satisfactory margin. Attributable
contracted sales of CNY56 billion and an EBITDA margin of 27% in
2018 were comparable with those of 'BB-' peers, such as Yuzhou
Properties Company Limited (BB-/Stable).

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY62 billion-85 billion a
year in 2019-2022 (1H19: CNY30 billion)

  - 10% drop in ASP in 2019, followed by a 0%-2% rise each year in
2020-2022 (1H19: CNY15,382)

  - Annual land premium to be maintained at around 2.5 years of
land-bank life, accounting for about 40%-55% of attributable
contracted sales (1H19: 54%)

Recovery Rating assumptions:

  - Zhenro would be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

The liquidation estimate reflects Fitch's view of the value of the
inventory and other assets that can be realised and distributed to
creditors. Fitch applied the following haircuts:

  - 30% to accounts receivable

  - 25% on net inventory and joint-venture net assets, which is in
line with domestic peers with EBITDA margin of 25%-30%

  - 45% to investment properties based on its assessed value

  - 40% to property, plant and equipment

  - 60% to financial assets

Based on its calculation of Zhenro's liquidation value after
administrative claims of 10%, Fitch estimates the recovery rate of
the offshore senior unsecured debt corresponds to a Recovery Rating
of 'RR4'.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
  - Leverage (net debt/adjusted inventory) sustained below 45%

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, above 25% for a sustained period

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

  - Leverage (net debt/adjusted inventory) above 55% for a
sustained period

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, below 20% for a sustained period

LIQUIDITY

Sufficient Liquidity: Zhenro had unrestricted cash of CNY25.1
billion, pledged deposits of CNY0.5 billion, restricted cash of
CNY4.6 billion, undrawn bank credit facilities and an unused
onshore and offshore bond issuance quota for refinancing at
end-1H19, enough to cover short-term borrowings of CNY24.9 billion.
Zhenro has raised further funding from the debt and equity capital
markets in 2H19 to repay debt.



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

AADINATH CASHEW: CRISIL Hikes Rating on INR1.51cr LT Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Aadinath Cashew Industries (ACI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its short-term rating at 'CRISIL A4'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Packing Credit          5.2        CRISIL A4 (Reaffirmed)
  
   Proposed Long Term      1.51       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Term Loan               1.29       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The upgrade reflects expectation of improvement in the firm's scale
of business on account of completion of first full year of
operations and sustained increase in operating margin. Total sales
was INR14.7 crore till September 2019 and is expected at INR25-30
crore for the full fiscal. The growth is driven by sales from the
export market and stabilisation of operations.

The ratings reflect the firm's modest scale of operation,
susceptibility to volatile raw material prices, and average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses
* Susceptibility to volatile raw material prices: Raw cashew nuts,
which account for the bulk of cost of sales, is a seasonal product.
Also, the prices of cashew kernels are highly volatile due to their
commoditised nature. Profitability was around 4.45% in fiscal 2019
and is expected to remain modest over the medium term.

* Modest scale of operations with low value addition: Intense
competition'due to low value addition and limited differentiation
in the technology involved in processing cashew nuts continues to
constrain scalability: revenue is expected at INR25-30 crore in
fiscal 2020.

* Average financial risk profile: Financial risk profile is
average, with networth estimated at INR3.8 crore as on March 31,
2019. Interest coverage ratio is projected at 1.2 times in fiscal
2019.

Strength
* Extensive experience of the partners: Benefits from the partners'
experience of over eight years and the company's strong customer
base in both domestic and international markets should continue to
support business risk profile.

Liquidity: Adequate
Liquidity profile is marked by, expected sufficient cushion in
accruals vs. repayment obligations and moderate BLU of around 58
percent for past 9 months ended Sept-19.

Outlook: Stable

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

Rating sensitivity factors

Upward factor
* Increase in accrual by about 10 times
* Improvement in operating margin

Downward factor
* Stretch in working capital cycle, with gross current assets
exceeding 200 days
* Large debt-funded capital expenditure weakening financial risk
profile

ACI, based in Nadiad (Gujarat), was established as a partnership
firm between Mr Chetan Shah and their family members in 2017. It
processes and trades in cashew kernels.

AAWRUN FURNISHINGS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Aawrun Furnishings Man-tra Private Limited

        As per Hon'ble NCLT Order:
        AH-51, Krishnapur Road
        Ganapati Park
        Block-A, Flat No. 4H
        Kolkata 700102

        As per MCA Master Data:
        7B & C, Tiljala Road, 2nd Floor
        Kolkata 700046

Insolvency Commencement Date: October 21, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 18, 2020

Insolvency professional: Shashi Agarwal

Interim Resolution
Professional:            Shashi Agarwal
                         Subarna Appartment
                         (Opp. Udayan Club)
                         21N, Block-A, New Alipore
                         Kolkata 700053
                         E-mail: shashiagg@rediffmail.com
                                 aawr6750@rediffmail.com

Last date for
submission of claims:    November 4, 2019


AKANKSHA AUTOMOBILES: CRISIL Assigns B- Rating to INR6cr Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Akanksha Automobiles Private Limited (AAPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.5       CRISIL B-/Stable (Assigned)
   Long Term Loan        1.5       CRISIL B-/Stable (Assigned)


The rating reflects extensive industry experience of the promoters,
efficient working capital cycle and sound operating efficiencies.
These strength are partially offset by intense competition in the
automobile dealership industry and geographical concentration risk
in revenue profile.

Key Rating Drivers & Detailed Description

Weakness:
* Intense competition in the automobile dealership industry: The
automotive sector is intensely competitive with a large number of
players in the mini, compact, mid-size, executive, premium, and
luxury passenger car segments. AAPL faces intense competition from
the unorganized used car market and from dealers of other leading
and established players in the segment.

Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of over 20 years in automotive dealers industry.
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: AAPL has healthy operating
efficiencies, marked by healthy return on capital employed (RoCE).
Driven by high economies of scale and experienced management

Liquidity: Poor

Liquidity is likely to poor as there is high bank limit utilization
of 94% in last twelve through Jul-19 as well as there were an
overdue of 19 days in inventory funding facility with HDFC bank
(confirmed by banker) in Aug'19 due to slow moving inventory
putting pressure on inventory however, management has cleared the
same before 30th day. However, track record of timely repayment of
bank obligation is key monitorables.

Outlook: Stable

CRISIL believes AAPL will continue to benefit over the medium term
from its longstanding relationships with principals and experience
of the management.

Rating sensitivity factors

Upward factor
* Improvement in financial risk profile, primarily due to reduction
in TOL/ANW ratio to below 2 times
* Increase in cash accrual and better working capital management,
reducing dependence on external debt

Downward factor
* Decline in operating margin below 2.7%, along with sharp fall in
revenue
* Stretched working capital cycle, leading to high bank limit
utilization
* Debt-funded capex, weakening debt protection metrics

AAPL was incorporated in 1997. It is an authorized dealer of Maruti
Suzuki India Limited (MSIL) passenger vehicles. It deals in sales
of new-cars, after sales services and sale of spare parts under the
brand name of MSIL.

The company has 9 sales outlets in Moradabad, Thakurdwara, Rampur,
Sambhal, Chandausi, Kath, Amroha, Bilaspur and Gajaurala in Uttar
Pradesh and promoted by Mr. Amit Goel and family.

AMRIT FEEDS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Amrit Feeds Limited
        158 Lenin Sarani
        Kolkata WB 700013
        IN

Insolvency Commencement Date: October 22, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Pankaj Kumar Tibrewal

Interim Resolution
Professional:            Mr. Pankaj Kumar Tibrewal
                         Chitra 3E, Duke Residency
                         13 Chanditala Lane
                         Ashok Nagar Park
                         Tollygunge, Regent Park
                         Kolkata, West Bengal 700040
                         E-mail: tibrewalpankaj@yahoo.com

                            - and -

                         AAA Insolvency Professionals LLP
                         Mousumi Co-operative Housing Society
                         15B, Ballygunge Circular Road
                         Kolkata 700019
                         E-mail: amritfeeds@aaainsolvecny.com

Last date for
submission of claims:    November 5, 2019


B.M. ADVERTISING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: B.M. Advertising Private Limited

        Registered office:
        Premises No. 124
        Sri Aurobindo Sarani
        Kolkata WB IN

        Principal office in record of NCLT Kolkata:
        Basundhara Apartment
        Ground Floor
        10/A Ghosh Para Lane
        Kolkata 700036

Insolvency Commencement Date: October 16, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 12, 2020

Insolvency professional: Uma Kothari

Interim Resolution
Professional:            Uma Kothari
                         20A, Charu Chandra Place (East)
                         Kolkata 700033
                         E-mail: caumakothari@gmail.com

Last date for
submission of claims:    November 5, 2019


BANGALORE INSTITUTE: CRISIL Assigns 'D' Rating to INR12cr Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Bangalore Institute of Gastroenterology Private
Limited (BIGPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             2          CRISIL D (Assigned)
   Term Loan            10          CRISIL D (Assigned)

The rating reflects delays by BIGPL in servicing its debt on
account of weak liquidity. The rating also reflects modest scale of
operations and a weak financial risk profile. These weaknesses are
partially offset by extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness:
* Delay in servicing debt because of weak liquidity
The company has been delaying the principle repayment of its term
debt obligation due to weak liquidity. The repayments are being
delayed up to 60 days.

* Modest Scale of operations and weak financial risk profile:
Scale is modest as reflected in revenue if Rs, 7 crores in fiscal
2019, as against INR6.61 crores in fiscal 2018. Financial risk
profile is weak marked by leveraged capital structure and weak debt
protection metrics.

Strengths:
* Extensive industry experience of the promoters:
The promoters of the company have an extensive experience of over
17 years in the industry. Their experience has helped the hospital
to grow its revenues over the past few years.

Liquidity: Poor

BIGPL has weak liquidity, marked by negative cash accruals and
multiple instances overdrawals in working capital limits. The
company has been delaying the principle repayment of its term debt
obligation due to inadequate cash flows. The repayments are being
delayed up to 60 days.

Rating Sensitivity Factors:

Upward Factors:
* Track record of timely debt servicing for at least over 90 days
* Sustainable improvement in operating performance and financial
risk profile.

Incorporated in 2013, BIG has set up a 100-bed gastroenterology
specialty hospital in Jayanagar (Bangalore). The company is owned
and managed by Dr. Ramesh Reddy, Dr. S Divakara Murthy, Dr.
Preethan K.N., Dr. R Sahadev and Dr Tejeswi S. Gutti who are
gastroenterology specialists. The hospital was set up with an aim
to provide one stop solution for gastrointestinal, hepatobiliary
and pancreatic diseases.

CBSI INDIA: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed CBSI India Private
Limited's (CBSI) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR75 mil. Fund-based limits affirmed with IND BB+/Stable/IND
     A4+ rating.

KEY RATING DRIVERS

The affirmation reflects CBSI's continued medium scale of
operations, despite a rise in revenue, due to intense competition
in the staffing industry. During FY19, revenue grew to INR639
million (FY18: INR516.7 million) on account of an increase in
contract staffing service orders (accounted 98% of FY19 revenue).
During 1HFY20, the company booked revenue of INR317 million.

