TCRAP_Public/190412.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

          Friday, April 12, 2019, Vol. 22, No. 74

                           Headlines



A U S T R A L I A

CASA BOHEME: Second Creditors' Meeting Set for April 18
CITADEL FINANCIAL: Second Creditors' Meeting Set for April 17
FYNA CONSTRUCTIONS: First Creditors' Meeting Set for April 23
GLOBAL ACCESSORIES: Second Creditors' Meeting Set for April 26
K SHAW: Second Creditors' Meeting Set for April 23

MODULAR BUILDING: First Creditors' Meeting Set for April 23
PCA TRADING: First Creditors' Meeting Set for April 24
SAPPHIRE XXI 2019-1: Moody's Gives B1 Rating to Class F Notes
SCORDO TRANSPORT: Second Creditors' Meeting Set for April 18
UGLII GROUP: ASIC Disqualifies Former Directors



B A N G L A D E S H

SOCIAL ISLAMI: Moody's Gives First-Time 'B1' LT Deposit Ratings


C H I N A

FANTASIA HOLDINGS: Moody's Rates New Senior Unsec. USD Notes 'B3'
HILONG HOLDING: Fitch Affirms LT IDR & Sr. Unsecured Rating at B+
REDSUN PROPERTIES: Fitch Rates $300MM Senior Notes Final 'B'
SUNSHINE 100: Fitch Hikes Senior Unsecured Rating to 'CCC'


I N D I A

ADLABS ENTERTAINMENT: CARE Reaffirms D INR1,015.84cr Loan Rating
APEETEX FABRICS: CARE Lowers Rating on INR6.21cr LT Loan to D
AVIGHNA DAIRY: CARE Lowers Rating on INR9.95cr LT Loan to D
BHAGATJEE STEELS: CARE Lowers Rating on INR16.15cr LT Loan to D
DEEN DAYAL: CARE Cuts Rating on INR9.76cr Loan to 'D', Not Coop.

FIRESTAR DIAMOND BVBA: Ind-Ra Keeps D(SO) Rating in Non-Cooperating
FIRESTAR DIAMOND FZE: Ind-Ra Keeps D(SO) Rating in Non-Cooperating
FIRESTAR DIAMOND INT'L: Ind-Ra Keeps 'D' Rating in Non-Cooperating
FIRESTAR DIAMOND LTD: Ind-Ra Keeps D(SO) Rating in Non-Cooperating
FIRESTAR INT'L: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating

GDR EDUCATIONAL: CARE Migrates 'D' Rating to Not Cooperating
GHANSHYAM DAS: CARE Migrates 'D' Rating to Not Cooperating
INCREDIBLE REALCON: CARE Migrates 'D' Rating to Not Cooperating
IREO GRACE: CARE Migrates 'D' Rating to Not Cooperating
JALAN TRANSOLUTIONS: Insolvency Resolution Process Case Summary

KASIM COAL: Insolvency Resolution Process Case Summary
KERALA INFRASTRUCTURE: Fitch Rates MTN Programme & Sr. Notes 'BB'
KESAR ENTERPRISES: CARE Reaffirms 'D' Rating on INR170.76cr Loans
KISHANGARH BEAWAR: CARE Reaffirms 'D' Rating on INR1,216.96cr Loan
KRISHNA KRAFTEX: Insolvency Resolution Process Case Summary

LAXMI RICE: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
LOGICAL JEWELLERS: Insolvency Resolution Process Case Summary
LUCRA JEWELS: Insolvency Resolution Process Case Summary
MAHAJYOTI FIBERS: CARE Migrates 'D' Rating to Not Cooperating
MAITHAN ISPAT: CARE Migrates 'D' Rating to Not Cooperating

NEMCARE HOSPITALS: Ind-Ra Migrates D LT Rating to Non-Cooperating
RP STEEL: CARE Migrates D Rating to Not Cooperating Category
SAKA EMBROIDERY: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
SAMRADDHI COT: CARE Migrates D Rating to Not Cooperating Category
SE TRANSSTADIA: CARE Migrates 'D' Rating to Not Cooperating

SUKATA TRACTOR: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
SUNIL HITECH: CARE Reaffirms D Rating on INR1138cr Loan to D
SVR CORPORATION: CARE Cuts INR9.50cr Loan Rating to D, Not Coop.
TIRUPATI COMMODITIES: CARE Lowers Rating on INR22cr Loan to D
TRUSTWORTHY GEMS: Insolvency Resolution Process Case Summary

VAST MEDIA: Insolvency Resolution Process Case Summary


I N D O N E S I A

GAJAH TUNGGAL: Moody's Affirms B2 CFR, Alters Outlook to Negative


P H I L I P P I N E S

HANJIN HEAVY: Philippine Ports King Joins Bid to Rescue Shipyard


S I N G A P O R E

HYFLUX LTD: Case Management Conference Scheduled for April 25
PACIFIC RADIANCE: Auditor Flags Going Concern Issue


S O U T H   K O R E A

KUMHO ASIANA: FSC Expresses Frustration Over Self-Rescue Plan


V I E T N A M

NATIONAL POWER: Fitch Puts LT IDR at 'BB', Outlook Stable

                           - - - - -


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

CASA BOHEME: Second Creditors' Meeting Set for April 18
-------------------------------------------------------
A second meeting of creditors in the proceedings of Casa Boheme Pty
Ltd has been set for April 18, 2019, at 10:00 a.m. at the offices
of Mackay Goodwin, at Level 2, 10 Bridge 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 17, 2019, at 4:00 p.m.

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

CITADEL FINANCIAL: Second Creditors' Meeting Set for April 17
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Citadel
Financial Corporation Pty Ltd has been set for April 17, 2019, at
12:00 p.m. at Wentworth Room, at Level 9, 33 Erskine 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 16, 2019, at 4:00 p.m.

Timothy Cook of Balance Insolvency was appointed as administrator
of Citadel Financial on March 13, 2019.

FYNA CONSTRUCTIONS: First Creditors' Meeting Set for April 23
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Fyna
Constructions (Hire & Sales) Pty Ltd will be held on April 23,
2019, at 10:00 a.m. at the offices of BPS Recovery, at Level 18,
201 Kent Street, in Sydney, NSW.

David Anthony Hurst and David Henry Sampson of BPS Recovery were
appointed as administrators of Fyna Constructions on April 11,
2019.

GLOBAL ACCESSORIES: Second Creditors' Meeting Set for April 26
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Global
Accessories Pty Ltd has been set for April 26, 2019, at 11:00 a.m.
at the offices of SM Solvency Accountants, at Level 10/144 Edward
Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 25, 2019, at 4:00 p.m.

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

K SHAW: Second Creditors' Meeting Set for April 23
--------------------------------------------------
A second meeting of creditors in the proceedings of K Shaw
Investments Pty Ltd, trading as Shaws Realty, has been set for
April 23, 2019, at 10:30 a.m. at Level 27, 259 George Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 18, 2019, at 4:00 p.m.

Sule Arnautovic and Daniel Jean Civil of Jirsch Sutherland were
appointed as administrators of K Shaw on March 18, 2019.

MODULAR BUILDING: First Creditors' Meeting Set for April 23
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Modular
Building Systems (Australia) Pty Ltd and Modular Construction
Consultants (Australia) Pty Ltd will be held on April 23, 2019, at
11:00 a.m. at Level 1, 1160 Hay Street, in West Perth, WA.

Dermott Joseph McVeigh of Avior Consulting was appointed as
administrator of Modular Building on April 9, 2019.

PCA TRADING: First Creditors' Meeting Set for April 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of P.C.A
Trading Co Pty Ltd will be held on April 24, 2019, at 11:00 a.m. at
the offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in
Sydney, NSW.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
P.C.A Trading on April 10, 2019.

SAPPHIRE XXI 2019-1: Moody's Gives B1 Rating to Class F Notes
-------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Permanent Custodians Limited as
trustee of Sapphire XXI Series 2019-1 Trust.

Issuer: Sapphire XXI Series 2019-1 Trust

AUD80.00 million Class A1S Notes, Assigned Aaa (sf)

AUD180.00 million Class A1L Notes, Assigned Aaa (sf)

AUD83.60 million Class A2 Notes, Assigned Aaa (sf)

AUD30.00 million Class B Notes, Assigned Aa2 (sf)

AUD5.60 million Class C Notes, Assigned A2 (sf)

AUD7.20 million Class D Notes, Assigned Baa2 (sf)

AUD4.40 million Class E Notes, Assigned Ba1 (sf)

AUD4.80 million Class F Notes, Assigned B1 (sf)

The AUD4.40 million Class G Notes are not rated by Moody's.

The transaction is an Australian residential mortgage-backed
securities (RMBS) transaction secured by a portfolio of residential
mortgage loans. All receivables were originated by Bluestone Group
Pty Limited or Bluestone Mortgages Pty Limited (Bluestone), and are
serviced by Bluestone Servicing Pty Limited (Bluestone Servicing).

Bluestone is an experienced securitiser in the Australian RMBS
market, having completed 27 term RMBS transactions since 2000.
Bluestone also has extensive securitisation experience through its
various warehouse funding arrangements. This is Bluestone's first
transaction for 2019.

RATINGS RATIONALE

  - The definitive ratings take into account, among other factors,
the evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 2.0% of the note balance, the legal structure, and
the credit strength and experience of Bluestone Servicing as the
servicer.

  - Moody's MILAN CE — representing the loss that Moody's expects
the portfolio to suffer in the event of a severe recession scenario
— is 14.0%. Moody's expected loss for this transaction is 2.0%.

Key transactional features are as follows:

  - Whilst the Class A1L and Class A2 Notes rank sequentially in
relation to interest and charge-offs, they rank pari passu in
relation to principal throughout the life of the transaction.
Principal repayments will be allocated pro-rata, based on the
stated amount of the notes. This feature reduces the absolute
amount of credit enhancement available to the Class A1L Notes.

  - The servicer is required to maintain the weighted-average
interest rates on the mortgage loans at least at 3.80% above
one-month BBSW, which is within the current portfolio yield of
5.8%. This generates a high level of excess spread available to
cover losses in the pool.

  - The yield enhancement reserve is available to meet senior
expenses and the required payments for Class A Notes only, while
any Class A Notes are outstanding and before the call option
trigger date. The reserve account is funded by trapping excess
spread at an annual rate of 0.40% of the outstanding principal
balance of the portfolio up to a maximum amount of AUD1,200,000.
After the Class A Notes have fully amortised, the yield enhancement
reserve will be released to repay principal on the outstanding
classes of notes from Class F to Class B (until the stated amount
of each class of notes is reduced to zero).

  - A retention mechanism will be used to divert excess available
income towards the repayment of the most junior class of the rated
notes outstanding. The retention amount will be up to 0.4% of the
current outstanding pool balance, and up to a total captured amount
of AUD1,200,000. At the same time, the trustee will issue Class RM
Notes, equivalent to the retention amount allocated, leaving
subordination levels unchanged.

  - The Class A1L to Class F Notes will start receiving their
pro-rata share of principal if step-down conditions are met.

  - Permitted further advances can be funded within the trust,
which could lead to a deterioration in the credit quality of the
pool. Further advances are subject to certain conditions. Further
advances will be funded through principal collections.

Key pool features are as follows:

  - The pool has a weighted-average scheduled loan-to-value (LTV)
ratio of 68.1% and there are no loans in the pool with a scheduled
LTV ratio over 85.0%.

  - The portfolio has a low level of weighted-average seasoning of
3.6 months.

  - Investment and interest-only loans represent 28.8% and 9.3% of
the pool, respectively.

  - Based on Moody's classifications, the portfolio contains 17.9%
exposure to borrowers with prior credit impairment histories
(default, judgment or bankruptcy). Moody's assesses these borrowers
as having a significantly higher default probability.

  - Based on Moody's classifications, the portfolio contains 50.5%
of loans granted on the basis of alternative income documentation,
with a further 1.5% granted on the basis of low income
documentation.

  - Around 55.2% of the loans in the portfolio were extended to
self-employed borrowers.

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:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian jobs
market and 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 that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.

SCORDO TRANSPORT: Second Creditors' Meeting Set for April 18
------------------------------------------------------------
A second meeting of creditors in the proceedings of Scordo
Transport Services Pty LTD has been set for April 18, 2019, at
11:30 a.m. at the offices of SV Partners, at Level 17, 200 Queen
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 17, 2019, at 5:00 p.m.

Michael Carrafa of SV Partners was appointed as administrator of
Scordo Transport on Feb. 22, 2019.

UGLII GROUP: ASIC Disqualifies Former Directors
-----------------------------------------------
The Australian Securities and Investments Commission has
disqualified Ms. Heather Knorr of Traralgon, Victoria and Ms. Ge
Zhu of Hurstville, New South Wales from managing corporations for
four years.

The disqualification follows an ASIC investigation into the affairs
of six companies within the Uglii Group that led to orders being
made by the Federal Court of Australia for their wind up in 2016
and 2017.

The six companies include: Uglii Corporation Limited (Uglii),
Global Ads System Pty Ltd (Global Ads) (formerly known as Uglii Ads
System Pty Ltd), Traralgon Technology Holding Limited (TTH), Uglii
Find Australia Limited (Uglii Find), Bizmio Limited (Bizmio) and
Project Discovery Services Pty Ltd (Project Discovery).

Each of the six Uglii Group companies were wound up with a
deficiency, with Uglii entering into liquidation with approximately
2,400 shareholders who received no return.

An ASIC delegate found Ms. Knorr (director of Uglii and Global
Ads):

   * failed to prevent Uglii from incurring further debts once it
     was insolvent;

   * failed to act with due care and diligence by failing to make
     enquiries as to the financial position of Uglii with regards
     to loans made by and to it, the terms of those loans, the
     debts incurred by the company and the origin of monies that
     were used to repay those debts;

   * failed to discharge her powers and duties with the requisite
     care and diligence in failing to ensure that funds raised by
     Uglii through the sale of ‘fighting fund shares' was used
     for the purpose for which it was raised;

   * failed to act with the requisite standard of care and
     diligence in failing to take an interest in how funds raised
     by the sale of Uglii shares purportedly for a ‘fighting
     fund' were used;

   * failed to take all reasonable steps to secure Uglii's
     lodgement of its financial reports for the years ending
     June 30, 2014 and June 30, 2015 and half years for the
     periods ending Dec. 31, 2014 and Dec. 31, 2015; and

   * failed to understand the roles of role and duties of a
     director.

