/raid1/www/Hosts/bankrupt/TCRAP_Public/190401.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, April 1, 2019, Vol. 22, No. 65

                           Headlines



A U S T R A L I A

CERES AGRICULTURAL: First Creditors' Meeting Set for April 9
CUBE MARKETING: First Creditors' Meeting Set for April 9
FLEXI ABS 2019-1: Fitch Assigns 'BB+sf' Rating on Class E Debt
FLEXI ABS 2019-1: Moody's Rates AUD10.5MM Class E Notes 'Ba2'
GLOBAL ACCESSORIES: Second Creditors' Meeting Set for April 11

GRANDSTAND SCAFFOLD: First Creditors' Meeting Set for April 8
LIBERTY SERIES 2015-1: S&P Hikes Class F Notes Rating to BB+(sf)
MACQUARIE CENTRE: First Creditors' Meeting Set for April 8
NAPOLEON PERDIS: Chinese e-Commerce Experts to Buy Company
OPEN DOOR: Second Creditors' Meeting Set for April 5

RESIMAC TRIOMPHE 2019-1: S&P Assigns BB(sf) Rating on Cl. E Notes
TRITON TRUST 2019-2: S&P Assigns BB(sf) Rating on Class E Notes


C H I N A

CHINA FORTUNE: Fitch Rates Proposed USD Senior Notes 'BB+(EXP)'
CHINA GRAND: Fitch Rates Proposed Senior USD Notes 'BB-(EXP)'
GUANGZHOU R&F: Fitch Alters Outlook on 'BB-' LT IDR to Stable
GUANGZHOU R&F: Moody's Alters Outlook on Ba3 CFR to Stable
HNA GROUP: Agrees to Sell Stake in HK Express to Cathay Pacific

JIANGSU HANRUI: Fitch Cuts Long-Term IDRs to 'B', Outlook Negative
LESHI INTERNET: Struggles to Turn Itself Around
MGM CHINA: Fitch Assigns 'BB' Long-Term IDR, Outlook Stable
YANGO GROUP: Fitch Rates Proposed USD Senior Notes 'B-(EXP)'
ZHENRO PROPERTIES: Moody's Rates Proposed Senior USD Notes 'B3'



I N D I A

ARPEE ENERGY: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
BAYWATCH SHELTERS: Insolvency Resolution Process Case Summary
DELCO INFRASTRUCTURE: Ind-Ra Migrates B+ Rating to Non-Cooperating
DIAMOND SHIPPING: Insolvency Resolution Process Case Summary
EPOCH RESEARCH: CARE Assigns B+ Rating to INR9cr LT Loan

FORTS BIOTECH: Insolvency Resolution Process Case Summary
GAURINATH AGRO: CARE Lowers Rating on INR9.29cr Loan to B
GODAWARI TRADERS: CARE Hikes Rating on INR7cr LT Loan to B+
HOTEL SWOSTI: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
JET AIRWAYS: To Pay December Salaries to Pilots and Engineers

KADAM & KADAM: Ind-Ra Affirms 'BB-' Long Term Issuer Rating
KAVVERI TELCOM: Insolvency Resolution Process Case Summary
MANJEERA CONSTRUCTIONS: Ind-Ra Assigns BB+ Rating on INR120MM Loan
MANTHARAGIRI TEXTILES: Ind-Ra Affirms 'B+' Long Term Issuer Rating
MITTAL CLOTHING: Ind-Ra Affirms 'BB-' Long Term Issuer Rating

NTPC BHEL: Ind-Ra Lowers LT Issuer Rating to BB-, Outlook Negative
ONEWORLD INDUSTRIES: Insolvency Resolution Process Case Summary
PARAMOUNT MILLS: Insolvency Resolution Process Case Summary
PREMIER SYNTHETICS: CARE Assigns B Rating to INR9.50cr Shares
PUNJAB SPINTEX: CRISIL Maintains D Rating in Not Cooperating

RAIHAN HEALTHCARE: Insolvency Resolution Process Case Summary
RENUKA SILKS: CRISIL Maintains 'D' Ratings in Not Cooperating
SAHARA ENGINEERING: Ind-Ra Affirms 'BB' Long Term Issuer Rating
SAMYU GLASS: CRISIL Maintains 'D' Ratings in Not Cooperating
SATYA MEGHA: CRISIL Maintains 'D' Rating in Not Cooperating

SHREE MATAJI: Insolvency Resolution Process Case Summary
SHREE RAM: CRISIL Maintains D Ratings in Not Cooperating Category
SREE VEERA: CRISIL Raises Ratings on INR14.01cr Loans to C
TATA MOTORS: S&P Lowers ICR to 'B+' on JLR's Continued Weakness
TROPICAL COATINGS: CRISIL Maintains D Ratings in Not Cooperating

UNIJULES LIFE: Insolvency Resolution Process Case Summary
URC INFOTEC: CRISIL Maintains 'D' Ratings in Not Cooperating
V.D. SWAMI: CRISIL Maintains 'D' Rating in Not Cooperating
VAISHNODEVI REFOILS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
VASMO AGRO: Insolvency Resolution Process Case Summary

VIDARBHA INSTITUTE: CARE Lowers Rating on INR21.70cr Loan to B
VIJAY SHEETS: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
VISHVAS POWER: Ind-Ra Corrects March 13 Rating Release


I N D O N E S I A

LIPPO KARAWACI: Fitch Maintains 'BB-(idn)' National LT Rating


N E W   Z E A L A N D

TRADE ME: S&P Assigns Preliminary 'B' ICR, Outlook Stable


V I E T N A M

VIETINBANK: S&P Withdraws 'BB-/B' Issuer Credit Ratings
VIETNAM MARITIME: Moody's Hikes LT Deposit & Issuer Ratings to B2

                           - - - - -


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

CERES AGRICULTURAL: First Creditors' Meeting Set for April 9
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ceres
Agricultural Company Pty Ltd will be held on April 9, 2019, at
10:30 a.m. at the offices of Grant Thornton Australia, at  Level
17, 383 Kent Street, in Sydney, NSW.

Philip Campbell-Wilson & Said Jahani of Grant Thornton Australia
Limited were appointed as administrators of Ceres Agricultural on
March 27, 2019.


CUBE MARKETING: First Creditors' Meeting Set for April 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     * Cube Marketing Pty Ltd;
     * Liberty Property Sales Pty Ltd;
     * Monarco Property Management Pty Ltd;
     * Monarco Pty Ltd;
     * Monarco Property Management Services Pty Ltd; and
     * Riviara Pty Ltd

will be held on April 9, 2019, at 11:00 a.m. at the offices of
Nicols + Brien, at Level 2, 350 Kent Street, in Sydney, NSW.

Steven Nicols of Nicols + Brien was appointed as administrator of
Cube Marketing on March 28, 2019.


FLEXI ABS 2019-1: Fitch Assigns 'BB+sf' Rating on Class E Debt
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to Flexi ABS Trust
2019-1's asset-backed floating-rate notes. The issuance consists of
notes backed by small-balance unsecured consumer loans originated
by Certegy Ezi-Pay Pty Ltd (Certegy) whose ultimate parent is
FlexiGroup Limited (flexigroup).

KEY RATING DRIVERS

Obligor Default Risk: Default rates have been stable since 2015,
despite the falling weighted-average (WA) customer-deposit rates. A
greater proportion of Certegy's originations are from repeat
customers with a demonstrated performance history. Fitch has set a
WA default-rate assumption of 4.5% based on the continued sound
performance of Certegy's transactions and a WA default multiple of
5.4x for 'AAAsf', which reflects the default data representing a
benign economic period, together with the higher absolute base-case
default rate. Fitch expects steady asset performance, despite
reducing its 2019 GDP growth forecast to 2.0%, from 2.7%. Asset
performance is supported by a resilient labour market, which Fitch
believes will buoy household consumption.

Cash Flow Dynamics: Fitch completed full cash-flow modelling for
the transactions and determined that full and timely payment of
principal and interest was made in all target rating scenarios.


Structural Risks: There is a liquidity reserve, funded by issuance
proceeds, that provides liquidity support for all rated notes and
trust expenses. The transaction includes a fixed-rate swap with the
notional amount based on a fixed schedule and a derivative reserve
account to set aside any voluntary prepayments made by borrowers to
ensure sufficient income is available to cover swap payments.

Counterparty Risks: The transaction includes structural mechanisms,
which ensure remedial actions take place in the event the swap
providers or trust account bank fall below certain ratings.

Servicer, Operational Risks: Fitch reviewed Certegy's underwriting
and servicing capabilities and found that the operations of the
originator and servicer were comparable with those of other
consumer finance lenders. Certegy is not rated and servicer
disruption risk is mitigated through back-up arrangements. The
nominated back-up servicer is illion Australia Pty Ltd, which has
live access to Certegy's systems and can step in immediately upon
servicer termination.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, which is likely to result in a decline in
CE and remaining loss-coverage levels available to the notes. Fitch
has evaluated the sensitivity of the ratings to increased gross
default levels over the life of the transaction.

Class: A1, A2 (A2 and A2-G), B-G, C-G, D and E

Rating: F1+sf /AAAsf/AA+sf/A+sf/BBB+sf/BB+sf

Expected impact upon the note rating of increased defaults:

Increase defaults by 10%: F1+sf /AAAsf/AAsf/Asf/BBBsf/BB+sf

Increase defaults by 25%: F1+sf /AA+sf/AA-sf/A-sf/BBB-sf/BBsf

Increase defaults by 50%: F1+sf /AA-sf/Asf/BBBsf/BB+sf/B+sf

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch sought to receive a third party assessment conducted on the
asset portfolio information but none was made available to Fitch
for this transaction.

Fitch conducted a review of a small targeted sample of flexigroup's
origination files and found the information contained in the
reviewed files to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

Flexi ABS Trust 2019-1
   
Class A1; ST F1+sf New Rating
   
Class A2; LT AAAsf New Rating
  
Class A2-G; LT AAAsf New Rating
  
Class B-G; LT AA+sf New Rating
   
Class C-G; LT A+sf New Rating  

Class D; LT BBB+sf New Rating
  
Class E; LT BB+sf New Rating
  
Class F; LT NRsf New Rating


FLEXI ABS 2019-1: Moody's Rates AUD10.5MM Class E Notes 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by Perpetual Corporate Trust Limited in its capacity
as the trustee of the Flexi ABS Trust 2019-1.

Issuer: Flexi ABS Trust 2019-1

AUD100.00 million Class A1 Notes, Assigned P-1 (sf)

AUD72.50 million Class A2 Notes, Assigned Aaa (sf)

AUD54.90 million Class A2-G Notes, Assigned Aaa (sf)

AUD19.20 million Class B-G Notes, Assigned Aa2 (sf)

AUD16.80 million Class C-G Notes, Assigned A2 (sf)

AUD11.10 million Class D Notes, Assigned Baa2 (sf)

AUD10.50 million Class E Notes, Assigned Ba2 (sf)

The AUD15.00 million Class F Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
unsecured, retail, 'no interest ever' payment plans, originated by
Certegy Ezi-Pay Pty Ltd, a subsidiary of FlexiGroup Ltd.

This is FlexiGroup's ninth term-securitisation of Certegy assets.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, the
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure, the
availability of excess spread over the life of the transaction, the
liquidity reserve in the amount of 1.50% of the rated note balance,
the interest rate swaps provided by Commonwealth Bank of Australia
("CBA", Aa3/P-1/Aa2(cr)/P-1(cr)) and National Australia Bank
Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)), the experience of
Flexirent Capital Pty Limited as servicer, and the back-up
servicing arrangements with illion Australia Pty Ltd.

Initially, the Class A Notes (which include Class A1, Class A2 and
A2-G), Class B-G, Class C-G, Class D and Class E Notes benefit from
24.2%, 17.8%, 12.2%, 8.5% and 5.0% of note subordination,
respectively.

The transaction features a sequential/pro rata paydown structure.
Principal collections will first be used to pay down Class A1
Notes. Once Class A1 Notes are repaid and if the pro rata paydown
conditions are satisfied, principal will be distributed pro rata
among the Class A2 to Class F Notes. Following the call date or if
the pro rata conditions are otherwise not satisfied, the principal
collections will be distributed sequentially to the Class A2 to
Class F Notes (although pro rata between the Class A2 and A2-G
Notes).

The transaction features a short-term P-1 (sf) rated tranche, with
a legal final maturity of 12 months from issuance. The tranche
represents 33.3% of the total issuance. Key factors supporting the
P-1 (sf) rating include:

  - Principal cashflows - which will be allocated to the short-term
tranche in priority to other tranches until it is fully repaid --
will be sufficient to amortise the tranche within the 12-month
period. The amortisation is tested with no prepayment and assuming
a P-1-commensurate level of defaults and delinquencies occurring
during the amortisation period.

  - The corporate administration and insolvency regime in Australia
and the hot back-up servicing arrangements with illion Australia
Pty Ltd mitigate the risk of a prolonged servicer disruption.
illion Australia Pty Ltd carries out servicing in parallel with
Certegy, providing near 'hot' levels of support and mitigating
risks of a prolonged servicing disruption.

These two factors are relevant in the context of assigning the P-1
(sf) rating because FlexiGroup and Certegy are unrated.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 3.30%,
coefficient of variation (CoV) of 59.0%, a recovery rate of 0.0%,
and a Aaa portfolio credit enhancement ("PCE") of 32.5%.

Moody's assumed mean default rate is stressed compared to the
historical levels of 2.438%. The expected default captures its
expectations of performance considering the current economic
outlook, while the PCE captures the loss Moody's expects the
portfolio to suffer in the event of a severe recession scenario.

Expected defaults and PCE are parameters used by Moody's to
calibrate its lognormal portfolio default distribution curve and to
associate a probability with each potential future default scenario
in its ABSROM cash flow model.

The stress Moody's has applied in determining its mean default rate
reflects the lack of economic stress in Australia during the
historical data period (2008-2018).

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in March
2019.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.


GLOBAL ACCESSORIES: Second Creditors' Meeting Set for April 11
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Global
Accessories Pty Ltd has been set for April 11, 2019, at 11:00 a.m.
at the offices of SM Solvency Accountants, at Level 10/144 Edward
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 10, 2019, at 4:00 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Global Accessories on March 7, 2019.


GRANDSTAND SCAFFOLD: First Creditors' Meeting Set for April 8
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Grandstand
Scaffold Services Pty Limited will be held on April 8, 2019, at
10:00 a.m. at the offices of Bernardi Martin, at 195 Victoria
Square, in Adelaide, SA.

Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of Grandstand Scaffold on March 27, 2019.


LIBERTY SERIES 2015-1: S&P Hikes Class F Notes Rating to BB+(sf)
----------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of
small-ticket commercial mortgage-backed, floating-rate,
pass-through notes issued by Perpetual Trustee Co. Ltd. as trustee
of Liberty Series 2015-1 SME. At the same time, S&P affirmed its
ratings on three classes of notes.

Liberty Series 2015-1 SME is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by
Liberty Financial Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio and the credit support provided for the rated notes,
which is commensurate with that credit risk. S&P's analysis of
credit risk is based on its  "Principles Of Credit Ratings"
criteria; however, where factors that affect borrower performance
are similar to those for residential mortgage loans, S&P has
applied similar assumptions. Credit support for the rated notes is
provided in the form of subordination.

-- That the transaction has continued to pay down sequentially
since close, increasing the level of subordination to all rated
note classes. The outstanding asset balance is A$128.6 million as
of Jan. 31, 2019.

-- That 41.8% of loans in the underlying pool are backed by
commercial properties.

-- That the underlying pool of assets has a weighted-average
seasoning of 67 months and a weighted-average current loan-to-value
ratio of 58.3%. The asset pool consists of 532 consolidated loans
as of Jan. 31, 2019.

-- That arrears are currently tracking within our expectations,
with loans more than 90 days in arrears equating to 1.5% of the
current pool as of Jan. 31, 2019. No loans were in arrears at
transaction close.

-- That about 54.9% of the pool is interest-only. Of this amount,
10.6% are bullet loans, with the final bullet loan scheduled to
mature in 2020.

-- That the transaction benefits from a number of structural
mechanisms, including a liquidity facility that is equal to 3.0% of
the outstanding balance of notes, with a floor of A$750,000. The
transaction also benefits from a A$1,000,000 guarantee fee reserve
account funded at close. The reserve can be used to cover current
losses or used as liquidity support for required payments.

-- That the transaction passes our stressed cash-flow modeling
scenarios at their respective rating levels, having the ability to
make timely interest and ultimate payment of principal.

  RATINGS RAISED

  Liberty Series 2015-1 SME

  Class     To            From
  C         AAA (sf)      AA (sf)
  D         AA- (sf)      A (sf)
  E         BBB+ (sf)     BBB (sf)
  F         BB+ (sf)      BB (sf)

  RATINGS AFFIRMED

  Liberty Series 2015-1 SME

  Class     Rating
  A1        AAA (sf)
  A2        AAA (sf)
  B         AAA (sf)


MACQUARIE CENTRE: First Creditors' Meeting Set for April 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Macquarie
Centre Hair Management Pty Ltd will be held on April 8, 2019, at
10:30 a.m. at the offices of Newpoint Advisory, Suite 14.03 'MLC
Centre', at 19 Martin Place, in Sydney, NSW.

Costa Nicodemou of Newpoint Advisory was appointed as administrator
of Macquarie Centre on March 27, 2019.


NAPOLEON PERDIS: Chinese e-Commerce Experts to Buy Company
----------------------------------------------------------
SmartCompany reports that Napoleon Perdis has found a potential
savior in private equity firm KUBA Investments, which has offered
to purchase the collapsed cosmetics business for an undisclosed
sum.

According to SmartCompany, the deal, yet to be approved by
creditors, would see prominent cross-border retailer Livia Wang and
her business partner Henry Lee take control of the business, with
an eye on overseas expansion, likely into China.

The eponymous retail chain, founded by Napoleon Perdis in 1995, was
placed into voluntary administration in January, owing over AUD20
million to creditors, including Priceline owner Australian
Pharmaceutical Industries, the report notes.

SmartCompany relates that Mr. Perdis supports the deal and despite
signing over his stake in the company will continue to contribute
his "creative expertise" to the business alongside partner
Soula-Marie Perdis.

Simon Cathro, Chris Cook and Ivan Glavas of Worrels Insolvency have
recommended creditors approve the deal in their latest report,
saying the deal would represent better value than liquidation,
SmartCompany reports.

"We have undertaken significant investigations into the affairs of
the company and weighed up those findings against the benefit that
this DOCA and the associated creditors' trust provides,"
SmartCompany quotes Mr. Cathro as saying.

Worrels said Priceline and Terry White pharmacies are supporting
the buyout proposal, SmartCompany relays.

