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

                     A S I A   P A C I F I C

          Thursday, March 5, 2020, Vol. 23, No. 47

                           Headlines



A U S T R A L I A

CLARENDON PRESTIGE: First Creditors' Meeting Set for March 12
INSURANCE HOUSE: Second Creditors' Meeting Set for March 11
LCA MENAI: First Creditors' Meeting Set for March 12
NT WALLS: First Creditors' Meeting Set for March 12
PARRAMATTA PHOENIX: First Creditors' Meeting Set for March 12

PROGRESS 2020-1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
RSJ MACHINERY: First Creditors' Meeting Set for March 12
SYDNEY CITY: First Creditors' Meeting Set for March 12
VIRGIN AUSTRALIA: S&P Alters Outlook to Neg. & Affirms 'B+' LT ICR
VIVA ENERGY: S&P Lowers LT ICR to 'BB+' Then Withdraws Rating



C H I N A

FCOIN: Insolvent After Revealing Up to $130MM Bitcoin Shortfall
GUANGYANG ANTAI: Fitch Cuts IDR & Senior Unsec. Rating to 'B'
HNA GROUP: Hainan Province Forms Working Group to Lead Rescue
OCEANWIDE HOLDINGS: S&P Lowers ICR to CCC Due to Asset Sales Delay
SOUTHERN ENERGY: Moody's Withdraws B3 CFR on Insufficient Data

WANDA GROUP: Moody's Cuts CFR to B3; Reviews Rating for Downgrade
YIDA CHINA: Moody's Cuts CFR to Caa2, Outlook Negative


I N D I A

A K NANDI: CARE Lowers Rating on INR10cr LT Loan to 'B'
AAYUSIDDHI LIFE: Insolvency Resolution Process Case Summary
ADITHI AUTOMOTIVES: CARE Lowers Rating on INR8.0cr Loan to D
ARADHYA WIRE: Insolvency Resolution Process Case Summary
BHAGWAT PRINTING: CARE Lowers Rating on INR9cr LT Loan to B-

DHANESH TRADING: CARE Lowers Rating on INR10cr LT Loan to B-
GOLDEN JUBILEE: Blackstone Gets Court OK to Buy Trident Hotel
GOODWIN JEWELLERS: Insolvency Resolution Process Case Summary
GREENLAND MOTORS: CARE Lowers Rating on INR30cr Loan to 'B'
HARI KRIPA: CARE Lowers Rating on INR23.42cr LT Loan to 'D'

HOUSING DEVELOPMENT: Declared Insolvent; 13 Projects Stalled
JAI INDIA: Ind-Ra Affirms D Issuer Rating, Moves to Non-coop.
JARVIS INFRATECH: Insolvency Resolution Process Case Summary
JORABAT SHILLONG: Ind-Ra Corrects March 5, 2019 Ratings Release
KNM PHARMA: Insolvency Resolution Process Case Summary

KVR INDUSTRIES: Insolvency Resolution Process Case Summary
MERCATOR LTD: To Sell Assets as Lenders File Insolvency Process
MUTHOOT FINANCE: Fitch Rates $550M Sr. Sec. Notes Final 'BB+'
NARAYAN INDUSTRIES: CARE Cuts Rating on INR8.0cr LT Loan to D
NEELKANTH YARN: Ind-Ra Migrates BB Issuer Rating to NonCooperating

PALAV SYNTHETICS: Insolvency Resolution Process Case Summary
PROMPT PULP: CRISIL Maintains 'C' Rating in Not Cooperating
RANJEET SHIVHARE: CARE Reaffirms B+ Rating on INR4cr Loan
REVIVE CONSTRUCTION: Ind-Ra Withdraws D Non-Cooperating Rating
RS DEVELOPMENT: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'

SALIMS PAPER: CARE Cuts INR12.08cr LT Loan Rating to C, Not Coop.
SAMARTTHA TRIMURTI: CARE Cuts INR15cr Loan Rating to B, Not Coop.
SAMPAT ALUMINIUM: CARE Assigns 'D', Not Cooperating Rating
SARVESHWAR CREATIONS: Insolvency Resolution Process Case Summary
SHREE SUDARSHAN: CARE Cuts INR6.21cr Loan Rating to B+, Not Coop.

SHRESHT INDUSTRIES: CRISIL Cuts Rating on INR12.5cr Loan to 'D'
SHRI RASBIHARI: CARE Cuts INR9.60cr LT Loan Rating to B, Not Coop.
SOORYA CASHEW: CARE Migrates B+ Rating to Not Cooperating
SREE LAKSHMI: CRISIL Withdraws B+ Rating on INR12cr Cash Loan
SREE VIDYANIKETHAN: Ind-Ra Lowers Loan Rating to D, Outlook Stable

SRI GANESWARA: CARE Lowers Rating on INR36.17cr Loan to 'D'
STAR AGRISEEDS: CRISIL Lowers Rating on INR14.9cr Loan to B+
TECHCON LABS: Insolvency Resolution Process Case Summary
UMA SPINTEX: CARE Migrates 'D' Rating to Not Cooperating Category
VIJAYAWADA ELECTRICITY: CRISIL Assigns B+ Rating to INR10cr Loan

VINIT KNITTINGS: CARE Cuts INR7cr LT Loan Rating to B, Not Coop.


I N D O N E S I A

ALAM SUTERA: Fitch Alters Outlook to Neg., Affirms 'B' LT IDR


N E W   Z E A L A N D

PINNACLE LIFE: A.M. Best Affirms B(Fair) Financial Strength Rating


S I N G A P O R E

KENCANA AGRI: FY2019 Net Loss Narrows to US$12.8MM
KRISENERGY LTD: Posts US$82.7MM Net Loss in Q4 Ended Dec. 31
PUMA ENERGY: Agrees to Shareholder Restructuring w/ Angola's Cochan


S O U T H   K O R E A

[*] S. KOREA: Expands Support for Shipping Firms Amid Coronavirus

                           - - - - -


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

CLARENDON PRESTIGE: First Creditors' Meeting Set for March 12
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Clarendon
Prestige Holdings Pty Ltd will be held on March 12, 2020, at 11:30
a.m. at the offices of Chartered Accountants Australia and New
Zealand, Blaxland Room, Level 9, at 33 Erskine Street, in Sydney,
NSW.

Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of Clarendon Prestige on March 2, 2020.

INSURANCE HOUSE: Second Creditors' Meeting Set for March 11
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Insurance House
of Australia Pty Ltd has been set for March 11, 2020, at 10:00 a.m.
at Level 3, 12 Short Street, in Southport, 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 March 10, 2020, at 4:00 p.m.

Matthew John Bookless -- matthew.bookless@svp.com.au -- of SV
Partners was appointed as administrators of Insurance House on Feb.
6, 2020.

LCA MENAI: First Creditors' Meeting Set for March 12
----------------------------------------------------
A first meeting of the creditors in the proceedings of LCA Menai
Pty Ltd will be held on March 12, 2020, at 11:00 a.m. at the
offices of O'Brien Palmer, Level 9, at 66 Clarence St., in Sydney,
NSW.

Liam Bailey of O'Brien Palmer was appointed as administrator of LCA
Menai on March 2, 2020.


NT WALLS: First Creditors' Meeting Set for March 12
---------------------------------------------------
A first meeting of the creditors in the proceedings of NT Walls &
Ceilings Pty Ltd will be held on March 12, 2020, at 11:00 a.m. at
the offices of Rodgers Reidy, Unit 13, at 16 Charlton Court, in
Woolner, NT.

S G Reid of Rodgers Reidy was appointed as administrator of NT
Walls on March 2, 2020.

PARRAMATTA PHOENIX: First Creditors' Meeting Set for March 12
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Parramatta
Phoenix Pty Ltd will be held on March 12, 2020, at 10:30 a.m. at
the offices of Suite 1, Level 15, at 9 Castlereagh Street, in
Sydney, NSW.

Christopher Damien Darin of Worrells Solvency & Forensic
Accountants was appointed as administrator of Parramatta Phoenix on
March 2, 2020.


PROGRESS 2020-1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for Progress 2020-1 Trust
(see list). Progress 2020-1 Trust is a securitization of prime
residential mortgages originated by AMP Bank Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support comprises note
subordination and lenders' mortgage insurance policies.

-- The benefit of a standby fixed- to floating-rate interest-rate
swap provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity reserve
equal to 0.85% of the invested amount of the notes, and an excess
reserve that builds from excess spread from the call option date
are sufficient under our stress assumptions to ensure timely
payment of interest.

  PRELIMINARY RATINGS ASSIGNED

  Progress 2020-1 Trust

  Class      Rating        Amount (mil. A$)
  A          AAA (sf)      690.000
  AB         AAA (sf)       31.125
  B          AA (sf)        11.250
  C          A (sf)          8.625
  D          BBB (sf)        4.125
  E          BB (sf)         2.250
  F          NR              2.625
  NR--Not rated.


RSJ MACHINERY: First Creditors' Meeting Set for March 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of RSJ
Machinery Pty Ltd will be held on March 12, 2020, at 11:00 a.m. at
the offices of BRI Ferrier, Level 10, at 45 William Street, in
Melbourne, Victoria.

James Koutsoukos and David Coyne of BRI Ferrier were appointed as
administrators of RSJ Machinery on March 2, 2020.

SYDNEY CITY: First Creditors' Meeting Set for March 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Sydney City
Prestige Wholesale Pty Limited will be held on March 12, 2020, at
11:00 a.m. at the offices of Chartered Accountants Australia and
New Zealand, Blaxland Room, Level 9, at 33 Erskine Street, in
Sydney, NSW.

Adam Edward Farnsworth of Farnsworth Carson of Farnsworth Carson
were appointed as administrators of Sydney City on March 2, 2020.

VIRGIN AUSTRALIA: S&P Alters Outlook to Neg. & Affirms 'B+' LT ICR
------------------------------------------------------------------
On Feb. 28, 2020, S&P Global Ratings revised its outlook on Virgin
Australia to negative from stable. We also affirmed the 'B+'
long-term issuer credit rating on the company and 'B' issue credit
rating on the company's debt. The recovery ratings on the debt
remain unchanged at '5'.

SS&P said, "We revised the outlook to negative based on our
expectation that restrictions on inbound tourism from Chinese
nationals will cut Virgin Australia's earnings for fiscal 2020.
Given Virgin Australia's modest direct international exposure, the
fallout will mainly affect domestic earnings. Inbound tourists from
China typically fly several domestic segments during their visit.
At this stage, the company anticipates the COVID-19 outbreak to
reduce the airline's earnings by A$50 million to A$75 million. In
addition, Australia's prolonged bushfire season and softer economic
conditions are contributing to a broader industry downturn.

"We anticipate adjusted debt to EBITDA is at an elevated risk of
exceeding 6x in fiscal 2020. The carrier was left with limited
ratings headroom following its repurchase of 35% interest in its
Velocity frequent flyer business. Further, we anticipate the costs
of implementing the group's transformation program will weigh on
earnings over the next six months at least.

"In our view, the length and severity of COVID-19 will largely
determine Virgin Australia's earnings recovery. At this stage, we
expect the bulk of the COVID-19 fallout to occur over the first two
quarters of calendar 2020. This implies that external conditions
should recover in fiscal 2021. In addition, we expect benefits of
the group's transformation program to flow through earnings for
fiscal 2021.

"We expect Virgin Australia's initiatives to reduce its cost base
and simplify its fleet should improve the airline's longer-term
sustainability. The carrier has flagged capacity reduction of 3% in
fiscal 2020 and 5% in fiscal 2021. We expect a capacity reduction
of this magnitude to reduce Virgin Australia's cost base and
support broader industry fundamentals. In addition, we expect the
exit of loss-making routes, reduced headcount and leaner cost base,
fleet simplification, and 100% retention of Velocity earnings to
support the carrier's longer-term financial health."

Australia's duopoly-like domestic market supports airlines'
profitability and reduces capital expenditure demands. Qantas
Airways and Virgin Australia--the two dominant domestic
carriers--have signaled their intention to reduce capacity in the
face of weaker demand conditions. Virgin Australia's fleet remains
the youngest in the Australian domestic market, which S&P believes
provides it some scope to reduce new aircraft deliveries.

S&P said, "The negative outlook reflects our view that challenging
industry conditions over the next six months are likely to pressure
Virgin Australia's fiscal 2020 earnings profile. We forecast that
adjusted debt to EBITDA may exceed 6x in fiscal 2020 before
recovering below 6x in fiscal 2021.

"The outlook also reflects our view that there is a degree of
uncertainty regarding Virgin Australia's ownership structure and
the willingness of its owners to provide timely and coordinated
funding support in the event of severe financial stress.

"We could lower the rating if industry conditions worsen beyond our
expectations, such that we expect the group's adjusted
debt-to-EBITDA ratio remains elevated above 6.0x in fiscal 2021,
free operating cash flow becomes materially negative, or if
liquidity pressures intensify.

"We could also lower the rating if we expect Virgin Australia's
owners to be collectively less likely to support the carrier during
periods of severe financial stress.

"We could revise the outlook to stable if we believe Virgin
Australia will successfully execute on its operating strategy such
that improved profitability and cash generation enable forecast
adjusted debt to EBITDA to maintain below 6.0x in fiscal 2021,
supported by adequate liquidity."



VIVA ENERGY: S&P Lowers LT ICR to 'BB+' Then Withdraws Rating
-------------------------------------------------------------
S&P Global Ratings said that it has lowered its long-term issuer
credit rating to 'BB+' from 'BBB-' on Australian oil refiner and
marketer, Viva Energy Group Ltd. S&P subsequently withdrew the
ratings at the issuer's request.

S&P said, "In our view, Viva Energy's recent sale of its remaining
35.5% interest in Viva REIT is negative for creditors, given that
the company intends to use the proceeds to undertake a A$680
million off-market share buyback, reducing the group's financial
flexibility. Notably, the transaction has coincided with Viva
Energy's currently weakened earnings profile, which had limited
financial headroom at the 'BBB-' rating prior to the transaction.

"Nevertheless, we believe the transaction would have a limited
impact on Viva Energy's day-to-day operations, given that long-term
lease agreements have been in place since 2016. In addition, Viva
Energy will continue to benefit from offsetting sublease income
from Coles Group Ltd. and other third parties.

"The outlook was stable at the time of the withdrawal and reflects
our expectation of stabilizing volumes and improving profitability
derived from Viva Energy's alliance with Coles supermarkets."




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

FCOIN: Insolvent After Revealing Up to $130MM Bitcoin Shortfall
---------------------------------------------------------------
Wolfie Zhao at Coindesk reports that FCoin, a crypto exchange that
adopted the controversial "trans-fee mining" model, has paused
trading and withdrawal as it reveals a shortage of crypto assets
worth up to $130 million.

Coindesk relates that Zhang Jian, the former Huobi CTO who launched
FCoin in May 2018, wrote a lengthy post on Feb. 17, saying the
exchange is now unable to process users' withdrawal demands as its
asset reserve has fallen short of its liability -- and the gap is
estimated to be about 7,000 to 13,000 bitcoin (BTC).

The post, first published in Chinese and later translated on
Reddit, comes as a shocking notice to users in China as the
significant amount of assets in question led to the insolvency of
the controversial model that at one point made FCoin one of the
largest exchanges by trading volume, according to Coindesk.

Coindesk say Zhang claimed in the post the exchange was neither
hacked nor an exit scam but the problem is "a little too
complicated to be explained in a single sentence."

In summary, he said the issue came from internal system errors that
have -- for a long period of time -- credited users with more
transaction-based mining rewards than they should have received. As
the company failed to spot this soon enough to remedy the
situation, the snowball has grown even larger since the beginning
of 2019, Coindesk relays.

Fcoin went live around May 2018, introducing a novel model called
"trans-fee mining" to incentivize trading and to issue its exchange
token dubbed FT.

Instead of launching an initial coin offering or an airdrop, FCoin
issued 51 percent of its FTs to the public in exchange for making
transactions, Coindesk says. For instance, for every transaction
fee a user paid to FCoin in the form of either bitcoin or ethereum,
the platform would reimburse the user 100 percent of the value in
FTs.

In addition, FCoin would distribute 80 percent of the transaction
fees it collected in bitcoin and ether to users who held FTs
bitcoin continuously throughout a day, according to Coindesk. This
model, while being criticized for possibly enabling price
manipulation of the FT, was quickly adopted by others and led to a
shake-up among exchanges in terms of volume ranking.

However, according to Mr. Zhang, errors in FCoin's system started
to give away more mining rewards to users than they should have
earned, beginning in mid-2018. The firm did not set up a complete
back-end auditing system to properly manage its treasury until
mid-2019, he said.

As the price of FT continuously decreased through 2019, Mr. Zhang
said he and his team have been buying back FTs from the secondary
market in efforts to increase the buying demand for the token's
price, which was one of the "decision errors" he made.

Coindesk adds that Mr. Zhang said the system problem coped with
these "decision errors" gave a large amount of users the
opportunity to sell and withdraw more than what should have been on
their account balance, causing the significant loss of FCoin's
assets on its own balance sheet.

The announcement came just days FCoin suspended its entire platform
after discovering a risk-control issue. Mr. Zhang said in the post
that he will now personally and manually process users' withdrawal
requests made via emails, Coindesk relays.

He claimed that he will "switch tracks and start again" and hopes
to use profits from his new projects to "compensate everyone for
their losses," adds Coindesk.

GUANGYANG ANTAI: Fitch Cuts IDR & Senior Unsec. Rating to 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded Guangyang Antai Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating to 'B' from 'B+'.
The Outlook is Stable. Fitch has also downgraded the senior
unsecured rating to 'B' from 'B+'. The Recovery Rating is 'RR4'.