The delegate found that Ms. Zhu (director and officer of Uglii and
officer of Global Ads TTH, Uglii Find, Bizmio and Project
Discovery):

   * failed to prevent Uglii from incurring further debts once
     it was insolvent;

   * failed to exercise her powers and discharge her duties with
     the required due care and diligence by failing to ensure that

     funds raised by Uglii by the sale of ‘fighting fund shares'

     were used for the purpose for which they were raised and that

     shareholders were not misled as to how the funds would be
     utilised;

   * failed to act with the requisite level of care and diligence
     by failing to ensure the lodgement by Uglii of its financial
     reports for the years ending June 30, 2014 and June 30, 2015
     and the half years ending Dec. 31, 2014 and Dec. 31, 2015;

   * failed to act with the requisite level of care and diligence
     by failing to ensure the lodgement by TTH and Bizmio of their

     financial reports for the year ending June 30, 2015; and

   * failed to perform, or perform adequately, the duties of a
     company officer.

Ms. Knorr's disqualification commenced on April 4, 2019 and will
continue until April 3, 2023.

Ms. Zhu's disqualification commenced on March 22, 2019 and will
continue until March 21, 2023.

In making the decision, the delegate relied upon reports that were
lodged by the liquidators of the failed companies. ASIC provided
the liquidators with funding from the Assetless Administration Fund
to prepare those reports.

On Dec. 6, 2016, the Federal Court of Australia, upon the
application of ASIC, ordered the wind up of Uglii Corporation
Limited, Traralgon Technology Holdings Limited, Uglii Find
Australia Limited, BizMio Limited and Projects Discovery Services
Pty Ltd and appointed Robyn Erskine and Adrian Hunter of Brooke
Bird as liquidators.  On March 2, 2017, the Court ordered that
Uglii Ads System Pty Ltd be wound up and that Ms Erskine and Mr
Hunter be appointed as liquidators.



===================
B A N G L A D E S H
===================

SOCIAL ISLAMI: Moody's Gives First-Time 'B1' LT Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service has assigned B1 long-term local and
foreign currency deposit ratings to Social Islami Bank Limited
(SIBL).

This is the first time that Moody's has assigned ratings to the
Bangladesh-based Islamic bank.

Moody's has also assigned B1 long-term local and foreign currency
issuer ratings, Not Prime (NP) short-term deposit and issuer
ratings, and a b2 baseline credit assessment (BCA) and adjusted BCA
to the bank.

In addition, Moody's has assigned to SIBL B1/NP local and foreign
currency Counterparty Risk Ratings, and a B1(cr)/NP(cr)
Counterparty Risk (CR) Assessment.

The rating outlook, where applicable, is stable.

RATINGS RATIONALE

The B1 deposit and issuer ratings incorporate a one-notch uplift
from the b2 BCA, based on Moody's assessment that the bank will
receive support from the Government of Bangladesh (Ba3, stable) in
times of need.

The b2 BCA reflects the bank's modest asset quality and
profitability. The BCA also takes into consideration the
improvement in the bank's capital, as well as its tight funding and
liquidity relative to the industry.

SIBL was established in 1995 as a full-fledged Islamic bank based
in Bangladesh. The bank adopts Shariah principles in the conduct of
its business, as reflected in the secured nature of the investment
(loan) portfolio.

At December 31, 2018, SIBL operated 155 branches and 86 agent
outlets in the country. The bank focuses mainly on corporate
clients, but has also been growing its small and medium enterprise
(SME) business. SIBL maintained market shares of 10.8% and 2.5% in
Islamic and system loans, respectively, at September 30, 2018.

SIBL reported a nonperforming investment ratio of 6.2% at 31
December 2018, largely in line with its private commercial peers.
Like many banks in Bangladesh, the bank is also exposed to
single-party concentration risk, with its top 20 funded corporate
exposures at 275.4% of its tangible common equity as of the same
date. The data is based on the bank's draft financial report for
2018.

In assessing asset quality, Moody's also considers performing
investments that are rescheduled, to reflect weaknesses beyond
default classification. These investments constituted 4.2% of
SIBL's portfolio at the end of 2018.

In 2018, SIBL slowed growth and cut dividends in response to higher
regulatory capital requirements. As a result, the bank's Common
Equity Tier 1 (CET-1) capital ratio increased to 8.5% at the end of
2018 from 7.0% a year ago. SIBL's capitalization was also supported
by a greater degree of risk-weighted asset (RWA) optimization
relative to its rated domestic peers, with an RWA density of 63.2%
at the end of 2018. Moody's expects SIBL to maintain a reasonable
buffer above the minimum CET-1 ratio of 7.0%, through prudence in
its growth and dividend policy.

SIBL's return on assets was modest at 0.7% in 2018, partly because
of the bank's high reliance on more expensive time deposits for
funding. The bank's current and savings account (CASA) ratio was
relatively low at 27.4% as of 31 December 2018. The contribution
from non-interest income was also limited, due to the bank's modest
transactional banking business, and Islamic restrictions on trading
interest-bearing securities.

SIBL's funding and liquidity are tighter compared to the industry,
with Islamic banks subject to less stringent liquidity requirements
than conventional banks. At the end of 2018, SIBL's liquid asset
ratio was 14.2%, while its regulatory bank-only investment-deposit
ratio stood at 91.5%.

Moody's assumes that the government will provide a moderate level
of support to SIBL in times of crisis. This view is predicated on
the bank's position as one of the country's mid-sized banks by
assets, as well as the strong propensity of the government to
support the banking system.

WHAT COULD CHANGE THE RATING UP/DOWN

SIBL's ratings could be upgraded if the bank's asset quality
improves. Capital retention, or higher profitability due to a lower
reliance on expensive term deposits for funding, could also drive
the ratings upwards.

Conversely, SIBL's ratings could be downgraded if the bank's asset
quality deteriorates. A further increase in deposit costs amid
tighter liquidity conditions, or higher credit costs from the
deterioration in asset quality, could lead to lower profitability
and capital generation. These factors could also drive the rating
downwards.

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

Headquartered in Dhaka, Social Islami Bank Limited's consolidated
assets totaled BDT307.4 billion ($3.7 billion) at 31 December 2018.



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

FANTASIA HOLDINGS: Moody's Rates New Senior Unsec. USD Notes 'B3'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Fantasia
Holdings Group Co., Limited's (B2 stable) proposed senior unsecured
USD notes.

Fantasia plans to use the proceeds from the proposed notes to
refinance certain of its existing indebtedness and for general
corporate purpose.

RATINGS RATIONALE

"The proposed bond issuance will not materially change Fantasia's
credit metrics in the next 12 to 18 months, but will slightly
improve its maturity profile," says Celine Yang, a Moody's
Assistant Vice President and Analyst.

Moody's expects Fantasia's leverage--as measured by revenue to
adjusted debt--will trend towards 40% in the next 12-18 months from
32% in 2018, largely driven by an increase in revenue on the back
of strong contracted sales growth in the past one to two years. At
the same time, Moody's estimates EBIT/interest will improve towards
1.50x over the same period from 1.31x in 2018.

Fantasia's B2 corporate family rating reflects the company's (1)
established track record in property development in the
Chengdu-Chongqing Economic Zone and the Pearl River Delta; and (2)
the diversified income streams from its property management, rental
and hotel management businesses, which are mostly recurring in
nature.

On the other hand, the B2 rating is constrained by the company's
high leverage and weak interest coverage, which is in turn caused
by its high-cost financing.

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

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

The stable ratings outlook reflects Moody's expectation that over
the next 12-18 months Fantasia will execute its sales plan and
improve its credit metrics while maintaining sufficient liquidity.

Fantasia's ratings could be upgraded if the company (1) improves
its debt maturity and liquidity profile; and (2) improves its
credit metrics such that revenue/adjusted debt rises to 60%-70% on
a sustained basis and EBIT/interest improves to 2.5x or above.

The ratings could be downgraded if (1) its contracted sales or cash
collections weaken; (2) it engages in aggressive land acquisitions
or other business acquisitions, such that its debt leverage and
liquidity deteriorate materially; (3) refinancing and liquidity
risks increase; or (4) its credit metrics are unlikely to improve,
with EBIT/interest failing to trend towards 1.5x over the next
12-18 months.

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

Fantasia Holdings Group Co., Limited is a property developer in
China (A1 stable). Established in 1996, the company listed on the
Hong Kong Stock Exchange in November 2009. Fantasia had a market
capitalization of HKD9.16 billion as of April 1, 2019. Zeng Jie
Baby is the company's largest shareholder, with a 57.5% stake as of
March 5, 2019.

In addition to property development, Fantasia is engaged in
providing property operation services, property agency services and
hotel services for its own properties and properties of third
parties.

HILONG HOLDING: Fitch Affirms LT IDR & Sr. Unsecured Rating at B+
-----------------------------------------------------------------
Fitch Ratings has affirmed China-based Hilong Holding Limited's
Long-Term Foreign-Currency Issuer Default Rating at 'B+' with
Stable Outlook. Fitch has also affirmed Hilong's senior unsecured
rating and the rating on its USD250 million of 7.25% senior notes
due June 2020 at 'B+', with Recovery Rating of 'RR4'.

The ratings are supported by Hilong's leading market position in
drill pipe manufacturing and coating services for oil country
tubular goods (OCTG) in China, continued recovery in its business,
and improvements in its working capital management and leverage
metrics. However, the ratings remain constrained by Hilong's
leverage, which is still high compared to 'BB' category peers, and
limited earnings visibility.

KEY RATING DRIVERS

Strong FFO Improves Leverage: Hilong's FFO adjusted net leverage
decreased to 3.7x in 2018 from 4.3x in 2017 and 4.8x in 2016,
despite increases in gross and net debt. The improvement in
leverage was driven by Hilong's improved cash generation as EBITDA
continued to increase and working capital was contained. Fitch
expects Hilong's leverage to remain generally stable in the near
term and it may gradually improve if capex and working capital
reduce in the medium term.

Continued Recovery in Business: Hilong's sales and profit continued
to recover in 2018 amid volatile oil prices. Revenue rose by 21%
yoy while EBITDA margin improved by 1.8 pp to 23.9%. Management
expects domestic capex by upstream oil and gas companies to further
increase in 2019. Management says that the major Chinese oil
companies have stepped up exploration and production (E&P)
activities in China as enhancing energy security and reducing
reliance on imports became a priority in the government's energy
policy. The three Chinese oil majors' combined upstream E&P capex
may increase by over 20% in 2019, according to their annual
reports, which will support Hilong's business.

Pick-Up in Receivable Collection: Hilong's receivable turnover
improved to 256 days in 2018 from 309 days in 2017 due to better
cash collection from both domestic and overseas customers. The
proportion of Hilong's trade receivables aged more than 360 days
fell to 18% in 2018 from 40% in 2016. Inventory turnover also
improved to 147 days in 2018 from 170 days in 2017 as sales
continued to grow and the proportion of service-based revenue
increased. As a result, Hilong's overall working capital (after
adjusting for movements in inventories related to the drill pipe
leasing business) was contained despite sustained cash outflows.

FCF Remained Negative in 2018: Hilong's FCF remained negative in
2018 as capex more than doubled amid expansion in its oilfield
services business, which offset its improved profitability, strong
FFO and contained working capital requirement. Hilong spent around
CNY442 million in 2018 to acquire two drilling rigs and two
workover rigs for its new oilfield services contracts in Oman and
Iraq. Management expects capex to drop substantially to CNY300
million in 2019. Based on its capex assumption of CNY450 million in
2019 and expectation of robust operating cash flows, Fitch
forecasts Hilong's FCF margin to improve in 2019-2020.

USD Bond Due in June 2020: Hilong's USD310 million 7.25% bond
matures in June 2020. The company says it is considering various
refinancing options, including a plan to issue new offshore US
dollar bonds to replace the existing one, syndicated loans and bank
borrowings. Hilong's liquidity remains adequate for now with around
CNY576 million in short-term debt due in 2019 and CNY711 million of
readily available cash at end-2018. Fitch may consider taking
negative rating action if no meaningful progress is made towards
bond refinancing as the maturity date approaches.

DERIVATION SUMMARY

Hilong's ratings are primarily supported by its leading market
position in drill pipe manufacturing and OCTG coating services in
China and reflect its growing international presence and improving
revenue outlook. However, the ratings are constrained by Hilong's
leverage, and limited earnings visibility. Hilong has a weaker
financial profile with higher leverage and lower coverage than
'BB-' rated peers, such as Yingde Gases Group Company Limited
(BB-/Stable).

Hilong has demonstrated more stability in its business operations
and financial metrics than oilfield equipment and services peers
such as Honghua Group Limited (B-/Stable) and Anton Oilfield
Services Group (B/Stable). Hilong has a stronger financial profile
in terms of leverage, coverage and FCF margins than Honghua.
Hilong's leverage and coverage are comparable with those of Anton,
but Hilong generates stronger FCF compared to Anton. In addition,
Anton's ratings are constrained by the high revenue contribution
from Iraq.

KEY ASSUMPTIONS

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

  - Revenue growth of 5%-9% a year in 2019 and 2020.

  - EBITDA margin of 23%-24% in 2019 and 2020.

  - Annual capex of CNY450 million in 2019 and 2020.

Recovery Rating Assumptions:

The recovery analysis is based on going-concern value, as it is
higher than the liquidation value. The going-concern value is
derived from Hilong's 2018 EBITDA of CNY769 million with 10%
discount, enterprise value-to-EBITDA multiple of 5.0x, and 10%
administrative claim.

The Recovery Rating assigned to Hilong's senior unsecured debt is
'RR4' because under Fitch's Country-Specific Treatment of Recovery
Ratings criteria, China falls into the Group D of countries in
terms of creditor friendliness. Recovery Ratings of issuers with
assets in this group are capped at 'RR4'.

RATING SENSITIVITIES

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

  - Consistent improvement in order book and revenue.

  - FFO adjusted net leverage remaining below 3.5x for a sustained
period (end-2018: 3.7x).