The company's return on capital employed was 10% in FY19 (FY18:
14%) and EBITDA margin is modest. The margin fell to 3.1% in FY19
(FY18: 4.6%) owing to an increase in consultancy charge (32% of
FY19 revenue, FY18: 23%) resulting from increased dependence on
placement consultancies for contract staffing.

Liquidity Indicator – Stretched: The company's average use of its
fund-based limits was 55% for the 12 months ended September 2019.
The working capital cycle remained elongated at 57 days in FY19
(FY18: 58 days) due to a long billing cycle.  Cash flow from
operations turned positive to INR29.25 million in FY19 (FY18:
negative INR22.89 million) on the back of favorable working capital
changes. As of March 2019, the company had a cash balance of
INR50.27 million (FYE18: INR0.19 million).

However, the ratings continue to benefit from CBSI's comfortable
credit metrics. Its gross interest coverage (operating EBITDA/gross
interest expense) deteriorated to 2.9x in FY19 (FY18: 3.3x)
primarily due to a decline in EBITDA to INR19.62 million (FY18:
INR23.56 million), partially offset by a decline in interest
expense, resulting from lower utilization on the working capital
limits at the end of the year. However, its net leverage (total
adjusted net debt/operating EBITDAR) slightly improved to 3.8x in
FY19 (FY18: 4.2x).

The ratings also continue to be supported by the promoters'
combined experience of over a decade in the service industry.

RATING SENSITIVITIES

Negative: A decline in the profitability, leading to the interest
coverage reducing below 2x on a sustained basis would be negative
for the ratings.

Positive: An improvement in the scale of operations and
profitability, along with an improvement in the credit metrics, on
a sustained basis, would be positive for the ratings.

COMPANY PROFILE

Incorporated in 2013, Bengaluru-based CBSI is a manpower supplier
for backend processes of IT companies in India. Its major customers
include IBM India Private Limited, Wipro Limited, Mindtree Ltd,
Cognizant Technology Solution India Private Limited and Capgemini
India Private Limited.

COX & KINGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Cox & Kings Limited
        1st Floor Turner Morrison Building
        16 Bank Street
        Mumbai 400023

Insolvency Commencement Date: October 22, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Alok Kumar Agarwal

Interim Resolution
Professional:            Mr. Alok Kumar Agarwal

                         Not for communication purpose:
                         605, Suncity Business Tower
                         Golf Course Road
                         Sector-54, Gurugram
                         Haryana 122002
                         E-mail: alok@insolvencyservices.in

                         For Correspondence purpose:
                         Sagar Tech Plaza
                         B-Wing, Office No. 605
                         Andheri Kurla Road
                         Saki Naka, Andheri (East)
                         Mumbai 400072
                         E-mail: cox.cirp@insolvencyservices.in

Last date for
submission of claims:    November 6, 2019


DIGICONTROLS NORTHERN: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Digicontrols Northern Private Limited
        Shop No. 46, Arcade Market
        Omaxe Panorama City
        Alwar Road
        Bhiwadi 301018
        Rajasthan

Insolvency Commencement Date: October 11, 2019

Court: National Company Law Tribunal, Ghaziabad Bench

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

Insolvency professional: Ranjeet Kumar Verma

Interim Resolution
Professional:            Ranjeet Kumar Verma
                         CS-53, 1F, Ansal Plaza
                         Sector 1, Vaishali
                         Ghaziabad 201010
                         UP
                         E-mail: ranjeet@ranjeetcs.com

Last date for
submission of claims:    October 29, 2019


DREAMZ OVERSEAS: CARE Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dreamz
Overseas Private Limited (DOP) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.00        CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 6, 2019, placed the
rating of DOP under the 'issuer non-cooperating' category as DOP
had failed to provide information for monitoring of the rating. DOP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 30, 2019, September 27, 2019 and
September 26, 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 rating takes into consideration following strengths and
weaknesses (Updated for the information available from Registrar of
Companies):

Key rating Weaknesses

Modest scale of operations
The scale of operations stood modest marked by a total operating
income of INR56.99 crore in FY18 (refers to the period April 1 to
March 31).

Low profitability margins
The profitability margins of the company stood low marked by PBILDT
margin of 4.10% and PAT margin of 0.20% in FY18.

Weak capital structure
The capital structure of DOP continues to remain leveraged at 5.16x
as on March 31, 2018.

Volatility in the raw material prices
The main raw material for production of wheat flour is wheat.
Prices of wheat are subject to government intervention since it is
an agricultural produce and staple food. The price of wheat is also
influenced by the supply scenario which is susceptible to the
agro-climatic conditions. Thus, any volatility in wheat prices can
have direct impact on the profitability margins of the company.

Fragmented and competitive nature of industry
The commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. In addition, launch
of innovative strategy by large multinationals to gain market share
has increased the competition intensity as well.

Key Rating Strengths

Experienced promoters
The company is promoted by Mr Deepak Garg along with his family
members. Mr Deepak Garg has work experience of more than two
decades in agro processing industry. Thus, the promoters have
adequate acumen about various aspects of business which is likely
to benefit DOPL in the long run.

Favorable location of plant
Wheat is easily available in the areas of Haryana in proximity to
company's location. Hence, DOPL's presence in this region results
in benefit being derived from the easy availability of commodities
with lower transportation cost.

Analytical Approach–Standalone

DOPL was incorporated in 2012 as a private limited company and is
currently being managed by Mr. Deepak Garg, Mr. Ujjwal Garg, Mr
Vishesh Jindal, Mr. Pulkit Garg, Ms. Sheela Garg, Ms. Diksha Garg
and Ms. Anju Gupta. The company is engaged in processing & trading
of wheat and sale of its byproducts at its manufacturing facility
located in Sonipat, Haryana, with an installed capacity of 72000
tonne of wheat per annum as on March 31, 2017. DOPL commenced
commercial operations in March 2016 with trading of wheat and
partial completion of project, however, the company started
processing of wheat from September 2016.

FLIPKART PRIVATE: Obtains Stay on Insolvency Proceedings
--------------------------------------------------------
Business Standard reports that Flipkart has obtained a stay order
on insolvency proceedings initiated against the e-commerce firm by
the National Company Law Tribunal (NCLT) in a case involving
alleged withholding of dues to a seller on its platform.

According to the report, CloudWalker Streaming, a Mumbai-based
supplier of LED TVs, has alleged the Flipkart did not honour its
purchase agreement and had not paid dues totalling to INR26.95
crore. The firm moved NCLT and had petitioned that Flipkart be
recommended for insolvency under Insolvency and Bankruptcy Code
(IBC), the report says.

On October 24, accepting the petitioner's argument, the Bengaluru
bench of NCLT ordered initiation of insolvency proceedings, says
Business Standard. Flipkart followed up with a writ petition in the
Karnataka High Court and a day later obtained a stay on the NCLT
order, a Flipkart spokesperson told Business Standard.

In its next hearing held on October 31, the Karnataka HC ordered
continuation of the stay. The date of the next hearing has not been
set yet, says Business Standard. "In view of the above, it is
clarified that as on date, Flipkart is not undergoing corporate
insolvency resolution process and is continuing its operations on a
going concern basis under its present management," the company said
in an email statement, Business Standard relays.

Business Standard says the matter pertains to an agreement between
CloudWalker and Flipkart that dates back to December 2016.
CloudWalker, which sells TV under Cloud TV brand, had alleged that
Flipkart had signed the agreement to purchase stock worth INR103.62
crore but only bought goods worth INR85.57 crore, and that too
after many delays.

After receiving two batches of TVs--in January and March
2017--Flipkart stopped taking deliveries on the pretext of lack of
warehousing space, which in piling up of unsold inventory with the
seller, Business Standard relates citing claims in the order copy
dated October 24 posted on the NCLT website.

Further, "in an attempt to gain profit out of the goods ordered,
(Flipkart) coerced the operational creditor (CloudWalker) to offer
a discount on the LED TVs, which were already imported and
warehoused by the operational creditor on behalf of the corporate
debtor (Flipkart). The operational creditor facing huge losses and
liquidity crunch agreed to offer the said discount . . .," as per
CloudWalker's claim in the court document.

Flipkart also delayed payments over several occasions in 2017 and
as on March 2018, had failed to pick up 70 per of the stock it
ordered, alleges the petitioner, according to Business Standard.

In its response, Flipkart said that it paid INR85.57 crore to
CloudWalker, as per what it claims was the original purchase
agreement, and is not liable to make any further payments, Business
Standard relates. "Further, the petitioner has failed to produce
any PO's (purchase order) or invoices in support of its alleged
claims. This clearly shows that the alleged claim of
INR26,95,00,000 is false and the same is denied by the respondent,"
Flipkart is quoted as saying in the court document.

It also said that invoking IBC proceeding is a coercive step by
CloudWalker to get Flipkart to succumb to illegal demands, adds
Business Standard.

Flipkart Private Limited is an Indian e-commerce company.


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


The instrument-wise rating actions are:

-- INR80 mil. Fund-based working capital limit (long-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR50 mil. Long-term loan (long-term) due on March 2023
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 30, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, Indo Sponge Power and Steel manufactures
sponge iron.

J.R.T. AGROMIN TRADING: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: J.R.T. Agromin Trading Private Limited
        52/14 Soundarya Colony
        Anna Nagar West
        Chennai 600101
        IN

Insolvency Commencement Date: October 25, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 22, 2020

Insolvency professional: Dr. M.S. Sankar

Interim Resolution
Professional:            Dr. M.S. Sankar
                         A 1206, S&S Sarvam
                         200 Feet Pallavaram
                         Thuraipakkam Radial Road
                         Pallikaranai, Chennai 600100
                         E-mail: m.s.sankar@outlook.com
                                 jrtagrominirp@gmail.com

Last date for
submission of claims:    November 8, 2019


JASMINE TOWELS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jasmine Towels
Private Limited's (JTPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR92.55 mil. Term loan due on March 2026 assigned with IND
     BB+/Stable rating; and

-- INR90 mil. (reduced from INR190 mil.) Fund-based working
     capital limits affirmed with IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects JTPL's continued moderate scale of
operation even though the revenue declined to INR686.88 million,
according to the provisional financials for FY19 (FY18: INR745.94
million) due to demand deterioration. The ratings are constrained
by the company's elongated net working capital cycle that
lengthened to 196 days in FY19 (FY18: 121days) on the back of high
inventory days of 185 (116).

EBITDA margins remained modest even as they improved to 7.73% in
FY19 from 6.85% in FY18 on the back of government incentives and
duty drawback. The return on capital employed was 2.08% in FY19
(FY18: 3.65%).

JTPL's credit metrics are moderate with interest coverage
(operating EBITDA/gross interest expense) of 3.53x in FY19 (FY18:
5.13x) and net financial leverage (adjusted net debt/operating
EBITDAR) of 4.14x (3.03x). The credit metrics deteriorated in FY19
on the back of increased debt and interest expenses. They are
likely to deteriorate further in the near term as the company has
planned to incur capex of around INR100 million-INR120 million to
buy power looms, dying machine and stitching machines. This is
likely to be completed by FYE20.

Liquidity Indicator - Adequate: JTPL's use of fund-based limits
during the 12 months ended September 2019 was 72%. However, the
cash flow from operations was negative at INR42.05 million in FY19
because of changes in working capital. Cash and cash equivalent was
INR4.87 million in FY19.

The ratings are also supported by over two decades of experience of
the company's promoters in the textile business.

