/raid1/www/Hosts/bankrupt/TCRAP_Public/191226.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, December 26, 2019, Vol. 22, No. 258

                           Headlines



A U S T R A L I A

DEVELOPMENT STELLER: First Creditors' Meeting Set for Jan. 6
JOBSJOBSJOBS PROPRIETARY: First Creditors' Meeting Set for Jan. 7
JXT GLOBAL: First Creditors' Meeting Set for Jan. 7
MINERAL RESOURCES: Fitch Affirms BB LT IDR, Outlook Stable
STELLER GA: First Creditors' Meeting Set for Jan. 6

STEVIA SWEETENER: First Creditors' Meeting Set for Jan. 3
TRITON TRUST 2019-1: Fitch Assigns BB-sf Rating on Class F Notes


C H I N A

HNA GROUP: Faces Pressure to Avoid First Public Default
PEKING UNIVERSITY: Creditors Extend Deadline on $285MM Bond
TIANQI LITHIUM: Moody's Lowers CFR to B1, Outlook Negative


I N D I A

ADITYA HOTELS: CARE Reaffirms 'D' Rating on INR11.16cr LT Loan
ALTICO CAPITAL: Lenders Seek Rescuers for Shadow Bank
ASHOKA MANUFACTURING: CARE Cuts Rating on INR6.83cr Loan to D
BAID NARROW: Insolvency Resolution Process Case Summary
BUDHALE ENGINEER: Insolvency Resolution Process Case Summary

CARE STATIONERS: Insolvency Resolution Process Case Summary
CCCL INFRASTRUCTURE: CARE Cuts Rating on INR55cr LT Loan to D
DHANYASREE PRECISION: Insolvency Resolution Process Case Summary
HANSRAJ AGROFRESH: Ind-Ra Lowers Long Term Issuer Rating to 'D'
HARIKRISHNA TRADEX: Insolvency Resolution Process Case Summary

IDT CLOTHING: Ind-Ra Raises LongTerm Issuer Rating to 'D'
MATA RANI: Ind-Ra Maintains D Bank Loan Rating in Non-Cooperating
MITHILA CARS: CARE Lowers Rating on INR30c LT Loan to 'D'
P NARASIMHA: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
P.K. METAL: CARE Lowers Rating on INR6.45cr LT Loan to 'D'

PELICAN INTERNATIONAL: CRISIL Keeps 'D' Rating in Not Cooperating
PLATINA STEELS: CARE Lowers Rating on INR17.16cr Loan to 'D'
RAJ ISPAT: CARE Lowers Rating on INR7cr LT Loan to 'D'
RAJ STEEL: CARE Lowers Rating on INR5.0cr LT Loan to 'D'
RYTHU MITRA: CRISIL Maintains 'D' Ratings in Not Cooperating

SHIPRA AGRICHEM: Insolvency Resolution Process Case Summary
SHIV JYOTI: CRISIL Maintains 'D' Ratings in Not Cooperating
SHREE GEETA: CARE Lowers Rating on INR43.81cr LT Loan to 'D'
SHRI DATTAPRABHU: CARE Reaffirms D Rating on INR10.94cr Loan
SHRI JAYASHEEL: Ind-Ra Raises LongTerm Issuer Rating to 'BB'

SURANA METALS: Insolvency Resolution Process Case Summary
TRANS TECH: CRISIL Maintains 'D' Ratings in Not Cooperating
U I FABRICATOR: CARE Lowers Rating on INR11cr Loan to 'D'
UNITY FABTEXT: CARE Assigns 'D' Ratings to INR10cr Loans
VARRON AUTOKAST: Insolvency Resolution Process Case Summary

VELAVAN STORES: CRISIL Keeps D on INR12cr Credit in Not Cooperating
WELL KNIT: Insolvency Resolution Process Case Summary


M A L A Y S I A

KINSTEEL BHD: Creditors Approve Proposed Scheme of Arrangement
SERBA DINAMIK: Fitch Gives Final 'BB-' Rating to $200MM Sukuk


N E W   Z E A L A N D

FE INVESTMENTS: S&P Lowers ICR to 'CCC/C', Outlook Developing
NELSON BUILDING: Fitch Alters Outlook on BB+ LT IDRs to Stable
PROVIDENT INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating


X X X X X X X X

[*] ASIA: Defaults Set to Rise With Hot Spots in China, India

                           - - - - -


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A U S T R A L I A
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DEVELOPMENT STELLER: First Creditors' Meeting Set for Jan. 6
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Development
Steller Pty Ltd will be held on Jan. 6, 2020, at 2:00 p.m. at the
offices of Jirsch Sutherland, Level 30, at 140 William Street, in
Melbourne.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Development Steller on Dec. 20, 2019.


JOBSJOBSJOBS PROPRIETARY: First Creditors' Meeting Set for Jan. 7
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of JOBSJOBSJOBS
Proprietary Limited will be held on Jan. 7, 2020, at 11:00 a.m. at
the offices of Romanis Cant, Level 2, at 106 Hardware Street, in
Melbourne, Victoria.

Renee Sarah Di Carlo and Anthony Robert Cant of Romanis Cant were
appointed as administrators of JOBSJOBSJOBS Proprietary on Dec. 23,
2019.


JXT GLOBAL: First Creditors' Meeting Set for Jan. 7
---------------------------------------------------
A first meeting of the creditors in the proceedings of JXT Global
Pty Ltd will be held on Jan. 7, 2020, at 12:00 p.m. at the offices
of Romanis Cant, Level 2, at 106 Hardware Street, in Melbourne,
Victoria.

Renee Sarah Di Carlo and Anthony Robert Cant of Romanis Cant were
appointed as administrators of JXT Global on Dec. 23, 2019.


MINERAL RESOURCES: Fitch Affirms BB LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings affirmed Australia-based Mineral Resources Limited's
Long-Term Issuer Default Rating at 'BB'. The Outlook is Stable. The
senior unsecured debt has also been affirmed at 'BB'. The notes are
rated at the same level as the IDR as they are unconditionally,
jointly and severally guaranteed by MIN and its subsidiaries, which
represent more than 95% of group consolidated total assets and net
income.

The affirmation follows a review of the company's performance in
the financial year ended June 30,.. 2019 (FY19), which exceeded
Fitch's forecasts due to strong iron ore prices and the narrower
price discount of lower-grade iron ore from higher-grade ore during
2HFY19. The company's FFO adjusted net leverage was 2.7x at FYE19,
better than its forecast of 4.0x.

The ratings on MIN reflect its strong business profile, which is
supported by its stable cash flow from internal mining services
contracts, long-term external crushing contracts with diversified
miners and low-cost lithium assets in Australia.

However, execution risks with any further development of hydroxide
plants, risks of a delay in commercial production at the Kemerton
hydroxide plant and a subdued outlook for spodumene and iron ore
prices are likely to result in lower group EBITDA for FY21 and FY22
compared with FY20. Accordingly, Fitch has a Stable Outlook on the
IDR, even though the agency expects the company's credit profile to
improve significantly once the Kemerton hydroxide plant starts
commercial production in FY22.

KEY RATING DRIVERS

Improved Financial Profile: MIN is back in a net-cash position
following the completion of the sale of its stake in the Wodgina
lithium mine. Fitch believes the strong balance sheet provides
enough financial flexibility for MIN to weather any weakness in
spodumene and iron ore prices as well as a delay in commercial
production at the Kemerton hydroxide plant over the next 12-24
months. Fitch forecasts the company's leverage, measured by FFO
adjusted net leverage, to remain below 2x, on average, over the
next four years.

Unique Profit-Sharing Model: MIN provides low-cost, pit-to-port,
life-of-mine services to mines under its profit-sharing model, in
which it acquires undeveloped resource assets that can benefit from
its mining infrastructure services. MIN funds the design and
construction of a mine in return for equity in the project and then
secures a life-of-mine contract for full pit-to-port services. It
monetises part of its stake and reinvests the funds in its
business. The model eliminates the risk of contract loss in its
mining services business, allows MIN to capture earnings from its
profit share commodity operation and generates steady cash flow.

Owner-Operator; Conservative Financial Policy: MIN has a
conservative capital structure and was in a net cash position in
seven of the last 10 years by implementing the founder's long-term
strategy and benefitting from its deep understanding of the
industry and its cyclicality, in Fitch's view. The potential
development of additional hydroxide conversion facilities and
investment in other commodity projects will result in negative FCF
over the next few years.

However, Fitch thinks MIN's target of gross debt/sustainable EBITDA
below 2x is appropriate for its rating, based on its stable cash
flow, which is underpinned by internal mining services contracts
and the cost competitiveness of its lithium mines.

Risks from Hydroxide Plants: MIN's margin and cost competitiveness
will improve compared with brine-based hydroxide operations once
the hydroxide plant starts operation. Albemarle Corporation
(BBB/Stable), which will market the plant's products, has
experience with hydroxide plants, but the new facility must provide
consistent supply that meets the requirements of customers, which
include cathode and electric-vehicle makers.

The qualification process is likely to take around a year after the
plant's commissioning. MIN's commercial production schedule will
not be met if it fails to manufacture a compliant product and if
there is a delay in the commissioning of the plant.

Benefits from New Hydroxide Plants: MIN has 40% equity in the first
two trains at the Kemerton hydroxide plant (capacity of about
50,000 tonnes per year), after revising the terms of its stake sale
in the Wodgina mine. This allows MIN to diversify its commodities
business and sell hydroxide at least 12 months earlier than
planned. Fitch believes cash flow from Kemerton and further
hydroxide plant development will enhance MIN's business profile. It
will become a leading lithium miner globally and diversify its cash
flow. MIN's current iron ore business lacks the scale and cost
competitiveness of its lithium segment.

Secured Debt in Capital Structure: Fitch expects MIN's capital
structure to include secured debt for at least the next three
years, however, this should stay below 1x EBITDA. MIN's senior
unsecured debt could be downgraded if the ratio of secured
debt/consolidated operating EBITDA moves to 2.0x-2.5x or above,
irrespective of any movement in the issuer's IDR.

DERIVATION SUMMARY

MIN's rating reflects its stable cash flow from internal mining
services contracts and strong lithium-mine portfolio. This compares
favourably against its peer, Indonesia-based PT Bukit Makmur
Mandiri Utama (BB-/Stable), which has similar scale but a less
diversified business model with concentrated and relatively lower
quality counterparties. MIN's mining-services business has better
earnings visibility due to its profit sharing model. These factors
underscore the one-notch rating differential between the two
entities.

The rating on PT ABM Investama Tbk (B+/Negative) reflects a
weakening coal contract-mining business and higher counterparty
risk. ABM's mines also have short reserve lives of around five
years, against the more than 20 years for MIN's lithium mines.
These factors explain why ABM is rated two notches lower than MIN.

KEY ASSUMPTIONS

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

  - Gradual decline in the realised spodumene price over the next
two years, then the price to recover modestly from FY22 as demand
outpaces supply in the market.

