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

                     A S I A   P A C I F I C

          Thursday, March 28, 2019, Vol. 22, No. 63

                           Headlines



A U S T R A L I A

AVE BICYCLE: Second Creditors' Meeting Set for April 4
CASA BOHEME: First Creditors' Meeting Set for April 4
CLAYPAVE PTY: First Creditors' Meeting Set for April 2
CLEVERTAR PTY: First Creditors' Meeting Set for April 4
KNIGHTLY CORP: In Liquidation; NewlyWeds Left Out of Pocket

LEMPRIERE GRAIN: Farmers May Have to Repay Money After Collapse
MACFIELD CONSTRUCTION: Second Creditors' Meeting Set for April 3
MAZ TECHNOLOGY: First Creditors' Meeting Set for April 4
NT BEVERAGES: Second Creditors' Meeting Set for April 3


C H I N A

CEFC CHINA: Ex-HK Official Sent to Prison in U.S. for Bribery
CIFI HOLDINGS: Fitch Rates $255MM Senior Notes Due 2024 'BB'
SHANDONG SANXING: S&P Cuts ICR to 'B+' on Short-Term Debt Reliance
ZHENRO PROPERTIES: S&P Rates New U.S. Dollar Senior Notes 'B-'


H O N G   K O N G

JUNFA PROPERTY: Fitch Assigns 'B+(EXP)' LT IDR & Sr. Unsec. Rating


I N D I A

AMBAL MODERN: CRISIL Maintains 'B+' Rating in Not Cooperating
ARM OVERSEAS: CRISIL Raises Ratings on INR28.75cr Loans to B+
AVIAN TECHNOLOGIES: CRISIL Maintains D Ratings in Not Cooperating
BIMLA RICE: CARE Revises B+ Rating from Not Cooperating Category
CAFE D'LAKE: Insolvency Resolution Process Case Summary

COIRFOAM INDIA: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
CREATIVE LIMITED: CRISIL Maintains D Ratings in Not Cooperating
DEEGEE COTYSN: Insolvency Resolution Process Case Summary
DEV MOTORS: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
GMR HYDERABAD: Fitch Gives 'BB+(EXP)' Rating to New $350MM Bond

GMR HYDERABAD: Moody's Affirms Ba1 CFR, Outlook Negative
GMR HYDERABAD: S&P Rates US$350MM Senior Secured Notes 'BB+'
GUDIMETLA SUNDARA: CRISIL Maintains D Rating in Not Cooperating
HIA EXPORTS: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
INDRESHWAR SUGAR: CRISIL Maintains D Rating in Not Cooperating

JAG VIDHYA: CRISIL Maintains 'D' Rating in Not Cooperating
JAI INDIA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
JMK JEWELS: CRISIL Maintains 'B+' Rating in Not Cooperating
LAL BABA: CRISIL Maintains B+ Rating in Not Cooperating Category
LAXMI MOULDS: CRISIL Maintains 'D' Ratings in Not Cooperating

LAXMI OPTICALS: CRISIL Maintains 'B-' Rating in Not Cooperating
LENZ CERAMIC: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
M.K. ROY: Ind-Ra Migrates 'BB' LT Issuer Rating to Non-Cooperating
M.P.S. STEEL: CRISIL Maintains 'D' Ratings in Not Cooperating
MALAXMI WIND: CRISIL Maintains 'D' Rating in Not Cooperating

MARS THERAPEUTICS: CRISIL Maintains D Ratings in Not Cooperating
METCUT TOOLINGS: CRISIL Maintains 'D' Ratings in Not Cooperating
MODERN OVERSEAS: CRISIL Maintains 'D' Rating in Not Cooperating
PARAS INDUSTRIES: CRISIL Maintains D Ratings in Not Cooperating
PROSTAR TEXTILE: CRISIL Withdraws D Ratings on INR13.87cr Loans

PVN TEX: Ind-Ra Affirms 'D' Long Term Issuer Rating
RENEW RG II: Fitch Rates $435MM Senior Secured Notes Due 2024 'BB'
S N TRADELINK: Ind-Ra Affirms BB+ Issuer Rating on INR155MM Loan
SESHSAYI FOODS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
SHIVANI TRENDZ: Ind-Ra Lowers Long Term Issuer Rating to 'D'

SHRI AMBICA: CRISIL Maintains 'D' Ratings in Not Cooperating
SRIKAR LABORATORIES: Ind-Ra Assigns 'D' Long Term Issuer Rating
VIJAYA LAKSHMI TOBACCO: CARE Assigns B+ Rating to INR9cr LT Loan
VIJAYA LAKSHMI: CARE Assigns B+ Rating to INR15cr LT Loan
VINAYAK SUPPORT: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating



N E W   Z E A L A N D

ARROW INTERNATIONAL: Owes More Than NZ$21MM, Administrators Reveal
PRIME BUILDING: In Liquidation; Owed NZ$1.33MM by Debtors


P A P U A   N E W   G U I N E A

CAPITAL GENERAL: A.M. Best Lowers Financial Strength Rating to C+


S I N G A P O R E

HYFLUX LTD: Survival in Doubt as Dispute with Rescuer Deepens


X X X X X X X X

[*] Top Law Firm Sees Cracks in Southeast Asia's Credit Markets

                           - - - - -


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

AVE BICYCLE: Second Creditors' Meeting Set for April 4
------------------------------------------------------
A second meeting of creditors in the proceedings of AVE Bicycle
Company Pty Ltd has been set for April 4, 2019, at 2:00 p.m. at the
offices of Regus, at Northbank Plaza, 22F/69 Ann Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 3, 2019, at 4:00 p.m.

Clifford John Sanderson of Restructuring Works was appointed as
administrator of AVE Bicycle Company on Feb. 28, 2019.


CASA BOHEME: First Creditors' Meeting Set for April 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Casa Boheme
Pty Ltd, trading as Casa Boheme, will be held on April 4, 2019, at
12:00 p.m. at the offices of Mackay Goodwin, at Level 2, 10 Bridge
Street, in Sydney, NSW.

Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Casa Boheme on March 26, 2019.


CLAYPAVE PTY: First Creditors' Meeting Set for April 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Claypave Pty
Ltd, trading as Claypave, and Claypave Holdings Pty Ltd will be
held on April 2, 2019, at 10:30 a.m. at the offices of Worrells
Solvency & Forensic Accountants, Level 1, 160 Brisbane Street, in
Ipswich, Queensland.

Adam Francis Ward of Worrells Solvency was appointed as
administrator of Claypave Pty on March 21, 2019.


CLEVERTAR PTY: First Creditors' Meeting Set for April 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Clevertar
Pty Ltd will be held on April 4, 2019, at 11:30 a.m. at the offices
of Pitcher Partners, at Level 1, 100 Hutt Street, in Adelaide, SA.


Michael Oscar Basedow of Pitcher Partners was appointed as
administrator of Clevertar Pty on March 25, 2019.


KNIGHTLY CORP: In Liquidation; NewlyWeds Left Out of Pocket
-----------------------------------------------------------
Wanneroo Times reports that newlyweds in Perth have lost thousands
of dollars after local wedding photographer Launch Film Productions
went out of business.

Launch Film's customers paid deposits and full amounts for upcoming
weddings with reports so far suggesting total losses of AUD450,000,
the report relays.

According to Wanneroo Times, Consumer Protection has received calls
and emails from about 90 people who have been left without their
photographs and videos.

It emerged this week that Knightly Corporation Pty Ltd, which
traded as Launch Film Productions, had been placed into liquidation
by the Federal Court, Wanneroo Times discloses.

Wanneroo Times says the company's main website has been removed and
contact numbers have been disconnected. A winding-up application
was submitted by the Australian Taxation Office and
PriceWaterhouseCooper has been appointed as liquidators of the
company.

A former employee has reported that future bookings included four
weddings this weekend and another eight in the near future, the
report notes.

Commissioner for Consumer Protection David Hillyard called on
affected consumers to come forward.

"While we are still investigating, we are keen to have Launch Film
Productions customers contact Consumer Protection and register
their details so we can assess the situation and provide them with
details of the liquidator and instructions on what to do," the
report quotes Mr. Hillyard as saying.  "It is always difficult for
consumers when a business closes down as their orders and bookings
are put into doubt and, in this case, there are fears that the
photos and videos that can't be recreated may not be supplied.

"There are also concerns for those with future bookings about
getting an alternative photographer at short notice."

Consumers who are awaiting products from Launch Films or have
future bookings should contact Consumer Protection by email
consumer@dmirs.wa.gov.au or call 1300-30-40-54, Wanneroo Times
notes.


LEMPRIERE GRAIN: Farmers May Have to Repay Money After Collapse
---------------------------------------------------------------
Peter Hemphill at The Weekly Times reports that grain growers who
have been paid in the past six months by collapsed trader Lempriere
Grain may be forced to repay tens of thousands of dollars under
"unfair preference" rules in the Corporations Act.

According to The Weekly Times, Lempriere Grain was placed in
voluntary liquidation last week with debts expected to be in the
millions of dollars. It is the third grain trader to fold in the
past six months, after Special One Grain Accumulator collapsed last
October and Queensland company All Commodities was placed in
administration last month.

Special One Grain Accumulator is a subsidiary of Walgett Special 1
Co-operative, the report says.

The Weekly Times relates that creditors agreed to place it in
liquidation two weeks ago, after it recorded debts of more than
AUD17 million, including AUD6.1 million owed to National Australia
Bank.

The Weekly Times says the failure of Lempriere Grain means that, in
the past six years, more than nine grain traders have collapsed,
collectively leaving debts of more than AUD65 million. Only a part
of that debt has been recovered.

Insolvency specialists Andrew Spring and Trent Devine, of Jirsch
Sutherland's Melbourne office, were appointed as joint
administrators of Lempriere Grain on March 21, the report
discloses.

According to Grain Trade Australia's website, Lempriere Grain
traded between 250,000 tonnes and 500,000 tonnes of grain
annually.

Lempriere Grain made several payments to growers in recent weeks,
some as partial payment on debts owed, the report notes.

In a report on Special One Grain Accumulator sent to creditors last
November, Mr. Spring said payments to creditors made by a company
within six months of appointment of an administrator might be
deemed an "unfair preference" if the company was insolvent or the
creditor knew or ought to have known it was insolvent, the report
relays.

But the Australian Securities and Investments Commission said
insolvency was not a prerequisite for an unfair preference
payment.

According to the report, growers and other traders had become
concerned during the past few weeks about slowness in payments for
grain contracted to the Melbourne-based company.

One grower owed money had been told by Lempriere Grain it was
expecting a cash injection of about AUD27 million by a third
party.

ASIC documents showed Lempriere Grain is half owned by Singapore
company Starcom Resources Pte Ltd, with the other 50 per cent stake
held by two companies owned by Toorak businessman, William
Lempriere, of the well-known Lempriere wool trading family, the
report discloses. Lempriere Grain uses the Lempriere name under a
licence agreement.

In a statement to The Weekly Times, Lempriere Capital said neither
it nor company principal William Lempriere had "any operational
involvement whatsoever in Lempriere Grain".

"The directors of Lempriere Grain have been sent a notice of
revocation of the licence agreement," the statement said.

A meeting of creditors is scheduled for April 1, the report notes.


MACFIELD CONSTRUCTION: Second Creditors' Meeting Set for April 3
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Macfield
Construction Pty Ltd has been set for April 3, 2019, at 11:30 a.m.
at the offices of KPMG, at Level 8, 235 St Georges Terrace, 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 April 2, 2019, at 4:00 p.m.

Clint Peter Joseph and Hayden Leigh White of KPMG were appointed as
administrators of Macfield Construction on Feb. 26, 2019.


MAZ TECHNOLOGY: First Creditors' Meeting Set for April 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Maz
Technology Australia Pty Ltd will be held on April 4, 2019, at
10:00 a.m. at the offices of Regus Brisbane, at Level 22, 127 Creek
Street, in Brisbane, Queensland.

Marcus Watters and Christopher John Baskerville of Jirsch
Sutherland were appointed as administrators of Maz Technology on
March 25, 2019.


NT BEVERAGES: Second Creditors' Meeting Set for April 3
-------------------------------------------------------
A second meeting of creditors in the proceedings of NT Beverages
Limited and NT Beverages Group Pty Ltd has been set for April 3,
2019, at 1:30 p.m. at Mantra on the Esplanade, 88 The Esplanade, in
Darwin, NT.

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 April 2, 2019, at 4:00 p.m.

George Georges of Ferrier Hodgson was appointed as administrator of
NT Beverages on Dec. 16, 2019.




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

CEFC CHINA: Ex-HK Official Sent to Prison in U.S. for Bribery
-------------------------------------------------------------
Liu Yanfei, Timmy Shen and Ren Qiuyu at Caixin Global reports that
a former Hong Kong official has been sentenced to three years in
prison and fined AUD400,000 for bribing African officials on behalf
of a major Chinese energy conglomerate, the U.S. Department of
Justice announced March 25.

Patrick Ho, the former head of the Hong Kong Home Affairs Bureau,
on March 25 was sentenced in U.S. District Court for the Southern
District of New York for paying millions of dollars in bribes to
top officials in Chad and Uganda, the statement said, Caixin
relays.

Caixin relates that Mr. Ho made the bribes in exchange for business
favors for CEFC China Energy Co. Ltd. while using a U.S.-based
nongovernmental organization (NGO) to hide his criminal
intentions.

Mr. Ho, a 69-year-old born in Hong Kong, was convicted in December
of violating of the Foreign Corrupt Practices Act, as well as on
charges of money laundering and conspiracy. The former
ophthalmologist was arrested at John F. Kennedy International
Airport in New York in November 2017, Caixin recalls.

According to Caixin, Mr. Ho's crimes are another blow to the
embattled CEFC, which has had a turbulent time since its founder
and former chairman Ye Jianming was placed under investigation and
then stepped down last year. Since then, CEFC has missed payments
on nearly CNY2.1 billion (US$329 million) in bonds, and has seen
its deal to take a $9.1 billion stake in Russian oil major Rosneft
fall apart, forcing the Chinese company to pay $257 million in
compensation to the would-be sellers.

Caixin relates that Mr. Ho was found guilty on seven of eight
counts after a one-week jury trial in New York that ended in
December. Five of the charges against Mr. Ho were violations of the
U.S.' Foreign Corrupt Practices Act, which prohibits paying foreign
government officials to assist in obtaining or retaining business.
Since 1998, the law has also been applied to foreign firms and
individuals who further the act of bribery within the U.S. or
through the U.S. financial system.

