/raid1/www/Hosts/bankrupt/TCRAP_Public/191202.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

          Monday, December 2, 2019, Vol. 22, No. 240

                           Headlines



A U S T R A L I A

ALITA RESOURCES: Chinese Bid to Buy WA Lithium Miner
BARDOT PTY: First Creditors' Meeting Set for Dec. 10
BARDOT PTY: Women's Fashion Brand in Voluntary Administration
CLARKE FOODS: Second Creditors' Meeting Set for Dec. 5
ELLKAY PTY: Clifton Hall Appointed as Liquidators

GRAMA BAZITA ELECTRICAL: Second Creditors' Meeting Set for Dec. 5
GRAMA BAZITA SERVICE: Second Creditors' Meeting Set for Dec. 5
KMM NATIONAL: First Creditors' Meeting Set for Dec. 6
MAREEBA 01: Second Creditors' Meeting Set for Dec. 5
ROMEO'S FINE: First Creditors' Meeting Set for Dec. 6

TEG PTY: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable


C H I N A

CBAK ENERGY: Incurs $1.8 Million Net Loss in Third Quarter
CBAK ENERGY: Stockholders Elect Five Directors
CBAK ENERGY: Wenwu Wang Quits as Dalian CBAK's General Manager
ENN ECOLOGICAL: Moody's Affirms Ba2 CFR & Alters Outlook to Pos.
FUJIAN ZHANGLONG: Fitch Affirms BB+ LT IDRs, Outlook Stable



H O N G   K O N G

GCL NEW ENERGY: Moody's Cuts CFR to B3 & Alters Outlook to Negative


I N D I A

A.P. GEMS & JEWELLARY: Insolvency Resolution Process Case Summary
AIRCEL LTD: NCLT Directs DoT Not to Cancel License and Spectrum
CHHATRAPATI AGRO: Insolvency Resolution Process Case Summary
DAGCON (INDIA): Insolvency Resolution Process Case Summary
DUGAR HOUSING: Insolvency Resolution Process Case Summary

FORTUNE MULTITECH: Ind-Ra Migrates BB- Rating to Non-Cooperating
GEMUS ENGINEERING: Ind-Ra Affirms 'BB-' LT Issuer Rating
GVG EXIM: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
JASSUM PROPCON: Insolvency Resolution Process Case Summary
KRISHNAA ENERGY: Insolvency Resolution Process Case Summary

KSR COTTON: CRISIL Maintains 'D' Ratings in Not Cooperating
LIVTAR SINGH: CRISIL Lowers Rating on INR14cr Loan to B+
MACROTECH DEVELOPERS: Ind-Ra Lowers Bank Loan Rating to BB
MAHALAXMI PADDY: CRISIL Maintains 'B' Ratings in Not Cooperating
NATURAL GOLD: CRISIL Lowers Rating on INR8.5cr Loan to B+

NEELKANTHAM SYSTEMS: Insolvency Resolution Process Case Summary
NICHEM INDUSTRIES: CRISIL Cuts Rating on INR11cr Cash Loan to B+
PATEL PHOSCHEM: CRISIL Hikes Rating on INR12cr Cash Loan to B
PINK ROSE: CRISIL Maintains 'D' Rating in Not Cooperating
R. S. MIRGANE: CRISIL Maintains 'D' Ratings in Not Cooperating

RAKESH TEXTILES: CRISIL Maintains 'B' Ratings in Not Cooperating
RAM NATH: CRISIL Maintains 'D' Rating in Not Cooperating
RDC AUTOMOBILE: CRISIL Lowers Rating on INR15cr Loan to 'D'
RICHA INTERNATIONAL: CRISIL Keeps 'D' Rating in Not Cooperating
SAMRAT VIJAY: CRISIL Maintains 'D' Ratings in Not Cooperating

SANATAN MERCHANTS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
SHIV MFG. PIPES: Insolvency Resolution Process Case Summary
SHREE RAM URBAN: Insolvency Resolution Process Case Summary
SOLACE HEALTHCARE: CRISIL Maintains 'D' Rating in Not Cooperating
SRI JALARAM: CRISIL Maintains 'D' Ratings in Not Cooperating

SRI KAILASANADHA: CRISIL Maintains 'D' Ratings in Not Cooperating
STEELMAN INDUSTRIES: CRISIL Keeps 'B+' Rating in Not Cooperating
SUMITA TEX: CRISIL Maintains 'D' Ratings in Not Cooperating
SUMOHAN ENGINEERS: CRISIL Maintains 'D' Ratings in Not Cooperating
TWIN CITIES: CRISIL Maintains 'D' Ratings in Not Cooperating

WHITE WATER: Insolvency Resolution Process Case Summary
Y M FOODWAYS PRIVATE: Insolvency Resolution Process Case Summary


I N D O N E S I A

GOLDEN ENERGY MINES: Fitch Affirms B+ LT IDR, Outlook Stable
INDIKA ENERGY: Fitch Affirms BB- LT IDRs, Outlook Stable


M A L A Y S I A

FGV HOLDINGS: Q3 Net Loss Narrows to MYR262.4MM


M O N G O L I A

MONGOLIA: S&P Affirms 'B' LongTerm Sovereign Credit Rating


N E W   Z E A L A N D

SCOTT TECHNOLOGY: DC Ross to Close Next Year; 8 Jobs at Risks


S I N G A P O R E

GOLDEN ENERGY: Fitch Affirms B+ LT IDR & Alters Outlook to Stable
HYFLUX LTD: Wins Two More Months of Debt Reprieve

                           - - - - -


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

ALITA RESOURCES: Chinese Bid to Buy WA Lithium Miner
----------------------------------------------------
Hamish Hastie at The Sydney Morning Herald reports that a Chinese
company registered in the Cayman Islands has made a bid to buy up
collapsed West Australian lithium miner Alita Resources.

On Nov. 29, KordaMentha, the administrators appointed to the miner
in August, announced China Hydrogen Energy Limited had entered into
a binding AUD70 million loan facility agreement to scoop up the
business, SMH relates.

Most of the money would be used to pay out Alita's major
shareholder and secured creditor, lithium miner Galaxy Resources,
which took on US$30 million (AUD44 million) worth of debt from the
company in August, SMH relays.

According to SMH, KordaMentha said China Hydrogen Energy was a
"special purpose vehicle for a Chinese buyer" and was considering
whether an application to the Foreign Investment Review Board was
required.

It said during a process for proposals for a Deed of Company
Arrangement to restructure Alita and its subsidiaries two proposals
were received, the report relates.

It said the China offer would result in a "markedly superior
outcome to creditors" but a key condition of the preferred proposal
was that Galaxy's debt facility be repaid in full.

"The administrators are in discussions with China Hydrogen Energy
about the final terms of the DoCA proposal and have asked CHE to
provide an unconditional DoCA proposal in the next two days,"
KordaMentha, as cited by SMH, said.  "The administrators will
outline the details of the proposals in a report to creditors which
is expected to be published within two weeks.

"Meanwhile, the operations of the business will continue on a care
and maintenance basis."

Alita owns the Bald Hill lithium and tantalum mine in WA's
Goldfields region, as well as a 15 per cent stake in the nearby
Cowan lithium project, the report says.

                        About Alita Resources

Alita Resources Limited (ASX:A40) operates as a mineral exploration
and excavation company. The Company explores and produces lithium
and tantalum concentrates. Alita Resources offers its services in
Australia.

The Company went into voluntary administration on Aug. 28, 2019,
after restructuring talks with potential investors failed.  Richard
Tucker and John Bumbak of Kordamentha were appointed as
administrators to the Company on Aug. 28.


BARDOT PTY: First Creditors' Meeting Set for Dec. 10
----------------------------------------------------
A first meeting of the creditors in the proceedings of Bardot Pty
Ltd, trading as 'Bardot' and 'Bardot Junior', will be held on Dec.
10, 2019, at 11:00 a.m. at Suite A & B, The Business Centre,
Collins Square, Level 6, Tower 2, at 727 Collins Street, in
Melbourne, Victoria.

Ryan Reginald Eagle and Brendan John Richards of KPMG were
appointed as administrators of Bardot Pty on Nov. 28, 2019.


BARDOT PTY: Women's Fashion Brand in Voluntary Administration
-------------------------------------------------------------
Zach Hope at The Sydney Morning Herald reports that popular women's
fashion brand Bardot Pty has gone into voluntary administration, as
the "highly cluttered and increasingly discount-driven" market
continues to bite Australian retailers.

According to the report, KPMG Australia was appointed on Nov. 28 to
lead a company-wide restructure, which Bardot chief executive Basil
Artemides said would ensure Australia remained the heart of the
business.

The news comes a week after iconic Australian retailer Dimmeys
announced it would close its 31-store network after 166 years of
trading.

SMH relates that Mr. Artemides said on Nov. 28 operating a national
retail network in its current state was "no longer sustainable".

"Despite double-digit growth in online sales, and our highly
successful expansion into the US and Europe, Bardot's retail stores
in Australia are competing in a highly cluttered, and increasingly
discount-driven market," the report quotes Mr. Artemides as
saying.

"We acknowledge the potential impact that these changes may have on
our team members and remain committed to open and timely
communication with our stakeholders as KPMG undertakes its
assessment."

Bardot, which has its head office in Abbotsford in Melbourne's
inner north-east, was established in 1996 and found success in
providing fast fashion to a predominantly young and female
demographic.

SMH relates that Brendan Richards, restructuring services partner
with KPMG, said stores would continue trading as normal and gift
cards would be honoured on a dollar-for-dollar basis for "the
foreseeable future".

"Bardot is an iconic Australian womenswear brand with a rich
history of over 20 years of growth," SMH quotes Mr. Richards as
saying.

"In the last five years, the business has grown significantly
offshore and capitalised on its Australian heritage by distributing
through high-profile international department stores.

"Although the company has experienced significant growth in
overseas markets, it has faced a challenging domestic environment
in recent times. We expect strong interest in the sale (and)
recapitalisation process."

Bardot operates 72 stores across Australia - 15 of them in Victoria
- and employs about 800 staff.


CLARKE FOODS: Second Creditors' Meeting Set for Dec. 5
------------------------------------------------------
A second meeting of creditors in the proceedings of Clarke Foods
Pty Limited and Clarke Foodservice Pty Limited has been set for
Dec. 5, 2019, at 12:00 p.m. at the offices of PKF, at 755 Hunter
Street, in Newcastle, West NSW.

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

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

Simon Thorn of PKF was appointed as administrator of Clarke Foods
on Oct. 31, 2019.


ELLKAY PTY: Clifton Hall Appointed as Liquidators
-------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed as Liquidator of
Ellkay Pty. Limited (formerly trading as Victor Harbor Betta Home
Living and Kangaroo Island Betta Home Living) on Nov. 29, 2019.


GRAMA BAZITA ELECTRICAL: Second Creditors' Meeting Set for Dec. 5
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Grama Bazita
Electrical Contracting Pty Ltd has been set for Dec. 5, 2019, at
10:30 a.m. at Level 11, at 12-14 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 Dec. 4, 2019, at 4:00 p.m.

Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of Grama Bazita on Oct.
31, 2019.


GRAMA BAZITA SERVICE: Second Creditors' Meeting Set for Dec. 5
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Grama Bazita
Service & Maintenance has been set for Dec. 5, 2019, at 11:30 a.m.
at Level 11, at 12-14 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 Dec. 4, 2019, at 4:00 p.m.

Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of Grama Bazita Service
on Oct. 31, 2019.


KMM NATIONAL: First Creditors' Meeting Set for Dec. 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of KMM National
Pty Ltd will be held on Dec. 6, 2019, at 9:30 a.m. at the offices
of Dye & Co., at 165 Camberwell Road, in Hawthorn East, Victoria.

Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. were
appointed as administrators of KMM National on Nov. 27, 2019.


MAREEBA 01: Second Creditors' Meeting Set for Dec. 5
----------------------------------------------------
A second meeting of creditors in the proceedings of Mareeba 01 Pty
Ltd (previously Richmond 23 Pty Ltd and Ozzydevelopments Pty Ltd)
has been set for Dec. 5, 2019, at 10:30 a.m. at the offices of
Worrells Solvency & Forensic Accountants, Level 8, at 102 Adelaide
Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 4, 2019, at 5:00 p.m.

Nikhil Khatri and Morgan Lane of Worrells Solvency & Forensic
Accountants were appointed as administrators of Mareeba 01 on Nov.
11, 2019.

ROMEO'S FINE: First Creditors' Meeting Set for Dec. 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Romeo's Fine
Food Pty Ltd will be held on Dec. 6, 2019, at 3:00 p.m. at Level
30, 264 George Street, in Sydney, NSW.  

Peter Paul Krejci of BRI Ferrier was appointed as administrator of
  Romeo's Fine on Nov. 26, 2019.


TEG PTY: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings, on Nov. 29, 2019, assigned its 'B' issuer
credit rating to TEG Pty Ltd. S&P also assigned its 'B' issue
rating to the company's US$285 million first-lien term loan B
(consisting of a US$205 million tranche and A$118.2 million
tranche) with a recovery rating of '3', reflecting meaningful
(50%-70%; rounded estimate: 65%) recovery prospects in a payment
default. S&P also assigned its 'CCC+' issue rating to TEG's US$100
million second-lien term loan B (consisting of a US$40 million
tranche and A$88.6 million tranche) with a recovery rating of '6',
reflecting minimal (0%-10%) recovery prospects in a payment
default.

The rating on TEG primarily reflects the company's established
market-leading position in the live entertainment industry in
Australia and New Zealand. The company has a dominant position in
the narrow ticketing services segment, where TEG benefits from
long-dated exclusive contracts with major event venues. Tempering
these strengths are the company's highly leveraged capital
structure, sensitivity to global touring schedules, susceptibility
to volatile consumer discretionary spending, and limited service
and geographic diversity.

TEG's highly leveraged capital structure is a constraint on the
rating. S&P said, "We expect proforma S&P Global Ratings-adjusted
leverage to be at the 5x range over the next two years after the
sale of TEG to financial sponsor Silver Lake Partners. Given TEG's
international growth strategy, we do not expect meaningful
deleveraging over the intermediate term given that TEG will utilize
earnings to invest in growth opportunities."

Also constraining the rating is TEG's ownership by Silver Lake. S&P
expects Silver Lake to remain committed to TEG's existing growth
strategy, including retaining the company's senior leadership team.
Maintaining effective working relationships with stadium management
is key to TEG's success and the management team has been able to
continue the relationships.

S&P's expectation is that TEG will generate steady revenue growth
over the next 12-24 months, supported by consistent ticketing
revenue generation and stable touring schedules. TEG has a
capital-light operating model and S&P expects the company to
generate sustainably positive free operating cash flow (FOCF). Cash
flow should increase over the coming years as the company benefits
from additional earnings generated through an expanded
international segment.

Constraining TEG's business is the company's narrow service
offering, limited geographic diversification, minimal barriers to
entry, and potential for earnings volatility due to direct exposure
to any adverse shift in the economic environment. The live
entertainment industry is significantly exposed to global tour
schedules. Changing public tastes and an economic downturn, if
consumer discretionary spending decreases, could adversely affect
the business if TEG is unable to adapt to the changes.

