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

                     A S I A   P A C I F I C

          Monday, January 27, 2020, Vol. 23, No. 19

                           Headlines



A U S T R A L I A

19 ROYAL: Second Creditors' Meeting Set for Feb. 3
AROONA BLUE: Second Creditors' Meeting Set for Feb. 4
ARXXUS TECHNOLOGY: First Creditors' Meeting Set for Feb. 4
BIOACTIVE SOIL: First Creditors' Meeting Set for Feb. 3
CANEFLIGHT ENTERPRISES: First Creditors' Meeting Set for Feb. 4

EARTHNOTE AUSTRALIA: Second Creditors' Meeting Set for Feb. 3
ESCA DISTRIBUTING: Second Creditors' Meeting Set for Feb. 4
EVO PIZZA: Second Creditors' Meeting Set for Feb. 4
GLOBAL MERCES: ASIC Suspends AFS License for 6 Months
SOUTH PELAGIC: Second Creditors' Meeting Set for Feb. 3

THETA ASSET: ASIC Suspends AFS License Until July 21


C H I N A

CHINA EVERGRANDE: Pays 12% in New Overseas Bond Financing
FUJIAN YANGO: Fitch Affirms B- LT IDR, Outlook Stable
HNA GROUP: Faced $500 Million Debt Deadline Before Lunar New Year
ROAN HOLDINGS: Amends Memorandum and Articles of Association
TIMES CHINA: Fitch Affirms BB- LT IDR, Outlook Stable

YANGO GROUP: Moody's Upgrades CFR to B1, Outlook Stable
YANLORD LAND: Moody's Confirms Ba2 CFR; Alters Outlook to Neg.
YANZHOU COAL: Fitch Affirms BB- LT IDR, Outlook Stable


I N D I A

ALTICO CAPITAL: Deutsche Bank Doubles Down on Shadow Lender's Debt
BAMBINO PASTA: Ind-Ra Corrects December 26 Ratings Release
BINU MATHEW: CRISIL Migrates 'B+' Rating to Not Cooperating
DHEEPTI EXPORTS: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
DURGA AGRONOMY: CRISIL Migrates B Rating to Not Cooperating

GANESA MODERN: CRISIL Lowers Rating on INR12.9cr Loan to 'D'
GLOBAL TYRES: CRISIL Migrates 'B' Rating to Not Cooperating
GODAVARI KHORE: CRISIL Migrates B+ Rating to Not Cooperating
HOTEL DEE: CRISIL Migrates B Rating to Not Cooperating Category
HOTEL IDA: CRISIL Migrates D Rating to Not Cooperating Category

INDIA INFRAHITECH: CRISIL Migrates 'B' Rating to Not Cooperating
KHATKAR CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating
KKR SPICES: CRISIL Migrates 'B+' Rating to Not Cooperating
KUNNATHAN WOOD: CRISIL Migrates B+ Rating to Not Cooperating
LAHERI COTTON: CRISIL Migrates 'B+' Rating to Not Cooperating

MAHARAJA AGROFOODS: Ind-Ra Moves D Issuer Rating to NonCooperating
MTV EXPORTS: CRISIL Migrates B Rating to Not Cooperating Category
NAVIN CONSTRUCTION: CRISIL Migrates B Rating to Not Cooperating
NIKI RESORTS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
NPAT FURNITURE: Insolvency Resolution Process Case Summary

PAFETECH ENTERPRISES: Ind-Ra Moves 'BB-' Rating to Non-Cooperating
PRAJIT FOUNDATION: CRISIL Migrates D Rating to Not Cooperating
R G SCIENTIFIC: CRISIL Migrates 'B+' Rating to Not Cooperating
RAHEJA DEVELOPERS: NCLAT Halts Insolvency Proceedings vs. Firm
RATNESH ISPAT: Ind-Ra Cuts LT Issuer Rating to BB, Non-Cooperating

RUSHABH TRADING: CRISIL Migrates B+ Rating to Not Cooperating
S.V. EXPORTS: CRISIL Moves B+ Rating to Not Cooperating Category
SAGAR AUTO: CRISIL Migrates B+ Rating to Not Cooperating Category
SAI POULTRY: CRISIL Moves B- Rating to Not Cooperating Category
SHREE DAYAL: CRISIL Moves B- Rating to Not Cooperating Category

SHREE JAGDAMBA: CRISIL Migrates 'B' Rating to Not Cooperating
SHREE RAM: CRISIL Migrates 'D' Rating to Not Cooperating
SHYAM GODAVARI: CRISIL Migrates B+ Rating to Not Cooperating
SONAC: CRISIL Migrates 'D' Rating to Not Cooperating Category
SREE GURUDEVA: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating

SREENIDHI RAJA: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
SRI GURU: CRISIL Lowers Rating on INR5cr Loan to 'D'
SRI NAGA: CRISIL Migrates 'B' Rating to Not Cooperating
SRI SAI VISHWAS: CRISIL Moves 'B+' Rating to Not Cooperating
SUDHEER S: CRISIL Migrates 'B+' Rating to Not Cooperating

TIRUPATI POLYMERS: CRISIL Migrates 'D' Rating to Not Cooperating
TWENTY FIRST: Insolvency Resolution Process Case Summary
VADRAJ ENERGY: Insolvency Resolution Process Case Summary


I N D O N E S I A

BUMI SERPONG: Fitch Puts Final BB- Rating to $300M Sr. Unsec. Notes


T H A I L A N D

IRPC PUBLIC: Moody's Affirms Ba1 CFR; Alters Outlook to Stable

                           - - - - -


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

19 ROYAL: Second Creditors' Meeting Set for Feb. 3
--------------------------------------------------
A second meeting of creditors in the proceedings of 19 Royal Albert
Crescent Pty Ltd has been set for Feb. 3, 2020, at 10:00 a.m. at
Level 4, at 26 Wharf Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 31, 2020, at 5:00 p.m.

Travis Pullen of B&T Advisory was appointed as administrator of 19
Royal Albert Crescent on Dec. 17, 2019.


AROONA BLUE: Second Creditors' Meeting Set for Feb. 4
-----------------------------------------------------
A second meeting of creditors in the proceedings of Aroona Blue
Mountains Spring Water Pty. LTD has been set for Feb. 4, 2020, at
11:00 a.m. at the offices of PKF Sydney, Bridge Room, Level 8, at 1
O'Connell Street, in Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 3, 2020, at 4:00 p.m.

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of Aroona Blue on Dec. 19, 2019.


ARXXUS TECHNOLOGY: First Creditors' Meeting Set for Feb. 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Arxxus
Technology Partners Pty Ltd will be held on Feb. 4, 2020, at 2:30
p.m. at the offices of Hall Chadwick, Level 40, at 2 Park Street,
in Sydney, NSW.  

Steven Arthur Gladman and Richard Albarran of Hall Chadwick were
appointed as administrators of Arxxus Technology on Jan. 22, 2020.

BIOACTIVE SOIL: First Creditors' Meeting Set for Feb. 3
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Bioactive
Soil Solutions Pty Ltd and Bactigro Australia Pty. Ltd. will be
held on Feb. 3, 2020, at 10:00 a.m. at the offices of J P Downey &
Co, Level 1, at 22 William Street, in Melbourne, Victoria.

James Patrick Downey of JP Downey & Co was appointed as
administrator of Bioactive Soil on Jan. 21, 2020.


CANEFLIGHT ENTERPRISES: First Creditors' Meeting Set for Feb. 4
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Caneflight
Enterprises Pty. Ltd., trading as Reef Flights, will be held on
Feb. 4, 2020, at 2:30 p.m. at Level 3, at 26 Wharf Street, in
Brisbane, Queensland.

David Lewis Clout and Patricia Talty of David Clout & Associates
were appointed as administrators of Caneflight Enterprises on Jan.
22, 2020.

EARTHNOTE AUSTRALIA: Second Creditors' Meeting Set for Feb. 3
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Earthnote
Australia Pty Ltd has been set for Feb. 3, 2020, at 2:30 p.m. at
the offices of Macks Advisory, Level 8 West Wing, at 50 Grenfell
Street, in Adelaide, SA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 31, 2020, at 4:30 p.m.

Peter Ivan Macks & Ian Wayne Burford of Macks Advisory were
appointed as administrators of Earthnote Australia on July 4, 2019.

ESCA DISTRIBUTING: Second Creditors' Meeting Set for Feb. 4
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Esca
Distributing Pty Limited has been set for Feb. 4, 2020, at 10:30
a.m. at the offices of.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 3, 2020, at 5:00 p.m.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Esca Distributing on Oct. 23,
2019.


EVO PIZZA: Second Creditors' Meeting Set for Feb. 4
---------------------------------------------------
A second meeting of creditors in the proceedings of Evo Pizza Pty
Ltd, trading as Little Caesars Pizza (AUS), has been set for Feb.
4, 2020, at 11:00 a.m. at the offices of Jirsch Sutherland, Level
27, at 259 George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 3, 2020, at 5:00 p.m.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Evo Pizza on Oct. 23, 2019.


GLOBAL MERCES: ASIC Suspends AFS License for 6 Months
-----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of Global
Merces Funds Management Ltd for a period of six months, effective
from Jan. 21, 2020 to July 20, 2020.

Global Merces is the responsible entity of Global Merces Access
Fund ARSN 604 201 952, Global Merces Equities Fund ARSN 604 220 662
and Covesta ARSN 625 625 803 (collectively referred to as 'the
Schemes').

The suspension follows the appointment of Jarvis Lee Archer of
Revive Financial Pty Ltd as administrator to Global Merces on Jan.
13, 2020.

Global Merces may apply to the Administrative Appeals Tribunal
(AAT) for a review of ASIC's decision.

Global Merces Funds Management Ltd has held AFS licence no. 460883
since Feb. 26, 2015.

Although ASIC has suspended the licence, it has used its power
under s915H of the Corporations Act to allow the administrators to
conduct certain necessary activities under the licence during the
administration. These activities are:

   * transferring the Schemes to a new responsible entity;

   * investigating or the preserving of the assets and affairs
     of the Schemes; and

   * winding up the Schemes.

SOUTH PELAGIC: Second Creditors' Meeting Set for Feb. 3
-------------------------------------------------------
A second meeting of creditors in the proceedings of South Pelagic
Holdings Pty Limited has been set for Feb. 3, 2020, at 9:30 a.m. at
the offices of Pitcher Partners Sydney, Level 16, Tower 2 Darling
Park, at 201 Sussex Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 31, 2020, at 4:00 p.m.

Paul Gerard Weston of Pitcher Partners was appointed as
administrator of South Pelagic on Dec. 17, 2019.

THETA ASSET: ASIC Suspends AFS License Until July 21
----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licences of
Sydney-based financial services providers Theta Asset Management
Ltd and Valuestream Investment Management Ltd until July 21, 2020.

The licences were suspended because the two entities are under
external administration.

The entities may apply to the Administrative Appeals Tribunal (AAT)
for a review of ASIC's decision.

On Dec. 13, 2019, Christopher Darin and Mervyn Kitay of Worrells
Solvency & Forensic Accounting were appointed as administrators of
both Theta Asset Management Ltd and Valuestream Investment
Management Limited.

Theta Asset Management Ltd is the holder of AFS licence no. 230920.
Valuestream Investment Management Limited is the holder of AFS
licence no. 246621.

Although ASIC has suspended the licences, it has used its power
under s915H of the Corporations Act to allow the administrators to
conduct certain necessary activities under the licences during the
administration.

Theta Asset Management Ltd is the responsible entity for Sterling
Income Trust (Key Matters – Sterling Income Trust). On Dec. 11,
2019, ASIC commenced action against Theta Asset Management Ltd in
the Federal Court in Western Australia focussed on the promotion
and management of the Sterling Income Trust.



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

CHINA EVERGRANDE: Pays 12% in New Overseas Bond Financing
---------------------------------------------------------
Qu Hui and Han Wei at Caixin Global report that China Evergrande
Group is paying as much as 12% in its latest overseas bond issuance
to raise $2 billion for debt repayment.

According to Caixin, Hong Kong-listed Evergrande said in a filing
that it would issue $1 billion of dollar-dominated three-year bonds
with an 11.5% yield and $1 billion of four-year bond at 12%. Funds
from the offering will be mainly used to repay debt and supplement
operating capital, Evergrande said.

