TCRAP_Public/190403.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

          Wednesday, April 3, 2019, Vol. 22, No. 67

                           Headlines



A U S T R A L I A

AHOY BUCCANEERS: Owes AUD3 Million to Customers & Employees
BARRELFISH TOWNSVILLE: First Creditors' Meeting Set for April 10
C.A.T. MANUFACTURING: First Creditors' Meeting Set for April 11
EMPLOYEE LIFE: Second Creditors' Meeting Set for April 9
LA TROBE 2019-1: S&P Gives Prelim B Rating on $4.5MM Class F Notes

LIBERTY FUNDING 2019-1: Moody's Gives B2 Rating on Class F Notes
MAZS CORP: First Creditors' Meeting Set for April 11
MIIGROUP ADMIN: Second Creditors' Meeting Set for April 9
NU TECH TILING: Second Creditors' Meeting Set for April 10
SAM'S CARPENTRY: Second Creditors' Meeting Set for April 9



C H I N A

21VIANET GROUP: Moody's Gives First-Time B1 CFR, Outlook Stable
21VIANET GROUP: S&P Assign 'B+' Long-Term ICR, Outlook Stable
CHINA SCE: S&P Rates New USD Sr. Unsecured Notes 'B'
JINGRUI HOLDINGS: S&P Rates New USD Sr. Unsecured Notes 'B-'
LOGAN PROPERTY: Moody's Affirms Ba3 CFR & B1 Sr. Unsec. Ratings

POWERLONG REAL ESTATE: S&P Alters Outlook to Neg. & Affirms B+ ICR
SUNAC CHINA: Fitch Hikes LongTerm Foreign Currency IDR to BB
SUNAC CHINA: S&P Raises Long-Term ICR to 'BB-', Outlook Stable


I N D I A

AGRAWAL MEDICO: CRISIL Moves B+ on INR6cr Loan to Not Cooperating
AMBICA PULSE: CRISIL Moves B+ on INR7cr Loan to Not Cooperating
ARDHENDU MONDAL: CRISIL Migrates D Rating to Not Cooperating
BLUE WHEEL: Ind-Ra Migrates BB- Loan Rating to Non-Cooperating
BRAHMAPUTRA TELE: CRISIL Migrates D Ratings to Not Cooperating

CHENANI NASHRI: Ind-Ra Lowers INR33-Bil. Bank Loans Rating to C
ELLJAY TEXTILES: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
G SONS: CRISIL Migrates D Ratings to Not Cooperating Category
GOYAL EDUCATIONAL: CRISIL Migrates D Ratings to Not Cooperating
INA INDIA: CRISIL Migrates D Ratings to Not Cooperating Category

IOT ENGINEERING: Ind-Ra Withdraws 'BB-' LT Rating on INR20MM Loan
JAIN HYDRAULICS: CRISIL Withdraws D Ratings on INR11.5cr Loans
JBR IMPEX: CRISIL Moves B+ on INR20cr Loan to Non-Cooperating
KRAFT INFRASTRUCTURES: CRISIL Moves B Rating to Not Cooperating
MAA CHANDI: CRISIL Migrates B+ Rating to Not Cooperating

MES INTERNATIONAL: CRISIL Migrates D Ratings to Not Cooperating
METALLOYS RECYCLING: Ind-Ra Migrates 'D' Rating to Non-Cooperating
MUSADDILAL GEMS: CRISIL Migrates B+ Rating to Not Cooperating
ORMA MARBLE: CRISIL Migrates 'D' Ratings to Not Cooperating
PARINEE REALTY: CRISIL Lowers Rating on INR285cr LT NCDs to D

R.K. SCAN: CRISIL Moves B- on INR9cr Loan to Not Cooperating
S.K. EXPORTS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
SHALIMAR KSMB: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
SRI KRISHNA: CRISIL Migrates 'D' Rating to Not Cooperating
SRI PVN : CRISIL Migrates B+ Ratings to Not Cooperating Category

TATA STEEL: S&P Alters Outlook to Positive & Affirms 'BB-' ICR
VAISHNAVI EXPORTS: CRISIL Withdraws D Rating on INR15cr Loan
VICTRONICS COMM: CRISIL Cuts Ratings on INR57.5cr Loans to D
VIRAJ STEEL: CRISIL Moves B- Rating to Not Cooperating Category
VISHVAS POWER: Ind-Ra Rates INR13.89MM Loans Due 2026 'B'



I N D O N E S I A

INTILAND DEVELOPMENT: Fitch Affirms B(EXP) LT IDR, Outlook Stable


M A L A Y S I A

SCANWOLF CORP: Unit Defaults on Loan Repayments to Bank


N E W   Z E A L A N D

EBERT CONSTRUCTION: Clients Withholding NZ$15MM Over 'Defects'
SNAKK MEDIA: Was Most Likely Insolvent, Liquidators Say
TRADE ME: Moody's Assigns B1 Corp. Family Rating, Outlook Stable


S I N G A P O R E

HYFLUX LTD: Woes 'Result of Own Commercial Decisions', EMA Says


S O U T H   K O R E A

ASIANA AIRLINES: Plans Additional Asset Sales to Secure Liquidity


T A I W A N

YULON GROUP: Two Subsidiaries Plan to Restructure Capital

                           - - - - -


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

AHOY BUCCANEERS: Owes AUD3 Million to Customers & Employees
-----------------------------------------------------------
Ben Collins at ABC Kimberley reports that collapsed Kimberley
budget-cruise company Ahoy Buccaneers has left customers,
employees, and other businesses out of pocket by about AUD3
million.

According to ABC Kimberley, those out of pocket are asking how the
company was able to keep taking money for what may have been more
than two years of trading while insolvent.

Ahoy Buccaneers was operated by Bloo Moons Pty Ltd, which was
placed in administration in June 2018.  But this turned into
liquidation in December 2018 when the company's director Douglas
Gould moved interstate, ending any remaining going concerns, ABC
Kimberley notes.

While the liquidator has now found the company may have been
insolvent from July 2016, ABC Kimberley has been reporting about
cruises cancelled by Ahoy Buccaneers since May 2016.

By September 2017, ABC Kimberley had reported on a series of safety
breaches around the seaworthiness of the vessel MV Oceanic, as well
as an incident where a passenger was accidentally left on a remote
island.

When the company first went into liquidation there was still some
hope that the sale of the cruise boat could repay some money owed,
being valued by the company director Mr. Gould at AUD1.2 million,
ABC Kimberley says.

But the latest liquidator's report from KPMG's Matthew Woods
concludes that even if a buyer could be found for the 24-metre
steel schooner, customers, employees and businesses owed money
would not be repaid, according to ABC Kimberley.

The vessel is for sale, but does not appear to be able to attract
anything like the AUD1.2-million valuation, the report notes.

ABC Kimberley relates that the liquidator's report said the secured
creditors who were owed a total of AUD48,067 might get some money
from the sale of the vessel.

Tony Richards, one of those employees who has not been paid, said
he could see why the liquidator was not expecting to raise enough
money to pay employees and customers anything. "The people who are
going to sell the vessel and the other couple of assets, the
dinghies, etc, they're talking like AUD50,000," the report quotes
Mr. Richards as saying.

ABC Kimberley says adding to the anger for creditors is the
realisation that any money raised will first cover the liquidator's
fee and then money owed to finance companies.

The recent liquidator's report from KPMG stated their fee will
total AUD50,000 to AUD100,000, excluding GST, ABC Kimberley
discloses.

KPMG declined to comment in response to ABC Kimberley's inquiry.

Pursuing any insolvent trading claim against Ahoy Buccaneers would
not be commercially viable according to the liquidator's report,
ABC Kimberley relays.


BARRELFISH TOWNSVILLE: First Creditors' Meeting Set for April 10
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Barrelfish
Townsville Pty Ltd, trading as Commonwealth Hotel, will be held on
April 10, 2019, at 10:30 a.m. at the offices of The Ville
Resort-Casino, at Sir Leslie Thiess Dr, in Townsville City,
Queensland.

Geoffrey Trent Hancock of PKF was appointed as administrator of
Barrelfish Townsville on March 29, 2019.


C.A.T. MANUFACTURING: First Creditors' Meeting Set for April 11
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of C.A.T.
Manufacturing Pty Ltd and C.A.T. Manufacturing (Aust) Pty Ltd ATF
The Bright Group Business, will be held on April 11, 2019, at 10:30
a.m. at the offices of 1/5 Everage Street, in Moonee Ponds,
Victoria.

Altan Djenab of Wild Apricot Corporate Insolvency & Advisory
Services was appointed as administrator of C.A.T. Manufacturing on
April 1, 2019.


EMPLOYEE LIFE: Second Creditors' Meeting Set for April 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of Employee Life
Cycle Management System (ELMS) Pty Ltd and Our People Pty Ltd has
been set for April 9, 2019, at 10:00 a.m. at the offices of SV
Partners, at 22 Market 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 8, 2019, at 4:00 p.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Employee Life on March 5, 2019.


LA TROBE 2019-1: S&P Gives Prelim B Rating on $4.5MM Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of residential mortgage-backed securities (RMBS) to be issued by
Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial
Capital Markets Trust 2019-1. La Trobe Financial Capital Markets
Trust 2019-1 is a securitization of nonconforming and prime
residential mortgages originated by La Trobe Financial Services Pty
Ltd. (La Trobe Financial).

The preliminary ratings reflect:

-- That the credit risk of the underlying collateral portfolio and
the credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination and excess spread. The credit support provided to the
rated notes is sufficient to cover the assumed losses at the
applicable rating stress. The assessment of credit risk takes into
account La Trobe Financial's underwriting standards and approval
process, which are relatively consistent with industry-wide
practices, and La Trobe Financial's servicing quality.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
note balance, the principal draw function, the trapping of excess
spread in the yield reserve, the retention amount built from excess
spread before the call date, the amortization amount built from
excess spread after the call date or upon a servicer default, and
the provision of an extraordinary expense reserve. All rating
stresses are made on the basis that the trust does not call the
notes at or beyond the call date, and that all rated notes must be
fully redeemed via the principal waterfall mechanism under the
transaction documents.

-- That S&P also has factored into its ratings the legal structure
of the trust, which has been established as a special-purpose
entity and meets our criteria for insolvency remoteness.

-- The counterparty support provided by National Australia Bank
Ltd. as liquidity facility provider and Commonwealth Bank of
Australia as bank account provider. The transaction documents for
the liquidity facility and bank accounts include downgrade language
consistent with S&P's "Counterparty Risk Framework: Methodology And
Assumptions" criteria, published on March 8, 2019, that requires
the replacement of the counterparty or other remedy, should its
rating fall below the applicable rating.

  PRELIMINARY RATINGS ASSIGNED

  La Trobe Financial Capital Markets Trust 2019-1

  Class       Rating        Amount (mil. A$)
  A1S         AAA (sf)       90.00
  A1L         AAA (sf)      260.00
  A2S         AAA (sf)       60.00
  A2L         AAA (sf)       25.50
  B           AA (sf)        20.50
  C           A (sf)         16.50
  D           BBB (sf)       11.50
  E           BB (sf)         7.50
  F           B (sf)          4.50
  Equity      NR              4.00

  NR--Not rated.


LIBERTY FUNDING 2019-1: Moody's Gives B2 Rating on Class F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2019-1.

Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2019-1

  - AUD560.0 million Class A1 Notes, Assigned Aaa (sf)

  - AUD51.8 million Class A2 Notes, Assigned Aaa (sf)

  - AUD31.5 million Class B Notes, Assigned Aa2 (sf)

  - AUD18.2 million Class C Notes, Assigned A2 (sf)

  - AUD12.6 million Class D Notes, Assigned Baa2 (sf)

  - AUD13.3 million Class E Notes, Assigned Ba2 (sf)

  - AUD2.8 million Class F Notes, Assigned B2 (sf)

The AUD9.8 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
residential mortgages. All mortgages were originated and are
serviced by Liberty Financial Pty Ltd (Liberty, unrated).

Class A1 and Class A2 Notes will convert from Australian dollar to
Japanese Yen denominated notes on any payment date at the
instruction of the majority of the relevant noteholders subject to
there being an executed AUD / YEN currency hedge in place at the
time of conversion.

Liberty is an Australian non-bank lender. It started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans.

Residential mortgages remain Liberty's predominant business. As of
December 2018, it had a portfolio of Australian mortgage assets
over AUD8.05 billion, of which 75% was securitised in public
transactions.

RATINGS RATIONALE

The definitive rating takes into account, among other factors,
evaluation of the underlying receivables, the evaluation of the
capital structure and credit enhancement provided to the notes, the
availability of excess spread over the life of the transaction, the
liquidity reserve in the amount of 3.00% of the notes balance, the
legal structure, and the credit strength and experience of Liberty
as Servicer.

Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 8.60%, while the expected loss is 1.40%. MILAN CE represents the
loss it expects the portfolio to suffer in a severe recessionary
scenario, and does not take into account structural features of the
transaction or lenders mortgage insurance (LMI) benefit. The
expected loss represents a stressed, through-the-cycle loss
relative to Australian historical data.

After lenders mortgage insurance (LMI) benefit, MILAN CE is 8.21%.