SmartCompany notes that Mr. Wang's retail expertise centres around
Chinese e-commerce, with her firm Access Brand Management
representing businesses looking to do business in mainland China
through daigou or other established channels.

Australian cosmetics are popular in China and routinely rank among
the most popular items purchased on marketplace platforms owned by
tech giants Alibaba and JD.com.

Wang was not available for comment on March 29 but said in a
statement she intends to retain Australian access to the brand,
SmartCompany states.

"KUBA's investment will ensure loyal customers can continue to
purchase Napoleon Perdis in over 700 storefronts and keeps more
than 250 existing staff members in employment," the report quotes
Ms. Wang as saying.  "We will leverage off the restructure
undertaken by Worrells and continue to work closely with Napoleon
and the teams to build the brand both in Australia and overseas."

At the time of its collapse, Napoleon Perdis was trading 56 of its
own stores and was stocked in Priceline locations nationwide, the
report says.

Administrators were forced to close 28 locations during the
administration as they battled to keep the business trading.

SmartCompany notes that the collapse came as a surprise to the
industry, but it was revealed the business had been struggling with
mounting losses for several years.

Mr. Perdis had attempted an overseas expansion of his own, and in
2018 was even considering pulling the trigger on an Asian expansion
after cutting up a supply arrangement with David Jones.

Simon Cathro, Chris Cook & Ivan Glavas of Worrells Solvency were
appointed as administrators of Napoleon Perdis on Jan. 31, 2019.


OPEN DOOR: Second Creditors' Meeting Set for April 5
----------------------------------------------------
A second meeting of creditors in the proceedings of Open Door
Hospitality Pty Ltd has been set for April 5, 2019, at 2:00 p.m. at
the offices of Auxilium Partners, at Level 2, 949 Wellington
Street.

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 4, 2019, at 5:00 p.m.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Open Door Hospitality on Feb. 28, 2019.


RESIMAC TRIOMPHE 2019-1: S&P Assigns BB(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned ratings to seven classes of prime
residential mortgage-backed securities (RMBS) to be issued by
Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust -
RESIMAC Premier Series 2019-1. RESIMAC Triomphe Trust - RESIMAC
Premier Series 2019-1 is a securitization of prime residential
mortgages originated by RESIMAC Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that there is an initial revolving
period of 16 months, during which new loans may be sold or
substituted into the portfolio.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for the rated notes and lenders' mortgage insurance
for 15.8% of the portfolio, which covers 100% of the face value of
these loans, accrued interest, and reasonable costs of
enforcement.

-- That the various mechanisms to support liquidity within the
transaction, including a liquidity facility equal to 0.75% of the
outstanding balance of the notes, and principal draws, are
sufficient under our stress assumptions to ensure timely payment of
interest.

-- That there is an extraordinary expense reserve of A$250,000,
funded by RESIMAC Ltd., available to meet extraordinary expenses.
The reserve will be topped up via excess spread if drawn.

  RATINGS ASSIGNED

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-1

  Class      Rating         Amount (mil. A$)
  A1-S       AAA (sf)       240.00
  A1-L       AAA (sf)       299.40
  AB         AAA (sf)        30.60
  B          AA (sf)         12.00
  C          A (sf)           7.80
  D          BBB (sf)         4.50
  E          BB (sf)          2.70
  F          NR               3.00

  NR--Not rated.


TRITON TRUST 2019-2: S&P Assigns BB(sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Triton Trust No. 8 Bond Series
2019-2.

The ratings reflect:

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

-- S&P's view that the credit support is sufficient to withstand
the stresses S&P applies. This credit support comprises mortgage
insurance covering 66.5% of the loans in the portfolio, accrued
interest, and reasonable costs of enforcement, as well as note
subordination for all rated notes.

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

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

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

  RATINGS ASSIGNED

  Triton Trust No.8 Bond Series 2019-2

  Class      Rating        Amount (mil. A$)
  A1-AU      AAA (sf)      577.500
  A1-4Y      AAA (sf)       60.000
  A2         AAA (sf)       37.500
  AB         AAA (sf)       48.000
  B          AA (sf)        13.125
  C          A (sf)          9.375
  D          BBB (sf)        2.250
  E          BB (sf)         1.125
  F          NR              1.125

  NR--Not rated.




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C H I N A
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CHINA FORTUNE: Fitch Rates Proposed USD Senior Notes 'BB+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned China Fortune Land Development Co.,
Ltd.'s (CFLD, BB+/Stable) proposed US dollar notes an expected
rating of 'BB+(EXP)'. The proposed notes will be issued by CFLD's
wholly owned subsidiary CFLD (Cayman) Investment Ltd. and will be
unconditionally and irrevocably guaranteed by CFLD. The final
rating is subject to the receipt of final documentation conforming
to information already received.

CFLD's ratings are supported by its leading position in industrial
park development in key economic regions, particularly the
pan-Beijing region. The ratings are constrained by its high
geographical concentration and poor information disclosure on its
62 massive industrial parks, each covering 2 square kilometres to
200 square kilometres. CFLD's leverage also rose substantially as
of end-September 2018, although this was partly driven by temporary
factors. Fitch will consider negative rating action if it estimates
that the leverage will be sustained above 50%.

KEY RATING DRIVERS

Stable Project Performance: CFLD's property contracted sales in
2018 increased by 8% to CNY129.2 billion with the average selling
price dropping to CNY8,600/sq m from CNY12,320/sq m a year earlier,
due to more sales in lower-tier cities in the Jingjinji region.
CFLD's revenue recognised from development of districts in
less-developed counties, which are mainly revenue due from local
governments, increased 5% yoy to CNY31 billion in 2018, compared
with a 67% increase in 2017.

Slower Cash Collection, Higher Leverage: Fitch estimates that
CFLD's leverage, as measured by net debt/district-related
inventory, increased to above 75% at end-September 2018 from 50% at
end 2017, mainly due to much slower cash collection from government
revenue due to a review on the validity of public-private
partnership projects across China in 2018. Fitch estimates that
CFLD's cash receipts from local governments dropped to around CNY10
billion, or below 40% of government-related revenue in 2018, which
includes revenue from infrastructure construction, primary land and
industrial park development as well as service fees from industrial
park management. Cash collection from local governments was CNY19
billion, or about 70% of government-related revenue, in 2017.

CFLD's housing sales collection was also particularly slow in 2017
and 2018 due to a more stringent definition of qualified buyers.
Fitch believes that the effect may gradually dissipate from 2019 as
sales proceeds for projects sold in 2016-2017 start to be collected
in the later part of this year. Fitch will consider taking negative
rating action if it expects CFLD's leverage to be sustained above
50%. CFLD's leverage averaged 39% between 2012 and 2016.

Business Partnerships Reduce Risks: Fitch believes CFLD's strategy
to seek more partnerships from 2018 will sustain its strong
business profile as the company would otherwise face rising
execution risk if it relied on its own development capacity to
expand operations. CFLD partnered CIFI Holdings (Group) Co. Ltd.
(BB/Stable) in February 2018 and China Vanke Co., Ltd.
(BBB+/Stable) in October 2018 to develop property projects within
its districts.

Ping An Insurance (Group) Co. is expected to increase its
shareholding in the company to 25.25% from below 20% in February
2019, according to the company's announcement. Ping An's increased
involvement in the company is evident from the appointment of two
of its representatives on CFLD's board and the strategic
cooperation agreement signed with CFLD in September 2018. Fitch
will monitor the business activities between the two companies over
and above their current co-investments in CFLD's projects to
consider the potential impact of the Ping An partnership on CFLD's
business and liquidity profiles.

High Geographical Concentration Risk: CFLD's dependence on housing
sales exposes it to the volatility of China's housing market, which
is subject to policy risk. This was demonstrated in CFLD's poor
cash collection in 2017. Revenue is concentrated in the pan-Beijing
region, which contributes 84% of total revenue. Contracted gross
floor area sold for the housing segment in the region fell to 55%
in 1H18, from 69% in 2017. However, most of CFLD's government
revenue still comes from this region and it will be years before a
more balanced regional business mix can be achieved.

Weak Information Disclosure: CFLD has weak information disclosure,
especially for its district park development, as it has devoted
greater disclosure to its property business in line with most
China-listed homebuilders. This means investors treat CFLD
similarly to other homebuilders and led to a Shanghai Stock
Exchange request in April 2018 for an explanation of CFLD's
business operations and accounting treatment, which saw its bond
and share prices suffer. However, the company has provided Fitch
with sufficient information for its credit analysis and is
cooperative and responsive to its information requests. Fitch
believes CFLD can improve its disclosure, especially since its
district park development includes large project investments.

DERIVATION SUMMARY

CFLD's business model remains dependent on China's housing market
and its large pan-Beijing housing market exposure constrains its
ratings below investment grade. CFLD does have non-property income
from government contracts and is thus less subject to counterparty
credit risk, especially as its business model involves paying land
premiums and taxes to local government, which are in turn used to
pay CFLD. This significantly strengthens its business profile
relative to other homebuilders, as it does not need to lock up
capital in holding land reserves that it does not immediately need
for development.

CFLD's business is unique and there are no similar peers. However,
given the asset trading/liquidation nature of its business, Fitch
has compared CFLD to Chinese homebuilders. CFLD has higher leverage
than 'BB-' and 'BBB-' rated homebuilders and has strong earnings
from industry services, giving it an interest cover ratio that is
2x-3x higher than that of Shimao Property Holdings Limited's
(BBB-/Stable) recurring EBITDA/interest cover of 0.5x and
Sino-Ocean Group Holding Limited's (BBB-/Stable; standalone:
BB+/Stable) 0.3x. The recoverable value of CFLD's inventory is
highly assured, despite its higher leverage of 50% versus Shimao's
28% and Sino-Ocean's 36%.

KEY ASSUMPTIONS

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

  - Housing sales gross floor area increasing by 20% in 2018 and
10% per annum thereafter

  - District-related inventory increasing by 25% in 2018 and 2019

  - New investment commitments to rise by 15% per annum and
accumulated completed investments to increase to 30%, from 25%, of
accumulated commitments between 2018 and 2021

  - Gross margin of 40% in 2018, dropping by 2 percentage points a
year thereafter

RATING SENSITIVITIES

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

  - Sustained neutral to positive cash flow from operation

  - Greater geographical diversification of its businesses and cash
flow

  - More detailed and publicly available disclosure of its
businesses and operational information

  - Maintaining a healthy financial profile, with low leverage and
strong cash flow/debt ratios

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

  - Large decline of housing contracted sales

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

  - District contracted sales/net debt below 2x for a sustained
period (2017: 2.2x; 1H18: 1.6x)

  - Changes to government policies affecting CFLD's rights in its
projects

LIQUIDITY

Adequate Liquidity: CFLD's available cash of CNY36 billion at
end-September 2018 was sufficient to meet its short-term debt
obligations of less than CNY30 billion. Slower cash collection from
more restrictive home purchase policies in its key pan-Beijing area
housing market and lower cash receipts from the government due to
the review of public-private partnership projects likely led to
negative operating cash flow in 2018. CFLD issued USD920 million of
offshore senior notes due 2020, as well as USD940 million of
offshore senior notes due 2021 in 2018. Fitch thinks that CFLD has
successfully diversified its funding channels into the offshore
market and smoothed out its debt maturity profile.

CHINA GRAND: Fitch Rates Proposed Senior USD Notes 'BB-(EXP)'
-------------------------------------------------------------
Fitch Ratings has assigned China Grand Automotive Services
Limited's (CGASL) proposed US dollar-denominated senior notes a
'BB-(EXP)' rating. CAGSL is wholly owned by China Grand Automotive
Services Co., Ltd (China Grand Auto; BB-/Stable). The securities
will be unconditionally and irrevocably guaranteed by China Grand
Auto.

The notes are rated at the same level as China Grand Auto's senior
unsecured rating as they constitute its direct and senior unsecured
obligations.

The final rating on the proposed US dollar notes is contingent upon
the receipt of final documents conforming to information already
received.

KEY RATING DRIVERS

Large Scale, Market-Leading Position: China Grand Auto's ratings
are supported by its large operating scale and strong business
profile. China Grand Auto is the largest auto dealership in China,
with more than 800 outlets in 28 provinces covering more than 50
brands. China Grand Auto has been consolidating its position
through acquisitions in the last few years and is now the leading
dealer in China for most of the major luxury brands including Audi,
BMW, Volvo and Jaguar Land Rover.

China Grand Auto's strong brand and geographical diversification
could mitigate the impact of product launch cycles and reduce
earnings volatility. In addition, the company's large operating
scale allows it to use its store network more efficiently to
develop new revenue sources, such as commission income, leasing,
and used-car sales.

Long-Term Demand Intact: China is the world's largest
passenger-vehicle market. Despite near-term challenges, Fitch
expects passenger-vehicle sales to grow at a low single-digit
percentage in the medium term. The rising vehicle-ownership
penetration will drive demand for China Grand Auto's other business
segments, including after-sales services, commission income,
used-car sales and leasing. Used-car sales remain at a nascent
stage in China, but have substantial growth potential in the next
five  to 10 years due to increasing car ownership, changing
consumer behaviour and favourable policies.

Competitive Industry, Low Margins: China's auto-dealership industry
is highly fragmented and competitive. Although China Grand Auto is
China's largest dealership, it only has around 4% market share by
sales volume across the country. Industry margins are low as
bargaining power with suppliers is weak and the regulatory
environment historically favoured automakers over dealers. Chinese
auto dealers generally have mid-single-digit EBITDA margins,
comparable with US peers, and Fitch believes the industry's low
margin trend will persist in the medium term.

Slower Acquisitions: China Grand Auto has expanded its network
through multiple acquisitions. Its financial leverage was
relatively high after acquiring Baoxin Auto in 2016 but has
improved gradually with better margins, limited capex, and an
equity placement in 2017. FFO adjusted net leverage dropped to 4.0x
in 2017 from 5.9x at end-2016. Based on Fitch's current assumption
of CNY3.8 billion in annual capex (inclusive of acquisitions), it
does not expect leverage to drop further in the near term. However
the company has recently indicated it plans to significantly scale
back its M&A budget, which may allow it to reduce leverage.

Leasing Subsidiary Deconsolidated: China Grand Auto carries out
auto-leasing services via its leasing subsidiary, Huitong Xincheng.
Fitch has deconsolidated Huitong Xincheng for the purposes of its
analysis in accordance with Fitch's Corporate Rating Criteria.
Huitong Xincheng's debt-to-equity ratio was below 2.0x at end-2017,
which Fitch sees as healthy.

DERIVATION SUMMARY

China Grand Auto's ratings are supported by its leading market
position, large operating scale and strong business profile but
constrained by its relatively high leverage and low margins. Its
peers include AutoNation, Inc. (BBB-/Stable), the largest
automotive retailer in the US, with over 360 new-vehicle franchises
across 16 states. The company sells new vehicles under 33 brands
and also offers used vehicles, finance and insurance, auto parts,
repair and maintenance services. China Grand Auto has a similar
operational scale and margin as AutoNation, but weaker financial
metrics and lower free cash flow generation. The Chinese company's
ratings are also constrained by its acquisitive strategy.

eHi Car Services Limited (B+/Negative), the second-largest
car-rental company in China, has a similar leverage ratio but China
Grand Auto has a much larger operating scale, lower capex
requirements and a more stable competitive environment. China Grand
Auto also has a similar leverage ratio as Golden Eagle Retail Group
Limited (BB/Stable), a traditional diversified retailer in China,
but the auto dealer's margins are lower and its FCF generation is
weaker.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Deconsolidation of China Grand Auto's finance-service (leasing)
entity is contingent on the assumption that there will be no
significant deterioration in the quality of the company's lease
assets against historical reported figures.

  - Average EBITDA margin of 4.8% in 2018-2021

  - Average capex (inclusive of acquisitions) per annum of CNY3.8
billion

  - 30% dividend payout ratio

RATING SENSITIVITIES

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

  - FFO adjusted net leverage (excluding leasing) below 3.5x on a
sustained basis

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

  - Sustained decline in market share and/or revenue

  - FFO adjusted net leverage (excluding leasing) above 5x on a
sustained basis (2018 estimate: 4.7x)

  - FFO fixed-charge cover below 2x on a sustained basis (2018
estimate: 2.1x)

  - EBITDA margin below 3.5% on a sustained  basis (2018 estimate:
4.7%)

LIQUIDITY AND DEBT STRUCTURE

Reliance on Short-Term Funding: At the end of 2017, China Grand
Auto had CNY47 billion of debt (excluding its leasing business), of
which CNY24 billion was due within 12 months. This was covered by
unused banking facilities and CNY20 billion in unrestricted cash.
Fitch expects the company to remain reliant on short-term funding
in the near term, which will require it to continuously roll over
maturing debt.

China Grand Auto's liquidity headroom has decreased as of 30
September 2018 due to negative operating cash flow, but this is
consistent with historical seasonal trading patterns. The company
said its full-year operating cashflow returned to positive by the
end of 2018.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has deconsolidated Huitong Xincheng, the 100%-owned
subsidiary of China Grand Auto, which is engaged in the leasing
business.


GUANGZHOU R&F: Fitch Alters Outlook on 'BB-' LT IDR to Stable
-------------------------------------------------------------
Fitch Ratings has revised Guangzhou R&F Properties Co., Ltd.'s
(Guangzhou R&F) Outlook to Stable from Negative, and affirmed its
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
at 'BB-'. Fitch has also affirmed the senior unsecured rating at
'BB-'.

Fitch revised the Outlook to reflect the improvement in the
China-based homebuilder's leverage, as measured by net
debt/adjusted inventory, to around 56% by end-2018 from 60% in
end-2017. The company had reduced land acquisitions to 28% of its
contracted sales in 2018 from 71% in 2017, which helped to lower
its leverage. Fitch expects Guangzhou R&F's leverage to moderate to
50%-55% in 2019 and 2020 as the company has scaled back its
expansion pace. This level of leverage remains high compared with
peers rated at the same level, whose average leverage was around
45%. Fitch believes Guangzhou R&F's stronger business profile
mitigates its higher leverage as it has a larger scale and hence
better business diversification; and its quality land bank allows
it to maintain a high development properties EBITDA margin of above
30%.

Guangzhou R&F's ratings have little headroom given its high
leverage and reflect the company's commitment to improve its
financial profile. Failure by the company to follow-through with
its deleveraging intention resulting in leverage of over 55% in
2019 will lead to negative rating action.