Caixin says the company's costs for bond borrowing are rising. A
company financial report showed that in the first half of 2019,
Evergrande's average bond cost was 8.62%, up 0.7 of a percentage
point from the same period a year ago, Caixin discloses.

Evergrande is under pressure from its debt overhang amid a cooling
market and heavy investments in electric cars, the report notes. At
the end of June 2019, the company's debt-to-assets ratio was 152%,
higher than that of most industry counterparts. The company had
outstanding debts of CNY813.2 billion ($118 billion) as of June 30,
with CNY37.5 billion to be repaid in one year, Caixin discloses.

Evergrande Chairman Hui Ka Yan and President Xi Hai will each buy
$50 million of the offering, the company said. Eight investment
banks including Credit Suisse Group AG, BofA Securities and CITIC
Bank International also agreed to subscribe to the bonds.

Evergrande's last bond issuance was in April 2019, when the company
sold $1.85 billion of notes at rates between 9.5% and 10.5%, adds
Caixin.

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
20, 2020, Moody's Investors Service assigned B2 senior unsecured
ratings to the USD notes to be issued by China Evergrande Group (B1
stable).  Evergrande plans to use the proceeds from the proposed
notes to refinance existing debts and for general corporate
purposes.

FUJIAN YANGO: Fitch Affirms B- LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings affirmed China-based Fujian Yango Group Co., Ltd.'s
Long-Term Foreign-Currency Issuer Default Rating at 'B-' with a
Stable Outlook. Fujian Yango's senior unsecured rating and the
ratings on its outstanding bonds have also been affirmed at 'B-'
with Recovery Ratings of 'RR4'.

The company's ratings are supported by its high 'B' category
aggregate business profile, with a wide-ranging portfolio of major
businesses and investments. Fujian Yango's portfolio includes
property company Yango Group Co., Ltd. (Yango; B+/Stable), in which
it owns 34.3%; environmental services provider Fujian Longking Co.,
Ltd, in which it owns 25.04%; countercyclical businesses in
education; and investments in banks and financial institutions. The
credit quality of these assets ranges from the 'B' category to low
'BBB'. The ratings remain constrained by Fujian Yango's low cash
income/interest expense ratio that Fitch expects to remain below
1.5x for a sustained period, but higher dividend cash income and
divestment of investments from 2020 could lead to improvement.

KEY RATING DRIVERS

Rated on Standalone Basis: Fujian Yango primarily generates cash
flows from minority investments in operating subsidiaries and the
operation of an education business, which Fitch estimates to have
contributed about 40% of the deconsolidated group's cash income in
2019. The most important investment is its 34.3% stake in Yango.

Fujian Yango consolidates Yango in its financial statements, but
Fitch rates Fujian Yango on a standalone basis as Fitch assesses
the linkage with the subsidiary to be weak in accordance with its
Parent and Subsidiary Rating Linkage criteria. Fujian Yango has
limited access to Yango's cash flows due to its low stake and
listing rules limiting non-dividend cash up-flow, and so faces
structural subordination at the holding-company level.

Higher Funding Costs: Over the past year, Fujian Yango's net debt
balance has been quite consistent, but the proportion of US dollar
debt has been rising. Cash interest expenses have increased due to
the higher interest for offshore funding, and Fitch estimates that
this likely dragged down the cash interest income/interest expense
ratio to 0.8x in 2019. However, improvement in cash generation from
key holdings like Yango and growth in the directly held education
business should help the ratio to improve to above 1.0x in 2020.

Potential Divestments: In addition to its listed company holdings,
the company has a large portfolio of assets where proceeds from
divestments could be used to pay interest costs or reduce the debt
burden. Fitch assumes the high-value asset base can be used to
repay or refinance its upcoming US dollar bond maturities, notably
in April and September 2020, but any observed weakness in access to
capital markets may result in negative rating action.

Deleveraging in Property Business: The financial profile of Yango
has improved since 2018. Its leverage, measured by net
debt/adjusted inventory, fell to 63.8% by end-1H19 from 71.6% at
end-2017, as the company cut land acquisitions in line with its
slower expansion after its attributable contracted sales reached a
sufficiently large CNY118 billion in 2018.

Yango's ratings are supported by a large, quality land bank that is
comparable with that of 'BB' category homebuilders and its
increasing business scale. Previously, Yango's high leverage
resulted in low dividend payments to Fujian Yango, but the dividend
payout could increase as Fitch expects the company to continue
deleveraging towards 55% over the next three years, based on its
current controlled land-acquisition pace.

Cash-Generating Long-Term Investments: Fujian Yango's investments
in financial institutions, mainly in Industrial Bank Co., Ltd
(BBB-/Stable), generate strong and stable cash income of CNY300
million-400 million annually. Longking, which has a steady net
profit margin of 8%-9%, is likely to sustain stable dividend
payments as well. Fujian Yango also showed its ability to adjust
its investment portfolio through the sale of all its shares in the
distressed China Minsheng Investment Group in 2018.

Stable External Guarantees: The company expects external
guarantees, mainly as cross-guarantees to long-standing business
partners, to remain at a steady level in the near term. The company
reduced the amount to CNY4.4 billion by end-2018 from CNY5.3
billion at end-2017, but the balance at end-September 2018 was
similar at around CNY4.3 billion. Fitch treats these guarantees as
debt in calculating Fujian Yango's leverage ratios.

Constrained by Governance Score: Fitch has scored Fujian Yango's
Group Structure at 5, indicating that this environmental, social
and governance sub-factor is highly relevant for the rating. The
company's rating will continue to be constrained by this score
until management can show a consistent track record in controlling
related-party transactions. For instance, other receivables were
primarily loans to related parties and the balance of CNY5.1
billion at the standalone level represented 27% of total debt at
end-September 2019.

Growing Education Business: The education business became the
largest single cash income contributor in 2018 and its growth is
likely to exceed that of Fujian Yango's other investments. Fitch
estimates operating cash flow from education to rise by 26% yoy
from 2019. It provides private education from preschool to college
under an asset-light model by cooperating with local governments or
property owners and charges tuition fees. The business complements
Yango's housing projects, as the education business's strong
reputation helps to improve selling prices.

DERIVATION SUMMARY

Fujian Yango's ratings reflect its high 'B' category aggregate
business profile, which includes its property segment through its
stake in Yango, a stake in Longking, quality investment portfolio
of CNY12.6 billion at cost that covers banks and other industries
supportive of a high 'B' category credit profile, and an expanding
education business that has a mid-to-low 'B' category credit
profile. However, Fujian Yango's weak financial profile on a
deconsolidated basis and its complex group structure constrain its
ratings at 'B-'.

Fujian Yango is viewed as a weak parent for its subsidiary Yango.
The weak linkage between the two entities and Fujian Yango's lack
of direct access to Yango means that Fujian Yango is rated on a
standalone basis, in accordance with Fitch's Parent and Subsidiary
Rating Linkage criteria.

KEY ASSUMPTIONS

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

  - Operating cash flow from the education business increasing by
21%-26% yoy between 2019-2021

  - Dividend income from Industrial Bank increasing by 6% annually

RATING SENSITIVITIES

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

  - Standalone cash income/interest paid above 1.5x for a sustained
period

  - Evidence of improving corporate governance, including a
reduction in related-party transactions

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

  - Deterioration in liquidity position or lack of visibility on
refinancing plans for its upcoming debt obligations

  - Standalone cash income/interest paid below 1.0x for a sustained
period

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity; Reliance on Refinancing: Fujian Yango had CNY4.5
billion of cash on hand on a deconsolidated basis as of
end-September 2019, which is insufficient to cover its short-term
debt balance of CNY8.0 billion. However, its large and diversified
equity portfolio provides extra funding room through pledged
borrowing. Based on Fitch's understanding, Fujian Yango has the
ability to roll over existing debt, and the use of onshore and
offshore bonds to extend its debt maturity.

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.

Fitch has scored Fujian Yango's Group Structure at 5 due to a
complicated group structure and unrestricted cash flow movements
between related entities, as evidenced by a high amount of
related-party transactions. Fitch has determined this factor has a
negative impact on the credit profile and is highly relevant to the
rating.

HNA GROUP: Faced $500 Million Debt Deadline Before Lunar New Year
-----------------------------------------------------------------
Bloomberg News reports that investors are closely watching HNA
Group Co. as $500 million of dollar bonds matured last week,
testing the debt-laden Chinese conglomerate's repayment ability.

A $200 million bond issued by HNA Group International came due Jan.
23, while its $300 million note was set to mature a day later,
according to Bloomberg-compiled data. HNA Group International
declined to comment when reached by Bloomberg via email.

According to Bloomberg, HNA Group Chairman Chen Feng predicted last
month that 2020 will be "the decisive year to win the war" against
its long-running liquidity challenges. Following a debt-fueled
global spending spree, the group has been selling assets from
hotels to a container unit to help pare borrowings, the report
says.

HNA Group's dollar bond drops as maturity date approaches
"HNA seems to be surviving despite its huge debt load and pressure
to unload assets," said Andrew Collier, a managing director at
Orient Capital Research, Bloomberg relays. Its strategy this year
"appears to be to focus on its core business in transportation, and
stabilize its finances enough to generate profits," he said.

Bloomberg notes that HNA has periodically been in the news in
recent years for missing payments, hiving off assets and struggling
with debts that climbed to as high as CNY598.2 billion ($87
billion). Bloomberg reported in December that it repaid a CNY1.3
billion bond, avoiding what could have been its first default on a
publicly issued note.

Bloomberg relates that the group came into the limelight in 2016
and 2017 after splurging more than $40 billion on acquisitions
across six continents. It 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.

"We are less optimistic that HNA will be able to get out of the
liquidity crises this year," Bloomberg quotes Warut Promboon,
managing partner at credit research firm Bondcritic Ltd, as saying.
"The key is that as long as they are on track to deleverage and
sell assets, credit facilities by Chinese banks will continue to be
available for them and that will enable them to make bond
repayments."

                          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.

ROAN HOLDINGS: Amends Memorandum and Articles of Association
------------------------------------------------------------
The Board passed a resolution to amend Roan Holdings Group Co.,
Ltd.'s Memorandum and Articles of Association to permit the members
of the Company to pass resolutions in writing without the need to
call meetings. The Company has filed the amended M&A with the BVI
Registry of Corporate Affairs on Jan. 20, 2020. A copy of the
amended M&A is available for free at:

                      https://is.gd/jeXXgO

                        About Roan Holdings

Founded in 2009, Roan (formerly known as China Lending) is a
non-bank financial corporation and provides comprehensive financial
services to micro-, small- and medium-sized enterprises, and
individuals. Roan is engaged in asset management, supplier chain
financing, and business factoring. Roan has moved its headquarter
from Urumqi, the capital of Xinjiang Autonomous Region, to
Hangzhou, the capital of Zhejiang province.

China Lending reported a net loss US$94.13 million for the year
ended Dec. 31, 2018, compared to a net loss of US$54.78 million for
the year ended Dec. 31, 2017. As of June 30, 2019, the Company had
US$55.40 million in total assets, US$108.26 million in total
liabilities, $9.99 million in convertible redeemable Class A
preferred shares, and a total deficit of $62.85 million.

Friedman LLP, in New York, the Company's auditor since 2017, issued
a "going concern" qualification in its report dated April 26, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has incurred
significant losses and is uncertain about the collection of its
loans receivables and extension of defaulted loans. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

TIMES CHINA: Fitch Affirms BB- LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings affirmed China-based homebuilder Times China Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating, senior
unsecured rating and the ratings of all its outstanding bonds at
'BB-'. The Outlook is Stable.

Times China's ratings are supported by its quality and sufficient
land bank, strong brand recognition in Guangdong province and a
healthy gross profit margin of around 30% for its
property-development business despite a robust churn rate. In
addition, Times China has a new source of liquidity from primary
land development of its urban-redevelopment projects (URP). Fitch
thinks the company's overall profitability will benefit from the
wider-margin urban-renewal business. The ratings are constrained by
the smaller scale of the company's property-development business
and higher leverage compared with 'BB' peers.

