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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

          Thursday, January 30, 2020, Vol. 23, No. 22

                           Headlines



A U S T R A L I A

ABSOLUTE SAFETY: Second Creditors' Meeting Set for Feb. 12
AUSPET & VET: Owes Workers and Creditors Half a Million Dollars
LIBERTY SERIES 2020-1: Moody's Rates AUD10M Class F Notes (P)B1
PROSPERITY MAX: First Creditors' Meeting Set for Feb. 6
RAPID SECURITIES: First Creditors' Meeting Set for Feb. 6

ROSE GUERIN: Second Creditors' Meeting Set for Feb. 5
RUSCA BROS: Second Creditors' Meeting Set for Feb. 7
STEVIA SWEETENER: Second Creditors' Meeting Set for Feb. 5
ZIERA RETAIL: Second Creditors' Meeting Set for Feb. 5


I N D I A

AMIYA COMMERCE: CRISIL Assigns B- Rating to INR12.5cr Cash Loan
BABA PURAN: Ind-Ra Migrates 'tB' Issuer Rating to Non-Cooperating
BRIGHT BUILDTECH: NCLT Initiates Insolvency Process vs. Firm
CARE TECH: Ind-Ra Migrates B+ LT Issuer Rating to Non-Cooperating
DEWAN HOUSING: Withdraws Draft Resolution Plan

DUGAR OVERSEAS: CRISIL Assigns B+ Rating to INR13.00cr Loan
GOPAL GOBINDA: CRISIL Assigns B Rating to INR10cr Proposed Loan
HYDROMET INDIA: CRISIL Migrates D Loan Rating to Not Cooperating
IL&FS LTD: NHAI Clears IL&FS Claims Worth INR902cr
INDIA INFOLINE: Fitch Publishes BB- LT IDR, Outlook Stable

INDIA INFOLINE: Moody's Assigns Ba3 CFR, Outlook Stable
J.S. INTERNATIONAL: Ind-Ra Maintains BB+ Rating in Non-Cooperating
JK ELECTRIC: CRISIL Assigns B+ Rating to INR7.3cr Cash Loan
MAA BHAWANI: CRISIL Lowers Rating on INR6cr Cash Loan to B+
MAHESH COTSPIN: CRISIL Migrates B+ Rating to Not Cooperating

MHETRE PACKAGING: CRISIL Lowers Rating on INR6cr Loan to B+
NORTH EAST: CRISIL Migrates B+ Rating to Not Cooperating Category
PARAS TARP: CRISIL Withdraws B+ Rating on INR2.28cr LT Loan
QUEST INFOSYS: CRISIL Migrates 'B+' Rating to Not Cooperating
R R INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating

RAGHUVIR DEVELOPERS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
RAHEE INFRATECH: CRISIL Migrates B+ Rating to Not Cooperating
RAMA INFRAPROJECTS: CRISIL Migrates B+ Rating to Not Cooperating
RED ROSE: CRISIL Migrates B Rating to Not Cooperating Category
RISHI ICE: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating

S. K. COLD: CRISIL Migrates B+ Rating to Not Cooperating
SAGAR INDUSTRIES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
SAI SMARAN: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
SHIVPRASAD FOODS: Ind-Ra Moves D Issuer Rating to Non-Cooperating
SRI BHAGYALAKSHMI: CRISIL Migrates 'B' Rating to Not Cooperating

SRI DAKSHINAMURTHY: CRISIL Migrates B+ Rating to Not Cooperating
SUNBRIGHT CERAMIC: CRISIL Migrates B+ Rating to Not Cooperating
VIRAJ SPINNERS: CRISIL Lowers Rating on INR31.99cr Loan to 'D'


I N D O N E S I A

KRAKATAU STEEL: Restructures US$2BB Debt to Stave Off Bankruptcy


S I N G A P O R E

HYFLUX LTD: WongPartnership Seeks Discharge as Company Lawyer

                           - - - - -


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

ABSOLUTE SAFETY: Second Creditors' Meeting Set for Feb. 12
----------------------------------------------------------
A second meeting of creditors in the proceedings of Absolute Safety
(Australia) Pty Ltd, trading as Absolute Workwear & Safety, has
been set for Feb. 12, 2020, at 10:30 a.m. at Level 22, Tower 5,
Collins Square, at 727 Collins Street, in Melbourne, Victoria.

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. 11, 2020, at 4:00 p.m.

Matthew James Byrnes and Ahmed Bise of Grant Thornton Australia
were appointed as administrators of Absolute Safety on Jan. 7,
2019.

AUSPET & VET: Owes Workers and Creditors Half a Million Dollars
---------------------------------------------------------------
The Daily Mail Australia reports that one of Australia's biggest
pet supply companies has gone broke, leaving workers and creditors
up to half a million dollars short.

According to Daily Mail, Auspet & Vet shut up shop on December 20
after more than two decades as the nation's leading supplier of
aquarium, pet, equine, rural and garden supplies.

When the company folded, many involved were still owed a total of
half a million dollars, Daily Mail relates citing the Courier
Mail.

The report says the company was wound up late last year and placed
into liquidation, with Leon Lee of Morton's Solvency Accountants
appointed as liquidator.

While the business's registered office is in Brisbane, the
warehouse is located in Adelaide, the report notes.

According to the Daily Mail, Courier Mail said the 52 creditors
include Australian Pet Brands, Masterpets Australia and Petworkx.

They are each owed tens of thousands of dollars, the Daily Mail
notes.

LIBERTY SERIES 2020-1: Moody's Rates AUD10M Class F Notes (P)B1
---------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to the notes
to be issued by Liberty Funding Pty Ltd in respect of Liberty
Series 2020-1 Auto.

Issuer: Liberty Series 2020-1 Auto

AUD187.5M Class A Notes, Assigned (P)Aaa (sf)

AUD19.25M Class B Notes, Assigned (P)Aa3 (sf)

AUD11.25M Class C Notes, Assigned (P)A2 (sf)

AUD8.75M Class D Notes, Assigned (P)Baa2 (sf)

AUD12M Class E Notes, Assigned (P)Ba2 (sf)

AUD10M Class F Notes, Assigned (P)B1 (sf)

The AUD1.25 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
consumer auto loans, secured by motor vehicles, originated by
Liberty Financial Pty Ltd (Liberty, unrated). This is Liberty's
first auto ABS transaction issued in 2020.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

  - the evaluation of the underlying receivables and their expected
performance,

  - Historical performance of Liberty's consumer auto loans,

  - the evaluation of the capital structure,

  - the availability of excess spread over the life of the
transaction,

  - the liquidity facility in the amount of 2.00% of the initial
balance of all rated notes,

  - the interest rate swap provided by National Australia Bank
Limited (Aa3/P-1/Aa2(cr)/P-1(cr)).

The Class A, Class B, Class C, Class D, Class E and Class F notes
are supported by 25.00%, 17.30%, 12.80%, 9.30%, 4.50% and 0.50%
subordination, respectively. The notes will be repaid on a
sequential basis until the subordination percentage on Class A
notes increases from the initial 25.0% to 35.0% following which,
should the step down conditions also be met, principal collections
will be distributed to Class A, Class B, Class C, Class D, Class E
and Class F Notes on a pro rata basis. The Class G Notes do not
step down and will only receive principal payments once all other
notes have been repaid. The transaction will revert to a sequential
repayment once the transaction reaches the 10% pool factor.

The transaction includes a three month prefunding period, whereby
Liberty Funding Pty Ltd will issue notes up to AUD250 million,
based on the initial pool of AUD200.0 million. During the three
month prefunding period Liberty may originate loans up to the
prefunding amount of AUD50.0 million, which can be sold into the
trust.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 6.75%, a
recovery rate of 37.5% and a portfolio credit enhancement (PCE) of
28.0%. After accounting for the seasoning of the initial portfolio
(7.0 months), Moody's mean default rate assumption was adjusted to
7.3%. Moody's assumed mean default rate and recovery rate are
stressed compared to the historical levels of 6.99% (based on
origination vintages from 2002 to 2018) and 55.0% (based on
origination vintages from 2001 to 2018) respectively. Moody's
default rate analysis focused on historical performance post 2008
which is when Liberty reduced the volume of adverse credit history
loan origination. The stress addresses the lack of economic stress
during the historical data period.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
March 2019.

