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

                     A S I A   P A C I F I C

          Monday, February 17, 2020, Vol. 23, No. 34

                           Headlines



A U S T R A L I A

B K CHEMISTS: First Creditors' Meeting Set for Feb. 20
CELTIC PACIFIC: Second Creditors' Meeting Set for Feb. 24
EMECO HOLDINGS: S&P Upgrades ICR to 'B+', Outlook Stable
GLADSTONE UNITED: Second Creditors' Meeting Set for Feb. 24
NICOLAS CRINITI: Second Creditors' Meeting Set for Feb. 24

PARK TOWER: Second Creditors' Meeting Set for Feb. 21
T & S NEW ERA: First Creditors' Meeting Set for Feb. 24
VISION 3: First Creditors' Meeting Set for Feb. 24


C H I N A

CHINA: Central Bank to Tolerate Higher Bad Loans at Virus Hit Firms
IDEANOMICS INC: Issues 10.9 Million Shares of Common Stock
TSINGHUA UNIGROUP: Woes Deepen Amid Coronavirus Crisis
YUZHOU PROPERTIES: Moody's Rates New Senior Unsec. USD Notes 'B1'
[*] CHINA: Airlines Rush to Refinance Fleets Due to Coronavirus



I N D I A

ANAND RICE: ICRA Lowers Rating on INR39cr Loan to B+
ATLASGOLD TOWNSHIPS: Insolvency Resolution Process Case Summary
BIOP STEELS: ICRA Maintains 'B+' Rating in Not Cooperating
DESAI INFRASTRUCTURE: ICRA Reaffirms B+ Rating on INR4.50cr Loan
DEWAN HOUSING: ED Finds Software Used to Create Fake Accounts

FRIENDS AGRO: ICRA Maintains 'D' Rating in Not Cooperating
GRV SALVEX: ICRA Assigns B+ Rating to INR4.30cr LT Loan
HEAVY ENGINEERING: Ind-Ra Lowers Long Term Issuer Rating to 'B'
HINDUSTHAN CALCINED: ICRA Keeps B- Rating in Not Cooperating
INDIA INFOLINE: Fitch Rates New $1B Sr. Sec. MTN Notes 'BB-(EXP)'

INNOVATORS FACADE: ICRA Withdraws B+ Rating on INR5cr Loan
JAI SHIV: ICRA Maintains 'B' Rating in Not Cooperating
JAL EXPORTS: ICRA Withdraws B(Stable)/A4 Rating on INR11.5cr Loan
KAILASH DEVBUILD: Ind-Ra Affirms Then Withdraws BB LT Issuer Rating
KAILASH INFRATECH: ICRA Maintains B Rating in Not Cooperating

KHOSLA INTERNATIONAL: ICRA Keeps D Rating in Not Cooperating
KONARK SYNTHETIC: Ind-Ra Lowers Long Term Issuer Rating to 'D'
KPG INTERNATIONAL: Insolvency Resolution Process Case Summary
L.S.P. AGRO LIMITED: Insolvency Resolution Process Case Summary
MAHESH RICE: ICRA Maintains 'B' Rating in Not Cooperating

MASS INFRASTRUCTURE: Insolvency Resolution Process Case Summary
MP AGRO: ICRA Lowers Rating on INR5cr LT Loan to B+
NAGAMMAL MILLS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
NEW BHARAT: ICRA Maintains 'D' Rating in Not Cooperating
PNB REALTY: ICRA Maintains 'D' Rating in Not Cooperating

PRAGATI ENGINEERING: ICRA Hikes Rating on INR4.28cr Loan to B+
PRATIBHA SKYSCRAPERS: Insolvency Resolution Process Case Summary
PTG TECHNOPAK: ICRA Hikes Rating on INR5.85cr LT Loan to B+
PYTEX JEWELLERS: ICRA Lowers Rating on INR10cr Loan to B-
RG BUILDSTATE: Insolvency Resolution Process Case Summary

RISSALA PRODUCTS: ICRA Keeps 'B' Rating in Not Cooperating
RVK ENERGY PRIVATE: Insolvency Resolution Process Case Summary
SALAGRAM POWER: Insolvency Resolution Process Case Summary
SHREE RAM: ICRA Moves B+ Rating to Not Cooperating Category
SNS DIAGNOSTICS: Insolvency Resolution Process Case Summary

SRI PANCHAJANYA: Insolvency Resolution Process Case Summary
SUN SHINE BUILDERS: ICRA Keeps B+ Rating in Not Cooperating
TEESTA RANGIT: ICRA Withdraws 'D' Rating on INR40cr Loans
THERDOSE PHARMA: ICRA Lowers Rating on INR7cr Cash Loan to B
UPL CORP: S&P Assigns 'BB' Rating on New Sub. Perpetual Securities

VAJRAM SPINNING: Insolvency Resolution Process Case Summary
VIVIANA VITRIFIED: ICRA Assigns B+ Rating to INR8.41cr Loan
WINNER NIPPON: ICRA Lowers Rating on INR8.75cr LT Loan to B+


L A O S

LAOS: Fitch Assigns First-Time 'B-' LT IDR, Outlook Stable


S I N G A P O R E

CHASWOOD RESOURCES: To Hold Scheme of Arrangement Vote by April 30
FALCON ENERGY: Moves to Call Creditor Votes on Compromise, Schemes
SAKAE HOLDINGS: Q2 Net Loss Narrows to SGD734,000

                           - - - - -


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

B K CHEMISTS: First Creditors' Meeting Set for Feb. 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of B K Chemists
Pty Ltd will be held on Feb. 20, 2020, at 2:00 p.m. at the offices
of Deloitte Financial Advisory Pty Ltd, Eclipse Tower, Level 19, at
60 Station Street, in Parramatta, NSW.

Michael Billingsley -- mbillingsley@deloitte.com.au -- and Luci
Palaghia -- lpalaghia@deloitte.com.au -- of Deloitte Financial
Advisor were appointed as administrators of B K Chemists on Feb.
10, 2020.

CELTIC PACIFIC: Second Creditors' Meeting Set for Feb. 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of Celtic Pacific
Properties Pty Limited has been set for Feb. 24, 2020, at 10:20
a.m. at the offices of Wexted Advisors, Level 12, at 28 O'Connell
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 21, 2020, at 4:00 p.m.

Andrew McCabe and Joseph Hayes of Wexted Advisors were appointed as
administrators of Celtic Pacific on Jan. 17, 2020.

EMECO HOLDINGS: S&P Upgrades ICR to 'B+', Outlook Stable
--------------------------------------------------------
On Feb. 13, 2020, S&P Global Ratings raised its long-term issuer
credit rating on Emeco Holdings Ltd. and issue rating on the senior
secured debt to 'B+' from 'B'. The recovery rating on the debt
remains at '4'.

S&P said, "We raised the ratings based on our expectation that
Emeco's cash flows and credit metrics will continue to improve over
the next 12 months. The company continues to demonstrate good
operating performance, generating strong EBITDA growth. As a
result, we now expect the company's adjusted debt to EBITDA to be
between 1.5x and low 2.0x and free operating cash flow to be strong
over the next 12 months. In our view, demand for heavy mining
equipment rental remains robust, as indicated by Emeco's higher
average operating utilization rates of 65% for the first half ended
Dec. 31, 2019, compared with the corresponding period in fiscal
2019. We believe miners' focus on capital expenditure will underpin
Emeco's stronger financial metrics over the next 12 months.

"We believe Emeco will remain committed to its deleveraging target
of 1.0x net debt to EBITDA by end of fiscal 2021.

"In our view, Emeco's increasing track record of prudent financial
management reinforces the sustainability of its more conservative
credit metrics. The company recently upsized its bank facilities to
A$100 million, increasing access to liquidity for working capital
needs. Further, the company repurchased a portion of its
outstanding senior secured notes above par to reduce debt and
finance costs. Emeco also executed full currency hedging of its
notes in fiscal 2019.

"In our opinion, Emeco will adequately manage the refinancing of
its notes ahead of its 2022 maturity date, and maintain a more
conservative financial profile. The company's first call date of
its senior secured US$322.1 million bond occurs in March 2020, with
a 2022 debt maturity. The 'B+' rating incorporates our expectation
that the debt refinancing will result in a stronger balance sheet
with lower debt leverage, an extended maturity, and improved
interest coverage measures over the medium to long term."

Emeco's acquisition of Pit N Portal should incrementally increase
the group's diversity to underground mining rental revenues and the
group's indirect exposure to gold. Further, the company completed
an institutional equity raising to fund the acquisition,
demonstrating investor support. Emeco's track record of using
equity to fund acquisitions supports the rating.

The rating on Emeco Holdings Ltd. principally reflects the
company's small size globally, capital-intensive operations, and
narrow focus on mining equipment rental services. Further, Emeco's
cash flows can be highly volatile given its exposure to commodity
cycles and limited contractual protections. Emeco's leading market
share in heavy earthmoving equipment rental, large fleet size, and
track record of conservative financial management bolster its
ability to withstand a moderate level of earnings volatility.

S&P said, "The stable outlook reflects our expectation that Emeco
will increase its earnings due to generally supportive trading
conditions and recent acquisitions. We forecast funds from
operations (FFO) to debt above 30% and adjusted debt to EBITDA
below 2x over the next 12 months. Our stable outlook also
incorporates the company's commitment to deleverage over the next
12 to 18 months with a net debt to EBITDA target of 1.0x (company's
measure) by end fiscal 2021.

"We could lower the rating if adjusted debt to EBITDA rises above
2.5x during benign industry conditions or above 3.5x during an
industry downturn."

S&P could also lower the rating if Emeco were to adopt an
aggressive financial risk appetite, which may be indicated by:

-- A material debt-funded acquisition; or
-- Material shareholder returns.

S&p said, "We consider rating upside to be limited. We could
consider an upgrade if Emeco were to materially increase its scale
and business diversity while remaining committed to its existing
conservative financial policies."


GLADSTONE UNITED: Second Creditors' Meeting Set for Feb. 24
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Gladstone
United Pty Limited has been set for Feb. 24, 2020, at 10:00 a.m. at
the offices of Wexted Advisors, Level 12, at 28 O'Connell Street,
in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 21, 2020, at 4:00 p.m.

Andrew McCabe and Joseph Hayes of Wexted Advisors were appointed as
administrators of Gladstone United on Jan. 17, 2020.

NICOLAS CRINITI: Second Creditors' Meeting Set for Feb. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Nicolas Criniti
Pty Ltd has been set for Feb. 24, 2020, at 11:00 a.m. at the
offices of Condon Associates, Level 6, at 87 Marsden Street, in
Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 21, 2020, at 4:00 p.m.

Schon Gregory Condon RFD of Condon Associates was appointed as
administrator of Nicolas Criniti on Nov. 22, 2019.

PARK TOWER: Second Creditors' Meeting Set for Feb. 21
-----------------------------------------------------
A second meeting of creditors in the proceedings of Park Tower
Developments Pty Ltd has been set for Feb. 21, 2020, at 12:00 p.m.
at the offices of Veritas Advisory, Suite 2, Level 5, at 123 Pitt
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 20, 2020, at 4:00 p.m.

Steve Naidenov and Vincent Pirina of Veritas Advisory were
appointed as administrators of Park Tower on Nov. 11, 2019.

T & S NEW ERA: First Creditors' Meeting Set for Feb. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of T & S New
Era Constructions Pty Ltd, trading as Tonga & Sons New Era
Constructions, will be held on Feb. 24, 2020, at 2:00 p.m. at the
Canberra Club, at 51 Blackall Street, in Barton, ACT.

Shumit Banerjee and Jason Lloyd Porter of SV Partners were
appointed as administrators of T & S New Era on Feb. 12, 2020.


VISION 3: First Creditors' Meeting Set for Feb. 24
--------------------------------------------------
A first meeting of the creditors in the proceedings of Vision 3
Installations Pty Ltd will be held on Feb. 24, 2020, at 11:00 a.m.
at the offices of Smith Hancock Chartered Accountants, Level 4, at
88 Phillip Street, in Parramatta, NSW.

Michael John Morris Smith of Smith Hancock was appointed as
administrator of Vision 3 on Feb. 13, 2020.




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

CHINA: Central Bank to Tolerate Higher Bad Loans at Virus Hit Firms
-------------------------------------------------------------------
The Business Times reports that China's central bank said on Feb.
15 that the country's lenders will tolerate higher levels of bad
loans, part of efforts to support firms hit by the coronavirus
outbreak.

"We will support qualified firms so that they can resume work and
production as soon as possible, helping maintain stable operations
of the economy and minimising the outbreak's impact," Fan Yifei, a
vice governor at the People's Bank of China, told a news
conference, BT relays.

He added that the problem will be manageable as China has a
relatively low bad loan ratio, the report says.

BT relates that Liang Tao, vice chairman of the China Banking and
Insurance Regulatory Commission, told the same briefing that
lending for key investment projects will be sped up.

Separately, Xuan Changneng, vice head of the country's foreign
exchange regulator, said China was expected to maintain a small
current account surplus and keep a basic balance in international
payments, adds BT.