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

  - EBITDA margin below 20% for a sustained period (2018: 23.9%).

  - Significant deterioration in receivables collection and working
capital outflow.

  - FFO adjusted net leverage above 4.5x for a sustained period.

  - No meaningful progress towards refinancing the 2020 US dollar
bond.

LIQUIDITY

Adequate Liquidity: Hilong has around CNY576 million in short-term
debt due in 2019, which will be sufficiently covered by CNY711
million of readily available cash at end-2018. In addition, Hilong
has around CNY455 million of undrawn bank facilities as of March
2019. These facilities are uncommitted as committed credit
facilities are not common in the Chinese banking environment. Fitch
expects a sharp increase in Hilong's short-term debt after June 30,
2019 as the June 22, 2020 US dollar bond will be classified as
short-term debt if it has not been paid in 1H19.

FULL LIST OF RATING ACTIONS

Hilong Holding Limited

  - Long-Term Foreign-Currency Issuer Default Rating (IDR) affirmed
at 'B+'; Outlook Stable

  - Senior unsecured rating affirmed at 'B+', with Recovery Rating
of 'RR4';

  - Rating on Hilong's 7.25% USD250 million senior notes due 2020
affirmed at 'B+', with Recovery Rating of 'RR4'.

REDSUN PROPERTIES: Fitch Rates $300MM Senior Notes Final 'B'
------------------------------------------------------------
Fitch Ratings has assigned China-based Redsun Properties Group
Limited's (B/Positive) USD300 million 9.95% senior notes due 2022 a
final 'B' rating and a Recovery Rating of 'RR4'.

The notes are rated at the same level as Redsun's senior unsecured
debt as they constitute its direct and senior unsecured
obligations. Redsun plans to use the proceeds to refinance existing
debt and for general corporate purposes. The assignment of the
final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on April 7, 2019.

Redsun is a subsidiary of Hong Yang Group Company Limited
(B/Positive). Fitch rates Redsun using a consolidated approach
based on its Parent and Subsidiary Rating Linkage criteria due to
the strong legal and operational linkages between Redsun and Hong
Yang.

The group's ratings are supported by a high-quality land bank,
which focuses on the city of Nanjing, the capital of China's
Jiangsu province, and the Yangtze River Delta. This helps drive the
group's contracted sales growth and better gross profit margin than
those of 'B' rated peers. The group also has higher recurring
income arising from the large scale of its property-rental
business. The group's improving business profile may be constrained
by the pressure to build up its land bank to pursue sustained high
sales growth. Home purchase restrictions that affect cities within
Jiangsu province also create uncertainty for the group's contracted
sales growth, although selling prices are likely to be supported by
firm demand.

The Positive Outlook reflects Fitch's expectation that the group
will keep to a prudent financial policy for acquiring land and that
the IPO of Redsun in July 2018 will allow group leverage to be
maintained below 50% in the next year or two.

KEY RATING DRIVERS

Sales to Continue Rising: Fitch expects the group's land
acquisitions and geographical expansion to drive higher sales and
forecasts annual attributable contracted sales to reach CNY30
billion-37 billion in 2019-2020, after increasing by 52% to CNY25
billion in 2018. The group has diversified its land bank to include
Xuzhou, Bozhou, Yangzhou, Taixing and Jurong in Jiangsu province,
Ma'anshan in Anhui province, Huzhou in Zhejiang province as well as
Wuhan in central China and Chongqing in western China.

Niche Property-Rental Business: The group's investment-property
portfolio, which mainly comprises malls for retail and wholesale of
household construction and decoration materials, enjoys a niche
market position and nearly full occupancy. The portfolio provides a
recurring EBITDA/interest coverage ratio of 0.3x-0.4x, higher than
that of 'B' rated peers. Fitch expects the completion of
renovations at the Nanjing Hong Yang Plaza retail mall in 2017 and
still-resilient consumer demand for furniture and decorations to
continue supporting Hong Yang's rental revenue growth and ratings.

Margins to Stay Healthy: Fitch expects a group EBITDA margin
excluding capitalised interest from cost of sales of 25%-26% in
2019-2020 as the high-margin Nanjing projects will provide support
over the next 18-24 months. The group's EBITDA margin was high at
about 31%-37% in 2016-2017, following the delivery of certain
Nanjing projects acquired at low cost in the early 2000s, with
gross profit margins as high as 40%-70%. EBITDA margin fell to
about 23% on Fitch's estimates in 2018, partly offset by revenue
recognition from more projects outside Nanjing that will have lower
margins, higher operating costs on the group's geographical
expansion and one-off pre-listing expenses for Redsun.

Land Acquisitions Remain Controlled: The group spent CNY12 billion
on land acquisitions in 2018, equivalent to 0.5x of contracted
sales value (2017: 0.9x, 2016: 0.8x). Group leverage, measured by
net debt/adjusted inventory that proportionately consolidates joint
ventures and associates, was about 40% at end-June 2018 (2017: 44%,
2016: 40%). The group had attributable land bank of about 7.2
million square metres at end-December 2018, sufficient for three to
four years of development. Fitch expects the larger land bank to
allow the company to control its acquisitions and keep its ratio of
land acquisitions/contracted sales at 0.8x in the next two to three
years and group leverage below 50% in the next year or two.

DERIVATION SUMMARY

Redsun's ratings are based on the consolidated profile of its
parent, Hong Yang, due to the strong legal and operational linkages
between the two entities. The group's business profile is similar
to that of 'B' category peers. Ronshine China Holdings Limited
(B+/Stable) and Zhenro Properties Group Limited (B/Positive) are
Hong Yang's closest peers, as both companies focus on first- and
second-tier cities in the Yangtze River Delta region. Hong Yang has
a smaller contracted sales scale and land bank than Ronshine and
Zhenro, while its leverage, defined by net debt/adjusted inventory,
is higher than that of Ronshine but comparable with that of Zhenro.


The group's significant investment-property base is a credit
strength compared with other 'B' category homebuilders. Its
investment property recurring EBITDA/gross interest of around
0.3x-0.4x is comparable with that of Yida China Holdings Limited
(B/Stable), a business-park developer that generated significantly
lower attributable contracted sales of CNY5.6 billion in 2017.

KEY ASSUMPTIONS

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

  - Attributable property contracted sales of CNY30 billion-37
billion in 2019-2020 (2018: CNY25 billion)

  - EBITDA margin, excluding capitalised interest from cost of
goods sold, of 25%-26% in 2019-2020 (2018: about 23%)

  - An average of 80% of contracted sales proceeds to be spent on
land acquisitions in the next two to three years to maintain a land
bank sufficient for three to four years of development (2018: 50%
of contracted sales; 2017: 85%)

RATING SENSITIVITIES

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

  - EBITDA margin, excluding capitalised interest from cost of
goods sold, sustained at 20% or above

  - Leverage, measured by net debt/adjusted inventory that
proportionately consolidates joint ventures and associates,
sustained below 50%

(All the ratios are based on Hong Yang's consolidated financial
data)

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

  - Failure to sustain healthy attributable sales growth and
maintain the positive rating sensitivities over the next 12-18
months will lead to the Positive Outlook reverting to Stable

LIQUIDITY

Sufficient Liquidity: The group had a cash balance of CNY12.4
billion, including restricted cash and pledged deposits of CNY6.2
billion, and unused bank facilities of CNY6.4 billion as at
end-December 2018, sufficient to cover short-term borrowings of
CNY10.8 billion.

SUNSHINE 100: Fitch Hikes Senior Unsecured Rating to 'CCC'
----------------------------------------------------------
Fitch Ratings has upgraded the senior unsecured rating of
China-based homebuilder Sunshine 100 China Holdings Ltd to 'CCC'
from 'CCC-'. The Recovery Rating is 'RR5'. At the same time, Fitch
has affirmed the company's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'CCC+'.

The one-notch upgrade of the senior unsecured rating reflects the
company's stronger restricted cash and adjusted inventory position
against its debt compared with last year. This has improved Fitch's
expectation regarding the recovery prospects of the company's
offshore senior unsecured debt in the event of default to 20%,
which corresponds to a Recovery Rating of 'RR5'.

The affirmation of the IDR reflects low contracted sales/debt of
0.4x, which may be insufficient to support large-scale development
and could lead to tighter liquidity after the cash/short-term debt
ratio deteriorated in 2018. However, the company has announced the
sale of two projects in Chongqing and Fitch expects further project
disposals, which should mitigate liquidity risk. The company's high
leverage, with net debt/adjusted inventory of 68% in 2018, and
small attributable sales scale also constrain its ratings.

KEY RATING DRIVERS

Higher Recovery Prospects: Based on Fitch's recovery analysis, the
recovery of Sunshine 100's offshore senior unsecured debt in the
event of default increased to 20% in 2018, from 0% in 2017. This
reflects the company's increase in properties under development and
completed properties held for sale, as well as higher restricted
cash pledged for mortgage loans that banks have extended to its
customers. This results in a change in the Recovery Rating to 'RR5'
from 'RR6', which supports the one-notch upgrade of the senior
unsecured rating to 'CCC'.

Tighter Liquidity Position: Sunshine 100's cash/short-term debt
ratio deteriorated to 45% in 2018, from 64% in 2017, leaving little
liquidity headroom amid a high concentration of debt maturities in
2019 and 2020. Volatile credit conditions and rising uncertainty in
the performance of smaller homebuilders' contracted sales have
increased liquidity risk. However, Sunshine 100's liquidity
pressure will be alleviated by the completion of its 70% equity
interest disposal in its two development projects in April 2019 and
Fitch expects further land plot sales to large developers.

Sunshine 100 has 10.2 million sqm of land reserves, with 64%
located in tier 2 cities. It also issued offshore bonds totalling
USD266 million in 2H18 and has raised funds from the capital market
and at project level via secured borrowing. However, the company
relies heavily on non-bank financing.

High Leverage: Fitch expects leverage to remain high at between
65%-70% until 2020, a similar level to the 68% at end-2018 and 66%
at end-2017. However, contracted sales should generate sufficient
operating cash flow to cover rising development expenditure, which
should slow an increase in leverage. The company had significant
contracted and uncontracted capital commitments of CNY14.7 billion
at end-2018 due to its large construction scale of 4.6 million sq
m.

Low Sales Efficiency: Fitch expects Sunshine 100's churn rate to
stay low, at around 0.4x-0.5x, in the next few years in light of
its high exposure to non-residential property sales, which are more
susceptible to economic cycles and have slower churn rates than
residential property. Its contracted sales/total debt ratio has
been below 0.5x since 2011. Attributable contracted sales increased
by 21% yoy to CNY9 billion in 2018, which is small compared with
other Fitch-rated developers, while gross floor area (GFA) sold of
948,000sqm increased by 9%. Fitch sees volume sales as a strong
indication of demand, especially when the company has completed
properties held for sale of CNY6.6 billion at cost.

Volatile EBITDA Margin: Around 30% of 2018 sales were derived from
more volatile non-residential properties; therefore, EBITDA-margin
stability can only be sustained by continued demand for such
properties. Nevertheless, the 9% increase in the average selling
price (ASP) during 2018 and a gross profit margin of 23%-25%
achieved for presales should support the company's EBITDA margin in
2019 and 2020. Its reported EBITDA margin decreased to 13% in 2018,
from 21% a year ago, due to a loan-loss provision of CNY947
million. Excluding the loan-loss provision, the EBITDA margin would
have been around 25%.

DERIVATION SUMMARY

Sunshine 100's leverage of 68% is higher than for 'B' category
peers of similar size.

Its contracted sales size is smaller than that of Guorui Properties
Limited (B-/Stable) and leverage is higher, which drives the
one-notch difference between the two entities. Sunshine 100 has
lower liquidity risk than Guorui; cash/short-term debt ratio at
Guorui has been consistently below 20% in the past 18 months,
compared with 45% at Sunshine 100. Guorui also has significant
debt-repayment pressure, while Sunshine 100 has a better-quality
land bank, with a larger percentage of its land reserves in
higher-tier cities.

Sunshine 100 and Xinhu Zhongbao Co., Ltd. (B-/Stable) have similar
leverage. Sunshine has a better deleveraging trend and a higher
churn rate, but Xinhu has a larger contracted sales scale, better
land bank quality and higher EBITDA margin. This results in the
one-notch rating difference.

Sunshine 100's business profile is better than that of trade-centre
operator Hydoo International Holding Limited (B-/Stable). However,
Hydoo has lower leverage of less than 20%, giving it more financial
flexibility to offset its weaker business profile.

Sunshine 100's business profile faces greater cyclicality than
other traditional homebuilders rated at 'B', like Redco Properties
Group Ltd (B/Stable) and Beijing Hongkun Weiye Real Estate
Development Co., Ltd. (B/Stable), and its leverage is higher than
the traditional homebuilders' leverage of below 50%, justifying the
two-notch difference in the ratings. Sunshine 100 has a larger land
bank, but it does not translate into high sales efficiency.

KEY ASSUMPTIONS

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

  - GFA sales to rise to around 1.4 million sq m in 2022, with
limited ASP growth

  - Gross margin staying above 20%, supported by an ASP that is
similar to that in 2018 (2018: CNY12,287)

  - Non-development revenue to rise by high-single-digits in
2019-2022 (2018: 10%)

  - Land acquisitions/contracted sales, as measured by GFA,
decreasing to 0.9x from 2019 onwards (2018: 1.0x)

Recovery rating assumptions

  - Sunshine 100 would be liquidated in a bankruptcy because it is
an asset-trading company

  - 10% administrative claims

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

  - 30% to accounts receivable

  - 35% on adjusted inventory

  - 50% to investment properties

Based on its calculation of Sunshine 100's estimated liquidation
value after administrative claims of 10%, Fitch estimates the
recovery rate of the offshore senior unsecured debt to be 20%,
which corresponds to a Recovery Rating of 'RR5'.

