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

                     A S I A   P A C I F I C

          Monday, December 9, 2019, Vol. 22, No. 245

                           Headlines



A U S T R A L I A

GERALDTON INVESTMENTS: Second Creditors' Meeting Set for Dec. 13
HRC HOTEL: Second Creditors' Meeting Set for Dec. 13
INDEEP PLANNING: Second Creditors' Meeting Set for Dec. 12
REVELRY ENTERTAINMENT: Second Creditors' Meeting Set for Dec. 16
TAK NOMINEES: Second Creditors' Meeting Set for Dec. 11



C H I N A

CHINA SOUTH: Fitch Assigns B Rating on Proposed USD Sr. Notes
SHANDONG RUYI: S&P Withdraws 'CCC+' LongTerm Issuer Credit Rating


I N D I A

AGARWAL RUBBER: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
B.P. CONSTRUCTION: Ind-Ra Rates INR60MM Debt 'BB-'
BINAYAK HI-TECH: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
COMMERCIAL AUTO: Ind-Ra Moves B+ on INR100MM Debt to NonCooperating
DEWAN HOUSING: RBI Retains Three-Member Advisory Panel

DIVYALAKSHMI TEXTILES: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
ETERNITY GLOBETEX: CRISIL Lowers Rating on INR8cr Loan to 'D'
G. SATHYANARAYANA: Ind-Ra Moves BB- Debt Rating to Non-Cooperating
HEALTHPLUS RESEARCH: CRISIL Cuts Rating on INR40cr Loan to 'D'
IBC LIMITED: CRISIL Lowers Rating on INR30cr Loan to 'D'

KASATA HOMETECH: Insolvency Resolution Process Case Summary
KAYNES TECHNOLOGY: CRISIL Cuts Rating on INR12cr Loan to 'D'
KHATOR TECHNICAL: CRISIL Cuts Rating on INR9cr Loan to 'D'
MANTRAS GREEN: CRISIL Assigns 'D' Rating to INR7cr Loan
MN BIO-TECHNOLOGY: Ind-Ra Affirms BB Rating on INR485MM Debentures

MN TAKSHILA: Ind-Ra Affirms BB on INR1.5-Bil. Debentures
MODERN LAMINATORS: Ind-Ra Maintains BB+ Rating in Non-Cooperating
MOHIT DIAMONDS: CRISIL Lowers Rating on INR46.96cr Loan to D
PAREKH PETROCHEMICALS: Ind-Ra Moves BB- Rating to Non-Cooperating
PRIYESH AGRO: CRISIL Maintains 'D' Rating in Not Cooperating

PRUDENTIAL SUGAR: CRISIL Maintains 'C' Rating in Not Cooperating
S.R INDUSTRIES: CRISIL Maintains 'D' Rating in Not Cooperating
SHRI RAMESHWAR: CRISIL Migrates 'D' Rating to Not Cooperating
SKOPOS DREDGING: CRISIL Moves 'D' Rating to Not Cooperating
SNEHA MARKETING: CRISIL Cuts Rating on INR6cr Loan to 'D'

SONA SYNTHETICS: CRISIL Lowers Rating on INR7cr Cash Loan to D
ST. NICHOLAS CASHEW: CRISIL Moves D Rating to Not Cooperating
SUVEERA AGRO: CRISIL Moves D Rating to Not Cooperating
TENTIWALA METAL: CRISIL Maintains 'D' Rating in Not Cooperating
URBAN TRANSIT: Insolvency Resolution Process Case Summary

USHA CUBALS: CRISIL Keeps D on INR20cr Loans to Not Cooperating
VAIBHAV ENERGY: CRISIL Revokes 'D' Rating on INR4.18cr New Loan
VIZAG COMPANYS: CRISIL Keeps D on INR18cr Loan to Not Cooperating
YES BANK: Moody's Lowers LT Issuer Rating to B2, Outlook Neg.


I N D O N E S I A

TUNAS BARU: Fitch Affirms B+ LongTerm IDR, Outlook Stable


M A L A Y S I A

CHINA AUTOMOBILE: PN17-Exit Plan Hits Snag After MoU Termination


P H I L I P P I N E S

BANCO FILIPINO: PDIC Files Case vs. Chair/Pres. & 15 Former Execs
MAXIMUM SAVINGS: Creditors Claims' Deadline Set for Jan. 21

                           - - - - -


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

GERALDTON INVESTMENTS: Second Creditors' Meeting Set for Dec. 13
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Geraldton
Investments Pty Ltd has been set for Dec. 13, 2019, at 11:00 a.m.
at the offices of FTI Consulting (Australia) Pty Ltd, Level 47,
Central Park, at 152 -158 St Georges Terrace, 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. 12, 2019, at 4:00 p.m.

Ian Charles Francis and Daniel Hillston Woodhouse of FTI Consulting
were appointed as administrators of Geraldton Investments on Nov.
8, 2019.


HRC HOTEL: Second Creditors' Meeting Set for Dec. 13
----------------------------------------------------
A second meeting of creditors in the proceedings of HRC Hotel
Services Pty. Ltd has been set for Dec. 13, 2019, at 10:00 a.m. at
the offices of Smith Hancock Chartered Accountants, Level 4, at 88
Phillip Street, in Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 12, 2019, at 4:00 p.m.

Michael John Morris Smith of Smith Hancock was appointed as
administrator of HRC Hotel on Nov. 21, 2019.


INDEEP PLANNING: Second Creditors' Meeting Set for Dec. 12
----------------------------------------------------------
A second meeting of creditors in the proceedings of Indeep Planning
Pty Ltd has been set for Dec. 12, 2019, at 11:00 a.m. at the
offices of Smith Hancock Chartered Accountants, Level 4, at 88
Phillip Street, in Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 11, 2019, at 4:00 p.m.

Michael John Morris Smith of Smith Hancock was appointed as
administrator of Indeep Planning on Nov. 13, 2019.


REVELRY ENTERTAINMENT: Second Creditors' Meeting Set for Dec. 16
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Revelry
Entertainment Pty Ltd has been set for Dec. 16, 2019, at 10:00 a.m.
at the offices of Morton's Solvency Accountants, Level 11, at 410
Queen 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. 13, 2019, at 4:00 p.m.

Gavin Charles Morton of Morton's Solvency Accountants was appointed
as administrator of Revelry Entertainment Pty Ltd on Nov. 11,
2019.


TAK NOMINEES: Second Creditors' Meeting Set for Dec. 11
-------------------------------------------------------
A second meeting of creditors in the proceedings of Tak Nominees
Pty ltd, trading as Salon Valentino's Hair Design For Men & Ladies,
has been set for Dec. 11, 2019, at 11:00 a.m. at the offices of
Quigley & Co, Level 5, at 231 Adelaide Terrace, 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. 10, 2019, at 4:00 p.m.

Peter Reymond Quigley of Quigley & Co was appointed as
administrator of Tak Nominees on Nov. 6, 2019.




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C H I N A
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CHINA SOUTH: Fitch Assigns B Rating on Proposed USD Sr. Notes
-------------------------------------------------------------
Fitch Ratings assigned China South City Holdings Limited's
(B/Stable) proposed US-dollar senior notes a rating of 'B' and a
Recovery Rating of 'RR4'. The notes are rated at the same level as
CSC's senior unsecured rating because they will constitute its
direct and senior unsecured obligations. CSC intends to use the net
proceeds from the notes to refinance debt and for general working
capital.

CSC's ratings are supported by rising residential sales from its
well-located projects in high-tier cities, a long record in
integrated trade-centre development and sufficient liquidity. The
ratings are constrained by limited project diversification, stable
but high leverage, and a weak industry outlook. Fitch estimates
leverage will remain below 50%, the level above which Fitch would
consider negative rating action.

KEY RATING DRIVERS

Residential Sales Support Performance: Fitch expects CSC to
continue to rely on residential and multi-purpose properties in the
next three years to provide cash flow for its land banking and
construction needs, with trade-centre sales continuing to
underperform in light of weak demand from SMEs. Contracted sales
increased by 22% yoy to HKD15 billion in the financial year ended
March 2019 (FY19) and Fitch expects CSC to reach its annual
contracted sales target of HKD16 billion in FY20. Residential and
multi-purpose properties sales accounted for 87% and 84% of
contracted sales in FY19 and 1HFY20 respectively.

Stable Leverage, Land Cost: Fitch expects leverage - measured by
net debt/adjusted inventory, including investment property at cost
- to remain below 50% for the next three years if CSC maintains
prudent land acquisitions and achieves satisfactory sales, as
management plans. Leverage eased to 44.6% in 1HFY20 compared with
44.7% in FY19 and 46.3% in FY18. Cash outflow for land acquisitions
fell to CNY1.3 billion in FY18, from CNY4.8 billion in FY17. Fitch
estimates that CSC's total land premium will remain low in FY20, at
about 15% of sales proceeds.

Development Margin to Narrow: Fitch estimates that CSC's overall
development margin will narrow by 1pp-2pp in the next three years
due to increased revenue recognition from lower-margin residential
units as well as multi-purpose offices and apartments, which have
lower gross profit margins. CSC's gross profit margin for property
development, including capitalised interest, stabilised at 44.3% in
FY19 (FY18: 44.3%, FY17: 46.4%). Trade centres and residential
units accounted for 22% and 72%, respectively, of development
revenue in FY19.

Low Non-Development EBITDA Interest Coverage: Fitch expects CSC's
non-development business in terms of EBITDA generation to remain
below 0.4x for the next three years, as non-development EBITDA
interest coverage was only 0.27x in FY19 (FY18: 0.21x). This will
provide only limited support to the rating in the short term,
although the diversification will enhance the company's cash flow.
Income from CSC's non-development business increased by 15% yoy to
HKD2.3 billion in FY19, driven by growth in its outlet, property
management services, and logistics and warehousing businesses.

DERIVATION SUMMARY

CSC's eight projects are in tier 1 and 2 Chinese cities; these are
better located than those of the other Fitch-rated trade-centre
developer - Hydoo International Holding Limited (B-/Stable), whose
10-12 projects are mainly in tier 3 and 4 cities. This translates
into better sales and EBITDA margins compared with Hydoo and other
competitors in the industry. CSC was also able to generate HKD2.3
billion of non-development income in FY19. Its non-development
segment remains small in terms of EBITDA generation, but may be
able to support debt interest service in the future. CSC's leverage
of 44.7%, measured by net debt/adjusted inventory (including
investment property at cost), at FY19 is comparable with that of
other 'B' rated peers.

KEY ASSUMPTIONS

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

  - Property development contracted sales to reach HKD16 billion-18
billion in FY20-FY22

  - Property development EBITDA margin, excluding capitalised
interest and government grants, sustained above 25% in FY20-FY22
(FY19: 27%)

  - Non-development income to increase by 15% each year in
FY20-FY22 (FY19: 15%)

  - Construction and land acquisition cash outflow to account for
around 10%-30% of sales proceeds in FY20-FY21

No changes in Recovery Rating Assumptions

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action include:

  - EBITDA margin of below 20% for a sustained period (FY19: 27%)

  - Net debt/adjusted inventory, including investment property at
cost, of above 50% for a sustained period (FY19: 44.7%)

  - Deterioration in liquidity or difficulty in debt refinancing.