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations and
working capital cycle and the timely completion of CAPEX while
reducing the net leverage below 3.5x will be positive for ratings.

Negative: Further elongation in the working capital cycle and net
leverage exceeding above 5x on a sustained basis will be negative
for ratings.

COMPANY PROFILE

Incorporated in 1994, Madurai-based JTPL manufactures dish napkins,
terry towels, beach towels, and aprons.

MAGADH PRECISION: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Magadh
Precision Equipment Limited (MPEL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term/Short     35.00       CARE D/CARE D; Issuer not
   term Bank                       Cooperating; Based on best
   Facilities                      Available information

   Short term Bank     10.00       CARE D; Issuer Not Cooperating;

   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key rating Drivers

CARE has been seeking information from MPEL to monitor the
rating(s) vide e-mail communications/letters dated October 10,
2019, October 11, 2019 and October 15, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further,MPEL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement.MPEL's bank
facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers
At the time of last rating on July 4, 2018, the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Delay in the debt servicing
There was delay in debt servicing in past owing to stressed
liquidity position.

Analytical approach: Standalone
Delhi-based, MPEL was incorporated in July 1986 as a public limited
company formerly known as "Magadh Steel Industries" primarily
promoted by Mr. Girja Nand Sharma, Mr. Krishna Kant Kumar and Ms.
Meera Sharma. MPEL is engaged in manufacturing of capital equipment
for metal processing industry which primarily includes
manufacturing of hot and cold rolling mill machines, slitting
lines, galvanizing lines catering to metal processing and steel
industry for flat products. The manufacturing unit situated at
Dewas, Madhya Pradesh which is spread over 12000 Sq. Metres area.
MPEL executes both domestic as well as export orders received
mostly from China, Bangladesh, USA, Japan, Tanzania and Dubai.

MODERN INDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Modern India Concast Limited
        8B, "Everest"
        46C, Jawaharlal
        Nehru Road
        Kolkata 700071

Insolvency Commencement Date: October 22, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Jayshree Bhandari

Interim Resolution
Professional:            Jayshree Bhandari
                         Sunrise Towers, Flat 5L
                         134B Beliaghata Road
                         Kolkata 700015
                         E-mail: ip.bhandarijayshree@gmail.com

                            - and -

                         Diamond Prestige
                         Room No. 113, 1st Floor
                         41A, AJC Bose Road
                         Kolkata 700017
                         E-mail: cirp.mic@gmail.com

Last date for
submission of claims:    November 5, 2019


MOHAMMED ENTERPRISES: CRISIL Reaffirms B+ Rating on INR50cr Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Mohammed Enterprises Private Limited (MEPL) at 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     30        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect working capital intensive
operations, weak financial risk profile and susceptibility of its
profitability margins to volatility in tobacco prices and to
fluctuations in foreign exchange rates. These rating weaknesses are
partially offset by the benefits that MEPL derives from its
promoters' extensive industry experience in the tobacco industry
and its established relations with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensive operations
MEPL's operations are working capital intensive as reflected in
gross current assets (GCA) of 412 days estimated as on March 31
2019. High GCAs are on account of high inventory level, ranging
from 6-8 months, and a credit period of 1-2 months extended to its
customers.

* Weak financial risk profile
Financial risk profile remains weak on account of leverage capital
structure and weak debt protection metrics. Due to high of working
capital debt, capital structure remains leveraged with gearing and
total outside liabilities to tangible networth (TOLTNW) of 3.68
times and 5.7 times respectively as on March 31, 2019. Debt
protection metrics remain weak with interest cover of 1.16 times
for FY19.

* Susceptibility of its profitability margins to volatility in
tobacco prices and to fluctuations in foreign exchange rates:
Tobacco prices depend upon factors such as acreage under
cultivation and yield in crop season and hence are volatile. The
company maintains a tobacco inventory of around 3-4 months, which
exposes its operating margin to the risk of any significant fall in
its prices. Furthermore, Around 20% of MEPL's total revenue comes
from direct exports which exposes the company's profitability
margins to volatility in foreign exchange rates.

Strength
* Promoters' extensive industry experience in the tobacco industry
and its established relations with customers and suppliers: Mr.
Mohammed Mustafa, the managing director, and other working
directors of MEPL have about 26 years of experience in the tobacco
industry. This has helped the company develop healthy relationships
with customers in domestic and exports market.

Liquidity: Poor
Liquidity profile is marked by high bank limit utilization,
moderate cash accruals and moderate current ratio.

Bank limit utilization remains high at 95 % due to large working
capital requirements for the past 12 months ending June 2019. MEPL
has generated cash accruals of INR1.18 Cr against repayment
obligations of INR0.10 Cr. It is expected to maintain healthy
cushion between accruals and repayments over the medium term.
Current ratio remains moderate at 1.11 times on March 31, 2019.

Outlook: Stable

CRISIL believes MEPL will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationship with customers.

Rating Sensitivity Factors

Upward factor
*Improvement in interest coverage above 1.5 times
*Better working capital management

Downward factors
* Stretch in receivables or pile-up of inventory adversely affects
liquidity
* decline in profitability below 9 %.

MEPL was originally set up as a proprietorship firm in 1985 by Mr.
Mohammed Mustafa Shaik and his family members; it was reconstituted
as a private limited company in 2000. The company, based in the
Guntur district of Andhra Pradesh, processes raw tobacco.

MPL AUTOMOBILES AGENCY: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: MPL Automobiles Agency Private Limited

        Registered office:
        F1, Abul Regency
        1st Floor, No. 6
        South Mada Street
        Srinagar Colony
        Saidapet, Chennai 600015

Insolvency Commencement Date: October 24, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 21, 2020

Insolvency professional: Usha Balasubramanian

Interim Resolution
Professional:            Usha Balasubramanian
                         Flat No. 6B, 1st Floor
                         Pushpavanam Apartment
                         No. 43/18, 3rd Main Road
                         Gandhi Nagar, Adyar
                         Chennai 600020
                         E-mail: ubaindia@gmail.com
                                 ip.mplauto@gmail.com

Last date for
submission of claims:    November 8, 2019


MSKB INDUSTRIES: CRISIL Assigns 'B' Rating to INR20cr LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to bank facilities
of MSKB Industries Private Limited (MSKB).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility       20        CRISIL B/Stable (Assigned)

The ratings reflect exposure to risks related to the ongoing
project, and likelihood of a leveraged capital structure. These
weaknesses are partially offset by the extensive entrepreneurial
experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness
* Exposure to risks related to the ongoing project: MSKB's project
was scheduled to commence in June 2020.  Demand risk should be
moderate, as the industry is marked by low entry barriers and
hence, intensely competitive. Hence, timely completion and
successful stabilization of operations at the new unit, will remain
a key rating sensitivity factor.

* Capital structure to be leveraged: Financial risk profile may
remain average, with high gearing and moderate debt protection
metrics. The project has been aggressively funded through a
debt-equity ratio of 3.33 times.

Strength
* Extensive entrepreneurial experience of promoters: The promoters,
Mr Bhola Shankar and Ms Minakshi Shankar, have spent over a decade
in the silver trading business.

Liquidity: Stretched

Cash accrual is likely to be negative till fiscal 2022, and hence,
insufficient to cover the term debt over the medium term. The
promoters may extend support via equity and unsecured loans to help
the company cover its working capital requirement and debt
obligation.

Outlook: Stable

CRISIL believes ABC will benefit over the medium term from the
extensive entrepreneurial experience.

Rating sensitivity factors

Upward factor
* Timely stabilisation of operations at the proposed plant (before
June 2020), supporting revenue and profitability
* Extra equity infusion by more than 50% than what was envisaged in
original project cost

Downward factor
* Considerable delay in commencement of operations (post Sept
2020)
* Significantly low cash accrual during the initial phase of
operations
* Substantial stretch in working capital cycle, weakening liquidity
and financial risk profile

Incorporated in 2017, MSKB is setting up a hotel in Bankipur,
Patna. The Patna, Bihar-based company has been promoted by Mr Bhola
Shankar and Ms Minakshi Shankar.

NEERAJ SALES: CRISIL Assigns 'B' Rating to INR7.5cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Neeraj Sales Private Limited (NSPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.5       CRISIL B/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility     5.5       CRISIL B/Stable (Assigned)

The rating reflect its low operating margins due to trading nature
of the business, modest scale and weak financial profile. These
weaknesses are partially offset by extensive industry experience of
the promoters and its moderate working capital cycle.

Analytical Approach

Unsecured loans of INR2.25 crore have been treated as 75% equity
and 25% debt as these are from promoters and related parties, low
interest bearing, and expected to support the business over the
next 5 years.

Key Rating Drivers & Detailed Description

Weaknesses
* Low operating margins due to trading nature of the business: The
operating margin was modest at 2.7% in fiscal 2019 owing to limited
value addition because of trading nature of operations, and is
expected to be 2.5-3% over medium term.

* Modest scale of operation: NSPL's business profile is constrained
by its moderate scale of operations, as reflected in revenue of
INR38 crore in fiscal 2019, in the intensely competitive edible oil
trading industry.  NSPLs moderate scale of operations are expected
to limit its operating flexibility.

* Modest financial profile: The interest coverage and net cash
accrual to adjusted debt (NCAAD) ratios were modest at 1.3 times
and 0.02 times for fiscal 2019, and adjusted networth was low at
INR2.3 crore as on March 31, 2019. Total outside liabilities to
adjusted networth was high at 3.7 times as on March 31, 2019.

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

* Moderate working capital cycle: Gross current assets were at
85-123 days over the three fiscals ended March 31, 2019, driven by
debtors of 53-100 days. Operations are expected to remain
moderately working capital intensive over the medium term.

Liquidity: Poor

Bank limit utilisation was high at close to 100%, averaged over the
twelve months ended Aug 31, 2019. Cash accruals are expected to be
INR20-30 lakh over medium term which are sufficient against term
debt obligation of INR10-12 lakh. In addition, it will be act as
cushion to the liquidity of the company. Current ratio are healthy
at 1.4 times on March 31, 2019. The promoters have extended support
in the form of unsecured loans to meet its working capital
requirements and repayment obligations.

Outlook: Stable

CRISIL believes NSPL 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 Factor

Upward factor
* Decrease in bank limit utilization with peak utilization of 98%
* Improvement in working capital cycle
* Increase in revenue and/or profitability

Downward factor
* Further stretch in liquidity with more than 4 instances of
overdraw and average utilization of more than 100%
* Increase in working capital requirement.

NSPL was incorporated in 2009, its engaged in trading of edible
oil. NSPL is managed by Mr Pankaj Anand and Ms Poonam Anand.

P.K. SULPHIKER: CRISIL Lowers Rating on INR10cr Bank Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of P.K.
Sulphiker (PKS) to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL
A4'.

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

   Cash Credit            9         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long Term     0.1       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Term Loan              3.25      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

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

The ratings continue to reflect its modest scale of operations in
the intensely competitive civil construction industry and
geographic concentration in revenue. These weaknesses are offset
proprietor's extensive industry.

Key Rating Drivers & Detailed Description

Weaknesses:
* Weak liquidity marked by delay in servicing debt obligations
The company's Gross current asset has increased significantly in
fiscal 2019 due to delays in realizing the bills on time leading to
weak liquidity and subsequently delays in repayment of term loan.