KEY RATING DRIVERS

Reduced Leverage, Limited Headroom: Guangzhou R&F's leverage fell
to about 56% by end-2018 from 57% at end-June 2018 and 60% at
end-2017, due to controlled land acquisitions and increased
contracted sales. As of end-2018, Guangzhou R&F had an attributable
land bank of 57.8 million sqm, of which 39% is located in
lower-tier cities in China (2017: 31%). The more volatile home
sales in these cities may affect the company's sales and limit room
for further deleveraging in the next 12-18 months. Fitch expects
moderate sales growth of 24% in 2019 to CNY162 billion, and the
company's leverage to be sustained at 50%-55% in 2019-2020.

Controlled Land Acquisitions: Guangzhou R&F in 2018 replenished 14
million square metres (sqm) of attributable land bank for CNY37.1
billion, or 28% of contracted sales for the year, lower than 71% in
2017. Guangzhou R&F accelerated land acquisitions in 2017 to
support its rapid sales expansion. Fitch expects Guangzhou R&F's
land premiums to remain controlled at 30%-40% of sales over the
next year or two after the company slowed expansion and lowered its
contracted sales target for 2019 to CNY161 billion from CNY200
billion.

Higher Sales Scale: Guangzhou R&F's attributable contracted sales
rose 60% to CNY131 billion in 2018, after increasing 35% to CNY82
billion in 2017. The company's sales were higher than 'BB-' peers'
sales of CNY50 billion-80 billion. Guangzhou R&F's land bank across
over 90 cities in China is also more geographically diversified
than the 30-40 cities of 'BB-' rated peers. Fitch expects Guangzhou
R&F's contracted sales to increase to CNY162 billion-186 billion in
2019-2020, supported by CNY300 billion of saleable resources for
2019 and another CNY434 billion scheduled for launch in 2020 and
beyond.

Sustained High Margins: Guangzhou R&F had an EBITDA margin
excluding capitalised interest from cost of sales of about 34% and
a gross profit margin of 36% in 2018, similar to 34% and 35%,
respectively, in 2017 and an improvement from 27% and 28% in 2016.
The margins will be supported by the company's unrecognised
property sales of CNY78 billion, which carried a gross profit
margin of 35%-40% at end-2018 (2018 booked property sales gross
profit margin: 40%). These sales will be recognised over the next
year or two and support the company's EBITDA margin in 2019-2020.

Higher Non-Development EBITDA: The company's hotel and rental
revenue surged by 145% to CNY8.1 billion in 2018 (2017: CNY3.3
billion), driven by contributions from the newly acquired Wanda
hotels. Fitch estimates that Guangzhou R&F's non-property
development revenue from hotel and property rental to reach CNY8.9
billion in 2019. However, the company's non-property development
EBITDA/gross interest expense ratio will remain at 0.2x-0.3x in
2019-2020 (2018: 0.29x), weighed down by higher operating costs and
pre-opening expenses for upcoming hotel and investment properties.

DERIVATION SUMMARY

Guangzhou R&F's geographical diversification is comparable with
those of peers rated 'BB+' and 'BB'. Its attributable contracted
sales are higher than CIFI Holdings (Group) Co. Ltd.'s (BB/Stable)
about CNY80 billion and higher than the CNY50 billion-80 billion of
'BB-' rated peers, such as Yuzhou Properties Company Limited's
(BB-/Stable) about CNY40 billion.

Guangzhou R&F's ratings are constrained by its leverage of 56% at
end-2018, which is comparable to the 50%-60% of 'B+' rated peers,
such as China Evergrande Group's (B+/Stable). Guangzhou R&F's high
leverage is mitigated by stronger profitability, with its EBITDA
margin excluding capitalised interest from cost of sales of 34%,
which was higher than the 25%-30% of 'BB-' peers.

No Country Ceiling, parent/subsidiary or operating environment
aspects affect the rating.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY161 billion-186 billion in
2019-2020

  - EBITDA margin, excluding capitalised interest from cost of
sales, at 33% in 2019-2020

  - 30%-40% of contracted sales proceeds to be spent on land
acquisitions in 2019-2020, to maintain a land bank sufficient for
about five years of development

RATING SENSITIVITIES

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

  - Fitch does not envisage any positive action until the company
significantly improves its financial profile and leverage, measured
by net debt/adjusted inventory

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

  - Leverage, measured by net debt/adjusted inventory, at over 55%
for a sustained period

  - Property development EBITDA margin, excluding capitalised
interest from cost of sales, sustained below 30%

LIQUIDITY

Weak but Manageable: Guangzhou R&F had a cash balance of CNY35
billion, including restricted cash of CNY15 billion, at end- 2018,
which was insufficient to cover CNY52 billion of debt maturing in
one year. Its cash/short-term debt ratio declined to 0.7x at
end-2018, from 1.1x at 2017 and 1.4x at 2016.

However, its cash balance probably improved following record-high
contracted sales of CNY18.2 billion and CNY17.2 billion in November
and December 2018. The company also completed the issuance of
short-term onshore bonds (two tranches of CNY0.5 billion and CNY0.7
billion in August, and one tranche of CNY1.0 billion in September
2018), as well as CNY11.02 billion of onshore public bonds in
December 2018. The company has also issued USD500 million of 8.75%
senior notes due 2021 and USD300 million of 9.125% senior notes due
2022 in January 2019, and USD450 million of 8.125% senior notes due
2023 and USD375 million of 8.625% senior notes due 2024 in February
2019.

Hence, Fitch does not believe Guangzhou R&F will have major
difficulty in refinancing its short-term debts.

FULL LIST OF RATING ACTIONS

Guangzhou R&F Properties Co. Ltd

  - Long-Term Foreign- and Local-Currency IDRs affirmed at 'BB-',
Outlook revised to Stable from Negative

  - Senior unsecured rating affirmed at 'BB-'

Easy Tactic Limited

  - USD725 million 5.75% senior notes due 2022 affirmed at 'BB-'

  - USD500 million 5.875% senior notes due 2023 affirmed at 'BB-'

  - USD375 million 8.625% senior notes due 2024 affirmed at 'BB-'

  - USD450 million 8.125% senior notes due 2023 affirmed at 'BB-'

  - USD200 million 8.875% senior notes due 2021 affirmed at 'BB-'

  - USD500 million 8.75% senior notes due 2021 affirmed at 'BB-'

  - USD300 million 9.125% senior notes due 2022 affirmed at 'BB-'

  - USD600 million 7% senior notes due 2021 affirmed at 'BB-'


GUANGZHOU R&F: Moody's Alters Outlook on Ba3 CFR to Stable
----------------------------------------------------------
Moody's Investors Service has revised to stable from negative the
ratings outlook of Guangzhou R&F Properties Co., Ltd. (Guangzhou
R&F) and R&F Properties (HK) Company Limited (R&F HK).

At the same time, Moody's has affirmed Guangzhou R&F's Ba3 and R&F
HK's B1 corporate family ratings (CFR).

R&F HK is a wholly-owned subsidiary of Guangzhou R&F.

RATINGS RATIONALE

"Guangzhou R&F's stable rating outlook reflects the company's
improved liquidity position, our expectation that the improvement
will be sustained, and that its capital structure will improve,"
says Kaven Tsang, a Moody's Senior Vice President.

Over the last six months, Guangzhou R&F demonstrated its ability to
raise new funding to refinance its bonds and extended the put
options on its issued bonds.

Its improved reported results for 2018 versus 2017 — with a 30%
year-on-year growth in revenues, 49% in core profit, and 60% in
contracted sales, further support its access to the bank and
capital markets.

Looking ahead, Moody's expects that the company will sustain its
access to the bank and debt markets to manage its refinancing
risk.

In addition, Moody's expects that Guangzhou R&F will likely
generate a lower growth in contracted sales of around 10% in 2019,
due to the slowing economy in China. But its cash flow before land
investments in 2019 and year-end cash on hand will increase
slightly over that in 2018.

Guangzhou R&F's debt leverage — as measured by revenue/adjusted
debt — was high relative to Ba3 Chinese property peers.

Nevertheless, the company's strong contracted sales in 2018 will
help to recognize growth in revenues over the next 12-18 months,
which will in turn help to improve debt leverage. Moody's expects
that the company's revenue/adjusted debt will improve to 55%-60%
over the next 1-2 years from 45% in 2018. Such levels support its
Ba3 corporate family rating.

Over the medium term, Moody's expects the company will likely take
actions to improve its capital base to support its investment in
commercial properties and hotels, and expand its scale in
residential property development.

Guangzhou R&F's Ba3 CFR reflects the company's (1) sizable scale,
(2) track record of operating through property cycles in China, (3)
higher profitability than Chinese property peers, and (4) fairly
diversified land bank, which focuses on first- and second-tier
cities, where housing demand is more stable.

Additionally, the company's non-property development businesses,
which include commercial properties and hotels, provide some
benefits of diversification.

Moody's expects the company's rental income from commercial
properties and operating profit from its hotels could grow to an
amount equivalent to 23%-24% of its gross interest expenses over
the next 1-2 years.

R&F HK's B1 corporate family rating reflects its standalone credit
quality and a one-notch rating uplift, based on Moody's assessment
of financial and operating support from its parent, Guangzhou R&F.

R&F HK's standalone credit profile reflects the stable recurring
cash flows from its high quality investment property portfolio,
tempered by its small scale of operations and weak financial
metrics.

The one-notch rating uplift reflects Moody's expectation that
Guangzhou R&F will extend support to R&F HK for the following
reasons:

(1) Guangzhou R&F's full ownership of R&F HK and its intention to
maintain this stake;

(2) R&F HK's role as the primary platform for the Guangzhou R&F
group to raise funds from offshore banks and the capital markets to
invest in property projects in China, as well as for overseas
investments;

(3) Guangzhou R&F's track record of financial support to R&F HK;
and

(4) The reputational risks that Guangzhou R&F could face if R&F HK
defaults.

Moody's could upgrade Guangzhou R&F's rating if the company (1)
improves its capital structure and lowers its debt leverage, such
that revenue/adjusted debt exceeds 75%-80% and EBIT/interest rises
above 3.5x-4.0x on a sustained basis, (2) shows the ability to
generate contracted sales that support its large scale, and (3)
strengthens its liquidity position, with cash/short-term debt above
1.5x on a sustained basis.

On the other hand, downward rating pressure for Guangzhou R&F could
emerge if (1) the company's debt leverage deteriorates, (2) it
suffers sales declines that weaken its liquidity position or credit
metrics, or (3) it embarks on aggressive debt-funded acquisitions.

Specific indicators for a downgrade include (1) cash/short-term
debt consistently below 1.0x, (2) EBIT/interest consistently below
2.5x-3.0x, or (3) revenue/adjusted debt failing to show an
improving trend over the next 12-18 months.

Moody's could upgrade R&F HK's rating if the company's standalone
credit profile remains stable and Guangzhou R&F's rating is
upgraded.

On the other hand, downward rating pressure on R&F HK could emerge
if: (1) Guangzhou R&F's rating is downgraded, or (2) there is a
reduction in the ownership of or weakening in the support from
Guangzhou R&F.

Moody's could also downgrade R&F HK's rating if the company
materially accelerates its development operations and rolls out an
aggressive land acquisition plan, such that its debt leverage and
liquidity deteriorate materially.

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

Established in 1994 and listed on the Hong Kong Stock Exchange in
2005, Guangzhou R&F Properties Co., Ltd. is a large developer in
China's residential and commercial property sector.

At the end of 2018, the company's land bank totaled 57.8 million
square meters in attributable saleable area, spread across 96
locations: 90 in cities and areas in China, one in Malaysia, one in
the UK, one in Cambodia, one in Korea and two in Australia.

Mr. Li Sze Lim and Mr. Zhang Li are the company's co-founders and
own 33.52% and 32.02% in equity interests, respectively.

R&F Properties (HK) Company Limited and its subsidiaries are
principally engaged in the development and sale of properties,
property investments and hotel operations in China. The company was
established in Hong Kong on 25 August 2005. It serves as an
offshore funding vehicle and a holding company for some of
Guangzhou R&F's property projects in China.


HNA GROUP: Agrees to Sell Stake in HK Express to Cathay Pacific
---------------------------------------------------------------
Wei Yiyang and Denise Jia at Caixin Global report that HNA Group
agreed to sell its 18% stake in the budget airline Hong Kong
Express Airways Ltd. to Cathay Pacific Airways Ltd. as the
debt-ridden conglomerate's latest move to shed assets and pay down
debt.

The deal is part of a plan for Cathay Pacific to acquire 100% of HK
Express for HK$4.93 billion (US$628 million) in cash and debt,
Cathay Pacific said on March 26, Caixin relates. HNA reached the
sale agreement with Cathay Pacific in its role as HK Express's
guarantor, Cathay said in a statement to the Hong Kong Stock
Exchange, according to Caixin.

However, a major shareholder of HK Express declared he will contest
the agreement, which is intended to be completed by the end of
2019, the report says. The acquisition of Hong Kong's only budget
carrier by the city's biggest airline is also subject to approval
by the Hong Kong competition authority.

According to Caixin, analysts said the price Cathay Pacific agreed
to pay is out of line, and investors responded negatively, pushing
Cathay Pacific shares down 2.5% on March 27.

Caixin notes that the sale of HK Express would mark the latest in a
long series of asset disposals for HNA. Over the years, the company
expanded from an airline operator based on South China's Hainan
Island to a conglomerate with investments around the world in
aviation, tourism, real estate and other sectors. But the company
ran into trouble in 2017 when Beijing launched a major crackdown on
HNA and other companies that had amassed billions of dollars in
debt through years-long global buying sprees. Since then, HNA has
been aggressively offloading assets to pay down debt.

The HK Express purchase price comprises HK$2.25 billion of cash and
HK$2.68 billion of promissory loan notes, Cathay Pacific, as cited
by Caixin, said in the statement.

The majority of HK Express flights are to Japan, South Korea and
Southeast Asia. HK Express and Cathay Pacific together account for
more than 60% of the city's flights to Japan, according to
Macquarie Securities Group.

Caixin relates that Cathay Pacific said it intends to continue
operating HK Express as a stand-alone low-cost airline. The
transaction is expected to generate synergies as the business
models of Cathay Pacific and HK Express are largely complementary,
Cathay Pacific said.

Facing competitive pressures from regional rivals and declining
earnings, Cathay Pacific was late jumping into the booming market
for low-cost flights. The company said the acquisition represents
an attractive and practical way to enhance its competitiveness.

But some analysts questioned the price Cathay is paying for the
money-losing carrier. HK Express reported a net loss of HK$141
million in 2018 and a net asset value of HK$1.12 billion, according
to Cathay Pacific.

The price tag amounts to about 4.5 times HK Express's net asset
value of HK$1.12 billion and is too high, analysts at Morgan
Stanley said in a note to investors.

Bank of America Merrill Lynch also said Cathay Pacific overpaid, as
its regional rival Singapore Airlines Ltd. paid only 2.2 times book
value for budget carrier Tiger Airways in 2016. The deal needs to
generate HK$200 million to HK$300 million of synergies to make the
price reasonable, analysts said.

Cathay Pacific disclosed in its statement that it received a letter
from lawyers representing a shareholder of an intermediate holding
company of HK Express indicating an intention to contest the
agreement. Cathay Pacific said it had the right to terminate the
deal if any lawsuit occurs that would block the acquisition.

Cathay did not name the shareholder, but people close to the deal
told Caixin that it is Zhong Guosong, executive chairman and the
largest shareholder of HK Express. While Zhong couldn't immediately
be reached for comment, he was quoted in interviews with local
newspapers as saying that he had no intention of selling his stake
in HK Express, suggesting that HNA and Cathay Pacific bypassed HK
Express's other shareholders to sell the company, Caixin says.
Zhong told the papers he was seeking legal advice.

                          About HNA Group

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

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

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

JIANGSU HANRUI: Fitch Cuts Long-Term IDRs to 'B', Outlook Negative
------------------------------------------------------------------
Fitch Ratings has downgraded China-based Jiangsu HanRui Investment
Holding Co., Ltd.'s (Hanrui) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) to 'B' from 'B+'. The Outlook is
Negative. Fitch has also downgraded the senior unsecured rating for
the bonds issued by Hanrui Overseas Investment Co., Ltd. to 'B'
from 'B+'.

The downgrade reflects Fitch's reassessment of the creditworthiness
of Hanrui's sponsor, the Zhenjiang municipal government, and a
deterioration of Hanrui's standalone credit profile. The Negative
Outlook highlights Hanrui's weak debt structure and refinancing
pressure over the next six to 12 months.

The ratings of Hanrui are assessed under Fitch's Government-Related
Entities (GRE) Rating Criteria. Fitch maintains the view that the
government has a strong incentive to provide extraordinary support
to Hanrui, if needed. Fitch has factored in the government's
ownership and control, as well as Hanrui's functional role in
economic development, and the impact of its default on other GREs
in light of the company's relatively large asset size.

Fitch has also considered recent reports that the China Development
Bank (A+/Stable) may provide long-term funding to Zhenjiang's GREs.
Fitch may assess the potential credit impact once there is more
transparency and certainty on the final framework of any agreement
reached.

Hanrui is the flagship GRE for urban development within the
Zhenjiang New Area, a national-level economic and technological
development zone in Jiangsu province. Hanrui's urban-development
role consists of infrastructure and social-housing construction, as
well as some property development. The area contributed to about
15% of the city's total gross regional product in 2017.

KEY RATING DRIVERS

'Strong' Status, Ownership and Control: The attribute primarily
reflects the government's ownership and its less direct control.
Hanrui is wholly owned by the Zhenjiang State-owned Assets
Supervision and Administration Commission but is under the
administration of the Zhenjiang New Zone Management Committee. The
municipality, via the management committee, appoints Hanrui's
senior management, and supervises or approves the company's major
strategic and financing decisions. The oversight is less direct, in
its view, which is a major constraint against a higher attribute
strength.

'Moderate' Support Track Record, Expectations: Fitch expects the
government to have a strong incentive to provide extraordinary
support to Hanrui, if needed, although the city's weakened economic
and fiscal performance may limit its flexibility to materially
improve Hanrui's weak debt structure. The attribute was previously
assessed as strong after factoring in a track record of support,
including annual subsidies, a debt swap, and capital injections.
Fitch may consider upgrading this attribute if the city addresses
Hanrui's weak liquidity.

'Moderate' Socio-Political Impact of Default: Fitch believes Hanrui
plays a key role in the urban development of the Zhenjiang New
Area. A default could potentially disrupt the economic development
of the new area due to Hanrui's role as the flagship GRE in
infrastructure and social-housing construction. However, there is
more than one urban developer within Zhenjiang, which may be able
to substitute for Hanrui, although not without some impact.

'Strong' Financial Implications of Default: Hanrui is the largest
non-commercial entity under the control of the municipality by
total assets. Fitch believes a default of Hanrui could raise
uncertainty over the municipality's credibility in light of the
company's asset size and substantial receivables due from the
government. The attribute was not given a higher assessment as the
company's geographical concentration means it may not necessarily
be seen as a proxy for the city.

