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

                      A S I A   P A C I F I C

          Thursday, January 17, 2019, Vol. 22, No. 012

                            Headlines


A U S T R A L I A

ADVIEH PTY: First Creditors' Meeting Set for Jan. 24
BARENZ PTY: Second Creditors' Meeting Set for Jan. 24
KAZ CAPITAL: ASIC Imposes Additional AFS Licence Conditions
OZENA NOMINEES: Second Creditors' Meeting Set for Jan. 24
PICTON PRESS: Managing Director Hopeful ATO Action Fails

SPECIALTY MENS: First Creditors' Meeting Set for Jan. 24
THRIVE COLLECTIVE: Second Creditors' Meeting Set for Jan. 23
TRITON TRUST 2019-1: S&P Assigns Prelim BB(sf) Rating to E Notes
WATSON OLDCO: Second Creditors' Meeting Set for Jan. 23


B A N G L A D E S H

NCC BANK: Moody's Assigns B1 Deposit Rating; Outlook Stable


C H I N A

CHINA HONGQIAO: Moody's Alters Outlook on B1 CFR to Positive
CHINA AOYUAN: Fitch Assigns BB-(EXP) Rating to New USD Notes
CHINA AOYUAN: Moody's Assigns B2 Rating to New Sr. Unsec. Notes
FUTURE LAND: Fitch Assigns BB Rating to USD300MM Sr. Notes
HC GROUP: S&P Withdraws 'B' Long-Term Issuer Credit Rating

MODERN LAND: Fitch Lowers LT IDR to B, Outlook Stable
YUZHOU PROPERTIES: Fitch Rates USD Sr. Unsec. Notes BB-(EXP)
YUZHOU PROPERTIES: Moody's Rates New Unsec. USD Notes 'B1'


H O N G  K O N G

CENTURY SUNSHINE: Fitch Publishes 'B' LT Foreign Currency IDR
LIFESTYLE INT'L: Fitch Affirms BB+ LT IDR, Outlook Stable
SUNRIVER HOLDING: Fitch Withdraws B IDR on Insufficient Data


I N D I A

4G IDENTITY: CRISIL Maintains 'D' Rating in Not Cooperating
AAKASH INFRASTRUCTURE: CRISIL Retains B Rating in Not Cooperating
AAR DEE: CRISIL Maintains B+ Rating in Not Cooperating Category
AIRTEC ELECTROVISION: CARE Cuts Rating on INR8cr LT Loan to B
AKI INDIA: CRISIL Maintains 'B' Rating in Not Cooperating

ANALCO INDIA: CRISIL Maintains 'B+' Rating in Not Cooperating
ASHARFI GRAMODYOG: CRISIL Maintains B+ Rating in Not Cooperating
ASHIMA PAPER: CARE Lowers Rating on INR6.16cr LT Loan to B
AUTO PROFILES: CRISIL Maintains 'B' Rating in Not Cooperating
BSCPL INFRASTRUCTURE: CRISIL Retains D Rating in Not Cooperating

C. BRIJESH: CRISIL Maintains 'C' Rating in Not Cooperating
EMCO TECH: CRISIL Maintains B+ Rating in Not Cooperating Category
FLAGS HOTELS: CRISIL Maintains 'D' Rating in Not Cooperating
GANPATI MEGA: CRISIL Maintains 'B' Rating in Not Cooperating
GAYATRI POULTRIES: CRISIL Maintains B Rating in Not Cooperating

GLOBAL TANNING: CRISIL Maintains 'B+' Rating in Not Cooperating
IL&FS: NCLAT Suggests Appointing Former SC Judge for Asset Sales
JET AIRWAYS: Etihad to Raise Stake in Carrier, Sources Say
KABRA BUILDERS: CRISIL Maintains 'B+' Rating in Not Cooperating
KHOKHAR INFRA: Ind-Ra Migrates BB- LT Rating to Non-Cooperating

KRISHNA PULSES: CRISIL Maintains 'B-' Rating in Not Cooperating
MNC ELECTRICALS: CARE Lowers Rating on INR7cr LT Loan to B+
NITYASHRADDHA LIFECARE: CRISIL Keeps B Rating in Not Cooperating
OM GRAM: Ind-Ra Maintains 'D' LT Issuer Rating in Non-Cooperating
OSHO FORGE: CRISIL Maintains 'B+' Rating in Not Cooperating

PARTHAS: CARE Reaffirms B+ Rating on INR19.54cr LT Loan
R.H. SOLVEX: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
SRI VENKATA: CRISIL Raises Rating on INR12cr Cash Loan to B+
TRIBHUWAN NARAYAN: CRISIL Maintains D Rating in Not Cooperating
Z.H. INDUSTRIES: CARE Maintains 'B' Rating in Not Cooperating


I N D O N E S I A

ALAM SUTERA: Fitch Assigns B(EXP) Rating to New USD Unsec. Notes
ALAM SUTERA: S&P Assigns 'B' Rating to New Sr. Unsecured Notes
ALAM SYNERGY: Moody's Rates Sr. Unsec. Notes B2, Outlook Neg.
SOECHI LINES: Fitch Lowers LT IDR to B, Outlook Stable


S I N G A P O R E

COASTAL OIL: Cosco Hit by Alleged Debts from Liquidation


S O U T H  K O R E A

* SOUTH KOREA: 11 Shippers Apply for Liquidity Support Program


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A U S T R A L I A
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ADVIEH PTY: First Creditors' Meeting Set for Jan. 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of Advieh Pty
Ltd will be held on Jan. 24, 2019, at 10:00 a.m. at the offices
of Hall Chadwick, at Level 14, 440 Collins Street, in Melbourne,
Victoria.

Richard Lawrence and Richard Albarran of Hall Chadwick were
appointed as administrators of Advieh Pty on Jan. 14, 2019.


BARENZ PTY: Second Creditors' Meeting Set for Jan. 24
-----------------------------------------------------
A second meeting of creditors in the proceedings of Barenz Pty
Ltd has been set for Jan. 24, 2019, at 10:30 a.m. at the offices
of PKF, at Level 8, 1 O'Connell Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 13, 2019, at 4:00 p.m.

Geoffrey Trent Hancock of PKF was appointed as administrator of
Barenz Pty on Oct. 15, 2018.


KAZ CAPITAL: ASIC Imposes Additional AFS Licence Conditions
-----------------------------------------------------------
ASIC has imposed additional conditions on the Australian
Financial Services licence of Kaz Capital Pty Ltd (Kaz).

ASIC is concerned with the adequacy and effectiveness of Kaz's
compliance framework, including how it monitors its advisers and
whether it meets its compliance obligations under the
Corporations Act.

As a result of ASIC's enquiries, Kaz engaged an external
consultant to review its compliance framework and provide
recommendations for remediation. Kaz has advised ASIC that these
recommendations have been implemented.

The additional licence conditions imposed by ASIC will require
Kaz to appoint an independent expert to review the effectiveness
of Kaz's implementation of the recommendations ensuring they have
been implemented in full, are operating effectively and whether
any further action is necessary. The independent expert will
report to both ASIC and Kaz in June 2019.

ASIC Commissioner Cathie Armour said 'Licensees must have an
adequate and appropriate compliance framework to govern the
monitoring and supervision of their representatives. We expect
all licensees to comply with this and will monitor their
compliance closely.'

Kaz Capital provides general financial product advice on certain
deposit and payment products, derivatives, securities and managed
investment schemes.


OZENA NOMINEES: Second Creditors' Meeting Set for Jan. 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of Ozena
Nominees Pty Ltd and Newbishop Pty Ltd has been set for Jan. 24,
2019, at 11:00 a.m. at the offices of Ernst & Young, at 11 Mounts
Bay Road, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 23, 2019, at 4:00 p.m.

Samuel John Freeman and Marcus William Ayres of Ernst & Young
were appointed as administrators of Ozena Nominees on Sept. 19,
2018.


PICTON PRESS: Managing Director Hopeful ATO Action Fails
--------------------------------------------------------
Sheree Young at ProPrint reports that Picton Press managing
director Gary Kennedy is hopeful that legal action by the
Australian Taxation Office to overturn a Deed of Company
Arrangement (DOCA) that has allowed his troubled company to
continue to operate will fail.

According to ProPrint, the ATO launched another Federal Court
action against the directors of the WA printer on December 21
after creditors voted in favor of a DOCA on November 8 that
contained a plan to keep the company's 30 staff employed and
repay a tiny portion of its AUD9 million debts.

Picton entered voluntary administration in May 2018 after the ATO
launched initial action to recoup AUD1.3 million in unpaid tax.
At the time AUD6.8 million was owed to secured creditors, made up
of a number of banks, with AUD3.5 million due to unsecured
creditors and AUD660,000 in outstanding staff entitlements,
including redundancy pay and superannuation.

Jeremy Nipps of Cor Cordis handled the voluntary administration
and prepared the terms of the DOCA, ProPrint says.

ProPrint relates that under the DOCA unsecured trade creditors
owed less than AUD10,000 would receive full repayment, while
those exceeding AUD10,000, including the Australian Taxation
Office and a key paper supplier, would get just one to two cents
in each dollar.

The agreement was that Picton would pay AUD205,000 to an
unsecured creditors account managed by Nipps four weeks after the
vote, with a further AUD275,000 due on November 28, 2019, which
Nipps confirmed has been done, the report notes.

Under the Corporations Act, once these payments have been made
all remaining debts are extinguished, ProPrint states.

Kennedy told ProPrint that the latest legal action came as a
major blow but also risks delaying the distribution of these
funds to unsecured trade creditors.

"There is definitely a legal right (to challenge a DOCA) and you
know that possibility is there. After any DOCA any creditor can
choose to do this but you hope it is not going to happen and then
it does," Mr. Kennedy told ProPrint.

"We are hopeful that it will work out, we are trading and staff
are getting paid, suppliers are getting paid.

"We would just like to resume normal transmission but we are not
quite at that point and certainly the uncertainty of a challenge
of the DOCA . . . it will be a sad thing if creditors do not get
paid when the money is sitting there and the staff do not have
jobs."

Mr. Kennedy squashed any notion that this is a phoenix case, with
Nipps saying the arrangements in place through the DOCA are
compliant with the law, despite all remaining debts set to be
cleared once the dividends have been paid.

"It is not a phoenix. It is not an asset shift. It is not like we
have left everything behind and started somewhere else. We have
gone through a legal process and now we are working through the
process," the report quotes Mr. Kennedy as saying.

"We have paid in what will allow staff and creditors to get paid.
People are still paying their mortgages, we are trying to do the
right thing."

He expressed his gratitude to suppliers and clients that have
continued to deal with Picton, the report says.

Mr. Nipps has also denied reports that he managed the vote to get
the DOCA through, telling ProPrint it was approved by 39
unsecured trade creditors who were not actually in the room and
submitted their vote by proxy, with eight creditors against and
all 30 staff in favor.

He acknowledges that the money offered in the DOCA is nominal but
says it was the best result for staff and unsecured trade
creditors as having the company close completely would mean there
wouldn't be a cent for anyone, the report relays.

He said once the dividends are paid under the terms of the DOCA,
the remaining debts will be cleared, ProPrint adds.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Picton Press on May 22, 2018.

Picton put itself into voluntary administration in May when the
ATO initiated its winding up order as Picton failed to pay its
AUD1.3 million tax bill.  As well as the unsecured debts Picton
has around AUD5.5 million in loans from banks, secured against
various properties, Print21.com.au disclosed.


SPECIALTY MENS: First Creditors' Meeting Set for Jan. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Specialty
Mens Apparel Pty Ltd, trading as Ed Harry, will be held on
Jan. 24, 2019, at 11:00 a.m. at the offices of Chartered
Accountants Australia and New Zealand, at Level 29, Westpac
House, 91 King William Street, in Adelaide, SA.

Gayle Dickerson and Brendan Richards of KPMG were appointed as
administrators of Specialty Mens on Jan. 15, 2019.


THRIVE COLLECTIVE: Second Creditors' Meeting Set for Jan. 23
------------------------------------------------------------
A second meeting of creditors in the proceedings of Thrive
Collective Pty Ltd has been set for Jan. 23, 2019, at 11:00 a.m.
at the offices of KordaMentha, at Level 5, Chifley Tower, 2
Chifley Square, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 22, 2019, at 4:00 p.m.

Scott David Harry Langdon and Rahul Goyal of KordaMentha were
appointed as administrators of Thrive Collective on Dec. 9, 2018.


TRITON TRUST 2019-1: S&P Assigns Prelim BB(sf) Rating to E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Corporate Trust Ltd. as trustee for Triton
Trust No. 8 Bond Series 2019-1.

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 mortgage
    insurance covering 43.5% of the loans in the portfolio,
    accrued interest, and reasonable costs of enforcement, as
    well as note subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including an amortizing
    liquidity facility equal to 1.2% of the invested amount of
    all notes, principal draws, and a loss reserve that builds
    from excess spread, are sufficient under our stress
    assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of AUD150,000, funded from
    day one by Columbus Capital Pty Ltd., available to meet
    extraordinary expenses. The reserve will be topped up via
    excess spread if drawn.

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

  PRELIMINARY RATINGS ASSIGNED

  Triton Trust No. 8 Bond Series 2019-1

  Class      Rating        Amount (mil. A$)
  A1-AU      AAA (sf)      260.00
  A1-3Y      AAA (sf)      100.00
  AB         AAA (sf)       25.20
  B          AA (sf)         6.80
  C          A (sf)          4.80
  D          BBB (sf)        1.40
  E          BB (sf)         1.00
  F          NR              0.80

  NR--Not rated.


WATSON OLDCO: Second Creditors' Meeting Set for Jan. 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of Watson Oldco
Pty Ltd has been set for Jan. 23, 2019, at 11:30 a.m. at the
offices of BRI Ferrier, at Level 30, Australia Square, 264 George
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 22, 2019, at 4:00 p.m.

Peter Paul Krejci and Geoffrey Granger of BRI Ferrier were
appointed as administrators of Watson Oldco on Dec. 7, 2018.



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B A N G L A D E S H
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NCC BANK: Moody's Assigns B1 Deposit Rating; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service assigned B1/NP long-term/short-term
local and foreign currency deposit and issuer ratings to NCC Bank
Limited, a bank based in Bangladesh (Ba3, stable).

Moody's has also assigned a Baseline Credit Assessment (BCA) of
b2 and adjusted BCA of b2 to the bank. Lastly, the bank's local
and foreign currency Counterparty Risk Ratings (CRRs) are
assigned at B1/NP, while the Counterparty Risk (CR) Assessments
are assigned at B1(cr)/NP(cr).

The outlook is stable.

RATINGS RATIONALE

The B1 ratings assigned to NCC are based on its b2 BCA and one
notch of uplift due to moderate probability of public support
from the Government of Bangladesh.

The b2 BCA reflects NCC's modest solvency and funding, and
adequate liquidity.

The bank's asset quality is modest, because it reported a problem
loans ratio of 5.7% at the end of September 2018. On top of
problem loans, NCC also had a rescheduled loans ratios of 2.5% at
the end of 2017.

Similar to other private-sector banks in Bangladesh, NCC's loan
book is focused on corporate clients. The bank has industry
concentrations to the trade and ready garments industries. The
loan book is fairly concentrated by single-parties, with the 20
largest funded corporate exposures accounting for around 200% of
the bank's tangible common equity (TCE) at the end of 2017.

NCC capital is modest, with a TCE-to-adjusted risk weighted
assets ratio of 8.8% at the end of 2017, lower than 9.4% at the
end of 2016, because of rapid growth in risk assets and cash
dividends. The bank's equity-to-total assets ratio further
decreased to 7.5% at the end of September 2018 from 8.4% at the
end of December 2017.

NCC's profitability is showing signs of improvement due to higher
asset yield, with net income-to-assets ratio at 0.9% for the
first nine months of 2018 (ratio is annualized), which is 7 basis
points higher compared to the same period in 2017. However,
credit provisions remain high as share of pre-provision income,
at 35% for the first nine months of 2018.

The bank is mainly funded by deposits, and its loans to deposits
ratio (LDR) stood at 93% at the end of September 2018, lower than
96% at the end of 2017. Moody's calculates the LDR as gross
customer loans divided by customer deposits, while NCC and other
banks in Bangladesh use a different calculation as prescribed by
the Bangladesh Central Bank.

As for liquidity, the buffer of liquid assets made up 22% of
tangible banking assets at the end of 2017. Moody's also notes
that liquid assets are of good quality in the Bangladesh context,
with 90% of liquid assets composed of cash, placements with
Bangladesh Bank, and investments in government securities.

Moody's expects that there will be a moderate probability of
support to NCC from the Government of Bangladesh, if needed. This
assumption is underpinned by NCC's market share of 2.6% in system
deposits at the end of 2017. The incorporation of government
support results in a one-notch uplift of the bank's B1 ratings,
from its b2 BCA.

OUTLOOK

The outlook is stable because Moody's expects that NCC's key
financial metrics would remain broadly unchanged in the next
12-18 months.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's will consider upgrading the BCA is the bank materially
improves its TCE/RWA ratio and decreases the level of problem and
rescheduled loans. The BCA could also be upgraded if Moody's
raises the Macro Profile for Bangladesh, which currently stands
at Weak.