The downgrade reflects an increase in Guangyang Antai's business
risks, given its rapid expansion in the trading business which has
higher counterparty risks and working-capital requirements than its
main business of stainless steel. In addition, the company's
exposure to significant external guarantees that carry high risks
renders it vulnerable to liquidity issues under tight credit
conditions.

KEY RATING DRIVERS

Higher Business Risk Profile: Guangyang Antai has seen a rapid
expansion to its trading business since 2017, from 25% of its total
revenue to 41% in 2018. Fitch expects trading revenue to have
reached CNY23 billion in 2019, or 52% of its total revenue. The
core steel operation remains relatively stable, while higher
exposure to the trading segment carry higher business risks as it
raises working-capital requirement as well as counterparty risk.

Fitch expects working-capital outflow from the trading business as
a result of receivables rising to CNY700 million in 2019.
Working-capital requirements are likely to remain high as long as
Guangyang Antai maintains a large trading segment, and this is
likely to put a strain on liquidity should the credit profiles of
its counterparties deteriorate.

Significant External Guarantees: Guangyang Antai has a high level
of external guarantees - around CNY2.9 billion as of end-2019 -
down slightly from CNY3.4 billion a year previously. Fitch expects
these external guarantees to decline to CNY2.7 billion by end-2020
as they expire. The guarantees remain significant compared with
total debt of about CNY3.4 billion. Fitch does account for external
guarantees under its total debt calculations, but it is likely to
put a strain on liquidity in the uncertain event of a rapid
deterioration of the counterparties to which it has provided
guarantees.

Limited Funding Sources: Guangyang Antai relies heavily on
short-term financing from banks to refinance its debt obligations,
and has limited alternative methods of financing immediately
available. The single-source funding channel is a constraint on the
ratings as its liquidity position is heavily dependent on the
credit lines from banks, which leaves the company vulnerable and
exposed to changing credit-market conditions.

Investment Lifts Leverage: The company made CNY730 million of
investments in 2019, including CNY250 million in Laishang Bank, a
local commercial bank in Laiwu City where the company is located,
and CNY480 million in an industry fund that follows the
government's intention to promote local industry. The money will be
reinvested in the company in 2020. Yet Guangyang Antai has
maintained positive free cash flow since 2016, and the rising
investment will drive up leverage and have a negative rating impact
if this is sustained. Fitch incorporates no additional investment
in its rating case assumptions.

Adequate Leverage Metrics: Fitch expects FFO adjusted net leverage
to have risen at end-2019 due to higher raw material prices such as
nickel, higher working-capital outflow due to trading business
expansion, and investment outflow to non-steel-related businesses.
It does expect leverage to decline in 2020 as it expects a recovery
in profitability due to lower raw material prices as per Fitch's
commodity price assumptions.

DERIVATION SUMMARY

Guangyang Antai's ratings are supported by its strong industry
position among Chinese stainless-steel producers, a diversified
product offering in both stainless and carbon steel, and robust
financial metrics. The ratings are constrained by rising risks
associated with the trading business, its substantial amount of
external guarantees (some of which were made to high-risk
counterparties), and its limited funding sources.

Chinese aluminium producer China Hongqiao Group Limited
(BB-/Stable) has a stronger business profile than Guangyang Antai.
Its EBITDA is significantly larger at USD2.8 billion compared with
Guangyang Antai's USD370 million. United States Steel Corporation
(B+/Stable) had larger EBITDA of USD1.4 billion in 2018 despite its
leverage profile is slightly weaker than Guangyang Antai.

KEY ASSUMPTIONS

  - Steelmaking gross margin to remain at around 6.4%-6.9% between
2020 and 2022

  - Capex of CNY550 million per year between 2020 and 2022

  - No dividend payout or large investment in the near term

  - External guarantees to remain at around CNY2.7 billion between
2020 and 2022

RATING SENSITIVITIES

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

  - More diversified funding sources to reduce reliance on
cross-guarantee debt and exposure to external guarantees

  - Decreasing exposure to trading business with FFO adjusted net
leverage sustained below 2x

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

  - Continued deterioration in liquidity in particular weakening
access to bank financing due to external guarantee

  - FFO adjusted net leverage sustained above 3.5x

LIQUIDITY AND DEBT STRUCTURE

Large External Guarantee, Limited Funding Source: As of end-2019,
Guangyang Antai had total interest-bearing debt of about CNY3.4
billion, of which CNY1.8 billion was short term, and total external
guarantees of about CN2.9 billion, bringing total adjusted debt to
CNY6.3 billion. It has around CNY1.7 billion in readily available
cash and CNY2.2 billion in unused facilities. The company also has
CNY480 million investment in the industry fund, which can be
redeemed when needed.

The company's debt structure is short-term heavy and over-reliant
on bank loans as its only refinancing source as it has no immediate
access to bond and equity markets.

HNA GROUP: Hainan Province Forms Working Group to Lead Rescue
-------------------------------------------------------------
Wang Juanjuan and Yang Ge at Caixin Global report that South
China's Hainan province is setting up a working group to help
resolve financial issues at HNA Group Co. Ltd., the former
high-flyer that is struggling under a mountain of debt incurred
during a spending spree that boosted its net assets to CNY1.2
trillion  ($171 billion) at its height.

HNA has invited the Hainan provincial government and other relevant
departments to provide experts for a "Hainan Province HNA Group
United Working Group," with the aim of helping to resolve the
company's risk, HNA announced on Feb. 29 on one of its official
social media accounts, Caixin relays.

The company has been steadily selling assets since 2017, including
stakes in hotel giant Hilton Worldwide Holdings Inc. and a number
of real estate holdings, the report notes. It was one of several
Chinese companies, which also included Anbang Insurance Group Co.
Ltd. and Dalian Wanda Group Co. Ltd., that embarked on aggressive
buying campaigns in the 2010s, only to later struggle under huge
debt loads.

According to Caixin, the provincial-led working group tasked with
helping HNA resolve its debts will be led by Gu Gang, 43, chairman
of Hainan Development Holdings Co. Ltd., a coordinator for large
projects in the province. The group's executive deputy will be Ren
Qinghua, 45, a senior official with Hainan's Yangpu Economic
Development Zone. The group will have two deputies, Li Shuangchen,
who comes from a civil aviation background, and Cheng Gong, who
comes from policy lender China Development Bank, the report
discloses.

One of HNA's earliest assets was its Hainan Airlines Holding Co.
Ltd., says Caixin. It later went on to acquire many related assets,
taking stakes in regional air carriers around China and globally,
and also buying aircraft leasing firms. But it moved beyond its
original focus as well, culminating with acquisitions like its $6
billion purchase of computer parts distributor Ingram Micro in
2016, the report states.

"The creation of a working group to ease HNA's liquidity issues is
credit positive for both financial institutions and aircraft
lessors, because it will help support an orderly resolution and
restructuring of HNA, in addition to reducing contagion risks,"
Caixin quotes Sean Hung, vice president and senior analyst at
Moody's Investors Service, as saying.

As the ongoing Covid-19 outbreak pummels China's travel industry,
HNA is likely to require financial assistance from the likes of
banks, aircraft lessors and others in the form of refinancing and
rental payment relief, as well as loan extensions, Mr. Hung wrote,
relays Caixin.

"However, these measures do not necessarily mean all of HNA's debt
and assets will be taken over by the government," the report quotes
Mr. Hung as saying. "We expect the working group will likely divest
some of HNA's assets, for example, certain equity stakes and
noncore assets, to improve HNA's financial position for debt
repayment, and ultimately look for strategic investors after the
clean-up."

According to Caixin, formation of the group marks the latest step
in the province's efforts to assist the troubled HNA. On Feb. 19,
the province held an urgent meeting attended by HNA Chairman Chen
Feng to discuss the company's situation, Caixin recalls. Deputy
governor Shen Danyang was assigned to handle the case. Caixin says
several changes determined at a stakeholder meeting on Feb. 28
included the departure of Chen Xiaofeng, also known as Daniel Chen
and son of Chairman Chen Feng, as CEO. Veteran HNA executive Tan
Xiangdong took over the CEO role, and Ren Qinghua was also named
co-CEO.

Caixin understands that the resolution of HNA's troubled situation
will be led by Hainan province. In principle that will involve the
speedy resolution of issues concerning the company's assets inside
and outside China, the repayment of debt and the return of the
company to its earliest focuses as an aviation company of Hainan
province.

                          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.

OCEANWIDE HOLDINGS: S&P Lowers ICR to CCC Due to Asset Sales Delay
------------------------------------------------------------------
On March 3, 2020, S&P Global Ratings lowered its long-term issuer
credit rating on Oceanwide Holdings to 'CCC' and the long-term
issue rating on its outstanding senior unsecured notes to 'CCC-'.

S&P said, "We lowered our ratings on Oceanwide Holdings Co. Ltd. to
reflect the increasing repayment risk we perceive for the company's
sizable near-term debt maturities. Notably, it has US$280 million
senior unsecured notes puttable on April 30, 2020, and US$400
million senior unsecured notes due in July 2020.

"We believe the latest delay of its asset disposal will leave very
little time buffer for Oceanwide to ensure sufficient funding for
imminent repayment obligations. In addition, we believe the risk of
further delays is material given the escalation of the coronavirus
outbreak globally, which contributed to the initial delay."

On Feb. 28, 2020, Oceanwide announced that the deadline for
completing the asset sales has been deferred to March 31 from the
original date of March 5. The prospective buyer and Oceanwide
agreed upon the deferment to accommodate additional time required
to complete due diligence on Oceanwide's San Francisco project
conditioned on added commitments from the buyer. The coronavirus
outbreak has hampered the deal process with travels between the
U.S. and China being put on halt, affecting some deal team members'
itineraries.

In S&P's view, the original timeline would have allowed Oceanwide
to receive the US$630 million upfront sales proceeds in March,
enabling the company to sufficiently prepare for a potential put on
April 30. It would have also provided much-needed liquidity for a
large portion of its maturities in the next six months. With the
delay, the company will only have a buffer of about 30 days between
receiving the proceeds and the put date, leaving little room for
slippage.

With the transaction pending, we believe Oceanwide will have very
limited internal resources for its bullet maturities. The outbreak
is also hitting the company particularly hard in terms of property
sales in China, given that the vast majority of Oceanwide's
property inventory is in Wuhan, the epicenter of the outbreak.
Therefore, S&P expects very low operating cash inflow from property
sales in the first half of 2020.

Currently, the upstreamed dividends Oceanwide can expect from its
financial services subsidiaries only offer limited assistance to
its debt servicing requirements, given the significant disparity in
scale. Likewise, other receivables it might expect from various
counterparties have uncertain timing and would not completely
settle the scale of its obligations within the year.

Under such scenario, Oceanwide will need to implement backup
refinancing plans within a very short time frame to avoid defaults.
S&P said, "However, we believe its refinancing options will be
limited. We expect the company's recent onshore bond issuances and
the Chinese renminbi(RMB) 3.1 billion bank loan drawdown to be used
to meet more imminent onshore repayments including other maturing
trust loans and the RMB1.4 billion domestic medium-term notes due
in March." At the same time, raising new debt offshore will be
challenging for Oceanwide under current market conditions.

S&P said, "We expect to resolve the CreditWatch by April, when
there is more visibility on Oceanwide's asset sales transaction or
more clarity on alternative funding plans regarding its upcoming
bond maturities within the next several months.

"We could further lower the rating, potentially by multiple
notches, if any further delay occurs such that we observe an
increase in the possibility that Oceanwide may not be able to
complete the asset sales transaction before the put date of the
US$280 million senior notes on April 30 or if the company does not
have any credible alternative repayment plans. Any proposed
exchange offer from the company would also be considered distressed
and lead to a downgrade.

"We could affirm the rating with stable outlook or even raise the
rating if Oceanwide successfully completes the asset sales and
collects the proceeds according to the revised timeline, as well as
provides a concrete plan for additional capital raising and
refinancing to meet its upcoming debt maturities and mitigate
repayment risks in the next 12 months."


SOUTHERN ENERGY: Moody's Withdraws B3 CFR on Insufficient Data
--------------------------------------------------------------
Moody's Investors Service has withdrawn Southern Energy Holdings
Group Limited's B3 Corporate Family Rating. Prior to the
withdrawal, the outlook on the rating was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the rating because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the rating.

Southern Energy Holdings Group Limited, headquartered in Guizhou,
is a Chinese anthracite coal miner. The company listed on the Hong
Kong Stock Exchange in 2016.

WANDA GROUP: Moody's Cuts CFR to B3; Reviews Rating for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has downgraded Wanda Group Co., Ltd.'s
corporate family rating to B3 from B1.

At the same time, Moody's has placed the rating on review for
downgrade and changed the outlook to rating under review from
negative.

RATINGS RATIONALE

"The downgrade and review for downgrade reflect the increasingly
challenging operating environment facing the refining industry,
which in turn is further raising Wanda Group's already high
refinancing risk," says Ying Wang, a Moody's Vice President and
Senior Analyst.

"Slower demand growth, excessive industry capacity in China and
higher business volatility will heighten operational risk and
increase pressure on Wanda Group's revenue and profitability over
the next 12-18 months, reducing the company's buffer against
industry volatility and weakening its liquidity profile," adds
Wang.

Wanda Group's refinancing risk has increased over the past 12-18
months, with a large amount of puttable domestic bonds becoming
redeemable in 2020.

Moody's expects Wanda Group's credit profile to deteriorate in
2020, as slowing economic growth is weakening Chinese demand for
refining and petrochemical products, and as excess refining
capacity will pressure pricing.

Wanda Group's liquidity remains weak. At the end of September 2019,
the company's unrestricted cash of RMB5.6 billion together with
RMB2.4 billion of Moody's expected cash flow from operations over
the next 12 months were insufficient to cover the company's RMB9.7
billion of debt maturities over the next 12 months, including
RMB4.6 billion of puttable domestic bonds.

Moody's review will mainly focus on (1) Wanda Group's refinancing
plans; any signs of failure in executing its refinancing plans or
an inability to meet its obligations could pressure the company's
rating and (2) the company's ability to stabilize its business in
terms of key drivers, revenue and profitability amid the current
industry environment. Any disruption to its operations would also
pressure the rating.

Moody's has considered the following environmental, social and
governance issues in its rating assessment.

First, Wanda Group's core oil refining operations and expansion
into petrochemical derivatives expose the company to carbon
transition risk. In addition, the company will need to keep
investing in technology and equipment to comply with the Chinese
government's tightened environmental requirements. Nonetheless,
Wanda Group has to date not experienced any major compliance
violations related to air emissions, water discharge or waste
disposal.

Second, the company's privately-owned status with a concentrated
ownership and intercompany lending activities show governance
weakness. The parent company, which has a 50.24% stake in Wanda
Group, is a privately-owned company with low transparency. Wanda
Group has also provided intercompany loans to its parent company.
Finally, Wanda Group is also exposed to external guarantees, which
Moody's has factored in as adjusted debt.

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

Founded in 1988 and headquartered in Dongying, Shandong, Wanda
Group Co., Ltd. is a privately-owned company operating multiple
business segments including (1) refining (mainly refineries of
diesel and gasoline); (2) tire production; (3) the manufacture of
electric cables; (4) the manufacture of chemical products,
including methacrylate butadiene styrene and polyacrylamide; and
(5) electronics, including the production of polyimide film.

YIDA CHINA: Moody's Cuts CFR to Caa2, Outlook Negative
------------------------------------------------------
Moody's Investors Service has downgraded Yida China Holdings
Limited's corporate family rating to Caa2 from Caa1.

At the same time, Moody's has downgraded the senior unsecured
rating on the bond issued by Yida to Caa3 from Caa2.

The outlook on the ratings remains negative.

RATINGS RATIONALE

The actions follow the announcement of Yida's debt exchange offer
on February 27, 2020. The company proposed to exchange its existing
$300 million offshore bond with 6.95% coupon issued in 2017 and
maturing in April 2020, with 8% of the principal in cash, and the
remaining 92% to be exchanged with new notes. The new notes, due in
2022, will bear interest at 10.0% per annum for the first six
months and 14.0% per annum for the remaining term of the new
notes.

Yida estimates that its internal resources are insufficient to
repay the existing bond.

The company's liquidity has deteriorated due to weakening access to
the capital markets, following the assets freeze at China Minsheng
Investment Group Corp., Ltd.; a company which is also the ultimate
parent of Yida's largest shareholder, Jiayou (International)
Investment Limited.

Moody's considers Yida's debt exchange offer as a way to avoid
default, given its constrained liquidity profile. The offer can
therefore be viewed as a distressed exchange, which is a default
under Moody's definition.

Yida's Caa2 CFR reflects its high refinancing risk, because of its
weak liquidity and the growing uncertainty over its ability to
refinance maturing debt over the next 12-18 months, due to the weak
financial condition and debt-servicing ability of China Minsheng
Investment Corp. Ltd.

In addition, the CFR reflects the company's small operating scale,
high geographic concentration and high debt leverage.

On the other hand, Yida's CFR also takes into account the company's
established track record in the development and management of
business parks in China.

The negative outlook considers Moody's concerns over Yida's weak
liquidity, and ability to arrange funding on time to meet its
refinancing needs.

Although not anticipated in the intermediate term, Moody's could
upgrade Yida's ratings if the risks of potential debt restructuring
and distressed exchanges subside, and financial and liquidity
positions improve significantly.

But Moody's could downgrade the rating if further restructuring
risks loom, the company is unsuccessful in extending its debt
maturities, or its liquidity profile weakens, such that it cannot
meet its debt service obligations.