S&P said, "However, we view the ticketing segment as providing more
stability and predictability, largely driven by the exclusive
multiyear contracts the company has with major event venues. We
view these exclusive long-dated contracts as providing somewhat of
a barrier to entry for potential competitors of scale. We also note
that the majority of the major event venues in Australia and New
Zealand are government-owned and the tenures of these ticketing
service contracts illustrate the propensity of government owners to
prefer longevity in these contracts and ticketing agents who have a
track record and provide stability.

"We also believe that the limited geographic diversity renders the
company beholden to global touring schedules." Despite the
Australian market consistently delivering disproportionately strong
attendance of live events given the population size, it still
presents as a less economically viable market when compared with
major regions such as Europe or the U.S., who boast numerous
densely populated major cities.

Given that live music tours are typically booked several months in
advance, S&P views this as a key risk for TEG. These tours carry
pre-fixed guaranteed amounts paid to artists, and any cancellations
or rescheduling of tours could have a significantly detrimental
impact on TEG.

TEG's integrated business model helps to partially temper these
risks. Holding the majority of exclusive, major venue ticketing
contracts, TEG is able to funnel its promoted artists and one-off
sporting events to these venues. TEG can then generate revenues
through ticket sales, concessions, high-margin corporate
sponsorships, and event promotion.

S&P said, "We view TEG's international geographic diversity as
limited. Despite recent international acquisitive activity, the
international division accounts for less than 10% of TEG's group
earnings. However, these recent acquisitions do increase the
company's exposure to emerging Southeast Asian markets and the
major market of the U.K. We note that revenue growth is predicated
on market penetration, gains in venue contracts, and TEG becoming
ticketing agents of choice in these regions.

"We view a data or cybersecurity breach as a material event risk,
given the magnitude and sensitivity of confidential data handled by
the company. The impact of a breach could result in reputational,
legal, and/or financial damage that could impinge on the overall
creditworthiness of the business. That said, TEG has a robust
security framework, which should help protect against
cyber-attacks.

"The stable outlook reflects our expectation that TEG will maintain
a debt-to-EBITDA ratio (after S&P Global Ratings' adjustments) at
no greater than the mid-5x range over the next one year at least.
We also expect the company to achieve modest revenue growth,
underpinned by its market position and integrated business model.

"Rating stability is predicated on our assumption that management
will effectively sequence global tour schedules, cater to shifting
consumer tastes, and cope with discretionary spending that may be
constrained in a softening economy.

"We could lower the rating if the company sustains S&P Global
Ratings-adjusted leverage above 5.5x or free operating cash flow to
debt below 4%. This could occur if there were to be a
greater-than-expected erosion in market share, or the economy
weakened sharply such that discretionary spending on live
entertainment is affected, or a large debt-funded transaction or
shareholder friendly actions are undertaken that further weaken the
highly leveraged capital structure.

"We consider an upgrade to be unlikely given the financial sponsor
ownership."



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

CBAK ENERGY: Incurs $1.8 Million Net Loss in Third Quarter
----------------------------------------------------------
CBAK Energy Technology, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of US$1.79 million on US$8.09 million of net revenues for
the three months ended Sept. 30, 2019, compared to net income of
US$7.92 million on US$5.59 million of net revenues for the three
months ended Sept. 30, 2018.

For the nine months ended Sept. 30, 2019, the Company reported a
net loss of US$6.93 million on US$17.53 million of net revenues
compared to net income of US$1.91 million on US$14.95 million of
net revenues for the same period last year.

As of Sept. 30, 2019, CBAK Energy had US$110.40 million in total
assets, US$98.90 million in total liabilities, and total equity of
US$11.50 million.

CBAK Energy has financed its liquidity requirements from short-term
bank loans, other short-term loans and bills payable under bank
credit agreements, advances from its related and unrelated parties,
investors and issuance of capital stock.

As of Sept. 30, 2019, the Company had cash and cash equivalents of
$0.2 million.  The Company's total current assets were $42.1
million and its total current liabilities were $76.4 million,
resulting in a net working capital deficiency of $34.3 million. The
Company said these factors raise substantial doubts about its
ability to continue as a going concern.

The Company has obtained banking facilities from various local
banks in China.  As of Sept. 30, 2019, the Company had unutilized
committed banking facilities of $4.6 million.

CBAK Energy said, "We are currently expanding our product lines and
manufacturing capacity in our Dalian plant, which require more
funding to finance the expansion.  We may also require additional
cash due to changing business conditions or other future
developments, including any investments or acquisitions we may
decide to pursue.  We plan to renew these loans upon maturity, if
required, and plan to raise additional funds through bank
borrowings and equity financing in the future to meet our daily
cash demands, if required.  However, there can be no assurance that
we will be successful in obtaining this financing. If our existing
cash and bank borrowing are insufficient to meet our requirements,
we may seek to sell equity securities, debt securities or borrow
from lending institutions.  We can make no assurance that financing
will be available in the amounts we need or on terms acceptable to
us, if at all.  The sale of equity securities, including
convertible debt securities, would dilute the interests of our
current shareholders.  The incurrence of debt would divert cash for
working capital and capital expenditures to service debt
obligations and could result in operating and financial covenants
that restrict our operations and our ability to pay dividends to
our shareholders.  If we are unable to obtain additional equity or
debt financing as required, our business operations and prospects
may suffer.

"In the meanwhile, due to the growing environmental pollution
problem, the Chinese government is currently providing strong
support to the industry of new energy facilities and vehicle.  It
is expected that we will be able to secure more potential orders
from the new energy market, especially from the new energy storage
market and the electric vehicle market.  We believe that with the
booming future market demand in high power lithium ion products, we
can continue as a going concern and return to profitability."

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

                       https://is.gd/6gOPA4

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017.  As of June 30, 2019, the Company had
$118.34 million in total assets, $112.16 million in total
liabilities, and $6.17 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Dec. 31, 2018. All these
factors raise substantial doubt about its ability to continue as a
going concern.


CBAK ENERGY: Stockholders Elect Five Directors
----------------------------------------------
CBAK Energy Technology, Inc. held the 2019 annual meeting of
stockholders of the Company on Nov. 18, 2019, at which the
stockholders elected Yunfei Li, Simon J. Xue, Martha C. Agee,
Jianjun He, and Guosheng Wang to the Board of Directors of the
Company to serve until the 2020 annual meeting of stockholders. The
Company's stockholders ratified the selection of Centurion ZD CPA &
Co. as the Company's independent registered accounting firm for the
fiscal year ending Dec. 31, 2019.

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017.  As of June 30, 2019, the Company had
$118.34 million in total assets, $112.16 million in total
liabilities, and $6.17 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Dec. 31, 2018. All these
factors raise substantial doubt about its ability to continue as a
going concern.

CBAK ENERGY: Wenwu Wang Quits as Dalian CBAK's General Manager
--------------------------------------------------------------
Wenwu Wang resigned as general manager of Dalian CBAK Power Battery
Co., Ltd., a wholly owned subsidiary of CBAK Energy Technology,
Inc.  Mr. Wang has agreed to act as a consultant to the Company.

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017.  As of June 30, 2019, the Company had
$118.34 million in total assets, $112.16 million in total
liabilities, and $6.17 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Dec. 31, 2018. All these
factors raise substantial doubt about its ability to continue as a
going concern.


ENN ECOLOGICAL: Moody's Affirms Ba2 CFR & Alters Outlook to Pos.
----------------------------------------------------------------
Moody's Investors Service affirmed ENN Ecological Holdings Co.,
Ltd's Ba2 corporate family rating, as well as the Ba2 rating on the
senior unsecured notes issued by ENN Clean Energy International
Investment Limited and guaranteed by ENN Ecological.

At the same time, Moody's has revised the outlook to positive from
stable.

Moody's rating action follows ENN Ecological's announcement on 21
November that it will acquire a 32.80% stake in ENN Energy Holdings
Limited (ENN Energy, Baa2 stable) for RMB25.8 billion from ENN
Group International Investment Limited (EGII) and Essential
Investment Holding Company Limited.

All of the entities are ultimately controlled by ENN Ecological's
chairman, Wang Yusuo. The proposed reorganization is subject to
shareholder and regulatory approvals.

ENN Ecological will fund the acquisition through (1) transfer of
its 9.97% stake in Santos Limited for RMB7.1 billion; (2) a new
share issuance for RMB13.3 billion; and (3) cash of RMB5.5 billion,
all to EGII and Essential Investment Holding Company Limited. The
company also intends to partially fund the cash portion of the
consideration through a private placement to no more than 10
investors of up to 246 million shares for an amount of no more than
RMB3.5 billion.

RATINGS RATIONALE

"The change in outlook to positive reflects its expectation that
the reorganization, if completed as planned, will strengthen ENN
Ecological's business profile," says Chenyi Lu, a Moody's Vice
President and Senior Credit Officer.

The intragroup reorganization, if completed, will enlarge ENN
Ecological's operating scale and business diversity, which will in
turn strengthen the predictability and stability of its cash flow
and profit.

ENN Ecological plans to consolidate ENN Energy's financials
following the transaction, and Moody's expects EGII would continue
to exert management oversight and control over ENN Energy via ENN
Ecological.

Moody's estimates ENN Ecological's scale -- in terms of revenue,
EBITDA and assets -- would increase by around 2.0x-2.5x, assuming
the proportionate consolidation of ENN Energy's financials.

ENN Ecological's enhanced operational stability will be driven by
the long-term concession and diversified revenue mix stemming from
ENN Energy's established position in the piped-gas sector, with
geographically diversified operations.

ENN Ecological will also benefit from integrating ENN Energy's
clean energy-related business, which has been its strategic focus.
Favorable industry trends for clean energy will further support the
growth of its integrated operations.

ENN Energy, which is listed on the Hong Kong Stock Exchange,
constructs and operates facilities for the distribution of piped
natural gas to residential, and commercial and industrial (C&I)
customers in China.

"The combined company's financial profile will be moderate, but
will improve slightly over the next two years," adds Lu.

Specifically, Moody's estimates that ENN Ecological's adjusted
debt/EBITDA -- pro-forma for the proportionate consolidation of ENN
Energy's financials and a RMB5.5 billion increase in debt to fund
the cash portion of the consideration -- will remain broadly
unchanged at 4.2x in 2018.

Moody's expects the company's debt leverage will improve toward
3.5x-4.0x over the next two years as growth in earnings will
outpace any further rises in debt. This level of leverage remains
higher than Moody's had previously expected for ENN Ecological on a
standalone basis, but will be strong for its Ba2 ratings
considering the combined company's strengthened business profile.

If the company's downstream natural gas distributing and marketing
businesses become the main drivers of revenue, profit and cash
flow, Moody's may change its approach to rating ENN Ecological,
including the rating methodology, to reflect the change in the
associated operational and financial risks.

Moody's expects the combined company's revenue and EBITDA will
increase moderately in the next two years, mainly driven by growth
in natural gas consumption, which benefits the downstream and
construction businesses, and new methanol and LNG production
capacity.

Moody's further expects the combined company's adjusted debt will
increase slightly to fund ENN Energy's new project acquisitions and
ramp-up existing projects.

ENN Ecological's standalone liquidity position is modest. At the
end of September 2019, its cash -- including restricted cash -- of
RMB3.8 billion and expected operating cash flow of around RMB1.9
billion over the next 12 months were sufficient to cover its
short-term debt of RMB4.1 billion, bills payable of RMB87 million
and estimated maintenance capital spending of RMB350 million over
the same period.

The company will also need to pay RMB2.8 billion and RMB2.7 billion
within 15 days and 12 months, respectively, following the asset
transfer.

ENN Ecological's Ba2 CFR reflects (1) the favorable industry trends
for its methanol production and clean energy-related businesses;
and (2) its long track record and diversified business portfolio,
which underpin stability in its business profile.

On the other hand, ENN Ecological's CFR is constrained by its
exposure to commodity price volatility, and China's evolving
policies and regulations.

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

ENN Ecological's coal and methanol operations are exposed to high
environmental and safety risks, in particular soil and water
pollution. However, ENN Ecological has to date not experienced any
major compliance violations related to water discharge or waste
disposal. The risks are also somewhat mitigated by its operating
track record and continuous focus on clean energy-related
businesses.

On the governance front, the company's ownership is concentrated in
its key shareholder, Wang Yusuo, his wife, Zhao Baoju, and his
controlling entities, with a combined 48.4% stake in the company at
the end of June 2019. This stake will further increase to 75.3%
following the re-organization. This risk is partially mitigated by
the company's track record of good corporate governance, its listed
status and the presence of three independent board directors. On
the financial policy front, the company's rating also factors in
its strong appetite for debt-funded expansionary investments and
acquisitions.

The rating could be upgraded if ENN Ecological (1) increases its
operating scale and business diversification after the
re-organization, while maintaining its profit margin through
organic growth; and (2) maintains its credit profile and
demonstrates conservative financial and investment policies.

The rating outlook could return to stable if (1) the proposed
re-organization does not go ahead as planned; (2) ENN Ecological's
revenue growth slows or its profit margin narrows because of high
commodity price volatility or adverse changes in the government's
policies and regulations; (3) it undertakes aggressive debt-funded
acquisitions or investments that weaken its credit profile; or (4)
its adjusted debt/EBITDA rises above 5.0x on a combined, sustained
basis as its business grows over time.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Founded in 1992 and headquartered in Hebei, ENN Ecological Holdings
Co., Ltd has four main business segments: (1) chemical, mainly
including methanol production and trading; (2) energy construction;
(3) coal, mainly including mining and trading; and (4) liquefied
natural gas production.

In June 2019, ENN Ecological completed the disposal of its
biopharmaceutical business.

ENN Ecological was listed on the Shanghai Stock Exchange in 1994.
The company's chairman, Wang Yusuo, his wife, Zhao Baoju, and his
controlling entities owned 48.4% of the company at the end of June
2019.

FUJIAN ZHANGLONG: Fitch Affirms BB+ LT IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings affirmed Fujian Zhanglong Group Co., Ltd.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings at 'BB+'. The
Outlook is Stable.

Fitch has also affirmed the 'BB+' ratings on its USD500 million
senior unsecured notes due December 2019 and its USD500 million
senior unsecured notes due September 2022, which were issued by the
company, and its guaranteed USD400 million senior unsecured bonds
due February 2021, which were issued by Zhanglong's wholly owned
subsidiary, Full Dragon (Hong Kong) International Development
Limited.

Zhanglong, established in 2001, is wholly owned by the Zhangzhou
State-owned Assets Supervision and Administration Commission and
ultimately by the Zhangzhou municipal government in China's Fujian
province. It carries out sewage treatment and water supply to urban
areas in the city, participates in selected infrastructure
construction projects and operates commercial businesses such as
trading and property development.

KEY RATING DRIVERS

'Very Strong' Status, Ownership, Control: Zhanglong is wholly owned
by the Zhangzhou municipal government, which exercises full control
over its strategic development direction, financing and investment
activities, including board appointments, except for employee
representatives, reviews of major financing and investment plans
and regular monitoring of the issuer's budgets and execution.

'Strong' Support Track Record, Expectations: The municipal
government has provided financial support for the company's
government-directed projects. Zhanglong received more than CNY2
billion in subsidies from the government over the past five years.
In addition, the issuer has more than CNY3 billion in receivables
due from the district government and the Zhangzhou Finance Bureau.