  - Iron ore price in line with the Fitch price deck, adjusted for
impurity discount.

  - Commercial production from Kemerton hydroxide plant to start in
FY22.

  - Dividend payout ratio at around 50% of net profit after tax.

RATING SENSITIVITIES

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

  - FFO adjusted net leverage falling below 2.0x for a sustained
period

  - Successful completion of its Kemerton hydroxide plant, with an
established operational record following commercial production of
hydroxide.

  - Neutral to positive free cash flow.

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

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

  - Delays and cost overruns in any further development of
hydroxide plants for a sustained period, which may lead to higher
leverage or squeeze MIN's liquidity position.

  - Negative developments in its long-term outlook for lithium.

  - Material loss of mining service contracts.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity Position: Following the completion of the sale of
its Wodgina mine (60% sold), MIN received USD820 million in cash
and is back in a net cash position in FY20. The company also has
access to committed undrawn bank facilities of AUD250 million.
Fitch believes the company has ample cash balance to meet its capex
requirement over the next three years.

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.


STELLER GA: First Creditors' Meeting Set for Jan. 6
---------------------------------------------------
A first meeting of the creditors in the proceedings of Steller GA
JV Pty Ltd and Steller Projects Pty Ltd will be held on Jan. 6,
2020, at 3:00 p.m. and 3:30 p.m., respectively, at the offices of
Jirsch Sutherland, Level 30, at 140 William Street, in Melbourne.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Steller GA and Steller Projects on Dec. 20, 2019.


STEVIA SWEETENER: First Creditors' Meeting Set for Jan. 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Stevia
Sweetener Co Pty Ltd (Formerly Known As Natvia Pty Ltd) will be
held on Jan. 3, 2020, at 11:00 a.m. at the offices of Hamilton
Murphy, Level 1, 255 Mary Street, in Richmond, Victoria.  

Stephen Dixon of Hamilton Murphy was appointed as administrator of
Stevia Sweetener on Dec. 19, 2019.


TRITON TRUST 2019-1: Fitch Assigns BB-sf Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings assigned ratings to Triton Trust No. 10 Titan
Warehouse Series 2019-1's residential mortgage-backed floating-rate
notes. The ratings are based on the facility limits of each note.
The issuance consists of notes backed by a pool of first-ranking
Australian mortgage loans originated by Columbus Capital Pty
Limited.

The notes are issued by Perpetual Corporate Trust Limited as
trustee for Triton Trust No.10 Titan Warehouse Series 2019-1.

RATING ACTIONS

Triton Trust No.10 Titan Warehouse Series 2019-1

Class A; LT AAAsf; New Rating

Class B; LT AAsf;  New Rating

Class C; LT Asf;   New Rating

Class D; LT BBBsf; New Rating

Class E; LT BB+sf; New Rating

Class F; LT BB-sf; New Rating

Class G; LT NRsf;  New Rating

TRANSACTION SUMMARY

The transaction is a warehouse that purchases receivables on a
revolving basis. The asset pool is subject to eligibility criteria
and pool parameters. The transaction has triggers to protect note
holders from deterioration in the credit quality of the portfolio,
which either requires rectification or may cause an amortisation
event in which all principal collections will be used to pay down
the notes in sequential order. Each note is subject to minimum
dollar subordination to mitigate concentration risk.

As per the transaction documents, payment of class A subordinated
interest and of class B, C, D, E and F residual interest is
excluded from its rating analysis. Class A subordinated interest is
subordinated below losses if an amortisation event is subsisting
for more than six months, while class B, C, D, E and F residual
interest is subordinated below losses when the outstanding asset
balance is below AUD77.5 million. Non-payment of subordinated or
residual interest will not lead to an event of default, as outlined
in the transaction documentation.

KEY RATING DRIVERS

Operational Risk: Columbus Capital is a non-bank lender
specialising in conforming Australian residential mortgage lending.
Columbus Capital commenced originations in 2006 with growth driven
by loan-book acquisitions and organic origination. Fitch undertook
an onsite review and found the operations of the originator and
servicer were comparable with those of other conforming lenders.

Asset Analysis: The transaction has a one-year substitution period
with the ability to extend, therefore, Fitch's analysis is based on
a portfolio stressed to documented pool parameters. The 'AAAsf'
weighted-average (WA) foreclosure frequency of 12.6% is driven by
the WA unindexed loan/value ratio (LVR) of 69.1%, and, under
Fitch's methodology, investment loans of 78.2%. The 'AAAsf'
lenders' mortgage insurance (LMI) dependent WA recovery rate of
57.5% is driven by the portfolio's WA indexed scheduled LVR of
70.1%, 15.1% of the pool benefiting from LMI and the portfolio
'AAAsf' WA market value decline of 59.3%.

Liability Analysis: The class A, B, C, D, E and F notes benefit
from credit enhancement of 12.5%, 6.3%, 3.4%,1.9%, 1.3% and 0.8%,
respectively. Structural features include a liquidity facility
reserve sized at 1.4% of the note balance with a floor of
AUD375,000. The class A, B, C, D, E and F notes pass all relevant
stresses applied in the cash-flow analysis for ultimate payment of
principal and timely payment of note interest (excluding
subordinated interest and residual interest).

Macroeconomic Factors: Fitch expects stable mortgage performance to
be supported by sustained economic growth in Australia. Fitch
forecasts steady GDP growth of 2.3% over 2020, stable labour
markets and low interest rates to support the Outlook on the rated
notes.

CRITERIA VARIATION

Fitch's APAC Residential Mortgage Rating Criteria does not
anticipate the assignment of ratings below the model-implied
ratings. Sensitivity testing indicated the class C note rating is
sensitive to downgrade of the LMI providers' ratings. Fitch
considered the sensitivity of the rating, together with the
revolving nature of the portfolio, in assigning the final rating to
class C. The variation resulted in a rating on the class C notes
that is one-notch below the model-implied rating.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis of the ratings by stressing the transaction's initial
base-case assumptions. Fitch applies recovery-rate stress to the
pre-LMI recovery rate to isolate the effect of a change in recovery
proceeds at the borrower level.




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C H I N A
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HNA GROUP: Faces Pressure to Avoid First Public Default
-------------------------------------------------------
Bloomberg News reports that HNA Group Co. repaid a CNY1.3 billion
(US$185 million) bond due Dec. 24, according to people familiar
with the matter, avoiding what could have been its first default on
a publicly issued note.

Bloomberg relates that HNA's move is the latest of a series of
developments that have helped calm frayed nerves in China's debt
markets in recent days. Peking University Founder Group secured an
extension on a local bond repayment deadline and luxury clothing
giant Shandong Ruyi Technology Group Co. also repaid a dollar note,
the report says.

An investor briefed by HNA's bond trustee said the company has
wired the funds to the clearing house, while another bondholder
said it received the full payment. Both declined to be identified
as they're not authorized to speak publicly, Bloomberg notes.

Once a front-runner in China's debt-fueled global spending spree,
HNA said earlier this month that it would halt trading of the yuan
bond from Dec. 6 till its maturity due to an unspecified "major
event that has yet to be finalized," according to Bloomberg. It
didn't give any details. The suspended bond last traded at CNY97.55
on Dec. 5, Bloomberg notes.

Bloomberg says HNA has periodically been in the news in recent
years for missing payments, selling assets and struggling with
debts that climbed to as high as CNY598.2 billion.

Haikou Meilan International Airport, a major airport backed by HNA
units on the southern Hainan island, has defaulted on two private
onshore notes totaling CNY3 billion and a $200 million
dollar-denominated bond, according to data compiled by Bloomberg.

While HNA itself failed to make good on a CNY1.5 billion privately
issued note in July, the conglomerate has yet to miss a repayment
on a public bond, according to Bloomberg calculations.

"The main concern is a lack of liquidity and the complex structure
of the group that makes moving money within the organization
difficult," Bloomberg quotes Warut Promboon, managing partner at
credit research firm Bondcritic Ltd, as saying. "However, we
believe HNA has sufficient credit facilities to pay back
bondholders should its creditors allow them to do so," he said.

A bond due in 2021 from HNA's unit Hainan Airlines Holding Co. was
up by CNY0.82 to CNY89.45 on Dec. 24. Traders have been closely
monitoring this bond as a gauge of broader sentiment about the
conglomerate since HNA's local note was suspended, the report
states.

HNA shot to prominence between 2016 and 2017 after splurging more
than $40 billion on acquisitions across six continents, Bloomberg
notes. The once little-known airline operator became the biggest
shareholder of iconic companies such as Hilton Worldwide Holdings
Inc. and Deutsche Bank AG as well as paying top dollar for high-end
properties from Manhattan to Hong Kong.

Bloomberg says the company and other equally acquisitive private
firms have since come under pressure from Beijing to sell off
assets due to concerns that their borrowing sprees could worsen the
nation's debt burden and destabilize its financial system.

Offering a tentative respite to the conglomerate, Haikou Meilan
International Airport said it will delay interest payment of
CNY97.5 million due Dec. 29 on its CNY1.5 billion bond, Bloomberg
relates. The decision is to ensure funding for an airport expansion
project, it said in a statement dated Dec. 23 on Chinamoney.com.cn,
relays Bloomberg.

The deferred payment doesn't constitute as a default, but results
in its coupon rate rising to 9.5% from 6.5%, effective Dec. 29, it
added.

                   About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of 2017.
The default came despite an estimated $18 billion in asset sales by
HNA in 2018 that have done little to address its ability to meet
its domestic debts, the FT noted.


PEKING UNIVERSITY: Creditors Extend Deadline on $285MM Bond
-----------------------------------------------------------
Liang Hong and Denise Jia at Caixin Global report that creditors of
Peking University Founder Group agreed to extend the payment
deadline on a CNY2 billion ($285 million) bond for two months after
the Chinese conglomerate defaulted earlier this month.

A group of 23 bondholders voted to allow the company to extend the
principal payment deadline on the bond until Feb. 21, 2020, Founder
Group said in a statement on Dec. 23, Caixin relays. The company
agreed to pay interest at the original coupon rate of 4.94% during
the extension and to pledge the shares it owns in Bank of Chongqing
as guarantee, Caixin says.

Founder Group owns 3.02% of the Hong Kong-listed regional bank,
which was worth about CNY393 million as of Dec. 23, the report
notes.

According to Caixin, Founder Group failed to make interest and
principal payments due Dec. 1, but it had a 15-day grace period.
According to the terms of the bond, if the company couldn't repay
by Dec. 23, it would trigger cross-defaults on the company's
offshore dollar bonds, Caixin relays.

The extension mainly aims to avoiding the cross-defaults while
giving the company more time to bring in strategic investors or
carry out a restructuring, a bond investing manager told Caixin.
It's still hard to predict whether the bond can be paid after the
extension, the manager said.