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

Yida China Holdings Limited engages in the development and
operation of business parks in China, and the development and sale
of residential properties, with a focus on the city of Dalian. The
company also provides property management and construction,
decoration and landscaping services in China.

At June 30, 2019, Yida owned 11 business parks in operation. Its
revenue totaled RMB7.4 billion in 2018.



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

A K NANDI: CARE Lowers Rating on INR10cr LT Loan to 'B'
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of A K
Nandi Agro Based Private Limited (AKNABPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       10.00      CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable; based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AKNABPL to monitor the
ratings vide email communications/letters dated December 12, 2019,
January 14, 2020, February 4, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings.  In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
rating on AKNABPL's bank facilities will now be denoted as 'CARE B;
Stable; ISSUER NOT COOPERATING'.

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

The revision in the ratings takes into account the significant
increase in debt levels during FY19 vis-à-vis FY18 which has lead
to significant deterioration in capital structure and debt coverage
indicators of the company during FY19.

Detailed description of the key rating drivers

At the time of last rating in September 30, 2019 the following were
the rating strengths and weaknesses: (updated the information
available from Ministry of Corporate Affairs).

Key Rating Weaknesses:

Relatively small scale of operation with low profitability margins:
The total operating income of INR12.46 crore (FY18: INR12.45 crore)
and PAT of INR0.12 crore (FY18: INR0.10 crore) in FY19. However,
the tangible networth base of the company was low at INR1.52 crore
as on March 31, 2019. The profitability margins of the company
remained low marked by PBILDT margin of 7.53% (FY18: 2.98%) and PAT
margin of 0.94% (FY18: 0.84%) in FY19.

Weak cpital structure and debt coverage indicators: The capital
structure of the company deteriorated significantly and the same
remained weak marked by debt equity ratio and overall gearing ratio
at 4.32x and 5.21x as on March 31, 2019. Further, the debt coverage
indicators of the company also deteriorated and the same remained
weak marked by interest coverage of 1.96x (FY18: 1.89x) and total
debt to GCA of 18.93x (FY18: 16.26x) in FY19.

Presence in highly competitive and fragmented industry with risk of
outbreaks of bird flu and highly price sensitive consumer segment:
The poultry farming sector is exposed to inherent risks associated
with the industry, like bird flu, extreme weather conditions and
contamination by pathogens. The outbreak of bird flu leads to a
fall in demand and consequent sharp crash in poultry's prices. This
apart, egg is the major raw material for poultry farming, the price
of which is volatile as the price of the egg is derived by National
Egg Co-ordination Committee (NECC) on daily basis based on the
demand-supply dynamics. On the other hand, poultry feed industry is
highly price sensitive on account of its intensely competitive and
fragmented nature due to presence of many regional unorganized
players. This apart, availability of cheaper substitutes (like
cotton seedcake, copra etc.) further induce pricing and
profitability pressures.

Key Rating Strengths

Experienced management with satisfactory track record of operation:
AKN is engaged in the business of poultry farming from 2000, thus
has satisfactory track record of operations. All the promoters; Mr.
Milan Nandi, Mr. Rajkumar Nandi , Mr. Ashok Kumar Nandi and Mr.
Kalpana Nandi, having more than two decades of experience, in the
similar line of business, look after the day to day operation of
the company supported by a team of experienced professionals who
have rich experience in the similar line of business.

Satisfactory demand outlook for poultry products: Poultry products
like eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food dishes
in home and restaurants. The demand has been driven by the rapidly
changing food habits of the average Indian consumer, dictated by
the lifestyle changes in the urban and semi-urban regions of the
country. The demands for poultry products are sustainable and
accordingly, the kind of industry is relatively insulated from
economic cycle.

A K Nandi Agro Based Private Limited (AKN) was incorporated in June
28, 2000 by Mr. Milan Nandi, Mr. Rajkumar Nandi, Mr. Ashok Kumar
Nandi and Mr. Kalpana Nandi. The company has started its operation
from January 2001. The company has been engaged in the business of
poultry farming.

AAYUSIDDHI LIFE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Aayusiddhi Life Sciences Private Limited

        Registered office:
        Flat No. 502, 3-5-704
        Sarodaya Enclave
        Himayathnagar
        Hyderabad 500029

Insolvency Commencement Date: February 13, 2020

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Venkateswarlu Kari

Interim Resolution
Professional:            Venkateswarlu Kari
                         Flat No. 406, Everest Block
                         Aditya Enclave, 7-1-618
                         Ameerpet, Opp. Saradhi Studios
                         Beside Mitry Vanam
                         Hyderabad 500038
                         E-mail: karivenkateswarlu@gmail.com
                                 aayucirp@gmail.com
                         Tel: 040-23755488
                              9246547968

Last date for
submission of claims:    March 2, 2020


ADITHI AUTOMOTIVES: CARE Lowers Rating on INR8.0cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Adithi Automotives Private Limited (AAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB-; Stable;
                                   Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from of AAPL to monitor the
rating(s) vide e-mail communications dated August 2019 to February
21, 2020 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on Adithi
Automotives Private Limited bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed Rationale& Key Rating Drivers

Key Rating Weakness

On-going delays in debt servicing
As per banker interaction, there are ongoing delays in servicing
the debt obligations.

Key Rating Strengths

Experienced management in automobile industry
The Managing Director, Mr. Gonaguntla Jayaprakash has experience of
more than two decades in automobile industry and he is also
proprietor for Sai Automobiles which is an authorized dealer for
Bajaj two-wheeler vehicles.

Bellary (Karnataka)-based, Adithi Automotives Private Limited
(AAPL) was incorporated in the year 2012. AAPL was promoted by Mr.
Gonaguntla Jayaprakash and Ms. Gunuguntla Manoja. The company is
engaged in trading, repairing of light commercial vehicles and
trading of spare parts. AAPL is an authorized dealer for Ashok
Leyland where the dealership will be renewed every two years and it
has 8 showrooms in Hospet, Belgaum and Hubli. Mr. Gonaguntla
Jayaprakash, the Managing Director, who has industry experience of
more than two decades in automobile industry and manages the
dayto-day operations of the business.

ARADHYA WIRE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Aradhya Wire and Ropes Private Limited
        Aradhya House, Door No. 385
        2nd Cross, 1st Main
        K.B. Extension
        Davangere 577002

Insolvency Commencement Date: February 12, 2020

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: August 9, 2020

Insolvency professional: Mr. V S Varun

Interim Resolution
Professional:            Mr. V S Varun
                         Flat No. 1B-108
                         The Tree by Provident
                         2nd Main Road, Herohalli
                         Off Magadi Road
                         Bangalore 560091
                         E-mail: vsvarun@yahoo.com

Last date for
submission of claims:    March 1, 2020


BHAGWAT PRINTING: CARE Lowers Rating on INR9cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhagwat Printing Press (BPP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       9.00       CARE B-; Stable; Issuer not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable on the basis
                                   of best available information

   Short Term Bank      1.00       CARE A4; Issuer not
   Facilities                      Cooperating; basis of best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BPP to monitor the ratings
vide e-mail communications/letters dated December 26, 2019, January
13,2020, February 10, 2020,  February 11, 2020, February 12,2020
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Bhagwat
Printing Press bank facilities will now be denoted as CARE B-;
Stable; ISSUER NOT COOPERATING/CARE A4; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of information due to non-cooperation by Bhagwat Printing Press
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on April 30, 2019 the following were the
rating weaknesses and strengths:

Detailed description of the key rating drivers

Key Rating Weakness

Small though growing scale of operations
The scale of operations has remained small marked by a total
operating income and gross cash accruals of INR34.92 crore and
INR0.54 crore, respectively, during FY18 (FY refers to the period
April 01 to March 31). Further, the firm's net worth base was
relatively small at INR1.56 crore as on March 31, 2018.The small
scale limits the company's financial flexibility in times of stress
and deprives it from scale benefits. Though, the risk is partially
mitigated by the fact that the scale of operations is growing
continuously. BPP's total operating income grew from INR13.34 crore
in FY16 to INR34.92 crore in FY18 reflecting a CAGR of around 161%
on account of higher quantity sold to existing customers with
increase in demand. Further, firm has achieved total operating of
INR54 crores in 10MFY19 (refers to the period April 01 to January
31).

Leveraged capital structure and weak debt coverage indicators
As on March 31, 2018, the debt profile of the firm consists of
working capital borrowings of INR5.41 crore and unsecured loans of
INR8.05 crore respectively as against tangible net worth of INR1.56
crore. The capital structure of the firm stood leveraged on account
of low net worth base coupled with higher dependence on unsecured
loan. The overall gearing ratio stood above at 8.61x as on March
31, 2018. Further, the debt coverage indicators stood weak evident
from interest coverage ratio and total debt to gross cash accruals
of 1.95x and 25.12x respectively in FY18 on account of lower GCA on
account of lower gca as against high debt level.

Low profitability margins
The profitability margins of the firm stood thin as marked by
PBILDT and PAT margin which stood at 3.15% and 1.23% respectively
for the FY18 on account of tender driven nature of business.

Intense competition in the industry due to low entry barriers
BPP operates in a highly fragmented industry marked by the presence
of a large number of players in the unorganized sector. The
industry is characterized by low entry barriers due to low
technological inputs and easy availability of standardized
machinery for the production. This further leads to high
competition among the various players and low bargaining power with
suppliers.

Constitution of the entity being a proprietorship firm
BPP's constitution as a proprietorship firm has the inherent risk
of possibility of withdrawal of the proprietor's capital at the
time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor.

Key Rating Strengths

Experienced proprietor with long track record of operations
BPP has been operational for nearly six decades which has enabled
it to establish relationship with its suppliers and customers. BPP
is currently being managed by Mr. Hari Om Agarwal and he has an
experience of around six decades in publication of books through
his association with this entity. He looks after the overall
operations of the firm.

Moderate operating cycle
The operating cycle of the firm stood negative for FY18. The firm
generally maintains inventory according to the tenders received
resulting in an average inventory holding of 3 days. Being a
competitive business and low bargaining powers with its customers,
the firm gives credit up around two months to its customers
resulting in an average collection period of 66 days in FY18.
Further the firm pays to their suppliers once they receive payment
from their customers, resulting in average creditors period of 108
days. The average working capital limits utilisation of the company
remained around 60% during the past 12 months ended January, 2019.

Bhagwat Printing Press (BPP) was established in 1959 as a
proprietorship firm by Mr. Hari Om Agarwal. BPP is engaged in
printing and publication of government textbooks for government run
schools. It publishes books as per tenders received from state
government. The raw material used in manufacturing includes paper
reels/rolls, chemicals & inks, printed covers, cover sheets, films,
and aluminium plates which the firm receives from government.

DHANESH TRADING: CARE Lowers Rating on INR10cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dhanesh Trading Company, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      10.00       CARE B-; Stable; Issuer not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Dhanesh Trading to monitor
the ratings vide e-mail communications/letters dated December 26,
2019, January 13,2020, February 10,2020, February 11,2020, February
12,2020 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Dhanesh
Trading Company bank facilities will now be denoted as CARE B-;
Stable; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of information due to non-cooperation by Dhanesh
Trading Company with CARE'S efforts to undertake a review of the
rating outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 5, 2019 the following were the
rating weaknesses and strengths:

Key rating weaknesses

Modest scale of operations:
The scale of operations of Dhanesh Trading Company has remained
modest marked by a total operating income and gross cash accruals
of INR68.12 crore and INR0.35 crore respectively during FY18 (FY
refers to the period April 01 to March 31). The modest scale limits
the company's financial flexibility in times of stress and deprives
it from scale benefits. Though, the risk is partially mitigated by
the fact that the scale of operation is growing continuously.
Dhanesh Trading Company's total operating income grew from INR42.93
crore in FY17 to INR 68.12 crore in FY18 reflecting a CAGR of 58%
owing to higher quantity sold. Furthermore, company's total
operating was INR90.72 crore during 10MFY19 (refers to the period
April 1 to January 31).

Leverage Capital Structure:
As on March 31, 2018, total debt of the company mainly comprised of
working capital borrowings of INR11.96 crore and unsecured loans of
INR18.83 crore. The capital structure of the firm stood leveraged
owing to high dependence on the external borrowing to meet its
working capital requirements. The overall gearing ratio was -9.66
for FY18.

Elongated operating cycle:
Operating cycle of the company stood around 86 days in FY18. The
company gives a credit period of around 5 months to its customers
resulting in an average collection period of 145 days in FY18. The
company generally maintains of the traded products to meet
immediate demand resulting in an average inventory holding of 4
days in FY18. The company gets a credit period of around two months
from its suppliers resulting in an average creditor period of 63
days in FY18. The working capital borrowings were utilized at
around 40% for past 12-months ended December, 2018.

Highly competitive industry:
Dhanesh Trading Company operates in a highly competitive marked by
the presence of numerous players in India. Hence the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

Key rating strengths

Experienced Management:
Dhanesh Trading Company is currently being managed by Mr. Dhanesh
Kumar who is a graduate by qualification with an experience of more
than three decades in the trading industry with his association
with this firm and previous business in the same line. He will be
looking after the overall management of the company.

Moderate profitability margins:
The trading nature of business is driven by high volumes and low
margins/ lower level of value addition. The PBILDT margin of the
company stood above 3.50% for the past three financial years i.e.
FY16-FY18. However high interest restricted the net profitability
of the firm below unity at 0.45% in FY18.

Delhi based Dhanesh Trading Company was established in February,
1994 as a proprietorship firm with the purpose of trading of
writing, printing paper and paperboards. The company is managed by
Mr. Dhanesh Kumar Jain. They procure traded materials from Vimal
Papers and various other mills and further sells it to traders
located in pan India who has 30 years of solid experience in the
industry. The proprietor was earlier supported by his father with
their association with Dhanesh Paper Mart which is now currently
being managed by his brother.

GOLDEN JUBILEE: Blackstone Gets Court OK to Buy Trident Hotel
-------------------------------------------------------------
Beena Parmar at VCCircle reports that Blackstone Group Inc. has
received court approval to acquire a debt-laden Trident hotel in
Hyderabad for INR584 crore ($81.7 million), sealing in its first
deal in India under the bankruptcy law.

VCCircle, citing court order, relates that the approval from the
National Company Law Tribunal came more than a year after the
hotel's creditors cleared Blackstone's offer.

According to the report, Blackstone offered to pump in INR384 crore
to clear the dues of the workmen and creditors of Golden Jubilee
Hotels Pvt. Ltd, which owns the property. The hotel, however, is
managed by EIH Ltd, the operator of Oberoi and Trident hotel
chains.

The PE firm has also committed an additional INR180 crore towards
capital expenditure, the order showed.

VCCircle says Blackstone's offer means the creditors will get back
just about 37% of the amount they had claimed. As on June 2018,
Golden Jubilee owed about INR950 crore to its financial creditors
and about INR20 crore towards other creditors, the report
discloses.

However, the offer is higher than the hotel's liquidation value of
INR448-458 crore.

Golden Jubilee's creditors had approved Blackstone's resolution
plan by a vote share of 68.26% on Dec. 21, 2018, the report
recalls. However, legal challenges by the company's promoters and
operational creditors delayed the approval.

Apart from Blackstone, Bengaluru-based developer Sattva Group was
also in the race to buy the property, the report says.

According to VCCircle, the hotel was declared a non-performing
asset in December 2015 after defaulting on loans to nine banks due
to project delays. It was taken to the bankruptcy court by lead
lender Bank of Baroda in February 2018.

Golden Jubilee Hotels is 84% owned by Core Hotels and 16% by EIH.
VCCircle says Core Hotels had offered to pay INR430 crore in a
one-time settlement plan. The tribunal, however, dismissed Core
Hotels' petition. The bench of judicial member K Anantha Padmanabha
Swamy and technical member Binod Kumar Sinha also dismissed a few
other petitions by operational creditors.

GOODWIN JEWELLERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Goodwin Jewellers Private Limited
        Unit Nos. 1,2,3,4 & 5, 1st Floor
        Panhalgad, Shiv Market
        Manpada Road, Dombivili (East)
        Dombivili Thane MH 421201

Insolvency Commencement Date: December 20, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Pankaj R. Majithia

Interim Resolution
Professional:            Pankaj R. Majithia
                         301-304 Metro Avenue
                         Near WEH Metro Station
                         Andheri East
                         Mumbai 400099

                            - and -

                         Majithia & Associates
                         6, New Jagruti Chs Ltd
                         227, S.V. Road
                         Near Indusind Bank
                         Bandra West
                         Mumbai 400050
                         E-mail: ip.goodwinjewel@gmail.com

Last date for
submission of claims:    January 7, 2020


GREENLAND MOTORS: CARE Lowers Rating on INR30cr Loan to 'B'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Greenland Motors (GLM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       30.00      CARE B; Stable; Issuer not
   Facilities-                     cooperating; Revised from
   Term Loan                       CARE BB-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information/NDS from GLM to monitor the
ratings vide e-mail communications/letters dated February 6, 2020,
February 7, 2020, January 31, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, Greenland Motors has not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. The
ratings on Greenland Motors bank facilities will now be denoted as
CARE B; Stable; ISSUER NOT COOPERATING.

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

The revision in rating assigned to the bank facilities of Greenland
Motors takes into account deterioration in the operational
performance marked by automobiles industry risk, partnership nature
of its constitution, and incooporation from the firm for the
updated information and financial performance during FY19 (refers
to the period from April 1 to March 31).

