---

       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

          Friday, February 21, 2020, Vol. 23, No. 38

                           Headlines



A U S T R A L I A

ARXXUS TECHNOLOGY: Second Creditors' Meeting Set for Feb. 27
ATTAINABLE OPTIONS: Second Creditors' Meeting Set for Feb. 26
BEAUMARIS HOME: Second Creditors' Meeting Set for Feb. 28
BIOACTIVE SOIL: Second Creditors' Meeting Set for Feb. 26
BRAND NEW: Second Creditors' Meeting Set for Feb. 28

DIG-IT CONTRACTING: First Creditors' Meeting Set for Feb. 28
EMB PROJECTS: First Creditors' Meeting Set for Feb. 28
KALITE PTY: Second Creditors' Meeting Set for Feb. 25
MZI RESOURCES: Second Creditors' Meeting Set for Feb. 25
ROYAL NATIONAL: First Creditors' Meeting Set for Feb. 28

SCOUTS TASMANIA: To Sell Property to Fund Cost of Redress Scheme
[*] AUSTRALIA: SME Insolvencies Tipped to Rise in 2020


C H I N A

CHINA SOUTH: Fitch Assigns B Rating to Proposed USD Sr. Notes
HNA GROUP: Hainan Government Set to Acquire Group
MODERN LAND: Fitch Assigns B Rating to Proposed USD Sr. Notes
YANGO JUSTICE: Moody's Rates New US$ Notes B2


I N D I A

ABHAY NUTRITION: CRISIL Lowers Rating on INR120cr Loan to 'D'
ADVANCE POWER: Insolvency Resolution Process Case Summary
AKKAVILA SAJEENAN: CRISIL Withdraws B+ Rating on INR3cr Loan
AMTEK AUTO: Creditors Accept US Hedge Fund's Offer
AMTEK AUTO: MCA Orders SFIO Probe Into Unit's Affairs

ASIS GLOBAL: Insolvency Resolution Process Case Summary
ASP SEALING PRODUCTS: Insolvency Resolution Process Case Summary
ASWARAJ INFRA: Insolvency Resolution Process Case Summary
BONY SYSTEMS: Insolvency Resolution Process Case Summary
BUDHIA AGENCIES: Ind-Ra Lowers Issuer Rating to BB, Outlook Stable

CHETAN OVERSEAS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
COSMO FERRITES: CRISIL Cuts Rating on INR13.24cr Loan to 'D'
CPR KEMPRODUCTS: CRISIL Assigns 'CCR B+' Corporate Credit Rating
DELHI INTERNATIONAL AIRPORT: S&P Rates US$150MM Sr. Sec. Notes 'BB'
GREEN AGRO: CRISIL Hikes Rating on INR4cr Term Loan to B+

HIMACHAL FLOUR: CRISIL Withdraws B+ Rating on INR9.9cr Loan
JEEVISHA FOODS: CRISIL Reaffirms B+ Rating on INR4.07cr Loan
JYOTI POWER: Insolvency Resolution Process Case Summary
KHETAN APPAREL: Insolvency Resolution Process Case Summary
KNK CONSTRUCTION: CRISIL Cuts Rating on INR30cr Loan to 'D'

LAHOTY BROTHERS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
LAKEFOREST WINES: Insolvency Resolution Process Case Summary
LION FABRICS: CRISIL Withdraws B+ Rating on INR65.57cr Term Loan
LOORDHU AMMAL: CRISIL Hikes Rating on INR25cr LT Loan to 'B'
MAHADEV COLD: CRISIL Assigns B+ Rating to INR5.2cr Overdraft

MIRAGE CERAMICS: Insolvency Resolution Process Case Summary
MOHOTA INDUSTRIES: Insolvency Resolution Process Case Summary
NATHELLA SAMPATH: Tribunal Enters Liquidation Order
NICE PROJECTS: Insolvency Resolution Process Case Summary
NIRMAAN GROUP: CRISIL Withdraws B+ Rating on INR15cr Term Loan

PARTH COTTON: CRISIL Assigns B+ Rating to INR5.5cr Loans
PATDIAM JEWELLERY: Ind-Ra Affirms BB- Rating, Moves to Non-coop.
PAYYANUR MEDICAL: CRISIL Withdraws D Rating on INR18cr Loan
RAJESHWARI COTSPIN: CRISIL Cuts Rating on INR7.5cr Loan to 'D'
RAVI COMMODITIES: Insolvency Resolution Process Case Summary

RNM INFRA PRIVATE: Insolvency Resolution Process Case Summary
ROHIT FERRO-TECH: Insolvency Resolution Process Case Summary
S J EXPORTS: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
S. S. T. PACKAGING: CRISIL Cuts Rating on INR5.2cr Loan to D
SHAKTI SUDHA: Insolvency Resolution Process Case Summary

SHIRKE RECREATION: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
SHREE HANUMAN: Insolvency Resolution Process Case Summary
SHREE RUPANADHAM: CRISIL Withdraws B Rating on INR10cr Loan
SIDHANATH SUGAR: CRISIL Lowers Rating on INR75cr Loan to 'D'
SRI KARPAGAM: CRISIL Lowers Rating on INR36.25cr Loan to 'D'

SUZLON ENERGY: SBI Approves Debt Restructuring Plan


I N D O N E S I A

SRI REJEKI: Fitch Affirms BB- LT IDR, Outlook Stable


M O N G O L I A

TAVAN BOGD: Fitch Withdraws B- IDR due to Insufficient Information


N E W   Z E A L A N D

CORIANDERS LIMITED: Restaurant Chain Faces Threat of Liquidation
HALIFAX NEW ZEALAND: Investors Fight for Individual Positions


S I N G A P O R E

HYFLUX LTD: Court Grants Moratorium Extension to April 30
KRISENERGY LTD: To Miss $4.5MM Principal, Interest Payments

                           - - - - -


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

ARXXUS TECHNOLOGY: Second Creditors' Meeting Set for Feb. 27
------------------------------------------------------------
A second meeting of creditors in the proceedings of Arxxus
Technology Partners Pty Ltd has been set for Feb. 27, 2020, at 9:30
a.m. at Level 40, at 2 Park 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. 26, 2020, at 5:00 p.m.

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

ATTAINABLE OPTIONS: Second Creditors' Meeting Set for Feb. 26
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Attainable
Options Pty Ltd has been set for Feb. 26, 2020, at 10:30 a.m. at
the offices of Worrells Rockhampton, Suite 5A, Level 5, at 34 East
Street, in Rockhampton City, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 25, 2020, at 5:00 p.m.

Morgan Gerard James Lane of Worrells Solvency & Forensic
Accountants was appointed as administrator of Attainable Options on
Jan. 22, 2020.

BEAUMARIS HOME: Second Creditors' Meeting Set for Feb. 28
---------------------------------------------------------
A second meeting of creditors in the proceedings of Beaumaris Home
Services Pty Ltd, trading as My Home Clean, has been set for Feb.
28, 2020, at 2:30 p.m. at the offices of Worrells Solvency &
Forensic Accountants, Level 15, at 114 William Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 27, 2020, at 5:00 p.m.

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of Beaumaris Home on Jan. 16, 2020.

BIOACTIVE SOIL: Second Creditors' Meeting Set for Feb. 26
---------------------------------------------------------
A second meeting of creditors in the proceedings of Bioactive Soil
Solutions Pty Ltd and Bactigro Australia Pty. Ltd. has been set for
Feb. 26, 2020, at 11:00 a.m. at the offices of J P Downey & Co
Level 1, at 22 William Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 25, 2020, at 4:00 p.m.

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

BRAND NEW: Second Creditors' Meeting Set for Feb. 28
----------------------------------------------------
A second meeting of creditors in the proceedings of Brand New Media
Pty Ltd has been set for Feb. 28, 2020, at 11:00 a.m. at the
offices of DW Advisory, Level 1, at 32 Martin Place, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 26, 2020, at 5:00 p.m.

Ronald John Dean-Willcocks and Anthony Wayne Elkerton of DW
Advisory were appointed as administrators of Brand New on Feb. 3,
2020.

DIG-IT CONTRACTING: First Creditors' Meeting Set for Feb. 28
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Dig-It
Contracting Pty Limited will be held on Feb. 28, 2020, at 10:00
a.m. at the offices of Hall Chadwick Chartered Accountants, Level
40, at 2 Park Street, in Sydney, NSW.

Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of Dig-It Contracting on Feb. 18, 2020.

EMB PROJECTS: First Creditors' Meeting Set for Feb. 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of EMB Projects
Pty Ltd will be held on Feb. 28, 2020, at 11:00 a.m. at the offices
of PKF, Level 8, at 1 O'Connell Street, in Sydney, NSW.

Bradley John Tonks of PKF was appointed as administrator of EMB
Projects on Feb. 18, 2020.

KALITE PTY: Second Creditors' Meeting Set for Feb. 25
-----------------------------------------------------
A second meeting of creditors in the proceedings of Kalite Pty Ltd,
trading as Kalite Transport, has been set for Feb. 25, 2020, at
11:00 a.m. at the offices of Robson Cotter Insolvency Group Unit 1,
at 78 Logan Rd, in Woolloongabba, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 24, 2020, at 4:00 p.m.

William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of Kalite Pty on Jan. 20, 2020.

MZI RESOURCES: Second Creditors' Meeting Set for Feb. 25
--------------------------------------------------------
A second meeting of creditors in the proceedings of MZI Resources
Ltd has been set for Feb. 25, 2020, at 12:30 p.m. at Level 19,
Exchange Tower, at 2 The Esplanade, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 24, 2020, at 4:00 p.m.

Robert Brauer and Jason Preston of McGrathNicol were appointed as
administrators of MZI Resources on April 16, 2020.

ROYAL NATIONAL: First Creditors' Meeting Set for Feb. 28
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Royal
National Capital Alliance Ltd, as trustee for the Royal JC Fund,
will be held on Feb. 28, 2020, at 10:00 a.m. at the offices of PwC
One International Towers, Level 17, at Watermans Quay, in
Barangaroo, NSW.

Daniel Walley and Derrick Vickers of PricewaterhouseCoopers were
appointed as administrators of Royal National on Feb. 18, 2020.

SCOUTS TASMANIA: To Sell Property to Fund Cost of Redress Scheme
----------------------------------------------------------------
Adam Holmes at Port Lincoln Times reports that Scouts Tasmania will
sell three notable properties to fund the larger-than-expected cost
of participating in the national redress scheme for child abuse
victims.

According to the report, the branch executive committee last month
ratified the decision to sell the Harry Abbott hall in Launceston,
Lenah Valley scout hall in Hobart and Kaloma Lodge and campsite in
Wynyard before sending out letters to Scout members detailing the
decision.

Port Lincoln Times relates that Scouts Tasmania will seek
valuations and appoint agents to handle the sales, fearing the
organisation could become insolvent if it cannot raise enough
funds.

State president Corey McGrath said the organisation opted in to the
redress scheme "straight away", and the number of people accessing
the scheme had been larger than expected, the report relays.

"The impact is probably higher than we thought it might be," the
report quotes Mr. McGrath as saying.  "But the pain we feel is
nothing compared to the historical child sexual abuse that
occurred. Whilst this is far from a win-win for anybody, it's about
making good on historical problems."

Scout activities are not typically held in the Harry Abbott hall,
which is largely hired out to other organisations which will need
to find new homes.

Lenah Valley scout hall, however, hosts youth groups and is a key
part of the Scouts program in the state's South.

Port Lincoln Times adds that Mr. McGrath said Scouts Tasmania
acknowledged that some members would be upset at the decision, but
there were no other options if the organisation wanted to avoid
insolvency.

"We need the cash to pay or we'll become insolvent," Mr. McGrath
said, the report relays.  "The highest priority was, where
possible, to reduce the impact of the sales on youth members.  "The
sale of the hall does have an impact on our longer term members."

Scouts Tasmania has assured parents that child safety "is the top
of our agenda" and that policies have been put in place in the past
10 years to ensure such abuses cannot happen again.

Port Lincoln Times relates that Mr. McGrath said signing up to the
redress scheme was a way of acknowledging past abuses and providing
support to those affected.

"We can't let that happen ever again," Mr. McGrath said.  We've put
in place stronger policies in the past five to 10 years. Child
safety is the top of our agenda," the report relays.

"Both of my boys have been Scouts. It's about creating
opportunities to go through the program and become confident young
adults. It's unfortunate that to make good on something that
happened in the past, it will have an impact on young people in
Scouts today."

[*] AUSTRALIA: SME Insolvencies Tipped to Rise in 2020
------------------------------------------------------
MyBusiness reports that SME insolvencies are forecast to increase
in 2020, reversing a positive trend witnessed over the last couple
of years, new research has shown.

MyBusiness, citing new data released on Feb. 7 by digital credit
agency CreditorWatch, relates that while 14 per cent fewer SMEs
became insolvent in 2019 compared to 2018, there was a 30 per cent
increase in payment defaults year-on-year, including a 15 per cent
increase from Q4 2018 to Q4 2019, suggesting tough times ahead.

According to MyBusiness, drawing on annual and quarterly data from
dozens of unique sources including ASIC, ABR, AFSA, courts and debt
collectors, the CreditorWatch 2019 Small Business Risk Review shows
a YoY increase in defaults across most industries from
2018–2019.

This includes transport by 64 per cent, healthcare by 79 per cent
and real estate services by 61 per cent, indicating many SMEs are
struggling to pay creditors.

"There's a clear path that most businesses follow to
administration. The first red flag is the registration of payment
defaults before businesses find themselves embroiled in court
action. Finally, burdened with the costs and unable to meet their
financial requirements, they become insolvent," MyBusiness quotes
Patrick Coghlan, CEO of CreditorWatch, as saying.

"For those paying close attention, the registration of payment
defaults against a business should send alarm bells ringing. In
fact, CreditorWatch statistics show that 50 per cent of companies
that incur a payment default go into administration within 18
months."