Factors that would lead to an upgrade or downgrade of the ratings:

A factor that could lead to an upgrade of the notes is
better-than-expected collateral performance and a rapid build-up of
credit enhancement.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, lack of transactional governance and
fraud.

PROSPERITY MAX: First Creditors' Meeting Set for Feb. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Prosperity
Max Pty Limited, formerly Known as "Maxiwealth Holdings Pty Ltd",
will be held on Feb. 6, 2020, at 11:00 a.m. at the offices of Helm
Advisory, Suite 2, Level 16, at 60 Carrington Street, in Sydney,
NSW.  

Philip Raymond Hosking of Helm Advisory was appointed as
administrators of Prosperity Max on Jan. 24, 2020.

RAPID SECURITIES: First Creditors' Meeting Set for Feb. 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Rapid
Securities Limited will be held on Feb. 6, 2020, at 10:00 a.m. at
the offices of Deloitte Financial Advisory Pty Ltd, Level 23, at
Riverside Centre, 123 Eagle Street, in Brisbane, Queensland.  

Jason Tracy of Deloitte Financial was appointed as administrator of
Rapid Securities on Jan. 24, 2020.

ROSE GUERIN: Second Creditors' Meeting Set for Feb. 5
-----------------------------------------------------
A second meeting of creditors in the proceedings of Rose Guerin and
Partners Pty Ltd, trading as Rose Guerin Chartered Accountants, has
been set for Feb. 5, 2020, at 11:00 a.m. at the offices of Hamilton
Murphy Advisory, Level 1, at 255 Mary Street, in Richmond,
Victoria.

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. 4, 2020, at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Rose Guerin on Dec. 19, 2019.

RUSCA BROS: Second Creditors' Meeting Set for Feb. 7
----------------------------------------------------
A second meeting of creditors in the proceedings of Rusca Bros.
Services Pty Ltd has been set for Feb. 7, 2020, at 11:00 a.m. at
the offices of Shaw Gidley, Suite 1, Level 1, at 65 Lord Street, in
Port Macquarie, 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. 6, 2020, at 4:00 p.m.

Scott Anthony Newton and Benjamin Joshua Ismay of Shaw Gidley were
appointed as administrators of Rusca Bros. on Dec. 23, 2019.

STEVIA SWEETENER: Second Creditors' Meeting Set for Feb. 5
----------------------------------------------------------
A second meeting of creditors in the proceedings of Stevia
Sweetener Co Pty Ltd has been set for Feb. 5, 2020, at 2:30 p.m. at
the offices of Hamilton Murphy Advisory, Level 1, at 255 Mary
Street, in Richmond, Victoria.

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. 4, 2020, at 4:00 p.m.

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

ZIERA RETAIL: Second Creditors' Meeting Set for Feb. 5
------------------------------------------------------
A second meeting of creditors in the proceedings of Ziera Retail
Australia Pty Ltd has been set for Feb. 5, 2020, at 11:00 a.m. at
the offices of McGrathNicol, Level 12, at 20 Martin Place, 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. 4, 2020, at 4:00 p.m.

Shaun Robert Fraser of McGrathNicol was appointed as administrator
of Ziera Retail on Sept. 24, 2019.



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

AMIYA COMMERCE: CRISIL Assigns B- Rating to INR12.5cr Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Amiya Commerce and Construction Co Private Limited
(ACCCPL) and assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
facilities. CRISIL had, in its rating rationale dated October 9,
2013, suspended the ratings as the company had not provided
information necessary for a rating review. It has now shared the
requisite information.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         10        CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Cash Credit            12.5      CRISIL B-/Stable (Assigned;
                                    Suspension Revoked)

   Proposed Long Term      2.5      CRISIL B-/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

The ratings reflect a presence in the highly fragmented building
products industry, working capital-intensive operations, and a weak
financial profile. These weaknesses are partially offset by the
extensive industry experience of the promoters.

Analytical Approach
Unsecured loans have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses
* Presence in a highly fragmented industry: The building products
industry is highly fragmented and competitive, which limits the
pricing flexibility and bargaining power of players and leads to a
volatile operating margin.  

* Working capital-intensive operations: Gross current assets were
high at 440-628 days over the past three fiscals (628 days as on
March 31, 2019, against around 200 days for some of the peers).

* Weak financial profile: Debt protection have been weak due to
high gearing and low cash accrual from the operations. The interest
coverage and net cash accrual to total debt ratios were 1.35 times
and about 0.02 time, respectively, for fiscal 2019, and are
expected to remain at similar levels over the medium term due to
high debt.

Strength
* Extensive industry experience of the promoters: The promoters
have an experience of more than two decades in the building
products industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity Stretched

Utilization of the sanctioned bank limit was moderate at around 85%
during the seven months through October 2019. However, the company
is unable to utilise the full limit due to lack of drawing power.
Cash accrual is expected at around INR40 lakh, against term debt
obligation of INR60-180 lakh, per fiscal over the medium term. The
current ratio was healthy at 1.67 times on March 31, 2019.

The promoters are likely to extend support in the form of equity
and unsecured loans to meet working capital requirement and
repayment obligation. They had infused INR 20.87 crore as of March
31, 2019.

Outlook: Stable

CRISIL believe ACCCPL will continue to benefit from the extensive
experience of the promoters and established relationship with
clients.

Rating sensitivity factors

Upward factors
* Improvement in debt protection metrics, with net cash accrual
being more than repayment obligation for each fiscal
* A better working capital cycle, with debtors improving to 300
days or below.

Downward factor
* Any delay in debt servicing for working capital facilities beyond
30 days from the due date
* Any delay in debt servicing for term debt obligations beyond the
due date.

ACCCPL was incorporated as a closely held company in 1990 by the
late Mr S N Ghattak and his family members. Currently the second
generation promoter, Mr Sabuj Ghattak is actively involved in the
business. The company designs, manufactures, and erects steel
structures, mainly pre-engineered steel and metal buildings. It
also undertakes civil construction activities as per customer
demand. The facilities are in Narendrapur, Kolkata.

BABA PURAN: Ind-Ra Migrates 'tB' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Baba Puran Dass
Financial Services Ltd's term deposits 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 tB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR20 mil. Term deposits migrated to non-cooperating category
     with IND tB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The rating was last reviewed on
January 23, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Incorporated in 1995, Baba Puran Dass Financial Services is a
deposit-taking non-banking financial asset finance company. The
company primarily finances used passenger vehicles and new
two-wheelers on a hire and purchase basis.

BRIGHT BUILDTECH: NCLT Initiates Insolvency Process vs. Firm
------------------------------------------------------------
Ankit Sharma at ETRealty reports that the National Company Law
Tribunal (NCLT) has initiated corporate insolvency resolution
process against Bright Buildtech under Section 9 of the Insolvency
and Bankruptcy Code 2016.

The court has appointed Naresh Kumar Bhutani as the interim
resolution professional (IRP) for the case, ETRealty discloses.

ETRealty says Suresh Chand & Sons LLP through their advocates
Aditya Paroli and Piyush Singh of PSP Legal pleaded that they had
been engaged to sell properties in Wood View Residences for which
brokerage on each sale has been agreed between them and builder.
The builder has failed to clear the dues amounting to about INR1
crore.

According to the report, the builder in its plea said that the
booking against which invoice was raised did not get concluded into
confirmed sale and hence they are entitled to INR36.49 lakh as
brokerage charges and not INR1 crore (approx). Also, the amount
claimed under invoices dated June 1, 2015, June 3, 2015 and June 6,
2016 are barred by the limitation.

NCLT after hearing both parties said that the debt has only been
acknowledged by the builder on April 19, 2018 and hence the debt is
within the limitation, ETRealty relates. The bills raised by the
operational creditor are in respect of the services provided to the
builder hence fall within the definition of operational debt under
the IBC.

ETRealty says the builder has not disputed and denied the fact that
there was work relation between the parties and amount in default
is excess of INR1 lakh, hence the petition is admitted.