Detailed description of the key rating drivers

At the time of last rating on December 20, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weakness

High overall gearing and weak debt service indicators
Due to over dependence on working capital limits and small
net-worth base, the overall gearing stands at 4.61 x (PY: 3.10x) as
on March 31, 2018. It has deteriorated due to increase in the fund
based working capital limits in FY18. Moreover, In FY18, the firm
has taken term loans for the construction of new NEXA showroom in
Allahabad. Due to increase in debt, the TDGCA has deteriorated to
23.66x (PY: 11.61x) as on March 31, 2018.

Working capital intensive nature of operations of firm
The working capital cycle of the firm for the year ended on March
31, 2018 stood at 71 days (PY: 54 days), reflected by high
inventory period of 64 days (PY: 41 days). The inventory days
remain high as the firm is required to maintain stock of cars at
its e-outlets, showroom and r-outlets throughout the year. Due to
this, the average of the maximum cc utilisation for the last
12 months ending Oct'18 stood at 95.66%.

Inherent risks associated with business constitution as partnership
firm
GLM, being a partnership firm, is inherently exposed to the risk of
partner's capital withdrawal due to personal exigencies.  The
constitution further restricts its financial flexibility with
limited access to capital markets to fund expansion in the future.

Stiff competition from other firms
The automobile dealership firms face stiff competition from large
number of dealers, dealing for other Original Equipment
Manufacturers viz. Hyundai, Tata, Mahindra, Ford, etc. The
prospects of the firm are thus, governed by its ability to
effectively operate in the highly competitive segment while
maintaining a healthy revenue growth from increased volumes of
customer demands.

Key Rating Strengths

Experienced promoters with presence of group companies in related
business
Greenland Motors (GLM), a partnership firm is partnered by Mr Anil
Khetrapal, Mr Sunil Khetrapal, Mr Arun Khetrapal and Mr Ranjan
Khetrapal from 2008. They are professionally qualified with post
graduate degrees in distinct domains and have an extensive
experience of over three decades in the automobile trade industry.
Furthermore, the firm is being successfully managed under the new
leadership of Mr Ayush Khetrapal (son of Mr. Anil Khetrapal), a
gold medallist in Masters in Business Administration.

Long-standing association with Maruti Suzuki India Limited as its
authorised dealer
GLM is an authorized dealer for Maruti Suzuki India Limited (MSIL)
in Allahabad, Pratapgarh and Kaushambi cities of Uttar Pradesh. The
firm is associated to MSIL, the market leader in passenger car
segment in India for more than 10 years.

Moderate operational performance of the firm
The total operating income moderated to INR 145.84 cr in FY18 as
compared to INR 166.43 cr in FY17 on the account of lower sales of
cars in FY18. The profitability margins in FY18 remained stable
with PBILDT margin at 4.37% as compared to 4.41% in FY17.  In
H1FY19, the firm has registered a total operating income of INR
70.59 cr with a PAT of INR 0.22 cr.

Analytical approach: Standalone

Greenland Motors (GLM), constituted as a partnership firm in 2005
is an authorized dealer of Maruti Suzuki India Limited (MSIL) in
select regions of Uttar Pradesh. Currently partnered by Mr Anil
Khetrapal, Mr Sunil Khetrapal, Mr Arun Khetrapal and Mr Ranjan
Khetrapal, GLM operates through its E-dealer outlets located at
Pratapgarh and Kaushambi, its main showroom, true value outlet and
workshops in Allahabad and its 8 rural outlets spread across
different villages in the state of UP. The firm derives its revenue
from sales of new cars, servicing of vehicles, sales of spare parts
and trading of pre-owned cars.

HARI KRIPA: CARE Lowers Rating on INR23.42cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Hari
Kripa Business Venture Private Limited (HKBVPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      23.42       CARE D Revised from CARE BB;
   Facilities                      Stable

   Short-term Bank       3.00      CARE D Revised from CARE A4
   Facilities           

Detailed Rationale & Key Rating Drivers

The revision in the ratings of HKBVPL take into account ongoing
delays and defaults in debt servicing.

Rating Sensitivities

Positive Factors
* Timely repayment of debt obligations

Key Rating Weaknesses

Delay in debt servicing owing to poor liquidity position
As per banker interaction, there are ongoing delays and defaults in
debt servicing owing to poor liquidity position. The plant of the
company closed since December 2019 that led to deterioration of its
liquidity position.

Jaipur (Rajasthan)-based, Hari Kripa Business Venture Private
Limited (HKBVPL) was incorporated in 2008 by Mr. Mahendra Kumar
Agrawal along with his family members. HKBVPL is engaged in the
business of manufacturing of MS ingots/billets, flats and pipes.
The company is also engaged in trading of MS billets and ingots.
The manufacturing unit of the company is located at Kaladera
Industrial Area, Jaipur with combined total installed capacity of
60000 Metric Tons Per Annum (MTPA) as on March 31, 2019. The
company mainly procure raw material i.e. sponge iron from Jharkhand
and Bihar and sells its products in Rajasthan and Uttar Pradesh.

HOUSING DEVELOPMENT: Declared Insolvent; 13 Projects Stalled
------------------------------------------------------------
The Indian Express reports that the Slum Rehabilitation Authority
(SRA) informed the Bombay High Court on Feb. 11 that 13 slum
rehabilitation schemes in the city are stalled and nearly 1,500
slum-dwellers are yet to be rehabilitated after realty firm Housing
Development Infrastructure Limited (HDIL) was declared insolvent.

According to the report, the affidavit filed by SRA stated that
slum rehabilitation schemes to be executed by HDIL were affected as
it failed to pay regular rent in lieu of transit accommodation to
the eligible slum-dwellers. "Even there is a possibility of unpaid
dues like land premium, deferment payment, maintenance deposit,
regularisation charges, MRTP charges etc under various schemes.
Even the slum rehabilitation scheme for rehabilitation of affected
people of airport project are affected," the affidavit stated.

A division bench of Justices S C Dharmadhikari and R I Chagla was
hearing a plea filed by 32 slum-dwellers of Bharat Nagar in Bandra,
claiming HDIL was not completing the project and had also stopped
giving them transit rent, the Indian Express relates.

The petitioners in their plea had said that they initially received
transit rent from HDIL, which was stopped later. SRA officials did
not take action against the realty firm despite several complaints
since April 2018, petitioners, as cited by the Indian Express,
said.

The report says the petitioners have sought a direction to SRA as
an interim relief to provide residents with alternate accommodation
till the completion of the project or payment of INR17,500 per
month as transit rent with a 10 per cent annual increase in
amount.

Advocate General Ashutosh Kumbhakoni for SRA told the court that
insolvency proceedings had been initiated against HDIL and an
Insolvency Resolution Professional had been appointed by the
National Company Law Tribunal, according to the India Express.

Kumbhakoni said in majority of slum rehabilitation projects work
has not begun and therefore the authority has issued showcause
notices for termination, the report adds.

JAI INDIA: Ind-Ra Affirms D Issuer Rating, Moves to Non-coop.
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jai India Weaving
Mills Private Limited's (JIWM) Long-Term Issuer Rating at 'IND D'
and simultaneously migrated the rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
ratings are on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR155.33 mil. Long Term Loans (long-term) due on June 2022
     affirmed and migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR217.50 mil. Fund-based working capital Limit (Long-
     term/Short-term) affirmed and migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR55.80 mil. Non-fund-based working capital limit (Short-
     term) affirmed and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 26, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

*'Issuer did not cooperate; based on best available information'

KEY RATING DRIVERS

The affirmation reflects JIWM's irregularity in debt servicing
since September 2018. The account has been classified under the
non-performing asset (NPA) category since October 2019.

COMPANY PROFILE

Established in 2004, JIWM manufactures grey fabric in Erode, Tamil
Nadu, and sells its final products in Gujarat, New Delhi, etc. The
company had initially been focused on cotton yarn but it has begun
manufacturing viscose yarn as well.

JARVIS INFRATECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Jarvis Infratech Private Limited
        602/96, Nehru Place
        Near Central Bank
        New Delhi, Delhi
        DL 110019

Insolvency Commencement Date: February 10, 2020

Court: National Company Law Tribunal, Noida Bench

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

Insolvency professional: Dinesh Kumar Gupta

Interim Resolution
Professional:            Dinesh Kumar Gupta
                         B-1/26, Sector-18
                         Noida 201301
                         Distt. G.B. Nagar (U.P)
                         E-mail: guptadk54@gmail.com
                                 irp.jarvis@gmail.com

Last date for
submission of claims:    February 28, 2020


JORABAT SHILLONG: Ind-Ra Corrects March 5, 2019 Ratings Release
---------------------------------------------------------------
This announcement rectifies the version published on March 5, 2019,
to correctly state the issuer name as Jorabat Shillong Expressway
Limited, instead of Jorbat Shillong Expressway Limited. The amended
version is as follows: India Ratings and Research (Ind-Ra) has
downgraded the rating on Jorabat Shillong Expressway Limited's
(JSEL) senior and subordinated non-convertible debentures (NCDs) to
'IND D (SO)' from 'IND B (SO)' while resolving the Rating Watch
Negative (RWN) as follows:

-- INR6.412 bil. Senior NCDs* rating downgraded; Off RWN with IND

     D (SO) rating; and

-- INR2,421.6 bil. Subordinate NCDs* rating downgraded; Off RWN
     with the IND D (SO) rating.

* Details in annexure

KEY RATING DRIVERS

The rating downgrade is on account of the non-payment of debt
service obligations due on March 1, 2019, to the debenture
holders.

As of February 13, 2019, the company had liquidity of INR1,247
million in mutual funds and INR51 million in cash and bank balance.
These amounts include a debt service reserve of INR595 million and
a major maintenance reserve of INR58 million, as required by the
agreements, and a construction reserve of INR150 million. According
to the company, the pending project work would require additional
funding of about INR50 million.

JSEL has been classified under the 'Amber' category according to
the National Company Law Appellate Tribunal order dated 12 February
2019, which defines 'Amber Entities as Domestic Group Entities
which are not able to meet all their obligations (financial and
operational), but can meet only operational payment obligations and
payment obligations to senior secured financial creditors'.

RATING SENSITIVITIES

Positive: Timely debt servicing for consecutive 3 months will
result in an upgrade

COMPANY PROFILE

JSEL is an SPV that was incorporated to implement a lane expansion
project under the build-operate-transfer annuity model. JSEL has a
20-year concession (expiring in January 2031) from the National
Highways Authority of India to design, construct, develop, finance,
operate and maintain a 61.8km stretch between Jorbat (Assam) and
Barapani (Meghalaya) on NH 40.

KNM PHARMA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: KNM Pharma Private Limited
        23, 3-Ambar Co. Op. Soc.
        Opp. Kameshwar School
        Jodhpur Char Rasta
        Satellite Road
        Ahmedabad, Gujarat 380016
        India

Insolvency Commencement Date: January 28, 2020

Court: National Company Law Tribunal, Ahmedabad, Gujarat Bench

Estimated date of closure of
insolvency resolution process: July 26, 2020

Insolvency professional: Ms. Anjali Choksi

Interim Resolution
Professional:            Ms. Anjali Choksi
                         A, 4th Floor, Galaxy Line
                         Behind Samartheswar Mahadev Temple
                         Law Garden, Ahmedabad 380006
                         E-mail: anjali.choksi@anaca.in

                            - and -

                         DJNV & Co, 2nd Floor
                         H.N. House
                         Opposite MuktaJivan Colour Lab
                         Above Income-Tax Under Bridge
                         Stadium Circle, Navrangpura
                         Ahmedabad 380009
                         E-mail: cirp.knmpharma@gmail.com

Last date for
submission of claims:    February 16, 2020


KVR INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: KVR Industries Private Limited

        Registered office:
        H.No. 47-11-3, Dwarakanagar
        Visakhapatnam 530016
        Andhra Pradesh

Insolvency Commencement Date: February 12, 2020

Court: National Company Law Tribunal, Amaravati Bench

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

Insolvency professional: Nandkishor Vishnupant Deshpande

Interim Resolution
Professional:            Nandkishor Vishnupant Deshpande
                         B/802, 8th Floor, B Wing
                         Building No. 6, Sukhvilla CHSL
                         Siddharth Nagar
                         Near Vivek College
                         Goregaon (West), Mumbai
                         Maharashtra 400062
                         E-mail: nvdeshpande.ip@gmail.com

                            - and -

                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         708, Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: cirpkvri@gmail.com

Last date for
submission of claims:    February 29, 2020


MERCATOR LTD: To Sell Assets as Lenders File Insolvency Process
---------------------------------------------------------------
The Hindu BusinessLine reports that fleet owner Mercator Ltd is
looking to sell some of its ships to repay debt while it awaits a
ruling from a bankruptcy court in Mumbai on whether the firm should
be admitted to insolvency proceedings.

ICICI Bank, State Bank of India and a few operational creditors
have hauled Mercator to the National Company Law Tribunal (NCLT) in
Mumbai under the Insolvency and Bankruptcy Code (IBC) to recover
unpaid dues, according to Hindu BusinessLine.

The NCLT has not yet admitted the petitions filed against the
Mumbai-listed company -- once India's second biggest private fleet
owner, the report notes.

"The company is defending the petitions filed with the NCLT,"
Mercator said.

According to the report, the lenders have also recalled most of the
loans given to the company, leading to a re-classification of debt
from long term to short term, which now stands at INR1,061 crore.

A loan recall means the borrower has to repay loans immediately.

Meanwhile, a customer has invoked bank guarantee for INR143 crore
in Mercator Oil and Gas Ltd, a 100 per cent subsidiary, raising the
firm's consolidated debt to INR1,600 crore including working
capital, Hindu BusinessLine adds.

Hindu BusinessLine relates that ICICI Bank has also filed a
separate application with the NCLT seeking to restrain Mercator
from selling its participating interest in the CB-9 (oil block),
which is owned by its subsidiary Mercator Petroleum Ltd (MPL).

MPL has received shareholders' approval to sell its participating
interest in the oil block, which is awaiting no-objection from the
lenders, the report says.

Hindu BusinessLine says MPL, Bank of Baroda (BOB) and UTI
Structured Debt Opportunities Fund - I (UTI), through Axis Trustee
Services Ltd (Axis), as debenture trustees, have opposed the
application of ICICI Bank on the grounds that the oil block is a
secured asset of BOB and UTI in which ICICI Bank does not have any
interest.

As part of the de-leveraging exercise, Mercator sold its Floating
Storage and Offloading Unit (FSO) Ship - Prem Pride - for INR49.54
crore on January 16.

Hindu BusinessLine adds that the company proposes to sell its
medium range tanker Prem Mala, for which it has received
shareholder' nod. However, the vessel is under arrest from an
operational creditor and a financial creditor.

Similarly, a lender has initiated for the sale of another medium
range tanker, Hansa Prem, for recovery of debt. The vessel is also
under arrest from an operational creditor.

This has stalled the sale of both the ships, the report says.

Hindu BusinessLine adds that Mercator is also in the process of
disposing of its fleet of dredgers and has instead decided to focus
on an asset light model for dredging contracts, wherein the work
can be accomplished by chartering dredgers.

The company said it has legal claims and receivables for INR1,513
crore, the report relays.

For the nine months of FY20, Mercator reported a consolidated loss
of INR656.62 crore and a standalone loss of INR495.16 crore, Hindu
BusinessLine discloses.

                         About Mercator Ltd

Mercator Ltd along with its subsidiaries is a engaged in shipping
(dry bulk, wet bulk and dredging), gas, coal mining and E&P
activities. ML commenced business as a shipping company in 1984
(taken over by present promoters in FY89) and has over the years,
through its subsidiaries, diversified into various other sectors
like coal mining, trading and logistics, E&P and dredging.

MUTHOOT FINANCE: Fitch Rates $550M Sr. Sec. Notes Final 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to India-based
Muthoot Finance Ltd's (MFL, BB+/Stable) USD550 million 4.4% senior
secured notes due 2023, which carry a fixed-rate coupon payable
semi-annually. The notes are issued under MFL's USD2 billion
medium-term note programme also rated 'BB+'.

The assignment of the final rating follows the receipt of documents
conforming to information previously received. The final rating is
in line with the expected rating assigned on February 19, 2020.

The notes are secured by collateral, which includes all
receivables, but excludes all lien marked fixed deposits, of the
issuer. The notes are also subject to maintenance covenants that
require MFL to meet regulatory capital requirements, and ensure its
security coverage ratio is equal to or greater than 1x at all
times.

The notes fall under the central bank's new external commercial
borrowings framework of January 2019.

KEY RATING DRIVERS

MFL's US dollar bonds are rated at the same level as the company's
Long-Term Foreign-Currency Issuer Default Rating, in accordance
with Fitch's rating criteria.

Fitch regards the secured notes as an obligation whose non-payment
would best reflect uncured default as most of MFL's debt is
secured. The company can issue unsecured debt in the overseas
market, but such debt is likely to constitute a small portion of
its funding and thus cannot be viewed as its primary financial
obligation.

RATING SENSITIVITIES

The rating on the bond will move in tandem with MFL's Long-Term
Foreign-Currency IDR. MFL's IDR is sensitive to rising leverage (if
debt/equity approaches 4x). Fitch does not expect MFL's leverage to
increase materially from current levels (2.7x at end-March 2019) as
a result of the issue of the notes.