IDEANOMICS INC: Issues 10.9 Million Shares of Common Stock
----------------------------------------------------------
Ideanomics, Inc., on Jan. 31, 2020, issued 10,883,668 shares of the
company's common stock pursuant to the terms of the True-Up
provisions of the securities purchase agreement for the Company's
acquisition of the Delaware Board of Trade (DBOT). The securities
purchase agreements required the Company to issue additional shares
of the Company's common stock in the event the stock price of the
common stock was below $2.11 at the close of trading on Jan. 30,
2020, the day immediately preceding the lock-up date. The common
stock issuance is subject to the restrictions of Rule 144A of the
Securities Act of 1933.

As previously disclosed publicly, Ideanomics entered into a
securities purchase agreement to acquire 6,918,547 shares in DBOT
in exchange for 4,427,870 shares of the Company's common stock at
$2.11 per share. In July 2019, the Company entered into another
securities purchase agreement to acquire an additional 2,224,937
shares in DBOT in exchange for 1,423,960 shares of the Company's
common stock at $2.11 per share. The two transactions, which
increased the Company's ownership in DBOT to 99.04%, were completed
in July 2019. The securities purchase agreements required the
Company to issue additional shares of the Company's common stock in
the event the stock price of the common stock fall below $2.11 at
the close of trading on the date immediately preceding the lock-up
date, which is 9 months from the closing date.

The Company accounted for the additional True-Up Common Stock
consideration as a liability in accordance with ASC 480. The
Company recorded this liability at fair value of $2,217,034 on the
date of acquisition. As of Sept. 30, 2019, the Company remeasured
this liability to $2,327,919 and the remeasurement loss of
$(110,885) was recorded in the other income/(expense) of the income
statement.

                         About Ideanomics

Ideanomics, formerly known as Seven Stars Cloud Group, Inc., is a
global fintech advisory and Platform-as-a-Service company.
Ideanomics combines deal origination and enablement with the
application of blockchain and artificial intelligence technologies
as part of the next-generation of financial services. The company
is headquartered in New York, NY, and has offices in Beijing,
China. It also has a planned global center for technology and
innovation in West Hartford, CT, named Fintech Village.

Ideanomics reported a net loss of $28.42 million for the year ended
Dec. 31, 2018, compared to a net loss of $10.86 million for the
year ended Dec. 31, 2017. As of Sept. 30, 2019, Ideanomics had
$164.76 million in total assets, $47.26 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $116.24 million in total equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" opinion in its report dated
April 1, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company incurred
recurring losses from operations, has net current liabilities and
an accumulated deficit that raise substantial doubt about its
ability to continue as a going concern.

Ideanomics received a letter from the Listing Qualifications Staff
of The Nasdaq Stock Market LLC on Jan. 10, 2020, indicating that
the bid price for the Company's common stock for the last 30
consecutive business days had closed below the minimum $1.00 per
share required for continued listing under Nasdaq Listing Rule
5550(a)(2). Under Nasdaq Listing Rule 5810(c)(3)(A), the Company
has been granted a 180 calendar day grace period, or until July 8,
2020, to regain compliance with the minimum bid price requirement.

TSINGHUA UNIGROUP: Woes Deepen Amid Coronavirus Crisis
------------------------------------------------------
Bloomberg News reports that a top Chinese technology company that's
struggled for months to assure creditors of its financial stability
has seen its efforts to secure a fresh loan disrupted by the
coronavirus crisis.

With payments on a dollar loan coming due next month, Tsinghua
Unigroup Co. has been engaged with lenders on a $900 million
financing deal, Bloomberg says. That loan has been delayed partly
due to the coronavirus outbreak and the Lunar New Year holiday, a
company spokesman said on Feb. 11, Bloomberg  relays.

The company suffered a net loss of CNY3.2 billion for the first
half of 2019. It had CNY165.6 billion in interest-bearing
liabilities as of the end of June, Bloomberg discloses citing the
company's half-year financial report. The group and its
subsidiaries also have a combined CNY54.6 billion of onshore and
offshore bonds outstanding, according to data compiled by
Bloomberg.

Bloomberg says the company's finances have deteriorated sharply in
the last four years after it embarked on a borrowing spree to
up-size its global footprint through acquisitions and investments.
Its debt-to-asset ratio climbed to about 74% by mid-2019, compared
with just over 59% in 2016.

A government push to separate academic institutions from their
business ventures raised questions about the company's future,
according to Bloomberg. Concern escalated when Tsinghua Holdings
Corp., Unigroup's parent, failed in attempts to sell its stake --
spurring some bondholders to sell.

Bloomberg relates that Unigroup executives have said the company
has received support from the country's top leadership to maintain
its ties to Tsinghua University for now, despite the directive on
distance between education and business.

According to Bloomberg, investors are trying to determine which
borrowers are on their own when it comes to dealing with their
financial problems, and which will get official help. Surprises
came last year when some state-owned lenders were allowed to
default on their debt. The extent to which official support is
forthcoming -- if it should prove needed -- in Unigroup's case
would give creditors further clues on this question.

Another outstanding doubt is how broad and deep the support for
companies will be in light of the hit to China's economy from the
coronavirus, Bloomberg says. While policy makers have mounted
liquidity injections into the banking system, allowed regional
authorities to sell more debt, and offered fast-track approval on
debt refinancing plans, how that all relates to specific corporate
borrowers is unclear, Bloomberg states.

Ultimately, continuing financing troubles at Unigroup could affect
confidence in -- if not the actual course of -- China's
technological competitiveness as it races to supersede the U.S.,
Bloomberg says.

"The company has also prepared a backup plan and has sufficient
cash on its books if the $900 million loan is not completed in
time," Bloomberg quotes a Unigroup spokesman as saying, adding that
the firm remains in discussion with lenders.

A spokeswoman said in December that the firm was confident of
meeting all bond-payment obligations, Bloomberg recalls.

China Chengxin Securities Rating Co., a local debt risk assessor,
maintained Unigroup's AAA label in June but highlighted its rapid
debt increase and large future capital spending needs, Bloomberg
discloses. The company isn't rated by any of the three major
international credit rating firms, the report notes.

In addition to its repayment obligations both onshore and offshore,
investors are also closely monitoring developments regarding any
potential changes to Unigroup's ownership structure as well as its
plans on asset sales, Bloomberg adds.

Parent Tsinghua Holdings said in November it will cut its stake in
Tus-Holdings Co., another subsidiary, which runs the world's
largest university science park. Investors are looking for clarity
on whether that fund-raising exercise was simply designed to comply
with the call for universities to disinvest their businesses, or
was meant to raise cash in light of Unigroup's financial woes, adds
Bloomberg.

YUZHOU PROPERTIES: Moody's Rates New Senior Unsec. USD Notes 'B1'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to Yuzhou
Properties Company Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Yuzhou intends to use the net proceeds from this offering primarily
to refinance its existing medium- to long-term offshore
indebtedness maturing within one year.

RATINGS RATIONALE

"The proposed bond issuance will support Yuzhou's liquidity and
lengthen its debt maturity profile," says Celine Yang, a Moody's
Assistant Vice President and Analyst. "In addition, the issuance
will not materially affect Yuzhou's credit metrics, because the
company will use the proceeds to refinance its maturing debt."

Moody's forecasts that Yuzhou's debt leverage — as measured by
revenue/adjusted debt and including shares from joint ventures and
associates — will gradually recover to around 60% towards the end
of 2020 from around 43% for the 12 months ended June 30, 2019,
driven by likely stronger revenue recognition and controlled debt
growth over the next 12-18 months.

Moody's points out that Yuzhou's higher-than-expected debt leverage
for the 12 months ended June 30, 2019 was mainly due to its raising
of additional debt to prefund its maturing debt and to fund land
purchases in 1H 2019.

Moody's expectation of Yuzhou's revenue growth over the next 12-18
months is based on the company's stronger contracted sales in the
last two years. Yuzhou's contracted sales grew notably by 34.1% to
RMB75.1 billion in 2019, after growing 38.9% to RMB56 billion in
2018.

Yuzhou maintained a good track record of high profit margins in the
31%-36% range in the past six years (2013-2018). But Moody's says
that its gross margin will likely fall to around 28%-30% in the
coming 12-18 months, because the price caps implemented in tier 1
and major tier 2 cities and increasing land costs will squeeze its
margins.

Consequently, Moody's estimates that the company's adjusted
EBIT/interest — including shares from joint ventures and
associates — will improve to a lesser extent than its improvement
in leverage, with adjusted EBIT/interest trending towards 2.7x-3.0x
in 2019-20 from 2.6x for the 12 months ended 30 June 2019.

Yuzhou's Ba3 corporate family rating reflects its (1) track record
of developing and selling residential properties in the Yangtze
River Delta, Bohai Rim and West Strait area, (2) growing operating
scale and improved geographic diversification, and (3) strong
liquidity.

However, its Ba3 rating is constrained by debt leverage that is
weaker than its Chinese property developer peers at the Ba3 rating
level.

Yuzhou's B1 senior unsecured debt rating is one notch lower than
its CFR, due to structural subordination risk. This risk reflects
the fact that the majority of claims are at the operating
subsidiaries and have priority over Yuzhou's senior unsecured
claims in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.
As a result, the likely recovery rate for claims at the holding
company will be lower.

In terms of governance risk, Yuzhou's Ba3 CFR has considered the
company's concentrated ownership in its controlling shareholder,
Mr. Lam Lung On, who held a 57.45% stake in the company as of 20
November 2019.

In terms of its policy on financial management, in the past four to
five years, Yuzhou has maintained its land acquisition spending at
around 50% of total cash received from property sales, and the
company has kept its reported net debt to equity below 75%. In
addition, Yuzhou's dividend payout ratio has stayed below 50% in
the past five years.

Related-party risk is partly mitigated by (1) Yuzhou's board, which
has eight directors in total, three of whom are independent
nonexecutive directors, (2) the presence of audit, remuneration and
nomination committees, which are all chaired by an independent
non-executive director, and (3) the presence of other internal
governance structures and standards, as required under the Listing
Rules of the Hong Kong Stock Exchange and the Securities and
Futures Ordinance in Hong Kong to oversee its corporate
governance.

Yuzhou's liquidity is good. At June 30, 2019, the company's cash
balance of RMB38.9 billion covered 285% of its short-term debt of
RMB13.7 billion. Moody's expects that over the next 12 months,
Yuzhou's cash holdings and operating cash flow will be sufficient
to cover committed land premiums, short-term debt and dividend
payments.

The stable outlook on Yuzhou's ratings reflects Moody's expectation
that the company will maintain its contracted sales and revenue
growth, strong liquidity position and measured debt growth.

Upward ratings pressure over the medium term could emerge, if
Yuzhou (1) grows in scale, (2) improves its credit metrics, (3)
maintains a strong liquidity position, or (4) establishes a track
record of access to the domestic and offshore debt markets.

Credit metrics indicative of upward rating pressure include the
company showing (1) EBIT interest coverage in excess of 4.0x, or
(2) revenue/adjusted debt in excess of 90%.

Downward rating pressure could emerge if Yuzhou shows a weakening
in its (1) contracted sales growth, (2) liquidity position, or (3)
credit metrics.

Credit metrics indicative of downward rating pressure include (1)
cash/short-term debt below 1.5x, (2) EBIT interest coverage below
2.5x-3.0x, and (3) revenue/adjusted debt below 60% on a sustained
basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Yuzhou Properties Company Limited is a property developer that
focuses on residential housing in the West Strait Economic Zone and
the Yangtze River Delta. Established in Xiamen in the mid-1990s,
Yuzhou is one of the city's largest developers. The company moved
its headquarters to Shanghai in 2016.

Yuzhou listed its shares on the Hong Kong Stock Exchange in 2009.
At June 30, 2019, Yuzhou's land bank totaled 19.18 million square
meters in the saleable gross floor area.

[*] CHINA: Airlines Rush to Refinance Fleets Due to Coronavirus
---------------------------------------------------------------
The Financial Times reports that Chinese airlines are rushing to
refinance their fleets as they struggle with the impact of the
coronavirus outbreak, according to the head of Avolon, one of the
world's largest aviation leasing companies.

"When the airline industry is impacted, it tends to move quickly to
preserve cash. That is what we are seeing here. The phones have
started ringing. We've seen a dramatic step up of airlines reaching
out to do sale and lease back transactions," the FT quotes Domhnal
Slattery, chief executive of the Dublin-based company, as saying.

Mr. Slattery was speaking on Feb. 12 after the company posted $718
million in net profit for 2019, up marginally from $717 million in
the previous year and a record for the 10-year old business,
according to the FT.

The spread of coronavirus from its epicentre in Wuhan has killed
more than 1,100 people and more than 45,000 cases have been
confirmed worldwide, the report notes.

According to the FT, the airline industry has been hit hard, with
companies including Cathay Pacific, the Hong Kong carrier, cutting
capacity significantly.

Mr. Slattery added that the fleets of Chinese and surrounding
countries' airlines are sitting on the ground in China, forward
bookings "have dropped off the cliff" and their cash positions have
dramatically deteriorated, the FT relays.

Avolon had close to $6 billion in capital available to deploy. "We
can be long and strong with our airline customers in China. We have
a cash-preservation mindset," Mr. Slattery, as cited by the FT,
added.