'Moderate' Socio-Political Implications of Default: Potential
financial distress at the company is less likely to immediately
disrupt the public services it provides as the government can
temporarily take over these businesses. The presence of other
government-related entities (GREs) in Zhangzhou also makes it
possible to substitute Zhanglong's functions over time. However,
the transition will probably result in moderate disruptions due to
Zhanglong's experience in operating and managing these businesses.

'Strong' Financial Implications of Default: Zhanglong is the
second-largest GRE in Zhangzhou by assets. It has access to both
onshore and offshore bond markets. Financial distress at the
company is likely to impair the availability or cost of funding to
the city and other government-owned entities. However, the city and
its GREs are less likely to be hurt by a default if it is due to
the company's commercial business.

'b' Category Standalone Credit Profile: Fitch considers Zhanglong's
Standalone Credit Profile to be in the 'b' category at best due to
its weaker revenue defensibility, operating risk and financial
profile. Zhanglong is a price-taker as demand for its products and
services is likely to fluctuate in line with the economic cycle,
especially in Zhangzhou. Nonetheless, its weak revenue
defensibility is mitigated by the diversity of its revenue sources.
Zhanglong's cost drivers are well-identified and Fitch expects cost
fluctuations to be passed onto its customers over time. However,
its operating cost is volatile and its cash flows are heavily
influenced by the timing of costs, raising its operating risks.
Zhanglong's financial profile weakness is evident from its high
historical debt/adjusted EBITDA of 20x-30x, and Fitch expects the
high leverage to remain over the next two to three years.

RATING SENSITIVITIES

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

An increase in the record or incentive for Zhangzhou municipality
to support Zhanglong, including a stronger support record,
socio-political and/or financial implications of a default by the
company, may trigger positive rating action. Conversely, the rating
may be downgraded if there is a significant weakening in the
socio-political and financial implications of a default by
Zhanglong, a weaker support record by the municipality or a
dilution of the government's shareholding.

An improvement of Zhanglong's Standalone Credit Profile or
liquidity position would also affect the ratings.

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

ESG CONSIDERATIONS

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



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

GCL NEW ENERGY: Moody's Cuts CFR to B3 & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service downgraded GCL New Energy Holdings
Limited's corporate family rating to B3 from B2, and its senior
unsecured debt rating to Caa1 from B3.

The ratings outlook is changed to negative from rating under
review.

This rating action concludes the ratings review initiated on August
16, 2019.

RATINGS RATIONALE

"The downgrade reflects the heightened refinancing risk that GCL
New Energy faces in the absence of committed refinancing plans,
with significant debt maturing over the next 14 months," says Ivy
Poon, a Moody's Vice President and Senior Analyst.

Moody's estimates that GCL New Energy has close to RMB8.1 billion
of debt maturing between November 2019 and September 2020, plus
USD$500 million of notes maturing in January 2021. The company does
not have sufficient internal financial resources to address these
large refinancing needs.

GCL New Energy has been engaged with prolonged discussions with
China Huaneng Group Co., Ltd. (A2 stable, "China Huaneng "),
originally to potentially acquire 51% of GCL New Energy, and now to
potentially acquire certain of GCL New Energy's assets through a
framework agreement. The prolonged delay in reaching a legal
binding agreement with China Huaneng raises further uncertainty
about the high refinancing risk facing GCL New Energy.

The company expects to obtain temporary liquidity support from
China Huaneng in the form of a bridge loan, but even then Moody's
believes that implementing this interim measure will not fully
address GCL New Energy's refinancing needs.

The rating downgrade also reflects Moody's view that the potential
sale of a substantial portion of assets to Huaneng, as is currently
being contemplated, raises uncertainty about the ongoing business
model and capital structure of GCL New Energy. Other credit
considerations include limited visibility on the financial profile
of GCL New Energy's parent, namely GCL-Poly Energy Holdings
Limited, which is likely to have a weak credit quality.

On November 18, GCL New Energy announced that it entered into a
cooperation framework agreement to sell assets to China Huaneng. At
the same time, the co-operation agreement between GCL-Poly and
China Huaneng, whereby China Huaneng was to acquire the former's
stake in GCL New Energy, was terminated.

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

The negative ratings outlook reflects Moody's expectation that GCL
New Energy will continue to face heightened refinancing risk for
its sizable maturing debt over the next 11 months.

Upward ratings pressure is unlikely, given the negative outlook.

However, the outlook on the ratings could return to stable if the
company successfully refinances its maturing debt and/or introduces
other countermeasures to ease liquidity pressure. Moody's will also
consider the progress made in the potential transaction with China
Huaneng and its impact on GCL New Energy.

Downward ratings pressure could emerge if (1) GCL New Energy is
unable to secure committed funding to refinance or repay its
maturing debt in a timely manner; (2) its transaction with China
Huaneng is completed in a way that significantly weakens GCL New
Energy's credit profile; and/or (3) there are material adverse
changes in the regulatory environment for China's solar power
industry.

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



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

A.P. GEMS & JEWELLARY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: A.P. Gems & Jewellary Park Pvt Ltd
        T.S. No. 6/1, Part of Ward No. 11
        Shaikpet Village, Road No. 10
        Banjara Hills Hyderabad
        Hyderabad TG 500034
        IN

Insolvency Commencement Date: November 7, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 5, 2020

Insolvency professional: Dr. K.V. Srinivas

Interim Resolution
Professional:            Dr. K.V. Srinivas
                         Kamala Tower, 4th Floor
                         1-8-304 to 307 Patigadda Road
                         Begumpet, Hyderabad 500017
                         Phone: +91 8309310156
                                    9959223615
                         E-mail: kvsrinivas12@gmail.com
                                 irp.apgems@aaip.co.in

Last date for
submission of claims:    December 2, 2019


AIRCEL LTD: NCLT Directs DoT Not to Cancel License and Spectrum
---------------------------------------------------------------
BloombergQuint reports that the Mumbai Bench of the National
Company Law Tribunal has directed the Department of
Telecommunications not to cancel or terminate the telecom license
and spectrum granted to Aircel Ltd.

Aircel, which had telecom license and spectrum in nine telecom
circles, is undergoing insolvency resolution process. It had filed
a voluntary insolvency petition in March 2018 citing operational
difficulties and owes around INR27,000 crore to its creditors and
vendors, BloombergQuint discloses.

That comes after Aircel's resolution professional had moved the
tribunal apprehending that the telecom department may cancel its
telecom and spectrum licenses on account of a default in payment of
telecom license fees, says BloombergQuint. Aircel had sought
uninterrupted use of the spectrum allotted to it. "The usage of
license or spectrum is akin to 'Essential Goods or Services'
because without usage the company cannot run its telecom business,"
the tribunal said.

BloombergQuint notes that Reliance Communications Ltd. is also
locked in a similar dispute with the telecom department and any
order in the Aircel case may impact it as well.

According to BloombergQuint, Aircel had obtained a "Unified Access
Service License" for 20 years by paying INR6,249 crore as licence
fee for providing telecom services in nine telecom circles. The
licence agreement also entailed that Aircel must make periodic
payments to the telecom department under the license agreement,
failing which, the department reserved rights to suspend or
terminate licences.

BloombergQuint says the department had issued a demand notice to
Aircel in April 2018 after it failed to make a payment of INR55
crore. Aircel had sought protection under the moratorium imposed by
the NCLT on the ground that it was undergoing insolvency resolution
process.

BloombergQuint notes that the telecom department had sought
cancellation as:

   -- Union of India had exclusive ownership rights over spectrum
      granted to telecom companies and such rights never vest with

      the licencee.

   -- Spectrum is not sold to a licensee.

   -- The terms of use/licence agreement allow the government to
      partially or fully suspend or terminate a license on account

      of default.

According to BloombergQuint, Aircel's resolution professional
opposed the telecom department's move on the following grounds:

   - Aircel had made periodic payment of license fees till the
     imposition of moratorium in March 2018.

   - It's protected under Sec. 14 of the IBC which prevents
     cancellation or interruption of essential goods or services
     of a corporate debtor.

   - Any move by the telecom department to terminate or cancel the

     licence would erode its value, hampering chances of revival.

Reading into the preamble and Sec. 14 of the IBC, the tribunal held
that the telecom department cannot cancel spectrum and telecom
licence as it was essential for Aircel's revival. BloombergQuint
relates that the tribunal ruled in Aircel's favor on the following
grounds:

   -- Telecom licence is the only valuable asset available with
      Aircel. If the licence is cancelled, there's a likelihood
      that no resolution applicant would bid for its revival.

   -- Telecom licence is essential for Aircel's business
      continuity. As a moratorium has been imposed, the licence
      will be considered as an "essential service" under Sec. 14
      of the IBC. Therefore, supply of essential services cannot
      be interrupted.

   -- Right to use the spectrum must remain with Aircel as per its

      agreement with telecom department.

                        About Aircel Limited

Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, is a telecom service provider with a
pan India presence. Aircel offers GSM-based 2G
services in all the 22 telecom circles and has also introduced 3G
services in select geographies.

As reported in the Troubled Company Reporter-Asia Pacific on March
2, 2018, Reuters said Aircel Ltd filed for bankruptcy on Feb. 28,
2018, pressured by a high debt pile and mounting losses
following a price war triggered by a telecom upstart. Talks between
Aircel, 74% owned by Malaysia's Maxis Communications Bhd, and
Reliance Communications Ltd (RCom) to combine their wireless
business was called off in late 2017 due to regulatory and legal
uncertainties and interventions by various parties, Reuters said.

Aircel, whose debt amounts to INR155 billion (US$2.38 billion),
then tried unsuccessfully to restructure its debt, Reuters
related.


CHHATRAPATI AGRO: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Chhatrapati Agro Food Manufacturing Company Limited

        Registered office:
        Building No. A1, Flat No. 1
        Sr. No. 73/6/6
        New Torana Classic
        Near Narayani Dham
        Katraj, Pune 411046
        Maharashtra, India

        Factory:
        At.-Magarwadi
        Post-Tarapur
        Tal. Pandharpur
        Dist.-Solapur
        Maharashtra

Insolvency Commencement Date: November 7, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 5, 2020
                               (180 days from commencement)

Insolvency professional: Sachin Rajendra Singhvi

Interim Resolution
Professional:            Sachin Rajendra Singhvi
                         901, Marathon Omega
                         Senapati Bapat Marg
                         Lower Parel
                         Mumbai 400013
                         E-mail: sachin@mehtasinghvi.in

                            - and -

                         410, Kewal Industrial Estate
                         Senapti Bapat Marg
                         Lower Parel
                         Mumbai 400013
                         E-mail: cirp.cafm@gmail.com

Last date for
submission of claims:    December 3, 2019


DAGCON (INDIA): Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Dagcon (India) Private Limited
        167 Rajdanga Nabapally Flat-2d
        Kolkata 700107

Insolvency Commencement Date: November 20, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Bimal Agarwal

Interim Resolution
Professional:            Mr. Bimal Agarwal
                         AVB & Associates
                         P-2, New CIT Road
                         3rd Floor, Room No. 302
                         Kolkata, West Bengal 700073
                         E-mail: bimal@dvaonline.in

                            - and -

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

Last date for
submission of claims:    December 4, 2019


DUGAR HOUSING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Dugar Housing Limited Chennai
        Dugar Towers
        7th Floor, # 34 (123)
        Marshalls Road, Egmore
        Chennai 600008
        Tamil Nadu

Insolvency Commencement Date: November 13, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 10, 2020

Insolvency professional: Velli Paramasivam

Interim Resolution
Professional:            Velli Paramasivam
                         Priyadarshini Apartments
                         # 10/154, N.M.K. Street
                         Ayanavaram, Chennai 600023
                         E-mail: velliparamasivam@rediffmail.com

Last date for
submission of claims:    November 29, 2019


FORTUNE MULTITECH: Ind-Ra Migrates BB- Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Fortune Multitech
Private Limited's (FMPL) 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 the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR350 mil. Term loan due on March 2021 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 28, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, FMPL is engaged in real estate development.
It has two ongoing projects in Zirakpur, a satellite town, in
Mohali District (Punjab), neighboring Chandigarh: Victoria Heights
Phase II and Victoria Floors. The total built-up area of the
projects is 395,868 square feet and the overall project cost is
INR1,155 million.

GEMUS ENGINEERING: Ind-Ra Affirms 'BB-' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gemus Engineering
Limited's (GEL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit assigned with IND
     BB-/Stable rating;

-- INR85 mil. Fund-based working capital limits affirmed with
     IND BB-/Stable rating;

-- INR40 mil. Non-fund-based limits affirmed with IND A4+ rating;

     and

-- INR18.09 mil. Long term loans due on September 2024 affirmed
     with an IND BB-/Stable rating.

RATING SENSITIVITIES

Negative: Further deterioration in the net leverage and a stressed
liquidity position may lead to negative rating action.

Positive: An improvement in net leverage to below 3.5x and an
improvement in the liquidity position will lead to positive rating
action.

COMPANY PROFILE

Incorporated in 1996, GEL manufactures cast iron components of
various grades and shapes at its 7,000-metric ton-per-annum
facility in Birshibpur in the Uluberia industrial region of West
Bengal. The company is promoted by Rajeev Sharma.

GVG EXIM: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned GVG Exim (GVG) a
Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits assigned with IND

     B+ / Stable / IND A4 rating; and

-- INR35 mil. Non-fund-based working capital limits assigned with

     IND A4 rating. RATING DRIVERS

The ratings reflect GVG's weak credit profile even though interest
coverage ratio (operating EBITDA/gross interest expense) increased
to 2.3x, according to the provisional financials for FY19 from 1.6x
in FY18 and net leverage (adjusted net debt/operating EBITDAR)
marginally improved to 6.5x from 7.0x. The improvement in credit
metrics in FY19 was due to a rise in absolute EBITDA to INR7.2
million in FY19 from INR4.2 million in FY18 despite an increase in
the total debt (FY19: INR47 million; FY18: INR29 million). GVG's
margins are modest even as they increased to 5.5% in FY19 (FY18:
3.7%) due to the trading nature of its business. The margins
improved in FY19 as the company traded in the high-margin waste
paper segment. Return on capital was 12% in FY19 (FY18: 10%). The
scale of operations remains small despite a 16% YoY rise in revenue
to INR132 million in FY19 due to an increase in orders.

Liquidity Indicator - Poor: GVG's cash flow from operation
deteriorated to negative INR37 million in FY19 from INR3 million in
FY18 due to a stretch in its net cash conversion cycle to 209 days
from 119 days. This was on account of an increase in receivable
days to 229 in FY19 from 160 in FY18. Subsequently, payable days
also reduced to 20 from 42 in FY18. The increase in debtor days and
reduction in creditor days was mainly due to the addition of new
customers and suppliers in the waste paper trading division. GVG's
fund-based facilities and non-fund-based facilities were utilized
at an average of 78% and 63%, respectively, over the 12 months
ended September 2019.

However, the ratings are supported by more than three decades of
experience of GVG's promoters with strong industry linkages and the
reputation of GVG Group.

RATING SENSITIVITIES

Positive: A significant improvement in the scale of operations
along with stable margins leading to an improvement in the credit
metrics on a sustained basis will be positive for the ratings.

Negative: Any decline in the revenue or margins leading to
deterioration in the credit metrics on a sustained basis will be
negative for the ratings.