MyBusiness adds that CreditorWatch also found that the number of
court actions registered against small businesses increased YoY in
all states, except Tasmania where a decrease of 35 per cent was
seen.

South Australia led the pack with a 57 per cent rise from
2018–2019, followed by New South Wales at 39 per cent, Western
Australia at 33 per cent and Victoria at 4 per cent, MyBusiness
discloses.

As for payment times, the credit agency uncovered that despite a
strong start to the year, a number of industries continue to be
slow paying, with admin and support services taking up to 90 days
in the last quarter of 2019, MyBusiness notes.



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

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

KEY RATING DRIVERS

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

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

Development Margin to Narrow: Fitch estimates CSC's overall
development margin will narrow by 1pp-2pp in the next three years
due to increased revenue recognition from lower-margin residential
units as well as multi-purpose properties, which have lower gross
profit margins. CSC's gross profit margin for property development,
including capitalised interest, narrowed to 34.9% in 1HFY20, from
39.9% in FY19. Trade centres and residential units accounted for
22% and 72%, respectively, of development revenue in FY19.

Rising Non-Development EBITDA: Fitch expects CSC's non-development
EBITDA interest coverage to increase but will remain below 0.6x,
the level above which the rating may be meaningfully supported, for
the next 12-18 months. However, the diversification of income
enhances the company's cash flow. Income from CSC's non-development
business increased by 15% yoy to HKD2.3 billion in FY19, driven by
growth in its outlet, property-management services and
logistics-warehousing businesses. Its non-development EBITDA
interest coverage was 0.4x in 1HFY20 and FY19.

DERIVATION SUMMARY

CSC's eight projects are in Tier 1 and 2 cities in China, which are
better located than those of the other Fitch-rated trade-centre
developer Hydoo International Holding Limited (B-/Stable), whose
10-12 projects are mainly in Tier 3 and 4 cities. This translates
into better sales and EBITDA margins compared with Hydoo and other
competitors in the industry. CSC generated HKD12 billion in
contracted sales in FY18, compared with Hydoo's CNY3 billion in
2018.

CSC was also able to generate HKD2 billion of non-development
income in FY18. The non-development segment is still small in terms
of EBITDA generation but may be able to support debt interest
service in the coming years. CSC's leverage of 46.3%, measured by
net debt/adjusted inventory (including investment property at cost)
in FY18 is comparable with that of other 'B' rated peers.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer
Include:

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

  - EBITDA margin, excluding capitalised interest and government
grants, sustained above 25% in FY20-FY22.

  - Non-development income to increase by about 15% per year in
FY20-FY22, with EBITDA margin of around 20%.

  - Construction and land acquisition cash outflow to account for
60%-70% of sales proceeds in FY20-FY22.

  - No changes in Recovery Rating assumptions from the rating
action commentary published on August 13, 2018.

RATING SENSITIVITIES

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

  -  Non-development EBITDA/cash interest expense sustained above
0.6x (FY19: 0.4x)

  - Net debt/adjusted inventory (including investment property at
cost) sustained below 40%

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

  - EBITDA margin sustained below 20% (FY19: 27%)

  - Net debt/adjusted inventory (including investment property at
cost) sustained above 50%

  - Deterioration in liquidity or difficulty in debt refinancing

LIQUIDITY AND DEBT STRUCTURE

Tight but Manageable Liquidity: CSC had cash and cash equivalents,
including restricted cash, of around HKD9.3 billion and unused
banking facilities of CNY15.4 billion at end-September 2019,
covering short-term debt of HKD14.5 billion. CSC issued USD150
million in offshore notes in December 2019 for refinancing, which
alleviated its refinancing pressure, although the coupons of its
recently issued senior notes due 2021 and 2022 were at 11.875% and
11.5%, respectively, compared with its average funding cost of 7.2%
in FY19.

ESG CONSIDERATIONS

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

HNA GROUP: Hainan Government Set to Acquire Group
-------------------------------------------------
Bloomberg News reports that China plans to take over indebted
conglomerate HNA Group Co. and sell off its airline assets, the
most dramatic step to date by the state to contain the deepening
economic damage from the deadly coronavirus outbreak. HNA-related
shares rose, the report says.

The government of Hainan, the southern island province where HNA is
based, is in talks to seize control of the group after the
contagion hurt its ability to meet financial obligations, Bloomberg
relates citing people familiar with the plans.

The once little-known airline operator shot to prominence between
2016 and 2017 after a debt-fueled acquisition spree saw it become
the leading shareholder of iconic companies such as Hilton
Worldwide Holdings Inc. and Deutsche Bank AG, while paying top
dollar for properties from Manhattan to Hong Kong, Bloomberg
notes.

Bloomberg says China is under growing strain from the shutdowns
imposed to curb the coronavirus, which has killed more than 2,000
people. As President Xi Jinping seeks to prevent the short-term
economic pain from turning into a slump that outlasts the
contagion, his government is considering direct cash infusions or
mergers to stabilize the hobbled airline industry, while the
People's Bank of China said it will work on supporting domestic
consumption. A takeover of a high-profile company like HNA would
take those efforts to a new level, Bloomberg notes.

An announcement could be made as soon as Feb. 20, though talks
could drag on or fall apart, the people said, asking not to be
identified as the discussions are confidential. Under the emerging
plan, China would sell the bulk of HNA's airline assets to the
country's three biggest carriers -- Air China Ltd., China Southern
Airlines Co. and China Eastern Airlines Corp., according to the
people cited by Bloomberg. HNA-backed Suparna Airlines is also
likely to be unloaded to the Jiangsu provincial government, the
people said. Discussions with the airlines are continuing, they
said, Bloomberg relays.

According to Bloomberg, HNA has been slimming down after a $40
billion buying binge left it with one of the highest levels of
corporate debt in China. In the past year, the group has been
returning to its aviation roots, culminating in a November
announcement to divide its businesses into airlines, aviation
leasing and airports, with the rest being lumped under its
"non-aviation asset management" unit. But its focus on aviation and
tourism backfired as the virus epidemic led to an unprecedented
drop in flights in and out of China.

"HNA is, even by Chinese standards, a sprawling and indebted
conglomerate, and the collapse in Chinese airline activity due to
the outbreak of Covid-19 has apparently pushed it to effective
bankruptcy," London-based Agency Partners analysts led by Nick
Cunningham wrote in a note after Bloomberg's report.

HNA has for years been struggling with debts that once climbed to
almost CNY600 billion ($86 billion) as well as soaring borrowing
costs, the report notes. While its total debt fell to CNY525.6
billion as of mid-2019, its cash pile shrank at a much faster pace,
to CNY50.4 billion, the smallest amount based on semiannual figures
stretching back to 2015. Chairman Chen Feng closed 2019 by
predicting that this year would be "the decisive year to win the
war" against the conglomerate's long-running liquidity challenges,
according to Bloomberg.

In an attempt to stabilize the financial situation, HNA has been
looking to divest assets including plane lessor Avolon Holdings
Ltd., which is worth about $8.5 billion, as well as Swiss
aircraft-maintenance firm SR Technics and container-leasing
business Seaco, people familiar with the matter have said,
Bloomberg adds.

                          About HNA Group

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

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

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

MODERN LAND: Fitch Assigns B Rating to Proposed USD Sr. Notes
-------------------------------------------------------------
Fitch Ratings assigned a 'B' rating to China-based property
developer Modern Land (China) Co., Limited's (B/Stable) proposed US
dollar senior notes. The Recovery Rating is 'RR4.' The notes are
rated at the same level as Modern Land's senior unsecured rating,
as they represent its direct, unconditional, unsecured and
unsubordinated obligations.

Modern Land's Issuer Default Rating reflects its weaker margin and
higher leverage than peers, which are balanced against a stronger
business profile. Its ratings are supported by improving land bank
quality after the company repositioned its business towards Tier 1
and 2 cities, which have higher land prices, to support contracted
sales growth.

KEY RATING DRIVERS

High Leverage: Modern Land's leverage was 46% at end-June 2019,
lower than the 47% at end-2018 but well above the 37% at end-2016,
mainly due to aggressive land acquisition. Fitch expects the
company to continue to be under pressure to buy land in 2020 to
sustain sales growth, which will keep leverage close to 45% in 2019
and 2020. The high share of contracted sales from JVs means that
Modern Land's consolidated financial statements do not adequately
reflect its financial profile, so Fitch assesses its leverage on a
proportionately consolidated basis.

Land premium as a percentage of sales proceeds (on an attributable
basis) remained stable at around 45% in 1H19 similar to 2018. In
addition, the improvement of cash collection to 90% in 1H19 from
72% in 2018, contributed to the decrease in leverage.

Margin Improvement: Modern Land's gross profit margin improved to
27% in 1H19 from 20% in 2017, but remained below the 31% in 2015.
The company's land cost as a percentage of average selling price
fell to 39% in 2018 from 43% in 2017, which contributed to Modern
Land's margin improvement. 1H19 EBITDA margin (excluding
capitalised interest) of 16.3% and 2018 EBITDA margin of 12.7% were
lower than the 20%-25% of peers rated 'B'. The improvement in
EBITDA margin should aid the company in deleveraging.

Improved Land Bank Life: Fitch estimates that the company's land
bank life improved to 3.3 years of sales in 2018 from 2.7 years in
2017. Modern Land replenished its land bank at lower cost due to
acquisitions in Tier 3 cities, which led to a decrease in its land
cost to CNY2,226 per sq m from CNY3,270 per sq m. Fitch believes
Modern Land would remain under pressure to add good-quality land to
sustain growth in the next two years and land acquisition cost will
increase.

Modern Land extended its coverage to more Tier 1 and 2 cities in
2015-2018 and increased its land bank in Tier 3 cities in 2017 and
2018 due to positive regional market sentiment. Fitch estimates
that Tier 1 cities, such as Beijing, and Tier 2 cities, like
Taiyuan, Hefei, Xiantao and Changsha, account for around 66% of
Modern Land's existing saleable resources by value.

Growing Scale: Modern Land's attributable contracted sales remained
stable at CNY19.4 billion in 2019, after rising 49% in 2018.
However, Modern Land's total contracted sales rose 13% in 2019 to
CNY36 billion. Fitch expects Modern Land's attributable contracted
sales to be resilient in a market downturn as its land bank is
concentrated in Tier 1 and 2 cities.

DERIVATION SUMMARY

Modern Land's attributable contracted sales of CNY19.5 billion in
2018 were close to that of other 'B' rated companies, such as
Beijing Hongkun Weiye Real Estate Development Co., Ltd.'s
(B/Negative) CNY13.4 billion and Redco Properties Group Ltd's
(B/Stable) CNY12.1 billion. Modern Land's leverage is slightly
lower than Hongkun's 62.3% and higher than Redco's 27.7% at
end-2018, but its EBITDA margin is lower than Hongkun's 43% and
similar to Redco's.

Modern Land's sales are lower than those of 'B+' rated companies,
including Fantasia Holdings Group Co., Limited's (B+/Stable)
CNY24.1 billion and Redsun Properties Group Limited (B+/Stable)
CNY24.3 billion. Their leverages are similar to Modern Land's, but
Modern Land has lower margin.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY27 billion in 2020.

  - Gross profit margin from property development maintained around
25% in 2019-2022

  - Construction cash cost accounts for 30%-35% of attributable
contracted sales in 2019-2022.

  - Land premium accounts for 45%-50% of annual sales receipts in
2019-2022 and average land acquisition cost to increase in
2019-2022.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Modern Land would be liquidated
in a bankruptcy because it is an asset-trading company.

Fitch has assumed a 10% administrative claim

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

Cash balance is adjusted such that only cash in excess of the
higher of accounts payables and three months of contracted sales is
factored in

Advance rate of 60% applied to on its adjusted inventory, as Modern
Land has an EBITDA of lower than 20%.

Property, plant and equipment advance rate at 60%

70% advance rate applied to accounts receivables

Advance rate of 100% applied to restricted cash, which mainly
consisted of guarantee for company's bank borrowing and
construction work

Based on its calculation of adjusted liquidation value after
administrative claims, Fitch estimates the recovery rate of the
offshore senior unsecured debt to be within the 'RR4" recovery
range.

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory (including JV proportionate
consolidation) below 40% for a sustained period

  - Land bank maintained at above 2.5 years of sales

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

  - Insufficient land bank for 2 years of sales.

  - Net debt/adjusted inventory (including JV proportionate
consolidation) above 55% for a sustained period

  - EBITDA margin (excluding capitalised interest) below 18% for a
sustained period

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Modern Land's liquidity remains healthy with
total cash of CN10.9.billion (including restricted cash of CNY3.0
billion), compared with short-term debt of CNY7.4 billion at
end-1H19.

ESG CONSIDERATIONS

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

YANGO JUSTICE: Moody's Rates New US$ Notes B2
----------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed USD notes to be issued by Yango Justice
International Limited and guaranteed by Yango Group Co., Ltd
(Yango, B1 stable).

Yango plans to use the bond proceeds mainly to refinance existing
offshore debt.

RATINGS RATIONALE

"The proposed bond issuance, if completed as planned, will have
limited impact on Yango's credit metrics, as the company will
mainly use the proceed to refinance existing debt," says Celine
Yang, a Moody's Assistant Vice President and Analyst.

Moody's expects that Yango's debt leverage — as measured by
revenue/adjusted debt — will trend towards 60%-70% over the next
12-18 months from 50% for the 12 months ended June 30, 2019, driven
by expected revenue growth. Meanwhile, its interest coverage -- as
measured by adjusted EBIT/interest -- will improve to around
2.5x-3.0x from 2.3x over the same period, because of the expected
revenue growth and the company's stable profit margins.

The company's strong revenue growth is a result of its fast
contracted sales growth in the past one to two years. Its
contracted sales grew 30% year-on-year to RMB211 billion in 2019
and 78% year-on-year to RMB163 billion in 2018.