Meanwhile, the Avolon boss expects some smaller carriers to be
tipped over the edge by coronavirus and go bust, the FT reports.

"There are some thinly capitalised, over leveraged airlines and a
number of them would be at real risk," he said, adding that
bankruptcies from major Chinese carriers is unlikely "because the
Chinese government will step in, no doubt," the FT relays.

Last year was a record year for airline collapses after a number
failed to secure rescue funding. "They really didn't deserve to
exist and went out of business because they had bad businesses,"
the FT quotes Mr. Slattery as saying. "It's the laws of the
jungle."

Germany's Germania, Indian carrier Jet Airways and the UK's Flybmi
were among the collapsed airlines while Chinese conglomerate HNA
sold its budget carrier HK Express to Cathay Pacific in an attempt
to wind down debt, the FT adds.



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

ANAND RICE: ICRA Lowers Rating on INR39cr Loan to B+
----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Anand
Rice Mills, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-Based          39.00       [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category
Rationale

The ratings downgrade is because of lack of adequate information
regarding Anand Rice Mills performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by the rated entity". The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Anand Rice Mills, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

ARM is involved in the business of milling basmati rice. The
company has a processing unit with a capacity of 8 tonne per hour
at Nissing (Karnal, Haryana). The company caters to both domestic
and export markets.

ATLASGOLD TOWNSHIPS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Atlasgold Townships (India) Private Limited
        XI/305H, Near Federal Bank
        Opp. Cochin Internal-Airport
        Vappalassery, Nedumbassery
        Angamally 683572
        Kerala, India

Insolvency Commencement Date: November 19, 2019

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: May 17, 2020

Insolvency professional: Manivannan. J

Interim Resolution
Professional:            Manivannan. J
                         Plot No. 53B, 8/330
                         Vishalakshi Nagar
                         Fourth Cross Street
                         Santhosapuram
                         Chennai 600073
                         Tamil Nadu, India
                         E-mail: equitablelegal@gmail.com

                            - and -

                         31, New No. 2, Old No. 29
                         2nd Floor, Nageswara Rao Road
                         Nungambakkam, Chennai 600034

Classes of creditors:    Class I: Allottees under Real Estate
                         Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Kizhakkekara Kuraikose Jose
                         Mr. P D Vincent
                         Mr. Francis Mathew

Last date for
submission of claims:    February 14, 2020


BIOP STEELS: ICRA Maintains 'B+' Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR33.50 crore bank facilities of Biop
Steels & Power Private Limited continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      19.00      [ICRA]B+(Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Short Term-         14.50      [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best limited information
on the issuers' performance. Accordingly, the lenders, investors
and other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.

BIOP Steels & Power Private Limited (BSPPL) is part of the "Modi
Group of Companies" headed by Mr. Santosh Kumar Modi. BSPPL was
incorporated in the year 2010 and is engaged in the manufacture of
sponge iron. The plant is located in Bellary district of Karnataka
and has its own sponge iron manufacturing unit in Belagal (near
Bellary) with the capacity of 200 MT per day using iron ore and
coal as the basic raw materials.

DESAI INFRASTRUCTURE: ICRA Reaffirms B+ Rating on INR4.50cr Loan
----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Desai
Infrastructure Pvt. Ltd. (DIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   Cash Credit         4.50        [ICRA]B+ (Stable); Reaffirmed

   Non-fund-based
   Bank Guarantee      5.50        [ICRA]A4; Reaffirmed

Rationale

The reaffirmation in ratings continues to remain constrained by
DIPL's weak financial risk profile, characterised by relatively
small-scale, weak profit margins and weak coverage indicators. The
company's liquidity position remains poor, with almost-full
utilisation of the working capital limits and high debtor days due
to disputed debtor. ICRA also takes note of the weak order book
position (0.17 times of FY2019's revenue), which coupled with low
execution in the current fiscal, is expected to result in revenue
decline in the current fiscal. Though orders in pipeline are
expected to support scale in future, materialisation of the same
remains critical. The ratings also consider DIPL's client and
geographical concentration risks, due to its focus majorly on
building construction in Gujarat, and the intense competition in
the civil construction space. The ratings also note the
vulnerability of the company's profitability to fluctuations in the
input prices, with limited scope to pass on the price escalations.

The ratings, however, continue to favourably factor in the
extensive experience of the promoters in the civil construction
industry and the AA class registration.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that Desai Infrastructure Private Limited (DIPL) will continue to
benefit from the extensive experience of the promoters in the
building construction industry.

Key rating drivers

Credit strengths

Extensive experience of promoters in civil construction industry;
AA Class registration - DIPL's operations are managed by its
promoters, Mr. Kirtidev Desai, Mr. Sanjay Desai and Mr. Jatin Naik,
who have more than three decades of experience in the civil
construction business. The company is also a AA class registered
contractor with Government of Gujarat, which enables it to bid for
higher-value contracts.

Credit challenges

Weak financial risk profile and order book position – The
company's financial risk profile remains weak with small-scale
operations, weak profitability and coverage indicators. The
operating income stood at INR29.83 crore in FY2019 vis-à-vis
INR25.66 crore in FY2018. The operating margin of the company
continues to be low and declined to 7.90% in FY2019 vis-à-vis
8.85% in FY2018. The capital structure of the company remains
leveraged with gearing of 1.27 times in FY2019. The coverage
indicators, though improved, continue to be weak as evident from
its interest coverage of 2.25 times (1.79 times in FY2018), total
debt/OPBDITA of 3.45 times (4.21 times in FY2018) and NCA/TD of 16%
in FY2019 (14% in FY2018). ICRA also takes note of the weak order
book of INR5.12 crore (as on December 31, 2019), translating to
0.17 times of FY2019's revenues, which coupled with low revenues of
INR9.02 crore (till December 2019) is expected to result in revenue
decline in FY2020. Though orders in pipeline are expected to
support scale in future, materialisation of the same remains
critical. Also, the company's ability to secure and timely execute
the contracts remains crucial.

High client and geographical concentration risk – DIPL faces high
client concentration risk, top-five clients contributed entire ~97%
of revenue in FY2019. Furthermore, most of the executed orders
remain concentrated in Gujarat, resulting in higher geographical
risk.

Fragmented and highly competitive nature of industry - The civil
construction segment in Gujarat is characterised by high
competitive intensity with various contactors having 'AA' category
registration. This leads to highly competitive bids, thereby
pressuring the margins.

Exposure of company's profitability to input price risk –The
company's work orders include a mix of contracts that have price
variation clauses for key inputs linked to a benchmark price index
and fixed price contracts. Hence, its profitability remains
vulnerable to adverse movements in input prices, particularly for
contracts where there are no/limitations on pass-through options.

Liquidity position: Poor

The liquidity position remains poor with limited cash accruals,
almost fully utilised cash credit limits and highly utilised bank
guarantee. Though, the company does not have any major repayments,
any delays in revenue receipts may lead to cashflow mismatches.
Promoter's infusion would remain crucial to support such
mismatches.

Rating sensitivities

Positive triggers – The rating might be upgraded if the company
is able to secure and timely execute new contracts, leading to
substantial increase in scale of operations, profitability and cash
accruals. Moreover, equity infusion along with debt reduction by
working capital management and realisation of disputed debtors,
leading to improved capital structure and liquidity position, will
also lead to a rating upgrade.

Negative triggers – Downward pressure on the ratings could emerge
if significant decline in DIPL's revenues and profitability leads
to lower-than-expected cash accruals or any major debt-funded capex
or stretch in working capital further deteriorates the capital
structure and tightens the liquidity position.

Incorporated in 2001, Navsari (Gujarat)-based Desai Infrastructure
Private Limited is a civil construction contractor working for
Government, semi-Government and private sector clients. The company
is a registered AA class contractor with the Gujarat Government and
is promoted and managed by Mr. Kirtidev Desai, Mr. Sanjay Desai and
Mr. Jatin Naik, who have experience of more than three decades in
the civil construction industry.

In FY2019, the company reported a net profit of INR0.18 crore on an
operating income of INR29.83 crore compared to a net profit of
INR0.02 crore on an operating income of INR25.66 crore in FY2018.


DEWAN HOUSING: ED Finds Software Used to Create Fake Accounts
-------------------------------------------------------------
Tarun Sharma at Moneycontrol.com reports that in a major
breakthrough for the Enforcement Directorate (ED), the central
investigation agency has recovered a software from the office of
the Dewan Housing Finance Corporation (DHFL), through which the
non-banking finance company (NBFC) has allegedly siphoned and
laundered INR12,773 crore by way of creating several hundreds dummy
accounts through 79 shell companies.

"The software distributes the amount that is allocated for
laundering by way of creating fake folio numbers, borrowers'
profiles and properties, which then goes to those accounts as loans
on paper," said two officials of DHFL on the condition of
anonymity, Moneycontrol.com relays.

Moneycontrol.com says the company's nexus with the realty belonging
to the family Dewan Housing is visible through this software.

"The NBFC primarily uses residents profile in this software, where
the data comes from the Dewan housing that deals in slum
rehabilitation where they take aadhar card and other personal
details of residents. DHFL then uses this data and distribute money
in small amounts to thousands of borrowers," said one of the
officials quoted above.

According to the report, the modus operandi of the alleged software
is such where, hypothetically, if the company wants to launder say
INR100 crore, the software will create fake profiles of several
thousand borrowers. Then, the NBFC would distribute the money to
such accounts in no time. Here, the profile of such borrowers will
be automatically generated one which can help the company in case
of any investigation.

Moneycontrol.com relates that the investigation agency got hold on
the software after the arrest of Kapil Wadhawan, the chairman of
DHFL.

Earlier, ED mentioned digital evidence in their remand appeal but
they have not disclosed in court about such software, the report
states.

Moneycontrol.com says the agency was stunned when several loans
were taken on the name of government officials where the software
had used the staff quarters addresses as proof.

Currently, Wadhawan is in ED's judicial custody till February 18,
the report states. So far, Wadhawan has applied for bail at the
special court of Prevention of Money Laundering Act (Act).

DHFL owes over one lakh crore rupees to multiple financial
institutions, including around INR40,000 crores exposure by banks.
ED has found INR12,773 crores laundered by DHFL and another
INR20,000 are untraceable as per KPMG forensic audit report,
Moneycontrol.com discloses.

                            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.

FRIENDS AGRO: ICRA Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR9.60-crore bank facility of
Friends Agro Industries continues to remain under 'Issuer Not
Cooperating' category. The Long-term rating is denoted as "[ICRA] D
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-Based         9.60       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Friends Agro Industries is a partnership firm established in
January 2010 by Mr. Gaurav Aneja, Mr. Sandeep Aneja, Mr. Vipin
Kumar and Mr. Vikram Kumar as partners. The firm is involved in the
milling and processing of basmati and nonbasmati rice. It is based
out of Jalalabad, Punjab.


GRV SALVEX: ICRA Assigns B+ Rating to INR4.30cr LT Loan
-------------------------------------------------------
ICRA has assigned rating to the bank facilities of GRV Salvex Pvt.
Ltd. (GSPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term Fund
   based-Cash Credit    0.67      [ICRA]B+(Stable); assigned

   Long-Term Fund
   based-Term Loan      4.30      [ICRA]B+(Stable); assigned

   Long-Term/Short-
   Term-Unallocated    10.03      [ICRA]B+(Stable)/A4; assigned

Rationale

The ratings assigned to GSPL takes into account the nascent stage
of operations post launch of its new showroom in October 2019. The
ratings also factor in the company's modest financial profile as
reflected by low net worth position, elevated Debt/OPBDITA levels
and working capital-intensive operations as evident from high
inventory. The liquidity of the company is also stretched as
reflected by the full utilisation of bank limits. Moreover, intense
competition faced by the company due to presence of a large number
of unorganised players in its geographic catchment area restricts
its pricing flexibility.

However, the rating draws comfort from the extensive experience of
its promoters through other Group entities in plywood
manufacturing, door manufacturing and construction hardware
trading. The assigned rating also factors in the benefit GSPL
derives from the backward integration of its supply chain as a
significant proportion of raw materials are procured from its Group
entities. ICRA also takes into account the support provided by
promoters in the form of unsecured loans.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that GSPL will continue to benefit from the extensive experience of
its promoters.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in related business – The
promoters have been associated with the wood processing industry
through various Group entities involved in the trading of hardware
and manufacturing of plywood and doors. The promoter family has
more than three decades of experience in the industry.
Benefits of backward integration as part of a larger group – Some
of GSPL's major raw materials are procured from various Group
entities. This significantly limits the raw material inventory
holding and improves the profit margins while ensuring superior
quality.

Credit challenges

Nascent stage of operations – GSPL's sales have increased
significantly post the launch of a showroom in October 2019.
However, the commercial operation of the showroom is still in the
nascent stage. GSPL achieved sales of ~Rs. 4.5 crore till January
2020 and is expected to cross the top line of INR7 crore by the end
of the current fiscal year.

Stretched financial risk profile – Due to the high level of total
debt and small scale of top line projected in the current fiscal
year, GSPL exhibits stretched financial risk profile. The coverage
indicators are expected to be stressed in FY2020 with high gearing,
low DSCR and elevated TD/OPBITDA.