If the BCA of NCC is upgraded by one notch, Moody's is unlikely
to upgrade the bank's B1 deposits ratings. This is because its
rating model for public support is sensitive to the relative
rating positioning of the support provider (government) and the
BCA of the support recipient (NCC).

Conversely, the BCA and ratings could be lowered if solvency and
liquidity metrics significantly deteriorate, and/or if the Macro
Profile is lowered.



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C H I N A
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CHINA HONGQIAO: Moody's Alters Outlook on B1 CFR to Positive
------------------------------------------------------------
Moody's Investors Service has changed to positive from stable
the outlook on China Hongqiao Group Limited.

At the same time, Moody's has affirmed the company's B1 CFR.

RATINGS RATIONALE

"The positive outlook reflects Hongqiao's increased capacity to
reduce its debt, supported by positive free cash flow generation
and improving liquidity," says Roy Zhang, a Moody's Associate
Vice President and Analyst.

"The company successfully managed through a major capacity cut of
2.68 million tons in 2017, which did not affect its capital
structure," adds Zhang, who is also Moody's Lead Analyst for
Hongqiao. "Its low cost advantage and leading market position
remained intact and helped mitigate the impact of the capacity
cut."

Hongqiao's capital expenditure needs have declined significantly,
because the government's supply side reform has made it difficult
for Hongqiao and its industry peers to add new capacity.
Accordingly, Hongqiao's capital expenditure of RMB1.5 billion in
1H 2018 was much lower than the RMB8.9 billion recorded in 2017
and the RMB21.6 billion incurred in 2016.

As a result, the company's free cash flow has been positive since
2017. It generated positive pre-dividend adjusted free cash flow
of RMB20.4 billion in 2017 and RMB3.0 billion in 1H 2018. Moody's
expects the company will continue to generate positive free cash
flow, supporting Hongqiao's ability to lower its debt.

Hongqiao's liquidity has also improved significantly. Its cash to
short-term debt ratio improved to 144% at the end of June 2018
from 101% at the end of 2017. The company's prudent liquidity
management in a challenging operating environment has improved
its financial flexibility.

Hongqiao has also proved its business resilience through a major
disruption. As part of the government's supply side reform, the
company permanently shut down about 29% of its production
capacity in 2017. As a result, its production fell by 20% year-
over-year to 3.19 million ton in 1H 2018.

However, the impact was mitigated by its integrated business
model and equity placement. Its adjusted EBITDA declined only
slightly to RMB10.0 billion in 1H 2018, down 8.3% from the
previous year. At the same time, its leverage - as measured by
debt/EBITDA - rose to 3.5x at the end of June 2018 from 3.1x at
the end of 2017. Hongqiao's overall capital structure remains
largely intact following the capacity cut. Moody's expects
Hongqiao's leverage will range between 3.5x and 4.0x in the next
12-18 months, which is a solid level for its current rating.

The company has demonstrated good funding access in both the
onshore and offshore capital markets. It raised RMB13.2 billion
in the bond market and RMB5.1 billion in the equity market in 1H
2018, when the overall market liquidity was tight, especially for
privately owned enterprises.

However, Hongqiao faces cost pressure due to potential cross-
subsidies charged on the company's self-owned power plants, which
was announced by the Price Bureau of Shandong Province in
September 2018. If implemented, these subsidies will increase
Hongqiao's cost base and reduce its cost competitiveness.

Moody's has not considered the potential impact of the additional
charge, given uncertainty around when and how the new policy will
be implemented. Moody's expects Hongqiao to maintain its cost
advantage and leading marketing position after the cost hike.
Moody's will continue to monitor the policy development.

Hongqiao's B1 rating also considers its long operating history,
leading market position with an integrated business model and
cost competitiveness.

However, its rating is constrained by its single commodity
exposure with inherited cyclicality, the risk of regulatory
production control, and the frequent changes in its auditors in
recent years.

Upward rating pressure could emerge if the company (1) continues
to maintain sound corporate governance standards post change of
auditor and operational stability after its capacity cut; (2)
reduces its total debt and adjusted debt/EBITDA to below 3.5x-
4.0x on a sustained basis; and (3) maintains its cash over short-
term debt ratio above 1.2x.

On the other hand, the rating outlook could return to stable if:
(1) its operations weaken as a result of an industry downturn or
adverse regulatory change; (2) it fails to adhere to prudent
financial management and sound corporate governance standards;
(3) its cost competitiveness and market position deteriorate; (4)
there is a material weakening in its credit metrics, with its
adjusted debt/EBITDA rising above 4.5x; or (5) its liquidity
profile deteriorates.

The principal methodology used in this rating was Steel Industry
published in September 2017.

Founded in 1994 and headquartered in Zouping, Shandong Province,
China Hongqiao Group Limited is the largest aluminum manufacturer
in China and globally by production volume. The company listed on
the Hong Kong Stock Exchange in March 2011.

At the end of June 2018, China Hongqiao Group Limited was 68%
owned by Chairman Mr. Zhang Shiping, 9.21% owned by CITIC Group
Corporation, and 6.22% by The Capital Group Companies Inc. The
company posted revenue of RMB93 billion in 2017.


CHINA AOYUAN: Fitch Assigns BB-(EXP) Rating to New USD Notes
------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Group Limited's (BB-
/Positive) proposed US dollar senior notes an expected 'BB-(EXP)'
rating.

The notes are rated at the same level as Aoyuan's senior
unsecured rating because they will constitute its direct and
senior unsecured obligations. Aoyuan intends to use the net
proceeds to refinance offshore debt and for general working
capital. The final rating is subject to the receipt of final
documentation conforming to information already received.

KEY RATING DRIVERS

Slowing Sales Growth: Fitch believes Aoyuan can sustain rising
sales, albeit at a slower pace, due to its fast-churn strategy
and strong execution, supported by adequate sellable resources
and increasing geographic diversification. This is despite
uncertainty over housing demand in China's lower-tier cities.
Aoyuan's total contracted sales doubled to CNY91 billion in 2018,
25% higher than the company's full-year target of CNY73 billion,
following growth of 78% in 2017.

Accelerated but Controlled Land Acquisition: Aoyuan accelerated
land acquisitions in 2017 to accommodate its national expansion
and enlarged scale. It spent around 70% of collected sales in
2017 and 47% in 1H18 to replenish land, compared with around 30%
in 2014-2016. Fitch expects land premiums to account for 40%-45%
of sales during the company's 2018-2019 expansion, but to remain
controlled under its fast-churn strategy. Aoyuan mainly acquires
land via project acquisitions, which allows it to control average
land acquisition costs. Its land bank enjoyed a low average cost
of CNY2,065 per square metre (sqm) in 1H18, or 20% of Fitch's
estimated average selling price for 2018.

Sufficient and Diversified Land Bank: Aoyuan's land bank had a
total gross floor area (GFA) of 30 million sqm as at end-1H18,
sufficient for three to four years of development; 51% of the
land by GFA was located in the Pearl River Delta, of which more
than half was in the Greater Bay Area. The remainder was spread
around central and western China, the Yangtze River Delta and the
Bohai Economic Rim around Beijing as well as offshore markets.
The company plans to continue implementing a balanced city layout
during land replenishment, with a focus on southern China's Big
Bay Area, which encompasses 11 cities.

Healthy Financial Profile: Aoyuan's leverage, after adjusting for
land premium receivables and payables in adjusted inventory,
further rose to around 40% in 1H18, from 35% in 2017 and 33% in
2016, due to accelerated land acquisition since 2017. Fitch
expectss Aoyuan to maintain its fast-churn model and disciplined
land-acquisition strategy. Cash outflow from construction costs
is likely to rise to keep pace with increasing contracted sales,
leading to higher leverage, but the company's financial profile
should stay healthy for the next 12-18 months, as reflected in
its Positive Outlook.

Fitch also estimates that sales efficiency, as measured by
attributable contracted sales/gross debt, improved to above 1.2x
in 2018, from 0.9x in 2017. Aoyuan's EBITDA margin, after adding
back capitalised interest, remained healthy at around 27% in 1H18
(2017: 25%, 2016: 26%), underpinned by its low average land cost,
which should support a healthy margin of around 25% for the next
two years.

Higher Business Risk: Aoyuan is more exposed to industry downside
risk given its deeper penetration into lower-tier cities and
higher commercial property exposure than 'BB-' peers. Its
contracted average selling price of around CNY10,500 per sqm is
lower than the CNY13,500-19,500 per sqm of peers, including
Yuzhou Properties Company Limited (BB-/Stable) and Logan Property
Holdings Company Limited (BB-/Stable). Most of Aoyuan's lower-
tier cities are satellite cities, which benefit from spillover
from tier 1 cities with home-purchase restrictions. However,
Fitch sees lower-tier city housing markets as more vulnerable due
to worsening market sentiment in 2019.

Fitch believes Aoyuan's large exposure to commercial property
sales, which have a lower sell-through rate than residential
products and are more susceptible to economic cycles, leaves the
company more vulnerable to operational risk than peers that sell
only residential projects. Less than 25% of Aoyuan's annual sales
came from commercial products in 2017 under its integrated
project-development strategy. Fitch expects the product mix to
remain stable in the short term, since commercial products
accounted for 20% of 2018 saleable resources and 19% of land bank
by GFA at end-2017.

DERIVATION SUMMARY

Aoyuan's sales scale is comparable with that of 'BB-' category
peers, such as Yuzhou and Times China Holdings Limited (BB-
/Stable), which had a sales scale of around CNY30 billion on an
attributable basis in 2017. Aoyuan maintains stronger sales
momentum than peers, as evident from its stronger 1H18 sales and
higher completion rate of its full-year sales target, which is
also the highest among peers. The company kept a healthy
financial profile during its expansion, with leverage of around
35% - the lowest among 'BB-' peers, which ranges from 38% to 48%.
These factors support the Positive Outlook on Aoyuan.

Aoyuan's scale is smaller than that of 'BB' peers, such as CIFI
Holdings (Group) Co. Ltd. (BB/Stable) and Future Land Development
Holdings Limited (BB/Stable), whose attributable sales scale was
above CNY55 billion in 2017. Aoyuan's sales efficiency, of around
0.9x in 2017, was also lower than CIFI's 1.4x and Future Land's
1.9x.

KEY ASSUMPTIONS

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

  - Attributable sales to exceed CNY60 billion in 2018 and
    CNY80 billion-90 billion in 2019-2020

  - Land premium accounting for 50%-60% of contracted sales each
    year on a cash flow basis during 2018-2020

  - Land bank life maintained at three to four years

  - Company to maintain its fast-churn business model

RATING SENSITIVITIES

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

Increasing scale and geographic diversification without
compromising financial metrics, including:

  - net debt/adjusted inventory sustained below 40%

  - contracted sales/gross debt sustained above 1.2x

  - EBITDA margin sustained above 25%

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

  - Failure to reach the positive guidelines in the next
    12-18 months would lead to the Outlook reverting to Stable

LIQUIDITY

Adequate Liquidity: Aoyuan had CNY25.8 billion in available cash
on hand and CNY17.8 in unutilised credit facilities at end-1H18,
sufficient to cover short-term debt of CNY25.6 billion.

Smooth Refinancing; Lower Borrowing Cost: Aoyuan's short-term
debt accounted for 55% of its total CNY46.5 billion debt at end-
1H18. The company has proven its ability to refinance through
multiple channels, including the offshore and onshore bond
markets in 2018. Fitch has also seen its average borrowing cost
drop to 7.2% in 2017 and 7.3% in 1H18, from 11.4% in 2013, given
its broad financing channels and improved credit profile.


CHINA AOYUAN: Moody's Assigns B2 Rating to New Sr. Unsec. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured
rating to the proposed notes to be issued by China Aoyuan Group
Limited (B1 stable).

The ratings outlook is stable.

China Aoyuan plans to use the net proceeds from the proposed
notes to refinance existing offshore indebtedness and for general
working capital purposes.

RATINGS RATIONALE

"The proposed note issuance will not have a material impact on
China Aoyuan's credit metrics, because the proceeds will mainly
be used to repay offshore debt," says Celine Yang, a Moody's
Assistant Vice President and Analyst.

In addition, the proposed issuance will lengthen the company's
debt maturity profile.

Moody's expects China Aoyuan will maintain financial discipline
and control its debt growth while pursuing an expansion strategy
in the coming 12-18 months.

Moody's projects that the company's debt leverage - as measured
by revenue/adjusted debt - will improve to 65%-70% in 2019 from
around 50.6% for the 12 months ended June 2018, thanks to the
strong contracted sales growth in the past 1-2 years. Similarly,
its EBIT/interest coverage will trend towards 3.00x from 2.45x
over the same period.

China Aoyuan's contracted sales doubled year-on-year to RMB91.3
billion in 2018, exceeding its annual sales target of RMB73
billion and indicating its strong execution capability.

Moody's expects China Aoyuan's contracted sales will continue to
grow over the next 12-18 months in view of its growing portfolio,
solid housing demand in China Aoyuan's core Guangdong market,
especially the Greater Bay area, and the company's demonstrated
abilities in sales execution.

The strong contracted sales will also provide part of the funding
for its business expansion and support its revenue growth over
the next 12-18 months.

China Aoyuan's liquidity is adequate. Its cash balance of RMB25.8
billion at the end of June 2018, along with the contracted sales
proceeds, is sufficient to cover its short-term debt of RMB24.9
billion, committed land premiums and dividend payments over the
next 12-18 months.

China Aoyuan's B1 corporate family rating (CFR) reflects (1) its
good land bank in the Greater Bay area; (2) its track record in
the economically strong Guangdong Province; (3) its strong
management in previous down-cycles; and (4) its good access to
onshore and offshore funding.

On the other hand, the rating is constrained by the company's
moderate credit metrics and by the execution risks associated
with its rapid expansion plans and hence continued high capital
requirements.

The B2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at
the operating subsidiaries. These claims have priority over China
Aoyuan's senior unsecured claims in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating
factors for structural subordination. As a result, the likely
recovery rate for claims at the holding company will be lower.

The stable outlook reflects Moody's expectation that over the
next 12 months China Aoyuan will continue to achieve positive
growth in contracted sales, remain prudent in its land
acquisitions, and maintain an adequate liquidity position, while
posting improved credit metrics.

Upward ratings pressure could emerge if China Aoyuan (1)
demonstrates sustained growth in contracted sales and revenue
recognition through the cycles without sacrificing its
profitability; (2) maintains prudent practices in its land
acquisitions and financial management; (3) further improves its
credit metrics, such that EBIT/interest registers at least 3.0x
and revenue/adjusted debt stays within 75%-80% or above on a
sustained basis; and (4) maintains good liquidity, such that its
cash consistently covers short-term debt and there is sufficient
room in its maintenance covenants for bank loans.

However, the ratings could be downgraded if (1) the company shows
more volatility or slower growth in contracted sales; or (2) the
company's credit metrics weaken, or both. In particular, Moody's
would consider downgrading the rating if China Aoyuan's
EBIT/interest falls below 2.0x or revenue/adjusted debt registers
less than 65%. A weakening in the company's liquidity, as
reflected by cash/short-term debt below 1.0x, could also lead to
a downgrade.

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

China Aoyuan Group Limited was founded in 1996 by Guo Zi Wen. In
2005-06, the company restructured the shareholdings of its
operating subsidiaries, such that the owners transferred their
indirect interests in the Chinese subsidiaries to offshore
subsidiaries.

China Aoyuan listed on the Hong Kong Stock Exchange in October
2007.

At the end of June 2018, the company had 164 projects across 60
cities in China, Australia, Canada and Macau, with a total land
bank of about 30 million square meters in gross floor area (GFA),
which can cover three to four years of property development.


FUTURE LAND: Fitch Assigns BB Rating to USD300MM Sr. Notes
----------------------------------------------------------
Fitch Ratings has assigned Future Land Development Holdings
Limited's (FLDH, BB/Stable) USD300 million 7.5% senior notes due
2021 a final rating of 'BB'. The notes are rated at the same
level as FLDH's senior unsecured rating because they constitute
its direct and senior unsecured obligations.

The final rating on the notes follows the receipt of final
documentation conforming to information already received and is
in line with the expected rating assigned on January 13, 2019.
FLDH intends to use the net proceeds from the note issue to repay
existing debt.

KEY RATING DRIVERS

Yangtze River Delta Focus: FLDH group's strategy to focus
resources on the Yangtze River Delta - a wealthy region in
eastern China that includes the Jiangsu and Zhejiang provinces
and Shanghai - has helped drive scale expansion and strong sales
turnover, as measured by consolidated contracted sales/gross
debt. Fitch expects the region to have contributed more than half
of total contracted sales in 2018, which increased by 75% to
CNY221 billion, surpassing the company's CNY180 billion target.
This was driven by a 95% increase in gross floor area (GFA)
sales, despite the average selling price (ASP) falling by about
10% to CNY12,201 per square metre (sq m), which Fitch believes is
mainly due to product-mix changes and a more diversified sales
contribution across different regions.