The key transactional features are as follows:

  - The notes will be repaid on pro-rata amortization, where
principal is allocated across all notes, other than Class G Notes,
from closing date, unless there is an event of default. Upon
satisfaction of all stepdown conditions which include - the payment
date falling prior to payment date in April 2022, absence of charge
offs on any notes and average arrears greater than or equal to 30
days (as calculated over the prior one period plus the current
period) do not exceed 4% - Class A1, Class A2, Class B, Class C,
Class D, Class E, and Class F Notes will receive a pro-rata share
of principal payments (subject to additional conditions). The Class
G Notes do not step down and will only receive principal payments
once all other notes have been repaid. The principal pay-down
switches to sequential pay across all notes, once the aggregate
loan amount falls below 30.0% of the aggregate loan amount at
closing, or on or following the payment date in April 2022, or any
other stepdown conditions occur.

  - The liquidity reserve with a required limit equal to 3.0% of
the aggregate invested amount of the notes less the redemption fund
balance. The reserve is subject to a floor of AUD600,000.

  - The guarantee fee reserve account, which is unfunded at closing
and will build up to a limit of 0.30% of the issued notional from
proceeds paid to Liberty Credit Enhancement Company Pty Ltd as
Guarantor, from the bottom of the interest waterfall prior to
interest paid to the Class G Notes noteholders. The reserve account
will firstly be available to meet losses on the loans and
charge-offs against the notes. Secondly, it can be used to cover
any liquidity shortfalls that remain uncovered after drawing on the
liquidity facility and principal. Any reserve account balance used
can be reimbursed to its limit from future excess income.

The key pool features are as follows:

  - The portfolio has a relatively high scheduled loan to value
ratio of 68.3%, with relatively high proportion of loans with
scheduled LTV above 80.0% (13.1%) and above 90% (8.6%).

  - The portfolio has a low weighted average seasoning of 9.2
months, with 58.5% of the portfolio originated in the past six
months.

  - 6.1% of the loans in the portfolio were extended on an
alternative documentation ('alt doc') basis.

The portfolio contains 3.8% exposure to borrowers with prior credit
impairment (default, judgment or bankruptcy). Moody's assesses
these borrowers as having a significantly higher default
probability.

  - Investment and IO loans represent 29.7% and 10% of the pool,
respectively.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2019.

Factors that would lead to an upgrade or downgrade of the ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.


MAZS CORP: First Creditors' Meeting Set for April 11
----------------------------------------------------
A first meeting of the creditors in the proceedings of Mazs Corp
Pty Ltd will be held on April 11, 2019, at 11:00 a.m. at the
offices of Level 10, 555 Lonsdale Street, in Melbourne, Victoria.

Trent McMillen of MaC Insolvency was appointed as administrator of
Mazs Corp on April 1, 2019.


MIIGROUP ADMIN: Second Creditors' Meeting Set for April 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of Miigroup Admin
Pty Ltd has been set for April 9, 2019, at 10:00 a.m. at the
offices of Jirsch Sutherland Brisbane, Level 11, at 127 Creek
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 8, 2019, at 4:00 p.m.

Marcus Watters of Jirsch Sutherland was appointed as administrator
of Miigroup Admin on March 5, 2019.


NU TECH TILING: Second Creditors' Meeting Set for April 10
----------------------------------------------------------
A second meeting of creditors in the proceedings of Nu Tech Tiling
Pty Ltd in its own right and ATF Nu Tech Tiling Trust has been set
for April 10, 2019, at 11:00 a.m. at the offices of Frenkel
Partners, at Level 11, 140 William Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 9, 2019, at 4:00 p.m.

James Koutsoukos and David Coyne of BRI Ferrier were appointed as
administrators of Nu Tech Tiling on March 5, 2019.


SAM'S CARPENTRY: Second Creditors' Meeting Set for April 9
----------------------------------------------------------
A second meeting of creditors in the proceedings of Sam's Carpentry
Pty Ltd has been set for April 9, 2019, at 11:00 a.m. at the
offices of Cor Cordis, at One Wharf Lane, Level 20, 171 Sussex
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 8, 2019, at 4:00 p.m.

Andre Lakomy and Ahmed Sowaid of Cor Cordis were appointed as
administrators of Sam's Carpentry on March 6, 2019.




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

21VIANET GROUP: Moody's Gives First-Time B1 CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to 21Vianet Group, Inc. At the same time, Moody's has
assigned a B1 senior unsecured rating to the proposed bond to be
issued by the company.

The ratings outlook is stable.

The proceeds from the proposed issuance will be used for
refinancing its existing indebtedness, for future capital needs and
for general corporate purposes.

Moody's expects that 21Vianet will complete the note issuance upon
satisfactory terms and conditions, including proper registrations
with the National Development and Reform Commission in China (A1
stable).

RATINGS RATIONALE

"21Vianet's B1 corporate family rating reflects its solid market
position in the internet data center (IDC) space, its strategically
located data centers, partnerships with leading cloud service
providers, and operational support from its key shareholder --
Tus-Holdings Co., Ltd.," says Danny Chan, a Moody's Analyst.

"21Vianet is well positioned to capture growing demand in the
steadily growing IDC and cloud service market in China, which will
help grow its recurring cash flow," adds Chan, who is also Moody's
Lead Analyst for 21Vianet.

21Vianet is one of the major players in the IDC market in China
with over 20 years of operating history. It has also partnered with
global cloud service providers, including Microsoft Corporation
(Aaa stable) and International Business Machines Corporation (A1
ratings under review), to deliver their cloud services in China.

Currently, it operates about 30,000 cabinets in over 50 data
centers in China, the majority of which are located in first-tier
cities where the demand for datacenters has proven resilient
through economic cycles. IDC operations represented two-thirds of
its total revenues in 2018.

21Vianet registered revenue and adjusted EBITDA of RMB3.4 billon
and around RMB1.0 billion, respectively, in 2018. While revenue
remained flattish from a year ago, its adjusted EBITDA increased by
about 80% year-on-year in 2018, following the spinoff of its
loss-making content delivery network (CDN) services, hosting area
network services, route optimization and last-mile broadband
businesses.

Moody's expects 21Vianet's revenue and adjusted EBITDA will grow
10%-15% per annum in the next two years, driven primarily by
5,000-10,000 new cabinet additions per annum.

Moody's also expects the company to maintain stable profitability
with adjusted EBITDA margins ranging between 30% and 32%. This is
supported by the stable monthly recurring revenue (MRR) from its
IDC business. IDC MRR per cabinet has gradually improved to about
RMB8,500 from RMB7,500 over the past 24 months.

21Vianet's rating is constrained by its relatively limited scale,
its revenue concentration in the data center business, and its
investment needs for capacity additions in the next one to two
years.

However, these constraints are partially mitigated by healthy
industry prospects, its diversified client base, and the company's
strong liquidity buffer.

Its customer base is very diverse, with about 5,000 clients
spanning various industries, such as e-commerce, social networking,
finance and insurance. These customers sign multiple-years
contracts with 21Vianet, and more than 90% of the company's revenue
is recurring in nature.

Moody's expects 21Vianet to spend around RMB600-700 million per
annum on new cabinets in the next two years, compared to around
RMB700-800 million per annum of consolidated operating cash flow
expected for the same period. Moody's has also built in a buffer
for potential small bolt-on M&A activities, funded with cash and
debt.

Despite its investment needs, Moody's expects earnings and cash
flow growth will help moderate the need for debt-funded expenditure
and maintain the company's debt leverage.

The company's leverage, as reflected in adjusted debt/EBITDA, will
stay flat around 3.25x-3.5x in the next 12-18 months, compared with
3.5x at the end of 2018. Its interest coverage, as reflected in
adjusted (EBITDA-CAPEX)/interest expense, will remain at around
2.0x. These credit metrics position the company's rating
appropriately at the B1 level.

21Vianet's ratings also consider operational support from
Tus-Holdings Co. Ltd, a state-owned science park operator
controlled by Tsinghua University. At the end of 2018, Tus-Holdings
held 21.4% of 21Vianet's equity ownership and 51.0% of its voting
rights.

Moody's expects that Tus-Holdings can provide operational support,
such as providing land reserves, as well as leveraging its
relationships with financial institutions and local governments.

21Vianet's liquidity is adequate. At the end of 2018, its cash on
hand and short-term investments, including term deposits and
treasury investments, totaled RMB2.9 billion. This is sufficient to
cover its short-term debt of RMB345 million and its USD300 million
notes puttable in 3Q 2019 with their final maturity in August
2020.

On March 29, 21Vianet announced a tender offer for any and all
outstanding existing notes due in August 2020 with an outstanding
principal amount of about USD300 million. The tender offer will
expire on April 8, 2019.

Under the offer, for each USD1,000 principal amount of the
outstanding existing notes, the holders will receive USD1,006.25 in
aggregate principal amount of the proposed notes and capitalized
interest in the form of the proposed notes.

Moody's does not regard this tender offer as a distressed exchange
-- which is considered as a default event under Moody's definition
-- because the holders will not incur economic loss as the tender
offer is above the par value of the existing notes. The proposed
new USD notes issuance is to mainly fund the aforesaid tender
offer. Successful refinancing will improve 21Vianet's debt maturity
profile and strengthen its liquidity.

21Vianet's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. This is
because the holding company owns key licenses to operate its
business, which will support an expected recovery in the holding
company's debt.

The stable outlook on 21Vianet reflects Moody's expectation that
the company will grow its revenue, while maintaining stable
profitability and leverage, operational support from Tus-Holdings,
and sufficient liquidity.

The ratings could be upgraded if the company (1) continues to grow
revenue, improves profitability and controls debt growth, as
reflected in stable adjusted debt/EBITDA below 3.0x-3.5x; and 2)
generates higher positive free cash flow, both on a sustained
basis.

The ratings could be downgraded if the company (1) pursues an
aggressive expansion plan or acquisitions using debt funding, such
that debt leverage - as measured by debt to EBITDA - stays above
4.0x-4.5x on a sustained basis; (2) experiences a significant
decline in the operational support provided by the Tus-Holdings,
such as a reduction in the shareholding which is held by
Tus-holding; or (3) its profitability, cash flow, or liquidity
weakens, such that its cash/short-term debt ratio falls below
1.5x.

The principal methodology used in these ratings was Communications
Infrastructure Industry published in September 2017.

21Vianet Group, Inc. is the largest carrier and cloud neutral
internet data center services provider in China. It has over 50
data centers across more than 20 cities in China. It also provides
broadband internet access and complementary value-added services,
such as cloud services, Virtual Private Networks (VPN) services and
hybrid IT services.

Headquartered in Beijing, 21Vianet was founded in 1999 and listed
on the NASDAQ in 2011. At the end of 2018, Tus-Holdings Co. Ltd., a
stated-owned enterprise and the largest shareholder, owned a 21.4%
equity stake with 51.0% of voting rights, and co-founder & Chairman
Mr. Sheng Chen owned a 7.3% equity interest with 15.3% of voting
rights.

Tus-Holdings Co., Ltd. (TUS) is a leading science park operator and
technology services provider in China. The company was founded in
1994 and is headquartered in Beijing. Tus-Holdings is a state-owned
enterprise controlled and supported by the Ministry of Education,
Ministry of Finance, and Tsinghua University. Tsinghua (TH)
Holdings owned 44.92% at the end of 2018.


21VIANET GROUP: S&P Assign 'B+' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
On March 29, 2019, S&P Global Ratings assigned its 'B+' long-term
issuer credit rating to 21Vianet Group Inc. S&P also assigned its
'B+' long-term issue rating to the company's proposed U.S. dollar
unsecured notes.

S&P said, "The rating on 21Vianet Group Inc. reflects our
expectation that the company's leverage will stabilize at less than
5x debt-to-EBITDA over the next 12 months. The leverage improved
significantly after the divestment of the loss-making managed
network services (MNS) business in September 2017. We expect
21Vianet to use the proceeds from its proposed issuance of U.S.
dollar notes to refinance its US$300 million unsecured notes due in
August 2020.

"We anticipate 21Vianet's rapid expansion of its internet data
center (IDC) capacity will help it maintain its status as one of
the largest carrier-neutral IDC operators in China. The company
plans to add 6,000-7,000 cabinets in 2019 and 9,000-10,000 cabinets
in 2020, compared with about 1,900 cabinets added in 2018. In total
we expect the company's total cabinet size to exceed 46,000 by 2020
from about 30,000 in 2018.

"As a result, we forecast capital expenditure of Chinese renminbi
(RMB) 700 million-RMB1.0 billion in 2019 and RMB1.2 billion-RMB1.6
billion in 2020, versus RMB453 million in 2018. Most of the capital
expenditure will be used for the construction of IDCs.

"We expect 21Vianet to use its cash balance and growing operating
cash flow to fund a significant portion of its expansion. We
forecast the company's operating cash flow of RMB700 million-RMB900
million in 2019 and RMB900 million–RMB1.1 billion in 2020,
compared to about RMB705 million in 2018. As a result we estimate
21Vianet's debt-to-EBITDA ratio will remain at 3.6x-4.2x in 2019,
compared with 4.6x in 2018."