COMPANY PROFILE

GVG is engaged in the trading of iron scrap and waste paper.

JASSUM PROPCON: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Jassum Propcon Projects Private Limited
        Registered office:
        Rectangle-1, D-4
        Saket District Centre
        Saket, New Delhi 110017
        IN

Insolvency Commencement Date: October 31, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: April 28, 2020
                               (180 days from commencement)

Insolvency professional: Sapan Mohan Garg

Interim Resolution
Professional:            Sapan Mohan Garg
                         M/s Sapan Garg & Co.
                         Chartered Accountants
                         C-585 Basement, #Z-94
                         Defence Colony
                         New Delhi 110024
                         E-mail: sapan10@yahoo.com
                                 cirpjassum@gmail.com

                            - and -

                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Classes of creditors:    Allotee under the Real Estate project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Bihari Lal Chakravarti
                         G C 901 Aditya Mega City
                         Vaibhav Khan Indirapuram
                         Ghaziabad, Uttar Pradesh 201014
                         E-mail: blchakravarti25@gmail.com

                         Ms. Rakesh Verma
                         H.No. 1099, Vikas Kunj
                         Vikas Puri, New Delhi 110018
                         E-mail: rverma@ravkassociates.com

                         Mr. Manoj Sehgal
                         Flat 304, Tower 5
                         Ansal Valley View Estate
                         Gwal Pahadi, Gurgaon
                         Haryana 122003
                         E-mail: manojsehgal_1121@yahoo.co.in

Last date for
submission of claims:    November 29, 2019


KRISHNAA ENERGY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Kishnaa Energy Private Limited
        DP-69, SIDCO Industrial Estate
        Thirumudivakkam Chennai
        Tamil Nadu 600044

Insolvency Commencement Date: November 22, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 20, 2020
                               (180 days from commencement)

Insolvency professional: B. Ramana Kumar

Interim Resolution
Professional:            B. Ramana Kumar
                         Advocate & Insolvency Professional
                         IRP: Krishnaa Energy Private Limited   
                         I Floor, (Rear), 51A (14)
                         Dr Ranga Road, Mylapore
                         Chennai 600004
                         E-mail: ramanakumar@ovopaxlegal.com

Last date for
submission of claims:    December 13, 2019


KSR COTTON: CRISIL Maintains 'D' Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of KSR Cotton Agencies
(KSR) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.9       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     5.1       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with KSR for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 KSR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KSR 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, the ratings on bank
facilities of KSR continues to be 'CRISIL D Issuer not
cooperating'.

Established in 2007, KSR is engaged in ginning and pressing of raw
cotton and sells cotton lint and cotton seeds. Based out of Guntur
(Andhra Pradesh, the firm is promoted by Mr. Kondaveeti Srinivasa
Rao.


LIVTAR SINGH: CRISIL Lowers Rating on INR14cr Loan to B+
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Livtar Singh Bajaj
And Company (LSB) revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            14        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with LSB for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 LSB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LSB 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, the ratings on bank
facilities of LSB revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

Set up as a proprietorship concern in 2010 by Mr. Livtar Singh
Bajaj, and reconstituted as a partnership firm in April 2014 with
the addition of Mr. Charanjit Singh Bajaj and Mr. Kamaljit Singh
Bajaj as partners, LSB retails Punjab-medium liquor and Indian-made
foreign liquor in Ludhiana and Nayagaon.


MACROTECH DEVELOPERS: Ind-Ra Lowers Bank Loan Rating to BB
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded ratings of
Macrotech Developers Limited's (MDL) debt instruments to 'IND BB'
from 'IND BBB-' and maintained ratings on Rating Watch Negative
(RWN) as follows:

-- INR1.50 mil. Bank loans downgraded; maintained on RWN with IND

     BB/RWN rating; and

-- INR4.95 mil. Non-convertible debentures (NCDs) issued on July
     13, 2017 ISIN INE014S07012 coupon rate 9.5% due on July 13,
     2023 with downgraded; maintained on RWN with IND BB/RWN.

Analytical Approach: Ind-Ra has taken a consolidated view of MDL
and all of its subsidiaries and special purpose vehicles under MDL
while arriving at the ratings as all the companies operate in the
same line of business.

The rating action reflects slower-than-expected progress on MDL's
refinancing initiatives for its upcoming US dollar-denominated bond
maturing in March 2020 and timely refinancing of domestic term
debt. Timely creation of liquidity backup for the upcoming debt
maturities in 2HFY20 and FY21 amid the funding challenges being
faced by the sector remains the key rating monitorable. The rating
action also factors in weaker-than-expected operating performance
in the domestic residential market during April-October 2019.

KEY RATING DRIVERS

Liquidity Indicator – Stretched; Elevated Refinancing Risk for
Debt Maturities in 2HFY20 and FY21: MDL's outstanding debt reduced
to INR248.5 billion as of October 31, 2019, from INR256.4 billion
in FYE19, led by repayment of construction finance debt from
Lincoln Square (48CS) project. Out of the outstanding debt, INR49.4
billion is due for repayment from November 2019 to March 2020,
which includes construction finance debt of INR15.6 billion (GBP170
million due in December 2019) on its 48 CS project,
dollar-denominated bonds of INR23 billion (USD324 million) due in
March 2020 and domestic debt of INR11 billion due for repayment
from November 2019 to March 2020. Additionally, MDL has another
INR97.5 billion of debt for repayment in FY21, which includes
INR47.5 billion (GBP517 million; currently GBP470 million is drawn
down) at 1 Grosvenor Square (1GSQ) project and INR50.2 billion of
domestic repayment.

Construction Finance Debt at 48CS Project due in December 2019: As
of October 31, 2019, 48CS had achieved cumulative sales of INR27.9
billion (GBP310 million) and the collections were used to repay
construction finance debt of INR11 billion (GBP120 million) and
will remain sufficient to repay pending debt of INR15.6 billion
(GBP170 million). The company has received a practical completion
certificate for 75% of its units, as at end of October 31, 2019. As
confirmed by the management, the company is expected to receive a
practical completion certificate for remaining units by
mid-December.

Upcoming Domestic Debt Repayment: As of October 31, 2019, domestic
debt repayment stood at INR11 billion (November 2019 – March
2020) against which the company has an undrawn credit line of
INR8.3 billion. Furthermore, MDL has another INR50 billion of
domestic repayment in FY21. Though the final timelines for the
receipt of the funds are still not certain, management-confirmed
avenues of funding are:

- MDL is in the process of monetizing its 0.6 million sq. ft. of
the leasable area at New Cuffe Parade commercial project for
INR10.5 billion. The final sale agreement is likely to be concluded
shortly. Proceeds from the sale would be first used to retire debt
against the property of INR6.5 billion and pending INR4 billion
would be utilized for debt repayment.

- The company is negotiating long-term funding of INR20 billion
with an existing private-equity lender. The final agreement is
likely to be executed by 4QFY20, which will help to refinance some
debt maturing in FY20 and FY21.

- MDL has given away a certain portion of its land parcels for
infrastructure projects, for which it is likely to receive INR2.8
billion in 4QFY20 and another INR1 billion in FY21.
1 GSQ construction finance repayment in FY21: As of October 31,
2019, 1 GSQ achieved cumulative sales of INR23.5 billion (GBP263
million) which will be first be utilized for repayment of
construction finance debt of INR47.5 billion (GBP517 million, out
of which INRGBP470 million is drawn down) due for repayment in
March 2021. Any further sales in the project will be utilized for
the repayment of construction finance debt as they have the first
charge over project inventory. As confirmed by the management, the
deliveries for 1 GSQ project are expected to commence from January
2020, and the residual inventory value, as of October 31, 2019, is
INR 67.6 billion (GBP 735 million). Pick-up in sales to make timely
debt repayment in March 2021 will remain a key monitorable over the
near-medium term.

Uncertainty over the Repayment of Dollar Bonds in March 2020: MDL
has a bullet repayment of INR23billion (USD324 million) due in
March 2020. It has an executed loan agreement against an unsold
inventory of INR11 billion (GBP120 million/ USD150 million) at the
48CS project. However, the drawdown is subject to receiving the
practical completion for pending 25% of the units, which, the
management expects, will be completed by December 2019. This
secures only partial dollar-denominated bond repayment.

Furthermore, the company is in negotiation to secure another
INR13.8 billion (GBP150 million/ USD188 million) of inventory
funding in its 1GSQ project. Documentation of this facility is
currently in progress and is likely to be finalized over the next
few months.

These two facilities remain primary funding sources; however, the
drawdown of these loans is associated with fulfillment of certain
conditions and timely completion of documentation procedure, thus
resulting in elevated refinancing/ repayment risk over near term
for part repayment.

Last Resort Funding: MDL has secured INR7.2 billion (US$100
million) of a credit line from related parties, which is secured
against its pledged shares that will be utilized for repayment of
dollar-denominated bonds. This is a last resort funding measure to
cover-up for any funding shortfalls; however, the information on
the credit strength of the related party is not sufficient to
ascertain its ability to extend support.

Continued Weak Operating Performance across Residential Projects:
From April-October 2019, MDL recorded sales of INR40.5 billion in
its domestic projects with collections of INR41.5 billion. Of the
total unsold inventory, around the INR85 billion inventory has
received an occupancy certificate. This inventory is an equal mix
of luxury, mid-segment and affordable projects. Although the
company's focus is to push sales to improve performance, the
management has revised its FY20 sales and collections estimates to
INR80 billion and INR85 billion, respectively (lower by 11% and
15%) citing slowdown in the market and lower-than-expected
performance in 1HFY20.

MDL's London project recorded sales of INR9.9 billion (GBP108
million) across both 48CS and 1GSQ projects, which is significantly
lower than the management's expectations. Collection for 48CS
project has begun and proceeds are being utilized for repayment of
construction finance loan and collections from the 1GSQ project
will begin on completion of construction, which is likely to happen
in FY21.

RATING SENSITIVITIES

The RWN indicates that the rating could be downgraded or affirmed
depending on:

- Receipt of the practical completion certificate for 48CS
project, which will impact drawdown of inventory funding and/or
finalization of definitive funding tie-up against 1GSQ project for
repayment of dollar-denominated bonds in March 2020 and/or,

- No meaningful improvement in operating performance in 2HFY20
and/or,

- Inability to create liquidity backups for London and domestic
debt maturities in 2HFY20 and FY21.

COMPANY PROFILE

Established in 1980, Mumbai-based MDL is one of the largest real
estate developers in the Mumbai Metropolitan Region in terms of
presales and development pipeline. The company focuses on
residential and commercial segments across price points.

The company reported revenue of INR119.1 billion in FY19 (FY18:
INR96.7 billion) led by higher collections from sales.
Consequently, EBITDA margin improved to 26.8% in FY19 (FY18:
17.3%).

MAHALAXMI PADDY: CRISIL Maintains 'B' Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahalaxmi Paddy
Products Private Limited (MPPL) continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.76       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      1.60       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    4.56       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             2.08       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MPPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 MPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPPL 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, the ratings on bank
facilities of MPPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Set up in 1990, MPPL is promoted by Mr. Arun Kumar Maheshwari and
family. The company mills and processes basmati and non-basmati
rice at its production facility in Mainpuri (Uttar Pradesh).

NATURAL GOLD: CRISIL Lowers Rating on INR8.5cr Loan to B+
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Natural Gold
Pulse & Flour Mill (NGPM) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      .02      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with NGPM for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NGPM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NGPM 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, the ratings on bank
facilities of NGPM revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

NGPM was set up in 1998, promoted by Mr Lokesh Gadia, Mr Shrenik
Gadia, Mr Sanjaykumar Jain, Mr Rajnikant Lodha, Mr Ali Hussain, Mr
Mustansir Bohra, Ms Munira Nakedar, Mr Mohmaddi Nakedar, and Mr
Hozajfa Chikliyawala. The firm processes and trades in various
agro-based products such as wheat (maida, suji, rava, and atta) and
chickpeas (chana; besan, churi, and chhikla). It also undertakes
cotton ginning and pressing. It sells its products under the brand
Natural Gold. The firm has a flour and pulse mill, and ginning and
pressing facilities at Jhabua, Madhya Pradesh.


NEELKANTHAM SYSTEMS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s Neelkantham Systems Private Limited
        B-15, Deendayal Market
        P.H. Road, Korba
        Chhattisgarh 495677

Insolvency Commencement Date: November 19, 2019

Court: National Company Law Tribunal, Cuttack Bench

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

Insolvency professional: Sandeep D. Maheshwari

Interim Resolution
Professional:            Sandeep D. Maheshwari
                         1, Shree Ram Laxmi Niwas CHS
                         Near Anthony Bakery
                         Kolbad, Thane
                         Maharashtra 400601
                         E-mail: ayunish@yahoo.com

Last date for
submission of claims:    December 4, 2019


NICHEM INDUSTRIES: CRISIL Cuts Rating on INR11cr Cash Loan to B+
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nichem Industries
(Nichem) revised to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Export Packing Credit   4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash           3        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with Nichem for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Nichem, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Nichem 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, the ratings on bank
facilities of Nichem revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

Nichem is a partnership firm managed by brothers Mr Harshad Patel
and Mr Hitesh Patel, who have been in the business for 30 years. It
manufactures reactive dyes for textile mills, and its unit is at
Ahmedabad, Gujarat.


PATEL PHOSCHEM: CRISIL Hikes Rating on INR12cr Cash Loan to B
-------------------------------------------------------------
CRISIL has upgraded its rating to the long-term bank facilities of
Patel Phoschem Limited (PPL) to 'CRISIL B/Stable' from 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

   Term Loan               2        CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade reflects regular account conduct and timely servicing
of debt by the firm.

The rating reflects working capital-intensive operations leading to
poor liquidity, modest scale of operations, and vulnerability to
changes in government regulations and to foreign exchange (forex)
fluctuations. These weaknesses are partially offset by extensive
experience of the promoters in the fertilizer industry and their
funding support.

Analytical Approach

Unsecured loans from promoters of INR4.19 crore as on March 31,
2019 have been treated as 75% equity and 25% debt as these are from
promoters and related parties, low interest bearing, and expected
to remain in company over medium term.

Key Rating Drivers & Detailed Description

Weaknesses
* Large working capital requirement leading to poor liquidity:
Operations are highly working capital-intensive with gross current
assets of 300-500 days in three fiscals through 2019, due to high
debtors (243 days as on March 31, 2019), and delay in realising
subsidy from government, resulting in high bank limit utilization
and hence, poor liquidity.

* Modest scale of operations: Modest scale, reflected in revenue of
INR27 crore in fiscal 2019, leads to limited bargaining power with
customers and suppliers. The revenue has also been volatile in the
past ranging from INR27-50 crore in four fiscals through 2019.

* Vulnerability to changes in government regulations and to forex
fluctuations: The fertilizer industry is highly regulated.
Government controls pricing (albeit indirectly), new capacities
and, partially, distribution of fertilizers; and individual players
have limited pricing flexibility. Further with imports of around
60% of rock phosphate requirement, margins are vulnerable to any
sharp fluctuation in forex rates.

Strength
* Promoter's extensive experience in fertilizer industry:
Promoters' extensive experience of around three decades in
fertilizer industry has helped establish strong relationships with
customers and suppliers over the years, and navigate business
cycles.