Fitch does not expect positive rating action in the next 12-18
months in light of persistently weak demand for trade and logistic
centres.

LIQUIDITY

Tight but Manageable Liquidity: CSC had cash and cash equivalents,
including restricted cash, of around HKD9.3 billion and unutilised
banking facilities of CNY15.4 billion at end-September 2019,
covering short-term debt of HKD14.5 billion. Fitch treats the
puttable date of CSC's onshore bonds as the effective maturity date
and includes all redeemed offshore debt as maturing in the next
financial year. CSC's issuance in the offshore bond market has
alleviated its refinancing pressure, although the coupon of its
recently issued senior notes due 2020 rose to 11.875%, compared
with its average funding cost of 6.680% in FY18.


SHANDONG RUYI: S&P Withdraws 'CCC+' LongTerm Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' long-term issuer credit
rating on Shandong Ruyi Technology Group Co. Ltd. (Ruyi) at the
company's request. The outlook was negative at the time of
withdrawal. S&P also withdrew the 'CCC' long-term issue rating on
the company's guaranteed senior unsecured notes.

S&P said, "Our ratings on Ruyi reflected the China-based textile
manufacturer and retailer's heightened refinancing risk, given its
dependence on asset monetization to meet its upcoming bullet debt
maturities, and its complex and unsustainable capital structure. In
our view, Ruyi should be able to meet its bullet debt maturities in
December 2019 with the recent backing of Jining City Urban
Construction Investment Co. Ltd., a state-owned enterprise. There
may be some execution risks, especially given the short time
frame."

The negative outlook at the time of withdrawal reflected the
execution risk surrounding Ruyi's refinancing plans and the
company's very limited margin for errors and delays.






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

The instrument-wise rating actions are:

-- INR500 mil. Fund-based working capital limits Migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR330 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 1983, ARL manufactures and sells tires and tubes.
Its manufacturing unit is in Patancheru, Medak District, near
Hyderabad. The company sells its products under the brand names,
ARL and Maruti.


B.P. CONSTRUCTION: Ind-Ra Rates INR60MM Debt 'BB-'
--------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned B.P. Construction
(BPCON) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limit assigned with IND
     BB- / Stable rating; and

-- INR85 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect BPCON's small scale of operations as reflected
in its revenue of INR637.39 million during FY19 (FY18: INR821.10
million). The decline in revenue was primarily due to slower
execution of the project along with the delay in payment from
government departments during the period. The firm achieved
INR388.28 million revenue till 6MFY20. Furthermore, it has a modest
order book position of INR3,324.2 million providing revenue
visibility of 5.21x of FY19 total revenue over the near-term and
the management hopes to execute it by May 2021. FY19 financials are
provisional in nature.

The rating factor in BPCON's modest EBITDA margin due to its
presence in a highly fragmented construction industry with
fluctuating raw material prices. However, margins increased to
11.4% in FY19 (FY18: 8.7%) due to a decline in the cost of raw
material consumed during the period. The return on capital employed
was satisfactory at 31% (45%).

Liquidity Indicator – Stretched: BPCON's liquidity was tight as
indicated by multiple instances of over-utilization of its
fund-based limit during the 12 months ended October 2019. However,
the over-utilization instances were regularized within 1-10 days.
Further, the cash flow from operations turned positive to INR48.85
million in FY19 (FY18: negative INR22.93 million) on account of
positive changes in working capital requirements during the period.
Moreover, the networking capital cycle days improved to 13 days in
FY19 (FY18: 26 days) due to the increase in the creditor period.
The cash and cash equivalents stood at INR5.78 million at FYE19
(FYE18: INR48.80 million).

The ratings are further constrained by BPCON's high geographical
and sector concentration as around 53% of the present pending order
book is from Jharkhand for construction of buildings.

The ratings are, however, supported by BPCON's modest credit
metrics as indicated by net financial leverage (adjusted net
debt/operating EBITDAR) of 1.2x in FY19 (FY18: 1.3x) and gross
interest coverage (operating EBITDA/gross interest expenses) of
3.1x (5.9x). However, the deterioration in interest coverage is due
to the higher interest charged on account of higher utilization in
the working capital limits during the period.

The ratings are further supported by BPCON's partners' experience
of more than two decades in the civil construction business.

RATING SENSITIVITIES

Positive: An increase in the revenue along with an improvement in
the overall credit metrics and liquidity profile, all on a
sustained basis, would lead to positive rating action.

Negative: Further decline in liquidity profile or deterioration in
interest coverage below 2x would be negative for the ratings.

COMPANY PROFILE

B.P. Construction (BPCON) was established as a proprietorship
concern in the year 1987. The firm was reconstituted as a
partnership firm in 1988. The firm is primarily engaged in civil
construction and electrification for various government departments
in the state of Jharkhand. The firm is registered as a Class-1A
contractor with the Public Works Department (PWD), Jharkhand and a
Class 1 electrical contractor with Vidyut Vibhag, Energy
Department, and Government of Jharkhand for electrification work of
up to 33 KV. The firm has its registered address at Ranchi,
Jharkhand. Mr. Bhim Prasad and Ms. Janki Devi are the present
partners of the firm.


BINAYAK HI-TECH: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Binayak Hi-Tech
Engineering Private Limited's Long-Term Issuer Rating of 'IND BB-'
in the non-cooperating category and has simultaneously withdrawn
it.

The instrument-wise rating actions are:

-- INR140 mil. Fund-based working capital limit* maintained in
     non-cooperating and withdrawn; and

-- INR57.63 mil. Term Loan** due on September 2027 maintained in
     non-cooperating and withdrawn.

* Maintained in 'IND BB- (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn.

** Maintained in 'IND BB- (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

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

COMPANY PROFILE

Incorporated in 1995, Binayak Hi-Tech Engineering manufactures cast
manhole covers, curb/service/valve boxes, garden benches, fence
paneling, railings, molded plastic products, forgings, fabricated
access/duct covers, and gratings.


COMMERCIAL AUTO: Ind-Ra Moves B+ on INR100MM Debt to NonCooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Commercial Auto
Products Pvt. Ltd.'s (CAPPL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate +caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR100 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) / IND A4
    (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in August 1985, CAPPL is an automobile radiator
manufacturer. The company mainly supplies radiators to tractor
companies, with a concentration in north India.


DEWAN HOUSING: RBI Retains Three-Member Advisory Panel
------------------------------------------------------
BloombergQuint reports that the Reserve Bank of India has retained
the three-member advisory committee it had appointed last month to
assist the administrator of the crippled mortgage lender Dewan
Housing Finance Corporation Ltd., which is facing insolvency
proceedings.

On Nov. 22, the central bank had constituted a three-member
advisory committee, comprising IDFC First Bank non-executive
chairman Rajiv Lall, ICICI Prudential Life managing director NS
Kannan, and the chief executive of the Association of Mutual Funds
in India NS Venkatesh to assist the DHFL administrator R
Subramaniakumar, the report says.

Subramaniakumar is a former head of Indian Overseas Bank and the
RBI had recommended his name as the resolution professional, which
was approved by National Company Law Tribunal on Dec. 4, according
to BloombergQuint.

"Upon admission of the petition for insolvency resolution process
by NCLT in respect of DHFL on Dec. 3, we have decided that the
above mentioned three-member committee shall continue as the
advisory committee," the central bank said in a statement.

BloombergQuint relates that the committee will advise the
administrator in the operations of DHFL during the insolvency
resolution process, it added.

Meanwhile, DHFL in a filing to exchanges said the administrator has
appointed Sunil Kumar Bansal as the chief financial officer with
immediate effect, BloombergQuint discloses.

Bansal is a chartered accountant with experience in banking and
insurance.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
5, 2019, Deccan Herald said the Mumbai bench of the National
Company Law Tribunal (NCLT) on Dec. 2 admitted an RBI petition
seeking bankruptcy proceedings to resolve the mortgage player Dewan
Housing Finance (DHFL). The move came in after the Reserve Bank on
Nov. 29 made an application for bankruptcy proceedings to resolve
the credit and liquidity crisis at the company, which became the
first financial sector player being sent for bankruptcy.

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.


DIVYALAKSHMI TEXTILES: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Divyalakshmi
Textiles Pvt Ltd.'s (DTPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR95.00 mil. Fund based limits affirmed with IND BB+ / Stable

     / IND A4+ rating;

-- INR45.00 mil. Non-fund-based limits affirmed with IND A4+
     rating;

-- INR70.21 mil. (decreased from INR102.5 mil.) Long-term loans
     due on December 2023 affirmed with IND BB+/Stable rating; and

-- INR97.50 mil. Long-term loans* due on December 2026 assigned
     with IND BB+/Stable rating.

*The final rating has been assigned following the receipt of
executed financing documents by Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects DTPL's continued small scale of operations
despite an improvement in revenue to INR589 million in FY19 (FY18:
INR572 million) due to an increase in the realization of products
and volume sales. At end-October 2019, DTPL had an order book of
INR67.3 million to be executed till January 2020. The company
booked revenue of INR324.1 million in 7MFY20. Ind-Ra expects the
company's FY20 revenue to be similar to FY19 levels.

Liquidity Indicator - Stretched: DTPL's average use of fund-based
limits was 99% and that of non-fund-based limits was 89.4% for the
12 months ended October 2019. The cash flow from operations were
negative at INR64 million in FY19 (FY18: negative INR39 million)
and free cash flow deteriorated to negative INR182 million
(negative INR68 million) due to debt-led-capex of windmill. The net
working capital cycle improved to 61 days in FY19 (FY18: 65 days)
due to an increase in payable period. The company has repayments of
INR18.27 million for FY20. The cash and cash equivalents during at
FYE19 were INR3 million (FYE18: INR5 million).

The ratings, however, are supported by DTPL's healthy margins that
increased to 19% in FY19 (FY18: 16.6%) on account of a fall in the
cost of raw materials as DTPL purchased cotton bales in bulk during
the last quarter of FY19 at low prices. Ind-Ra believes the margins
will continue to be healthy owing to the company's newly installed
windmill of 2MW in FY20 for captive consumption that will lead to
decrease fall in power cost. Return on capital employed was 18% in
FY19 (FY18: 21%). DTPL's credit metrics were strong in FY19 on
account of an improvement in EBITDA. During FY19, the gross
interest coverage (operating EBITDA/gross interest expense) was
4.3x (FY18: 4.2x). Net leverage (adjusted net debt/operating
EBITDA) remained strong despite deteriorating to 2.3x in FY19
(FY18: 1.3x) due to an increase in the total debt. Ind-Ra expects
the credit metrics to be stable in FY20.

Furthermore, the ratings benefit from the promoters' experience of
over two decades in the textile industry, which has led to DTPL's
established relationships with customers and suppliers.