Yango's contracted sales fell 14.0% to RMB10.1 billion in January
2020 from RMB11.8 billion in January 2019, due to the impact of the
Chinese New Year festival and the outbreak of the coronavirus.
Although its sales are likely to stay weak in 1Q 2020 because of
the outbreak, Moody's expects sales will recover through the
remainder of 2020, keeping total contracted sales at a level
similar to that achieved in 2019. However, Moody's will continue to
monitor the development and evaluate the credit impact if the
disruption is prolonged.

The B1 corporate family rating (CFR) reflects the company's
possession of a good-quality and geographically diversified land
bank, large-scale operation and strong sales execution.

On the other hand, Yango's B1 CFR is constrained by the company's
improving but still high debt leverage, accumulated through its
sizable land acquisitions to support the company's rapid growth and
expansion strategy.

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

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

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

The B2 senior unsecured rating for Yango's guaranteed bonds is one
notch lower than Yango's CFR to reflect the risk of structural
subordination. This subordination risk considers the fact that the
majority of its claims are at its operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
likely recovery rate for claims at the holding company will be
lower.

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

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

Credit metrics that would indicate a possible upgrade include (1)
revenue/adjusted debt rising above 70%-80%; and (2) adjusted
EBIT/interest staying above 3.0x.

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

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

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

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



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

ABHAY NUTRITION: CRISIL Lowers Rating on INR120cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of Abhay
Nutrition Private Limited (ANPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/CRISIL A4 Issuer Not Cooperating'
while removing ratings placed on 'Watch Negative'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee          2         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING'; Removed from
                                     'Rating Watch with Negative
                                     Implications')

   Cash Credit            120        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+ ISSUER NOT
                                     COOPERATING'; Removed from
                                     'Rating Watch with Negative
                                     Implications')

   Pledge Loan             50        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+ ISSUER NOT
                                     COOPERATING'; Removed from
                                     'Rating Watch with Negative
                                     Implications')

   Proposed Long Term      11        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B+ ISSUER NOT
                                     COOPERATING'; Removed from
                                     'Rating Watch with Negative
                                     Implications')

   Term Loan              22         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+ ISSUER NOT
                                     COOPERATING'; Removed from
                                     'Rating Watch with Negative
                                     Implications')

CRISIL has been consistently following up with ANPL for getting
information through emails and letters dated October 15, 2019 and
February 6, 2020 respectively; apart from telephonic communication.
However, the issuer has continued to be non-cooperative. This led
CRISIL to carry out rating surveillance with the best available
information.

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

Detailed Rationale

CRISIL had, on September 6, 2018, placed the ratings on watch
following ANPL's crystallization of additional liabilities of about
USD 3.4 million (equivalent to about Rs.24 cr) resulting from
invocation of corporate guarantee given by ANPL for the debt taken
by its subsidiary Krishi Nutrition Ltd (Krishi).

Despite repeated attempts to engage with the management, CRISIL has
not received any information on strategic intent of ANPL. This
restricts CRISIL's ability to take a forward-looking view on the
credit quality of the entity. CRISIL believes the information
available for ANPL is consistent with 'Scenario 1' outlined in the
'Framework for assessing consistency of the information'.

Based on the available information, CRISIL has downgraded the
rating on the bank facilities of ANPL to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/CRISIL A4 Issuer Not Cooperating'
while removing ratings placed on 'Watch Negative'. The downgrade in
the rating reflect delay in servicing term loan due to poor
liquidity.

ANPL was incorporated in 2008 and is promoted by the Mantri family.
The company processes cotton and other seeds for extracting oil and
producing fortified de-oiled cakes. It has its manufacturing units
in Jalna and Dhulia in Maharashtra. The day-to-day operations are
currently managed by Mr. Ashish Mantri.

ADVANCE POWER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Advance Power Controls Ltd.
        25 A, Pocket C, SFS DDA Flats
        Mayyur Vihar-III, Delhi
        DL 110096

Insolvency Commencement Date: January 23, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: July 21, 2020

Insolvency professional: Ashok Kumar Jalan

Interim Resolution
Professional:            Ashok Kumar Jalan
                         17A/56, Triveni Plaza
                         UG-5, WEA Karol bagh
                         New Delhi 110005
                         Tel.: 01128756281
                         E-mail: akjalan@jalanca.com

Last date for
submission of claims:    February 24, 2020


AKKAVILA SAJEENAN: CRISIL Withdraws B+ Rating on INR3cr Loan
------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Akkavila
Sajeenan Aggregates (ASA) on the request of the company and receipt
of a no objection certificate from its bank. The rating action is
in line with CRISIL's policy on withdrawal of its ratings on bank
loans.

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

   Proposed Cash          1        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with ASA for obtaining
information through letters and emails dated June 21, 2019 and July
12, 2019, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASA. This restricts CRISIL's
ability to take a forward ASA is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of ASA
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of ASA on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

ASA was incorporated in 1983 and is promoted Mr. Jijo. The company
is engaged in manufacture of concrete metals.

AMTEK AUTO: Creditors Accept US Hedge Fund's Offer
--------------------------------------------------
Beena Parmar at VCCircle reports that the creditors of Amtek Auto
Ltd have okayed a bankruptcy resolution plan proposing around 80%
haircut submitted by US-based hedge fund Deccan Value Investors
LP.

VCCircle relates that the resolution plan worth INR2,650 crore,
which includes an upfront cash payment of INR450 crore only, is
significantly smaller than Amtek's dues amounting to INR12,700
crore. The offer made by the employee-owned investor in 2018 was
higher at INR3,150 crore.

However, the current resolution plan is higher than the liquidation
value that now stands at INR1,800-1,900 crore. In 2018, the New
Delhi-based firm's liquidation value was determined at INR4,119
crore, the report notes.

VCCircle notes that besides the small upfront cash payment, the
current resolution plan includes Amtek's future receivables from
sale of non-core investments in subsidiaries and optionally
convertible debentures.

Three of Amtek group companies -- Castex Technologies, Amtek Ring
Gears and Metalyst Forgings -- are undergoing separate insolvency
resolution processes.

Amtek, among the first 12 companies directed by the central bank to
the bankruptcy tribunal in 2017, was almost driven into liquidation
last year after Liberty House presented a INR4,025 crore resolution
plan but the UK-based entity failed to honour its commitment,
VCCircle recalls.

VCCircle says liquidation was averted by the Supreme Court which
allowed lenders to start a fresh bidding process, nearly two years
after bankruptcy proceedings first began for the debt-laden
company.

                                          About Amtek Auto

Based in India, Amtek Auto Limited (BOM:520077) --
http://www.amtek.com/aal.php-- engages in automotive components
manufacturing and commercial sales. The Company is engaged in
forging, grey and ductile iron casting, gravity and high pressure
aluminum die casting and machining and sub-assembly. It has a
product portfolio with a range of engineered components, including
flywheel ring gears, machining, forging, casting aluminum and
casting iron. The Company supplies components for passenger cars,
light and heavy commercial vehicles, 2/3 wheelers, light weight
commercial vehicles and heavy weight commercial vehicles. The
Company has facilities across India, the United Kingdom, Germany,
Brazil, Italy, Mexico, Hungary and the United States. The Company
also manufactures components for non-auto sectors, such as the
railways, specialty vehicles, aerospace, agricultural and heavy
earth moving equipment.

In July 2017, NCLT had admitted insolvency proceedings for Amtek
Auto initiated by a consortium of banks led by Corporation Bank.

Amtek was featured on the first list of 12 companies that were
referred by the RBI for initiating insolvency process in 2017.

AMTEK AUTO: MCA Orders SFIO Probe Into Unit's Affairs
-----------------------------------------------------
Business Standard reports that the Ministry of Corporate Affairs
(MCA) has ordered the Serious Fraud Investigation Office (SFIO) to
look into the affairs of Castex Technology, a subsidiary of
automotive component maker Amtek Auto, currently undergoing a
corporate insolvency resolution process.

A senior government official told Business Standard the
investigation had been ordered on the basis of the findings of an
audit report of Castex Technology during the resolution process.

The details of the report could not be accessed, Business Standard
says.

                         About Amtek Auto

Based in India, Amtek Auto Limited (BOM:520077) --
http://www.amtek.com/aal.php-- engages in automotive components
manufacturing and commercial sales. The Company is engaged in
forging, grey and ductile iron casting, gravity and high pressure
aluminum die casting and machining and sub-assembly. It has a
product portfolio with a range of engineered components, including
flywheel ring gears, machining, forging, casting aluminum and
casting iron. The Company supplies components for passenger cars,
light and heavy commercial vehicles, 2/3 wheelers, light weight
commercial vehicles and heavy weight commercial vehicles. The
Company has facilities across India, the United Kingdom, Germany,
Brazil, Italy, Mexico, Hungary and the United States. The Company
also manufactures components for non-auto sectors, such as the
railways, specialty vehicles, aerospace, agricultural and heavy
earth moving equipment.

In July 2017, NCLT had admitted insolvency proceedings for Amtek
Auto initiated by a consortium of banks led by Corporation Bank.

Amtek was featured on the first list of 12 companies that were
referred by the RBI for initiating insolvency process in 2017.

ASIS GLOBAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: ASIS Global Limited
        A Wing Mhatre Pen Bldg 2nd Floor
        Senapati Bapat Marg Dadar (W)
        Mumbai 400028

Insolvency Commencement Date: February 14, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 12, 2020

Insolvency professional: Mr. Asish Narayan

Interim Resolution
Professional:            Mr. Asish Narayan
                         11A/504, Springleaf Lokhandwala
                         Kandivali (E), Mumbai
                         Mumbai City
                         Maharashtra 400101
                         E-mail: cs.asish@gmail.com

Last date for
submission of claims:    February 28, 2020


ASP SEALING PRODUCTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: ASP Sealing Products Limited
        Anbros House 25/31
        East Patel Nagar
        New Delhi 110008

Insolvency Commencement Date: February 12, 2020

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

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

Insolvency professional: Mr. Ashish Singh

Interim Resolution
Professional:            Mr. Ashish Singh
                         Unit No. 811, 8th Floor
                         Aggarwal Millenium Tower-1
                         Near B T W
                         Netaji Subhash Place
                         Pitampura
                         New Delhi 110034
                         E-mail: ashishsinghcs@gmail.com
                                 aspspl.ip@gmail.com

Last date for
submission of claims:    February 26, 2020


ASWARAJ INFRA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Aswaraj Infra Private Limited

        Registered office address:
        73, Sahyadri Apartment
        7th Floor, Nr. Stadium Circle
        Navrangpura Ahmedabad 380009
        Gujarat, India

Insolvency Commencement Date: February 10, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Gaurav Ashok Adukia

Interim Resolution
Professional:            Mr. Gaurav Ashok Adukia
                         Anand Bhavan
                         Jamnadas Adukia Road
                         Kandivli West
                         Mumbai 400067
                         Maharashtra
                         E-mail: gauravadukia@hotmail.com

                            - and -

                         Sumedha Management Solutions Private
                         Limited
                         809-810, 8th Floor
                         B Wing, Trade World
                         Kamala Mills Compound
                         Lower Parel (West)
                         Mumbai 400013
                         Maharashtra
                         E-mail: aipl@sumedhamanagement.com

Last date for
submission of claims:    February 24, 2020


BONY SYSTEMS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Bony Systems and Technologies Limited

        Registered office:
        1st Floor, S-44 Panchsheel Park
        New Delhi 110017

        Branch office:
        Plot No. 77, Sector-6
        Fardidabad, Haryana 121006

Insolvency Commencement Date: February 12, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Mohinder Singh

Interim Resolution
Professional:            Mr. Mohinder Singh
                         1102, 11th Floor, Padma Tower-1
                         Rajendra Place, New Delhi 110008
                         E-mail: mohinder@singhandsingh.in

Last date for
submission of claims:    February 26, 2020

BUDHIA AGENCIES: Ind-Ra Lowers Issuer Rating to BB, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Budhia Agencies
Private Limited's (BAPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR195 mil. Fund-based limits downgraded with IND BB/Stable
     rating.

KEY RATING DRIVERS

The downgrade reflects the agency's expectations of BAPL's revenue
declining in FY20 as well as poor liquidity due to the elongated
working capital cycle. The revenue decline in FY20 is on account of
lower sales volume due to the slowdown in the automobile sector.
This is despite the company booking revenue of INR1,804 million in
9MFY20 after it grew 89.6% YoY to INR3,721 million in FY19 on the
back of higher sales volume of medium and heavy vehicles. The scale
of operations is medium.

BAPL's gross interest coverage (operating EBITDA/gross interest
expense) deteriorated marginally to 1.8x in FY19 (FY18: 1.9x) and
net leverage (adjusted net debt/operating EBITDAR) to 4.4x (4.2x),
on account of an increase in short-term debt lead by the higher use
of its working capital limits. The credit metrics are likely to
decline in FY20, driven by a fall in absolute EBITDA due to lower
revenue.

Liquidity Indicator - Poor: Due to the working capital-intensive
nature of its operations, the company's average peak utilization of
fund-based limits was 89% for the 12 months ended in January 2020.
The company had a cash balance of INR18.77 million in FY19 (FYE18:
INR11.66 million). Furthermore, the company's working capital cycle
continued to be stressed at 53 days in FY19 (FY18: 43 days). The
cash flow from operations remained negative at INR140.87 million in
FY19 (FY18: negative INR16.91 million) because of increased working
capital requirement lead by an increase in sales volume. The cash
flow from operation is likely to remain negative in FY20 due to a
decline in the absolute EBITDA, albeit the lower utilization of
working capital leads to a decline in sales volume in FY20.

The ratings further factor in the company's RoCE of 20% in FY19
(FY18: 15%) and strong EBITDA of 2.0% (2.1%). The EBITDA margin
declined marginally in FY19 due to an increase in the cost of the
raw materials consumed. In 9MFY20, the company reported an EBITDA
margin of 2.18% and an absolute operating profit of INR39.43
million.