NARAYAN INDUSTRIES: CARE Cuts Rating on INR8.0cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Narayan Industries (NRI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      8.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B; Outlook:
                                   Stable Issuer Not Cooperating
                                   based on best available
                                   information

   Long-term/Short-    1.00        CARE D; ISSUER NOT COOPERATING;
   Term Bank                       Revised from CARE B; Stable/
   Facilities                      CARE A4; Issuer Not Cooperating
                                   based on best available     
                                   information

   Short-term Bank     3.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4; Issuer
                                   Not Cooperating based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NRI to monitor the rating
vide letters/e-mails communications dated Dec.13, 2019, Dec.20,
2019, Dec.27, 2019, Feb. 4, 2020 and numerous phone calls. However,
despite CARE's repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at fair ratings. The rating of
bank facilities of Narayan Industries will now be denoted as CARE
D; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of Narayan Industries
takes into account the ongoing delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing:
There is continuous overdrawal in cash credit account more than 30
days. Bank Guarantee has also been invoked.

Chhattisgarh-based Narayan Industries (NRI) was established in 2007
as a proprietorship firm. The firm has installed a rice and pulse
milling unit at Bhatapara in Chhattisgarh with an install capacity
of 4,000 MTPA. NRI sells finished rice, broken rice, rice bran and
various types of pulses like Masoor Dal, Moong Dal, Urad Dal etc.
The day-to-day affairs of the firm are looked after by Mr Mukesh
Motwani (Proprietor) along with a team of experienced personnel.

NEELKANTH YARN: Ind-Ra Migrates BB Issuer Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Neelkanth Yarn's
(NEEL) 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:

-- INR178 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR62 mil. Non-fund based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 27, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

NEEL was established in 2009 as a partnership firm by Anil Rungta
and Arun Aggarwal. The firm is engaged in the trading of various
varieties of yarns, cotton and polyester fiber.  


PALAV SYNTHETICS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Palav Synthetics Private Limited
        203 Abhushan Complex
        Parle Point
        Ghod Dod Road
        Surat, GJ 395001

Insolvency Commencement Date: February 10, 2020

Court: National Company Law Tribunal, Vadodara Bench

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

Insolvency professional: Minal Shah

Interim Resolution
Professional:            Minal Shah
                         20-21, 3rd Fl, Darshanam Arise
                         Opp. Collabera
                         Gotri-Sevasi Road
                         Gotri, Vadodara 390021
                         E-mail: csmas.brd@gmail.com

Last date for
submission of claims:    February 24, 2020


PROMPT PULP: CRISIL Maintains 'C' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Prompt Pulp And
Fibers Private Limited (PPFPL) continues to be 'CRISIL C Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           2.25        CRISIL C (ISSUER NOT
                                     COOPERATING)

   Long Term Bank        5.25        CRISIL C (ISSUER NOT
   Facility                          COOPERATING)

CRISIL has been consistently following up with PPFPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

PPFPL was set up in 2006 by Mr. Anand Dayama, Mrs. Renu Agarwal,
Mr. Vijay Agarwal, and their family members. The company
manufactures tissue, napkin, and poster papers. It commenced
operations in 2014 at its plant in Medak district, Telangana.

RANJEET SHIVHARE: CARE Reaffirms B+ Rating on INR4cr Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ranjeet Shivhare (RSH), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      4.00        CARE B+; Stable Reaffirmed
   Facilities                      and Revoked from Issuer not
                                   cooperating

   Short-term Bank     5.00        CARE A4 Reaffirmed and
   Facilities                      Revoked from Issuer not
                                   cooperating

Detailed Rationale, Key Rating Drivers

The ratings assigned to the bank facilities of RSH continue to
remain constrained on account of its modest scale of operations
with moderate profitability margins and stretched liquidity
position. The ratings, further, continue to remain constrained on
account of trading nature of business characterized by low
profitability and high competition, high business risk due to
regulated nature of liquor industry and constitution as
proprietorship concern.  The ratings, however, continue to derive
strength from experienced promoters, favourable demand outlook with
steady increase in consumption of alcohol and moderate solvency
position.

Rating Sensitivities

Positive Factors

* Sustained growth in its scale of operations above level of INR65
crore with maintaining its profitability margins at current level.

* Improvement in solvency position with overall gearing below level
of 1.50 times and debt coverage indicators below 5 times.

Negative Factors

* Decline in Total Operating Income below of INR30 crore and
profitability margins remain below current level.

* Deterioration in capital structure more than 3 times.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with moderate profitability margins
The scale of operation of RSH stood modest in FY19, marked by Total
Operating Income and PAT of INR64.67 crore and INR1.23 crore
respectively with net worth of INR4.35 crore. During FY19, TOI of
the firm has increased by 1.23 times over FY18 mainly on account of
increase in sales volume. TOI of the firm has increased with CAGR
of 1.15 times during last three years ending FY19. Further,
profitability margins of the firm stood moderate as reflected by
PBILDT and PAT margins of 2.81% and 1.91% respectively in FY19 as
against 4.01% and 2.68% respectively in FY18. Further, in FY19,
Gross Cash Accruals (GCA) of the firm has increased by 58.34% over
FY18 and stood at INR1.35 crore.

Trading nature of business characterized by low profitability and
high competition
RSH is engaged in wholesale and retail business of liquor in Madhya
Pradesh. As the business operations are of trading nature, the
profitability margins of the firm are restricted. Further, liquor
trading business is highly fragmented due to presence of large
number of outlets thereby limiting the profitability margins of the
firm.

High business risk due to regulated nature of liquor industry and
constitution as proprietorship concern
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from government
which impacts the pricing flexibility of the industry. The State
Governments levy various duties like excise duty, sales tax,
license fee, state-level import and export duty, bottling fee,
welfare levy, assessment fee, franchise fee, turnover tax,
surcharge etc. The state governments are also given liberty to
enact the bye-laws for liquor industry on their own; hence any
significant policy changes adversely affect the whole industry.
Further, the liquor retailing is tender driven and the successful
bidders' get license for trading for a period of one year and has
to go through same process for renewal of licenses. Hence, it leads
to aggressive bidding by the players resulting into pressure on the
profitability margins and also uncertainty over future revenue
visibility in case of non-renewal of licenses.

RSH's constitution as proprietorship firm with moderate net worth
base restricts its overall financial flexibility in terms of
limited access to external funds for any future expansion plans.
Also, there is inherent risk of possibility of withdrawal of
capital and dissolution of the firm in case of death/insolvency of
the proprietor.

Key Rating Strengths

Experienced promoters

Overall affairs of the firm are handled by Mr. Raneet Shivhare,
proprietor, who is graduate by qualification and has around twenty
five years of experience in the industry. Further, the proprietor
is assisted by a team of experienced personnel.

Favorable demand outlook with steady increase in consumption of
alcohol
Indian Liquor industry is one of the growing industries despite
being subjected to high taxes and innumerable regulations by
government. CL shares more than 50% of total liquor consumption on
account of low cost and easy availability. However, in last five
years, IMFL segment has seen higher growth rate of around 10-12%
than CL whose growth rate was around 5-8%.  The factors such as
rising income levels and changing mind-sets which are more open to
the consumption of alcoholic beverages drives the growth of IMFL
segment. In addition, changing consumer preference towards premium
varieties has resulted in improvement in sales mix of industry.
Hence, Indian liquor industry is envisaged to continue the trend of
steady growth supported by increasing demand led volume growth.

Moderate solvency position
The capital structure of RSH stood moderate with an overall gearing
of 1.68 times as on March 31, 2019, improved from 3.59 times as on
March 31, 2018 on account of lower utilization of its working
capital borrowings as well as infusion of proprietorship capital.
Further, debt service coverage indicators of RSH stood moderate
with total debt to GCA of 5.41 times as on March 31, 2019 improved
from 12.00 times as on March 31, 2018 mainly due to higher increase
in GCA level as well as decline in total debt. Further, interest
coverage stood comfortable at 3.94 times in FY19, marginally
improved from 3.78 times in FY18 owing to higher increase in PBILDT
level as against increase in interest cost.

Liquidity: Stretched

Liquidity ratio of the firm stood moderate with current ratio and
quick ratio stood at 1.24 times and 1.24 times as on March 31,
2019. During February- April of every year, the firm requires large
amount of fund for bidding for the shop licenses. Further, the firm
has to maintain ready stock of products at all its retail shops
which is to be procured from wholesalers with a credit period of
5-10 days. The working capital cycle of the firm stood negative of
2 day. The firm has average 90% utilized of its working capital
limit in past 12 months ended March 31, 2019. Further, it has cash
and bank balance of INR1.38 crore as on March 31, 2019 and cash
accrual of INR0.97 crore as against repayment of INR0.11 crore in
FY20 projections.

Betul (Madhya Pradesh)-based Ranjeet Shivhare (RSH) was formed in
2008 as a proprietorship firm by Mr. Ranjeet Shivhare. The firm is
engaged in the retailing of country made and Indian Made Foreign
Liquor (IMFL) in Madhya Pradesh. The firm has licences for 14 shops
for FY 2018-19 and 10 Shops for FY 2019-20. The firm's product
profile comprises almost all the major brands of IMFL such as
Seagram, Signature, Mc Dowells No.1, DIG whisky among others. In
addition, the firm also distributes leading beer brands of UBL such
as Kingfisher, Kingfisher Blue, and Kingfisher Ultra beer.

REVIVE CONSTRUCTION: Ind-Ra Withdraws D Non-Cooperating Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Revive
Construction Company (India) Private Limited's (RCCIPL) Long-Term
Issuer Rating of 'IND D (ISSUER NOT COOPERATING)' in the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR350 mil. Fund-based facilities(Long-/Short-term)*
     maintained in a non-cooperating category and withdrawn;

-- INR200 mil. Non-fund-based facilities (Short-term)* maintained

     in a non-cooperating category and withdrawn;

-- INR300 mil. Proposed fund-based facilities(Long-/Short-term)**

     maintained in a non-cooperating category and withdrawn; and

-- INR650 mil. Proposed non-fund-based facilities (Short-term)**
     maintained in a non-cooperating category and withdrawn.

*Maintained at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

**Maintained at 'Provisional IND D (ISSUER NOT COOPERATING)'
before being withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

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

COMPANY PROFILE

Incorporated in 2009, RCCIPL is mainly engaged in the execution of
roads, bridges and tunnels projects in Kerala and Maharashtra.

RS DEVELOPMENT: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded RS Development
and Constructions India Private Limited's (RS) Long-Term Issuer
Rating to 'IND BB+ (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER
NOT COOPERATING)'. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the ratings.

The instrument-wise rating actions are:

-- INR28.9 mil. Term loan due on June 11, 2019, downgraded with
     IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR250 mil. Fund-based working capital limit downgraded with
     IND BB+ (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR400 mil. Non-fund-based working capital limit downgraded
     with IND A4+ (ISSUER NOT COOPERATING) rating.

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

The rating action takes into account RS' FY18 financial
performance.

KEY RATING DRIVERS

The downgrade reflects a breach in Ind-Ra's negative rating
guideline, with the net leverage (total adjusted net debt/operating
EBITDAR) sustaining above 2.5x in FY18. As per FY18 financials, the
company's net leverage deteriorated to 3.5x (FY17: 3.2x) and
interest coverage to 1.8x (2.3x).

The deterioration in overall credit metrics was primarily on
account of an increase in total debt to INR393 million in FY18
(FY17: INR343 million) and a reduction in operating EBITDA to
INR87.9 million (INR91.8 million) due to slow down in order
execution. The company's revenue reduced to INR1,613 million in
FY18 (FY17: INR1,830 million).

COMPANY PROFILE

RS primarily undertakes civil and general construction works such
as roads, mass earth evacuation, earth filling, canal, and quarry.
In addition, it loads and transports limestone, coal, and cement.

SALIMS PAPER: CARE Cuts INR12.08cr LT Loan Rating to C, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Salims Paper Private Limited (SPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      12.08       CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SPPL to monitor the
rating(s) vide e-mail communications dated January 9, 2020, January
23, 2020, and February 3, 2020 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, SPPL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on SPPL's bank facilities will now
be denoted as CARE C; Stable; ISSUER NOT COOPERATING.

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

The rating has been revised on account of project implementation
risk associated with debt funded project and vulnerability of
margins to fluctuation in raw material prices and foreign exchange
rates.  

The rating, however, derives strength experienced and qualified
promoters with strong group support and favorable demand outlook of
tissue papers.

Detailed description of the key rating drivers

At the time of last rating on April 3, 2019, the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Project implementation risk associated with debt funded project
Initially, SPPL undertook a project for greenfield project for the
manufacturing of tissue papers. Initially, It envisaged total
project cost of INR19.23 crore towards the project envisaged to be
funded through term loan of INR3.00 crore and remaining through
promoter's contribution of INR16.23 crore in form of share capital
and unsecured loan from promoters. However, due to delay in
procurement of machineries, the project was delayed by around one
year and envisaged to be completed by March 2019. It incurred total
project cost of INR30.47 crore towards the project funded through
term loan of INR10.00 crore and remaining through promoter's
contribution in form of share capital and unsecured loan from
promoters. It has started trial run of the project and envisaged to
start full commercial operation from April 2019.

Vulnerability of margins to fluctuation in raw material prices and
foreign exchange rates
The profitability of the company is vulnerable to any adverse
movement in raw material prices as the company will not be
immediately able to pass on the increased price to its customer.
Further, SPPL will be exposed to foreign exchange fluctuation risk
considering that the company will export its product however the
risk will be partially offset by import of raw material from
foreign market.

Key Rating Strengths

Experienced and qualified promoters with strong group support Mr
Kalimuddin Kagzi and Mr Zainuddin Kagzi, are the key directors of
the company and MBA by qualification. They are equally supported by
others directors. Further, the promoters of SPPL have been engaged
in the paper industry since 1965 through its group concern, M/s
Handmade Papers (HP). HP majorly generates revenue from export to
Doha and Dubai. Due to long-standing experience of the promoters in
the paper industry through HP, the promoters have established has
developed relationship with customers.

Favourable demand outlook of tissue papers
Tissue paper Industry in India is expected to grow due to
industries such as Hotels, Restaurants, offices, and daily house
hold uses, among others switching over to tissue papers.

Jaipur(Rajasthan)-based Salims Paper Private Limited (SPPL) was
formed in May 2011 as a private limited company by Jaipur based
Kagji family with an objective to set up greenfield project for the
manufacturing of tissue papers.

SAMARTTHA TRIMURTI: CARE Cuts INR15cr Loan Rating to B, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Samarttha Trimurti Properties (STP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       15.00      CARE B; Stable; Issuer not
   Facility                        cooperating; Revised from
                                   CARE BB-; Stable on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from STP to monitor the rating
vide e-mail communications dated December 24, 2019, January 13,
2020, January 21, 2020, January 30, 2020, February 3, 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating on STP's bank facilities will now be CARE
B; Stable; ISSUER NOT COOPERATING.

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

The revision in the rating assigned to the bank facilities of STP
takes into account no due-diligence conducted and non-availability
of information due to non-cooperation by STP with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.  Further, the ratings continues to take into account
the project execution risk due to high dependence on customer
advances, competition from other real estate players in the region
coupled with inherent cyclicality associated with the real estate
industry along with partnership nature of constitution leading to
limited financial flexibility.

The rating however, derives strength from the experience of the
promoter in real estate development in Pimpri-Chinchwad, receipt of
approvals and clearances for the project and strategic location of
the project.

Detailed description of the key rating drivers

At the time of last rating on September 5, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Project execution risk to high dependence on customer advances: The
project is heavily dependent on customer advances as it is assumed
to fund 40% of the total project cost. However, the debt has been
tied up for the project and the entity has already incurred 30% of
the total project cost as on June 30, 2018 which was funded through
promoter funds, customer advances and debt in the ratio of
0.18:0.10:0.72. Further, the firm has sold 34% of the saleable
area. The ability of the entity to complete the project as per
schedule within the envisaged cost and achieve the project sales at
the assumed price will be critical from credit perspective.

Cyclical nature of the real estate industry: The firm is exposed to
the cyclicality associated with the real estate sector which has
direct linkage with the general macroeconomic scenario, interest
rates and level of disposable income available with individuals. In
case of real estate companies, the profitability is highly
dependent on property markets. A high interest rate scenario could
discourage the consumers from borrowing to finance the real estate
purchases and may depress the real estate market.

Presence in a competitive environment: Real Estate industry in
India is highly fragmented with most of the real estate developers
having region-specific presence. STP also faces competition from
other real-estate developers who are coming up with residential
projects in Punawale, Pune such as Pethkar Siyona, Twin Arc and My
Home and such other upcoming projects. However, the partners have a
good understanding of the region and its dynamics which partly
mitigates this risk Partnership nature of constitution: STP's
constitution as a partnership firm restricts its access to external
borrowing owing to its partnership nature of constitution.
Furthermore, the firm is exposed to inherent risk of partners'
capital being withdrawn at time of personal contingency. This
limits the financial flexibility of the firm.

Key Rating Strengths

Experienced promoter group in real estate development in Pune: STP
is a part of Samarth Group which is one of the established real
estate groups of Pune. The group has been engaged in real estate
business since, past fifteen years and has completed around fifteen
residential and commercial projects with an area of 18.73 lakh
square feet (lsf). Also, the group currently has nine on-going
projects in Pune with total saleable area of 12.40 lsf.

Receipt of approvals and clearances for the project: STP has
received all the necessary clearances and approvals for the project
related to land acquisition and construction. Commencement
certificate from the Pimpri Chinchwad Municipal Corporation has
been received. Further, the said land has also been converted to
non-agriculture use and environmental clearance for the project has
also been obtained. Furthermore, the project has been registered
with Maharashtra RERA.