Fitch estimates that the churn rate remained above 1.5x in 2018.
Sales turnover was 1.9x in 2017 and has averaged 1.7x annually
since 2014, demonstrating the group's ability to rapidly generate
sales from new land acquisitions. The fast-churn strategy has
enabled FLDH to tap the strong demand in the Yangtze River Delta
to achieve higher contracted sales growth than peers.

Stable Leverage: FLDH's leverage increased to above 50% in 1H18,
but Fitch estimates that leverage moderated by the end of the
year on higher cash collection and lower construction payments in
2H18. FLDH's historical leverage has fluctuated within a
reasonable range and has remained below 45% on average during its
expansion; leverage was 40% in 2017 and 45% in 2016 following
prudent land acquisitions. Management says full-year attributable
cash outflow from land premiums reached CNY60 billion in 2018 and
accounted for half of the estimated attributable-sales proceeds.

More Diversified Land Bank: The group had attributable land bank
of about 43.7 million sq m at end-June 2018, sufficient for three
to five years of development. The group will continue to focus on
Yangtze River Delta but has been increasing land bank outside the
region to provide a buffer in case of regional market
uncertainties. FLDH has reduced the proportion of attributable
land bank in the Yangtze River Delta to around 45% as of end
June-2018 and has expanded into the Pearl River Delta region in
southern China, central and western China as well as the Bohai
Economic Rim in northern China.

Margin Expansion: Fitch expects the group's EBITDA margin to stay
at around 25% in the next two years. Fitch estimates the margin,
after adding back capitalised interest to cost of goods sold,
improved to around 29% in 1H18, from 28% in 2017 and 18% in 2016,
where capitalised interest usually accounts for 3%-4% of revenue.
This was largely due to a higher ASP recognised while
successfully controlling unit land costs; land costs for FLDH's
land bank averaged at CNY2,805/sq m, accounting for only 23% of
its average ASP of CNY12,300/sq m in 1H18.

Rising Recurring Income: Fitch estimates the group's ratio of
recurring EBITDA/interest expense will remain insignificant at
0.2x in 2018-2019, as the revenue contribution of investment
properties will stay small relative to development properties and
have a limited impact on its rating. FLDH aimed to double its
rental and property management fee income to CNY2 billion in 2018
from the operation of shopping malls (Wuyue Plaza), which are
mainly located in tier two and three cities. FLDH had achieved
CNY876 million of its target in 1H18.

DERIVATION SUMMARY

Fitch uses a consolidated approach to rate FLDH and its 67.81%-
owned (as at end-2017) subsidiary, Seazen Holdings Co., Ltd.,
based on its Parent and Subsidiary Rating Linkage criteria. The
strong strategic and operational ties between the two entities
are reflected by Seazen representing FLDH's entire exposure to
the China homebuilding business, while FLDH raises offshore
capital to fund the group's business expansion. The two entities
share the same chairman.

The group's leverage remained stable during its expansion phase
through prudent land bank acquisitions, with leverage of below
45% as at end-2017 in line with that of 'BB' peers. The company's
quick sales-churn strategy and geographically diversified land
bank contributed to its faster expansion in contracted sales than
that of most 'BB' peers. Its recognised EBITDA margin, excluding
capitalised interest, improved to above 25% in 2017, from 18% in
2016, as its land cost accounted for only 29% of revenue. The
margin improvement is likely to be sustained, as the average cost
of land bank accounted for only 23% of contracted ASP in 2017.

The group has a larger contracted sales scale and faster sales
churn than most 'BB' peers and its leverage is comparable with
peers. Both the group and CIFI Holdings (Group) Co. Ltd.
(BB/Stable) started their homebuilding business in Zhejiang
province and expanded nationwide. FLDH has larger contracted
sales scale and faster sales churn than CIFI, while the two
entities' margins are comparable. CIFI has maintained a high
EBITDA margin and lower leverage for longer than FLDH group and
has been disciplined in maintaining stable leverage.

The group has larger scale, with a more diversified land bank
throughout the nation, and faster sales churn than 'BB-' peers,
such as China Aoyuan Group Limited (BB-/Positive), KWG Group
Holdings Limited (BB-/Stable) and Logan Property Holdings Company
Limited (BB-/Stable).

KEY ASSUMPTIONS

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

  - Contracted sales to increase by 20% in 2019 and 2020

  - EBITDA margin, after adding back capitalised interest,
    to be maintained at about 25% in 2018-2020

  - Total land premium to represent 40%-50% of contracted sales
    in 2018-2020

  - Maintain a controlling shareholding in Seazen and for
    operational ties between FLDH and Seazen not to weaken

RATING SENSITIVITIES

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

  - Consolidated net debt/adjusted inventory sustained below
    35% while maintaining an EBITDA margin of 20% or above

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

  - Contracted sales/total debt below 1.5x for a sustained period

  - Consolidated net debt/adjusted inventory above 45% for a
    sustained period

  - EBITDA margin below 18% for a sustained period

All ratios mentioned are based on the parent's consolidated
financial data.

LIQUIDITY

Sufficient Liquidity: The group had an unrestricted cash balance
of CNY24 billion and unutilised credit facilities of CNY68
billion to cover short-term borrowings of CNY22 billion as at
1H18.


HC GROUP: S&P Withdraws 'B' Long-Term Issuer Credit Rating
----------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit
rating on the China-focused industrial internet services firm HC
Group Inc. at the company's request. The outlook was stable at
the time of the withdrawal. At the same time, S&P withdrew its
'B' long-term issue rating on the senior unsecured U.S. dollar
note that wholly owned subsidiary HC Innovest Holdings Ltd.
proposed to issue.


MODERN LAND: Fitch Lowers LT IDR to B, Outlook Stable
-----------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Modern Land
(China) Co., Limited.'s Long-Term Foreign- and Local- Currency
Issuer Default Rating (IDR) to 'B' from 'B+'. The Outlook is
Stable. Fitch has also downgraded the senior unsecured rating to
'B' from 'B+', with a Recovery Rating of 'RR4'.

The downgrade reflects its belief that Modern Land's leverage,
measured by net debt over adjusted inventory including
proportionate consolidation of joint ventures (JVs), will remain
above 40% for the next 18-24 months. Fitch estimates that Modern
Land's leverage would have been around 40% at end-2018, compared
with 47% at end-2017. Fitch expects Modern Land's leverage to
gradually increase to above 45% in 2019-2020 due to higher land
premiums as it acquires sites to sustain growth.

Modern Land's EBITDA margin has also been weak over the past few
years. 1H18 EBITDA margin (including capitalised interest) of
10.8% and 2017 EBITDA margin of 12.2% were lower than the 20%-25%
of most peers rated in the 'B' category.

KEY RATING DRIVERS

Increasing Leverage:  Modern Land's leverage was 43% at end-1H18,
lower than the 47% at end-2017 but much higher than the 34% at
end-2016, mainly due to aggressive land acquisition. Fitch
expects the continued pressure on Modern Land to acquire land in
2019 to sustain sales growth to push leverage to close to 50% by
2020. The high proportion of contracted sales coming from JVs
means that Modern Land's consolidated financial statement would
not adequately reflect its financial profile and therefore Fitch
assessed the company's leverage on a proportionately consolidated
basis.

Fluctuating leverage at its JV projects might have lowered its
leverage at end-2018 but Fitch believes this impact would be
temporary due to timing issues on land premium payment and
capital injection into JV projects, which would have boosted
Modern Land's proportionate cash held in the JVs. Land premium as
a percentage of sales proceeds (on an attributable basis)
decreased to 30% in 1H18 from 64% in 2017, leading to some
improvement in leverage. This improvement was, however, offset by
the lower-than-expected sales collection rate that resulted from
tightened bank mortgage approval, and made it hard for Modern
Land to deleverage below 40%.

Limited Margin Improvement: Modern Land's gross profit margin
hovered around 20% in 2016-1H18, compared with 31% in 2015. The
company's land cost as a percentage of average selling price was
43% in 2017 and will continue to eat into Modern Land's
recognised gross profit margin in 2018. 1H18 EBITDA margin
(including capitalised interest, which usually lowers EBITDA
margin by 5-6pp) of 10.8% and 2017 EBITDA margin of 12.2% are
lower than the 20%-25% of peers rated 'B'. The low EBITDA margin
constrains the company's deleveraging capacity despite growing
contracted sales. Any further indication of business profile
weakness, such as EBITDA margin of less than 18%, may lead to
further negative rating action.

Sustained Land Bank Pressure: Fitch estimates that the company's
land bank decreased to 3.2 years of sales in 2017 from 3.3 years
in 2016 and 4.1 years in 2015. Modern Land's attributable
available-for-sale land bank was 5.2 million square metres (sq m)
in gross floor area at end-1H18, compared with around 4.1 million
sq m in 2017 and 3.7 million sq m in 2016. Fitch believes Modern
Land would remain under pressure to add good quality land to
sustain growth in the next three years.

Modern Land extended its coverage to more Tier 1 and 2 cities in
2015-2017 and increased its land bank in Tier 3 cities in 2017
and 1H18 due to positive regional market sentiment. Fitch
estimates that Tier 1 cities, such as Beijing, and Tier 2 cities,
like Taiyuan, Hefei, Suzhou and Changsha, account for around 70%
of Modern Land's existing saleable resources by value.

Growing Scale: Modern Land's reported contracted sales increased
by 45% to CNY32 billion in 2018, after rising 34% in 2017. Its
attributable contracted sales rose by 20% to CNY13.1 billion in
2017. Fitch expects Modern Land's contracted sales to be
resilient in a market downturn as its land bank is concentrated
in Tier 1 and 2 cities.

DERIVATION SUMMARY

Modern Land's attributable contracted sales of CNY13.1 billion in
2017 was close to that of other 'B' rated companies, such as
Beijing Hongkun Weiye Real Estate Development Co., Ltd.'s
(B/Stable) CNY11.7 billion and Guorui Properties Limited's
(B/Stable) CNY14.9 billion. Modern Land's leverage is slightly
lower than that of Hongkun's 54.4% and Guorui's 55.4% as of end-
2017, but its EBITDA margin is lower than Hongkun's 29% and
Guorui's 39%.

Modern Land's sales are lower than those of 'B+' rated companies,
including Ronshine China Holdings Limited's (B+/Stable) CNY36
billion and Guangdong Helenbergh Real Estate Group Co., Ltd.'s
(B+/Stable) CNY26 billion. Their leverages are similar to Modern
Land's, but Modern Land has lower margin.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY19 billion in 2018 and
    CNY21 billion in 2019.

  - Attributable land investment accounting for 30% and 60% of
    attributable contracted sales in 2018 and 2019, respectively.

  - Construction cash cost accounting for 35% of attributable
    contracted sales in 2018-2019.

RATING SENSITIVITIES

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

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

  - Land bank maintained at above 2.5 years of sales

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

  - Insufficient land bank for 2 years of sales.

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

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

LIQUIDITY

Sufficient Liquidity: Modern Land's liquidity remains healthy
with total cash of CNY9.3 billion (including restricted cash of
CNY2.5 billion), compared with short-term debt of CNY6.0 billion
at end-1H18.

FULL LIST OF RATING ACTIONS

Modern Land (China) Co., Limited

  - Downgrade Long-Term Foreign-Currency Issuer Default Rating
    (IDR) to 'B' from 'B+'; Outlook Stable;

  - Downgrade Long-Term Local-Currency Issuer Default Rating
    (IDR) to 'B' from 'B+'; Outlook Stable;

  - Downgrade the senior unsecured rating to 'B' from 'B+', with
    a Recovery Rating of 'RR4';

  - Downgrade the USD350 million senior unsecured notes due 2021
    to 'B' from 'B+', with a Recovery Rating of 'RR4';

  - Downgrade the USD500 million senior unsecured notes due 2019
    to 'B' from 'B+', with a Recovery Rating of 'RR4';


YUZHOU PROPERTIES: Fitch Rates USD Sr. Unsec. Notes BB-(EXP)
------------------------------------------------------------
Fitch Ratings has assigned Yuzhou Properties Company Limited's
(Yuzhou; BB-/Stable) proposed US dollar senior unsecured notes an
expected 'BB-(EXP)' rating.

The notes are rated at the same level as Yuzhou's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. Yuzhou intends to use net
proceeds from the issue to primarily refinance its existing
indebtedness. The final rating is subject to the receipt of final
documentation conforming to information already received.

Yuzhou's ratings are supported by strong contracted sales growth
and regional diversification. The company has a good-quality low-
cost land bank, which upholds its favourable margin compared with
peers. Yuzhou's active land acquisition will increase its
contracted sales in the medium term, although it may drive
leverage, as defined by net debt/adjusted inventory, up to above
40% by end-2018. Fitch believes leverage of 40%-45% is reasonable
as the company's operating scale will be larger. Fitch's
assessment of Yuzhou's ratings will depend on whether it can
manage its contracted sales growth without significantly
impairing leverage and margins.

KEY RATING DRIVERS

More Diversified Land Bank: Yuzhou continued to expand its land
bank outside the Yangtze River Delta and West Strait Economic
Zone, where it is well-established. The company had more than 110
projects spread across 17.3 million square metres of land bank in
25 cities as of June 2018. Contracted sales from the Greater Bay
area started in 2017 and Fitch expects some sales from central
China in the short term, as 5% of its land bank is located in
Wuhan.

Fitch believes Yuzhou's acquisition of seven projects in 2018
will enhance its geographical diversification, as they include
properties in three cities where it does not yet operate;
Beijing, Foshan and Chongqing. The acquisition will also enable
Yuzhou to expand into northern China, as some properties are in
Tianjin and Shenyang.

Expansion Pressures Leverage: Fitch believes a rise in leverage,
as defined by net debt/adjusted inventory, to 40%-45% (end-2017:
around 40%) in the short term would still be reasonable due to
its good-quality land purchases. Fitch expects Yuzhou to use an
average of 55% of its annual presale proceeds to acquire land.
The company remains in expansion mode and is increasing its
investment in joint ventures. Yuzhou's total contracted sales
increased by 38.9% to CNY56.0 billion in 2018, 9% higher than
Fitch's estimate, after rising 73.7% to CNY40.3 billion in 2017.

Slowing Land Acquisitions: Fitch expects Yuzhou to reduce its
land bank life to three to four years, from nearly five years at
end-2016 and four years at end-2017, as it better utilises its
resources to control leverage. The company spent 35% of its
attributable contracted sales, totalling CNY5.7 billion, on land
bank acquisitions in 1H18 and management expected to spend no
more than CNY25 billion on land acquisitions in 2018. Yuzhou
spent 49% of its attributable contracted sales on land purchases
in 2017, compared with 86% in 2016.

Better-than-Peer Margin: Yuzhou is cautious about cost control
amid its national expansion. Fitch expects its 2018 land
acquisition costs to have remained below 50% of contracted sales,
partly due to the low average land cost it paid for the
acquisition of seven projects in China from Coastal Greenland
Limited, which was completed in August 2018. Fitch expects its
land cost to remain at around 30% of its average selling price.
Yuzhou's strength is its good quality land, with 70% of its land
bank in Tier 1 and 2 cities. Fitch expects its EBITDA margin to
be around 28%-31%, which is high relative to peers rated in the
'BB-' category, due to its good-quality land purchases and low
selling, general and administrative expenses.

DERIVATION SUMMARY

CIFI Holdings (Group) Co. Ltd. (BB/Stable) is Yuzhou's closest
peer in terms geography, as both companies focus on the Yangtze
River Delta region, although Yuzhou is also strongly positioned
in the West Strait Economic Zone and has less exposure to the
Bohai Rim region. CIFI has a higher attributable contracted sales
and lower leverage, which explains the one notch rating
difference against Yuzhou. CIFI has higher sales efficiency than
Yuzhou but a lower EBITDA margin.

In terms of scale, Times China Holdings Limited (BB-/Stable) had
a similar level of 2017 attributable contracted sales as Yuzhou,
at around CNY30 billion. Times China is focussed in the Greater
Bay area. Times China has adopted a faster churn strategy and
thus its EBITDA margin is lower than that of Yuzhou, as is its
leverage.

KWG Group Holdings Limited (BB-/Stable) has marginally smaller
attributable contracted sales than Yuzhou. KWG's focus is in
Guangzhou, although both companies have some exposure to Suzhou,
Shanghai and Tianjin. KWG has a slower churn model than Yuzhou,
which explains its slightly higher EBITDA margin. KWG's leverage
is rising towards the level of Yuzhou.