Under the extension's terms, Founder Group also agreed to repay the
CNY2 billion bond immediately if it defaults on any other debt,
Caixin relays. In addition to the extended bond, Founder Group has
23 onshore bonds with a total principal amount of CNY34.54 billion,
Caixin discloses.
Founder, which is 70% held by state-owned Peking University, is
engaged in information technology services, real estate, health
care and financial and commodities trading. Institutional investors
previously had never had concerns about the state-owned
conglomerate, a bond investment manager at a brokerage told
Caixin.

According to Caixin, the default surprised the market as the
company's latest financial report showed it had net assets
exceeding CNY60 billion, including CNY45 billion in cash as of the
end of September.

Before the extension agreement, Founder's largest shareholder made
a move that worried bondholders. Beijing Peking University Asset
Management Co., the 70% holder of Founder Group, unilaterally
announced that it would take over Founder's real estate unit, the
group's more profitable business, Caixin says.

Caixin adds that local media reported Dec. 12 that China Cinda
Asset Management Co., one of China's big four state-owned
distressed asset management companies, planned to participate in a
merger and restructuring of Founder Group. But people close to
Cinda told Caixin that the reports are "not true," though Caixin
learned from exclusive sources that Cinda did complete a week-long
due diligence of Founder Group.

Peking University Founder Group Corp provides information
technology services. The Company offers software development,
electronic publishing system development, smart city solution
development, data operation, and other services. Peking University
Founder Group also operates financing, medical technology
development, and other businesses.


TIANQI LITHIUM: Moody's Lowers CFR to B1, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded to B1 from Ba3 Tianqi Lithium
Corporation's corporate family rating and the senior unsecured
rating on the bonds issued by Tianqi Finco Co., Ltd and guaranteed
by Tianqi Lithium.

The ratings outlook remains negative.

RATINGS RATIONALE

"The ratings downgrade mainly reflects the materially
smaller-than-expected proceeds from Tianqi Lithium's rights issue,"
says Gerwin Ho, a Moody's Vice President and Senior Credit Officer.
"Such a situation will result in the company's slower-than-expected
deleveraging and tighter-than-expected liquidity; two factors that
position the company in the B rating category."

"The negative ratings outlook continues to reflect the uncertainty
related to Tianqi Lithium's refinancing plans, weak liquidity
position and weak operations," adds Ho, who is also Moody's Lead
Analyst for Tianqi Lithium.

Tianqi Lithium's leverage increased following its acquisition of a
23.8% stake in Sociedad Quimica y Minera de Chile S.A. (SQM, Baa1
stable) in December 2018, which brought its total stake in the
company to 25.9%.

Tianqi Lithium announced a rights issue in which it will issue new
shares totaling 343 million at RMB8.75 per share. If fully
subscribed, the proceeds will total about RMB3.0 billion, which is
lower than the upper range of RMB7.0 billion that Moody's had
earlier expected.

As a result, Tianqi Lithium's financial leverage — as measured by
total debt to EBITDA — should remain elevated at about 7.5x over
the next 12 months, with SQM accounted for on an equity method
basis.

While the company's leverage will stay elevated, Tianqi Lithium has
plans to improve its capital structure, including the repayment of
the portion of its acquisition loan due in November 2020, through
other financing plans. Moody's will monitor the progress of such
plans.

Tianqi Lithium's revenue fell by 20% year-on-year in the first nine
months of 2019, amid declining lithium chemical prices.
Nevertheless, Moody's expects that the company will grow its
revenue over the next 12-18 months, because increased sales volumes
will offset lower prices.

At the same time, any greater volatility in lithium chemical prices
than Moody's currently expects could weaken the company's cash flow
generation and delay deleveraging.

Tianqi Lithium's liquidity is weak. At September 30, 2019, the
company's cash reserves — including restricted cash — of RMB1.7
billion were insufficient to cover its short-term debt of RMB3.1
billion.

Nevertheless, Moody's expects that the company will be able to roll
over its debt with banks, given its strong market position.

The company also has a track record of access to diversified
funding channels, including onshore debt instruments such as
medium-term notes, and equity fund raising from its listing in
Shenzhen.

Tianqi Lithium's B1 corporate family rating reflects the positive
demand outlook for lithium chemical products, the company's strong
position in the lithium chemical industry, and robust
profitability, driven by its supply of low cost lithium minerals.

On the other hand, the rating is constrained by Tianqi Lithium's
product concentration in lithium minerals and lithium chemicals,
with limited revenue scale, and exposure to regulatory risks.

Environmental, social and governance issues are material to the
rating outcome and were assessed as follows.

First, the company benefits from global trends to reduce carbon
emissions, because lithium is a core input into the manufacture of
electric vehicles.

Second, its mining and chemical production operations are exposed
to environmental and safety risks.

Third, Tianqi Lithium's ownership is concentrated and only a
minority of its board consists of independent directors. Moreover,
the company's debt funded acquisition of a 23.8% stake in SQM hints
at an aggressive financial policy.

The senior unsecured rating is exposed to legal and structural
subordination, because a substantial portion of the liabilities are
at the operating company level and there is secured lending related
to the acquisition financing. Downward pressure on the rating could
emerge, if the company does not succeed in refinancing all or part
of the acquisition loan through non-debt financing.

The outlook on Tianqi Lithium's ratings could return to stable, if
the company executes its refinancing plan, and improves its
liquidity position and capital structure significantly.

Conversely, downward ratings pressure could emerge, if, over the
next 6-12 months, the company fails to execute its refinancing plan
or improve its liquidity position and capital structure
significantly.

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

Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a leading lithium chemicals producer that mines,
makes and sells lithium minerals and lithium chemicals.

The company owns a 51% stake in the Greenbushes lithium mine in
Western Australia. It also owns a 25.9% stake in Chilean chemical
producer, Sociedad Quimica y Minera de Chile S.A.




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

ADITYA HOTELS: CARE Reaffirms 'D' Rating on INR11.16cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Aditya Hotels And Hospitalities Private Limited (AHHPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           11.16      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of AHHPL continues to
factors in delays in repayment of debt obligation.

Rating Sensitivities

Positive factors

* Repayment of debt obligations on timely manner and demonstration
of default free track record of more than 90 days.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligations: As per the interaction with
the banker, there are continuous on-going delays in repayment of
interest and principal on term loan.

Liquidity analysis: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations. This has constrained the ability of the company to
repay its debt obligations on a timely basis.

Satara (Maharashtra) based, Aditya Hotels & Hospitalities Private
Limited (AHHPL) was incorporated in December 26, 2016 and is
currently being run by Mr. Shriram Krishan Surve, Mrs. Rutja
Shriram Surve and Mr. Akshay Shriram Surve. AHHPL has been set up
with an aim to provide catering services (on marriage and other
occasions) and lodging facilities along with restaurant. AHHPL has
been operating its facility (hotel) in an area of 3,55,000 sq ft
(leased), in Satara, Maharashtra. The resort cum hotel has 42 A/C
deluxe rooms, 1 banquet hall, 1 garden restaurant, 2 wedding halls
and 2 conference halls. The commercial operations of fitness club
commenced in June 2018 and hotel operations commenced in June
2019.


ALTICO CAPITAL: Lenders Seek Rescuers for Shadow Bank
-----------------------------------------------------
Bloomberg News reports that lenders to an Indian shadow bank at the
center of an industry crisis since it started defaulting three
months ago have called for binding bids from potential rescuers by
mid-January, people familiar with the matter said.

Altico Capital India Ltd. is one of the latest caught up in the
nation's shadow banking crisis, which has deepened as lenders
already reeling from one of the world's worst bad loan piles balk
at extending more credit, according to Bloomberg.

Bloomberg relates that the shadow bank started defaulting on its
interest repayments in September, and its lenders are keen for it
to get an equity infusion for any debt restructuring plan to be
cleared, the people said, asking not to be identified as the
discussions are private.

Potential investors and creditors in Altico, which focuses on real
estate lending and counts Clearwater Capital Partners among its
main shareholders, are waiting for due diligence reports and will
take a final call on the valuation and decide on any resolution
plan by the end of January, according to the people cited by
Bloomberg.

Alitco's bad loans spiked to 23.8% of its loan book in the
July-September quarter, adding to concerns of recovery for the
lenders, Bloomberg adds.

Altico was established in 2004 by the funds managed by Clearwater
Capital Partners as Clearwater Capital Partners India Private
Limited for wholesale lending to capital-constrained Indian small
and medium enterprises. It was registered as a
non-deposit-accepting non-banking finance company with the Reserve
Bank of India in January 2005. Its business strategy initially
focused on special situation opportunities across the capital
structure. In FY15, the company was renamed Altico Capital India
Limited, and its business strategy was changed. Altico is focused
on high-yield asset-backed senior secured credit opportunities in
the real estate sector.


ASHOKA MANUFACTURING: CARE Cuts Rating on INR6.83cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashoka Manufacturing Limited (AML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.83       CARE D Revised from CARE BB;
   Facilities                      Stable

   Short term Bank
   Facilities           3.50       CARE D Revised from CARE A4+

Detailed Rationale and key rating drivers

The revision in the ratings assigned to the bank facilities of AML
takes into account delay in debt servicing of the company.

Rating Sensitivities

Positive factors

* Default free track record of more than 90 days on a sustained
basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing: There are various instances of delay in
debt servicing of the company due to its stretched liquidity
position and delay in receipts of collection from its customers.
There have been recent delays in interest servicing on term loan of
the company.

Liquidity: Stretched - Liquidity seems to be stretched as reflected
by its fully utilised bank limits along with frequent utilisation
of adhoc limits resulted from delay in receipts of collection from
its customers. This could constrain the ability of the company to
repay its debt obligations on a timely basis. Moreover, the cash
balance stood at INR0.49 crore as on
March 31, 2019.  

Incorporated on November 08, 1995, Ashoka Manufacturing Limited
(AML) was promoted by Mr. Anil Kumar Patodia and his family
members. Since its inception, AML has been engaged in manufacturing
of base metals parts made up of brass, aluminum, copper, steel,
zinc etc. which are mainly used for defense arms and ammunitions
(mainly bullet making, submarine spare parts, warship tank parts
etc.). The manufacturing facility of the company is located at
industrial area, Hempal Lane of Howrah and Beleghata (both in West
Bengal).