Liquidity: Poor
Peak Bank limit utilisation is high around 100 percent, though
utilization averaged over the twelve months through Sep, 2019 is
moderate at 90%. CRISIL believes that bank limit utilization is
expected to remain high on account of large working capital
requirements. Current ratio was modest at 1 time as on March 31,
2019 (provisional).

Outlook: Stable

CRISIL believes that PPL's business will be supported by extensive
experience of its promoters.

Rating sensitivity factors
Upward Factors
* Decrease in peak BLU to 97%
* Improvement in revenue

Downward Factors
* Increase in average BLU to 99%
* Decrease in net cash accrual.

PPL, incorporated in 2006 by Mr. Roop Lal Patel, manufactures
single and granulated super phosphate and phosphoric acid, at its
units at Udaipur, Rajasthan.


PINK ROSE: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Pink Rose Lingerie
Private Limited (PRLPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PRLPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 PRLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PRLPL 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, the ratings on bank
facilities of PRLPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

PRLPL is a private limited company incorporated in 2008. The
company is engaged in manufacturing of women's lingerie
undergarments in woven, knitted and hosiery fabric under its own
brands 'Laavian' and contract manufacturing for other leading
brands in the country. The group is promoted by Bangalore based Mr
Santosh Kumar and has been in the business for over past 2 decade.
The registered office of the company is Bangalore where its
manufacturing facility is located.


R. S. MIRGANE: CRISIL Maintains 'D' Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of R. S. Mirgane (RSM)
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            8         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              0.75      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RSM for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 RSM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RSM 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, the ratings on bank
facilities of RSM continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

R.S. Mirgane is a Solapur based, proprietorship firm of Mr.
Rajendra S. Mirgane. The firm is a class I contractor for
irrigation projects in Maharashtra. In 2011-12 the firm has also
entered into real estate business, and is currently in process of
building a 3, 25,000 square feet township in Barshi, Solapur.


RAKESH TEXTILES: CRISIL Maintains 'B' Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rakesh Textiles (RT)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.0        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.8        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RT for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 RT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RT 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, the ratings on bank
facilities of RT continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 2004, RT is a partnership firm based in Panipat, Haryana.
It began commercial operations in fiscal 2017, by manufacturing and
selling polyester curtains. Daily operations are managed by the
partners, Mr Rakesh Khanna and his brother, Mr Yogesh Khanna.


RAM NATH: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Ram Nath Memorial
Trust Society (RNMTS) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Funded Interest       3.55       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Term Loan            16.30       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RNMTS for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 RNMTS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RNMTS 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, the ratings on bank
facilities of RNMTS continues to be 'CRISIL D Issuer not
cooperating'.

RNMTS, established in 1998 and managed by the Singhal family
operates an institute in Meerut, Uttar Pradesh, and offering
Bachelor of Education, Master of Education, and Bachelor of
Physical Education courses.


RDC AUTOMOBILE: CRISIL Lowers Rating on INR15cr Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of RDC Automobile Private Limited (RDC) to 'CRISIL D' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Drop Line             3.6        CRISIL D (Downgraded from
   Overdraft                        'CRISIL B/Stable')
   Facility              

   Electronic Dealer    15.0        CRISIL D (Downgraded from
   Financing Scheme                 'CRISIL B/Stable')
   (e-DFS)                   

The downgrade reflects continuous overdrawal for more than 30 days
in its working capital limit due to weak liquidity.

The rating also factors in a below average financial risk profile
and modest scale of operations amid intense competition. These
weaknesses are partially offset by the extensive experience of the
promoters in the automobile dealership industry.

Key Rating Drivers & Detailed Description

* Delays in debt repayment

The working capital limit has been continuously overdrawn for more
than 30 days because of stretched liquidity.

Weaknesses

* Weak financial risk profile

Financial risk profile continues to be weak due to eroded networth
due to past loses leading to leveraged capital structure. Debt
protection metrics are also weak with modest interest coverage
ratio and net cash accruals to adjusted debt.

* Modest scale of operations amid intense competition

Revenue remained subdued in the past and is expected to remain so
even over the medium term because of significant competitive
pressures from other luxury car makers, especially BMW and Volvo.
While Jeep has seen strong interest in the car enthusiasts in
India, the satiation of base level demand for Jeep, introduction of
newer models by other car makers as well as entry of other luxury
car manufactures into the potentially high-growth Indian market may
impact revenue flow.

Strength

* Extensive experience of the promoters

The promoters have been associated with the automobile industry for
over three decades. Mr Chandrasekar has been in the automobile
dealership business for close to 20 years and hence, has a keen
understanding of the industry.

Liquidity: Poor

RDC has poor liquidity, as reflected in the continuous overdrawal
for more than 30 days in its working capital limit.

Rating sensitivity factors

Upward Factors

* Track record of timely debt servicing for at least 90 days

* Sustainable improvement in business and financial risk profiles.

RDC, incorporated in 2015, is an authorised dealer for cars of Jeep
India. Jeep is a brand of American automobiles that is a division
of FCA US LLC (formerly Chrysler Group, LLC), a wholly owned
subsidiary of Fiat Chrysler Automobiles. The promoters also own RDC
Motors Pvt Ltd (an authorised dealer for cars of Fiat India
Automobiles Ltd) in Chennai and Vellore (both in Tamil Nadu). The
operations are managed by Mr Chandrasekar.


RICHA INTERNATIONAL: CRISIL Keeps 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Richa International
(RI) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Letter of Credit       1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit         6         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RI for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 RI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RI 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, the ratings on bank
facilities of RI continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Richa International, a partnership firm, was set up in 1993 by Mr.
Anil Dani in Mumbai. The firm exports agricultural commodities,
mainly maize, rice, and sugar. It also exports commodities such as
millet, sorghum and turmeric occasionally.


SAMRAT VIJAY: CRISIL Maintains 'D' Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Samrat Vijay
Construction Private Limited (SVCPL) continues to be 'CRISIL D
Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      0.15       CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Working Capital        19.85       CRISIL D (ISSUER NOT
   Demand Loan                        COOPERATING)

CRISIL has been consistently following up with SVCPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 SVCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SVCPL 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, the ratings on bank
facilities of SVCPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2008 in Chapra, Bihar, and promoted by Mr Arjun
Singh and his wife, Ms Babita Kumari, SVCPL is setting up a mall in
Muzaffarpur, Bihar.


SANATAN MERCHANTS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sanatan Merchants
Private Limited's (SMPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR90 mil. Fund-based limits affirmed with IND BB/Stable/IND
     A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SMPL's continued small scale operations,
as indicated by revenue of INR708.54 million in FY19 (FY18:
INR537.14 million). The revenue rose owing to an increase in
demand, which was driven by further penetration into SMPL's
existing markets of eastern and north-east India. The absolute
EBITDA increased to INR21.27 million in FY19 (FY18: INR17.71
million) on the back of revenue growth.

The ratings take into consideration the modest operating margins
due to the trading nature of the business. The margin was stable at
3% in FY19 (FY18: 3.3%). The return on capital employed was 7% in
FY19 (FY18: 8%).  

The ratings reflect the weak credit metrics due to the modest
EBITDA margins. The interest coverage ratio (operating EBITDA/gross
interest expense) was 1.5x in FY19 (FY18: 1.4x) and the net
leverage (net debt/operating EBITDA) was 8.5x (FY18: 8.4x). The
metrics were almost stable because the improvement in the absolute
EBITDA was offset by an increase in net borrowings to INR181.97
million (FY18: INR151.14 million).

Liquidity Indicator - Stretched: The maximum average utilization of
fund-based facilities was 98% during the 12 months ended in October
2019. The cash flow from operations deteriorated to a negative
INR55.01 million in FY19 (FY18: negative INR38.06 million) due to
the increased utilization of working capital. The free cash flow
deteriorated to a negative INR59.11 million in FY19 (FY18: negative
INR45.09 million)  The cash and cash equivalent stood at INR1.65
million at end-FY19 (FY18: INR2.88 million).

The ratings, however, continue to be supported by the promoter's
experience of over three decades in the trading line of business.

RATING SENSITIVITIES

Negative: Deterioration in the interest coverage ratio below 1.5x
and further stress on the liquidity position will be negative for
the ratings.

Positive: Improvement in the credit metrics as well as the
liquidity profile, on a sustained basis, will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1994 and with its registered office in Kolkata,
SMPL deals in trading of hand tools and power tools such as marble,
stone cutting machines, granite cutting machines, wood cutting
machines, pesticide sprayers, and rice processing machines, and
trades writing, stationary, personal care products and other
accessories.

SHIV MFG. PIPES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shiv Mfg. Pipes Private Limited
        Registered office:
        Shop-4, "Dharti Height"
        Plot-28, Sec-21
        Navi Mumbai/Kamothe Navi Mumbai
        Mumbai City
        MH 410209

Insolvency Commencement Date: Ocotber 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 21, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Rajedra Ramnarain Agrawal

Interim Resolution
Professional:            Mr. Rajedra Ramnarain Agrawal
                         1306, Oberoi Woods Tower B
                         Mohan Gokhale Road
                         Goregaon East
                         Mumbai 400063
                         E-mail: rajendra.agrawal29@gmail.com

                         Communication address:
                         1204 Maker Chamber V
                         Jamnalal Bajaj Road
                         Nariman Point
                         Mumbai 400021
                         E-mail: ip.smppl@gmail.com

Last date for
submission of claims:    December 3, 2019


SHREE RAM URBAN: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shree Ram Urban Infrastructure Limited
        Registered office:
        Shree Ram Mills Ltd
        Ganapatrao Kadam Marg
        Lower Parel
        Bombay MH 400013
        IN

Insolvency Commencement Date: November 6, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 4, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Srigopal Choudhary

Interim Resolution
Professional:            Mr. Srigopal Choudhary
                         Flat 7J Tower-3 South City
                         375 P.A.S. Road
                         Kolkata 700068
                         E-mail: sgchoudhary@yahoo.com

                            - and -

                         Suite A-5 1st Floor
                         29 A Weston Street
                         Kolkata 700013
                         E-mail: irp.cirp.srui@gmail.com

Classes of creditors:    Class 1-Home buyers-Allottees under
                         Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Jagdish Kumar Govinda Pillai
                         701, Odyssey One
                         Hiranandani Gardens
                         Powai, Mumbai 400076
                         E-mail: jagdishkumarpillai@gmail.com

                         Ms. Poonam Basak
                         904-23d, Pallazio Chs. Powai
                         Mumbai Suburban
                         Maharashtra 400076
                         E-mail: poonamb.irp@gmail.com

                         Rajendra Ramnarain Agrawal
                         1306, Oberoi Woods Tower B
                         Mohan Gokhale Road
                         Goregaon East, Mumbai 400063
                         E-mail: rajendra.agrawal29@gmail.com

Last date for
submission of claims:    December 12, 2019


SOLACE HEALTHCARE: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Solace Healthcare
Private Limited (SHPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             18.7       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SHPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 SHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHPL 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, the ratings on bank
facilities of SHPL continues to be 'CRISIL D Issuer not
cooperating'.

Established in 2011, SHPL has set up a 125-bed super speciality
hospital in Vadodara (Gujarat). The company has started its
operations in April 2015.

SRI JALARAM: CRISIL Maintains 'D' Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Jalaram Plastics
(SJP) continues to be 'CRISIL D Issuer not cooperating'.

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

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

CRISIL has been consistently following up with SJP for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 SJP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SJP 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, the ratings on bank
facilities of SJP continues to be 'CRISIL D Issuer not
cooperating'.

SJP was set up in 2010 Mr. Chandrakanth Thakker, Mr. Bharath
Thakker, Mr. Hasmuk Thakker, and their family members. The firm
manufactures polypropylene woven sacks used for packaging in
various industries such as cement, fertiliser, and rice. Its
manufacturing unit is in the Nizamabad district of Telangana.

SRI KAILASANADHA: CRISIL Maintains 'D' Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Kailasanadha
Textiles Private Limited (SKT) continues to be 'CRISIL D Issuer not
cooperating'.

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

   Long Term Loan         9.04      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SKT for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SKT was set up in 2013 Mr. Tulabandula Paripurna Krishna Rao, Mr.
T. Ram Kalyan, and their family members. The company is engaged in
ginning and pressing of raw cotton. The firm's ginning unit is
located in Guntur district in Andhra Pradesh.


STEELMAN INDUSTRIES: CRISIL Keeps 'B+' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Steelman Industries
(SMI) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill          6.5        CRISIL B+/Stable (ISSUER NOT
   Purchase                         COOPERATING)

   Foreign Letter        4.0        CRISIL A4 (ISSUER NOT
   of Credit                        COOPERATING)

   Proposed Long Term    4.0        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with SMI for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 SMI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMI 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, the ratings on bank
facilities of SMI continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Established in 1995, SMI is a sole proprietorship firm of Mr Sham
Sunder Gupta and manufactures and trades in bicycle parts and
corrugated galvanised steel sheets. It also exports biscuits,
candies, liquid glucose, and corn starch to African countries.
Moreover, the firm started importing and trading in polyvinyl
chloride (PVC) resin and PVC panels in 2014-15 (refers to financial
year, April 1 to March 31). SMI is based in Ludhiana (Punjab).


SUMITA TEX: CRISIL Maintains 'D' Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sumita Tex Spin
Private Limited (Sumita) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           17.0       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest
   Term Loan              6.77      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        25.39      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility   102.28      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital
   Term Loan             43.56      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Sumita for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 Sumita, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Sumita 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, the ratings on bank
facilities of Sumita continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Sumita was set up in 1982 by Mr. Anurag Poddar, Mr. Omprakash
Poddar, and their family members. The company manufactures
texturised yarn from partially-oriented yarn, and its manufacturing
unit is in Silvassa (Dadra and Nagar Haveli).


SUMOHAN ENGINEERS: CRISIL Maintains 'D' Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sumohan Engineers
Private Limited (SEPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           21         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SEPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 SEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SEPL 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, the ratings on bank
facilities of SEPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SEPL was set up in 2007 by Mr. G. Seetaramakumar and his family.
The company fabricates engineering and capital goods. It also
undertakes engineering, procurement, and construction contracts.
The company is based in Hyderabad, Telangana.

TWIN CITIES: CRISIL Maintains 'D' Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Twin Cities Steel
Re-Rolling Mills Private Limited (TCSPL) continues to be 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Corporate Loan         2.42      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with TCSPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 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 TCSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TCSPL 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, the ratings on bank
facilities of TCSPL continues to be 'CRISIL D Issuer not
cooperating'.

TCSPL was set up in 1985 by Mr. R K Agarwal, Mr. Adarsh Agarwal,
and their family members. The company, based in Hyderabad,
manufactures and trades in steel structurals.