Highly competitive and fragmented industry – Low input cost and
low technical know-how have led to the entry of several medium- and
big-sized players in the furniture manufacturing business. The
presence of a large number of players, coupled with price-sensitive
demography of Gorakhpur, restricts GSPL's pricing flexibility.

Liquidity position: Stretched

The company's liquidity remains stretched due to limited cushion
available to it in the absence of undrawn working capital limits as
utilisation of bank-funded limits have remained high at 99% for the
last 12-month period ending in December 2019. Low cash balances as
on March 2019 as well as the expected increase in debt obligations
arising from planned debt-funded capex further limits GSPL's
financial flexibility.

Rating sensitivities

Positive trigger: ICRA could upgrade the rating if GSPL shows
sustained growth in its scale and gains the expected profit
margins, leading to an improvement in its total net worth and the
overall credit metrics. TOL/TNW of less than 3 on a sustained basis
could lead to positive rating action as well.

Negative trigger: The ratings could be downgraded if the company
fails to scale-up operations as per the expectations. Any major
debt-funded capital expenditure resulting in the weakening of the
company's liquidity profile or DSCR less than 1.1 times on
sustained basis could also lead to a negative rating action.

GRV Salvex Pvt. Ltd. is engaged in the manufacturing and sales of
wooden furniture. It has recently launched a furniture showroom
with the brand name of DAC Furniture in October 2019, where DAC
stands for durable-affordable-comfortable. The showroom has a wide
variety of products which include beds, wardrobes, sofas, dressing
tables, modular kitchens, office furniture, etc.
The promoters of the company have three decades of experience in
plywood manufacturing and furniture hardware trading through
various entities under the Splice Group.


HEAVY ENGINEERING: Ind-Ra Lowers Long Term Issuer Rating to 'B'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Heavy
Engineering Corporation Limited's (HECL) Long-Term Issuer Rating to
'IND B' from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR2.0 bil. Fund-based limits downgraded with IND B/Stable
     rating; and

-- INR1.88 bil. Non-fund based limits downgraded with IND A4
     rating.

KEY RATING DRIVERS

The downgrade reflects the non-renewal of the sovereign guarantee
by the government of India (GoI; holds 100% stake in HECL), post
its expiry in 2017. The GoI did not provide any new loan or grant
to HECL over FY19-FY20. Furthermore, based on the recent budget
allocation, the government does not plan to release a support
package for the company in FY21.

Moreover, HECL witnessed a continued deterioration in its operating
performance and sustained EBITDA losses over FY13-FY19 (FY19:
INR2,521 million; FY18: INR971 million) due to high operating
expenses and capacity underutilization. The operating expenses were
high on account of obsolete technology, which led to operational
inefficiency and the under-absorption of fixed costs. HECL's
revenue dropped to about INR1,000 million in 9MFY20 (FY19: INR3,638
million; FY18: INR4,034 million) on delays in the order book
execution, according to the management. Ind-Ra expects this
deterioration to continue for the rest of the year.

Also, the implementation of the modernization scheme of about
INR12,500 million, scheduled to start in FY18, has been delayed. If
implemented, the scheme will be funded by the proceeds of about
INR10,400 million from a land sale and bank debt. The initiatives
would enable HECL to manufacture specialized equipment for
companies in the defense, railways, power and nuclear sectors, thus
diversifying its customer base. Also, HECL is undertaking
initiatives such as asset monetization, CAPEX plans to upgrade the
technology of its existing facilities and business restructuring to
achieve operational efficiency, save cost and keep ahead of the
competition. According to the management, these initiatives are
likely to result in operating profit from FY23.

Liquidity Indicator – Poor: HECL's consistent operating losses
have adversely affected its liquidity position. The company's
average peak fund-based working capital limit utilization was 71%
for the 12 months ended December 2019. HECL has a long receivable
period (FY19: 235 days; FY18: 235 days), which resulted in high
working capital requirements.

RATING SENSITIVITIES

Positive: A significant increase in the revenue and operating
profit and/or the strengthening of linkages with the GoI in the
form of fund infusion/sovereign guarantee will be positive for the
ratings.

Negative: Delays in the monetization of assets and/or
higher-than-expected EBITDA losses, leading to further stressed
liquidity position, will be negative for the ratings.

COMPANY PROFILE

HECL was set up in 1958 in Ranchi under the Ministry of Heavy
Industries and Public Enterprises. The company manufactures capital
goods/spare parts for companies from the steel, mining,
engineering, defense, railways, and other sectors. It also executes
turn-key projects, from concept to commissioning.

HINDUSTHAN CALCINED: ICRA Keeps B- Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR12.00 crore bank facilities of
Hindusthan Calcined Metals Private Limited continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B- (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      8.00        [ICRA]B- (Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         4.00        [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best limited information
on the issuers' performance. Accordingly, the lenders, investors
and other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.

Hindusthan Calcined Metals Private Limited (HCMPL) was incorporated
in the year 2003 and is engaged in the
manufacturing of sponge iron. The company is promoted by Mr S.K
Modi and his family members. The manufacturing unit is located in
Bellary district of Karnataka with an installed capacity of 200 MT
per day. Other group companies of HCMPL are involved in mining and
related businesses.

INDIA INFOLINE: Fitch Rates New $1B Sr. Sec. MTN Notes 'BB-(EXP)'
-----------------------------------------------------------------
Fitch Ratings assigned expected ratings of 'BB-(EXP)' to India
Infoline Finance Limited's (BB-/Stable) proposed senior secured
notes to be issued under its USD1 billion medium-term note
programme.

The proposed notes will be 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 will also be subject to maintenance-based covenants that
require IIFL and its principal subsidiaries to meet regulatory
capital requirements and maintain a 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 to or
greater to 1.0x at all times.

The proposed notes will be listed on the Singapore Exchange, with
the net proceeds of the notes to be used for on-lending and to
support business growth in accordance with the guidance of External
Commercial Borrowings (ECB). Fitch first rated IIFL's MTN programme
at 'BB-' on January 28, 2020. The final rating is contingent upon
the receipt of final documents conforming to information already
received.

KEY RATING DRIVERS

The ratings of the proposed notes are rated the same level as
IIFL's Long-Term IDR of 'BB-' in accordance with Fitch's rating
criteria. Most of IIFL's debt is secured, and Fitch considers that
non-payment of the 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 therefore cannot be viewed as its primary financial
obligation.

RATING SENSITIVITIES

The rating of the proposed notes to be issued under the MTN
programme will move in tandem with IIFL's Long-Term IDR.

INNOVATORS FACADE: ICRA Withdraws B+ Rating on INR5cr Loan
----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Innovators Facade Solutions Private Limited (IFSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Cash Credit         5.00        [ICRA]B+ (Stable); withdrawn

   Non-fund Based-
   Letter of Credit   (5.00)       [ICRA]A4; withdrawn

   Non-fund Based-
   Bank Guarantee     10.00        [ICRA]A4; withdrawn

Rationale

The ratings of [ICRA]B+ and [ICRA]A4 has been withdrawn in
accordance with ICRA's policy on withdrawal and suspension and at
the request of the company and also based on no objection
certificate provided by the banker. ICRA does not have requisite
information to suggest any change in the credit risk since the time
the rating was last reviewed.

Key rating drivers and their description

Key Rating drivers has not been captured as the rated instrument(s)
are being withdrawn.

Innovators Facade Solutions Private Limited (IFSPL) was
incorporated in March 2013 by Mr. Narendra Sharma and Mrs. Gayatri
Sharma, with an objective to undertake and look after the facade
work contracts for projects based in North India. The commercial
operations commenced from April 2016 onwards and at present, it
provides glass and aluminum facade designing and installation
services to hotels, hospitals, commercial complexes. The company's
registered office is located at Mira Road in Mumbai.

JAI SHIV: ICRA Maintains 'B' Rating in Not Cooperating
------------------------------------------------------
ICRA said the ratings for the INR16.01 crore bank facilities of Jai
Shiv Food Products Private Limited continue to remain under Issuer
Not Cooperating category. The long-term rating is denoted as
[ICRA]B (Stable) ISSUER NOT COOPERATING with a Stable outlook and
short-term rating is denoted as [ICRA]A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       8.50       [ICRA]B (Stable); ISSUER NOT
   Based/ CC                       COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Long Term-Fund       7.00       [ICRA]B (Stable); ISSUER NOT
   Based TL                        COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Short Term–Non       0.01       [ICRA]A4 ISSUER NOT
   fund Based                      COOPERATIONG; Continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

   Short Term-Fund      0.50       [ICRA]A4 ISSUER NOT
   Based                           COOPERATIONG; Continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in April, 2012, JSF mills and processes parboiled
basmati rice of Pusa 1121 variety. The company started operations
in February 2013 with the facilities located at Dabra (district
Gwalior), Madhya Pradesh.

JAL EXPORTS: ICRA Withdraws B(Stable)/A4 Rating on INR11.5cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Jal
Exports (JE), as:

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-      11.50       [ICRA]B(Stable)/[ICRA]A4;
   term: Fund based                  Withdrawn

   Short-term: Non-       1.00       [ICRA]A4; Withdrawn
   fund based

Rationale

The long-term rating of '[ICRA]B(Stable)' and the short-term rating
of '[ICRA]A4' assigned to the bank facilities of JE have been
withdrawn in accordance with ICRA's policy on withdrawal and
suspension, at the request of the firm, and on the basis of the no
dues certificate received from its lender.

Incorporated in 1976 as a partnership firm, Jal Exports is a
Government recognised Star Export House engaged in the
manufacturing and exports of high fashion readymade garments
(mainly casual shirts for men and children's wear) for the export
markets of Europe, South America and North America. The firm's
registered office is located in Mumbai, and its manufacturing
facility is in Karnataka, with an average monthly production of
70,000 pieces of ready-made garments (i.e. ~8.0 lakh pieces
annually). It also outsources part of its production to
third-parties on job-work basis. The firm also carries out trading
of fabrics on a small scale.

KAILASH DEVBUILD: Ind-Ra Affirms Then Withdraws BB LT Issuer Rating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Kailash Devbuild India Private Limited's (KDBIPL) Long-Term Issuer
Rating of 'IND BB (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB' rating on the INR160 mil. Fund-based limit*
     affirmed and withdrawn; and

-- The 'IND A4+' rating on the INR 580 mil. Non-fund-based
     limit** affirmed and withdrawn.

*Affirmed at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn.

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

KEY RATING DRIVERS

The affirmation reflects KDBIPL's continued small scale of
operations, as reflected by revenue growth of INR623.75 million in
FY19 (FY18: INR495.97 million). Revenue grew due to increased sales
of traded goods. The company's absolute EBITDA, however, declined
to INR64.80 million in FY19 (FY18: INR81.93 million) due to a rise
in raw material cost.

The rating factor in KDBIPL's moderate credit metrics, which
deteriorated due to the decline in EBITDA. The gross interest
coverage ratio (operating EBITDA/gross interest expense) stood at
2.13x in FY19 (FY18: 2.36x) and net financial leverage ratio (total
adjusted net debt/operating EBITDA) at 2.36 (2.06). The EBITDA
margins also fell to 10.4% in FY19 (FY18: 16.6%) and the return on
capital employed was 14% (18%).

Liquidity Indicator- Stretched: The company had liquid cash and
cash equivalents of INR0.46 million at FYE19 (FYE18: INR3 million)
with debt outstanding of INR0.08 million (INR0.31 million). Cash
flow from operations turned positive to INR14.36 million in FY19
(FY18: negative INR8.13 million), on account of positive changes in
the working capital requirements. The company's working capital
cycle improved to 139 days in FY19 (189 days) due to deterioration
in debtor days.

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

COMPANY PROFILE

KDBIPL is engaged in providing turnkey solutions for
extra-high-voltage transmission line towers and substation
projects.

KAILASH INFRATECH: ICRA Maintains B Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR6.00 crore bank facilities of
Kailash Infratech Private Limited continue to remain under Issuer
Not Cooperating category. The long-term rating is denoted as
[ICRA]B (Stable) ISSUER NOT COOPERATING with a Stable outlook and
short-term rating is denoted as [ICRA]A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       5.00      [ICRA]B(Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Short Term-          1.00      [ICRA]A4 ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

The company was incorporated as Commercial Equipments Private
Limited on June 27, 2011 and commenced commercial operations from
October, 2011. It changed its name to Kailash Infratech Private
Limited in April, 2012. The company is 100% owned by Mr. Kailash
Gupta and his family members and is an authorized dealer of CE
manufactured by THCM for Indore, Gwalior and Jabalpur territories.
The company deals in various models of THCM, including–mini
excavators, midi excavators, wheeled products, cranes and other
machines.

KHOSLA INTERNATIONAL: ICRA Keeps D Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR29.00-crore bank facility of
Khosla International continues to remain under 'Issuer Not
Cooperating' category. The Long-term rating is denoted as
"[ICRA] D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Cash Credit      29.00        [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in the year 2002, KI is a partnership firm engaged in
milling and processing and basmati and non-basmati rice. The firm
is mainly engaged into production and export of parboiled rice. KI
has its plant located in Batala, Punjab with a milling capacity of
6tons/hour.