RATING SENSITIVITIES

Positive: A significant improvement in the revenue and EBITDA
margin while maintaining credit metrics at healthy levels, and an
improvement in the liquidity position, all on a sustained basis,
would lead to positive rating action.

Negative: A decline in the revenue and/or EBITDA margin, leading to
deterioration in the net leverage above 3.5x on a sustained basis
and/or stressed liquidity position, will lead to a rating
downgrade.

COMPANY PROFILE

Incorporated in 2005, DTPL manufactures cotton yarn and has an
installed capacity of 27,600 spindles. It is located in
Aruppukottai (Tamil Nadu).


ETERNITY GLOBETEX: CRISIL Lowers Rating on INR8cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Eternity
Globetex Private Limited (EGPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

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

CRISIL has been consistently following up with EGPL for obtaining
information through letters and emails dated December 31, 2018 and
June 12, 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 EGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EGPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

On account of adverse banker feedback stating that EGPL has been
classified as non-performing asset (NPA), CRISIL has downgraded the
rating on bank facilities of EGPL to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

EGPL, incorporated in 2016, by Mr Sanjay Juneja and Mr Nikunj
Kapadia, manufactures dress material mostly on job work basis. The
manufacturing facility is at Vasai, Maharashtra.


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING)

-- INR55 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 10, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

G. Sathya, based in Warangal, Telangana, was incorporated in 2011
as a proprietorship firm by Mr. Gandra Sathya Narayana Reddy. The
firm is engaged in the transportation of coal, oil, and sand.


HEALTHPLUS RESEARCH: CRISIL Cuts Rating on INR40cr Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Healthplus
Research and Medicentre LLP (HRML) to 'CRISIL D' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         40        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects poor liquidity as reflected in delay in
honouring of term debt obligations.

The ratings reflect HRML's exposure to risks related to project
implementation and exposure to intense competition and geographical
concentration in its revenue profile. These weaknesses are
partially offset by the industry experience of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to project risks related to ongoing hospital project and
stabilisation of operations: Construction and subsequent
operationalization of the hospital has been significantly delayed
which has led to poor liquidity and resulted in delay in honouring
of term debt obligations. Completion and stabilisation of the
operations shall remain a key rating sensitivity factor over the
medium term.

* Geographical concentration in revenue profile: HRML's operations
are limited to Lucknow (Uttar Pradesh) with patients primarily from
around the same region. The geographical concentration of the
hospital's customer base renders it vulnerable to the dynamics of a
single market.

* Exposed to competition from the hospitals already operating in
same vicinity: The hospital remains vulnerable to local competition
due to presence of other government and private hospitals in the
region.

Strengths

   * Experience of the partners: Dr Anubha Yadav, partner, is a
doctor by profession and is expected to bring her technical
expertise into the running of the hospital. Mr. Aditya Yadav is a
businessman with long standing industry experience. Their combined
experience is expected to benefit the firm over the medium term.

Liquidity: Poor
Liquidity is poor as reflected in delay in honouring of term debt
obligations.

Rating sensitivity factors

Upward factors

   * Regular account conduct for 3 months, at least

   * Completion and stabilization of the project leading to stable
operating cash flows.

HRML was incorporated in 2015 as a partnership firm. It is promoted
by a Dr. Anubha Yadav, Mr. Aditya Yadav & UP Healthcare Private
Limited. HRML is undertaking a project to set up a 114 bedded
mother & care speciality hospital in Lucknow- Tender Plam
Hospital.


IBC LIMITED: CRISIL Lowers Rating on INR30cr Loan to 'D'
--------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of IBC Limited
(IBC) to 'CRISIL D/CISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee          5         CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             9.5       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Export Packing         30         CRISIL D (Downgraded from
   Credit                            'CRISIL A4')

   Letter of Credit        4         CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long Term Loan         13         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term      1.5       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

The downgrade reflects delays by the company in servicing its debt
obligations on account of weak liquidity profile.

The rating continues to reflect the IBC's below-average financial
risk profile and supplier concentration risk in IBCLs revenue
profile, and cyclicality in end-user industry. These rating
weaknesses are partially offset by the extensive experience of
IBCLs promoter in the barytes business.

Analytical Approach

Unsecured loans from the promoters has been treated as part of the
debt

Key Rating Drivers & Detailed Description

Weaknesses

   * Below Average Financial risk profile: The debt protection
metrics were also modest with estimated interest cover and NCATD of
1.14 times and 2 per cent in fiscal 2018.

   * Exposure to supplier concentration risk and cyclicality in end
user industry:  IBCL is completely dependent upon Andhra Pradesh
Mineral Development Corporation (APMDC) for majority of its supply
requirements resulting in its revenues being vulnerable to vagaries
in supply from APMDC. IBCL will continue to be exposed to risks
relating to cyclicality in the end user industry in the medium
term, due to the significant exposure to oil and gas industry.

Strength

   * Extensive experience of IBCLs promoters:  The promoters of
IBCL have been in the barytes business for over 3 decades. The
company also benefits from long standing relationships with the end
customers. CRISIL believes that IBCL will continue to benefit from
the experience and competence of the promoters

Liquidity Poor

Liquidity is poor with insufficient accruals of around 1.5 -2 crore
expected over the medium term with repayment obligation of around
4-4.5 crores. However liquidity is supported by infusion of
unsecured loan. Liquidity is expected to remain stretched on
account of higher repayment obligation.

Rating sensitive factors

Upward factors

* Timely servicing of debt obligations for 3 months

* Improvement in net cash accruals leading to improvement in
liquidity profile

Incorporated as a partnership firm Indian Barytes and Chemicals in
1972, the firm was reconstituted as a public limited company, IBCL,
in 1985. The company mines and processes barytes, and sells it
largely to oil well drilling companies; IBCL derives majority of
its revenue from export. Operations are managed by Mr. Rajamohan
Reddy, the managing director and chief executive officer.


KASATA HOMETECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Kasata Hometech (India) Private Limited
        Shop No. 5, Casa Blenca
        Destination Architecture
        Plot No. 45, Sector 11
        CBD Belapur Navi Mumbai
        MH 400614
        IN

Insolvency Commencement Date: October 1, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: April 4, 2020

Insolvency professional: Jugraj Singh Bedi

Interim Resolution
Professional:            Jugraj Singh Bedi
                         JSBA House
                         1250 Ground Floor
                         Mukherjee Nagar
                         Delhi 110009
                         E-mail: jb@jsba.in

Classes of creditors:    Unsecured Financial Creditors

Insolvency
Professionals
Representative of
Creditors in a class:    Jeetendra Rajpal Daryani
                         501, Tulip CHS Ltd.
                         Satguru Gardens
                         Chendani
                         Thane Maharashtra 400603

                         Mr. Prakash Nath Mishra
                         S-31 Regimental Plaza
                         Bitco Point, Nashik Road
                         Maharashtra 422101
                         E-mail: prakash@pmishra.in

                         Mr. Prabhakar Bhat
                         Plot no. 81 Flat No. 7
                         Shital, Jain, Mandir Marg
                         Behind old SIES College
                         Sion West, Mumbai 400022
                         E-mail: sukkhe@gmail.com

Last date for
submission of claims:    October 17, 2019


KAYNES TECHNOLOGY: CRISIL Cuts Rating on INR12cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities and
non-convertible debentures (NCDs) of Kaynes Technology India
Private Limited (KTIPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Negative/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee          5       CRISIL A4+ (Withdrawn)

   Bill Discounting       12       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Bill Discounting       10       CRISIL BB/Negative (Withdrawn)

   Cash Credit            81.81    CRISIL A4+ (Withdrawn)

   Letter of Credit       10       CRISIL BB/Negative (Withdrawn)

   Packing Credit         10       CRISIL BB/Negative (Withdrawn)

   Term Loan               2.69    CRISIL BB/Negative (Downgraded
                                   from 'CRISIL BB/Negative')

CRISIL has also partially withdrawn its rating on cash credit
facilities of INR81.81 crore, packing credit of INR10 crore, bank
guarantee facilities of INR5 crore, letter of credit of INR10 crore
and bill discounting of INR10 crore at the company's request and on
receipt of a no-objection certificate from the banks. The
withdrawal is in line with CRISIL's policy on withdrawal of bank
loan ratings.

The downgrade reflects instance of delay in bill discounting
facility beyond 30 days. This was on account of delays in receipt
of payment from one of the customer and weak liquidity scenario.

The ratings continue to reflect the company's large working capital
requirement and weak debt protection metrics. These weakness are
partially offset by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

* Delay in bill discounting facility beyond 30 days: There has been
delay in bill discounting facility beyond 30 days on account of
delays in receipt of payment from one of the customer and weak
liquidity scenario.

Weaknesses

* Working capital-intensive operations: The large working capital
requirement is reflected in gross current assets of 278 days as on
March 31, 2019, led by sizeable receivables and inventory of 125
and 138 days, respectively. The large inventory is because of lead
time of 3-4 weeks for import, the requirement of minimum order
quantity for components, and to benefit from discounts on bulk
purchases. Receivables tend to be high as 30-35% sales happen in
the last quarter of the fiscal. The working capital requirement is
funded through bank debt and credit from suppliers.

* Weak debt protection metrics: The ratio of net cash accrual to
debt obligation is expected to be weak, below 1 time, in fiscal
2021, with the gap likely to be funded through cushion in working
capital limits and funds from the promoters. Interest coverage and
net cash accrual to total debt ratios were below average estimated
at 1.95 times and 0.10 time, respectively, in fiscal 2019, and are
expected at similar levels over the medium term.

Strengths

* Extensive experience of promoters: Experience of three decades in
the EMS industry has enabled the promoters to develop new products
and designs, and add customers. The company caters to reputed
companies such as Siemens Ltd ('CRISIL AAA/Stable'), Larsen &
Toubro Ltd ('CRISIL AAA/FAAA/Stable/CRISIL A1+'), and TVS
Electronics Ltd.

Liquidity: Poor

Liquidity is poor with net cash accrual expected at over INR15
crore against debt obligation of INR20.77 crore in fiscal 2021,
including bullet repayment of INR15 crore in April 2020. Also there
are instances of delays of more than 30 days in bill discounting
facility. Bank limit utilisation was moderately high, with working
capital limit of INR110 crore utilised at 86% on an average over
the 12 months through August 2019.

Rating sensitivity factors

Upward factors

  * Track record of timely debt servicing for at least over 90
days
  * Substantial equity infusion to support liquidity
  * Improvement in working capital cycle and capital structure.

KTIPL was set up as a sole proprietorship of Mr Ramesh Kanan in
1988, and reconstituted as a private limited company in 2008. The
company is primarily engaged in turnkey manufacturing of printed
circuit board (PCB) assemblies, and also offers end-to-end services
for PCBs. It has seven manufacturing facilities, one design
services facility, and two service centres.