Mr. Ho said in court that he felt great remorse that his actions
have put a burden on his family, and he was sorry that he couldn't
be with his wife when his mother-in-law passed away several months
ago, Caixin relays citing a report by HK01, a news outlet based in
Hong Kong. Mr. Ho also said that he was thankful that the
Metropolitan Correction Center, where he had been detained, had
given him a violin to play at the center's Christmas celebration.

U.S. District Judge Loretta Preska, who sentenced Mr. Ho, said that
she took into account his charitable history, the Associated Press
(AP) reported, Caixin relays. Preska said that Mr. Ho helped tutor
inmates and brought music to the correction center - actions that
were "indeed extraordinary," the AP quoted Preska as saying.

Caixin, citing Justice Department statement, relates that Mr. Ho in
2014 used his contacts at the United Nations to meet Ugandan
officials and former Senegalese Foreign Minister Cheikh Gadio, who
was close to the president of Chad. At the time, Mr. Ho was heading
up the China Energy Fund Committee, a nongovernmental organization
(NGO) fully funded by CEFC.

Through Gadio, Mr. Ho later offered Chadian President Idriss Déby
a $2 million bribe hidden in gift boxes in exchange for helping
CEFC secure oil exploration rights in Chad, the statement said,
citing evidence presented at the trial, Caixin relays.

In May 2016, Mr. Ho used the CEFC-funded NGO to wire $500,000 to
the Ugandan foreign minister through banks in New York. According
to the Justice Department statement, Mr. Ho also schemed to bribe
Uganda's president and offered to provide two Ugandan officials
with "additional corrupt benefits by ‘partnering' with them in
future joint ventures in Uganda," Caixin relays.

Mr. Ho has been detained for 16 months since his arrest in 2017. He
is expected to be released from prison in 2020, the report adds.

CEFC China Energy Company Limited engages primarily in energy and
financial services businesses. It invests and develops upstream
and downstream of oil and gas fields, and petrochemicals in the
Middle East, Central Asia, and Africa. The company establishes
logistics chains, overseas storage, and transshipment terminals.
It also invests in securities, trusts, futures, banking, financial
assets transactions, leasing, factoring, direct risk management,
and online insurance.


CIFI HOLDINGS: Fitch Rates $255MM Senior Notes Due 2024 'BB'
------------------------------------------------------------
Fitch Ratings has assigned China-based property developer CIFI
Holdings (Group) Co. Ltd.'s (BB/Stable) USD255 million 6.55%
offshore senior notes due 2024 a final rating of 'BB'.  

The notes are rated at the same level as CIFI's senior unsecured
rating, as they represent its direct, unconditional, unsecured and
unsubordinated obligations. CIFI intends to use the net proceeds to
refinance debt and for working capital. The final rating is in line
with the expected rating assigned on March 21, 2019.

KEY RATING DRIVERS

Strong Sales: CIFI's contracted sales, including contracted sales
by JVs and associated companies, declined by 9% yoy to CNY15.4
billion in January-February in 2019, with the average selling price
(ASP) increasing by 15% yoy to CNY16,916 per square meter (sq m),
mainly due to deliberate slow-down in project launches in 1H19.
CIFI targets to achieve CNY190 billion in total sales, or 25%
increase yoy, with CNY350 billion of saleable resources in 2019.
CIFI's total sales rose by 46% to CNY152 billion in 2018 but the
ASP fell by 4% to CNY15,900/sq m mainly due to more contracted
sales from third-tier Chinese cities.

Higher Leverage: Fitch estimates that CIFI's leverage, measured by
net debt/adjusted inventory with proportionate consolidation of
joint ventures (JV) and associates, rose to 45%-50% in 2018 from
around 40% in 2017, mainly due to continued high land acquisition
cash flow in 2018. Fitch expects leverage to drop in the next 12
months as the company plans to slow its land acquisition pace in
2019 with attributable land acquisitions budgeted at around 55% of
sales proceeds, compared with 85% in 2017 and 68% in 2018.

Stable Margins: CIFI's EBITDA margin after adding back capitalised
interests fell to 21.6% in 2018 from 26.2% in 2017. The EBITDA
margin would have been higher at 31.2% in 2018 and 29.1% in 2017 if
adjusted for an acquisition revaluation, according to the company.
CIFI reclassified certain project companies from non-consolidated
JVs and associates into subsidiaries and revised the fair value of
the cost of delivered properties. The accounting change resulted in
a higher cost of goods sold and lower margins.

The acquisition revaluations are likely to continue as CIFI has a
significant number of JVs and associates, which will make margins
appear more volatile. Nevertheless, Fitch believes CIFI's
diversified project portfolio across cities of different tiers
allows it to maintain its fast-churn strategy without sacrificing
the overall project margins.

Geographical Diversification: CIFI had a total land bank of 55
million sq m at end 2018, sufficient for three to four years of
development.  CIFI entered 15 new cities in 2018, with projects now
spread more than 50 cities across China, helping mitigate risks
from local policy intervention and economies. CIFI boosted land
acquisition in Tier 3 cities in 2018, which were oversupplied, but
focused contracted sales on second-tier and robust third-tier
cities, which have more first-time buyers and upgraders. CIFI's
saleable resources remain well-diversified among cities of
different tiers, providing flexibility to adjust the sales mix for
various market conditions.

DERIVATION SUMMARY

CIFI's closest peer is Sino-Ocean Group Holding Limited
(BBB-/Stable, standalone: BB+) in terms of contracted sales and
land-bank size. Sino-Ocean has continued its geographic focus on
Tier 1 and affluent Tier 2 cities, while CIFI has increased its
focus on Tier 2 and 3 cities. CIFI's leverage of around 40% is
similar to the leverage Fitch expected for Sino-Ocean in 2018.
CIFI's EBITDA margin, after adjusting for the acquisition
revaluation, is higher than Sino-Ocean's 23%-25%, but Fitch expects
Sino-Ocean's attributable recurring EBITDA interest coverage from
investment properties to be at 0.4x, while CIFI's recurring income
is negligible. The one-notch difference between Sino-Ocean's
standalone credit profile and CIFI's IDR is based on Sino-Ocean's
higher investment-property income.

CIFI's leverage is significantly lower than that of several 'BB'
range peers, including Guangzhou R&F Properties Co. Ltd.
(BB-/Negative) and Beijing Capital Development Holding (Group) Co.,
Ltd. (BBB-/Negative, standalone: BB). CIFI's EBITDA margin is in
line with that of Guangzhou R&F and Beijing Capital Development.
However, its recurring EBITDA interest coverage is lower than
Guangzhou R&F's 0.2x.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY80 billion in 2018,
followed by growth of 21% in 2019 and 12% in 2020

  - Attributable land purchases at around 45%-55% of contracted
sales from 2018-2020

  - Average land acquisition cost of CNY6,000-6,250 per sq m from
2018-2020

  - 30% dividend payout ratio

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory, sustained at
below 30.0%

  - Maintaining high cash flow turnover despite the JV business
model and consolidated contracted sales/debt at over 1.2x (2018:
1.1x)

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

  - Substantial decrease in contracted sales

  - EBITDA margin, not adjusting for the effect of acquisition
revaluation, sustained at below 25%

  - Net debt/adjusted inventory sustained above 45%

LIQUIDITY

Ample Liquidity, Low Funding Cost: CIFI had unrestricted cash of
CNY43.3 billion at end-2018, enough to cover short-term debt of
CNY13.5 billion. CIFI's average funding cost remained stable at
5.8% in 2018 (2017: 5.2%), and should stay low due to CIFI's
diversified onshore and offshore funding channels, as well as its
active capital-structure management.


SHANDONG SANXING: S&P Cuts ICR to 'B+' on Short-Term Debt Reliance
------------------------------------------------------------------
S&P Global Ratings, on March 26, 2019, lowered its long-term issuer
credit rating on Shandong Sanxing Group Co. Ltd. to 'B+' from
'BB-'. S&P also lowered its long-term issue rating on the company's
guaranteed senior unsecured notes to 'B+' from 'BB-'.

S&P said, "We lowered the rating to reflect Sanxing's worsening
capital structure and liquidity amid generally tight credit market
conditions in China. The company's access to long-term debt funding
has reduced even as it faces a material amount of debt maturing in
the next 12 months. Although we believe Sanxing will be able to
refinance its debt maturities in 2019, it will again face a wall of
maturities in 2020."

S&P believes Sanxing's reasonable access to the bond market and
good banking relationships will enable it to roll over its upcoming
bullet maturities of Chinese renminbi (RMB) 2.3 billion in 2019. It
has successfully issued a two-plus-one year RMB500 million
medium-term note in January 2019 and RMB500 million short-term note
in March 2019. Its other funding sources include a potential
private bond, corporate bond, and factoring. However, the company's
liquidity buffer will remain constrained given subsequent bonds due
in 2020 of RMB1.2 billion. It may need to rely on short-term
financing to repay part of the maturities, which would negatively
affect its capital structure, in our view.

Sanxing faces reduced revenue growth prospects given a prolonged
supply glut in the edible oil industry in China and a slower ramp
up of its recently added aluminum capacity. However, S&P forecasts
its revenue growth to recover to 5%-7% in 2019, from its estimate
of low single digit revenue decline in 2018, driven by its
continuous promotion of high-margin branded oil products and slight
bulk oil price recovery. Its newly acquired auto manufacturer
client, in addition to BYD Auto Co. Ltd., should also drive revenue
growth in the aluminum segment. A key risk to S&P's base case
includes worsening edible oil excess supply and difficulty in
acquiring new clients to fill new aluminum capacity. The company's
revenue and EBITDA declined by 6% and 4% in the first nine months
of 2018, due to a fall in low-margin bulk oil sales.

S&P said, "We forecast the company will generate moderate annual
free cash flow of approximately RMB200 million–RMB250 million in
2018 to 2020, a significant improvement from negative RMB313
million in 2017, given capacity expansions have come to a close. We
estimate Sanxing's operating cash flow will remain stable at RMB350
million–RMB550 million in 2018 to 2020 annually, compared with
RMB441 million in 2017 driven by steady inventory turnover with
increasing preorder sales. The company's substantially lower
capital expenditure (capex) of RMB250 million–RMB400 million in
2018-2020, from RMB754 million in 2017, underpins our anticipation
of free cash flow improvement. Together with our expectation of
revenue recovery to drive EBITDA growth of 3%-5% in 2019-2020, we
anticipate Sanxing's debt-to-EBITDA ratio will modestly improve to
4.3x-4.6x in 2019, from our estimate of 4.7x-4.9x in 2018.

"The stable outlook on Sanxing reflects our expectation that the
company will successfully refinance its debt maturities in 2019
given its satisfactory access to the domestic bond market in China
and banking relationships.

"We also expect its free cash flow to remain positive driven by a
stabilization of its corn oil business and its lower capex in the
next 12 months.

"We could lower the rating if Sanxing's debt-to-EBITDA ratio
exceeds 5.0x. This could happen if the company's capital investment
is more aggressive than we anticipate, driven by continuous fast
capacity expansion or large acquisitions.

"We could also lower the rating if Sanxing encounters difficulty in
rolling over its upcoming maturities, which would have a meaningful
negative impact on its liquidity position.
Finally, we could also lower the rating if revenue continues to
decline, signaling a potential deterioration in its competitive
position.

"We could raise the rating if Sanxing lengthens its debt maturities
to higher than two years. Alternatively, we could raise the rating
if the company lowers its debt-to-EBITDA ratio below 4.0x on a
sustained basis, while maintaining adequate liquidity."

Sanxing is the largest corn oil manufacturer in China. The company
is also engaged in the production and distribution of lightweight
aluminum alloy products in China.


ZHENRO PROPERTIES: S&P Rates New U.S. Dollar Senior Notes 'B-'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issue of U.S. dollar denominated senior notes by Zhenro
Properties Group Ltd. (B/Stable/--). The rating is subject to S&P's
review of the final issuance documentation.

S&P rates the proposed senior notes one notch below the issuer
credit rating on Zhenro to reflect structural subordination risk.
As of Dec. 31, 2018, Zhenro's capital structure consists of Chinese
renminbi (RMB) 37.9 billion in secured debt as well as RMB14.8
billion in unsecured debt. As such, the priority debt ratio from
contractual subordination of Zhenro is about 72%, significantly
above S&P's notching-down threshold of 50%.

The proposed issuance could slightly improve Zhenro's capital
structure because the company intends to use the proceeds to
refinance existing debt, including trust loans that are of higher
cost and have shorter tenors. Since 2019, Zhenro has issued US$580
million in senior notes to replace short-term debt maturities.
However, the impact on the company's credit profile is unlikely to
be substantial, given its material scale of current debt.

S&P expects Zhenro to continue to improve its leverage over the
next 12–18 months, stemming from revenue growth and controlled
land acquisitions. The company had solid results in 2018, with 32%
revenue growth and a slight improvement in margins. Zhenro
controlled its land payments at about RMB19 billion in 2018, close
to 42% of its cash proceeds from sales. As a result, its
debt-to-EBITDA ratio improved to about 7.4x in 2018, on a
consolidated basis without considering the impact of jointly
controlled entities, from 8.2x in 2017.



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

JUNFA PROPERTY: Fitch Assigns 'B+(EXP)' LT IDR & Sr. Unsec. Rating
------------------------------------------------------------------
Fitch Ratings has assigned Hong Kong JunFa Property Company Limited
an expected Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'B+(EXP)' with Stable Outlook. Fitch has also assigned Junfa an
expected senior unsecured rating of 'B+(EXP)', with Recovery Rating
of 'RR4'.

At the same time, Fitch has also assigned Power Best Global
Investments Limited's proposed US dollar senior notes an expected
rating of 'B+(EXP)' with Recovery Rating of 'RR4'. The proposed
issuance will be unconditionally and irrevocably guaranteed by
Junfa. The notes are rated at the same level as Junfa's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company.

The expected IDR assumes Junfa will disclose its full financial
information on a regular basis. The final ratings are contingent on
the successful public issuance of the proposed bond and final bond
documentation conforming to information already received.

Junfa's rating is supported by its strong market position in Yunnan
province in south-west China, as well as its experience in old-town
redevelopment projects. The concentration of Junfa's land bank in
Kunming, the capital of Yunnan, constrains the rating. However, the
risks are mitigated by the high proportion of land that is located
in areas where the local government is focused on regenerating.
Junfa's leverage, as measured by net debt/adjusted inventory, is
somewhat high for a 'B+' rating. However, Fitch expects leverage to
gradually decrease in the next few years. Junfa's recurring income
from its investment properties also supports its rating.

KEY RATING DRIVERS

Strong Position in Yunnan: Junfa has strong brand recognition in
Kunming and Yunnan province and was the top-selling developer in
Kunming from 2009 to 2018. Junfa is experienced in old-town
redevelopment projects in Kunming. Such projects take much longer
than other primary development projects, but Junfa has demonstrated
a strong track record in relocation of residents, demolition,
development and phased project launches. It has also improved the
infrastructure and landscape surrounding its projects.