* Modest scale of operations in the intensely competitive civil
construction industry, with geographic concentration in revenue
Revenue of INR6.2 crore in fiscal 2019 reflects the firm's small
scale of operations. Revenue is volatile because of tender-based
operations. While revenue is expected to grow steadily due to
healthy orders, it will remain small over the medium term. Given
the low entry barriers and tender-based business, the civil
construction industry is intensely competitive. Moreover, PKS
undertakes projects mainly in Kerala, and revenue depends on local
tenders. The firm is vulnerable to changes in government policies
regarding investment in infrastructure.

Strength
* Proprietor's extensive industry experience and funding support
The proprietor's experience of over two decades in the civil
construction business has helped PKS win several tenders floated by
Public Works Department of Kerala, and establish healthy
relationships with suppliers. The size of projects undertaken has
increased over the years resulting in growth in revenue.

Liquidity: Poor

PKS has weak liquidity, marked by inadequate cash accruals and
multiple instances overdrawals in working capital limits. The
company has been delaying the principle repayment of its term debt
obligation due to inadequate cash flows.

Rating sensitivity factor

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

PKS was set up as a proprietorship firm in 1993 by Mr P K
Sulphiker. The firm undertakes civil construction, including
construction and improvement of roads and bridges, in Kerala.

PANNALAL COLD: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Pannalal Cold Storage Private Limited

        Registered office:
        Lakshmanpur (Ansh) Uttarpara
        Nandipara, Majherpara
        PO-Lakshmanpur
        Hooghly WB Pin 712404

Insolvency Commencement Date: October 21, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 18, 2020

Insolvency professional: Santanu Bhattacharjee

Interim Resolution
Professional:            Santanu Bhattacharjee
                         Vill. & P.O.: Janai
                         Dist.: Hooghly
                         Pin: 712304
                         West Bengal
                         E-mail: neeljanai@gmail.com

                            - and -

                         N-527, Diamond Heritage
                         16, Strand Road
                         Kolkata 700001
                         E-mail: ip.santanu@gmail.com

Last date for
submission of claims:    November 4, 2019


PATIL CONSTRUCTION: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Patil
Construction and Infrastructure Limited's (PCIL) Long-Term Issuer
Rating to 'IND D' from 'IND BBB+'. The Outlook was Stable.

The instrument wise rating actions are:

-- INR990 mil. Fund-based working capital limits (Long-term)
     downgraded with IND D rating;

-- INR4.10 bil. Non-fund-based working capital limits (Short-
     term) downgraded with IND D rating;

-- INR250 mil. Proposed fund-based working capital limits (Long-
     term) # downgraded with Provisional IND D rating;

-- INR581.5 mil. Term loans (Long-term) due on FY20-FY22
     downgraded with IND D rating;

-- INR265 mil. Fund-based working capital limits (Long-term)
     assigned with IND D rating;

-- INR875 mil. Non-fund-based working capital limits (Short term)

     assigned with IND D rating; and

-- INR250 mil. Proposed fund-based working capital limits (Long-
     term) # assigned with Provisional IND D rating.

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

KEY RATING DRIVERS

The downgrade reflects PCIL's delays in servicing of its term
loans. During FY19, the company's net working capital cycle
remained stretched increasing to 117 days from 109 days in FY18.
PCIL had utilized 85.7% of its fund-based facilities and 84.7% of
its non-fund-based facilities during the 12 months ended September
2019.

Further, during FY19, the company's group company, M.B. Patil
Constructions Limited (MBPCL) merged with PCIL.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

PCIL was promoted by Mr. Bhimrao Baswantrao Patil and Mr.
Mallikarjun Baswantrao Patil in 1992 as a proprietary concern to
undertake civil construction and related business. The firm was
subsequently converted into a private limited company in 2010 and
further into a public limited company in 2011 with the present
name. The company is engaged in the construction of bitumen and
concrete roads/highways, buildings, storm water drainage, primarily
for government agencies. PCIL has a presence in western parts of
Maharashtra, Jharkhand, Chhattisgarh, Odisha, Telangana and
Karnataka.

PILANIA STEELS: CRISIL Withdraws 'C' Rating on INR7.5cr Loan
------------------------------------------------------------
CRISIL has withdrawn its rating on the long-term bank facility of
Pilania Steels Private Limited (PSPL) at the entity's request, and
on receipt of a no-objection certificate from the bank. This rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loan facilities.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       7.5        CRISIL C (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

CRISIL has been consistently following up with PSPL for obtaining
information through letters and emails dated January 28, 2019, and
February 26, 2019, apart from telephonic communication. However,
the issuer has remained non-cooperative.

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'issuer not cooperating'. This rating lacks 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 has
not received any information on either the financial performance or
strategic intent of PSPL; this restricts CRISIL's ability to take a
forward-looking view on the entity's credit quality. CRISIL
believes the information available on PSPL is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL C Rating category or lower'. Based on
the last available information, the rating on the long-term bank
facility of PSPL continues to be 'CRISIL C/issuer not
cooperating'.

CRISIL has withdrawn its rating on the long-term bank facility of
PSPL, at the entity's request, and on receipt of a no-objection
certificate from the bank. This rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loan
facilities.

PSPL, incorporated on August 28, 1995, is a Bhilai
(Chhattisgarh)-based company that manufactures binding wires,
usually measuring 0.9-1.0 millimetre (mm) in diameter, drawn from
wire rods measuring 5.0-5.5 mm in diameter. Mr Kailash Agarwal and
Mr Ram Bhagat Agarwal are the promoters.

PIONEER EMBROIDERIES: CARE Assigns 'B' Rating to INR15cr LT Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Pioneer
Embroideries Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities          15.00       CARE B; Stable Assigned

   Long Term/Short
   term Bank
   Facilities-
   Proposed             0.75       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to Pioneer Embroideries Limited is constrained
by tight liquidity position, exposure to raw material price
volatility, foreign exchange risk and concentration in customer and
supplier base. The rating derives strength in experience of
promoter in textile industry and satisfactory debt servicing track
record from March 19.

Rating Sensitivities

Positive Factors

* Improvement in liquidity position either through equity
   infusion or working capital enhancement

* Sustained Improvement in profitability as marked by increase
   in PBILDT margin beyond 8.00 %

Negative Factors

* Deterioration of debt coverage indicators as marked by
   increase in overall gearing ratio beyond 1.00 times

* Further deterioration in liquidity position

Detailed description of the key rating drivers

Key Rating Weaknesses

Tight Liquidity Position: The company has delay free track record
since March 2019. The company's liquidity position remains
stretched with current ratio of unity as on March 31st 2019 and
full utilization of working capital limits. As of Q1FY20, 85.42% of
the shares held by promoters have been pledged, thus curbing the
financial flexibility of the company.

Concentrated Customer and Supplier Base: The aggregate sales
generated from the top 10 clients amount to 55.13% of total sales
in FY19- of which top 2 clients contribute almost 40.21% to the
total sales,. Similarly, aggregate purchases from the top 10
suppliers amount to 96.83% of total purchases in FY19.

Raw Material Volatility: PEL mainly uses raw materials like
PET-Chips, polyester yarn and polyester color which are crude oil
derivatives. Crude oil price movement depends on international
factors such as output from OPEC, US-Iran sanctions, and global
pricing factors.

Foreign Exchange Risk: PEL mostly exports DDPY to countries like
Turkey, Egypt, Belgium, USA and certain EU countries. Currency risk
associated with PEL's foreign currency payables has been partially
hedged by entering into forward contracts. The ability of the
company to successfully manage its foreign exchange exposure
remains critical to the credit profile.

Key Rating Strengths

Experienced Promoters: The key promoter of the company - Mr. Raj
Kumar Sekhani, has more than three decades of experience in the
textile Industry.

Liquidity position: Poor

The liquidity position of the company is poor with the current
ratio at unity and working capital limits remaining fully
utilized.

PEL's cash flow from operations in FY19 was INR19.50 crore. The
company has repayment obligation of INR17.05 crore in FY20 which is
tightly matched against the expected gross cash accruals for FY20.

Pioneer Embroideries Limited was incorporated in 1991 and is into
embroidered fabrics, laces and dope dyed yarn. The company has 4
plants located in Kala-amb(Himachal Pradesh), Sarigam (Gujarat),
Coimbatore(Tamil Nadu) and Naroli(Silvassa). The company mainly
produces Dope Dyed Polyester Yarn, Embroidered Laces, Braided Laces
and Embroidered Fabrics. The company also has presence in retail
through its subsidiary Hakoba Lifestyle Limited and operates
outlets under the brand name 'Hakoba'.

ROHIT AGRO: CARE Assigns B+ Rating to INR4.50cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rohit
Agro Seeds Corporation (RASSC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities           4.50       CARE B+; Stable Assigned

   Short term Bank
   Facilities           5.00       CARE A4 Assigned


Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RASSC are primarily
constrained on account of modest scale of operation with thin
profitability margins, moderate capital structure with weak debt
coverage indicators and stretched liquidity position. The rating is
further constrained on account of seasonality associated with agro
commodities and presence in highly fragmented and government
regulated industry and constitution as a proprietorship concern.
The ratings, however, favorably take into account of experienced
management with long track record of operations.

Rating Sensitivities

Positive Factors:

* Increase in the Total Operating Income beyond INR70.00 crore
   along with continuous sustained in its PBILDT margin

* Efficient management of working capital with improvement in
   capital structure less than 3 times and debt coverage
   indicators less than 10 times

Negative Factors:

* Stability in profitability margins with managing of
   fluctuations in raw material prices

* Deterioration of solvency position owing to any debt funded
   project undertaken by the firm and withdrawal of capital by
   the proprietor

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with thin profitability margins
Total Operating Income (TOI) of the firm has witnessed fluctuating
trend from last three financial years ended FY19 with scale of
operation stood modest at INR26.99 crore as on March 31, 2019. TOI
of the firm has increased around 32.23% over FY18 on account of
higher order received from customers and added new customers in
domestic market. The profitability margin of the firm has declined
and stood thin with PBILDT margin and PAT margin of 3.46% and 0.82%
respectively during FY19 as against 5.56% and 2.69% during FY18.
PBILDT margin declined by 287 bps due to higher cost of material
consumed. Further, with decline in PBILDT margin PAT margin has
also declined by 19 bps although lower in quantum as PBILDT
declines on account of lower interest expenses.

Moderately leveraged capital structure with weak debt coverage
indicators
The capital structure of the firm stood moderately leveraged marked
by overall gearing of 3.13 times as on March 31, 2019. Further,
debt coverage of the firm stood weak marked by total debt to GCA of
31.08 times as on March 31, 2019, improved from 34.37 times as on
March 31, 2018 due to marginally increase in GCA level as well as
marginally decline total debt level. Interest coverage ratio of the
company stood moderate at 1.55 times as on March 31, 2019, improved
from 1.31 times as on March 31, 2018 due to proportionately higher
decline in interest expenses as compare to decline in PBILDT
margin.

Seasonality associated with agro commodities and presence in highly
fragmented and government regulated industry and constitution as a
proprietorship concern
As the firm is engaged in the processing of agriculture
commodities, the prices of agriculture commodities remained
fluctuating and depend on production yield, demand of the
commodities and vagaries of weather. Hence, profitability of the
RASSC is exposed to vulnerability in prices of agriculture
commodities. The entry barriers in this industry are very low on
account of low capital investment and technological requirement.
Due to this, the players in the industry do not have any pricing
power. Furthermore, the industry is characterized by high degree of
government control both in procurement and sales for agriculture
commodities. Government of India (GoI) decides the Minimum Support
Price (MSP) payable to farmers.