KHATOR TECHNICAL: CRISIL Cuts Rating on INR9cr Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Khator
Technical Textiles Limited (KTTL) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        .7        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit          3.0        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Letter of Credit     1          CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Packing Credit       2          CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term   4.3        CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

   Term Loan            9          CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects delay in servicing of interest and repayment
of principal on term loans due in September 2019, which continues
to be overdue till date. The rating also factors in poor liquidity
profile of the company on account of stretch in debtors and almost
fully utilized working capital bank limits.

The ratings continue to reflect the extensive experience of the
promoter. These strengths are partially offset by a small scale of
operations and large working capital requirement and poor
liquidity.

Key Rating Drivers & Detailed Description

Weaknesses
* Small scale of operations: Scale of operations is small, as
reflected in limited production capacity of 250 metric tonne per
month (utilised at 90%) and revenue of INR28.66 crore in fiscal
2019.

* Large working capital requirement: Operations are working
capital-intensive: gross current assets are estimated at 191 days
as on March 31, 2019, driven by receivables of 83 days and
inventory of 108 days. The working capital cycle has further
stretched during current fiscal

Strengths
* Extensive industry experience of the promoter: Benefits from the
decade-long experience of the promoter in the technical textile
industry and his strong technical understanding should continue to
support the business.

Liquidity: Poor
KTTL has stretched liquidity as reflected in fully utilised bank
limits, low unencumbered cash and bank balance and moderate current
ratio;. Bank limit utilisation averaged 99% over the 12 months
through May 2019. Unencumbered cash and bank balance is modest
estimated at INR0.04 crore on March 31, 2019. Operation are working
capital intensive and stretch in receivables have further weakened
the liquidity profile, leading to delay in meeting its repayment
obligations

Rating sensitivity factor

Upward factor
* Regularisation of all the bank facilities and track record of
satisfactory operations without irregularities at least for a
period of 3 months
* Improvement in working capital cycle leading to improved
liquidity position and BLU improving to below 95%.

Incorporated in 2013, Mumbai-based KTTL manufactures geo-technical
textiles, which find application in infrastructure work, such as
construction of roads, dams, and inland fillings. The company plans
to undertake expansion to increase its capacity. Mr Amit Khator is
the promoter.


MANTRAS GREEN: CRISIL Assigns 'D' Rating to INR7cr Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Mantras Green Resources Limited (MGRL).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         4.75       CRISIL D (Assigned)

   Inland/Import
   Letter of Credit       3          CRISIL D (Assigned)

   Proposed Long Term
   Bank Loan Facility     0.21       CRISIL D (Assigned)

   Working Capital
   Facility               7          CRISIL D (Assigned)

   Term Loan              5.04       CRISIL D (Assigned)

The ratings reflect delay by MGRL in servicing its term debt
obligations and the irregularity in its working capital facility
for more than 30 days because of large working capital
requirments.

The ratings also reflect MGRL's modest scale and working capital
intensive operations. These weaknesses are partially offset by the
extensive experience of its promoters in the environmental advisory
and consultancy industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: MGRL's modest scale, reflected in
revenue of INR13.90-19.42 crore over the three fiscals ended March
31, 2019, will continue to restrict its operating flexibility.

* Working capital intensive operations: Gross current assets (GCAs)
were at 332-746 days over the three fiscals ended March 31, 2019,
driven by sizeable receivables of over 790 days as on March 31,
2019.

Strength

* Extensive experience of the promoters: The promoters have an
experience of over 10 years in the environmental advisory and
consultancy industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity: Poor

Liquidity is marked by delay in servicing of term obligations and
frequent overdrawals in working capital limits for over 30 days.
Unavailability of adequate funds in a timely manner to support its
large working capital requirements has resulted in poor liquidity.

Rating sensitivity factors

Upward factors

  * Track record of timely debt servicing for more than 90 days

  * Significant improvement in working capital cycle.

Mantras was formed as an environmental advisory organisation in
2005 promoted by Mr U K Sharma. In 2009, it started consultancy
services for waste handling for various industries. In 2014, the
company started offering engineering and turnkey solutions for
waste handling for various projects.


MN BIO-TECHNOLOGY: Ind-Ra Affirms BB Rating on INR485MM Debentures
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
action on MN Bio-Technology Private Limited's (MNBTPL)
non-convertible debentures (NCDs):

-- INR485.0 mil. NCDs*ISIN INE781V07010 issued on October 4, 2016
     coupon rate 11% due on September 2021 affirmed with IND BB
     (SO) / Stable rating.

* Outstanding as of September 30, 2019

Analytical Approach: Ind-Ra has taken a standalone approach to
analyze the cash flows from rent-generating assets, and a
consolidated approach for the loan-to-value analysis, as the
security for the transaction, is common with a similar NCD
transaction undertaken by a group company: MN Takshila Industries
Private Limited (MNTIPL).   

The affirmation reflects a steady lease rental income and maximum
occupancy rate achieved of the rent-generating assets of MNBTPL
with an adequate debt servicing ability on the NCDs' debt
obligations in the agency's stabilized scenario, as indicated by an
average debt service coverage ratio (DSCR) greater than 1x for the
remaining tenor of the NCDs outstanding (excluding bullet repayment
at scheduled maturity). In addition, the loan-to-value (LTV) ratio
of the asset calculated using Ind-Ra's estimated property value
(using the capitalization rate-based valuation) is at a comfortable
44% from relatively higher leverage of 60% at the time of initial
rating. The maximum debt that can be refinanced at the current
rating level is higher than the outstanding borrowings.

The rating addresses the timely payment of interest and principal
on each payment due date until the scheduled maturity, in
accordance with the transaction documentation. The NCDs are backed
by investors' pari passu charge on receivables from existing
commercial leases at the rent-generating properties in Turkapally,
Telangana; these are held in four different companies: Genome
Valley Tech Parks & Incubators Private Limited (Genome), Takshila
Tech Parks & Incubators (India) Private Limited (Takshila), MN Life
Science Centre (Pragnapur) Private Limited (Pragnapur) and MN
Science & Technology Park Private Limited (MN Science). The charge
of the NCDs outstanding of MNBTPL on the receivables of the
aforementioned companies is pari passu, with outstanding NCDs of
INR1,517 million and outstanding term loan of INR360 million of its
group company: MNTIPL.

KEY RATING DRIVERS

Robust Security Package: The outstanding NCDs issued by MNTIPL and
MNBTPL are backed by pari passu charge on the securities created in
favor of a common security trustee as mentioned below:

  - Fixed assets, receivables, current assets, movable assets and
bank accounts of MNBTPL and MNTIPL

  - Fixed assets, receivables, current assets, movable assets and
bank accounts of Genome, Takshila, Pragnapur, MN Science, MN
Gachibowli Tech Park Pvt. Ltd. (Gachibowli I), MN Gachibowli II
Tech Park Pvt. Ltd. (Gachibowli II) and Deccan Bio Ventures Pvt.
Ltd. (Deccan Bio); these companies houses buildings with a total
leasable area of 0.534 million square feet, in addition to land
parcels admeasuring 106 acres

  - Pledge of 93.05% shareholding of MN Science, 97.96%
shareholding of Takshila, 66.82% shareholding of Genome and 100%
shareholding of Pragnapur

The NCDs are guaranteed by MNTIPL, MN Science, Genome, Takshila,
Pragnapur, Gachibowli I, Gachibowli II and Deccan Bio.

Adequate Debt Service Coverage and LTV: At the current level of
operating income, the company would be able to service interest and
principal obligations. According to transaction documents, the DSCR
for any financial quarter shall not be less than 1.3x. In the
agency's stabilized scenario, the average DSCR is greater than 1x
over the remaining tenor of the NCDs outstanding (excluding bullet
repayment at scheduled maturity).

Loan-to-value (LTV) is 49% as per the valuation provided by CBRE
Valuation & Advisory Services. However, the agency estimates that
the LTV on the basis of the value of the rent-yielding assets alone
would be about 51%. These credit metrics are commensurate to the
current rating level. Ind-Ra takes comfort from the increase in
rental income and improvement in the occupancy of the underlying
asset to 96.4% from 51% at the time of the initial rating

Partial Amortization Reduces Refinance Risk: Ind-Ra views the
amortizing nature of the NCDs as less risky than those that pay
only interest, as amortization reduces the size of the balloon
payment and the potential refinancing risk. While the NCDs have
amortized by 9.4% as of September 2019, refinancing will be
required at the time of the final maturity. The refinancing amount
is significantly lower than the maximum debt that can be refinanced
at the current rating level.  

DSRA: Debt holders benefit from the presence of a pre-funded debt
service reserve account (DSRA) equivalent to the following three
months of interest service and principal repayments at the
transaction closing. The DSRA shall be available throughout the
tenor of the transaction.

Concentrated Tenant Mix: There are 21 tenants occupying the
underlying asset. The top two tenants account for nearly 50% of the
rental income, excluding maintenance income. However, the top
tenant is serving rent lock-in for the period exceeding the NCDs'
expiry. The weighted average lease tenor (weighted on rental
income) from September 30, 2019, is 4.48 years, indicating stable
rental revenue through the tenor of the transaction.

Liquidity Indicator – Adequate: The company has adequate
liquidity with unencumbered cash balances, DSCR greater than 1x
(excluding bullet repayment at scheduled maturity) and DSRA
equivalent to three months' NCD obligations. The sponsor's support
and ability to refinance the transaction on the back to steady rent
generating assets add comfort.

RATING SENSITIVITIES

Negative: A decline of over 10% from the stabilized net operating
income assumed by the agency for the asset for the entire tenor of
the transaction, without accompanied amortization of the NCDs and
without a significant likelihood of improvement, could result in a
one-notch rating downgrade.  

COMPANY PROFILE

MNBTPL is a wholly-owned subsidiary of LC Cerestra, which owns two
buildings with a total leasable area of 0.147 million square feet
in a biotech cluster located 45km from Hyderabad. It commenced
operations in October 2016.

LC Cerestra is a private limited company incorporated in Singapore
on March 24, 2016, as an exempt private company limited by shares.
The registered office of the fund is in Singapore.

Lighthouse Canton Pte. Ltd. (LCPL) is the fund manager of LC
Cerestra, while Cerestra shall act as an asset adviser to LCPL.
Lighthouse Canton is a private limited company incorporated in
Singapore on July 29, 2014, and has been appointed by the fund to
manage, supervise, select and evaluate investments. It will perform
fund management, capital raising, investor relations and other
fund-related functions.

Cerestra was incorporated in 2007 as Religare Finance Limited.
Cerestra is an affiliate of The Capital Partnership and is an
investment adviser to real estate private equity funds targeting
investments in India. It is driven by professionals with a
cumulative real estate exposure of over 40 years.


MN TAKSHILA: Ind-Ra Affirms BB on INR1.5-Bil. Debentures
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
action on MN Takshila Industries Private Limited's (MNTIPL)
non-convertible debentures (NCDs):

-- INR1,517.0* bil. NCDs ISIN INE784V07014 issued on October 4,
     2016 coupon rate 11% due on September 2021 affirmed with IND
     BB (SO)/ Stable rating.