The ratings, however, continue to benefit from BAPL being an
authorized dealer of Tata Motors Limited and its promoters'
experience of over a decade in the automobile dealership business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
increased operating EBITDA, interest coverage ratio above 1.7x and
improved liquidity position may lead to positive rating action.

Negative: Interest coverage ratio below 1.5x and further
deterioration in the liquidity may lead to negative rating action.


COMPANY PROFILE

Incorporated in 2002, BAPL is an authorized dealer of Tata Motors
based in Jharkhand. It undertakes the sale of light commercial,
medium and heavy commercial vehicles. It has 15 outlets, including
two sales-service-spares centers, in Jharkhand. Its promoters are
Mentu Budhia, Rajendra Prasad Budhia, Rahul Budhia, and Babita
Budhia.

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

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR120 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Chetan Overseas trades non-ferrous metals and was acquired by Krish
Vinimay Pvt. Ltd. in June 2011.

COSMO FERRITES: CRISIL Cuts Rating on INR13.24cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Cosmo
Ferrites Limited (CFL) to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.5       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Bill Discounting       2         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Cash Credit           12         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Export Packing         5         CRISIL D (Downgraded from
   Credit                           'CRISIL B-/Stable')

   Letter of Credit     10          CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term    4.26       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

   Standby Line          2          CRISIL D (Downgraded from
   of Credit                        'CRISIL B-/Stable')

   Term Loan            13.24       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects the delay by CFL in repaying the interest
and principal obligation on the term loan.

The ratings continue to reflect the small scale of CFL's
operations, and the weak financial risk profile. These weakness are
partially offset by the company's established presence in the soft
ferrites industry and its longstanding client associations.

Key Rating Drivers & Detailed Description

* Delays in debt repayment
Stretch in receivables have constrained cash flow, resulting in
delays by CFL in servicing the interest and principal payment on
the term loan.

Weaknesses
* Small scale of operations
Revenue of INR80 crore reported in fiscal 2019, reflects the small
scale of operations, mainly constrained by competition from China.
Establishment of the coils unit will support revenue growth, going
forward.

* Weak financial risk profile
Financial risk profile is constrained by weak debt protection
metrics, stemming from a subdued margin of 3.6% in fiscal 2019.
Interest coverage and net cash accrual to total debt ratios were
0.56 time and (0.15) time, respectively, in fiscal 2019. Gearing
was high at 3 times as on March 31. 2019.

Strengths
* Established market presence and longstanding client associations
Benefits from the promoters' three decade-long experience in the
soft ferrite industry, and CFL's established position in overseas
markets, will continue. The export market is dominated by reputed
players such as EPCOS AG and TDK Ferrites Corporation, besides
Chinese manufacturers. The company has strategically chosen to
manufacture soft ferrites, used by manufacturers of low-volume,
high-value products such as transformers, bulbs, mobile phones, and
solar equipment. Strong clientele, comprising over 200 customers,
and diversification into exports and other end-user industries,
partially offset the risk of downturn in any particular industry.

Liquidity Poor
Liquidity is Poor. Expected cash accrual of INR-0.77 crore and
INR-0.15 crore, in fiscals 2020 and 2021, will be insufficient to
cover the maturing debt of around INR3.3 crore and INR2.2 crore in
the corresponding period. Bank limit utilisation averaged 86% over
the 12 months through June 2019. Current ratio stood at 0.53 time
as on March 31, 2019.

Rating Sensitivity Factors

Upward factors
*Improvement in operating income by over 10%, and margin by 300
basis points
*Sufficient cash accrual against the maturing debt
*Track record of three months for timely repayment of debt
obligations.

CFL, set up by Mr. Ashok Jaipuria in 1986, manufactures soft
ferrites and coils at its facility near Shimla, and caters to a
wide customer base, comprising manufacturers of transformers,
compact fluorescent lights, mobile phones, wireless chargers, and
inductive heaters. Mr Jaipuria is also the founder-promoter of
Cosmo Films Ltd, which manufactures bi-axially-oriented
polypropylene films.

The operations are now managed by Mr. Ambrish Jaipuria.

CPR KEMPRODUCTS: CRISIL Assigns 'CCR B+' Corporate Credit Rating
----------------------------------------------------------------
CRISIL has assigned its 'CCR B+/Stable' corporate credit rating to
CPR Kemproducts India Private Limited (CPRKIPL).

The rating reflects the company's modest scale of operations,
amidst intense competition, and its below-average financial risk
profile. These weaknesses are partly offset by the extensive
experience of the promoter in the speciality chemicals industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations amidst intense competition
Intense competition in the speciality chemicals industry will
continue to restrict scalability and operating flexibility, as
reflected in revenue of INR3.06 crore in fiscal 2019.

* Below-average financial risk profile
Financial risk profile is marked by a small networth of INR0.60
crore and modest gearing of 1.03 times as on March 31, 2019.
Interest coverage and net cash accrual to total debt ratios are
also comfortable at 4.96 time and 0.27 time, respectively, for
fiscal 2019.

Strength
* Extensive experience of the promoter
The promoter, a qualified chemical engineer, has spent over three
decades in the speciality chemical industry. Benefits from his
longstanding presence, strong understanding of local market
dynamics, and healthy relationships with suppliers and customers
should continue.

Liquidity Stretched
Liquidity remains stretched, marked by modest cash accrual and high
bank limit utilisation. Sanctioned limit of INR0.40 crore was
utilised at around 86% on an average, over the past 12 months
through January 2020. Expected cash accrual of INR0.15'Rs 0.20
crore is should suffice to cover the upcoming debt obligation of
about INR0.04 crore, over the medium term.

Outlook: Stable

CRISIL believes the company's profile will benefit from its
extensive experience of the promoter.

Rating sensitivity factors

Upward Factor
*Substantial growth in revenue and/or profitability, leading to
cash accrual of over INR0.50 crore
*Improvement in financial risk profile and liquidity.

Downward Factor
*Lower-than-expected ramp-up in sales or profitability, leading to
lower cash accruals
* Debt-funded capital expenditure, or significant stretch in the
working capital cycle, leading to deterioration in gearing to over
1.5 times.

Incorporated in 2004, CPRKIPL manufactures products related to
speciality maintenance, water treatment, effluent treatment, and
maintenance of the swimming pool and drain water. Daily operations
are managed by the promoter, Mr R Lakshmi Narasimhan. The company
has its manufacturing facility at Sriperumbudur (Tamil Nadu).

DELHI INTERNATIONAL AIRPORT: S&P Rates US$150MM Sr. Sec. Notes 'BB'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to
Delhi International Airport Ltd.'s (DIAL; BB/Negative/--) proposed
tap issuance of up to US$150 million on its initial US$350 million
6.45% senior secured notes. The issue rating is subject to its
review of the final issuance documentation.

The proposed tap issuance will not affect S&P's issuer credit
rating on DIAL and the proceeds will go toward the company's
capital spending plans of up to Indian rupee (INR) 100 billion over
the next three years.

DIAL's large capital expenditure (capex) program will result in
materially higher leverage in the next 12-18 months, in the absence
of any positive regulatory outcomes. S&P projects that its ratio of
operating cash flow to debt could fall sustainably below 8% in
fiscal 2022 (year ending March 2022).

DIAL's higher spending comes amid lingering uncertainty and delays
in India's regulatory tariff reset. DIAL's control period 3 (CP3)
(April 2019-March 2024) tariff, which was supposed to be
implemented on April 1, 2019, continues to be delayed. S&P said,
"However, we recognize that significant positive resolutions from
DIAL's ongoing regulatory disputes could lead to an eventual CP3
tariff implementation that could be higher than the current base
airport charges (BAC) assumed in our base case. This could result
in DIAL's financials being stronger than we expect and support the
company's ratios; we currently expect the ratios to weaken in the
next 12-18 months. However, the amount and timing for regulatory
order remain uncertain."

S&P said, "We believe DIAL's eventual receipt of its commercial
property payments from its Phase I land monetization with Bharti
Realty should allow the company to maintain its financial strength
for the rating until at least fiscal 2021. However, in our view,
material further delays in the receipt of these payments beyond
fiscal 2021 could put pressure on the rating. We expect DIAL to
receive lease payments of about INR3.7 billion per year and a
one-off upfront security deposit payment of about INR15.3 billion.
These commercial property development (CPD) payments are still
pending approval from the Airport Authority of India (AAI),
following the lease agreement signed with Bharti Realty on March
28, 2019.

"We expect DIAL's operating performance and competitive position to
remain resilient over the next two to three years. In our view, the
impact of the novel coronavirus outbreak (COVID-19) on DIAL's
passenger traffic will be limited, given its high proportion of
domestic flights (limited exposure to China) and the recovery of
airline disruptions that plagued the previous year. In addition, we
believe the development of Noida International Airport at
Jewar--which will be the second airport in the National Capital
Region and within 100 kilometers of DIAL--will not materially hurt
DIAL's operations over the period. This is because the airport is
still in its early stages of development with land acquisition
still not completed."

The negative outlook on DIAL reflects the company's high spending
plans amid tariff and CPD delays, potentially leading to leverage
rising sustainably above our expectations for the current rating
level.


GREEN AGRO: CRISIL Hikes Rating on INR4cr Term Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Green Agro Pack Private Limited (GAPPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the short term rating at
'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Export Bill            6          CRISIL A4 (Reaffirmed)

   Negotiation            2          CRISIL A4 (Reaffirmed)
   Letter of Credit       

   Packing Credit         8          CRISIL A4 (Reaffirmed)

   Term Loan              4          CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in the business risk profile of
GAPPL as company's operating income has increased by 56% in fiscal
19 to INR61.41 Cr from 39.43 Cr in the preceding fiscal resulting
into increased cash accruals. It also reflects the stability in
profitability as operating margins of the company were at 11.7
percent in fiscal 19 supporting its adequate liquidity position.
The rating upgrade also factors in CRISIL's belief that the working
capital cycle of the company is expected to remain steady with
improvement in financial risk profile while achieving a healthy
top-line growth and maintaining a stable operating margins.

CRISIL's ratings on the bank facilities of GAPPL continue to
reflect GAPPL's susceptibility to changes in government regulations
and climate changes and large working capital requirements. These
rating weaknesses are partially offset by the benefits that GAPPL
derives from its promoters' extensive industry experience and
established position in the gherkin export market and average yet
improving financial risk profile, marked by moderate gearing,
moderate net worth, and sound debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness
* Large working capital requirements
GAPPL's business model is inherently working capital intensive
marked by Gross Current Assets (GCA) of 185 days as on March 31,
2019. GCA is high due to stretched inventory of 125 days. Working
capital requirement will remain large over the medium term and its
management a key rating sensitivity factor

* Susceptibility to changes in government regulations and climate
changes
Gherkin is a labor intensive time sensitive seasonal crop and
dependent on the monsoon and irrigation. This exposes the company
to the risk of limited availability of raw material in case of
unfavourable climatic conditions, leading to fluctuations in
prices. This is compounded by limited ability to completely pass on
any increase in raw material price to customers.

Strengths
* Established market position in gherkin exports
GAPPL has been in the business of processing and exporting gherkins
for the more than a decade. The company provides end-to-end
solutions relating to gherkin cultivation to farmers, which has
helped them increase their yields. Each of the company's zonal
field offices maintains files on the cultivation history of each
farmer, making it easy to track both productivity and problems and
provide timely solutions. CRISIL believes that GAPPL's improving
operational efficiency is likely to stabilise its established
market position over the medium term.

* Improving yet average financial risk profile:
The financial risk profile of the company is average mainly due to
its moderate net worth and stretched liquidity. CRISIL believes
that the net worth is expected to improve over the medium term due
to steady accretion of reserves.

Liquidity Stretched
Cash accrual is expected to remain adequate with expected cash
accrual generation of INR4 -5 crore over the medium term against
repayment obligation of around INR67 lakh per fiscal over the
medium term. Bank limit utilisation remains high averaging at 93%
in the trailing 12 months ending December 2019. The current ratio
was average at around 1 time as on March 31, 2019.

Outlook: Stable

CRISIL believes that GAPPL will continue to benefit from its
promoters' extensive experience in gherkin industry and established
position in the gherkin export market.

Rating Sensitivity Factors

Upward Factors
*Revenue growth of above 10% with stable operating profitability
leading to cash accruals of above INR5 crore in FY 20
*Improvement in the working capital cycle

Downward Factors
* Stretch in debtors or high inventory holding leading to stress in
the liquidity levels
* Decrease in operating profitability leading to cash accrual
generation of below INR1 crore.

GAPPL was incorporated in 1994 by Mr. B M Devaiah and his friends
in Bengaluru (Karnataka). The company processes and exports
gherkins. Its plant in Davangere (Karnataka) has capacity to
process 12,000 tonnes of gherkins per annum. This facility can
handle a mixed variety of vegetables, such as sliced cucumber,
carrot, jalapeno, and round-cut and shredded capsicum.

HIMACHAL FLOUR: CRISIL Withdraws B+ Rating on INR9.9cr Loan
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Himachal
Flour Mills Private Limited (HFMPL) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           9.9       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with HFMPL for obtaining
information through letters and emails dated July 22, 2019 and July
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HFMPL. This restricts CRISIL's
ability to take a forward HFMPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of HFMPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of HFMPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

HFMPL was set up in 1972 as a partnership firm, which was
reconstituted as a private limited company with the current name in
1996. The key promoter and director, Mr Jagmohan Lal Gupta, along
with his family members, manages operations. The company
manufactures atta, suji, and maida at its facilities in Kangra,
Himachal Pradesh. The products are sold to the state government as
well as in the wholesale market under the Hans brand.


JEEVISHA FOODS: CRISIL Reaffirms B+ Rating on INR4.07cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Jeevisha Foods Private Limited
(JFPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term     0.93      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility     

   Term Loan              4.07      CRISIL B+/Stable (Reaffirmed)


The rating reflects JFPL's large working capital requirement and
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters in
the rice industry and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses
* Large working capital requirement
Operations should remain working capital-intensive, as reflected in
gross current assets of 149 days as on March 31, 2019, driven by
inventory of 133 days because paddy, the seasonally available main
raw material, has to be procured in bulk during the season and
stored for smooth operations throughout the year.