Constitution as a proprietorship concern with moderate net worth
base restricts its overall financial flexibility in terms of
limited access to external fund for any future expansion plans.
Furthermore, there is an inherent risk of possibility of withdrawal
of capital and dissolution of the firm in case of death/insolvency
of proprietor.

Liquidity: Stretched

It has utilized 50-55% of its working capital bank borrowings
during past 12 months ending September 30, 2019. The working
capital cycle of the company stood elongated at 147 days in FY19,
although operating cycle has improved from 203 days in FY18 due to
decline in inventory holding. During FY19, the current ratio stood
moderate at 1.25 times and quick ratio stood below unity at 0.35
times. Further it has cash and bank balance of INR2.67 crore as on
March 31, 2019. The company has projected cash accrual of INR0.39
crore in FY20 as against total debt repayment of INR0.04 crore.

Key Rating Strengths

Experienced Management with long track record of operations
Mr Rohit Jain, proprietor, is MBA (Marketing) by qualification and
has around 18 years of experience in same line of industry. The
long standing experience and in-depth knowledge in agro commodity
industry of Mr Rohit Jain has benefited the firm and has able to
establish customer base in the market. Further, the proprietor is
assisted by second tier management who has vast experience in their
respective fields.

Ujjain (Madhya Pradesh) based Rohit Agro Seeds Sales Corporation
(RASSC) was formed in 2004 by Mr Rohit Jain as a proprietorship
concern. RASSC is engaged in the business of production and
processing of seeds i.e. soyabean, wheat and gram seeds. The plant
of the firm is located at Ujjain with an installed capacity of 90
Tonnes per day for processing of seeds. RASSC procures raw material
from farmers in Madhya Pradesh and sell its products in domestic
market in Maharashtra, Gujarat, Rajasthan, Madhya Pradesh and Uttar
Pradesh.

SAPTRISHI REALTORS: CRISIL Withdraws B+ Rating from Not Cooperating
-------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Saptrishi Realtors
(Saptrishi) to 'CRISIL B+/Stable/Issuer not cooperating'. CRISIL
has withdrawn its rating on bank facility of Saptrishi following a
request from the company. Consequently, CRISIL is migrating the
ratings on bank facilities of Saptrishi from 'CRISIL
B+/Stable/Issuer Not Cooperating to 'CRISIL B+/Stable'. The rating
action is in line with CRISIL's policy on withdrawal of bank loan
ratings.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term        25        CRISIL B+/Stable (Migrated
   Bank Loan Facility                  from 'CRISIL B+/Stable
                                       ISSUER NOT COOPERATING';
                                       Rating Withdrawn)

Set up in 2014 as a partnership firm, Saptrishi Realtors undertakes
real estate projects in Mumbai. The partners of the firm are Mr
Amit Parab, Mr Abhay Parab, Mr Prasad Chndarkar, Mr Anant
Talawedekar and Mr Vital Takarao. The company started its first
project in FY2016.

SOLAN SPINNING: CARE Lowers Rating on INR8.50cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Solan Spinning Mills Private Limited (SSM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       8.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable, On the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 9, 2018, placed the
rating of SSM under the 'issuer non-cooperating' category as SSM
had failed to provide information for monitoring of the rating. SSM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 30, 2019, September 27, 2019 and
September 26, 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).

The long term rating has been revised on account of decline in
profitability margins, elongation of operating cycle, and highly
fragmented and competitive industry.

Detailed description of the key rating drivers

The rating takes into consideration following strengths and
weaknesses (Updated for the information available from Registrar of
Companies):

Key rating Weaknesses

Modest scale of operations
The scale of operations stood modest marked by a total operating
income of INR41.49 crore in FY18 (refers to the period April 1 to
March 31).

Low profitability margins
The profitability margins of the company stood low marked by PBILDT
margin of 5.77% and PAT margin of 0.30% in FY18.

Weak capital structure
The capital structure of DOP continues to remain leveraged at 1.99x
as on March 31, 2018. Further, the total debt to GCA also stood
weak at 8.11x for FY18. However, the interest coverage ratio stood
moderate at 2.48x in FY18.

Susceptibility of margins to fluctuation in raw material prices
Prices of cotton bales which are dependent upon the prices of raw
cotton are volatile in nature and depend upon factors like area
under production, yield for the year, international demand-supply
scenario, inventory carry forward from the previous year, along
with setting of export quota and minimum support price (MSP) by the
government. Any wide fluctuation in price of its key raw material
and inability to timely pass on the complete increase in the prices
to its customers is likely to affect company's profitability
margins.

Highly competitive industry
Textile is a cyclical industry and closely follows the
macroeconomic business cycles. High competitive intensity in the
textile industry, volatility of cotton prices and sluggish demand
outlook from developed markets are the major cause of concern for
the Indian textile industry. A slowdown in the garment industry is
one of the biggest risk faced by cotton spinners today especially
on account of shift in bulk of garment production to Bangladesh and
Vietnam to meet the global demand. Indian textile exports have been
on a decline mainly due to exporters in China and Bangladesh taking
over an increased share in the traditional markets like Europe.
Going ahead, the prices of cotton and cotton yarn are likely to be
largely determined by the Chinese cotton policy, trend in the
currency movement and yield of raw cotton.

Key Rating Strengths

Experienced promoters and long track record of operations
Mr. Sansar Singh Sirohi has an industry experience of three and a
half decades through his association with SSM and other entities
namely Shitanshu Textiles and Vandana Textiles. Mr. Arvind Kumar
Arora and Mr. Aseem Gupta have industry experience of three decades
each. Prior to SSM, Mr. Arvind Kumar Arora was associated with
firms namely Arvind Handlooms and Ahuja Textiles. On the other
hand, Mr. Aseem Gupta is also associated with group concern- Prasad
Azad & Company while Mr. Shitanshu Sirohi has experience of five
years through his association with SSM only. Due to long track
record of operations, SSM enjoys established relationship with
customers and suppliers with better understanding of the market.
Furthermore, the promoters are supported by experienced team having
varied experience in the field of marketing and finance aspects of
business.

Solan Spinning Mills Private Limited (SSM) was incorporated in
August 2003 as a private limited company and is currently being
managed by its directors collectively. SSM is engaged in the
manufacturing of grey cotton yarn of varied counts ranging from 18s
to 30s at its manufacturing facility located in Baddi, Himachal
Pradesh with total installed capacity of manufacturing 3500 tonne
of cotton yarn per annum as on March 31, 2017. The cotton yarn
manufactured by the company is used in the manufacturing of denims,
bed sheets, curtains, pillow covers, etc.

SRI LAKSHMI: CRISIL Assigns 'B' Rating to INR4.0cr LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sri Lakshmi Ganapathi Rice and Flour Mills
(SLGRFM).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash
   Credit Limit          0.5        CRISIL B/Stable (Assigned)

   Proposed Bank
   Guarantee             2.0        CRISIL A4 (Assigned)

   Cash Credit           3.5        CRISIL B/Stable (Assigned)

   Long Term Loan        4.0        CRISIL B/Stable (Assigned)

The ratings reflect exposure to risks related to the initial stage
of operations, and a below-average financial risk profile. These
weaknesses are partially offset by the extensive experience of the
proprietor in the rice industry.

Key Rating Drivers & Detailed Description

Weaknesses:
* Exposure to risks related to the initial stage of operations
Commercial operations began only in August 2019. Hence, revenue was
modest at INR0.38 crore in fiscal 2019. Although revenue should
rise over the medium term with increase in scale, risks related to
the initial stage of operations in an intensely competitive
industry may continue to constrain pricing power and
profitability.

* Below-average financial risk profile
The networth was modest at INR2.76 crore, and the gearing high at
1.49 times, as on March 31, 2019. Debt protection metrics were
subdued, with interest coverage ratio at 0.76 time for fiscal 2019.
The financial risk profile is likely to remain weak over the medium
term.

Strength:
* Extensive industry experience of the proprietor
Benefits from the proprietor's experience of over 45 years in the
rice industry, his strong understanding of local market dynamics,
and healthy relationship with customers and suppliers should
continue to support the business.

Liquidity: Stretched

Expected cash accrual of INR0.5-0.8 crore, will be barely
sufficient to meet repayment obligation of INR0.5 crore, per fiscal
over the medium term. The current ratio was 1.73 times as on March
31, 2019.

Outlook: Stable

CRISIL believe SLGRFM will continue to benefit from the extensive
industry experience of its proprietor and established relationship
with clients.

Rating sensitivity factor

Upward factor
* Cash accrual of above INR1.5 crore per fiscal, driven by strong
ramp-up in sales
* Sustained improvement in the capital structure

Downward factor
* Cash accrual below INR0.5 crore per fiscal
* Large-than-expected, debt-funded capital expenditure, weakening
the capital structure.

SLGRFM was established in 2017 as a proprietorship firm by Mr
Lakkavajjala Prasad, who also manages operations. Located in Andhra
Pradesh, the firm mills rice and also produces rice bran.

SUPRABHA CONSTRUCTION: CRISIL Withdraws D Rating on INR5.8cr Loan
-----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Suprabha
Construction Company Private Limited (SCCPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Cash Credit           5.8        CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Proposed Long Term    3.7        CRISIL D (ISSUER NOT  
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Term Loan             2.0        CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with SCCPL for obtaining
information through letters and emails dated October 14, 2019 and
October 18, 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 SCCPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for SCCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower. Based on the last available information, CRISIL has migrated
the ratings on the bank facilities of SCCPL to 'CRISIL D/CRISIL D
Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of SCCPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

SCCPL was set up in 2005, by the promoter, Mr Praveen Bhoi. The
Nashik-based firm is a registered contractor with the Public Works
Department (PWD), Maharashtra. It undertakes contracts for
construction of roads and allied civil works for local government
bodies.

TECPRO SYSTEMS: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated its ratings on the bank facilities and the
commercial paper of Tecpro Systems Limited (TSL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee#$      1,650      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit**           950      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of credit &    1,650      CRISIL D (ISSUER NOT
   Bank Guarantee***                COOPERATING; Rating Migrated)

#Includes sub-limits of INR630 crore for letter of credit (LC),
INR190 crore for export invoice financing, INR25 crore for import
invoice financing, INR25 crore for short-term money market loan,
INR25 crore for overdraft, USD12 million (INR equivalent INR78
crore) for financial guarantee/standby LC, INR190 crore for export
packing credit (EPC), and INR63 crore for buyer's credit

**Includes sub-limits of INR20 crore for EPC, INR50 crore for
clearing against cheques, INR2 crore for foreign bill discounting,
INR100 crore for inland bill discounting (BD), INR10 crore for BD,
INR165 crore for working capital demand loan, and INR30 crore for
vendor finance facility

***Includes sub limit of INR300 crore for third-party guarantees

$Includes a limit of INR205 crore fully interchangeable with LC

CRISIL has been consistently following up with TSL through letters
and emails (dated from October 1, 2019, October 11, 2019, October
15, 2019 and October 16, 2019,), for obtaining information.
However, the issuer has remained non-cooperative.