ETRealty relates that the court has ordered a stay on all
ongoing/pending suits or proceedings against Bright Buildtech. It
has also prohibited the company from transferring, encumbering or
disposing of its assets. Any foreclosure of company's assets or
recovery of any property by an owner or lessor where such property
is occupied by or in the possession of the company has also been
prohibited.

It further ordered the builder that the supply of essential goods
like supply of water, electricity to the buyer should not be
terminated or suspended, the report notes.

The ex-management of the company has been directed to provide all
documents in their possession and furnish every information within
a period of one week from the admission of the petition to the IRP,
ETRealty adds.

Delhi-based Bright Buildtech Private Limited provides construction
services.

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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating;

-- INR5 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating;

-- INR26.8 mil. Term loan due on March 2028 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating;

-- INR35 mil. Proposed term loan migrated to non-cooperating
     category with Provisional IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR30 mil. Proposed fund-based working capital limits migrated

     to non-cooperating category with Provisional IND B+ (ISSUER
     NOT COOPERATING) / Provisional IND A4 (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 30, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2010, CT manufactures precision machinery components
for hydraulic machineries.

DEWAN HOUSING: Withdraws Draft Resolution Plan
----------------------------------------------
Livemint.com reports that stressed mortgage lender Dewan Housing
Finance Corp Ltd (DHFL) on Jan. 27 withdrew a resolution plan it
had submitted to lenders and other institutional creditors in
September 2019.

According to the report, the company said in a regulatory filing
that the draft resolution plan is no longer valid following
commencement of insolvency proceedings against it in November last
year under the Insolvency and Bankruptcy Code (IBC). The resolution
plan envisaged lenders converting a part of the debt into equity
and take a 51% stake in the mortgage lender.

"We hereby request you to take down/remove from record, the draft
Resolution Plan that was formulated and presented to all its
institutional creditors including banks, financial institutions,
mutual funds, insurance companies and other institutional bond
holders. The draft resolution plan, prepared by the erstwhile
management of the company, is no longer valid and may no longer be
valid," the company said in a statement to stock exchanges,
Livemint.com relays.

DHFL's assets under management are at INR1.19 trillion, of which
INR63,690 crore is in retail loans and the remaining in wholesale,
the report discloses. On November 20 last year, RBI superseded
DHFL's board and later referred the mortgage lender to the National
Company Law Tribunal (NCLT), citing governance concerns and payment
defaults by the firm as reasons for superseding the board.

DHFL is the first non-bank lender to be referred to NCLT under new
rules notified by the government on November 15, 2019. Meanwhile,
in the December 30 meeting, the company's committee of creditors
(CoC) approved a plan under which the mortgage lender could resume
disbursing home loans, beginning with  INR500 crore a month, to
arrest the decline in its loan book. However, this move was
challenged by its fixed deposit holders who moved the Supreme Court
against it last week.

                           About DHFL

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

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

RBI appointed R Subramaniah Kumar as the company's administrator.

Financial creditors to DHFL have submitted claims worth INR86,892
crore against the mortgage lender, BloombergQuint disclosed.


DUGAR OVERSEAS: CRISIL Assigns B+ Rating to INR13.00cr Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Dugar Overseas Private Limited (DOPL).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           13.00       CRISIL B+/Stable (Assigned)
   Letter of Credit       2.74       CRISIL A4 (Assigned)
   Term Loan              4.26       CRISIL B+/Stable (Assigned)

The ratings reflect DOPL's large working capital requirement
leading to stretched liquidity and the exposure to intense
competition. These weaknesses are partially offset by the extensive
experience of the promoters in the confectionery industry, and the
company's moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement
Gross current asset have been 159-180 days during the three years
ended March 31, 2019, driven by moderate debtors of 84-89 days and
inventory of 67-79 days. Inventory is usually sizeable due to
multiple stock-keeping units and the high lead time for procurement
of raw material. Further, creditors extended by suppliers were
modest at 30 days, leading to moderate dependence on bank
borrowing. The working capital cycle is likely to remain stretched
over the medium term and hence, its management will remain closely
monitored.

* Exposure to intense competition
The food processing and confectionery industry is highly
fragmented, comprising numerous organised and unorganised players.
The industry includes reputed players such as Britannia, Parle,
Nestle, Cadbury and Yildiz; these companies have a well-established
distribution network as well as globally recognised brand name.
Aggressive pricing policies and high advertisements costs along
with intense competition may continue to constrain scalability,
pricing power and profitability.

Strengths

* Extensive experience of the promoters
Benefits from the promoters' experience of around two decades,
their strong understanding of local market dynamics, and healthy
relations with suppliers and customers should continue to support
the business.

* Moderate financial risk profile
Financial risk profile should remain moderate: gearing was 2.23
times and networth was INR16.3 crore as on March 31, 2019. Debt
protection metrics are moderate, with interest coverage ratio of
2.1 times in fiscal 2019.

Liquidity Poor

Liquidity should continue to be poor. Cash accrual -- projected at
INR3.26 crore and INR3.94 crore in fiscals 2020 and 2021,
respectively -- should comfortably meet the yearly maturing debt of
INR1.43 crore and INR0.70 crore; the surplus cash will be used as
working capital. Bank limit utilisation averaged 97% during the 12
months through October 2019. Current ratio was moderate at 1.02
times as on March 31, 2019.

Outlook: Stable

CRISIL believes DOPL will continue to benefit from the extensive
experience of the promoters.

Rating sensitivity factors:

Upward factors
* Revenue growth of more than 20%, with the operating margin
increasing by 200 basis points
* Prudent working capital management and reduction in bank limit
utilisation

Downward factors
* Revenue drop by more than 10% and a steep decline in operating
margin (in comparison to fiscal 2019)
* Larger-than-expected, debt-funded capital expenditure.

DOPL, incorporated in 1992, is a Delhi-based company that trades in
and produces confectionery and chocolates. In fiscal 2013, the
company entered into a licence agreement with General Candy Co Ltd,
Thailand, to manufacture candies under the brand, Heartbeat. DOPL
started making milk toffees under its own brand, Sapphire, from
fiscal 2010. Mr Nagraj Dugar and his family members are the
promoters.

GOPAL GOBINDA: CRISIL Assigns B Rating to INR10cr Proposed Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Gopal Gobinda Agro Product Private Limited
(GGAPPL).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term       10        CRISIL B/Stable (Assigned)
   Bank Loan Facility        

The rating reflects GGAPPL's limited scale of operations amid
intense competition, susceptibility to adverse changes in
government regulations, weak financial risk profile, and exposure
to project implementation risk. These weaknesses are partially
offset by the extensive experience of the promoters in the rice
industry.

Key Rating Drivers & Detailed Description

Weakness
* Exposure to risks related to the project
The company started setting up the plant in December 2019, and
operations are likely to commence from July 2020. Although the
demand risk should be low, as rice remains the staple food in the
country, risks related to timely funding and completion and
subsequent stabilisation of operations at the unit will continue to
restrict the business.

* Expected limited scale of operations amid intense competition
Revenue is expected to remain limited in the initial stage of
operations. Intense competition and limited value addition may
continue to constrain scalability, pricing power, and
profitability.

* Susceptibility to adverse changes in government regulations
Paddy being an agricultural product, its availability is seasonal
and depends on monsoons/irrigation. This exposes the group to the
risk of limited availability of raw material in case of
unfavourable climatic conditions, leading to volatile paddy and
rice prices. This is compounded by limited ability to completely
pass on any increase in raw material price to customers. Also, the
rice industry is regulated in terms of paddy price, export/import
of rice, and rice release mechanism. Minimum support price of paddy
and prevailing rice price are key determinants of a rice mill's
profitability.

* Weak financial risk profile
Networth is expected to remain modest on account of low initial
infusion of equity. With the company setting up a plant of around
INR8.82 crore, gearing is expected to remain high over the medium
term. Financial risk profile should remain weak, driven by the
upcoming capital expenditure (capex) and large debt levels.

Strengths
* Extensive experience of the promoters
The decade-long experience of the promoters, their strong
understanding of the local market dynamics, and healthy relations
with suppliers and customers should continue to support the
business.