* Below-average financial risk profile
The weak financial risk profile is indicated by high gearing of
3.59 times and low networth INR4.05 crore as on March 31, 2019.
Gearing may marginally moderate over the medium term, with gradual
repayment of the term loan, but should remain high due to large
working capital requirement. Debt protection metrics were modest,
as reflected in interest coverage and net cash accrual to adjusted
debt ratios of 1.87 times and 0.06 time, respectively, in fiscal
2019.

Strength
* Extensive experience of the promoters and their funding support
The two-decade-long experience of the promoters, their strong
understanding of the local market dynamics, healthy relations with
customers and suppliers, and infusion of timely, need-based
unsecured loans should continue to support the business.

Liquidity Stretched
Liquidity is stretched, driven by expected cash accrual of more
than INR0.8 crore per annum in fiscals 2020 and 2021 and cash and
cash equivalents of INR0.04 crore as on March 31, 2019. Fund-based
bank limit of INR7 crore was utilised at 99% during the 12 months
through August 2019. The company has long-term repayment obligation
of INR0.80 crore each in fiscal 2020 and fiscal 2021.

Outlook: Stable

CRISIL believes JFPL will continue to benefit from the promoters'
extensive experience and funding support.

Rating sensitivity factors:

Upward factors
* Improvement in working capital cycle
* Net cash accrual of more than INR1.2 crore

Downward factors
* Weakening of liquidity
* Deterioration in working capital cycle
* Net cash accruals of less than Rs.0.7 Crore.

Incorporated in 2014 and based in Kaithal (Haryana), JFPL mills and
processes basmati and non-basmati rice, with milling and sorting
capacities of around 6 tonne per hour each. Operations are managed
by Mr Amarjeet Singh and Mr Naman Chhabra.

JYOTI POWER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Jyoti Power Corporation Private Limited
        Matru Jyot, 1st Floor
        Opp. Agro Petrol Pump Gondal
        Dist Rajkot Gondal
        GJ 360311
        IN

Insolvency Commencement Date: February 15, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 13, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Chandra Prakash Jain

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

Last date for
submission of claims:    February 29, 2020


KHETAN APPAREL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Khetan Apparel Private Limited

        Registered office:
        Plot No. 63
        Subhash Colony
        Shastri Nagar
        Jaipur 302016

        Principal office:
        C-64, Block C
        Okhla Phase-I
        South Delhi 110020

Insolvency Commencement Date: February 12, 2020

Court: National Company Law Tribunal, Jaipur Bench

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

Insolvency professional: Mr. Sourabh Malpani

Interim Resolution
Professional:            Mr. Sourabh Malpani
                         Guru Kripa Plot No. 93
                         Neelkanth Colony
                         Queens Road
                         Jaipur 302021
                         (Rajasthan)
                         E-mail: malpanijpr@gmail.com
                                 cirp.kapl@gmail.com

Last date for
submission of claims:    February 27, 2020

KNK CONSTRUCTION: CRISIL Cuts Rating on INR30cr Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of KNK
Construction Private limited (KNK) to 'CRISIL D/CRISIL D' from
'CRISIL BB+/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         90         CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Overdraft              30         CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Bank          25         CRISIL D (Downgraded from
   Guarantee                         'CRISIL BB+/Stable')   

   Proposed Overdraft     30         CRISIL D (Downgraded from
   Facility                          'CRISIL BB+/Stable')

The downgrade reflects delay in servicing debt obligation, on
account of stretched liquidity.

The ratings continues to reflect the extensive experience of the
promoters The strength is partially offset by large working capital
requirements and susceptibility to tender-based operations.

Key Rating Drivers & Detailed Description

Weaknesses:
Delays in debt repayment:
The company has delayed repayment of its debt.

Large working capital requirements:
Operations are working capital intensive, with gross current assets
of 245 days as on March 31, 2019, driven, in turn, by inventory of
124 days. Working capital requirements is expected to remain high
over the medium term.

Susceptibility to tender-based operations:
Revenue and operating margin are dependent on KNK's ability to win
tenders in a competitive environment. Low size of orders could,
therefore, weaken credit metrics.

Strength:
Extensive experience of the promoters:
Benefits from the promoters' experience of over three decades, and
their healthy relationships with customers and suppliers should
continue to support business risk profile.

Liquidity Poor
Liquidity is inadequate to meet debt obligation on a timely basis.

Rating Sensitivity factors

Upward factors:
* Sustainable improvement in financial and liquidity risk
profiles.
* Track record of three months for timely debt servicing.

KNK was set up in fiscal 2017 by merging the group companies, KNK
Nexgen Construction Pvt Ltd and KNK Swami and Co. It constructs
factories, industrial houses, and commercial and residential
buildings for the Government of Karnataka and private entities
outside the state.

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

The instrument-wise rating actions are:

-- INR75 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR110 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 19, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1943, LBPL is engaged in various trading activities
such as product distribution for Orient Electric and Osram India in
Assam, and commodity trading of raw jute. It also operates six
petrol pumps in Assam. The firm is managed by Vijay Singh Sarda,
Arvind Jatia, Savita Lahoty, and Sangeeta Jatia.

LAKEFOREST WINES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Lakeforest Wines Private Limited

        Registered office address:
        E-186, Basement
        Greater Kailash-I
        New Delhi 110048
        India

Insolvency Commencement Date: February 13, 2020

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

Estimated date of closure of
insolvency resolution process: August 11, 2020
                               (180 days from commencement)

Insolvency professional: Mukesh Kumar Grover

Interim Resolution
Professional:            Mukesh Kumar Grover
                         102, B-3 Prerna Complex
                         Shubhash Chowk Laxmi Nagar
                         Delhi 110092
                         E-mail: mukesh@mjra.co.in
                                 mkgrover@legalresolution.in

Last date for
submission of claims:    February 27, 2020


LION FABRICS: CRISIL Withdraws B+ Rating on INR65.57cr Term Loan
----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Lion
Fabrics Private Limited (LFPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          22.43      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan            65.57      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LFPL. This restricts CRISIL's
ability to take a forward LFPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of LFPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of LFPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

LFPL, incorporated in 2014 by Mr Raj Thukral and his son, Mr
Himashu Thukral, is setting up a unit for manufacturing denim
fabric at Sehore, Madhya Pradesh. Operations are managed by Mr
Sunil Kumar Aggarwal. The plant is expected to commence operations
in March 2018.

LOORDHU AMMAL: CRISIL Hikes Rating on INR25cr LT Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Loordhu Ammal Educational Trust (LAET) to 'CRISIL B/Stable' from
'CRISIL D'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Long Term Loan         25         CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of its term debt during the
last 6 months supported by improvement in its liquidity position.
CRISIL believes that with increasing student strength in its
medical course, liquidity is expected to improve further over the
medium term.

The rating continues to reflect the trust's weak financial risk
profile marked by its weak liquidity. This weakness is offset by
LAET's established position in the education industry and its
promoters' extensive experience.

Key Rating Drivers & Detailed Description

Weakness
* Weak financial risk profile
Though, the capital structure is moderate with gearing of 1.21
times as on March 31, 2019, moderate occupancy, leads to inadequate
accrual to meet the debt obligation. The trust is highly reliant on
unsecured loans and equity from promoters, leading to weak
liquidity. However, with expected improvement in occupancy,
liquidity is expected to improve over the medium term.

Strengths
* Established market position in the education industry
LAET is in the education industry for over 2 decades with a
diversified course offering from schooling to engineering and
Medical. Over the period the trust has developed good brand equity
in the region, leading to moderate occupancy levels. The
established market position should continue to support the business
risk profile.

* Promoter's extensive experience
Founder Trustee Dr S Peter is a well-known educationalist and has
developed various institutes over the last 2 decades. His
experience in the education industry and association with various
stake holders should support business.

Liquidity Stretched
Liquidity is stretched. The trust is estimated to generate accruals
of about INR8-10 crores over the medium term against repayment
obligation of about INR7.5 crores. With improvement in occupancy,
liquidity is expected to improve over the medium term.

Outlook: Stable

CRISIL believes that LAET will continue to benefit from its
established market position and promoter's experience.

Rating Sensitivity Factor
Upward factor
*Net cash accruals of over 10 crores
*Increase in scale of operations and profitability.

Downward factor
*Net cash accruals of less than 5 crores.
*Decline in scale of operation and profitability.

Established in 1997 by Dr S Peter, LAET runs various educational
institutes in Kovur, Chennai.

MAHADEV COLD: CRISIL Assigns B+ Rating to INR5.2cr Overdraft
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Mahadev Cold Storage - Aligarh (MCSA).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Overdraft             5.2         CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest scale of operations, marked
by revenue of Rs. 3.44 crores in fiscal 2019 and susceptibility to
volatility in raw material prices amid intense competition. These
weaknesses are partially offset by the extensive experience of more
than one decade of the partners in the cold storage industry and
the firm's advantageous location, near the potato farmers.

Analytical Approach

Unsecured loans of INR1.48 crore as on March 31, 2019 from its
partners and their family members have been treated as neither debt
nor equity as the loans are interest-free and are likely to remain
in the business.

Key Rating Drivers & Detailed Description

Weaknesses:
* Susceptibility to volatility in raw material prices amid intense
competition: The cold storage industry has several small,
unorganised players because of low entry barriers. The competition
will continue to exert pricing pressure. Moreover, revenue and
profitability will remain susceptible to volatility in the price of
the potatoes.   

* Modest scale of operation: MCSA's business risk profile is
constrained by its modest scale of operations (revenue of INR3.44
crore in fiscal 2019) in an intensely competitive industry. The
modest scale of operations will continue to limit operating
flexibility.

Strengths:
* Extensive industry experience of the partners: The partners have
experience of over a decade in the cold storage services industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers.

* Advantageous location: Proximity of the cold storage to the
potato producing belt of Aligarh, Uttar Pradesh, along with the
diverse products stored, will help optimise capacity utilisation
over the medium term.

Liquidity Stretched
Bank limit utilisation averaged 80% over the 12 months through
December 2019. Cash accrual is expected at INR0.8-0.9 crore against
debt obligation of INR0.6 crore per annum. Cash and cash equivalent
was modest at INR0.22 crore as on March 31, 2019.

Outlook: Stable

CRISIL believe MCSA will continue to benefit from the extensive
experience of its partners and established relationships with
clients.

Rating Sensitivity factors:

Upward factors
* Sustained revenue growth of 20% per fiscal along with better
operating efficiency
* Improvement in financial risk profile with improved gearing
levels.

Downward factors
* Decline in revenue below INR3 crore  and in profitability
* Large, debt-funded capital expenditure weakening the capital
structure.

MCSA was established as a partnership firm in 2007. It provides
cold storage facilities for potatoes to local farmers in Aligarh.
The firm is owned by Mr Inder Pal Singh, Ms Manju Devi, Ms Kalpana
Tiwari, Mr Arun Kumar Rathore, Mr Varun Kumar Rathore, and Mr
Pushkar Rathore.

MIRAGE CERAMICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Mirage Ceramics Private Limited
        Flat No. 505, Laxmi Baug Estate
        1st Floor, Phadke Road
        Dombivli, Thane 421201

Insolvency Commencement Date: February 14, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 11, 2020

Insolvency professional: Mr. Bhaskar Gopal Shetty

Interim Resolution
Professional:            Mr. Bhaskar Gopal Shetty
                         C-77, Shanti Shopping Centre
                         Mira Road East 401107
                         Thane District
                         Maharashtra
                         E-mail: cabgshetty@gmail.com
                                 mirageceramics.cirp@gmail.com

Last date for
submission of claims:    March 2, 2020

MOHOTA INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Mohota Industries Limited
        Flat No. 409, 4th Floor
        174 Gold Mohur CHS Ltd
        Shamaldas Gandhi Marg
        Kalbadevi, Mumbai
        Maharashtra 400002
        India

Insolvency Commencement Date: January 23, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 21, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Prashant Jain

Interim Resolution
Professional:            Mr. Prashant Jain
                         A501, Shanti Heights
                         Plot No. 2,3, 9B/10
                         Sector 11, Koparkharine
                         Thane, Navi Mumbai
                         Maharashtra 400709
                         E-mail: ipprashantjain@gmail.com

                            - and -

                         AAA Insolvency Professionals LLP
                         301, A Wing, BSEL Tech Park
                         Sector 30A, Opp. Vashi Railway Station
                         Navi Mumbai, Maharashtra 400705
                         E-mail: mohotaindustries@
                                 aaainsolvency.com

Last date for
submission of claims:    February 21, 2020


NATHELLA SAMPATH: Tribunal Enters Liquidation Order
---------------------------------------------------
Sanjay Vijayakumar at The Hindu reports that the Division Bench of
National Company Law Tribunal (NCLT) Chennai has ordered
liquidation of Nathella Sampath Jewellery Private Limited. In 2018,
the company had filed a voluntary insolvency petition which was
admitted by the NCLT.

The Hindu relates that Nathella had said it defaulted a sum of
INR385.37 crore to 58 financial creditors (banks), INR67.25 crore
to 62 operational creditors (vendors and suppliers) and other
payable expenses include INR8.32 crore. The total amount owed,
comes to INR461.40 crore.

In addition, the firm said an amount of INR63.7 crore is due as on
January 15, 2018, towards advance received from customers for
supplies to be effected at a future date in the form of cash, gold
and includes amounts received on instalment basis to be repaid
within 11 months, the report relays.

According to The Hindu, Ram Ratan Kanoongo, resolution professional
said it has been difficult to find any resolution plan for the
revival of Nathella and the committee of lenders had recommended
liquidation with 97.90% voting in favor.

He also pointed out that The Enforcement Directorate had
provisionally attached 37 immovable properties valued at about
INR328.44 crore including all the properties mortgaged by the
company with lenders, as well as that of directors, guarantors and
related parties, the report relays. The attachment was made under
the Prevention of Money Laundering Act (PMLA) and the case is
pending.