'Investors, lenders, and all other market participants should
exercise due caution while using ratings assigned/reviewed with the
suffix 'issuer not cooperating'. These ratings lack a forward
looking component as they are arrived at without any management
interaction and are based on best available or limited or dated
information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of TSL. This restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on TSL is consistent with 'Scenario
1' outlined in the 'Framework for Assessing Consistency of
Information with 'CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated its ratings on the bank
facilities and the commercial paper of TSL to 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

TSL, promoted by Mr Ajay Kumar Bishnoi and Mr Amul Gabrani,
provides material handling (MH) solutions on a turnkey basis for
power, cement, coal storage, steel, and other metallurgical plants.
Its projects involve designing, engineering, manufacturing,
supplying, erection, and commissioning of MH systems. The company
has its own MHE manufacturing facilities in Bawal (Haryana) and
Bhiwadi (Rajasthan). It also has design, engineering, and marketing
offices in Chennai, Gurgaon, Kolkata, Mumbai, Secunderabad,
Ahmedabad, and Bengaluru.

The corporate insolvency resolution process was underway in
National Company Law Tribunal (NCLT) against the company. NCLT vide
order dated May 15, 2019 has approved resolution plan, which was
duly approved by the Committee of Creditors (COC).

UNIHEALTH CONSULTANCY: CRISIL Cuts Rating on INR2.5cr Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Unihealth Consultancy Private Limited (UCPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Foreign Currency        2.5       CRISIL B/Stable (Downgraded
   Term Loan                         from 'CRISIL B+/Stable')

The downgrade reflects deterioration in the company's financial
risk profile driven by negative networth on account of losses in
fiscal 2018 and high leverage at consolidated level, and exposure
to political risk associated with African nations. The losses in
fiscal 2018 were primarily due to low operating profit to absorb
the high interest expenses.

The rating reflects the company's weak financial risk profile,
modest scale of operations, and large working capital requirement.
The weaknesses are partially offset by the company's established
operations through its subsidiaries in Africa and the expertise of
the promoters in the healthcare industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Weak financial risk profile:
The financial risk profile is constrained by negative networth,
high leverage, weak debt protection metrics, and tightly matched
net cash accrual and term debt obligation over the medium term at
company's consolidated level. Networth is estimated at a negative
INR3.13 crore as on March 31, 2019. Leverage is high, as indicated
by estimated total outside liabilities to adjusted networth
(TOLANW) ratio of negative 13.68 times as on March 31, 2019. Debt
protection metrics were weak with interest coverage and net cash
accrual to adjusted debt ratio estimated at 1.4 times and 0.03
time, respectively, for fiscal 2019.

* Modest scale of operations and risk associated with project
phase:
The modest scale of operations is indicated by estimated revenue of
INR17 crore in fiscal 2019 at consolidated level. The new hospitals
in Uganda and Nigeria commenced operations in the last quarter of
fiscal 2018, and revenue is expected at INR18-20 crore over the
medium term, backed by increase in occupancy and incremental
revenue from additional facilities proposed to be set up at
existing hospitals, such as MRI facility and new medical centres.

* Large working capital requirement:
Operations are highly working capital intensive, as reflected in
estimated gross current assets of 228 days as on March 31, 2019,
led by receivables of around 180 days, mainly due to subdued
economic conditions in Africa. The gross current assets are
expected at 250-275 days over the medium term.

Strength
* Established operations and expertise of the promoters:
The company has established a hospital in Uganda with modern
infrastructure and equipment and has medical centres across small
cities which can refer patients to the hospital. The demand-supply
scenario for the healthcare segment in African countries is
positive as the healthcare penetration is low. Moreover, there is
ample demand from government institutions, armed forces, and
private institutions.

The company's hospitals in Uganda and Nigeria, which commenced
operations in the last quarter of 2018, are now stabilised and
generating revenue of INR3.5-4 crore per month. The revenue is
expected to grow significantly as new facilities are added and as
occupancy increases. The scale of operations is expected to improve
gradually over the medium term leading to better profitability and
strengthening the financial risk profile.

CRISIL believes the company's established position and adequate
demand will help improve its business risk profile.

Liquidity: Stretched

Net cash accruals, expected to be around INR1.67 crore per annum in
fiscal 2020 and fiscal 2021, which are tightly matched with term
debt obligations of around INR1 crore per annum. In case of short
fall in repayments of term loan, unsecured loans are regularly
infused by the promoters which stood at INR5.61 crore as on March
31, 2019, at standalone level. The company does not of have
significant cash reserves estimated at around INR0.27 crore at the
end of fiscal 2019. Timely infusion of funds by the promoters is
critical liquidity profile of the group.

Outlook: Stable
CRISIL believes UCPL will continue to benefit from the expertise of
its promoters in the healthcare industry and from growth
opportunities on account of low healthcare penetration in African
countries.

Rating sensitivity factors

Upward factor
* Substantial increase in revenue and profitability, leading to a
substantial improvement in the financial risk profile with networth
rising from INR5 crore
* Improvement in working capital management

Downward factor
* Substantial decline in revenue or in operating margin below 10%
* Unavailability of funds or substantial delay in completion of
projects leading to weakening of the financial risk profile


Incorporated in 2010, UCPL operates in the field of medical tourism
and hospital management, and trades in medical equipment. The
company also operates hospitals in Africa though its subsidiaries.

UTTORON ENGINEERING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Uttoron Engineering Pvt. Ltd.

        Registered office:
        5/8, Asutosh Mukherjee Road
        Belurmath, Howrah
        West Bengal 711202

Insolvency Commencement Date: October 3, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020

Insolvency professional: Mr. Partha Sarathi De

Interim Resolution
Professional:            Mr. Partha Sarathi De
                         Dutta Sarkar & Company
                         7 Kiran Sankar Roy Road
                         Kolkata 700001
                         E-mail: sarathi.parthade@gmail.com

Last date for
submission of claims:    October 29, 2019


VICEROY BANGALORE: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Viceroy Bangalore
Hotels Private Limited (VBHPL) continue to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           206      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with VBHPL for obtaining
information through letters and emails dated March 30, 2019 and
September 23, 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 VBHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VBHPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

VBHPL, incorporated in 2010, is setting up a five-star hotel in
Bengaluru (Karnataka). The company has a tie-up with Marriott
International for managing operations of the hotel, which will
operate under the Renaissance brand and is expected to commence
operations by September 2015. Viceroy Hotels Ltd holds 40 per cent
stake in VBHPL, and JP Morgan Mauritius India Pvt Ltd holds the
balance 60 per cent.

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


The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating; and

-- INR100 mil. Non-fund-based working capital limits Migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 5, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1997, Welcast India manufactures iron casts,
manhole covers, lampposts, brackets, lamp bases, fountains, and
basins.

WIN POWER: CRISIL Assigns 'B' Rating to INR1cr Proposed LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Win Power Systems (WPS).

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term
   Bank Loan Facility        1         CRISIL B/Stable (Assigned)

The ratings reflect WPS's modest scale of operations and presence
in a highly fragmented industry. These weaknesses are partially
offset by extensive industry experience of the proprietor and its
healthy capital structure.

Key Rating Drivers & Detailed Description

Weakness
* Modest scale of operation: WPS's business profile is constrained
by its modest scale of operations in the intensely competitive
solar product-EPC industry. Operating income in FY 2019 was modest
at around INR1.92 crore. Going forward, the firm has moderate
in-hand projects in the order book. The same is expected to
gradually help in improving the scale of operations.

* Presence in a highly fragmented industry: The Solar product and
services industry is highly fragmented and competitive. Moreover,
WPS follows a tender based business model which limits the pricing
flexibility and bargaining power. Fragmentation and competition in
the solar power segment, restrain any pass-through mechanism,
leading to a volatile operating margin.

Strength
* Extensive industry experience of the proprietor: The proprietor,
Mr. S. Babu has an experience of over 15 years in solar product
trading and services industry. This has led to improved
understanding of the dynamics of the market and helped in
establishing trade relationship with both suppliers and customers.

* Moderate capital structure : WPS's  capital structure is moderate
due to lower reliance on external funds yielding low total outside
liabilities to tangible net worth (TOL/TNW) for last three year
ending on 31st March  2019 at less than 1 times. Also, the gearing
is moderate at around 0.2 times.

Liquidity: Stretched

In the absence of working capital borrowings, average bank limit
utilization remains nil. Net cash accruals is low, however, there
are no major repayment obligations against the same. Current ratio
is modest at 0.77 times.

Outlook: Stable

CRISIL believe WPS will continue to benefit from the extensive
experience of its proprietor and their established relationships
with clients.

Rating Sensitivity Factor:

Upward factor
* Net cash accruals in excess of INR0.3 crore driven by improvement
in scale of operations
* Efficient working capital management and maintenance of moderate
capital structure.

Downward factor
* Reduction in Operating margin to less than 3 per cent
* Larger than expected working capital requirement or debt funded
capex

Based in Salem, Tamil Nadu, Win Power Systems (WPS) was established
in 2005. The firm is engaged in the supply and installation of high
mass street light, energy saver street light intensity grid,
photovoltaic panel, flat plate solar water heater, solar lantern
and other solar products. WPS is promoted by Mr. S Babu.



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

ANEKA TAMBANG: S&P Alters Outlook to Stable & Affirms 'B' ICR
-------------------------------------------------------------
On Nov. 5, 2019, S&P Global Ratings revised the rating outlook on
PT Aneka Tambang Tbk. (ANTAM) to stable from positive. At the same
time, S&P affirmed the 'B' long-term issuer credit rating on the
Indonesia-based metals and mining company.

S&P said, "The outlook revision on ANTAM reflects our view that the
ban of nickel ore exports will slow the company's deleveraging.
This is because we expect capital expenditures for downstream
capacity expansion to continue without the profit from nickel ore
exports."

The government of Indonesia recently announced that it will bring
forward the export ban to January 2020 from 2022. However, nickel
miners in the country agreed last week to stop ore exports
immediately. Prior to the recent regulatory change, S&P had
expected ANTAM to receive quotas to export 5.2 million metric tons
(mmt) of ore annually over the next few years. This was one of the
company's most profitable segments and we had expected ANTAM to use
cash flow from the operations to help fund downstream capacity
expansion.

S&P said, "Higher price assumptions for metals will partially
offset the lower cash flows from nickel ore sales. We have raised
our gold price assumptions to US$1,400 per ounce, from US$1,300,
and nickel price assumptions to US$15,000 per ton in 2020, from
US$12,500. These higher nickel prices benefit ANTAM's downstream
ferronickel profits. Additionally, we expect ANTAM will continue to
sell 3 mmt-4 mmt of nickel ore domestically, and will increase
bauxite production beyond previously forecast levels.

"Our updated forecast shows ANTAM's debt-to-EBITDA ratio will
remain above 3x in the next few years. We now anticipate adjusted
debt-to-EBITDA ratio of about 3.5x in 2020 compared with our
previous projection of slightly below 3x. Still, we see little
change to the fundamentals of ANTAM's business, and expect the
company to continue adding ferronickel capacity and beginning
construction on a smelter-grade alumina refinery. This furthers its
strategy of building on the company's downstream operations.

"We also view ANTAM's relationship with its parent PT Indonesia
Asahan Aluminium (Persero) (INALUM) as unchanged. In our view,
ANTAM is strategically important to its parent, and we believe the
Indonesian government would support the debt at INALUM, but that
support to ANTAM would come directly from INALUM.