The company had CNY25 billion in attributable contracted sales in
2017, with an average selling price (ASP) of CNY10,072 per square
metre (sqm). Fitch expects Junfa's attributable contracted sales to
have increased by 10% in 2018, mainly driven by ASP growth.

Good Quality Land Bank: Junfa had attributable saleable land bank
gross floor area (GFA) of 10.61 million sqm at end-June 2018 and
potential land reserves of a further 26 million sqm that it can
develop in the longer term. Much of Junfa's land bank is in areas
that are the focus of government redevelopment policies. The
company's strong experience in urban redevelopment gives it a
competitive advantage in obtaining such low-cost projects. Fitch
estimates Junfa will be able to maintain EBITDA margin (excluding
capitalised interest) of around 25%.

Recurring Income to Increase: Junfa in 2018 acquired a large-scale
wholesale trade centre in Kunming called Luosiwan International
Trade Centre that has total leasable floor area of 1.37 million sqm
and has been in operation since 2009. Fitch expects the trade
centre to provide Junfa with stable rental income.

The trade centre is an important project for the local government
and is part of its plans to develop the area into a second CBD in
Kunming, which will involve some old-town redevelopment. In
addition, Junfa will seek to increase recurring income with a
number of offices, malls and recreational facilities that will
gradually start operating from FY20. Fitch expects Junfa's
recurring EBITDA / gross interest expense (including the
acquisition) to increase to about 0.5x from FY18 from 0.2x in
FY17.

High Leverage During Expansion: Leverage increased temporarily to
58% by end-2017 from around 48% a year earlier as Junfa raised debt
for the Luosiwan acquisition. Fitch estimates that leverage at
end-2018 (including the acquisition) would have been below 50% in
FY18. Fitch expects the ratio to improve in the next few years,
even though Junfa will increase capex on investment properties, as
it maintains stable contracted sales.

Financial Transparency: Junfa is not a listed company and does not
have any international bonds outstanding. While Junfa's wholly
owned onshore subsidiary has issued domestic bonds, there is no
requirement for the offshore parent entity to regularly disclose
its full financial statements to the public. This weakens
protection to creditors. Junfa's final rating is contingent on the
successful public issuance of the proposed US dollar notes, which
is expected to improve the company's transparency and timeliness of
public financial disclosure.

DERIVATION SUMMARY

Junfa's closest peer is Times China Holdings Limited (BB-/Stable)
given the two companies focus on old-town redevelopment projects.
Junfa's land bank is less geographically diversified than Times
China's, although Junfa's local market position is stronger. Times
China's leverage is lower than that of Junfa, and although the
latter has stronger recurring income, this still warrants a
one-notch rating gap between the two companies. Junfa has similar
contracted sales scale to KWG Group Holdings Limited (BB-/Stable)
although Junfa's leverage is higher.

Junfa's contracted sales scale and leverage is in line with 'B+'
peers, such as Guangdong Helenbergh Real Estate Group Co., Ltd.
(B+/Stable). Guangdong Helenbergh's land bank quality is lower than
Junfa's as it is focused on lower Tier 2 and 3 cities, although
Junfa's land bank is more geographically concentrated.

Junfa's sales scale, land bank and recurring EBITDA coverage are
better than those of Beijing Hongkun Weiye Real Estate Development
Co., Ltd (B/Stable), and slightly better than those of Hong Yang
Group Company Limited (B/Positive)

KEY ASSUMPTIONS

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

  - 2018 contracted sales and land bank in line with management
guidance

  - Contracted sales to grow by 0% to 5% from 2019 to 2021 while
contracted ASP remains largely flat

  - Saleable land bank life increasing to 4.5 years by 2021

  - Land premium to account for 37%-39% of sales receipts from
2019

  - Construction cash outflow at 43% of sales receipts from 2019

  - Capex of CNY2 billion-2.5 billion per year to expand
investment-property business in 2019-2021

Key Recovery Rating Assumptions:

  - Assumes Junfa would be liquidated in a bankruptcy rather than
continue as a going concern as it is an asset-trading company

  - 10% administrative claims

  - The value of inventory and other assets can be realised in a
reorganisation and distributed to creditors

  - Cash balance is adjusted such that only cash in excess of three
months of contracted sales are factored in

  - 30% haircut to net inventory

  - 35% haircut to investment properties

  - 30% haircut to accounts receivables

  - Fitch estimates the recovery rate of the offshore senior
unsecured debt to be 100%, corresponding to a 'RR1' Recovery
Rating. However, the Recovery Rating is capped at 'RR4' because
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, China falls into Group D of creditor friendliness, and
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

  - Net debt/adjusted inventory at 40% or below for a sustained
period

  - EBITDA margin (excluding capitalised interest) at 30% or above
for a sustained period

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

  - Net debt/adjusted inventory above 50% for a sustained period

  - EBITDA margin (excluding capitalised interest) below 25% for a
sustained period

  - Failure to improve transparency to public investors, including
regular disclosure of full financial information

LIQUIDITY

As of end-June 2018, Junfa had cash and cash equivalents of CNY4.8
billion, of which CNY1.3 billion are three-month deposits. In
addition, the company has restricted cash of CNY793 million, which
were guarantee deposits for construction and buyers' mortgages for
pre-sold properties.

The company had unutilised credit facilities of CNY30.58 billion,
which combined with its cash and cash equivalents, is adequate to
cover the CNY4.8 billion of maturities due in the next 12 months.




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

AMBAL MODERN: CRISIL Maintains 'B+' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ambal Modern Rice
Mill (AMRM) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          10       CRISIL B+/Stable/Issuer Not
                                 Cooperating      

CRISIL has been consistently following up with AMRM for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AMRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMRM 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 AMRM continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 1999 as a proprietorship firm, AMRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mrs. M Wahida.


ARM OVERSEAS: CRISIL Raises Ratings on INR28.75cr Loans to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of ARM
Overseas Private Limited (ARM) to 'CRISIL B+/ Stable' from 'CRISIL
B/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit        25         CRISIL B+/Stable (Upgraded
                                 from 'CRISIL B/Stable')

   Pledge Loan         2.75      CRISIL B+/Stable (Upgraded
                                 from 'CRISIL B/Stable')

   Standby Line        1.00      CRISIL B+/Stable (Upgraded
   of Credit                     from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's expectation of adequate
liquidity, in the absence of any maturing debt, though constrained
by high bank limit utilisation. Operating income fell to INR163.98
crore in fiscal 2018, from INR203 crore in the previous fiscal,
owing to price fluctuations, despite a stable volume. Operating
income rose to INR0.41 crore in fiscal 2019 (Rs 0.06 crore
estimated for April to August 2018, leading to cash accrual of over
INR0.55 crore. Operating margin has been stable at 1.6-1.7% over
the past three fiscals.

The ratings reflect the weak financial risk profile, marked by a
highly-leveraged capital structure, and the modest scale of
operations amidst intense competition. These rating weaknesses are
partially offset by extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Total debt, comprising short-term
borrowings, was outstanding at INR25.0 crore, against modest
networth of INR8.8 crore as on March 31, 2018, thereby reducing
financial flexibility. Gearing, albeit improved to 2.9 times as on
March 31, 2018, vis-a-vis 3.4 times a year before, while the total
outside liabilities to adjusted networth (TOL/ANW) stood at 3.02
times as on the same date. Debt protection metrics are
below-average, with interest coverage ratio of 1.0 times for fiscal
2018.

* Modest scale of operations: Scale is modest, as reflected in
operating income of INR163 crore for fiscal 2018. Operating income
of INR125 crore was reported till Dec 2018, and is expected to be
around INR197 crores for fiscal 2019.

* Modest operating profitability: Operating margin stood at 1.60%
in fiscal 2018, and may remain low in the medium term, with
processing facilities taken on lease, and limited value-addition in
the rice milling business.

Strengths:

* Extensive experience of the promoters: The decade-long experience
of the promoters, in the basmati rice industry, through their group
entity, Aggarwal Trading Company, and the firm's strong
relationships with customers and suppliers, will continue to
support the business risk profile.

Liquidity
Liquidity remains modest, marked by small cash accrual of INR0.55
crore reported in fiscal 2018, and expected cash accrual of INR0.99
crore and INR1.26 crore, respectively, for fiscals 2019 and 2020,
against no maturing debt. Bank limit utilisation was high averaging
90-95%, over the 10 months through August 18. Current ratio stood
at 1.29 times as on March 31, 2018.

Outlook: Stable

CRISIL believes ARM will continue to benefit from the extensive
experience of its promoters. Financial risk profile may remain weak
due to the large working capital requirement. The outlook may be
revised to 'Positive' if ARM reports significant growth in revenue
and margin, and improvement in its capital structure. The outlook
may be revised to 'Negative' if any stretch in the working capital
cycle or any large capital expenditure, weakens the financial risk
profile.

ARM, incorporated in 2008, mills and processes basmati rice, and
sells the output to exporters in India. The New Delhi-based company
has total capacity to process 100-120 tonnes of rice per day.
Operations are managed by Mr Anand Goel and his family members.


AVIAN TECHNOLOGIES: CRISIL Maintains D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Avian Technologies
(AT) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          2       CRISIL D/Issuer Not Cooperating    

   Foreign Letter
   of Credit            1.95    CRISIL D/Issuer Not Cooperating    


   Long Term Loan       3.26    CRISIL D/Issuer Not Cooperating    


   Proposed Long Term
   Bank Loan Facility    .39    CRISIL D/Issuer Not Cooperating   

CRISIL has been consistently following up with AT for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AT 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 AT continues to be 'CRISIL D Issuer not
cooperating'.

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

AT, established in 2013-14 (refers to financial year, April 1 to
March 31), is a partnership firm of Mr. Anupkumar D and Ms. Lakshmi
Venkatsubramanian. It is engaged in sheet metal fabrication and
caters to industries such as capital goods, automotive, and
construction equipment. The firm's plant is in Chennai and has
installed capacity of 150 tonne per month.


BIMLA RICE: CARE Revises B+ Rating from Not Cooperating Category
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bimla Rice international (BRI), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     11.12      CARE B+; Stable Revised from
   Facilities                    CARE B+; Issuer not Cooperating

Detailed Rationale & Key Rating drivers

The revision in rating assigned to the bank facilities of BRI takes
into consideration small scale of operations along with low
profitability margins, leveraged capital structure and weak debt
coverage indicators. The rating is further constrained by working
capital intensive nature of operations, susceptibility to
fluctuation in raw material prices and monsoon dependent operations
and highly fragmented & competitive nature of industry and
partnership nature of constitution. The rating, however, derives
strength from experienced partners in the agro processing industry
along with long track record of operations and favourable location
of manufacturing facility.

Going forward, the ability of BRI to profitably scale up its
operations while improving its overall solvency position and
managing its working capital requirements efficiently would remain
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with low profitability margins:
The total operating income of the firm grew from  INR42.14 crore in
FY16 (refers to the period of April 1 to March 31) to Rs. 45.21
crore in FY18 at a compounded annual growth rate (CAGR) of ~3.58%
owing to higher quantity sold owing to higher orders received from
existing as well as new customers. The same however, continued to
remain small. The small scale of operations limits the firm's
financial flexibility in times of stress and deprives it from scale
benefits. Furthermore, the firm has reported TOI of INR43.00 crore
in 9MFY19 (Provisional). The PBILDT margin improved from 3.22% in
FY16 to 3.33% in FY18 on account of higher sales of basmati rice
(relatively higher margin giving segment). Consequently, the PAT
margin also marginally improved from 0.05% in FY16 to 0.06% in
FY18.

Leveraged capital structure and weak debt coverage indicators:
The capital structure reflected by overall gearing ratio stood
leveraged at 7.64x as on March 31, 2018, the same has deteriorated
from 3.62x as on March 31, 2016 owing to infusion of funds by
partners in the form of unsecured loans and higher utilization of
the working capital limits as on last balance sheet date. The
interest coverage ratio remained weak at 1.17x in FY18 as compared
to 1.19x in FY16. The same deteriorated to 1.17x in FY18 due to
increase in interest expenses. Furthermore, the total debt to GCA
ratio remained weak at 82.92x for FY18 in comparison to total debt
to GCA of 51.74x for FY16 due to increase in debt levels of the
firm.

Working capital intensive nature of operations: The average
operating cycle of the firm stood elongated at 126 days for FY18 as
compared to 101 days for FY16. Owing to the seasonality of rice
harvest, the firm has to maintain suitable raw material inventory
to ensure uninterrupted production throughout the year. This
resulted in average inventory period of 79 days for FY18 as
compared to 87 days for FY16. The same decreased mainly due to
decline in unsold finished goods. Additionally, due to presence in
highly fragmented and competitive industry, the firm extends credit
period of two months, which resulted in average collection
period of 52 days for FY18 days as compared to 20 days for FY16.
However, receives a credit period of around one week from its
suppliers which resulted in average creditor period of 5 days for
FY18 as compared to 6 days for FY16. The working capital limit
remained fully utilized for the last 12 months period ended
January, 2019. The current ratio of the firm stood moderate at
1.50x and the quick ratio of the firm stood weak at 0.79x as on
March 31, 2018. The firm had free cash and bank balance of INR0.23
crore as on March 31, 2018.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting periods.
The price of rice moves in tandem with the prices of paddy.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.
Any sudden spurt in the raw material prices may not be passed on to
customers completely owing to firm's presence in highly competitive
industry.

Highly fragmented and competitive nature of industry: The industry
in which BRI operates is highly fragmented and competitive in
nature marked by the presence of various large and small players.
The players in the industry, especially the small players, do not
have any pricing power and are exposed to competition induced
pressures on profitability. Furthermore, the commodity nature of
the product makes the industry highly fragmented with numerous
players operating in the unorganized sector with very less product
differentiation. There are several small scale operators which are
not into end-to-end processing of rice from paddy, instead they
merely complete a small fraction of processing and dispose-off
semi-processed rice to other big rice millers for further
processing. Additionally, the raw material (paddy) prices are
regulated by government to safeguard the interest of farmers, which
in turn limits the bargaining power of the rice millers.

Partnership nature of constitution: BRI constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners.

Key Rating Strengths

Experienced partners in the agro processing of industry along with
long track record of operations: Mr. Sushil Kumar has work
experience of more than three decades gained through his
association with BRI and other regional entities engaged in similar
business operations. On the other hand, Mr. Natish Gupta and Mr.
Sahil Gupta have work experience of one decade and half a decade,
respectively gained through their association with BRI only. All
the partners have adequate acumen about various aspects of business
which is likely to benefit BRI in the long run. The long track
record has aided the firm in having established relationship with
customers and suppliers.