'Very Weak' Standalone Profile: Fitch has assessed Hanrui's
indicative standalone credit profile at 'CCC' under its
Revenue-Supported Debt Criteria based on the company's weaker
liquidity and debt structure compared with other urban developers
within its peer group. Fitch believes Hanrui faces rising
refinancing pressure due to the weak liquidity relative to its
maturity profile, which results in a negative asymmetric factor in
its assessment of its standalone credit profile. HanRui's
unrestricted cash at end-September 2018 was far below its
substantial short-term debt due in 2019. In the absence of material
government support, Hanrui's standalone credit profile is unlikely
to see material improvement.

Hanrui's weak financial profile was also a dominant driver of the
assessment, evident from a net debt-to-EBITDA ratio of over 40x at
end-2017. Hanrui has also increased its reliance on short-term
funding, which accounted for over 40% of total debt, as well as
non-traditional financing, such as trusts and leasing.

RATING SENSITIVITIES

A change in Fitch's credit view on Zhenjiang municipality's ability
to provide subsidies, grants or other legitimate sources allowed
under China's policies and regulations may result in rating action.


A weakening of the municipality's incentive to provide support,
including a dilution in shareholding or the company's reduced
functional role, may result in a downgrade. A stronger level of
municipal support, along with a higher level of policy role, may
lead to positive action.

An improvement or deterioration of its standalone credit profile,
including its refinancing and liquidity position, would affect the
ratings and Outlook on the company.

Any change in HanRui's IDR will result in a similar change in the
rating of its outstanding senior unsecured notes.

See Fitch's commentary, Fitch: China Directive Re-Emphasises
Support is Not Uniform for LGREs, published 29 July 2018.

FULL LIST OF RATING ACTIONS

The full list of rating actions is as follows:

Jiangsu HanRui Investment Holding Co., Ltd.

Long-Term Foreign-Currency IDR downgraded to 'B' from 'B+'; Outlook
Negative

Long-Term Local-Currency IDR downgraded to 'B' from 'B+'; Outlook
Negative

Hanrui Overseas Investment Co., Ltd.

USD490 million 4.9% senior unsecured notes due 2019 rating
downgraded to 'B' from 'B+'

USD110 million 6.25% senior unsecured notes due 2020 rating
downgraded to 'B' from 'B+'


LESHI INTERNET: Struggles to Turn Itself Around
-----------------------------------------------
Daisuke Harashima at Nikkei Asian Review reports that video
streaming service Leshi Internet Information & Technology is
struggling to regain its financial footing as an ill-conceived push
to diversify has left the company with a negative net worth.

The Nikkei says the owner of a Leshi smart TV store on the
outskirts of the northeastern Chinese city of Dalian stares at his
unsold inventory and muses that he can no longer keep the store
open. There are no customers in his 30-sq.-meter shop.

The owner opened the store in 2015, when Leshi was growing fast.
Back then, he sold around 300 TVs a year, thanks to the company's
bundled service packages that include a low-priced flat-screen set
and video content, the Nikkei recalls.

But sales began falling off following reports of Leshi's sluggish
earnings in 2017. Last year, he sold fewer than 100 sets. He said
he may switch to selling TVs from rival Xiaomi, the report
relates.

Leshi logged a net loss of CNY2 billion (US$298 million) for the
year through December 2018 on sales of CNY1.6 billion, down 78% on
the year, the Nikkei discloses citing to preliminary figures
published in late February.

That was an improvement from the CNY13.8 billion net loss the year
before, but the company remains stuck in the red due to falling
subscriptions to its service, the Nikkei relates. The company's
financial problems have tarnished its image, making a turnaround
harder.

According to the Nikkei, Leshi said it plans to release official
results in late April, adding that its final numbers could change
significantly from initial estimates. The company also hinted that
it might be delisted from Shenzhen's technology-heavy ChiNext stock
market, the report relays.

Leshi Internet Information & Technology Corp., Beijing engages in
Internet video, and film and television production and distribution
businesses in China.


MGM CHINA: Fitch Assigns 'BB' Long-Term IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB'/'RR3' rating to MGM Resorts
International's (MGM) announced $500 million senior unsecured notes
maturing 2027. MGM's Issuer Default Rating (IDR) is currently
'BB'/Stable.

Proceeds will be used fund the purchase of up to $500 million of
the $1.5 billion outstanding notes due 2020 and for general
corporate purposes, which could include shareholder returns.

KEY RATING DRIVERS

Credit Profile Improving: Fitch forecasts MGM Resorts International
to de-lever below 5.0x on a gross basis by YE 2020. De-levering
will come primarily from EBITDA growth, as MGM Cotai and
Springfield ramp up, Empire City casino is acquired (January 2019)
and returns on the Park MGM investment are realized. MGM seeks to
achieve net leverage of 3x-4x by YE 2020 (Fitch's calculation of
net leverage is roughly 0.7x higher due to its  subtraction of
minority distributions from EBITDA). MGM's FCF profile is also
improving and set to exceed $1.0 billion annually by 2020, although
shareholder-friendly activity is also ramping up. Upward credit
momentum may be slowed by a new large-scale project or a pullback
in U.S. economic growth.

Favorable Asset Mix: Since 2016, MGM improved its overall
geographic diversification and expanded its M Life Rewards program.
This was achieved through acquisitions, like Atlantic City's
Borgata (2016), New York's Empire City Casino (2019) and Ohio's
Northfield Park (2018), and new developments in Maryland and
Massachusetts. MGM's portfolio of Las Vegas Strip assets are mostly
high quality and its regional assets are typically market leaders.
The regional portfolio's diversification partially offsets the more
cyclical nature of Las Vegas Strip properties.

MGM Growth Properties (MGP): MGP (BB+/Stable) is roughly 70% owned,
pro forma for recent acquisitions and MGP's redemption of OP units
from MGM for the Northfield transaction, and effectively controlled
by MGM. Therefore, Fitch analyzes MGM largely on a consolidated
basis. MGM desires to reduce its ownership stake in MGP to under
50%, though its ownership of the sole MGP Class B share and
controlling voting power (intact until ownership falls below 30%)
will continue to support a consolidated analysis with adjustments
for the minority stake in MGP.

Positive on Las Vegas: Fitch is positive on the Las Vegas Strip,
which represents about 45% of MGM's consolidated revenues (pro
forma for recent transactions). The Strip should benefit from
continued strength in the convention business and limited new
lodging supply. However, Fitch expects low single digit gaming
revenue and RevPAR growth as the recovery is entering its 10th year
and a number of indicators have reached or surpassed prior-cycle
peaks.

Macau on Stable Footing: Fitch expects flat to low-single digit
growth in Macau gross gaming revenues for 2019. MGM will gain
market share as MGM Cotai continues to ramp up, following the
introduction of VIP operations in late 2018. Fitch forecasts MGM
Cotai will generate over $200 million in incremental EBITDA once
fully ramped up. Fitch's favorable long-term view on Macau is
supported by an expanding middle class in China and infrastructure
development in and around Macau. Fitch feels upcoming concessions
renewals in 2022 will be a pragmatic process as the government
values stability in the marketplace. (MGM China extended its
concession from 2020 to 2022.)

DERIVATION SUMMARY

MGM's current 'BB' IDR considers the issuer's gross debt/EBITDA
slightly over 5.0x (pro forma for annualized results of new
openings, acquired assets, and MGP debt issuance), improving FCF
profile following the completion of its development pipeline, and
its geographically diverse, high quality assets. There is headroom
for funding of another large scale project or a moderate operating
downturn at the current 'BB' rating level given MGM's liquidity
profile and moderate leverage. MGM's liquidity is solid with $1.2
billion in excess cash on hand as of Dec. 31, 2018 (net of
estimated cage cash) and an improving FCF profile.

Fitch links MGM China's IDR to MGM's. Fitch analyzes MGM on a
consolidated basis after adjusting for distributions to minority
interests and distributions from unconsolidated entities.

KEY ASSUMPTIONS

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

  -- Same-store domestic revenues grow about 1%-2% per year on
average, with higher assumed growth at properties on the Las Vegas
Strip and still ramping regional properties (National Harbor,
Springfield).

  -- EBITDA margins from wholly owned subsidiaries remain near
30%.

  -- MGM China generating about $700 million of aggregate EBITDA in
2019, which factors in over $200 million EBITDA at MGM Cotai.

  -- Roughly $250 million of incremental EBITDA in 2019 from MGM
Springfield, Empire City, and Northfield Park;

  -- 5% annual growth for the parent level dividend and a majority
of cash flow from operations less capex at MGM China and MGM Growth
Properties is distributed.

  -- $1 billion of total capex in 2019, which includes close out
costs for MGM Springfield and MGM Cotai. Maintenance capex
thereafter around $600 million per year.

  -- $750 million in annual share repurchases.

  -- $4.6 billion in note maturities from 2019-2022 are refinanced.
MGM China amortization is $360 million in 2019.

  -- Fitch's base case forecast does not include any additional
developments in new jurisdictions (e.g. Japan).

RATING SENSITIVITIES

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

  - MGM's IDR could be upgraded to 'BB+' as its adjusted
debt/EBITDAR after adjusting for distributions to minority holders
and from unconsolidated subsidiaries approaches 4.5x on gross basis
and 4.0x net basis, respectively. Fitch will consider the
continuation of the stable or positive trends in Las Vegas and
Macau, the renewal of the Macau concession, and MGM's commitment to
its balance sheet when contemplating positive rating actions.

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

  - Fitch would consider a Negative Outlook or downgrade if
adjusted gross debt/EBITDAR remains above 6.0x for an extended
period of time, due to potentially weaker than expected operating
performance, debt funding a new large-scale project or acquisition,
or taking a more aggressive posture with respect to financial
policy.

LIQUIDITY

MGM's liquidity is solid and is set to improve further as annual
discretionary FCF grows in excess of $1.0 billion by 2020. Per
Fitch's base case, the primary use of the FCF will be to support
continued ramp up in shareholder returns. MGM repurchased $1.3
billion in shares during 2018 and also pays roughly $260 million in
annual parent dividends. Other uses of cash include $350 million of
close out costs in 2019 for MGM Cotai, Springfield, and Park MGM
(per company guidance). Fitch assumes a bulk of MGM's debt
maturities are refinanced. As of Dec. 31, 2018, additional sources
of liquidity include $1.2 billion in consolidated excess cash (net
of estimated cage cash) and $2.6 billion in consolidated revolver
availability. Liquidity is hampered by MGM's maturity schedule,
which remains heavy for a non-investment grade company. This is
largely a by-product of MGM's unsecured notes not having call
options, which is unique among its gaming peers.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following rating:

MGM Resorts International

  -- Senior unsecured notes due 2027 'BB'/'RR3'.

Fitch currently rates MGM as follows:

MGM Resorts International

  --  Long-Term IDR 'BB'; Outlook Stable;

  --Senior secured credit facility 'BBB-'/'RR1';

  -- Senior unsecured notes 'BB'/'RR3'.

MGM China Holdings, Ltd (and MGM Grand Paradise, S.A. as
co-borrower)

  -- Long-Term IDR 'BB'; Outlook Stable;

  -- Senior secured credit facility 'BBB-'/'RR1'.


YANGO GROUP: Fitch Rates Proposed USD Senior Notes 'B-(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned Yango Group Co., Ltd's (B/Positive)
proposed US dollar senior notes a 'B-(EXP)' expected rating and a
Recovery Rating of 'RR5'. The proposed notes will be issued by its
subsidiary, Yango Justice International Limited, and guaranteed by
Yango.

The proposed notes are rated at the same level as Yango's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The final rating is subject to the receipt
of final documentation conforming to information already received.
Yango intends to use the net proceeds from the proposed US dollar
senior notes mainly to refinance its existing debt.

The one-notch difference between Yango's senior unsecured rating
and its Long-Term Issuer Default Rating reflects the subordination
of its unsecured debt to secured debt. Secured debt accounted for
around 70% of Yango's total borrowings as of end-2018, and made up
more than 90% of Fitch-estimated liquidation value.

KEY RATING DRIVERS

High Quality Land Bank: Fitch believes Yango's land bank, which was
acquired at low cost and partly located in Tier 1 cities, will
support its business scale growth and healthy profit margin. Yango
had 27.4 million sq m of land available for sale by attributable
gross floor area (GFA) as of end-2018, sufficient for three to four
years of development. The average cost of the land bank was
CNY4,339 per sq m at end-2018, or about 33% of the company's
contracted average selling price (ASP) in 2M19. Yango has built up
a diversified land bank in its home markets in Fujian province and
major Tier 1-2 cities in China, which accounted for 76.9% of total
land bank by GFA at end-2018. Its land bank is larger than most of
lower-leveraged homebuilder peers rated 'BB' and 'BB-'.

Strong Growth in Contracted Sales: Yango's contracted sales
increased by 78% to CNY163 billion in 2018 as Yango maintained a
balanced geographic spread that mitigated the subdued market in
some areas. The rapid sales growth and steady cash collection have
also been aided by the company's fast-churn business model and
enhancements to its projects with education resources operated by
its parent, Fujian Yango Group Co., Ltd. (B/Stable). Fitch thinks
Yango will be able to meet its target of CNY180 billion of
contracted sales in 2019, supported by its abundant sellable
resources of above CNY500 billion at end-2018.

Improved EBITDA Margin: Fitch expects Yango's EBITDA margin
(excluding capitalised interest) to remain at a healthy 25% because
of the strong appreciation of housing prices in Tier 1 and 2
cities, where most of Yango's land reserves are located. Yango's
2018 EBITDA margin widened to 28% from 19% in 2017 as the company
began to book revenue from higher-profitability projects, and this
is comparable to those of its peers. Its EBITDA margin stayed in
the low-to-mid 20% range between 2013 and 2016.

High Leverage Constrains Rating: Leverage, as measured by net
debt/inventory, improved to around 70% at end-2018 from the peak of
74% at end-2017, after the company slowed its land replenishment.
Around 35% of sales receipts were used to acquire land in 2018,
down from above 100% in past two years during the company's
aggressive expansion. Yango plans to control its land acquisition
pace after it secured sufficient land bank, with land premium
budgeted at 50%-55% of annual sales receipts, which would help
offset some pressure on its leverage. The company's high leverage
constrains its ratings at in 'B' category, and any failure to
deleverage as expected would lead the Outlook reverting to Stable.

DERIVATION SUMMARY

Yango has larger scale in terms of contracted sales scale than 'B'
rated Chinese homebuilders including Hong Yang Group Company
Limited (B/Positive), Zhenro Properties Group Limited (B/Positive)
and Ronshine China Holdings Limited (B+/Stable), whose total
contracted sales were CNY47 billion, CNY108 billion and CNY122
billiion in 2018 respectively.

However, its leverage is higher than Zhenro's above 60% and
Ronshine's around 50%. Yango's land bank is more diversified than
those of Zhenro and Hong Yang, which explains why its contracted
sales have been able to increase much faster; unconstrained by
specific market weaknesses.

KEY ASSUMPTIONS

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

  - Replenishing land to maintain land bank life of around four
years

  - Contracted sales to increase 10% in 2019, with attributable
sales accounting for 70% of contracted sales (2018: 73%)

  - Cash collection ratio of 80% in 2019 and 2020 (2018: 80%)

Recovery rating assumptions

  - Yango will be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

  - All proceeds from the proposed offshore bond issuance will be
used to refinance the secured borrowing

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed to
creditors.

  - Fitch applies a haircut of 30% to adjusted inventory, in line
with Yango's homebuilding peers

  - Fitch assumes Yango's CNY5.4 billion of pledged deposits are
used to pay debt

  - Fitch applies a haircut of 30% to Yango's accounts receivable

Based on its calculation of the adjusted liquidation value, after
administrative claims of 10%, Fitch estimates the recovery rate of
the offshore senior unsecured debt at 23%, which corresponds to a
Recovery Rating of 'RR5'.

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory falling to around 65% with
continued deleveraging (2018: around 70%)

  - Attributable contracted sales sustained above CNY80 billion a
year (2018: CNY118 billion)

  - Attributable contracted sales/gross debt sustained above 1x
(2018: 1.0x)

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

  - Failure to achieve the positive sensitivities over the next 12
months

LIQUIDITY

Adequate Liquidity: Yango had CNY37.9 billion of cash on hand and
CNY42.3 billion of undrawn bank facilities at end-2018. This was
sufficient to cover its short-term debt of CNY48.2 billion, which
accounting for around 40% of its total debt. Yango's average
borrowing cost increased to 7.94% in 2018 from 7.08% in 2017, amid
the tight funding environment. The company actively seeks to
optimise its debt structure and reduce funding cost through
multiple funding channels, including onshore and offshore bond
markets.


ZHENRO PROPERTIES: Moody's Rates Proposed Senior USD Notes 'B3'
---------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Zhenro
Properties Group Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Zhenro plans to use the proceeds from the proposed notes to
refinance existing debt.

RATINGS RATIONALE

"The proposed bond issuance will not materially change Zhenro's
credit metrics in the next 12 to 18 months, and will help address
its short-term refinancing needs," says Cedric Lai, a Moody's
Assistant Vice President and Analyst.

Moody's forecasts that Zhenro's debt leverage — as measured by
revenue/adjusted debt — will show an improving trend over the
next 12-18 months from 53% in 2018 and 44% in 2017, as revenue
increases on the back of strong contracted sales in the past 1-2
years.

At December 31, 2018, Zhenro had short-term debt of RMB23.8
billion, compared to cash holdings (including restricted cash) of
RMB28.4 billion. The proposed bond issuance will improve Zhenro's
liquidity profile and alleviate its short-term refinancing needs.

Zhenro's B2 corporate family rating reflects the company's quality
and geographically diversified land reserve, large scale, and
strong sales execution.

On the other hand, the rating is constrained by its weak financial
metrics, as a result of its debt-funded rapid growth and moderate
liquidity position.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This subordination risk refers to the fact that the majority of
Zhenro's claims are at its operating subsidiaries and have priority
over claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

The stable ratings outlook reflects Moody's expectation that over
the next 12-18 months, Zhenro can execute its sales plan and
maintain healthy profit margins and sufficient liquidity.

Upward ratings pressure could emerge if Zhenro improves its
contracted sales cash collection rate, liquidity position, debt
leverage and interest coverage, while maintaining strong contracted
sales growth.

Credit metrics indicative of upward ratings pressure include: (1)
adjusted revenue/debt exceeding 60%-65%; (2) EBIT/interest above
2.5x; and (3) cash/short-term debt above 1.25x on a sustained
basis.