BAID NARROW: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Baid Narrow Fab Private Limited
        2/4569 Sagrampura Main Road
        Dipika Apts. Ground Floor
        Surat Gujarat 395002

Insolvency Commencement Date: December 9, 2019

Court: National Company Law Tribunal, Ahmedabad, Gujarat Bench

Estimated date of closure of
insolvency resolution process: June 6, 2020
                               (180 days from commencement)

Insolvency professional: Sunil Kumar Agarwal

Interim Resolution
Professional:            Sunil Kumar Agarwal
                         Tower 6/603, Devnandan Heights
                         Near Podar School
                         New CG Road
                         Chandkheda, Ahmedabad
                         Gujarat 382424
                         E-mail: anil91111@hotmail.com

                            - and -

                         202, Sakar III
                         Near C U Shah College
                         Income Tax Circle
                         Ahmedabad 380014
                         E-mail: cirp.baidnarrow@gmail.com

Last date for
submission of claims:    December 27, 2019


BUDHALE ENGINEER: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Budhale Engineer Private Limited
        Plot No. A-20, MIDC Shiroli
        Tal-Hatkanangale, Dist-Kolhapur
        Kolhapur MH 416122
        IN

Insolvency Commencement Date: December 11, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: June 8, 2020
                               (180 days from commencement)

Insolvency professional: Laxman Digambar Pawar

Interim Resolution
Professional:            Laxman Digambar Pawar
                         Flat No. 16, First Floor
                         Bhakti Complex
                         Behind Dr. Ambedkar Statue
                         Pimpri, Pune 411018
                         Mobile: 9921516368
                                 9422327957
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    December 27, 2019


CARE STATIONERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Care Stationers & Agencies Private Limited
        503A, 503C, 504, 574, 575, Narayan Peth
        Shree Laxmi Narayan Bldg
        Raman Baug Chowk
        Pune Maharashtra 411030
        India

Insolvency Commencement Date: December 13, 2019

Court: National Company Law Tribunal, Pune Bench

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

Insolvency professional: Ritesh Raghunath Mahajan

Interim Resolution
Professional:            Ritesh Raghunath Mahajan
                         B-203 Devgiri, Ganeshmala
                         Sinhagad Road
                         Pune 411030
                         Maharashtra
                         E-mail: riteshmahajancs@gmail.com
                                 carestationerscirp@gmail.com

Last date for
submission of claims:    December 20, 2019


CCCL INFRASTRUCTURE: CARE Cuts Rating on INR55cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of CCCL
Infrastructure Limited (CIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      55.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE BB-; Stable
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 1, 2018, placed the
rating of CIL under the 'issuer non-cooperating' category as CIL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. CIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
December 11, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings have been revised on account of delays in debt
servicing by CIL ascertained by CARE as a part of its due diligence
exercise.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing:

CARE as a part of its due diligence exercise interacts with various
stakeholders of the company including lenders to the company and as
a part of its exercise has ascertained that there are delays in
debt servicing.

CIL was established in 2007 as a subsidiary of Consolidated
Construction Consortium Limited (CCCL). CIL operates a Solar Power
plant of 5-MW capacity at Sekkarakudi in Tuticorin district of
Tamil Nadu. The plant is spread over an area of 44 acres and
commissioned its operations in February 2012.


DHANYASREE PRECISION: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Dhanyasree Precision Pvt Ltd
        No. C-10, SIDCO
        Industrial Estate Phase-I
        SIPCOT Hosur
        TN 635126
        IN

Insolvency Commencement Date: November 8, 2019

Court: National Company Law Tribunal, Chennai Division Bench

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

Insolvency professional: Swaminathan Venkatraman

Interim Resolution
Professional:            Swaminathan Venkatraman
                         C/o P.S. Subramania Iyer & Co.
                         Jayshree Apartments
                         New No. 60, II Main Raod
                         R.A. Puram
                         Chennai 600028
                         E-mail: vs@pssca.in

Last date for
submission of claims:    December 27, 2019


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

The instrument-wise rating actions are:

-- INR92.98 mil. Term loan (Long-term) downgraded with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR150 mil. Fund based working capital limit (Long-term/Short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;
     and

-- INR2.97 mil. Non-fund-based working capital limits (Short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

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

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2014, Hansraj Agrofresh manufactures ready-to-serve
fruit juices in Siliguri, West Bengal.


HARIKRISHNA TRADEX: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Harikrishna Tradex Limited
        Registered office as per MCA Records:
        708-709 Golden Triangle
        Opp. Sardar Patel Stadium
        Naranpura, Ahmedabad 380013
        Gujarat

Insolvency Commencement Date: December 13, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Chandra Prakash Jain

Interim Resolution
Professional:            Mr. Chandra Prakash Jain
                         D-501, Ganesh Meridian
                         Opposite Gujarat High Court
                         S.G. Road, Ahmedabad 380060
                         E-mail: jain_cp@yahoo.com

Last date for
submission of claims:    December 28, 2019


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

The instrument-wise rating actions are:

-- INR125 mil. Fund-based working capital (Long term) downgraded
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR7.5 mil. Non-fund-based working capital (Short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in servicing of debt for more than
180 days.

COMPANY PROFILE

Incorporated in 2001, IDT Clothing manufactures ready-made garments
and exports them to Europe, United S and Canada.


MATA RANI: Ind-Ra Maintains D Bank Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mata Rani
Trust's bank facilities in 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 continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR291 mil. Term loan (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2009, Mata Rani Trust is a non-government, social
service organization, formed as a trust for the primary purpose of
imparting education to the new generation. The trust has a K-8
school and a polytechnic institute.


MITHILA CARS: CARE Lowers Rating on INR30c LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mithila Cars Private Limited (MCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      30.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE C; Stable
                                   ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating(s) of MCPL under the 'issuer non-cooperating' category as
MCPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated
August 26, 2019, September 4, 2019, September 23, 2019 and
September 25, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings have been revised on account of delays in debt
servicing by the client Further the bankers are auditors of the
company have also not commented about the company.

Detailed description of the key rating drivers
At the time of last rating on April 5, 2018 the following were the
rating strengths and weaknesses

Key Rating Weaknesses

Relatively modest scale of operation coupled with thin
profitability margins
MCPL's revenue from operations consists of sales of cars and a
varied portfolio of allied services (includes servicing of
vehicles, sale of spare parts and accessories). In FY16 (refers to
the period April 1 to March 31), the company's revenue from sale of
motor dipped to INR148 crore as compared to INR214 crore in FY15
(Rs.220 crore in FY17) whereas incentives received by the company
from Hyundai increased to INR23.33 crore as on March 31, FY16 as
compared to INR2.78 crore as on March 31, 2015, thereby resulting
in a stable topline. MCPL's operating margin continued to remain
thin at 1.80% & 1.74% in FY16 & FY17 respectively, on account of
dealership nature of business wherein the gross profitability is
guided by HMIL.

Highly leveraged capital structure and weak debt coverage
indicators
MCPL has a leveraged capital structure due to higher dependence on
debt (mainly working capital borrowing limit and unsecured loan
from the group entity) to support its scale of operation, marked by
an overall gearing of 1.88x as on March 31, 2016 which increased
marginally from 1.86x as on March 31, 2015. Furthermore, with the
higher debt utilization, the debt coverage indicators were also
weak marked by total debt to GCA at 48.80x as on March 31, 2016;
which improved to 33.62x as on March 31, 2017.

Working capital intensive nature of operation
MCPL's operations are working capital intensive in nature (with
almost full utilization of working capital borrowing limit during
twelve months ending March 2017) as funds are being blocked in
inventory and receivables. MCPL's operating cycle stood at 71 days
as on March 31, 2016 (59 days as on March 31, 2017) as compared to
69 days as on March 31, 2015.

Fortunes linked to HMIL
Being an authorized dealer of HMIL, MCPL's business risk profile is
directly linked to timely operational support from HMIL in terms of
delivery of vehicles, new products launches and the marketing
effort undertaken by HMIL to promote the sale of its cars. HMIL
offers a wide range of cars across different segments. The
sustained performance in the sales for MCPL backed by
new variants of existing models and new product launches from HMIL
shall be critical from a credit perspective.

Geographical concentration of revenues
The company is acting as authorized dealer for HMIL and carries out
its operation from 2 showrooms located in Thane (Mira Road &
Virar), Mumbai.

The company's operation is geographically concentrated as it
derives revenues only from the above districts which makes it
vulnerable to dynamics of these districts.

Key Rating Strengths

Experienced management in the industry
MCPL's entire management rests in the hands of its director Mr
Nirbhay Singh (C.A. by qualification, with around 8 years of
experience in auto dealership business). He is also engaged in the
real estate development business since past 18 years (as a promoter
of Mithila Builders & Developers Pvt Ltd, a group entity of MCPL).
Mr Mantu Singh, another director (with around 8
years of industry experience) looks after workshop of MCPL.

Incorporated in 2009, Mithila Cars Private Limited (MCPL) is an
authorized dealer for Hyundai Motors India Ltd (HMIL), for sale of
cars (accounts for 74% of the total revenue in FY16)] and Mobis
India Ltd (MBIL)a wholly owned subsidiary of Hyundai Mobis Co. Ltd)
for sale of spare parts (accounts for 2.63% of total revenue in
FY16)]; and the rest of revenue comes from sale of accessories and
servicing of vehicles along with miscellaneous income in the form
of cancellation charges received from customers as well from other
avenues. MCPL has two showrooms located in Miraroad (owned
premises) and Virar (leased premises) and a work shop located in
Miraroad (owned premises). During FY17 (provisional), the total
income from operations of MCPL stood at INR203.70 crore (compared
to INR255.53 crore in FY16), while net profit of the company stood
at INR0.28 crore in FY17 (compared to INR0.83 crore FY16).


P NARASIMHA: CRISIL Maintains 'D' Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of P Narasimha Rao and
Company (PNRC) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        5.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           2.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.33       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    3.67       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with PNRC for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

PNRC was set up in 2004 by Mr. P Narasimha Rao and his family
members. The firm constructs roads and bridges in Andhra Pradesh
and Telangana, and undertakes contract work for the Railways, such
as laying and maintenance of railway tracks. It is based in
Hyderabad.


P.K. METAL: CARE Lowers Rating on INR6.45cr LT Loan to 'D'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of P.K.
Metal Industries (PKML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.45       CARE D Revised from CARE B+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The rating has been revised on account of ongoing delays in
servicing the debt obligations. The rating on PKML facilities will
now be denoted as CARE D.

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

Detailed description of the key rating drivers

Delays in debt servicing: There are ongoing delays in debt
servicing due to closure of the factory and stretched liquidity
position of the firm.

Uttarakhand based PKML was established in year 2016 and was
promoted by Mr. Vishal Gaur. Currently, the firm is engaged in
manufacturing of aluminum sections for aluminium doors, windows
etc. The manufacturing facility of the firm is located at
Bhagwanpur, Rurki having an installed capacity of 6.5 metric tonnes
per day. The firm mainly caters to the domestic market. The firm
imports its raw material i.e. aluminum scarp (around 50%) from
Israel and Dubai and rest is purchased domestically from local
traders. The firm is using extrusion technology to make the
aluminum sections.


PELICAN INTERNATIONAL: CRISIL Keeps 'D' Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Pelican International
Private Limited (PIPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           0.25      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit     18.75      CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with PIPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

PIPL was incorporated in 2005 by Mr. Girish Aggarwal. The company
trades in tyres and mild steel products. The company is based in
Hyderabad, Andhra Pradesh.


PLATINA STEELS: CARE Lowers Rating on INR17.16cr Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Platina Steels Private Limited (PSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      17.16       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B; Stable
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of PSPL
takes into account delays in servicing debt obligations.

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

Detailed description of the key rating drivers

At the time of last rating on July 19, 2019 the following were the
rating strengths and weaknesses

Key Rating Weakness

Delay in debt servicing
Platina Steels Private Limited has been facing liquidity issues
hence couldn't able to meet its debt obligations on time.