KEY RATING DRIVERS

URPs Support Rating: Times China's URPs started benefitting the
company from 2018 as it receives government compensation for
carrying out primary-land development services or is able to
acquire land at lower-than-market cost. The company expects 44
URPs, with an estimated gross floor area (GFA) of 12.5 million sq
m, to be sold or converted into land bank in 2019-2021 after
securing 85 projects with a GFA of 28 million sq m by end-1H19.
Four projects, including two old factory projects and two old
village projects with total GFA of 1.5 million sq m, completed
primary-land development during 1H19.

Fitch expects URPs to account for 15%-20% of Times China's land
bank by 2021 based on a historical conversion pace and the company
will be able to tolerate a higher leverage given the wider margin
of URPs, which Fitch thinks is sustainable. Fitch estimates 8%-10%
of Times China's land bank and 10% of sales in 2019 were from URPs.
Around 30% of Times China's newly acquired land bank was converted
from URPs starting 2018 after the company's cumulative efforts over
the past 10 years.

Improving Margin: Fitch expects overall EBITDA margin, excluding
capitalised interest, to stay above 30% and continue to improve
with a higher portion of revenue recognised from URP projects.
Primary-land development contributed CNY641 million or 4% of total
revenue in 1H19 (gross profit margin: 85%) and Fitch expects
revenue contribution to increase for the full year. In addition,
development-property projects converted from URPs have a gross
profit margin of above 40%, higher than the 30% for normal
projects. This is due to their overall land cost, including initial
URP costs such as rental subsidies and construction of resettlement
housing, which is much lower than market costs. The company's
overall gross profit margin improved to 32.5% in 1H19 from 30.9% in
2018 and 27.9% in 2017.

Cash Collection to Pick Up: Fitch estimates Times China's cash
collection rate recovered to 80% in 2019 as price-restriction
policies eased and mortgage-approval periods were shortened in some
Guangdong cities. The sales collection rate had already risen to
83% in 1H19 from a record low of 70% in 2018, which Fitch believes
was due to a tight onshore credit environment starting in 2H17.
Tighter credit can lead to buyers experiencing delays in obtaining
mortgage loans, slowing cash collection for the market.

Scale Constrains Rating Despite Growth: Fitch expects sustainable
sales growth over the next three years in light of Times China's
medium-term target of doubling its sales scale and robust demand in
Guangdong province due to the government's initiative to deepen
integration within the Greater Bay Area. Total contracted sales
increased 29% to CNY78.4 billion in 2019, of which around 75% was
attributable to the company. Fitch thinks the company's
attributable sales scale, compared with the more than CNY90 billion
of 'BB' peers in 2019, is a major constraint on its ratings.

Leverage Higher but Under Control: Fitch expects leverage to stay
around 45% in 2020 in light of the company's guidance of spending
no more than 50% of its sales proceeds on land. Its large land bank
that is sufficient to support 3.5-4 years of sales also provides
land acquisition flexibility. Leverage, measured by net
debt/adjusted inventory, rose to 46% by 1H19 because land
acquisition took up a higher proportion of sales proceeds during
the period than in 2018. Land premiums accounted for 42% of sales
proceeds in 1H19, compared with 35% in 2018. The higher leverage
was also partly caused by a CNY4 billion increase in net investment
in joint ventures (JV) and associates (investments in JV and
associates + amounts due from JV and associates - amounts due to
JV).

DERIVATION SUMMARY

Times China has a large footprint in Guangdong province, similar to
that of KWG Group Holdings Limited (BB-/Stable), China Aoyuan Group
Limited (BB-/Positive) and Logan Property Holdings Company Limited
(BB/Stable). Both Aoyuan and Logan have a more diversified
geographic exposure and larger attributable sales scale. In
addition, Aoyuan and Logan's leverage (net debt/adjusted inventory)
of below 40% over the next 12 to 18 months is lower than that of
Times China. Logan's EBITDA margin (excluding capitalised interest)
of over 30% is as strong as that of Times China, while Aoyuan's
EBITDA margin of 25%-30% is less competitive.

Zhenro Properties Group Limited (B+/Stable) has similar scale as
Times China. However, Times China has a less-diversified land bank
that is nevertheless able to support a longer period of sales of
3.5-4 years compared with Zhenro's 2.5 years. Times China's
leverage is lower than Zhenro's around 50% and its EBITDA margin is
also stronger than Zhenro's 25%.

KEY ASSUMPTIONS

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

  - Contracted sales to increase by 15% in 2020 and 10% in 2021
(2019: 29%)

  - Cash collected as a percentage of total sales at 80% in 2019
and 85% in 2020 (1H19: 83%)

  - Attributable land premium of around 40%-45% of sale proceeds in
the next two years (1H19: 42%)

  - Overall EBITDA margin, excluding capitalised interest, to stay
above 30% in the next two years (1H19: 32%)


RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 40%

  - EBITDA margin, excluding capitalised interest, sustained above
30%

  - Scale expands to a level that is comparable with BB peers

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

  - Net debt/adjusted inventory above 50% for a sustained period

  - EBITDA margin, excluding capitalised interest, below 25% for a
sustained period

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Times China had cash and cash equivalents of
CNY22 billion, excluding restricted cash of CNY3.8 billion, as of
end-1H19, against CNY10 billion in short-term debt. Fitch believes
Times China maintains sufficient liquidity to fund development
costs, land premium payments and debt obligations in 2020 due to
its diversified funding channels, healthy maturity profile and
flexible land-acquisition strategy. The company issued new shares
in April 2019 with net proceeds of CNY1.3 billion and issued USD500
million 7.625% three-year senior notes in February 2019 and USD500
million 6.75% four-year senior notes in July 2019 (including a
USD100 million tap in September). The company's average funding
cost remained essentially stable at 7.6% in 1H19, compared with
7.7% in 2018.

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.

Times China has an ESG relevance score of 4 for Environmental -
Waste and Hazardous Materials Management; Ecological Impacts as the
company is one of Guangdong's key URP developers that is helping to
improve the environment in the province, which has a positive
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.

YANGO GROUP: Moody's Upgrades CFR to B1, Outlook Stable
-------------------------------------------------------
Moody's Investors Service upgraded Yango Group Co., Ltd's corporate
family rating to B1 from B2 and the backed senior unsecured rating
on the existing notes issued by Yango Justice International Limited
and guaranteed by Yango to B2 from B3.

The outlook on the ratings is stable.

RATINGS RATIONALE

"The upgrade reflects our expectation that Yango will continue to
strengthen its financial profile by further improving its debt
maturity profile, limiting debt growth and maintaining discipline
in its land acquisitions," says Celine Yang, a Moody's Assistant
Vice President and Analyst.

Yango's improved debt maturity profile has also helped reduce
funding risk, with its short-term debt accounting for 28% of total
reported debt at September 30, 2019, down from 43% at 31 December
2018.

Moreover, the company's trust loan exposure reduced to 28% from
52.6% of total reported debt over the same period. This improved
funding structure will help the company reduce its funding costs as
well as increase its financial stability.

Moody's expects that the company's total adjusted debt growth will
be marginal in 2019, staying within 5%-6% over the coming 12-18
months. On January 21, 2020, the company's estimated total reported
debt reduced by 1% to RMB111.5 billion in 2019 from RMB112.6
billion in 2018.

Such constrained debt growth is supported by the company's
disciplined land acquisitions, and Moody's expects Yango will
continue to constrain its annual land spending, maintaining it
within 50% of its cash received from annual property sales.

Yango has recorded strong contracted sales growth over the past two
to three years, as reflected by 30% year-on-year sales growth to
RMB211 billion in 2019 and 78% year-on-year growth to RMB163
billion in 2018. Such scale is comparable with B1-rated Chinese
property peers and will support the company's liquidity and revenue
growth over the next 12-18 months.

Moody's expects that Yango's debt leverage — as measured by
revenue/adjusted debt — will trend towards 60%-70% over the next
12-18 months from 50% for the 12 months ended June 30, 2019, driven
by expected revenue growth. Meanwhile, its interest coverage -- as
measured by adjusted EBIT/interest -- will improve to around
2.5x-2.9x from 2.3x over the same period, again driven by expected
revenue growth and stable profit margins.

Yango's liquidity profile is good. Moody's expects the company's
cash holdings, together with its cash flow generated from operating
activities, will be sufficient to cover its maturing debt,
including onshore puttable bonds of RMB6.4 billion, and its
committed land payments over the next 12-18 months.

The company's cash to short-term debt has improved to 136% at
September 30, 2019 from 79% at the end of 2018.

Yango's B1 corporate family rating reflects the company's
good-quality land reserves, geographically diversified land bank,
large scale and strong sales execution. The company has diversified
its land reserves across four key regions in China, selecting key
strategic cities with no one city representing more than 15% of its
total reserves by gross floor area (GFA) at June 30, 2019. In
addition, over 80% of its land reserves in terms of GFA were
located in Tier 1 and Tier 2 cities such as Fuzhou, Xiamen,
Guangzhou, Shanghai, Chengdu, Xi'an, where property demand is
generally strong.

On the other hand, Yango's rating is constrained by the company's
improving but still high debt leverage, accumulated through its
sizable land acquisitions to support the company's rapid growth and
expansion strategy.

The stable outlook reflects Moody's expectation that over the next
12-18 months Yango will (1) execute its sales plan; (2) remain
disciplined in land acquisitions and improve its leverage; and (3)
maintain good liquidity.

In terms of governance considerations, Moody's has taken into
account the company's concentrated ownership by Fujian Yango Group
Co., Ltd and its person acting in concert, who together owned a
44.5% as of January 2, 2020, with 90.85% of these shares pledged.
This risk is incorporated in the B1 CFR.

This risk is partially mitigated by (1) the presence of four
independent directors on Yango's 11-member board of directors; (2)
the presence of an audit committee, remuneration committee,
nomination committee and strategic committee to assist the board of
directors; (3) the company's disclosure of material related-party
transactions as required by the relevant code for companies listed
on the Shenzhen Stock Exchange; and (4) the company's stable
dividend policy, with its payouts ranging from 7.52% to 16.46% of
net profits during 2013-2019.

Yango Justice International Limited's B2 senior unsecured ratings
are one notch lower than Yango's CFR to reflect structural
subordination risk, which stems from the fact that the majority of
Yango's claims are at its operating subsidiaries and have priority
over claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. As a result, the expected recovery
rate for claims at the holding company will be lower.

Moody's could upgrade Yango's ratings if the company (1) maintain
disciplined in its land acquisition and financial management; (2)
continues to improve its funding channels and maintains good
liquidity; (3) improves its debt leverage while maintaining
contracted sales growth.

Credit metrics that would indicate a possible upgrade include (1)
revenue/adjusted debt rising above 70%-80%; and (2) adjusted
EBIT/interest staying above 3x.

Moody's could downgrade Yango's ratings if (1) it generates weak
contracted sales; (2) its profit margin declines materially; (3)
its liquidity weakens, such that cash/short-term debt falls below
1.0x; and/or (4) its debt leverage or exposure to trust financing
rises materially.

Credit metrics indicative of a rating downgrade include its
EBIT/interest coverage falling below 2.0x and/or adjusted
revenue/debt falling below 50%-55% on a sustained basis.

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

Founded in 1995 in Fuzhou, Yango Group Co., Ltd is a Chinese
property developer that focuses on the Greater Fujian and Yangtze
River Delta regions. The company was listed on the Shenzhen Stock
Exchange in 2002. Yango's operations are mainly focused on
mass-market residential property development. The company had a
total land bank of around 44 million sqm at June 30, 2019.

YANLORD LAND: Moody's Confirms Ba2 CFR; Alters Outlook to Neg.
--------------------------------------------------------------
Moody's Investors Service confirmed Yanlord Land Group Limited's
Ba2 corporate family rating.

In addition, Moody's has confirmed the Ba3 backed senior unsecured
rating on the bonds issued by Yanlord Land (HK) Co., Limited, a
wholly-owned subsidiary of Yanlord, and guaranteed by Yanlord.

At the same time, Moody's has changed the outlook to negative from
"rating under review".

These rating actions conclude Moody's review initiated on October
28, 2019.

RATINGS RATIONALE

"The ratings confirmation reflects our expectation that the newly
acquired assets from United Engineers Limited (UEL) will improve
Yanlord's business diversification and underpin a recovery in its
credit metrics over the next 12-18 months, from the weak levels
estimated for 2019," says Cedric Lai, a Moody's Vice President and
Senior Analyst.