The ratings could be downgraded if: (1) Zhenro fails to deleverage,
or if its EBIT/interest coverage falls below 1.25x-1.50x due to
aggressive land acquisitions; (2) its contracted sales or revenues
fall short of Moody's expectations; or (3) its liquidity position
weakens, or cash/short-term debt falls below 0.8x on a sustained
basis.

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

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At December 31, 2018, Zhenro had 145 projects in 28
cities across China. Its key operating cities include Shanghai,
Nanjing, Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owned
57.70% of Zhenro Properties at August 27, 2018. His sons, Mr. Ou
Guowei and Mr. Ou Guoqiang, together owned 10.55% of the company as
of the same date.




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

ARPEE ENERGY: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Arpee Energy
Minerals Private Limited (AEMPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR70.00 mil. Fund-based limit assigned with IND BB-/Stable
     rating.

KEY RATING DRIVERS

The ratings reflect AEMPL's medium scale of operations and modest
EBITDA margin. In FY18, the company's revenue was INR417.42 million
in FY18 (FY17: INR454.59 million) and EBITDA margin was 3.2%
(3.1%). The revenue declined because of a fall in orders owing to a
slowdown in the steel sector. In addition, its return on capital
employed was 9% in FY18 (FY17: 9%).

The ratings also reflect AEMPL's weak credit metrics, primarily due
to a high debt level. The company's interest coverage (operating
EBITDA/gross interest expenses) was 1.4x in FY18 (FY17:1.4x) and
net leverage (adjusted net debt/operating EBITDA) was 4.9x (FY17:
4.6x). The deterioration in the leverage was primarily due to a
fall in absolute EBITDA owing to an increase in the cost of traded
materials.

The ratings further reflect AEMPL's tight liquidity, indicated by
multiple instances of over-utilization of its fund-based limit
during the 12 months ended January 2019. However, the
over-utilization instances were regularized within 1-11 days. AEMPL
had cash and cash equivalent of INR5.18 million at FYE18 (FYE17:
INR7.14 million). Furthermore, its cash flow from operations
remained negative at INR0.31 million in FY18 (FY17: INR6.90
million) on account of higher working capital requirements.

The ratings, however, benefit from the promoter's experience of
more than three decades in the coal trading business.

RATING SENSITIVITIES

Negative: Any decline in the revenue and deterioration in the
credit metrics would be negative for the ratings.

Positive: Any substantial rise in the revenue, along with an
improvement in the credit metrics, will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2006, AEMPL is engaged in the business of coal
trading in Ranchi, Jharkhand. The company procures trading
materials from Central Coalfields Limited, Bihar Foundry & Castings
Ltd and others, and sells them to players from industries such as
steel and power.

The company's promoter director is Mr. Praveen Agawam.


BAYWATCH SHELTERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Baywatch Shelters Private Limited
        No. 106J/88E Millerpuram
        Palai Road West, Tuticorin
        Thootukudi 628008, Tamil Nadu

Insolvency Commencement Date: March 30, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 18, 2019

Insolvency professional: Dhiren Shantilal Shah

Interim Resolution
Professional:            Dhiren Shantilal Shah
                         B-102, Bhagirathi Niwas
                         Near Natraj Studio
                         Sir M.V. Road, Andheri (East)
                         Mumbai 400069
                         E-mail: dss@dsshah.in
                                 ip1@dsshah.in

Last date for
submission of claims:    April 5, 2019


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital facilities migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

    / IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR130 mil. Non-fund-based working capital facilities migrated

     to non-cooperating category with IND A4 (ISSUER NOT
     COOPERTAING) 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

Incorporated in 2006, Delco Infrastructure Projects is an
engineering procurement construction contractor, engaged in
executing government projects.


DIAMOND SHIPPING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Diamond Shipping Company Limited
        33 A J L Nehru Road
        Kolkata 700071

Insolvency Commencement Date: March 14, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 9, 2019

Insolvency professional: CA Sonu Jain

Interim Resolution
Professional:            CA Sonu Jain
                         Poddar Court, Gate no. 2
                         18 Rabindra Sarani
                         Suit No. 327, 3rd Floor
                         Kolkata 700001
                         E-mail: casonujain@gmail.com
                                 cirp.diamondshipping@gmail.com
    
Last date for
submission of claims:    March 27, 2019


EPOCH RESEARCH: CARE Assigns B+ Rating to INR9cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Epoch
Research Institute India Private Limited (ERI), 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 ERI are constrained
on account of its modest scale of operations, highly leveraged
capital structure and modest liquidity. Further, the rating is also
constrained due to its presence in competitive information
technology industry.

The rating, however, derives comfort from experienced promoters,
consistent growth in income, moderate profit margins and moderate
debt protection metrics.

ERI's ability to increase its scale of operations with improvement
in profitability, capital structure and debt coverage indicators
along with efficient working capital management will be the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Highly leveraged capital structure: The capital structure remained
highly leveraged as on balance sheet date marked by overall gearing
ratio of 14.07x as on March 31, 2018 on account of low networth
base as on March 31, 2018. Further as on March 31, 2018 total debt
level remained at Rs.7.62crore which mainly comprised of unsecured
loan of Rs.1.57 crore, vehicle loan of Rs.0.14 crore, working
capital borrowings of Rs.0.88 crore and other loans from NBFC's of
Rs.5.03 crore which mainly pertains to business loans and loans
against property.

Modest liquidity: The liquidity of ERI remained modest with an
increase in operating cycle to 22 days as against negative in FY17
on account of increase in collection period days and inventory
period day, negative cash flow from operating activities (CFO) at
Rs.4.52 crore in FY18 (negative Rs.0.28 crore during FY17) and
meagre Cash & Bank balance of Rs.0.07crore as on March 31, 2018.
Current ratio remained above 2 times due to increase in inventory
and receivables.

Competition in the IT industry: The presence of large industry
players, increasing number of smaller firms has resulted in
increased competition within the IT services and solutions
industry. This along with tender driven nature of business in
government contracts increases the competitive intensity and puts
pressure in profit margins.

Key Rating Strengths

Experienced Promoters: ERI has been promoted and managed by three
directors Mr. Manoj K. Shah, Mr. Karan M. Shah and Ms. Bina M.
Shah. All the directors hold more than a decade of experience in
the IT industry and the overall operations of business are handled
and managed by all the three directors jointly.

Consistent growth in income, but scale remains modest with moderate
profitability: The scales of operations are consistently rising
with CAGR of 30.19% for the past three years ended FY18. During
FY18, ERI has registered a growth in its scale of operations by 35%
mainly on account of increase in execution of order for system
integration work along increase in enrolment of students for the
courses offered; but the same remained low at
Rs.10.29crore as against Rs.7.63crore during FY17.  Further
profitability of ERI remains moderate as marked by PBILDT margin
and PAT margin of 11.80% and 5.01% respectively in FY18 as against
7.08% and 1.97% in FY17.

Moderate debt protection metrics: The debt coverage indicators have
remained moderate as a result of moderate profitability marked by
interest coverage ratio of 3.28 times during FY18. However, total
debt to GCA is high at around 12 times in FY18 due to low cash
accruals.

Ahmedabad (Gujarat) based Epoch Research Institute India Private
Limited (ERI) was incorporated as a private limited company in June
1, 2009 by three directors Ms. Bina M. Shah, Mr. Manoj K. Shah and
Mr. Karan M. Shah. ERI is engaged in system integration work of
various corporates and providing training of modules of data
science, data mining, bio statistics clinical research programs
which is useful in banking and clinical research domain.


FORTS BIOTECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Forts Biotech Private Limited
        51 B, Lal Pura Colony Vanasthali Marg
        Jaipur 302001

Insolvency Commencement Date: March 8, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: September 4, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Kamal Kumar Jain

Interim Resolution
Professional:            Mr. Kamal Kumar Jain
                         315-A, Road No. 2, Shanti Nagar
                         Gopalpura Byepass, Durgapura
                         Jaipur 302018
                         E-mail: cakamaljain07@gmail.com
                                 cirp.fbpl@gmail.com

Last date for
submission of claims:    April 6, 2019


GAURINATH AGRO: CARE Lowers Rating on INR9.29cr Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gaurinath Agro Products Private Limited (GAPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       9.29       CARE B: Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GAPPL to monitor the rating
vide email communications/ letters dated January 31, 2019, February
1, 2019, February 15, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on GAPPL's
bank facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

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

Detailed description of the key rating drivers

At the time of last rating on March 21, 2018, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Small scale of operations with low profitability margins: The
company is in its nascent stage of operations with commercial
operations commenced from April 2016. The scale of operations are
small as reflected by total operating income of Rs.43.24 crore and
capital employed of INR16.06 crore as on March 31, 2017
respectively. The profit margins remained low owing to limited
value addition nature of operations.

Leveraged capital structure with weak debt coverage indicators: The
capital structure of the company is leveraged on account of higher
reliance on external borrowings to support its increased scale of
operations. Furthermore, GAPPL's debt coverage indicators remained
weak due to high debt profile and low profitability margins.

Working capital intensive operations: The operations of the company
are working capital intensive owing to seasonality associated with
availability of raw material. The gross current asset days remained
at 38 days during FY17. The working capital requirements of the
entity are met by the cash credit facility and the average
utilization of the CC limit was on higher side in the peak
season(October-May).

Susceptibility to adverse changes in government regulations and
climatic condition: The price of raw cotton is highly volatile in
nature owing to its seasonal nature and the price is regulated
through function of MSP by the government along with export of
cotton. Hence, any adverse change in government policy and climatic
condition may negatively impact the prices of raw cotton in
domestic market and could result in lower realizations and profit
for GAPPL.

Presence in seasonal and fragmented industry: Operation of cotton
business is highly seasonal in nature, as the sowing season is from
March to July and the harvesting season is spread from November to
February. Furthermore, the cotton industry is highly fragmented
with large number (approx 80%) of players operating in the
unorganized sector. Hence, AF faces stiff competition from other
players operating in the same industry, which further result in its
low bargaining power against its customers.

Key Rating Strengths

Experienced promoter: The promoters have an average experience of
around three decades in agro industry which aids in smooth
operations of the company.

Locational advantage emanating from proximity to raw material: The
manufacturing facility of the company is located in the 2nd highest
cotton producer state of India. Hence, raw material is available in
adequate quantity and it also fetched lower logistic expenditure.
Moreover, there is robust demand of cotton bales and cotton seeds
in the region due to presence of spinning mills in the region.

GAPPL was incorporated in March 2016 and is promoted by Mr. Ashok
Hariyani and Mrs. Bharati Hariyani. The company is engaged in the
business of ginning and pressing of cotton at its manufacturing
unit located at Chandrapur region of Maharashtra with an installed
capacity to process 2,43,000 quintals of raw cotton into cotton
lint and its by-product cotton seeds.


GODAWARI TRADERS: CARE Hikes Rating on INR7cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Godawari Traders (GT), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.00        CARE B+: Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GT to monitor the rating
vide e-mail communications dated January 7, 2019, February 1, 2019,
February 15, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on GT's bank
facilities will now be denoted as CARE B+; Stable/CARE A4; ISSUER
NOT COOPERATING.

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

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

Detailed description of the key rating drivers

At the time of last rating on March 6, 2018, the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Small scale of operations with low capitalization: The scale of
operations though grew remained small with total operating income
of Rs.46.41crore in FY17 and net worth of of Rs.4.27 crore as on
March 31, 2017.The small scale of operations restricts the firm
from getting benefits of scale of economies.

Thin profitability margins: PBILDT margin remained thin in the
range of 5%-7% during FY15-FY17 owing to trading nature of
operations. Further, PAT margin also remained thin and in the range
of 0.41%-0.46% for the last three years ending FY16.

Leveraged capital structure and weak debt coverage indicators: The
capital structure remained leveraged owing to low net worth base
against high dependence on external borrowings. Moreover, with low
profitability and high gearing levels, debt coverage indicators
remained weak.

Working Capital Intensive nature of operations: The liquidity
position of the firm remained stretched with funds being mainly
blocked in inventory as reflected by high gross current asset days
of 102 days in FY17. The same resulted in high utilization of its
working capital limits.

Presence in the highly regulated liquor industry: Each state
formulates its own policies and there are no uniform nationwide
laws governing the liquor sector. There are restrictions on the
inter-state movement of liquor and such movement invites a tax
which has a significant bearing on the pricing of the final product
and curtails profitability to a large extent.

Partnership nature of constitution: Being a partnership firm, GT is
exposed to the risk of withdrawal of capital by partners and
limited excess to financial market. This limits the financial
flexibility of the firm.

Key Rating Strengths

Established nature of operations with experienced promoters: The
firm was established in 1993 and has been operating
in the alcoholic beverage distributorship segment for around 25
years. The promoters have an experience of more than
two decades. Long track record and satisfactory experience of
promoters has helped in establishing good relations with
customers and suppliers.

Reputed Suppliers: GT has been operating in trading of Indian-made
foreign liquor (IMFL) for United Spirits Limited(USL) since last 23
years and has established distribution network in the districts of
Bhandara and Gondia in Maharashtra. In FY18, GT has also taken
distributorship of Som Distilleries Limited and Bira Limited for
new brands which shields the firm from suppliers concentration
risk.

Favorable industry outlook: The Indian liquor market, divided into
various categories like IMFL, imported liquor, beer and country
made liquor, has shown strong growth. Indian alcoholic beverages
provide a positive outlook on the account of favorable
demographics, rising disposable income levels and greater
acceptance of alcoholic beverages in social circles.

GT was founded as a partnership firm in the 1993 by Mr Amarlal
Jeswani, Mr Nehru Lalwani and Mrs Pramila Jeswani. The firm is a
wholesale distributor for products of United Spirits Limited (USL).
In FY18, GT has also taken distributorship of Som Distilleries
Limited and Bira Limited.


HOTEL SWOSTI: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hotel Swosti Pvt.
Ltd.'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:

-- INR46.7 mil. Term loan due on March 31, 2025, migrated to Non-
     Cooperating Category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR7.5 mil. Fund-based 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

Incorporated in 1981, Hotel Swosti operates a three-star hotel by
the same name in Bhubaneswar, Odisha.


JET AIRWAYS: To Pay December Salaries to Pilots and Engineers
-------------------------------------------------------------
Reuters reports that Jet Airways Ltd will pay December salaries to
pilots and aircraft maintenance engineers but for now cannot pay
more recent overdue wages, its chief executive said on March 30
after pilots threatened to strike over payment delays.

Jet Airways has delayed payments to pilots, suppliers and lessors
for months and defaulted on loans after racking up more than US$1
billion in debt, the report says. The airline blamed its problems
on high oil prices and rising competition.

Lessors have grounded more than three dozen Jet Airways planes,
forcing hundreds of its flights to be canceled, according to
Reuters.

Reuters relates that the airline was bailed out on March 25 by
state-run banks, which have temporarily taken a majority stake in
the company and given it a loan, under a government-led rescue
deal.

"These are complex processes and it has taken longer than we had
expected and as such we are only able to remit your remaining
salary for December 2018," Chief Executive Vinay Dube told
employees in a letter seen by Reuters, adding the company was
working as fast as possible to resolve its debt issues.

"We realize that this remittance does not lift the financial
hardship that each of you are facing and we do not take your
sacrifices for granted," he added.

"We continue to work on additional funding on an urgent basis and
shall advise you about the release of the remaining salary arrears
as the funds come in," he added.

Karan Chopra, the president of the National Aviators Guild, the
union of Jet Airways pilots, said union members planned to meet in
Mumbai on March 31 to discuss further steps and whether they
planned to go ahead with their planned April 1 strike, adds
Reuters.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provides passenger and cargo air
transportation services. It also provides aircraft leasing
services. It operates flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2018, ICRA revised the ratings on certain bank facilities
of Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating
downgrade considers delays in the implementation of the proposed
liquidity initiatives by the management, further aggravating its
liquidity, as reflected in the delays in employee salary payments
and lease rental payments to the aircraft lessors. Moreover, the
company has large debt repayments due over the next four months
(December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5
crore) and FY2021 (INR2,167.9 crore). The company is undertaking
various liquidity initiatives, which includes, among others, equity
infusion and a stake sale in Jet Privilege Private Limited (JPPL),
and the timely implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.


KADAM & KADAM: Ind-Ra Affirms 'BB-' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kadam & Kadam
Jewellers Private Limited's (KKJPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR600 mil. Fund-based limits affirmed with IND BB-/Stable/IND

     A4+ rating.

Analytical Approach: Ind-Ra has taken a consolidated view of KKJPL
and its subsidiary, Kadam & Kadam International DMCC (100% shares
held by KKJPL), while arriving at the ratings because both the
entities operate in a similar line of business and have common
management, and cash fungibility.

KEY RATING DRIVERS

The affirmation reflects KKJPL's medium scale of operations with
significant reliance on related party transactions for sales and
purchases. In FY18, revenue declined to INR4,340 million (FY17:
INR4,515 million) primarily on account of cancellation of orders.
Of the total sales achieved in FY18, sales to related parties
constituted 37.84% (FY17: 53.97%, FY16: 23.50%), while purchases
from related parties accounted for 48.84% (57.71%, 24.43%). KKJPL
achieved revenue of INR3,500 million during 9MFY19.

The company's return on capital employed was 13% in FY18 and
operating profitability was average and ranged between 1.9% and
2.5% over FY15-FY18 (FY18: 2.5%, FY17: 1.8%), on account of
fluctuations in gold prices.

The ratings remain constrained by KKJPL's weak credit metrics. In
FY18, net leverage (Ind-Ra adjusted net debt/operating EBITDA)
improved to 5.8x in FY18 (FY17: 6.2x) and EBITDA interest cover to
1.6x (1.3x), primarily on account of an increase in operating
EBITDA to INR108.9 million (INR84 million).

The ratings also factor in the company's continued weak liquidity
position due to the working capital-intensive nature of operations.
Its average use of the fund-based facilities was about 97% during
the 12 months ended in February 2019. KKJPL availed a temporary
overdraft limit of INR30 million for a period 30 days to support
its liquidity. Cash flow from operations turned negative to INR93.2
million in FY18 from positive INR105.3 million in FY17, on account
of elongation of the net cash conversion cycle. The net cash
conversion cycle elongated to 67 days in FY18 (FY17:54 days),
primarily on account of an increase in inventory holding period to
43 days (25 days).  

The ratings are, however, supported by the promoters'
two-decade-long experience in the jewelry industry.

RATING SENSITIVITIES

Negative: Any deterioration in the profitability or any further
elongation of the working capital cycle, leading to deterioration
in EBITDA interest coverage will lead to a negative rating action.

Positive: Significant improvement in the EBITDA interest coverage
will lead to a positive rating action.