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory above 70% for a sustained period
(2018: 68%)

  - Total contracted sales/total debt below 0.5x for a sustained
period (2018: 0.4x)

  - Deterioration in Sunshine 100's liquidity position, such as a
material reduction in its available cash without a corresponding
decline in its short-term debt

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

  - Net debt/adjusted inventory sustained below 65% (2018: 68%)

  - Contracted sales by GFA sustained above the 2016 level of 1.1
million sq m

LIQUIDITY

Deteriorated but Adequate Liquidity: Sunshine 100's cash and
restricted cash amounted to CNY4.7 billion at end-2018, covering
45% of the company's short-term debt of CNY10.4 billion. It also
had an uncommitted undrawn bank facility of CNY11.5 billion and
CNY5 billion in credit facilities from non-bank financial
institutions. This is sufficient to meet its debt-servicing needs.
Fitch expects Sunshine 100's operational cash flow to be neutral to
slightly negative in 2019.



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

ADLABS ENTERTAINMENT: CARE Reaffirms D INR1,015.84cr Loan Rating
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Adlabs Entertainment Limited (AEL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank    1,015.84     CARE D; Issuer not cooperating;
   Facilities                     Rating reaffirmed; Best on the
                                  best available Information

Detailed Rationale & Key Rating Drivers

AEL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on AEL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 5, 2018, the following were the
rating weaknesses (updated for the information available from the
annual report published on the AEL's website). The rating continue
to takes into account ongoing delays in interest servicing related
to the term loans.

Detailed description of the key rating drivers

Key Rating Weaknesses

Due to the weakened liquidity position, there have been delays in
servicing of interest on term loans by the company.

During FY18, the company reported total income of INR237.28 crore
which is marginally lower than INR239.51 crore in FY17. Further,
during the year ended March 31, 2018, the net loss increased to
INR155.17 crore as compared to net loss of INR117.14 crore in the
previous year. During 9MFY19, the company reported total income of
INR 189.50 crore and net loss of INR 118.52 crore as compared to
INR 185.67 crore and INR115.10 crore during the corresponding
period.

AEL, which is promoted by Mr. Manmohan Shetty and his family in
2009, owns and operates an amusement park called ‘Imagica -
located at Khopoli-Pali road, Khalapur, off the Mumbai-Pune
Expressway. The amusement park includes has a Theme Park, a Water
Park, a Hotel & now a Snow Park as well. The aforesaid developments
are spread over an aggregate area of approximately 132 acres out of
the total land parcel of 302 acres at Khopoli. The surplus land
would be utilized for developing a township project by Walkwater
Properties Pvt Ltd, a wholly owned subsidiary of AEL. AEL also owns
and operates an array of Food and Beverages (F&B) outlets as well
as retail and merchandise shops inside the theme park and water
park.

Theme park, having 25 rides and attractions, started part
operations in April 2013 and became fully operational on
November 1, 2013. Water park, which is located adjacent to the
theme park, has 14 kinds of water slides and wave pools
and became fully operational on October 1, 2014. This water park
has a separate admission ticket and a separate entrance from the
theme park.

The company is under the process of reducing its debt by divestment
of its non-core business. During November 2017, the board has
approved for sale of land admeasuring 204 acres to an identified
buyer which will reduce the company's debt by INR 150.00 crore and
sale of Novotel Imagica, Khopoli (a five star luxury hotel located
in a theme park) and another 8 acres of land parcel with an overall
consideration of INR 212.00 crore. The above measures will help in
reducing   the overall outstanding debt by 35%. The company has
already received shareholders' approval. However, lenders approval
is yet to be procured. Pursuant to above sale, AEL shall still be
left with unutilized land of 30 acres for additions/ expansions to
the park attractions.

APEETEX FABRICS: CARE Lowers Rating on INR6.21cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Apeetex Fabrics Private Limited (AFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.21       CARE D Revised from CARE BB-;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of AFPL
takes into consideration the delay in debt servicing due to
stretched liquidity position. The rating however, derives strength
from experienced promoters.

AFPL ability to establish clear track of servicing of its debt
obligations with improvement in liquidity position are the key
rating sensitivities.

Key updates

Delay in debt servicing: As per banker interaction, there have been
ongoing delays in debt servicing in term loan account and the
account has been classified as SMA.

Key rating Strengths

Long track record of operations in textile industry along with
experienced promoters: AFPL possesses an established track record
of 20 years. Furthermore, AFPL benefits from the experience of the
key promoters Mr. Ashok Arun Pareek, Mrs. Urmila Anil Pareek, Mr.
Anil Pareek, Mrs. Saraswati Pareek who are technically qualified
and possesses an average experience of more than two decades in the
industry.

Apeetex Fabrics Private Limited (AFPL) was incorporated in the year
1997 by the Pareek family and it is engaged in manufacturing of
grey fabric. AFPl procures its raw material such as yarn, from its
suppliers located in Rajasthan Gujarat and Maharashtra and sells
final product in the domestic market. The manufacturing unit is
situated at Bhiwandi, Thane.

AVIGHNA DAIRY: CARE Lowers Rating on INR9.95cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Avighna Dairy Products Private Limited (ADPPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.95      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB-: Stable;
                                  on the basis of best available
                                  information

   Short-term bank      1.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4 on the
                                  Basis of best available
                                  information

Detailed Rationale & Key rating Drivers

CARE has been seeking information from ADPPL to monitor the ratings
vide e-mail communications dated November 28, December 25, 2018 and
January 22, 2019 and numerous phone calls. Email communications and
letter dated March 5, 2019 and, seeking information are attached as
Annexure II. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, ADPPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The ratings
on ADDPL's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

The revision in the ratings of ADPPL takes into account delay in
the debt servicing.

Detailed description of the key rating drivers

Key rating weaknesses

Irregularity in debt servicing: As per banker interaction, there
are delays and defaults in debt servicing.

Dewas (Madhya Pradesh) based Avighna Dairy Project Private Limited
(ADPPL) was formed in 2007 as a private limited company by Mr.
Nitin Panchal, Mrs. Priya Panchal, Mr. Sunil Kumawat and Mrs. Kanta
Kumawat. The company is engaged in the business of processing of
milk and milk based products. It purchases milk from local farmers
with the help of agents and process in its plant. The products of
the company include flavored milk, paneer, ghee, curd etc. The firm
has installed capacity of 130000 litters Per Day of raw-milk as on
March 31, 2017. The company sell its product under brand name of
"Moloko" and "Shreshtha". The company hold certification under Food
Safety and Standards Authority of India (FSSAI).During FY18, ADPPL
has taken two project for construction of building and acquisition
of machinery for increasing its chilling capacity from 30,000
liters per day to 90,000 liters per day. The cost estimated for
acquisition of machinery is INR2.85crore which was funded through
term loan of INR2.10crore and remaining through infusion of share
capital.

BHAGATJEE STEELS: CARE Lowers Rating on INR16.15cr LT Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhagatjee Steels Private Limited (BSPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term Bank      16.15      CARE D (CARE B; Stable;
   Facilities                     Issuer Not Cooperating)

   Short Term Bank      0.57      CARE D (CARE A4; Issuer Not
   Facilities                     Cooperating)

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BSPL are primarily
constrained by its delay in debt servicing. However, there was no
delay/default in the facilities rated by CARE.

Going forward, the ability of the company to serve its debt
obligation on timely manner will remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing: There is on-going delay in term loan
instalments and interest servicing of the company owing to its
stressed liquidity position owing to inadequate cash accruals from
operations.

Liquidity position: The liquidity position of the company was
stressed owing to inadequate cash accruals from operations. The
current ratio was low at 0.52x as on March 31, 2018. Moreover, the
company has cash and cash equivalent of INR1.75 crore as on March
31, 2018. The average fund based limit utilisation was almost full
during last 12 month ended on February 28, 2019.

Bhagatjee Steels Private Limited (BSPL) was incorporated on June
14, 2000, promoted by Mr. Rakesh Kumar Agarwal and his family
members. Since its inception, BSPL has been engaged in
manufacturing of MS ingots, angles, flats, channels, rounds,
squares etc. The manufacturing facility of the company is located
at industrial area, Durgapur, West Bengal with an installed
capacity of 24000metric tonnes per annum (MTPA) for structural
steels and 50000 MTPA for MS ingots.

DEEN DAYAL: CARE Cuts Rating on INR9.76cr Loan to 'D', Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Deen Dayal Foods Private Limited (DDFPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       9.76       CARE D; Issuer not cooperating
   Facilities                      Revised from CARE BB-; Outlook
                                   Stable; On the basis of best
                                   available information

   Short-term Bank      2.00       CARE D; Issuer not cooperating
   Facilities                      revised from CARE A4; On the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DDFPL to monitor the ratings
vide e-mail communications/letters dated January 8, 2019, February
5, 2019 and February 22, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. Further, DDFPL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The ratings on DDFPL bank facilities will now
be denoted as CARE BB-;Stable; ISSUER NOT COOPERATING.

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

There are on-going delays in servicing of interest and installment
of debt owing to stressed liquidity position.

Detailed description of the key rating drivers

At the time of last rating on March 15, 2018, the following were
the rating strengths and weaknesses.

Key Rating Weakness

There are on-going delays in servicing of interest and installment
of debt owing to stressed liquidity position.

Deen Dayal Foods Private Limited (DDFPL) was incorporated in 2010
by Mr. Dileep Kumar Singhal, Mrs Aradhna Singhal and Mr Vijay Pal.
The company is engaged in the business of manufacturing milk and
milk products. It purchases milk from local farmers with the help
of agents. Its products include loose milk, skimmed milk powder,
butter, Ghee, etc. The firm has installed capacity of 30000 liter
per day for milk, 5000 Kg of Butter per day, 6500 Kg of Skimmed
Milk Powder per day as on March 31, 2017. It has a good customer
base all over India. The company supplies its products mainly to
Parle Products Private Limited and Virat Crane Industries Limited.

FIRESTAR DIAMOND BVBA: Ind-Ra Keeps D(SO) Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
BVBA's bank loan rating in the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (SO) (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- USD48 mil. Fund-based working capital facilities (Long
     term/Short term) maintained in non-cooperating category with
     IND D (SO) (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 19, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Firestar Diamond BVBA is a step-down subsidiary of Firestar
International Private Limited ('IND D'), which is a global diamond
and jewelry company founded by Nirav Modi.

FIRESTAR DIAMOND FZE: Ind-Ra Keeps D(SO) Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
FZE's bank loan ratings in the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will continue to appear as 'IND D (SO)
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- USD111 mil. Fund-based working capital facilities (Long-
     term/Short-term) maintained in non-cooperating category with
     IND D (SO) (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Firestar Diamond FZE is a step-down subsidiary of Firestar
International Private Limited, which is a global diamond and
jewelry company founded by Nirav Modi.

FIRESTAR DIAMOND INT'L: Ind-Ra Keeps 'D' Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
International Private Limited's bank loan ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR3.824 bil. Fund-based working capital facilities (Long-
     term/Short-term) maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR1.059 bil. Non-fund-based working capital facilities
     (Short-term) maintained in non-cooperating category with IND
     D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Firestar Diamond International was incorporated in 2006 as a
jewelry manufacturing company for exports.  It operates Firestar
International Private Limited's (a global diamond and jewelry
company founded by Nirav Modi) domestic retail business, which
functions under the Nirav Modi brand.

FIRESTAR DIAMOND LTD: Ind-Ra Keeps D(SO) Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
Limited, Hong Kong's bank loan ratings in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (SO) (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- USD35 mil. Fund-based working capital facilities (Long-
     term/Short-term) maintained in non-cooperating category with
     IND D (SO) (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Firestar Diamond Limited, Hong Kong is a step-down subsidiary of
Firestar International Private Limited, which is a global diamond
and jewelry company founded by Nirav Modi.

FIRESTAR INT'L: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar
International Private Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR17.132 bil. Fund-based working capital facilities (Long-
     term/Short-term) maintained in Non-Cooperating Category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR2.272 bil. Non-fund-based working capital facilities
     (Short-term) maintained in Non-Cooperating Category with IND
     D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 19, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Firestar International, founded by Nirav Modi, is a global diamond
and jewelry company.

GDR EDUCATIONAL: CARE Migrates 'D' Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of GDR
Educational Society (GDRES) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      49.01      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GDRES to monitor the ratings
vide e-mail communications/letters dated February 27, 2019, March
1, 2019, March 5, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the trust has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, the trust has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on GDRES's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account ongoing delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on January 8, 2019 the following were
the rating strengths and weaknesses.

Key Rating weakness

Ongoing delays in debt servicing: There are on-going delays in
servicing of debt on account of stretched liquidity position.

GDRES was promoted in March 1997 by Late Shri Ghanshyam Das Rungta,
to establish engineering, management and pharmaceutical colleges in
the region of Bhilai and Durg (Chhattisgarh). Shri Sourabh Rungta
(Grandson of Late Shri Ghanshyam Das Rungta) is the President of
the Society and the day to day affairs are managed by him with
adequate support from eight other members and a team of experienced
teaching professionals. GDRES has two main campuses in Bhilai and
Durg and offers courses in engineering, management, pharmacy, and
education courses and allied sciences.

GHANSHYAM DAS: CARE Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Ghanshyam Das Rungta Foundation (GDRF) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      11.85      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GDRF to monitor the
rating(s) vide e-mail communications/letters dated February 26,
2019; February 28, 2019, March 2, 2019, March 5, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the trust
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, GDRF has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
GDRF's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings take into account ongoing delays in debt servicing.

Detailed description of the key rating drivers

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

Key Rating weakness

Ongoing delays in debt servicing: There are on-going delays in
servicing of debt on account of stretched liquidity position.

Ghanshyam Das Rungta Foundation (GDRF), registered under Societies
Registration Act 1961, was established in November 27, 2008 by Mr.
Santosh Rungta for developing and running educational institutes in
and around Chhattisgarh. The society commenced operation in April,
2009 with two engineering institutes (named Rungta College of
Engineering & Technology and RSR Rungta College of Engineering &
Technology) and one general college (i.e. KD Rungta College of
Science & Technology). Subsequently in April 2012, the society
commenced a school named Rungta International School. The society
offers diverse programmes across various streams like engineering,
computer application, commerce, science, business administration
and Arts. The campus of the institutes is located at Bhilai and
Raipur in Chhattisgarh. The campuses of all the institutes are
spread over an aggregate area of 37 acres.

The engineering colleges are approved by AICTE (Ministry of HRD,
Govt. of India) and affiliated to Chhattisgarh Swami Vivekanand
Technical University, while general courses are affiliated to Pt.
Ravishankar Shukla University.