KEY ASSUMPTIONS

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

  - Consolidated contracted sales at CNY37 billion-59 billion
    a year in 2018-2021 (2017: CNY29 billion)

  - Contracted average selling price to drop by 15% in 2018 then
    rise by 5% each year in 2019-2021 (2017: 33% rise)

  - Contracted gross floor area sold to rise by 50% in 2018 and
    then 10% on average in 2019-2021 (2017: 30% rise)

  - Land acquisition costs to account for 48%-58% of total
    contract sales in 2018-2021 (2017: 49%)

  - Land costs to fall by 20% in 2018 and rise with inflation by
    3% per year in 2019-2021 (2017: 31% fall)

RATING SENSITIVITIES

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

  - Attributable contracted sales sustained above CNY30 billion
    (2017: CNY30.3 billion)

  - Proportionally consolidated net debt/adjusted inventory
    sustained below 40% (2017: 39.7%)

  - Proportionally consolidated contracted sales/gross debt
    sustained above 1.2x (2017: 1.0x)

  - EBITDA margin sustained above 25% (2017: 33.7%)

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

  - Proportionally consolidated net debt/adjusted inventory above
    45% for a sustained period

  - Proportionally consolidated contracted sales/gross debt below
    1.0x for a sustained period

  - EBITDA margin below 20% for a sustained period

LIQUIDITY

Healthy Liquidity: Yuzhou has a healthy liquidity position. It
had unrestricted cash of CNY16 billion and uncommitted undrawn
facilities of CNY12 billion at end-2017, which are enough to
cover short-term debt of CNY17 billion and support its planned
expansion. Of the short-term debt, CNY10 billion were puttable
corporate bonds, with 20% due in 2018, 50% due in 2019 and 30%
due in 2020.

Yuzhou stepped up the coupon rate for the puttable bonds in 2017
and 2018, and thus did not need to repay most of the principal
due during that period. Management is confident bondholders will
agree to accept a similar increase in the coupon rate in 2019 in
return for a deferment on principal repayment. The company has
diversified funding channels to ensure sustainable liquidity;
besides bank loans, it has established channels for onshore and
offshore bond issuance as well as equity placements.

In 2018, Yuzhou issued USD375 million of three-year senior notes
at a coupon rate of 6.375% and USD625 million three-year senior
notes at a coupon rate of 7.900%. It issued CNY1 billion of
onshore bonds at 7.850% on August 28, 2018, and CNY1.2 billion at
7.800% as well as CNY0.8 billion at 7.850% on September 21, 2018.
The company also issued CNY591 million of supplier chain asset-
backed securities in October 2018.


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

The rating outlook is stable.

Yuzhou plans to use the proceeds from the proposed notes mainly
to refinance its existing indebtedness and, to a lesser extent,
for general working capital purposes.

RATINGS RATIONALE

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

Moody's forecasts that Yuzhou's leverage, as measured by
revenue/adjusted debt, will gradually recover to around 63% to
68% during 2019-2020 from around 50% for the 12 months ended June
2018, driven by likely stronger revenue and controlled debt
growth in 2019 and 2020.

Yuzhou has maintained a good track record of high profit margins
in the 31%-36% range in the past five years (2013-2017). Moody's
expects that Yuzhou's gross margin will likely remain at 31%-33%
over the next one to two years, because the company maintained
its average land cost of around RMB5,000 per square meters as of
June 2018, which is similar to the levels recorded since 2016.

As a result, Yuzhou's adjusted EBIT/interest should remain strong
at 3.8x-4.1x in 2019 from around 3.8x for the 12 months ended
June 2018.

Yuzhou's Ba3 corporate family rating reflects its (1) track
record of developing and selling residential properties, (2)
growing operating scale and improved geographic diversification,
(3) high profitability and interest coverage, and (4) strong
liquidity.

However, its credit profile is constrained by high debt leverage
- as measured by revenue/debt - for its Ba3 rating level.

The B1 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

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

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

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

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

Downward rating pressure could emerge if Yuzhou shows a weakening
in its contracted sales growth, liquidity position, profit
margins or credit metrics.

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

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

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

At June 30, 2018, Yuzhou had a land bank of around 17.25 million
square meters in total salable gross floor area.

Yuzhou listed on the Hong Kong Stock Exchange in 2009. The
company had a market capitalization of HKD15.7 billion at
January 14, 2019, and its chairman, Mr. Lam Lung On, owned a
56.71% stake in the company as of the same date.



================
H O N G  K O N G
================


CENTURY SUNSHINE: Fitch Publishes 'B' LT Foreign Currency IDR
-------------------------------------------------------------
Fitch Ratings has published Century Sunshine Group Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating of
'B'. The Outlook is Stable. Fitch has assigned Century Sunshine a
senior unsecured rating of 'B' with Recovery Rating of 'RR4' and
assigned Century Sunshine's proposed US dollar senior unsecured
notes an expected rating of 'B(EXP)' with a Recovery Rating of
'RR4'.

The proposed notes will be unconditionally and irrevocable
guaranteed by certain non-China subsidiaries and joint ventures
of Century Sunshine and are rated at the same level as its senior
unsecured rating, as they will constitute Century Sunshine's
direct and senior unsecured obligations. The final rating on the
proposed US dollar notes is contingent upon the receipt of final
documentation conforming to information already received.

Century Sunshine's rating reflects the strong margins that the
company is able to command for its two niche products, silicon-
magnesium compound fertiliser and rare earth-magnesium alloy.
Fitch expects its leverage to remain high, driven mainly by capex
to expand capacity. Century Sunshine's rating is mainly
constrained by its small scale.

KEY RATING DRIVERS

Small Player, Fragmented Markets: Century Sunshine is a small
player in the fragmented fertiliser and magnesium upstream
markets in China, company with operating EBITDA of HKD647 million
(USD82.5 million) in 2017. The markets have relatively low
barriers to entry, including easy access to raw materials and the
absence of dominant state-owned corporations.

Century Sunshine says it ranks among the 10 largest companies in
the Chinese compound fertiliser industry, with sales volume of
770,000 tonnes and a market share of around 3.4% in 2017,
compared with the 30.6% market share of Shandong-based Kingenta
Ecological Engineering Group Co., Ltd., the largest player in
China. Century Sunshine says it is among the top five producers
in the magnesium upstream sector, which includes magnesium ingots
and alloys in China. In 2017, China produced 1.02 million tonnes
of magnesium, with Century Sunshine contributing to a 4.9% share.

Margin Driven by Niche Products: Century Sunshine developed its
two niche products and enjoys strong self-sufficiency in raw
materials and technological know-how for them. The silicon-
magnesium compound fertiliser and rare-earth magnesium alloy
together accounted for 42% of gross profit in 2017 and 47% in
1H18, and made up 26% and 28% of revenue in 2017 and 1H18,
respectively.

The company is 100% self-sufficient in core raw materials for its
silicon-magnesium compound fertiliser. The company says its ore
quality is the highest in Asia and its mine has about 100 years
of producing life. In China, Century Sunshine says it is the only
company using a serpentine mine to produce silicon-magnesium
fertiliser, while others use industrial waste, which has much
lower nutrient content and requires much higher production costs.
The company holds the intellectual property rights for the
production of its rare-earth magnesium alloy, which gives it high
gross profit margin of 43% and 45% in 2017 and 1H18,
respectively. The intellectual property rights are valid until
2025-2033.

Favorable Industry Outlook: Century Sunshine's ratings also
reflect the strong demand for its functional fertiliser (i.e.
silicon-magnesium compound fertiliser), organic fertilisers and
magnesium upstream segments in the future. According to company,
the potential demand for silicon-magnesium compound fertiliser
would be 40 million tonnes annually, as at least 50% of the paddy
fields in China do not have sufficient silicon and 19% of the
land does not have enough magnesium. Moreover, China's organic
fertiliser penetration rate of 20% is much lower than the 50%
average of developed countries. The Chinese government is also
promoting production of magnesium to meet demand, particularly in
the automobile industry.

Capex Drives Leverage: Century Sunshine's leverage jumped to 3.5x
in 2017 from below 2x at end-2016, driven by its acquisition of
Shandong Hongri, which produces mainly general nitrogen,
phosphorus and potassium (NPK) compound fertiliser and has much
lower margins than Century Sunshine's operation. However, this
acquisition will help Century Sunshine to expand its sales
network to cover almost all of China and boost its brand,
especially in general NPK compound in China. Fitch expects its
FFO adjusted net leverage to remain at 3x-3.5x in the next two to
three years, mainly due to rising debt to fund its capacity
expansion for fertilisers and magnesium upstream businesses.

DERIVATION SUMMARY

Century Sunshine's operating EBITDA is much smaller than that of
most of the chemical companies in the 'B' rating category. Its
scale is similar to that of Hungary-based nitrogen fertiliser
producer Nitrogenmuvek Zrt (B/Stable), although Century Sunshine
has better operating EBITDA margin and lower net leverage.
However, Nitrogenmuvek has a much stronger business profile as it
is the only nitrogen fertiliser producer in Hungary with 71%
market share, whereas Century Sunshine is a small fertiliser
producer in China.

KEY ASSUMPTIONS

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

  - Operating EBTIDA margin of 15%-18% for 2018-2020

  - Capex of HKD629 million in 2018, HKD745 million in 2019
    and HKD420 million in 2020

RATING SENSITIVITIES

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

  - FFO adjusted net leverage below 3x (2017:3.5x).

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

  - Operating EBITDA margin below 12% (2017:17.1%).

  - FFO adjusted net leverage above 4x.

LIQUIDITY

As of end-June 2018, the company had available cash of about
HKD820 million and unused banking facilities of HKD238 million,
against short-term debt of around HKD1.04 billion, of which the
majority were bank loans that can be rolled over. It also had
free cash flow of about HKD165 million. The liquidity ratio is
1.2x.


LIFESTYLE INT'L: Fitch Affirms BB+ LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Lifestyle International Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating with a
Stable Outlook. Fitch has also affirmed Lifestyle's unsecured
rating and the ratings on its outstanding bonds.

The affirmation is based on Lifestyle's prime assets in Hong Kong
and strong cash-flow generation. The Stable Outlook reflects the
company's sufficient funding arrangements with regards to its Kai
Tak development project and steady operations at its stores.

KEY RATING DRIVERS

Strong Store Performance to Moderate: Fitch expects revenue
growth to moderate in 2019 from the strong improvement in 2018.
Lifestyle benefited from an improvement in Hong Kong's overall
retail environment during 2018 and the restoration of full
operations following the competion of renovations in 2017.
Revenue growth rebounded to 20% yoy for its flagship SOGO
Causeway Bay store in 1H18 and its Tsim Sha Tsui store also
performed strongly, with 43% yoy revenue growth, following a
revival in inbound tourism.

Leverage to Stay High: Fitch expects Lifestyle's leverage to
remain high as it completes its Kai Tak project, despite higher
fund flow from operations (FFO) generation. FFO adjusted net
leverage increased to 4.8x in 2017, from 2.0x in 2015, due to the
land premium payment for the project. Project construction began
in December 2017 and is planned for completion by 2022. Fitch
forecasts neutral free cash flow prior to project competion after
considering project-related capex and dividends payments that are
consistent with the amounts paid from 2015-2017.

Ample Liquidity: Fitch expects Lifestyle to have sufficient
capital resources despite its high leverage. The company has
enough cash and banking facilities to cover its short-term debt
as well as financial assets for which Fitch has not assigned cash
credit but that could be available for liquidity if needed. Fitch
also expects Lifestyle's FFO fixed-charge coverage to improve and
be sustained at above 4.0x in 2018-2021, against 3.8x in 2017.

Property Value Supportive: Lifestyle's ratings are supported by
its property ownership, particularly East Point Centre (SOGO
Causeway Bay), which is one of the best-known retail properties
in Hong Kong. The Kai Tak project will not contribute meaningful
EBITDA in the next five years, but Fitch expects its capital
preservation to be supported by the resilient capital value of
its prime retail properties in Hong Kong.

DERIVATION SUMMARY

The closest peer within the Hong Kong/China department store
space is Golden Eagle Retail Group Limited (BB/Stable), which
also has high property ownership of its stores. Lifestyle's
leverage following its Kai Tak land acquisition is comparable
with that of Golden Eagle, but Fitch believes a one-notch rating
differential is supported by Lifestyle's higher revenue and
earning visibility, as Hong Kong is a more mature and stable
market. In addition, Lifestyle's East Point Centre in SOGO
Causeway Bay is one of the most famous buildings in this top-tier
area. Lifestyle's higher property ownership of high-quality
assets and its mature market also brings its credit profile
closer to that of an investment property company. Fitch also
believes the retail environment of Golden Eagle's main markets in
China will remain difficult for the next years due to the highly
competitive environment and potential changes in consumer
sentiment.

KEY ASSUMPTIONS

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

-  Revenue growth in-line with 1H18 for 2018 at SOGO Causeway
    Bay and moderating to low single digits from 2019

-  58% EBITDA margin in 2018-2021

-  Annual capex of around HKD1 billion in 2018-2021 due to the
    development of the Kai Tak project

RATING SENSITIVITIES

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

-  Significant diversification away from SOGO Causeway Bay
    without any loss in profitability

-  FFO net leverage of below 4.0x (2017: 4.5x) on a sustained
    basis without a significant fall in revenue or profit

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

-  Significant changes to the business model, such as moving
    away from the concession model

-  FFO fixed-charge coverage below 3.0x for a sustained period
    (2017: 3.8x)

-  Negative post-dividend FCF for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Lifestyle had HKD6.7 billion in cash and
aggregate unutilised banking facilities of approximately HKD7.6
billion as of end-June 2018. This was sufficient to cover debt
maturing in one year as well as the payment for the Kai Tak
project in the next few years. In addition to reported cash, the
company has HKD4.0 billion in financial assets, which mainly
consisted of listed equities.


SUNRIVER HOLDING: Fitch Withdraws B IDR on Insufficient Data
------------------------------------------------------------
Fitch has withdrawn Sunriver Holding Group Co., Ltd.'s Long-Term
Foreign-Currency Issuer Default Rating of 'B' with a Stable
Outlook and its senior unsecured rating of 'B' with a Recovery
Rating of 'RR4'.

KEY RATING DRIVERS

Fitch is withdrawing the ratings without taking any rating action
as Sunriver has chosen to stop participating in the rating
process. Therefore, Fitch will no longer have sufficient
information to maintain the ratings. Accordingly, Fitch will no
longer provide ratings (or analytical coverage) for Sunriver.

DERIVATION SUMMARY

Not applicable.

KEY ASSUMPTIONS

Not applicable.

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

LIQUIDITY

Not applicable.



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


4G IDENTITY: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of 4G Identity
Solutions Private Limited (4G) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         35         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit             9         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Letter of Credit        6         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     10         CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with 4G for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 4G, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on 4G 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 4G continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of 4G Identity and its wholly owned
subsidiary, 4G Informatics Pvt Ltd (4G Informatics). This is
because these two companies, together referred to as the 4G
group, are under a common management, in a similar line of
business, and have significant operational linkages and fungible
cash flows.

4G Identity was set up in 2007 by Dr. Sreeni Tripuraveni and his
family members. The company provides identity management
solutions by leveraging smart cards and biometric technologies.
It also provides software development, system integration, and
data management for e-governance activities. 4G Informatics also
provides identity management solutions for government and private
institutions.


AAKASH INFRASTRUCTURE: CRISIL Retains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aakash
Infrastructure - Ahmedabad (AI) continue to be 'CRISIL B/Stable
Issuer not cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       25        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with AI for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 AI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AI 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 AI continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set-up in July 2014, AI is a partnership firm that undertakes
real estate projects in 'vadh City' in Viramgam district of
Gujarat. It is promoted by Mr. Yogesh Patel, Mr. Pursottam Patel,
Mr. Suresh Patel and Mr. Anil Sanghvi.


AAR DEE: CRISIL Maintains B+ Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of AAR DEE Extrusions
(India) Private Limited (ADPL) continue to be 'CRISIL B+/Stable
Issuer not cooperating'.

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

   Long Term Loan         0.9       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1.1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with ADPL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 ADPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ADPL 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 ADPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

ADPL, incorporated in 2004, manufactures aluminium collapsible
tubes that are used in the pharmaceuticals and adhesive
industries. ADPL is promoted and managed by Mr. Dipesh Mehta and
his wife, Ms. Reena Dipesh Mehta.


AIRTEC ELECTROVISION: CARE Cuts Rating on INR8cr LT Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Airtec Electrovision Private Limited (AEPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank        8.00       CARE B; Stable; Issuer not
   Facilities                       cooperating; Revised from
                                    CARE B+; Stable on the basis
                                    of best available information

   Long/Short term       1.00       CARE B; Stable/CARE A4;
   Bank Facilities                  Issuer not cooperating;
                                    Revised from CARE B+; Stable/
                                    CARE A4 on the basis of best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AEPL to monitor the
rating(s) vide e-mail communications/letters dated December 17,
2018, November 20, 2018, October 26, 2018, October 23, 2018,
October 4, 2018, September 14, 2018 etc. 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. CARE's ratings on Airtec Electrovision
Private Limited's bank facilities will now be denoted as CARE B;
Stable/ 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 rating(s).

The rating has been revised by taking into account non-
availability of information and no due-diligence conducted due to
non-cooperation by Airtec Electrovision Private Limited with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information non-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 November 29, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Short track record of operations coupled with small scale of
operation and low net worth base: The company commenced its
commercial operations in April, 2016 and has short of track
record in this industry as compared to other established players.
The scale of operations has remained small marked by total
operating income and gross cash accruals of INR37.01 crore and
INR0.33 crore respectively in FY17 (FY refers to April 01 to
March 31). Further, the net worth base also stood small at
INR1.72 crore as on March 31, 2017. The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits. Further, during 7MFY18 refers to the
period (April 1, 2017 to October 31, 2017, based on provisional
results) the company has achieved a total operating income of the
about INR42 crores.