21Vianet's EBITDA margins are likely to remain stable at about 32%
in 2019 and 2020, up from 31% in 2018, despite falling utilization
of its cabinets as a result of the IDC expansion. Margins are
supported by the company's good operating efficiency, which stems
from its pure play model that allows it to focus on the core
business. In addition we expect 21Vianet to maintain growth of its
monthly recurring revenue (MRR) per cabinet, benefiting from the
increasing contribution of its cloud and other value-added
services.

S&P said, "We believe 21Vianet's largest shareholder, TUS Holdings
Co. Ltd., will provide ongoing operational and financial support.
21Vianet can leverage the parent's resources to acquire new
customers or new premises for IDC expansion. The subsidiary may
also benefit from the good relationships between TUS Holdings and
state-owned banks.

"The stable outlook reflects our expectation that 21Vianet will
significantly expand its data center capacity while maintaining its
debt-to-EBITDA ratio well below 5.0x over the next 12 months.
21Vianet's profit margin should remain stable as the company keeps
its IDC utilization at 65%-70%, while growing its MRR per cabinet.
In addition, we expect the company to manage its liquidity and debt
maturities to prevent a rise in leverage.

"We could lower the rating if 21Vianet's leverage approaches 5.0x
or if the liquidity deteriorates. This could happen if the company
undertakes more debt-funded expansion than our base case or if it
is unable to refinance its U.S. dollar bonds due in 2020.

"We may also lower the rating if we believe ongoing parental
support for 21Vianet has diminished. This could be indicated by a
meaningful decrease in TUS' shareholding in 21Vianet, or a change
in the parent's investment strategy with respect to 21Vianet,
possibly signaled by a reclassification of its investment in
21Vianet to short-term from long-term.

"We could raise the rating if 21Vianet's leverage drops below 4.0x
and the company maintains positive free operating cash flow on a
sustained basis. This could happen if 21Vianet can significantly
grow its operating cash flow while controlling investment
spending."


CHINA SCE: S&P Rates New USD Sr. Unsecured Notes 'B'
----------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes by
China SCE Group Holdings Ltd. (CSCE: B+/Stable/--). The China-based
developer intends to use the net proceeds mainly to refinance
certain existing offshore indebtedness. The rating is subject to
S&P's review of the final issuance documentation.

S&P said, "We rate the proposed senior unsecured notes one notch
below the issuer credit rating on CSCE, reflecting significant
structural subordination risk. At the end of December 2018, CSCE's
capital structure consisted of Chinese renminbi (RMB) 20.6 billion
of secured debt as well as RMB15.8 billion of unsecured debt
(including guarantee to joint-controlled entities). As such,
secured debt makes up about 57% of CSCE's total debt, which is
above the 50% notching-down threshold for priority debt.

"We do not expect the new issuance to have a material impact on
CSCE's credit profile because the company intends to use the
proceeds primarily for refinancing, which may include its US$350
million offshore notes callable in April.

"We forecast CSCE's leverage to stabilize at about 6x in 2019,
supported by steady sales growth and high margins. In 2018, the
company's contracted sales grew 54.5%, despite a weaker market
sentiment toward the end of the year. Nevertheless, we believe CSCE
will continue to pursue sizable land acquisitions in 2019 to
replenish its land bank during its expansion."


JINGRUI HOLDINGS: S&P Rates New USD Sr. Unsecured Notes 'B-'
------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes by
Jingrui Holdings Ltd. (B/Stable/--). The China-based developer will
use the proceeds to refinance its existing debt and for general
corporate purposes. The issue rating is subject to S&P's review of
the final issuance documentation.

S&P said, "We rate the notes one notch lower than the issuer rating
on Jingrui to reflect subordination risks because the proposed
notes will rank behind a material amount of priority debt in the
company's capital structure. As of Dec. 31, 2018, Jingrui's capital
structure consisted of Chinese renminbi (RMB) 11.2 billion in
secured debt, which is mainly at the subsidiary level, and RMB5.1
billion in offshore senior unsecured notes, as well as RMB2.4
billion in domestic corporate bonds. As such, its priority debt
ratio was 73% as of December 2018, exceeding our notching-down
threshold of 50%.  

"Jingrui's profitability has improved toward the industry average,
with reported gross margins of about 23% in 2018, compared with 16%
in 2017. The improvement in profitability has partly offset the
increase in total debt. That said, we expect the company's
financial leverage to remain high over the next one to two years.
This is mainly attributable to weaker revenue recognition than our
expectation because of the company's growing number of jointly
controlled projects, as well as the pressure to replenish land for
future development given its limited unsold land bank.

"We could lower the rating if Jingrui's debt servicing ability
worsens beyond our base case. This could be indicated by a
debt-to-EBITDA ratio on a proportionally consolidated basis
significantly weakening from our expectation of about 8x, or
consolidated EBITDA interest coverage of 1.5x over the next 12
months." Although rating upside is limited, a significant
improvement in Jingrui's scale and profitability, combined with
debt-to-EBITDA ratio on a proportionally consolidated basis staying
sustainably below 5x, could lead to an upgrade.


LOGAN PROPERTY: Moody's Affirms Ba3 CFR & B1 Sr. Unsec. Ratings
---------------------------------------------------------------
Moody's Investors Service has affirmed Logan Property Holdings
Company Limited's Ba3 corporate family rating and B1 senior
unsecured debt ratings.

The ratings outlook is maintained at stable.

RATINGS RATIONALE

"Logan's Ba3 corporate family rating reflects the company's proven
track record of developing mass-market residential properties in
the Guangdong-Hong Kong-Macao Bay Area (Greater Bay Area) and its
market position as a leading developer in Shantou and Nanning,"
says Cedric Lai, a Moody's Assistant Vice President and Analyst.

"The rating also factors in Logan's strong gross profit margins,
which are high than those of its peers, supported by its solid cost
management and low-cost land bank," adds Lai.

Moody's estimates the company's gross profit margins will remain at
31%-33% in the coming 12-18 months compared with 33.7% in 2018. Its
low land costs also provide the company with pricing flexibility if
China's property market becomes more challenging in the next 6-12
months.

However, the company's rating is constrained by its moderately high
debt leverage and geographic concentration in Southern China.

Nevertheless, Moody's expects Logan's debt leverage -- as measured
by revenue/adjusted debt -- will improve towards 65%-70% over the
next 12-18 months from 60% in 2018, driven by strong revenue growth
and disciplined land purchases.

Given the company's high gross margins, its EBIT/interest will also
remain strong at 4.0x-4.5x over the same period, compared with 4.6x
in 2018.

Logan's liquidity is fairly strong, with its reported cash balance
of RMB35.7 billion at the end of 2018 covering 206% of its reported
short-term debt. Such liquidity strength is the result of its good
access to funding, proactive management of debt refinancing needs,
and cash inflow from its strong contracted sales.

The company's contracted sales grew 11% year-on-year to RMB9.2
billion in the first two months of 2019, after recording 65%
year-on-year growth to RMB71.8 billion for the full year 2018.

Moody's expects the company's contracted sales will grow to RMB80
billion - RMB85 billion in 2019, underpinned by its track record of
sales execution and good housing demand in the Greater Bay Area.

The stable rating outlook reflects Moody's expectation that Logan
will maintain strong contracted sales growth, high gross margins,
high revenue growth, good liquidity, and good discipline in land
acquisitions.

The B1 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
Logan'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.

Upward ratings pressure could emerge if Logan (1) establishes a
track record of stable contracted sales growth while maintaining
strong liquidity and profit margins; (2) grows in scale and
improves geographic diversification; and (3) improves debt
leverage.

Credit metrics indicative of upward rating pressure include
homebuilding EBIT/interest coverage in excess of 3.5x-4.0x and
revenue/adjusted debt in excess of 85%-90% on a sustained basis.

Downward ratings pressure could emerge if the company records (1)
weak contracted sales growth, aggressive land acquisitions, a
weakening liquidity position or declining profit margins; or (2)
weakening credit metrics.

Credit metrics indicative of downward rating pressure include (1)
cash/short-term debt below 100%-125%; (2) homebuilding
EBIT/interest coverage below 2.5x-3.0x; or (3) revenue/adjusted
debt below 60%-65% on a sustained basis.

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

Established in 1996, Logan Property Holdings Company Limited is a
property developer based in Shenzhen. The company's principal focus
is on residential projects in Shenzhen, Shantou, Nanning and
Huizhou.

The company listed on the Hong Kong Stock Exchange in December
2013. At the end of 2018, the company's land bank totaled 36
million square meters in gross floor area across different cities
in China, including Shenzhen, Shantou, Nanning and other cities in
the Greater Bay Area, as well as some offshore projects in Hong
Kong and Singapore.


POWERLONG REAL ESTATE: S&P Alters Outlook to Neg. & Affirms B+ ICR
------------------------------------------------------------------
On April 1, 2019, S&P Global Ratings revised its outlook on
Powerlong Real Estate Holdings Ltd. to negative from stable.

At the same time, S&P affirmed the 'B+' long-term issuer credit
rating on the China-based developer, and the 'B' long-term issue
rating on Powerlong's senior unsecured notes.

S&P said, "We revised the outlook on Powerlong Real Estate Holdings
Ltd. to negative because we see uncertainty around the company
realizing its deleveraging plan as guided. Given that Powerlong's
pace of deleveraging did not progress as we expected in 2018, it
may take longer than 12 months for the company to lower it ratio of
debt to EBITDA to levels commensurate with the rating."

While still possible, it is not certain that Powerlong will improve
its ratio of debt to EBITDA to about 6.0x in the coming 12 months,
based on guidance misses in the past two years. Powerlong's
debt-to-EBITDA ratio is 7.0x as of Dec. 31, 2018, same as a year
ago. This compares with S&P's expectation that the ratio would have
fallen to 6.5x and continue to be on an improving trend. The
leverage would be slightly lower if S&P includes the EBITDA
contribution from its unconsolidated joint-venture projects.

Faster-than-expected debt growth contributed to Powerlong's
sustained leverage level. While the company's land acquisitions
slowed down in the third quarter of 2018, the spending exceeded our
initial forecast, mainly due to more projects acquired toward the
year-end. At the same time, the company's cash balance increased in
preparation for debt maturities in the first quarter of 2019.

S&P said, "In addition, we believe Powerlong's rental interest
coverage may remain lower than other peers', even though we expect
it to improve to slightly more than 40% in 2019-2020. Although the
company's rental income (excluding management fees) grew by 31% in
2018, it still only covers 35%-40% of its interest expense.
Powerlong's debt growth and the overall rising funding cost
environment has led to interest expense increases outpacing the
growth of rental income.

"Contracted sales in 2018 also moderately fell short of our
expectation, despite achieving outstanding growth of 96.5%. The
challenging market environment in the fourth quarter of 2018,
combined with management's reluctance to cut prices, led to slower
sales. Nonetheless in the first quarter of 2019, we estimate
Powerlong achieved Chinese renminbi (RMB) 10 billion in contracted
sales, around 60% higher than a year ago.

"In our view, there is still a reasonable chance that Powerlong's
leverage would improve considerably in 2019, should the company
enhance its financial prudence. Management has expressed an
intention to control gross debt level below RMB50 billion, compared
with RMB49 billion as of Dec. 31, 2018. The company repaid RMB1
billion in perpetual capital securities and HK$2 billion in
convertible bonds so far this year, and gross debt is expected to
be around RMB48 billion by the end of first quarter.

"In our base-case scenario, we expect Powerlong's debt-to-EBTIDA
ratio to improve to 6.1x-6.3x in 2019. Our assumptions include
contracted sales of RMB50 billion, and less than RMB12 billion
spending on new land. We believe that these are feasible, given
strong sales momentum in the first three months of this year.
Powerlong has also been less active in the land market in the first
quarter.

"The negative outlook on Powerlong reflects our view that the
company's deleveraging efforts could stall over the next 12 months
and its leverage could remain high. This is despite our view that
the company will maintain steady sales growth and profitability.

"We may downgrade Powerlong if: (1) its pace of deleveraging
continues to be slower than our expectation, such that its
debt-to-EBITDA ratio does not improve to around 6.0x over the next
12 months; or (2) Powerlong's rental income grows slower than our
base case.

"We may revise the outlook to stable if Powerlong improves its
leverage such that its debt-to-EBITDA improves to around 6.0x over
the next 12 months. This could happen if the company achieves solid
revenue growth while controls increase in debt."


SUNAC CHINA: Fitch Hikes LongTerm Foreign Currency IDR to BB
------------------------------------------------------------
Fitch Ratings has upgraded Sunac China Holdings Limited's Long-Term
Foreign-Currency Issuer Default Rating (IDR), senior unsecured
rating and the ratings on its outstanding senior notes to 'BB' from
'BB-'. The Outlook on the IDR is Stable.

The upgrade reflects Fitch's view that leverage, as measured by net
debt/adjusted inventory with proportional consolidation of joint
ventures and associates, will stay below 40% for a sustained
period. Sunac has publicly committed to deleverage and Fitch
believes it will not aggressively make land acquisitions or large
investments in other businesses. Its large attributable landbank of
more than 113 million square metres (sq m) of saleable gross floor
area is well-diversified across various regions in China, which
should support contracted sales growth.

KEY RATING DRIVERS

Improving Leverage: Fitch expects Sunac to continue deleveraging in
2019 in the absence of large land acquisitions, despite moderating
contracted sales growth on weaker industry sentiment. Sunac's
leverage fell to 38.5% in 2018, from 47.3% in 2017, due to minimal
landbank additions and strong cash generated from contracted sales.
Its attributable contracted sales increased by 23% to CNY326
billion, while its total contracted sales reached CNY461 billion;
above its full-year sales target of CNY450 billion.