INCREDIBLE REALCON: CARE Migrates 'D' Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Incredible Realcon Private Limited (IRPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term           600.00     CARE D; Issuer not cooperating;
   Instruments                    Based on best available  
   (Non-Convertible               information
   Debentures)        
                           
Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IPL to monitor the rating
vide e-mail communications dated March 11, 2019, January 31, 2019,
December 3, 2018, and November 30, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings
except audited financials for FY18. In line with the extant SEBI
guidelines CARE's rating on Incredible Realcon Private Limited's
NCD will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on October 12, 2018 the following were
the rating weaknesses and strengths:

Key rating Weaknesses

Delay in Debt Servicing by IRPL: The NCD issue of IRPL is backed by
the corporate guarantee from IPL and dependent on IPL's cash flows
for debt servicing as there are no business operations under IRPL.
The ongoing sluggishness in the real estate sector has adversely
affected the liquidity of many developers including IPL. With the
significant deterioration in the financial profile of IPL, it is
unlikely that it will be able to honor its obligation, even if the
corporate guarantee provided by IPL for IRPL's NCD Issue is
invoked.

IRPL has delayed in interest payment for the rated NCD on the due
date on account of insufficient cash flow however, as per the
interaction with debenture trustee and the management there has not
been any invocation of the corporate guarantee from IPL as yet.

Subdued industry scenario: The real estate sector is moving towards
a more rational regime where developers, having learnt from their
mistakes, now focus on project execution and delivery. The real
estate market in Delhi-NCR has seen slow-down in the sales in past
few quarters. Competitive pricing, increased transparency, speedy
approvals process, clear land titles, improved delivery and project
execution are expected to support growth of the real estate sector.
While the sector continues to remain troubled with issues of high
unsold inventory, delayed delivery of projects and financial stress
on developers, the only segment that showed some signs of a rebound
was the affordable housing category in the peripheries of the major
markets. The broader market opinion is that while the long term
story for residential market remains strong; the short term is
expected to be sluggish.

Arbitration Proceedings: A criminal case has been filed in India
besides arbitration proceedings in New York and Mauritius with
respect of siphoning of funds by Ireo's top management. The matter
is currently subjudice and the company has denied any wrong doing
in this regard in their reply to the Economic Offences Wing. Any
adverse outcome of the same will further weaken the credit profile
of the company.

Key rating strengths

Experienced promoters: IPL is part of the IREO Group a private
equity fund with assets of USD 1.7 billion invested in India. IPL
is managed by professionals with experience in the real estate
industry. The overall operations of the company are managed by team
of professionals which includes Mr. Anupam Nagalia (Chief Operating
Officer), who is a qualified Chartered Accountant and Company
Secretary. Before joining IGRPL, he has worked with Vatika Group.
Mr. Jai Bharat Aggarwal (Director Finance) is responsible for
making financial decisions for the company. IREO group has
established its track-record of delivery with completion of two
group housing projects in group company Ireo Private Limited having
more than 27.59 lakh square feet (lsf) of saleable area in Gurgaon
region. Furthermore, IREO Group has also handed over 22 villas, 17
floors and 205 plots in township project at Ludhiana developed
under group company Ireo Waterfront Private Limited and handed over
200 plots in Mohali developed under group company Puma Realtors
Private Limited.

Analytical Approach: Standalone.

The rating of the NCDs of Incredible Realcon Private Limited (IRPL)
were earlier based on the credit enhancement in the form of an
unconditional and irrevocable corporate guarantee for debt
servicing provided by Ireo Private Limited (IPL), however, with the
deterioration in the credit profile of IPL, IRPL has been analyzed
on standalone basis.

Incredible Realcon Private Limited (IRPL) incorporated in 2013 is
part of Ireo Group (IREO) and is a SPV being promoted for business
of promotion, development and construction of real estate. However
presently there is no ongoing project in IRPL.

Ireo Private Limited (IPL), incorporated in 2004, is part of the
IREO group (IREO), a real estate private equity fund with
investable assets of USD 1.7 billion. IREO has 4,500 acres of land
bank in India which includes several premium projects at Gurgaon,
Ludhiana, Mohali & Chennai. Due to different locations of the
projects, each project is being developed in different SPVs. IPL is
one of the SPVs which is being promoted by IREO Investment Holding
III Ltd. registered in Mauritius. IPL is currently developing 4
projects (2 group housing, 1 commercial and 1 plotted) with around
38.61 lsf area in Gurgaon and has already delivered two group
housing projects with 27.59 lakh square feet (lsf) area in Gurgaon
region.

IREO GRACE: CARE Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ireo
Grace Realtech Private Limited (IGRPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      497.50     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IGRPL to monitor the rating
vide e-mail communications dated March 11, 2019, January 31, 2019,
December 3, 2018, and November 30, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings
except audited financials for FY18. In line with the extant SEBI
guidelines CARE's rating on Ireo Grace Realtech Private Limited's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 19, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Delay in debt servicing: The company has delayed in debt repayment
on account of cash flow mismatches on the back of subdued real
estate scenario, significant drop in sales momentum and sales
realizations.

Project execution risk: IGPRL has revised its construction plan and
has decided to execute the project in a phased manner. While the
Phase 1 of the project is at advanced stage of execution; only
basement work is completed in Ph-2. The company would be developing
Ph-2 once Ph-1 is successfully completed and delivered. The company
has revised the total project cost which is now being envisaged at
INR1,572 crore as against INR1,419 crore envisaged earlier. The
revision in the cost is mainly on account of increased interest
expenses. Earlier IGRPL had planned to fund the project 'The
Corridor Phase-1' with a debt of INR350 crore; however, IGRPL now
has revised the funding pattern with project to be funded by a debt
of INR450 crore. IGRPL has also revised the envisaged overall
revenue from the project to INR2,090 crore as against INR2,364
crore envisaged earlier on account of falling realizations with the
slowdown in the real estate market.

Arbitration Proceedings: A criminal case has been filed in India
besides arbitration proceedings in New York and Mauritius with
respect of siphoning of funds by Ireo's top management. The matter
is currently subjudice and the company has denied any wrong doing
in this regard in their reply to the Economic Offences Wing. Any
adverse outcome of the same will further weaken the credit profile
of the company.

Subdued industry scenario: The real estate market in Delhi-NCR has
seen slow-down in the sales in past few quarters. Competitive
pricing, increased transparency, speedy approvals process, clear
land titles, improved delivery and project execution are expected
to support growth of the real estate sector. While the sector
continues to remain troubled with issues of high unsold inventory,
delayed delivery of projects and financial stress on developers,
the only segment that showed some signs of a rebound was the
affordable housing category in the peripheries of the major
markets. The broader market opinion is that while the long term
story for residential market remains strong; the short term is
expected to be sluggish.

Key Rating Strengths

Experienced promoters and management team: IGRPL is promoted by
IREO, a private equity fund with assets of ~USD 1.7 billion
invested in India. IGRPL is managed by professionals with
experience in the real estate industry. The overall operations of
the company are managed by team of professionals which includes Mr.
Anupam Nagalia (Chief Operating Officer), who is a qualified
Chartered Accountant and Company Secretary. Before joining IGRPL,
he has worked with Vatika Group. Mr. Jai Bharat Aggarwal (Director
Finance) is responsible for making financial decisions for the
company. IREO group has established its track-record of delivery
with completion of two group housing projects in group company Ireo
Private Limited having more than 27.59 lakh square feet (lsf) of
saleable area in Gurgaon region. Furthermore, IREO Group has also
handed over 22 villas, 17 floors and 205 plots in township project
at Ludhiana developed under group company Ireo Waterfront Private
Limited and handed over 200 plots in Mohali developed under group
company Puma Realtors Private Limited.

Incorporated in 2010, Ireo Grace Realtech Private Limited (IGRPL)
is part of the IREO group, a real estate private equity fund with
investable assets of ~USD 1.7 billion. Presently, IGRPL is
developing a residential group housing project in Gurgaon under the
name of 'IREO The Corridors'. IGRPL has accumulated land bank in
Gurgaon region and proposes to launch more projects going forward.
Presently, IGRPL has launched one GH housing project (The
Corridors) on a land area of 37.5 acres comprising of 2,009 units.

JALAN TRANSOLUTIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s Jalan Transolutions (India) Limited
        206, Ajnara Bhawan
        D-Block Market, Vivek Vihar
        Delhi 110095
        India
        
Insolvency Commencement Date: April 2, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 29, 2019
                               (180 days from commencement)

Insolvency professional: Rakesh Kumar Gupta

Interim Resolution
Professional:            Rakesh Kumar Gupta
                         701, Vikrant Tower No. 4
                         Rajendra Place
                         New Delhi 110008
                         E-mail: rkg.delhi.ca@gmail.com
                                 cirp.jalantransolutions@gmail.com

Last date for
submission of claims:    April 16, 2019


KASIM COAL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Kasim Coal and Logistics Private Limited
        YESESI Super Market Building
        2nd Floor, T-1, 4th Main Road
        Anna Nagar Chennai 600040, Tamil Nadu

Insolvency Commencement Date: April 4, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 30, 2019
                               (180 days from commencement)

Insolvency professional: Ms. Santhanam Rajashree

Interim Resolution
Professional:            Ms. Santhanam Rajashree
                         Flat No. 6, Old No. 20 New No. 6
                         Ramakrishna Street, T. Nagar
                         Chennai 600017, Tamil Nadu
                         E-mail: rajashree66@gmail.com
                                 cirpkasimcoal@gmail.com

Last date for
submission of claims:    April 18, 2019


KERALA INFRASTRUCTURE: Fitch Rates MTN Programme & Sr. Notes 'BB'
-----------------------------------------------------------------
Fitch Ratings has assigned Kerala Infrastructure Investment Fund
Board's (KIIFB, BB/Stable) INR50.0 billion medium-term note (MTN)
programme and INR21.5 billion 9.723% senior secured notes due 2024
under the programme final ratings of 'BB'.

The final ratings are the same as the expected ratings assigned on
14 February 2019, although under the final terms the notes are the
issuer's secured obligations as opposed to the previous expectation
of them being unsecured.

KEY RATING DRIVERS

The notes under the MTN programme are issued by KIIFB directly and
are unconditionally and irrevocably guaranteed by the Indian State
of Kerala (BB/Stable) acting through the Finance Department of
Kerala.

KIIFB's obligations under the notes are secured by a first-ranking
exclusive charge over the debt service reserve and sinking fund
accounts. The debt service reserve account must have a minimum
balance to satisfy scheduled interest payments under the notes on
the forthcoming interest payment date. The balance of the sinking
fund account shall be maintained at a minimum of 25% of the
outstanding principal amount of the notes for 24 months after the
sinking fund commencement date.

RATING SENSITIVITIES

Any rating action on KIIFB's Issuer Default Ratings would result in
a similar action on the ratings of the MTN programme and any rated
notes under the programme.

KESAR ENTERPRISES: CARE Reaffirms 'D' Rating on INR170.76cr Loans
-----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kesar Enterprises Limited (KEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities
   (Term Loan)         107.26      CARE D Reaffirmed

   Long Term Bank
   Facilities
   (Fund Based)         63.30      CARE D Reaffirmed

   Short Term Bank
   Facilities
   (Non Fund Based)      0.20      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities KEL continues to
reflect the ongoing delays in the servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in Debt Servicing: There are on-going delays in servicing of
interest and principal. The account has already been classified as
an NPA by the bankers.

Kesar Enterprises Ltd (KEL), formerly known as Kesar Sugar Works
Ltd was originally promoted by Kilachand Group in October 1933. In
1985, the promoters renamed it to its present name. The company is
part of the Kilachand Group, one of the old and well established
Industrial Houses in India having diversified interest in sugar,
distillery, renewable energy, storage and other agro products.

KEL is a fully-integrated sugar company operating it's sugar unit
with a capacity of 7,200 TCD (Tonnes Crushed per Day),
co-generation power plant of 44 MW, and a distillery unit producing
industrial alcohol with capacity of 50,000 KLPD (Kilo Litres per
Day). The company's integrated sugar plant is located at Baheri,
Uttar Pradesh. The power plant is a fully automated bagasse fired
co-generation power plant. The plant can operate at high pressure
of 115 kg/cm2. The company has entered into a PPA (Power Purchase
Agreement) with Uttar Pradesh Power Corporation Limited (UPPCL) for
sale of power for 20 years. Besides, the company produces open
pollinated and hybrid seeds under its brand name "Kesar seeds". The
company has an in-house research division at Hyderabad where the
seeds are developed.

KISHANGARH BEAWAR: CARE Reaffirms 'D' Rating on INR1,216.96cr Loan
------------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kishangarh Beawar NH- 8 Tollway Private Limited (KBTL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities        1,216.96      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings of KBTL takes into account the ongoing delay in
repayment of its debt obligations.

Going forward, the company's ability to service its debt
obligations in a timely manner with improvement in vehicular
traffic and average daily toll collection shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: The company has delayed in repayment of
debt obligations on account of cash flow mismatch due to lower toll
collection against relatively high debt obligations.

Exposure to O&M risk, traffic fluctuations: The O&M with respect to
the routine maintenance and the periodic maintenance shall be
carried out by the JV of Roadis Consessions S.A., Indus Concessions
India Pvt. Ltd., Soma Enterprise Limited and Soma Tollways Pvt.
Ltd. Since the project highway comprises commercial vehicles (both
light and heavy commercial vehicles) in majority, the O&M assumes
utmost importance. In absence of any provisions for appropriation
of funds towards the major maintenance, the operational cash flows
of that particular year may remain stressed. The company thus
remains exposed to increase in operations and maintenance expenses.
Further any deterioration in
vehicular growth may adversely impact company's revenue and
profitability which may further constrain company's liquidity.

Key Rating Strengths

Long track record of promoters: KBTPL is a special purpose vehicle
(SPV) joint venture promoted by Roadis Corsan Concessiones SA
(owned by Canadian Pension Fund Managers – PSPIB) and Soma
Tollways Ltd (STL). Roadis is involved in development, operation
and management of infrastructure concessions and the Group also has
a strong international presence which, currently, extends to over
30 countries in five continents, in addition to its strong presence
in Spain. STL is a closely held public company supported by team of
civil engineers and project managers for executing large
infrastructure projects. The company has rich experience in
execution and maintenance of road projects.