Liquidity Stretched
The company is expected to have substantial debt obligation over
the medium term on account of term loan availed of for setting up
the unit; adequacy of cash accrual will remain a key monitorable.
Liquidity is partially supported by the expectation of need-based
funds from the promoters.

Outlook: Stable

CRISIL believes GGAPPL will continue to benefit from the promoters'
extensive experience.

Rating sensitivity factors

Upward Factor
*Timely ramp-up of operations, with revenue of more than INR30
crore in fiscal 2021
*Cushion between cash accrual and maturing debt of more than INR40
lakh

Downward Factor
*Slow ramp-up of operations, leading to significantly low return on
capital employed
*Cash accrual lower than maturing debt.

Incorporated in 2019, GGAPPL is setting up a plant for milling of
non-basmati parboiled rice. Mr Ashim Kumar Khan, Ms Rima Khan, and
Mr Achin Kumar Khan are the promoters.

HYDROMET INDIA: CRISIL Migrates D Loan Rating to Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Hydromet India Limited (HIL)
to 'CRISIL D Issuer Not Cooperating'. CRISIL has withdrawn its
rating on bank facility of HIL following a request from the company
and on receipt of a 'no dues certificate' from the banker.
Consequently, CRISIL is migrating the ratings on bank facilities of
HIL from 'CRISIL D Issuer Not Cooperating' to 'CRISIL D'. The
rating action is in line with CRISIL's policy on withdrawal of bank
loan ratings.

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

Incorporated in 1994, Chennai based HIL manufacturers copper
cathode, copper sulphate and zinc sulphate. The company also trades
in copper and zinc scrap. HIL is promoted by Mr.Venkat Subramanyam.

IL&FS LTD: NHAI Clears IL&FS Claims Worth INR902cr
--------------------------------------------------
The Economic Times reports that the National Highways Authority of
India (NHAI) has cleared IL&FS Ltd's claims worth INR902 crore
related to a single road project that is part of the Delhi-Mumbai
industrial corridor.

The Khed-Sinnar Expressway (KSEL) is the third incomplete road
project of IL&FS whose claim has been cleared by the highways
authority, the report says.

"The NHAI Conciliation Committee has approved claims for Khed
Sinnar Expressway. A few other claims are also expected to be
closed shortly that would lead to additional debt closure for IL&FS
and its subsidiaries," ET quotes an official aware of the
development as saying. "The proceeds would be used for further debt
resolution."

An official of NHAI confirmed the development, saying, "We have
sent them the proposal. IL&FS is likely to revert soon. The claim
amount is around INR900 crore," ET relays.

A spokesperson for IL&FS said the company is yet to receive
communication from NHAI on clearance of the claims, the report
adds.

This comes as NHAI has ramped up its drive to resolve stuck
projects through the conciliation process, ET states. The claims
approved by NHAI and the ministry of road transportation and
highways (MoRTH) for the incomplete road projects of IL&FS will be
about INR1,300 crore, ET discloses.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the Indian government on Oct.
1, 2018, stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.

INDIA INFOLINE: Fitch Publishes BB- LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings published India Infoline Finance Limited's Long-Term
Issuer Default Rating of 'BB-'. The Outlook is Stable. Fitch has
also assigned a 'BB-' rating to IIFL's USD1 billion medium-term
note programme.

IIFL is a non-deposit accepting non-bank financial company in India
that provides diversified credit facilities to individuals and
companies that are underserved by banks. It operates under the
flagship of IIFL Finance Limited (formerly IIFL Holdings Limited)
and will become a listed entity after merging with IIFL Finance,
pending regulatory approval.

IIFL set up a senior secured MTN programme of USD1 billion in
August 2019 and plans to issue US dollar notes under it. The notes
issued under the programme are secured obligations of IIFL at all
times ranking pari passu and without any preference among
themselves. The notes will be secured with property that includes
all present and future receivables/assets of the issuer, but
excludes all fixed deposits and other assets notified by the issuer
to the security trustee.

The notes are also subject to maintenance based covenants that
require IIFL and its principal subsidiaries to meet regulatory
capital requirements and maintain net non-performing asset (NNPA)
ratio equal to or less than 5% at all times. IIFL is also required
to maintain the security coverage ratio at a level equal or greater
to 1.0 at all times.

The programme is listed on Singapore Exchange with the net proceeds
of the notes to be used for on-lending and to support the company's
business growth in accordance with the guidance of External
Commercial Borrowings (ECB). The programme's rating reflects the
ratings that are expected to be assigned to senior notes issued
under the programme.

KEY RATING DRIVERS

LONG-TERM IDR

IIFL's Long-Term IDR is driven by its standalone credit profile.
The rating is underpinned by IIFL's moderate franchise in India's
NBFC sector and experienced management team, but is offset by its
reliance on wholesale funding, appetite for high growth and
tolerance for elevated leverage. The rating also takes into account
its expectation of pressure on IIFL's asset quality and ongoing
funding challenges, which has led the company to reduce its balance
sheet and shift its funding structure. Fitch has a negative sector
outlook on Indian NBFIs, reflecting the asset quality and funding
challenges faced by the sector.

Fitch regards the company's profile as its key rating driver. The
company has moderate market positions in several niche segments,
including affordable home, business and gold loans. It has been
reducing its exposure to developer and construction finance. Its
diversified product lines are offset by its small size that limits
its pricing power and shorter operating record compared with that
of higher-rated peers.

IIFL, as a non-deposit accepting NBFC, is reliant on wholesale
funding. In the wake of India's system-wide funding stress since
September 2018, IIFL's funding sources have evolved towards
longer-term funding and secured funding in the form of
securitisation while reducing its reliance on short-term commercial
paper. Developing an over-reliance on securitisation could reduce
the company's financial flexibility and have a negative impact on
the funding profile.

The more challenging operating environment also weighed on the
company's growth and financial performance for the first nine
months of the financial year that ends March 2020, and Fitch
believes this will continue in the short term. The difficult
funding conditions have led to a decline in IIFL's on-balance-sheet
assets although in recent months loan growth has resumed.
Profitability has, as a result, weakened from the previous years in
light of the rising funding costs. Fitch therefores expect
full-year profit to be marginally weaker than the previous year.

Gross impaired lending has been on the rise and was at 2.3% of
loans at end-December 2019, reflecting the asset quality
deterioration and a lower loan book. Fitch expects asset quality to
remain under pressure as the operating environment remains
challenging, although IIFL has acceptable risk management, with
asset-quality risk managed through conservative provisioning
practices and an emphasis on collections. In addition, the
company's aggressive plan in expanding retail loans could pressure
its risk-management infrastructure and may lead to asset-quality
issues.

Leverage, measured by debt/tangible equity, came down to close to
5x by end-December 2019 due to the shrinking balance sheet, driven
by tight market liquidity. Fitch estimates the leverage will
increase to around 6x after a planned bond issuance on a pro forma
basis and will rise further as loan growth resumes. The current
leverage is below the 7x level that management can tolerate before
considering additional equity.

IIFL's core management team has around 20 years of financial sector
experience with an acceptable degree of credibility and competence
relative to its size and business nature. The founding shareholder
is closely engaged in the business and has strong influence over
the company's direction and strategy. However, Fitch believes
key-man governance risk is counterbalanced by the presence of two
key institutional shareholders. Execution has generally been in
line with management's expectations, but its record is short
compared with that of some larger peers.

Senior Secured Debt

The MTN programme is rated at the same level as IIFL's Long-Term
IDR in accordance with Fitch's rating criteria. Most of IIFL's debt
is secured and Fitch considers that non-payment of the company's
senior secured debt would best reflect uncured failure. IIFL can
issue unsecured debt in the overseas market, but such debt is
likely to constitute a small portion of its funding and thus cannot
be viewed as its primary financial obligation.

RATING SENSITIVITIES

LONG-TERM IDR

Positive rating action could be triggered if the company
strengthens its franchise and market positions on a sustained
basis, combined with a longer record in its niche segments that
leads to a significantly stronger company profile. In addition,
leverage, measured by debt/tangible equity, would need to move
towards 5x combined with a lower growth appetite and improving
asset quality. Greater diversification and a lengthening of the
funding profile on a sustained basis would also be positive for the
rating.