Diversified Land Bank: Sunac's landbank is diversified across
various regions in China, including northern China, the Beijing
area, Yangtze River Delta, southwest China and south-eastern China.
It also has a presence in central China and the Guangdong and
Hainan provinces. Up to 85% of Sunac's landbank, based on saleable
value, is situated in tier 1 and 2 cities, where pent-up demand is
more robust than in lower-tier cities. The remaining landbank is in
strong tier 3 cities. Geographical diversification helps mitigate
against local policy restrictions, as each local government
implements differing home-purchase limits.

Strong Sales, Lower Costs: Fitch forecasts Sunac's average selling
price (ASP) to be around CNY14,000-14,500/sq m in the next few
years; the company has maintained its ASP at around CNY15,000/sq m
due to its focus on higher-tier cities and geographical spread,
which mitigates negative shocks from specific regions. Sunac's
attributable contracted sales are comparable with other large
Chinese homebuilders, including China Vanke Co., Ltd. (BBB+/Stable)
and Poly Developments and Holdings Group Co., Ltd. (BBB+/Stable).

Sunac's large scale also allows it to trim construction costs,
leading to a strong EBITDA margin - including the proportional
share of EBITDA from joint ventures and associates - of around 24%
in 2018, or 33% if valuation gains from acquired projects are
removed from costs of goods sold (COGS). Fitch expects an EBITDA
margin, including valuation gains in COGS, of around 25% in the
medium term.

Higher Non-Development Contribution: Fitch forecasts Sunac to spend
CNY15 billion-21 billion a year in 2019 and 2020 to ramp up its
property management, rental and decoration businesses as well as
the Wanda City cultural and tourism business it acquired in 2017.
Fitch expects the projects to be fully funded by the sale of
near-by properties. The expansion of these businesses improved
revenue contribution from Sunac's non-development business to
CNY7.0 billion in 2018, from CNY3.3 billion in 2017, with its gross
margin also strengthening to 54%, from 44%. The acquisition and
retention of the Wanda City's operational and management team
provides Sunac with operational control of the project, mitigating
execution risk.

DERIVATION SUMMARY

Sunac's homebuilding attributable sales scale and geographical
diversification is comparable with that of large 'BBB' rated
homebuilders, such as Vanke and Poly, and is comparable with or
superior to Longfor Group Holdings Limited (BBB/Stable) and Shimao
Property Holdings Limited (BBB-/Stable).

Country Garden Holdings Co. Ltd. (BBB-/Stable) has larger
attributable scale and geographic coverage than Sunac. However,
Country Garden's landbank is more concentrated in low-tier cities,
where demand is susceptible to negative sentiment, while the
majority of Sunac's landbank is situated in tier 1 and 2 cities, as
reflected in Sunac's higher margin.

However, Sunac's financial profile is more volatile than that of
investment-grade peers. The leverage forecast for Sunac of around
35%-40% is more comparable with 'BB' rated issuers, like Sino-Ocean
Group Holdings Limited (BBB-/Stable; standalone credit profile:
BB+), Future Land Development Holdings Limited (BB/Stable) and its
subsidiary, Seazen Holdings Co., Ltd. (BB/Stable), CIFI Holdings
(Group) Co. Ltd. (BB/Stable) and China Aoyuan Group Limited
(BB-/Positive).

Sunac's leverage is lower than China Evergrande Group's
(B+/Positive) 42% as of end-June 2018, but Sunac has a
significantly lower payables/inventory ratio.

Sunac's recurring EBITDA interest coverage of 0.3x is less than
Longfor's 0.7x and Shimao's 0.5x.

KEY ASSUMPTIONS

  - Landbank replenishment to maintain a landbank life of 4.5 years
in 2020, from 5.0 years in 2018

  - Capex of CNY15 billion-21 billion a year in 2019 and 2020

  - Contracted gross floor area to increase by 5%

  - Contracted ASP of around CNY14,000-14,500/sq m

  - EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, maintained at 25%-30%

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory below 30% (2018: 38%) for a
sustained period

  - EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, sustained above 25% (2018: 24%)

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

  - Net debt/adjusted inventory above 40% for a sustained period

  - Attributable contracted sales/gross debt below 1.2x (2018:
1.3x)

  - EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, sustained below 20%

  - Change in management strategy to refocus on aggressive
acquisitions, away from Sunac's stated objective to reduce its
leverage ratio

LIQUIDITY

Sufficient Liquidity: Fitch expects Sunac to maintain sufficient
liquidity for its operations and debt repayment, as contracted
sales reached CNY326 billion on an attributable basis in 2018.
Sunac had a cash balance of CNY120 billion, including restricted
cash of CNY44 billion, sufficient to cover short-term debt of CNY92
billion. Sunac raised USD1.9 billion in offshore senior notes in
2018 and a further USD1.6 billion so far in 2019.


SUNAC CHINA: S&P Raises Long-Term ICR to 'BB-', Outlook Stable
--------------------------------------------------------------
On April 2, 2019, S&P Global Ratings raised its long-term issuer
credit rating on Sunac China Holdings Ltd. to 'BB-' from 'B+' and
its long-term issue rating on the company's outstanding senior
unsecured notes to 'B+' from 'B'.
                          
S&P Global Ratings raised the rating on Sunac China Holdings Ltd.
because it expects the developer to continue to deleverage over the
next 12-24 months, supported by strong sales execution, improved
margins, and more controlled spending. The company has already
outperformed its leverage expectation for 2018. S&P estimates
Sunac's debt-to-EBITDA ratio (both consolidated and proportionally
consolidating its joint venture [JV] projects) will strengthen to
below 5.0x in 2019, after significantly improving to around 5.4x by
Dec. 31, 2018, from 8.2x as of June 30, 2018.

The upgrade also reflects the sustainable enhancement in Sunac's
business standing. The company has been the fourth-largest
developer in China by contracted sales for the past two years,
following robust annual growth consecutively in the past three
years. S&P anticipates Sunac's total contracted sales will
moderately increase to Chinese renminbi (RMB) 550 billion (about
70% attributable) in 2019, from RMB460 billon in 2018, on the back
of saleable resources of an estimated around RMB780 billion. The
company's diverse land bank and good geographic positioning--with
about 82% of land reserves in tier-one and tier-two cities--provide
healthy support for its growth, despite softening market
conditions.

S&P said, "We expect Sunac to control its pace of land acquisitions
over the next couple of years. In 2018, the company significantly
lowered its cash spending on land replenishment to about 30% of
cash proceeds from property sales (of RMB201 billion), from about
80% in 2017. We forecast that Sunac will maintain this ratio at
30%-50% in the next 12-24 months, reflecting a more volatile market
and the company's ongoing efforts to deleverage." Sunac's existing
abundant and quality attributable land reserves of about 124
million square meters should underpin a more measured rate of
growth.

Robust contracted sales growth in the past few years should enable
Sunac to continue delivering satisfactory revenue growth in 2019
and 2020. At the end of 2018, the company had unrecognized sales of
about RMB581 billion that it will book as revenue in the coming two
years. This will boost earnings and support deleveraging, in S&P's
view.

S&P said, "We expect Sunac's consolidated debt-to-EBITDA ratio to
improve to below 5.0x in 2019, and further to 4.0x-4.5x in 2020.
Management is committed to controlling gross debt over the next
12-24 months. The company has been expanding through
non-controlling JV projects in consideration of risk control and
market access. This form of expansion, however, lowers Sunac's
financial transparency since only limited financial data of JVs are
publicly disclosed. Despite a "see-through" assessment that
proportionately consolidates off-balance sheet figures, operations
and capital structures at the JV level are difficult to monitor or
authenticate, in our opinion. Nonetheless, Sunac has about 276 JV
projects nationwide as of Dec. 31, 2018, mostly relying on
construction loan financing at the project level.

S&P's estimate that Sunac's JV leverage level is equal to or
modestly lower than consolidated leverage. That's given local
project companies have been facing greater difficulty in accessing
alternative financing since the beginning of 2018 following the
country's deleveraging campaign.  

Nevertheless, Sunac's track record in deleveraging is still
nascent, having started in the second half of 2017. A return to
aggressive debt-funded expansion could quickly reverse the trend.
Sunac remains opportunistic and may make unexpected acquisitions,
which could strain its financial position. The company's investment
in the China-based Leshi companies in 2017 resulted in material
write-downs and rise in leverage. In S&P's view, Sunac will take
time to establish a track record of more disciplined financial
management. This tempers the company's enhanced business standing.

S&P said, "The stable outlook reflects our expectation that Sunac
will control its leverage over the next 12 months thanks to a
slower spending pace. We forecast the company will rapidly increase
revenues in the next year, while maintaining satisfactory
profitability. In our base case, we estimate Sunac's consolidated
debt-to-EBITDA ratio to stabilize at 4.5x-5x in the next 12 months,
from 5.4x at the end of 2018.

"We may lower the rating if Sunac's debt leverage does not improve
as we expect. This is likely to happen if: (1) the company's
revenue recognition is materially below our estimates; or (2) its
land acquisitions or other investment activities significantly
exceed our forecast, such that its adjusted debt-to-EBITDA ratio,
either consolidated or after proportionally consolidating JVs, is
above 5.0x for an extended period.

"We may raise the rating if Sunac reduces leverage further, such
that its adjusted debt-to-EBITDA ratio, both consolidated and after
proportionally consolidating JVs, remains below 4.0x on a sustained
basis. This could happen if the company maintains discipline in
acquisitions and debt growth over a prolonged period."

Sunac, together with its subsidiaries, develops residential and
commercial properties in China. The company focuses on
mid-to-high-end property developments. It is involved to a lesser
extent in the property investment, leasing, and management
businesses; and cultural and tourism project operations. As of
end-2018, Sunac has 377 projects across the country with focus on
higher-tier cities.




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

AGRAWAL MEDICO: CRISIL Moves B+ on INR6cr Loan to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Agrawal Medico
(AM) to 'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          6        CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AM for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AM to 'CRISIL B+/Stable Issuer not cooperating'.

AM was started in 1988 as a sole proprietorship firm by Mr Dilip
Agrawal in Bhopal, Madhya Pradesh. The firm is a wholesale dealer
of medicines, both ayurvedic and allopathic, in Bhopal for around
52 companies.


AMBICA PULSE: CRISIL Moves B+ on INR7cr Loan to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ambica Pulse
Mill (APM) to 'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit           7       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with APM for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of APM to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in 2007 as a proprietorship firm by Jodhpur, Rajasthan-based
Mr Dinesh Jain, APM primarily processes urad dal and has capacity
of 20 tonne per day. The firm sells to traders and commission
agents under the Tiranga and Champion brands.


ARDHENDU MONDAL: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ardhendu
Mondal (AM) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        2.42      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Bank         3.58      CRISIL D (ISSUER NOT
   Guarantee                       COOPERATING; Rating Migrated)

   Secured Overdraft     6.00      CRISIL D (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up AM for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AM to 'CRISIL D/CRISIL D Issuer not cooperating'.

M/s Ardhendu Mondal (AM), is a partnership firm, incorporated in
1992. The firm is promoted by Mr. Ardhendu Mondal and his family
members. AM undertakes road construction, irrigation, canal
protection and maintenance projects, in the state of west Bengal.


BLUE WHEEL: Ind-Ra Migrates BB- Loan Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Blue Wheel
National Health Care & Educational Trust's bank loan rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR540 mil. Bank loans migrated to non-cooperating category
     with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 28, 2018. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Blue Wheel National Health Care & Educational Trust was established
as a public charitable trust in 1999.


BRAHMAPUTRA TELE: CRISIL Migrates D Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Brahmaputra
Tele Productions Private Limited (BTPPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit             3       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     10.23    CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan               6.77    CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BTPPL for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BTPPL to 'CRISIL D Issuer not cooperating'.

BTPPL was incorporated in 2001 by Mr Jaiswal and family as Jaintia
Ispat Pvt Ltd in Assam. It was renamed as Tsang-Po Smelter Pvt Ltd
in 2003 and got its present name in 2006. BTPPL operates a 24-hour
free-to-air (FTA) satellite news channel, DY365, in Assamese. The
company launched an FTA general entertainment channel, Jonak, in
October 2014.


CHENANI NASHRI: Ind-Ra Lowers INR33-Bil. Bank Loans Rating to C
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Chenani Nashri
Tunnelway Limited's (CNTL) bank loans as follows:

-- INR29.760 bil. (INR28,074.3 bil. outstanding on August 31,
     2018) Senior long-term bank loans* downgraded; off RWN with
     IND C (ISSUER NOT COOPERATING) rating; and

-- INR3.720 bil. (INR3,391.20 bil. outstanding on August 31,
     2018) Subordinate long-term bank loans downgraded; off RWN
     with IND C (ISSUER NOT COOPERATING) rating.

* including USD43 million external commercial borrowings

KEY RATING DRIVERS

The downgrade reflects the continued uncertainty related to the
debt servicing of 'Amber Entities' of the IL&FS group as classified
by the National Company Law Appellate Tribunal on February 12,
2019, and deferment of orders by the tribunal till March 29, 2019.