Strategic location of the project: STP is currently developing a
project namely 41 Estara at Punawale, Pune which is very well
connected to Mumbai Pune Highway. The project is residential
project with modern amenities targeting customers from the middle
class and business class. In addition, the project is situated in
area with easy access to basic civic amenities such as schools,
hospitals, colleges, malls, situated close by and is also in close
proximity to Hinjewadi IT park and Pune Mumbai Expressway.

Established in the year 2012, STP is the special purpose vehicle of
Samartha Group (SG). SG is one of the reputed real estate group in
Pune. The group has completed 15 projects in the last 15 years,
with a total saleable area of 17.37 lakh sq. feet. STP was
established with a view to execute the real estate project namely
"41 Estara" in Punawale, Pune.

SAMPAT ALUMINIUM: CARE Assigns 'D', Not Cooperating Rating
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sampat
Aluminium Private Limited (SAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       4.54       CARE D; Issuer not Cooperating;
   Facilities                      Based on best available
                                   information


Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SAPL to monitor the ratings
vide e-mail communications/letters dated December 3, 2019, December
13, 2019, January 3, 2020, February 4, 2020, February 11, 2020 and
various telephonic interactions. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings on SAPL's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating assigned factored in on-going delay in debt service
obligations due to poor liquidity.

Detailed description of the key rating drivers

At the time of last rating on February 14, 2019 the following were
the rating strengths and weaknesses.

Detailed description of key rating drivers

Key Rating Weaknesses

Delay in Debt Servicing
There were irregularities in debt servicing due to poor liquidity
position

Ahmedabad-based (Gujarat) Sampat Aluminium Private Limited (SAPL)
is a private limited company incorporated in June 11, 1999,
promoted by Mr. Sanjay Deora, accompanied by Mr. Sanket Deora.
Further the company is also getting benefit of Mr. Samyak Deora
(working as director in group companies). SAPL is engaged into
manufacturing of aluminum wires and conductors, which finds its
application in power utility sector for transmission of
electricity. Its manufacturing unit is located at Rakanpur, Santej,
Gujarat with an installed capacity of 7200 Metric Tonnes per year
per annum as on March 31, 2018.


SARVESHWAR CREATIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Sarveshwar Creations Private Limited

        Registered office:
        CR-274 Lalita Park
        Laxmi Nagar
        Delhi 110092

        Principal office:
        B-152, Sector 63
        Noida UP

Insolvency Commencement Date: February 13, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 15, 2020

Insolvency professional: ManoharLal Vij

Interim Resolution
Professional:            ManoharLal Vij
                         204, CA Apartments
                         A-3, Paschim Vihar
                         New Delhi 110063
                         E-mail: mlvij1956@gmail.com

                            - and -

                         AVM Resolution Professional LLP (IPE)
                         8/28, 3rd Floor, WEA
                         Abdul Aziz Road, Karol Bagh
                         New Delhi 110005
                         E-mail: cirp.sarveshwar@avmresolution.com

Last date for
submission of claims:    March 2, 2020


SHREE SUDARSHAN: CARE Cuts INR6.21cr Loan Rating to B+, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Sudarshan Steel (SSS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      6.21        CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING Revised From
                                   CARE BB-; Stable; Issuer Not
                                   Cooperating based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSS to monitor the rating
vide letters/e-mails communications dated November 1, 2019,
November 28, 2019, February 17, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at fair ratings. The
Shree Sudarshan Steel's bank facilities will now be denoted as CARE
B+; Stable; ISSUER NOT COOPERATING. Further, the banker could not
be contacted.

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

The rating assigned to the bank facilities of SSS is primarily
constrained by its proprietorship nature of constitution, small
scale of operation with low profitability margin, lack of backward
integration vis-à-vis volatility in prices, highly competitive and
fragmented industry and working capital intensive nature of
operation. The rating, however, derives strength from its
experienced promoters with moderate track record of operation and
moderate financial risk profile marked by leveraged capital
structure and moderate debt coverage indicators.

Detailed Rationale & Key Rating Drivers

At the time of last rating in December 21, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Proprietorship nature of constitution
SSS, being a proprietorship firm, is exposed to inherent risk of
proprietor's capital being withdrawn at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the proprietor. Furthermore,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

Small scale of operation with low profitability margin
SSS is a small player in iron and steel products manufacturing
business with total operating income of INR59.64 crore and PAT of
INR0.30 crore, respectively, in FY18. Furthermore, the total
capital employed was also modest at INR9.77 crore as on March 31,
2018. The small scale restricts the financial flexibility of the
firm in times of stress. During H1FY19, the firm has achieved total
operating income of INR72.95 crore.  Furthermore, the profitability
of the firm has been low over the years. PBILDT margin and PAT
margin were 2.04% and 0.51%, respectively, during FY18.

Lack of backward integration vis-à-vis volatility in prices
The degree of backward integration defines the ability of the firm
to minimize price volatility risk and withstand cyclical downturns
generally witnessed in the iron and steel industry. SSS does not
have any backward integration for its basic raw material (iron
billets or ingots) and will purchase the same from open market.
Since the raw material is the major cost driver and raw material
prices are volatile in nature, the profitability margin of the firm
will remain susceptible to fluctuation in raw material prices.

Highly competitive and fragmented industry
The spectrum of the steel industry in which the firm operates is
highly fragmented and competitive marked by the presence of
numerous players in India. Hence the players in the industry do not
have pricing power and are exposed to competition induced pressures
on profitability. This apart, SSS's products being steel related,
it is subjected to the risks associated with the industry like
cyclicality and price volatility.

Working capital intensive nature of operation
SSS's business, being manufacturing of steel products, is working
capital intensive. During FY18, operating cycle was around 29 days.
Average utilization of bank borrowing was around 95% during the
last 12 months ended Nov 2018.

Key Rating Strengths

Experienced promoters with satisfactory track record of operation
SSS is currently managed by Mr. Naresh Agrawal, proprietor, and a
team of experienced personnel. The proprietor is having over two
decades of experience in similar line of business. This apart, the
firm is in operation from the year 2012, thus enjoying a long track
record of operation.

Weak financial risk profile marked by moderately leveraged capital
structure and moderate debt coverage indicators
The financial risk profile of the firm was moderate. Debt-Equity
ratio and Overall gearing ratio was at 0.33x and 1.36x respectively
as on March 31, 2018. Moreover, debt protection indicators were
also moderate as marked by interest coverage ratio of 2.17x and
total debt to gross cash accruals ratio was high at 6.54x during
FY18. Current ratio was adequate at 1.30x as on
March 31, 2018.

Shree Sudarshan Steel (SSS) was incorporated during the year 2012
to initiate an iron and steel products manufacturing unit. The firm
installed a manufacturing unit at Urla Industrial Area in Raipur
with an installed capacity of 5,000 MTPA. The firm manufactures
iron and steel products like MS Angle, channel, round etc. The
day-to-day affairs of the firm are looked after by Mr. Naresh
Agrawal, Proprietor, along with a team of experienced personnel.

SHRESHT INDUSTRIES: CRISIL Cuts Rating on INR12.5cr Loan to 'D'
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Shresht Industries Private
Limited (SIPL) to 'CRISIL BB+/Stable Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL is downgraded the rating on bank
facilities of SIPL from 'CRISIL BB+/Stable Issuer Not Cooperating'
to 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           12.5        CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

The downgrade reflects delay in debt servicing and overdrawing in
the cash credit account due to stretched liquidity.

CRISIL ratings on the bank facilities of SIPL continue to reflect
modest scale of operations and working capital intensive
operations. These weaknesses are partially offset by extensive
industry experience of the promoters in the water purification
systems industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations and exposure to intense competition in
a fragmented industry
SIPL has a modest scale of operations with revenue of around Rs. 82
crores in FY19. The modest scale of operations restricts SIPL from
getting benefits accruing from economies of scale.

* Working capital intensive operations
Operations remain working capital intensive with gross current
asset (GCA) of above 110 days. GCA is contributed by debtors and
inventory of 70 days and 47 days respectively as on March 31, 2019
while the credit period received from suppliers is minimal below 10
days.

Strengths
* Extensive industry experience of the promoters in the water
purification systems industry
SIPL is promoted and managed by Mr. Pattela Gaurav who has around
one decade of experience in the water purification systems
industry. Promoters' experience is expected to support the business
risk profile in the medium term.

Liquidity Poor
Liquidity profile is marked by high bank limit utilization,
moderate cash accruals, comfortable current ratio and funding
support from promoters.

Due to working capital intensive operations, bank limit utilization
remains high above 100 % for the past 14 months ending January
2020. SIPL has generated moderate cash accruals of Rs. 3.17 Cr
against repayment obligations of below Rs. 1 Cr. Current ratio
remains comfortable at 1.38 times as on March 31, 2019.
Additionally, promoters have extended funding support in the form
of unsecured loans. Unsecured loans stood at Rs. 2.22 Cr as on
March 31, 2019.

Rating sensitivity factors

Upward factors
*Track record of timely debt servicing for more than 3 months
*Sustained improvement in scale of operations while profitability
is maintained.

SIPL, based in Hyderabad and incorporated in 2013, manufactures
water purifiers for domestic and industrial use, under the Shresht
RO brand. The company is promoted by Mr Pattela Gaurav and his
family.

SHRI RASBIHARI: CARE Cuts INR9.60cr LT Loan Rating to B, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shri
Rasbihari Cotton Industries (SRCI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       9.60       CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; on the
                                   Basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SRCI to monitor the rating
vide e-mail communications dated November 11, 2019, November 26,
2019, January 3, 2020, February 7, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on SRCI's bank facilities will now be CARE B; Stable; ISSUER
NOT COOPERATING.

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

The revision in the rating assigned to the bank facilities of SRCI
takes into account on non-availability of information due to
non-cooperation by SRCI with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk.

The rating takes into account its project stabilization risk
associated with the setup of its facility, susceptibility to
vagaries of nature and government policies related to price of
cotton, presence of the firm in highly fragmented industry, and
constitution as a partnership firm limiting the financial
flexibility.  The rating, however, draws strength from the
experience of partners and location advantage emanating from
proximity to raw materials.

Detailed description of the key rating drivers:

At the time of last rating on February 28, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Project stabilization risk: SRCI has recently commenced commercial
operation in December 2018 which inherently poses high risk of
acquiring customers initially. However, the partners have an
average experience of around 15 years in ginning and pressing
industry which reduces the stabilization risk to some extent. The
stabilization of operations is critical from credit perspective.

Vulnerability to fluctuations in prices of agro-based input
material which is seasonal in nature and highly fragmented
industry: Operation of cotton business is highly seasonal in
nature, as the sowing season is from March to July and the
harvesting season is spread from November to February. Hence, the
working capital utilization will remain high in the peak season
i.e. November to May. Further, the cotton industry is highly
fragmented with large number (approx 80%) of players operating in
the unorganized sector. SRIC will face stiff competition from other
players operating in the same industry in the Vidarbha region,
which will further result in low bargaining power of SRIC against
its customers.

Susceptibility to government policies related to price and export
of cotton: The price of raw cotton in India is regulated through
function of MSP by the government. Further, the price of raw cotton
is highly volatile in nature and depends upon factors like area
under production, yield for the year, international demand-supply
scenario, export quota decided by government and inventory carry
forward from previous year. Hence, any adverse change in government
policy i.e. higher quota for any particular year, ban on the cotton
or cotton yarn export may negatively impact the prices of raw
cotton in domestic market and could result in lower realizations
and profit for SRCI.

Partnership nature of constitution: Being a partnership firm, SRCI
is exposed to the risk of withdrawal of capital by partners due to
personal exigencies, dissolution of firm due to retirement or death
of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential. This also limits the firm's ability to meet any
financial exigencies.

Key Rating Strengths

Experienced partners: SRCI is promoted by Mrs.Anandi Ramkishor
Sarda and Mrs. Premlata Vivek Gonpalliwar. Mrs.Anandi Ramkishor
Sarda is associated with cotton ginning and pressing industry for
more than a decade through its group entity "Shri Rasbihari Agro
Processors Private Limited" and will be look after overall
management of the SRCI with adequate support from other partner
(Mrs. Premlata Vivek Gonpalliwar) and a team of experienced
professionals. Being in industry for more than one decade is likely
to aid in smooth operations of SRCI.

Locational advantage owing to close proximity to raw materials: The
manufacturing facility of the entity is located at Dist:
Chandrapur, Maharashtra. Maharashtra produced around 22.50% of
total cotton production of India during 2017 18. Out of the total
production of Maharashtra, Vidarbha region produced around 30% of
total cotton production of Maharashtra. Hence, raw material will be
available in adequate quantity. Furthermore, the presence of SRCI
in cotton producing region will fetch a location advantage of lower
logistics expenditure. Moreover, there is a robust demand of cotton
bales and cotton seeds in the region due to presence of spinning
mills in the region.

SRCI is a Chandrapur based firm promoted by Mrs. Anandi Ramkishor
Sarda and Mrs. Premlata Vivek Gonpalliwar and was established in
February 2018. The firm is in the business of cotton ginning and
pressing at its manufacturing facility located at Gondpipari
(Dist-Chandrapur, Maharashtra), and has recently commenced its
commercial operations on December 13, 2018. Also the firm receives
subsidy from Government of Maharashtra and District Industries
Corporation to promote Women entrepreneurs.

SOORYA CASHEW: CARE Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Soorya
Cashew Factory (SCF) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      12.00       CARE B+; Stable; Issuer not
   Facilities                      cooperating; On the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SCF to monitor the rating
vide e-mail communications/letters from November 2019 to January
31, 2020 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at fair rating. The rating on Soorya Cashew Factory
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The ratings assigned to the bank facilities of SCF continue to be
tempered by moderate scale of operations with partnership nature of
constitution, fluctuating total operating income with low
profitability margins during FY18 and FY19 (prov.), financial risk
profile marked by leveraged capital structure and weak debt
coverage ratios, working capital intensive nature of operations,
risk of raw material and foreign exchange price fluctuations and
fragmented and competitive business segment.

The rating is, however, underpinned by experience of the partners
for more than two decades in te cashew nut processing industry and
growing demand for cashew based products across the globe.

Detailed description of the key rating drivers

Key Rating Weakness

Thin profitability margins during FY18 and FY19 (prov.)
PBILDT margin stood thin and stable at 1.85% in FY18 and FY19
(prov.). PAT margin also continue to remained thin and fluctuating,
from 0.20% in FY17 to 0.03% in FY18 and further marginally improved
at 0.16% in FY19 (prov.)

Financial risk profile marked by leveraged capital structure and
weak debt coverage ratios
The capital structure of the firm marked by overall gearing stood
fluctuating in FY18 and FY19 (prov.), however continued to remain
leveraged. The overall gearing deteriorated as on March 31, 2018
and stood at 4.32x from 3.10x in March 31, 2017 and further
marginally improved to 3.32x as on March 31, 2019. The debt
coverage indicators marked by PBILDT interest coverage ratio stood
thin at 1.08x in FY18 and 1.16x in FY19 (prov.). TD/GCA stood at
119.75x in FY18 and 52x in FY19 (prov.). TD/CFO stood at 2.50x in
FY19 (prov.)

Working capital intensive nature of operation
The working capital cycle marginally declined and stood at 62 days
in FY (prov.) from 57 days in FY18. The average inventory period
also increased from 72 days in FY19 (prov.) from 67 days in FY18.
The average collection period stood comfortable at 1-2 days in both
FY18 and FY19 (prov.). The average creditor period also stood at 11
days in FY18 and FY19 (prov.)

Risk of raw material and foreign exchange price fluctuations
The sales realization of cashews largely depends upon the cost of
the raw cash nut. The cost of raw cashew nuts constitutes around
90% of the cost of sales of SCF. Any change in the demand and
supply of this material has an impact on the profitability of the
firm. The firm imports about 90% of its raw material requirement
from African countries. However, the firm's sales are primarily
concentrated in domestic market thus exposing it to exchange rate
fluctuation risks in the absence of any natural hedge on the sales
and purchases. The firm's ability to manage such fluctuations has a
bearing on its profitability.

Fragmented and competitive business segment.
The firm is into a fragmented business segment and competitive
industry. The market consists of several small to mediumsized
companies that compete with each other along with several large
enterprises. Further, with low entry barriers due to low value
addition associated with manufacturing of cashew based products,
the competition among these players is increasing year on year.

Key Rating Strengths

Experience of the partners for more than two decades in the cashew
nut processing industry:
The managing partner of SCF, Mr. R. Sahadevan has experience of
more than two decades in trading and processing of cashew nuts
business. Due to long term presence in the market, the partners
have established healthy relations with their customers and
suppliers.

Increase in scale of operations with partnership nature of
constitution
The total operating income of the firm increased, by ~83%, from
INR58.32 crore in FY17 to INR106.67 crore in FY18. While in FY19
(prov.) the total operating income of the firm marginally declined
to INR102.34 crore.

Growing demand for cashew based products across the globe:
India accounts for about 65 per cent of global cashew exports and
exports cashew kernels to over 60 countries. Its major markets are
the US, the Netherlands, Japan, Spain, France, Germany, the UK as
well as Middle East countries such as the UAE and Saudi Arabia. By
2021, cashews are expected to take over 29% of nut market. The
prices are expected to remain high with increase in demand. India
is one of the top producers of cashew in the world and has a niche
market for its product in the global platform.

Kollam (Kerala) based Soorya Cashew Factory (SCF) is a partnership
firm established by Mr. R. Sahadevan Pillai in April 2005. In the
beginning the firm was involved only in the trading of cashew nuts.
Later in 2005, the firm also initiated the processing of cashew
nuts. The firm procures about 95% of its raw material, the raw
nuts, from Africa and 5% from domestic market. As on March 31,
2018, the installed capacity, for the processing of nuts stood at
approx. 9.6 tons/day.