"However, the negative outlook reflects the uncertainty around the
company's ability to execute on its ambitious deleveraging plan in
the next 12-18 months," adds Lai.

On January 20, 2019, Yanlord announced the closing of its general
offer for all UEL shares. Upon closing, the company held 95.91% of
UEL's ordinary shares, triggering the full acquisition of the
company and making it a wholly-owned subsidiary of Yanlord. Yanlord
plans to delist UEL from the Singapore Stock Exchange.

UEL specializes in property rental and hospitality, property
development, engineering, distribution, manufacturing, and
corporate services & others. It operates across Singapore,
Malaysia, China, and USA.

Moody's expects Yanlord's metrics will weaken following the
acquisition, as the company will fund the acquisition for 50% with
debt and as it will assume all of UEL's liabilities. In addition,
Moody's expects Yanlord will record slow revenue recognition for
2019. Consequently, Moody's expects Yanlord's debt leverage — as
measured by revenue/adjusted debt -- will weaken to 38% in 2019
from 54% in 2018, and its interest coverage — as measured by
adjusted EBIT/interest coverage — to fall to 3.8x from 5.3x over
the same period.

However, Moody's expects Yanlord's credit metrics will improve over
the next 12-18 months, supported by (1) the company's plan to
deleverage by slowing its land acquisitions; (2) improving revenue
recognition on the back of strong contracted sales in 2019; and (3)
strong rental income growth from its newly acquired investment
properties portfolio in Singapore.

Specifically, Moody's forecasts that Yanlord's debt leverage and
interest coverage will improve to 55%-60% and 4.5x-5.0x
respectively over the next 12-18 months. In addition, the company's
adjusted rental income/interest coverage should improve to 45%-50%
over the same period. However, these metrics will largely hinge on
Yanlord's ability to deleverage over the next 12-18 months.

For the full year of 2019, Yanlord registered strong 103%
year-on-year contracted sales growth to RMB55.5 billion. Such
strong contracted sales performance supports the company's
liquidity.

Yanlord's Ba2 corporate family rating continues to reflect its
established brand name and high-quality products, which provide it
with strong pricing power and support its above-peer-average gross
margin. In addition, the company's sales strategy, aimed at
catering to a broader spectrum of market demand, helps reduce the
negative impact from regulatory measures that constrain property
demand.

The rating also considers Yanlord's good liquidity profile, and
strong access to both onshore and offshore funding.

Meanwhile, the rating is constrained by the company's (1)
geographic concentration; (2) high leverage due to its large-scale
land acquisitions and UEL acquisition; and (3) exposure to
tightening property regulations.

The company's Ba3 senior unsecured debt rating is one notch lower
than the corporate family rating, due to structural subordination
risk. This risk reflects the fact that the majority of claims are
at the operating subsidiaries and have priority over Yanlord's
senior unsecured claims in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

Yanlord's liquidity position is good. Moody's expects that the
company's cash holdings and cash flow from operating activities
will be sufficient to cover its maturing debt and committed land
payments over the next 12 months. At September 30, 2019, Yanlord's
cash balance of RMB16.1 billion (including restricted cash of
RMB436 million) covered about 141% of its short-term debt of
RMB11.4 billion as of the same date.

In terms of environmental, social and governance (ESG) factors,
Moody's has taken into account the concentrated ownership by
Yanlord's key shareholder, Mr. Zhong Sheng Jian, who held an
approximate 70.11% direct and indirect stake as of June 30, 2019.

This risk is partially mitigated by (1) the presence of four
independent non-executive directors on Yanlord's eight-member board
of directors, who also chair the audit, nominating, remuneration
and risk management committees; (2) the company's moderate 15%-20%
dividend payout ratio over the past three years; and (3) the
presence of other internal governance structures and standards, as
required under the Corporate Governance Code for companies listed
on the Singapore Stock Exchange.

Moody's is unlikely to upgrade Yanlord's ratings given the negative
outlook.

Nevertheless, Moody's could revise the outlook to stable if the
company is successful in deleveraging through proactive financial
management, exercising prudence in any new land acquisitions or
other mergers and acquisitions, while sustaining sales growth
through the cycles and maintaining good liquidity.

The ratings could be downgraded if (1) the company's contracted
sales growth is slower than Moody's expectation; (2) its credit
metrics weaken, with EBIT/interest coverage falling below 3.5x,
adjusted revenue/debt falling below 60% or recurring rental
income/interest coverage failing to progress toward 40%-45%; or (3)
the company's liquidity deteriorates, with cash/short-term debt
below 1.25x, and all on a sustained basis.

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

Yanlord Land Group Limited is a major property developer in China.
The company operates across a number of major Chinese cities,
including Shanghai, Nanjing, Suzhou, Hangzhou, Nantong, Shenzhen,
Tianjin, Zhuhai, Chengdu, Tangshan, Jinan, Zhongshan, Haikou, Sanya
and Wuhan.

Yanlord Land Group Limited listed on the Singapore Stock Exchange
in 2006. The company had a total land bank of 8.59 million square
meters by gross floor area at June 30, 2019.

YANZHOU COAL: Fitch Affirms BB- LT IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings affirmed China-based Yanzhou Coal Mining Company
Limited's Long-Term Foreign-Currency Issuer Default Rating and
senior unsecured rating at 'BB-'. The Outlook is Stable. The agency
has simultaneously affirmed at 'BB-' Yanzhou Coal's senior
unsecured notes due 2022, which are issued by Yancoal International
Resources Development Co., Limited, a 100%-owned subsidiary, and
unconditionally and irrevocably guaranteed by Yanzhou Coal.

At the same time, Fitch has raised Yanzhou Coal's Standalone Credit
Profile (SCP) from 'bb-' to 'bb' to reflect its reduced leverage,
sustained positive free cash flow (FCF) and greater discipline in
capital investment.

Yanzhou Coal is rated based on the consolidated group profile of
its immediate parent, Yankuang Group Co., Ltd. Fitch assesses the
linkage between Yankuang and the listed subsidiary as 'Moderate',
underpinned by their solid operational ties, based on Fitch's
Parent and Subsidiary Rating Linkage criteria. Yankuang's credit
profile is assessed based on a bottom-up approach with an uplift
from its ultimate parent, Shandong State-owned Assets Supervision
and Administration Commission (SASAC), according to Fitch's
Government-Related Entities Rating Criteria.

KEY RATING DRIVERS

Parent's Likelihood of State Support: Fitch assesses Yankuang's
status, ownership and control as 'Strong' as Shandong SASAC owns
70% of the company and the remaining 30% is held by Shandong Guohui
Investment Co., Ltd and Shandong Provincial Council for Social
Security Fund. The Shandong provincial government effectively
controls Yankuang's board and key senior management and has a
strong influence over the group's major strategies and investment
decisions.

Fitch assesses Yankuang's record and expectation of support as
'Moderate' as tangible government support has been limited. Support
mainly included annual subsidies of CNY200 million-400 million and
zero-cost land injections, with the group's financial profile kept
at persistently weak levels.

Strong Financial Impact of Default: Fitch assesses Yankuang's
socio-political implications from a default as 'Weak' because most
of Shandong's coal demand is met by supply from other provinces and
around two-thirds of Yankuang's coal capacity is outside the
province. The financial implications from a default are assessed as
'Strong' due to Yankuang's status as one of the province's biggest
state-owned entities (SOE) and its fourth-largest domestic bond
issuer.

Moderate Linkage with Parent: Yanzhou Coal is 51.8%-owned by
Yankuang and holds most of the group's high-quality assets as its
sole listing platform. There is a high degree of overlap in key
board members and management between the two entities. The group
centralises treasury functions within a finance company, which is
90%-owned by Yanzhou Coal, allowing the parent and its
subsidiaries, other than Yanzhou Coal, to access the listed
company's cash within certain limits.

Improving Leverage Profile Boosts SCP: Yanzhou Coal's FFO adjusted
net leverage improved to 3.3x in 2018 from 4.4x in 2017. Fitch
estimates the company achieved its target of reducing total debt by
CNY10.0 billion in 2019 based on its balance sheet at end-9M19.
Yanzhou's FCF improved to CNY4.2 billion in 2018 from CNY2.6
billion in 2017. Fitch expects FCF to stay positive in 2019-2022
despite its forecast of lower coal and methanol prices.

Lower Coal Prices Within Expectations: The average selling price
(ASP) of coal produced by Yanzhou Coal stayed flat at CNY537/tonne
in 9M19 compared with CNY542/tonne in 2018, thanks to its Shandong
mines switching to higher-priced washed coal in their product mix.
Fitch estimates ASP was CNY512/tonne for 2019 due to market
weakness in 4Q19. Fitch expects mild pressure to continue on coal
prices in 2020-2022 as the CNY500/tonne-570/tonne range set by the
National Development and Reform Commission should provide support
to coal prices in the medium term.

Lower Capex: Fitch believes the capex of both Yanzhou Coal and its
parent peaked in 2018 as most of their green-field mines and
chemical projects have been constructed or are close to completion.
Fitch forecasts Yanzhou Coal's capex will drop gradually to CNY6.5
billion-7.0 billion per year in 2021-2022 from CNY10.2 billion in
2018 due to lower spending at its Ordos and Yulin projects,
although Fitch expects capex at the holding company to stay above
CNY2.0 billion compared with CNY1.4 billion per year in 2014-2015.
The drop in capex could make up for the negative impact of lower
coal prices and help sustain Yanzhou Coal's FCF at a heathy
positive level.

Fitch thinks Yanzhou Coal has also become more cautious in equity
investment. The company did not make major investments in
subsidiaries or associate companies in 2019. Equity investments
have been declining in the last few years from CNY10.8 billion in
2016 to CNY5.3 billion in 2017 (excluding the acquisition of Coal &
Allied) and CNY4.6 billion in 2018. Many of these investments were
in financial industries, including commercial banks, leasing
companies and investment funds. Yankuang has narrowed its main
businesses to coal mining, chemicals production and logistics,
which makes it likely the company's expansion into the financial
industry will cool off.

Yankuang's SCP at 'b-': Fitch continues to assess Yankuang's SCP at
'b-' due to its sustained high leverage and structurally negative
FCF. Yankuang's consolidated FFO adjusted net leverage improved to
5.8x in 2018 from 7.3x in 2017 on the back of Yanzhou Coal's strong
performance and a partial recovery at non-Yanzhou Coal-owned mines.
Yankuang's operating cash flow also recovered to CNY7.7 billion in
2018 from CNY4.8 billion in 2017. However, Fitch expects the
group's consolidated leverage to resume rising in 2020-2022 as coal
prices decline.

DERIVATION SUMMARY

Yanzhou Coal's rating is based on the consolidated credit profile
of Yankuang, reflecting the moderate linkage between the two
entities as per Fitch's Parent and Subsidiary Rating Linkage
criteria. Yankuang's consolidated credit profile incorporates an
uplift from its standalone profile based on Fitch's
Government-Related Entities Rating Criteria.

Yankuang's assessment of 'Strong' under the status, ownership and
control factor is lower than that of Shandong High-speed Group Co.,
Ltd. (A/Stable) due to exceptionally high degree of government
control over the latter's strategic and investment decisions as a
key provincial infrastructure investment platform, while Yankuang's
business is more commercially oriented. Yankuang's 'Moderate'
support record and 'Strong' financial implications of a default are
in line with the assessment for other large provincial SOEs in the
energy or commodity sectors, including Gansu Province Electric
Power Investment Group Co., Ltd. (BBB-/Stable) and Jiuquan Iron and
Steel (Group) Co., Ltd. (BBB-/Stable). The 'Weak' assessment of the
socio-political impact of a default takes into account Yankuang's
large asset exposure outside Shandong province as well as the
province's heavy reliance on coal supply from other provinces.

Yankuang's SCP of 'b-' is comparable with that of HBIS Group Co.,
Ltd. (BBB+/Stable; SCP: b-). Both are one of the biggest companies
in their respective sectors, coal mining and steel. Yankuang and
HBIS have similar operating scales and single-digit market shares
in industries with many smaller companies. The SCPs of both
companies are constrained by their weak financial profiles, which
are characterised by higher leverage and structurally negative FCF.
Yankuang's FFO net leverage averaged 8.5x in 2015-2018, similar to
HBIS's 9.1x.