The uncertainty also follows precedence from Jorbat Shillong
Expressway Limited and West Gujarat Expressway Limited, where
despite the availability of funds to pay the senior bondholders,
the bonds defaulted.

Moreover, there have been maintenance related deficiencies in other
projects of IL&FS Transportation Networks Limited (ITNL, 'IND D')
namely Hazaribagh Ranchi Expressway Limited and Jorbat Shillong
Expressway. CNTL has not shared any fresh information on these
aspects with Ind-Ra. This has resulted in limited visibility of
annuity receipts.

The rating has been maintained in the non-cooperating category, as
CNTL did not provide Ind-Ra sufficient information to assess its
liquidity position and repayment capability on outstanding loans,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating.

RATING SENSITIVITIES

Positive: The rating may be upgraded on receipt of further clarity
on the ongoing issues with respect to the IL&FS group companies.

Negative: Non-payment of principal and/or interest on the due dates
will result in a negative rating action.

COMPANY PROFILE

Sponsored by ITNL (100% stake), CNTL is a special purpose vehicle,
created to implement the four-lining of the Chenani-to-Nashri
section of the National Highway 1A (including a two-lane, 9km
tunnel in the Udhampur district near Jammu) on a design, build,
finance, operate and transfer basis under a 20-year concession
(expiring in May 2031) from the National Highways Authority of
India (NHAI; 'IND AAA'/Stable).


ELLJAY TEXTILES: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Elljay Textiles
Private Limited's (ETPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

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

-- INR40 mil. Non-fund-based working capital limit affirmed with
     IND A4 rating; and

-- INR6.67 mil. (reduced from INR14.83 mil.) Term loan due on
     August 2020 affirmed with IND B+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects ETPL's continued small scale of operations
in FY18, though there was revenue growth. ETPL's revenue rose to
INR303.4 million in FY18 from INR270.4 million in FY17 on account
of a rise in orders from existing and new customers. The company
recorded INR267.0 million in revenue for 11MFY19.

The ratings reflect a modest EBITDA margin, which was 6.6% in FY18
(FY17: 3.7%). The rise in the margin was due to a fall in the
overall expenditure. Moreover, ETPL's return on capital employed
was 5.3% in FY18 (FY17: 0.02%).

The ratings also reflect ETPL's continued weak credit metrics,
albeit improved. In FY18, the company's interest coverage
(operating EBITDA/gross interest expense) was 1.9x (FY17: 0.8x) and
net leverage (adjusted net debt/operating EBITDAR) was 8.1x in FY18
(15.9x). The improvement in the metrics was driven by an increase
in absolute EBIDTA, and a decline in interest expenses and term
debt. The term debt reduced as there was a scheduled repayment of
long-term debt.

The ratings, however, are supported by ETPL's strong liquidity,
indicated by an average 64% use of its working capital limits
during the 12 months ended February 2019. The company's cash flow
from operations turned positive to INR3.8 million in FY18 from
negative INR1.9 million in FY17 owing to an improvement in the
inventory holding period to 97 days from 158 days. Moreover, ETPL
had a cash balance of INR0.1 million at FYE18 (FYE17: INR0.7
million).

The ratings continue to benefit from the promoters' experience of
over two decades in the cotton spinning industry.

RATING SENSITIVITIES

Negative: Any deterioration in the revenue and EBITDA margin,
leading to any decline in the credit metrics, will be negative for
the ratings.

Positive: A substantial improvement in the revenue and the EBITDA
margin, leading to an improvement in the credit metrics, all on a
sustained basis, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, ETPL is a Tamil Nadu-based cotton yarn
manufacturer with a total installed capacity of 27,536 spindles.
  

G SONS: CRISIL Migrates D Ratings to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of G Sons Retail
Private Limited (GSORPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         5.75      CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Proposed Cash  
   Credit Limit        4.25      CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GSORPL for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GSORPL to 'CRISIL B+/Stable Issuer not cooperating'.

G Sons Private Limited is engaged in in organised retail business
through its store. It was set up as partnership in 2015 in Koannur,
Kerala. The company presently operates3 segments textile, garment
and home furnishing.


GOYAL EDUCATIONAL: CRISIL Migrates D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Goyal
Educational and Welfare Society (GEWS) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        4.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft             1         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    2         CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GEWS for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GEWS to 'CRISIL D/CRISIL D Issuer not cooperating'.

GEWS was set up in 2008 by Rawal and Goyal families based in
Faridabad (Haryana) to impart education in engineering and
management streams. The society set up Rawal Institute of
Engineering and Technology and Rawal Institute of Management in
2010 in Faridabad. In 2012, it also started Rawal Institute of
Education. Courses are approved by the All India Council for
Technical Education, while the institutes are affiliated to
Maharshi Dayanand University, Rohtak (Haryana). There society has
eight members, with Mr Mahendra Goyal as president.


INA INDIA: CRISIL Migrates D Ratings to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of INA India
Limited (INA) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          20       CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Letter of Credit     10       CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Proposed Fund-       12.5     CRISIL D (ISSUER NOT
   Based Bank Limits             COOPERATING; Rating Migrated)

   Term Loan             7.5     CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with INA for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of INA to 'CRISIL D/CRISIL D Issuer not cooperating'.

INA was incorporated in 1997, by promoter, Mr Neeraj Chhabra and
his family. The Bengaluru-based company manufactures methanol-based
organic chemicals, and formaldehyde and its derivative, amino
resin.


IOT ENGINEERING: Ind-Ra Withdraws 'BB-' LT Rating on INR20MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn IOT Engineering
Projects Limited's Long-Term Issuer Rating of 'IND BB-'. The
Outlook was Stable.

The instrument-wise rating action is:

-- The 'IND BB-' rating on the INR20 mil. Non-fund-based working
     capital facilities were withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings as the agency
has received a no dues certificate from the lender.

COMPANY PROFILE

Incorporated in 2007, IOT Engineering Projects specializes in
structural erections, piping and associated facilities for
refineries, terminals, power, and cement plants.


JAIN HYDRAULICS: CRISIL Withdraws D Ratings on INR11.5cr Loans
--------------------------------------------------------------
CRISIL has migrated the ratings on the bank facilities of Jain
Hydraulics Private Limited (JHPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       1.5      CRISIL D (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL D'; Rating Withdrawn)

   Cash Credit         10.0      CRISIL D (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with JHPL for obtaining
information through letters and emails dated January 28, 2019,
February 26, 2019, March 7, 2019 and March 12, 2019 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These 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 JHPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for JHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of JHPL to 'CRISIL
D/CRISIL D Issuer not cooperating'.

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

Incorporated in 1973, JHPL manufactures and assembles waste
management equipment, which it markets under its brand: Jain
Hydraulics. It is based in New Delhi, and is currently managed by
Mr Ajay Jain.


JBR IMPEX: CRISIL Moves B+ on INR20cr Loan to Non-Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of JBR Impex
India Private Limited (JBR) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          20       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JBR for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of JBR to 'CRISIL B+/Stable Issuer not cooperating'.

A private limited company incorporated in April 2017, JBR is based
in Delhi and is promoted and managed by Mr Nitin Gaur. The company
has set up a dal processing unit in Mayapuri with a capacity of
14,400 tonne per annum. Currently it is engaged in trading of dal.
The manufacturing facilities are to be commercialised by
end-December 2017.


KRAFT INFRASTRUCTURES: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of KRAFT
Infrastructures to 'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with Kraft for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Kraft to 'CRISIL B/Stable Issuer not cooperating'.

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

Established in June 2016, Kraft is a partnership firm established
as a special purpose vehicle (SPV) to develop a commercial real
estate project - Sky Solitaire in Ahmedabad, Gujarat. Mr Ashesh
Gajjar, Mr Ajay Soni, Mr Ramesh Padhiyar and Mr Kaniyalal Pagrani
are the partners.


MAA CHANDI: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maa Chandi
Rice Industries (MCRI) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          5.75     CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Proposed Fund-        .75     CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits             COOPERATING; Rating Migrated)

   Proposed Term        1.50     CRISIL B+/Stable (ISSUER NOT
   Loan                          COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MCRI for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MCRI to 'CRISIL B+/Stable Issuer not cooperating'.

MCRI, incorporated in 2008, mills non-basmati parboiled rice at its
facility in Kurud, Chhattisgarh. Mr Roshan Chandrakar is the
promoter.


MES INTERNATIONAL: CRISIL Migrates D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of MES
International School - Pattambi (MES) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          1.4      CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Long Term Loan      10        CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MES for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MES to 'CRISIL D Issuer not cooperating'.

Established in 1978, MES International School- Pattambi (MES) runs
a CBSE affiliated school from Jr. Montessori to 12th standard in
Pattambi, Kerala. It is run under Muslim Education Society Calicut
and Dr. Abboobacker is the chairman of the school.


METALLOYS RECYCLING: Ind-Ra Migrates 'D' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Metalloys
Recycling Limited's Long-Term Issuer Rating to 'IND D' from 'IND
BBB-' while migrating the ratings 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. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits (Long-
     term/Short-term) downgraded and migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Non-fund-based working capital limits (Short-term)
     downgraded and migrated to non-cooperating category with IND
     D (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Proposed fund-based working capital limit (Long-
     term/Short-term) downgraded and migrated to non-cooperating
     category with Provisional IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR250 mil. Proposed non- fund based working capital limit
     (Short-term) downgraded and migrated to non-cooperating
     category with Provisional IND D (ISSUER NOT COOPERATING)
     rating.

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

KEY RATING DRIVERS

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

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1987, MRL (formerly Padma Nutrients Private
Limited) initially manufactured metallic salts. Later, it ventured
into the processing and trading of secondary ferrous and
non-ferrous metals after its amalgamation with Metalplast Exim
(India) Limited, NICO Properties Private Limited, Amar Ferro Metals
Private Limited, and Metec Asia Limited.


MUSADDILAL GEMS: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Musaddilal
Gems And Jewels (India) Private Limited (MGJPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Secured               13      CRISIL B+/Stable (ISSUER NOT
   Overdraft                     COOPERATING; Rating Migrated)
   Facility              
                                 
CRISIL has been consistently following up with MGJPL for obtaining
information through letters and emails dated December 31, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MGJPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2013 and promoted by Mr Shashanka Gupta and his
mother, Ms Vandana Gupta, MGJPL retails diamond and gold jewellery
through its single showroom in Hyderabad.


ORMA MARBLE: CRISIL Migrates 'D' Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Orma Marble
Palace Private Limited (OMPPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          8        CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Letter of Credit     5        CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of OMPPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 1994, OMPPL promoted by Mr. Lijo Joseph in
Angamaly, Kerala, is primarily engaged into in trading of granites,
marbles, ceramic tiles, vitrified tiles, adhesives, sanitary and
bathroom fittings, etc. The company owns three showrooms in
Angamaly.


PARINEE REALTY: CRISIL Lowers Rating on INR285cr LT NCDs to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the non-convertible debentures
(NCDs) of Parinee Realty Pvt Ltd (PRPL) to 'CRISIL D' from 'CRISIL
B(SO)/Stable'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Non Convertible    285.00      CRISIL D (Downgraded from
   Debentures LT                  'CRISIL B(SO)/Stable')

The downgrade reflects delay by PRPL in servicing interest on the
NCDs due to weak liquidity. CRISIL notes the company's management
had concealed the information about the delays in the NCDs. The
management has misrepresented the fact by providing undertakings to
CRISIL confirming timely repayments of debt obligation.

The rating reflects PRPL's high refinancing and project
implementation risks, and heavy dependence on sales and customer
advances for funding construction cost. These weakness are
partially offset by the extensive experience of the promoters in
the real estate sector, and prime location of the project.

Analytical Approach

The NCDs have been raised to meet the construction expenses of the
project (Parinee Eminence), which is housed under a partnership
firm, Om Omega Shelters. PRPL owns a majority stake in Om Omega
Shelters, and cash flow from the Parinee Eminence will be used to
repay debt. As per the escrow mechanism, cash flows from Parinee
Eminence are ring fenced and unavailable to other projects in the
group. Therefore, for arriving at the rating, CRISIL has analysed
the business and financial risk profiles of the Parinee Eminence
project. CRISIL has also consolidated cash flows under PRPL, as the
surplus from group companies may be available for the project.

Key Rating Drivers & Detailed Description

Weaknesses

* High refinancing risk and dependence on sales for funding project
cost: Owing to sluggish demand in premium residential real estate
projects across Mumbai, PRPL changed its plan of developing a
residential project to building a commercial office space.
Furthermore, the project scope and design have been changed in
light of the new Development Control Regulation (DCR) plan. Total
construction cost is expected to be largely funded by customer
advances. The change in project plan has constrained sales,
resulting in lower-than-expected cash inflows. Also, the company
has fixed debt repayment obligations of INR142.5 crore each in
fiscals 2020 and 2021, which is expected to be refinanced in the
near term. Saleability and timelines of refinancing will remain key
rating sensitivity factors.

* Exposure to saleability and project implementation risk:
Susceptibility to project implementation risk, given the early
stage of construction, persists. The commercial building is
complete till the plinth level, and all prerequisite approvals
related to construction commencement of sale building including
Intent of Development and Construction Commencement certificate are
already in place. Rehabilitation building is also complete till the
24th floor. Any delay in construction progress may impact sales and
flow of customer advances in the near to medium term.