* Outstanding as of September 30, 2019

Analytical Approach: Ind-Ra has taken a standalone approach to
analyze the cash flows from rent-generating assets, and a
consolidated approach for the loan-to-value analysis, as the
security for the transaction, is common with a similar NCD
transaction in a group company: MN Bio-Technology Private Limited
(MNBTPL).

The affirmation reflects a steady lease rental income and improved
occupancy rate of MNTIPL's rent generating asset, leading to an
improvement in its ability to service NCDs in Ind-Ra's stabilized
scenario, as indicated by an average debt service coverage ratio
(DSCR) greater than 1x for the remaining tenor of the outstanding
NCDs (excluding bullet repayment at scheduled maturity).
Additionally, the loan to value (LTV) of the asset calculated using
Ind-Ra's estimated property value (capitalization rate-based
valuation) is at a comfortable 44%. The maximum debt that can be
refinanced at the current rating level is higher than the
outstanding borrowings.

The rating also factors in timely interest and principal payments
on each payment date until the scheduled maturity, in accordance
with the transaction documentation. The NCDs are backed by
investors' pari passu charge on receivables from the existing
commercial leases at the rent generating properties in Turkapally,
Telangana. These properties are held by Genome Valley Tech Parks &
Incubators Private Limited (Genome), Takshila Tech Parks &
Incubators (India) Private Limited (Takshila), MN Life Science
Centre (Pragnapur) Private Limited (Pragnapur) and MN Science &
Technology Park Private Limited (MN Science). The charge of NCDs on
the receivables of the aforementioned companies is pari passu with
MNTIPL's outstanding term loan of INR360 million (sanctioned limit
of INR720 million) and outstanding NCDs of INR485 million of its
group company, MNBTPL.

KEY RATING DRIVERS

Robust Security Package: The outstanding NCDs of MNTIPL and MNBTPL
are backed by investors' pari passu charge on the securities
created in favor of a common security trustee as mentioned below:

- Fixed assets, receivables, current assets, movable assets and
bank accounts of MNBTPL and MNTIPL

- Fixed assets, receivables, current assets, movable assets, and
bank accounts of Genome, Takshila, Pragnapur, MN Science, MN
Gachibowli Tech Park Pvt. Ltd. (Gachibowli I), MN Gachibowli II
Tech Park Pvt. Ltd. (Gachibowli II) and Deccan Bio Ventures Pvt.
Ltd. (Deccan Bio). These companies house buildings with a total
leasable area of 534 million sf, in addition to land parcels
admeasuring 106 acres

  - A pledge of 93.05% shareholding of MN Science, 97.96%
shareholding of Takshila, 66.82% shareholding of Genome and 100%
shareholding of Pragnapur

The NCDs are also guaranteed by MNBTPL, MN Science, Genome,
Takshila, Pragnapur, Gachibowli I, Gachibowli II and Deccan Bio.

Adequate EBITDA, DSCR, LTV: According to the transaction documents,
the maximum net debt/EBITDA will be 6.5x during the transaction
tenor, the maximum LTV will be 60% at transaction closing and at
any time during the transaction tenor, and the minimum DSCR for any
financial quarter will be 1.3x. In the agency's stabilized
scenario, net cash flow will have a DSCR greater than 1x over the
remaining tenor of NCDs (excluding bullet repayment at scheduled
maturity).

The LTV of the outstanding NCDs is 48% of the consolidated
property's estimated value (rent generating properties plus common
land parcels) by CBRE Valuation & Advisory Services, a real estate
value. This is below the covenanted level for the ratings. However,
in Ind-Ra's stabilized scenario, the LTV for the transaction is
about 44%. The agency estimates the LTV on the basis of the value
of the rental assets alone at approximately 52%.

Ind-Ra takes comfort from the increase in rental income and the
occupancy of the underlying asset on a consolidated basis to 96.4%
from 51% at the time of the initial rating.

Partial Amortization Reduces Refinancing Risk: Ind-Ra views the
amortizing nature of the NCDs as less risky than those that pay
only interest, as amortization reduces the size of the balloon
payment and the potential refinancing risk. While the NCDs have
amortized by 9.4% as of September 30, 2019, refinancing will be
required at the time of final maturity. The refinancing amount is
significantly lower than the maximum debt that can be refinanced at
the current rating level.  

Concentrated Tenant Mix: Takshila contributes about 76% to the
consolidated net operating income of the three special purpose
vehicles (SPVs; Genome, Pragnapur, and Takshila). Also, considering
the tenants of all the SPVs, the rentals are highly concentrated,
with the top three tenants accounting 65% of its total rental
income in the agency's stabilized scenario. However, the weighted
average lease tenor (weighted on rental income) is 42 months,
indicating stable rental revenue through the tenor of the
transaction.

DSRA: The debt holders benefit from the presence of a pre-funded
DSRA equivalent to the following three months of debt servicing.
The DSRA shall be available throughout the tenor of the
transaction.

Liquidity Indicator - Adequate: The company has adequate liquidity
with unencumbered cash balances, DSCR greater than 1x (excluding
bullet repayment at scheduled maturity) and DSRA equivalent to
three month's NCD obligations. The sponsor's support and ability to
refinance the transaction on the back to steady rent generating
assets add comfort.

RATING SENSITIVITIES

Negative: A decline of over 10% from the stabilized net operating
income assumed by the agency for the three assets - Genome,
Takshila and Pragnapur - on a consolidated basis for the entire
tenor of the transaction without accompanied amortization of the
NCDs and without a significant likelihood of improvement could
result in a one-notch rating downgrade.

COMPANY PROFILE

MNTIPL is a wholly-owned subsidiary of LC Cerestra Core
Opportunities Fund (LC Cerestra), which owns three SPVs holding
multiple assets with a total leasable area of 0.422 million sf in
Genome Valley and Pragnapur, a bio-tech cluster located 45km from
Hyderabad. It started operations in October 2016.

LC Cerestra is a private limited company incorporated in Singapore
on March 24, 2016, as an exempt private company limited by shares.
The registered office of the fund is situated in the Republic of
Singapore. The fund shall act as a pooling vehicle for investments
to be made as per the proposed transaction.

Lighthouse Canton Pte. Ltd. is the fund manager of LC Cerestra,
while Cerestra acts as the asset advisor. Lighthouse Canton is a
private limited company incorporated in Singapore on July 29, 2014,
and has been appointed by the fund to manage, supervise, select and
evaluate investments; it will perform fund management, capital
raising, investor relations, and other fund related functions.

Cerestra was incorporated in 2007 as Religare Finance Limited.
Cerestra is an affiliate of The Capital Partnership and is an
investment advisor to real estate private equity funds targeting
investments in India. It is driven by professionals with a
cumulative real estate exposure of over 40 years.


MODERN LAMINATORS: Ind-Ra Maintains BB+ Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Modern
Laminators Limited's (MLL) Long-Term Issuer Rating of IND BB+
(ISSUER NOT COOPERATING) in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit* maintained in
     non-cooperating and withdrawn;

-- INR60 mil. Non-fund based working capital limit** maintained
    in non-cooperating and withdrawn; and

-- INR14.1 mil. Term loan*** due on March 2018 maintained in non-
     cooperating and withdrawn.

*Maintained at 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before withdrawn.

**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before
withdrawn.

***Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before
withdrawn.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

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

COMPANY PROFILE

Incorporated in 1992, MLL manufactures high-density polyethylene
and polyvinyl chloride woven sacks, in Gorakhpur (Uttar Pradesh).
The company's products are sold to companies such as Indian Farmers
Fertilizer Cooperative Limited, Krishak Bharati Cooperative
Limited, and Tata Chemicals Ltd among others in the fertilizer and
cement industries.

MOHIT DIAMONDS: CRISIL Lowers Rating on INR46.96cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Mohit
Diamonds Private Limited (MDPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Packing Credit       41.54      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Post Shipment        46.96      CRISIL D (Downgraded from
   Credit                          'CRISIL A4+')

   Proposed Long Term   24.35      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

   Standby Letter        7.15      CRISIL D (Downgraded from
   of Credit                       'CRISIL BB-/Stable')

The downgrade reflects instance of delay in post shipment credit
facility beyond 30 days. This was on account of delays in receipt
of payment from one of the customer and overall weak liquidity
scenario.

The ratings continue to reflect MDPL's large working capital
requirement and susceptibility to volatile diamond prices amidst
intense competition resulting in moderate operating profit margins.
These weaknesses are partially offset by above-average financial
risk profile, and the promoter's extensive experience in the
diamond industry and established relationships with customers.

Analytical Approach
Preference share capital of INR3.05 crore has been treated as
equity as it is redeemable in 2022, has a 4% coupon rate, and is
non-cumulative.

Key Rating Drivers & Detailed Description

* Delays in Servicing of Debt
There has been delays in post shipment credit facility beyond 30
days on account of delays in receipt of payment from one of the
customer and overall weak liquidity scenario.

Weaknesses
* Large working capital requirement: Operations are working capital
intensive, with gross current assets of 277 days as on March 31,
2019, driven by large inventory and stretched debtors, of 182 and
106 days, respectively.

* Susceptibility to volatile diamond prices amidst intense
competition resulting in moderate operating profit margins: The
diamond industry is highly fragmented because of low entry barriers
on account of relatively low capital and technology requirements,
attracting numerous un-organized players across the country. MDPL
is also exposed to risks related to volatility in diamond prices.
The company maintains inventory of polished diamonds which makes
the firm vulnerable to fluctuation in diamond prices and with
relatively limited value addition operating profitability has been
moderate at around 4% to 7% over the last four fiscals through
2019.

Strengths
* Promoter's extensive experience in the diamond industry and
established relationships with customers: The promoter's experience
of over 30 years has helped establish a presence in major diamond
trading centres, including Mumbai, USA, Europe, Japan, and
Australia. The global network of operations ensures proximity to
customers, and enhances the ability to service their requirements.

* Above-average financial risk profile: Financial risk profile
continues to be above average, with networth and total outside
liabilities to adjusted networth ratio of INR99.98 crore and 1.31
times, respectively, as on March 31, 2019. Interest coverage ratio
was 1.46 times in fiscal 2019.

Liquidity: Poor
Liquidity is poor marked by delays of more than 30 days in post
shipment credit facility. Bank limit utilisation was high, with
working capital limit of INR83.15 crore utilised at 87% on an
average over the 12 months through September 2019.

Rating Sensitivity Factors
Upward factors
* Track record of timely debt servicing for at least over 90 days
* Improvement in working capital cycle.

MDPL, set up in 1991 by Mr Anoop Mehta, is the flagship company of
the Mohit group. The promoter's family has been in the diamond
business since 1916.

MDPL cuts and polishes diamonds, and sells it under the Mohit Stars
brand. It also has a jewellery division, which manufactures and
exports diamond-studded jewellery.