Kishangarh Beawar NH- 8 Tollway Private Limited (KBTL) (erstwhile
Soma Isolux Kishangarh-Beawar Tollway Private Limited) is a Special
Purpose Vehicle (SPV) joint venture promoted by Roadis Consessions
S.A., Indus Concessions India Pvt. Ltd., Soma Enterprise Limited
(SEL) and Soma Tollways Pvt. Ltd. The SPV was formed to undertake
the development and operation of a road project awarded by National
Highway Authority of India (NHAI-The Authority).

KRISHNA KRAFTEX: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Krishna Kraftex Pvt Ltd
        5625, Lane-76
        Reghar Pura, Karol Bagh
        New Delhi 110005

Insolvency Commencement Date: February 20, 2019

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: CA Praveen Kumar Singhal

Interim Resolution
Professional:            CA Praveen Kumar Singhal
                         E-24A, IInd Floor, Jawahar Park
                         Laxmi Nagar, Delhi 110092
                         E-mail: casinghalpk@gmail.com

Last date for
submission of claims:    April 7, 2019


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

The instrument-wise rating actions are:

-- INR65.0 mil. Fund-based working capital facility migrated to
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR20.09 mil. Term loan due on March 31, 2021, migrated to
Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Established as a partnership firm in 2002, Laxmi Rice Mill mills
non-basmati rice. It has facilities in Maharajganj, Uttar Pradesh,
with an installed milling capacity of 12 tons per hour.

LOGICAL JEWELLERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s Logical Jewellers Private Limited
        1072, Kutcha Natwa, Chandni Chowk
        New Delhi 110006

Insolvency Commencement Date: March 13, 2019

Court: National Company Law Tribunal, Bench III Special Bench

Estimated date of closure of
insolvency resolution process: September 9, 2019
                               (180 days from commencement)

Insolvency professional: Kamal Agarwal

Interim Resolution
Professional:            Kamal Agarwal
                         487/27 School Road
                         Near Peeragarhi Metro Station
                         New Delhi 110087
                         E-mail: advocate.kamal.aggl@gmail.cm
                                 cirp.logicaljewellers@gmail.com

Last date for
submission of claims:    April 16, 2019


LUCRA JEWELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Lucra Jewels Private Limited

        Registered office:
        KH No. 1092/601, H.No. 245/37
        East School Block
        Mandawali, Fazalpur
        Delhi 110092 (India)

Insolvency Commencement Date: March 13, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 9, 2019
                               (180 days from commencement)

Insolvency professional: Anurag Nirbhaya

Interim Resolution
Professional:            Anurag Nirbhaya
                         204, Sagar Plaza, Plot No. 19
                         District Centre, Laxmi Nagar
                         New Delhi
                         E-mail: anurag@canirbhaya.com
                                 cirp.lucra@gmail.com

Last date for
submission of claims:    April 15, 2019


MAHAJYOTI FIBERS: CARE Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Mahajyoti Fibers Private Limited (MFPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      7.45       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MFPL to monitor the ratings
vide e-mail communications/letters dated January 9, 2019, January
31, 2019, February 14, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines CARE's rating on MFPL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facility of MFPL continued to
remain constraint on account of delay in debt servicing.

Detail description of the key rating drivers

At the time of last rating on December 27, 2017, the following were
the rating strengths and weaknesses.

Key rating weaknesses

Irregularity in debt servicing due to stressed liquidity: There are
various instances of delays in debt servicing and has also
irregularity in its overdraft limit due to stress liquidity.

Sendhwa (Madhya Pradesh) based, MFPL was promoted by Agrawal family
in 2008. MFPL is currently managed by Mr. Sanjay Agrawal, Mr.
Mukeshkumar Agrawal, Mr. Sachin Joshi and Mr. Dwarkaprasad Agrawal.
The company is engaged in trading of ginned cotton and cotton seeds
and also produces cotton bales by ginning and pressing of raw
cotton. The ginning facility is located at Prakasha (Maharashtra)
with an installed capacity of 31,500 Metric tonnes per annum (MTPA)
as on March 31, 2016.

MAITHAN ISPAT: CARE Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Maithan
Ispat Limited (MIL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      576.37      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short Term Bank     131.48      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information


Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MIL to monitor the ratings
vide e-mail communications/letters dated February 20, 2019 ,
February 28, 2019, March 1, 2019 , March 5, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, MIL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
MIL's bank facilities will now be denoted as CARE D/CARE D; ISSUER
NOT COOPERATING.

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

The ratings take into account on-going delays in debt servicing.
The ratings are further constrained by on-going litigation against
promoters and weak financial risk profile.

Detailed description of the key rating drivers

At the time of last rating on December 3, 2018 the following were
the rating strengths and weaknesses.

Key Rating Weakness

Ongoing delays in debt servicing: There are on-going delays in debt
servicing as the operation of the company was further impacted due
to lower capacity utilisation of Heavy Section Steel which led to
under absorption of fixed overheads leading to cash losses.

Ongoing litigations against the promoters: The promoters of the
company are facing few legal cases filed by Central Bureau of
Investigation (CBI) in 2000. The promoter directors; Mr. J. K.
Singh, Ms. Rita Singh and Ms. Natasha Singh have been charged in
their individual capacities in 2 of the cases; whereas Mideast
(India) Ltd. (holds 23.61% in Mideast Integrated Steels Ltd) has
been charged in 2 other cases. However, MISL is not charged in any
of these cases.

Weak financial risk profile: The total operating income of company
increased by ~24% y-o-y to INR517.60 crore in FY18 as against
INR417.96 crore in FY17. PBILDT margin improved from 5.06% in FY17
to 5.73% in FY18. However, the company continues to report cash
losses due to high interest burden. The term debt repayment in FY18
was met mainly through funds from equity infusion, and unsecured
loans from promoters. MIL's total debt continued to be high at INR
508.02 crore as on March 31, 2018. Net-worth of the company
continued to remain negative in FY18.

Liquidity: The current ratio of the company was 0.57x as on March
31, 2018. Further, the liquidity position was tight on the back of
almost full utilization of its fund based working capital limit
during the past twelve months ending October 31, 2018. However, MIL
had cash & bank balance of INR32.45 crore as on  March 31, 2018.

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


The instrument-wise rating actions are:

-- INR490 mil. Term loans (Long-term) due on March 2025 migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 5, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in July 2008, Nemcare Hospitals operates a 200-bed
multi-specialty hospital in Guwahati, Assam.

RP STEEL: CARE Migrates D Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of R. P.
Steel Industries (RPSI) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       7.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank     10.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RPSI to monitor the rating
vide e-mail communications/letter dated November 12, 2018, November
16, 2018, December 1, 2018, January 12, 2019, January 18, 2019,
January 19, 2019, January 22, 2019, February 2, 2019 and numerous
phone calls. However, despite CARE's  repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on R.P. Steel Industries' bank facilities will
now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of R.P. Steel
Industries (RPSI) takes into account ongoing delays in the
servicing of the debt obligation.

Detailed description of the key rating drivers

At the time of last rating on January 09, 2019, the following were
the rating weakness.

Key rating weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligation for the working capital
limits availed by the firm. The cash credit limit has remained
overdrawn for more than 30 days.

Incorporated in 1984, R. P. Steel Industries (RPSI), managed by Mr.
Parshotam Aggarwal and his son Mr. Salil Aggarwal, is engaged in
the trading of various kinds of steel products. Originally, the
firm was constituted as a proprietorship firm with Mr. Parshotam
Aggarwal as its proprietor. From April 1, 2016 onwards, the firm
was reconstituted as partnership firm, with Mr. Parshotam Aggarwal
and Mr. Salil Aggarwal as its partners.

SAKA EMBROIDERY: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s Saka
Embroidery Private Limited's (Saka) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is stable.

The instrument-wise rating actions are:

-- INR80.70 mil. (increased from INR72.87 mil.) Long-term loans
     due on May 2028 affirmed with IND BB-/Stable rating; and

-- INR100.00 mil. (increased from INR62.5 mil.) Fund-based
     working capital limits affirmed with IND BB-/Stable/IND A4+
     rating.

KEY RATING DRIVERS

The affirmation reflects a significant improvement in Saka's
revenue in FY18 to INR497.36 million (FY17: INR216.75 million),
owing to increased customer demand, followed by a slight decline in
FY19 to INR460.00 million on account of its increased involvement
in a dealership business to expand its network, leading to low
realization on its products. The scale of operations remains small.


The ratings remain constrained by Saka's continued weak credit
metrics in FY18, with interest coverage (operating EBITDA/gross
interest expense) of 1.42x in FY18 (FY17: 1.33x) and net leverage
(adjusted net debt/operating EBITDAR) of 5.95x (7.11x). The
improvement in credit metrics was due to an improvement in the
absolute EBITDA at INR36.43 million in FY18 (FY17: INR22.35
million).

The ratings are also constrained by Saka's modest and falling
EBITDA margin (FY18: 7.32%; FY17: 10.31%), considering the trading
nature of the business. ROCE was 14% in FY18 (FY17: 11%).

Moreover, the liquidity position of the company is tight with
average maximum utilization of its fund-based limit being 99.49%
for the 12 months ended March 2019. Also, cash flow from operations
remained negative for the third consecutive year at INR56.36
million in FY18 (FY17: negative INR44.48 million) due to high
working capital requirements. Cash and cash equivalents remained
low at INR1.01 million in FY18 (FY17: INR2.36 million).

The ratings, however, are supported by the company's promoter's
experience of over two decades in the trading business.

RATING SENSITIVITIES

Positive: An improvement in the EBITDA margin leading to an
improvement in the credit metrics, on a sustained basis, could lead
to a positive rating action.

Negative: Sustained deterioration in the EBITDA margin and credit
metrics along with stressed liquidity will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1999 in Pune, Saka is a wholesaler as well as a
retailer of textiles such as sarees, dress materials, and readymade
dresses. Mr. Fulchand Rathod started the business in 1988. The
company is wholly owned by Rathod family members. It has three
retail showrooms in Maharashtra.

SAMRADDHI COT: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Samraddhi Cot Fibers Private Limited (SCFPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term Bank       7.01     CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SCFPL to monitor the ratings
vide e-mail communications/letters dated January 2, 2019, January
30, 2019, February 15, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines CARE's rating on SCFPL's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facility of SCFPL continued to
remain constraint on account of delay in debt servicing.

Detail description of the key rating drivers

At the time of last rating on January 10, 2018, the following were
the rating strengths and weaknesses.

Key rating weaknesses

Irregularity in debt servicing due to stressed liquidity: There are
various instances of delays in debt servicing due to stress
liquidity.

SCFPL was incorporated in 2011 and commenced its operation from
December 2012. SCFPL is promoted by Mr Prakash Mittal, and the
company is engaged into the business of cotton ginning and
pressing. SCFPL operates from its plant located in Sendhwa, Madhya
Pradesh, with a capacity of processing raw cotton for producing 200
bales per day and is currently utilizing 80% of its total capacity.
SCFPL procures its raw cotton locally through brokers and mandis.
Furthermore, during March 2014, SCFPL set up warehouse facility for
storage of cotton bales and cotton seeds.

SE TRANSSTADIA: CARE Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of SE
Transstadia Pvt. Ltd. (SETST) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     325.65       CARE D: Issuer not cooperating;
   Facilities-                     Based on best available
   Term Loan                       information

   Long term Bank      10.00       CARE D: Issuer not cooperating;

   Facilities-                     Based on best available
   Non Fund Based                  information
                                   
Detailed Rationale& Key Rating Drivers

CARE has been seeking information from SETST to monitor the
rating(s) vide e-mail communications dated March 2, 2019, March 4,
2019, March 5, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on SETST's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings take into account the ongoing delays in debt serving of
the company due to weak revenue generation and inadequate cash
flows from operations.

Detailed description of the key rating drivers

At the time of last rating on July 16, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weakness

Delays in debt servicing: Due to weak revenue generation and
liquidity profile of SETST, there were instances of delay in the
servicing of debt obligations due in the month of June 2018. The
overdues have been cleared and there are no delays as of date.

SE TransStadia Pvt Ltd (SETS) belongs to 'Setco group' and has
developed multipurpose convertible (indoor & outdoor) stadium along
with sports facility in the vicinity of Kankaria Lake, Maninagar,
Ahmedabad. The multipurpose sports arena consists of about 14.50
lakh sq.ft. build-up area with 2 basement, 1 ground and 6 floors.
SETS has signed a concession agreement (CA) with Government of
Gujarat (GoG) on June 14, 2012 to develop and operate a stadium as
Public-Private- Partnership project on a Design, Built, Finance,
Own, Operate and Transfer (DBFOOT) basis. The total concession
period is 35 years upto June 2047 which includes construction
period of 3 years.

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

The instrument-wise rating actions are:

-- INR62.50 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     / IND A4 (ISSUER NOT COOPERATING) rating;

-- INR10 mil. Proposed term loan migrated to non-cooperating
     Category with Provisional IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR1.99 mil. Term loans due on November 2021 Migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 3, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Sukata Tractor Parts was incorporated in April 1996 and
manufactures rail coach components and tractor parts.

SUNIL HITECH: CARE Reaffirms D Rating on INR1138cr Loan to D
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sunil Hitech Engineers Limited (SHEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank      412.00      CARE D; Issuer not cooperating,
   facilities                      Rating reaffirmed; Based on
                                   best available information

   Long term bank      421.00      CARE D; Issuer not cooperating,
   facilities                      Rating reaffirmed; Based on
                                   best available information

   Long term/         1138.00      CARE D/CARE D; Issuer not
   short term                      cooperating, Rating reaffirmed;
   bank facilities                 Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

SHEL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on SHEL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on May 11, 2018, the following were the
rating weaknesses (updated for the information available from the
annual report published on the SHEL's website). The ratings
continue to take into account the ongoing delays in debt servicing
resulting from the continued stress in liquidity position.

Key Rating Weaknesses

Ongoing delays in debt servicing (including LC devolvements and
overdrawals in cash credit account): Based on the due diligence
carried out, there have been continous LC devolvements as well as
overdrawals in the cash credit account. This is mainly on account
of the continued stress in the liquidity position.