Key Rating Strengths

Experienced and resourceful promoters
The promoter of PSPL has been present in the manufacturing of
hot-rolled and cold-rolled products of steel for more than a
decade. He is supported by the other directors Mr D Prabhakara Rao,
Mr V Kiran Kumar and Mr M Srinivasa Reddy. During FY15, the
promoters have infused equity to the extent of INR1.23 crore to
support the growing operations.

Incorporated in June 2011, PSPL is engaged in the manufacturing of
stainless steel rerolling mill with plant located at Thimmapuram,
Guntur District, Andhra Pradesh with an installed capacity of 4,200
metric tonnes per annum (MTPA). The company is currently procuring
its raw materials from Jindal Steel and Power Limited and Rohit
Ferrotech Limited and is supplying through agents to various
manufacturing entities. In FY15, PSPL had a Profit after Tax (PAT)
of INR-0.57 crore on a total operating income of INR23.52 crore, as
against PAT and TOI of INR0.07 crore and INR11.55 crore,
respectively, in FY14.


RAJ ISPAT: CARE Lowers Rating on INR7cr LT Loan to 'D'
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Raj
Ispat Udyog (RIU), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B; Issuer not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of RIU
takes into account the instances of overdrawls in cash credit limit
for more than 30 days.

Detailed description of the key rating drivers

Instances of delays in servicing of debt obligation: There have
been instances of overdrawls in cash credit limit for more than 30
days.

Raj Ispat Udyog (RIU) was established in 1988 as a partnership firm
by Raj Kumar (aged 55 years), Mr. Anil Kumar (aged 47 years) and
Mr. Sunny Kapoor (aged 32 years) with profit/loss sharing ratio of
4:4:2. The firm is engaged in trading of steel products and the
servicing facility is located at Ludhiana, Punjab. The traded items
include C.R Coils, HR Sheet, plate, straight angles, channel and
joint etc. which find their application in steel and allied
products industry. The traded goods are procured from associate
concern, RSI and sold to dealers and wholesalers in Punjab,
Chandigarh and J&K. RIU has other group concern viz. Raj Steel
Industries (RSI), established in 1884 and engaged in manufacturing
and trading of steel items.


RAJ STEEL: CARE Lowers Rating on INR5.0cr LT Loan to 'D'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Raj
Steel Industries (RSI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       5.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B; Issuer not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of RSI
takes into account instances of overdrawls in cash credit limit for
more than 30 days.

Detailed description of the key rating drivers

Instances of delays in servicing of debt obligation: There have
been instances of overdrawls in cash credit limit for more than 30
days.

Raj Steel Industries (RSI) was established in 1984 as a partnership
firm by Mr. Raj Kumar (aged 55 years), Mr. Anil Kumar (aged 47
years) and Mr. Sunny Kapoor (aged 32 years) with equal profit
sharing ratio. The firm is engaged in the manufacturing and trading
of steel products with its manufacturing facilities located at
Ludhiana, Punjab. The finished products include H.R Shuttering, H.R
pipe, steel box, almirah etc. The raw material, mainly steel is
procured from reputed suppliers as Steel Authority of India Limited
(SAIL), the firm signs MOU with same on yearly basis which is later
on renewed as per the need. The finished goods are sold to dealers
and wholesalers in Punjab, Chandigarh and J&K. RSI has another
group concern viz. Raj Ispat Udyog (RIU), established in 1988 and
engaged in trading of steel items.


RYTHU MITRA: CRISIL Maintains 'D' Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rythu Mitra
Fertilizers Private Limited (RMF) continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.75       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        10.25      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RMF for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

RMF, based in Andhra Pradesh, is engaged in manufacturing of
nitrogen, phosphorus and potassium (NPK) fertilizer. RMF is
promoted by Mr. M Sambasiva Rao and Mr. G Gopichand.


SHIPRA AGRICHEM: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shipra Agrichem Private Limited
        Block No. 364
        ECP Canal Road
        Village Luna
        Padra Vadorada
        GJ 391440
        IN

Insolvency Commencement Date: December 5, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Saaurabh Jhaveri

Interim Resolution
Professional:            Saaurabh Jhaveri
                         620 Jolly Plaza, 6th Floor
                         Opp. Athwagate Circle
                         Athwagate, Surat 395001
                         E-mail: sjhaveri333@gmail.com

Last date for
submission of claims:    December 25, 2019


SHIV JYOTI: CRISIL Maintains 'D' Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shiv Jyoti Furnace
Private Limited (SJFPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           4.50        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan        1.75        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term    3.75        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with SJFPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2010 by Mr. Harikishan Goel and Mr. Gurvinder Garg,
SJFPL manufactures mild steel ingots. Its manufacturing facility is
in Abu Road (Rajasthan).


SHREE GEETA: CARE Lowers Rating on INR43.81cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Geeta Textile Mills Private Limited (SGTMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      43.81       CARE D Revised from CARE B+;
   Facilities                      Stable

Detailed Rationale & Key rating Drivers

The revision in the ratings of SGTMPL takes into account ongoing
delay in debt servicing.

Rating Sensitivities

Positive Factors

* Clear all overdue with timely repayment of debt obligation for
continuous three months

Key Rating Weaknesses

Delay in debt servicing owing to poor liquidity position
As per banker interaction, there are ongoing delays in debt
servicing owing to poor liquidity position.

Shree Geeta Textile Mills Private Limited (SGTM) was established in
2008 by Madhya Pradesh based Mittal family with an objective to set
up a greenfield plant for cotton ginning & pressing, spinning for
manufacturing of cotton yarn and knitting of cotton yarn. SGTM has
completed its project in phase wise and started commercial
operations of cotton ginning & pressing and spinning from November,
2015 and knitting of cotton yarn from February 2016. The company
manufactures 100% cotton yarn of 28 counts (average) which finds
application in the manufacturing of hosiery garments and bed
sheets. The plant of the company has total installed capacity 10
tons per day for manufacturing of cotton yarn and 10 tons per day
for knitting of cotton yarn.


SHRI DATTAPRABHU: CARE Reaffirms D Rating on INR10.94cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Shri
Dattaprabhu Agro Industries Private Limited (SDAIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      10.94       CARE D Reaffirmed
   Facilities          

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SDAIPL continues to
take into account ongoing delays in repayment of debt obligation.

Rating Sensitivities

Positive factors

* Demonstration of a default free track record of over 90 days
Detailed description of key rating drivers

Key Rating Weakness

Delays in repayment: There are on-going delays in the servicing of
interest on the term loan availed by the company and the account
has been classified as SMA-0, the same was mainly on account of
stretched liquidity position.

SDAIPL was incorporated in the year 2016 and is promoted by Patil
and Deore family of Shirpur. The company had commenced its
commercial operations of its jaggery manufacturing unit at Shirpur
in November 2018 with an installed capacity of crushing 300 tonnes
of sugarcane per day (TPD).


SHRI JAYASHEEL: Ind-Ra Raises LongTerm Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shri Jayasheel N
Shetty's (SJNS) Long-Term Issuer Rating to 'IND BB' from 'IND
BB-(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. (increased from INR45 mil.) Fund-based working
     capital limits Long-term rating: Upgrade; Short-term rating:
     affirmed with IND BB/Stable/IND A4+ rating;

-- INR95 mil. (increased from INR50 mil.) Non-fund-based limits
     affirmed with IND A4+ rating;

-- INR50 mil. Proposed fund-based working capital limits assigned

     with Provisional IND BB/Stable/IND A4+ rating; and

-- INR50 mil. Proposed non-fund based limits assigned with
     Provisional IND A4+ rating.

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

KEY RATING DRIVERS

The upgrade reflects the improvement in SJNS's continued moderate
scale of operation. Revenue increased marginally toINR883.99
million in FY19 (FY18: INR880.28 million) owing to the higher
execution of projects over the year.

The rating factors in SJNS's improved credit metrics as reflected
by net financial leverage (total adjusted net debt/ operating
EBITDAR) of 0.45x in FY19 (FY18: 1.80x) due to lower debt. Gross
interest coverage (operating EBITDA/gross interest expense),
however, decreased to 5.92x in FY19 (FY18: 7.17x) owing to an
increase in interest expenses during the period.

The rating, however, is constrained by the company's moderate
EBITDA margins. Operating EBITDA margins contracted marginally to
12.26% in FY19 (FY18: 12.41%) due to an increase in administrative
expenses in FY19. SJNS's return on capital employed stood flat at
26% in FY19.

The ratings are further constrained by SJNS's presence in a highly
fragmented and intensely competitive industry and its
susceptibility to raw material price volatility.

The ratings, however, are supported by SJNS's promoters' experience
of two decades in the industry. The ratings are also supported by
the company's healthy relationship with its reputed customers and
suppliers.

Liquidity Indicator- Superior: The firm's average maximum use of
its fund-based limits was around 58.79% during the 12 months ended
November 2019. The company's cash flow from operations turned
positive at INR181.31 million (FY18: negative INR12.33 million) due
to the favorable change in the working capital cycle. It's cash and
cash equivalents were INR1.39 million at FYE19 (FYE18: INR0.81
million).

RATING SENSITIVITIES

Positive: Substantial increase in revenue while maintaining
operating profitability with improvement in the working capital
cycle could lead to positive rating action.

Negative: Deterioration in credit metrics with interest coverage
below 4.5x or elongation of networking capital cycle could lead to
negative rating action.

COMPANY PROFILE

Shree Jayasheel N Shetty was established in 2006 as a
proprietorship entity by Mr. Jayasheel Narayana Shetty. The firm is
engaged in civil construction work of roads, bridges, canal works,
barrage works and lifts irrigation works. The entity only takes
government projects on a tender basis and executes them all.


SURANA METALS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Surana Metals Limited
        12, Bonfield Lane
        Kolkata 700001

Insolvency Commencement Date: December 6, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 8, 2020

Insolvency professional: Sunil Mohan Acharya

Interim Resolution
Professional:            Sunil Mohan Acharya
                         245/1, Bhattacharya Para
                         6 No. Jheel Par Road
                         Ward No. 15, New Barrackpur
                         North 24 Paraganas
                         Kolkata 700131
                         E-mail: sunilmohanacharya58@gmail.com

                            - and -

                         Intelligent IP Management Solutions
                         Private Limited
                         YMCA Building, 2nd Floor
                         25, Jawaharlal Nehru Road
                         Kolkata 700087
                         E-mail: surana.cirp@gmail.com

Last date for
submission of claims:    December 25, 2019


TRANS TECH: CRISIL Maintains 'D' Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Trans Tech Turnkey
Private Limited (TTTPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            35         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Letter of credit      195         CRISIL D (ISSUER NOT
   & Bank Guarantee                  COOPERATING)

   Proposed Long Term      5         CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Proposed Short Term    10         CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               5         CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with TTTPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

Set up by Mr. Suranjan Chatterjee, Mr. Sugato Majumdar, Mr. A N
Ghosh, and Mr. Ulhas V Pradhan, TTTPL offers engineering,
procurement and construction services, ranging from design and
civil construction to mechanical, electrical, and plumbing work.
Its large-scale turnkey division caters to industrial units and
commercial buildings, while its heating, ventilation, and air
conditioning division provides design and engineering, supply, and
installation services, mainly to pharmaceutical and chemical
companies.