Favorable location: BRI is mainly engaged in the milling and
processing of rice. The main raw material (Paddy) is procured
through dealers and commission agents from local grain markets,
located in Haryana. The firm's processing facility is situated in
Kaithal, Haryana, which is one of the highest producers of paddy in
India. Its presence in the region gives additional advantage
over the competitors in terms of easy availability of the raw
material as well as favorable pricing terms. BRI owing to its
location is in a position to save on the freight component of
incoming raw materials.

Kaithal-based (Haryana) BRI was established as a partnership firm
in 1998 and is currently being managed by Mr. Sushil Kumar, Mr
Natish Gupta and Mr. Sahil Gupta sharing profit and losses in the
ratio 2:1:1. The firm is engaged in milling, processing and trading
of basmati and non-basmati rice. The processing unit of the firm is
located in Kaithal, Jind, with an installed capacity of 30,000
metric tonne of paddy per annum (MTPA) as on Dec. 31, 2018.


CAFE D'LAKE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Cafe D'Lake Private Limited
        T.S. No. 5, Block B, Ward No. 80
        Buddha Purnima Lakefront
        Opp. Lake Police Station, Necklace Road
        Hyderabad 500005, Telangana
        E-mail: secretarial@viceroyhotels.in

Insolvency Commencement Date: March 18, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: September 13, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Vijaya Bhaskara Rao

Interim Resolution
Professional:            Mr. Vijaya Bhaskara Rao
                         Flat No. 509, Elite Fort Apartments
                         Near Secretariat Colony
                         Puppalaguda, Manikonda
                         Hyderabad 500089
                         E-mail: secretaries@gmail.com

Last date for
submission of claims:    March 31, 2019


COIRFOAM INDIA: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Coirfoam India
Private Limited's (CIPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit affirmed with IND
     BB-/Stable/IND A4+ rating; and

-- INR10 mil. Non-fund-based limit affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects CIPL's continued medium scale of
operations, as indicated by revenue of INR607.53 million in FY18
(FY17: INR562.59 million). The revenue rose due to an increase in
demand.

In addition, the company's credit metrics are weak due to an
increase in the total debt. The net leverage (adjusted net
debt/operating EBITDAR) remained at 4.48x in FY18 (FY17: 4.48x),
but the interest coverage (operating EBITDA/gross interest expense)
improved marginally to 1.38x (1.34x) because of an increase in the
absolute EBITDA to INR26.09 million in FY18 (FY17: INR24.57
million).

Moreover, CIPL has been witnessing volatile margins due to intense
competition in the industry as well as increasing raw material
prices and fell to an average 4.29% in FY18 (FY17: 4.37%; FY16:
5.32%).  The margin declined owing to the company's inability to
completely pass on the increase in raw material prices. CIPL's
return on capital employed was 14% in FY18 (FY17: 15%).

The ratings factor in CIPL's tight liquidity position as evident
from its 98% average utilization of the working capital limits for
the 12 months ended February 2019. The cash flow from operations
turned positive to INR40.66 million in FY18 (FY17: negative
INR17.53 million, FY16: negative INR4.84 million) on account of
favorable changes in the working capital. The company had cash and
cash equivalents of INR2.86 million at end-FY18 (end-FY17: INR4.42
million)

The ratings, however, are supported by the company's established
network of around 85 dealers across India and its established brand
name – 'Corfom'.

The ratings also derive comfort from the company's track record of
41 years and the present directors' experience of 21 years in the
mattress manufacturing business.

RATING SENSITIVITIES

Negative:  Deterioration in the credit metrics shall lead to a
negative rating action.

Positive:  A sustained improvement in the revenue and credit
metrics shall be positive for the ratings.

COMPANY PROFILE

CIPL was incorporated in 1978 as a partnership firm by the Agarwal
family. In 1997, CIPL was taken over by Mr. Inderjeet Singh
Khurana, Mr. Sukhdeep Singh Khurana, Mr. Pankaj Agarwal, and Mr.
Jagdish Prasad Agarwal. The company manufactures coir and spring
mattresses at its facility in Faridabad (Haryana). The facility has
an installed capacity to manufacture 2800 tons per annum of coir
and spring mattresses. Furthermore, the company is engaged in the
trading of home furnishing items such as pillows, cushions, and
blankets.


CREATIVE LIMITED: CRISIL Maintains D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Creative Limited
(Creative) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Funded Interest
   Term Loan            2        CRISIL D/Issuer Not Cooperating   
  

   Packing Credit       1        CRISIL D/Issuer Not Cooperating   
  

   Working Capital
   Term Loan           12.6      CRISIL D/Issuer Not Cooperating   
  

CRISIL has been consistently following up with Creative for
obtaining information through letters and emails dated August 31,
2018 and February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Creative, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Creative
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 Creative continues to be 'CRISIL D Issuer not
cooperating'.

Creative was established as a partnership firm by Mr. P K Bothra
and Mr. T K Duggar in Kolkata in 1974. The firm was reconstituted
as a limited company in 1993. The company manufactures leather
wallets, bags, and accessories, and exports these to the United
Kingdom, the Netherlands, and Switzerland. Creative's overseas
subsidiary, CUL, has been inactive since 2012.


DEEGEE COTYSN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Deegee Cotsyn Private Limited
        Deegee House, Jalstambh Chowk, Rallies Plot
        Amravati 444601

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 1, 2019

Insolvency professional: Mr. Hasti Mal Kachhara

Interim Resolution
Professional:            Mr. Hasti Mal Kachhara

                         For Communication:
                         1221 Maker Chamber 5, Jamnalal Bajaj Road
                         Nariman Point, Mumbai 400021
                         E-mail: ip.deegeecotsyn@gmail.com

                         Registered address with IBBI:
                         A-602, Nirman Apartments, Pump House
                         Vikas Nagar, Andheri East
                         Mumbai 400093
                         E-mail: hastimal.kachhara@gmail.com

Last date for
submission of claims:    March 19, 2019


DEV MOTORS: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dev Motors 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 the rating. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR143 mil. Fund-based working capital limits migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 22, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1997 in Aligarh, Dev Motors is an authorized dealer
of cars manufactured by Maruti Suzuki India Limited. It is also
engaged in the work of body shop and the trading of spare parts.


GMR HYDERABAD: Fitch Gives 'BB+(EXP)' Rating to New $350MM Bond
---------------------------------------------------------------
Fitch Ratings has assigned GMR Hyderabad International Airport
Limited's (GHIAL) proposed bond of up to USD350 million an expected
rating of 'BB+(EXP)' with a Negative Outlook.

The final rating is contingent on the receipt of final documents
materially conforming to information already received.

KEY RATING DRIVERS

GHIAL is a growing, mid-sized regional origin and destination (O&D)
airport, with a relatively short track record, which operates
significantly above designed capacity under a blended till pricing
regime. Volumes recovered rapidly from the collapse in 2013 of its
main airline, demonstrating the airport's strong traffic
resilience, but the airport lacks a track record in terms of
consistent and transparent price regulation.

The Negative Outlook reflects the elevated rating case forecast net
debt to EBITDA, averaging 5.1x. Fitch believes that the higher
capex driving this increased leverage forecast is justified by the
strong traffic growth and will be more efficient than the previous
more conservative phased capex plan. Nonetheless, the consequent
increase in forecast net debt to EBITDA to FY21 (ending March 31,
2021) in the Fitch rating case (FRC) and remaining execution risks
drive the Negative Outlook.

Fitch believes the experienced management will deliver the
substantially debt-funded capex to fulfil expected demand growth.
The debt, including the 2017 debt issuance, is senior secured but
bullet, with consequent refinancing risks and limited structural
protection. In its view, the long concession to 2038 mitigates
refinancing risk.

Strong Passenger Growth - Volume Risk: Midrange

GHIAL's FY18 passenger traffic was 18.3 million, of which about 94%
was O&D passengers. Fitch expects traffic to grow strongly because
India is an emerging economy with an increasing propensity to fly.
Traffic recovered within two years following the 2013 bankruptcy of
Kingfisher Airlines, its main airline at the time with around a 35%
market share, demonstrating GHIAL's resilience against shocks.

The airport faces limited regional competition from Bangalore and
Chennai airports or from alternative modes of transport. The
largest carrier, Indigo, accounted for 32% of aeronautical revenue
in 9MFY19, which is not significantly more concentrated than
peers.

Blended Till, Some Remaining Uncertainty - Price Risk: Midrange

GHIAL's blended till regulatory framework is now being implemented.
However, there is still some uncertainty about the price increases
for FY17-21 due to outstanding legal and regulatory issues with the
recent pricing decisions, including recovery of past entitlements,
classification of revenues and other issues. FY17 and FY18 had
ad-hoc tariffs approved by the regulator due to delays in
finalising the tariff regime for the second control period.

Significant Capex but Experienced Management - Infrastructure
Development / Renewal: Midrange

The airport is currently operating above designed capacity, with a
utilisation ratio above 150%. Management plans to increase capacity
from the current 12 million to 34 million passengers per year
within three years, to be funded through a combination of internal
accruals and additional borrowings, including proceeds from the
proposed bond issuance. This plan is more aggressive than the
previous plan, which reflected a more phased, modular expansion.
However, Fitch believes that the plan to bring forward the capex is
justified by the strong traffic growth and will be more efficient
in terms of cost and execution. Management has well-developed
expansion plans in place, including entering fixed-price fixed-term
contracts with experienced developers and significant experience
with the Hyderabad and Delhi airports for timely and on-budget
delivery.

Limited Creditor Protections - Debt Structure: Weaker

GHIAL's senior debt is secured but is exposed to refinancing risk
from its existing USD350 million bond as well as the expected 2019
issuance. The debt has limited credit protection, except for the
fixed-charge cover ratio test for additional indebtedness. The long
concession tenor to 2038 mitigates refinancing risk. In addition,
GHIAL has notified the grantor for an extension of the concession
agreement by another 30 years, to 2068.

Financial Metrics

Five-year average net debt/EBITDA is around 5.1x in the rating
case, higher than other emerging market airports such as DME
(BB+/Stable) which is at 3.3x. In Fitch's rating case forecast,
leverage will rise from FY19-21 due to expected reductions in
aeronautical price per passenger as well as debt-funded capex,
before decreasing from 2022 due to forecast EBITDA growth.

PEER GROUP

DME is the closest EMEA peer, with significantly lower leverage
than GHIAL. However, DME is one of three airports in Moscow and
thus faces competition in its catchment area unlike GHIAL. DME can
set tariffs freely in contrast to GHIAL's regulated aeronautical
tariffs. Hyderabad is a growing resilient city in India with a
strong economic profile, which supports its largely
business-oriented, O&D traffic base, whereas DME has more leisure
traffic. On the other hand, DME's expansion programme is ambitious
like Hyderabad but remains modular and flexible and is not subject
to the same kind of regulatory approval.

RATING SENSITIVITIES

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

Delays or cost overruns in the capex execution, adverse pricing
decisions, or substantial revenue underperformance leading to the
five-year average rating case forecast net debt/EBITDA greater than
5x.

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

The ratings could be upgraded if the five-year average rating case
forecast net debt to EBITDA falls under 3x.

The Outlook may be revised to Stable if GHIAL continues to
demonstrate strong passenger and EBITDA growth, leading to a clear
deleveraging path.

CREDIT UPDATE

Consolidated revenues and EBITDA grew by 19% and 16% yoy,
respectively, in 9MFY19, primarily driven by robust passenger
growth of 20%. This continued strong passenger growth has further
stretched the capacity of the airport. The airport reached 15.9
million pax in 9MFY19, against 13.3 million in 9MFY18 and 18.3
million in FY18. This is well above its terminal design capacity of
12 million. While management has put measures in place to maximise
capacity utilisation, including incentivising non-peak flights,
rotating the use of security gates between domestic and
international flights and using part of the entrance road as an
extension, it is clear that the terminal expansion is needed
immediately.

As a result, management brought forward the capex plan. Previously,
capex was to take place across four phases, totalling INR117
billion by FY31. The current plan is to expand terminal capacity to
34 million by FY24, at a cost of about INR58 billion, suggesting
considerable efficiency savings compared with the previous plan.
However, Fitch generally considers a more modular/phased expansion
plan to be less risky than a plan involving more expansion in one
go. The existing USD350 million bond issued in 2017 and issuance of
the proposed US dollar bond would substantially fund the ongoing
expansion.

Fitch expects a reduction in aeronautical yield per passenger for
the remainder of this control period based on previous
over-recovery and other pending regulatory issues.

Fitch Cases

The Fitch base case (FBC) assumes the Fitch sovereign forecast for
GDP and a multiplier of 1.4x, the average multiplier of all Indian
airports from 2007 to 2017, with an additional uplift for FY19 and
FY20 consistent with past growth and the ongoing expansion. The FRC
assumes a lower sovereign 10-year GDP CAGR at 6.0% but the same
multiplier as the FBC. The Fitch stress case replicated the largest
contraction of 11.2% for all Indian airports over the past 10 years
in FY20 and then assumed recovery in line with the base case.
Tariffs for the remainder of the current control period were
assumed in line with the regulator's 2017 decision. Real estate
revenues were significantly haircut in the Fitch cases.

As a result, the FRC five-year average projected net debt to EBITDA
is 5.1x, including a rising profile to FY21 with a maximum of 7.3x.
However, Fitch expects deleveraging from 2022 and forecast net debt
to EBITDA under 5x by FY23 in the FRC.


GMR HYDERABAD: Moody's Affirms Ba1 CFR, Outlook Negative
--------------------------------------------------------
Moody's Investors Service has affirmed GMR Hyderabad International
Airport Limited's (HIAL) Ba1 corporate family rating (CFR).

The outlook is negative.

RATINGS RATIONALE

The Ba1 rating reflects (1) Rajiv Gandhi International Airport's
(RGIA) strong market position and its strategic location in the
city of Hyderabad, (2) HIAL's low concession revenue share payment
to the government, and (3) the airport's strong operating
performance relative to its key performance targets, as stipulated
by the concession.

These credit strengths, however, are offset by: (1) the evolving
nature of the regulatory framework in India (Baa2 stable), which
has resulted in lengthy delays in tariff determination and
implementation, and (2) HIAL's exposure to execution risks
associated with the planned expansion.

"The negative outlook reflects the company's weakening financial
profile under our base case scenario, which assumes that the lower
tariff outlined in the regulator's December 2017 consultation paper
will be implemented during the fiscal year ending 31 March 2020,"
says Spencer Ng, a Moody's Vice President and Senior Analyst.