SREE LAKSHMI: CRISIL Withdraws B+ Rating on INR12cr Cash Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Sree
Lakshmi Balaji Industries (Sree Lakshmi) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with Sree Lakshmi for
obtaining information through letters and emails dated February 5,
2020 and February 10, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its rating on the bank facilities of Sree
Lakshmi I on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Sree Lakshmi, which was set up as a partnership firm in 2006,
processes paddy into rice. Operations are managed by Mr Gopala
Krishna.

SREE VIDYANIKETHAN: Ind-Ra Lowers Loan Rating to D, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Sree Vidyanikethan Educational Trust's (SVET) bank facilities to
'IND D' from 'IND BBB-'. The Outlook was Stable.

The detailed rating actions are:

-- INR1,106.30 bil. Bank loans (Long-term) downgraded with IND D
     rating; and

-- INR150.00 mil. Fund-based working capital limits (Long-term)
     downgraded with an IND D rating.

KEY RATING DRIVERS

The downgrade reflects SVET's ongoing delays in debt servicing
since January 2020 due to its stretched liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

COMPANY PROFILE

SVET was established as a public charitable trust in 1992 in
Tirupati (Andhra Pradesh) by Dr. M Mohan Babu. The trust operates
five colleges and three schools across Tirupati.

SRI GANESWARA: CARE Lowers Rating on INR36.17cr Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Ganeswara Rice Tech (SGRT), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       36.17      CARE D Revised from CARE BB;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

CARE has conducted the review on the basis of best available
information and had classified SGRT as CARE D; the rating has been
revised on account of ongoing delays in debt serving by the company
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers
The revision in the ratings assigned to the bank facilities of SGRT
takes into account ongoing delays in their bank facilities.

Key rating Weaknesses

Ongoing delays in meeting of debt obligations SGRT has been facing
liquidity issues due to which there are ongoing delays in their
bank facilities.

Key Rating Strengths

Experience of the partner for three decade in rice industry
Mr. Manukonda Sathi Redy (Managing partner) has 32 years of
experience in rice milling and trading business through various
rice mills located in the East Godavari belt. The other partner
also has three decades of experience in rice mill industry.

Andhra Pradesh based, Sri Ganeswara Rice Tech (SGRT) is a
partnership firm started in June, 2007 by Mr. Manukonda Sathi Reddy
along with his wife Mrs. Manukonada Padmavathi. The firm is engaged
in milling and processing of rice and trading of paddy. The rice
mill is situated at Biccavolu village in East Godavari District of
Andhra Pradesh. Currently, SGRT has as installed capacity of boiled
rice of 12 tons per hour and raw rice of 14 tons per hour. The firm
is mainly supplying rice in Kerala, Andhra Pradesh and Dubai. Mr.
Manukonda Sathi Reddy is the Managing Partner of the firm and has
experience of around 30 years in same line of business. During
FY19, 60% of the revenue comprise of sales from domestic market and
remaining 40% comprised from exports. The firm has also entered a
14 months agreement with Civil Supply, Andhra Pradesh for which it
has availed the BG facility.

STAR AGRISEEDS: CRISIL Lowers Rating on INR14.9cr Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Star Agriseeds Private Limited to 'CRISIL B+/Stable' from
'CRISIL BB/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10.5       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Proposed Fund-
   Based Bank Limits     14.9       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Term Loan              2.6       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

The downgrade reflects deterioration in the company's capital
structure as reflected in the increase in total outside liabilities
to tangible networth (TOLTNW) ratio from 5.49 times in fiscal 2018
to 8.13 times in fiscal 2019. This happened because of increase in
creditors and stretched working capital cycle. Furthermore, the
operating margin declined in fiscal 2019 by 290 basis points which
led to lower net cash accrual and weak debt protection metrics. The
operating margin and revenue are expected to continue to remain
under pressure, over the medium term, on account of weakened demand
and lower realisations.

The rating reflects susceptibility to volatile commodity prices,
working capital-intensive operations, and highly leveraged capital
structure. These weaknesses are partially offset by the promoters'
extensive experience and moderate scale of operations.

Key Rating Drivers & Detailed Description

Weakness:
* Susceptibility to volatile commodity prices: Trading in
agricultural seeds and produce is a highly regulated business with
frequent government interventions to tweak and fix prices of
commodities, resulting in volatility in prices. The prices also
depend on production yield, demand for the commodities, and
vagaries of the weather.

* Large working capital requirement: Operations are working capital
intensive, with sizeable gross current assets and debtors of 157
and 107 days, respectively.  The large debtors are because of
substantial sales to government departments, which release payments
after 90-120 days. The debtors should remain at 140-150 days over
the medium term as well.

* Highly leveraged capital structure: The financial risk profile is
average, as reflected in high TOLTNW ratio of 8.13 times as on
March 31, 2019. Debt protection metrics are weak with interest
coverage and net cash accrual to total debt ratios of 1.51 times
and 0.05 time, respectively, for fiscal 2019.

Strengths:
* Extensive experience of the promoters: Mr Sunil Kumar, the
director, has experience of over two decades in the agricultural
seeds segment and strong relationships with suppliers and
customers. This has helped the company establish a market for the
product and maintain revenue visibility.

* Moderate scale of operations: Revenue has continuously improved
by 49% compound annual growth rate in the three fiscals through
2019 to INR64 crore in fiscal 2019. However, CRISIL expects revenue
will decline in the current fiscal as the company has clocked only
INR37 crore till December 2019, on account of lower demand.

Liquidity Poor
Liquidity remains under pressure, on account of large working
capital requirement because of extended credit period provided to
government departments. Bank limit utilisation was high, averaging
around 98% in the 12 months ended August 31, 2019. Cash accrual of
INR75 lakh is expected over the medium term, which should
sufficiently cover maturing debt of INR40 lakh in fiscal 2020.
Current ratio was moderate at 0.98 time as on March 31, 2019, on
account of high creditors.

Outlook: Stable

CRISIL believes SAPL will continue to benefit from its established
presence in the agro-commodities industry and healthy operating
efficiencies.

Rating Sensitivity factors

Upward factors
* Improvement in working capital management leading to improvement
in the financial risk profile with total outside liabilities to
adjusted networth of less than 3 times
* Increase in revenue along with profitability, leading to higher
net cash accrual

Downward factors
* Decline in revenue or profitability, leading to net cash accrual
of less than INR50 lakh, over the medium term
* Stretch in working capital cycle, leading to weakening in the
financial risk profile or the liquidity profile

Incorporated in 2014 by Mr Sunil Kumar and his family members, SAPL
is based in Jaipur, Rajasthan. The company produces, processes, and
trades in certified commercial seeds mainly of moong, mustard,
wheat, and cotton.

TECHCON LABS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Techcon Labs Private Limited
        Q1-287, South City-II
        Gurgaon HR 122001

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: March 25, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Sunil Kumar Agrawal

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

                            - and -

                         904, GF, Sector-7C
                         Faridabad 121006
                         E-mail: irptechcon2019@gmail.com

Last date for
submission of claims:    October 11, 2019


UMA SPINTEX: CARE Migrates 'D' Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Uma
Spintex India Private Limited (USIPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      76.60       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB+; Stable
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to bank facilities of USIPL is
on account of ongoing delays in meeting the debt obligations due to
strain in liquidity position, further as the company has not paid
the surveillance fees for the rating exercise agreed to in its
Rating Agreement the rating is placed under Issuer Not Cooperating.
In line with the extant SEBI guidelines, CARE's rating on Uma
Spintex India Private Ltd.'s bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The rating has been revised on account of delays in meeting the
debt obligations on time.

Detailed description of the key rating drivers

Key Rating Weakness

Delay in meeting the debt obligations
The company has been delaying in meeting the debt obligations on
time on account of strain in the liquidity position.

Uma Spintex India Private Limited (USIPL) was incorporated as a
private limited company on 15th April, 2010 with an objective of
setting up cotton spinning mills for manufacturing cotton yarn. The
company is primarily engaged in manufacturing of cotton yarn in
counts of 40s combed warp, 32s carded warp and 40s carded warp. The
company initially set up a spinning mill unit with 18,720 spindles
at Tamirisa Village, Krishna district under Phase I which commenced
operations from October, 2011. The company further expanded its
production capacity with a new unit under Phase II with additional
21,216 spindles adjacent to the existing unit which commenced
production from May, 2015.

VIJAYAWADA ELECTRICITY: CRISIL Assigns B+ Rating to INR10cr Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-term
bank facilities of The Vijayawada Electricity Employees
Co-Operative Credit Society Limited (TVECSL).

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

The rating reflects the small scale of operations amidst
geographical concentration, and the average capital position.

These weaknesses are offset by the society's longstanding presence
as a co-operative for employees of the Southern Power Distribution
Company of Andhra Pradesh Ltd of Krishna District (Southern
Discom-KD, rated 'CRISIL BB-/Stable') undertaking, its stable asset
quality profile as instalments are deducted from the borrower's
salaries at source, and also because it has access to deposits from
members.

Key Rating Drivers & Detailed Description

Weakness:
* Small scale of operation with geographical concentration
As TVECSL only caters to the Southern Discom employees, its scope
of operations is restricted to the Krishna District (AP). The
society has a loan book of INR31 crore as on March 31, 2019. With a
small base of 1160 members, growth prospects are limited. The
society also cannot raise capital on a regular basis, which is a
perquisite for any lending entity.

* Moderate capital structure
Capital structure is marked by a small networth and high gearing of
INR5 crore and 6.5 times, respectively, as on March 31, 2019,
Networth is moderate in comparison to the size of operations.
Capitalisation remains constrained due to the inherent business
model. Being a society, members only contribute INR300 per head
towards share capital, as mandated by co-operative institutions.
Capitalisation may remain moderate, given the limited scope for
operational growth, stable asset quality and low internal accrual
of the society. Any material increase in overdue levels can exert
pressure on capitalisation. Hence, the society's ability to
sustain, in case of any adverse material loss, is a key
monitorable.

Strength:
* Stable asset quality
Asset quality remains stable, supported by minimal delinquencies,
as loan repayments are deducted from salaries of the borrowers and
remitted to TVECSL, directly by Southern Discom. Furthermore, in
case of non-recovery, the amount due is recovered from surety.
Deposits collected from members, also support asset quality.

Liquidity Stretched
Liquidity is marked by cash and cash equivalents of INR50 lakh as
on March 31, 2019. However, deposits collected from members, which
stood at INR12.8 crores as on September 30, 2019, offer a partial
buffer.

Outlook: Stable

CRISIL believes TVECSL will maintain its stable asset quality.
Capitalisation will remain moderate, while scale of operation will
continue to be small.

Rating Sensitivity factors

Upward factors:
* Improvement in capital position with gearing below 5 times
* Improvement in profitability with ROA increasing and maintained
at over 5%

Downward factors:
* Decline in number of memberships by 20%
* Deterioration in asset quality, with overdue increasing to over
2%

TVECSL caters only to Southern Discom employees, and its scope of
operations is thus, restricted to the Krishna District of AP. It
had a base of about 1160 members as on September 30, 2019. The
society collects thrift and other mandatory deposits from its
members, and also accepts fixed deposits and extends loans to them.
Monthly thrift, other mandatory deposits and loan instalments are
collected directly via salary deductions, which are remitted to the
society. As on March 31, 2019, the society's total member deposits
stood at INR12.8 crore, with a loan portfolio of INR31.0 crore.

VINIT KNITTINGS: CARE Cuts INR7cr LT Loan Rating to B, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vinit Knittings Private Limited (VKPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       7.00       CARE B; Stable; Issuer not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VKPL to monitor the ratings
vide e-mail communications/letters dated December 26, 2019, January
14, 2020, February 10, 2020, February 11, 2020, February 12, 2020
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Vinit
Knittings Private Limited bank facilities will now be denoted as
CARE B; Stable; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of information due to non-cooperation by Vinit Knittings Private
Limited with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on July 8, 2019 the following were the
rating weaknesses and strengths:

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and declining scale of operations
VKPL's scale of operations stood small as marked by total operating
income and gross cash accruals of INR22.83 crore and INR0.28 crore
respectively, during FY18 (refers to the period April 1 to March
31). The small scale limits the company's financial flexibility in
times of stress and deprives it of scale benefits. Further, VKPL's
total operating income declined continuously from INR30.18 crore in
FY16 to INR22.83 crore in FY18 attributable to lower demand of its
products. Further, the company has achieved TOI of approx ~
INR23.63 crore during 10MFY19 (refers to the period April 1 to
January 31; based on provisional results).

Weak Financial Profile
The profitability margins of the company remained weak for the past
three financial years i.e. (FY16-FY18) since the company is mainly
manufacturing knitted fabrics where the supplier have low
bargaining power due to high competition from unorganized sector.
Though PBILDT margin of the company's improved and stood at 4.55%
in FY18 as against 4.10% in FY17 on account of account of reduction
in price of raw material procurement cost. Similarly, PAT margin of
the company improved to 0.53% in FY18 as compared to 0.26% in FY17.
The capital structure of the company stood weak as on the past
three balance sheet dates (FY16-FY18). Overall gearing ratio stood
at 3.70x as on March 31, 2018 showing improvement from 3.81x as on
March 31, 2017 on account of timely repayment of vehicle loan.
Further, owing to weak profitability margins, the debt service
coverage indicators of the company as marked by interest coverage
and total debt to GCA stood weak at 1.39x and 31.29x during FY18.

Working capital intensive nature of operations
The operations of the company are working capital intensive in
nature as marked by operating cycle of 148 days for FY18. The
company is required to maintain adequate inventory in the form of
raw material and finished goods for smooth execution of its
production process and to meet the immediate demand of its
customers since it takes average time of around a month for
manufacturing a knitted fabrics. Entailing, all results in average
inventory holding period of around 30 days in FY18. Being in highly
competitive nature of industry and dealing with foreign players,
the company has low bargaining power wherein it allow credit around
5-6 months resulting into average collection period of 186 days in
FY18. However, the company receives credit period of around two
month from its suppliers resulting in average creditor's period of
68 days in FY18. The average utilization of the working capital
limits stood fully utilized at 100% last 12-months period ended
January, 2019.

Highly competitive industry
VKPL in a highly competitive marked by the presence of numerous
players in India. Hence the players in the industry do not have any
pricing power and are exposed to competition induced pressures on
profitability.

Key Rating Strengths
Experienced promoters coupled with long track record of operations
VKPL is a family run business by Shri Sudama Arora, Shri Vaneet
Arora, Shri Manoj Arora and Smt. Rachna Arora are the partners of
VKPL and they collectively look after the overall operations of the
company. Shri Sudama Arora is a matriculate and has experience of
more than five decades in fabrics industry through his association
with this entity and other associate concern "Shree Sai Industries"
and "Shree Sai Knitting". Shri Manoj Arora is a graduate and has
experience of more than three decades in fabrics industry through
her association with this entity and other two associate concerns.
He is ably supported by Smt. Rachna Arora who is a graduate and
holds more than two and a half decade of experience in fabrics
industry. Long presence in the industry ensure healthy relationship
with customer and supplier which results in higher revenue
visibility and increased presence in the industry.

Delhi-based Vinit Knittings Private Limited (VKPL) was established
in December, 1993 as a Private Limted company and is currently
managed by Shri Sudama Arora, Shri Vaneet Arora, Shri Manoj Arora
and Smt. Rachna Arora sharing profits and losses in the ratio of
30%, 28%, 25% and 17% respectively. The firm is engaged in the
manufacturing of knitted fabrics which is used in purse and cushion
covers. The major raw materials required are cotton yarn, polyester
yarn, silk yarn, staple yarn, dyes & chemicals, etc. The firm
procures material domestically mainly from Gujarat and Maharashtra
etc. The firm sells its products to Rexine (artificial leather)
manufacturers based in Delhi, Haryana, Uttar Pradesh, Rajasthan,
etc.



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

ALAM SUTERA: Fitch Alters Outlook to Neg., Affirms 'B' LT IDR
--------------------------------------------------------------
Fitch Ratings has revised Indonesia-based property developer PT
Alam Sutera Realty Tbk's Outlook to Negative from Stable. At the
same time, the agency has affirmed the company's Long-Term Issuer
Default Rating at 'B'.

The Outlook revision reflects Fitch's view of ASRI's heightened
liquidity risks on account of the company's insufficient cash and
operating cash flow generation in the next 12 months to cover its
USD175 million bond maturing in April 2021. Fitch believes ASRI's
liquidity position has weakened, particularly with the increased
uncertainty over its land sales to China Fortune Land Development
Co., Ltd. (CFLD; BB-/Stable), which declined by 28% in 2019 and are
expected to weaken further in the medium term. Fitch believes
failure to execute its refinancing plan may result in the rating
being downgraded by one or more notches.

KEY RATING DRIVERS

Slower Sales on CFLD Uncertainties: ASRI's total pre-sales fell 28%
to IDR3.1 trillion in 2019, broadly in line with its expectations.
Fitch estimates aggregate pre-sales will moderate to around IDR2
trillion-2.5 trillion in the next three years, as it does not
forecast any one-off commercial lot sale in the Alam Sutera
township and expect land sales to CFLD to decline to around IDR200
billion over the period on its expectations of slower sales and the
relatively weak performance of CFLD's Pasar Kemis project.
Nevertheless, Fitch expects attributable pre-sales — defined as
total pre-sales excluding sales to CFLD and other bulk land sales
— to remain largely stable, supported by new project launches. A
steady economy, with Fitch's forecast economic growth will remain
at around 5% in the next three years, and a benign political
environment underpin its assumptions.