U I FABRICATOR: CARE Lowers Rating on INR11cr Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of U I
Fabricator Private Limited (UIFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      11.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Stable
                                   on the basis of best available
                                   information

   Proposed Long        1.00       CARE D; ISSUER NOT COOPERATING;
   Term Bank                       Revised from CARE B+; Stable;
   Facilities                      Issuer not cooperating (Based
                                   on best available information)

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 18, 2018, placed the
rating(s) of under the 'issuer non-cooperating' category as UIFPL
had failed to provide information for monitoring of the
rating. U I Fabricator Private Limited continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
December 16, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion it is not sufficient
to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 30, 2018 the following were the
rating strengths and weaknesses (updated for FY18 (A) and FY19 (A)
financials available from MCA website).

Key rating Weakness

Delay in debt servicing: Company has defaulted in repayment of
interest to bank of INR0.55 crore as per audit report FY19 dated
June 25, 2019 signed by auditor Mr. Manish Mehrotra, Partner of M/s
Manish Mehrotra & co.

Nascent stage of business operations: Company has achieved total
operating income of INR10.22 crore ion FY19 vis-à-vis INR1.36
crore in FY18. However company has reported net loss of INR2.33
crore in FY19 vis-à-vis INR0.66 crore in FY18.

Low capitalization and weak debt coverage indicator: Tangible net
worth of the company remained low and eroded to INR1.01 crore as on
March 31, 2019 vis-à-vis INR3.24 crore due to losses incurred by
the company. However debt level remained high in form of term loan,
unsecured loans and working capital bank borrowings due to which
capital structure of the company remained highly leveraged to
16.74x as on March 31, 2019 vis-à-vis 3.60x as on March 31, 2018.
Due to above mentioned reason, debt coverage indicators also
remained weak with interest coverage ratio remained at 0.09x in
FY19 vis-a-vis 0.18x in FY18 due to low PBILDT and weak total debt
to gross cash accruals with negative gross cash accruals in FY19
and FY18.

Tender driven nature of business operation: UIFPL procures orders
through tenders and after successful bidding it received orders.
The nature of business is tender driven and based on requisite
milestone to accomplish the order within the requisite time frame.

Present in competitive nature of industry: UIFPL is engaged into
manufacturing process which is highly fragmented with a high level
of competition from both the organized and largely unorganized
sector, along with the susceptibility of margins to volatile raw
material prices.

Susceptibility of margins to volatile raw material prices: Prices
of raw materials (i.e. steel) are primarily dependent on market
demands which are volatile in nature. Considering UIFPL's raw
material requirement, any adverse volatility in the raw material
prices may hamper the firm's margins.

Key Rating Strengths

Experienced and resourceful promoters: The promoters of UIFPL have
more than two decades of experience in automobile industry. The
promoters have resourceful track record in the market and they look
after the overall management of the company.

Incorporated in the July 2016, UI Fabricators Private Limited
(UIFPL) is engaged into business of manufacturing of LPG cylinders
(domestic as well as industrial cylinder). The company has
undertaken to manufacture LPG cylinders in September 2016 with
installed capacity of 432,000 cylinders per annum at its plant
located at Sitarganj district, Uttarakhand. The overall cost of the
project is INR10.57 crore which was funded through promoters
amounting to INR5.07 crore, and bank debt amounting to INR5.50
crore. The project was started on Sept. 2016 and currently trail
run is going on which is expected to be completed by June end. The
proportion of cylinders' capacities varies depending upon the order
position & demand and actual capacity is being proposed to be 258,
000 cylinders per annum during FY17-18.  The key raw material i.e.
steel is sourced from local suppliers (namely from Tata Steel
Limited) and orders are procured through tender-bidding process
(namely from Indian Oil, Hindustan Petroleum and Bharat
Petroleum).


UNITY FABTEXT: CARE Assigns 'D' Ratings to INR10cr Loans
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Unity
Fabtext Industries Private Limited (UFIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           9.40       CARE D Assigned

   Short-term Bank
   Facilities           0.60       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of UFIPL is constrained
on account of ongoing delays in debt servicing due to stretched
liquidity position and qualified audit report for FY19. The ratings
are further constrained on account of eroded net worth base, poor
liquidity position, concentrated customer and supplier base and
operations in the competitive and fragmented industry.

The ratings however, derive strength from long track record of
operations with highly experienced and resourceful management and
comfortable albeit fluctuating profitability with significant
improvement in net profit margin.

Rating Sensitivities

Positive Factors

* Ability of the company to timely service its debt obligation:
Ability of the company to generate sufficient cash accruals and
timely service its debt obligation along with efficient utilization
of its working capital limits.

* Improvement in liquidity position: Better collection and timely
receipt of payment from its debtors, efficient receivables
management along with ensuring sufficient cash cushion to improve
liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing due to stretched liquidity
position and qualified audit report for FY19: The banker has
confirmed that there are delays in the repayment of all the term
loans. The repayments due for the month of October 2019 has not
been received till date i.e. November 14, 2019. Furthermore, one
installment in each term loan account remains overdue at any point
of time. Further there are overdrawal in cash credit account every
month for the initial 10 to 15 days due to interest application and
payment of LC. Furthermore as per FY19 audit report as well the
auditor has qualified the audit report and mentioned that there are
delays in depositing of undisputed statutory dues and repayment of
loans availed from bank.

Eroded net worth base: The tangible net-worth base stood negative
as on March 31, 2019 due to carried forward losses owing to losses
incurred by the company during past years.

Poor liquidity position: The liquidity position of UFIPL is marked
by lower accruals when compared to repayment obligations, over
utilization of the bank limits leading to overdrawal in the cash
credit account and delays in repayment of all term loans and modest
cash balance. This could constrain the ability of the company to
repay its debt obligations on a timely basis.

Concentrated customer and supplier base: The customer profile of
UFIPL remained concentrated with top 3 customers comprising 97.00%
of the sales in FY19. On the other hand, the raw materials are
procured domestically, majorly from Delhi wherein the supplier
profile of the company is concentrated with top 4 suppliers
contributing to 82.11% of the total purchases in FY19.

Operations in the competitive and fragmented industry: UFIPL
operates in a highly competitive and fragmented industry witnessing
intense competition from both organized and unorganized players
across domestic and international markets.

Key rating Strengths

Long track record of operations with highly experienced and
resourceful management: Unity group has an established track record
of over three decades of operations in manufacturing of non-woven
products through the establishment of Unity Industries (UI)in 1985
which is engaged in manufacturing of Parts & Accessories of
Automobiles like roof inner cover, trim pads, molded carpets, sun
visor, PVC floor mats, canopy, etc. UFIPL was incorporated in 2012
for the purpose of backward integration and manufacturing of
non-woven products like design carpets, headliners fabric, shoe
liner, industrial filters, geo textiles, synthetic leather backing
and dust collection bag filters. UFIPL sells majority of its
revenue (forms 94% of its TOI in FY18 and 90% in FY19) to UI which
forms 25-30% of its total raw material purchases of UI. UI sells
the final product viz. roof inner cover, trim pads, molded carpets,
sun visor, PVC floor mats, canopy, etc. to reputed customers in
automobile industry. The operations of Unity group are looked after
by Mr. Jagdish Karande who has rich experience of 30 years in the
industry. He is also supported by the second level of management
who has significant experience in the business. Furthermore, the
promoters are resourceful and continuously providing financial
support by way of infusion of interest free unsecured loans
amounting to INR0.17 crore in FY19.

Comfortable albeit fluctuating profitability with significant
improvement in net profit margin: The profit margins of UFIPL have
shown fluctuating trend from past three years i.e. FY17 to FY19.
Albeit marginal decline, the PBILDT margin of the company stood
moderately comfortable at 29.10% in FY19 (vis-à-vis 30.83% in
FY18), mainly on account of decrease in realization from customers
and increase in various expenses viz. employee cost and other
direct expenses. Furthermore, the PAT margin improved significantly
and stood at 9.76% in FY19 vis-à-vis 4.65% in FY18 owing to the
savings in interest cost (due to reduction in term loan interest)
and depreciation expense.

The Unity Fabtext Industries Private Limited (UFIPL) was
incorporated in 2012 by Mr. Jagdish Karande and Mrs. Laxmi Karande.
UFIPL is engaged in manufacturing of non-woven products like Design
Carpets, Headliners Fabric, Shoe Liner, Industrial Filters, Geo
textiles, Synthetic leather backing and Dust collection bag
filters. UFIPL has registered office in Mumbai and manufacturing
unit in Mahad, Raigad.


VARRON AUTOKAST: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Varron Autokast Limited
        Kh.No. 174, 176/1, 185
        186/2, 191, 196, 201/2&5
        At Chimnazari, Chandrapur Road
        Tal: Nagpur (Rural)
        Chimnazari Nagpur 441108

Insolvency Commencement Date: December 13, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Avil Menezes

Interim Resolution
Professional:            Avil Menezes
                         403, Crescent Business Park
                         Sakinaka Telephone Exchange Lane
                         Sakinaka, Andheri East
                         Mumbai 400072
                         E-mail: avil@caavil.com

                            - and -

                         416, Crystal Paradise
                         Above Pizza Express
                         Off. Veera Desai Road
                         Andheri West, Mumbai 400058
                         E-mail: irp.varronautokast@gmail.com

Last date for
submission of claims:    December 28, 2019


VELAVAN STORES: CRISIL Keeps D on INR12cr Credit in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Velavan Stores (VS; a
part of the Velavan group) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with VS for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of VS continues to be 'CRISIL B/Stable Issuer not
cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VS, Velavan Stores Jewellers (VSJ), and
Velavan Hyper Market (VHM). This is because the entities,
collectively referred to as the Velavan group, are in similar lines
of business and under the same management, and have significant
fungible funds.

VS, established in 1998, is engaged in apparel retail. VH was
established in 2014 and operates a supermarket. Set up in 2007, VSJ
is engaged in jewellery retail. The group is located in Tuticorin
and the operations are managed by Mr. T Maharajan.


WELL KNIT: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Well Knit Apparels Private Limited
        Phase II, Plot No. A11-A14
        MEPZ-SEZ, Tambaram
        Chennai, TN 600045
        IN

Insolvency Commencement Date: December 13, 2019

Court: National Company Law Tribunal, Coimbatore Bench

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

Insolvency professional: A.R. Ramasubramania Raja

Interim Resolution
Professional:            A.R. Ramasubramania Raja
                         No. 3, Sundaram Brothers Layout
                         Opp. to All India Radio
                         Trichy Road, Ramanathapuram
                         Coimbatore 641045
                         E-mail: arrsraja@yahoo.com

Last date for
submission of claims:    December 27, 2019




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

KINSTEEL BHD: Creditors Approve Proposed Scheme of Arrangement
--------------------------------------------------------------
theedgemarkets.com reports that Kinsteel Bhd's scheme creditors
have approved a proposed scheme of arrangement (SOA) that paves the
way for the company to exit its Practice Note 17 (PN17) status.