Negative rating action could be triggered by higher leverage
towards 7x, a less diverse shorter-term funding structure or
meaningfully increased reliance on secured debt against specific
assets that reduces financial flexibility, and an increasing risk
appetite as evidenced by aggressive expansion beyond Fitch's
expectation and looser underwriting standards. A rapid
deterioration in asset quality would also weigh on the rating, as
would a weaker company franchise and market position.

Senior Secured Debt

The MTN rating will move in tandem with IIFL's Long-Term IDR.

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.

INDIA INFOLINE: Moody's Assigns Ba3 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service assigned a first-time Ba3 corporate
family rating to India Infoline Finance Limited.

Moody's has also assigned (P)Ba3 long-term foreign- and
local-currency senior secured ratings to India Infoline Finance's
USD1 billion Euro Medium Term Note program.

The outlook is stable.

RATINGS RATIONALE

Ba3 CORPORATE FAMILY RATING

India Infoline Finance's Ba3 CFR is driven by the company's stable
and healthy solvency profile, including its asset quality,
profitability and capital. The rating also takes into account India
Infoline Finance's modest but steady funding and weak liquidity.

The rating is supported by the company's diversified, low-ticket
and retail-focused loan book, which has resulted in relatively
stable asset performance. In addition, the company's well-developed
technology platform supports its underwriting.

Incorporated in 2004, India Infoline Finance is a mid-sized retail
finance company in India by assets. India Infoline Finance targets
low-ticket retail loans -- home loans, business loans, gold loans
and micro finance loans -- in semi-urban and rural areas of the
country. Such assets represented 86% of its total assets under
management (AUM) at December 31, 2019. Within the retail segment,
home loans represented about 40% of total retail AUM, loans to
small and medium enterprises 26%, gold loans 25%, and micro finance
10%.

About 14% of India Infoline Finance's loans are exposed to riskier
segments including small and mid-corporate segments in the form of
loans to developers (13%) and loans for capital market activities
(1%). The company is in the process of reducing its corporate
loans. In the fiscal year ended March 2019, the company sold and
exited the commercial vehicle lending business, and it is currently
running down its medical equipment lending business.

However, India Infoline Finance's asset quality has moderately
deteriorated recently in line with slowing macro-economic
conditions in India, with gross nonperforming loans (NPL) rising to
2.3% of gross loans at December 31, 2019 from 2.0% at March 31,
2019. The deterioration was driven primarily by its business/small
and medium enterprises loans and developer loan segments, while its
home loans, gold loans and micro finance generally continued to
perform well.

India Infoline Finance's focus on retail loans has also resulted in
healthy profitability, with a return on assets of 2.3% in the first
nine months of fiscal 2020 and an average of 1.9% over the past
five years. Nevertheless, Moody's expects some moderation in
profitability as the company rebalances its funding to more stable
and long-duration sources, which are more expensive than short-term
funding.

The company's capital -- as measured by tangible common
equity/tangible managed assets -- of 13.0% as of March 2019, also
provides an adequate buffer, because more than 75% of the company's
loans are collateralized, with a well-established collateral
recovery process. Capitalization should moderately improve over the
next 12-18 months, supported by benign loan growth and internal
capital generation in excess of balance sheet growth.

These strengths are somewhat offset by the company's modest but
steady funding profile. Funding conditions for Indian non-bank
financial institutions (NBFIs) have been under strain since
September 2018, following the default by a number of large NBFIs.

Despite the tight funding conditions, India Infoline Finance has
managed to proactively diversify its funding to more stable and
long-dated funding sources, such as term loans from banks and
non-convertible debentures. The company has also substantially
brought down the share of short-term funding such as commercial
paper (CP) in its funding mix. At the end of December 2019, the
company had no exposure to CPs in its on-balance sheet funding,
compared to about 30% at the end of March 2018. The company expects
CPs to contribute less than 10% of its overall funding going
forward.

In addition, a large proportion of the company's retail loans fall
under India's priority sector lending norms and present a source of
immediate liquidity as the company can securitize or sell-down
these loans to Indian banks.

Moody's does not have any particular governance concern for India
Infoline Finance, and does not apply any corporate behavior
adjustment to the company. Moody's views India Infoline Finance's
risk management framework as consistent and commensurate with its
risk appetite.

SENIOR SECURED MTN PROGRAM

India Infoline Finance's (P)Ba3 senior secured EMTN program rating
is in line with the company's Ba3 corporate family rating (CFR).
The senior secured MTN program is rated at the same level as the
CFR because secured debt forms the predominant portion of the
company's debt.

The notes issued under the program constitute India Infoline
Finance's direct, general and unconditional obligations and will be
secured by, among other things, a first ranking charge over all the
company's current assets, both present and future, as well as all
its current and future loan assets, including all the monies
receivable thereunder. The collateral created for the purpose of
the security coverage will be shared on a pari passu basis with the
other, existing and future, secured debtholders of India Infoline
Finance. The bond covenants provide for a minimum security coverage
of 100% for any monies borrowed under the MTN program.

WHAT COULD CHANGE THE RATING UP

Moody's could upgrade India Infoline Finance's CFR if (1) there is
a meaningful improvement in its liquidity profile, driven by an
increase in high-quality liquid assets on its balance sheet, and
supported by (2) a lengthening of its funding duration to match its
loan duration, under-stressed assumptions.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade the CFR if (1) the company is forced to
shrink its core business due to restricted funding access, in turn
impacting its overall franchise including by lowering profitability
and/or, (2) there is an increase in short-term funding sources,
such as, but not limited to, market-sensitive funding like
commercial paper, short-term bank/market borrowings, and/or (3)
there is meaningful deterioration in asset quality and
profitability performance.

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

J.S. INTERNATIONAL: Ind-Ra Maintains BB+ Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained J.S.
International's Long-Term Issuer 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 BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR800 mil. Fund-based limit maintained in non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR86 mil. Term loan maintained in non-cooperating category
     with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 12, 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2006, J.S. International operates an integrated meat
processing plant in Unnao, Kanpur. The firm produces and exports
frozen halal boneless buffalo meat (daily processing capacity of
105 full form metric ton (MT) sheep meat (6MT), and leather dog
chews (3.85MT). The company complies with ISO 22000 – 2005
Certificate, HACCP Certificate, Halal Certificate and all of its
products have been approved by Agricultural and Processed Food
Products Export Development Authority.

JK ELECTRIC: CRISIL Assigns B+ Rating to INR7.3cr Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of JK Electric Engineers Private Limited (JEEPL).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility      0.2        CRISIL B+/Stable (Assigned)

   Bank Guarantee         32.0        CRISIL A4 (Assigned)

   Cash Credit             7.3        CRISIL B+/Stable (Assigned)

The ratings reflect JEEPL's extensive industry experience of the
promoters, healthy debt protection metrics, and sound operating
efficiencies. These strength are partially offset by its
susceptibility to tender-based operations, working capital
intensive operations, and highly leveraged capital structure.

Key Rating Drivers & Detailed Description

Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of over two decades in setting up of electrical
substations and transmission lines. This has given them an
understanding of the dynamics of the market, and enabled them to
establish relationships with suppliers and customers.

* Healthy debt protection metrics: JEEPL's debt protection metrics
have been at comfortable level despite leverage due to moderately
healthy profitability. The interest coverage and net cash accrual
to total debt (NCATD) ratio are at 2.6 times and 0.18 time for
fiscal 2019. JEEPL debt protection metrics are expected to remain
at similar level over medium term.

* Sound operating efficiencies: JEEPL has healthy operating
efficiencies, marked by healthy return on capital employed (RoCE)
of 33% for fiscal 2019. RoCE is expected to remain healthy over
medium term.

Weaknesses:
* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restricts the operating
margin to a moderate level. Also, given the cyclicality inherent in
the construction industry, the ability to maintain profitability
margin through operating efficiency becomes critical.

* Working capital intensive operations: Gross current assets were
at 307 as on March 31, 2019, driven by elongated debtor cycle
reflected in debtors of 266 days. The high working capital
requirements are supported by high creditors of 322 days.
Operations are expected to continue to remain working capital
intensive over medium term.

* Highly leveraged capital structure: Due to reliance on high
creditors and external debt to fund working capital requirements,
total outside liabilities to adjusted networth (TOLANW) was high at
7 times as on March 31, 2019, and is expected to remain high over
medium term.