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

The instrument-wise rating actions are:

-- INR192.5 mil. Fund-based working capital limits (Long-
     term/Short-term) downgraded with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR87 mil. Non-fund-based working capital limits (Short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects the company's disclosure to the Bombay Stock
Exchange of 30 days' default in interest and principal repayment of
loans on February 10, 2020.

COMPANY PROFILE

Konark Synthetic Ltd, incorporated in 1984, manufactures specialty
yarn and fabric. Apart from the manufacturing activities the
company is involved in job work for ready-made garments.

KPG INTERNATIONAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s KPG International Private Limited
        B-354, Block-B
        Mangol Puri Industrial Area
        Phase-1, New Delhi 110083

Insolvency Commencement Date: January 29, 2020

Court: National Company Law Tribunal, New Delhi, Bench-V

Estimated date of closure of
insolvency resolution process: July 27, 2020
                               (180 days from commencement)

Insolvency professional: Sunil Kumar Agrawal

Interim Resolution
Professional:            Sunil Kumar Agrawal
                         E-29, South Extension-II
                         New Delhi 110049
                         E-mail: aggarwalsk21@yahoo.com

                            - and -

                         904, GF, Sector-7C
                         Faridabad 121006
                         E-mail: irpkpg2020@gmail.com

Last date for
submission of claims:    February 12, 2020


L.S.P. AGRO LIMITED: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: L.S.P. Agro Limited
        22 Ponneri High Road
        Elanthan Cherry
        Andarkuppam Check Post
        Manali New Town
        Chennai 600103

Insolvency Commencement Date: January 25, 2020

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: July 23, 2020

Insolvency professional: CS Satyadevi Alamuri

Interim Resolution
Professional:            CS Satyadevi Alamuri
                         No. 23, Lake Area
                         3rd Cross Street
                         Nungambakkam
                         Chennai 600034
                         E-mail: satyadevifcs@gmail.com
                                 cirp.lspagro@gmail.com

Last date for
submission of claims:    February 13, 2020


MAHESH RICE: ICRA Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR12.00-crore bank facility of
Mahesh Rice Mill continues to remain under 'Issuer Not Cooperating'
category. The Long-term rating is denoted as "[ICRA] B(Stable)
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-Based          12.00       [ICRA]B(Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Mahesh Rice Mill (MRM) was established in 1993 as a partnership
firm. The firm is primarily involved in the milling of rice with an
installed capacity of 3 tonne per hour, which is located in
Taraori, Karnal district (Haryana). The firm has a sortex plant
with the capacity of 3 tonne/hour and is professionally managed by
Mr. Mukesh Goel.

MASS INFRASTRUCTURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Mass Infrastructure Private Limited
        1st Floor Kalapi Avenue
        B/H Malhar Point
        Opp Vaccine Institute
        Old Padra Road
        Baroda 390015
        Gujarat

Insolvency Commencement Date: January 23, 2020

Court: National Company Law Tribunal, Vadorada Bench

Estimated date of closure of
insolvency resolution process: July 27, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Suhas Dinkar Bhattbhatt

Interim Resolution
Professional:            Mr. Suhas Dinkar Bhattbhatt
                         212, Atlantis
                         K-10, B Tower
                         Opp. Honest Restaurant
                         Near Genda Circle
                         Sarabhai Road, Vadorada
                         Gujarat 390007
                         E-mail: cssuhasb@gmail.com
                                 sbhattbhattco@gmail.com

Last date for
submission of claims:    February 12, 2020


MP AGRO: ICRA Lowers Rating on INR5cr LT Loan to B+
---------------------------------------------------
ICRA has revised the ratings on certain bank facilities of MP Agro
BRK Energy Foods Limited (MPBRK), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      5.00        [ICRA]B+ (Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-Fund      4.00        [ICRA]B+ (Stable) ISSUER NOT
   Based/TL                       COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The Long-Term downgraded because of lack of adequate information
MPBRK's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by the rated entity".

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with MP Agro BRK Energy Foods Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Incorporated in 2007, MPBRK is engaged in the processing of wheat
and other agro products at its manufacturing facility located in
Dewas (Madhya Pradesh) which has an installed production capacity
of 43,200 metric tonnes per annum. The company is managed by Mr.
Rahul Kumawat and his family. The operations of the company were
started in 1991 under a proprietorship concern and the entity was
initially engaged in trading and grading of food grains. The
manufacturing operations were set up in 2002. The company sells its
products under its own brand name "Malwa Crown" and also supplies
to retail companies.

NAGAMMAL MILLS: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nagammal Mills Pvt
Ltd (NMPL) a Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR20.0 mil. Term loan due on December 2023 with IND BB-
     /Stable rating;

-- INR87.0 mil. Fund-based working capital facilities assigned
     with IND BB-/Stable/IND A4+ rating; and

-- INR23.0 mil. Non-fund-based working capital facilities
     assigned with an IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect NMPL's small scale of operations even as
revenue increased to INR692.0 million in FY19 (FY18: INR612.0
million) due to the higher number of orders received and executed.
At end-January 2019, NMPL had an order book of INR17.7 million to
be executed in a month. The company booked revenue of INR248.0
million in 1HFY20.

EBITDA margin was modest in FY19 despite improving slightly to 8.9%
(FY18: 8.7%) due to a fall in variable cost. The spinning industry
in which the company operates is cyclical, fragmented and
vulnerable to highly volatile raw material prices. The company's
return on capital employed was 11% in FY19 (FY18: 8%)

The ratings reflect NMPL's modest credit metrics as reflected in
gross interest coverage (operating EBITDA/gross interest expense)
of 2.2x in FY19 (FY18: 1.8x) and net leverage (adjusted net
debt/operating EBITDA) of 4.6x (6.1x). The improvement in the
coverage was driven by an increase in operating EBITDA to INR61.4
million (FY18: INR53.0 million) and that in the leverage was due to
a fall in the total debt to INR282.0 million from INR325.0
million.

Liquidity Indicator - Stretched: NMPL's average use of fund-based
limits for the 12 months ended November 2019 was 98%. The cash flow
from operations was low in FY19 despite improving to INR64.0
million (FY18: negative INR40.0 million) due to favorable changes
in working capital days and an improvement in net operating
EBITDA.

In FY19, the net working capital cycle improved to 80 days (FY18:
133 days) due to a decrease in inventory days to 70 (135). NMPL had
cash and cash equivalents of INR0.343 million at FYE19 (FYE18:
INR0.176 million). The company has repayment obligations of INR30.2
million and INR16.45 million for FY20 and FY21, respectively, which
will be met through net cash accruals and funds from the promoters
if required.

The ratings, however, are supported by the promoters' over a
three-decade-long experience in the textile industry.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue and EBITDA margin,
along with improved liquidity position, leading to an improvement
in the credit metrics could be positive for the ratings.

Negative: Any decline in the revenue and the EBITDA margin, along
with deterioration in the overall liquidity profile or unplanned
debt-led CAPEX, leading interest coverage below 1.8x could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1957, NMPL is promoted by Kumaraswamy, is primarily
engaged in the production of cotton yarn with a focus on the
production of finer counts of yarn. The company is located in
Nagercoil, Kanyakumari.

NEW BHARAT: ICRA Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR34.00-crore bank facility of New
Bharat Rice Mills continues to remain under 'Issuer Not
Cooperating' category. The Long-term rating is denoted as
"[ICRA] D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit       34          [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in the 1958, NRBM is a partnership firm engaged in
milling, processing and sorting of rice. The firm has its plant at
Batala (Punjab) with a milling capacity of 8 tonnes per hour. As
per the management, the average utilization remains around 80-90%.

PNB REALTY: ICRA Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR8.50 crore bank facilities of PnB
Realty Ltd continues to remain in the 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–Fund      0.35        [ICRA]D; ISSUER NOT
   Based (CC)                      COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term-Term      5.97        [ICRA]D; ISSUER NOT
   Loan                            COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term–          2.18        [ICRA]D; ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately
reflect the credit risk profile of the entity.

PnB Realty Ltd. (PnB), a part of the PnB Group of Companies, was
incorporated in March 2008 as a public limited company. The group
is promoted by Mr. VGP Babudas, a second-generation entrepreneur,
with a track record of more than 20 years in real estate and
hospitality sectors. The company operates a hotel named Aurick
Hotel and is also involved in real-estate projects.

PRAGATI ENGINEERING: ICRA Hikes Rating on INR4.28cr Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Pragati
Engineering Belgaum Private Limited (PEBPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-         3.00       [ICRA]B+ (Stable); upgraded
   Working Capital                from [ICRA]B (Stable)
   Facilities          
                                  
   Fund-based–         4.28       [ICRA]B+ (Stable); upgraded
   Term Loans                     from [ICRA]B (Stable)

   Long term,          2.72       [ICRA]B+ (Stable); upgraded
   Unallocated                    from [ICRA]B (Stable)

Rationale

The rating upgrade takes into account the improvement in the
receivable cycle of PEBPL owing to faster realisations of payments
from group companies who drive most of its revenues. The rating
also continues to draw comfort from PEBPL's healthy operating
margin, given the high value addition in precision machine works.
Nevertheless, escalation in overhead cost from revision in minimum
wages by Government of Karnataka has resulted in notable moderation
in margin in the past fiscal. The rating continues to factor in the
extensive experience of promoters in domestic machine tool
industry.

The rating, however, remains constrained by PEBPL's modest scale of
operations and its exposure to high customer concentration, since
that over 90% of sales are generated by a single customer Pragati
Automation Private Limited (group company). Further, the ratings
remain constrained by the vulnerability of the company's
profitability to fluctuations in raw material prices, mainly steel.
The rating also notes the company's leveraged capital structure
owing to its small net worth base and its high working capital
intensity of operations emanating from relatively slow receivables
cycle and high inventory position, thus impacting its liquidity
position.

The Stable outlook on [ICRA]B+ factors in the benefit to the
company from the extensive experience of its promoters in the
precision machine tools industry and its sustained high
profitability levels.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in the precision machine tools
industry - The promoters, Mr. Suresh Bhirangi and his son, Mr.
Mahesh S Bhirangi, have over 30 years of experience in the
precision tools industry. The Bhirangi family is also associated
with Pragati Automation Private Limited (PAPL) and Pragati
Transmission Private Limited, who manufacture precision machinery
parts.

Healthy operating margin despite moderation seen in the past fiscal
from increase in overhead costs - The operating margins continued
to remain healthy, given the high value addition in precision
machine works. However, the operating margin has moderated to
14.52% in FY2019 as against 20.54% in FY2018 mainly on the increase
in employee costs due to revision of the minimum wage structure by
the labour department, State Government of Karnataka.

Reduction in debtor days due to faster realisation of payment from
group company - The debtor days have improved in FY2019 to 114 days
from 149 days in FY2018 from the accelerated payment realisations
from its group company and key customer, PAPL.

Credit challenges

Modest scale of operations - PEBPL's scale remains modest with
operating income of INR27.25 crore in FY2019 as compared to
INR25.26 crore in FY2018. Till November 30, 2019, the company had
recorded revenues of INR18.00 crore in the current fiscal. The
revenue growth in the current fiscal is likely to moderate,
impacted by slowdown in the capital goods industry.

High customer concentration risk, revenue growth contingent upon
order inflow from group company, PAPL - The company's revenues
remained closely linked to the order inflow form its group concern,
PAPL, who drives over 90% of its revenues on an average. Moderation
of order inflow from PAPL thus is likely to have a material impact
on its revenue growth. Reduction in customer diversification would
be a key rating sensitivity, going forward.

Vulnerability of profitability to raw material price movements -
The company's profitability remains vulnerable to raw material
price movements, mainly steel. Any adverse movements in the same
that cannot be adequately passed on to the client can have a
bearing on its profitability metrics.

Leveraged capital structure owing to low net worth base despite
moderation in gearing levels seen in past fiscal - The capital
structure continued to remain stretched owing to a low net worth
base. However, expansion of the net worth base with retention of
profit has resulted in moderation in the gearing level to 1.98
times as on March 31, 2019, as compared to 2.76 times as on March
31, 2018.

High working capital intensity of operations - The working capital
intensity of the company has moderated to 21% in FY2019 from 23% in
FY2018. The receivables and inventory levels continued to remain
high and stood at 114 days and 82 days, respectively, as on March
31, 2019.

Liquidity position: Stretched

The liquidity position of the company remains stretched mainly
because of slow receivables and high inventory level. The working
capital requirements were met by stretching the creditors. In
FY2019, PEPBL had INR0.48 crore of term loans, of which INR0.18
crore is to be repaid in the current fiscal and the rest in FY2022.
The working capital utilisation, as a percentage of sanctioned
limits for the seven-month period ending October 2019, has remained
moderate with average utilisation of 42% providing some comfort to
the liquidity profile.

Rating sensitivities

Positive Triggers - ICRA could upgrade PEBPL's rating if the
company demonstrates a healthy and sustained growth in its overall
scale of operations while maintaining profitability, leading to a
strengthened net worth position.

Negative Triggers - Negative pressure on PEBPL's rating could arise
if lower than expected accruals from any notable decline in
revenues and/or profitability, or deterioration in the working
capital cycle impacts its liquidity and overall financial profile.