Strengths

* Extensive experience of the promoters in the real estate sector,
and prime location of the project: Benefits from the promoters'
experience of over five decades with focus primarily towards slum
rehabilitation and society development projects should continue to
support business risk profile. Furthermore, inherent demand for
small- to mid-sized corporate office spaces in Worli, and the
promoters' network amongst high networth individuals should ensure
good saleability.

Liquidity
Liquidity is weak due to early stage of construction and high
reliance on sales and customer advances for funding. Given the
early stage of construction and fixed debt repayment obligation of
INR142.5 crore each in fiscals 2020 and 2021, the company plans to
refinance the current debt. Timely refinancing will remain a key
rating sensitivity factor.

Incorporated in 1998 and promoted by Mr Dilip Shah, PRPL is the
flagship company of the Parinee group and houses all the ongoing
and upcoming projects through several subsidiaries. The company has
majority shareholding in Om Omega Shelters, which will be
developing Parinee Eminence in Worli, with total saleable area 0.75
million square feet (msf).

The Parinee group was established in 1963 with the setting up of PD
Construction (known as the PD group) by Mr Dilip Shah and his sons,
Mr Vipul Shah and Mr Dhaval Shah. The group has developed projects
covering 1.3 msf so far and has ongoing projects of around 2.6 msf
across Mumbai.

                         About the project

The Worli project (Xclusive) was planned as a residential venture.
However, due to a slowdown in the residential segment across
Mumbai, the group changed its strategy and is now constructing a
commercial building (Parinee Eminence) on sale model. The building
will have saleable area of 7.5 million square feet. The project is
expected to be completed by March 2023.


R.K. SCAN: CRISIL Moves B- on INR9cr Loan to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R.K. Scan
Centre to 'CRISIL B-/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan        9       CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with R.K. Scan Centre for
obtaining information through letters and emails dated December 17,
2018 and January 31, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of R.K. Scan Centre to 'CRISIL B-/Stable Issuer not
cooperating'.

Incorporated in the year 1995 R K Scan Centre is propertiorship
firm run by Mr. Kovi Ramana Kumar which provides various scan
services like MRI Scan, Ultrasound Scan and other Laboratory
Services. The Entity has 2 scan centers in Guntur.


S.K. EXPORTS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned S.K. Exports (SKE)
a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR4 mil. Term loan due on December 2022 assigned with IND BB-
     /Stable rating;

-- INR160 mil. Fund-based working capital limits assigned with
     IND BB-/Stable rating; and

-- INR20 mil. Non-fund-based working capital limits assigned with

     IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SKE's small scale of operations, as indicated
by revenue of INR406.30 million in FY18 (FY17: INR461.39 million).
The revenue decreased on a yoy basis primarily due to delays in
receipt of payments for a part of the orders executed in March
2018.

Additionally, the company's credit metrics are moderate due to high
debt levels (FY18: INR158.30 million; FY17: INR179.72 million). The
metrics deteriorated on a yoy basis in FY18 due to a decline in the
absolute EBITDA to INR38.82 million (FY17:INR49.68 million) because
of an increase in raw material cost. The gross interest coverage
(operating EBITDA/ gross interest expenses) deteriorated to 2.77x
in FY18 (3.63x) and the net leverage (adjusted net debt/ operating
EBITDA) worsened to 3.52x (3.38x).

Furthermore, the ratings reflect SKE's average EBITDA margin. The
company's EBITDA margin declined to 9.6% in FY18 (FY17: 10.8%)
owing to an increase in the cost of raw material. The return on
capital employed was 12% (FY17:18%).

The company's liquidity profile is moderate, with the average use
of fund-based working capital limits at 82.2% during the 12 months
ended January 2019. The cash flow from operations turned positive
at INR53.86 million in FY18 (FY17: negative INR14.28 million) due
to an improvement in the working capital cycle to 130 days in FY18
(FY17: 143 days). Cash and cash equivalents amounted to INR21.52
million at end-FY18 (end-FY17: INR11.73 million).

The ratings also factor in the partnership nature of the
organization.

The ratings, however, are supported by the partners' experience of
more than three decades in the manufacturing of horse-riding
accessories.

RATING SENSITIVITIES

Positive: A substantial growth in revenue along with an overall
improvement in the credit metrics will be positive for the
ratings.

Negative: A decline in the revenue and overall credit profile, on a
sustained basis, will be negative for the ratings.

COMPANY PROFILE

SKE was formed in 2000 as a partnership firm by Mr. Sidharth Kapoor
along with his family members. The firm commenced commercial
operations in 2002, with a manufacturing facility located in
Kanpur. The firm manufactures horse-riding accessories such as
saddle, strappings, riding breeches, and work wear.


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

The instrument-wise rating action is:

-- INR500 mil. Term loan due on March 2020 migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Shalimar Corp and KSM Bashir Mohammad and Sons are developing a
residential project called Garden Bay in Lucknow.


SRI KRISHNA: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Krishna
Jewellers (SKJ) to 'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit           5       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Proposed Cash        11       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SKJ for obtaining
information through letters and emails dated December 17, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SKJ to 'CRISIL B+/Stable Issuer not cooperating'.

Sri Krishna Jewellers (SKJ) was set up by the descendants of
Mr.Soorappa Chettiyars family in 2006. The firm is wholesaler of
gold jewellery. The promoters have been in the same line of
business for about a long time. Currently, the firm is being
managed by the fourth generation of the family.


SRI PVN : CRISIL Migrates B+ Ratings to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri P.V.N. R&B
Rice Mill (SPVN) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            8.1      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     1.65     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   SME Credit              .25     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)


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

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SPVN to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2005, SPVN mills and processes paddy into rice. The
manufacturing plant is in Gudupallipadu, Andhra Pradesh. Mr
Srinivasulu and Mr Chandrababu and their families are the
promoters.


TATA STEEL: S&P Alters Outlook to Positive & Affirms 'BB-' ICR
--------------------------------------------------------------
On April 1, 2019, S&P Global Ratings revised its outlook on Tata
Steel Ltd. and its subsidiary ABJA Investment Co. Pte. Ltd. to
positive from stable. At the same time, S&P affirmed its 'BB-'
long-term issuer credit ratings on the companies, as well as its
'BB-' long-term issue rating on the various U.S. dollar-denominated
senior unsecured notes issued by ABJA Investment.

S&P said, "We believe Tata Steel's leverage will improve over the
next 12 months as the company completes strategic measures to
re-focus on the high growth and profitable Indian steel market. We
expect Tata Steel to gain from sustained high steel prices in the
world's second-largest steel market, given its low-cost position
and dominant market share. The diminishing prospect of the Bhushan
Power and Steel acquisition and the deconsolidation of the
low-margin Europe business are further positives for Tata Steel's
credit profile. As a result, we expect the company's ratio of funds
from operations (FFO) to debt to improve to 15%-17% in the fiscal
year ending March 31, 2020.

"Our revised leverage expectation stems from Tata Steel's stable
earnings over the next 12 months and a reducing debt profile. We
expect EBITDA to stabilize at Indian rupee (INR) 250 billion-INR270
billion because we anticipate Tata Steel's India business to
continue benefitting from stable international steel prices, which
should flow through into domestic steel prices. The demand outlook
for steel in India remains robust, and we expect Tata Steel to
produce and sell near peak capacity utilization.

"Government spending on infrastructure and private demand for homes
and automobiles continue to drive steel demand in a market where
the per capita consumption of steel continues to be well below
global and regional averages. We expect the market to add 7
million-8 million tons of demand per year, which will easily absorb
the planned and in-process capacity expansions of key Indian steel
makers over the next three to four years.

"We no longer believe Tata Steel has a high likelihood of winning
Bhushan Power and Steel. This comes after a committee of lenders to
Bhushan Power and Steel controlling the bankrupt asset awarded the
sale to JSW Steel Ltd., and hearings for the resolution plan are
underway. Therefore, we deconsolidate the debt and earnings
expected of the asset, improving Tata Steel's ratio of FFO to debt
by about 2 percentage points over the next 12-18 months. Tata Steel
was the highest bidder under the original process deadline, which
led us to include the asset in our forecasts for Tata Steel.
However, lenders have admitted after the deadline that they
received a higher offer from another bidder and the bankruptcy
court has thus far ruled in favor of that. Although Tata Steel
retains legal options to contest this outcome, prevailing evidence
suggests that the process prefers the highest bidder. Tata Steel is
not the highest bidder and has shown no inclination to revise its
bid upward. Any late legal challenge by Tata Steel to the ongoing
process remains a risk to our estimates.

"We expect Tata Steel to successfully divest its European business
in the next two to three months; it is currently in the advanced
stages of European anti-trust approvals. The resulting
deconsolidation is credit positive for Tata Steel because the
European business has historically lagged the group in leverage and
earnings performance. We expect the benefit to be available for
nine to 11 months of fiscal 2020 and project a 1.0-1.5 percentage
point positive impact on Tata Steel's FFO-to-debt ratio."

The acquisition of Usha Martin's steel business and the divestment
of Tata Steel's Southeast Asia business each has a marginal impact
on the credit profile although these steps support Tata Steel's
pivot to India's steel market and its increased share of downstream
value-added capacities.

Tata Steel's leverage is substantially higher than regional and
global peers', all of whom have reduced debt materially in fiscal
2018 and fiscal 2019 using upcycle cash flow. In contrast, Tata
Steel has consumed its cash flow for acquisition and capital
expenditure (capex). While a fall in global steel prices is not in
our base case, a number of industry and macroeconomic stresses
continue to build, including increasing steel production in China,
disruption from trade wars, and slower Chinese growth. Tata Steel's
higher leverage leaves the company more exposed to a potential
downcycle than other steel makers.

S&P said, "We expect no material acquisitions and a largely
back-loaded capex profile for Tata Steel's ongoing expansion in
Kalinganagar, India. Any outsized spending by Tata Steel on new
acquisitions would be a risk to our estimates although we view this
risk to be low. There are no large steel mills left to be auctioned
in Indian bankruptcy courts.

"ABJA is a 100%-owned subsidiary of Tata Steel. We believe it is an
integral part of the group and its sole purpose is to raise funding
for the group. We expect ABJA to continue to benefit from Tata
Steel's long-term commitment to the subsidiary. We therefore rate
ABJA the same as Tata Steel.

"The positive outlook reflects our view that Tata Steel continues
to benefit from a stable pricing environment for steel over the
next 12 months. The diminishing prospect for the Bhushan Power and
Steel acquisition implies that Tata Steel's FFO-to-debt ratio is
likely to improve sustainably above our upgrade trigger of 15% over
the next 12 months.

"We would upgrade Tata Steel over the next six to nine months if we
believe its FFO-to-debt ratio will sustain above 15%. Key
indications will be Tata Steel's unit profitability staying at or
above current levels and a divestment of the Europe steel business
in line with our expectations.

"We would revise the outlook to stable if a fall in steel prices
leads to Tata Steel's stand-alone India business EBITDA declining
sustainably below INR12,000 per ton, leading to its FFO-to-debt
ratio falling sustainably below 15%."


VAISHNAVI EXPORTS: CRISIL Withdraws D Rating on INR15cr Loan
------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Vaishnavi
Exports and Import Co. (VEIC; a part of Aditya Group) on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.  

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Packing Credit       15       CRISIL D (ISSUER NOT
                                 COOPERATING; Migrated from
                                 'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with VEIC for obtaining
information through letters and emails dated March 7, 2019 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These 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 VEIC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for VEIC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of VEIC to 'CRISIL
D Issuer not cooperating'.

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VEIC and its group companies Aaryan
Trade and Exim LLP (ATEL), Aditya Investment And Exim Trade Company
Private Limited (AIETPL), Magdha Creative Merchant LLP (MCML),
Vedant Trade Impex Private Limited (VTIPL), Veeaar Fabware Private
Limited (VFPL) and Vihaan Infin And Exim Private Limited (VIEPL),
collectively referred to as the Aditya group. This is because all
these entities, together referred to as the Aditya group, are in
the same line of business and under a common management, and have
operational synergies.

                          About the Group

Aditya Group was established by Mr Ramesh Singh in 2008. The group
is engaged into exports of food grains, coconuts, confiseries
(Stationery, Biscuits and Chocolates), Textiles products (RMG,
Shirting & Suiting and fabrics).  The group is based out of Mumbai,
Maharashtra.


VICTRONICS COMM: CRISIL Cuts Ratings on INR57.5cr Loans to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Victronics Communications Private Limited (VCPL) to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+' due to delays in
debt servicing.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           7        CRISIL D/Stable (Downgraded
                                  from 'CRISIL BB/Stable'; Rating
                                  withdrawn)

   Letter of Credit     10        CRISIL D (Downgraded from
                                  'CRISIL A4+'; Rating withdrawn)

   Proposed Long Term   13        CRISIL D/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BB/Stable'; Rating
                                  withdrawn)

   Proposed Short       27.5      CRISIL D (Downgraded from
   Term Bank Loan                 'CRISIL A4+'; Rating withdrawn)

   Facility              
                                  
Simultaneously, CRISIL has withdrawn its rating on the bank
facilities of VCPL at the company's request and on receipt of the
no-dues certificate from VCPL's bankers. The rating action is in
line with CRISIL's withdrawal policy for bank loan ratings.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing: Liquidity was stretched owing to high
working capital intensive business. Hence, the company delayed in
debt servicing.