SHEL was incorporated as a proprietorship concern under the name of
Sunil Engineering Works in 1984 and was reconstituted as a private
limited company in 1998. The company changed its name to the
current one in August 2005. SHEL commenced operations in 1984 as a
contractor securing and executing small works of fabrication,
erection and other commissioning related works of thermal power
plants. Over a period of time, the company has grown as a medium
sized player in the infrastructure space and undertakes works
related to civil and structural work, transmission and
distribution, balance of power plants and operations and
maintenance, installation of boilers and auxiliaries, civil and
institutional buildings and roads. Since FY15, company selected to
focus on road building and civil construction projects while
moderating exposure to Balance of Plant power projects.

SVR CORPORATION: CARE Cuts INR9.50cr Loan Rating to D, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
SVR Corporation Private Limited (SVR), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       9.50      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information. Revised from
                                  CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SVR to monitor the rating
vide e-mail communications/letters dated October 24, 2018, January
16, 2019, January 21, 2019, March 7, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of best available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
SVR Corporation Private Limited's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of SVR Corporation
Private Limited (SVR) factors in ongoing delays in the servicing of
interest and principal amount of term loan facility.

Key Rating Weakness

Ongoing delays in meeting debt obligation: The company was unable
to generate sufficient cash flows leading to strained liquidity
position resulting in ongoing delays in meeting interest and
principal debt obligation.

Small scale of operations with net losses incurred by the company
in FY18: The operations of the company are small marked by total
operating income of INR1.03 crore in FY18 with low net worth base
of INR1.76 crore. Furthermore, the company has incurred net cash
loss of INR0.93 crore in FY18 due initial year of operations.
Leveraged capital structure and weak debt coverage indicators and
elongated operating cycle in FY18. The capital structure of the
company marked by overall gearing ratio remained leveraged at 6.73x
as on March 31, 2018 due to relatively high debt levels coupled
with low net worth. The total debt/GCA remained negative at
-184.22x in FY18 due to negative cash accruals. Furthermore, the
PBILDT/Interest coverage ratio stood weak at 0.90x in FY18 due to
low operating profit. However the operating cycle of the company
remained intensive nature of operations and stood negative at -551
days in FY18 due high collection period and creditor's period.

Short track record of the company and risk towards stabilization of
operations: The company was incorporated in 2013 and started its
project activities in 2013. The promoters of the company have set
up an unit with a total estimated cost of INR 13.44 crore which is
funded through a bank term loan of INR 5.30 crore, equity share
capital of INR4.69 and rest of INR 3.45 crore unsecured loans from
promoters. The commercial operations of
the company started from December 2017 onwards. Therefore, the
ability of the company to stabilize the operations and generate the
revenue and profit levels as envisaged remains critical from credit
perspective.

Climactic and technological risks: The solar panels and the
inverters used by the company are manufactured by M/s Canadian
Solar International Ltd. and M/s ABB Limited, respectively, which
have proven field performance across the world. However,
achievement of desired PLF going forward would be subject to change
in climatic conditions, amount of degradation of modules as well as
technological risks (limited track record of solar technology in
India).

Highly fragmented industry with intense competition from large
number of players: The company is engaged in generation,
accumulation, distribution and supply of electricity and all forms
of energy which is highly fragmented industry due to presence of
large number of organized and unorganized players in the industry
resulting in huge competition.

Key Rating Strengths

Experienced promoters with short track record in renewable sector:
Mr.R.Uday Kumar Reddy is a Civil Engineering graduate based in
Tirupathi. He is a well experienced person in execution of
infrastructure projects for both government and private sector for
5 years. He is having more than 6 years of experience in electrical
industry.

Mr.S.V.Gowtham Reddy is a Electrical Engineering graduate based in
Hyderabad.He has around 5 years of experience in mining and
construction business.His engineering and management skills are
vital to the success of this project. He is having more than 6
years of experience in electrical industry.

Power purchase agreement with Amara Raja Batteries Limited
SVR has entered into Power Purchase Agreement (PPA) with Amara Raja
Batteries Limited for supply of 2 MW power at a tariff of
INR7.00/KWh for 10 years and escalated at 5% every year.

Established PV module and inverter supplier and moderate profile of
suppliers: The solar panels, horizontal single axis tracker and the
inverters used by the firm are manufactured by Canadian Solar
International Ltd (Hong Kong), ABB Limited (India) and Petawatts
Solar Solutions Private Limited, Hyderabad respectively.

The manufacturers have proven field performance across the world.
Cables, string combiner boxes and electrical, substation and line
works are provided by Siechem Technologies Private Limited,
Pondicherry, Trinity Touch Pvt Ltd, New Delhi and Quality
Electrical Company, Hyderabad.M/s Vijay Krishna Constructions has
taken the responsibility for execution of civil works. Design and
Supervision Charges are taken care by Petawatts Solar Solutions
Private Limited, Hyderabad.

Positive outlook of renewable power industry: Solar power sector
has generated enormous interest over the past few years, with the
cumulative installed capacity increasing from 35 MW as on March 31,
2011 to 3,744 MW as on March 31, 2015. The major drivers for the
growth have been various government initiatives and policies (both
Central and respective States) such as Preferential
Feed-in-Tariffs, Renewable Purchase Obligations (RPOs), Renewable
Energy Certificates (RECs) and Viability Gap Funding (VGF) etc. to
encourage investment from the private sector; decline in equipment
cost over the years in the global markets; technological
advancement and shorter implementation schedules as compared to
conventional sources of energy.

Solar projects have relatively lower execution risks, stable long
term cash flow visibility with long term offtake arrangements at a
fixed tariff and minimal O&M requirements. Though the sector is new
and has limited track record of operations, visibility has emerged
from the satisfactory operating performance in terms of CUF (around
20% for projects under JNNSM, Phase-I with majority of projects in
Rajasthan) and timely receipt of tariff payments from the utilities
in the last 2-3 years. Till now average CUF levels have been
broadly on expected lines but level of degradation of the solar
modules and continuity in regular payment receipt from the off
taker would be an important factor to watch for, from a long term
perspective. Furthermore, MNRE has made policy framework and
mechanism for selection and implementation of 750 MW Grid-connected
solar PV power projects with Viability Gap Funding under Batch-1
Phase-II of JNNSM. VGF is expected to improve investment in solar
energy sector.

SVR was incorporated in the year 2013 by Mr. R.Uday Kumar Reddy and
Mr.S.V.Gowtham Reddy. The company has proposed to set up a unit for
the generation, accumulation, distribution and supply of
electricity and all forms of energy at Chittoor, Andhra Pradesh.
The total installed capacity of the unit is 2MW SPV (Solar
Photovoltaic) new grid-tied projects per annum. The raw material
required for the production, to the extent of 56% will be imported
from Hongkong and remaining to be purchased from other states in
India. SVR has commenced its operations from December 2017 onwards.
The total cost proposed for setting up the unit is INR13.44 crore
funded by equity share capital of INR3.36 crore and remaining
through term loan of INR10.08 crore in which INR4.50 crore is FLC
to be converted to term loan after 3 years usance period.

TIRUPATI COMMODITIES: CARE Lowers Rating on INR22cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tirupati Commodities Impex Pvt Ltd. (TCIPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         22.00      CARE D; Issuer Not Cooperating;
                                  Revised from CARE BB+;
                                  Issuer Not Cooperating on the
                                  basis of best available
                                  information

   Letter of Credit    21.00      CARE D; Issuer Not Cooperating;
                                  Revised from CARE A4+; Issuer
                                  Not Cooperating on the basis of
                                  best available information

   Bank Guarantee       2.00      CARE D; Issuer Not Cooperating;
                                  Revised from CARE A4+; Issuer
                                  Not Cooperating on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TCIPL to monitor the ratings
vide e-mail communications dated February 15, 2019, January 16,
2019, January 7, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the available information. The rating on Tirupati Commodities
Impex Private Limited's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING/CARE D; ISSUER NOT COOPERATING.

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

The revision in the ratings of TCIPL takes into account the ongoing
delays in debt servicing as per banker interaction.

Detailed description of the key rating drivers

The revision in the ratings of TCIPL takes into account the ongoing
delays in debt servicing as per banker interaction.

Incorporated in 2005, Tirupati Commodities Impex Pvt. Ltd. (TCIPL)
is engaged in the trading of iron, steel and other allied products
like HR coils, HR plates, CR coils, angles, beams, channels, pipes
among others which has wide application in the EPC, engineering,
auto ancillaries, capital goods and other manufacturing industries.
TCIPL is a family-managed business promoted by the Jain and Gupta
family. The company has its controlling office in Mumbai and has
branches in Hyderabad, Raipur, Bhopal and Surat.

During FY15 (refers to the period April 1 to March 31), the company
had recorded total operating income of INR212.75 crore (vis-à-vis
INR146.62 crore in FY14) with net profit of INR3.07 crore
(vis-à-vis INR2.25 crore in FY14).

TRUSTWORTHY GEMS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Trustworthy Gems and Jewellery Private Limited
        Shop No. 4, Ground Floor, Fundan Singh Market
        Main Karawal Nagar Chowk
        Opp. DTC Bus Terminal
        Delhi North East DL 110094 IN

Insolvency Commencement Date: March 13, 2019

Court: National Company Law Tribunal, Bench III, Special Bench
       New Delhi

Estimated date of closure of
insolvency resolution process: September 27, 2019
                               (180 days from commencement)

Insolvency professional: Anurag Goel

Interim Resolution
Professional:            Anurag Goel
                         10/349, First Floor, Sunder Vihar
                         New Delhi 110087
                         E-mail: agoel@caanurag.com
                                 cirp.trustworthy.ag@caanurag.com

Last date for
submission of claims:    April 16, 2019


VAST MEDIA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Vast Media Network Private Limited
        288/2288, Motilal Nagar No. 2, M.G. Road
        Goregoan West Mumbai MH 400062 India

Insolvency Commencement Date: April 2, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 29, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Aishwarya Mohan Gahrana

Interim Resolution
Professional:            Mr. Aishwarya Mohan Gahrana
                         D-74-76, 2nd Floor, BK Dutt Colony
                         New Delhi, Delhi 110003 India
                         E-mail: asihwaryam_gahrana@yahoo.com
                                 cirp.vast@gmail.com

Last date for
submission of claims:    April 17, 2019




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

GAJAH TUNGGAL: Moody's Affirms B2 CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the ratings of Gajah Tunggal Tbk (P.T.) (GJTL).

At the same time, Moody's has affirmed the B2 corporate family
rating of GJTL as well as the B2 rating on GJTL's $250 million
senior secured notes due August 2022.

RATINGS RATIONALE

"The negative outlook reflects our expectation that GJTL's credit
profile will remain weak for its B2 ratings over the next 12-18
months, as its largely unmitigated exposure to volatile raw
material input costs and currency exchange rates in Indonesia will
continue to weigh on its margins," says Brian Grieser, a Moody's
Vice President and Senior Credit Officer.

GJTL's leverage--as measured by debt/EBITDA--has breached the
downward rating trigger of 4.5x for its B2 ratings. Adjusted
leverage increased to 5.1x in 2018 from 4.8x in 2017, due to lower
earnings on the back of a weaker rupiah and a sharp rise in carbon
black prices in 2018. While GJTL reports and earns most of its
revenue in IDR, almost all of its raw material costs and debt
obligations are denominated or linked to USD.

Solid revenue growth, both domestically and via exports, have yet
to fully mitigate the pressure on margins driven by a weaker rupiah
and higher commodity prices in 2018. As a result, EBITDA margins
have fallen to 12.5%, the lowest level in the last five years.

That said, lower carbon black prices, manageable natural and
synthetic rubber prices, and the strengthening of the rupiah versus
2018 highs should support margin improvement in 2019.

"We expect cash flows to be somewhat stronger in 2019 as
investments in working capital subside. However, we expect
substantially all cash flows to be used to fund debt service
requirements and capital spending, leaving little buffer in the
event of further raw material cost or currency volatility," says
Grieser, who is Moody's lead analyst for GJTL.

The company has large debt amortization payments of $12.5 million
each quarter under its syndicated bank loan, which will step up to
$15.6 million each quarter from July 2020 onwards.

Moody's expects GJTL will continue to rely on short-term working
capital facilities in 2019. The ratings underpin Moody's
expectations that GJTL will successfully extend working capital
facilities, which mature in August 2019.

Nonetheless, the affirmation of GJTL's B2 ratings continues to
reflect the company's (1) leading market position in the Indonesian
bias and motorcycle replacement tire market; (2) balanced product
mix among radial, bias and motorcycle tires; and (3) solid
geographic diversification of sales.

A downgrade would likely occur if EBITDA margins remain below 15%
in 2019 owing to increased raw material, transportation and
logistics costs, a weaker currency, or if debt/EBITDA remains over
4.5x. Further, a deterioration in liquidity, either due to
declining cash balances, a failure to meet covenant requirements,
or an inability to renew its short-term working capital facilities
in a timely manner would also lead to a downgrade.

The ratings are unlikely to be upgraded in the near term given the
negative outlook. However, the outlook on the ratings could return
to stable if GJTL continues to grow its revenue base while
maintaining its EBITDA margin around 15%, generating positive free
cash flow and reducing debt levels. Further, a return of the
outlook to stable would require GJTL to maintain its debt/EBITDA
below 4.5x.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

Gajah Tunggal Tbk (P.T.) (GJTL), headquartered in Jakarta,
Indonesia, is Southeast Asia's largest integrated tire
manufacturer, with capacity to produce 55,000 passenger car radial
(PCR) tires, 14,500 bias tires, 95,000 motorcycle tires, and 2,000
truck and bus radial (TBR) tires per day. The company also has
capacity to produce 40,000 tons and 75,000 tons of tire cord and
synthetic rubber per year, respectively, for both internal
consumption and third-party sales.

GJTL's key shareholders include Denham Pte Ltd (49.5%), a
subsidiary of the Chinese tire manufacturer Giti Tire, and
Compagnie Financiere Michelin SCmA (10%, A3 stable). The remaining
shares are publicly traded on the Indonesian Stock Exchange.