Liquidity Stretched
Bank limit utilization was moderate at around 60 percent for the
past twelve months ended November, 2019. Net cash accrual is
expected to be over INR1.3-1.7 crore over medium term which is
sufficient against term debt obligation of INR20-30 lakh over the
medium term. In addition, it will be act as cushion to the
liquidity of the company. Current ratio was low at 0.97 times as on
March 31, 2019.

Outlook: Stable

CRISIL believe JEEPL will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating Sensitivity Factors:

Upward factors:
* Decrease in TOLANW to 4.5 times or lower
* Improvement in working capital cycle
* Increase in revenue or profitability

Downward factors:
* Increase in TOLANW to 8 times or higher
* Decline in net cash accruals on account of decline in revenue or
operating profits.
* Large debt-funded capital expenditure weakens capital structure
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

JEEPL was incorporated in 2004, it is located in Jammu.  JEEPL is
owned & managed by Shri Arun Kumar and Smt. Neeru Sharma. JEEPL is
engaged in providing services of electrical and civil
infrastructure. JEEPL is the pioneer construction company of power
projects right from distribution level to transmission level.

MAA BHAWANI: CRISIL Lowers Rating on INR6cr Cash Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Maa Bhawani Ginning & Pressing (MBGP) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Working       1.43      CRISIL B+/Stable (Downgraded
   Capital Facility                 from 'CRISIL BB-/Stable')

   Term Loan              1.87      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects weakening in the credit risk profile of the
firm as reflected in decline in revenue and deterioration in
capital structure driven by continuous large capital withdrawals by
the partners.  Company's revenue had declined from INR70.5 crore in
fiscal 2018 to INR51.45 crore in fiscal 2019 and is likely to
remain at similar level in current fiscal. Further the gearing had
deteriorated to 2 times as on March 31, 2019 from 1.1 times a year
before. Consistent improvement in networth and capital structure
remains a key monitorable.

The rating continues to reflect firm's modest scale of operations,
susceptibility to government policies and average financial risk
profile. These weaknesses are partially offset by the partners'
extensive experience in the cotton ginning industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations and susceptibility to government
policies: The scale remains modest, indicated by revenue of
INR51.45 crore for fiscal 2019, in the intensely competitive cotton
ginning industry. The scale of operations has declined from earlier
level as well. Government fixes the minimum support price for each
crop every year to support farmers' interest. The firm will remain
susceptible to regulatory changes over the medium term.

* Average financial risk profile: The capital structure is
moderately leveraged with gearing and TOL/TNW of 2 and 2.67 times
respectively as on March 31, 2019 as compared to that of 1.15 and
1.58 times respectively as on March 31, 2018, this was mainly due
to capital withdrawal and marginally increased reliance on external
debt. Also, the debt protection metrics are average with interest
coverage of 2.1 times in fiscal 2019 vis-a-vis 2.5 times in
previous year.

Strengths
* Partners' extensive experience and established business
relationships: The partners' experience of over a decade in the
cotton ginning industry and long-term relationships with customers
and suppliers will continue to support the firm.

Liquidity Stretched

Net Cash Accruals were suppressed in fiscal 2019 and 2018 against
repayment obligations of INR0.15 crore over medium term. Bank limit
utilization was moderate, averaging 57% for the past 12 months
ended December 2019. Liquidity is partly aided by funding support
via unsecured loans from the partners. Current ratio has remained
moderate at 1.17 times, estimated as on March 31, 2019 and expected
to remain at similar level over the medium term.

Outlook: Stable

CRISIL believes MBGP will continue to benefit from its partners'
extensive experience.

Rating sensitivity factors

Upward factor
*Substantial increase in revenue along with sustenance of operating
margins and very limited withdrawals leading to cash accruals of
more than INR 70 lakhs
*Sustained improvement in capital structure

Downward factor
*Large capital withdrawals or stretched working capital cycle
leading to gearing of over 3 times
*Subdued operating performance.

Established in 2014 by Mr Sachin Madamwar, Mr Mangesh Madamwar, Mr
Sanjay Madamwar, and Mr Ashok Kanchalwar as a partnership firm,
MBGP gins and presses cotton. It has ginning and pressing capacity
of about 280 bales per day in two shifts. The units operate at
75-80% of capacity. The firm is based at Hinganghat in Vidarbha
(Maharashtra).

MAHESH COTSPIN: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mahesh Cotspin
Private Limited (MCPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           11         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

   Proposed Long Term     5.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Mahesh MCPL 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 MCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MCPL 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 MCPL to 'CRISIL B+/Stable Issuer not cooperating'.

MCPL was incorporated in May 2012 to take over the operations of a
proprietorship firm, Mahesh Industries, which was set up by Mr
Radheshyam Bhandari in 2005. The company processes raw cotton
(kapas) into cotton bales; it also crushes cotton seed to
manufacture cotton seed cake and oil. The products are sold across
Maharashtra.

MHETRE PACKAGING: CRISIL Lowers Rating on INR6cr Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mhetre Packaging Private Limited (MPPL) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.5       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term    3.5       CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan             6.0       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects a weakened credit risk profile on account of
flattish revenues, intermittent losses in operations and working
capital intensive operations leading to continuous pressure on
liquidity. The operating performance was impacted in in fiscal 2019
due to increase in prices of raw material i.e kraft paper, leading
to losses. The financial risk profile had also weakened, reflected
in the total outside liabilities to tangible networth (TOL/TNW)
ratio increasing to 5.25 times as on March 31, 2019, from 4.27
times a year earlier. Further, the bank lines remained fully
utilised, with regular availment of ad hoc limits.

The rating also factors in MPPL's below-average financial risk
profile, modest scale of operations, and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the promoters in the packaging industry along with an
established customer base.

Key Rating Drivers & Detailed Description

Weakness:
* Below-average financial risk profile
Networth was low at INR4.01 crore as on March 31, 2019, with
gearing high at 3.38 times. TOL/TNW ratio also weakened to 5.25
times as on March 31, 2019. Debt protection metrics were also
subdued, with interest coverage and net cash accrual to total debt
ratios of 1.53 times and 0.05 time, respectively, for fiscal 2019,
because of losses.

* Modest scale of operations
Revenue dropped to INR28.48 crore in fiscal 2019 from INR31.48
crore in fiscal 2018. Revenue is likely to remain modest at
INR33-35 crore over the medium term.

* Large working capital requirement
The working capital cycle has been stretched and may remain so
going forward as well; hence, its efficient management will remain
closely monitored. Gross current assets were sizeable at 179 days
as on March 31, 2019, due to huge inventory and moderate
receivables of 139 days and 43 days, respectively. The working
capital is largely funded by bank lines and the credit extended by
suppliers (outstanding at 82 days).

Strength
* Extensive experience of the promoters and reputed clientele
Benefits derived from the promoters' experience of over two
decades, their strong understanding of local market dynamics, and
healthy relations with suppliers and customers should continue to
support the business. Further, MPPL has longstanding relations with
reputed clients such as ITC, Asian Paints, and Fleetguard Filters
Ltd.

Liquidity Stretched

Liquidity is stretched. Cash accrual is projected to be modest at
INR2.6 crore per annum over the medium term, barely sufficient to
meet the yearly maturing debt of INR2.3 crore. The bank limit
utilisation was high and averaged at 100% during the 12 months
through November 2019, with regular availment of ad hoc limit.
Current ratio was low at 0.88 time as on March 31, 2019.

Outlook: Stable

CRISIL believes MPPL will continue to benefit from the extensive
experience of the promoters.

Rating Sensitivity factors
Upward factors
* Substantial and sustainable increase in revenue and
profitability, leading to cash accrual of more than INR3.5 crore
* Prudent working capital management and improved liquidity

Downward factors
* Steep decline in revenue and profitability, leading to cash
accrual of less than INR1.5 crore
* Large, debt-funded capital expenditure or stretch in working
capital cycle leading to further weakening in financial risk
profile

Set up in 1994 as a proprietorship, the firm got reconstituted into
a private-limited company in 2000. This Pune-based company
manufactures corrugated boxes using kraft paper. Mr Dilip Mhetre
and his family members are the promoters.