Strength
* Well-known brand: Backed by the established brand 'Lemon' under
which mobile handsets are sold by group company, the company has
developed a wide marketing network with an established distributor
base. Sound distribution network supported by the brand has helped
the company to scale up within a year of beginning operations.

VCPL incorporated in 2015, is a Delhi based company engaged in
manufacturing and assembling of mobile accessories under the brand
of 'Lemon Mobiles'. The operations started in Sep' 16. The company
is promoted by Mr Kapil Chugh and his family. The company's plant
is in Greater Noida.


VIRAJ STEEL: CRISIL Moves B- Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Viraj Steel
and Energy Private Limited (VSEL) to 'CRISIL B-/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with VSEL for obtaining
information through letters and emails dated December 27, 2018 and
January 31, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VSEL to 'CRISIL B-/Stable Issuer not cooperating'.

VSEL, incorporated in 2004, started commercial production in 2006.
The company is owned and operated by Mr Kamaljeet Singh Ahluwalia
and Mr Prashant Kumar Ahluwalia. VSEL manufactures sponge iron
(capacity of 220,000 tonne per annum'tpa) and mild steel billets
(280,000 tpa) at its facility in Sambalpur, Orrisa. The company
also has a waste head recovery based power plant of 16 MW capacity
and an atmospheric fluidised bed combustion (AFBC) based power
plant with 14 MW capacity.


VISHVAS POWER: Ind-Ra Rates INR13.89MM Loans Due 2026 'B'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Vishvas Power
Engineering Services Private Limited's (VPESPL) additional bank
loans as follows:

-- INR13.89 mil. Long-term loans due on March 2026 assigned with
     IND B/Stable rating;

-- INR10 mil. Fund-based Limit assigned with IND B/Stable/IND A4
     rating;

-- INR10 mil. Non-fund-based limit assigned with IND A4 rating;
     and

-- INR4 mil. Long-term loans due on April 28, 2020, withdrawn
     (repaid in full)

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
=================

INTILAND DEVELOPMENT: Fitch Affirms B(EXP) LT IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed PT Intiland Development Tbk's Long-Term
Foreign-Currency Issuer Default Rating of 'B(EXP)' with a Stable
Outlook. At the same time the agency has chosen to withdraw the
rating for commercial reasons. Fitch is also withdrawing the senior
unsecured rating of 'B(EXP)' and the 'B(EXP)' and Recovery Rating
of 'RR4' assigned to the proposed US dollar senior unsecured notes
because the company has decided to cancel the bond issuance.

The affirmation reflects Fitch's view that Intiland will be able to
maintain a profile commensurate with its rating in the next 12-18
months. This is supported by Fitch's expectation that Intiland will
be able to generate attributable presales of IDR2 trillion-3
trillion over the medium term, a level that is consistent with that
of other 'B' rated Indonesian developers. Intiland's ratings
continue to be constrained by its high leverage profile and high
business risk associated with its predominantly mixed-use property
development projects

The ratings were withdrawn with the following reasons:

  - For Commercial Purposes

  - Forthcoming Debt Issue/Transaction Carrying An Expected Rating
Is No Longer Expected to Proceed As Previously Envisaged

KEY RATING DRIVERS

Syndicated Loan Improves Liquidity: Fitch believes that Intiland's
liquidity has improved, following the IDR2.8 trillion eight-year
syndicated term loan obtained in December 2018. Intiland will
utilise the proceeds to repay short-term loans and address IDR2.6
trillion of debt maturing in the next 12 months. As a result,
Intiland will be able to better manage its short- to medium-term
cashflows, because the syndicated loan has a balloon repayment
profile and extends Intiland's debt maturity to 2026.

High Leverage Profile: Intiland's credit profile is constrained by
its high leverage, which stems from its focus on high-rise property
development projects in the short- to medium-term. Intiland's
business model leads to less flexible working capital and more
expensive land bank replenishment cost, in contrast to other rated
Indonesian homebuilders, which benefit from more flexible timing of
cashflows for landed residentials and large, low-cost land banks.
Fitch therefore expects narrowing leverage headroom in the next
12-18 months as Intiland continues to build existing high-rise
projects despite relatively low presales and committed capex
totalling around IDR400 billion.

Nevertheless, Fitch believes Intiland's leverage profile will
remain appropriate for the rating. Intiland has only two on-going
mixed-use projects that have low presales, and the company will
only start new mixed-use projects once the minimum presales rate is
met. In addition, Intiland has identified several assets that it
plans to dispose in 2019-2023 to improve its liquidity, if
required. These are mostly non-core assets that are not likely to
contribute meaningful cashflows in Fitch's forecast.

Weak Apartment Sales to Recover: In 2018, Intiland reported lower
consolidated presales, primarily driven by continued weak demand
for its apartment projects. Intiland had to postpone the launch of
the South Quarter apartment project in south Jakarta, and Graha
Golf Phase 3 in Surabaya, while sales of existing projects, such as
Praxis and Spazio in Surabaya, continued to be lower than the
company's expectations. However, the effect was partly offse by
higher presales for landed residential projects and industrial land
sales.

Fitch expects demand for apartments to gradually recover, as
Intiland's ongoing projects move towards completion. Fitch believes
that completed products are more appealing to end-buyers, and that
the strategic locations of the company's projects in Jakarta and
Surabaya provide it a competitive advantage. Over the longer term,
Fitch also believes that demand for apartments from investors will
recover because of the limited available supply as developers have
delayed new project launches in the past two to three years.

Adjustment to JV Cashflows: Fitch proportionately consolidates the
57 Promenade and South Quarter projects in Jakarta, in which
Singapore's sovereign wealth fund GIC has stakes, to factor in
minority interests in these projects. In computing Intiland's
leverage, Fitch previously deconsolidated both projects and added
back Intiland's equity shares. Fitch now uses proportionate
consolidation in computing Intiland's leverage, for consistency
with the approach taken on its presales and cashflows. Leverage
under the two methods is not materially different. As of September
30, 2018, the ratio was 41% under proportionate consolidation and
42% under deconsolidation.

DERIVATION SUMMARY

Intiland's risk profile is comparable with that of PT Alam Sutera
Realty Tbk (ASRI, B/Stable) and PT Modernland Realty Tbk
(B/Stable), and therefore rated all companies at the same level.
Fitch expects all companies to generate annual presales excluding
bulk land sales of around IDR 2 trillion-3 trillion over the next
24 months. ASRI and Modernland have better development margins,
stemming from both companies' large and low-cost land bank, but
Intiland has better project diversity in terms of location in
Jakarta and Surabaya, Indonesia's two largest cities, and product
mix.

KEY ASSUMPTIONS

  - Attributable presales of IDR1.7 trillion in 2019 and IDR3
trillion in 2020. This is supported by the launch of the South
Quarter and Pondok Pinang apartment projects in Jakarta, and
accelerated presales of its Praxis and Spazio mixed-use projects in
Surabaya, both of which are progressing towards completion.

  - Committed capex at Praxis and Spazio is progressing as planned


  - IDR2.8 trillion syndicated loan fully drawn in 2019 to
refinance existing debt of IDR2.6 trillion

RATING SENSITIVITIES

Not applicable as the ratings are withdrawn

LIQUIDITY AND DEBT STRUCTURE

Improving Liquidity: Intiland's liquidity has improved, following
the syndicated loan obtained in December 2018 to refinance the bulk
of its short-term debt. Intiland will also have a more laddered
maturity profile following the refinancing. Fitch believes this
should provide Intiland with more financial flexibility, especially
as Fitch expects property demand to remain muted at least until
after the Indonesian presidential election in 1H19.




===============
M A L A Y S I A
===============

SCANWOLF CORP: Unit Defaults on Loan Repayments to Bank
-------------------------------------------------------
The Sun Daily reports that Scanwolf Corp Bhd (SCB) said its
wholly-owned unit Scanwolf Development Sdn Bhd (SDSB) has defaulted
on instalment repayments of principal sums in respect of credit
facilities granted by a financial institution.

The default in the instalment repayments of principal sums is
approximately MYR1.75 million, while the total amount outstanding
of the defaulted credit facilities is approximately MYR8.7 million,
Sun Daily discloses.

According to the report, SCB told the stock exchange that its unit
is unable to repay the instalment of the principal sums due to the
sluggish property market affecting its sales.  However, it said
SDSB has not received any letter of demand, noting the default of
the instalment repayment is for the date April 1, 2019.

The Sun Daily relates that SCB said the company intends to improve
its cashflow by selling off part of its properties inventory which
has a combined value of approximately RM99.2 million and reduce
unnecessary expenses.

It also plans to submit a proposal to restructure the loan
facilities with the bank, the report relays.

"Currently, there are no business, financial and operational impact
of the default on SDSB.

"SCB is of the opinion that the company will be able to pay all its
debts as and when they fall due within the period of 12 months from
the date of this announcement," it added.

Scanwolf Corporation Berhad, an investment holding company,
designs, manufactures, and sells plastic extrusions in Malaysia.




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

EBERT CONSTRUCTION: Clients Withholding NZ$15MM Over 'Defects'
--------------------------------------------------------------
Madison Reidy at Radion New Zealand reports that receivers of
failed firm Ebert Construction are struggling to recoup NZ$15
million owed to it, meaning subcontractors are unlikely to be
paid.

RNZ relates that co-receiver Lara Bennett, from
PricewaterhouseCoopers, said about 25 of Ebert's former clients
were withholding funds, citing defects in Ebert's work.

Ebert was owed NZ$18.6 million from clients when receivers were
appointed in July, but only NZ$3.7 million had been paid, Ms.
Bennett said, RNZ relays.

"Customers have advised that the cost of remedying the alleged
defects will exceed the value of the retentions held against Ebert
and as such they do not intend to release any funds."

Defects such as leaking pipes were not a result of poor workmanship
and did not pose a safety risk, she said.

According to RNZ, the receivers' second report said there would be
no money to give to liquidators to pay the full NZ$33.8 million
owed to subcontracted tradies.

However, they had been paid NZ$2.2 million from the first tranche
of payments from the retention fund that protected a small portion
of their pay.

All former employees and Inland Revenue have been paid the NZ$1.7
million million they were collectively owed, RNZ says.

There was NZ$1.6 million left in Ebert's account as of January,
after paying lawyers nearly NZ$300,000 and security guards about
NZ$116,000 to protect locked sites for a few days, RNZ discloses.

RNZ adds that the Bank of New Zealand and Ebert director Kelvin
Hale were likely to be paid next, but Ms. Bennett said they would
not get all of the NZ$9.5 million they had claimed in general
security interests.

                      About Ebert Construction

New Zealand-based Ebert Construction Limited provided construction
management services. It offered design management, value
engineering, cost planning, programming, construction management,
health and safety management, quality management, and project
reporting services.

Lara Bennett, John Fisk and Richard Longman from PwC were appointed
receivers to Ebert Construction Limited in July 2018 as a result of
a request made by the Ebert Board of Directors to its bank.

At the time of PwC's appointment, the company was involved in 15
active projects, employed 100 staff and was forecasting turnover of
NZ$171 million in the year through March 2019, according to NZ
Herald.

Some NZ$640,000 was owed to staff as preferential creditors, with a
further NZ$1.3 million owed to employees on an unsecured basis, NZ
Herald disclosed citing receivers' first report.

NZ Herald said Ebert co-founder and managing director Kevin Hale is
also a secured creditor, owed NZ$3.5 million, which he loaned to
the business on July 24 as a short-term measure before new capital
was raised from other shareholders.


SNAKK MEDIA: Was Most Likely Insolvent, Liquidators Say
-------------------------------------------------------
Duncan Bridgeman at NZ Herald reports that Snakk Media's
liquidators are assessing whether the company can be sold as a
going concern but say they are not optimistic as there are no
tangible assets.

A more realistic option might be to sell Snakk's listing on the New
Zealand Stock Exchange given there is a security bond that could be
recovered, the report says.

Snakk, a mobile advertising company, first listed on the NZX in
March 2013 with entrepreneur Derek Handley, who was chairman,
owning 22.6 per cent of the company, NZ Herald notes.

Mr. Handley stepped down from the board in 2015 and the latest
annual report does not list him as among the company's top 20
shareholders.

Gareth Hoole and Clive Bish of Ecovis KGA were appointed
liquidators on March 14 following a period of voluntary
administration, the report discloses.

According to NZ Herald, Snakk's last share price trade was at 5.5
cents a share (valuing it at NZ$965,600) having dropped 39 per cent
in the past year. The company compliance listed on the NZAX in
March 2013 at 6.5 cents a share and hit a low of 3.5 cents in
October.

In their first report, the liquidators said the company held no
tangible assets and the intellectual property underlying the
business model could not be identified or belonged to a third
party, NZ Herald relays.

NZ Herald says the company has a number of debtor balances which
require collection, including a NZ$4.35 million advance to a
subsidiary company.

"At the time of appointment the company was prima facie solvent,
but the significant likelihood of non-collection of the related
party advance would render it insolvent," the liquidators, as cited
by NZ Herald, said.