KEY ASSUMPTIONS

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

  - Average selling price of self-produced coal at CNY512/tonne in
2019, CNY477/tonne in 2020, CNY473/tonne in 2021 and CNY468/tonne
in 2022;

  - Unit coal production cost to remain flat in the coming years;

  - Coal production to rise at 2.2% CAGR in 2019-2022;

  - Capex averaging CNY7.3 billion in 2019-2022 and on a downward
trend

RATING SENSITIVITIES

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

  - Stronger likelihood of support from Shandong province to
Yankuang

  - FFO adjusted net leverage of Yankuang to stay below 6x on a
sustained basis

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

  - Weaker likelihood of support from Shandong province to
Yankuang

  - Cash flow from operations of Yankuang turning negative

Sensitivities for Yanzhou Coal's SCP:

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

  - FFO adjusted net leverage below 2.5x on a sustained basis

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

  - FFO adjusted net leverage above 3.5x for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Yanzhou Coal had readily available cash of
CNY22.8 billion by end-1H19 (end-2018: CNY27.4 billion), enough to
cover its debt maturing within one year of CNY15.5 billion
(end-2018: CNY20.1 billion). The company also had total undrawn
bank credit facilities of CNY66.4 billion as of 1H19. Fitch expects
the company to continue to benefit from strong access to domestic
funding sources due to its large SOE status.

SUMMARY OF FINANCIAL ADJUSTMENTS

Yanzhou Coal set up three structured funds in 2016 in which it
invested CNY3.35 billion and other partners invested CNY8 billion.
Yanzhou Coal controls the investment and management of the three
funds. The funds have lent all their money to Yanzhou Coal. The
company booked the CNY8 billion as minority shareholders'
contribution. Fitch adjusted the company's financial statements by
treating the amount as debt in 2016-2018. The company fully repaid
the CNY8 billion in 2019.

Yankuang Finance Company is 90% owned and consolidated by Yanzhou
Coal. At end-2018, Yankuang and its subsidiaries other than Yanzhou
Coal deposited CNY10.0 billion into the finance company and
borrowed CNY6.2 billion from it. Fitch has deducted the balance of
CNY3.8 billion from Yanzhou Coal's cash to derive the readily
available cash balance at end-2018.

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 Yanzhou Coal, either due to
their nature or the way in which they are being managed by the
company.



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

ALTICO CAPITAL: Deutsche Bank Doubles Down on Shadow Lender's Debt
------------------------------------------------------------------
Bijou George and Rahul Satija at Bloomberg News report that
Deutsche Bank AG and a Singapore based hedge fund bought more debt
of an embattled Indian shadow lender, highlighting the growing
foreign interest in the discounted assets of the financier at the
center of a credit crisis.

Deutsche Bank has almost doubled the debt it holds of Altico
Capital India Ltd. to INR3 billion ($42.1 million) in the last four
months, while Singapore-based Broad Peak Investment Advisers Ltd.
has acquired debt of about INR1 billion, people familiar with the
matter said, Bloomberg relays.

The German lender is now a member of the steering committee of
creditors driving Altico's debt restructuring, the people said,
asking not to be identified as the information isn't public,
according to Bloomberg.

Deutsche Bank AG used its larger holding of Altico's debt to lead
pushback against a proposed asset swap, which it said would be
conducted in a non-transparent manner and benefit some lenders more
than others, Bloomberg relates citing  a person with direct
knowledge of the matter. Several other creditors also supported
Deutsche Bank's position, the person said.

Total bids for the asset swap plan ended up covering between 6
billion rupees to 10 billion rupees -- undershooting the 12 billion
rupee target based on initial feedback from some interested
creditors, another person familiar said, Bloomberg relays.

However, interest in purchases of Altico's debt has been
increasing, even as certain potential bidders for the delinquent
financier shy away from an auction process to sell the firm. A
shareholder sponsored restructuring plan and an asset swap plan
supported by some creditors are also under consideration to salvage
Altico, Bloomberg notes.

Altico's debt had been traded several times over the last few
months, as creditors including another local shadow bank Bajaj
Finance Ltd., and Abu Dhabi Commercial Bank PJSC sold their
holdings, one of the people said. The most recent trade was made at
almost half the face value when Abu Dhabi Commercial sold its
holding in December, the people, as cited by Bloomberg, said.

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.

BAMBINO PASTA: Ind-Ra Corrects December 26 Ratings Release
----------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified a rating release on
Bambino Pasta Food Industries Private Limited published on December
26,
2019, to correctly state the rating in the headline.

The amended release is as follows:

India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Bambino Pasta Food Industries Private Limited's (BPFIPL) Long-Term
Issuer Rating of 'IND BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR500 mil. Term loan* due on
     March 2024 affirmed and withdrawn;

-- The 'IND BB+' rating on the INR200 mil. Fund-based working
     capital limit^ affirmed and withdrawn;

-- The 'IND A4+' rating on the INR30 mil. Non-fund-based working
     capital limit^^ affirmed and withdrawn; and

-- The 'Provisional IND BB+' rating on the INR30 mil. Proposed
     fund-based working capital limit# affirmed and withdrawn.

* Affirmed at 'IND BB+'/Stable before being withdrawn

^ Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn

^^Affirmed at 'IND A4+' before being withdrawn
#Affirmed at Provisional IND BB+/Provisional IND A4+

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the rated facilities'
lender. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017, for credit rating
agencies.

KEY RATING DRIVERS

The affirmation reflects the marginal decline of 3.4% YoY in
BPFIPL's revenue to INR2,358 million in FY19 followed by continuous
year-on-year fall in its EBITDA margins to 6.6% (FY18: 7.5%; FY17:
9.8%) due to an increase in key operating expenses.

Furthermore, the company achieved revenue of INR1,323.20 million
and EBITDA margins of 6.88% in 1HFY20 on the back of an increase in
sales realization to INR58.45 per kg from INR55 per kg in FY19.

Based on the half-year results shared by the company with Ind-Ra,
the agency expects BPFIPL's margins to improve as a result of a
rise in the sale of vermicelli and pasta & premium pasta products
and annualized revenue growth of 12% in FY20.

BPFIPL's net leverage (adjusted net debt/operating EBITDAR)
deteriorated to 4.64x in FYE19 (FY18: 3.92x) and gross interest
coverage (operating EBITDA/gross interest expense) to 1.8x (2.1x)
owing to the high utilization of working capital limits. The weak
credit metrics also resulted from the company availing new working
capital term loans to the tune of INR500 million and increasing its
unsecured loans during FY19. However, Ind-Ra expects an improvement
in the debt metrics in the near term on the back of accretion of
reserves & surplus and the repayment of term loans resulting in a
decrease in interest cost.

Liquidity Indicator – Stretched: The company's average use of its
fund-based facilities was 97% over the 12 months ended in October
2019. Cash flow from operations turned positive to INR8.27 million
during FY19 (FY18: negative INR18.04 million) due to a decrease in
the working capital. Liquid cash and cash equivalents fell to
INR2.75 million during FY19 (FY18: INR11.88 million). The working
capital cycle stretched to 114 days in FY19 (FY18: 100 days), due
to a long inventory holding period of 76 days to meet the company's
orders.

The ratings, however, continue to be supported by the company's
three-decade-long established brand Bambino. BPFIPL's products have
strong brand value and well-established products across West, South
and Central part of India.

The ratings are also supported by the company's continuous
initiatives to roll out new products such as Bambino chakki atta in
FY21-FY22. The company's decision to withdraw the low-margin local
brand Anchal being sold in the unorganized sector in the Telangana
market in FY20 also supports its revenue growth prospects.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or profitability margin,
leading to sustained deterioration in the credit metrics, will lead
to negative rating action.

Positive: Substantial growth in the revenue and/or an improvement
in the profitability margin, leading to a sustained improvement in
the credit metrics, will lead to positive rating action.

COMPANY PROFILE

Established in 2000, BPFIPL manufactures and sells pasta & premium
pasta products, macaroni, wheat products, vermicelli and roasted
vermicelli (value-added product) under the Bambino brand. The
company has a manufacturing plant in Bibinagar near Hyderabad,
Telangana.

BINU MATHEW: CRISIL Migrates 'B+' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Binu Mathew
(BM) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee          1       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit             4       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BM for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 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 BM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BM to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Setup as proprietorship, Binu Mathew (BM) is engaged in carrying
out civil construction projects for the Kerala Water Authority
(KWA). The company is based out of Alappuzha, Kerala.

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

The instrument-wise rating action is:

-- INR54.0 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 6, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2006 by Mr. Amarnath Jeyaraj, Dheepti Exports and Imports
is a proprietorship firm that is primarily engaged in the
processing of spices and lentils. The firm diversified into the
jewelry business in August 2017.

DURGA AGRONOMY: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Durga Agronomy
Private Limited (DAPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        4.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    0.5        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DAPL for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2010, Durga Agronomy Private Limited (DAPL) is
engaged in milling of non-basmati parboiled rice. Its manufacturing
facility is located at Darbhanga, Bihar. The day to day operations
of the firm is looked after by Raj Kumar Mahaseth, Meera Devi and
Mani Raj.

GANESA MODERN: CRISIL Lowers Rating on INR12.9cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ganesa
Modern Rice Mill (GMRM) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       12.9       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

   Long Term          0.72      CRISIL D (ISSUER NOT COOPERATING;
   Bank Facility                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of GMRM. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
has downgraded its ratings on the bank facilities of GMRM to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating'.

The downgrade reflects delays by GMRM in servicing of debt
obligations.

Set up in 1976, GMRM is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located at Attur (Tamil Nadu). The firm is promoted by Mr. P.
Madheswaran.


GLOBAL TYRES: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Global Tyres
(Global Tyres) to 'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with Global Tyres for
obtaining information through letters and emails dated October 30,
2019 and November 22, 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 Global Tyres, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Global
Tyres is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' category
or lower'.

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

Global Tyres was set up in 2002 and is engaged in trading of tyres,
alloy wheels and other auto accessories. The firm operates 3
showrooms in Ernakulam (Kerala) and is promoted by Mr Philip
George.

GODAVARI KHORE: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Godavari Khore
Namdeoraoji Parjane Patil Taluka Sahakari Dudh Utpadak Sangh
Limited (Godavari) to 'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Drop Line           7.56       CRISIL B+/Stable (ISSUER NOT
   Overdraft                      COOPERATING; Rating Migrated)
   Facility            

   Term Loan          4.44        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Godavari for
obtaining information through letters and emails dated January 6,
2020 and January 10, 2020 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 Godavari, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Godavari
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

Incorporated in 1976 and promoted by Mr Namdeo Rao Rakhmaaji
Parjane Anna of Ahmednagar, Maharashtra, Godavari processes milk
and also manufactures dairy products such as ghee, shrikhand, and
paneer. Operations are managed by Mr Parjane Rajesh Namdeorao.

HOTEL DEE: CRISIL Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hotel Dee Emm
Residency (HDER) to 'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     0.1       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Rupee Term Loan        9.9       CRISIL B/Stable (ISSUER NOT  
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HDER for obtaining
information through letters and emails dated January 06, 2020 and
January 10, 2020 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 HDER, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HDER is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

Set up as a partnership firm in 2014 by Mr Tek Chand Sood, Ms Madhu
Sood, and Mr Sumit Sood, HDER operates Hotel Dee Emm Residency in
Shimla. The hotel, which had 5 rooms, is being expanded to 47
rooms, and will also have a restaurant, coffee shop, lounges, and a
conference hall. Post-renovation and expansion, the hotel is
expected to commence operations in the fourth quarter of fiscal
2018.

HOTEL IDA: CRISIL Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hotel IDA to
'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft              2        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     3        CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan              5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Hotel IDA for
obtaining information through letters and emails dated October 30,
2019 and November 22, 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 Hotel IDA, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Hotel IDA
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

Set up as a partnership firm by Mr Rabinder Aurora, Mr Ratik
Aurora, and Mr Maneet Aurora, Hotel IDA runs a hotel in Dehradun.