Pragati Engineering Belgaum Private Limited was promoted by Mr.
Suresh Bhirangi and his son, Mr. Mahesh S Bhirangi, in 1996. The
company is based in Belgaum (Karnataka) and is involved in
manufacturing sub-assemblies and precision components, which find
application in the machine tool industry. The founders have also
promoted two other entities, Pragati Automation Private Limited and
Pragati Transmission Private Limited, who manufacture precision
machinery parts.

In FY2019, it reported a net profit of INR1.24 crore on an
operating income of INR27.25 crore compared to a net profit of
INR1.31 crore on an operating income of INR25.26 crore in the
previous year.

PRATIBHA SKYSCRAPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Pratibha Skyscrapers Private Limited
        P1 No. 49-50
        Ramnagar Tal Karveer
        Kolhapur 416005

Insolvency Commencement Date: January 20, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 17, 2020

Insolvency professional: Ms. Jovita Reema Mathias

Interim Resolution
Professional:            Ms. Jovita Reema Mathias
                         506, Inizio Building
                         Cardinal Gracious Road
                         Chakala, Andheri East
                         Mumbai 400099
                         E-mail: ip.reemajm@gmail.com
                                 cirp.pratibhaspl@gmail.com

Last date for
submission of claims:    February 13, 2020


PTG TECHNOPAK: ICRA Hikes Rating on INR5.85cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ptg
Technopak Private Limited's (PTG), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term: Fund      5.85       [ICRA]B+ (Stable); upgraded
   Based/Cash Credit               from [ICRA]B(Stable)

   Long-term: Fund      5.00       [ICRA]B+ (Stable); upgraded
   Based/Term Loan                 from [ICRA]B(Stable)

   Short-term:
   Interchangeable     (5.85)      [ICRA]A4; reaffirmed

Rationale

The ratings upgrade takes into account Ptg steady ramp-up of
operations with improved return metrics in FY2019. The revenue
growth was supported by the expansion of its distribution network
and a deeper market penetration. While overall revenue growth is
expected to remain at the FY2019 levels in the near term, given the
reduced polymer prices, an expanding distribution network should
aid in volume improvement. The ratings continue to derive comfort
from the promoter's extensive experience in the industry and a laid
down distribution network. The ratings, however, continue to remain
constrained by the company's small scale of operations that limits
its bargaining power vis-à-vis its customers.

Further, ICRA notes that the company's low net worth base which,
coupled with high debt levels, resulted in a leveraged capital
structure, as reflected by the high gearing as well as its TOL/TNW
levels as on March 31, 2019. The rating notes the working
capital-intensive nature of operations as evident from the high
debtor levels. Further, the company's key raw material prices,
especially of high-density polyethylene (HDPE), are dependent on
the highly volatile crude oil prices, thereby exposing the margins
to raw material-related price volatility. With around 50% of the
raw material requirement met through imports, the company's
profitability also remains vulnerable to volatility in the foreign
currency exchange rates. Further, the company's presence in the
highly fragmented packaging industry – characterised by intense
competition – limits its pricing flexibility.

The Stable outlook on the company's ratings reflects ICRA's
expectation that PTG will continue to benefit from the extensive
experience of its promoters in the industry and its expanding
distribution network.

Key rating drivers and their description

Credit strengths Extensive domain experience of promoters – Prior
to the founding of PTG, its promoters were involved for over a
decade with other companies manufacturing HDPE barrels and drums.
This has helped them build a fruitful customer and supplier
network.

Improvement in financial risk profile in FY2019 – With the
stabilisation of its operations and a healthy offtake of its
products, the company's revenues have increased by 70% Y-o-Y in
FY2019. The company also showed improvement in debt protection and
coverage indicators with interest coverage and TD/OPBDITA pegged at
2.29 times and 4.21 times during FY2019 as compared to 2 times and
5.21 times during FY2018. However, the company's ability to
maintain the same over the medium to long term remains to be seen.

Favourable demand outlook for domestic HDPE barrel industry –
There is good demand prospect for the polymer-based packaging
industry, supported by cost and quality advantages, against that
for metal-based containers.

Credit challenges

Operations stabilised, however, their scale remains modest –
Though the company's operating income (OI) has increased – to
INR26.01 crore in FY2019 from INR15.3 crore in the previous year
– its existing scale of operations remains small. This constrains
its ability to benefit from the economies of scale and limits its
pricing flexibility vis-à-vis that of the bigger entities
operating in the same business arena.

Average financial risk profile – The company's financial profile
remains average, as is evident from its leveraged capital structure
– given the debt funding of the capital expenditure incurred in
FY2017 – and the increasing working capital requirements. In
addition, its liquidity position remains stretched as reflected by
a lower cushion on undrawn working capital limits and heavy
repayment obligations going forward.

Susceptibility to fluctuations in raw material prices and foreign
exchange – Any adverse movement in raw material prices – that
cannot be entirely passed on to its customers – may have a
negative impact on the company's margins. Also, around 50% of the
material requirement is met through imports. In the absence of
adequate hedging mechanism, the company's margins remain vulnerable
to foreign exchange rate fluctuations.

Fragmented and competitive nature of the industry – The low
manufacturing technological complexity and, consequently, a
moderate capital investment – in setting up an
injection/rotomoulding plastic manufacturing plant – have brought
in intense competition. Moreover, there are several organised and
unorganised players in the field, of which the former accounts for
a greater share of the market. Intense competition exerts pressure
on the profitability margins of mid-scale companies like PTG.

Liquidity position: Stretched

PTG's liquidity position is stretched. The company has high debt
obligations – over the next three years – which is likely to
stretch the liquidity position. However, PTG does not have any
major capex plans in next three years which will provide comfort to
the liquidity position of the company to a certain extent.

Rating sensitivities

Positive triggers – The company's ratings could be further
upgraded if it demonstrates a sustained improvement in revenue and
profitability leading to a strengthened net worth position.
Further, better working capital management – resulting in
improved liquidity position and an improved current ratio –
remains critical for a rating upgrade. Specific credit metrics that
could lead to an upgrade of PTG's rating include TOL/TNW of less
than 3 times on a sustained basis.

Negative triggers – Negative pressure on the company's ratings
could arise if there is significant decline in the revenues or
margins, resulting in a reduction of cash accruals. Specific credit
metrics that could lead to a downgrade of the rating include DSCR
of less than 1.1 times on sustained basis. Further, any significant
capex or stretch in working capital cycle adversely impacting the
liquidity profile might result in a rating downgrade.

Incorporated in 2016, PTG Technopak Private Limited (PTG) is a
wholly promoter Group-owned organisation of the Padia Group. The
company commenced commercial operations in February 2017 and
manufactures high density polyethylene (HDPE) drums and barrels.
The major promoter of PTG, Mr. Amit Padia, has ~14 years of
experience in manufacturing plastic moulded products and the direct
marketing of products for industrial packaging. It has a
manufacturing facility in Ambala, Haryana, with a manufacturing
capacity of 3.60 lakh units per annum at present.

PYTEX JEWELLERS: ICRA Lowers Rating on INR10cr Loan to B-
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Pytex
Jewellers Pvt. Ltd., as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      10.00       [ICRA]B- (Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating downgraded
                                   from [ICRA]B+ (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category
Rationale

The Long-Term rating downgraded because of lack of adequate
information Pytex Jewellers Pvt. Ltd.'s performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity".

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Pytex Jewellers Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Pytex Jewellers Pvt. Ltd. was established in 2006 as a private
limited company by Mr. Pradeep Tayaland family. The company is
engaged in the manufacturing and trading of gold, silver, diamonds
and precious stones. Pytex Jewellers is situated at Netaji Subhah
Place, New Delhi, with a shop area close to 600 sq yards. Mr. Ankur
Tayal assists Mr. Pradeep Tayal in business.


RG BUILDSTATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. RG Buildstate Private Limited
        204, R-7, Park Saroj
        Yudhistra Marg, C-Scheme
        Jaipur 302001
        Rajasthan

Insolvency Commencement Date: January 30, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 28, 2020

Insolvency professional: Mr. Chander Shekhar

Interim Resolution
Professional:            Mr. Chander Shekhar
                         839, West End Mall
                         District Centre, Janakpuri
                         New Delhi 110058
                         E-mail: ca.cssuneja@gmail.com
                                 cirprgbuildestate@yahoo.com

Last date for
submission of claims:    February 14, 2020


RISSALA PRODUCTS: ICRA Keeps 'B' Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Rissala Products Private Limited continues to remain under 'Issuer
Not Cooperating' category. The Long-Term rating is denoted as
"[ICRA] B(Stable) ISSUER NOT COOPERATING". The outlook is stable.
The Short-Term rating is denoted as "[ICRA] A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          3.00       [ICRA]B(Stable) ISSUER NOT
   Working Capital                 COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Fund-based-          5.00       [ICRA]B(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Non-fund Based       2.00       [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

RPPL, incorporated in 2012, has been manufacturing decorative and
industrial laminates since FY2013. The company is promoted by Mr
Kamaljeet Kataria, who has more than a decade of experience in
manufacturing, trading and distribution of decorative and
industrial laminates.

RVK ENERGY PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: RVK Energy Private Limited

        Registered office:
        6-3-1109/A/1, 3rd Floor
        Navabharat Chambers
        Raj Bhavan Road
        Somajiguda
        Hyderabad 5000082
        Telangana

Insolvency Commencement Date: January 6, 2020

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 3, 2020

Insolvency professional: Krishna Komaravolu

Interim Resolution
Professional:            Krishna Komaravolu
                         House No. 7-1-214
                         Flat No. 409
                         Vamsikrishna Apartments
                         Dharam Karan Road
                         Ameerpet, Hyderabad 500016
                         E-mail: kkvolu@gmail.com
                                 irp.rvk@gmail.com

Last date for
submission of claims:    February 13, 2020


SALAGRAM POWER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Salagram Power and Steel Private Limited
        4th-Fr, Room No. 403
        83/2/1 Topsia Road
        South Kolkata 700046

Insolvency Commencement Date: January 22, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 19, 2020

Insolvency professional: Mr. Jitendra Lohia

Interim Resolution
Professional:            Mr. Jitendra Lohia
                         Todi Chambers
                         2 Lal Bazar Street
                         2nd Floor, Room no. 204 & 205
                         Kolkata 700001
                         West Bengal
                         E-mail: jitulohia@knjainco.com
                                 ip.jitulohia@gmail.com

Last date for
submission of claims:    February 11, 2020


SHREE RAM: ICRA Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------
ICRA has continued the ratings for the INR5.00 crore bank
facilities of Shree Ram Pulse Mills. The rating is now denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING: Rating moved to 'Issuer
Not Cooperating' category".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term           5.00        [ICRA]B+(Stable) ISSUER NOT
   fund-based                      COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Established in 2003 as a partnership firm, SRPM processes and sells
pigeon peas (tuver dal), black gram pulse (urad dal) and gram pulse
(chana dal). The firm's plant at Gondal (Gujarat) is equipped with
sortex and processing machines that have an annual processing
capacity of 9,000 metric tonnes (MT) of pulses. It markets the
pulses under 'Ram Platinum', 'Ram Gold' and 'Ram Silver' brand
names to differentiate the various grades processed by it. The
partners of the firm have extensive experience in the pulse
processing industry through their association with other Group
concerns, namely Shree Ram Traders, Shree Ram Cleaning, Shree Ram
Agro Industries and Jay Siyaram Traders.

In FY2017, the firm reported a net profit of INR0.34 crore on an
operating income (OI) of INR46.12 crore, as compared to a net
profit of INR0.31 crore on an OI of INR48.08 crore in the previous
year.

SNS DIAGNOSTICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: SNS Diagnostics Limited
        Room No. 106, First Floor
        2162/T-10 A, Guru Arjun Nagar
        Main Patel Road
        New Delhi 110008

Insolvency Commencement Date: January 14, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 12, 2020
                               (180 days from commencement)

Insolvency professional: Atiuttam Prasad Singh

Interim Resolution
Professional:            Atiuttam Prasad Singh
                         A-97 & 98, Upper Ground Floor
                         Street No. 6, Madhu Vihar
                         Delhi 110092
                         E-mail: atiuttamsingh@gmail.com
                                 snsdiagnosticslimited@gmail.com

Last date for
submission of claims:    February 11, 2020


SRI PANCHAJANYA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Sri Panchajanya Power Private Limited

        Registred office:
        Plot No. 53, Flat No. 102 Ashwini Homes
        Behind Andhra Jyothi Journalist Colony
        Road No. 70, Jubilee Hills
        Hyderabad, TG 500033

Insolvency Commencement Date: January 21, 2020

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 19, 2020
                               (180 days from commencement)

Insolvency professional: Kalvakolanu Murali Krishna Prasad

Interim Resolution
Professional:            Kalvakolanu Murali Krishna Prasad
                         8-27, Mythripuram Colony
                         Jillelguda, Karmanghat
                         Vyshalinagar Post
                         Hyderabad 500079
                         E-mail: kmk123ip@gmail.com
                                 pkmk0600@gmail.com

Last date for
submission of claims:    February 10, 2020


SUN SHINE BUILDERS: ICRA Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of Sun
Shine Builders continues to remain in the 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER
NOT COOPERATING".