WHITE WATER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: White Water Hospitality Private Limited
        SCO-2437 Sector-22C
        Chandigarh 160022

Insolvency Commencement Date: November 21, 2019

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Madan Gopal Jindal

Interim Resolution
Professional:            Madan Gopal Jindal
                         M.G. Jindal & Associates
                         SCO: 7-8, 4th Floor
                         Jandu Tower, G.T. Road
                         Miller Ganj
                         Ludhiana (Punjab) 141003
                         E-mail: mgjindal@gmail.com

Last date for
submission of claims:    December 5, 2019


Y M FOODWAYS PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Y M Foodways Private Limited
        Registered office:
        B-14, Office No. 302A
        3rd Floor, Vikas Marg
        Laxmi Nagar
        New Delhi 110092

Insolvency Commencement Date: November 21, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Amit Kaushal

Interim Resolution
Professional:            Amit Kaushal
                         A-62, Basement
                         Defence Colony
                         New Delhi 110024
                         E-mail: aka_pcs@yahoo.com
                                 cirp.ymf@gmail.com

Last date for
submission of claims:    December 5, 2019




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

GOLDEN ENERGY MINES: Fitch Affirms B+ LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings revised its Outlook on PT Golden Energy Mines Tbk to
Stable from Positive and affirmed the Long-Term Issuer Default
Rating of GEMS at 'B+'. At the same time, Fitch Ratings Indonesia
has affirmed GEMS's National Long-Term Rating of 'A(idn)' and
revised the Outlook to Stable from Positive.

The Outlook revision reflects Fitch's expectation that GEMS's scale
of EBITDA will be lower than previously expected under Fitch's
recently lowered long-term coal price assumptions (see Fitch
Ratings Updates Mid-Cycle Metals and Mining Price Assumptions,
dated November 6, 2019). This is despite the company's on-track
production volume ramp-up.

GEMS is 67%-owned by Golden Energy and Resources Limited
(B+/Stable). Fitch assesses GEMS's linkage with GEAR as moderate
and therefore rate GEMS on the consolidated credit profile of GEAR,
based on its Parent and Subsidiary Rating Linkage criteria. GEMS's
IDR reflects the GEAR group's adequate financial profile, healthy
reserve life and low-cost position of its key mine, PT Borneo
Indobara.

'A' National Long-Term Ratings denote expectations of low default
risk relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher rated category.

KEY RATING DRIVERS

Moderate Linkages: The linkages between GEAR and GEMS are moderate,
as assessed under Fitch's Parent and Subsidiary Rating Linkage
criteria. GEMS accounts for almost all of the group's consolidated
EBITDA; GEAR's standalone operations are not significant and most
of its earnings are derived from GEMS's dividends. GEAR retains
majority representation over GEMS's board, and is actively involved
in managing GEMS's operation.

An agreement between GEMS's shareholders ensures that the company
will maximise profit distribution by paying at least 80% of its
free cash flow as dividends. However, GMR Coal Resources Pte. Ltd,
which owns 30% of GEMS, has also appointed key management personnel
and has veto power in major corporate transactions.

Fitch expects GEAR to continue to seek acquisitions or investments
to diversify its portfolio. Fitch may reassess the linkages between
GEAR and GEMS, including the Standalone Credit Profile of GEAR and
its dependence on cash flow from GEMS, after further acquisitions.

Decline in Profitability: Fitch expects GEMS's EBITDA per tonne to
remain between USD4/tonne and USD5/tonne (2018: USD6.8/tonne)
during 2019-2022, mainly on account of lower average selling
prices. The decline in the profitability is in line with the
industry; however, for GEMS the impact on cash flow is offset
partly by its expectation of volume growth. Fitch also expects the
group to maintain a net debt position until 2022, as compared with
a net cash position in 2017.

Increasing Production Scale: Fitch expects GEMS's production to
increase to 36 million tonnes (mt) in 2020 (2019E: 30mt, 2018:
22.6mt), driven mainly by the production from BIB. The company
targets BIB's annual production to surpass 50mt by 2022. After the
capacity expansion, GEMS's own port will be able to support
shipping of about 44mt a year. GEMS also has contracts with third
party ports, which would be used once their annual production
surpasses 44mt. GEMS's expected increase in production volumes is
dependent on the quotas it receives from the state. Fitch does not
think this is a major risk to GEMS in light of its regulatory
compliance in supplying to the domestic market.

Fitch expects GEMS to require minimal capex towards infrastructure
to support the increasing volumes, spending about USD25 million-30
million annually over the next three years to upgrade the capacity
of the hauling roads and crushers. GEMS's lower capex requirement,
compared with some of its peers, is due to the close proximity of
its main mine to the port.

Limited Mine Diversity: BIB accounts for more than 90% of GEMS's
total production and above 65% of the proven and probable (2P)
reserves. Fitch expects with BIB's production ramp-up and the
contribution from GEMS's other mines, including the recently
acquired PT Barasentosa Lestari (BLS), to remain small. Still,
Fitch believes the concentration of operational risk is mitigated
by its contracts with two established mining contractors, PT
Saptaindra Sejati (a subsidiary of PT Adaro Energy Tbk) and PT
Putra Perkasa Abadi, which are among the top-five mining
contractors in Indonesia. GEMS benefits from the low-cost structure
of BIB, which is among the lowest-cost mines in the world due to
the low strip ratio of 4x, coupled with short haulage requirements.
However, the calorific value (CV) of GEMS's coal is lower than the
Indonesian average, which results in a lower selling price.

Long Reserve Life: GEMS has one of the largest reserves compared
with its coal mining peers in Indonesia. GEMS's reserves are the
fourth-largest in Indonesia, with proven reserves of around 800 mt
at end-September 2019 (end-December 2018: 818mt), or a reserve life
of 27 years based on its 2019 total expected production. GEMS's
acquisition of BSL in the second half of 2018 had further improved
its reserve base by adding 150mt of proved reserves. GEMS's BIB
mine holds 586mt of the proven reserves, with a second-generation
licence valid till 2036, alleviating any licence renewal
uncertainty which is being faced by some peers.

Adequate Financial Profile: Fitch expects GEAR's group financial
profile to remain adequate for its rating level in spite of
declining coal prices affecting the profitability of its key
subsidiary, GEMS. The group's financial profile would be supported
by rising production volumes, healthy pre-dividend cash flow
generation, moderate capex and low interest expense. Fitch expects
GEAR to maintain net debt/EBITDA below 1.6x with interest cover
(EBITDA/interest) of above 5.0x during 2019-2022. On a standalone
basis, Fitch expects GEMS to maintain net debt/EBITDA below 1.0x
with interest cover of above 14x during 2019-2021.

DERIVATION SUMMARY

GEMS's ratings are based on the consolidated credit profile of the
GEAR group due to the moderate linkages between the two entities
and their credit profiles. The ratings factor in the group's
adequate credit ratios, large reserve base, limited mine diversity
and low-cost position. GEAR's leverage and coverage are stronger
than those of PT Indika Energy Tbk (BB-/Stable); and GEMS has a
longer reserve life. However, Indika's operations are larger, more
integrated and more diversified, which Fitch believes justifies the
one-notch difference in their IDRs. The production capacity of
Indika's key coal asset, Kideco, is well-established, and is at its
peak compared with GEMS, which is boosting production. Fitch also
thinks that both companies demonstrate similar sensitivity to
declines in coal prices.

KEY ASSUMPTIONS

Key assumptions for Rating Case:

  - Index coal prices in line with Fitch's mid-cycle commodity
price assumptions, adjusted for the difference in CV (thermal coal
average Newcastle 6,000 kcal/kg, FOB: USD73/tonne in 2020 and
USD72/tonne in 2021 and USD70/tonne in 2022).

  - Total volume of coal produced: 30mt in 2019, 36.1mt 2020,
42.3mt 2021 and 47.7mt 2022.

  - Capex incurred of USD25 million in 2020 and USD30 million in
both 2021 and 2022, mainly to ramp up capacity at its BIB mine.

  - No major acquisitions factored in at GEMS or GEAR level.

RATING SENSITIVITIES

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

  - Adjusted EBITDA of USD150 million a year, based on a
proportionate consolidation of GEMS

  - Holding company's standalone EBITDA/interest cover of above
3.0x

  - Net adjusted debt/EBITDAR of less than 2.5x, based on a
proportionate consolidation of GEMS

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

  - Holding company's standalone EBITDA/interest cover of below
2.0x

  - Net adjusted debt/EBITDAR of more than 3.5x, based on a
proportionate consolidation of GEMS

LIQUIDITY

Adequate Liquidity: GEAR's healthy cash flow generation and
well-spread debt maturities underpin the group's adequate
liquidity. The group had USD315 million of debt as of end-September
2019 (end-2018: USD269 million), which includes USD48 million of
short-term debt versus the cash and cash equivalents of USD183
million. The increase in debt in 2019 was mainly on account of the
debt taken due to the acquisition of a minority stake in Stanmore.
The group's debt, both at GEMS and the holding-company level, has a
gradual repayment structure except for the bond repayment in 2022.
Fitch expects the group to require partial refinancing of the bond,
before 2022. Fitch regards the refinancing risk as low, taking into
account GEAR's adequate credit profile and access to banks and
capital markets. The entity also has USD36 million of undrawn
credit facilities at GEMS's level, which can be used for capex.

On a standalone basis, GEMS has improving cash flow generation,
moderate debt levels and well-distributed amortising debt, which
supports its adequate liquidity position. Fitch expects GEMS's debt
to increase moderately during 2019-22, to support mainly its
expanding working capital and capex requirements. The entity's
short-term debt is about USD47 million, which is easily covered by
its cash position of about USD129 million, as of end-September
2019, and undrawn credit facilities of USD36 million.

ESG Consideration:

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

INDIKA ENERGY: Fitch Affirms BB- LT IDRs, Outlook Stable
--------------------------------------------------------
Fitch Ratings affirmed the Long-Term Foreign- and Local-Currency
Issuer Default Ratings on PT Indika Energy Tbk at 'BB-'. The
Outlook is Stable. Fitch has also affirmed the company's
outstanding senior unsecured notes at 'BB-'.

The affirmation of Indika's ratings and Stable Outlook reflects
Fitch's expectation that the company would be able to reduce its
leverage, measured by FFO adjusted net leverage, to below 3.0x from
2020 and sustain a credit profile commensurate with the 'BB-'
rating, due to positive free cash flow as a result of increased
coal production and volume growth at its coal contracting and
barging businesses.

The ratings reflect the moderate cost position of Indika's mining
operations, market position as one of Indonesia's largest coal
miners, and improving integration via its coal contracting
operations and adequate liquidity. Indika also aims to reduce its
earnings exposure to Indonesian thermal coal, which could incur
investments. Fitch does not expect these investments to materially
weaken Indika's leverage, although Indika's rating headroom has
reduced following the downward revision of Fitch's coal price
assumptions (see "Fitch Ratings Updates Mid-Cycle Metals and Mining
Price Assumptions" published on November 6, 2019).

KEY RATING DRIVERS

Reduced Rating Headroom: Fitch expects Indika's FFO net leverage to
increase to around 4.1x in 2019, and remain between 2.5x and 3x
from 2020. The increase in leverage in 2019 (2018: 1.9x) was due to
weak coal prices, higher capex spend and increased cash taxes,
partly due to the strong profitability in 2018.

Fitch expects some improvement in Indika's leverage from 2020 due
to higher production volumes of its 91% owned subsidiary PT Kideco
Jaya Agung, which should offset the impact of lower unit
profitability on total cash flows, as well as reduced capex
intensity. Fitch also expects the earnings of the group's 70%-owned
coal-mining contractor, PT Petrosea Tbk, and its 51% owned coal
barging company, PT Mitrabahtera Segara Sejati Tbk (MBSS), to
increase over the next three to four years. The improved earnings
will be driven by the group channelling more overburden removal and
coal transport volumes from Kideco through Petrosea and MBSS.

Lower Coal Prices Reduce Profitability: Indika expects Kideco's
production to increase in 2020 and 2021 to over 35 million tonnes,
from 34 million tonnes in 2018 and a similar amount expected in
2019. The increased output would partly counter the lower unit
profitability on cash generation due to weaker expected coal
prices. Fitch expects Kideco's EBITDA per tonne to decline to
around USD6.7 in 2019, and to around USD6.1 in 2020 (2018: USD14)
as global coal prices decrease. Kideco produced up to 40 million
tonnes in 2014 and has adequate infrastructure capacity to ramp up
production, without incurring much capex.

Strong Kideco Profile: Kideco is among Indonesia's five-largest
coal miners, with annual production of around 34 million tonnes,
accounting for over 70% of Indika's consolidated EBITDA in 2018.
Fitch estimates that, in terms of energy-adjusted mining costs,
Kideco is in the second quartile of the global seaborne thermal
coal cost curve. According to CRU, factoring in Kideco's total cash
costs, including its relatively high tax structure, Kideco's
position is around the third quartile.

Kideco's reserve life is also adequate for the rating at over 15
years based on its expected production. Kideco's financial profile
is extremely robust, with no debt or major capex, resulting in a
majority of its cash generated paid as dividends. Kideco had EBITDA
of USD479 million in 2018 (2017: USD526 million) and paid dividends
of USD225 million (2017: USD300 million).

Concession Renewal Risk: Kideco's mining licence expires in 2023.
Fitch does not foresee any major risks to renewal and assumes the
licence will be successfully converted to a new format and
extended. Fitch does not expect and potential changes to the
concession structure to have a significant impact on Indika's
operating and financial profile, due to the importance of
concessions to state revenue and Indonesia's coal industry. Fitch
will consider any significant negative developments in concession
renewals, including non-renewal, as event risk.

Integrated Business Model: Fitch expects both Petrosea and MBSS to
benefit from increasing volumes from Kideco, which should minimise
the impact of volatile coal prices on these companies. Petrosea's
credit profile benefits from a strong customer profile, which
includes Kideco and the low-cost miner PT Bayan Resources Tbk
(BB-/Stable), which together accounted for over 70% of Petrosea's
overburden removal volumes. Fitch expects Petrosea to contribute to
about 30% of Indika's consolidated EBITDA in 2020 (19% in 2018) and
MBSS to account for around 8% of Indika's consolidated EBITDA (4%
in 2018).

Fitch does not expect Petrosea and MBSS to make a meaningful
contribution to Indika's dividend income in the coming few years,
although they are not likely to require Indika's financial support
in the near to medium term. Indika has fully owned operations in
infrastructure and energy engineering and construction projects
under the Tripatra group, which Fitch expects to generate annual
EBITDA of about USD30 million-40 million during the period.

Low Risk in Quota Approvals: Fitch's expectation of higher output
by Indika depends on the quotas it receives from the state. Fitch
thinks the risk of Indika failing to meet the output expectation is
low given its compliance with requirements in supply to the
domestic market, which Fitch thinks are a key determinant for quota
approvals. Fitch also does not anticipate any significant drop in
Indonesia's total production targets, as taxes and royalties from
coal are important to the state.

Price Cap on Domestic Sales: Coal companies are required to sell
coal in the domestic market at price limits set by the state until
end 2019. Fitch does not rule out the continuation of a similar
mechanism after 2019, although the impact on the expected credit
metrics of Indika is not likely to be material as benchmark coal
prices are likely to remain at or below capped levels.

Diversification Strategy: Indika has invested in an USD115 million
in a fuel storage facility, most of which would be incurred in
2019, as part of its attempt at business diversification. Apart
from this, Fitch has not factored in any major investments in
diversification projects in its financial forecasts. Earnings
contribution from Indika's diversification investments is likely to
be limited over the medium term.