Moody's expects HIAL's funds from operations (FFO)/debt to fall to
the mid-7% range during the fiscal year 2020. Such a result would
be below the minimum rating tolerance level of 8% set for the
company's rating.

"Our base case scenario does not incorporate any potential tariff
increase from the ongoing appeal related to tariffs for the
previous control period, absent which, the weakening trend in
HIAL's credit metrics will continue beyond fiscal 2020, as further
debt is incurred for the expansion," adds Ng.

A date for the appeal hearing has not yet been set.

Positive rating momentum is unlikely over the next 3-4 years,
because of the execution risks associated with the expansion, and
HIAL's elevated financial leverage.

However, the outlook could return to stable, if HIAL's financial
profile improves, such that FFO/debt is sustained above 8%
throughout the construction phase. Such an improvement would most
likely require a favorable outcome of the pending tariff appeal or
if the non-aeronautical business materially outperforms Moody's
base case expectation.

Moody's could downgrade HIAL's rating if there is further evidence
that the company's financial metrics will fall below the level
considered appropriate for its Ba1 rating category during the
expansion. Evidence of such a deterioration could include:

(1) The absence of clear progress in the tariff appeal process; or

(2) A reduction in HIAL's aeronautical and/or non-aeronautical
revenues relative to Moody's base case expectation.

The financial metrics that could indicate downward pressure on the
rating include FFO to gross adjusted debt declining below 8% on a
consistent basis.

Moody's could also downgrade the rating if: (1) there are material
missteps in the implementation of the expansion project, or (2)
there is an increase in equity distributions or related-party
transactions during the construction phase.

The principal methodology used in this rating was Privately Managed
Airports and Related Issuers published in September 2017.

GMR Hyderabad International Airport Limited has a long-term
concession to operate the Rajiv Gandhi International Airport in
Hyderabad under a public-private partnership model. The airport is
one of the leading airports in India by passenger traffic.

The company started commercial operations on March 23, 2008.

The airport has a current design capacity of 12 million passengers
per annum. Equity in the company is held by GMR Airports (63%),
Malaysia Airports Holdings Berhad (11%, A3 stable), the Government
of India (Baa2 stable) through the Airports Authority of India
(13%), and the Government of Telangana (13%). GMR Airports is a
subsidiary of GMR Infrastructure Ltd.


GMR HYDERABAD: S&P Rates US$350MM Senior Secured Notes 'BB+'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to the
US$350 million senior secured notes proposed by GMR Hyderabad
International Airport Ltd. (GHIAL; BB+/Stable/--). The issue rating
is subject to S&P's review of the final issuance documentation.

S&P said, "The proposed issuance will be within our base case for
the rating on GHIAL. The company intends to use the notes' proceeds
to fund its capital spending plan of up to Indian rupee (INR) 60
billion over the next three years. GHIAL has already secured bank
facilities to fund its capital outlays, but we believe the proposed
issuance will help optimize the company's funding mix. In our view,
the ongoing delay in the implementation of the lower "control
period 2" (CP2) tariff (April 2016-March 2021) will also allow
GHIAL to increase its cash reserves and support its capital
spending."

However, the eventual implementation of the lower CP2 tariff will
increase GHIAL's dependency on the timely implementation of the
subsequent control period 3 (CP3) tariff (April 2021-March 2026) to
support its financial ratios. This is because more than 70% of the
company's upcoming spending plans will only be recovered under the
CP3 tariff. High capital expenditure and lower tariffs following
the upcoming reset will result in a sharp decrease in GHIAL's ratio
of funds from operations (FFO) to debt to around 9% by fiscal 2021,
from the current high level of around 30%.

S&P said, "We expect GHIAL to manage the execution risks on its
enlarged capital spending plans and have strong passenger growth.
We forecast the company's ratio of FFO to debt to be above 9% and
FFO cash interest coverage to be more than 2.0x in the next 12-24
months. Recent financial pressures on Indian airlines could affect
passenger growth, but we do not anticipate this to have a material
impact on GHIAL's credit profile.

"We equate the issue rating on the notes with our issuer credit
rating on GHIAL. This is because GHIAL primarily operates in India,
where we believe the priority of claims in a theoretical bankruptcy
scenario is highly uncertain."


GUDIMETLA SUNDARA: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gudimetla Sundara
Rami Reddy & Co (GSRR) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          25       CRISIL D/Issuer Not Cooperating   
  

CRISIL has been consistently following up with GSRR for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GSRR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GSRR 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 GSRR continues to be 'CRISIL D Issuer not
cooperating'.

Set up as a partnership firm in 1985, GSRR mills and processes
paddy into rice, and produces by-products such as broken rice,
bran, and husk. Its rice milling unit is in West Godavari (Andhra
Pradesh). Mr Gudimetla Rama Krishna, Mr Gudimetla Tulasi, Mr
Gudimetla Nagamani, and Mr Gudimetla Sundara Rami Reddy are the
partners.


HIA EXPORTS: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hia Exports'
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:

-- INR100 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR50 mil. Proposed fund-based working capital limit migrated
     to non-cooperating category with Provisional IND BB- (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2004, Mumbai-based HIA Exports is a proprietorship
concern engaged in the manufacturing and sales of diamond and gold
jewelry.  


INDRESHWAR SUGAR: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Indreshwar Sugar
Mills Limited (ISML) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Rupee Term Loan      50       CRISIL D/Issuer Not Cooperating   
  

CRISIL has been consistently following up with ISML for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ISML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ISML 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 ISML continues to be 'CRISIL D Issuer not
cooperating'.

ISML was established in 2010 by Pune (Maharashtra)-based Patil
family and commenced operations in November 2011. The company
manufactures sugar, with cane-crushing capacity of 2500 tonnes per
day. It also generates power through a 12-megawatt co-generation
plant.


JAG VIDHYA: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Jag Vidhya and Sons
Resorts and Hotels Llp (JVS) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           .5        CRISIL D/Issuer Not
                                   Cooperating     

   Proposed Long Term   1.0        CRISIL D/Issuer Not
   Bank Loan Facility              Cooperating     

   Term Loan           12.5        CRISIL D/Issuer Not
                                   Cooperating

CRISIL has been consistently following up with JVS for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JVS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JVS 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 JVS continues to be 'CRISIL D Issuer not
cooperating'.

JVS, established in January 2014, is promoted and managed by Mr
Babjyot Singh Khanduja and his brother Mr Gurpreet Singh Khanduja.
In February 2014, the firm acquired a hotel property in Nagpur,
Maharashtra, rebranded it as Heritage Embassy, and commenced
operations in August 14. A three-star property, the hotel provides
boarding and lodging facilities, and has a restaurant-cum-bar, a
banquet hall, and an open air lawn.


JAI INDIA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jai India
Weaving Mills Private Limited's (JIWM) Long-Term Issuer Rating to
'IND D' from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook was
Stable.

The instrument-wise rating actions are:

-- INR155.33 mil. (reduced from INR206.3 mil.) Long term loans
     (Long-term) due on June 2022 downgraded with IND D rating;

-- INR217.5 mil. Fund-based working capital limit (Long-term/
     Short-term) downgraded with IND D rating; and

-- INR55.8 mil. Non-fund-based working capital limit (Short-term)

     downgraded with IND D rating.

KEY RATING DRIVERS

The downgrades reflect delays in debt servicing by JIWM during the
six months ended February 2019 owing to a stressed liquidity
position caused by the diversification of business into the
manufacturing of viscose yarn. The working capital cycle elongated
to 124 days in FY18 (FY17: 101 days) due to an increase in
inventory. The fund-based working capital limit was utilized fully
during the 12 months ended February 2019.

RATING SENSITIVITIES

Positive: Timely debt service for at least three consecutive months
could result in a positive rating action.

COMPANY PROFILE

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


JMK JEWELS: CRISIL Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of JMK Jewels Private
Limited (JJPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          10       CRISIL B+/Stable/Issuer
                                 Not Cooperating     

CRISIL has been consistently following up with JJPL for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JJPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JJPL 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 JJPL 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.

JJPL was set up by Mr Ashwini Singla in 2005 with the name of
Harison Impex for exporting diamond and gold jewellery. The company
was renamed Lakshay Ornaments Pvt Ltd in 2008, and got its current
name in January 2016. It gets diamond and gold jewellery
manufactured on jobwork basis, and sells to showrooms and other
jewelers in and around Delhi.


LAL BABA: CRISIL Maintains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lal Baba Industrial
Corporation Private Limited (LBICPL) continues to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         11.4      CRISIL B+/Stable/Issuer Not
                                 Cooperating      

   Letter of Credit     3.0      CRISIL A4/Issuer Not Cooperating  
   

CRISIL has been consistently following up with LBICPL for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LBICPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LBICPL 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 LBICPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

LBICPL was originally established in 1961 as a partnership firm,
which was reconstituted as a private limited company in September
2010; it is promoted by members of the Dhanuka family of Kolkata.
The company manufactures mild steel railway components, such as
gear boxes, air-break cylinders, break assemblies, pipe fittings,
adjustment bushes, side-bearing tapings, lock bolts, plates, and
flanges.


LAXMI MOULDS: CRISIL Maintains 'D' Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Laxmi Moulds
Industries Private Limited (LMI) continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Buyer's Credit         3       CRISIL D/Issuer Not Cooperating  
  

   Proposed Long Term
   Bank Loan Facility    15.06    CRISIL D/Issuer Not Cooperating  
  

   Term Loan               .94    CRISIL D/Issuer Not Cooperating  
   

CRISIL has been consistently following up with LMI for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LMI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LMI 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 LMI continues to be 'CRISIL D Issuer not
cooperating'.

LMI was set up as a proprietorship concern, Laxmi Moulds
Industries, in 1981 by Mr. Nobukumar Manna. The firm's operations
were transferred to LMI on April 1, 2011. LMI manufactures tyre
moulds for motorcycles, trucks, tractors, and buses. Its
manufacturing facility is in Bhayander, Maharashtra. Operations are
managed by Mr. Nobukumar Manna and his son Mr. Shankar Manna.


LAXMI OPTICALS: CRISIL Maintains 'B-' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Laxmi Opticals (LO)
continues to be 'CRISIL B-/Stable Issuer not cooperating'

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         8         CRISIL B-/Stable/Issuer Not
                                 Cooperating      

   Proposed Cash       8         CRISIL B-/Stable/Issuer Not
   Credit Limit                  Cooperating      

CRISIL has been consistently following up with LO for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LO, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LO 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 LO 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.

LO was established in 2005 as a proprietorship firm by Mr Sandeep
Pahwa. It trades in optical items, such as spectacle frames,
sunglasses, contact lenses, and ophthalmic lenses; it also
processes ophthalmic lenses. The firm has showrooms in Delhi and
the NCR.


LENZ CERAMIC: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Lenz Ceramic
Private Limited's 'IND BB' Long-Term Issuer Rating to the
non-cooperating category. The Outlook was Stable. 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:

-- INR80 mil. Fund-based working capital limits migrated to Non-
     Cooperating Category with IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR25 mil. Non-fund-based limits migrated to Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 21, 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 2010, Lenz Ceramic manufactures polished glazed
vitrified tiles at Morbi, Gujarat.


M.K. ROY: Ind-Ra Migrates 'BB' LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M.K. Roy & Bros
Projects 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 the ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR81.5 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR75 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 16, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

M.K. Roy & Bros Projects was established as a proprietorship firm
by Mr. Mihir Kumar Roy in 1983. The entity was converted into a
partnership firm in 1994, and then to a private limited company in
2000. The company is engaged in the supply, fabrication, erection,
welding, testing and commissioning of mild steel high-pressure
petroleum, and edible oil storage tanks and pipelines used for the
storage and distribution of petroleum products, mainly petrol and
diesel.


M.P.S. STEEL: CRISIL Maintains 'D' Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of M.P.S. Steel Castings
Private Limited (MPS) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Cash Credit           23       CRISIL D/Issuer Not Cooperating  
   

   Letter of Credit       8       CRISIL D/Issuer Not Cooperating  
   

   Proposed Long Term
   Bank Loan Facility    47.01    CRISIL D/Issuer Not Cooperating


   Working Capital
   Term Loan             25       CRISIL D/Issuer Not Cooperating  
   

CRISIL has been consistently following up with MPS for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MPS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPS 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 MPS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

MPS was set up in in 1996 to manufacture sponge iron and mild-steel
ingots. Currently there are no commercial operations in MPS.


MALAXMI WIND: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Malaxmi Wind Power
(MWP) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan     47.92      CRISIL D/Issuer Not Cooperating   


CRISIL has been consistently following up with MWP for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MWP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MWP 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 MWP continues to be 'CRISIL D Issuer not
cooperating'.

MWP was set up as a proprietorship firm in 2010 by Mr. Y Harish
Chandra Prasad. The firm operates two windmills - an 8.4 megawatt
(MW) windmill in Jaisalmer (Rajasthan) and a 2.1 MW windmill in
Bellary (Karnataka). MWP has signed a 20 year PPA with JVVNL for
the Jaisalmer windmill, and with GESCOM for the Bellary windmill.


MARS THERAPEUTICS: CRISIL Maintains D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mars Therapeutics and
Chemicals Limited (MTCL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       .5       CRISIL D/Issuer Not Cooperating
      
   Cash Credit         5.75      CRISIL D/Issuer Not Cooperating
    
   Funded Interest
   Term Loan            .55      CRISIL D/Issuer Not Cooperating   


   Proposed Long Term
   Bank Loan Facility   .20      CRISIL D/Issuer Not Cooperating   


   Working Capital
   Term Loan           5.00      CRISIL D/Issuer Not Cooperating   
  

CRISIL has been consistently following up with MTCL for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MTCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MTCL 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 MTCL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

MTCL was originally set up as a private limited company by Mr P
Appa Rao and family in 1993. It manufactures pharmaceutical
formulations for the domestic market at its facility in
Secunderabad, Telangana.


METCUT TOOLINGS: CRISIL Maintains 'D' Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Metcut Toolings
Private Limited (MTPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'

                     Amount
   Facilities      (INR Crore)   Ratings
   ----------      -----------   -------
   Cash Credit          3        CRISIL D/Issuer Not Cooperating  

  
   Letter of Credit     0.6      CRISIL D/Issuer Not Cooperating   
  

   Proposed Long Term
   Bank Loan Facility   9.45     CRISIL D/Issuer Not Cooperating   


   Working Capital
   Term Loan            2.90     CRISIL D/Issuer Not Cooperating   


CRISIL has been consistently following up with MTPL for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MTPL 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 MTPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

Incorporated in 1989, MTPL manufactures carbide cutting tools that
are primarily used in the automotive industry. The company is
promoted by Mr. Kushal J Shetty.