Low profitability margins and leverage capital structure: The
profitability margins of the firm have remained on the lower side
owing to the trading nature of the business and intense market
competition given the highly fragmented nature of the industry.
Interest cost has further restricted the net profitability of the
company. The profitability margins of the company as marked by
PBILDT and PAT margins stood at 1.12% and 0.59% respectively in
FY17.  Further, owing to low net worth base, AEPL's capital
structure stood leveraged as marked by overall gearing of 1.50x
as on March 31, 2017. The average working capital borrowings of
the company remained 30% utilized during the past 12 months
ending October, 2017.

Presence in the highly fragmented and competitive industry: The
electrical goods industry is highly fragmented and intensely
competitive with numerous organized and unorganized players,
which produce wide variety of electrical appliances. The industry
faces high competition from the imports as well. The competitive
intensity is further increased by influx of second
hand/reconditioned imported machines at cheaper prices.

Key Rating Strengths

Experienced promoters in the electrical goods industry: The
operations of AEPL are currently managed by Mr Manish Nathani and
Ms Varsha Nathani. Mr Manish Nathani has an experience of around
a decade through his association with Western Electrovision
Private limited (WEPL). He is further supported by Ms Varsha
Nathani who has an experience of around half a decade through her
association with group entity WEPL.

Moderate operating cycle: The operating cycle of the company
stood moderate at 11 days for FY17. The company usually maintains
an inventory of around 10-20 days in form of traded goods to meet
the immediate demand of customer's. It allows a credit period of
around one month to its customers and receives credit period of
around 30-40 days from its suppliers; entailing all leads to
moderate operating cycle.

Growing demand from residential & business units: The growth in
country's infrastructure coupled with the growing number of
industrial as well as residential units requiring greater use of
electrical appliances augurs well for the demand of electrical
appliances. Other factors such as shortening of the product
cycle, higher rate of technological obsolescence and increasing
use of electricity in the rural and urban areas further adds to
the demand for electrical goods.

Delhi-based Airtech Electrovision Private Limited (AEPL) was
incorporated in 2016 by Mr Manish Nathani and Ms Varsha Nathani.
AEPL is engaged in trading and assembling of electrical goods
such as LED televisions, DVD player and speakers etc. The company
purchases the traded goods from the local distributers situated
in Delhi NCR region. The company sells its products pan India
through its distributor network.

Beston Electrovision Private limited is an associate concern of
AEPL; engaged in manufacturing and trading of electrical goods
such as LED televisions, DVD player, Speakers.


AKI INDIA: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of AKI India Limited
(AKI India) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            .1         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)


   Export Funding        2.4         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Foreign Letter
   of Credit             4           CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Packing Credit        6           CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Post Shipment
   Credit                6           CRISIL A4 (ISSUER NOT
                                     COOPERATING)


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

   Term Loan             6.0         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with AKI India for
obtaining information through letters and emails dated May 31,
2018 and December 13, 2018 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 AKI India, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on AKI
India is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of AKI India continues to be 'CRISIL B/Stable/CRISIL
A4 Issuer not cooperating'.

AKI India was established in 1983 and is based in Kanpur (Uttar
Pradesh). The company processes hides into finished leather and
upholstery, and also manufactures leather products such as
leather footwear and other leather goods including horse bridles,
browbands, crown pieces, pony articles and saddle girths, among
others. The company is promoted by Mr. Asad K Iraqi and Mr. Osama
Anwar.


ANALCO INDIA: CRISIL Maintains 'B+' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Analco India
Private Limited (AIPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.3        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of credit      4.7        CRISIL A4 (ISSUER NOT
   & Bank Guarantee                 COOPERATING)

   Proposed Letter of    2          CRISIL A4 (ISSUER NOT
   Credit & Bank                    COOPERATING)
   Guarantee

   Proposed Long Term    5          CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 AIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AIPL 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 AIPL continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

AIPL was incorporated in 1969, promoted by the Singhal family;
Mr. Satish Kumar and Mr. Vishwas Singhal are the majority
shareholders and directors. The company, which commenced
operations from 1995, trades in a wide range of products,
including timber, plywood, aluminium sheets, and adhesives.


ASHARFI GRAMODYOG: CRISIL Maintains B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Asharfi Gramodyog
Sansthan (AGS) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash         0.6        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with AGS for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 AGS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AGS 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 AGS continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

AGS is a not-for-profit society and managed by its president, Mr.
Hari Kishan, and secretary, Mr. Asarfi Lal. The society, based in
Charra, Aligarh district, Uttar Pradesh, provides free meals
under the mid-day meal scheme and other government-mandated
schemes.


ASHIMA PAPER: CARE Lowers Rating on INR6.16cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashima Paper Products, as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        6.16       CARE B; Stable ISSUER NOT
   Facilities                       COOPERATING; Revised from
                                    CARE B+; Stable on the
                                    basis of best available
                                    information

Detailed rationale and key rating drivers

The rating has been revised by taking into account no due-
diligence conducted due to non-cooperation by Ashima Paper
Products. Further, the rating have been revised on account of
small scale of operations, leveraged capital structure, working
capital intensive nature of operations and weak liquidity
indicators. The rating is further constrained on account of
highly competitive industry along with susceptibility to
volatility in prices of raw material. The rating, however,
continues to derive strength from experienced management in paper
industry and moderate profitability margins.

Detailed description of the key rating drivers

At the time of last rating on June 27, 2018, the following were
the rating weaknesses and strengths.

Key Rating Weakness

Small scale of operations: Despite being operational for more
than two decades the scale of operations remained small as
evident from total operating income and gross cash accruals of
INR15.47 crore and INR0.36 crore, respectively in FY18 (FY refers
to the period April 1 to March 31).The small scale of operations
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits.

Leveraged capital structure: The capital structure of the firm
stood leveraged owing to high dependence on external borrowings
as marked by overall gearing of around 4 times as on balance
sheet dates of last three financial years i.e. FY16-FY18.

Working capital intensive nature of operations and weak liquidity
indicators: APP's operations are working capital intensive nature
as reflected by high utilization of its sanctioned working
capital limits. Being in a competitive industry, APP offers a
credit period of around 3-4 months to its customers which
resulted in an average collection period of 94 days in FY18.
Further, APP maintains inventory in the form of raw material for
smooth production process and finished goods to meet the
immediate demand of its customer resulting in an average
inventory holding of 80 days for FY18. The firm meets its working
capital requirements through a credit period of around 2 months
from its suppliers and utilization of sanctioned working capital
limits.

The liquidity indicators stood weak as marked by current ratio
and quick ratio of 0.87x and 0.54x respectively in FY18.The cash
and bank balance stood at INR 0.01 crores as on March 31, 2018.

Highly competitive industry along with susceptibility to
volatility in prices of raw material: APP operates in competitive
segments of the industry wherein the presence of large number of
entities limits the bargaining power with customers. Moreover,
raw material cost constitutes approximately 70-80% of the total
cost of production for the past three financial years i.e. FY16 -
FY18. Thus, margins are vulnerable to fluctuation in raw material
cost. Hence the profitability of the firm is based on the ability
of the firm to absorb the increase in raw material prices which
will have an impact on the profitability margins and sales
realization.

Key Rating Strengths

Experienced management in paper industry: The operations of APP
are currently being managed by Mr. Shalender Goyal and Mrs. Manju
Goyal. They are both port graduates and have an experience of
more than a decade in the paper industry through their
association with APP. They both look after the overall operations
of the firm.

Moderate profitability margins: The profitability margins of the
firm stood moderate owing to long track record of the entity due
to which the firm has a better bargaining power as marked by
PBILDT margin of more than 6.50% and PAT margin of more than
0.80% for the past three financial years, i.e. FY16-FYF18.

Gurgaon based, Ashima Papers Products (APP) was established on
June 24, 2005 as a partnership firm and is currently being
managed by Mr. Shalender Goyal and Mrs. Manju Goyal who are
sharing profits and losses equally. The firm is engaged in
manufacturing of disposable paper cups at its manufacturing
facility located in Gurgaon having an installed capacity of 3
crore pieces per month as on August 31, 2017. The products
manufactured by APP are sold to companies such as CafÇ Coffee
Day, KFC and PVR Cinemas. The main raw material for the firm is
kraft paper and the same is procured from traders located across
India.


AUTO PROFILES: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Auto Profiles
Limited (APL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         1.5        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit           20.4        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Corporate Loan         4          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term    23.18       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan             28.92       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Working Capital        2          CRISIL B/Stable (ISSUER NOT
   Term Loan                         COOPERATING)

CRISIL has been consistently following up with APL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 APL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on APL 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 APL continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

APL, promoted in 1991 by Mr. Bikash Mukherjee and his family
members, manufactures components for medium and heavy commercial
vehicles, and makes diesel engines and construction equipment.
The company, based in Jamshedpur, Jharkhand, is a Tier-I
ancillary supplier to Tata Motors Ltd (TML), and 80 percent of
its sales are to TML. It has three manufacturing units in
Jamshedpur (total capacity of 60,000 tonne per annum [tpa]) and
one in Lucknow (5000 tpa).


BSCPL INFRASTRUCTURE: CRISIL Retains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of BSCPL
Infrastructure Limited (BSCPL) continue to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee      1884.09       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit          600          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term   545.91       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan            470          CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with BSCPL for
obtaining information through letters and emails dated June 28,
2018 and December 10, 2018 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 BSCPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on BSCPL 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 BSCPL continues to be 'CRISIL D Issuer not
cooperating'.

Set up in 1981, BSCPL primarily constructs roads and buildings.
It also develops, operates, and maintains national and state
highways.


C. BRIJESH: CRISIL Maintains 'C' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of C. Brijesh Reddy
(CBR) continue to be 'CRISIL C Issuer not cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       2.5       CRISIL C (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan                7.5       CRISIL C (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with CBR for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 CBR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CBR 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 CBR continue to be 'CRISIL C Issuer not
cooperating'.

Set up in 1993, C. Brijesh Reddy (CBR) is a proprietorship firm
that develops and sells plots and sites in Hosakote ( Karnataka)
and Bangalore. Operations are managed by Mr. C. Brijesh Reddy.


EMCO TECH: CRISIL Maintains B+ Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Emco Tech
Equipments Private Limited (ETEPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         6         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

   Proposed Bank          4.0       CRISIL A4 (ISSUER NOT
   Guarantee                        COOPERATING)

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

CRISIL has been consistently following up with ETEPL for
obtaining information through letters and emails dated June 28,
2018 and December 10, 2018 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 ETEPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on ETEPL 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 ETEPL continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

ETEPL, promoted in 2005 by Mr. Pradeep Kumar Sharma and his wife
Ms. Alka Sharma, is an authorised distributor of the products of
Alcon Laboratories (USA), and Carl Zeiss. The products, including
equipment's majorly for eye surgery, are sold mainly to
government and army hospitals.


FLAGS HOTELS: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Flags Hotels Private
Limited (FHPL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Rupee Term Loan        22        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with FHPL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 FHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on FHPL 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 FHPL continue to be 'CRISIL D Issuer not
cooperating'.

FHPL, incorporated in 2010, operates four restaurants and seven
banquet halls in Mumbai under the Flags brand. It is managed by
Mr. Joseph Sequeira, Mr. Larence Sequeira, and Ms. Catherine
Dsouza.


GANPATI MEGA: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ganpati Mega
Builders India Private Limited (GMB) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee          9         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit             6         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with GMB for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 GMB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GMB 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 GMB continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

GMB, established in 2007, is a civil contractor and undertakes
projects, such as redevelopment of buildings, construction of
housing for the poor, and canal construction, for government
authorities. The company, based in Agra, Uttar Pradesh, is
managed by Mr. Piyush Jain and Mr. Parag Jain.


GAYATRI POULTRIES: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gayatri Poultries
Private Limited (GPPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)
   Term Loan             13         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GPPL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 GPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GPPL 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 GPPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

GPPL was incorporated in 2011 in Ganjum (Odisha). The company is
promoted by Mr. Srinivasa Rao Vadlamundi, Mr Shivanand Karanama,
Mr. Prasad Vadlamudi, and Mr. Y Kranti Kumar. GPPL does not have
any operations as on date, and is undertaking capex to set up a
poultry farm (layer unit) with a capacity of 250,000 eggs per
day.


GLOBAL TANNING: CRISIL Maintains 'B+' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Global Tanning
Industries (GTI) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Foreign Bill           4.5        CRISIL B+/Stable (ISSUER NOT
   Purchase                          COOPERATING)

   Letter of Credit        .5        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Overdraft               .19       CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     4.75       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan              1.56       CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with GTI for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 GTI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GTI 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 GTI continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

GTI was set up in 2003 in Kolkata (West Bengal). The firm tans
raw hides and manufactures leather gloves. It is promoted by Mr.
Dilshad Elahi.


IL&FS: NCLAT Suggests Appointing Former SC Judge for Asset Sales
----------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) on Jan. 11 suggested that all further
proceedings for transfer of assets of crisis-hit Infrastructure
Leasing and Financial Services should take place under the
supervision of a retired Supreme Court judge.

BloombergQuint says the new management of IL&FS is considering
asset sales to bail out the company from its financial mess and
pay back to its lenders over INR90,000 crore.

"As it appears that a process required to be followed, similar to
corporate insolvency resolution process, for the purpose of
proper resolution of IL&FS and its subsidiaries," said a two-
judge bench headed by Justice SJ Mukhopadhaya, BloombergQuint
relays.

It added that in such a case, a committee of creditors may be
required for determining "viability, feasibility and financial
matrix of the plan or offer, if any, given by one or other party
for acquisition of one or other group companies or its asset".

"In such case, parties are directed to address as to why this
appellate tribunal will not direct that while matter to be
supervised by a retired Supreme Court Judge," the appellate
tribunal, as cited by BloombergQuint, said.

BloombergQuint meanwhile reports that the NCLAT also clarified
that "IL&FS and its board may be allowed to proceed with the
matter". The NCLAT also directed IL&FS to submit all details of
the arbitration proceedings going against it and its 348 group
companies.

BloombergQuint relates that the two-member bench also said that
the pending arbitration proceedings against IL&FS and its
subsidiaries companies would proceed but the order would be kept
in a sealed cover.

"So far as the pending arbitration proceedings are concerned, if
any pending before one or other arbitral tribunal in which the
IL&FS or any of its 348 group companies are parties, in such
case, the arbitral tribunal may proceed with to determine the
claim and counter claim, if any, made by the parties and may pass
the award, and keep it in a sealed cover," the appellate tribunal
said.

However, it also added that "if the award is given in favour of
the 'IL&FS' or any of its group companies, in such case, the
award need not be kept in a sealed cover, even during the
pendency of the company petition."

According to BloombergQuint, the NCLAT directed to list the
matter on Jan. 28 for next hearing, when it would hear the matter
of granting moratorium to IL&FS and group companies.

The appellate tribunal was hearing a petition filed by the
Ministry of Corporate Affairs and IL&FS.

Earlier, passing an order on Jan. 1, 2019, the NCLT had permitted
the government to reopen and recast the accounts of IL&FS and its
subsidiaries, IL&FS Transportation Networks Ltd. and IL&FS
Financial Services, for the past five years, BloombergQuint
recalls.

On Oct. 15, NCLAT had stayed all proceedings against IL&FS group
and its 348 firms till its further order, over an urgent petition
moved by the government, the report says.

BloombergQuint adds that the Ministry of Corporate Affairs had
approached the appellate tribunal after the Mumbai bench of
national company law tribunal turned down its plea to grant 90-
day moratorium.

This matter is scheduled to be heard on Jan. 28 for hearing,
BloombergQuint notes.

The NCLT had on Oct. 1 suspended the board of IL&FS on
government's plea and authorised reconstitution of the board by
appointing seven directors two days later, adds BloombergQuint.

                          About IL& FS

Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.

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


JET AIRWAYS: Etihad to Raise Stake in Carrier, Sources Say
----------------------------------------------------------
Reuters reports that Etihad Airways plans to hike its stake in
debt-laden Jet Airways, a person close to the Abu Dhabi carrier
said, further driving up shares of the Indian airline.

According to Reuters, Jet shares had already spiked following a
CNBC TV18 report that, apart from flagging the capital infusion
from Etihad, also said Jet's founder and chairman, 69-year old
Naresh Goyal, was likely to step down from the board and give up
majority control.

Reuters relates that Mr. Goyal's penchant for control, according
to people who have worked with him, has emerged as a major
obstacle as the airline tries to negotiate a rescue deal, Reuters
reported last month.

The person who spoke to Reuters, on condition of anonymity, said
Mr. Goyal was on his way out but did not clarify if that meant he
was stepping down as chairman or from the board.

Etihad putting more cash into Jet is conditional on Goyal
diluting his stake, another person told Reuters last month. The
Abu Dhabi carrier currently owns 24 percent in Jet.