DERIVATION SUMMARY

Indika's ratings are driven by Kideco's moderate cost position,
production flexibility, reasonable reserves and large capacity,
which require little capex. PT Bayan Resources Tbk (BB-/Stable) is
rated at the same level, reflecting its comparable operational risk
profile to Indika. Bayan has a lower cost position and larger
reserves than Indika and has a healthier financial profile with
minimal debt. However, Bayan has faced operational disruptions
owing to bottlenecks in its transport infrastructure, which
constrain its ratings. Indika's operations are more integrated and
have a stronger track record of uninterrupted production.

The energy-adjusted cost position of Indika's mining operations is
stronger than that of Golden Energy and Resources Limited (GEAR,
B+/Stable). Indika also has more integrated operations than GEAR.
Indika's higher ratings reflect its larger scale of earnings,
stronger operational track record and more integrated operations.
GEAR's ratings are constrained until it is able to generate higher
earnings.

KEY ASSUMPTIONS

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

  - Kideco's coal production at 34 million tonnes in 2019 and over
35 million tonnes from 2020

  - Kideco's average selling price to decline to USD45/tonne in
2019, USD42.8/tonne in 2020 and USD42.6/tonne in 2021

  - Consolidated capex of USD250 million in 2019, USD146 million in
2020 and USD174 million in 2021. Majority of capex from 2020 would
be incurred for equipment purchases at Petrosea.

RATING SENSITIVITIES

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

  - Increase in coal production to about 40 million tonnes per
annum with an average remaining reserve life at around 15-20 years,
while maintaining its low-cost position and stable financial
profile, with FFO adjusted net leverage below 1.5x

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

  - FFO adjusted net leverage above 3.0x for a sustained period

  - FFO fixed-charge coverage falling below 3.5x (2018: 4.0x)

  - Any weakness or challenge in successfully addressing lumpy debt
maturities

LIQUIDITY

Strong Cash Balances: Indika had consolidated cash balances of over
USD610 million at end-September 2019. In comparison, USD 1.1
billion of Indika's total consolidated debt of USD1.5 billion is
due between 2022 and 2024. In August 2019, Indika prepaid USD215
million of its USD500 million of notes due in 2023, which was
partly funded via a lower cost syndicated loan. Fitch expects debt
maturities of less than USD100 million per annum in 2020 and 2021.

Fitch estimates that Indika's cash balances and modest, yet
positive, cash flow generation will allow it to comfortably repay
its USD265 million of notes due in 2022. Indika would, however,
need to raise additional funds to refinance part of its USD285
million of notes due in 2023 and USD575 million of due in 2024.
Fitch thinks refinancing risk for the 2023 and 2024 notes is low,
given Indika's relatively proactive liquidity and liability
management and a proven track record of raising funds even during
coal downturns.

ESG Considerations

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

FULL LIST OF RATING ACTIONS

PT Indika Energy Tbk

  - Long-Term Foreign-Currency Issuer Default Rating affirmed at
'BB-'; Outlook Stable

  - Long-Term Local-Currency Issuer Default Rating affirmed at
'BB-'; Outlook Stable

Indo Energy Finance II BV

  - USD285 million senior notes affirmed at 'BB-'

Indika Energy Capital II Pte Ltd

  - USD265 million senior notes affirmed at 'BB-'

Indika Energy Capital III Pte. Ltd.

  - USD575 million senior notes affirmed at 'BB-'



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

FGV HOLDINGS: Q3 Net Loss Narrows to MYR262.4MM
-----------------------------------------------
The Sun Daily reports that FGV Holdings Bhd narrowed its net loss
for the third quarter ended Sept. 30 to MYR262.4 million, from
MYR849.5 million a year ago attributable in large part to
impairments amounting to MYR304 million, lower crude palm oil (CPO)
price realised for the period and losses in the group's sugar
business.

Revenue for the period increased to MYR3.55 billion, 11% higher
than MYR3.19 billion, due to significantly improved operational
performance resulting in higher yields and lower costs, the Sun
Daily discloses.

"The higher revenue was achieved despite a sharp decline in CPO
price and the lower average selling price for sugar. For 3Q19, CPO
prices averaged MYR1,983 per metric tonne (MT), which was 11% lower
than the average CPO price realised of MYR2,224 per MT for 3Q18,"
the group said in a statement, the report relays.

According to the Sun Daily, Group CEO Datuk Haris Fadzilah Hassan
said with a higher CPO price seen for the fourth quarter, FGV's
operational numbers would continue to improve.

"In addition to improving palm oil operations, FGV is also
repositioning itself to capitalise on its large landbank and vast
resources to create alternative earnings streams.

"We have identified clear strategies to derive value within the
circular economy and to enter into adjacent businesses that will
enable us to sweat our assets more. Potentially we are looking at
additional revenues of MYR100 million a year," the report quotes
Haris as saying.

For the nine months ended Sept 30, FGV's net loss improved to
MYR318 million, compared with a net loss of MYR871.8 million
previously. Revenue was slightly lower at MYR10.1 billion, from
MYR10.2 billion before, the report discloses.

Looking ahead, Haris said he believed FGV is on track to achieve
the tough targets that have been set by its board, the Sun Daily
relates.

"This marked improvement in operational numbers can be attributed
to the new agricultural management systems and processes that have
been implemented over the last several months," Haris, as cited by
the Sun Daily, said.

FGV Holdings Berhad engages in the agri-business in Malaysia and
internationally. The company cultivates, produces, and processes
fresh fruit bunches into crude palm oil (CPO) and palm kernel (PK);
refines CPO; fractionates refined bleached deodorized palm oil and
palm olein; crushes PK; processes and sells biodiesel products; and
produces fatty acids and glycerin, graphene and
nanotubes, and consumer bulk and packed products.




===============
M O N G O L I A
===============

MONGOLIA: S&P Affirms 'B' LongTerm Sovereign Credit Rating
----------------------------------------------------------
S&P Global Ratings affirmed its long-term sovereign credit rating
on Mongolia at 'B'. The outlook on the long-term rating is stable.
At the same time, S&P affirmed its 'B' short-term credit rating on
Mongolia. S&P's transfer and convertibility (T&C) assessment on
Mongolia remains unchanged at 'B+'.

Outlook

S&P said, "The stable outlook balances our expectation that
Mongolia's strong macroeconomic outlook fuels continued, yet
gradual, improvement in its external and debt settings over the
next 12 months while the government continues to pursue prudent
economic and fiscal policies.

"Upside pressure on the rating could build if the economy
outperforms our current projections over the next 12 months such
that fiscal, debt, or external metrics improve more rapidly than we
expect.

"Downward pressure could emerge if Mongolia's macroeconomic
settings weaken, potentially owing to an unexpected acute downturn
in commodities markets, such that we assess external and debt
pressures to have materially deteriorated. Likewise, a backslide in
the government's fiscal consolidation program, potentially
associated with rising political uncertainty around general
elections in 2020, could also lead to downward pressure on the
rating."

Rationale

S&P said, "Our ratings on Mongolia reflect the country's evolving
institutional settings and elevated external imbalances, which we
weigh against ongoing improvements to its fiscal metrics and sound
economic growth prospects. Following a period of extremely high
fiscal deficits, the Mongolian government is likely to achieve its
second straight year of fiscal surpluses in 2019, and we believe
that deficits over 2020-2022 are likely to be modest."
Nevertheless, Mongolia continues to face significant
vulnerabilities stemming from elevated external and public
indebtedness.

Institutional and economic profile: Sound economic growth continues
to support improving credit metrics

-- Mongolia's economy is likely to achieve its third straight year
with real GDP growth above 5.0% this year, largely powered by
strong mineral export growth.

-- S&P expects this trend to continue over the next three years,
providing further support for key credit metrics.

-- Nevertheless, the Mongolian economy remains highly vulnerable
to inherently unpredictable shifts in commodity prices, as well as
political risk.

Mongolia's economic recovery remains intact, with real GDP growth
at 6.1% year on year in the first three quarters of 2019 following
a rapid 6.8% expansion in 2018. S&P expects real GDP growth to
average approximately 6.0% annually through 2022 as relatively
steady commodity prices and investment in and production from the
Tavan Tolgoi and Oyu Tolgoi mining projects continue to fuel the
economy's expansion.

In view of Mongolia's 10-year weighted average real GDP per capita
growth of 3.9% per year, S&P assesses its economic performance to
be significantly higher than that of other countries with similar
GDP per capita. That said, the economy remains highly vulnerable to
acute shifts in commodity prices. This vulnerability contributes to
heightened volatility in economic and fiscal outcomes.

Although the current government, helmed by the Mongolian People's
Party (MPP) since 2016, has maintained relatively supportive mining
policies, the sector has nevertheless come under intense scrutiny
again.

The Mongolian Parliament on November 21 approved a resolution to
allow the government of Mongolia to reopen negotiations with Rio
Tinto on the nature of various existing agreements governing the
investment, financing, and shareholder terms of the enormous Oyu
Tolgoi copper and gold mine in the Gobi Desert. The outcome of
these negotiations remains uncertain, but major revisions to the
terms of the agreements could undermine the foreign investment
climate in Mongolia and potentially challenge the development of
the project itself. On the other hand, minor revisions, which
appear to be the more probable outcome, are unlikely to materially
undermine the viability of the project, and could establish a
slightly more favorable financial outcome for the government.

The country's two mega projects continue to make progress, although
the second phase of the Oyu Tolgoi gold and copper mine located in
the South Gobi region of Mongolia is facing delays. Rio Tinto, the
mine's main developer, revealed earlier this year that the cost of
the project could balloon to US$7.2 billion, from a previously
estimated US$5.3 billion, and that sustainable production could be
pushed back to mid-2022. Under the current investment agreement,
the government of Mongolia owns approximately one-third of the
project, which is operated by Rio Tinto PLC. S&P has adjusted its
economic forecasts for Mongolia to account for the expected delay
to production from the second phase of the Oyu Tolgoi mine, which
will likely take large-scale production outside of its forecast
horizon.

The second project is Tavan Tolgoi, which the Mongolia government
proposes to be a US$4 billion coal mine located in the same region
and will be operated by the Mongolian Mining Corp., China Shenhua
Energy Co. Ltd., and Sumitomo Corp. Although these two projects
could significantly boost Mongolia's income level, S&P's ratings
also reflect the risks associated with these projects while they
are still in the development phase. Such risks include periodic
disruptions in the supply of Mongolia's minerals to key trade
partners owing to infrastructural bottlenecks.

Mongolia's fiscal accounts continue to improve in 2019, reflecting
continued buoyancy in collections owing to favorable commodity
exports, as well as expenditure discipline. S&P said, "We expect
that the government will achieve its second straight outright
fiscal surplus in 2019, which we forecast at 1.5% of GDP. From 2020
onward, we believe the government will likely return to running
modest fiscal deficits, averaging 1.9% per year through 2022." With
general elections slated for 2020, however, the fiscal trajectory
is subject to some degree of policy-related variance.

Pressing infrastructure needs represent significant future fiscal
obligations, and we believe Mongolia's revenue base will remain
volatile owing to the government's high dependence on commodity
revenues. That said, Mongolia's rapid nominal GDP growth and
healthier fiscal accounts continue to contribute to a rapid
consolidation of net government indebtedness.

Mongolia continues to benefit from technical support under the
IMF-led reform program. However, financial disbursements from the
fund have been delayed since late 2018, owing largely to the
incomplete recapitalization process in the banking sector.
Nevertheless, the quantum of funding that has been withheld under
the IMF program itself is relatively limited, and Mongolia has
performed particularly well on most of the program's quantitative
targets, mitigating acute external and budgetary pressures. These
developments have strengthened investor confidence in the country
following a period of acute macroeconomic and financial stress in
2015-2016, as evident from Mongolia's retention of market access in
large funding exercises conducted in 2017.

Nevertheless, key rating weaknesses will take time to address, from
both a structural reform and credit metrics perspective. Likewise,
S&P does not expect the economy's high level of dependence on
commodity production and trade to decline in the near future.

The governing MPP, which has enjoyed a strong majority in
parliament since 2016, faces general elections in June, 2020. The
MPP lost a key presidential election in 2017, and 2020's general
elections will be instrumental in determining the policymaking
trajectory in Mongolia over the next four to five years.

Importantly, the MPP government has inculcated strong reform
momentum during its tenure. In particular, the re-orientation of
the Development Bank of Mongolia (DBM) toward a fully commercial
mandate under the DBM Law, the consolidation of spending by the
Bank of Mongolia into the budget, and the adoption and execution of
much stricter fiscal settings, have marked important steps toward
more sustainable public finances.

Flexibility and performance profile: Mongolia still bears external
vulnerabilities, even as fiscal performance improves

-- Mongolia's creditworthiness remains constrained by elevated
public and external indebtedness.

-- While these metrics should continue to improve in line with
Mongolia's robust economic performance, its external
vulnerabilities will likely remain elevated for some time.

-- The government's debt stock should decline further as long as
the recent trend of fiscal prudence is maintained following the
elections in 2020.

Mongolia's macroeconomic settings and fiscal balances have shown
sustained improvement over the past three years, but both external
and public indebtedness remain elevated. S&P forecasts Mongolia's
net general government indebtedness to total approximately 67% of
GDP by the end of 2018. Although this has fallen from a peak of
more than 94% in 2016, it remains high. The large share of foreign
currency debt, along with continued risks from the quality of
banking sector assets, represent additional risks to the
government's debt position. S&P said, "Nevertheless, we forecast a
meaningful decline in the ratio of net general government
indebtedness to GDP over the coming years, fueled by continued
robust nominal GDP growth and contained fiscal deficits. By 2022,
we expect net general government debt to fall to approximately 55%
of GDP."

Mongolia's external position remains weak, although rapid export
growth is helping to gradually improve its net indebtedness and
liquidity positions. S&P said, "That said, we expect Mongolia's
current account deficits this year and next to remain quite
elevated, at approximately 15% and 14% of GDP, respectively. The
high import content of Mongolia's mining projects, combined with
rising income payments to foreign investors, will to some extent
offset rapid growth in current account receipts over the forecast
period. Beyond 2020, though, we expect the deficit to recede more
quickly, falling to 9.5% of GDP by 2022, as mineral exports growth
accelerates."

After Mongolia's net external indebtedness peaked at 252% of
current account receipts (CARs) in 2016, S&P forecasts net external
debt will fall to approximately 185% of CARs in 2019, before
receding further to 167% in 2022 on the back of continued strong
export growth. Given the heavily commodity-dependent nature of
Mongolia's export basket, the sovereign also faces elevated risks
to its external position stemming from its volatile terms of
trade.

S&P said, "Meanwhile, we project the ratio of gross external
financing needs to CARs plus usable reserves to rise marginally to
132% by the end of 2019, largely owing to a pause in foreign
reserve accumulation, alongside the country's still-elevated
current account deficit. Liquidity pressure remains elevated, in
our opinion. We forecast liquidity needs to gradually decline to
approximately 115% by 2022 as liquidity pressure eases with
stability in commodity prices and big projects near completion."

Mongolia's foreign exchange reserves position strengthened from
2016 to 2018, roughly tripling in size owing to the country's
improving terms of trade, as well as funding from multilateral and
bilateral program partners. However, reserve accumulation has
slowed since then, likely owing to a combination of central bank
support for the Mongolian tugrik, elevated external financing
needs, and an extended pause in the government's issuance of
external debt amid consecutive years of fiscal surplus. S&P expects
these conditions to broadly remain in place over the next few
years, limiting additional accumulation of foreign exchange
reserves.