The SOA was approved at a court-convened meeting on Dec. 13, said
the group in a filing to Bursa Malaysia on Dec. 19, the report
relays.

theedgemarkets.com says Kinsteel will now submit an application to
the High Court for the outcome of the meeting to be sanctioned
through a court order.

However, the company has amended its proposed regularisation plan,
by offering its corporate guarantee holders MYR25 million worth of
irredeemable convertible preference shares (ICPS) and MYR25 million
worth of redeemable convertible preference shares (RCPS), instead
of MYR5 million worth of RCPS as stated in its Sept 24, 2019 Bursa
announcement.

theedgemarkets.com relates that the SOA involves total liabilities
of MYR1.68 billion as at June 30, 2017, of which financial
institutions hold MYR815.2 million or 48.5%, while corporate
guarantee holders are owed MYR865.6 million or 51.5%.

It is part of a broader regularisation plan that involves disposal
of properties, share consolidation and other fundraising exercises,
the report states.

"This marks a key milestone for Kinsteel to move ahead with its
plans to exit from the PN17 status, following the release of the
requisite announcement on the proposed regularisation scheme via
its appointed principal adviser, M&A Securities Sdn Bhd, on
Sept. 24, 2019," said Kinsteel in a separate statement, relays
theedgemarkets.com.

theedgemarkets.com adds that the company aims to submit its
regularisation plan by the first quarter of next year and complete
the regularisation scheme by the fourth quarter.

Kinsteel was last traded at 0.5 sen for a market capitalisation of
MYR5.25 million, theedgemarkets.com discloses.

                       About Kinsteel Berhad

Malaysia-based Kinsteel Berhad is an integrated steel manufacturer
and steel millers in Malaysia. The Company manufactures a range of
long steel products used in the manufacturing, construction and
infrastructure industries. The Company, with a product portfolio
encompassing upstream, midstream and downstream steel products,
fully integrated and streamlined manufacturing processes, serves
the need for steel in the region. It produces mild steel round
bars, high tensile deformed bars, angle bars and flat bars
servicing, in particular, the construction and infrastructure
industries. There steel bars and sections manufactured by the
Company are also known as long products. The Company has eight
production lines with a total steel bars production capacity of
800,000 metric tonnes per annum. The types of steel bars produced
are round and deformed bars, angle bars, U-channel, wire rods and
flat bars.

In October 2016, Kinsteel triggered the criteria pursuant to
Practice Note 17 (PN17) of the Main Market listing requirements of
Bursa Malaysia Securities Bhd. The company was considered a PN17
company pursuant to paragraph 2.1(d) of PN17 as the company's
auditors have expressed a disclaimer opinion in the Kinsteel's
latest audited financial statements for the financial year ended
June 30, 2016.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
28, 2018, The Edge Financial Daily said Kinsteel Bhd, whose shares
have been suspended from trading on Bursa Malaysia, has appointed
Messrs Ernst & Young as its liquidator after being served a notice
to do so on Feb. 20, 2018.

On Jan. 22, 2018, the High Court in Kuantan made a winding-up order
pursuant to the Section 218 of the Companies Act 1965 against
Kinsteel and Kin Kee Marketing Sdn Bhd.


SERBA DINAMIK: Fitch Gives Final 'BB-' Rating to $200MM Sukuk
-------------------------------------------------------------
Fitch Ratings assigned Malaysia-based Serba Dinamik Holdings
Berhad's (SDHB; BB-/Stable) USD200 million 6.9965% sukuk due 2025 a
final rating of 'BB-'. The sukuk is issued by SDHB's wholly owned
subsidiary, SD International Sukuk II Limited (SDIS), is the
obligation of the obligor Serba Dinamik International Ltd (SDIL)
and is guaranteed by SDHB.

The sukuk is rated at the same level as SDHB's senior unsecured
rating as it represents the company's unconditional, unsecured and
unsubordinated obligations. The final rating follows the receipt of
documents conforming to information already received, and the
successful redemption of the company's ringgit-denominated sukuk.
The final rating is the same as the expected rating assigned on
November 28, 2019.

SDHB's rating reflects its strong market position in Malaysia,
where it was the fourth-largest oil and gas service and equipment
company by revenue in 2017. The rating is also supported by SDHB's
solid financial profile, short- to medium-term revenue visibility
and low earning cyclicality. The company's smaller operating scale
and limited product and end-market diversification relative to
higher-rated peers constrains its rating.

KEY RATING DRIVERS

The 'BB-' rating on the US dollar sukuk is driven by SDHB's Issuer
Default Rating and senior unsecured rating. SDHB will guarantee
certain obligations of SDIL, its fully owned subsidiary, under the
sukuk documentation and a default of these senior unsecured
obligations will reflect a default of SDIL and SDHB in accordance
with Fitch's rating definitions. The key rating drivers for SDHB's
Long-Term Issuer Default Rating may be found in the press release
dated November 18, 2019.

Fitch rates SDHB on a consolidated basis on account of the
financial covenants in the sukuk documentation, which are based on
the consolidated group financials as well as cross-default clauses
within the outstanding and new US-dollar sukuk, which includes
SDHB's three main subsidiaries. SDIL is one of SDHB's main
operating entities, contributing around 50% of group revenue in
2018.

Fitch has not considered any underlying assets or collateral
provided, as Fitch believes the issuer's ability to satisfy
payments due on the certificates will ultimately depend on SDIL and
SDHB satisfying its unsecured payment obligations under the
transaction documents described in the prospectus and other
supplementary documents.

In addition to SDIL and SDHB's propensity to ensure repayment of
the sukuk, Fitch believes the two companies would also be required
to ensure full and timely repayment of SDIS's sukuk obligations due
to their roles and obligations under the sukuk structure and
documentation, especially but not limited to the features:

  - Pursuant to the commodity murabaha investment agreement and the
wakala agreement, SDIL shall pay to the transaction account an
amount which is intended to fund the periodic distribution amount
payable by the trustee under the certificates of the relevant
series on the periodic distribution date. Fitch notes that if there
is a shortfall, the trustee shall procure the service of a payment
by the guarantor specifying the distribution shortfall restoration
amount or value restoration amount to be paid in accordance with
the terms of the guarantee.

  - On the scheduled dissolution date or upon the occurrence of a
trustee optional dissolution event, a tax event or any dissolution
or default event (a) the outstanding deferred payment price shall
be immediately due and payable under the commodity murabaha
investment agreement and (b) the wakeel will liquidate the wakala
investment in accordance with the terms of the wakala agreement,
and these amounts shall be used to redeem the certificates at the
relevant dissolution distribution amount.

  - The dissolution distribution amount should equal to the sum of
i) the outstanding face amount of such certificate; and ii) any due
and unpaid periodic distribution amounts for such certificate or
the trustee optional dissolution distribution amount in the case of
a trustee optional dissolution event.

  - The payment obligations of SDIL (in any capacity) under the
transaction documents will be direct, unconditional, unsubordinated
and unsecured obligations of SDIL and shall, save for such
exceptions as provided by applicable legislation, at all times rank
at least equally with all other unsecured and unsubordinated
obligations of SDIL, present and future.

  - SDHB will provide unconditional and irrevocable corporate
guarantee in respect of all sums expressed to be payable from time
to time by the SDIL (i) in its capacity as obligor under the
declaration of trust, (ii) in its capacity as wakeel under the
wakala agreement and (iii) in its capacity as buyer under the
commodity murabaha investment agreement. Payment obligations under
the guarantee will constitute direct, unconditional, unsubordinated
and unsecured obligations of SDHB, and shall at all times rank at
least equally with all other unsecured and unsubordinated
obligations of SDHB, present and future.

  - The sukuk issuance includes negative pledge provisions,
covenants, as well as financial reporting obligations, change of
control and cross-default language.

The Certificates, the Declaration of Trust, the Deed of Guarantee,
the Agency Agreement, the Commodity Murabaha Investment Agreement,
the Wakala Agreement and any non-contractual obligations arising
out of or in connection with them will be governed by, and
construed in accordance with, English law, while other aspects will
be governed by the laws of Malaysia and other jurisdiction laws
depending on the place of execution of the works. Fitch does not
express an opinion on whether the relevant transaction documents
are enforceable under any applicable law. However, Fitch's rating
on the certificates reflects its belief that SDHB would stand
behind its obligations. When assigning ratings to the sukuk
issuance, Fitch does not express an opinion on its compliance with
sharia principles.

RATING SENSITIVITIES

Any change in SDHB's senior unsecured rating will result in a
change in the rating on the US dollar sukuk.




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

FE INVESTMENTS: S&P Lowers ICR to 'CCC/C', Outlook Developing
-------------------------------------------------------------
S&P Global Ratings said it has lowered its long-term and short-term
issuer credit ratings on FE Investments Ltd. (FEI) to 'CCC/C' from
'B/B'. The outlook is developing.

On Dec. 6, 2019, FE Investments Group Ltd. (FEIG) published
half-year results that raised uncertainties around the value and
recoverability of material loan receivables. S&P is now factoring
this new information into our ratings. These loans are sizeable and
relate to Tomizone Ltd. (NZ$11 million) and two hotel developments
(totaling NZ$17 million).

The company has announced it is restructuring its Tomizone
exposures--converting debt to equity. Tomizone itself is dealing
with solvency challenges and the need to raise additional capital.
This information leads S&P to believe that FEI may need to write
down Tomizone exposures, which, given the size of the exposure
relative to FEIG's NZ$17 million capital base, would result in a
material weakening of FEIG's capital position.

Concerning FEI's two hotel exposures, S&P sees a risk of further
construction delays, a blow out in development costs, or the sale
of the hotels at less than the amount required to repay all
creditors, which could impact the quality of these exposures.
Furthermore, FEI is subordinated in the debt structure.

Should these exposures (Tomizone and the two hotels) face
additional credit costs, FEI could be at risk of breaching its
regulatory capital requirement or its debenture trust deed covenant
requirements without an immediate capital injection. Such breaches
could prohibit the company from raising new debentures or rolling
over maturing ones, resulting in a liquidity stress.

S&P notes that the external auditor's report on the review of the
half-year financial report contained a "Disclaimer of Conclusion"
as they were unable to obtain sufficient appropriate review
evidence to provide the basis for the review conclusion. This
primarily related to the exposures highlighted above. In the
half-year financial report, the directors of FEI also considered
that the financial statements can be prepared on a going-concern
basis.

S&P said, "The developing outlook reflects our view that elements
of FEI's credit profile remain delicately balanced, stemming from
risks associated with the restructure of Tomizone and the hotel
development project exposures.