COMPANY PROFILE

Founded in 2000, KKJPL supplies jewelry to retailers, wholesalers,
and traders across India. The company is situated in Zaveri Bazar
and is promoted by Mr. Nitin Kadam, one of the founder directors of
The All India Gems & Jewellery Trade Federation.


KAVVERI TELCOM: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kavveri Telecom Infrastructure Limited
        1st Floor, Plot No. 31-36, 1st Main
        2nd Stage, Arakere Mico Layout
        Bannerghatta Road, Bengaluru
        Karnataka 560076

Insolvency Commencement Date: March 21, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 17, 2019
                               (180 days from commencement)

Insolvency professional: B. Hariharan

Interim Resolution
Professional:            B. Hariharan
                         46B IV The Floor, Krishnan, Complex
                         South Boag Road, T. Nagar
                         Chennai, Tamil Nadu 600017
                         Mobile: 9444755053
                         E-mail: hariharan14it@gmail.com
                                 ktil.cirp@gmail.com

Last date for
submission of claims:    April 10, 2019


MANJEERA CONSTRUCTIONS: Ind-Ra Assigns BB+ Rating on INR120MM Loan
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Manjeera
Construction Limited (MCL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is stable. The instrument-wise rating actions are as
follows:

-- INR120 mil. Fund-based facilities assigned with IND BB+ /
     Stable / IND A4+ rating; and

-- INR180 mil. Non-fund-based facilities assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect MCL's tight liquidity position, with near full
utilization of the fund-based facility during the 12 months ended
February 2019. As of March 2018, the company had unutilized credit
lines of INR0.7 million and a cash balance of INR16.9 million.     
                                                                   
                     

The ratings reflect the moderate off-take risk. The company has two
ongoing projects - Purple Town in Gachibowli-Telangana and Manjeera
Monarch in Mangalagiri – Vijayawada (AP). In Purple Town, MCL has
received bookings for 13 units out of 25 units and has collected
INR183 million (86% of the total amount of INR212 million).  In
Manjeera Monarch, the company has received bookings for 224 units
out of 352 units and has collected around INR942 million (59% of
the total amount of INR1,598 million).  MCL is yet to receive the
remaining outstanding of INR656 million from the booked units.

The ratings take into consideration the moderate execution risk
associated with MCL's ongoing projects. Both Purple Town and
Manjeera Monarch are wholly residential projects. Purple Town has
49 elite independent villas and Manjeera Monarch consists of 567
residential flats in five blocks with G+14 floors. MCL has a share
of 50% and 62% in the total area of Purple Town and Manjeera
Monarch, respectively. As of December 2018, the company had
completed around 85% and 60% of the construction and incurred
INR340 million and INR1,227 million out of the total project cost
of INR420 million and INR1,875 million for Purple Town and Manjeera
Monarch, respectively. The company expects to complete the
construction of Purple Town by April 2019 and that of Manjeera
Monarch by December 2019.

The combined cost of both projects is INR2,295 million, which has
been funded by a debt of INR870 million, promoter contribution of
INR530 million and a customer advance of INR895 million. The
promoters have already infused INR100 million as equity and INR220
million as an unsecured loan in the project. MCL has a term loan
sanction of INR720 million and a cash credit facility of INR120
million.

The ratings are supported by revenue from other segments such as
engineering, procurement and construction, and windmills. MCL also
receives interest from the investments made in the group company.
As of December 2018, the company had outstanding engineering,
procurement and construction order of INR900 million.

The ratings are also supported by the promoters' experience of more
than three decades in the real estate business. Moreover, as of
December 2018, MCL had completed around 19 projects (both real
estate and EPC projects) individually and through its subsidiaries
and associate companies.

RATING SENSITIVITIES

Positive: Successful completion of the projects and sale of units
as planned, leading to strong visibility of cash flows, could lead
to a positive rating action.

Negative: Lower-than-expected sales volume or lower realization of
the projects or significant time or cost overruns in the projects
could result in a negative rating action.

COMPANY PROFILE

Incorporated in1987, Manjeera Constructions Limited (MCL) is
engaged in developing 6.5 million square feet of an area spanning
across residential, commercial, hospitality and retail projects.
The group is promoted by Mr. G. Yoganand.


MANTHARAGIRI TEXTILES: Ind-Ra Affirms 'B+' Long Term Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mantharagiri
Textiles' (MT) Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limit affirmed with IND

     B+/Stable rating;

-- INR41.8 mil. (reduced from INR53.22 mil.) Term loan due on
     August 2026 affirmed with IND B+/Stable rating; and

-- INR8.8 mil. (reduced from INR10.952 mil.) Non-fund-based
     working capital limit affirmed with IND A4 rating.

KEY RATING DRIVERS

The affirmation continues to reflect MT's medium scale of
operations as indicated by revenue of INR726 million in FY18 (FY17:
INR619 million). The improvement in revenue was owing to increased
demand for melange yarn. Its return on capital employed was 7% and
EBITDA margins were modest at 7.6% in FY18 (FY17: 10.0%). Despite
the revenue increase, the margins declined on the back of an
increase in raw material prices and the highly fragmented nature of
the cotton industry.

The ratings continue to factor in the firm's modest credit metrics.
Its net leverage (adjusted net debt/operating EBITDAR) deteriorated
to 5.1x in FY18 (FY17: 4.4x) and gross interest coverage (operating
EBITDA/gross interest expense) to 1.7x (1.9x), due to an increase
in debt and the consequent increase in its interest expense.

The ratings remain constrained by the partnership nature of the
business.

The ratings also reflect MT's tight liquidity position owing to the
working capital-intensive nature of operations. Its net working
capital cycle improved to 155 days in FY18 (FY17: 177 days),
although remained elongated, due to a decline in inventory days.
MT's average utilization of its fund-based limits was 100% for the
12 months ended February 2019. The firm's cash flow from operations
turned positive to INR12.95 million in FY18 from negative INR5.64
million in FY17 because of the improvement in networking cycle.

However, the ratings continue to benefit from MT's founders'
experience of two and a half decades in the cotton yarn
manufacturing business.

RATING SENSITIVITIES

Negative: Any decline in the revenue or a further stretch in the
liquidity will be negative for the ratings.

Positive: An improvement in the revenue along with an improvement
in the credit metrics, all on a sustained basis, will be positive
for the ratings.

COMPANY PROFILE

Founded in 1990, MT is a partnership firm engaged in the
manufacturing and production of cotton yarn in Senjerimalai near
Coimbatore.


MITTAL CLOTHING: Ind-Ra Affirms 'BB-' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Mittal Clothing Private Limited's (MCPL) Long-Term Issuer Rating of
'IND BB-'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND BB-' rating on the INR14.27 mil. Term loan* due on
     May 2021 affirmed and withdrawn; and

-- The 'IND BB-' rating on the INR43.23 mil. Fund-based working
     capital facilities* affirmed and withdrawn.

* Affirmed at 'IND BB-'/Stable before being withdrawn

KEY RATING DRIVERS

The affirmation reflects MIL's continued small scale of operations
as indicated by revenue of INR159.0 million in FY18 (FY17: INR523.0
million). The revenue plunged mainly because of a change in the
company's business to the manufacturing of apparels under its own
brand, Alena in September 2017 from job work. Its return on capital
employed was 10% in FY18 (FY17: 12%) and EBITDA margin was average
at 12.7% (3.8%). Despite the fall in revenue, the margin improved
owing to the sale of high-margin own brand apparels.

The ratings remain constrained by MIL's weak credit metrics Its
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.8x in FY18 (FY17: 2.9x) and net financial
leverage (total adjusted net debt/operating EBITDA) to 5.7x (3.8x)
on account of an increase in debt and the consequent rise in
interest expense.

The ratings also factor in the company's modest liquidity position.
Cash flow from operations and free cash flow remained negative at
INR37 million in FY18 (FY17: INR6.0 million) and INR39 million
(INR7.0 million), respectively.

However, the ratings continue to be supported by the promoters'
experience of over three decades in the apparel manufacturing
business, leading to longstanding relationships with customers and
suppliers.

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

COMPANY PROFILE

MCPL is involved in yarn dyeing, weaving, fabric processing, design
and embroidery, and manufacturing of ethnic apparels for women and
children.


NTPC BHEL: Ind-Ra Lowers LT Issuer Rating to BB-, Outlook Negative
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded NTPC BHEL Power
Projects Private Limited's (NBPPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND BBB-'. The Outlook is Negative.

The instrument-wise rating action is:

-- INR1.70 mil. Non-fund-based limits downgraded with IND BB-
     /Negative/IND A4+ rating.

KEY RATING DRIVERS

Plunge in Revenue: The downgrade and Negative Outlook reflect
concerns about NBPPL's deteriorating operating performance amid
delays in project execution, as well as an absence of new orders.
These led to a steep decline in revenue to INR1.3 billion in FY18
(FY17: INR6.7 billion), significantly lower than Ind-Ra's
estimates. Management expects the company to book revenue of around
INR700 million in FY19, significantly lower than FY18. The agency
believes there is a limited likelihood for the company to receive
new orders and expects no significant turnaround in operations in
the near-to-medium term.

Non-Receipt of New Orders; Concerns on Going Concern Status by
Auditors: The downgrade also reflects concerns on non-receipt of
new orders in the engineering procurement construction (EPC)
segment post-2013 and manufacturing operations since 2016, which
limits scaling up of operations, along with the company's complete
dependence on low-margin Unchahar project. Until FY18, the company
executed orders of INR26.5 billion, while pending orders worth
INR4.5 billion are likely to be executed over FY19-FY21. The
auditors have highlighted concerns on the going concern status of
the company amid continued losses, leading to net worth erosion.

Moderate Linkages with Parents: Despite the proposal by Bharat
Heavy Electrical Limited (BHEL; 'IND AA+'/Stable/'IND A1+') and
NTPC Limited ('IND AAA'/Stable/'IND A1+') to wind up operations of
NBPPL, BHEL and NTPC have infused around INR800 million and INR900
million, respectively, until March 26, 2019 in form of loan (bridge
funding) towards meeting working capital needs and for losses
incurred in Unchahar project. Further, NBPPL's board positions are
shared by the parent companies and the top management is drawn from
them on deputation basis.

Negligible Contribution from Manufacturing Segment: NBPPL
commissioned its manufacturing unit in December 2014 for
manufacturing spare parts for coal handling plants. Its
manufacturing revenue stood at INR103.5 million in FY18, while it
remained negligible at INR14.4 million and INR11.6 million in FY17
and FY16, respectively, due to the slowdown in the thermal sector
and lack of orders. NBPPL does not have any pending orders and the
operations are likely to be shut down.

Widening EBITDA Losses: The company reported EBITDA losses of
INR936 million for the fourth consecutive year in FY18 (FY17:
INR417 million, FY16: INR163 million), largely led by losses
incurred in Unchahar EPC project, which accounted more than 90% of
the revenue in FY18, and a surge in provisions for loss-making
contracts to INR230 million (FY17: INR18 million). Losses booked in
Unchahar project was approximately 760 million against a top-line
of INR1,250 million.

Stretched Liquidity: The company's net working capital cycle
elongated to 291 days in FY18 (FY17: 14 days) on account of a delay
in recovery of receivables resulting in cash crunch, and delayed
payments to creditors leading to penalties NBPPL does not have any
cash credit or working capital facility, and has to rely solely on
receivables realization to meet its working capital requirements.
Cash and bank balances available at FYE18 were INR121 million
(FYE17: INR119 million).

RATING SENSITIVITIES

Negative: Disorderly winding down of operations and reduced support
from the parents will be negative for the ratings.

COMPANY PROFILE

NBPPL is an equal joint venture between NTPC and BHEL. It was
established to undertake EPC contracts for power plants and other
infrastructure projects. The company is also engaged in
manufacturing of coal handling plants and ash handling plants in
Mannavaram, Andhra Pradesh.


ONEWORLD INDUSTRIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Oneworld Industries Private Limited
        Registered office:
        2nd Floor, Todi Estate
        Above post office Sun Mill Compound
        Lower Parel Mumbai MH 400013

Insolvency Commencement Date: November 16, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 15, 2019

Insolvency professional: Ajay Gupta

Interim Resolution
Professional:            Ajay Gupta
                         A-701, La Chappelle CHS
                         Evershine Nagar
                         Near Ryan International School
                         Malad (West)
                         Mumbai 400064
                         E-mail: fca.ajaygupta@gmail.com
                                 caip.ajay@gmail.com

Last date for
submission of claims:    December 3, 2018


PARAMOUNT MILLS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Paramount Mills Private Limited
        Rajapalayam Road N.H. 208
        T. Pudupatti Post
        Tirumangalam 625704
        Madurai District, Tamil Nadu

Insolvency Commencement Date: March 20, 2019

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: September 16, 2019

Insolvency professional: G. Gunasekaran

Interim Resolution
Professional:            G. Gunasekaran
                         36, Indu Nagar
                         Vilankurichi Road
                         Vilankurichi Post
                         Coimbatore 641035
                         E-mail: cagunasekar@yahoo.com

Last date for
submission of claims:    April 3, 2019


PREMIER SYNTHETICS: CARE Assigns B Rating to INR9.50cr Shares
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Premier
Synthetics Limited (PSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-convertible        9.50       CARE B (RPS); Stable
   Non-Cumulative                    (Assigned)
   Redeemable
   Preference Shares

Outlook: Stable

Detailed Rationale & Key Rating Drivers

The rating assigned to the instrument of PSL continues to be
constrained by small scale of operations with fluctuating
profitability margins, low net worth, and working capital-intensive
nature of operations. The rating is further constrained by the
susceptibility of profitability margins to volatile raw material
prices and presence in a highly fragmented and competitive textile
industry. The rating also considers financial support provided by
the promoters in the form of interest free loan.  The ability of
PSL to scale up its operations and improve its profitability
margins are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with revenue concentration risk:
PSL operates at small scale having a total operating income of
INR46.44 crore in FY18. The company executes orders for Arvind
Limited, Raymond UCO Denim, Jindal Worldwide etc. in FY18. PSL
reported revenue of Rs.23.13 crore during H1FY19 (UA) but the PAT
for the same period was INR1.83 crores.

Susceptibility of profitability margins to volatility in input
cost: Increased power costs, higher transaction costs, volatility
in raw material prices, high cost of labor are the key factors
affecting the profitability margins of PSL.

Presence in a highly fragmented and competitive textile industry:
PSL operates in a cyclical, fragmented and commoditized industry
which is characterized by intense competition due to a large number
of players in the organized and unorganized sector.

Key Rating Strengths

Financial support provided by the promoters: The net worth of the
company has eroded over the years owing to accumulated losses
carried forward from previous years. Nevertheless, comfort can be
derived from the fact that the promoters have been supporting the
operations through infusion of funds in the form of interest-free
unsecured loans amounting to INR2.48 crores and preference shares
of INR9.50 crores.

The Company was incorporated originally as Premier Synthetics and
Processors Ltd (PSPL) in Maharashtra on 9th October, 1970 by the
original promoter Mr. B.K. Jhunjhunwala. Thereafter, it became a
sick company and in the year 1985 the controlling interest of PSPL
was acquired by Mr. Anand Arya, who has 35 years of experience in
the textile industry. The name of the company was changed to
Premier Synthetics Ltd. (PSL) in 1992. The company operates a
spinning unit located in Ahmedabad, with an installed capacity of
55 lakh metric tonnes/annum. PSL was primarily engaged in
manufacturing of yarn on a job work basis, for its group
concern-Blue Blends (India) Limited (BBIL). BBIL manufactures denim
fabric and caters to customer base all over India. During FY16, PSL
successfully completed an open offer pursuant to which Mr. Anand
Arya ceased to be the Promoter. The new promoters of the Company by
virtue of completion of Open Offer are Mr. Gautamchand Kewalchand
Surana, Mr. Vikram Amritlal Sanghvi, Mr. Rajiv Giriraj Bansal and
Mr. Sanjay Kumar Vinodbhai Majethia.


PUNJAB SPINTEX: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Punjab Spintex
Limited (PSL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.5       CRISIL D/Issuer Not
                                    Cooperating      

   Cash Credit           25.0       CRISIL D/Issuer Not
                                    Cooperating

   Corporate Loan         5.0       CRISIL D/Issuer Not
                                    Cooperating

   Inventory Funding     10.0       CRISIL D/Issuer Not
   Facility                         Cooperating
   
   Standby Line           2.5       CRISIL D/Issuer Not
   of Credit                        Cooperating

   Term Loan              5         CRISIL D/Issuer Not
                                    Cooperating

CRISIL has been consistently following up with PSL 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 PSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PSL 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 PSL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

Incorporated in December 2006 and promoted by Mr. Suresh Kumar and
three of his business associates, PSL gins cotton and manufactures
cotton yarn (in counts of 20s-30s). Operations began in December
2007.


RAIHAN HEALTHCARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Raihan Healthcare Private Limited
        EP-4/744-C, Murikkolil
        Nadackal PO, Erattupetta, Kottayam
        Kerala 686124

Insolvency Commencement Date: March 20, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 15, 2019
                               (180 days from commencement)

Insolvency professional: S. Rajendran

Interim Resolution
Professional:            S. Rajendran
                         S. Rajendran & Associates
                         Company Secretaries
                         2nd Floor, Evalappan Mansion
                         No. 188/87 Habibullah Road
                         T. Nagar, Chennai 600017
                         Phone: +91 44 2814 1604
                         E-mail: cs.srajendran.associates@
                                 gmail.com
                                 claims.raihanhealthcare@gmail.com

Last date for
submission of claims:    April 3, 2019


RENUKA SILKS: CRISIL Maintains 'D' Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Renuka Silks -
Perambalur Unit (RS) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          7.5      CRISIL D/Issuer Not Cooperating   
  
   Long Term Loan       2.75     CRISIL D/Issuer Not Cooperating   
  

CRISIL has been consistently following up with RS 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 RS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RS 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 RS continues to be 'CRISIL D Issuer not
cooperating'.

RS is a partnership concern set up in 2013. It retails apparel for
men, women, and kids, and specialises in uniforms for schools and
corporates. The firm has a single showroom at Perambalur in Tamil
Nadu, covering 24,000 square feet. Its operations are managed by Mr
R Kandasamy.


SAHARA ENGINEERING: Ind-Ra Affirms 'BB' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sahara Engineering
Private Limited's (SEPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based limits affirmed with IND BB/Stable
     rating; and

-- INR2.5 mil. Non-fund-based limits affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect SEPL's continued small scale of operations on
account of slow order inflow (FY18: INR488.88 million, FY17:
INR484.67 million). The company had moderate revenue visibility
with an order book of INR1,251.3 million, to be executed over the
next one and a half years. The company undertakes only short-term
(one year) contracts.