The Hindu adds that Mr. Kanoongo said the 330-day deadline for the
insolvency process expired on November 14 last year, and the
process is at a standstill due to multiple proceedings pending.

NCLT ruled that ordering liquidation soon after completion of the
insolvency period will not have any bearing on the PMLA
proceedings, because action against erring management will not be
affected by its order, The Hindu notes. It also asked The
Insolvency and Bankruptcy Board of India to propose the name of a
liquidator and said Mr. Kanoongo will act as liquidator still such
time, adds The Hindu.

NICE PROJECTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Nice Projects Limited
        C-56A, Kalkaji
        New Delhi 110019

Insolvency Commencement Date: February 7, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Rajinder Kishore Duggal

Interim Resolution
Professional:            Rajinder Kishore Duggal
                         Flat No. 251, Shabad Apartments
                         Plot No. 5, Sector-13
                         Dwarka, Delhi 110075
                         E-mail: duggal_rk@yahoo.com

                            - and -

                         Almondz Insolvency Resolutions Services
                         Pvt. Ltd.
                         F-33/3, Okhla Industrial Area
                         Phase-II, New Delhi 110020
                         E-mail: cirpniceprojects@gmail.com

Last date for
submission of claims:    February 21, 2020


NIRMAAN GROUP: CRISIL Withdraws B+ Rating on INR15cr Term Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Nirmaan
Group (NG) on the request of the company. The rating action is
in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Term Loan     15       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with NG for obtaining
information through letters and emails dated November 26, 2019 and
December 2, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Nirmaan, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Nirmaan is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'. Based on the last available information, CRISIL
has continued the ratings on the bank facilities of NG to 'CRISIL
B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of NG on the
request of the company. The rating action is in-line with CRISIL's
policy on withdrawal of its rating on bank loan facilities.

Nirmaan, established in 2008 by Mr. Prakash Chavan and Mr. Nilesh
Kamthe, is a realty firm. It is developing a residential cum
commercial project in the Kondhwa area in Pune.

PARTH COTTON: CRISIL Assigns B+ Rating to INR5.5cr Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Parth Cotton and Oil Industries (PCOI).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           5           CRISIL B+/Stable (Assigned)
   Term Loan             0.5         CRISIL B+/Stable (Assigned)

The rating reflect PCOI's susceptibility to volatility in cotton
prices and to regulatory framework, modest scale of operation and
weak financial risk profile. These weakness are partially offset by
its extensive industry experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses
* Susceptibility to volatility in cotton prices and regulatory
framework: Being an agricultural commodity, the availability of
cotton depends on monsoon. Moreover, government interventions and
fluctuations in global cotton output have resulted in sharp
fluctuations in cotton prices. Any abrupt change in regulation can
distort market prices and affect the profitability of players in
the cotton value chain, including ginners.

* Modest scale of operations: Business risk profile is constrained
by the firm's subdued scale in the intensely competitive
textile-ginning industry. Revenue declined to INR27.43 crore in
fiscal 2019 from INR38.83 crore in fiscal 2018. With sales of about
INR19 crore till December 2019, turnover is likely to decline
further in fiscal 2020. Muted scale will continue limit operating
flexibility.

* Weak financial risk profile: Networth was small at INR1.89 crore
as on March 31, 2019, and gearing high at 3.80 times. Majority of
debt comprises working capital borrowings. Debt protection metrics
remained weak with interest coverage ratio of 1.8 times in fiscal
2019. With regular capital infusion and accretion to reserves,
gearing is likely to improve over the medium term, but will remain
weak.

Strength
* Extensive industry experience of the partners: Presence of over
three decades in the textile-ginning segment has enabled the
partners to understand market dynamics and establish healthy
relationships with suppliers and customers.

Liquidity Stretched
PCOI has stretched liquidity marked by cash and cash equivalents of
INR1.02 crore as on March 31, 2019 and cash accruals expected to be
around INR0.30 crore against no repayment obligation in FY 20. The
firm has access to fund based limits of INR5.00 crore, which are
utilized at an average level of 94.6% over the 12 months ended
December 31, 2019. The liquidity risk is partially mitigated by
funding support from partners in the form of unsecured loans which
stood at INR2.33 crore as on March 31, 2019 supported by regular
capital infusion.

Outlook: Stable

CRISIL believes PCOL will continue to benefit from the extensive
experience of the partners.

Rating Sensitivity factors:

Upward Factors
* Gearing of less than 3 times
* Sustenance in revenue and profitability

Downward Factors
* GCA of over 110 days
* Capital withdrawal by partners

Set up in 2012 as a partnership firm. Mr.Pravin Kadivar, Mr.Prakash
Kadivar, Mr. Amit Kadivar, Mr.Jayesh Godhavia and Mr.Sanjay
Kasundra are the partners. PCOI gins cotton and presses cotton
seeds. Products include cotton seed, deoiled cake, and wash oil.
The facility is situated in Morbi, Gujarat.

PATDIAM JEWELLERY: Ind-Ra Affirms BB- Rating, Moves to Non-coop.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Patdiam Jewellery
Limited's (PJL) Long-Term Issuer Rating at 'IND BB-' with a Stable
Outlook and has simultaneously migrated it to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND
BB-(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR210 mil. Fund-based facilities affirmed and migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects PJL's continued small scale of operations
even though revenue grew to INR687 million in FY19 (FY18: INR530
million) due to increased orders. PJL recorded revenue of INR277
million for 1HFY20. The company's modest EBITDA margin fell to 4.4%
in FY19 from 5.2% in FY18, primarily due to an increase in raw
material price and variable cost. The return on capital was 6% in
FY19 (FY18: 5%).

PJL's credit metrics are weak with net financial leverage (adjusted
net debt/operating EBITDA) of 6.4x in FY19 (FY17: 9.2x) and gross
interest coverage (operating EBITDA/gross interest expense) of 2.1x
(1.6x). The improvement in the credit metrics in FY19 was primarily
due to an increase in absolute EBITDA to INR30 million from INR27
million in FY18.

Liquidity Indicator - Stretched. Due to the working capital
intensive nature of PJL's operations, its net cash conversion
cycle, though improved, remained long at 229 days in FY19 (FY18:
364 days). The improvement was a result of the reduction in
inventory days to 119 in FY19 (FY18: 281). The company had a cash
balance of INR40 million and restricted cash of INR0.7 million at
FYE19.

The ratings have been migrated in the non-cooperating category as
PJL has not shared information regarding bank limit utilization
details, no-dues certificates, and other necessary information
despite continuous requests and follow-ups.

RATING SENSITIVITIES

Negative: A significant decline in the operating profitability or a
substantial increase in working capital requirements, with a
consequent, continued liquidity pressure, could lead to a negative
rating action.

Positive: Any significant improvement in PJL's revenue and
liquidity, while maintaining the profitability, could lead to a
positive rating action.

COMPANY PROFILE

PJL was incorporated in 2004 and is a part of the Patdiam Group.
PJL manufactures and exports high-end specialty diamond-studded
jewelry.

PAYYANUR MEDICAL: CRISIL Withdraws D Rating on INR18cr Loan
-----------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Payyanur Medical Service and
Research Centre Private Limited (PMSARC) to 'CRISIL D Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating.  Consequently, CRISIL is
migrating the rating on bank facilities of PMSARC from 'CRISIL D
Issuer Not Cooperating' to 'CRISIL D' and subsequently withdrawn
the rating at the company's request and receipt of no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loans.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      1.5        CRISIL D (Migrated from
   Bank Loan Facility                 'CRISIL D ISSUER NOT
                                      COOPERATING'; Rating
                                      Withdrawn)

   Term Loan              18          CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING'; Rating
                                      Withdrawn)

The rating continues to reflect delays in servicing of debt
obligations by the firm due stretched liquidity and high repayment
obligation.

Analytical Approach
Unsecured loans of INR10 crores is treated as 75% equity and 25%
DEBT.

PMSRCPL, incorporated in 2011, has a multispecialty hospital,
Anamaya Medical Institute, at Payyannur in Kannur, Kerala. It
started commercial operations in April 2016.

RAJESHWARI COTSPIN: CRISIL Cuts Rating on INR7.5cr Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Rajeshwari Cotspin Limited (RCL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.  The downgrade reflects delays by RCL
in repayment of term loan.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         1          CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            7.5        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan             34.0        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The ratings also reflect RCL's modest financial risk profile,
susceptibility to volatility in cotton prices and unfavourable
government policies. These weaknesses are partially offset by the
experience of the promoters in the cotton industry and their
funding support and proximity to textile processing hub.

Key Rating Drivers & Detailed Description

Weaknesses
* Delay in repayment of term loan
The company has defaulted in the repayment of term loan which due
in the month of January 2020.

* Moderate financial risk profile
Financial risk profile of the company remains moderate due debt
capital expenditure incurred by the company in the initial phase of
operation leading to high gearing of 2.66 times coupled with
average debt protection metrics with interest coverage and NCA to
AD of 1.7 and 0.10 times respectively as on March 31, 2018.

* Susceptibility to cotton price volatility and unfavourable
government policies
The government fixes a minimum selling price (MSP) for each crop
every year. When price of any variety of cotton is lower than MSP,
the Cotton Corporation of India and National Agricultural
Co-operative Marketing Federation resort to immediate market
intervention and purchase cotton at MSP without any quantitative
limits. Though this is done to support farmers' interest, any
sudden change in government policies adversely affects margins of
cotton ginners. Additionally the since the purchase of raw cotton
from unregistered dealer in now taxable under GST with reverse
charge mechanism, this will adversely affect the working capital
cycle due to blockage of funds as the GST on purchase is to be paid
the company and ITC towards the same will be allowed only after
sales realisations

Strengths
* Extensive experience of the promoters:
Benefits from the extensive industry experience of the promoters
who are present in cotton ginning and spinning industry for around
a decade through their group entities should continue to support
business risk profile of the company

* Proximity to textile processing hub:
The company's ginning and spinning unit is located in Dahegam,
Gandhinagar - Gujarat, which is close to several textile processing
units and textile trader market. This gives easy access to a large
customer base.

Liquidity Poor
There has been a delay in repayment of term loan. The cash and cash
equivalents were low at INR0.12 crore as on March 31, 2018. The
fund-based bank limit also remains fully utilised. The ability to
meet interest obligation depends on an increase in cash accrual or
access to incremental fund-based limit.

Rating Sensitivity factors

Upward factors
* Track record of timely interest payment for at least 90 days
* Sustainable improvement in the financial risk profile

Incorporated in February 2013, and operations starting in November
2018, RCL was established for the purpose of ginning of cotton and
using it captively for spinning to manufacture cotton yarn in
multiple counts, which find use in products such as bedsheets,
terry towels, suiting, shirting and hosiery. Mr Mahesh Patel, Mr
Pravin Khunt, Mr Bhavin Patel and Mr Ramesh Patel are the
promoters.

RAVI COMMODITIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Ravi Commodities Private Limited

        Registered office:
        Room No. 72, 5 Clive Row
        3rd Floor, Kolkata 700001
        West Bengal, India

Insolvency Commencement Date: January 17, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 29, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Soumendra Podder

Interim Resolution
Professional:            Mr. Soumendra Podder
                         1/427, Gariahat Road (South)
                         4th Floor, West Bengal
                         Kolkata 700068
                         E-mail: soumendpodder@hotmail.com

                            - and -

                         M.N. Mitra & Co
                         Chartered Accountants
                         12/1/5, Manoharpukur Road
                         Kolkata 700026
                         West Bengal
                         E-mail: ip.ravicommodities@gmail.com

Last date for
submission of claims:    February 17, 2020


RNM INFRA PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: RNM Infra Private Limited

        Registered office address as per the MCA Records:
        30, Mukherjee Para Lane
        P.O. Serampore, Hooghly
        WB 712201

Insolvency Commencement Date: January 21, 2020

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional:            Kanchan Dutta
                         Chatterjee International Centre
                         14th Floor, Flat No. 13A
                         33A, J.L. Nehru Road
                         Kolkata 700071
                         E-mail: kanchan@kgrs.in
                                 kdutta.ip@gmail.com

Last date for
submission of claims:    February 24, 2020


ROHIT FERRO-TECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Rohit Ferro-Tech Limited
        35, Chittaranjan Avenue
        4th Floor, Kolkata 700012
        West Bengal

Insolvency Commencement Date: February 7, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 5, 2020
                               (180 days from commencement)

Insolvency professional: Supriyo Kumar Chaudhuri

Interim Resolution
Professional:            Supriyo Kumar Chaudhuri
                         Duckback House, 4th Floor
                         41, Shakespeare Sarani
                         Kolkata 700017
                         E-mail: supriyochaudhuri@bdo.in

Last date for
submission of claims:    February 21, 2020


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

The instrument-wise rating action is:

-- INR175 mil. Fund-based working capital limits migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

SJE is a partnership firm that was founded by Atman Shah,
Jayantilal Shah, Sanjay Shah and Sunil Shah. The firm cuts and
polishes diamonds. It has a processing facility in Surat (Gujarat)
and a sales office in Mumbai (Maharashtra).

S. S. T. PACKAGING: CRISIL Cuts Rating on INR5.2cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of S. S. T. Packaging Private Limited (SSTPL) to 'CRISIL D' from
'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           0.5         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term    0.2         CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan             5.2         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delay in servicing debt obligation, on
account of stretched liquidity.

The rating also reflects the small scale of operations in an
intensely competitive industry. However, the company benefits from
the extensive experience of its promoter in the disposable plastics
industry.

Key Rating Drivers & Detailed Description

* Delay in servicing of debt obligation
The company has delayed repayment of its debt.

Weakness
*Small scale of operations ' Exposure to intense competition has
led to subdued scale, as reflected in estimated revenue of INR2.73
crore in fiscal 2018. This will continue to limit operating
flexibility over the medium term.