Although S&P continues to assess the Bank of Mongolia's (BoM)
currency regime as floating, persistent intervention over time
could lead to lower reserve coverage and an overvalued exchange
rate. Well over half of government debt and a third of banking
system loans are in foreign currency, suggesting balance sheet
vulnerabilities.

Mongolia's central bank has previously executed quasi-fiscal
spending programs on behalf of the government, and therefore its
independence is deemed to be limited. Although central bank
governance has been strengthened by ongoing reforms adopted from
2016 onward, BoM's track record of operational independence remains
limited.

S&P Global Ratings considers DBM as part of the general government,
given its past quasi-fiscal activity and the government's provision
of extraordinary support to meet DBM's debt repayments in 2017. The
adoption and ongoing implementation of more robust laws for DBM and
the Deposit Insurance Corp. of Mongolia should curtail fiscal risks
in the future. S&P expects the revised DBM law to have successfully
addressed the quasi-fiscal nature of the bank's future operations.

S&P views the rest of the financial and public enterprise sectors
as posing moderate contingent liabilities to the government,
largely due to the size of Mongolia's financial sector. The
country's banks remain exposed to vulnerabilities associated with
the undeveloped, primarily commodity-based, low-income economy.
Delays in the completion of the recapitalization of some banks, as
stipulated under the IMF's Extended Funding Facility program,
suggest that there is further progress to be made in strengthening
Mongolia's financial sector. The resolution of any discrepancies or
shortfalls in the banks' capital-raising exercises, as identified
by the recent forensic audit, will be important in beginning to
address structural vulnerabilities in the financial sector. S&P
also observes continued weaknesses in Mongolia's regulatory
framework, transparency, and disclosures. S&P's Bank Industry
Credit Risk Assessment for Mongolia is '10' (with '1' being the
highest assessment and '10' being the lowest).

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook.



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

SCOTT TECHNOLOGY: DC Ross to Close Next Year; 8 Jobs at Risks
-------------------------------------------------------------
Otado Daily Times reports that engineering firm DC Ross is set to
close next year and eight people are to lose their jobs.

A proposal was put to DC Ross staff on Nov. 29 by its owning
company, Scott Technology, suggesting the business would go through
a two-step closure in February and April, ODT relates.

According to the report, the proposal comes a day after Scott
Technology's chief executive Chris Hopkins stepped down from his
role at the company's annual meeting.

ODT relates that a DC Ross staff member who wished to remain
anonymous said workers were disappointed by a proposal he said was
obviously a certainty.

It came as a surprise, as most workers believed the company was
doing well.

Those losing their jobs included management, design, tool makers
and production workers.

According to ODT, Scott Technology's chief operating officer,
Richard Jenman, said market conditions and competition with bigger
companies around the world had led to the proposal to close DC
Ross.

"DC Ross was a business that Scott purchased two years ago. It was
under liquidation at that stage and closure was imminent," the
report quotes Mr. Jenman as saying.  

"I guess the reason it was in liquidation was because it was
operating in almost primarily the fine blanking materials for the
Australian automotive industry.

"And [with] the closure of that it became very distressed . . . we
thought that by picking it up and going through some cost reduction
activities - looking at the synergies within the group [and] a
really motivated team - we thought we could perhaps turn that
around and develop other opportunities . . .

"Successful businesses in this market are very large. They have
much bigger economies of scale and they're now much closely located
to where automobile assembly is, which is in Asia and the US. We're
too far away, we're too small and just can't get the economy of
scale."

DC Ross was also losing too much money for Scott Technology to keep
it going, Mr. Jenman said, ODT relays.

The proposal was now with staff, who had two weeks to consider it,
the report notes.

A decision is likely by December 13, ODT says.

"We think that within two weeks we will be in a position to receive
the feedback, consider it and make a decision," Mr. Jenman, as
cited by ODT, said.

"If we get a line of feedback that causes us to reconsider
something or do some more investigation on the validity of a
particular scenario, we would happily extend that period."

DC Ross evolved from early 1900s Dunedin company William Wilson,
which started out repairing bicycles and printing machines before
getting some Cadbury contracts.

In 1962, Doug Ross took over Wilson & Wilson, as it was then, with
colleague Gerald Hoare, and formed D.C. Ross Ltd in 1963.




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

GOLDEN ENERGY: Fitch Affirms B+ LT IDR & Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings revised its Outlook on Golden Energy and Resources
Limited to Stable from Positive and affirmed the Long-Term Issuer
Default Rating of GEAR at 'B+'. The agency has also affirmed GEAR's
senior unsecured US dollar bond at 'B+' with a 'RR4' Recovery
Rating.

The Outlook revision reflects Fitch's expectation that GEAR's scale
of EBITDA will be lower than previously expected under Fitch's
recently lowered long-term coal price assumptions (see Fitch
Ratings Updates Mid-Cycle Metals and Mining Price Assumptions,
dated November 6, 2019). This is despite the company's on-track
production volume ramp-up.

Fitch calculates GEAR's EBITDA and credit metrics with
proportionate consolidation of its 67%-owned key subsidiary, PT
Golden Energy Mines Tbk (B+/Stable), as Fitch assesses GEAR's
linkage with GEMS as moderate. Fitch does not expect GEAR's
adjusted EBITDA to rise above USD150 million before 2022.

GEAR's 'B+' ratings reflect the group's adequate financial profile,
healthy reserve life and low cost position of its key mine, PT
Borneo Indobara. The Recovery Rating of 'RR4' reflects average
recovery prospect for its US dollar bondholders.

KEY RATING DRIVERS

Moderate Linkages: The linkages between GEAR and GEMS are moderate,
as assessed under Fitch's Parent and Subsidiary Rating Linkage
criteria. GEMS accounts for almost all of the group's consolidated
EBITDA; GEAR's standalone operations are not significant and most
of its earnings are derived from GEMS's dividends. GEAR retains
majority representation over GEMS's board, and is actively involved
in managing GEMS's operation.

An agreement between GEMS's shareholders ensures that the company
will maximise profit distribution by paying at least 80% of its
free cash flow as dividends. However, GMR Coal Resources Pte. Ltd,
which owns 30% of GEMS, has also appointed key management personnel
and has veto power in major corporate transactions.

Fitch expects GEAR to continue to seek acquisitions or investments
to diversify its portfolio. Fitch may reassess the linkages between
GEAR and GEMS, including the Standalone Credit Profile of GEAR and
its dependence on cash flow from GEMS, after further acquisitions.

Decline in Profitability: Fitch expects GEMS's EBITDA per tonne to
remain between USD4/tonne and USD5/tonne (2018: USD6.8/tonne)
during 2019-2022, mainly on account of lower average selling
prices. The decline in the profitability is in line with the
industry; however, for GEMS the impact on cash flow is offset
partly by its expectation of volume growth. Fitch also expects the
group to maintain a net debt position until 2022, as compared with
a net cash position in 2017.

Increasing Production Scale: Fitch expects GEMS's production to
increase to 36 million tonnes (mt) in 2020 (2019E: 30mt, 2018:
22.6mt), driven mainly by the production from BIB. The company
targets BIB's annual production to surpass 50mt by 2022. After the
capacity expansion, GEMS's own port will be able to support
shipping of about 44mt a year. GEMS also has contracts with third
party ports, which would be used once their annual production
surpasses 44mt. GEMS's expected increase in production volumes is
dependent on the quotas it receives from the state. Fitch does not
think this is a major risk to GEMS in light of its regulatory
compliance in supplying to the domestic market.

Fitch expects GEMS to require minimal capex towards infrastructure
to support the increasing volumes, spending about USD25 million-30
million annually over the next three years to upgrade the capacity
of the hauling roads and crushers. GEMS's lower capex requirement,
compared with some of its peers, is due to the close proximity of
its main mine to the port.

Limited Mine Diversity: BIB accounts for more than 90% of GEMS's
total production and above 65% of the proven and probable (2P)
reserves. Fitch expects with BIB's production ramp-up and the
contribution from GEMS's other mines, including the recently
acquired PT Barasentosa Lestari (BLS), to remain small. Still,
Fitch believes the concentration of operational risk is mitigated
by its contracts with two established mining contractors, PT
Saptaindra Sejati (a subsidiary of PT Adaro Energy Tbk) and PT
Putra Perkasa Abadi, which are among the top-five mining
contractors in Indonesia. GEMS benefits from the low-cost structure
of BIB, which is among the lowest-cost mines in the world due to
the low strip ratio of 4x, coupled with short haulage requirements.
However, the calorific value (CV) of GEMS's coal is lower than the
Indonesian average, which results in a lower selling price.

Long Reserve Life: GEMS has one of the largest reserves compared
with its coal mining peers in Indonesia. GEMS's reserves are the
fourth-largest in Indonesia, with proven reserves of around 800mt
at end-September 2019 (end-December 2018: 818mt), or a reserve life
of 27 years based on its 2019 total expected production. GEMS's
acquisition of BSL in the second half of 2018 had further improved
its reserve base by adding 150mt of proved reserves. GEMS's BIB
mine holds 586mt of the proven reserves, with a second-generation
licence valid till 2036, alleviating any licence renewal
uncertainty which is being faced by some peers.

Adequate Financial Profile: Fitch expects GEAR's adjusted financial
profile, based on the proportionate consolidation of GEMS, to
remain adequate for its rating despite the decline in the coal
prices. Fitch expects the adjusted net debt/EBITDA to continue
decline to below 2x, starting 2020 (2019E: 2.1x), supported by the
rise in production volumes without major capex requirements. On a
standalone basis, Fitch expects GEAR's (the holding company)
interest cover to improve again to 3x in 2020, as its dividend
income improves, after declining to about 2.3x in 2019.

Diversification Credit Positive: GEAR intends to continue to
increase its investment portfolio which could diversify its
earnings. Fitch regards any acquisitions by GEAR as an event risk.
Fitch expects that GEAR's business profile may benefit from further
asset and geographical diversification, if the company is able to
acquire a majority of Stanmore. Stanmore's net cash position,
expanding earnings and moderate capex requirements in the
medium-term may support GEAR's financial profile.

DERIVATION SUMMARY

The ratings of GEAR are based on the proportionately consolidated
financial metrics of GEMS, to incorporate the presence and
influence of significant minority shareholding. The ratings factor
in the group's adequate credit ratios, large reserve base, limited
mine diversity and low-cost position. GEAR's leverage and coverage
are stronger than those of PT Indika Energy Tbk (BB-/Stable); and
GEMS has a longer reserve life. However, Indika's operations are
larger, more integrated and more diversified, which Fitch believes
justifies the one-notch difference in their IDRs. The production
capacity of Indika's key coal asset, Kideco, is well-established,
and is at its peak compared with GEMS, which is boosting
production. Fitch also thinks that both companies demonstrate
similar sensitivity to declines in coal prices.

KEY ASSUMPTIONS

Key assumptions for Rating Case:

  - Index coal prices in line with Fitch's mid-cycle commodity
price assumptions, adjusted for the difference in CV (thermal coal
average Newcastle 6,000 kcal/kg, FOB: USD73/tonne in 2020 and
USD72/tonne in 2021 and USD70/tonne in 2022).

  - Total volume of coal produced: 30mt in 2019, 36.1mt 2020,
42.3mt 2021 and 47.7mt 2022.

  - Capex incurred of USD25 million in 2020 and USD30 million in
both 2021 and 2022, mainly to ramp up capacity at its BIB mine.

  - No major acquisitions factored in at GEMS or GEAR level.

Key Recovery Rating Assumptions:

Recovery analysis for GEAR is on a going-concern basis in case of
bankruptcy and assumes that the company would be reorganised and
not liquidated. Fitch has assumed a 10% discount to enterprise
value to account for bankruptcy-related administrative claims.

Going-Concern (GC) Approach

The GC EBITDA estimate of USD106mn (FY19E 130mn) reflects Fitch's
view of a sustainable, post-reorganization EBITDA level upon which
Fitch bases the enterprise valuation. Fitch has taken a lower
sustainable EBITDA as a restructuring would most likely be a result
of coal market downturn.

An EV multiple of 3.5x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The choice of
this multiple considers the EV/EBITDA multiple used in recent  M&A
transactions in the sector and the multiple at which the Indonesian
coal companies are currently trading in the market.

In the recovery analysis, Fitch assumes repayment of all the debt
at GEMS' level, which is all senior secured bank debt. Fitch has
assumed 67% of the remaining equity value (post the repayment of
subsidiary debt) for the repayment of debt at GEAR level.

Recovery of investment in Stanmore Coal: Fitch had added USD35 mn
for "value from affiliates" to the remaining equity value of GEMS
(due to its 28% stake in the listed company. For the valuation of
Stanmore Coal, Fitch has used a going- concern EBITDA of 105mn
(2019 end-June: 150mn) with a multiple of 1.2x.

This results in a recovery rating of RR2, but a soft cap of RR4 is
applied as the assets are located in Indonesia which is a Group D
country.

RATING SENSITIVITIES

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

  - Adjusted EBITDA of USD150 million a year, based on a
proportionate consolidation of GEMS

  - Holding company's standalone EBITDA/interest cover of above
3.0x

  - Net adjusted debt/EBITDAR of less than 2.5x, based on a
proportionate consolidation of GEMS

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

  - Holding company's standalone EBITDA/interest cover of below
2.0x

  - Net adjusted debt/EBITDAR of more than 3.5x, based on a
proportionate consolidation of GEMS

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: GEAR's healthy cash flow generation and
well-spread debt maturities underpin the group's adequate
liquidity. The group had USD315 million of debt as of end-September
2019 (end-2018: USD269 million), which includes USD48 million of
short-term debt versus the cash and cash equivalents of USD183
million. The increase in debt in 2019 was mainly on account of the
acquisition of a minority stake in Stanmore. The group's debt, both
at GEMS and the holding-company level, has a gradual repayment
structure except for the bond repayment in 2022. Fitch expects the
group to require partial refinancing of the bond, before 2022.
Fitch regards the refinancing risk as low, taking into account
GEAR's adequate credit profile and access to banks and capital
markets. The entity also has USD 35.7 million of undrawn credit
facilities at GEMS's level, which can be used for capital
expenditure.

ESG CONSIDERATIONS

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

HYFLUX LTD: Wins Two More Months of Debt Reprieve
-------------------------------------------------
The Straits Times reports that the High Court on Nov. 29 granted
debt-ridden water treatment company Hyflux another two months of
reprieve from its creditors to work on a restructuring plan inked
earlier this week.

The extended debt moratorium will end in late January, with the
next hearing scheduled for Jan. 29. The previous moratorium was due
to end Dec. 2, the Straits Times relates.

No parties were opposed to the extension, the report says.

According to the report, the extension comes after Hyflux announced
on Nov. 26 that it had reached a restructuring agreement with
utility provider Utico based in the United Arab Emirates.

The agreement, which took months to negotiate, will allow Utico to
take a 95 per cent stake in Hyflux in a $400 million rescue deal,
the report notes.

Hyflux had been looking for a white knight investor after an
earlier rescue deal with Indonesian consortium SM Investments (SMI)
fell through in April, the Straits Times adds.

                             About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.


                           *********


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
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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