The company's return on capital employed was 12.71% and EBITDA
margins were average at 8.20% in FY18 (FY17: 7.98%). The increase
in margins was on account of a decline in other expenses.

The ratings continue to factor in the company's modest credit
metrics as indicated by net leverage (net adjusted debt/EBITDAR) of
3.35x in FY18 (FY17: 3.65x) and EBITDAR interest coverage
(operating EBITDA/gross interest expense) of 2.16x (2.30x). The net
leverage improved due to a decrease in debt, while the interest
coverage deteriorated due to an increase in interest expense as the
company raised high interest-bearing loans and repaid low-cost
debt.

The ratings also remain constrained by SEPL's tight liquidity
position as indicated by 99.92% average use of the working capital
limits during the 12 months ended February 2019. Its networking
cycle elongated to 150 days in FY18 (FY17: 131 days) due to a rise
in collection period to 115 days (105 days) and inventory holding
period to 48 days (44 days).

However, the ratings remain supported by the company's over 18
years of experience in providing integrated ocean logistics
services in India, resulting in strong customer relationships.

RATING SENSITIVITIES

Negative: Any deterioration in the liquidity profile or the credit
metrics will be negative for the ratings.

Positive: Any substantial improvement in the scale of operations
and liquidity profile will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2000, SEPL was founded by Manoj Kumar Jena and
provides comprehensive shipping services of clearing and
forwarding, cargo handling and transportation services to various
ports on the East Coast of India.


SAMYU GLASS: CRISIL Maintains 'D' Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Samyu Glass Private
Limited (SGPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee     3.35      CRISIL D/Issuer Not Cooperating  
    
   Cash Credit        13.6      CRISIL D/Issuer Not Cooperating
     
   Letter of Credit    2.35     CRISIL D/Issuer Not Cooperating
     
   Long Term Loan     12.5      CRISIL D/Issuer Not Cooperating  
    
   Working Capital
   Term Loan          11.1      CRISIL D/Issuer Not Cooperating    


CRISIL has been consistently following up with SGPL 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 SGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGPL 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 SGPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Based in Hyderabad, SGPL manufactures glass containers. The company
is promoted by Mr. S V Reddy and his associates.


SATYA MEGHA: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Satya Megha
Industries (SMI) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Cash Term Loan       9.18     CRISIL D/Issuer Not
                                 Cooperating

   Funded Interest      2.98     CRISIL D/Issuer Not
   Term Loan                     Cooperating

   Proposed Short       2.86     CRISIL D/Issuer Not
   Term Bank Loan                Cooperating
   Facility             
                                 
   Working Capital     14.18     CRISIL D/Issuer Not
   Term Loan                     Cooperating      

CRISIL has been consistently following up with SMI 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 SMI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMI 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 SMI continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SMI was set up as a partnership firm in Assam in August 2009 by Mr
Ratan Sharma, Mr Purushottam Murarka, and Mr Mangilal Jalan. The
firm started operations in August 2011, by manufacturing steel
billets. Partners have around two decades of experience of
manufacturing and trading in steel products, through other group
companies.


SHREE MATAJI: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shree Mataji Graphics Private Limited
        B-801, Lakshchandi Apartment
        Krishnavatika Marg
        Gokuldham, Malad (East)
        Mumbai MH 400097
        India

Insolvency Commencement Date: March 23, 2019

Court: National Company Law Tribunal, Thane Bench

Estimated date of closure of
insolvency resolution process: September 19, 2019

Insolvency professional: Mr. Vimal Kumar Agrawal

Interim Resolution
Professional:            Mr. Vimal Kumar Agrawal
                         Office No. 11-12, Krishna Kunj
                         Above HDFC Bank Ltd.
                         Near East-West Flyover
                         Bhayander West
                         Thane 401101
                         Maharashtra
                         E-mail: vimalpagarwal@rediffmail.com

Last date for
submission of claims:    April 6, 2019


SHREE RAM: CRISIL Maintains D Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Ram Industries
(Harij) (RI) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         9.75      CRISIL D/Issuer Not Cooperating
      
   Proposed Long
   Term Bank Loan
   Facility             .25      CRISIL D/Issuer Not Cooperating   
  

CRISIL has been consistently following up with RI 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 RI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RI 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 RI continues to be 'CRISIL D Issuer not
cooperating'.

RI, formed in 2007, is promoted by Patan, Gujarat-based Mr Jaydev
Thakkar and his family members. The firm gins cotton.


SREE VEERA: CRISIL Raises Ratings on INR14.01cr Loans to C
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sree Veera Brahmendra Swamy Spinning Mills Private Limited (SVPL)
to 'CRISIL C' from 'CRISIL D'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          6.5      CRISIL C (Upgraded from
                                 'CRISIL D')

   Working Capital      7.51     CRISIL C (Upgraded from
   Term Loan                     'CRISIL D')

The rating upgrade reflects SVPL's timely servicing of debt over
the four months through February 2019. Liquidity, however, remains
weak on account of inadequate accruals against its term debt
repayment obligations over the medium term.

The rating continues to reflect a below-average financial risk
profile because of a small networth, high gearing, and weak debt
protection metrics. The rating also factors in working
capital-intensive operations, and susceptibility of profitability
margins to volatile cotton prices and intense competition. These
weaknesses are partially offset by the extensive experience of the
promoters in the cotton industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The networth is modest at
INR3 crore, and gearing high, at 5.2 times, as on March 31, 2018.
Modest debt protection metrics with interest coverage at 0.3 times
during fiscal 2018.

* Working capital-intensive operations: Gross current assets were
high at around 363 days, with inventory of 281 days, as on March
31, 2018.

* Susceptibility of profitability margins to volatile cotton prices
and intense competition: Raw cotton constitutes 70% of total
production cost, in line with other industry players. Cotton prices
are volatile as the crop continues to be vulnerable to monsoon or
even a pest attack. Also, cotton prices are largely affected by
international demand. Volatility in the availability and prices of
cotton affect margins of spinning companies.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of over three decades in cotton trading, and
have developed a healthy relationship with customers.

Liquidity
SVPL has weak liquidity marked by marginal cash and cash
equivalents of INR0.2 cr as on March 31, 2018 and inadequate
accruals to term debt obligations of INR 1 cr over FY19 as well as
FY20. The firm has access to fund based limits of INR6.5 cr, which
are almost fully utilized over the 12 months ended January 31,
2019. The liquidity risk is mitigated by funding support from
promoters in the form of unsecured loans which stood at INR3.2 cr
as on March 31, 2018.

Set up in 2006 by Mr G Sundararamaiah and his family, SVPL
manufactures cotton yarn at its plant in Guntur, Andhra Pradesh.


TATA MOTORS: S&P Lowers ICR to 'B+' on JLR's Continued Weakness
---------------------------------------------------------------
S&P Global Ratings lowered its ratings on Tata Motors Ltd. and its
senior unsecured notes to 'B+' from 'BB-', and kept the ratings on
CreditWatch negative.

S&P said, "We expect heightened cash burns and leverage at Tata
Motors' 100% subsidiary Jaguar Land Rover Automotive (JLR) over the
next 12-18 months as it navigates the tough Chinese operating
environment and the uncertain future Brexit and U.S. tariffs
imply.

"We see Tata Motors' negative free operating cash flow (FOCF) of
Indian rupee (INR) 125 billion in fiscal year ending March 31,
2019, pushing its funds from operations (FFO)-to-debt ratio to
about 8% in fiscal 2019, compared with our earlier estimates of
about 15%. JLR's fiscal 2019 revenue decline, depressed
profitability, and expected negative FOCF of GBP1.7 billion largely
account for the cash burn. In fiscal 2020, we expect the
FFO-to-debt ratio to improve to 15% as the FOCF improves to
approximately negative INR70 billion, largely from expectations of
volume growth and cost-cutting measures at JLR."

JLR's cost-cutting measures, stabilization of the Chinese
operations, expected volume growth, and improving financial
performance of Tata Motors' India commercial vehicles (CV) and
passenger vehicles (PV) should support the improvement starting in
fiscal 2020. Having said that, S&P believes there are multiple
factors that would have to turn favorable for JLR and Tata Motors
to achieve our base case.

S&P said, "We expect JLR's deteriorating Chinese operations to
continue to pressure its volumes and business position, even as we
don't see a similar scenario playing out with its larger European
peers. In third-quarter fiscal 2019, citing a muted demand
scenario, JLR wrote down capitalized investments, resulting in a
GBP3.1 billion exceptional charge."

On the other hand, JLR continues to perform well in the U.S. and
U.K. markets, much ahead of the industry. This indicates that its
products continue to sell well in these larger and mature markets
and that its Chinese troubles could be temporary. Although
management seems to be working hard to restore its position,
success might not be just around the corner. S&P believes JLR's
good line-up of new products, especially the Evoque, could help it
regain some of its lost luster.

JLR's cost-cutting plans are progressing well, and the company
should be able to achieve desired results largely as planned. S&P
said, "In our base-case scenario, we fully recognize the capital
expenditure (capex) and working capital-related savings JLR has
targeted, but we do not think JLR will fully reach its third
pillar, i.e., the GBP1 billion profit and loss cost reduction
target, in one year, and so we spread the impact of net cost
reduction across fiscals 2019 and 2020. Any slippage on savings
from these levels could mean further pressure on Tata Motors'
leverage and profitability."

S&P said, "In our view, Tata Motors' India operations continue to
do well, although the CV volumes remain volatile because of
unexpected changes to axle-load norms, upcoming general elections,
and migration to higher emission standards starting in fiscal 2020.
We nevertheless believe Tata Motors' India operations will continue
to temper the stress from its JLR operations.

"The negative CreditWatch reflects our view of the heightened event
risk for JLR currently associated with a potential no-deal Brexit
or new tariffs on vehicles imported to the U.S. Brexit negotiations
may depress consumer sentiment for U.K. sales in March, which is a
very important month in terms of car registrations. Separate from
these factors, JLR will need to have a very strong finish to fiscal
2019 for Tata Motors to meet our base case estimates.

"We would lower the rating if we assess that the chances of a
turnaround for JLR have diminished, specifically if we see any
further underperformance against our base case, especially in core
markets, if the U.S. were to introduce new vehicle import tariffs
or if the U.K. were to press ahead with a no-deal Brexit.

"We could affirm the rating if JLR's FOCF significantly improves,
thanks to better earnings and no commensurate increase in capex;
reduced Brexit and U.S.-tariff risks; and a sustained recovery in
Tata Motors' India operations. Tata Motors' FOCF turning decisively
positive over the next 18 months could indicate such a scenario."


TROPICAL COATINGS: CRISIL Maintains D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Tropical Coatings
International Pvt Ltd (TCIPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      1        CRISIL D/Issuer Not Cooperating    

   Cash Credit         1.57     CRISIL D/Issuer Not Cooperating    

   Letter of Credit     .36     CRISIL D/Issuer Not Cooperating    

   Term Loan           6.2      CRISIL D/Issuer Not Cooperating    


CRISIL has been consistently following up with TCIPL 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 TCIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TCIPL 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 TCIPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Established in 2012, TCIPL manufactures waterproofing membranes and
allied products at Vishakapatnam. Operations are managed by Mr
Ravindranath.


UNIJULES LIFE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Unijules Life Sciences Limited
        B-35, MIDC Industrial Area, Kalmeshwar
        Nagpur 441501 (Maharashtra)

Insolvency Commencement Date: March 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 4, 2019
                               (180 days from commencement)

Insolvency professional: Amit Chandrashekhar Poddar

Interim Resolution
Professional:            Amit Chandrashekhar Poddar
                         'AKSHAT', 7, Vijay Nagar
                         Katol Road, Opp. NCC Office
                         Nagpur 440013
                         E-mail: amitpoddar.ca@gmail.com

                            - and -

                         Meera Apartments, 4th Floor
                         Above Durva Restaurant
                         Opp. Yeshwant Stadium, Dhantoli
                         Nagpur 440012
                         E-mail: ip.unijules@gmail.com

Last date for
submission of claims:    March 22, 2019


URC INFOTEC: CRISIL Maintains 'D' Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of URC Infotec Private
Limited (URCI) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          2       CRISIL D/Issuer Not Cooperating
     
   Corporate Loan       5       CRISIL D/Issuer Not Cooperating    

   Proposed Long

   Term Bank Loan
   Facility             0.5     CRISIL D/Issuer Not Cooperating    


CRISIL has been consistently following up with URC 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 URCI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on URCI 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 URCI continues to be 'CRISIL D Issuer not
cooperating'.

Established in March 2008 and based in Erode (Tamil Nadu), URCI
develops and maintains Enterprise resource planning (ERP) software
particularly for the construction, healthcare, Small and medium
business (SMB), entertainment, and pharmaceutical sectors. The
company is promoted by Mr. C Devarajan. The day to day operations
are managed by Mr. G Gunasekaran, Director.


V.D. SWAMI: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of V.D. Swami And Co
Private Limited (VDS) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)   Ratings
   ----------      -----------   -------
   Bank Guarantee        10      CRISIL D/Issuer Not Cooperating
      
   Long Term Loan         6      CRISIL D/Issuer Not Cooperating   
  

   Overdraft             14      CRISIL D/Issuer Not Cooperating   
  

   Proposed Long Term
   Bank Loan Facility     2      CRISIL D/Issuer Not Cooperating   
  

CRISIL has been consistently following up with VDS for obtaining
information through letters and emails dated September 21, 2017 and
October 25, 2017 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 VDS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VDS 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 VDS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

Incorporated in 1956 in Chennai, VDS undertakes erection, testing,
commissioning, and maintenance of electrical and engineering
equipment in industries across various sectors.


VAISHNODEVI REFOILS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vaishnodevi
Refoils & Solvex'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 know to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

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

-- INR3.70 mil. Term loan 1 due on June 2019 migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR5.10 mil. Term loan 2 due on December 2020 migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERTAING)
     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

Formed in 2008, Vaishnodevi Refoils is a partnership firm engaged
in the extraction of mustard oil and de-oiled cake and the refining
of crude oil into soya bean oil, rapeseed oil, and others.


VASMO AGRO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Vasmo Agro Nutri Product Private Limited
        Old No. 12, New No. 6
        Kamaraj Park Street, Royapuram
        Chennai 600013
        Tamil Nadu, India

Insolvency Commencement Date: March 15, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 11, 2019

Insolvency professional: Subramaniam Aneetha

Interim Resolution
Professional:            Subramaniam Aneetha
                         A2 Sarada Apartments
                         17/6, Sringeri Mutt Road
                         R.A. Puram, Mandaiveli
                         Chennai, Tamil Nadu 600028
                         E-mail: aneethaca@gmail.com

Last date for
submission of claims:    April 1, 2019


VIDARBHA INSTITUTE: CARE Lowers Rating on INR21.70cr Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vidarbha Institute of Medical Sciences Private Limited (VIMPL),
as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      21.70       CARE B: Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VIMPL to monitor the rating
vide e-mail communications/letters dated December 7, 2018, December
11, 2018, December 21, 2018, January 9, 2019, February 5, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating on VIMPL's bank facilities will now be
denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

The rating has been revised on account of loss registered by the
company in FY18 and no due diligence conducted.

Detailed description of the key rating drivers

At the time of last rating on April 6, 2018, the following were the
rating strengths and weaknesses (FY18 Updated from MCA Website).

Key Rating Weaknesses

Small scale of operations: The scale of operations of the firm was
small with total operating income of Rs.10.27 crore in FY18 and
total capital employed of Rs.28.03 crore as on March 31, 2018. The
small scale limits the financial flexibility of the firm during the
time of financial distress. Further, the profitability margins of
the firm was low owing to higher operating expenses and fixed
capital charges.

Project stabilization risk: The company has successfully completed
the construction of the hospital and commenced its operation from
April 28, 2017. However, the company is exposed to stabilization
risk by being a new entrant in healthcare industry.

Stringent regulatory framework for healthcare sectors: Despite the
increasing trend of privatization of healthcare sector in India,
the sector continues to operate under string regulatory control.
Accordingly, regulatory challenges continue to pose a significant
risk to private healthcare as they are highly susceptible to
changes in regulatory framework.

Fragmented healthcare industry leading to high competition: The
healthcare sector is highly fragmented with few large players in
the organized sector and numerous small players in the unorganized
sector leading to high level of competition in the business. Thus,
differentiating factors like range of services offered, quality of
service, experience of doctors, success rate in treatment of
complex cases, etc. will be crucial in order to attract patients
and to maintain healthy occupancy.

Key Rating Strengths

Qualified & experienced promoter and management: The company is
promoted by well-established doctors who have been practicing
medicine in Nagpur for an average of around 15 years. Furthermore,
the promoters are specialized in various medical fields such as
Pathology, Laparoscopic and Gastrointestinal Surgery, Obstetrics
and Gynecology, Dentistry, Anesthesiology, Orthopedic Surgeon,
Plastic Surgery, General Surgery etc.

Nagpur (Maharashtra) based VIMSPL, established in 2015, has
recently set up a 70- bedded multispecialty hospital offering
various in-patient (IPD) healthcare services across various
branches viz. Cardiology, Gynaecology, Orthopaedics, Pathology etc.
The company has commenced its operations from April 28, 2017.


VIJAY SHEETS: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vijay Sheets &
Strips 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:

-- INR390.0 mil. Fund-based working capital limit migrated to
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR10.0 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 affirmed on
April 3, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Vijay Sheets & Strips deals in steel products.


VISHVAS POWER: Ind-Ra Corrects March 13 Rating Release
------------------------------------------------------
India Ratings and Research (Ind-Ra) made an announcement rectifying
a release published on March 13, 2019, on Vitas Power Engineering
Services Private Limited (VPESPL) to correctly state that the
outstanding order book of INR354.38 million was as of February
2019. The amended version is as follows:

India Ratings and Research (Ind-Ra) has upgraded Vitas Power
Engineering Services Private Limited's (VPESPL) Long-Term Issuer
Rating to 'IND B' from 'IND D (ISSUER NOT COOPERATING)'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR4 mil. Long-term loans due on April 28, 2020, upgraded with

     IND B/Stable

-- INR75 mil. Fund-based Limit upgraded with IND B/Stable/IND A4
     rating;

-- INR120 mil. Non-fund-based limit upgraded with IND A4 rating;
     and

-- INR15 mil. Long-term loans* due on March 2026 assigned with   

     IND B/Stable rating.

*The final rating has been assigned following the receipt of the
executed financing documents by Ind-Ra.

KEY RATING DRIVERS

The upgrade reflects VPESPL's timely debt servicing since October
2019 owing to regular payments by counterparties. However, the
liquidity position remains tight on account of the working capital
intensive nature of the business. The company's peak utilization of
the fund-based facilities was 107.5% on an average during the 12
months ended January 2019. It had a cash balance of INR3.26 million
and cash flow from the operation of negative INR3 million during
FY18 (FY17: INR18 million).