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Fund-      10.00      [ICRA]B+ (Stable) ISSUER NOT
   Based Term Loan                 COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Sun Shine Builders is a partnership firm formed in 2012 with Mr. T.
Janardhan Rao and Mr. M Ramesh as the partners and was
reconstituted in September 2013 with Mr. M Satish as the third
partner. The firm is involved in real-estate development and has
completed two residential projects in Bangalore since its
inception. It is developing a residential apartment project called
'Silicon Pride' at Whitefield, Bangalore.

TEESTA RANGIT: ICRA Withdraws 'D' Rating on INR40cr Loans
---------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Teesta
Rangit Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based          32.00      [ICRA]D ISSUER NOT COOPERATING;
   Limits                         Withdrawn

   United limits       8.00       [ICRA]D ISSUER NOT COOPERATING;
                                   Withdrawn

Rationale

The ratings have been withdrawn in accordance with ICRA's policy on
withdrawal and suspension, and as desired by the company on receipt
of no objection certificate provided by the bank. ICRA does not
have adequate information to suggest that the credit risk has
changed since the time the ratings were last reviewed.

Key rating drivers and their description

Key rating drivers have not been captured for the rating withdrawal
due to inadequacy of incremental information since the time the
ratings were last reviewed.

Liquidity position
Liquidity position has not been captured for the rating withdrawal
due to inadequacy of incremental information since the time the
ratings were last reviewed.

Rating sensitivities
Sensitivities have not been captured for the rating withdrawal due
to inadequacy of incremental information since the time the ratings
were last reviewed.

Incorporated in 1991, TRPL owns and operates a four-star hotel The
Royal Plaza in Gangtok, Sikkim. The company has a tie-up with
Sarovar Hotels & Resorts Private Limited for managing the property
and handling sales and marketing functions of the hotel business.
The hotel has 81 rooms with a dining-cum restaurant, tea and coffee
shop, banquet hall, and a bar. In addition, the company operates a
casino, Casino Sikkim, in the same premises.


THERDOSE PHARMA: ICRA Lowers Rating on INR7cr Cash Loan to B
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Therdose
Pharma Private Limited (TPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan            5.47       [ICRA]B(Stable) ISSUER NOT
                                   COOPERATING; Downgraded from
                                   [ICRA]BB (Stable); Rating
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Cash Credit          7.00       [ICRA]B(Stable) ISSUER NOT
                                   COOPERATING; Downgraded from
                                   [ICRA]BB (Stable); Rating
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category


   Non-Fund based       3.00       [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Unallocated Limits   9.53       [ICRA]B(Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Long term rating downgraded
                                   from [ICRA]BB (Stable),
                                   Rating continues to remain in
                                   the 'Issuer Not Cooperating'
                                   category

Material event

ICRA has noted that National Company Law Tribunal (NCLT) has
ordered the commencement of a corporate insolvency resolution
process of Therdose Pharma Private Limited (TPPL).

Impact of material event

The insolvency resolution proceedings are likely to impact the
liquidity position of the company and its operations.

ICRA awaits more details from the management on the proceedings and
will closely monitor the developments and would keep the investors
updated on the implication of the same on the credit profile of
TPPL.

Rationale

The rating revision factors in the insolvency proceedings initiated
against the company by its operational creditor, which is expected
to impact its operations and liquidity position. The rating also
considers the company's small scale of operations. The rating,
however, favourably factors in the company's established track
record of about two decades and established relationship with
customers.

Key rating drivers and their description

Credit strengths

Track record of the company and established relationships with
customers – The company has two decades of experience in the
pharmaceutical industry and had filed 85 provisional patents during
its alliance with Scidose LLC till August 2014. The promoters have
established relationships with many companies like Alembic
Pharmaceuticals Ltd, Boston Biopharma, Dr. Reddy's Laboratories
Limited etc., resulting in regular orders from them.

Credit challenges

Insolvency proceeding initiated – The insolvency proceeding has
been initiated against the company could impact its operations and
liquidity position

Therdose Pharma Pvt. Ltd. (TPPL) was incorporated in 2003 in the
name of Oshadha Therapeutical Private Limited in the owned premises
in Hyderabad. In 2005, the company's name was changed to Therdose
Pharma Private Limited (TPPL). The manufacturing unit cum
administration office of the company is situated in Hyderabad. The
company is engaged in drug development and contract research, scale
up and technology transfer, manufacturing of oncology and
non-oncology formulations. Until August 2014, TPPL was subsidiary
of Scidose LLC, U.S. and later became an Indian company. The
company has capacity to manufacture 0.12 crore oncology sterile
injections, and 1.85 crore oncology oral solids per annum.

UPL CORP: S&P Assigns 'BB' Rating on New Sub. Perpetual Securities
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to UPL
Corp. Ltd.'s proposed issuance of subordinated perpetual securities
(PERPS). UPL Corp. intends to use the proceeds for refinancing
purposes.

S&P said, "We rate the proposed PERPS two notches below the issuer
credit rating on UPL Corp. (BBB-/Stable/--), reflecting the
subordinated nature of the issuance and the optional deferability
of its coupon payments. The issue rating is subject to our review
of the final issuance documentation.

"We consider the PERPS to have intermediate equity content up to
the first reset date because they meet our criteria in terms of
subordination, permanence, and deferability at the company's
discretion during that period."

The PERPS will effectively rank senior only to UPL Corp.'s equity.
They will have five-year resettable coupons with step-ups of 25
basis points after the initial term of 10.25 years, and another 75
basis points after 25.25 years. The PERPS allow indefinite deferral
of coupons on a cash cumulative basis, subject to restrictions on
shareholder distributions.

Although the PERPS have an indefinite tenor, UPL Corp. can redeem
them between the first call date (five years from issuance) and the
first reset date, and every six months thereafter. If any of these
events occur, UPL Corp. intends to replace the proposed
instruments, although it is not obliged to do so.

S&P said, "In our view, the moderate coupon step-ups and redemption
provision create an incentive to redeem the PERPS after 25 years.
Consequently, we do not consider the PERPS to have intermediate
equity content beyond the first reset date. This is because the
remaining period until its economic maturity would by then be less
than 20 years.

"Given the intermediate equity content up to the first reset date,
we classify 50% of the principal as debt and 50% of the
distributions as interest expense in our calculation of UPL Corp.
and its parent UPL Ltd.'s financial ratios. However, the proposed
PERPS would form less than 5% of UPL Ltd.'s capital structure. As
such, the equity content does not have a material impact on our
calculations of the company's leverage.

"In our view, UPL Corp. is an inseparable part of UPL Ltd. UPL
Corp. accounts for a significant part of UPL Ltd.'s assets and cash
flows. Therefore, our assessment of UPL Corp.'s credit profile
reflects our view of UPL Ltd.'s credit profile.

"UPL Ltd.'s third-quarter fiscal 2020 (year ending March 31, 2020)
results were in line with our estimates. We expect UPL Ltd.'s ratio
of funds from operation to debt to remain at about 18%. We expect
this ratio to exceed 25% by the end of fiscal 2021."

UPL Ltd.'s organic revenue growth of 8% for year-to-date fiscal
2020 remains above our fiscal 2020 expectations of 5%-6%, while
reported EBITDA margins are tracking in line at 20%. We expect
revenue growth to accelerate from the fourth quarter of fiscal
2020. Expectations of normalizing weather patterns in the U.S. and
Europe, coupled with India's good monsoon season in 2019, should
support faster agricultural growth.

S&P sid, "In our opinion, UPL Ltd.'s integration of Arysta
Lifescience Inc., the agricultural solutions segment of
U.S.-headquartered Element Solutions Inc., is on track. The company
has realized about Indian rupee (INR) 5.3 billion of cost synergies
from the acquisition as of the third quarter of fiscal 2020,
compared with the full-year target of INR5.6 billion (1.6% of
fiscal 2020 EBITDA). We believe higher sales and additional cost
savings should help bridge UPL Ltd.'s EBITDA margin gap with our
fiscal 2020 expectations. We expect the company to continue to
realize synergies with Arysta."


VAJRAM SPINNING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vajram Spinning Mills Private Limited
        D.No. 135 Cotton Market
        Rajapalayam TN 626117
        IN

Insolvency Commencement Date: January 31, 2020

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: July 29, 2020

Insolvency professional: S. Muthuraju

Interim Resolution
Professional:            S. Muthuraju
                         No. 3, Sundaram Brothers Layout
                         Opp to all India Radio
                         Trichy Road, Ramanathapuram
                         Coimbatore 641045
                         E-mail: smrajunaidu@gmail.com

Last date for
submission of claims:    February 14, 2020


VIVIANA VITRIFIED: ICRA Assigns B+ Rating to INR8.41cr Loan
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Viviana
Vitrified Private Limited (VVPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan            8.41       [ICRA]B+ (Stable); Assigned

   Fund-based-
   Cash Credit          3.00       [ICRA]B+ (Stable); Assigned

   Non-fund based-
   Bank Guarantee       2.25       [ICRA]A4; Assigned


Rationale

The assigned ratings take into account the company's modest scale
of operations, with below-average financial risk profile evident
from leveraged capital structure, below-average coverage indicators
and higher working capital intensity. The ratings also factor in
the intense competition in the ceramic industry and the exposure of
VVPL's profitability to volatility in raw material and fuel prices.
ICRA further considers the exposure of the company's operations and
cash flows to the cyclicality in the real estate industry (the main
end-user sector).

The ratings, however, favourably factor in the experience of the
promoters in the ceramic industry and the location advantage, which
ensures easy availability of raw materials.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that VVPL will continue to benefit from the extensive experience of
its promoters in the ceramic tiles industry.
Key rating drivers and their description

Credit strengths

Extensive experience of promoters in ceramic industry– VVPL
manufactures digitalised ceramic wall tiles. Its key promoter, Mr.
Bharat Vadalia, has more than a decade-long experience in the
ceramic industry through other associate entities that operate in
the same industry. The company also derives benefit from the
marketing and the distribution network of its associate concerns.
Location-specific advantage - The location of the company's
manufacturing facility in the ceramic hub of Morbi (Gujarat)
provides easy access to quality raw materials such as body clay,
feldspar and glazed frit.

Credit challenges Moderate-scale operations; intense industry
competition - The company's scale of operation continues to be
moderate, as reflected in its operating income (OI)—Rs. 19.18 in
FY2019 and INR20.34 crore in 8MFY2020. Further, the intense
competition from established tile manufacturers and unorganised
players limits the company's pricing flexibility.

Below-average financial risk profile – The company reported a net
loss of INR1.62 crore in FY2019, owing to sub-optimal capacity
utilisation, high depreciation and interest charges, given the
initial year of operation. Further, due to the debt-funded capex in
the recent past, the capital structure remained highly leveraged,
with gearing of 5.13 times as on March 31, 2019. The coverage
indicators were also below average in FY2019, with interest
coverage at 1.70 times, Total Debt/OPBDITA at 7.43 times and
NCA/Total Debt of ~6%.

High working capital intensity – The company provides an average
credit period of 60 days to its domestic customers. In export, the
company realises sales from importers in CAD terms or against LC.
Further, it receives a credit period of ~90-120 days from its
suppliers. The company maintains an inventory of finished goods
(usually ~2-3 months) to meet its client's order continuously. The
working capital intensity (NWC/OI) of the company remained high at
~18% in FY2019 due to high debtor days and inventory levels.

Vulnerability of profitability and cash flows to cyclicality in
real estate industry - The real estate industry is the key end user
of tiles. Hence, VVPL's profitability and cash flows are likely to
remain vulnerable to the inherent cyclicality of the industry.

Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices - Raw material and fuel are the two major
cost components determining the cost competitiveness of a player in
the ceramic industry. VVPL has limited control over the prices of
its key inputs, such as raw materials and piped natural gas (PNG).
Hence, the company's profitability, vulnerable to the movements in
raw material and gas prices, relies on its ability to pass on any
adverse movement to the customers.

Liquidity position: Poor

VVPL has poor liquidity as the scheduled repayments in FY2020 are
expected to tightly match the cash accruals. The liquidity pressure
is further exacerbated by the absence of cushion in the cash credit
limits. Hence, timely support from promoters through equity
infusion/unsecured loans remains crucial in case of any cash flow
mismatch.

Rating sensitivities

Positive triggers

* Significant scale up of operations coupled with increased
profitability, leading to improvement in financial risk profile •
Improvement in working capital cycle and strengthening of net worth
base, leading to improvement in liquidity profile

Negative triggers

* Substantial decline in scale of operations or erosion in the
operating margins due to increased competition in the ceramic
industry

* Any large debt-funded capex or withdrawal of unsecured loans or
stretch in working capital cycle adversely impacting the liquidity
profile and other key credit metrics

Incorporated in November 2015, Viviana Vitrified Private Limited
(VVPL) commenced the manufacturing of digitalised ceramic wall
tiles on May 2018. Its manufacturing facility is located at Morbi,
Gujarat, with an installed capacity to produce 36 lakhs boxes of
ceramic wall tiles per annum. VVPL manufactures wall tiles in three
different dimensions – 12"X12", 12"X18' and 12"X24".