"We are likely to lower our long-term ratings on FEI within the
next 12 months if we form the view that additional provisions or
write-offs are needed, which would weaken capitalization. In the
absence of an immediate capital injection, this could see the
company breach its regulatory capital or debenture covenant
requirements that could trigger a liquidity stress.

"We could raise our ratings on FEI if we form a view that the
entity will sustainably meet its regulatory requirements, debenture
covenant obligations, and have sufficient liquidity to remain a
going concern. To this point, we note that FEIG raised an
additional A$3 million in equity, which could fund further capital
injections into FEI should it be at risk of breaching regulatory
capital requirements or debenture covenant requirements." An
upgrade would also require positive developments on a number of
other fronts, such as:

-- A successful debt-to-equity restructure of the Tomizone
exposure, including Tomizone raising new capital;

-- Substantial progress in the construction of FEI's hotel
exposures or the sale of these properties without loss; or

-- The sale of FEI's three property development exposures.


NELSON BUILDING: Fitch Alters Outlook on BB+ LT IDRs to Stable
--------------------------------------------------------------
Fitch Ratings revised the Outlook on Nelson Building Society's
Long-Term Foreign- and Local-Currency Issuer Default Ratings to
Stable from Negative and affirmed the ratings at 'BB+'. At the same
time, NBS's other ratings were affirmed.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

NBS's IDRs and Viability Rating reflect its moderate franchise and
small market share, offset by its stronger-than-peers profitability
and sound asset quality. Fitch believes NBS's credit profile will
remain underpinned by its strong community relationship and
continued population growth in its home markets.

The revision of the Outlook to Stable is driven by a substantial
improvement in NBS's capital buffer since the beginning of 2019 and
an expectation that these buffers will continue to consistently
improve over the next five years. The improved buffer is due mainly
to recent amendments to the terms of NBS's perpetual preference
shares (PPS), granting full voting rights to the PPS holders. This
allows NBS to issue PPS without limitation - previously these
instruments were limited to 50% of NBS's capital base, a limit
which NBS had fully utilised. NBS's regulatory total capital ratio
stood at 11.07% at end-September 2019, a buffer of 3.07% over the
regulatory minimum of 8%. The effective buffer was around a third
of this level when Fitch revised the Outlook to Negative in January
2019.

When assessing capitalisation of New Zealand non-bank deposit
takers like NBS, Fitch uses the Fitch Core Capital (FCC) ratio as
the starting point and makes adjustments based on capital buffers
available to the institution. The total capital ratio is also an
important measure as it is the only regulatory requirement applied
to these entities currently and generally consists of high quality
capital, taking into account limitations on the types of
instruments that can be issued.

Fitch expects the improvement of NBS's capitalisation over the next
five years will be achieved by a combination of retained earnings,
issuance of preference shares and moderate loan growth. The
society's sound profitability should support internal capital
generation and investor demand for the PPS. NBS's capitalisation is
weaker than most domestic peers despite the improvement during
2019.

NBS's underwriting standards remain consistent with domestic peers
and largely unchanged in the last 12 months. NBS continues to focus
on lower loan-to-value ratio (LVR) residential mortgages. Consumer
lending, which Fitch regards as having a higher risk profile than
residential mortgages, has grown strongly in recent years, although
Fitch expects it to remain only a modest component of the loan
portfolio. Fitch believes loan growth will continue to moderate in
2020, continuing the trend of the last six months, with management
shifting its focus to improving capital buffers.

Fitch expects NBS's asset quality to remain stronger than that of
its domestic peers, reflecting the society's risk appetite.
Nevertheless, loan impairment could increase slightly in 2020, from
the prevailing low levels. Exposure to property development has
increased recently and could continue to expand in the next 12
months; however, overall exposure remains low. Fitch believes the
associated risks are manageable due to the low LVR and high
pre-sales required by NBS.

NBS and its peers face a number of challenges, including increased
regulatory and compliance costs, ongoing investment in systems and
digital capabilities as well as the low interest rate environment.
Fitch believes NBS's profitability should remain sound in 2020,
although minor deterioration is likely in the margins and
efficiency ratio. Impairment charges could increase slightly, but
they will be supported by the low unemployment rate, which is
unlikely to experience significant deterioration. NBS's
cost-to-income ratio should continue to compare favourably against
other non-bank deposit takers and cost reduction initiatives could
partly offset the pressure on operating expenses.

NBS remains entirely funded by members' deposits. Fitch expects the
society's deposit growth to slow in the next two years in line with
its loan growth. Similarly to its peers, geographic deposit
concentration is high, reflecting its business model. NBS's
liquidity is appropriately managed and Fitch expects liquidity
ratios to remain well above the regulatory minimum in the next 12
months.

SUPPORT RATING AND SUPPORT RATING FLOOR

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

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

NBS's IDRs and Viability Rating would come under pressure if there
is a material deterioration in the capital buffer. NBS's ratings
are also sensitive to excessive loan growth, which would affect
NBS's ability to build up more capital according to its plan.
Significant growth, possibly driven by weaker underwriting
standards to improve earnings or franchise, could also lead to a
weaker asset quality and deterioration in profitability. Positive
rating action is improbable due to NBS's moderate franchise and
small market share, which is unlikely to improve substantially over
the short term without significantly weakening its underwriting
standards and capitalisation.

SUPPORT RATING AND SUPPORT RATING FLOOR

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

ESG CONSIDERATIONS

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


PROVIDENT INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating
-------------------------------------------------------------------
AM Best has removed from under review with negative implications
and affirmed the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating of "bb+" of Provident Insurance
Corporation Limited (PICL) (New Zealand). The outlook assigned to
these Credit Ratings (ratings) is stable.

The ratings were placed under review with negative implications in
July 2019, which reflected the uncertainty around the finalization
of PICL's year-end March 2019 financial position, including the
impact arising from recording a notable provision for a previous
contingent tax liability, as well as prospective expectations
concerning the company's medium-term balance sheet fundamentals.
These rating actions follow the conclusion of AM Best's assessment
of the company's current and prospective financial position.

The ratings reflect PICL's balance sheet strength, which AM Best
categorizes as adequate, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management (ERM).

PICL's balance sheet strength assessment reflects its risk-adjusted
capitalization, which weakened notably as of fiscal year-end 2019,
as measured by Best's Capital Adequacy Ratio (BCAR). This followed
an unfavorable court ruling in May 2019 regarding the company's
historical interpretation and application of New Zealand's Goods
and Services Tax Act 1985 for two of its insurance products; credit
contract indemnity and guaranteed asset protection. As a result,
the company recorded a notable provision for the tax liability
impeding capital growth in the year, which when coupled with
organic and inorganic underwriting growth weakened risk-adjusted
capitalization. AM Best expects material strengthening of PICL's
risk-adjusted capitalization over the medium term to be constrained
by ongoing underwriting growth. Other balance sheet factors include
the company's small absolute capital base, which exposes its
risk-adjusted capitalization to volatility in stressed scenarios,
and the company's conservative investment strategy.

PICL's operating performance has generally exhibited an improving
trend since its inception in 2013, primarily driven by a favorable
trend in the expense ratio due to growing economies of scale. PICL
reported a weaker operating performance in fiscal-year 2019, which
was adversely impacted by the aforementioned provision for goods
and services tax liabilities. AM Best expects prospective
performance to remain supportive of the adequate assessment over
the near term underpinned by good loss experience on the company's
core mechanical breakdown insurance portfolio, although potential
volatility could arise from the company's growth plans and risk
profile changes following the acquisition of the non-life portfolio
of Credit Union Insurance Limited (trading as Co-op Insurance NZ
[Co-op NZ]) in fiscal-year 2019.

AM Best views PICL's business profile as limited given its
relatively small scale of operations, and limited product and
geographic diversification in New Zealand. The company is a niche
insurer, with a focus on mechanical breakdown insurance,
distributed through motor dealerships across New Zealand. PICL has
diversified its underwriting profile recently through the
acquisition of Co-op NZ's portfolio.

AM Best assesses the company's ERM as appropriate, given the size
and complexity of its operations. However, in light of the
company's increased operational scale and widening product
offerings, particularly in relation to the Co-op NZ acquisition,
the scope and profile of PICL's key risks have increased, and in
response, AM Best expects the company's risk management capability
to strengthen in the near term.




===============
X X X X X X X X
===============

[*] ASIA: Defaults Set to Rise With Hot Spots in China, India
-------------------------------------------------------------
Denise Wee at Bloomberg News reports that defaults across Asia may
be headed even higher next year, with trouble seen especially in
China and India.

According to Bloomberg, many investors expect fewer bailouts by the
Chinese government after it recently let commodities trader Tewoo
Group default in the biggest failure on a dollar bond by a
state-owned firm in two decades. Companies in the region have been
on a buying spree fueled by debt. Those factors could make things
even worse in 2020 after China onshore defaults rose to a record in
2019, the report says.

As some economies in Asia slow, companies are left vulnerable to
any tightening in liquidity. A rise in defaults would likely
further weigh on investor sentiment, and raise the cost of
borrowing for the riskiest firms, Bloomberg notes.

Monica Hsiao, chief investment officer at hedge fund Triada
Capital, said defaults in China will likely rise in both the
onshore and offshore bond markets next year amid a tightening in
funding, and weaker state-owned firms and local government
financing vehicles may be at risk, Bloomberg relays. The nation's
real estate firms, traditionally seen as the bulwark of the
economy, could also be vulnerable.

"We should not assume that the China property sector is immune if
conditions continue to tighten for small over-levered developers
that do not have stakeholders with strong political ties, for
example," Bloomberg quotes Ms. Hsiao as saying.

A wave of acquisitions has also prompted companies with
overextended balance sheets to stumble, the report notes. Shandong
Ruyi Technology Group Co., which made a string of overseas
purchases, including U.K. trench coat maker Aquascutum, has been
struggling to repay debt. Singapore-headquartered MMI International
Ltd., which was sold to a Chinese buyout group, has missed loan
repayments.

In India, companies have defaulted on record amounts of local
currency and international bonds as the shadow banking crisis has
triggered a credit squeeze, Bloomberg notes. While Essar Steel
India Ltd.'s insolvency has been resolved with its takeover by
ArcelorMittal, other companies have faced delays in the sale of
assets under India's bankruptcy law.

"India is still struggling to deal with the mountain of debt that
exists, and there haven't been yet that many success stories,"
Bloomberg quotes David Kidd, a partner at Linklaters who focuses on
restructuring and insolvency matters, as saying.

In Southeast Asia, oil and gas companies are still reeling from
depressed oil prices. There has been an "uptick" in defaults in
Malaysia and a few companies have had to restructure debt with
lenders, Mr. Kidd, as cited by Bloomberg, said.

Bloomberg adds that growing trade linkages between China and the
rest of Asia also leave other regional economies vulnerable to the
nation's weakening growth.

"The Chinese slowdown and the potential for defaults in China,
perhaps that's also having a knock-on effect regionally," Mr. Kidd
said.



                           *********


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

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

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

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

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



                *** End of Transmission ***