PAREKH PETROCHEMICALS: Ind-Ra Moves BB- Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Parekh
Petrochemicals' (PP) 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 actions are:

-- INR50.00 mil. Fund-based working limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR100.00 mil. Non-fund-based working limits migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

PP is a proprietorship firm, headed by Rajesh Parekh. It is engaged
in the trading and distribution of various grades of polymers. The
firm is a part of Sukesh Group, consisting of four companies, all
engaged in the same line of business.


PRIYESH AGRO: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Priyesh Agro
Industries (PAI) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            10         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Term Loan               1         CRISIL D (ISSUER NOT
                                     COOPERATING)

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

PAI was set up in 2012 as a partnership firm. It processes sesame,
wheat, chana (chickpea), and groundnut at its production facility
in Veraval (Gujarat); the firm also undertakes jobwork for
processing these products. The operations are managed by the
Virapara family which has experience of over five decades.


PRUDENTIAL SUGAR: CRISIL Maintains 'C' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Prudential Sugar
Corporation Limited (PSCL) continues to be 'CRISIL C Issuer not
cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       20       CRISIL C (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

PSCL was set up in 1994 Mr Vinod Kumar Baid and his associates. The
company manufactured sugar, and its by-products - molasses and
bagasse.


S.R INDUSTRIES: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of S.R Industries
Limited (SRIL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           18          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Letter of Credit       2.35       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Short Term     .84       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Rupee Term Loan       15.86       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Standby Letter          .40       CRISIL D (ISSUER NOT
   of Credit                         COOPERATING)

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

SRIL was set up by Mr. R C Mahajan and Mr. Yash Mahajan in 1989; it
is a contract manufacturer of footwear. It sold its terry towel
business in April 2012 to focus on the footwear business. SRIL also
manufactures footwear under its own brands, Red Zone and Front
Foot.


SHRI RAMESHWAR: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shri Rameshwar
Sahakari Sakhar Karkhana Limited (SRSSKL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          30        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SRSSKL 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 SRSSKL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRSSKL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

Established in 2001 by a group of agriculturists in Jalna,
Maharashtra, SRSSKL is promoted by Mr. Raosaheb Patil Danve (member
of Parliament) and manufactures sugar. Mr. Santosh Patil Danve is
its chairman, and operations are managed by Mr. Dharmaraj Shewale
(managing director) with support from other functional personnel.


SKOPOS DREDGING: CRISIL Moves 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Skopos
Dredging And De-Silting Private Limited (SDDPL; formerly known as
Maad Mines and Minerals Private Limited) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          10        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan            15        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SDDPL 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 SDDPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SDDPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

Based in Mumbai (Maharashtra), SDDPL is involved in manufacturing
and distribution of sand, aggregate and fly ash bricks used in the
construction sector. The company operates a plant with a capacity
of about 60,000 tonnes per month (tpm), which is currently being
utilised at about 400 tpm. SDDPL has also setup and fly ash brick
plant which commenced its operations in April 2015.


SNEHA MARKETING: CRISIL Cuts Rating on INR6cr Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long term bank loan
facilities of Sneha Marketing (SM) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating' based on
information available from public domain, about delays in debt
servicing.  

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.95       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

   Foreign Letter        6.0        CRISIL D (ISSUER NOT
   of Credit                        COOPERATING; Downgraded
                                    from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

   Proposed Long Term     .05       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded
                                    from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SM for obtaining
information through letters and emails dated May 31, 2018, November
22, 2018, August 31, 2019 and November 21, 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 SM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

SM, established in 2000, trades in polystyrene granules and other
polymers. It is an authorised distributor of highimpact polystyrene
(HIPS) and general-purpose polystyrene (GPPS) products of LG
Polymers India Pvt Ltd (LGPI) in Silvassa and Maharashtra.


SONA SYNTHETICS: CRISIL Lowers Rating on INR7cr Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sona Synthetics (SS) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'. The downgrade reflects
delays in repayment of term loan instalment and overdrawals in the
working capital limit for more than 30 days.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         2         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SS for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 and August 31, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has downgraded its rating on the
long-term bank facilities of SS to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'. The
downgrade reflects delays in repayment of term loan instalment and
overdrawals in the working capital limit for more than 30 days.

Set up as a partnership firm in 1999 by Mumbai (Maharashtra)-based
Mr. Nathalal Shah and family, SS manufactures synthetic yarn and
fabrics, including embroidered fabrics. The firm has its factory at
Bhivandi in Thane district, near Mumbai.


ST. NICHOLAS CASHEW: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of St. Nicholas
Cashew Exports (SNCE) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            4        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Packing Credit         2        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)
   Proposed Long Term
   Bank Loan Facility     2        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SNCE 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 SNCE. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SNCE is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Set up as a proprietorship concern by Mrs Neethu Rajan, the firm
processes raw cashew nuts and is based in Kollam, Kerala.

Set up as a proprietorship concern by Mrs Neethu Rajan, the firm
processes raw cashew nuts and is based in Kollam, Kerala.


SUVEERA AGRO: CRISIL Moves D Rating to Not Cooperating
------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Suveera Agro
Industries (SAR) to 'CRISIL D/CRISIL D Issuer not cooperating'.

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

   Cash Credit            5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SAR 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 SAR. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAR is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Set up in 2010, SAR is a partnership firm of Mr NVV Prasada Rao, Mr
Gadde Srinivasa Rao, Mr Gadde Chakradhar and Mr Naga Bhirava
Krishna Phanendra. The mill, located in Hanuman Junction (Andhra
Pradesh), processes paddy into rice, bran, broken rice and husk.


TENTIWALA METAL: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Tentiwala Metal
Products Limited (TMPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         4          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Overdraft             17.3        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Term Loan              8.15       CRISIL D (ISSUER NOT
                                     COOPERATING)

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

Incorporated in 1994, TMPL is owned and managed by Mr. Radhapad
Tetiwala. It manufactures submersible copper winding wires,
aluminium extrusions, and enamelled copper wires. Its plant is in
Mathura, Uttar Pradesh.


URBAN TRANSIT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Urban Transit Private Limited
        Unit No. A-305, 3rd Floor
        Western Edge II, Village Magathane
        Western Express Highway
        Borivali (East) Mumbai
        Mumbai City
        MH 400066
        IN

Insolvency Commencement Date: October 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ms Pooja Piyush Kabra

Interim Resolution
Professional:            Ms Pooja Piyush Kabra
                         601, Sidhi Harmony
                         Building No. Ndr 28
                         Opposite Building No. 87
                         Near R S Mani Supershop
                         Tilaknagar, Mumbai City
                         Maharashtra 400089
                         E-mail: rathipoojar@gmail.com

                            - and -

                         B-202, Sharaton Classic
                         Dr. Charatsingh Colony
                         Andheri East, Mumbai
                         Maharashtra 400069
                         E-mail: cirpurbantransit@gmail.com

Last date for
submission of claims:    November 25, 2019


USHA CUBALS: CRISIL Keeps D on INR20cr Loans to Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Usha Cubals Private
Limited (UCPL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            12         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan          8         CRISIL D (ISSUER NOT
                                     COOPERATING)

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

UCPL, set up in 2010 by Mr S K Agarwal, trades in bullion and
copper scrap, with bullion trading contributing most of its
revenue. The company currently trades in gold jewellery.


VAIBHAV ENERGY: CRISIL Revokes 'D' Rating on INR4.18cr New Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Vaibhav Energy Saving Equipments Private Limited
(VESEPL) and has assigned its 'CRISIL D' rating to the facilities.
CRISIL had suspended the rating on May 28, 2015, on account of
non-cooperation with CRISIL's efforts to undertake a review of the
rating. The company has now shared the requisite information,
enabling CRISIL to assign a rating.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3          CRISIL D (Assigned;
                                    Suspension Revoked)

   Long Term Loan        2.82       CRISIL D (Assigned;
                                    Suspension Revoked)

   Proposed Long Term    4.18       CRISIL D (Assigned;
   Bank Loan Facility               Suspension Revoked)

The downgrade reflects delays by the company in servicing its debt
obligations on account of stretched debtor cycle.

The rating is further constrained by modest scale, and working
capital-intensive nature, of operations and a leveraged capital
structure. These weaknesses are partially offset by extensive
experience of the promoters in the electrical components and
equipment industry.

Analytical Approach
Unsecured loans of INR27 lakh extended by promoters as on March 31,
2019, are considered as neither debt nor equity as these are
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations: VESEPL's modest scale, as reflected
in its revenue of INR8 ' 21 crore over the last three fiscals ended
31 March, 2019, will continue to limit operating flexibility.

* Working capital-intensive operations: Gross current assets were
high at 208 days, driven by inventory and debtors at 147 days and
70 days, respectively, as on March 31, 2019. These were partially
offset by creditors of 170 days.

* Highly leveraged capital structure: The networth and adjusted
debt to adjusted networth ratio were weak at INR1.62 crore and 5.35
times, respectively, as on March 31, 2019. Debt protection metrics
were average, with interest coverage ratio of 1.7 times and net
cash accrual to adjusted debt ratio of 0.18 time for fiscal 2019.

Strength
* Extensive industry experience of the promoters: The promoters
have an experience of over 10 years in the electrical components
and equipment industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity: Poor
Liquidity is poor marked by delays in servicing its debt
obligations. Bank limits are fully utilized and frequently
overdrawn.  Significant improvement in liquidity will remain a key
rating driver.

Rating sensitivity factors
Upward factors
*Track record of timely debt servicing for more than 90 days
*Improvement in the scale of operations, leading to higher cash
accrual.

VESEPL, incorporated in 2010, is owned and managed by Mr R J
Kulkarni and Mr J U Kulkarni. The company manufactures low-tension
(LT) and high-tension (HT) panels such as outdoor control panels,
industrial control panels, motor control panels, distribution
control panels, electric control panels, and LT control panels. The
manufacturing facility is at Ambad in Nashik, Maharashtra.


VIZAG COMPANYS: CRISIL Keeps D on INR18cr Loan to Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vizag Companys Steel
(VCS) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            15         CRISIL D (ISSUER NOT
                                     COOPERATING)
   Proposed Long Term
   Bank Loan Facility       3        CRISIL D (ISSUER NOT
                                      COOPERATING)

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

VCS was set up in 2002 as a partnership firm by Mr. Ashok Chaudhary
and Mr. Yashwant. The firm trades in thermomechanically treated
bars and billets. It is based in Visakhapatnam, Andhra Pradesh.


YES BANK: Moody's Lowers LT Issuer Rating to B2, Outlook Neg.
-------------------------------------------------------------
Moody's Investors Service downgraded Yes Bank Limited's long-term
foreign currency issuer rating to B2 from Ba3.

Moody's has also downgraded the bank's long-term foreign and local
currency bank deposit ratings to B2 from Ba3, foreign currency
senior unsecured MTN program rating to (P)B2 from (P)Ba3, and
Baseline Credit Assessment and Adjusted BCA to b3 from b1.

The outlook on the bank's ratings, where applicable, is negative.