Even so, Etihad's stake will be capped at 49 percent given
foreign ownership rules in Indian airlines, the report says.

Once its stake goes past 25 percent, under the country's capital
markets regulations, Etihad will have to make an open offer to
shareholders for a majority of the shares, unless it obtains a
rare exemption from the market regulator, according to Reuters.

CNBC TV18, citing sources, reported on Jan. 14 that Mr. Goyal
would trim his 51 percent stake to 20-25 percent and agree to
voting rights on his stake being capped at 10 percent.

                       About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/EN/PH/Home.aspx -- provides passenger
and cargo air transportation services. It operates through two
segments, Air Transportation and Leasing of Aircraft. The company
also leases aircrafts. It operates flights to 64 destinations in
India and international countries, including Abu Dhabi,
Amsterdam, Bahrain, Bangkok, Colombo, Dammam, Dhaka, Doha, Dubai,
Hong Kong, Jeddah, Kathmandu, Kuwait, London Heathrow, Muscat,
Paris, Riyadh, Sharjah, Singapore, and Toronto. As of August 31,
2017, the company had a fleet of 113 aircraft, which includes a
mix of Boeing 777-300 ERs, Airbus A330-200/300 aircraft, Next
Generation Boeing 737s, and ATR 72-500/600s.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 8, 2019, ICRA has revised the ratings on the bank facilities
of Jet Airways to [ICRA]D.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Non-convertible      698.9       [ICRA]D; downgraded from
   Debenture                        [ICRA]C
   Programme

   Long-term Loans    4,970.0       [ICRA]D; downgraded from
                                    [ICRA]C

   Long-term, Fund-     645.0       [ICRA]D; downgraded from
   based Facilities                 [ICRA]C

   Long-term, Non-      700.0       [ICRA]D; downgraded from
   fund Based                       [ICRA]C
   Facilities

   Short-term, Non-   3,950.0       [ICRA]D; downgraded from
   fund Based                       [ICRA]A4
   Facilities

Rationale

The ratings downgrade considers the delays by the company in the
payment of the interest and principal installment due on
December 31, 2018 due to cash flow mismatches. There have been
delays in the implementation of the proposed liquidity
initiatives by the management, which have aggravated its
liquidity. The company has already been delaying its employee
salary payments and lease rental payments to the aircraft
lessors. Furthermore, the company has large debt repayments due
over December 2018 to March 2019 (INR1,700 crore), FY2020
(INR2,444.5 crore) and FY2021 (INR2,167.9 crore). The company is
undertaking various liquidity initiatives, which includes, among
others, equity infusion and a stake sale in Jet Privilege Private
Limited (JPPL), and the timely implementation of these
initiatives remain critical to its credit profile.


KABRA BUILDERS: CRISIL Maintains 'B+' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kabra Builders
Private Limited (KBPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Cash Credit             .5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term     3.15     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan              3.75     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with KBPL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 KBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KBPL 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 KBPL continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in July 2007 by Mr Om Prakash Kabra from Mandsaur
(Uttar Pradesh), KBPL provides warehousing services (with
weighing and cleaning facilities) for agricultural commodities,
primarily food grains and spices. It also has a sorting machine
installed to provide grading and sorting services on job-work
basis and also trades in agricultural commodities. Mr Om Prakash
Kabra and Mrs Pratima Kabra are the directors of the company.


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

The instrument-wise rating actions are:

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

-- INR300 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2007, Khokhar Infrastructure, a first-A class
contractor registered in Jharkhand and Bihar, is engaged in the
construction of roads and bridges.


KRISHNA PULSES: CRISIL Maintains 'B-' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Krishna Pulses and
Cereals (KPC) continue to be 'CRISIL B-/Stable/CRISIL A4 Issuer
not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      10        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Proposed Short Term      2.5      CRISIL A4 (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Warehouse Receipts       7.5      CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with KPC for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 KPC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KPC 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 KPC continue to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

KPC is a partnership firm established in 1995 by Mr. Raman
Aggarwal, Mr. Krishan Kumar Aggarwal, and Mr. Gaurav Aggarwal. In
2011, Mr. Raman Aggarwal and Mr. Krishan Kumar Aggarwal retired
from the partnership, and Ms. Renu Aggarwal (wife of Mr. Raman
Aggarwal) and Ms. Sudha Aggarwal (wife of Mr. Krishan Kumar
Aggarwal) were admitted as partners. The firm manufactures wheat
products such as maida and atta, and other food grain
commodities. Its flour mill is in Dinanagar (Punjab).


MNC ELECTRICALS: CARE Lowers Rating on INR7cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
MNC Electricals Private Limited (MNC), as:

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

   Long/Short term     12.00       CARE B+; Stable/CARE A4;
   Bank Facilities                 Issuer not cooperating;
                                   Revised from CARE BB-; Stable/
                                   CARE A4 on the basis of best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MNC to monitor the
rating(s) vide e-mail communications/letters dated December 17,
2018, December 11, 2018, November 20, October 23, 2018,
October 3, 2018, etc. 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. CARE's
ratings on MNC Electricals Private Limited's bank facilities will
now be denoted as CARE B+; Stable/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 rating(s).

The rating has been revised by taking into account non-
availability of information and no due-diligence conducted due to
non-cooperation by MNC Electricals Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE
views information non-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 December 15, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations and weak debt service coverage
indicators: The scale of operations has remained small as marked
by a total operating income and gross cash accruals of INR29.38
crore and INR0.68 crore respectively during FY17 (FY refer to
April 1 to March 31). The small scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. Further, during 7MFY18 refers to the period
(April 1 to October 31) the company has achieved a total
operating income of the INR21 crores.

The coverage indicators of the company stood weak as marked by
the interest coverage ratio and total debt to GCA of below 1.55x
and above 14x respectively for FY16 and FY17.

Working capital intensive nature of operations: The operations of
the company are working capital as marked by an operating cycle
of 94 days in FY17. The collection period of the company stood
elongated at 157 days in FY17 as there is generally delay in
realization owing to lengthy clearance process with the
government departments. Further, the company is required to
maintain adequate inventory in the form of raw materials for
smooth running of its production process resulting in an average
inventory holding of 56 days in FY17. The high working capital
requirements were largely met through high payable period and
bank borrowings, which had almost full utilization of the
sanctioned fund based borrowings for 12 months period ended
November 2017. Furthermore, low current ratio as on the last
three balance sheet dates also reflects working capital intensive
nature of operations.

Competitive nature of industry coupled with business risk
associated with tender-based orders: MNC faces direct competition
from various organized players and unorganized players in the
market. There are number of small and regional players and
catering to the same market, which can exert pressure on its
margins. The company undertakes contracts from government
departments, which are awarded through the tender-based system.
The company is exposed to the risk associated with the tender-
based business, which is characterized by intense competition.
The growth of the business depends on its ability to successfully
bid for the tenders and emerge as the lowest bidder. Further, any
changes in the government policy or their spending on projects
are likely to affect the revenues of the company.

Key Rating Strengths

Experienced management: MNC's business operations are being
managed by Mr. Man Singh, Mr. Deepak Chaudhary and Mrs. Seema
Chaudhary. Mr. Man Singh is a graduate by qualification and has
almost four decades of experience in the electrical equipment
industry through his association with MNC and Dakshin Haryana
Bijli Vitran Nigam. Mr. Deepak Chaudhary is an engineer by
qualification and has more than half a decade of experience
through their association with MNC. Mrs. Seema Chaudhary is a
graduate by qualification and around half a decade of experience
in the electrical equipment industry through her association with
MNC.

Moderate profitability margins and capital structure: The
profitability varies with each project owing to varying margins
in the different projects undertaken by the company. The
profitability margins of the company stood moderate for the
period FY15-FY17 as marked by PBILDT margin of 8.13% in FY17. Due
to higher provisioning of deferred tax, the company reported net
losses in FY17. However, the gross cash accruals stood at INR0.68
crores in FY17.

The capital structure stood moderate on the balance sheet date of
last three financial years (FY15-FY17) and the overall gearing
ratio stood below unity on the said dates.

Haryana based, MNC Electricals Private Limited (MNC) was
incorporated on May 02, 2005 and is currently being managed by
Mr. Man Singh, Mr. Deepak Chaudhary and Mrs. Seema Chaudhary. MNC
is engaged in the trading and installation of electrical
equipments (electric poles, electric meters and high voltage
transformers etc). The company primarily executes contracts for
state electricity boards. Jyoti Electroctrack Private Limited is
a group associate and is also engaged in trading and installation
of electrical equipments.


NITYASHRADDHA LIFECARE: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Nityashraddha
Lifecare Private Limited (NLPL) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term        8       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with NLPL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 NLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NLPL 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 NLPL continue to be 'CRISIL B/Stable Issuer not
cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NLPL and Nityashraddha Lifecare (NL),
together referred as the NL group. This is because NL has
extended loan and property to NLPL.

Incorporated in 2013 and promoted by Dr. Thakur and Mr. Deshpande
and their families, the NL group is setting up a 100-bed multi-
speciality hospital in Pune.


OM GRAM: Ind-Ra Maintains 'D' LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Om Gram Udyog
Samiti's bank facilities in the non-cooperating category. The
issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR9.74 mil. Term loan (long-term) due on July 2021
    maintained in non-cooperating category with IND D (ISSUER
    NOT COOPERATING) rating; and

-- INR15 mil. Working capital facility (long-term) maintained in
    non-cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 11, 2017. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Om Gram Udyog Samiti was registered under the Registrar of
Societies in May 2001. The promoters are looking to set up a par
boiled rice unit of two ton capacity at Village Ramgarh Sanduan,
Punjab.


OSHO FORGE: CRISIL Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Osho Forge Limited
(OFL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            40        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Overdraft               5        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      9        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with OFL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 OFL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OFL 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 OFL continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of OFL and Emson Gears Ltd (EGL). This is
because these companies, collectively referred to as the Emson
group, operate in the same line of business and are under a
common management. OFL manufactures gears, crown wheels, and
pinions, all of which are used as raw material by EGL. CRISIL
used to consolidate Osho Gears and Pinion Ltd (OGPL) also,
however, the same is now merged with EGL.

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

The Emson group comprises EGL and OFL. EGL was established as a
partnership firm, Emson Sales, in 1981. The firm, founded by Mr.
Ashok Kumar Dhall and Mr. Vimal Dhall, manufactures gears and was
reconstituted as a limited company in 1981. In 1993, the group
established OFL to implement vertical integration into the
forgings segment. In the same year, another facility to
manufacture gears and pinions was set up under OGPL, the same is
now merged with EGL.


PARTHAS: CARE Reaffirms B+ Rating on INR19.54cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
M/s. Parthas (Parthas), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           19.54       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned factors in similar scale of operations in
FY18, as marked by the total operating income of the firm,
marginally improved although thin profitability margins,
improvement in working capital cycle and deterioration in capital
structure and debt coverage indicators. The rating continues to
be tempered by small size of operations as measured by net-worth,
concentration risk with the revenue stream limited to one
showroom, intensifying competition in the city, working capital
intensive nature of operations and constitution being a
partnership concern with risks of continuity of business and
withdrawal of capital.

The ratings, however, continue to derive strength from long
experience of the partners in the same line of business and long
operational track record of the firm, favourable market image for
the showroom in the locality and established relationship with
suppliers of renowned brands.

Going forward, the firm's ability to improve its scale of
operations and effective management of working capital
requirements remains the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small size of operations as measured by net-worth: The scale of
operations continues to remain small as measured by the net-worth
of the firm which stands negative as on March 31, 2017 and
March 31, 2018 because of capital withdrawal and profitability.

Deterioration in capital structure and debt coverage indicators:
The capital structure of the firm stood negative through FY17 and
FY18, as in FY16, the firm made a payment of compensation to an
ex-partner from the present partner's capital account. Further,
the partners withdrew capital to the extent of INR2.38 crore
during FY18 resulted in further deterioration of net worth.
The debt coverage indicators of the firm marked by Total debt/GCA
and interest coverage ratio also deteriorated and stood at 13.65x
and 1.69x respectively in FY18 as against 9.93x and 1.79x in FY17
on account of decrease in gross cash accruals and net-worth of
the firm along with an increase in the total debt and interest
expense during the year, taken for the construction of building
for the expansion of the showroom. Total debt/cash flow from
operations also deteriorated and stood at 7.08x in FY18 as
compared to 4.08x in FY17 on back of reduced cash flows because
of a delay in receivables and increase in current liability
position during the year.

Constitution being a partnership concern with risks of continuity
of business and risk of withdrawal of capital and limited
resources of the partners: Constitution as a partnership firm has
the inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency which can adversely
affect its capital structure. Furthermore, partnership firms have
restricted access to external borrowings as credit worthiness of
the partners would be key factors affecting credit decision for
the lenders. The partners withdrew capital to the extent of
INR2.38 crore during FY18.

Key Rating Strengths

Marginal growth in total operating income: The total operating
income of the firm marginally improved by 0.52% during FY18 and
stood at INR70.93 crore as compared to INR70.56 crore in FY17 on
account of increased sales made by the firm.

Marginal improvement in profitability margins: The profitability
margins remained thin during the review period. The PBILDT margin
improved from 10.65% in FY17 to 11.03% in FY18 on account of
increase in PBILDT in absolute terms backed by a decrease in
employee costs and other expenses like office expenses,
refreshments etc . However, the PAT margin decreased from 2.01%
in FY17 to 1.18% in FY18 on account of an increase in the
interest charges during the year on back of increase in the total
debt taken for the construction of building for the expansion of
the showroom.

Improved working capital cycle: The operating cycle of the firm
improved and stood comfortable at 19 days in FY18 compared to 36
days in FY16 and 26 days in FY17. Parthas procures finished
garments from its purchasing office, Rajulus at Mumbai and other
renowned suppliers across the country. The procured garments are
stored as inventory and displayed in the showroom for final
sales. Since the stock is cleared based on the demand of
garments, the inventory period stood elongated at 135 days and
the firm predominantly sells on cash and carry basis. The firm
enjoys a credit period up-to 2-3 months from its suppliers
because of established relationship. The working capital facility
was utilized in full for the last 12 months ended November 30,
2018.

Long experience of the partners in the same line of business and
long operational track record of the firm: The promoter family
has been engaged in the business of retailing of
textile/readymade garments for over five decades. Currently, the
firm is being managed by second-generation entrepreneurs wherein
all the partners possess considerable experience in the line of
business. The partners collectively oversee the strategic as well
as the daily operations of the firm. The firm is part of the
Parthas Group, engaged in retailing of textiles primarily in the
Kerala market. The Parthas Group was promoted in 1960 by (Late)
Mr. Lakshmana Reddiar and (Late) Mr. Sreenivasa Reddiar
(brothers-in-law) at Kottayam.

Favorable market image for the showroom in the locality: Having
started operations in Trivandrum in 1981, the firm has been able
to develop a favourable image for the 'Parthas' brand and enjoys
good patronage amongst customers in the region. The store
benefits from being located in a commercial hub at the heart of
the Trivandrum city, easily accessible by road and rail transport
which provides ample visibility.

Established relationship with suppliers of renowned brands: The
suppliers of Parthas mainly comprise of renowned garments
suppliers including the likes of Aditya Birla Nuvo, Raymonds,
Zodiac Clothing Company and others. The firm has been able to
establish a strong relationship with its suppliers allowing it to
source the garments at competitive rates. Also, the firm get
supplies from its purchasing unit, Rajulus in Mumbai.

Liquidity Analysis: The current ratio of the firm stood at 1.06x
as on March 31, 2018 as compared to 0.88x as on March 31, 2107
due to relatively high account receivable and inventory compared
to account payable and working capital bank borrowings. The firm
had a cash and bank balance of INR 0.40 crore as on March 31,
2018. However, the liquidity position of the company is stressed
considering high account payables and low cash balance. The
unutilized portion of cash credit facility remains almost nil on
an average for the 12-month period ending November 30, 2018.

M/s. Parthas (Parthas) is a partnership firm engaged in retailing
of branded garments, home textiles, cosmetics, furniture and
upholstery through its retail showroom having an area of about
50,000 sq. ft. located at the centre of Trivandrum city in
Kerala. The firm is part of the Parthas Group, engaged in
retailing of textiles primarily in the Kerala market. The Parthas
Group was promoted in 1960 by (Late) Mr. Lakshmana Reddiar and
(Late) Mr. Sreenivasa Reddiar (brothers-in-law) at Kottayam. At
present, Mr. Arjunan, Mr. Viswanathan and Mr. Rajakrishnan, sons
of (L) Mr. Sreenivasa Reddiar along with Mr. Lakshman (S/o. Mr.
Nagarjulu), Mr. Avinesh Arjunan and Mr. Abhishek Arjunan, sons of
Mr. Arjunan are the partners of the firm managing the day-to-day
operations as well as attending to strategic matters. Besides the
showroom at Trivandrum, the family also operates another textile
retail showroom at Kottayam, Kerala and Nagercoil, Tamil Nadu
under the constitution of another partnership firm.