In FY2019, the company reported a net loss of INR1.62 crore on an
operating income of INR19.18 crore.

WINNER NIPPON: ICRA Lowers Rating on INR8.75cr LT Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Winner
Nippon Electronics Ltd., as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       8.75       [ICRA]B+ (Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-Fund       1.45       [ICRA]B+ (Stable) ISSUER NOT
   Based TL                        COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short Term–Non       1.75       [ICRA]A4; ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term/Short      2.05       [ICRA]B+(Stable)/A4 ISSUER NOT
   Term-Unallocated                COOPERATING; Long Term Rating
                                   downgraded from
                                   [ICRA]BB(Stable) and continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

Rationale

The Long-Term rating downgraded because of lack of adequate
information Winner Nippon Electronics Ltd.'s performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Winner Nippon Electronics Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Winner Nippon Electronics Ltd. is engaged in the business of
manufacturing PU/PVC synthetic leather and PP non woven fabric. The
company started its commercial operations in 2006 at its
manufacturing facility located in Baddi, Himachal Pradesh. WNLPL is
100% subsidiary of Raglan Infrastructure Limited which is involved
in real estate space.



=======
L A O S
=======

LAOS: Fitch Assigns First-Time 'B-' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Laos a first-time Long-Term
Foreign-Currency Issuer Default Rating at 'B-' with a Stable
Outlook.

KEY RATING DRIVERS

Laos' 'B-' rating reflects weak external and public finances,
potential financing and liquidity pressures in the context of very
low foreign-exchange reserves and an under-developed policy
framework. These factors are balanced by a record of consistent and
robust economic growth, low inflation, strong medium-term growth
potential and political stability.

In Fitch's assessment, the low level of international reserves
represents a key vulnerability considering the country's managed
currency regime, large import bill and rising external
debt-servicing costs. Fitch estimates gross international reserves
of the Bank of Lao PDR rose slightly to USD925 million by end-2019,
covering just 1.2 months of current external payments, and expects
them to rise steadily to around USD1.2 billion by end-2020. (The
authorities target a measure of reserves to non-FDI related
imports, which stands at approximately three months).

The BoL manages the currency (kip) within a crawling band to the US
dollar, and allowed the currency to depreciate by 3.7% against the
US dollar and by 10.5% against the Thai baht in 2019. However,
movements in the parallel exchange market indicate stronger
depreciation pressures that appear to have been managed with
foreign-exchange intervention, as the gap between the commercial
bank US dollar rate and the parallel rate reached 5% in August and
remained just below this level in subsequent months.

In its view, the sovereign has high external financing risks
because of high debt maturities in 2020 and its assessment that the
capacity for increased funding from traditional sources of
government financing has declined. Public external debt service is
set to rise to USD1.15 billion in 2020 and remain around USD1
billion a year over the next several years, according to government
estimates, against current reserves of around USD925 million.

The sovereign's debt structure is mainly on concessional terms over
long maturities with bilateral and multilateral creditors, which
helps to limit servicing costs, and it also has a record of
successful issuance in the Thai bond market. The authorities also
tapped international markets for the first time in December 2019,
with a private placement of USD150 million 18-month bridge notes.
However, these financing options alone appear insufficient to meet
financing needs over the next year, prompting the government to
seek additional market financing. As a result, a shift in investor
sentiment or reduction in bilateral financing could strain external
liquidity.

Fitch estimates that Laos' current account deficit rose to 8.1% of
GDP in 2019, from 7.9% in 2018 (estimates and forecasts are based
on the authorities' data, whereas the IMF uses an alternative
estimate showing a 12% of GDP deficit in 2018), before narrowing
modestly to 7.6% in 2021, due to an improvement in the trade
balance. Exports are likely to accelerate as two new hydropower
plants came on-line in late-2019 and agricultural exports rise.
Import growth will also remain robust due to ongoing infrastructure
construction. Much of the deficit will continue to be financed by
large FDI inflows of roughly 7% of GDP a year.

Net external debt, which Fitch estimates at 76.9% of GDP in 2019,
is well above the 'B' median of 17.6%, exposing Laos to debt
sustainability risks in the event that economic returns on large
infrastructure projects fail to materialise. Private external debt
comprises roughly 40% of total external debt, a large portion of
which is from public-private partnership investments in the
hydropower sector. Many of the hydropower producers have guaranteed
25-year income streams through long-term power purchase agreements,
offsetting some risks around external debt sustainability, although
any future risks or disputes related to these contracts could
reduce their value to the government.

Public and publically guaranteed debt is high at 58.2% of GDP in
2019, based on Fitch estimates, and modestly above the 'B' median
of 50%. However, the composition of this debt may be broader than
its standard general government debt definition, and its estimate
may therefore be overstated in the absence of details on publically
guaranteed debt. External PPG debt is 54.2% of GDP, with 47% of the
total owed to China. Roughly 65% of PPG debt is on concessional or
semi-concessional terms from multilateral and bilateral sources. In
addition, the government is exposed to possible contingent
liabilities (estimated by the IMF at up to 30% of GDP) from PPPs
and the Kunming-Vientiane Railway, although these are not
explicitly guaranteed.

Fitch projects the government PPG debt ratio to begin declining
after 2019, reaching 55.6% of GDP by 2021. This is based on its
expectations of fiscal consolidation, suspension of some
infrastructure projects and the government's plans to finance only
projects with high economic and social returns on concessional
terms.

The government is making headway on its fiscal consolidation
efforts, with the fiscal balance narrowing to 4.6% of GDP in 2018,
from 5.6% in 2017. Fitch estimates a further narrowing of the
deficit in 2019 to 4.4% of GDP. Much of the consolidation has come
from current expenditure compression. The government is
implementing tax administration and electronic payment measures to
raise revenue by 2pp of GDP over the next several years from the
current low level of 15.8%. Fitch anticipates more gradual revenue
improvement, which would reduce the deficit to 3.8% of GDP by
2021.

Consistent and strong GDP growth is a core rating strength for
Laos. GDP growth has averaged 6.7% over the past five years
compared with a 'B' median of 4.6%. Fitch estimates growth in 2019
slowed to 5.8%, due to droughts and flooding weighing on
agricultural production. However, Fitch forecasts growth to rebound
to 6.2% by 2021, as new hydropower export capacity comes on-line
and infrastructure investment continues.

Medium-term growth prospects also compare well with the 'B' median.
Ample investment in the hydropower sector, increased regional rail
and road connectivity, natural resource wealth and a young
population provide the basis for a strong growth outlook. It
remains to be seen whether an overarching strategy can be put in
place to maximise growth potential from these opportunities. In
this regard, the government is implementing some initiatives, such
as building up electrical transmission networks, creating special
economic zones and developing human capital.

Inflation has been low and stable in recent years, but came under
upward pressure in 2019, reaching 6.3% in December, as a result of
kip depreciation against the Thai baht and US dollar. Fitch
forecasts inflation to average 5.4% in 2020, up from 3.2% in 2019,
although it expects the rise to be temporary, before coming down to
around 2.5% by the end of the year.

Laos is politically stable, but scores below the median for World
Bank governance indicators, reflecting considerable weaknesses in
institutional capacity and control of corruption. Under Prime
Minister Thongloun Sisoulith, who took office in 2016, the
government has made efforts to address these weaknesses. Over the
past year, a number of laws were passed to enhance fiscal and debt
management, and strengthen the banking system. However, these
policies remain in their initial implementation stages.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Laos a score equivalent to a rating
of 'B+' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  - External: -1 notch, to reflect potential external liquidity
pressures in light of very low levels of foreign-exchange reserves
against rising external debt-servicing needs. A high level of net
external debt poses risks to external debt sustainability.

  - Fiscal: -1 notch, to reflect increasingly constrained financing
options for the government to meet its rising near-term debt
maturities.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable or not fully reflected in
the SRM.

RATING SENSITIVITIES

The main factors that could, individually or collectively trigger a
positive rating action are:

  - An increase in foreign-exchange reserves, potentially from
unlocking new sources of financing, reducing vulnerability to
external shocks and liquidity risks.

  - Continuation of fiscal consolidation efforts, resulting in a
sustained downward trajectory of the PPG debt/GDP ratio.

  - An improvement in governance and institutional capacity, for
instance, through an increase in the World Bank governance
indicators or enhancements to macroeconomic management.

The main factors that could, individually or collectively trigger a
negative rating action are:

  - Increasing signs of external financing strains for the
sovereign, for instance, from the inability to mobilise sufficient
external financing from bilateral creditors or market funding
sources to meet upcoming debt maturities.

  - Sustained rise in the PPG debt/GDP ratio, resulting from
insufficient fiscal consolidation or a materialisation of
contingent liabilities.

KEY ASSUMPTIONS

  - Fitch assumes that, notwithstanding its narrowing financing
options, the government will be able to use existing bilateral and
multilateral borrowing relationships, potentially in tandem with
market funding, to repay or refinance debt maturing in 2020.

  - The global economy performs in line with Fitch's global
economic outlook, particularly China, which is a key source of
external financing and trade.



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

CHASWOOD RESOURCES: To Hold Scheme of Arrangement Vote by April 30
------------------------------------------------------------------
Annabeth Leow at The Business Times reports that Chaswood Resources
Holdings on Feb. 13 said the company has got permission from the
High Court to call a creditors' vote on its scheme of arrangement.

Chaswood, which is going through restructuring, must hold the
meeting in Singapore by April 30, with creditors to be notified at
least four weeks in advance, BT discloses citing the court's
order.

BT says no legal action or proceedings against the company can be
taken until the scheme is approved by the court, while the costs of
the creditors' meeting will be paid out of Chaswood's assets.

The court also required businessman Ng Teck Wah to stay out of
Tremendous Asia Management Inc's (TAMI) decisions on the scheme,
until he resigns from the TAMI board, BT relates.

TAMI, where Mr. Ng is sole director, had in March 2019 obtained a
corporate guarantee from Chaswood over interest-free bridging loans
to subsidiary Chaswood Resources Sdn Bhd where Mr Ng is also a
director, according to BT.

ChasWood Resources Holdings Ltd. owns, operates and franchises
restaurants. The Company operates bars and Italian, Japanese and
American casual restaurants in Malaysia and Singapore.

FALCON ENERGY: Moves to Call Creditor Votes on Compromise, Schemes
------------------------------------------------------------------
Annabeth Leow at The Business Times reports that Falcon Energy and
its Asetanian Marine subsidiary have both moved to call creditor
meetings to vote on compromises or schemes of arrangement,
mainboard-listed Falcon said in a bourse announcement on Feb. 14.

Earlier that day, the two companies had each filed an originating
summons for leave to convene the meetings, the board added, BT
relays.

Relevant documents, such as updates from Dec. 20, 2019, on
regulatory approvals for the planned scheme of arrangement, can be
shared with affected parties upon request, according to BT.

Falcon Energy, which first asked for a debt freeze in July 2019,
was most recently allowed in November 2019 to have the moratorium
extended to March 2, 2020 as long as it filed its scheme or
compromise application by Feb. 14, the report notes.

Singapore-based Falcon Energy Group Limited, an investment holding
company, provides services from the initial exploration stage to
production and postproduction stage to oil companies and
contractors worldwide.

As reported in the Troubled Company Reporter-Asia Pacific on July
29, 2019, The Business Times said Falcon Energy Group and its
subsidiary Asetanian Marine on July 25 filed applications in the
High Court for a moratorium as part of a court-supervised process
to reorganise their liabilities.

Falcon Energy Group and Asetanian have engaged Rajah & Tann
Singapore LLP as legal advisers and KPMG Services as their
independent financial adviser in this process.

SAKAE HOLDINGS: Q2 Net Loss Narrows to SGD734,000
-------------------------------------------------
Annabeth Leow at The Business Times reports that Sakae Holdings
trimmed its second-quarter loss by a tad, according to results
released on Feb. 14, as the Japanese restaurant operator continued
with "streamlining group operations".

BT relates that Sakae has indicated in the past that such
streamlining includes the use of a central kitchen and technology.
But with the ongoing Covid-19 outbreak, such unforeseen
circumstances are forecast to affect food and beverage businesses
"significantly", it has now said.

This comes even as watch-listed Sakae expects food, labour, rental
and utilities costs to continue climbing in the year ahead in the
F&B industry, according to its outlook statement.

Net losses narrowed to SGD734,000 for the three months to Dec 31,
2019, from SGD1.03 million in the year before, on a 18 per cent
fall in revenue, to SGD9.2 million, BT discloses.

Loss per share came to 0.53 Singapore cent for the quarter,
compared with 0.72 Singapore cent previously, while net asset value
stood at 21.64 Singapore cents a share, against 22.74 Singapore
cents as at June 30, 2019, according to BT.

For the half-year, the net loss was SGD1.57 million, against
SGD1.78 million before, as revenue shrank by 13.9 per cent to
SGD18.6 million.

No dividend was recommended, unchanged from the year before, which
the board said was "to conserve cash for future operations in view
of the prevailing business conditions of the group," BT adds.

Sakae Holdings Ltd. owns and operates restaurants, cafes, and
kiosks. The Company also offers food and beverages catering
services and franchises its food and beverages brands.


                           *********


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
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Information contained herein is obtained from sources believed
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