"The stable outlook reflects our view that ANTAM will maintain its
debt-to-EBITDA ratio above 3x while continuing to expand its
downstream operations. We expect the company will also maintain
sufficient liquidity to service its debt.

"We could revise downward the stand-alone credit profile (SACP) on
ANTAM if its operating performance deteriorates, resulting in
debt-to-EBITDA ratio sustained above 4x and fading liquidity.

"We could lower the rating on the company if an erosion in its SACP
coincides with a weakening creditworthiness for the broader INALUM
group. Additionally, we could lower the rating on ANTAM if its SACP
is under pressure while INALUM becomes less supportive.

"We could raise the rating on ANTAM if its ratio of debt to EBITDA
was sustained below 3x with sufficient liquidity from higher cash
flows, reduced short-term debt, or lower capital spending. We would
also raise the rating if the INALUM group's consolidated cash flows
and debt servicing capacity improved, or if debt levels reduce
through repayment resulting in a better SACP."

ANTAM operates as a diversified mining and metals company in
Indonesia and internationally. The company is involved in the
exploration, excavation, processing, and marketing of nickel ore,
ferronickel, gold, silver, bauxite, and coal. ANTAM is a 65%-owned
subsidiary of INALUM.


BARITO PACIFIC: Fitch Affirms B+ LT IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings affirmed Indonesia-based PT Barito Pacific Tbk's
Long-Term Issuer Default Rating of 'B+'. The Outlook is Stable.
Fitch is also withdrawing Barito's 'B+(EXP)' expected rating and
Recovery Rating of 'RR4' as its forthcoming debt issuance is no
longer expected to convert to final ratings.

Barito's rating benefits from its diversified presence across the
petrochemical and energy sectors, its leading market position as
Indonesia's largest petrochemical producer and strong record in
geothermal operations, with long-term contracts driving stable
revenue. The ratings also reflect the Barito group's moderate
consolidated financial profile, fractured shareholding in key
operational subsidiaries and modest debt at the holding company.

Barito's 46%-owned subsidiary, PT Chandra Asri Petrochemical Tbk
(CAP, BB-/Stable), is expecting a final investment decision (FID)
on a second petrochemical complex (CAP2) for a total investment of
about USD5 billion by late 2020 or early 2021. Fitch has factored
in only pre-FID capex in its analysis for CAP2 as ownership and
funding details have yet to be finalised and the project timeline
is uncertain. Barito's rating could face downward pressure if the
company's share of capex is significant and debt-funded. Fitch will
assess the rating impact once there is greater clarity over the
FID.

KEY RATING DRIVERS

Diversified Businesses: Barito's key investments are diversified
among petrochemicals through CAP and power through Star Energy
Group Holdings Pte Limited, the largest geothermal energy producer
in Indonesia. Fitch expects Barito to continue to benefit from
CAP's dividends and modest but improving dividends from Star
Energy. The two companies account for nearly half each of the
group's consolidated EBITDA.

Fractured Shareholding; Structural Subordination: Barito's access
to the cash flow of CAP and Star Energy are limited by its
fractured shareholding. Barito effectively holds 46% of CAP and,
through its 67% holding of Star Energy, effectively owns between
35%-40% of Star Energy's operating assets. The fragmented
shareholding results in significant leakages of dividends to
minorities and leads to structural subordination; as such, Fitch
rates Barito one notch below the group's consolidated credit
profile.

Coverage to Improve: Fitch estimates the holding company's EBITDA
interest cover will remain relatively weak at around 1x in 2019
(0.7x in 2018) due to lower dividends from CAP (interest includes
debt at Barito's wholly owned subsidiaries). Fitch expects the
coverage to improve to over 2x after 2021 on the rise in CAP's
dividends due to the improved cash flow from its expanding capacity
and higher dividends from Star Energy. The ratio could rise faster
if Barito's shareholders exercise their share warrants (in the
money currently), worth about USD100 million, helping cut net debt
at the holding company.

Leading Petrochemical Producer: Barito benefits from CAP's position
as Indonesia's largest petrochemical producer, with about 35% of
the country's olefin and polymer production capacity. CAP's
operations are better integrated than those of domestic peers with
a diverse product offering and customer base. Its plant is also
located close to key customers with pipeline connectivity to some.
These factors will continue to support higher prices and
profitability.

Petrochemical Spreads to Moderate: CAP's 1H19 EBITDA fell by around
42% to USD135 million from a year earlier due to lower average
product spreads. Fitch expects spreads to remain low for most
petrochemical products over the next two to three years amid
proposed global capacity additions. Fitch therefore expects
Barito's consolidated EBITDA margin to remain steady at around 25%
(2018: 26%) despite volume growth and an increase in higher value
products at CAP with the near completion of its ongoing capex to
add polyethylene and butadine.

Margin pressure should, however, be lower than for domestic peers
due to its operational flexibility in varying its product slate,
diversified supplier base and long-term key customer relationships.
CAP's feedstock procurement also benefits from its association with
SCG Chemicals Company Limited, which owns 31% of CAP.

Favourable, Albeit Cyclical, Growth: Fitch expects CAP to benefit
from stable demand growth for petrochemical products in Indonesia
over the medium-to-long term and the country's position as a net
importer of key petrochemical products. Indonesia's strong GDP
growth, coupled with increasing urbanisation and consumption, is
likely to drive demand for key polyolefins. However, CAP's
Standalone Credit Profile remains vulnerable to the commodity cycle
as its earnings and cash flow are affected by crude oil price
movements and global demand-supply dynamics.

Stable Geothermal Operation: Star Energy's established operations
and its long-term contracts - which have residual terms of 20 years
or more - with state power utility PT Perusahaan Listrik Negara
(Persero) (PLN; BBB/Stable) result in stable revenue and cash
flows, enhancing Barito's consolidated credit profile. Star
Energy's operations benefit from high availability, inherently low
operating costs and the long operating history of its assets.

Potentially Large Capex: CAP is investing about USD750 million in
2019 and 2020 to increase its downstream operational capacity and
cover the initial spending for CAP2. This should help it maintain
its leading market position over the long term. Fitch has only
factored in pre-FID capex - primarily land-acquisition costs - in
its analysis for CAP2 because CAP expects the FID to be taken in
late 2020 or early 2021 and the ownership and funding structure are
not finalised.

Barito has a modest investment plan for its power business via a
medium-to-long term expansion of Star Energy's geothermal
operation. Barito also plans to invest in a 2GW greenfield
Indonesian coal-fired power project - PT Indo Raya Tenega (IRT) -
in which it has a 49% stake. Fitch has factored in only the equity
outflow from Barito in its cash flow forecast due to the probable
non-recourse nature of the project-finance debt usually taken on at
these projects.

Moderate Consolidated Financial Profile: Fitch expects the Barito
group's consolidated financial profile to weaken, but stay within
its rating sensitivities, with consolidated FFO net leverage rising
to around 4.2x in 2019 (2018: 2.7x) on weaker earnings from CAP.
However, Barito's financial profile should gradually improve over
the medium term, with a rising earnings contribution from CAP after
its capacity additions kick in from 2020. Fitch expects Star
Energy's financial performance to be stable.

DERIVATION SUMMARY

Barito's ratings reflect its diversified businesses across the
petrochemical and energy business, with the largest petrochemical
and geothermal operations in Indonesia. The ratings also factor in
Barito's moderate consolidated financial profile, its shareholding
in key operational subsidiaries, its subsidiaries' modest-to-strong
financial profiles and limited debt at the holding company.

Barito's business profile is stronger and more diversified than
that of CAP. However, its weaker financial profile on account of
structural subordination, with limited access to cash flow at its
operating subsidiaries, results in its rating being one notch
lower.

In comparison, Golden Energy and Resources Limited (GEAR;
B+/Positive) is rated at the same level as its 67%-owned coal
subsidiary, PT Golden Energy Mines Tbk (GEMS; B+/Positive),
reflecting the absence of material debt at GEMS and stronger access
to cash flow. GEMS has a policy of high dividend payouts of 80%,
GEAR's financial profile is stronger than that of Barito and its
rating and the Positive Outlook reflect Fitch's expectation that
GEMS will be able to continue increasing coal production to a level
commensurate with the profile of a 'BB-' rated entity over the
coming years.

KEY ASSUMPTIONS

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

  - Moderation in product spreads of key polyolefins over the
medium term

  - Capex of around USD1,280 million over the next three years, of
which USD850 million will be incurred by CAP

  - CAP's dividend payout ratio of 30% to 50% over the medium term

  - Star Energy's units operating at an average availability rate
of around 94%

  - Tariffs in line with PLN's long-term contracts

  - Star Energy's capex of around USD400 million over the next five
years

  - Dividend payment by Star Energy from 2019

RATING SENSITIVITIES

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

  - Fitch does not expect an upgrade in the medium term as Fitch
does not foresee an improvement in the Barito group's consolidated
financial profile given its large investment plans. Positive rating
action is contingent upon an improvement in the credit profile of
key investments, particularly CAP, and a sustainably better
liquidity profile at Barito.

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

  - Weakening of Barito's holding-company EBITDA interest cover to
below 1.5x for a sustained period (2018: 0.7x); EBITDA includes
dividend from CAP and Star Energy and EBITDA from its other fully
owned businesses. Interest includes debt at the fully owned
subsidiaries.

  - Deterioration in the Barito group's credit profile, with
consolidated FFO net leverage exceeding 4.0x for a sustained
period. This may arise from large debt-funded capex on CAP2.

LIQUIDITY

Adequate Liquidity: Fitch expects Barito's liquidity to remain
adequate. It currently has USD200 million of debt at its holding
company, which is due in end-2021. Barito expects to invest around
USD175 million for its equity portion in IRT. Fitch expects Barito
to be able to raise the funds for this investment as a result of
its good access to bank funding. Barito also expects to raise
between USD100 million-125 million by end-2019 from its
in-the-money share warrants, which could further help its
liquidity. Fitch however does not factor the cash inflows from the
warrants in its forecasts.



===============
M A L A Y S I A
===============

SCOMI ENERGY: Auditor Flags Going Concern Uncertainty
-----------------------------------------------------
Justin Lim at theedgemarkets.com reports that Scomi Energy Services
Bhd's external auditor Messrs KPMG PLT has expressed material
uncertainty over the group's ability to continue as a going concern
based on its financial statements for the financial year ended June
30, 2019 (FY19).

It also triggered the Practice Note 17 (PN17) criteria as its
shareholders' equity on a consolidated basis has fallen below 50%
of its issued share capital as at June 30, 2019, the report says.

In a bourse filing on Oct. 31, Scomi Energy said it will seek a
waiver from being classified as a PN17 company to Bursa Securities,
according to theedgemarkets.com.

"We will make the necessary announcement on further development in
accordance with the requirements under the listing requirements,"
it added.

In its independent auditors' report, KPMG has drawn attention to
Scomi Energy's outstanding guaranteed serial bonds of MYR105
million, of which MYR55 million is due for repayment on Dec. 14,
2019 and the remaining MYR50 million due for repayment on Dec. 14,
2020, relates theedgemarkets.com.

"The guarantor of the serial bonds has a covenant which requires
the group to progressively build up the principal redemption in
debt payment account for repayment of the bonds.