R.H. SOLVEX: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed R.H.Solvex
Private Limited's (RHSPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits affirmed with
    IND BB+/Stable rating;

-- The IND BB+ rating on the INR20.2 mil. Term-loan due on March
    2021 are withdrawn (repaid in full); and

-- The IND BB+ rating on the INR0.30 mil. Non-fund-based limit
    are withdrawn (repaid in full).

KEY RATING DRIVERS

The affirmation reflects RHSPL's continued small scale of
operations and modest operating margin, as reflected from its
revenue of INR857 million in FY18 (FY17: INR887 million) and
operating margin of 2.7% (2.34%) with ROCE of 10%, respectively.
The decline in the revenue was mainly because of a fall in prices
of the finished goods. However, the operating margin improved due
to lower raw materials costs. The company faces high competition
because of the presence unorganized players in the markets.

The ratings however are supported by the company's strong credit
metrics, supported by low debt levels. Interest coverage was 4.7x
in FY18 (FY17: 2.94x) and net financial leverage was 2.5x
(4.79x). The improvement in the credit metrics was mainly due to
a reduced debt level leading to lower interest expenses.

The ratings are further supported by RHSPL's strong liquidity
profile, as reflected from its average working capital
utilization of 10% during the 12 months ended December 2018.
Also, the cash flow from operations was INR42.73 million in FY18.

Moreover, the company has proximity to the soya seed market and
its promoters have longstanding relationships with customers and
suppliers.

RATING SENSITIVITIES

Negative: A negative rating action may result from any
deterioration in the credit metrics.

Positive: A positive rating action may result from any
substantial improvement in the scale of operations, along with
any improvement in the credit metrics.

COMPANY PROFILE

Incorporated in September 2010, RHSPL is promoted by Harman
Prasad Agrawal, Meena Agrawal, Rohit Agrawal and Rahul Agrawal.
The company manufactures de-oiled soya cakes and refined soybean
oil.


SRI VENKATA: CRISIL Raises Rating on INR12cr Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sri Venkata Vamsi Krishna Timbers (SVVKT) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and reaffirmed the short-term rating at
'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit        3        CRISIL A4 (Reaffirmed)

The upgrade reflects substantial growth in revenue in fiscal 2018
after commercial operations began in January 2017. Operating
income increased to INR22.5 crore in fiscal 2018 from INR0.88
crore in the previous fiscal, which led to an improvement in net
cash accrual to INR0.48 crore from INR0.03 crore. Though working
capital requirement increased sharply because of ramp-up in
operations in fiscal 2018, capital infusion by partners resulted
in a moderate capital structure, with gearing of 2 times on
March 31, 2018. Sustaining healthy revenue growth while
maintaining its operating margin and improvement in working
capital cycle will be a key monitorable.

The ratings reflect SVVKT's modest scale of operations in a
fragmented industry, large working capital requirement, average
financial risk profile and exposure to intense competition in the
timber trading segment. These weaknesses are partially offset by
the extensive experience of its promoters in the timber trading
business.

Analytical Approach

Unsecured loans of INR23.98 lakh as on March 31, 2018, are
treated as debt as these bear interest.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Despite healthy revenue growth in
the first year of operations, scale remained small (turnover of
INR22.45 crore) because of intense competition. Though revenue
may increase over the medium term, it is expected to remain
subdued.

* Large working capital requirement: Gross current assets were
315 days as on March 31, 2018, because of large inventory and
stretched receivables of 45 days and 219 days, respectively.

* Average financial risk profile: Networth was small at INR5.26
crore and gearing moderate at 2 times, as on March 31, 2018. Debt
protection metrics were muted, with interest coverage and net
cash accrual to total debt ratios of 1.9 times and 0.05 time,
respectively, in fiscal 2018.

Strength

* Extensive experience of promoters: Presence of around four
decades in the timber trading segment has enabled the promoters
to establish strong relationship with customers and suppliers.

Outlook: Stable

CRISIL believes SVVKT will continue to benefit from its
promoters' extensive experience. The outlook may be revised to
'Positive' in case of a substantial and sustained improvement in
revenue and profitability, and if efficient working capital
management results in a better financial risk profile. The
outlook may be revised to 'Negative' in case of a steep decline
in operating margin, or if capital structure deteriorates because
of large, debt-funded capital expenditure or further stretch in
working capital cycle.

Liquidity

Liquidity is expected to be stretched because of working capital-
intensive operations. However, absence of any major term debt and
cushion available in bank limit (utilised at 36.3% during the 12
months ended September 2018) are likely to support liquidity.
Current ratio was moderate at 1.35 times on March 31, 2018.
Moreover, promoters will continue to extend need-based funding
support.

Established in December 2016 as a partnership firm by Mr Murthy
and family, SVVKT trades in timber logs.


TRIBHUWAN NARAYAN: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Tribhuwan Narayan
Singh (TNS) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         10        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            10        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with TNS for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 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 TNS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TNS 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 TNS continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Established in 1991 as a proprietorship firm by Mr Tribhuwan
Narayan Singh and currently managed by his son, Mr Abhishek
Singh, TNS is based in Ghazipur, Uttar Pradesh, and constructs
roads and bridges for government departments in Uttar Pradesh and
Jharkhand.


Z.H. INDUSTRIES: CARE Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CARE said the ratings assigned to the bank facilities of Z.H.
Industries Private Limited are primarily constrained by its small
scale of operations, leveraged capital structure, working capital
intensive nature of operations and stressed liquidity position,
susceptibility of margins to fluctuation in raw material prices
and highly competitive nature of industry. The ratings, however,
draws comfort from experienced promoters and moderate
profitability margins.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       20.00       CARE B; Stable Issuer Not
   Facilities                       Cooperating; Based on best
                                    available information

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The scale of operations of the company
stood small marked by TOI and GCA of INR23.29 crore and INR1.26
crore respectively for FY17 (FY refers to the April 1 to
March 31). Further, the company's net worth base was small at
INR3.41 crore as on March 31, 2017. The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits.

Leveraged capital structure: The capital structure marked by
overall gearing ratio stood leveraged on the balance sheet date
of last 3 financial years (FY15-FY17) due to low net worth base
of the company. The overall gearing ratio stood at 2.06x as on
March 31, 2017 as against 2.60x as on March 31, 2016 on account
of repayment of term loan and lower working capital utilization
as on Balance Sheet date coupled with accretion of profits in to
the reserves.

Working capital intensive nature of operations & stressed
liquidity positions: The company maintains adequate inventory of
raw material of around 1-2 months for smooth execution of the
projects. The company extends credit period of around 2 months to
its customers due to competitive industry. However it receives
the payment with delays due to procedural delays in clearance of
payments from PSUs and other government entities which resulted
into average collection period of 85 days for FY17. However, the
company receives an average payable period of around a month from
its suppliers. All this led to high rely on external borrowings
to meet its working capital requirement.

Susceptibility of margins to fluctuation in raw material prices:
ZIPL is exposed to volatility in input prices in the absence of
any long-term contract with suppliers. Time lag between the
procurement of raw material and bagging up of order exposes ZIPL
to volatility associated with raw material prices. Further ZIPL
is not able to pass on the rise in raw material prices to its end
consumer due to stiff competition.

Highly competitive nature of industry: ZIPL operates in a highly
fragmented industry marked by the presence of a large number of
players in the unorganized sector. Further, with presence of
various players, the same limits bargaining power which exerts
pressure on its margins.

Key Rating Strengths

Experienced Promoters: ZIPL is currently being managed by Mr.
Zakir Hussain and Mrs. Mehrun Nisa. Mr. Zakir Hussain a graduate
by qualification has an experience of around two and half decades
in manufacturing of steel products through his association with
the entity. Mrs. Mehrun Nisa, a graduate by qualification has an
experience of around one and half decade in this business through
her association with the entity.

Moderate profitability margins: The profitability margins of the
company stood moderate for the past three financial year i.e.
FY15-FY17. PBILDT and PAT margins stood moderate at above 10.00%
and 2.10% respectively for last two financial years (i.e. FY16-
FY17).

Ghaziabad, Uttar Pradesh based ZH Industries Private Limited
(ZIPL) was incorporated in 2014. ZIPL succeeded an erstwhile
proprietorship firm named M/s ZH Industries established in 2004
by Mr. Zakir Hussain. The company is currently being managed by
Mr. Zakir Hussain and Mrs. Mehrun Nisa. ZIPL is engaged in
manufacturing of steel products such as steel stair cases, Steel
Girder, Steel Shuttering, etc. Further the company is engaged in
providing Bridge Fabrication Services, foot bridge fabrication
services, etc.

Zum Zum Cold Storage Private Limited is an associate concern of
Z.H. Industries Private Limited engaged in providing cold storage
services.



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


ALAM SUTERA: Fitch Assigns B(EXP) Rating to New USD Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based homebuilder PT Alam
Sutera Realty Tbk's (ASRI, B/Stable) proposed US dollar senior
unsecured notes an expected rating of 'B(EXP)' and a Recovery
Rating of 'RR4'. The notes will be issued by ASRI's wholly owned
subsidiary, Alam Synergy Pte Ltd, and guaranteed by ASRI and
certain subsidiaries.

The notes are rated at the same level as ASRI's senior unsecured
rating as they represent unconditional, unsecured and
unsubordinated obligations of the company. The notes also include
a 'permitted priority indebtedness' clause that allows the
company to issue secured debt of up to 15% of total assets. Fitch
does not believe this level of debt will impair ASRI's senior
unsecured creditors. This is because Fitch expects the overall
secured debt to be less than 2.5x of prospective EBITDA in 2019
and the Recovery Rating, based on a scenario of maximum allowable
secured debt, to remain at 'RR4'. The final rating on the notes
is contingent upon the receipt of final documents conforming to
information already received.

Fitch believes ASRI's financial profile will remain unchanged and
consistent with its ratings as the new notes will mainly be used
to refinance its outstanding USD235 million senior unsecured
notes, which are due in 2020, and to extend the maturity profile
of the company's debt, allowing it more flexibility to manage
cash flows.

KEY RATING DRIVERS

Elections to Affect Demand: Fitch forecasts ASRI will book
presales of around IDR3 trillion in 2019 (9M18: IDR3.6 trillion),
slightly less than half of which are likely to be from contracted
land sales to its Chinese development partner, China Fortune Land
Development Co., Ltd. (CFLD; BB+/Stable), and the remainder from
the sale of existing inventory and new project launches in the
Alam Sutera and Suvarna Sutera townships. Fitch's forecast of
lower presales yoy in 2019 reflects short-term demand risks due
to the upcoming Indonesian presidential elections in April 2019.
Fitch believes the political uncertainty may deter consumers from
big-ticket purchases, such as property, and lead to weak
presales.

Land Sales Increase Concentration: ASRI's liquidity has benefited
from its partnership with CFLD in its Suvarna Sutera township
project in Pasar Kemis, under which CFLD buys raw, zoned land
from ASRI's extensive local land bank. This strategy does,
however, make ASRI's cash flow more dependent on a single buyer.
The land sales have helped plug slow presales in a market facing
challenges from continued supply growth, but it has been at the
cost of lowering operating cash flow quality and overall
realisation from the company's land bank. CFLD's involvement will
accelerate the achievement of critical mass for a development
located on the outer edge of greater Jakarta, but ties ASRI's own
land bank in the area more closely to the development success or
failure of a third party.

Shift in Development Strategy: Fitch believes ASRI's new
developments may have a more balanced mix of landed and high-rise
properties, where ASRI has a shorter track record. 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 new developments may be more geared towards high-rise units.
Nevertheless, this is balanced by the landed residential projects
that the company plans to launch 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, whose redevelopment will be timed to
match sales from the completed The Tower.

Established Township, Solid Land Bank: The company has a sizeable
low-cost land bank and an established domestic franchise, with
close to 20 million square metres of land available for
development with a carrying value of over IDR10 trillion at end-
September 2018. ASRI still benefits from around 120 hectares of
prime development land bank within the original Alam Sutera
township, plus adjacent land purchased or under negotiation for
purchase from fellow developer, PT Modernland Realty Tbk
(B/Stable), and other land owners.

DERIVATION SUMMARY

ASRI's Long-Term Issuer Default Rating may be compared with those
of peers such as Modernland and PT Kawasan Industri Jababeka Tbk
(B/Stable). ASRI's established record in residential development
is a key differentiating factor to Modernland. Fitch believes
ASRI has a better record of selling residential properties and a
larger land bank to support sales compared with Modernland.
Still, Modernland has demonstrated stronger sales execution
during recent downturn. These reasons, combined with both
companies' similar presales scale, support their ratings at the
same level. Modernland's lower leverage profile also offsets
ASRI's wider profit margins.

Fitch believes Jababeka's development profile is weaker than that
of ASRI.  Jababeka's main estate in Cikarang is better located
and more mature compared with ASRI's township in Pasar Kemis but
there is also a greater degree of competition in the area and
therefore higher demand risk. 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, Fitch 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.

KEY ASSUMPTIONS

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

  - Annual property presales of around IDR3 trillion in 2019

  - EBITDA margins to remain around 50% in the next two years
    (9M18: 54%)

Key Recovery Rating assumptions:

  - The recovery analysis assumes ASRI will be liquidated in a
bankruptcy rather than continue as a going-concern because it is
an asset-trading company

  - To estimate liquidation value Fitch has assumed a 75% advance
rate against the value of accounts receivable and a 50% advance
rate against inventory and fixed assets. Fitch believes the
company's reported land bank value, which is based on historical
land cost, is at a significant discount to current market value
and, thus, is already conservative

  - Fitch has assumed that ASRI's approximately IDR1 trillion of
secured bank loans outstanding as of September 2018 will rank
prior to its USD480 million senior unsecured notes in a
liquidation

  - Fitch has deducted 10% of the resulting liquidation value for
administrative claims

  - The above estimates result in a recovery of 91%-100% of
ASRI's unsecured debt, corresponding to a 'RR1' Recovery Rating
for the senior unsecured notes. Nevertheless, Fitch has rated the
senior notes at 'B' with a Recovery Rating of 'RR4' because under
Fitch's Country-Specific Treatment of Recovery Ratings criteria,
Indonesia falls into 'Group D' of creditor friendliness.
Instrument ratings of issuers with assets in this group are
subject to a soft cap at the issuer's IDR

RATING SENSITIVITIES

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

  - Annual presales, including sales to CFLD, sustained at more
    than IDR3.5 trillion

  - Net debt/adjusted inventory sustained below 50%

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

  - Net debt/adjusted inventory above 60% for a sustained period
    (9M18: 46%)

  - Significant weakening in liquidity

LIQUIDITY AND DEBT STRUCTURE

Ongoing Refinancing: As of September 2018, ASRI had a cash
balance of around IDR560 billion compared with around IDR440
billion of maturing short-term bank loans. ASRI also has USD235
million of bonds maturing in March 2020, which it plans to partly
refinance by using the proceeds of the proposed new issuance. If
successful, the company's debt maturity profile will be partially
extended, allowing the company greater flexibility to manage cash
flow and shore up liquidity. Nevertheless, liquidity is a key
factor and failure to successfully address the 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.
ASRI also employs corridor hedging for its US dollar bonds, which
represent around 85% of its debt, helping defray foreign-currency
exposure arising from a dollar-funded, rupiah-income profile.


ALAM SUTERA: S&P Assigns 'B' Rating to New Sr. Unsecured Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating on the
proposed senior unsecured notes to be issued by PT Alam Sutera
Realty Tbk.'s (Alam: B/Watch Neg/--) special-purpose vehicle,
Alam Synergy Pte. Ltd. The issuer credit rating and CreditWatch
status on the Indonesia-based property developer are not affected
by the company's proposed issuance. Alam will unconditionally and
irrevocably guarantee the proposed notes.

The bulk of the proceeds will go toward refinancing US$235
million notes due in March 2020, with some allocated to
transaction expenses and general corporate purposes.

The proposed transaction, if successful, would partially
alleviate near-term liquidity pressure on Alam, and extend the
company's debt-maturity profile. The CreditWatch status remains,
pending the refinancing plan of remaining 2020 notes in the next
four to eight weeks.

S&P said, "The CreditWatch placement indicates a one-in-two
likelihood that we could downgrade Alam in the next four to eight
weeks unless the company makes substantial progress in addressing
the refinancing of its March 2020 notes. In resolving the
CreditWatch, we will assess Alam's progress in refinancing its
debt maturities and the extent to which this alleviates pressure
on its liquidity and weakness in its capital structure.

"Alternatively, we could affirm the rating at the current level
if the company refinances most of its 2020 notes in the next four
to eight weeks with long-term debt. A rating affirmation would
also entail steady property sales and cash collection, prudent
investments, sufficient liquidity, and an EBITDA interest
coverage of sustainably above 2.0x."


ALAM SYNERGY: Moody's Rates Sr. Unsec. Notes B2, Outlook Neg.
-------------------------------------------------------------
Moody's Investors Service has assigned a backed senior unsecured
rating of B2 to the proposed senior unsecured notes to be issued
by Alam Synergy Pte. Ltd. The proposed notes are guaranteed by
Alam Sutera Realty Tbk (P.T.) (B2 negative) and most of its
subsidiaries and rank pari passu with the 2020 notes and 2022
notes.