MODERN OVERSEAS: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Modern Overseas
Private Limited (MOPL) continues to be 'CRISIL D Issuer not
cooperating'

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         12.5      CRISIL D/Issuer Not Cooperating   


CRISIL has been consistently following up with MOPL for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MOPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MOPL 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 MOPL continues to be 'CRISIL D Issuer not
cooperating'.

MOPL trades in buffaloes, and is promoted by the Qureshi family,
which has over three decades' experience in the industry.
Operations are managed by Mr Naeem Qureshi and Mr Saleem Qureshi.


PARAS INDUSTRIES: CRISIL Maintains D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Paras Industries
(Paras) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Packing Credit     7.5       CRISIL D/Issuer Not Cooperating
   (pre-shipment
   credit)                  

   Post Shipment      3.7       CRISIL D/Issuer Not Cooperating
   Credit                   

CRISIL has been consistently following up with Paras for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Paras, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Paras 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 Paras continues to be 'CRISIL D Issuer not
cooperating'.

Set up as a partnership firm in 1987`, in Mumbai, Paras was owned
by the Jariwala and Shah families till March 2010. The Shah family
exited in April 2010. The firm manufactures and exports knitted
garments and accessories to departmental stores in the US.


PROSTAR TEXTILE: CRISIL Withdraws D Ratings on INR13.87cr Loans
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Prostar
Textile Mill Private Limited (PTMPL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

                   Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit        0.87       CRISIL D (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL D'; Rating Withdrawn)

   Term Loan         13.00       CRISIL D (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with PTMPL for obtaining
information through letters and emails dated December 31, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PTMPL, incorporated in 2015 by Mr M Paramasivam, is setting up a
fabric printing facility at Thiruppur in Tamil Nadu. The company
will undertake printing job work. The commercial operations started
only in fiscal 2018.


PVN TEX: Ind-Ra Affirms 'D' Long Term Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed PVN Tex
Industries' (PVN Tex) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the ratings are on the basis of best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limits (Long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR13.3 mil. Term loans (Long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Non-fund-based working capital limits (Short-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by PVN Tex on
account of stressed liquidity position, the details of which are
not available.

RATING SENSITIVITIES

Positive: Timely debt service for at least three consecutive months
will be positive for the ratings.

COMPANY PROFILE

PVN Tex is a partnership firm, owned and managed by Mr. Arvind
Agarwal and his family. It manufactures polypropylene and
high-density polyethylene woven sacks and fabrics.


RENEW RG II: Fitch Rates $435MM Senior Secured Notes Due 2024 'BB'
------------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB' to the USD435
million senior secured notes due 2024 of ReNew RG II, which is a
restricted group of subsidiaries owned by ReNew Power Limited
(ReNew).

The rating of the notes reflects the credit profile of the
restricted group of eight entities with an operating capacity of
636MW in solar (56%) and wind (44%) power generation in India. The
US dollar notes represent joint and several obligations of the
eight operating entities. ReNew RG II plans to use the proceeds
from the notes mainly to refinance existing debt at the operating
entities within the restricted group. The rating benefits from
restrictions on cash outflow and on additional indebtedness of the
restricted group and reflects the restricted group's diversified
portfolio of operating solar and wind power assets and an improving
financial profile.

The assignment of the final rating follows a review of the final
documentation conforming to the draft documentation previously
received. The final rating is the same as the expected rating
assigned on February 22, 2019.

KEY RATING DRIVERS

Strong Structural Enhancements: ReNew RG II's credit is supported
by structural enhancements to the notes. The US dollar notes are
directly issued from the asset-owning entities and the transaction
structure includes a static pool of fully operational assets with
no additional indebtedness permitted except for working capital.
The US dollar notes will be secured by a pledge of at least 51%
equity share in each of the operating entities and substantially
all of the assets in the operating entities. The security to the
notes is shared on a pari passu basis with Indian rupee lenders, if
any, at the operating entities.

The US dollar notes also include a six-month interest service
reserve account (ISRA) and restrictions on cash outflows. The cash
outflows are constrained by a minimum debt-service coverage ratio
(DSCR) to be achieved in light of the amortising nature of rupee
debt and the receipt of interest income on proposed advances to be
extended to the parent out of the note proceeds.

Seasoned, Majority Solar Portfolio: All assets of the restricted
group are fully operational with over one-third of capacity
operating for more than two years and almost all projects operating
for more than a year. The majority is solar capacity (354 MW),
which has lower yield volatility and seasonal variation arising
from weather conditions (relative to other renewable energy
sources), and is therefore likely to result in relatively stable
cash flows. The restricted group consists of 11 projects
diversified among five Indian states, though two of the projects
constitute 38% of the total capacity, leading to some concentration
risks.

Price Certainty, Volume Risks: Fitch believes the long-term
power-purchase agreements (PPAs) for all of the restricted groups'
assets offer price certainty and long-term visibility of cash
flows. The restricted group's assets have an average PPA life of
19.4 years, reflecting tenor of 10-25 years with state-owned
power-distribution companies for nearly 75% of their capacity. PPAs
for the balance capacity have relatively shorter duration, ranging
from 8-10 years. Although the long-term PPAs provide protection
from price risk, production volumes will vary based on resource
availability, which is affected by seasonal and climatic patterns.

Weak Counterparty Profile: The rating reflects the weak credit
profile of the key counterparties of the restricted group -
state-owned power distribution utilities - which account for about
75% of the restricted group's offtake. The rest of the offtake is
sold directly to corporate customers, increasing the diversity of
counterparties. There is some concentration for the state
utilities' offtake, with Rajasthan (24%) and Telangana (22%)
utilities accounting for 46% of offtake. State utilities have not
defaulted on their payments to the renewable sector to date,
despite payment delays.

Improving Financial Profile: Fitch expects ReNew RG II's financial
profile to improve, supported by positive cash flows from
operations together with repayment of rupee debt and restrictions
on additional indebtedness. Fitch expects the restricted group's
EBITDAR net interest coverage to remain above 2.0x till the
financial year ending March 2023 (FY23) from 2.0x in FY20 and
improve to around 2.5x by FY24 while the net leverage (net adjusted
debt/ operating EBITDAR) is expected to fall below 4x by FY24 from
around 6x currently.

Fitch's financial profile assessment incorporates ReNew's
commitment to maintain sufficient liquidity within the restricted
group, including retaining all cash generated after meeting debt
obligations during the last two years before maturity of the US
dollar notes. It also factors in ReNew's policy of not using the
balance in the ISRA for the payment of coupons.

Forex Hedging, Some Refinancing Risk: The restricted group's
earnings will be in rupees, but the notes are denominated in US
dollars, resulting in exposure to foreign-exchange risk. However,
management plans to substantially hedge the foreign-exchange risk
covering the entire semi-annual coupon payments and the majority of
the principal of its US dollar notes. In its view, full
amortisation of rupee debt over the life of the notes together with
ReNew's strong access to funding in banking and capital markets
reduce the refinancing risks.

ReNew Guarantee: The rating on the notes is not linked to ReNew's
credit quality. ReNew is providing a guarantee to the notes at the
inception of this transaction, but the guarantee may not be
available throughout the life of the notes as it is due to fall
away once the restricted group's gross debt to EBITDA drops below
5.5x. The guarantee does not enhance the rating of the notes as the
credit risk profile of ReNew is assessed as weaker than that of
ReNew RG II. However, Fitch expects the restricted group to benefit
from ReNew's strong capabilities and track record in development
and maintenance of renewable power projects.

DERIVATION SUMMARY

Greenko Dutch B.V (GBV, US dollar notes: BB) and Azure Power Energy
Ltd. (APEL, US dollar notes: BB-) are ReNew RG II's closest peers,
in Fitch's view.

GBV's credit profile benefits from a more diversified portfolio
with a total capacity of 1,075MW spread across wind (41%), solar
(37%) and hydro (22%) with a long operating history. GBV's rating
also benefits from Fitch's expectation of improvement in its
financial profile, supported by management's commitment to
deleverage by retaining cash in the restricted group or using it to
add new renewable assets with little or no additional debt. Fitch
expects GBV's EBITDAR net interest cover to exceed 2x in the next
couple of years and net leverage, measured by net adjusted
debt/operating EBITDAR, to fall below 3.5x by FY22.

ReNew RG II has a higher proportion of solar assets, which are more
stable in nature compared with wind and hydro. Fitch expects ReNew
RG II to benefit from higher initial EBITDAR net interest cover of
2x, to some extent helped by covenanted interest income on initial
advances to its parent, which will improve to around 2.5x by 2024.
This together with restrictions on any additional indebtedness
(excluding working capital debt), the proposal to maintain the ISRA
and the amortisation of rupee borrowings (about 20% of total
borrowings post the US dollar note funding) over the life of the
bonds lead to a similar overall financial-profile assessment,
resulting in the same rating for the US dollar notes of GBV and
ReNew RG II.

ReNew RG II's stronger financial profile, driven by Fitch's
expectations of stronger credit metrics and more stringent
restrictions on additional indebtedness, leads to its rating being
one notch higher than that of APEL despite the latter's fully solar
asset portfolio and stronger counterparties for nearly one-third of
its capacity.

KEY ASSUMPTIONS

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

  - Plant-load factors ranging from 19% to 29% for all assets

  - Plant-wise tariffs in accordance with respective PPAs

  - EBITDA margins of 81%-94% for all assets over the medium term

  - Average receivable period of around three months

  - No new assets to be added in the restricted pool

  - ReNew (parent) to pay coupon of 8% per annum on USD120 million
to the restricted group

  - Rupee loan amortisation of about USD103 million over the life
of the bond, including USD28 million of scheduled amortisation and
prepayments of USD75 million subject to DSCR of more than or equal
to 1.3x

  - Sufficient cash for operations to be maintained in the
restricted group over and above the ISRA of USD28 million

  - No cash outflow to parent assumed in the fourth and fifth years
of the bond tenor even if DSCR of 1.3x is satisfied to preserve
cash for the bond refinancing

RATING SENSITIVITIES

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

  - Positive rating action is unlikely over the medium term as the
rating reflects anticipated improvement in credit metrics. The
business profile is not expected to change either due to the
restricted nature of the pool.

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

  - Failure to reduce net leverage, measured by net adjusted
debt/operating EBITDAR, to below 4.0x by FY24       
       
  - EBITDA net fixed-charge coverage of below 2.0x on a sustained
basis, or failure to improve it towards 2.2x or higher by FY22.

  - Significant increase in refinancing risk, including that caused
by major weakening of the parent's credit profile.

  - Failure to adequately mitigate foreign-exchange risk

LIQUIDITY

Liquidity to Improve: The refinancing of the majority of ReNew RG
II's project debt by the US dollar notes has resulted in minimal
debt maturities in the medium term and supports improvement in its
liquidity. Fitch expects the operating cash flows of the restricted
group to be more than adequate to meet its rupee debt maturities
following the refinancing. Management plans to pass on the surplus
cash flows generated by ReNew RG II - after the servicing and
prepayment of the rupee loans and servicing of the US dollar bond
during the initial three years - to the parent as interest on
related-party loans, repayment of related-party loans or
inter-company loans subject to the covenants of the notes - mainly
DSCR of more than 1.3x. Fitch also expects the restricted group to
maintain minimum cash of about USD20 million over and above the
ISRA requirements.


S N TRADELINK: Ind-Ra Affirms BB+ Issuer Rating on INR155MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn S N
Tradelink Private Limited's (SNTPL) Long-Term Issuer Rating of 'IND
BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND A4+' rating on the INR430 mil. Non-fund-based working

     capital limit# affirmed & withdrawn; and

-- The 'IND BB+' rating on the INR155 mil. Fund-based working
     capital limit* affirmed & withdrawn.

*Affirmed at 'IND BB+'/Stable before being withdrawn
# Affirmed at 'IND A4+' before being withdrawn

KEY RATING DRIVERS

The affirmation reflects SNTPL's continued medium scale of
operations, despite a rise in revenue to INR4,327 million in FY18
(FY17: INR3,756 million) driven by a rise in sales volume. The
company's return on capital employed was 10% in FY18 and operating
margins were modest at 3.0% (FY17: 3.7%). The decline in margins
was on account of volatility in coal prices.

The ratings continue to factor in the company's modest credit
metrics as reflected by interest coverage (operating EBITDA/gross
interest expenses) of 2.5x in FY18 (FY17: 2.6x) and net financial
leverage (net debt/operating EBITDA) of 7.1x (4.8x). The
substantial deterioration in net leverage was on account of high
utilization of the working capital limits at the end of the year.

The affirmation also reflects SNTPL's modest liquidity position
with 74% average utilization of its fund-based working capital
limits during the six months ended January 2019. Cash flow from
operations continued to be negative (FY18: INR275 million, FY17:
INR148 million), on the back of the high working capital
requirement due to the trading nature of the business. The net cash
cycle remained elongated at 105 days in FY18 (FY17: 99 days), due
to a long credit period allowed to its customers to sustain
competition.

However, the ratings are supported by the company's promoters' a
decade-long experience in the coal trading business.

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

COMPANY PROFILE

Established in 2006, SNTPL is promoted by Mr. Sajjan Kumar Agarwal
and Mr. Navin Suratwala. The company is a major supplier of
imported coal across South Gujarat and Maharashtra.


SESHSAYI FOODS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Seshsayi Foods Pvt
Ltd.'s Long-Term Issuer Rating to the non-cooperating category. The
Outlook was Stable. 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:

-- INR300 mil. Fund-based working capital limits migrated to Non-
     Cooperating with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR138.7 mil. Term loan due on September 2020 - February 2022
     migrated to Non-Cooperating with IND BB+ (ISSUER NOT
     COOPERATING) rating;

-- INR7.8 mil. Non-fund-based working capital limits migrated to
     Non-Cooperating with IND A4+ (ISSUER NOT COOPERATING) rating;

     and

-- INR43.75 mil. Working capital term loan migrated to Non-
     Cooperating with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 4, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1981, the company has a 35 tons per day vermicelli
manufacturing unit in Bhandara, Maharashtra and a 300 tons per day
wheat flour mill in Indore, Madhya Pradesh. Seshsayi Foods sells
its products under the brand name Bambino in the branded vermicelli
market.


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

The instrument-wise rating actions are:

-- INR160 mil. Fund-based working capital limit (long-/short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;
     and

-- INR40 mil. Proposed fund-based limit (long-/short-term)*
     assigned and downgraded with IND D (ISSUER NOT COOPERATING)
     rating.

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

* The final rating has been assigned following the receipt of the
sanction letter by Ind-Ra.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Shivani Trendz,
the details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt service for at least three consecutive months
could lead to a positive rating action.

COMPANY PROFILE

Established in August 2012, Shivani Trendz exports dyed and printed
fabrics, and value-added embroidered fabrics to over 10 countries.
Its registered office is in Mumbai and manufacturing facility in
Surat.