NORTH EAST: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of North East
Agro Product (NEAP) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .3        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           2.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Cash         1.0        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

   Rupee Term Loan       5.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NEAP 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 NEAP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NEAP 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 NEAP to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in fiscal 2016 as a partnership firm by Mr Anup Kumar
Agarwal, Mr Ayush Jain, Ms Nidhi Jain, and Ms Savita Jain; NEAP is
setting up a rice mill in Sardarpara, Jalpaiguri District, West
Bengal. Operations are expected to start by the end of fiscal 2019.

PARAS TARP: CRISIL Withdraws B+ Rating on INR2.28cr LT Loan
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Paras
Tarp Industries (PTI) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           1.80        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B+/Stable'; Rating
                                     Withdrawn)

   Long Term Loan        2.28        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B+/Stable'; Rating
                                     Withdrawn)

   Proposed Cash         2.92        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                      COOPERATING; Migrated from
                                     'CRISIL B+/Stable'; Rating
                                     Withdrawn)

CRISIL has been consistently following up with PTI for obtaining
information through letters and emails dated December 31, 2019 and
January 6, 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 PTI. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for PTI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower. Based on the last available information, CRISIL has migrated
the ratings on the bank facilities of PTI to 'CRISIL B+/Stable
Issuer not cooperating'.

Established in 2014, in Ahmedabad by Mr Hirabhai Patel and family,
PTI manufactures tarp sheets and laminated rolls.

QUEST INFOSYS: CRISIL Migrates 'B+' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Quest Infosys
Foundation (QIF) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              7         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with QIF 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 QIF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on QIF 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 QIF to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in 2008, QIF is promoted by Mr Dipinder Singh Sekhon and his
wife Ms. Rajveer Kaur. It provides education through its
institution namely 'Quest Group of Institutions', located at
Jhanjeri, Mohali. The institute is affiliated to PTU and is
approved by AICTE. The institute offers B.tech & MBA courses and
has recently started with new courses, such as Bcom (Hon'S), BCA
and BBA since fiscal 2017 onwards.

R R INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R R Industries
- Hyderabad (RRI) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            1.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         1.81      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     4.19      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RRI 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 RRI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RRI 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 RRI to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

RRI was set up in 1999 by Mrs. V. Kamala Kumari. The firm designs
and manufactures of composite products, used in the defense
industry. It is based in Hyderabad.

RAGHUVIR DEVELOPERS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Raghuvir
Developers and Builders (RDB) Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB-'. The agency has simultaneously placed the ratings
on Rating Watch Negative (RWN). The Outlook on the earlier rating
was Stable.

The instrument-wise rating actions are:

-- INR3,544.3 bil. Term loan due on September 2022 downgraded;
     placed on RWN with IND BB+/RWN rating; and

-- INR90 mil. Fund-based working capital limit downgraded; placed

     on RWN with IND BB+/RWN/IND A4+/RWN rating.

KEY RATING DRIVERS

The downgrade reflects likely stress in the firm's liquidity due to
a fire, which broke out on 21 January 2020, in one of the firm's
completed projects - Raghuvir Celeum Center (RCC) - in Surat's
textile market.

As per the management, RDB's average collection from RCC is INR20
million every month and the firm was expecting INR60 million as
total receivables from RCC for February and March 2020, which now
stand to get impacted. Further, as per the management, as on
January 21, 2020, the RCC project was debt-free and the fund inflow
from it was being used to service other projects' debt and for the
construction of its ongoing projects. Therefore, Ind-Ra expects
RDB's debt-servicing capability and the completion of its ongoing
projects to be severely impacted.

The construction of RCC project (fully commercial) was completed in
June 2018. As of January 31, 2019, RCC had 106 unsold units having
an unsold area of 184,195 sq. ft. (of total of 422 units of an area
of 733,306 sq. ft.). The RCC project term loan matured in March
2019.

RDB's management has said it has an insurance cover of INR550
million for the RCC project; however, the overall losses are still
being ascertained.

Ind-Ra will continue to closely monitor the developments and
resolve the RWN, once the agency has additional information on the
project, its financial or operational impact on the business and
the management's future action plans.

RATING SENSITIVITIES

The RWN indicates that the ratings may be downgraded or affirmed.
Ind-Ra is likely to resolve the RWN by April 2020.

COMPANY PROFILE

Registered in November 2006, RDB is a partnership firm engaged in
the construction of residential and commercial real estate projects
in Surat, Gujarat.

RAHEE INFRATECH: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rahee
Infratech Limited (RIL) to 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee      176.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit          73.0        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term   20.5        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RIL 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 RIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RIL 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 RIL to 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

RIL was set up in 1948 as a partnership firm, Ramchander Heeralall,
for supply of fasteners to the Indian Railways. It was
reconstituted as a private limited company in 1998. RIL is engaged
in the construction, fabrication, and fasteners businesses.

RAMA INFRAPROJECTS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rama
Infraprojects Private Limited (RIPPL) 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)

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

CRISIL has been consistently following up with RIPPL 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 RIPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RIPPL 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 RIPPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2000, RIPPL undertakes civil projects, interior
decoration, modernisation of buildings, and other construction
related work, mainly for public sector undertakings. RIPL has
corporate & registered office located at Mumbai and has its
operational presence spread all over India. Operations are
currently managed by Mr Uma Shankar Mishra and Ms Vandana Mishra.

RED ROSE: CRISIL Migrates B Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Red Rose
Textiles Industries Private Limited (RTIPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit         9.25        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   .75        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

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

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

Incorporated in 1991, RTIPL is a Mumbai based company promoted by
Mr. Jayantilal Parmar, Mr. Ramesh Parmar, Kiran Parmar, Kamal
Parmar and Hasmukh Parmar. The company is mainly engaged in dyeing
of cotton yarn with a capacity of 250 tpm.

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

The instrument-wise rating action is:

-- INR79.4 mil. Term loans due on March 2020 migrated to non-
     cooperating category with IND BB (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

Set up on April 24, 2002, by the Nanda family, RICSPL is engaged in
the cold storage business.

S. K. COLD: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S. K. Cold
Storage (SKCS) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)      Ratings
   ----------     -----------      -------
   Cash Credit         2.25        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan      2.50        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft            .25        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash       5.00        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SKCS 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 SKCS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SKCS 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 SKCS to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

SKCS was established in 2014 and in engaged in providing cold
storage facility for potatoes in UP.

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

The instrument-wise rating actions are:

-- INR240 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR50 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 21, 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 1999, Sagar manufactures portable and non-portable
alcohol at its facility in Nashik, Maharashtra.

SAI SMARAN: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sai Smaran Foods
Limited's Long-Term Issuer Rating to 'IND BB+ (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the surveillance 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
ratings.

The instrument-wise rating actions are:  

-- INR450 mil. Fund-based facilities downgraded with IND BB+
     (ISSUER NOT COOPERATING) / 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 a breach in the negative rating guideline,
with the interest coverage declining below 2.5x in FY19. The
interest coverage declined on account of an increase in finance
costs, resulting from higher debt-funded working capital
requirements. Moreover, the company's cash flow from operations
turned negative at INR7.74 million in FY19 (FY18: INR35.89 million)
due to an increase in working capital requirements. In addition,
the cash and cash equivalents stood at INR7.61 million in FY19
(FY18: INR43.68 million).

COMPANY PROFILE

Incorporated in May 1993, Sai Smaran Foods is primarily engaged in
the extraction of refined oil and de-oiled cake from soya beans.

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


The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limits (long-/short-
     term) migrated to non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating; and

-- INR88.27 mil. Term loan (long-term) due on March 2024 migrated

     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 28, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2009, SFMP is based in the Malshiras taluka of the
Solapur district, Maharashtra. It is engaged in the processing of
milk and the manufacturing of milk products.

SRI BHAGYALAKSHMI: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Bhagyalakshmi Cotton Industries (SBCI) to 'CRISIL B/Stable Issuer
not cooperating'.