Strengths
*Extensive experience of the promoter in the disposable plastics
industry: The promoter's experience of over a decade and healthy
relationships with customers and suppliers should support the
business.

Liquidity Poor
Liquidity is inadequate to meet debt obligation on a timely basis.

Rating sensitivity factors

Upward factors
*Track record of timely debt servicing for at least 90 days
*Sustainable improvement in financial and liquidity risk profiles.

SSTPL was incorporated on January 12, 2016, by the promoter, Mr
Tanmay Kumar. The company commenced operations from February 2018.
It manufactures polystyrene-based disposable plastic glasses, cups,
and similar products. The manufacturing facility is located in
Govindpur, Kolkata, with a capacity of 8,500 tonne per annum.

SHAKTI SUDHA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shakti Sudha Agroventures Private Limited

        Registered office:
        C-23 & 24 Patliputra
        Industrial Area
        Patna 800013
        Bihar, India

Insolvency Commencement Date: October 31, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 2, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Soumendra Podder

Interim Resolution
Professional:            Mr. Soumendra Podder
                         1/427, Gariahat Road (South)
                         4th Floor, West Bengal
                         Kolkata 700068
                         E-mail: soumendpodder@hotmail.com

                            - and -

                         M.N. Mitra & Co
                         Chartered Accountants
                         12/1/5, Manoharpukur Road
                         Kolkata 700026
                         West Bengal
                         E-mail: ip.shaktisudha@gmail.com

Last date for
submission of claims:    November 18, 2019


SHIRKE RECREATION: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shirke Recreation
Enterprise's Long-Term Issuer Rating of 'IND BB'. The Outlook was
Stable.

The instrument-wise rating action is:

-- The 'IND BB' rating on the INR37.2 mil. Term loan due on April

     2019 - March 2020 is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no dues certificates from the lenders for the above
facility.

COMPANY PROFILE

Shirke Recreation, a part of the Pune-based Shirke Group, was
incorporated in 2005 as a partnership firm to construct a
state-of-the-art clubhouse with an indoor cricket academy and
recreation facilities in Bandra-Kurla Complex, Mumbai, for the
Mumbai Cricket Association, on a build, operate and transfer basis.

SHREE HANUMAN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shree Hanuman Texfab Private Limited

        Registered office:
        33, New Vora Building
        3rd Floor, 59 Nakoda Street
        Phydhuni, Mumbai 400003

Insolvency Commencement Date: February 14, 2020

Court: National Company Law Tribunal, Vadodara Bench

Estimated date of closure of
insolvency resolution process: August 13, 2020
                               (180 days from commencement)

Insolvency professional: Devesh A. Pathak

Interim Resolution
Professional:            Devesh A. Pathak
                         First Floor, 51/Udyognagar Society
                         Near Ayurvedic College
                         Outside Panigate
                         Vadodara 390019
                         E-mail: maildeveshpathak@rediffmail.com

Last date for
submission of claims:    February 29, 2020


SHREE RUPANADHAM: CRISIL Withdraws B Rating on INR10cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Shree
Rupanadham Steel Private Limited (SRSPL; a part of the Shree Banke
Bihari group) and simultaneously withdrawn the rating at company's
request and on receipt of a no-objection certificate from the
bankers. The withdrawal is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            10         CRISIL B/Stable (Rating
                                     Reaffirmed and Withdrawn)

   Proposed Cash          10         CRISIL B/Stable (Rating
   Credit Limit                      Reaffirmed and Withdrawn)

   Rupee Term Loan         5         CRISIL B/Stable (Rating
                                     Reaffirmed and Withdrawn)

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SRSPL and Shree Banke Bihari Ispat Pvt
Ltd (SBBIPL). The two companies, are under a common management,
operate in the same line of business, and have operational and
financial linkages.

SBBIPL was incorporated in 2004 by Mr. Bhola Prasad Agrawal. This
Raigarh (Chhattisgarh)-based company manufactures sponge iron and
mild steel (MS) billets. Mr. Bhola Prasad Agrawal and his sons '
Mr. Pawan Agarwal, Mr. Mayan Agarwal and Mr. Ajay Agarwal '
currently manage the business.

Incorporated in 2007, SRSPL manufactures MS ingots with installed
capacity of 46,750 tonne per annum and also has a sponge iron unit.

SIDHANATH SUGAR: CRISIL Lowers Rating on INR75cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sidhanath Sugar Mills Limited (SSML) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Pledge Loan            75        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Working       20        CRISIL D (Downgraded from
   Capital Facility                 'CRISIL B+/Stable')

   Rupee Term Loan        10        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Sugar Pledge           40        CRISIL D (Downgraded from
   Cash Credit                      'CRISIL B+/Stable')

   Term Loan              25        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects the recent delay in servicing debt
obligations because of weak liquidity.


Key Rating Drivers & Detailed Description
Weaknesses
* Delay in debt servicing due to weak liquidity: The company could
not service its term loan repayment obligations and the interest
was unserved in recent months. Discontinuation of sugar cane
crushing activity in ongoing season led to strain on the
liquidity.

* Weak financial risk profile: Networth had eroded due to
continuous net losses for past three fiscals. Bank debt availed to
fund working capital requirement and capex will keep gearing high
over the medium term.

* Exposure to cyclicality in, and regulatory framework of, the
sugar industry: The sugar manufacturing industry is highly
regulated and is also exposed to risks related to seasonality in
sugarcane production. These factors can impact the scale of
operations and margins.

Strengths
* Promoter's extensive experience: Benefits from the promoter's
experience of over two decades and semi-integrated nature of
operations should continue to support business risk profile.

Liquidity Poor
Liquidity is poor as indicated by instances of delays in the
repayment of term loan. The liquidity is under strain due to no
major sugar cane crushing in current season amid lower sugar cane
availability driven by draught in the region.

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

Incorporated in 2000 and promoted by Mr Dilip Mane, SSML
manufactures sugar at its plant in Tirhe, Maharashtra, which has an
installed capacity of 6,000 tonne crushing per day. It also has a
26-megawatt co-generation power plant.

SRI KARPAGAM: CRISIL Lowers Rating on INR36.25cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank facilities
of Sri Karpagam Mills India Private Limited (SKMPL) to 'CRISIL D
from 'CRISIL BB/Stable'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit          36.25        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Letter of Credit     13.45        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Long Term Loan        8.20        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Long Term    2.00        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB/Stable')

   Working Capital       5.00        CRISIL D (Downgraded from
   Demand Loan                       'CRISIL BB/Stable')

The rating reflects instances of continuous overdrawals for more
than 30 days in the working capital facilities due to weak
liquidity caused by stretch in working capital cycle.

The rating also reflects SKMPL's large working capital requirement
susceptibility of operating profitability to fluctuation in raw
material prices and weak financial risk profile. These weaknesses
are partially offset by the extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses
* Weak Liquidity:
Liquidity is weak due to continuous overdrawals for more than 30
days in the working capital facilities, due to the weak liquidity
due to stretch in working capital cycle.

* Large working capital requirement
Gross current assets were 227 days as on March 31, 2019 because of
sizeable inventory and stretched receivables of 127 days and 107
days respectively.

* Susceptibility to fluctuations in raw material prices
Cotton (key input) accounts for 65% of total cost of sales.
Profitability of spinners is largely linked to cotton prices, and
any sharp increase cannot be fully passed on to customers because
of intense competition.

* Weak financial risk profile
SKMPL's financial risk profile is weak, marked by a leveraged
capital structure and weak debt protection metrics. Gearing was
high at around 3 times, due to high reliance on debt to fund
working capital requirements. Subsequently, interest coverage and
net cash accrual to total debt ratio were at 1.5 times and 6
percent respectively, for fiscal 2019. The financial risk profile
is expected to remain weak over the medium term.

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

Liquidity Poor
The bank limits have been highly utilised over the last twelve
months ended December 2019, with overdrawal for more than 30
continous days in December 2019. Cash accruals is expected to be
tightly matched against repayments over the medium term. However,
there is liquidity support from promoters is expected to partially
support liquidity.

Rating Sensitivity Factor

Upward factor
* Track record of timely debt servicing for more than 3 months
* Improving gearing levels to less than 2.5 times

SKMPL, incorporated in 2005 at Udayampalyam (Tamil Nadu),
manufactures cotton yarn of counts 10-60s, majorly 30-40s with a
capacity of 43200 spindles. It is managed by Mr Krishnaswamy and
his brothers.

SUZLON ENERGY: SBI Approves Debt Restructuring Plan
---------------------------------------------------
Vishwanath Nair at BloombergQuint reports that Bank of India has
agreed to proceed with a restructuring proposal by wind power firm
Suzlon Energy Ltd., a senior banker familiar with the matter said
on the condition of anonymity. The decision was taken by the bank's
board after a series of meetings last week, BloombergQuint relays.

Suzlon, which owes banks INR11,300 crore, had proposed to split its
debt into a sustainable and an unsustainable part.  According to
the report, the company sought to convert INR7,700 crore in debt
into convertible debentures, which would be held in the investment
books of banks. Debt worth about INR3,600 crore was seen as
sustainable and would remain in the form of loans. An additional
INR1,000 crore in non-fund exposure, via facilities such as letters
of credit etc., will also continue, the company had proposed.

According to the banker quoted by BloombergQuint, SBI has accepted
a haircut of about 68 percent on the debt. Banks may also convert a
small portion of the debt into equity, giving lenders minority
shareholding in the company, this banker said. This would allow
lenders to benefit from the upside in the company's stock price
once operations stabilise, the banker quoted above said.

BloombergQuint says SBI's approval for the proposed restructuring
is the first step. The plan will now be circulated among the other
lenders in the consortium and an approval will be sought from each.
Under the inter-creditor agreement process, a resolution plan must
receive approvals from at least 66 percent of the lenders in the
consortium. Once it has received majority approval, a plan is
binding on all lenders, according to BloombergQuint.

BloombergQuint says lenders have been mulling a restructuring plan
for the wind energy company, after it failed to attract investors.
Suzlon was in talks with Brookfield Asset Management and Vestas
Wind Systems for a potential investment. However, both investors
backed out last year.

The options in front of lenders were limited, the report notes.
They could either approve the restructuring plan or refer the
company for insolvency proceedings. According to BloombergQuint the
banker said insolvency proceedings are not a good option given the
relatively low interest in assets related to the power sector.

Should all lenders approve the restructuring plan, this would be
the second time that Suzlon has restructured debt since 2013, the
report states. At the time, it had used the corporate debt
restructuring cell.

The company's operations, however, deteriorated again, says
BloombergQuint.

The wind power company reported a net loss of INR705 crore in the
October-December 2019 quarter, as compared with a loss of INR64
crore a year ago, the report discloses. Total income from
operations dropped to INR673 crore in the third quarter, as
compared with INR1,112 crore last year.

                        About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its operations
relate sale of WTGs and allied activities, including sale/sub-lease
of land, infrastructure development income; sale of gear boxes, and
sale of foundry and forging components. Others primarily include
power generation operations.

As reported in the Troubled Company Reporter-Asia Pacific on July
18, 2019, Bloomberg News said Suzlon Energy Ltd., which became
India's biggest convertible-note defaulter in 2012, slumped in
Mumbai after missing payments on dollar-denominated convertibles
due July 16.

Shares of the stressed wind-turbine maker fell as much as 8.6% in
trading on July 17 after missing a July 16 deadline to repay US$172
million outstanding on the securities, according to Bloomberg.
While an earlier debt revamp helped the company's shares surge in
2014-2015, they've since slumped as increased competition has
diluted Suzlon's market share, Bloomberg said.



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

SRI REJEKI: Fitch Affirms BB- LT IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings affirmed Indonesia-based integrated textile and
garment manufacturer PT Sri Rejeki Isman Tbk's Long-Term Issuer
Default Rating at 'BB-'. Fitch Ratings Indonesia has also affirmed
the National Long-Term Rating at 'A+(idn)'. The Outlook is Stable.

The affirmation reflects Sritex's robust performance, stemming from
its expanding operating scale and successful operational
integration and execution of cost-efficiency measures on its two
yarn-spinning companies acquired in 2018, which have improved
profit margins. These, combined with Sritex's higher-than-expected
sales growth, pushed EBITDA up to USD219 million in the last 12
months (LTM) to end-September 2019, 10% higher than its forecast
for 2019.

The stronger profitability has also helped Sritex make progress in
deleveraging, with leverage, measured by net adjusted debt/LTM
EBITDA, falling to 2.9x by end-September 2019 from 3.2x at
end-2018, in line with its expectations. The rating review has also
coincided with a switch from using the Diversified Industrials and
Capital Goods Navigator to the Consumer Products Navigator, which
more closely aligns the rating factors for Sritex with the
underlying drivers of its end customers and markets. This change
has not resulted in changes to the rating sensitivities.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

KEY RATING DRIVERS

Improving Margin; Utilisation Ramp-Up: Sritex's robust operating
performance stems partly from the successful operational
integration and cost-efficiency measures undertaken on its two
yarn-spinning companies over the last two years. The gross profit
margin on its yarn-spinning segment increased to 10.7% in 9M19,
from 8.8% in 9M18, which has led the overall gross profit margin
and EBITDA margin to improve to 20.1% and 19.2%, respectively, from
18.3% and 18.4%.

Sritex's performance was also supported by the capacity utilisation
ramp-up across its business segments, which helped improve sales
growth and inventory turnover cycle. The utilisation rate of
Sritex's yarn-spinning segment improved to 95% in 2019,
greige-weaving to 92% and garment manufacturing to 111%, from 91%,
82% and 93%, respectively, in 2018. This lead to 17% yoy sales
growth in 9M19, better than its forecast of 7% for 2019.
Utilisation of the fabric finishing segment remained stable at 86%;
however, Fitch expects this to improve progressively to above 90%
in the next 12 months, which should further support deleveraging.