The rating actions conclude Moody's review for downgrade initiated
on November 6, 2019.

RATINGS RATIONALE

The downgrade of Yes Bank's deposit and senior unsecured program
ratings to B2 from Ba3 and (P)B2 from (P)Ba3 takes into account
Moody's expectation that the bank's pool of potential stressed
assets and low loss absorbing buffers against those assets — will
add pressure to its funding and liquidity, creating additional
risks to its standalone credit profile or BCA.

Moody's expects Yes Bank's common equity tier 1 (CET1) ratio of
8.7% at the end of September 2019 to come under significant
pressure, unless the bank can raise new capital in the next few
quarters.

Moody's notes that Yes Bank has received offers from a number of
financial investors to invest up to $2.0 billion through new equity
capital into the bank. Nevertheless, Moody's notes that there are
significant execution risks around the timing, price and regulatory
approvals required.

The rating actions reflect Moody's view that Yes Bank's funding and
liquidity compares weakly to other rated private sector peers in
India, and could come under pressure, if the bank cannot strengthen
its solvency in the next few quarters.

Yes Bank's ratings also take into account Moody's expectation of a
moderate level of support from the Government of India (Baa2
negative) in times of need, which results in a one-notch uplift to
the bank's ratings from its BCA.

Moody's expects that the Indian authorities will strive to maintain
systemic stability and help prevent any weakness in the bank's
standalone credit profile from significantly affecting depositors
and creditors. The support assumption also takes into account the
bank's modest, but increased franchise and relative importance to
India's banking system.

Moody's maintains a negative adjustment for corporate behavior in
Yes Bank's BCA, which results in a one-notch negative adjustment to
the bank's BCA when compared to its financial profile. The
corporate behavior adjustment reflects the RBI's identification of
several lapses and regulatory breaches in various areas of the
bank's functioning in fiscal 2018. The corporate behavior
adjustment also takes into account the divergence in reported asset
quality and profitability based on RBI's inspection which indicated
higher NPLs and lower profitability as compared to the metrics
disclosed by Yes Bank in fiscal 2019. This is the third year when
RBI has identified a divergence in the bank's reported financials.

OUTLOOK NEGATIVE

The negative outlook primarily reflects the risk of further
deterioration in the bank's solvency, funding or liquidity, if the
bank is unable to recapitalize itself within the next few
quarters.

WHAT COULD CHANGE THE RATING UP

Given the negative outlook, Moody's is unlikely to upgrade the
bank's ratings over the next 12-18 months. Nevertheless, Moody's
could change the ratings outlook to stable, if Yes Bank concludes a
material capital raise that strengthens its loss-absorbing
buffers.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade the bank's ratings if (1) there is a
sustained deterioration in its impaired loans or loan-loss
reserves, or if the rate of new NPL formation is significantly
higher than previously experienced, (2) the bank's capital ratios
decline because of losses or an inability to raise external
capital, or (3) funding or liquidity deteriorates.

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

Yes Bank Limited is headquartered in Mumbai and reported total
assets of INR3.5 trillion ($49.1 billion) at September 30, 2019.

List of Affected Ratings

Yes Bank Limited

  - Long term foreign currency issuer rating downgraded to B2 from
Ba3

  - Long term foreign and local currency deposit ratings downgraded
to B2 from Ba3

  - Short term foreign and local currency deposit ratings affirmed
at NP

  - Foreign currency senior unsecured MTN program rating downgraded
to (P)B2 from (P)Ba3

  - Baseline Credit Assessment (BCA) and adjusted BCA downgraded to
b3 from b1

  - Long-term Counterparty risk assessment (CR Assessment)
downgraded to B1(cr) from Ba2(cr)

  - Short- term Counterparty risk assessment (CR Assessment)
affirmed at NP(cr)

  - Long-term Domestic and foreign currency counterparty risk
rating (CRR) downgraded to B1 from Ba2

  - Short-term Domestic and foreign currency counterparty risk
rating (CRR) affirmed at NP

  - Outlook, where applicable, is negative

Yes Bank, IFSC Banking Unit Branch

  - Foreign currency senior unsecured MTN program rating downgraded
to (P)B2 from (P)Ba3

  - Foreign currency senior unsecured debt rating downgraded to B2
from Ba3

  - Long term CR Assessment downgraded to B1(cr) from Ba2(cr)

  - Short term CR Assessment affirmed at NP(cr)

  - Long-term Domestic and foreign currency CRR downgraded to B1
from Ba2

  - Short-term Domestic and foreign currency CRR affirmed at NP

- Outlook, where applicable, is negative




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

TUNAS BARU: Fitch Affirms B+ LongTerm IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings affirmed Indonesia-based palm oil and sugar producer
PT Tunas Baru Lampung Tbk's Long-Term Issuer Default Rating at
'B+'. Fitch Ratings Indonesia has also affirmed the National
Long-Term Rating at 'A(idn)'. The Outlooks on both ratings are
Stable.

Fitch has also affirmed the rating on the USD200 million 7% senior
unsecured notes due 2023, issued by wholly owned subsidiary TBLA
International Pte. Ltd. and guaranteed by TBLA and all its
majority-owned operating subsidiaries, at 'B+', with Recovery
Rating of 'RR4'. The ratings on TBLA's IDR1.5 trillion senior
unsecured bond programme, existing IDR1 trillion of bonds and IDR
650 billion medium-term notes have been affirmed at 'A(idn)'. The
ratings on the bonds and notes are at the same level as the IDR and
national rating because they represent senior unsecured obligations
of TBLA.

Fitch Ratings Indonesia has also assigned a National Long-Term
Rating of 'A(idn)' to TBLA's proposed IDR500 billion bonds under
its bond programme.

TBLA's financial leverage, measured by the ratio of net adjusted
debt to EBITDAR, and coverage, measured by the ratio of EBITDAR to
net interest paid and rents, were at 3.3x and 3.2x, respectively,
in 9M19 and were stable compared with 2018 levels. They were also
within its rating sensitivities. While palm oil prices were
relatively weak in 9M19, the company benefitted from its presence
in the downstream segment as well as diversification from its sugar
business. Fitch expects TBLA's financial metrics to remain broadly
flat over the next three years, with increasing EBITDA to be
largely offset by higher debt. Nonetheless, there is limited
headroom relative to its negative sensitivities and large working
capital outflows and higher-than-expected capex are potential
risks.

'A' National 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

Diversification and Vertical Integration: TBLA benefits from its
presence in the palm oil and sugar businesses as well as vertical
integration given substantial downstream refining and processing
capacity for palm oil and presence across the value chain from
plantations to sugar refining in the sugar industry. In 9M19, 68%
of its revenue was derived from palm oil and related products of
which around 90% was contributed by items such as biodiesel,
cooking oil and stearin derived from processing of crude palm oil
(CPO). These strengths helped TBLA's 9M19 EBITDA grow by 6%, while
several upstream-focused palm oil companies suffered earnings
declines due to weak CPO prices.

Small Scale, Healthy Upstream Metrics: TBLA owned around 44,500
hectares of planted oil palm acreage at end-September 2019 across
three provinces in Indonesia, and is one of the smallest palm oil
companies in Fitch's rating universe in terms of planted area.
Maturing plantations drove improvements in fresh fruit bunch (FFB)
yields in 2017 and 2018 to 19.0 and 21.7 tonnes per hectare
(tonnes/ha) of mature acreage, respectively, which is broadly in
line with Fitch's estimate of a representative industry average,
after being significantly below average in 2016 at 12 tonnes/ha.
Its unit cash cost for FFB production at less than USD50/tonne,
based on company data, is below the industry average.

Lower Sugar Quota, Likely to Recover: Indonesia relies on raw sugar
imports as domestic output is significantly lower than demand.
However, import quotas allotted by the government to refiners such
as TBLA were sharply lower in 2019, which Fitch thinks was due to
factors such as the presidential election and inventory carry-over
from 2018. TBLA's quota was cut to 70 kilo tonnes this year, from
225 kilo tonnes in 2018. Sugar prices have increased significantly
over 9M19, with TBLA's average realised price jumping to
IDR10,450/kg in 3Q19 from IDR9,200/kg in 1Q19, and hence Fitch
expects an increase in import quotas next year to meet domestic
demand and cool prices.

Improving Sugarcane Yield: TBLA's sugar milling operations in
Lampung benefit from vertical integration as the company owns
sugarcane plantations in the vicinity. The sugarcane yield in 2018
was weaker than Fitch expected at below 40 tonnes per hectare of
total planted area and management attributed it to immature
acreage. Yields improved to around 55 tonnes/ha in 9M19 and TBLA
expects a further rise as the acreage matures as the yield for
mature acreage is around 80 tonnes/ha. Higher sugarcane yield
should enable TBLA to reduce purchases of sugarcane and improve its
sugar mill's utilisation rate.

Volatile Working Capital, Sustained Capex: TBLA's working capital,
especially inventory, has been volatile. In 2018, Fitch calculated
that its net working capital days increased by around 80 from the
end-2017 level, mainly driven by an increase in inventory turnover
days of around 45. Its net working capital days increased in
2015-2016 before declining in 2017. TBLA's inventory is partly
affected by the import of raw sugar, which depends on when the
government issues quotas and international price trends. Fitch has
assumed net working capital days to increase by around 20 in 2019
and to stay flat thereafter.

TBLA's capex has also exceeded its expectations in the last few
years as the company increased its processing capacity for palm oil
and sugar, and spent on planting and routine maintenance. While
management expects capex to reduce in 2019 and thereafter, Fitch
has assumed stable spending levels for refining and biodiesel
capacity expansion, oil palm and sugarcane planting and
maintenance.

Steady Leverage, Negative FCF: Fitch estimates TBLA's leverage will
be broadly steady at around 3x over the next three years, with
increasing debt due to negative FCF offset by EBITDA growth. TBLA's
EBITDA should grow with capacity expansion and higher product sales
volumes, although margins are likely to narrow as the share of
revenue from the downstream segment rises. Despite higher EBITDA,
Fitch expects sustained working capital outflows and capex to
result in negative FCF.

DERIVATION SUMMARY

TBLA is rated higher than palm oil producer PT Sawit Sumbermas
Sarana Tbk (SSMS, B-/Stable/BBB-(idn)). While SSMS has a larger
plantation area, its upstream metrics such as FFB yield and unit
cash cost have weakened over the last year. SSMS also does not yet
benefit from an established presence in the downstream segment or
from diversification in other profitable businesses. Consequently,
SSMS's 9M19 EBITDA was sharply lower yoy, which resulted in a
significantly weaker financial profile. Fitch expects SSMS's
leverage to be above 6.0x in 2019.

Fitch can also compare TBLA with PT Japfa Comfeed Indonesia Tbk
(Japfa, BB-/Stable/A+(idn)), which is a key player in Indonesia's
poultry-feed and poultry-breeding industry. Japfa's rating is
supported by the earnings stability provided by its animal-feed
segment, which accounts for around 35% of overall revenue. TBLA and
Japfa are comparable as the sugar segment, which contributed 32% to
TBLA's 9M19 revenues, lends stability and significantly offsets the
volatility of the palm oil segment. However, Fitch expects Japfa's
leverage to be around 1x lower than TBLA's, resulting in a higher
rating.