The ratings continue to reflect VPESPL's small scale of operations.
Revenue declined to INR248 million in FY18 (FY17: INR290 million),
due to the implication of GST during FY18. The company has an
outstanding order book of INR354.38 million as of February 2019
(1.4x of FY18 revenue), which will be executed by March 2020.
VPESPL has recorded revenue of INR240 million in 10MFY19.
Management expects the top line to increase on account of faster
execution of orders during FY19.

The rating factor in VPESPL's moderate credit metrics, with
interest coverage (operating EBITDA/gross interest expense) at 2.2x
in FY18 (FY17: 2.0x) and net leverage (adjusted net debt/operating
EBITDA) at 2.5x (2.1x). The improvement in coverage was on account
of an improvement in absolute EBITDA to INR52 million in FY18
(FY17: INR46 million). The deterioration in net leverage was
because of an increase in total debt. Ind-Ra expects the company to
sustain the credit metrics to remain in the near term, due to a
similar level of working capital limit utilization and no debt led
capital expenditure in the near future.

The ratings are supported by VPESPL's healthy EBITDA margins which
ranged between 16.6%-22.6% over FY15-FY18. EBITDA margin was 20.9%
in FY18 (FY17: 15.7%, FY16: 22.6%). Return on capital employed was
16% in FY18 (FY17: 15%). The fluctuations in EBITDA margin were due
to variations in the project mix. The management expects the EBITDA
margin to remain along similar lines.

The ratings are also supported by the promoter's three-decade-long
experience in the manufacturing and service industries.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position along with
revenue growth, and stable EBITDA margin, leading to an improvement
in the credit metrics, all on a sustained basis, could be positive
for the ratings.

Negative: A decline in the revenue and profitability leading to
deterioration in the credit metrics, all on a sustained basis,
will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1995, Nagpur-based VPESPL is engaged in the
manufacturing, repair, remanufacturing, refurbishment and servicing
of power transformers up to 220kV at its factory. Moreover, it is
engaged in the complete overhauling, testing-commissioning, and
erection-commissioning of power transformers up to 765kV at a
customer site.




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

LIPPO KARAWACI: Fitch Maintains 'BB-(idn)' National LT Rating
-------------------------------------------------------------
Fitch Ratings Indonesia has taken rating actions on non-financial
corporates following the recalibration of its Indonesian national
rating scale. The recalibration reflects changes in the relative
creditworthiness among the country's issuers following the upgrade
of the Indonesia sovereign's Long-Term Issuer Default Rating to
'BBB' from 'BBB-' on December 20, 2017. The Outlook is Stable.

National scale ratings are a risk ranking of issuers in a
particular market designed to help local investors differentiate
risk. Indonesian national scale ratings are denoted by the unique
identifier '(idn)'. Fitch adds this identifier to reflect the
unique nature of the Indonesian national scale. National scales are
not comparable with Fitch's international ratings scales or with
other countries' national rating scales.

KEY RATING DRIVERS

The recalibration of the Indonesian national rating scale has
resulted in rating affirmations in some cases and the assignment of
revision ratings to others. Revision ratings are used to modify
ratings for reasons that are not related to credit quality.

Fitch Ratings Indonesia has taken the following rating actions:

PT Telekomunikasi Selular (Telkomsel)

  - National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
Stable

PT Pupuk Indonesia (Persero)

  - National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
Stable

  - National senior unsecured debt affirmed at 'AAA(idn)'

PT XL Axiata Tbk

  - National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
Stable

  - National senior unsecured debt affirmed at 'AAA(idn)'

PT Indosat Tbk

  - National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
Negative

  - National senior unsecured debt affirmed at 'AAA(idn)'

PT Profesional Telekomunikasi Indonesia

  - National Long-Term Rating revised to 'AA+(idn)' from
'AAA(idn)'; Outlook Stable

  - National senior unsecured debt revised to 'AA+(idn)' from
'AAA(idn)'

PT Perusahaan Gas Negara Tbk

  - National Long-Term rating affirmed at 'AA+(idn)'; Outlook
Stable

PT Mayora Indah Tbk

  - National Long-Term Rating affirmed at 'AA(idn)'; Outlook
Stable

  - National senior unsecured debt affirmed at 'AA(idn)'

PT Sumber Alfaria Trijaya Tbk

  - National Long-Term Rating affirmed at 'AA-(idn)'; Outlook
Stable

  - National senior unsecured debt affirmed at 'AA-(idn)'

PT Sinar Mas Agro Resources and Technology Tbk

  - National Long-Term Rating revised to 'AA-(idn)' from 'AA(idn)';
Outlook Stable

  - National senior unsecured debt revised to 'AA-(idn)' from
'AA(idn)'

PT Ivo Mas Tunggal

  - National Long-Term Rating revised to 'AA-(idn)' from 'AA(idn)';
Outlook Stable

PT Sawit Mas Sejahtera

  - National Long-Term Rating revised to 'AA-(idn)' from 'AA(idn)';
Outlook Stable

PT Wijaya Karya (Persero) Tbk

  - National Long-Term Rating revised to 'AA-(idn)' from 'AA(idn)';
Outlook Negative

PT Astra Otoparts Tbk

  - National Long-Term Rating affirmed at 'AA-(idn)'; Outlook
Stable

  - National senior unsecured debt affirmed at 'AA-(idn)'

PT Serasi Autoraya

  - National Long-Term Rating affirmed at 'AA-(idn)'; Outlook
Stable

  - National senior unsecured debt affirmed at 'AA-(idn)'
  
PT Chandra Asri Petrochemical Tbk

- National Long-Term Rating revised to 'A+(idn)' from 'AA-(idn)';
Outlook Stable

PT Japfa Comfeed Indonesia Tbk

  - National Long-Term Rating revised to 'A+(idn)' from 'AA-(idn)';
Outlook Stable

  - National senior unsecured debt revised to 'A+(idn)' from
'AA-(idn)'

PT Tower Bersama Infrastructure Tbk

  - National Long-Term Rating revised to 'A+(idn)' from 'AA-(idn)';
Outlook Stable

  - National senior unsecured debt revised to 'A+(idn)' from
'AA-(idn)'

PT Sri Rejeki Isman Tbk

- National Long-Term Rating affirmed at 'A+(idn)'; Outlook Stable

- National senior unsecured debt affirmed at 'A+(idn)'

PT Ciputra Residence

  - National Long-Term Rating affirmed at 'A+(idn)'; Outlook
Stable

  - National senior unsecured debt affirmed at 'A+(idn)'

  - IDR300 billion bonds with partial credit guarantee affirmed at
'AA-(idn)'

PT Tunas Baru Lampung Tbk

  - National Long-Term Rating affirmed at 'A(idn)'; Outlook Stable

  - National senior unsecured debt affirmed at 'A(idn)'

PT Sawit Sumbermas Sarana Tbk

  - National Long-Term Rating affirmed at 'A(idn)'; Outlook Stable

PT Waskita Karya (Persero) Tbk

  - National Long-Term Rating affirmed at 'A(idn)'; Outlook Stable

  - National senior unsecured debt affirmed at 'A-(idn)'

PT Geo Dipa Energi (Persero)

  - National Long-Term Rating affirmed at 'A(idn)'; Outlook Stable

PT Aneka Gas Industri Tbk

  - National Long-Term Rating affirmed at 'A-(idn)'; Outlook
Stable

  - National senior unsecured debt affirmed at 'A-(idn)'

PT Kawasan Industri Jababeka Tbk

  - National Long-Term Rating affirmed at 'A-(idn)'; Outlook
Stable

PT Golden Energy Mines Tbk

  - National Long-Term Rating affirmed at 'A(idn)'; Outlook
Positive

PT Pan Brothers Tbk

  - National Long-Term Rating revised to 'A-(idn)' from 'A(idn)';
Outlook Stable

PT Berlina Tbk

  - National Long-Term Rating revised to 'BBB+(idn)' from
'A-(idn)'; Outlook Negative

PT PP Properti Tbk

  - National Long-Term Rating affirmed at 'BBB+(idn)'; Outlook
Stable

  - National senior unsecured debt affirmed at 'BBB+(idn)'

PT Sulfindo Adiusaha

  - National Long-Term Rating affirmed at 'BBB-(idn)'; Outlook
Stable

PT Multipolar Tbk

  - National Long-Term Rating revised to 'BB(idn)' from 'BB+(idn)';
Outlook Negative

PT Greenwood Sejahtera Tbk

  - National Long-Term Rating affirmed at 'BB(idn)'; Outlook
Stable

  - National senior unsecured debt affirmed at 'BB(idn)'

PT Lippo Karawaci TBK

  - Maintaining National Long-term Rating at 'BB-(idn)' with Rating
Watch Positive

PT Tiphone Mobile Indonesia Tbk

  - National Long-Term Rating affirmed at 'BB-(idn)'; Outlook
Negative

PT Smartfren Tbk

  - National Long-Term Rating affirmed at 'CCC(idn)'




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

TRADE ME: S&P Assigns Preliminary 'B' ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings, on March 28, 2019, assigned its 'B' preliminary
issuer credit ratings on Titan AcquisitionCo New Zealand Ltd. and
the operating entity, Trade Me Group Ltd. (collectively Trade Me).
S&P also assigned its 'B' preliminary issue rating on the company's
proposed US$575 million first-lien term loan.

The ratings reflect S&P's assessment of Trade Me's leading position
in the online classifieds industry (with the exception of job
classifieds, where it is the number two player) and the online new
and used marketplace in New Zealand. The company has a highly
recognizable brand and loyal customer base in the New Zealand
market. This gives it a competitive advantage over larger
international peers who have encountered challenges in gaining a
foothold in New Zealand.

The company's highly leveraged capital structure and small
addressable customer base, with approximately 4.8 million residents
in New Zealand, weigh on the rating. Another rating weakness is the
likelihood of increased competition from low-priced, large-use base
models such as Facebook's Marketplace and other classified
businesses.

Trade Me's highly leveraged capital structure is a constraint on
the rating. S&P said, "We expect pro forma S&P Global
Ratings-adjusted leverage (debt-to-EBITDA) to be around 8x to 9x
over the next two years, post the acquisition by Apax Partners.
Excluding the impact of the proposed NZ$500 million shareholder
loan, which we treat as debt, we forecast adjusted leverage to be
5.5x to 6.5x."

Trade Me's takeover bid by financial sponsor Apax Partners (Apax)
will result in a highly leveraged capital structure
post-acquisition as Apax gears up the business through a leveraged
buyout. S&P said, "We expect Apax's investment to be consistent
with its other investments and the company is committed to Trade
Me's existing growth strategy. Apax has made similar investments,
including automotive classifieds business, TRADER Corp., in Canada.
Importantly, we note that Apax is reinvesting earnings in organic
long-term growth and not pursuing an aggressive short-term cost-out
strategy or through cash dividend payments."

S&P said, "We treat Trade Me's proposed NZ$500 million shareholder
loan as debt. However, we note that this instrument does display
some equity-like characteristics, such as not paying cash coupons;
being structurally subordinated to the first-lien and second-lien
term loans; and being held by funds controlled by Apax. While our
analytical treatment of the shareholder loan does increase our
adjusted leverage ratios, we note that it doesn't adversely affect
free cash flow generation."

In S&P's view, Trade Me has limited geographic diversity and
carries risks relating to a fast-moving technological environment.
However, Trade Me's incumbency in the digital classifieds space and
leading online marketplace makes it initially difficult for new
players to enter the market.

New Zealand's small population size and loyalty to local brands
insulate Trade Me's position to some degree from direct
competition, in particular from international players. Competing
classified businesses in the broader region have focused on
expanding into emerging markets, as opposed to New Zealand.
However, given Trade Me's strong EBITDA margins, a competitor may
find it appealing to enter this market.  

eBay had attempted to enter the New Zealand market through both its
eBay and Gumtree brands; however, the company could not gain
traction and subsequently pulled out. Similarly with Amazon, eBay
doesn't have a dedicated New Zealand website nor distribution
center and currently only ships to New Zealand from Australia and
the U.S., creating a shipping time and cost disadvantage for
customers.

Trade Me has implemented strategies aimed at creating customer
stickiness and brand awareness. S&P believes Trade Me has further
growth opportunities through advertising packages utilizing the
large amounts of customer data collected through its sites.

S&P said, "In our opinion, the combination of Trade Me's
classifieds business and marketplace somewhat shelters the business
in periods of economic weakness. We believe the motor segment is
likely to suffer with a reduction in new car sales and jobs
classifieds segments. However, we would expect the property
classifieds segment to potentially offset some earnings weakness as
users increase advertising spending on their property." In
addition, Trade Me's online used goods marketplace may provide some
stability to earnings because customers may be more inclined to
sell belongings to free up cash.

"Trade Me's scalable cost model supports its business. The company
has maintained strong predictable EBITDA margins of around 65% on
our adjusted measure, and we expect this to continue over our
forecast horizon. In our view, earnings will be driven through
yield growth in the classifieds businesses and a continued
migration to digital advertising, which still lags other markets in
the broader region, such as Australia.

"The stable outlook reflects our view that Trade Me will continue
to generate revenue growth and stable EBITDA margins driven by its
leading incumbent position in the online classifieds and online
marketplace in New Zealand.

"Our expectation is for EBITDA to cash interest to be around 2x and
debt to EBITDA to be 9.5x post the Apax transaction (6.5x excluding
shareholder loan).

"We expect the company to reduce leverage over the medium term,
supported by earnings accretion and a mandatory amortization
through a cash flow sweep on the company's first-lien term loan.

"We could lower the rating if competition intensifies such that
Trade Me loses market share or profitability is impaired, resulting
in negative free operation cash flow (FOCF). We could also lower
the rating if EBITDA to cash interest is likely to fall toward
1.5x.

"We consider an upgrade to be unlikely given Trade Me's current
ownership structure."

Established in 1999, Trade Me operates and manages New Zealand's
leading online classifieds across jobs, property, and autos, and an
online marketplace platform. The company also provides ancillary
services through payment processing, insurance comparison, and
general advertisements.




=============
V I E T N A M
=============

VIETINBANK: S&P Withdraws 'BB-/B' Issuer Credit Ratings
-------------------------------------------------------
S&P Global Ratings said that it had withdrawn its 'BB-' long-term
and 'B' short-term issuer credit ratings on Vietnam Joint Stock
Commercial Bank for Industry and Trade (VietinBank) at the issuer's
request. VietinBank is a Vietnam-based bank.

The outlook on the long-term rating was negative at the time of the
withdrawal. The ratings on VietinBank reflected the bank's strong
market share, diversified business in Vietnam, and likelihood that
its capitalization could weaken over the next 12-18 months.



VIETNAM MARITIME: Moody's Hikes LT Deposit & Issuer Ratings to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the long-term local- and
foreign-currency deposit and issuer ratings of Vietnam Maritime
Commercial Joint Stock Bank (MSB) to B2 from B3.

At the same time, Moody's has upgraded the bank's long-term
Counterparty Risk Rating (CRR) to B1 from B2, and its long-term
Counterparty Risk Assessment (CRA) to B1(cr) from B2(cr). Moody's
has also upgraded the bank's baseline credit assessment (BCA) and
adjusted BCA to b3 from caa1.

The outlook on MSB's local- and foreign-currency deposit and issuer
ratings is stable, in line with the stable outlook on Vietnam's
sovereign rating.

RATINGS RATIONALE

The upgrade of MSB's BCA to b3 from caa1 primarily reflects the
progress made by the bank in resolving its legacy problem assets in
2018, as well as profitability improvement in line with loan
growth. While MSB's provisions against problem loans -- defined by
Moody's as loans under categories 2-5 of Vietnamese accounting
standards and gross Vietnam Asset Management Company (VAMC) bonds
that banks received in exchange for problem assets -- remain thin,
the bank's strong capitalization provides an additional buffer
against losses.

During 2018, MSB's stock of problem loans declined by 49% to VND5.7
trillion, driven largely by a decrease in VAMC bonds to VND3.3
trillion from VND9.3 trillion as of year-end 2017. The decrease in
VAMC bonds in 2018 was largely driven by MSB's sale of the
underlying collateral related to a chunky legacy problem loan.

Despite the reduction in VAMC bonds, MSB's overall stock of problem
assets remains high. In assessing the bank's asset quality, Moody's
has also considered the bank's foreclosed assets and receivables
from debt sold as of year-end 2018. Moody's expects the buoyant
macro-environment in Vietnam to facilitate MSB's resolution of its
remaining problem assets, contributing to healthier asset quality
at the bank.

MSB's return on tangible assets (ROTA) improved to 0.8% in 2018
from 0.1% in 2017. While higher loan growth will boost MSB's top
line revenue, Moody's expects the bank's ROTA to remain at current
levels as bottom line profitability is constrained by high
operating and credit costs.

The upgrade of the BCA and adjusted BCA to b3 results in a
one-notch upgrade of MSB's long-term deposit and issuer ratings.
The bank's long-term deposit and issuer ratings continue to
incorporate a one-notch uplift to reflect Moody's assumption of a
moderate probability of government support for MSB in times of
need.

Similarly, the upgrade in MSB's long-term CRR and CRA was driven by
the upgrade in the bank's BCA and adjusted BCA, as well as Moody's
assessment of a moderate probability of government support for the
bank.

WHAT COULD MOVE THE RATING UP

A continued reduction in problem assets could lead to upward rating
pressure. Improved capitalization and profitability would also be
positive for the ratings.

WHAT COULD MOVE THE RATING DOWN

The ratings could be downgraded if asset quality deteriorates or if
the bank embarks on an aggressive growth strategy that
significantly depletes its capitalization.

The principal methodology used in these ratings was Banks published
in August 2018.

Vietnam Maritime Commercial Joint Stock Bank, headquartered in
Hanoi, reported total assets of VND138,874 trillion ($5.99 billion)
at December 31, 2018.

LIST OF AFFECTED RATINGS

  - Long-term local and foreign currency bank deposit rating
upgraded to B2 from B3; outlook maintained at stable

  - Long-term local and foreign currency issuer ratings upgraded to
B2 from B3; outlook maintained at stable

  - Long-term local and foreign currency Counterparty Risk Rating
upgraded to B1 from B2

  - Long-term CR Assessment upgraded to B1(cr) from B2(cr)

  - Short-term local and foreign currency deposit ratings affirmed
at NP

  - Short-term local and foreign currency issuer ratings affirmed
at NP

  - Short-term local and foreign currency Counterparty Risk Rating
affirmed at NP

  - Short-term CR Assessment affirmed at NP(cr)

  - BCA and Adjusted BCA upgraded to b3 from caa1

  - Outlook maintained at stable



                           *********


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
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