"At this time, [the liquidators] have not been able to determine
how long the company traded under insolvent circumstances, if at
all."

NZ Herald says the report identifies creditor claims of NZ$274,410,
of which NZ$272,160 are unsecured.

Assets include a bank deposit of NZ$1,839, intellectual property
rights (including the NZX bond) of NZ$44,679 and the related party
loan of NZ$4.35 million to subsidiary companies in Australia and
Singapore, both of which are no longer trading, NZ Herald
discloses.

The liquidators said they will pursue action against the directors
of the company if evidence exists to support such action and it is
considered economically beneficial, adds NZ Herald.

Rahul Goyal and Scott Langdon of KordaMentha were appointed as
administrators of Snakk Media on Dec. 10, 2018.


TRADE ME: Moody's Assigns B1 Corp. Family Rating, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family rating
to Titan AcquisitionCo New Zealand Limited (Trade Me). The outlook
is stable.

At the same time, Moody's has assigned a B1 senior secured rating
to Trade Me's proposed NZD842 million equivalent first lien senior
secured term loan facility, guaranteed by Titan GuarantorCo New
Zealand Limited.

The proceeds of the borrowings will be used to fund the acquisition
of Trade Me Group Limited and its subsidiaries by the financial
sponsor, private equity firm Apax Partners.

RATINGS RATIONALE

Trade Me's B1 corporate family rating benefits from its leading
market position, strong brand awareness and large audience
following in New Zealand, as well as its multiple business segments
that supports the company's credit profile by providing
diversification. Additionally, the company's motor, property, jobs,
and marketplace segments help increase traffic in each area of
Trade Me.

The sector benefits from the continued migration of classifieds
advertising from print to online as New Zealand has lagged behind
other developed markets in terms of online penetration rates, but
is expected to follow a similar trajectory.

Trade Me consistently generates high adjusted EBITDA margins in
excess of 67%, providing a level of flexibility to increase
marketing and development spending, if required, to fend off new
entrants.

The rating is constrained by the company's high financial leverage,
with adjusted debt/EBITDA expected to register around 6.4x at the
end of the fiscal year ending June 30, 2019. However, Moody's
expects Trade Me to achieve steady deleveraging upon completion of
the transaction, supported by strong earnings growth and solid free
cash flow generation, enabling debt reduction.

Operating in the rapidly evolving online classifieds and ecommerce
sectors, Trade Me is also exposed to the risk of new entrants and
disruption with barriers to entry in Trade Me's markets being
relatively low. Nevertheless, Moody's views Trade Me's competitive
position in New Zealand as strong, supported by its large audience
following, high user trust and deep local knowledge. To date, new
entrants have had limited success challenging Trade Me's
incumbency.

Rating Outlook

The stable outlook reflects Moody's expectation that Trade Me will
maintain its leading market position, and that steady deleveraging
will take place through a combination of earnings growth and debt
repayment from free cash flow.

Factors that Could Lead to an Upgrade

The rating could be upgraded if: (1) adjusted debt/EBITDA is
maintained below 4.5x on a sustained basis; and (2) the company
articulates a clearly defined financial policy that is commensurate
with a higher rating.

Factors that Could Lead to a Downgrade

The rating could be downgraded if: (1) adjusted debt/EBITDA exceeds
6.5x; (2) the company experiences a significant deterioration in
its market share; or (3) the company's liquidity profile weakens
substantially.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016..

Titan AcquisitionCo New Zealand Limited (Trade Me) is the leading
online marketplace and classified business in New Zealand with
local scale across a breadth of service offerings including
auctions, fixed price sales for new and used goods (Marketplace)
and classified advertisements for automotive (Motors), real estate
(Property) and employment (Jobs). Trade Me also has web businesses
specializing in accommodation, insurance, payments and online
dating.

In late 2018, Trade Me entered into a scheme implementation
agreement under which funds advised by Apax Partners will acquire
100% of Trade Me shares for an enterprise value of NZD2.74 billion.
The transaction is subject to shareholder approval.




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

HYFLUX LTD: Woes 'Result of Own Commercial Decisions', EMA Says
---------------------------------------------------------------
The Business Times reports that the Energy Market Authority (EMA)
of Singapore said on April 2 that Hyflux Ltd's present financial
situation was the "result of its own commercial decisions".

The gas industry regulator was responding to a reader's letter,
"Time for a close look into why Hyflux tanked. This was no typical
business failure", published in The Business Times on March 26.

In the letter, reader Leong Mun Wai suggested that vesting
contracts and policy changes led to lower electricity prices which
in turn was a key contributory factor to Hyflux’s current
situation. In its letter to BT, EMA said Mr. Leong "had drawn the
wrong conclusions".

It said: "Hyflux's present financial situation is a result of its
own commercial decisions, with full knowledge of the gas supply
situation and electricity generation market," BT relays.

On the vesting contracts, EMA said that in 2009, it offered the
liquefied natural gas (LNG) vesting scheme to generation companies
(gencos) as a voluntary option to encourage the uptake of LNG. It
said that the gencos opted into the scheme "based on their own
commercial considerations".

According to the report, while EMA offered only up to 1.2 million
tonnes per annum of LNG under vesting contracts, the gencos had
bought more than twice as much LNG. They then made their commercial
decisions to build additional generation capacity to consume the
LNG that they had bought. At that time, wholesale electricity
prices were high but the subsequent increase in generation capacity
led to a decline in wholesale electricity prices in recent years.

The agency added that Hyflux does not have any LNG vesting
contracts and had decided to build its power plant after the LNG
vesting contracts were awarded to other gencos. Thus, when Hyflux
made its decision, it would also have been aware of other gencos'
plans to increase their generation capacity as this was publicly
available information published by EMA, it said, BT relays.

BT relates that EMA also said it was incorrect for Mr. Leong to
claim that Hyflux’s financial problems were caused by "an
unexpected domestic policy change". It added there is also no
justification for EMA to "render relief" to Hyflux using public
resources, as Mr. Leong had suggested.

The spokesman added: "EMA will continue to promote economic
efficiency and competition, and ensure a level playing field for
stakeholders in the electricity market."

BT relates that in Mr. Leong's letter, he had suggested that
Hyflux's management was perhaps "blinded by the potential huge
profits if electricity prices had stayed at around S$200 per MWh,
the price level in 2012 when the decision was made". The company
committed to a high-priced gas supply contract with no
corresponding mechanism to protect the company against the decline
of the electricity price, he added.

Mr. Leong also said the collapse in electricity price was the
"direct result of the vesting contracts given to the other gencos
in return for their support to sign long-term take-or-pay gas
supply contracts from the LNG terminal, itself another national
project".

He added as a result of the vesting contracts, existing gencos
expanded their capacity rapidly. This resulted in a reserved margin
of 80 per cent instead of the normal 30 per cent, precipitating the
price collapse, BT relays. The letter also said that EMA "did not
render relief to Hyflux at an early stage" to buffer it from the
unintended results of the vesting contracts.

On April 1, Minister for the Environment and Water Resources
Masagos Zulkifli said the government cannot use taxpayer money to
help retail investors recoup losses from the beleaguered water
treatment firm, BT reports.

According to BT, Hyflux faces the prospect of selling its biggest
asset, its Tuaspring desalination plant, to PUB for zero dollars if
it fails to rectify defaults at the plant by April 30. PUB will
take over only the desalination plant, and not the power plant
which sits on the same site.

The Hyflux make-or-break scheme meetings when the firm's
restructuring plan will be put to a vote are set for April 5, the
report relays.

                            About Hyflux

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

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

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

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




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

ASIANA AIRLINES: Plans Additional Asset Sales to Secure Liquidity
-----------------------------------------------------------------
Yonhap News Agency reports that Asiana Airlines Inc., South Korea's
second-biggest airline by sales, will move to secure liquidity and
bank loans through the sale of additional assets, the company's
chief executive said Monday.

In a letter sent to employees, Asiana Airlines CEO Han Chang-soo
said the company will "suspend non-profitable routes and reduce the
number of planes to swiftly respond to changing market demands,"
Yonhap relays.

According to Yonhap, Asiana's task force team went into operations
to transform the financially-troubled full-service carrier into a
productive and effective company, he said.

The CEO's message comes after the state-run Korea Development Bank,
the main creditor of Asiana, asked the airline to come up with a
stricter self-help plan to "resolve market concerns and regain the
confidence of investors" last week, Yonhap notes.

On March 27, KDB Chairman Lee Dong-gull made the remark when he met
Kumho Asiana Group Chairman Park Sam-koo to discuss the future of
the airline-to-chemical conglomerate. On the following day, Mr.
Park announced he will resign from all key posts at the group to
take responsibility for the recent controversy over an unfavorable
audit report on the airline, Yonhap relates.

Yonhap says Mr. Park asked the KDB to do all it could to help Kumho
Asiana stay afloat.

In response to Mr. Park's request, Mr. Lee said that top priority
should be the restoration of market confidence in the group and its
large shareholders, among others.

According to Yonhap, Mr. Park resigned after auditor Samil
PricewaterhouseCoopers issued a negative assessment of the
company's financial status on March 22.

Yonhap says the auditor questioned the lack of transparency on
provisions for leasing aircraft and the value of assets, as well as
financial information for its budget carrier units: Air Seoul Inc.
and Air Busan Co.

It issued an "unqualified" assessment of Asiana's 2018 annual
report after reviewing a revised annual report submitted by Asiana.
The revised report showed Asiana posting a net loss of KRW96.3
billion (US$85 million) in 2018, Yonhap discloses.

Yonhap notes that the view comes after the accounting firm
delivered a negative "qualified" assessment to Asiana's original
annual report. The term "qualified" means the auditor's auditing
scope is limited, as the company's financial figures are not in
accordance with generally accepted accounting standards.

Asiana currently owes KRW3.2 trillion to financial institutions and
has to repay KRW1 trillion of the total this year, the report
notes.

Asiana signed a memorandum of understanding with the state lender
in April last year to improve its financial status. It has focused
on securing liquidity by selling the group's headquarters building
and noncore assets, as well as issuing convertible bonds, in the
past year, Yonhap recalls.

As a result, the group's debt-to-equity ratio fell to 364.3 percent
at the end of 2018, down 30 percentage points from a year earlier.
Its overall borrowings also decreased by KRW1.2 trillion to
KRW3.952 trillion.

"We are in talks with the KDB to extend the MOU for another year to
put the company back on track," a company spokesman said, Yonhap
relays.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana
Airlines Incorporated -- http://www.asiana.co.kr/-- is engaged in
air transportation, engineering, construction, facilities,
electricity, ground handling, catering, communication, logo
products and e-business.  Asiana Airlines is a unit of the Kumho
Asiana Group, a South Korean conglomerate whose business portfolio
includes tire manufacturing and chemical production.




===========
T A I W A N
===========

YULON GROUP: Two Subsidiaries Plan to Restructure Capital
---------------------------------------------------------
Taipei Times reports that two subsidiaries of Yulon Group last week
announced capital reduction schemes, as the group started to
restructure its finances three months after the death of chief
executive officer Kenneth Yen.

Taipei Times relates that China Motor Corp, which sells Mitsubishi
sedans and its own-brand CMC commercial vehicles, on March 27 said
its board of directors had decided to cut the company’s capital
by 60 percent to increase the return on equity.

Taipei Times says the company plans to reduce its paid-in capital
by NT$8.3 billion (US$269.5 million) to NT$5.54 billion, while
returning NT$6 per share to shareholders, as well as a proposed
cash dividend of NT$1.7 per share, it said.

China Motor reported net income of NT$3.59 billion for last year,
or earnings per share of NT$2.64, down from NT$4.11 billion in
2017, Taipei Times discloses.

Revenue declined 10.37 percent year-on-year to NT$34.87 billion.

According to Taipei Times, the automobile unit’s capital
reduction announcement came a day after apparel affiliate Carnival
Industrial Corp said it would undergo a two-stage capital reduction
scheme.

Taipei Times relates that Carnival plans to cancel 109.01 million
common shares, or 28.6969 percent of the shares in circulation, to
pare down accumulated losses.

That would see its capital drop by NT$1.09 billion to NT$2.71
billion.

The company is then to conduct another 29.8768 percent capital
reduction to refund NT$2.9877 per share to shareholders, while
seeing its capital cut to NT$1.899 billion, Carnival said, Taipei
Times relays.

Carnival reported net losses of NT$233.57 million for last year,
compared with net losses of NT$458.94 million a year earlier.

The company has posted four consecutive years of losses, with
accumulated losses reaching NT$1.09 billion, Taipei Times notes.

Taipei Times adds that Carnival said it would not distribute a cash
dividend for last year.

Yulon Group engages in automotive and textile businesses. It
manufactures passenger cars and commercial vehicles. The company
also offers propeller shafts for automobiles, universal joints, and
precision gears; oil seals, anti-dust seals, and industrial rubber
products; automobile bumpers, instrument panels, wheel covers, and
synthetic timbers; body panels, stamping dies, stamping fixtures,
checking gauges, and panel assemblies; and automobile instrument
panels, bumpers, air-conditioning systems, condensers, radiators,
heat exchangers, exhaust pipes, suspension supporting frame
components, and instrument assemblies. In addition, it engages in
the sale and distribution of cars.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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