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

   Long Term Loan         3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Sri Bhagyalakshmi Cotton Industries (SBCI) was setup in the year,
2016 based out of Khammam, Telangana. The firm is promoted by Mr.
Revuri Somaiah, Mr. Revuri Venkanna and Mrs. D. Sumana. SBCI is
engaged in the ginning and pressing of cotton. SBCI's manufacturing
unit is located at Khammam with a ginning capacity of around 250
bales per day.

SRI DAKSHINAMURTHY: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Dakshinamurthy Agro Industries Private Limited (SDMAIPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            35        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              28        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Incorporated in 2016, SDMAIPL is engaged into solvent extraction
and oil refinery. The firm is based in Hyderabad, Telangana.

SUNBRIGHT CERAMIC: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sunbright
Ceramic Private Limited (SCPL) 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           2.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        1.4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    2.6        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCPL 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 SCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCPL 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 SCPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

SCPL was set up in 2014 in Morbi, Gujarat, by Mr Jayantilal
Detroja, Mr Kantilal Padaliya, and Mr Narendra Padaliya. The
company manufactures multi-coloured digitally printed ceramic wall
tiles. Commercial operations started in December 2014.

VIRAJ SPINNERS: CRISIL Lowers Rating on INR31.99cr Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Viraj Spinners Limited (VSL) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.01       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Long Term Loan       31.99       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects the recent delay in servicing debt
obligations because of weak liquidity. The rating also reflects
weak financial risk profile and modest scale of operations. These
weaknesses are partly mitigated by extensive experience of
promoters in the industry.

Key Rating Drivers & Detailed Description

Weaknesses:
* Delay in debt servicing due to weak liquidity: The company had
delayed in servicing its debt repayment obligations because of weak
liquidity. Losses incurred and large scheduled repayments led to
strained liquidity.

* Modest scale of operations and intense competitive pressure in
the cotton yarn industry: Intense competition continues to
constrain scalability: turnover was INR58.91 crore in fiscal 2019.
The growth remained stagnant while profitability was under pressure
leading to losses in 2019.

* Weak financial risk profile: Eroded networth, highly leveraged
capital structure and subdued debt protection metrics constrain
financial risk profile.

Strength:
* Extensive experience of the promoter: The promoter's experience
of a decade, and a strong customer and supplier network should
continue to support the business.

Liquidity Poor

Liquidity is weak as indicated by instances of delays in the
repayment of term loan repayments and interest. There were losses
incurred in last two fiscals which along with large debt repayments
have led to weakened liquidity and delays in servicing debt.

Rating Sensitivity factors

Upward factors:
* Track record of timely debt servicing for at least 90 days
* Substantial increase in revenue along with healthy
profitability.

VSL was incorporated in 2010 and is promoted by Mr Sadashiv Patil.
The commercial operations of its manufacturing facility in Vita
(Maharashtra) commenced in January 2015. It has an installed
capacity of 18,720 spindles.



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

KRAKATAU STEEL: Restructures US$2BB Debt to Stave Off Bankruptcy
----------------------------------------------------------------
Made Anthony Iswara at The Jakarta Post reports that state-owned
steelmaker Krakatau Steel has received approval from its creditors
to restructure its loans totaling US$2 billion (IDR27 trillion) by,
among other changes, rescheduling repayment to 2027 in order to be
able to revive its business.

According to the report, Krakatau Steel president director Silmy
Karim said in Jakarta on Jan. 28 that the debt restructuring would
cut interest payments to $466 million from $847 million and cut
costs by around $685 million until 2027.

"Today, we have delivered on one of the minister's key performance
indicators," boasted Mr. Silmy, referring to State-Owned
Enterprises (SOE) Minister Erick Thohir's promise to improve
Krakatau Steel's finances within his first 100 days in office, The
Jakarta Post relays.

The reorganization could save the country's largest steelmaker from
bankruptcy, the report says.

The debt restructuring agreements with 10 local and foreign banks
were signed in stages from Sept. 30, 2019, to Jan. 12, the report
notes.

The creditors are Bank Mandiri with total loans of $618.29 million,
Bank Negara Indonesia (BNI) with $425.92 million, Bank Rakyat
Indonesia (BRI) with $337.39 million, ICBC Indonesia with $44.27
million, Exim Bank (LPEI) with $79.83 million, Bank Central Asia
(BCA) with $48.69 million, Bank DBS Indonesia with $48.62 million,
Bank OCBC NISP with $138.66 million, Standard Chartered Bank with
$25.62 million and CIMB Niaga with loans of $238.34 million, the
Jakarta Post discloses.

The report says Mr. Erick called the move "the largest debt
restructuring in Indonesian history" after mistakenly citing the
figure of IDR40 trillion ($2.9 billion) on Jan. 28 instead of the
supposed IDR27 trillion or $2 billion.

He later clarified, saying the earlier figure had also accounted
for the company's subsidiary restructuring.

According to the report, Mr. Erick acknowledged Krakatau Steel's
efforts to handle its liabilities but warned that the move alone
would not solve the company's longstanding problems.

"I don't want this to be merely labeled as the largest loan
restructuring in Indonesian history. But what's next?" Mr. Erick,
as cited by the Jakarta Post, asked. "After the restructuring, the
operational activities should be proper, don't let there be any
problems later on."

Responding to the prompt, Mr. Silmy of Krakatau Steel said the
company would scrutinize its subsidiaries to determine their
profitability, the report relays. He also assured the minister that
it would optimize operations and focus on steel-related business
ventures going forward.

As part of the restructuring, Mr. Silmy said the company would
transfer about 2,000 employees to its subsidiaries to make the
company more efficient and productive. It initially led people to
believe that the company would lay off thousands of employees,
which the company quickly denied, the report states.

Up until the third quarter of 2019, the steelmaker's losses
increased by 572 percent year-on-year (yoy) to nearly $212 million
from about $37 million in the equivalent period of 2018, the
Jakarta Post discloses.

The company's revenue over the same nine-month period slumped 17.5
percent yoy to around $1.05 billion, the report adds.

PT Krakatau Steel Persero Tbk is a state-owned iron and steel
producer.



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

HYFLUX LTD: WongPartnership Seeks Discharge as Company Lawyer
-------------------------------------------------------------
Lee Meixian at The Business Times reports that a bombshell has
dropped just as it seemed that Hyflux Ltd was inching closer to the
finish line in sealing the deal with rescue investor Utico.

At the High Court hearing on Jan. 29, Justice Aedit Abdullah said
that the troubled water treatment firm's lawyers from
WongPartnership, led by Manoj Sandrasegara, had applied to
discharge themselves due to difficulties relating to "loss of
confidence and good cause" in working with the client, according to
the report.

BT relates that Justice Abdullah made reference to issues relating
to assurances given to the court about adviser fees at the November
2019 hearing, and said that "there seems to be some conflict
between (both sides) about the instructions and the factual basis
for the assurance".

He thus adjourned the hearing to Feb. 20 to give the company and
WongPartnership time to resolve the conflict, failing which, Hyflux
may have to consider alternative representation, the report says.
The adjournment was accompanied by a short, four-week extension of
the debt moratorium until Feb. 28.

There will also be a pre-trial conference to be held in a week's
time, the report notes.

According to BT, Justice Abdullah called WongPartnership's
application a "significant development which needs to be resolved
one way or another".

Pointing out that there remain concerns by the unsecured working
group regarding other financial advisers' payments, and questions
over whether the scheme will be supported, he said he hoped that
these matters can be resolved by the next hearing, the report
relays.

When leaving the courtroom, both Mr. Sandrasegara and Eddee Ng,
senior partner at Tan Kok Quan Partnership which represents the
unsecured working group comprising seven unsecured banks, declined
to comment, adds BT.

On Jan. 28, white knight Utico had proposed to increase the pot for
adviser fees from SGD40 million to SGD50 million if it receives
support from all advisers for the Hyflux scheme and restructuring
agreement at Jan. 29's court hearing. On the other hand, Utico said
the pot will shrink to SGD30 million if the advisers fail to
support the scheme at the hearing.

All that was before the sudden and, in Justice Abdullah words,
"unfortunate" turn of events at the hearing on Jan. 29, BT notes.

                            About Hyflux

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

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

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

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to Reuters.


                           *********


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

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

Copyright 2020.  All rights reserved.  ISSN: 1520-9482.

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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