KEY ASSUMPTIONS

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

  - CPO output CAGR of 8% and cooking oil output CAGR of 6% over
2019-2022

  - Malaysian benchmark CPO price of USD550/tonne in 2020,
improving to USD600/tonne over the long term

  - Sugar sales volume CAGR of 8% over 2019-2022

  - Average sugar price realisation of around IDR9,500/kg over
2020-22

  - Annual capex of around IDR1.1 trillion over 2019-2022

  - Total dividend outflow of around IDR1.1 trillion over
2019-2022

The recovery analysis assumes that TBLA would be considered a going
concern in bankruptcy and that the company would be reorganised
rather than liquidated. Fitch has assumed a 10% administrative
claim.

Going-Concern (GC) Approach

  - The going-concern EBITDA is assumed to be IDR1.9 trillion, at
around 15% discount to TBLA's 2018 EBITDA. This going-concern
EBITDA assumption factors in weak CPO prices and allows the
business to be free cash flow neutral. It also reflects Fitch's
view of a sustainable, post-reorganisation EBITDA level upon which
Fitch bases the enterprise valuation.

  - A multiple of 5.0x is applied to the going-concern EBITDA to
calculate a post-reorganisation enterprise value. This multiple has
also been used for other rated oil palm companies and is unchanged
from its previous analysis. However, Fitch notes that the multiple
could be higher given TBLA's diversification into the sugar
business.

  - Fitch has assigned priority to 9M19 outstanding secured debt of
IDR3.3 trillion over unsecured debt of IDR4.6 trillion to calculate
recoveries. TBLA's unsecured debt includes the USD200 million
senior bonds due in 2023.

  - Fitch has rated the senior unsecured bonds at 'B+/RR4', even
though its analysis suggests a better recovery rating. This is
because, under its Country-Specific Treatment of Recovery Ratings
criteria, Indonesia is classified under the Group D of countries in
terms of creditor friendliness, and the instrument ratings of
issuers with assets located in this group of countries are subject
to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

  - Net adjusted debt/EBITDAR leverage below 2.5x on a sustained
basis

  - Improvement in working capital management and capex planning so
as to be able to generate neutral to positive free cash flow
through the cycle
Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Net adjusted debt/EBITDAR leverage above 3.5x on a sustained
basis

  - Coverage, measured in terms of EBITDAR/(net interest paid +
rents), below 3.0x for a prolonged period

  - A material worsening of the regulatory regime for the sugar
industry in Indonesia that results in weaker volumes or EBITDA
margin for TBLA

LIQUIDITY

Manageable Liquidity: TBLA reported a cash balance of around IDR230
billion (including cash in an interest reserve account for the US
dollar bonds) and had undrawn credit facilities of around IDR2.8
trillion at September 30, 2019. By comparison, there were
short-term bank loans of IDR594 billion and current portion of
long-term debt of IDR672 billion. A portion of the long-term debt
due next year is likely to be refinanced through the proposed
rupiah denominated notes.

While Fitch expects negative FCF to weaken TBLA's liquidity
position, TBLA has some flexibility in reducing its growth capex
and dividends, which would improve availability of cash for debt
repayment. Risks are also mitigated by TBLA's robust banking
relationships and the likely roll-over of the majority of the
company's short-term bank loans as they are for working capital
needs.

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.

TBLA has an ESG Relevance Score of 4 for Management Strategy. The
company's working capital flows have been volatile while capex has
often been higher than its expectations. These indicate some
weakness in management control over operations and remain risks to
TBLA's financial and overall credit profile in conjunction with
other factors.




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

CHINA AUTOMOBILE: PN17-Exit Plan Hits Snag After MoU Termination
----------------------------------------------------------------
theedgemarkets.com reports that China Automobile Parts Holdings
Ltd's (CAP) proposed acquisition of Local Assembly Sdn Bhd (LA) hit
a snag after the memorandum of understanding (MoU) between both
companies was terminated.

In a filing with Bursa Malaysia on Dec. 4, CAP said the MoU with LA
was terminated after the sellers of LA's assets said they have not
received a valid and executed term sheet from Bursa Practice Note
17 (PN17) company CAP, theedgemarkets.com relates.

"The board (of CAP) notes that the proposed acquisition of LA was
intended to form part of the proposed regularisation plan (for
CAP). As such, the board wishes to reiterate its commitment in
formulating a regularisation plan pursuant to PN17 of the Main
Market listing requirements. The board also wishes to inform that
it is currently deliberating on its next course of action and will
make the necessary announcement(s) in due course," CAP, as cited by
theedgemarkets.com, said.

According to the report, CAP said LA, via its solicitors' letter
dated Nov 25, 2019, informed that in view that the sellers of LA
had not received a valid and executed term sheet, it shall be
deemed that CAP no longer intends to continue with the proposed
acquisition of LA.

"In such event, all negotiation, and the MoU dated July 5, 2019,
between the parties shall automatically be deemed terminated," CAP
said, theedgemarkets.com relays.

"The seven-market-day delay in the announcement of the termination
of MoU was due to [the] company's efforts to liaise with the
sellers to reverse the said termination. However, as at the date of
this announcement, the company has exhausted all means to do so and
is unable to reverse the said termination," CAP said.

On July 5 this year, CAP said in a Bursa filing that LA is a
sub-contractor assembler of electrical appliances and equipment,
and manufacturer of plastic injection moulded components,
theedgemarkets.com recalls.

theedgemarkets.com relates that CAP said then it had entered into
the MoU with LA to negotiate in good faith with a view of signing
definitive sale and purchase agreements for the acquisition of
shares and assets in LA.

                        About China Automobile

China Automobile Parts Holdings Limited is a Malaysia-based
investment holding company. The Company, through its subsidiaries,
is principally engaged in the manufacturing of chassis components
used in automobiles for transporting goods. Its product portfolio
consists of five categories: wheel-hub bolts, wheel axles, steel
pins, u-bolts and torque-rod bushings. The Company's products are
supplied for aftermarket repair, maintenance and modification
segment, with an emphasis towards catering for replacement
components in heavy commercial vehicles. The Company's subsidiaries
include CAP-HK, an investment holding company, and FenSun, a
manufacturer, marketer and trader of automobile chassis
components.

China Automobile Parts Holdings Ltd slipped into Practice Note 17
(PN17) after its external auditor Messrs PFK expressed an audit
disclaimer of opinion in the company's latest audited financial
statements for financial year ended Dec. 31, 2015 (FY15) on
undisclosed material liabilities.




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

BANCO FILIPINO: PDIC Files Case vs. Chair/Pres. & 15 Former Execs
-----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) filed before
the Department of Justice (DOJ) Task Force on Financial Fraud a
criminal case against the Chairman/President and 15 former
Directors and officers of the closed Banco Filipino Savings and
Mortgage Bank, Inc. for conducting business in an unsafe or unsound
manner in violation of Republic Act No. 3591, as amended, or the
PDIC Charter. The criminal act caused losses to the bank for a
total amount of PhP789.46 million.

Charged were the Bank's Chairman and President; Vice Chairman; four
Directors; Corporate Secretary and Executive Vice President; and
other high ranking officers.

The PDIC complaint stated that more than PhP700 million in legal
fees were paid to various legal firms without any contracts or
supporting documents during the period Banco Filipino was in dire
financial difficulty until it was eventually closed and placed
under the PDIC receivership.

Banco Filipino, a 62-unit thrift bank, was ordered closed by the
Monetary Board of the Bangko Sentral ng Pilipinas (BSP) and placed
under the PDIC receivership on March 17, 2011.

The PDIC, upon takeover of the bank's assets, records and affairs,
discovered that payments to these legal firms were likewise made
without the required "pass upon" review of the then BSP
Comptroller. Moreover, a partner of the law firm which was paid the
amount of PhP225.87 million was a director of the Bank.

In its complaint, the PDIC stated that the disbursements of legal
fees without written contract and the BSP Comptroller's "pass upon"
review are contrary to the duties and diligence required from them
as Directors and officers of a banking institution and constituted
conducting business in an unsafe or unsound manner. The PDIC
Charter punishes the conduct of business in an unsafe or unsound
manner with imprisonment from six years to 12 years, or a fine of
not more than P10 million, or both, at the discretion of the
court.

PDIC had earlier filed three criminal complaints with the DOJ
involving a total amount of PhP5.2 billion against the former
directors, officers and employees of the closed Banco Filipino due
to other irregularities and anomalies discovered by the PDIC as
receiver of the closed bank.

The filing of cases against erring bank officials is in support of
PDIC's efforts to bring to justice parties that engage in
fraudulent, irregular and anomalous acts that pose risk to
depositors and the Deposit Insurance Fund, PDIC's main fund source
for payout of deposit insurance claims. PDIC continues to pursue
legal actions against bank officials and personnel who engage in
unsafe or unsound banking practices that threaten the stability of
the country's banking system. PDIC is mandated by its Charter to
generate, preserve, maintain faith and confidence in the country's
banking system, and protect it from illegal schemes and
machinations.


MAXIMUM SAVINGS: Creditors Claims' Deadline Set for Jan. 21
-----------------------------------------------------------
All creditors of the closed Maximum Savings Bank, Inc. have until
January 21, 2020 to file their claims against the assets of the
closed bank either personally or by mail. Creditors refer to any
individual or entity with a valid claim against the assets of the
closed Maximum Savings Bank, Inc. and include depositors whose
deposits exceed the maximum deposit insurance coverage (MDIC) of
PhP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims may also
be filed through mail addressed to the PDIC Public Assistance
Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City. Claims filed by mail must have a postmark
dated not later than January 21, 2020. The prescribed Claim Form
against the assets of the closed bank may be downloaded from the
PDIC website, www.pdic.gov.ph. PDIC reminds creditors to transact
only with authorized PDIC personnel.

Claims filed after January 21, 2020 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within sixty (60) days from receipt of final
notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PhP500,000 who have already filed claims for the insured portion of
their deposits as of January 21, 2020 are deemed to have filed
their claims for the uninsured portion or the amount in excess of
the MDIC.

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

Maximum Savings Bank, Inc. was ordered closed by the Monetary Board
(MB) of the Bangko Sentral ng Pilipinas on November 7, 2019 and
PDIC, as the designated Receiver, was directed by the MB to proceed
with the takeover and liquidation of the closed bank in accordance
with Section 12(a) of Republic Act No. 3591, as amended. The bank's
Head Office located at 24 Antonio A Pastor Bldg., P. Burgos St.,
Barangay 16 (Pob), Batangas. It has four branches located in
Muntinlupa City; Batangas City, Batangas; and Calapan City and
Puerto Galera, both in Oriental Mindoro.

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



                           *********


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

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

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

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

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