The rating outlook is negative.

Alam Sutera will use the net proceeds from the proposed issuance
towards partial refinancing of its 2020 notes and general
corporate purposes.

RATINGS RATIONALE

"The rating on the notes is in line with Alam Sutera's B2
corporate family rating, as the proposed notes are not exposed to
either legal or structural subordination risk," says Jacintha
Poh, a Moody's Vice President and Senior Credit Officer.

At October 31, 2018, 89% of Alam Sutera's total debt was
unsecured, and the majority of Alam Sutera's borrowings were at
the holding company. Furthermore, the notes are guaranteed by all
major subsidiaries.

"The successful issuance of the proposed notes would be credit
positive, because it will improve Alam Sutera's liquidity, and
partially address the company's refinancing risk," adds Poh, who
is also Moody's Lead Analyst for Alam Sutera.

Alam Sutera held cash and cash equivalents of IDR408 billion ($27
million) at October 31, 2018. While Moody's expects the company
to generate around IDR1.7 trillion in cash from operations in
2019, Alam Sutera will not accumulate sufficient cash to cover
the repayment of its $235 million notes in March 2020.

Moody's expects Alam Sutera's adjusted debt/homebuilding EBITDA
will remain around 3.5x in 2019 while the company's homebuilding
EBIT/interest expense will weaken to around 3.3x from 3.6x for
the 12 months ended September 30, 2018.

Alam Sutera's B2 ratings reflect the company's ownership of a
large and low-cost land bank, a situation which has allowed it to
generate strong gross profit margins exceeding 50%. The ratings
also take into account the increased volatility in Alam Sutera's
earnings and cash flow over the last two years, driven by larger
contributions from one-off transactions instead of income from
the company's core business of property development.

The ratings are constrained by Alam Sutera's small scale and
limited geographic diversity. The company is also exposed to the
cyclical property sector, with limited contributions from the
more stable, recurring income stream from its investment
properties.

The negative outlook on Alam Sutera's ratings reflect Moody's
expectation that the company's liquidity will weaken
significantly over the next 12-18 months, owing to the maturity
of its 2020 notes.

Given the negative ratings outlook, Moody's will unlikely upgrade
Alam Sutera's ratings over the next 12-18 months.

Nevertheless, the ratings outlook could return to stable if the
company: (1) successfully refinances its $235 million bond due
March 2020; (2) continues to execute its business plans, in
particular, its land sales to China Fortune Land Development Co.,
Ltd (CFLD); and (3) maintains stable financial metrics, such that
adjusted debt/ homebuilding EBITDA is below 5.0x and adjusted
homebuilding EBIT/interest expense is above 2.0x.

Moody's could downgrade the ratings if Alam Sutera's financial
and liquidity profiles weaken owing to: (1) an inability to
proactively address the refinancing of its $235 million bond due
March 2020; (2) a failure to execute its business plans, in
particular, its land sales to CFLD; (3) a deterioration in the
property market, leading to a protracted weakness in the
company's operations; and (4) a material depreciation in the
Indonesian rupiah, which could increase the company's debt
servicing obligations.

Metrics indicative of downward ratings pressure include: (1)
adjusted debt/homebuilding EBITDA exceeding 5.0x; (2) adjusted
homebuilding EBIT/interest expense falling below 2.0x; or (3)
insufficient cash to cover short-term debt obligations.

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

Established in November 1993 and listed on the Indonesian Stock
Exchange in December 2007, Alam Sutera Realty Tbk (P.T.) is an
integrated property developer in Indonesia that focuses on the
sale of land lots in accordance with township planning
requirements, as well as property development in residential and
commercial segments in Indonesia. At September 30, 2018, the
family of The Ning King owned around 47% of the company.


SOECHI LINES: Fitch Lowers LT IDR to B, Outlook Stable
------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based tanker operator PT
Soechi Lines Tbk's (Soechi) Long-Term Issuer Default Rating to
'B' from 'B+'.  The Outlook on the rating is Stable.

Fitch has also downgraded the rating on the USD200 million 8.375%
senior unsecured notes due 2023 issued by wholly owned subsidiary
Soechi Capital Pte. Ltd., and guaranteed by Soechi and all its
operating subsidiaries, to 'B' from 'B+'. The Recovery Rating for
the notes is 'RR4'.

The rating action follows an increase in Soechi's leverage in
2018. Soechi's annualised FFO adjusted net leverage as of 9M18
rose to above 5x from 4.6x in 2017. Fitch said previously it will
consider negative rating action if Soechi is unable to reduce
leverage to 4x or lower by 2018. Fitch estimates Soechi's
leverage will stay above 4x over the next three years, which
indicates a weaker financial profile. Soechi's leverage increase
in 9M18 was due to higher shipping capex despite a flat EBITDA,
both of which were worse than its expectations.

Soechi's management has stated it plans to lower growth-related
spending and utilise higher EBITDA from past fleet growth to
deleverage. Fitch expects some moderation in leverage from
current levels on account of lower spending on ship acquisitions.
However, the company's long-term intention to expand its fleet in
line with domestic demand presents a risk to its forecasts.
Soechi's relatively stable shipping business, underpinned by its
robust position and regulatory protection in a steadily growing
market, continues to lend support to its rating despite
persistent underperformance at its shipyard, which is the
underlying reason for its relatively high leverage profile.

KEY RATING DRIVERS

High Shipping Capex, Flat EBITDA: Weaker-than-expected EBITDA and
high capex at Soechi's shipping segment, which contributes over
95% of consolidated EBITDA, were the key reasons for the increase
in leverage in 9M18. Soechi's shipping capex, including docking
costs, of over USD70 million in 9M18 was significantly higher
than its earlier estimate of around USD50 million for the whole
of 2018. Soechi spent on the conversion of one of its ships as
well as the purchase of two vessels. It also sold one ship during
the year, which had a negative impact on EBITDA. Soechi's trade
receivables also increased in 9M18 due to administrative changes,
including novation of certain contracts, by key customer PT
Pertamina (Persero) (BBB/Stable), which resulted in higher
working-capital requirements.

Soechi plans to cut its growth capex in 2019 to reduce leverage
and Fitch thinks the company has the ability to do so. The
company has also stated that the novation of contracts with
Pertamina has been completed and this should improve its working
capital position in 2019.

Shipyard Remains a Drag: Soechi has invested around USD200
million in its shipyard, which began operations in 2012. However,
annualised 9M18 EBITDA remained weak at USD2 million, resulting
in a significant drag on the consolidated leverage profile.
Soechi last secured shipbuilding contracts in 2015 and has had to
postpone delivery of orders due to delays in construction and
inspections. The company now plans to deliver the two remaining
ships under construction by 2Q19. Thereafter, Soechi is likely to
seek new shipbuilding contracts and focus on increasing earnings
from the repair and maintenance segment, which started generating
revenue in 3Q18. Despite a lack of visibility, Fitch has assumed
a gradual flow of shipbuilding orders from 2019, likely to be
granted by the government.

Strong Shipping Business Fundamentals: Soechi's tanker capacity
is geared mainly towards transportation of oil and related
products for which demand growth is likely to be sustained.
Soechi's fleet capacity under longer-term time-charter contracts
was sustained at a relatively high level of 97% as of September
2018 (September 2017: 95%), improving cash flow stability. Soechi
is the largest independent tanker operator in a fragmented
domestic shipping industry with a large number of small players.
The industry participants enjoy protection from foreign
competition by cabotage laws - which mandate the use of
Indonesia-flagged vessels for domestic transportation, and limit
foreign ownership to 49% in joint ventures for operation of
Indonesia-flagged vessels.

Old Fleet, Small Size: The average age of Soechi's fleet
(weighted by capacity) is around 19 years, against a typical
useful ship life of 30 years. The company's fleet-age profile
corresponds with its strategy of operating older ships, which is
the norm in Indonesia's market. The average age of Indonesian-
flagged vessels is more than 20 years. However, older vessels are
generally more costly to maintain than more recently constructed
vessels, subject to lower utilisation rates due to their
increased maintenance requirements and more prone to operational
issues. Soechi's fleet of 40 revenue-earning ships as of
September 2018 is also small relative to global peers.

Customer Concentration, but Low Risk: Pertamina is the company's
largest customer, contributing 61% to Soechi's 9M18 revenue. This
exposes Soechi to the risk of Pertamina not renewing contracts,
not granting new contracts or defaulting on its payments.
However, Fitch believes these risks are significantly alleviated
by Soechi's long-standing relationship with Pertamina (Soechi's
predecessor companies have been contracted by Pertamina since
1981), Pertamina's robust credit profile, as well as Soechi's
leading market position and capex policy, which is tied to the
likelihood of new contracts.

Some Deleveraging, Negative FCF: Fitch estimates Soechi's FFO
adjusted net leverage will moderate to around 4.5x from 2019,
from above 5.0x in 2018. Shipping EBITDA should materially
improve in 2019 with full-year contributions from its modified
vessel and new acquisitions. Fitch has also assumed a lower capex
based on company guidance. However, Fitch does not expect a
drastic cut in Soechi's capex and have assumed further spending
on fleet growth based on its strategy to cater to growing tanker
demand in Indonesia. This is likely to result in sustained
negative free cash flow (FCF). A higher rate of expansion by
Soechi will be a risk to its leverage and credit profile.

DERIVATION SUMMARY

Soechi's rating can be compared with that of Russian shipping
company PAO Sovcomflot (BB/Positive), which is rated 'BB-' on a
standalone basis. Sovcomflot enjoys a one-notch uplift due to
strong support from the Russian government (BBB-/Positive).
Sovcomflot's IDR and its rating differential with Soechi is
underpinned by its robust business profile, comprising a leading
global position as tanker owner, a healthy share of long-term
contracts, a fairly young fleet and a diversified customer base.
Sovcomflot's fleet is much larger and more diversified than
Soechi's, resulting in an EBITDAR that was more than 8x that of
Soechi in 2017. Sovcomflot's FFO adjusted net leverage was higher
than Soechi's in 2017, but Fitch expects it to moderate to
similar levels.

KEY ASSUMPTIONS

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

  - Soechi's deadweight tonnage to increase by a CAGR of around
    4% over 2018-2021, which is lower than the growth rate of
    7% over 2014-2017.

  - Tanker day rates to stay flat.

  - Average annual capex, including upfront docking charges, of
    around USD60 million over 2019-2021.

  - Maintenance expenses to rise by 3% per year and salaries by
    5% per year from 2019, after adjusting for an increase in
    fleet size.

  - General and administrative expenses to increase by 9% per
    year from 2019.

  - Revenue from shipyard of USD12 million in 2019, increasing
    to USD23 million by 2021, driven by new shipbuilding orders
    and a gradual increase in ship-repair revenue.

The recovery analysis assumes that Soechi would be liquidated in
case of bankruptcy. Fitch has also assumed a 10% administration
claim.

Liquidation Value Approach

  - Its liquidation value of around USD300 million is at a
discount to the extrapolated appraisal value of Soechi's fleet,
based on the latest appraised value provided by a domestic
appraiser of USD132 million for select ships contributing 38% of
Soechi's fleet capacity, and is closer to the scrap value of the
ships given their old age.

  - Soechi had secured a syndicated bank loan of USD100 million
as of September 30, 2018. It also had unsecured debt consisting
of USD200 million of senior bonds and USD10 million of medium-
term notes. The medium-term notes are not secured by any assets,
only certain shares of Soechi held by the founders.

  - The waterfall results in a recovery of over 50% for the note
holders. However, Fitch has rated the senior unsecured bonds 'B'
with a Recovery Rating of 'RR4' because, under its Country-
Specific Treatment of Recovery Ratings Criteria, Indonesia falls
into Group D of creditor friendliness, and the instrument ratings
of issuers with assets located in this group of countries are
subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

  - FFO adjusted net leverage below 4x on a sustained basis

  - FFO fixed-charge cover remaining above 3x

  - No material deterioration of the operating environment

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

  - FFO adjusted net leverage above 5x on a sustained basis

  - FFO fixed-charge cover below 2x on a sustained basis

  - Substantial deterioration of the operating environment
    or weakening of liquidity

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: Soechi reported total debt of USD310
million as of September 30, 2018 compared with cash and cash
equivalents of USD17 million. While Soechi's debt maturities in
2019 and 2020, based on 9M18 data, were relatively small at USD12
million-13 million, the repayments for the syndicated bank loan
balloon to USD77 million in 2021. Based on its expectation of
negative FCF due to sustained spending on fleet growth, Soechi is
likely to require refinancing to address its debt maturities over
the next three years. Fitch thinks Soechi has the ability to
improve its liquidity position by cutting spending on ship
acquisitions.

Summary of Key Financial Statement Adjustments:

  - An operating lease multiple of 7.5x has been used based on
the weighted average of 8x multiple for vessel rental expenses,
which are denominated in US dollars, and 5x for office rental
expense in 2017.

  - Cash kept as collateral for loan facilities and reported as
"restricted" has been classified as readily available as it is
usable for debt repayment.

  - Docking expenses, which are amortised after incurrence, have
been added back to EBITDA. Cash expense for docking has been
deducted from capex and added to operating cash flow. Spending on
ship conversion has been excluded from operating cash flow and
treated as capex.

  - "Unbilled revenues" and "estimated earnings in excess of
billings on contracts" have been included in working capital -
given their conceptual similarity to trade receivables. Advances
and prepaid expenses have also been included in working capital.

  - Unamortised loan transaction costs have been added back to
debt.



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


COASTAL OIL: Cosco Hit by Alleged Debts from Liquidation
--------------------------------------------------------
Seatrade Maritime reports that Cosco Shipping International has
warned of a significant decrease in revenue amid an alleged fraud
involving debts owed by its indirect wholly-owned subsidiary to
embattled bunker supplier Coastal Oil Singapore.

According to Seatrade Maritime, the ship services arm of China
Cosco Shipping Corporation said in a statement to the Hong Kong
Stock Exchange that a number of banks have demanded repayment of
alleged debts owed by Sinfeng Marine Services to Coastal Oil.

"Based on preliminiary assessment, the management of Sinfeng is
of the view that the documents in relation to almost all of the
alleged debts are not genuine," Cosco Shipping International
asserted, the report relays.

Coastal Oil, which has filed for liquidation on December 13 last
year, is a major bunker fuel supplier of Sinfeng, the report
notes. Sinfeng is mainly engaged in the supply and trading of
marine fuel with network covering major ports such as Singapore
and in Malaysia.

For the financial year ended December 31, 2017 and financials for
the six months ended June 30, 2018, revenue generated from
Sinfeng represented approximately 66% and 69%, respectively, of
the revenue of Cosco Shipping International for the same
respective periods, Seatrade Maritime discloses.

"The management of Sinfeng has been using its best endeavours to
identify alternative suppliers to Coastal Oil Singapore and will
conduct a review of the business operations of Sinfeng (. . .),"
Cosco Shipping International stated, Seatrade Maritime relays.

"The board expects that the revenue of the group will decrease
significantly unless and until alternative suppliers to Coastal
Oil Singapore are identified. However, in light of the
insignificant profit contribution of Sinfeng, the board currently
does not foresee any material adverse impact on the group as a
result of the liquidation of Coastal Oil Singapore," it added.

According to documents obtained by specialist bunker media
Manifold Times, Coastal Oil Singapore owes a total debt of
approximately $357 million to 79 companies, Seatrade Maritime
discloses. Of the total, banks were the hardest hit taking up
about $354 million.

Coastal Oil is a subsidiary of Hong Kong-incorporated Coastal
Holdings and handles cargo trading, global oil product supply and
blending.

Coastal Oil Singapore Pte Ltd entered liquidation on Dec. 13,
2018.



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


* SOUTH KOREA: 11 Shippers Apply for Liquidity Support Program
--------------------------------------------------------------
Yonhap News Agency reports that South Korea's marine ministry
said Monday that 11 local small and medium-sized shipping firms
have applied for the government's sale and lease back program
(S&LB), part of its liquidity support scheme.

Yonhap relates that the Ministry of Oceans and Fisheries and
Korea Ocean Business Corporation said they have received
applications for 18 ships worth KRW341.5 billion (US$305 million)
in the first S&LB program of this year.

According to Yonhap, S&LB is the practice of buying assets from
companies and then leasing them back to the original owners. This
arrangement can allow companies to raise funds without disrupting
normal operations.

The government plans to shortlist the candidates by the end of
February and seek to provide shippers with funds starting March,
the report says.

The marine ministry said the program, which was carried out only
once in 2018, will be implemented three times in 2019 to provide
local small and medium-sized shippers with regular liquidity
support, Yonhap relays.

An official from the ministry said it plans to allocate around
KRW100 billion for the program for the whole of 2019, although
the amount may change depending on conditions, according to
Yonhap.

"The ministry plans to continue expand the scope of SL&B programs
and provide more support to cash-strapped small and medium-sized
shippers," the ministry, as cited by Yonhap, said in a statement.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
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related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

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

Copyright 2019.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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                 *** End of Transmission ***