INDIA INFRAHITECH: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of India
Infrahitech Private Limited (IIPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         18        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with IIPL for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 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 IIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

IIPL was incorporated in March 2009 and has undertaken a group
housing project 'Rohit Heights' at Lucknow. Further, the promoters
have a history of successfully completing all projects some of them
such as Rohit Paradise and Residency before the targeted schedule.
The promoter has other companies named as Preet Realtors and Rohit
Colonisers Private Limited.

KHATKAR CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Khatkar
Construction Co. (KCC) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee      2.25       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Overdraft           5          CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Bank       0.75       CRISIL A4 (ISSUER NOT
   Guarantee                      COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KCC for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 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 KCC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KCC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KCC to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 2006, Bhiwani-based KCC is engaged in civil
construction works for the Haryana government. The partners, Mr
Satbir Singh, Mr Narender and Mr Rajbir, manage the operations.

KKR SPICES: CRISIL Migrates 'B+' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of KKR Spices And
Oleoresins Private Limited (KKR) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Long Term     1        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KKR for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 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 KKR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KKR is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' category or lower'.

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

Incorporated in the year 2010 and based out of Nellore, KKR is
involved into trading of chilies. The Company is promoted by Mr.
Kilari Venkata Rosiah and Ms. Kilari I Lakshmi Saraswati.

KUNNATHAN WOOD: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kunnathan Wood
Products (KWP) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             3        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Import Letter of       10        CRISIL A4 (ISSUER NOT
    Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KWP for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 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 KWP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KWP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KWP to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

KWP was promoted by K.V. Abbas and K.V. Pareeth. The Company is
engaged in manufacturing of plywood and veneers. KWP's facility is
based in Odakalli (Kerala) and company sells under its brand name.

LAHERI COTTON: CRISIL Migrates 'B+' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Laheri Cotton
Industries (LCI) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            15       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LCI for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 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 LCI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LCI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

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

LCI, set up in 1997, gins and presses cotton, and extracts oil from
cotton seeds. The manufacturing units are located in Palej, Bharuch
(Gujarat). The firm is a partnership concern of Mr Ismail Laheri,
Mrs Zarina Ismali Laheri, Mr Yusuf Umerji Laheri, Mrs Mehmuda Yusuf
Laheri, Mr Mahmed Ismali Laheri and Mr Sufiyan Gulam Laheri.

MAHARAJA AGROFOODS: Ind-Ra Moves D Issuer Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Maharaja Agrofoods
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR70 mil. Fund-based limits (Long-term/Short-term) migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR80 mil. Term loan (Long-term) due on October 2019 migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 31, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011 by Mr. Sunder Singh and Mr. Bijendra Nagar,
MAFPL is engaged in the processing and packaging of milk for Mother
Dairy.

MTV EXPORTS: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of MTV Exports
(MTVE) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Export Packing         2         CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

   Foreign Letter         1         CRISIL B/Stable (ISSUER NOT
   of Credit                        COOPERATING; Rating Migrated)

   Proposed Long Term     0.33      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              0.17       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MTVE for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 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 MTVE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MTVE is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

MTVE was set up as a proprietorship by Mr Vikram Nimbalkar in 1999.
It manufactures and exports readymade garments, primarily uniforms.
The manufacturing facilities are in Vasai (Maharashtra) and Tirupur
(Tamil Nadu).

NAVIN CONSTRUCTION: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Navin
Construction Corporation (Navin) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            8         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Navin for obtaining
information through letters and emails dated
January 6, 2020 and January 10, 2020 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 Navin, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Navin is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Navin to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Based in Cochin, Navin Construction Corporation undertakes civil
construction works in Kerala. The firm is promoted by Mr N Sugathan
and his family members.

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

The instrument-wise rating actions are:

-- INR214.15 mil. Term loan due on March 2029 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR1.50 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 13, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2007, NIKI operates a three-star hotel, Hotel Niki,
in Sambalpur, Odisha. It commenced operations from 2009. The
overall operations of the hotel are managed by Minati Das.

NPAT FURNITURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: NPAT Furniture Private Limited
        Plot No. 263
        Jinmangal Co-operative Housing Society Limited
        Vibhag-2, Simandhar Tower-A/704
        Ahmedabad GJ 380054
        IN

Insolvency Commencement Date: December 18, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: June 14, 2020

Insolvency professional: Kaushik Jayantilal Shah

Interim Resolution
Professional:            Kaushik Jayantilal Shah
                         305, Hrishikesh II
                         Nr. Navrangpura Bus Stop
                         Opp. Municipal School
                         Navrangpura, Ahmedabad
                         Gujarat 380009
                         E-mail: kjshahco@yahoo.com
                                 cirp.npat@gmail.com

Last date for
submission of claims:    January 25, 2020


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 7, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in February 2012, Mumbai-based Pafetech Enterprises
trades electronics products. It is managed by Sagar Raut and
Sidhant Vaze.

PRAJIT FOUNDATION: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Prajit
Foundation Private Limited (PFPL; part of the GS group) to 'CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         10       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PFPL for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 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 PFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Golden Shelters Private Limited (GSPL)
and Prajit Foundation Pvt Ltd (PFPL). That's because the two
companies, collectively referred to as the GS group, are in the
same line of business and have common promoters.

Incorporated in 2002, GSPL conducts wellness courses at its centre
in Chittor district, Andhra Pradesh. The company started leasing
out commercial real estate space in fiscal 2013.

PFPL, incorporated in 2001, conducts yoga, meditation, and wellness
courses. It started operations in 2008.

R G SCIENTIFIC: CRISIL Migrates 'B+' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R G Scientific
Enterprises Private Limited (RGSL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Drop Line               4.2      CRISIL B+/Stable (ISSUER NOT
   Overdraft                        COOPERATING; Rating Migrated)
   Facility                
                                    
   Loan Against           11.3      CRISIL B+/Stable (ISSUER NOT
   Property                         COOPERATING; Rating Migrated)

   Long Term Loan         22.4      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft               4.5      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      6.75     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Working Capital         0.85     CRISIL B+/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RGSL for obtaining
information through letters and emails dated October 30, 2019 and
December 26, 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 RGSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RGSL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RGSL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 1986 by Dr Bhimsen Bansal, RGSL runs 15
super-specialty centres (RG Stone Urology & Laproscopy Hospitals)
in lithotripsy, endo-urology, and laser treatment for urological
problems.

RAHEJA DEVELOPERS: NCLAT Halts Insolvency Proceedings vs. Firm
--------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) has halted insolvency proceedings of Gurgaon-based
Raheja Developers after the realtor approached the court claiming
it had been fraudulently dragged into bankruptcy by two home
buyers.

Raheja was admitted for insolvency proceedings in August 2019 by
the National Company Law Tribunal (NCLT) which held the company in
default of its obligations to two home buyers who at the time had
approached the tribunal claiming delay in delivery of flats, ET
recalls.

ET says the case involved the Raheja group's Sampada project in
Gurgaon.

Raheja had moved NCLAT against the NCLT order, the report relates.


"The appellant is released from all the rigours of 'moratorium' and
is allowed to function through its board of directors from
immediate effect," the order of the NCLAT bench said, ET relays.

According to ET, the NCLAT order also talked about the misuse of
insolvency law and said that the respondents in the case are liable
for imposition of penalty.

"However, in the facts and circumstances of the case, we are not
imposing such penalty on 1st and 2nd Respondents, who even in
presence of this Appellate Tribunal refused to accept the money in
terms of the agreement and also refused to take possession of the
flat," the order, as cited by ET, said.

ET says the buyers had bought flats in Sampada in August 2012 and
were promised delivery in August 2015. They alleged the developer
could give possession only in late November 2016. Raheja argued
before NCLAT that though they had completed the project in 2013 and
applied for a completion certificate, the local authority delayed
issuing the document, says ET.

NCLAT has said that in such cases, 'Corporate Debtor' can refer to
Section 65 and point out that insolvency resolution process has
been invoked fraudulently, with malicious intent, for any purpose
other than the resolution or insolvency, according to ET.

"The real estate developer may do so by pointing out, for example,
that the allottee who has knocked at the doors of the NCLT is a
speculative investor and not a person who is genuinely interested
in purchasing a flat/ apartment. The developer can also point out
that in a real estate market which is falling, the allottee does
not, in fact, want to go ahead with its obligation to take
possession of the flat/ apartment under RERA, but wants to jump
ship and really get back, by way of this coercive measure, monies
already paid by it," NCLAT has said.

ET adds that the appellate tribunal has also advised all under
construction projects of Raheja to be completed within RERA
timelines with the support of existing customers and financial
investors to ensure timely delivery to all the existing
homebuyers.

Raheja Developers Limited operates as a real estate development
company. The Company develops, constructs, and manages residential
and commercial properties.

RATNESH ISPAT: Ind-Ra Cuts LT Issuer Rating to BB, Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ratnesh Ispat
Services Private Limited's (Ratnesh) Long-Term Issuer Rating to
'IND BB' from 'IND BBB-' while migrating the rating to the
non-cooperating category. 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 the rating. The rating will
now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are as follows:

-- INR250 mil. Fund-based working capital limits downgraded and
     migrated to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating; and

-- INR200 mil. Non-fund-based limits downgraded and migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects Ratnesh's consistent decline in revenue
since the FY17 due to dip in orders. In FY19, the company had
booked revenue of INR2,242.68 million (FY18: INR2,622.55 million,
FY17: INR2,929.49 million).

The downgrade factors in the company's modest EBITDA margins, which
was flat at 2.81% in FY19, on account of the trading nature of the
business. The return on capital employed stood at 8% in FY19
(FY18:10%).

The downgrade also reflects Ratnesh's weak credit metrics due to
lower absolute EBITDA. FY19 EBITDA fell to INR63.05 million (FY18:
INR73.92 million) due to decline in top-line as well as an
increased operating expenses. Resultantly, the interest coverage
(operating EBITDA/gross interest expense) deteriorated to 1.96x in
FY19 (FY18: 2.05x) and net leverage (adjusted net debt/operating
EBITDAR) to 7.21x (4.39x). Out of the total debt of INR455.47
million, 44% comprises unsecured loans, thus adding marginal
comfort to the leverage.

The downgrade also reflects publicly-available information with
respect to the first information report lodged against Ratnesh and
its directors by Union Bank of India ('IND AA+'/RWE) for assisting
another company in using forged documents to avail letter of credit
facility in Union Bank of India.

Liquidity Indicator- Stretched: Ratnesh has reported negative cash
flow from operations consistently for the last two years due to low
EBITDA and working capital requirements. FY19's cash flow from
operation stood at negative INR28.45 million (FY18: negative
INR16.26 million). Additionally, the cash and cash equivalent were
low at INR0.86 million in FY19 (FY18: INR20.32 million).

The rating, however, is supported by the promoter's almost two
decades of experience in the steel trading business.

Ratnesh did not participate in the rating exercise despite
continuous requests and follow-ups by the agency.

COMPANY PROFILE

Incorporated in 2011, Mumbai-based Ratnesh is engaged in the
trading of steel products, such as hot- and cold-rolled coils and
sheets, Thermomechanically treated bars, galvanized pipes and
ferrous/non-ferrous scraps. In addition, the company undertakes
stainless and mild steel cutting, slitting, recoiling and
profiling, among others, on a job work basis. Ratnesh is promoted
by Mr. Nilesh Parekh, Mr. Ketan Parekh, and Mr. Alkesh Parekh.

RUSHABH TRADING: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rushabh
Trading Company - Rajkot (RTCR) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Cash         7         CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RTCR for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 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 RTCR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RTCR is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2016, RTCR is setting up a green field project for
processing cumin and sesame seeds, with each having an installed
capacity of 18,060 metric tonnes per annum. The facility is
expected to begin commercial operations from April 2019. Operations
are currently being carried out on trading basis.

S.V. EXPORTS: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S.V. Exports -
Ludhiana (SVE) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit         2.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SVE for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 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 SVE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SVE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SVE to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

SVE is a partnership firm that was established in 1998 in Ludhiana.
It is involved in the manufacture of RMG.