SHRI AMBICA: CRISIL Maintains 'D' Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Ambica
International Food Company Private Limited (SAIFCO) continues to be
'CRISIL D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         110       CRISIL D/Issuer Not Cooperating   
  

   Export Packing  
   Credit               70       CRISIL D/Issuer Not Cooperating  
    
   Term Loan            11.06    CRISIL D/Issuer Not Cooperating   
  

CRISIL has been consistently following up with SAIFCO for obtaining
information through letters and emails dated August 31, 2018 and
February 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAIFCO, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAIFCO 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 SAIFCO continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SAIFCO was set up by Mr Ishwar Chand Goel in 1983 as a
proprietorship firm, and was reconstituted as a private limited
company in November 2006. It mills and processes basmati rice. Its
plant is at Taraori in Karnal, Haryana. The company also purchases
semi-processed rice from smaller mills in the area, and sorts and
exports it.


SRIKAR LABORATORIES: Ind-Ra Assigns 'D' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Srikar
Laboratories Private Limited (SLPL) a Long-Term Issuer Rating of
'IND D'.

The instrument-wise rating actions are:

-- INR37.5 mil. Fund-based working capital limits (Long-term)
     assigned with IND D rating; and

-- INR53.1 mil. Term loans (Long-term) due on March 2020 assigned

     with IND D rating.

KEY RATING DRIVERS

The ratings reflect SLPL's delays in term debt servicing during the
three months ended February 2019, due to a tight liquidity position
resulting from an elongated gross working capital cycle of 193 days
in FY18 (FY17: 241 days). The stretch in the working capital cycle
was attributed to long inventory holding period of 138 days in FY18
(FY17: 205 days). The company's working capital facility was almost
fully utilized during the 12 months ended February 2019.

The ratings are also constrained by SLPL's small scale of
operations as indicated by revenue of INR280.5 million in FY18
(FY17: INR183.4 million). The growth in revenue was attributed to a
rise in orders following the increase in the installed capacity.
Its return on capital employed was 10% in FY18 (FY17: 7%) and the
EBITDA margin was modest at 12.4% (15.4%). Despite the growth in
revenue, the margin declined due to an increase in raw material
costs. The company also faces intense competition from the
unorganized players in the market.

The ratings also reflect the company's weak credit metrics as
reflected by interest coverage (operating EBITDAR/gross interest
expense) of 1.5x (FY17: 1.2x) and net leverage (adjusted net
debt/operating EBITDAR) of 5.6x (6.9x). The improvement in the
credit metrics was on account of an improvement in absolute EBITDA
to INR34.8 million in FY18 (FY17: INR28.2 million).

RATING SENSITIVITIES

Positive: Timely debt service for at least three consecutive months
could lead to a positive rating action.

COMPANY PROFILE

Incorporated on February 23, 2011, SLPL manufactures bulk drugs,
and active pharmaceutical ingredients and its intermediates at its
manufacturing plant located at JN Pharma City, Vizag, Andhra
Pradesh. SLPL has an operating track record of around one decade
and its promoters have more than two decades of experience in the
pharmaceutical industry.


VIJAYA LAKSHMI TOBACCO: CARE Assigns B+ Rating to INR9cr LT Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vijaya
Lakshmi Tobacco Traders (VLTT), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank
   Facilities           9.00       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of VLTT are tempered by
limited track record and small scale of operations with low
networth base, leveraged capital structure and weak debt coverage
indicators, working capital intensive nature of operations due to
high inventory holding period, vulnerability to government
regulations, climatic risks and constitution of the entity as a
partnership firm with inherent risk of withdrawal of capital. The
rating, however, derives strength by experience of the promoters in
tobacco business, marginal growth in total operating income and
increase in PBILDT margins during the review period, favorable
location for operating tobacco business and stable outlook of
tobacco industry.

Going forward, ability of the firm to increase its scale of
operations and improve profitability margins and to manage working
capital requirements efficiently would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Limited track record and small scale of operations with low net
worth base: VLTT has very limited track record of operations.
VLTT's operations are small marked by total operating income of
INR15.67 crore in FY18 and low networth base of INR3.33 crore as on
March 31, 2018 as compared to other peers in the industry.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the firm marked by overall gearing stood
leveraged during the review period. The overall gearing of the firm
marginally deteriorated from 2.83x as on March 31, 2017 to 2.94x as
on March 31, 2018 due to increase in debt levels at the back of
increase in utilization of working capital limits. The debt
coverage indicators marked by interest coverage and TD/GCA remained
weak during the review period. The PBILDT interest coverage ratio
has deteriorated from 1.18x in FY17 to 1.09x in FY18 due increase
in interest cost at the back of high utilization of working
capital. The TD/GCA has deteriorated from 111.67x in FY 17 to
128.24x in FY18 due to due to increase in debt levels at the back
of increase in utilization of working capital limits.

Vulnerability of the tobacco business to government regulations and
to climatic risks affecting tobacco availability: Tobacco products
form a major source of revenue in the form of taxes to both central
as well as state government and hence there are regular
modifications in taxation laws/tax rates with respect to the same.
Due to the harmful nature of the product, the various state
governments have banned Manufacture and sale of various tobacco
products under the Food Safety and Standards (Prohibition and
Restrictions on Sales) Regulations, 2011 and availability of
tobacco is highly susceptible to the factors like area under
cultivation, Climatic risk, crop yield. Hence, the profitability
margins of the firm are vulnerable to government regulations on
tobacco products and availability of tobacco.

Working capital intensive nature of operations due to high
inventory holding period: The firm has working capital intensive
nature of operations due to high inventory holding period. Owing to
trading nature of business and availability of tobacco is seasonal
in nature (susceptible to climatic risks), the firm has to buy the
tobacco depending on availability. Due to market demand
fluctuations, the firm holds the inventory till it gets better
pricing. Hence the firm has elongated inventory holding period of
279 days in FY18. As the firm is purchasing Virginia tobacco on
auction platforms, the average creditor's payment period is 1-15
days. The firm receives the payment from its customers within 1-30
days from the date of invoice depending on the relationship. The
operating cycle of the firm is stood at 279 days in FY18. Average
working capital utilization of the firm during the last 12 months
period ended December 31, 2018 is 95%.

Constitution of the entity as a partnership firm with inherent risk
of withdrawal of capital: VLTT, being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth. The partners have infused capital
to the tune of INR0.77 crore in FY18.

Key Rating Strengths

Experience of the promoters in tobacco business: Andhra Pradesh
based, Vijaya Lakshmi Tobacco Traders (VLTT) was established in
March 2016 as a partnership firm, by Mr.D.Satyanarayana and
Mrs.D.Vijaya Lakshmi. Mr.D.Satyanarayana is a graduate (M.B.A.) by
qualification and has 10 years of experience in tobacco business.
Further, Mrs.D.Vijaya Lakshmi has experience of more than 10 years
in the same line of business. The firm is also supported by
Mr.Poorna Chandra Rao (Father of Mr.D.Satyanarayana) who is a
qualified graduate and has around 30 years of experience in tobacco
business. The above factors helped the firm in approaching
tobacco boards for purchasing tobacco in auction platforms and to
establish relationship with customers.

Marginal growth in total operating income and increase in PBILDT
margins during the review period: The total operating income of the
firm has marginally increased from INR15.49 crore in FY17 to
INR15.67 crore in FY18. The PBILDT margin of the firm has increased
from 3.93% in FY16 to 8.32% in FY18 due to decrease in raw material
cost at the back of presence of stocks which were purchased in FY17
at relatively lower cost. The PAT margin of the firm increased
marginally from 0.41% in FY17 to 0.42% in FY18 due to increase in
PBILDT levels in absolute terms.

Liquidity Analysis
The current ratio of the firm stood comfortable at 1.34x as on
March 31, 2018. The current loans and advances were relatively
higher than sundry creditors and other current liabilities as on
March 31, 2018. The cash balances stood at Rs.0.15 crore as on
March 31, 2018. The unutilized working capital limits stood at 5%
as on January 14, 2019.

Stable outlook of tobacco industry: Cigarettes currently represent
one of the most popular forms of tobacco, accounting for nearly 90%
of the global tobacco sales value. The global cigarette market
today represents a multi-billion dollar market and according to
IMARC group, its total revenues reached values worth US$ 816
Billion in 2017, representing a CAGR of around 7% during 2009-2017.
Despite falling volumes in developed markets as a result of an
increasing awareness on the harmful effects of cigarette smoking,
manufacturers have been able to increase value growth. Factors
driving the cigarette market include a continuous increase in the
prices of cigarettes and an increasing popularity of premium
products. Another major factor driving the growth is the rising
consumption of cigarettes in developing countries. Owing to the
aforementioned reasons, the outlook for tobacco industry looks
stable for the medium term.

Andhra Pradesh based, Vijaya Lakshmi Tobacco Traders (VLTT) was
established in March 2016 as a partnership firm, by
Mr.D.Satyanarayana and Mrs.D.Vijaya Lakshmi. Vijaya Lakshmi Tobacco
Traders (VLTT) is an authorized licensed dealer in tobacco
registered with Tobacco Board for trading of Virginia tobacco. VLTT
is mainly engaged in trading of Virginia tobacco. The firm
purchases the raw material i.e., Wet Virginia tobacco through the
competitive bidding process conducted by Tobacco Board (TB) at
Andhra Pradesh location. The TB collects the tobaccos from farmers,
who are licensed holder to grow any particular tobacco. Further,
these tobaccos are put in tender process. After successfully
winning the tender, the firm processes the Virginia tobacco
manually by separating the tobacco leaves, with the help of local
contractual workers. After separation of tobacco leaves, the firm
sells the tobacco to other dealers in Andhra Pradesh. The
processing unit for separation of tobacco leaves is located at
Tangutur which is 20 km away from Ongole, where tobacco is one of
the major crops.


VIJAYA LAKSHMI: CARE Assigns B+ Rating to INR15cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vijaya
Lakshmi Enterprises (VLE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank      15.00       CARE B+; Stable Assigned
   Facilities          

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of Vijaya Lakshmi
Enterprises (VLE) are tempered by small scale of operations and
fluctuating total operating income, leveraged capital structure and
weak debt coverage indicators, fluctuating PBILDT margins during
the review period, working capital intensive nature of operations
due to high inventory holding period, vulnerability to government
regulations, climatic risks and constitution of the entity as a
partnership firm with inherent risk of withdrawal of capital. The
rating, however, derives strength by moderate track record and
experience of the promoters in tobacco business, reputed clientele
base, favorable location for operating tobacco business and stable
outlook of tobacco industry.

Going forward, ability of the firm to increase its scale of
operations and improve profitability margins and to manage working
capital requirements efficiently would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations and fluctuating total operating income
during the review period: The firm has a track record of five
years, however, the total operating income (TOI) of the firm
remained low at INR20.78 crore in FY18 with a low net worth base of
INR3.63 crore as on March 31, 2018 as compared to other peers in
the industry. The total operating income of the firm is seen
fluctuating during the review period. The total operating income
has decreased from INR41.14 crore in FY16 to INR15.97 crore in FY17
since the firm has started doing processes like threshing
etc. through outsourcing and then trading. However the total
operating income increased to INR20.78 crore in FY18 due to
increase in sales volume at the back of repetitive orders from
existing customers.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the firm marked by overall gearing stood
leveraged during the review period. The overall gearing of the firm
deteriorated from 1.48x as on March 31, 2016 to 3.97x as on March
31, 2018 due to increase in debt levels at the back of increase in
utilization of working capital limits. The debt coverage indicators
marked by interest coverage and TD/GCA remained weak during the
review period. The PBILDT interest coverage ratio has deteriorated
from 1.38x in FY16 to 1.06x in FY17 due increase in interest cost
at the back of high utilization of working capital. The TD/GCA has
deteriorated from 16.35x in FY 16 to 152.77x in FY18 due to due to
increase in debt levels at the back of increase in utilization of
working capital limits.

Fluctuating PBILDT margins during the review period: PBILDT margins
of the firm are seen fluctuating during the review period. The
PBILDT margin of the firm has increased from 3.65% in FY16 to
11.70% in FY17 on account of firm started doing processes like
threshing etc. through outsourcing and then trading. However the
PBILDT margin decreased to 10.11% in FY18 due to increase in prices
of raw material (tobacco) cost in FY18. The PAT margins of the firm
are seen declining during review period. The PAT margin has
decreased from 0.77% in FY16 to 0.31% in FY18 on account of
increase in interest cost at back of increase in utilization of
working capital bank facilities as the operations of the firm are
working capital intensive owing to trading nature of business.

Vulnerability of the tobacco business to government regulations and
to climatic risks affecting tobacco availability: Tobacco products
form a major source of revenue in the form of taxes to both central
as well as state government and hence there are regular
modifications in taxation laws/tax rates with respect to the same.
Due to the harmful nature of the product, the various state
governments have banned Manufacture and sale of various tobacco
products under the Food Safety and Standards (Prohibition and
Restrictions on Sales) Regulations, 2011 and availability of
tobacco is highly susceptible to the factors like area under
cultivation, Climatic risk, crop yield. Hence, the profitability
margins of the firm are vulnerable to government regulations on
tobacco products and availability of tobacco.

Working capital intensive nature of operations due to high
inventory holding period: The firm has working capital intensive
nature of operations due to high inventory holding period. Owing to
trading nature of business and availability of tobacco is seasonal
in nature (susceptible to climatic risks), the firm has to buy the
tobacco depending on availability. Due to market demand
fluctuations, the firm holds the inventory till it gets better
pricing. Hence the firm has elongated inventory holding period of
357 days in FY18.

As the firm is purchasing Virginia tobacco on auction platforms,
the average creditor's payment period is 1-15 days. The firm
receives the payment from its customers within 1-30 days from the
date of invoice depending on the relationship. The operating cycle
of the firm is stood at 352 days in FY18. Average working capital
utilization of the firm during the last 12 months period ended
December 31, 2018 is 95%.

Constitution of the entity as a partnership firm with inherent risk
of withdrawal of capital: VLE, being a partnership firm, is exposed
to inherent risk of the partner's capital being withdrawn at time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth. The partners have withdrawn
capital to the tune of INR0.04 crore in FY17 and FY18.

Key Rating Strengths

Moderate track record and experience of the promoters in tobacco
business: Andhra Pradesh based, Vijaya Lakshmi Enterprises (VLE)
was established in October 2013 as a partnership firm, by
Mr.D.Satyanarayana and Mr.D.Jaya Lakshmi. Mr.D.Satyanarayana is a
graduate (M.B.A.) by qualification and has 20 years of experience
in tobacco business. The firm is also supported by Mr.Poorna
Chandra Rao (Father of Mr.D.Satyanarayana) who is a qualified
graduate and has around 30 years of experience in tobacco business.
The above factors helped the firm in approaching tobacco boards for
purchasing tobacco in auction platforms and to establish
relationship with customers.