"By June 30, 2019, the group was required to have built up
principal redemption in debt payment account of MYR51.5 million.
However, at June 30, 2019, the total principal redemption build up
in the debt payment account was MYR18.6 million and there was a
shortfall of MYR32.9 million," KPMG, as cited by
theedgemarkets.com, said.

However, its board of directors has assessed the group's financial
position and does not expect its internal funds will be sufficient
to meet the balance required for the repayment of the guaranteed
serial bonds due on Dec. 14, 2019, the report relates.

According to theedgemarkets.com, KPMG also noted that Scomi Energy
and its financial advisors are pursuing a debt restructuring plan
to refinance the guaranteed serial bonds and short-term bank
borrowings.

"As the debt restructuring plan is not expected to be finalised in
time to repay the guaranteed serial bonds, the group is seeking to
secure a bridging loan of MYR35 million to enable repayment of the
guaranteed serial bonds of MYR55 million due on Dec. 14, 2019.

"While the group has secured a bridging loan offer from a new
lender, this is subject to it securing an irrevocable and
unconditional financial guarantee of MYR35 million in favour of the
new lender as security. Scomi Energy is currently working on
securing the financial guarantee.

"The successful implementation of the proposed debt restructuring
plan is uncertain as it is dependent on acceptance of a formalised
plan by the current lender banks and the serial bond guarantor and
the ability of the group to secure the aforesaid financial
guarantee," said KPMG, theedgemarkets.com adds.

Based in Malaysia, Scomi Energy Services Berhad --
https://scomienergy.com.my/ -- provides marine vessel
transportation services. The Company offers marine logistical
services to the coal industry and offshore marine support services
to oil and gas operators and contractors. Scomi Energy Services
serves the coal, oil and gas industries in South East Asia.



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

GLOBAL COMMUNICATIONS: Goes Into Liquidation
--------------------------------------------
Reseller News reports that a Cambridge-based vendor of ruggedised
laptops, handhelds and other hardware, Global Communications,
trading as GlobComm, has gone into liquidation.

Reseller News relates that the first liquidators' report, posted on
October 29, said the company traded from its incorporation in 2009
as a computer wholesaler specialising in supplying rugged tablets
for industrial applications.

According to Reseller News, the report, by Steven Khov and Kieran
Jones of accounting practice KhovJones, said the failure was due to
the reduction in sales which restricted cashflow and the inability
to pay debts as they fell due.

Director and major shareholder Paul Scoble confirmed to Reseller
News the company had shut down due to a cut back in distribution
and reseller orders.

Reseller News says the liquidators' report indicated around
NZD275,000 was owing to creditors: NZD146,364 to secured creditors,
NZD94,212 to preferential creditors and NZD34,783 to unsecured
creditors.

Assets were listed as office furniture and equipment, the GlobComm
trademark and demonstration stock.

"It is too early to determine the realisable value of these assets
and/or any potential claims available to the liquidators," the
report, as cited by Reseller News, said.  "The liquidators are also
investigating whether there are any other assets and/or potential
claims which may give rise to additional recoveries for the benefit
of creditors."

It was too early to comment on any recoveries and the likelihood of
a distribution, the liquidators reported, Reseller News relays.

"However, if it is determined that there are sufficient funds to
make a distribution to creditors, the liquidators will contact the
creditors if they have not already provided their claim forms along
with any applicable documentation in line with AML/CFT laws."

Creditors have until the November 19 to make claims and to
establish any priority their claims may have, adds Reseller News.

Last year, Ingram Micro announced it had expanded its distribution
agreement with Global Communications into Australia.

Ingram Micro is listed among 26 creditors in the liquidators'
report, Reseller News notes.



=====================
P H I L I P P I N E S
=====================

R&L INVESTMENTS: 50-Year-Old Stock Brokerage Shuts Down
-------------------------------------------------------
Daxim L. Lucas at Philippine Daily Inquirer reports that R&L
Investments Inc., one of the oldest stock brokerage firms in the
Philippines, ceased operations earlier this week after its owners
uncovered a long-running scam by a "trusted employee" that resulted
in almost the entire investors of clients' shares held by the firm
being wiped out.

The Inquirer relates that the company--50-year-old R&L Investments
Inc. based in Mandaluyong City, and a member of good standing of
the Philippine Stock Exchange (PSE)--saw "over P700 million worth
of its inventory of stocks" stolen by its settlement clerk, who was
apprehended by police operatives and had since confessed to the
crime, according to various market sources.

The Inquirer obtained a copy of the letter of R&L Investments'
owner, Lucy Linda Lee, to PSE director Alejandro Yu narrating the
details of the theft by the firm's employee, Marlo Moron, who
allegedly began dipping his hands into the firm's stock inventory
in small amounts in 2011, with the amounts gradually increasing as
he was emboldened over the years.

"Almost all our stock position had been depleted," the Inquirer
quotes Ms. Lee as saying in her report to the PSE where she also
disclosed that the firm had decided to stop trading operations
starting Nov. 4, to mitigate the damage.

At the end of 2018, R&L Investments held PHP765 million worth of
stocks on behalf of its clients, the Inquirer discloses citing the
company's audited financial statements.

According to various sources, the scam was discovered in the days
leading up to the long All Saints' Day weekend when the company was
found to be short of PHP3 million worth of stocks at the end of the
trading day, the Inquirer says.

The Inquirer relates that as the hours progressed, and amid a mad
scramble to borrow shares to cover this shortfall, it was gradually
discovered that the value of missing stocks had ballooned to PHP300
million, and eventually to almost its entire inventory after a more
thorough internal audit.

The scam remained undetected over the years because the settlement
clerk was the same person who was in charge of preparing the daily
stock position reports for the owners, reports which he confessed
to doctoring in a separate handwritten confession seen by the
Inquirer.

The Inquirer relates that Mr. Moron, who was confronted by R&L
Investments' owners on Nov. 1, said he had started stealing from
the firm in small amounts eight years ago, transferring the shares
to another account under the name of one Julieta Sulapas with
another stockbroker, Venture Securities. From there, 3 percent was
paid to Ms. Sulapas' account with Union Bank of the Philippines,
and the balance being transferred back to Mr. Moron for his
disposal.

The Inquirer says Mr. Moron claimed to have acted alone, and said
he was forced to steal in larger amounts over time because of a
growing casino habit ("Nalulong din po sa casino"). The R&L
employee also executed a promissory note endeavoring to return all
that he had stolen, while maintaining that there were no cash or
securities left for him to return.

In her letter to the bourse, Ms. Lee said the firm had been advised
to "make good" on all its deliverables "so as not to create a
problem with the PSE," the Inquirer relays.

"Since these transactions are legitimate in nature, we shall abide,
and borrow from other brokers if need be, or buy it back in order
to deliver," she said. "This is a very unfortunate event,
considering that R&L Investments just celebrated its 50th year of
being a stock broker."

Bourse sources told the Inquirer that the firm's owners had
committed to sell personal assets like real estate, houses and
other valuables to honor their obligations to their clients.

RURAL BANK OF LARENA: Creditors' Claims Deadline Set for Dec. 20
----------------------------------------------------------------
All creditors of the closed Rural Bank of Larena (Siquijor), Inc.
have until December 20, 2019 to file their claims against the
assets of the closed bank either personally or by mail. Creditors
refer to any individual or entity with a valid claim against the
assets of the closed Rural Bank of Larena and include depositors
whose deposits exceed the maximum deposit insurance coverage (MDIC)
of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims may also
be filed through mail addressed to the PDIC Public Assistance
Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City. Claims filed by mail must have a postmark
dated not later than December 20, 2019. The prescribed Claim Form
against the assets of the closed bank may be downloaded from the
PDIC website, www.pdic.gov.ph. PDIC reminds creditors to transact
only with authorized PDIC personnel.

Claims filed after December 20, 2019 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within sixty (60) days from receipt of final
notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion of
their deposits as of December 20, 2019 are deemed to have filed
their claims for the uninsured portion or the amount in excess of
the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Larena was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on October 10, 2019 and PDIC, as
the designated Receiver, was directed by the MB to proceed with the
takeover and liquidation of the closed bank in accordance with
Section 12(a) of Republic Act No. 3591, as amended. The bank is
located on Bonifacio St., Brgy. North Poblacion, Larena, Siquijor.

All requests and inquiries relating to Rural Bank of Larena shall
be addressed to the PDIC Public Assistance Department through mail
at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, through e-mail at pad@pdic.gov.ph, or through
telephone number (02) 8841-4141. Depositors and creditors outside
Metro Manila may call the PDIC Toll Free Hotline at
1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC
Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM. Inquiries may also be sent as private message at
Facebook through www.facebook.com/OfficialPDIC.

RURAL BANK OF LEMERY: PDIC Takes Over Rural Bank
------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Lemery, Inc. from doing business in the
Philippines through MB Resolution No. 1660.A dated October 31, 2019
which also directed the Philippine Deposit Insurance Corporation
(PDIC) as Receiver to proceed with the takeover and liquidation of
Rural Bank of Lemery. PDIC took over the bank on November 4, 2019.

Rural Bank of Lemery is a single-unit rural bank located on
Illustre Ave., Brgy. District I (Pob.), Lemery, Batangas.

Latest available records show that as of June 30, 2019, Rural Bank
of Lemery has 1,096 deposit accounts with total deposit liabilities
of PHP69.56 million, of which 93.29% or PHP64.9 million are insured
deposits.

PDIC assured depositors that all valid deposits and claims shall be
paid up to the maximum deposit insurance coverage of PHP500,000.00.
Individual account holders of valid deposits with balances of
PHP100,000.00 and below do not need to file deposit insurance
claims, provided they have no outstanding obligations or have not
acted as co-makers of obligations with Rural Bank of Lemery. These
individual depositors must ensure that they have complete and
updated addresses with the bank. PDIC representatives will be
distributing Mailing Address Update Forms at the bank premises and
depositors may submit the forms until November 7, 2019.

For business entities and all other depositors who are required to
file claims for deposit insurance, the schedule for filing of
claims will be announced through posters in the bank premises and
in other public places, the PDIC website www.pdic.gov.ph, and
PDIC's official Facebook account.

PDIC also reminded borrowers to continue paying their loan
obligations with the closed Rural Bank of Lemery and to transact
only with designated PDIC representatives at the bank premises.

For more information on the requirements and procedures for filing
of claims for deposit insurance and settlement of loan obligations,
all depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum on November 12, 2019. Details will be
posted at the bank premises and in other public places.

Pursuant to Section 13 of R.A. 3591, as amended, PDIC shall
likewise accept Letters of Intent from interested banks and
non-bank institutions for possible Purchase of Assets and
Assumption of Liabilities (P&A) as a mode of liquidating Rural Bank
of Lemery within sixty (60) days from PDIC takeover subject to
compliance with the requirements prescribed under the Guidelines in
Pre-qualifying Proponents and Evaluating the Proposals for Purchase
of Assets and Assumption of Liabilities Mode of Liquidating Closed
Banks posted in the PDIC website.

All stakeholders and interested parties may communicate with PDIC
Public Assistance personnel stationed at the bank premises or call
the PDIC Public Assistance Hotline at (02) 8841-4141 or the Toll
Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro
Manila. Inquiries may also be sent by e-mail to pad@pdic.gov.ph or
via private message to the official PDIC Facebook account at
www.facebook.com/OfficialPDIC.


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

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

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

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

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



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