SAGAR AUTO: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sagar Auto
Parts Private Limited (SAPPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)      Ratings
   ----------     -----------      -------
   Cash Credit          2          CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       2          CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Letter      4.08       CRISIL A4 (ISSUER NOT
   of Credit & Bank                COOPERATING; Rating Migrated)
   Guarantee            
                                   
   Rupee Term Loan      1.92       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SAPPL for obtaining
information through letters and emails dated
January 6, 2020 and January 10, 2020 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 SAPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SAPPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 1995 and promoted by Mr Bharat Pandey, SAPPL
manufactures auto components used in silencers and engines, mainly
for three-wheelers. Its manufacturing facility is in Shirur near
Pune.

SAI POULTRY: CRISIL Moves B- Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sai Poultry
Farm (SPF) to 'CRISIL B-/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)      Ratings
   ----------     -----------      -------
  Cash Credit           6.3        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SPF for obtaining
information through letters and emails dated October 30, 2019 and
November 22, 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 SPF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPF is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Set up in 1983, SPF, a partnership firm, is engaged in the poultry
business. Mr S Senthil Kumar manages the operations.

SHREE DAYAL: CRISIL Moves B- Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Dayal
Milling Industries (SDMI) to 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        .15       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SDMI for obtaining
information through letters and emails dated January 06, 2020 and
January 10, 2020 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 SDMI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SDMI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Set up in 1970 by Kolkata-based manufactures engaged in the
business manufacturing of Soya Nuggets. All the operations are
managed by Mr. Gyan Prakash Bhaniramka & Kusum Devi Bhaniramka. It
has an installed capacity of 4 tonnes per day.

SHREE JAGDAMBA: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Jagdamba
Cotton Ginning and Pressing Factory (SJCGPF) to 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            9.5      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SJCGPF for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 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 SJCGPF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SJCGPF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

SJCGPF was set up in the 1970s at Handod as a partnership between
Mr Mayurkumar Shah and family. The firm gins and presses cotton.

SHREE RAM: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Ram
Rayon (SHRR) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.25       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    1.56       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan             4.09       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SHRR for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 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 SHRR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHRR is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Established in July 2014, SRR is a partnership firm promoted by
Surat -based Patodia family. It is engaged in sizing and warping of
filament yarn. Its processing facility at Surat has installed
capacity of 500 tonne per month.

SHYAM GODAVARI: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shyam Godavari
Steels Private Limited (SGSPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           4.2       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-        5.0       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

   Proposed Non          0.8       CRISIL A4 (ISSUER NOT
   Fund based limits               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SGSPL for obtaining
information through letters and emails dated
January 6, 2020 and January 10, 2020 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 SGSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SGSPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in 2000 by the promoter Mr. Chandra Prakash Ramsisaria, Mr.
Sant Kumar Bhauwala and Mr. Murlidhar Bhauwala, Bengaluru-based
SGSPL trades in construction material such as cement, iron and
steel, ready-made concrete, among others.

SONAC: CRISIL Migrates 'D' Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sonac to
'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         10       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with Sonac for obtaining
information through letters and emails dated
January 6, 2020 and January 10, 2020 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 Sonac, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Sonac is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Established in 2015 as a partnership firm, Sonac is engaged in
shrimp feed manufacturing in Nellore (Andhra Pradesh). The firm is
promoted and managed by Mrs. K Rama.

SREE GURUDEVA: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sree Gurudeva
Charitable and Educational Trust's bank loan rating 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 actions are:

-- INR161.24 mil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR70 mil. Fund-based working capital facilities (Long-term)
     maintained in a non-cooperating category with IND D (ISSUER
NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on 22
January 2019. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

COMPANY PROFILE

Sree Gurudeva Charitable and Educational Trust was established in
2008 in Pallickal, Kerala. The trust has been managing Sri
Vellappally Natesan College of Engineering since 2008 and offers
B.Tech and M.Tech courses. Mr. Tushar Vellapally is the chairman of
the trust.

SREENIDHI RAJA: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sreenidhi Raja
Packing Solutions Private Limited (SRPSPL) a Long-Term Issuer
Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR45.00 mil. Fund-based limit assigned with IND BB-/Stable
     rating; and

-- INR18.02 mil. Long-term loan due on October 2022 assigned with

     IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect SRPSPL's small scale of operations, as
indicated by revenue of INR330 million in FY19 (FY18: INR262
million). The revenue grew primarily due to the increased execution
of orders.   

Liquidity Indicator – Stretched: The average maximum utilization
of fund-based limits was about 91% for the 12 months ended November
2019. Moreover, the cash flow from operations turned negative at
INR26 million in FY19 (FY18: INR45 million) on account of
unfavorable changes in the working capital. The networking capital
cycle elongated to 33 days in FY19 (FY18: negative 18 days) on
account of an increase in inventory and debtor days. At end-FY19,
SRPSPL had a cash balance of INR0.25 million (end-FY18: INR0.78
million).

The ratings are constrained by SRPSPL's high customer concentration
risk, as the company derives more than 90% of its turnover from
Amara Raja Batteries Ltd.

The ratings reflect SRPSPL's average EBITDA margins due to the
intense competition in the industry.  The margin rose to 15.2% in
FY19 (FY18: 8.2%) owing to a decline in processing costs, as the
company began to use automatic and semi-automatic machinery for the
purpose in March 2018. The RoCE stood at 15.20% in FY19 (FY18: 9.36
%).

The rating factor in SRPSPL's moderate credit metrics due to the
average margins. The company's total borrowing increased to INR174
million in FY19 (FY18: INR102 million). Despite this, the net
leverage (total adjusted net debt/operating EBITDA) improved to
3.47x in FY19 (FY18: 4.74x) due to an increase in absolute EBITDA
to INR50.11 million (INR21.45 million). However, the interest
coverage (operating EBITDAR/gross interest expense) weakened to
2.72x in FY19 (FY18: 3.45x) due to an increase in interest
expenditure.

The ratings, however, are supported by the directors' experience of
more than a decade in the manufacturing of corrugated boxes,
printed cartons, paper honeycomb pads, and multi-color printed
boxes.

RATING SENSITIVITIES

Negative: A decline in the revenue and weakening of the overall
credit metrics, with the interest coverage falling below 1.5x, on a
sustained basis, could be negative for the ratings.

Positive: An increase in the revenue along with an improvement in
the liquidity profile and interest coverage, all on a sustained
basis, could lead to positive rating action.

COMPANY PROFILE

Established in 2011 as a private company, SRPSPL manufactures
corrugated boxes, printed cartons, paper honeycomb pads, and
multi-color printed boxes. Its manufacturing unit is situated in
Gajulamandyam, Andhra Pradesh.

SRI GURU: CRISIL Lowers Rating on INR5cr Loan to 'D'
----------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sri
Guru Ramakrishna Tubes (SGRT) to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Letter of Credit       5         CRISIL D (Downgraded from
                                    'CRISIL A4')

   Long Term Loan         4.52      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Long Term     2.48      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

The downgrade reflects delays in servicing debt instalments because
of weak liquidity.

The ratings continue to reflect the modest scale of operations and
weak financial risk profile. These rating weaknesses are partially
offset by extensive experience of SGRT's partners.

Key Rating Drivers & Detailed Description

Weaknesses
* Delays in debt servicing: Banker has confirmed that there are
delays in debt serving of term loans.

* Modest scale of operations: As commercial operations began only
from November 2016, fiscal 2018 was the first full year of
operations. Revenue of around INR20.78 crore was reported for the
fiscal, though longstanding presence of the partners has helped the
firm scale up its operations.

* Weak financial risk profile: Financial risk profile is marked by
a modest networth of around INR0.14 crore, resulting in high
gearing of 115 times as on March 31, 2018. However, unsecured loans
of around INR6.45 crore from partners, do offer some financial
flexibility.

Strength
* Extensive experience of partners: The partner, Mr Chakka Rama
Krishna Rao and his family members, have been engaged in
manufacturing of iron pipes for the past 5 decades. Over the years,
they have maintained healthy relationships with key customers and
suppliers, thereby ensuring an uninterrupted supply of raw material
and ramp up of operations.

Liquidity Poor
Liquidity is poor with delay in repayment of term loans and bank
lines are also fully utilised.

Rating Sensitivity Factors

Upward Factors
* Track record of timely debt servicing for at least 90 days
* Sustainable improvement in the financial risk profile, especially
liquidity.

SGRT was set up as a partnership firm of Mr Chakka Rama Krishna Rao
and his family members. The firm started commercial operations on
November 24, 2016, manufactures pre-galvanized iron pipes from
hot-rolled mild steel coils.

SRI NAGA: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Naga
Malleswara Spintex India Private Limited (SNSRSXIPL) to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.6       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   EPCG Guarantee (ST)     .38      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        19.8       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SNSRSXIPL for
obtaining information through letters and emails dated October 30,
2019 and December 26, 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 SNSRSXIPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SNSRSXIPL
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SNSRSXIPL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

SNSRSXIPL, established in 2010 by Mr S B Suryanarayana and Mr K S
Rao, manufactures cotton yarn. Its spinning mill is in Guntur,
Andhra Pradesh.

SRI SAI VISHWAS: CRISIL Moves 'B+' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Sai
Vishwas Industries Private Limited (SSVIPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

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

   Proposed Term Loan    5         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             3.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSVIPL for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 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 SSVIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSVIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2005 as a partnership firm, Sri Sai Vishwas
Industries was later reconstituted into a private limited company
in 2014 under its current name. The company manufactures plastic
furniture mainly plastic chairs and is promoted by Mr Upendra who
is the Managing Director.

SUDHEER S: CRISIL Migrates 'B+' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sudheer S (SS)
to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            6        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SS for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SS to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

SS was established as a proprietary firm in 2007 by Mr. Sudheer S
and undertakes civil construction works in Kerala.

TIRUPATI POLYMERS: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Tirupati
Polymers (TPL) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with TPL for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 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 TPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TPL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

TPL was set up as a partnership firm in 2008, at Sirmor, Himachal
Pradesh. The company, which was manufacturing rubber sheets till
2010, now produces foil printing and mono carton mainly for players
in the pharmaceutical industry. Operations are managed by Mr Rajesh
Bindal and his wife, Mrs Anurekha Bindal.

TWENTY FIRST: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Twenty First Century Castings Private Limited
        Plot No. 445, G.I.D.C. Estate Phase IV
        Vithal Udyog Nagar Anand
        GJ 388121
        IN

Insolvency Commencement Date: January 16, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: July 13, 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:    January 31, 2020


VADRAJ ENERGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vadraj Energy (Gujarat) Ltd.
        Survey No. 186, Village Mora Taluka
        Choryasi Surat
        GJ 394510
        IN

Insolvency Commencement Date: January 8, 2020

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Raj Kumar Poddar

Interim Resolution
Professional:            Mr. Raj Kumar Poddar
                         1201/02 "D" Block
                         Ashok Towers
                         Dr. S.S. Rao Road
                         Parel, Mumbai 400012
                         E-mail: rajnpoddar@gmail.com

                            - and -

                         Indiabulls Finance Center
                         1201, SmartWorks 12th Floor
                         Tower-1, Senapati Bapat Road
                         Elphinstone, Mumbai 400013
                         E-mail: ipvadraj.poddar@mycfo.in

Last date for
submission of claims:    January 31, 2020




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I N D O N E S I A
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BUMI SERPONG: Fitch Puts Final BB- Rating to $300M Sr. Unsec. Notes
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Fitch Ratings assigned Indonesia-based property developer PT Bumi
Serpong Damai Tbk's (BB-/Stable) USD300 million senior unsecured
notes due 2025 a final rating of 'BB-'. The notes are issued by
BSD's wholly owned subsidiary, Global Prime Capital Pte. Ltd, and
guaranteed by BSD and certain subsidiaries.

The notes are rated at the same level as BSD's senior unsecured
rating as they represent unconditional, unsecured and
unsubordinated obligations of the company. The final rating follows
the receipt of documents conforming to the information already
received and is in line with the expected rating assigned on August
27, 2019.

The net proceeds will be used to refinance its USD300 million notes
due 2021 or other debt, and for working capital and other general
corporate purposes. BSD plans to call its 2021 notes when the call
date starts on April 26, 2020, and complete the refinancing of the
notes in the next six months.