Weakening Cash Flow; Lower Concentration: ASRI's cash flow and
liquidity have benefitted from its partnership with CFLD, under
which CFLD buys raw land from ASRI's land bank in the Pasar Kemis
area, which has helped to plug slow pre-sales in a challenging
market. However, its expectations of slower land sales to CFLD will
translate to weaker CFFO generation and the subsequent weakening in
ASRI's liquidity position, underpinning the Outlook revision to
Negative. Fitch forecasts ASRI will generate negative-to-neutral
CFFO and negative free cash flow in the medium term, assuming that
the company successfully refinances the 2021 bond.

The land sales to CFLD had helped offset slow pre-sales as property
demand slipped, although at the cost of higher customer
concentration and lowering of the overall potential realisation
from ASRI's land bank. Fitch believes CFLD's involvement
accelerated the development and achievement of critical mass at the
Suvarna Sutera township, which should support new sales from the
township. Pre-sales contribution from the township, excluding the
land sales to CFLD, rose to 34% in 2019 from 17% in 2016, and it
expects this to improve further to close to 50% for the next four
years.

Shift in Development Strategy: ASRI's new developments may lead to
a more balanced mix of landed and high-rise properties. ASRI's
original Alam Sutera township, close to Jakarta's central business
district (CBD) and served by retail, commercial and increasingly
light-business properties, is approaching maturity and in order to
maximise its remaining land bank, new developments may be more
geared towards high-rise units in the longer term. We believe the
company has a limited record with high-rise projects, which leads
to some execution risks. However, Fitch believes the overall risk
to performance is offset by the company's plans to launch more
landed residential projects, which remain the key sales driver and
also within ASRI's core expertise, in its Suvarna Sutera township
and in North Serpong.

The company's commercial projects are also likely to feature
condominiums as part of mixed-use developments, notably in the
potential redevelopment of ASRI's other Jakarta CBD property, the
older Wisma Argo Manunggal. This redevelopment will be timed to
match sales from a completed office tower in the CBD - The Tower.

Established Township, Solid Land Bank: The affirmation of ASRI's
ratings also reflects its view that the company's business risk
profile has not weakened significantly, indicated by its pre-sales
performance. The rating reflects its robust market position in
Indonesia, sizeable low-cost land bank, quality assets and
established domestic franchise. The company has an ample low-cost
land bank of over 2,000 hectares to meet future sales, including
more than 100 hectares of land in its prime and established Alam
Sutera township and over 1,500 hectares in its Suvarna Sutera
township, all with a carrying book value of around IDR11 trillion
at end-September 2019 and equivalent to 40-50 years of land-bank
life.

DERIVATION SUMMARY

ASRI's Long-Term IDR may be compared with those of peers such as PT
Ciputra Development Tbk (BB-/Negative), PT Modernland Realty Tbk
(B/Stable), PT Kawasan Industri Jababeka Tbk (B/Stable) and PT
Lippo Karawaci TBK (B-/Stable). ASRI has a smaller property
pre-sales scale, lower product diversification and a weaker
financial profile than Ciputra. This, combined with Ciputra's
better geographical diversification, indicated by its presence in
over 30 cities across Indonesia relative to ASRI's focus in Greater
Jakarta, and stronger non-development interest cover, warrant a
multiple-notch difference between the ratings of the two
companies.

Fitch believes both ASRI and Modernland have similarly established
profiles in executing residential township projects. Modernland's
larger attributable pre-sales scale and more strategically located
townships, based on distance to Jakarta's CBD, than ASRI is
counterbalanced by its higher exposure to more volatile industrial
land sales and its weaker financial profile relative to ASRI,
indicated by higher leverage and thinner profit margins. Fitch
therefore rates both companies at the same level.

Fitch believes Jababeka's development profile is weaker than that
of ASRI. Jababeka's main estate in Cikarang is better located and
more mature than ASRI's township in Pasar Kemis, but there is also
a greater degree of competition. Fitch also believes ASRI's
residential/commercial township in Serpong is more strategically
located and commands a premium compared with Jababeka's nascent
second estate in Kendal, central Java. Nevertheless, it thinks
Jababeka's stronger and more stable non-development interest
coverage, which stems from its 20-year power-purchase agreement
with the state electricity company, compensates for its weaker
development profile.

ASRI is rated higher than Lippo to reflect its larger
property-development business and the high execution risks on
Lippo's new projects. ASRI has generated IDR2 trillion-2.5 trillion
of annual attributable pre-sales in the past two years,
significantly higher than Lippo's IDR600 billion-700 billion.
Furthermore, Fitch expects ASRI to generate stronger CFFO than
Lippo, which it attributes to a higher mix of landed property in
its pre-sales as landed properties typically have lower committed
construction costs than high-rise properties. These, combined with
Lippo's weak operational execution, high development risks and lack
of proof of a sustained turnaround in its business profile, warrant
a one-notch difference to ASRI's rating

KEY ASSUMPTIONS

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

  - Attributable property pre-sales of IDR2.1 trillion in 2020

  - EBITDA margins around 35%-40% in 2020-2022

  - ASRI to spend around IDR250 billion-300 billion on
discretionary land banking in 2020-2022

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to a
Downgrade

  - Inability to refinance the company's outstanding USD175 million
bond due in April 2021

Developments That May, Individually or Collectively, Lead to a
Stable Outlook

  - Demonstration of ASRI's ability to tap various funding sources
to refinance its upcoming maturities

LIQUIDITY AND DEBT STRUCTURE

Ongoing Refinancing: ASRI had a cash balance of around IDR1.1
trillion as of September 2019 compared with around IDR288 billion
of bank loans maturing in the following 12 months and no unused
debt facility. ASRI refinanced its USD235 million bond maturing in
March 2020 last year with a combination of a new USD175 million
bond due 2021 and a USD125 million tap of its existing USD245
million bond.

The company plans to partly refinance its USD175 million bond
maturing in 2021 by using rupiah-denominated secured bank loans.
ASRI attained the required consent solicitation from its
bondholders in January 2020 to incur additional prior-ranking debt
for this refinancing purpose, and Fitch understands the company is
currently in talks with a number of banks. The company's debt
maturity profile will be partially extended if the refinancing is
successful, providing greater flexibility to manage cash flow and
shore up liquidity. Liquidity remains a key factor and failure to
successfully address upcoming maturities may lead to negative
rating action.

ASRI's capex in the short term is largely limited to construction
costs and is partly contingent upon meeting sales thresholds for
the period required. This, coupled with the discretionary nature of
land acquisitions, may allow ASRI to accumulate cash and further
shore up its liquidity profile. Liquidity is also supported by
ASRI's access to local banks and capital markets.

Fitch does not believe ASRI met the fixed-charge cover ratio
defined in the documentation of its US dollar bond indenture in
2019, which will prevent the company from drawing on additional
debt. However, under the bond carve-outs, ASRI is still permitted
debt for some purposes, including for refinancing, hedging,
construction (maximum 10% of assets), and additional short-term
debt of a maximum of USD20 million for less than 12 months for
working-capital purposes. Fitch estimates that, as of September
2019, ASRI had headroom to draw on around IDR1.7 trillion in debt
for construction purposes.

SUMMARY OF FINANCIAL ADJUSTMENTS

ASRI reports land purchase costs under investment cash flow
(capex). Fitch removed these costs from cash flow from investments
and included them under cash flow from operations as working
capital (payments made to suppliers under the direct cash flow
method). The company reports land bank as a long-term asset on its
balance sheet. Fitch has classified land bank as part of current
inventory due to the nature of ASRI's business of land development
and sales. This adjustment was also reflected in the cash flow
statement. It has adjusted all taxation to be incorporated in a
single line after operating income. It has included around IDR200
billion of cash in an escrow account subject to CFLD's co-signature
as restricted cash, alongside cash held as collateral for mortgages
extended to ASRI's customers. The blocked cash for land purchases
has also been removed from the net debt/adjusted inventory ratio's
denominator to reflect that it is earmarked against future
inventory.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).



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

PINNACLE LIFE: A.M. Best Affirms B(Fair) Financial Strength Rating
------------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb+" of Pinnacle Life
Limited (Pinnacle Life) (New Zealand). The outlook of these Credit
Ratings (ratings) is stable.

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

Pinnacle Life's balance sheet strength is underpinned by its
risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR), which AM Best expects to remain at the
strongest level. Despite this, the company has a small absolute
capital base, which increases its sensitivity to shock events, as
well as to changes in future performance and intangible assets.
Pinnacle Life has experienced some volatility in its regulatory
solvency over recent years; however, AM Best expects prospective
regulatory solvency to remain robust over the medium term, albeit
sensitive to new business growth initiatives and to changes in the
interest rate environment. In addition, AM Best views the company
as having a high reliance on third-party reinsurance.

AM Best views Pinnacle Life's operating performance as adequate,
with the company had generated a five-year average return-on-equity
ratio of 11.3% (fiscal-years 2015-2019). The company's operating
results have been driven by the favorable underwriting performance
of its in-force life business, coupled with solid investment
returns. Overall earnings during this period have exhibited
moderate volatility, driven mainly by discount rate movements
impacting reported technical results. Prospectively, AM Best
expects controlled underwriting growth and a robust pricing
strategy to support the maintenance of adequate operating
performance over the medium term.

Pinnacle Life is focused mainly on term life insurance and funeral
insurance in New Zealand. The company's limited business profile
assessment is largely a result of its small-scale operations, as
well as limited product and geographical diversification in New
Zealand. The company has a domestic life insurance market share of
less than 1%, based on 2019 gross written premiums. Despite
challenging market conditions, the company's in-force book has
grown steadily in recent years, with prospective growth expected to
be supported by the development of a wider product offering and new
distribution agreements with a strategic partner.



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

KENCANA AGRI: FY2019 Net Loss Narrows to US$12.8MM
--------------------------------------------------
Leila Lai at The Business Times reports that Kencana Agri on Feb.
28 posted a net loss of US$12.8 million for FY2019, narrowing from
a loss of US$23.8 million a year ago.

The net loss was mainly due to lower average selling prices (ASP),
impairment of receivables, shares of loss from equity-accounted
joint venture and write-off of deferred tax assets, BT relates.

BT says revenue shrank 17 per cent to US$104.1 million, mainly due
to lower ASP of crude palm oil and lower sales volume. Loss per
share was 4.47 US cents versus 8.31 cents in the previous year.

According to BT, Kencana chairman Henry Maknawi noted that palm oil
prices strengthened in the later part of Q4 2019, due to lower
production and the increased biodiesel mandate in Indonesia and
Malaysia, and the improvement continued into 2020 until the start
of the Covid-19 outbreak.

"How this will pan out for the year remains uncertain," the report
quotes Mr. Maknawi as saying. "We will continue to focus on our
operational efficiency."

Separately, the plantation company announced that Albert Maknawi
has resigned as chief operating officer effective March 1, but will
remain chief executive officer of the group, BT reports. Kencana
has appointed Tonny Hermawan to take his place.

Kencana Agri Ltd. -- https://www.kencanaagri.com/ -- produces crude
palm oil and crude palm kernel oil with oil palm plantation. The
Company operates a bulking terminal and logistics services for
storage and transportation purpose. Kencana Agri Ltd. also operates
a renewable biomass power plant to generate electricity by
utilizing waste recycled from the crude palm oil process.

KRISENERGY LTD: Posts US$82.7MM Net Loss in Q4 Ended Dec. 31
------------------------------------------------------------
Fiona Lam at The Business Times reports that Krisenergy, which is
in the midst of a debt restructuring, sank further into the red for
the fourth quarter last year. Its net loss deepened to US$82.7
million, from the US$73.9 million loss a year ago, BT says.

Despite a surge in revenue, the bottom line was weighed down by
higher depreciation, depletion and amortisation charges as well as
increased finance costs, the upstream oil and gas firm said on Feb.
28, BT relays.

According to BT, finance costs amounted to US$15.2 million compared
to US$11.3 million a year ago. This comprised non-cash accretion of
bond discount, lease liability and decommissioning provisions, bank
loan interest on the revolving credit facility from DBS, default
interest expenses on the due-2022 and due-2023 notes, and financial
restructuring expense.

Loss per share stood at 5.5 US cents for the quarter, compared to
the year-ago loss per share of five US cents.

BT adds that revenue doubled to US$35.1 million from US$17.4
million a year ago, mainly as a result of two liftings from the
Wassana field in Q4 2019 compared to only one lifting in Q4 2018.

This was partially offset by the lower average realised selling
prices for oil and liquids. The average benchmark Brent crude price
fell 9 per cent year on year during the quarter.

Due to the group's accumulated losses, no dividend was declared for
the year ended Dec. 31, 2019, the same as the year before,
according to BT.

For the full year, net loss widened to US$168.9 million, from the
US$137.4 million loss for 2018, BT discloses.

Lower prices and lower sales dragged revenue down by 12.6 per cent
to US$126.5 million for the year.

As at Dec. 31, 2019, the group had about US$503 million in
borrowings and debt securities repayable within the next one year
or on demand, adds BT.

These comprise its zero-coupon notes, the DBS revolving credit
facility maturing on June 30, 2020, the notes maturing in 2022 and
2023, as well as two unsecured term loans from HSBC and Standard
Chartered Bank, the report says.

In February, KrisEnergy said it would not make principal and
interest payments totalling US$4.5 million coming due on Feb 21,
2020, under the two term loans. It also would not pay about
SGD4.2 million in interest due on Feb 22, 2020, under the notes
maturing in 2023.

KrisEnergy's debt moratorium has been extended till May 27, 2020,
the report notes.

                      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.

PUMA ENERGY: Agrees to Shareholder Restructuring w/ Angola's Cochan
-------------------------------------------------------------------
Reuters reports that Puma Energy, the fuel retail arm of global
commodities trader Trafigura, has agreed to a shareholder
restructuring that would reduce the stake of a retired Angolan
general to less than 5%.

Reuters relates that Puma chief executive Emma FitzGerald has been
trying to turn around Puma since joining in late 2018. She has
overseen some major asset sales, such as Puma's Australian
business, in order to deleverage the firm that has been loss making
since 2018, Reuters says.

According to Reuters, reducing retired general Leopoldino Fragoso
do Nascimento's stake was a key move as the size of his share was
seen limiting the pool of banks that Puma could access for
financing.

"Today's shareholding restructuring reflects the third pillar of a
plan, which together with our targeted deleveraging efforts and the
implementation of Puma Energy's five-year strategy, will facilitate
future access to capital," Reuters quotes Ms. FitzGerald as saying
in the statement.

Puma said late on March 1 that Geneva-based Trafigura would buy
back Cochan Holdings' shares which will then be re-purchased by
Puma, Reuters relays.

Do Nascimento, known as General Dino, holds a 15% stake in Puma via
Cochan while Trafigura has 49% and Angola's state oil firm 28%, the
report discloses.

"The re-purchase by Puma Energy will be funded by a subordinated
shareholder loan from Trafigura with an initial tenor of seven
years," Puma's statement said. The size of the loan was not
disclosed, Reuters relays.

Reuters notes that Puma's shareholding structure was put together
under Trafigura's former CEO and founder Claude Dauphin, who was
close to the former ruling Angolan elite.

However, the Swiss firm's hopes of listing Puma hit compliance
hurdles owing to the general's presence as a significant
stakeholder.

In latest quarterly results, Puma posted a net loss of $462 million
in the first nine-months ended Sept. 30 for 2019, Reuters
discloses.  

Headquartered in Singapore, Puma Energy is a multinational mid- and
downstream oil company. The company is majority-owned by the
Singaporean Trafigura and the Angolan Sonangol Group.



=====================
S O U T H   K O R E A
=====================

[*] S. KOREA: Expands Support for Shipping Firms Amid Coronavirus
-----------------------------------------------------------------
Kang Yoon-seung at Yonhap News Agency reports that South Korea said
March 2 it has decided to take additional steps to support local
shipping firms and passenger ferry operators amid growing concerns
over economic fallout from the global spread of the new
coronavirus.

Last month, South Korea announced a set of measures to support the
firms, including distributing KRW60 billion (US$49.7 million) for
passenger line operators and port cargo handling firms, Yonhap
says.

The country, however, decided to roll out additional measures as
the global epidemic of COVID-19 has dealt a harsh blow to the trade
of goods with not only China but the rest of the world as well, the
Ministry of Oceans and Fisheries said in a statement, Yonhap
relays.

Under the updated plan, South Korea will provide some KRW90 billion
in low-interest loans of around 2 percent to local shipping firms
should the virus outbreak continue for more than three months,
according to Yonhap. Each company can apply for up to KRW5
billion.

Also, the deadline for the mandatory installment of
environment-friendly equipment on ships, originally set for
end-March, will be delayed until three months after the new
coronavirus is fully terminated, it added.

Yonhap says the country will lend support to passenger line
operators as well.

South Korea, which earlier vowed to fully exempt the firms from
port dues until their schedules to China are normalized, said the
same policy will be applied for operators of Japanese routes, the
report relates.

According to Yonhap, the country's four ferry operators, meanwhile,
saw their number of passengers decrease more than 80 percent over
the Feb. 1-26 period from a year earlier amid the spread of the
novel virus.

"We plan to take preemptive actions to minimize damage to local
maritime firms amid the spread of COVID-19," the report quotes
Oceans Minister Moon Seong-hyeok as saying. "South Korea will
continue to see if there are any other difficulties facing the
businesses."

South Korea reported its first confirmed case of COVID-19 on Jan.
20.

More than 3,700 people have been infected with the potentially
deadly virus that has killed 21 people as of March 1, the report
adds.



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