Reputed Clientele base and favorable location for doing tobacco
business: The firm has reputed client base like ITC Limited,
Alliance One Industries Private Limited, Premier Tobacco Packers
who are into the business of selling cigarettes and exporting
tobacco related products. The firm has ease of approaching the
suppliers of tobacco as the firm is having its administrative
office cum godown at Tangutur (Andhra Pradesh) which is
located in the major tobacco growing area in Andhra Pradesh.

Liquidity Analysis

The current ratio of the firm stood comfortable at 1.23x as on
March 31, 2018. The current loans and advances were
relatively higher than sundry creditors and other current
liabilities as on March 31, 2018. The cash balances stood at
Rs.0.05 crore as on March 31, 2018. The unutilized working capital
limits stood at 5% as on January 14, 2019.

Stable outlook of tobacco industry: Cigarettes currently represent
one of the most popular forms of tobacco, accounting for nearly 90%
of the global tobacco sales value. The global cigarette market
today represents a multi-billion dollar market and according to
IMARC group, its total revenues reached values worth US$ 816
Billion in 2017, representing a CAGR of around 7% during
2009-2017.

Despite falling volumes in developed markets as a result of an
increasing awareness on the harmful effects of cigarette smoking,
manufacturers have been able to increase value growth. Factors
driving the cigarette market include a continuous increase in the
prices of cigarettes and an increasing popularity of premium
products. Another major factor driving the growth is the rising
consumption of cigarettes in developing countries. Owing to the
aforementioned reasons, the outlook for tobacco industry looks
stable for the medium term.

Andhra Pradesh based, Vijaya Lakshmi Enterprises (VLE) was
established in October 2013 as a partnership firm, by
Mr.D.Satyanarayana and Mr.D.Jaya Lakshmi. Vijaya Lakshmi
Enterprises (VLE) is an authorized licensed dealer in tobacco
registered with Tobacco Board for trading of Virginia tobacco. VLE
is mainly engaged in trading of Virginia tobacco. The firm
purchases the raw material i.e., Wet Virginia tobacco through the
competitive bidding process conducted by Tobacco Board (TB) at
Andhra Pradesh location. The TB collects the tobaccos from farmers,
who are licensed holder to grow any particular tobacco. Further,
these tobaccos are put in tender process. After successfully
winning the tender, the firm processes the Virginia tobacco
manually by separating the tobacco leaves, with the help of local
contractual workers. After separation of tobacco leaves, the firm
outsources the process like threshing. Threshing process involves
conditioning of tobacco with heat and moisture, and finally
re-drying the Virginia tobacco. The processing unit for separation
of tobacco leaves is located at Tangutur which is 20 km away from
Ongole, where tobacco is one of the major crops. Till FY16, the
firm was into trading of tobacco directly without processing.
However, from FY17 the firm has started doing processes like
threshing etc. through outsourcing and then trading.


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

The instrument-wise rating actions are:

-- INR42 mil. Term loan due on March 2023 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR52 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 27, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Vinayak Support Services began operations in 1993 in Jharkhand
under the name Diamond Marketing Private Limited. In August 2015,
the company changed its name to the present one. It transports
bauxite and supplies coal to power units.



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

ARROW INTERNATIONAL: Owes More Than NZ$21MM, Administrators Reveal
------------------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that the administrators of
Arrow International have revealed debts of about NZ$21 million, and
advertised the sale of a development property to raise cash.

According to the report, administrators Andrew Bethell and Colin
Gower at accountancy firm BDO have been managing the handover of
development sites to new companies or arranging for projects to be
completed.

They have yet to pay March Construction an arbitrated award of
NZ$4.2 million, which was the catalyst for Arrow owners Ron
Anderson and Bob Foster to call in the voluntary administrators,
the report says.

Stuff relates that Messrs. Bethell and Gower told creditors
recently that Arrow owed NZ$15 million to unsecured creditors and
NZ$5.6 million to contingent creditors.

They expected the figure to rise as creditors put in claims, the
report says.

Stuff says the company's bank and bond issuer have agreed not to
place the company into receivership at this stage.

A moratorium remains in place preventing enforcement of debt
demands by creditors, and allowing for possible restructuring while
the administration is in place.

According to Stuff, the next important milestone will be a
watershed meeting of creditors at the end of May where creditors
will decide if the company is to be liquidated or handed back to
directors, or a deed of arrangement is set up.

The report relates that Messrs. Bethell and Gower have also
obtained a court order allowing them to act as liquidators either
by creditors or shareholders.

They held a meeting where they told creditors of the aims of the
voluntary administration to try and save as much as possible of the
business, which employed 250 people.

If this was not possible the administrators hoped to provide a
better return for creditors and shareholders than would result from
an immediate liquidation, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on March
4, 2019, NZ Herald said Arrow International has gone into voluntary
administration after a contractual dispute left it with
insufficient cashflow to meet operating costs.  Administrators from
accountancy BDO were appointed on Feb. 28, 2019.

Arrow International was founded by Ron Anderson and Bob Foster in
Dunedin in 1984.


PRIME BUILDING: In Liquidation; Owed NZ$1.33MM by Debtors
---------------------------------------------------------
Stuff.co.nz reports that construction company Prime Building
Systems has gone into liquidation after reportedly struggling to
get paid.

When Prime Building Systems' owner and sole director Stijn Van Den
Eeden put the company into liquidation in December, it was owed
NZ$1.33 million by debtors, with most bills said to be more than
two months overdue, Stuff discloses. There are also reportedly some
contractual disputes.

According to Stuff, liquidation documents list 105 creditors,
including BNZ, Inland Revenue, ACC, Hawkins, Crown Equipment,
Hagley Building Products, Steel and Tube, and Bunnings. Also on
Prime Building Systems' creditor list are Fletcher Construction and
Placemakers -- both arms of Fletcher Building which was named lead
contractor on both the justice and emergency services precinct and
airport hotel sites and suffered large losses in 2018, Stuff
relays.

Stuff notes that at the time of liquidation, Prime Building
Systems' debts included NZ$710,000 owed to BNZ, NZ$130,000 plus
other sums to Inland Revenue, NZ$28,000 to employees and NZ$767,000
to other creditors. More claims are expected by the time the next
liquidator's report is filed in July, the report says.

The initial report from Rodgers Reidy liquidators Derek Ah Sam and
Paul Vlasic said they had been advised by Van Den Eeden that the
insolvency had been caused by debtors not paying their bills, which
affected cashflow, adds Stuff.

Prime Building Systems produced facade panels and metal joinery
under the trading name Prime Design. It had factories in Manukau,
Auckland and Bromley, Christchurch.  The company's projects
included producing stone fins for Christchurch's justice and
emergency services precinct and terracotta cladding for the city's
airport Novotel hotel. Both projects ran into serious delays and
cost overruns, and the hotel remains under construction despite an
original 2017 completion date.  Prime Building Systems also
produced engraved cladding for Ngai Tahu's King Edward barracks
office development and worked on some North Island projects.




===============================
P A P U A   N E W   G U I N E A
===============================

CAPITAL GENERAL: A.M. Best Lowers Financial Strength Rating to C+
-----------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to C+
(Marginal) from C++ (Marginal) and the Long-Term Issuer Credit
Rating to "b-" from "b+" of Capital General Insurance Company
Limited (CGI) (Papua New Guinea). Additionally, AM Best has placed
these Credit Ratings (ratings) under review with negative
implications. CGI is a subsidiary of Capital Insurance Group
Limited (CIGL), which also is domiciled in Papua New Guinea.

The rating downgrades reflect a deterioration in AM Best's view of
CGI's balance sheet strength fundamentals following a control
failure that is expected to lead to a significant deterioration in
risk-adjusted capitalization for the year-end 2018, as measured by
Best's Capital Adequacy Ratio (BCAR). While the company has yet to
finalize its year-end 2018 financial statements, AM Best expects
reported shareholder's equity to decline significantly when
compared with year-end 2017 and prior expectations for 2018. The
deterioration in the company's capital position follows the
identification and correction of historical misreporting of
reinsurance transactions over a number of years. The control
failure is expected to have led to the historical overstatement of
the company's balance sheet position, as well as earnings.

The under review with negative implications status reflects the
uncertainty that remains around CGI's year-end 2018 financial
position, pending finalization of audited financial statements, as
well as prospective expectations. In order to resolve the under
review status, AM Best plans to conduct a full assessment of
medium-term balance sheet strength and operating performance
fundamentals of CGI and CIGL. In addition, AM Best will consider
any actions being taken by the company to bolster prospective
risk-adjusted capitalization.

The ratings reflect CGI's balance sheet strength, which AM Best
categorizes as adequate, as well as its strong operating
performance, limited business profile and weak enterprise risk
management. No rating lift or drag has been applied to CGI's
ratings in respect of its 100% ownership by CIGL.




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

HYFLUX LTD: Survival in Doubt as Dispute with Rescuer Deepens
-------------------------------------------------------------
Denise Wee at Bloomberg News reports that Hyflux Ltd.'s survival is
looking shakier as disagreements with its rescuer deepen.

Bloomberg relates that Hyflux said in a filing that it disputes
certain assertions by SM Investments, the consortium of Indonesian
businessmen that had agreed last year to take a majority stake in
the firm. At the same time, SM Investments is disagreeing with some
terms of the restructuring plan put forward by Hyflux, the filing,
as cited by Bloomberg, showed.

According to Bloomberg, the disputes heighten the drama of the
catastrophic slump of the once-vaunted water and power company.
Bloomberg says the case involves some 34,000 retail investors who
stand to lose almost everything, and a desalination and power plant
that cost SGD1.1 billion and was heralded as one of the "national
taps" for Singapore. The cash-strapped company, founded by Olivia
Lum, faces mounting pressure as mom and pop investors organize a
protest in the city-state this weekend.

Bloomberg notes that trouble with the rescuer started bubbling up
earlier this month when the Indonesian consortium SM Investments
threatened to walk away from the debt restructuring agreement.

Bloomberg relates that the consortium had said a default notice
served by Singapore's Public Utilities Board on Hyflux's Tuaspring
desalination and power plant on March 5 constitutes an event that
undermined a debt plan and it may abandon the deal if the default
isn't remedied by April 1.

SM Investments is also disputing a payout to creditors under the
agreement and has "asserted that it does not agree to the terms of
the schemes proposed, in particular, the commercial term that an
aggregate cash amount of SGD272 million" will be used to fully
settle the financial obligations in the restructuring agreement,
Hyflux said in a filing to the Singapore Exchange dated March 27,
Bloomberg relays.

Bloomberg says Hyflux disputed the Indonesia consortium's assertion
that actions taken by the Public Utilities Board constitute events
that would allow the group to walk away from the agreement. It said
it has received "a further notice" from the investor dated March
25, that another so-called "prescribed occurrence" has taken place,
which Hyflux is also refuting.

A successful debt restructuring at the Singapore water treatment
company is looking "increasingly remote" and challenges are
mounting, Oversea-Chinese Banking Corp. said in a credit research
note on March 27, Bloomberg reports.

Bloomberg relates that Hyflux said that its view is that the
investor group is "obliged to honor its commitment to invest under
the restructuring agreement" and the group has not stated that it
"will resile from the restructuring agreement."

If the investors seek to wrongfully terminate the restructuring
agreement, the terms allow the company to lay claim to a SGD38.9
million deposit, Hyflux, as cited by Bloomberg, said in the
filing.

The company said it will hold meetings with creditors on April 5
and April 8 as scheduled, Bloomberg discloses.

                              About Hyflux

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

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

The Company said it is taking this step in order to protect the
value of its businesses while it reorganises its liabilities.

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




===============
X X X X X X X X
===============

[*] Top Law Firm Sees Cracks in Southeast Asia's Credit Markets
---------------------------------------------------------------
David Yong at Bloomberg News reports that cracks are showing in
Southeast Asia's credit markets as struggling companies in troubled
industries seek to repair their balance sheets, according to Rajah
& Tann Singapore LLP, which manages the largest network of
corporate lawyers in the region.

Bloomberg relates that the law firm, which has handled local units
of Lehman Brothers Holdings Inc. and MF Global Inc. in their
bankruptcy cases, said a slowing Chinese economy and more risk
aversion among alternative capital providers will make it more
challenging for some companies to meet maturing obligations. While
credit markets have rallied this year amid more dovish steps by
central banks, some weaker borrowers may still struggle to roll
over debt.

"We are increasingly being asked to review security and loan
documents and advise on enforcement options, with financiers being
keen to make sure the ducks are in a row," Bloomberg quotes Danny
Ong, a partner in charge of dispute resolution practice, citing
recent instructions and mandates from clients, as saying. "This has
led to us ramping up our internal resources in anticipation of more
distress events."

Singapore's credit market bore the brunt of regional distress with
at least 15 corporate defaults since 2014 as shipping and oilfield
services groups stumbled, Noble Group Ltd. headed for liquidation
and as Hyflux Ltd. fights for survival, according to Bloomberg. In
Indonesia, PT Bumi Resources pursued a debt reorganization after
coal prices tanked, while builders, a broadcaster and seafood
producer have also pushed out repayments on debt, the report says.

Leverage in the corporate sector has increased in almost every
country, barring Indonesia which enjoys strong commodity prices,
S&P Global Ratings said in a September 2018 analysis of nearly
2,400 listed companies with $700 billion of debt load.

Rajah & Tann has acted for creditors, bond trustees and liquidators
in recent insolvencies related to OW Bunker, Ezra Holdings Ltd. and
PT Berau Coal, among others, the report notes. Mr. Ong said
investors should brace for more bad news.

Private-equity firms, which replaced traditional banks as major
capital providers after the global financial crisis, "are becoming
increasingly risk averse," making fundraising or debt servicing
more challenging, he added, Bloomberg relays.

Southeast Asian companies must repay $17.9 billion of
dollar-denominated bonds this year, with that amount rising to
$23.2 billion in 2023, according to Bloomberg-compiled data.

Slowing economic growth in China could have a ripple effect on cash
flow, Mr. Ong, as cited by Bloomberg, said. He's particularly
concerned about the construction and shipping sectors and foresees
a round of mergers and acquisitions across the region for
survival.

"Builders are facing ever-thinning margins and this will lead to
some industry consolidation," the report quotes Mr. Ong as saying.
"For some time, the shipping sector has stabilized but my sense is
that a second wave of distress may be on the way."



                           *********


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
to be reliable, but is not guaranteed.

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



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