KEY RATING DRIVERS

Pre-Sales Below Expectations: BSD reported 2019 pre-sales of around
IDR4 trillion, lower than Fitch's expectation of IDR4.9 trillion.
The amount excluded pre-sales from its joint ventures (JVs) and
one-off land sales to JVs. The shortfall was driven primarily by
lower commercial land sales, which tend to be more volatile. BSD
had around IDR300 billion in commercial land sales in 2019, lower
than Fitch's expectation of IDR1.3 trillion, and the IDR1.6
trillion booked in 2018. BSD said its commercial land sales
pipeline continued to be strong, but transactions took longer to
close than the company expected due to a lengthy negotiation
process. Therefore, BSD expects some of the transactions to be
carried over to 2020.

New Products Support BSD City: The shortfall in commercial land
sales was moderated by higher residential pre-sales at its flagship
BSD City township from the launch of new products priced at IDR1
billion per unit or lower to target first-time home buyers. BSD
City's total residential pre-sales of around IDR1.7 trillion in
2019 was higher than its expectation of IDR1.5 trillion. Fitch
believes residential pre-sales are more favorable than commercial
land sales as they lend greater stability to the company's cash
flows than commercial land.

Large, Low-Cost Land Bank: BSD's rating is supported by a large and
low-cost land bank in BSD City, which contributes to its positive
operating cash flows and low leverage. BSD had enough land for at
least 20 years of pre-sales at BSD City as of end-2019. Fitch also
believes BSD's ability to cater to a wide spectrum of product
demand and price points through multiple projects within BSD City,
and its ability to switch between products to match demand,
mitigate the company's concentration risk from the township, which
accounted for around 80% of its consolidated pre-sales.

Toll-Road Investment Increases Capex: BSD raised its ownership of
PT Trans Bumi Serbaraja (TBS) to 100% from 50% in April 2019. TBS
is the concession owner of a toll road connecting Serpong in
Tangerang to Merak, a key port linking Java to Sumatra. The company
expects the first phase of the toll-road project, totalling about
10km, to be completed in the next three years and cost around IDR5
trillion. BSD will fund 70% of the project through debt, while the
balance in equity will be contributed in the form of land.

Rising Non-Development Income: BSD is on schedule to open a mall at
its South Gate project in TB Simatupang in mid-2020. It has
received a 100% lease commitment from Japanese supermarket operator
Aeon. Occupancy at the Sinarmas MSIG Tower office building, which
was acquired in 2017, also increased to 50% from 31% last year.
Fitch expects these two projects and BSD's existing investment
properties to generate around IDR2 trillion in recurring gross
profit by end-2021, up from around IDR1 trillion in 2018, and
maintain recurring gross profit coverage of around 2x despite
higher borrowing costs and the possible risk of rupiah
depreciation.

Weak Linkage With Parent: Fitch assesses BSD's linkage with its
parent company, Sinar Mas Land Limited (SML), as weak, and
therefore continues to rate BSD on a standalone basis. The weak
linkage is reflected in the moderate ring-fencing at BSD under its
US dollar bond documentation as well as Indonesian stock-exchange
regulations, which limit related-party transactions and prevent BSD
from carrying out related-party transactions if they are considered
loss-making. BSD's acquisition of Sinarmas MSIG Tower in 2017 from
an affiliated company was not classified as a conflict of interest
based on local regulations as it was related to the company's core
business. BSD and SML also maintain separate operations and have no
intercompany transactions.

Limited Currency Risks: BSD does not contractually hedge its
exposure to currency fluctuations arising from its US dollar bonds
and domestically derived cash flows. However, the impact on the
company from depreciation in the rupiah in the short term is
mitigated by BSD's policy of maintaining a US dollar cash balance
of at least six months of its monthly requirements, although in
practice cash and equivalents denominated in US dollar have been
much higher (end-September 2019: USD58 million in cash and time
deposits and USD179 million in mutual-fund investments). Fitch
believes BSD's US dollar cash and cash equivalents and its high
profit margins from property sales mitigate foreign-currency risks
over the short-to-medium term.

DERIVATION SUMMARY

BSD's overall credit profile is similar to that of PT Ciputra
Development Tbk (CTRA, BB-/Negative), and therefore both are rated
at the same level. BSD has a larger land bank than CTRA, but this
is counterbalanced by CTRA's better geographic diversification.
Both companies also maintain similar leverage of around 20%, and
generate sufficient non-development income coverage of around 2x.
However, CTRA's persistently weak pre-sales of less than IDR5
trillion, stemming from its predominantly low-end development
projects, may reflect a weaker business profile, which is reflected
in CTRA's Negative Outlook.

BSD is rated one notch lower than PT Pakuwon Jati Tbk (BB/Stable).
Pakuwon has a larger recurring cash-flow base than BSD that stems
from its high quality assets in Jakarta and Surabaya, which,
together with its stronger financial profile, more than offsets
Pakuwon's smaller and riskier property-development business that
that of BSD.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

  - Consolidated pre-sales to recover to around IDR7 trillion in
2020, supported by commercial land sales spillover from 2019 and
the launch of new projects across different segments and cities

  - Investment-property and property, plant and equipment capex of
IDR1.3 trillion in 2019 and IDR2 trillion in 2020. Capex for 2020
includes construction capex for the toll-road project totalling
IDR1 trillion. BSD pushed back the TB Simatupang hotel project to
2021 from 2019, and found a partner to co-develop a mall project in
Kota Wisata Cibubur. However, Fitch has not factored in the
construction cost of the mall in its forecasts because the start
date remains uncertain

  - Land acquisitions of around IDR1 trillion per year in the next
three years

RATING SENSITIVITIES

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

  - Recurring EBITDA less dividends to minorities/net interest
expense at more than 2.5x (2019 forecast: 1.8x)

  - Recurring EBITDA less dividends to minorities of more than
USD120 million with top five assets contributing less than 50% to
recurring revenue (2019 forecast: USD88 million; 54% contribution)

  - Annual attributable pre-sales of more than IDR10 trillion with
BSD City contributing less than 50% (2019 forecast: IDR4.5
trillion, BSD City: 65%)

  - Leverage, measured as net debt/net inventory, at less than 30%
(2019 forecast: 23%)

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

  - Recurring EBITDA less dividends to minorities/net interest at
less than 1.75x

  - Net debt/adjusted inventory at more than 40%

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: BSD's liquidity is supported by its ability
to generate positive cash flow from operations and an ample cash
balance. BSD reported a cash and cash equivalent balance of around
IDR6.9 trillion as of end-September 2019, which is sufficient to
fund debt maturities in the next 12 months of IDR434 billion. After
the refinancing of its 2021 notes, BSD's next significant maturity
will be its USD270 million notes due 2023.

BSD also has the flexibility to scale back land acquisitions in the
near term to conserve cash, if necessary, as the company owns a
significant land bank at BSD City, which is sufficient for at least
another 20 years of pre-sales. BSD's liquidity is also supported by
its record of accessing domestic and offshore capital and credit
markets, underpinned by its strong business profile and low
leverage.

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.



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T H A I L A N D
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IRPC PUBLIC: Moody's Affirms Ba1 CFR; Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service changed the outlook on IRPC Public
Company Limited's rating to stable from positive.

At the same time, Moody's has affirmed IRPC's Ba1 corporate family
rating.

RATINGS RATIONALE

"The change in outlook to stable from positive reflects our
expectation that IRPC's credit metrics will recover over the next
12 months, following a significant weakening over the last 12
months due to the sustained decline in regional refining and
petrochemical margins," says Vikas Halan, a Moody's Senior Vice
President.

Singapore refining margins averaged $3.70/bbl for
2019—significantly below the $6.00/bbl average for 2017-18—and
turned negative in December 2019. The lower margins are the result
of a steep fall in fuel oil prices, in turn driven by the
International Maritime Organization's new IMO 2020 regulation that
restricts the use of high-sulfur fuel oil in marine transportation.
Petrochemical spreads have also come down significantly, with
ethylene-naphtha spreads ending 2019 at record lows.

Consequently, IRPC reported a 70% year-on-year decline in its
EBITDA for the nine months ended September 30, 2019.

"While refining margins and petrochemical spreads in Asia should
somewhat recover in 2020, they will likely remain depressed
compared to 2017 and 2018 levels, constraining any earnings
recovery for IRPC," says Halan.

Specifically, Moody's expects IRPC's debt/EBITDA will rise to
6.3x-6.8x in 2019 from 3.4x in 2018, before recovering to about
4.0x in 2020.

These estimates also incorporate Moody's expectation that (1)
IRPC's working capital needs will decline as PTT Public Company
Limited (PTT, Baa1 positive) has extended the credit term for the
purchase of crude; and (2) IRPC will act on its revised capital
spending plan, especially in terms of deferring capital spending on
its MARS project -- a new naphtha-reforming and aromatics complex
-- to at least 2021.

IRPC's Ba1 CFR incorporates a one-notch uplift to reflects Moody's
expectation that its parent, PTT, will provide extraordinary
support when needed, given the close integration between the two
companies.

IRPC's underlying credit strength is underpinned by its moderate
refining scale and downstream petrochemical integration, the
long-term feedstock supply and product offtake agreements with
PTT.

At the same time, the rating is constrained by IRPC's concentration
risk given its single-site operations, and by its exposure to
inherent cyclicality in the refining and petrochemical sector.

In terms of environmental, social and governance (ESG) factors, the
rating also considers the following:

(1) As a refining & marketing company, IRPC has material exposure
to carbon transition risk. The global efforts to transition to
low-carbon energy will gradually lower demand for petroleum
products in the coming decades. This risk for IRPC is somewhat
mitigated by the company's product offtake by PTT and its growing
petrochemical business.

(2) IRPC is exposed to social risk in terms of responsible
production and health & safety. This social risk is mitigated by
the company's long operational track record without major
incidents.

(3) In terms of governance risk, IRPC's ownership is concentrated
in its largest shareholder, PTT, which held a 48% stake as of
December 31, 2019. However, this risk is largely mitigated by IRPC
status as a listed company and the track record of support from
PTT. IRPC's rating incorporates a one-notch uplift from expected
extraordinary support from PTT, which also provides ongoing support
in the form of product offtake, extended crude payment terms and
intercompany borrowing facility. IRPC also has a 15 member strong
board, out of which eight are independent directors.

IRPC's liquidity is weak. As of September 30, 2019, IRPC had cash
and cash equivalents of THB3 billion compared with THB16.6 billion
of debt maturing within the next 12 months. With cash flow from
operations of THB20 billion over the next 12 months, Moody's
expects IRPC will have to rely on external financing to fulfill its
debt obligations through 2020.

As of September 30, 2019, IRPC had access to undrawn committed
facilities of THB2.1 billion, as well as undrawn uncommitted
facilities of THB16.8 billion. In addition, PTT has extended an
intercompany credit facility of THB10 billion to IRPC, out of which
THB9 billion remains undrawn.

IRPC continues to have a high level of access to the local capital
market for its funding needs, supported by its strong banking
relationships in Thailand and association with PTT. The company
also has a track record of raising Thai Baht-denominated financing
through bank loans and bonds.

The stable rating outlook reflects Moody's expectation that
refining margin and petrochemical spreads will improve from 2019
levels, such that IRPC's credit metrics will improve to a level
more appropriate for its rating.

The rating could be downgraded if refining and petrochemical
margins fail to recover in 2020 or if IRPC still goes ahead with
its planned capital spending for it MARS project. Specific metrics
Moody's would consider for a downgrade include debt/EBITDA above
5.0x and EBIT/interest expense below 3.0x, both on a sustained
basis. The rating could also be downgraded if there is a change in
relationship between IRPC and PTT such that its results in a lower
expectation of support.

An upgrade is unlikely over the medium term given the company's
weak credit metrics and soft refining margins. However, IRPC's
rating could be upgraded in the longer term if improved refining
and petrochemical margins translate into healthy operating cash
flows and stronger credit metrics. Specific metrics Moody's would
consider for an upgrade include retained cash flow/adjusted debt
above 25%, adjusted debt/EBITDA below 3.0x, and EBIT/interest above
4.5x-5.0x, all on a sustained basis.

The principal methodology used in this rating was Refining and
Marketing Industry published in November 2016.

Listed on the Thailand stock exchange, IRPC Public Company Limited
is an integrated refinery and petrochemical operator in Thailand.
It owns the third largest refinery in the country with a nameplate
capacity of 215,000 barrels per day. The company is a producer of
naphtha and reformate-based petrochemicals, and is also a leading
producer of styrenics in Thailand.


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

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