Production Capacity Reaching Maximum Level: Sritex has benefitted
from US-China trade tensions, with an increasing share of sales
from the US. Stricter waste-water treatment in Indonesia has led to
the closure of some small to medium manufacturers, which has also
driven Sritex's capacity utilisation higher. The spinning segment
is running at 95% and the finishing business at 86% utilisation,
and should growth continue at the same rate, Fitch believes that
Sritex may reach maximum capacity utilisation in the next 12
months. Sritex may expand its capacity through organic or inorganic
means, although this is not currently factored into its forecast.
Fitch may consider negative rating action if expansion results in a
prolonged deterioration of Sritex's financial profile, measured by
leverage sustained above 3x.

Export-Oriented; Vertical Integration: Fitch expects more than half
of Sritex's net sales (9M19: 60%) to come from exports over the
medium term, steadily up from 42% in 2014, providing it with a
partial natural hedge for its foreign-currency liabilities. A bulk
of its domestic sales is also exported indirectly and is therefore
linked to the US dollar exchange rate. Consequently, Sritex has a
significant natural hedge against foreign-currency costs.

Sritex also benefits from its vertically integrated operations. The
company sources yarn and raw fabric from its mills and produces
specialty garments, such as military uniforms, which have higher
profit margins and less cyclical demand than fashion apparel. It is
also a nominated supplier to some of its main buyers, which
promotes demand and revenue sustainability. This is supported by
its record of punctual delivery to customers' required quality and
cost

Limited Impact from Coronavirus: Fitch believes Sritex's sales
growth does not currently face significant downside threat from the
COVID-19 coronavirus outbreak because of its low sales contribution
from China. In 2019, Sritex's sales to China accounted for about 5%
of total sales, and the company indicated that there has not been
any order cancellation from Sritex's Chinese customers. The company
also does not have any significant imported raw material exposure
to China.

DERIVATION SUMMARY

Sritex is comparable with its main peers, 361 Degrees International
Limited (BB-/Stable) and PT Pan Brothers Tbk (PB, B/Stable). 361
Degrees is an established sportswear-brand owner and producer in
China. 361 Degrees' stronger financial profile, evident from its
net cash position, is offset by Sritex's larger operating scale and
wider profit margin. Fitch believes Sritex also has a stronger
market position than 361 Degrees, because of its top-three position
within the textile and garment manufacturing industry in Indonesia
relative to 361 Degrees' declining market share, which further
compensates for Sritex's higher leverage. Fitch believes this
results in both companies being rated at the same level.

PB is the largest publicly listed garment manufacturer in
Indonesia. The two-notch difference in both the IDRs and National
Ratings between Sritex and PB is driven mainly by Sritex's
considerably larger operating scale, wider profit margin, stronger
financial profile and better business-risk profile from its
vertically integrated operations.

Within the National Rating scale, Sritex's rating is comparable
with PT Sumber Alfaria Trijaya Tbk (Alfamart, AA-(idn)/Stable), PT
Japfa Comfeed Indonesia Tbk (A+(idn)/Stable) and PB
(A-(idn)/Stable). Alfamart is Indonesia's second-largest mini
market operator by store number, and Fitch believes its larger
operating scale, stronger financial profile and less-cyclical cash
flow warrant a one-notch rating difference against Sritex.

Sritex and Japfa are both exposed to raw material price volatility
but have the ability to pass through cost fluctuations to
customers. Fitch believes Japfa's larger operating EBITDAR scale
and lower leverage counterbalances Sritex's wider profit margin and
higher free cash flow generation. Japfa's stronger market position
as Indonesia's second-largest poultry company also compensates for
its weaker geographical diversification relative to Sritex. Fitch
believes this warrants the same rating for both companies.

KEY ASSUMPTIONS

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

  - Net sales growth of 4%-9% yoy in 2020-2023

  - EBITDA margin of 19%-20% in 2020-2023

  - Capex/revenue ratio of around 4% in 2020-2023

RATING SENSITIVITIES

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

Fitch does not expect positive rating action for the next two years
given Sritex's relative scale and leverage compared with its peers

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

  - Net adjusted debt/EBITDAR above 3.0x on a sustained basis

  - A prolonged weakening in the EBITDAR margin

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Sritex had a cash balance of around USD134
million as of September 30, 2019 and around USD330 million of an
unused short-term debt facility, against around USD30 million of
debt maturities over the next 12 months, a majority of which
consists of short-term working capital facilities which are
typically rolled over during the normal course of business. Sritex
refinanced its USD175 million 8.25% bond due 2021 in October 2019
with a new USD225 million 7.25% bond due 2025. Sritex also has a
USD40 million medium-term note due in November 2020 which Fitch
believes Sritex should be able to repay in due course.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's readily available cash for 2016 used in the leverage
calculation includes prepaid interest, payment guarantee of
interest on notes payable and guarantees in the form of time
deposits and cash of the company's long-term bank-loan facilities.
Fitch also includes advance payments for inventory as part of the
working-capital calculation and adds amortised cost of debt back to
total debt outstanding.

ESG CONSIDERATIONS

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



===============
M O N G O L I A
===============

TAVAN BOGD: Fitch Withdraws B- IDR due to Insufficient Information
------------------------------------------------------------------
Fitch Ratings withdrew Mongolia-based Tavan Bogd Trade LLC's
Long-Term Foreign-Currency Issuer Default Rating of 'B-' with
Stable Outlook.

The rating is withdrawn with the following reason: insufficient
information provided

KEY RATING DRIVERS

Fitch is withdrawing the ratings as TBG has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for TBG.

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.



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

CORIANDERS LIMITED: Restaurant Chain Faces Threat of Liquidation
----------------------------------------------------------------
Stuff.co.nz reports that four companies associated with a
Christchurch Indian restaurant owner facing worker exploitation
charges have been threatened with liquidation.

Stuff earlier revealed Amar Deep Singh, the owner of Coriander's
Ethnic Indian Restaurants, had his company assets frozen as he
faces the charges.

According to Stuff, Inland Revenue has made an application to
liquidate four of Singh's companies: Corianders Ltd, Jeet Holdings
Ltd, Jeet Holdings No 2 Ltd and Jeet Holdings No 8 Ltd.

The applications were made to the High Court in Christchurch in
December and publicly advertised this week, Stuff relates.

Coriander's operates in three locations: central Christchurch,
Upper Riccarton and Rolleston.  Singh also has a restaurant in
Hanmer called Coriander Leaf.  All four restaurants continue to
operate.

The application for liquidation is due to be heard in court on
March 5, Stuff discloses.

The case against Singh's exploitation charges is scheduled for May
19 and 20 in the Employment Court in Christchurch, adds Stuff.

HALIFAX NEW ZEALAND: Investors Fight for Individual Positions
-------------------------------------------------------------
Victoria Young at BusinessDesk reports that judges overseeing the
distribution of funds from collapsed online brokerage Halifax have
indicated they want liquidators to do more to consider the position
of investors unsatisfied with their current proposals.

The Australian-headquartered company was moved into liquidation in
March 2019, and there is about a NZD20 million shortfall,
representing about 9 percent of the funds invested, BusinessDesk
notes.

Liquidators estimate almost 12,000 individual investors were
affected, with more than 2,000 of those being in New Zealand.

According to BusinessDesk, the proceeding is a first in that it has
required joint sittings of the High Court at Auckland and the New
South Wales division of the Federal Court of Australia.

On Feb. 18, three different parties came before the High Court at
Auckland seeking to be joined to the case to protect their
individual positions. The proceeding also took place in Sydney
through an audio-visual link.

Lawyer Emma Smith is representing Andrew and Marlene Whitehead and
an associated trust.

She told Justice Geoffrey Venning and Australian Justice Jacqueline
Gleeson that the liquidators' lawyer had understated her clients'
position, BusinessDesk says.

According to BusinessDesk, Ms. Smith said Whitehead was told he was
treated as a wholesale client by the brokerage and that he believed
that his investment was traceable. Therefore he should have that
opportunity to trace his funds, unlike other investors.

KPMG liquidators Morgan Kelly and Philip Quinlan have said that the
comingling of funds across New Zealand and Australia meant they
can't figure out which of the money held on trust should go to
which investors, the report relays. Instead, they have created four
separate classes of investor which they will use to dish out the
funds, and there will be a shortfall.

BusinessDesk says Anderson Lloyd partner Simon Munro --
simon.munro@al.nz -- told the court his client Chen Wang was in a
similar position to some creditors in Australia who were pushing
for a fifth class of creditor to be recognised. This class would be
for investors who deposited funds with Halifax Australia prior to
July 1, 2016, or had transferred their investment to another broker
prior to that date.

While his client's position was similar to that of Australian
investor clients represented by Maddox's Danielle Funston --
danielle.funston@maddocks.com.au -- "it would be ideal for both to
be joined due to traceability issues," Mr. Munro said, the report
relays.

The July 2016 date is a bone of contention between the parties.
While the liquidators have indicated in their reports the
deficiency in funds might have occurred before then, the cut off
date has alarmed investors worried their positions might be
affected, according to BusinessDesk.

A third party, Professor John Knight, who also used the investment
platform, said he was not legally represented but filed his own
application "as insurance."

BusinessDesk adds that Justice Gleeson indicated during the hearing
her provisional view was to make an order requiring liquidators to
take reasonable steps to consider the position of this group of
investors and that that might include issuing subpoenas and
examining documents.

Justice Venning said he was sympathetic to the other creditors'
applications, and identified the issue was with the date the
liquidators had suggested, the report relates.

"It may be that it comes to nothing, but we will have to set a date
at some point, and the best evidence is so far July 2016. It could
go nowhere but I am reluctant to shut the door."

He also requested that the liquidators' lawyers keep the investors
up to date with their filings.

Another hearing on the liquidation is expected in April, the report
notes.



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

HYFLUX LTD: Court Grants Moratorium Extension to April 30
---------------------------------------------------------
Lee Meixian at The Business Times reports that the court has
adjourned Hyflux Ltd's leave application to convene its scheme
meeting to March 10, 2020.  Before that, Hyflux's lawyers will have
to give an indication to the court of which are the groups of
creditors that are likely to oppose the scheme.

Its moratorium will also be extended to April 30, 2020, BT
discloses.

BT relates that Nish Shetty, partner at Clifford Chance Asia, who
takes over from WongPartnership in representing the embattled water
treatment firm, stressed upon the tight timeline his team is
working within to meet the long-stop date of May 26 this year that
the parties have until to meet all the key conditions to complete
potential white knight Utico's investment.

According to BT, the four outstanding issues, particularly with the
unsecured working group (UWG) of creditors, are financial and
know-your-customer (KYC) due diligence, security documentation,
proposed changes to the scheme, as well as professional adviser
fees.

On the latter point, Mr. Shetty said that Utico had indicated
through a letter that the amount it is willing to put into the pot
of adviser fees could be SGD50 million instead of the original
SGD40 million, in which case the advisers involved could be paid
"pretty much in full," BT relays.

BT notes that Utico had previously said it would raise the pot for
adviser fees to SGD50 million if it receives the support from all
advisers for the scheme and restructuring agreement at a court
hearing on Jan. 29, and that it would shrink it to SGD30 million if
the advisers fail to support the scheme at the hearing.

Mr. Shetty added that at SGD40 million, it would cover about three
quarters of the adviser fees. "That's not a bad position to be in,"
he said, adding that Clifford Chance is still clarifying this point
with Utico, relates BT.

Eddee Ng -- eddeeng@tkqp.com.sg -- senior partner at Tan Kok Quan
Partnership, who represents the UWG, said his clients are unable to
state their position on the scheme until they have received the
necessary documents required from Utico, especially pertaining to
KYC and financial due diligence, and adviser fees.

The seven unsecured banks under the UWG include BNP Paribas, Mizuho
Bank, KFW IPEX-Bank, Bangkok Bank and Standard Chartered Bank, BT
discloses.

                           About Hyflux

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

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

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, WongPartnership applied to discharge themselves due to
difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

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

KRISENERGY LTD: To Miss $4.5MM Principal, Interest Payments
-----------------------------------------------------------
Fiona Lam at The Business Times reports that Krisenergy Ltd, which
is undergoing a restructuring, on Feb. 20 said it will not make
principal and interest payments totalling US$4.5 million coming due
today, Feb. 21, 2020, under two term loans from HSBC and Standard
Chartered Bank.

BT relates that the debt-laden upstream oil and gas firm also will
not pay about SGD4.2 million in interest due on Feb. 22, 2020,
under the SGD200 million 4 per cent senior unsecured notes maturing
in 2023.

It has already missed the payment of SGD2.7 million in interest
that had come due on Dec. 9, 2019, under the SGD130 million 4 per
cent senior unsecured notes maturing in 2022, BT says.

In October last year, the company had announced its decision not to
pay out the principal and interest payable for the SGD130 million
notes, along with the principal payable under the SGD139.5 million
senior secured zero-coupon notes due 2024, recalls BT.

According to the report, the company on Feb. 20 said it decided to
cease repayment on certain of its financial obligations while the
restructuring process is ongoing.

Its existing debts also include a US$200 million revolving credit
facility with DBS Bank maturing this June 30, although KrisEnergy
did not disclose on Feb. 20 whether it intends to repay this debt,
BT relays.

KrisEnergy is working closely with its advisers to conserve all
available cash to meet the group's funding requirements during the
restructuring period, to protect the interests of all stakeholders
while it works on a "holistic and equitable" restructuring
proposal, it said, adds BT.

                     About KrisEnergy Limited

KrisEnergy Limited -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

In August 2019, the firm sought court protection from creditors'
legal action while it restructured its debts, according to The
Business Times.  Keppel Corporation, a creditor and shareholder of
KrisEnergy, then publicly came out to support the application and
KrisEnergy's management in formulating a restructuring plan.

Total debts stood at around US$558.8 million as at June 30, 2019,
according to KrisEnergy's presentation slides for its Sept. 10
informal investor meeting for noteholders and shareholders.


                           *********


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

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

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

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

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



                *** End of Transmission ***