=====================
P H I L I P P I N E S
=====================

HANJIN HEAVY: Philippine Ports King Joins Bid to Rescue Shipyard
----------------------------------------------------------------
Nikkei Asian Review reports that a group led by Philippine ports
tycoon Enrique Razon has pitched a rescue plan to the creditors of
the country's largest shipyard operator, whose recent collapse
attracted interest from foreign companies and the Philippine
government.

Mr. Razon in early February expressed interest in the Subic Bay
facility of Hanjin Heavy Industries and Construction Philippines,
or HHIC-Phil, after it filed for corporate rehabilitation in early
January, the Nikkei recalls. On April 11, he said his group has
started engaging the five local lenders, which now own part of the
shipyard after converting debts of $412 million into equity, the
Nikkei says.

"We're still making presentations to the banks [and] we're
developing a master plan for Hanjin," he told reporters on the
sidelines of an International Container Terminal Services'
stockholders' meeting, the Nikkei relays.

Mr. Razon is president and chairman of ICTSI, which operates over
20 ports worldwide, including one in Subic. He also controls casino
operator Bloomberry Resorts and has interests in water and energy
infrastructure, the Nikkei discloses.

A successful bid by Mr. Razon will bring the strategic site into
the hands of a Filipino as Chinese shipbuilders' interest in the
property had raised security concerns from the defense
establishment, the Nikkei notes. Philippine Navy chief Robert
Empedrad told the Nikkei Asian Review in February that the Navy
wanted a minority stake in the shipyard rescue and that he
preferred a Philippine company in partnership with a South Korean
or U.S. shipbuilder as the white knight.

According to the Nikkei, the 300-hectare yard is located in Subic,
a former U.S. naval base, which opens to the South China Sea, where
Beijing is building up its military presence, including those areas
that Philippines, Brunei, Malaysia and Vietnam claim as part of
their territories.

Mr. Razon is considering converting the site into a multi-purpose
industrial complex, which could include a port. "It's a very large
facility, so it will be several [operations]. We don't want
anything to do with shipbuilding," the Nikkei quotes Mr. Razon as
saying.  

"The Philippines is not really competitive in this area, nothing
that the shipyard uses is made in the Philippines, unlike Japan,
China and Korea. They make the steel, the machinery, all of that,"
he added.

The Nikke relates that Mr. Razon said engaging a partner is "part
of the discussions," but he declined to elaborate further.

Dutch shipbuilder Damen Group and another U.S. shipbuilder are
among those that have conducted due diligence in Hanjin, the Nikkei
discloses citing Rosario Bernaldo, the receiver in charge of
administering the corporate rehabilitation. A spokesperson for
Damen earlier said it was exploring options for the shipyard,
including partnerships, the report relays.

Hanjin had invested $2.3 billion in the area since 2006, and had
delivered 123 vessels by 2018, cementing Philippines' position as a
major shipbuilding nation. The shipyard, which once employed over
30,000 staff during its peak, closed in February but the company
kept a few hundred staff to maintain the site.

The Nikkei adds that Ms. Bernaldo in February said she preferred a
shipbuilder to take over so as to preserve the facility and jobs,
but the Subic Bay Metropolitan Authority said the site could be
converted into a different business.

"The banks definitely want to get rid of it. The bank only cares to
be paid back," Mr. Razon, as cited by the Nikkei, said.

                        About Hanjin Heavy

Korea-based Hanjin Heavy Industries & Construction Co. established
a shipyard in Subic, west of Manila, and delivered its first vessel
from the yard in July 2008. It uses the Philippine yard to build
big ships while its facility in Korea focuses on smaller vessels.

Hanjin Heavy Industries and Construction Philippines, Inc.
(HHIC-Philippines) filed for voluntary rehabilitation on Jan. 8,
2019, at the Olongapo City Regional Trial Court amid "heavy"
financial losses and debts amounting to about $400 million from
local banks.  The company reported that it also had $900 million in
debts with lenders in South Korea.

The Subic shipyard's assets have been valued at KRW1.84 trillion
(US$1.64 billion).  HHIC-Philippines employs about 4,000 people.

The Korean company filed a financial rehabilitation plan before the
Olongapo City Regional Trial Court Branch 72.

Earlier this year, the court granted its petition for receivership
and placed the South Korean shipbuilding firm under corporate
rehabilitation.

Its liquidity problem had forced it to lay off more than 7,000
workers in December 2018, according to Rappler.com.



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

HYFLUX LTD: Case Management Conference Scheduled for April 25
-------------------------------------------------------------
Channel News Asia reports that with a crucial rescue plan aborted
just weeks before its court-approved debt moratorium expires,
Hyflux Ltd will have until April 25 to indicate if it needs more
time to keep creditors at bay.  

However, the beleaguered water treatment firm will need to put
together "something fairly tangible" by then to convince the court
that it deserves an extended lifeline, said Justice Aedit Abdullah
on April 11 during a case management conference, CNA says.

Noting the concerns of some retail investors, Justice Aedit brought
up an email he had received from perpetual securities and
preference shareholder Violet Seow.

"She has expressed that she has no confidence in the restructuring
attempt and says that the company should basically not be allowed
to extend the moratorium for too long," the report quotes Justice
Aedit as saying.

While Hyflux has not decided whether to seek an extension in its
debt moratorium, WongPartnership lawyer Manoj Sandrasegara told the
court that "all options are on the table" and the company will be
having discussions with all senior unsecured groups, the report
says.

Justice Aedit also asked about the likelihood of a new rescue deal,
adds CNA.

Mr. Sandrasegara, who represents Hyflux, replied that it was "too
premature" for him to comment.

Hyflux's next case management conference is scheduled for April 25
at 2:30 p.m.

Knee deep in debt, the firm sought court protection to reorganise
its debts last May. The lifeline granted to Hyflux is set to expire
at the end of this month, after being extended by four and a half
months from its original deadline of Dec. 18, CNA says.

CNA notes that under its initial restructuring timetable, Hyflux
was to have put its rescue plan up for voting by creditors last
week. These were, however, cancelled after the company killed a key
investment deal with would-be white knight SM Investments following
weeks of disputes.

As the clock ticks down to the end of the debt reprieve without a
new plan in sight, market observers said the U-turn in Hyflux's
debt restructuring journey has raised the odds of liquidation--a
scenario that will see tens of thousands of retail investors losing
almost of their investments, CNA relates.

Hyflux, in its announcement last week, sought to reassure
stakeholders by saying that it will "continue to relentlessly
pursue all other viable strategic opportunities," adds CNA.

                           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.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

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.

PACIFIC RADIANCE: Auditor Flags Going Concern Issue
---------------------------------------------------
The Straits Times reports that the independent auditor of offshore
marine company, Pacific Radiance, has issued a disclaimer of
opinion on the group's financial statements for the year ended Dec.
31, 2018, citing it is unable to obtain sufficient evidence to
conclude whether the company's going concern assumption is
appropriate.

In Pacific Radiance's annual report released on April 11, Ernst &
Young (EY) noted that the group's financial statements have been
prepared under a going concern assumption, as directors believe
that the group will be able to successfully complete its
restructuring exercise, according to the Straits Times.

"However, we are unable to obtain sufficient appropriate evidence
to conclude whether the use of the going concern assumption to
prepare these financial statements is appropriate, as the outcome
of the restructuring exercise has yet to be concluded
satisfactorily at the date of these financial statements, and is
inherently uncertain," EY said, the Straits Times relays.

It also noted that if the going concern assumption is not
appropriate, and the financial statements were presented on a
realisation basis, the carrying value of the assets and liabilities
may be materially different from that currently recorded in the
balance sheet, the Straits Times adds.

According to the Straits Times, the group and the company may also
have to reclassify its non-current assets as current assets, and
non-current liabilities as current liabilities. No such adjustments
have been made to these financial statements, EY noted.

As at the end of last year, the group's current liabilities
exceeded its current assets by US$486.8 million, and its total
liabilities exceeded total assets by US$158.5 million, the Straits
Times discloses. The group also posted a full-year net loss of
US$101.2 million for the year ended Dec 31, which included
impairment charges of US$53.6 million, and generated a negative
operating cash flow of US$8.58 million.

The Straits Times adds that the company's current liabilities also
exceeded its current assets by about US$145.2 million, with its
total liabilities exceeding total assets by the same amount.

As at Dec. 31, the group had assets with a carrying value of
US$300.3 million that have been mortgaged to banks to secure the
group's bank loans, EY noted, the Straits Times reports.

In 2017, the group breached certain terms of the bank loans, and
commenced discussion with bank lenders and potential investors in
relation to the restructuring of its borrowings and capital
structure, the Straits Times recalls. The group had an informal
arrangement with major lenders to temporarily suspend certain debt
obligations, and discussions with bank lenders and potential
investors are still ongoing.

A vendor had also filed winding up applications with the Singapore
High Court against certain entities of the group in relation to
statutory demands for payment for services during the current
financial year. The Court has granted moratoria which have been
extended to April 18, the Straits Times says.

Separately, the group has also received an alternative
restructuring proposal and has executed a binding term sheet with
parties who control vessel owning and logistics services entities.
However, the alternative restructuring proposal is subject to
regulatory and shareholders' approval as well as successful debt
restructuring among other things. The group is in the process of
completing its due diligence and in discussion with bank lenders on
the restructuring proposals, EY noted.

"These factors give rise to material uncertainties on the
appropriateness of the use of the going concern assumption in the
preparation of the accompanying financial statements of the group
and the company," EY, as cited by the Straits Times, said.

Trading of the company's securities on the Singapore bourse has
been voluntarily suspended on Feb. 28, 2018, the report adds.

                      About Pacific Radiance

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three divisions:
Offshore Support Services, Subsea Business, and Complementary
Businesses. The company operates a fleet of 139 offshore vessels
comprising subsea vessels, anchor handling tugs, platform supply
vessels, ocean tugs and supply vessels, offshore barges,
accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.

Pacific Radiance applied for debt restructuring with a Singaporean
court in May 2018 and has been granted several moratorium.  The
company has been undergoing restructuring talks and is carrying
debt of more than $500 million.



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

KUMHO ASIANA: FSC Expresses Frustration Over Self-Rescue Plan
-------------------------------------------------------------
Yonhap News Agency reports that the head of the financial regulator
on April 11 expressed frustration about the self-rescue plan
submitted by the cash-strapped Kumho Asiana Group, calling for the
conglomerate's founding family to show sincerity in its appeal to
save its flagship Asiana Airlines Inc.

Choi Jong-ku, chairman of the Financial Services Commission (FSC),
made the remarks a day after Kumho Asiana asked its main creditor
bank, the state-run Korea Development Bank (KDB), to give an
additional KRW500 billion (US$440 million) in financial assistance,
according to Yonhap.

Yonhap relates that Kumho Asiana also pledged to sell off Asiana
Airlines if it fails to meet creditors' demands in three years.

Asiana Airlines, the country's No. 2 airline, has been under
pressure to strengthen its financial health amid corporate
challenges facing the logistics-centered business conglomerate,
Yonhap says.

Last month, Kumho Asiana Chairman Park Sam-koo stepped down as
chief executive of Asiana Airlines after the company widened its
losses by amending its financial reports. The eldest son of Park,
Se-chang, is widely expected to take over the reins of Asiana
Airlines.

"According to media reports, Chairman Park Sam-koo stepped down and
his son will run (Asiana Airlines). Creditors will judge what's
different about the two people," the report quotes Choi as saying.

Also on April 11, nine creditor banks of Kumho Asiana, led by the
KDB, said the group's self-rescue plan is "insufficient" to regain
the trust of the market.

Yonhap says the creditor banks urged Kumho Asiana's founding family
to sell its personal assets and submit a plan to raise funds via a
rights offering.

An official at one of the creditor banks criticized Kumho Asiana
for trying to buy time, for three years, by borrowing money from
creditors.

"The Park family seems intent on keeping control over Kumho Asiana
without making any meaningful sacrifices," the official, as cited
by Yonhap, said.

Yonhap notes that despite negative reactions over Kumho Asiana's
self-rescue plan, shares of Asiana Airlines jumped 13.5 percent to
close at KRW4,330 on April 11, outperforming the main stock index
that was little changed.

Ra Jin-seong, an analyst at Kiwoom Securities, said Kumho Asiana
may have no choice but to sell its stake in Asiana Airlines, the
report says.

Creditors are expected to force Kumho Asiana to submit a more
credible self-rescue plan or shorten the proposed three-year
normalization timetable, Ra said, Yonhap relays.

"If that's the case, Kumho Asiana Group would not achieve its
target and may have to sell Asiana Airlines," Ra said in a report.

An official at Kumho Asiana said the group will again hold talks
with creditor banks, adds Yonhap.

Last year, the KDB and Asiana Airlines signed a deal that required
the carrier to secure liquidity through sales of noncore assets and
the issuance of convertible and perpetual bonds, Yonhap recalls.

Asiana owes financial institutions KRW3.2 trillion, and it has to
repay KRW1 trillion of the total this year, according to the
company.

Asiana swung to a net loss of KRW10.4 billion last year from the
previous year's KRW248 billion net profit due to currency-related
losses and increased jet fuel costs, Yonhap discloses.

Creditors, meanwhile, announced that the self-rescue plan and
measures being proposed by Kumho Asiana did not meet market
expectations, adds Yonhap.

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.



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

NATIONAL POWER: Fitch Puts LT IDR at 'BB', Outlook Stable
---------------------------------------------------------
Fitch Ratings has assigned Vietnam-based National Power
Transmission Corporation (EVNNPT) a Long-Term Foreign-Currency
Issuer Default Rating (IDR) of 'BB' with a Stable Outlook. The
agency has also assigned EVNNPT a senior unsecured rating of 'BB'.


EVNNPT's ratings are based on the consolidated profile of Vietnam
Electricity (EVN, BB/Stable, standalone credit profile: BB), which
owns 100% of EVNNPT, in line with Fitch's Parent and Subsidiary
Rating Linkage Criteria. The consolidated rating approach is driven
by strong linkages between EVNNPT and its parent.

Fitch assesses EVNNPT's standalone credit profile at 'BB+',
stronger than EVN's IDR. EVNNPT's standalone credit profile is
supported by its monopoly of Vietnam's electricity transmission
sector, pooled counterparty risk and strong receivable position.
EVNNPT's financial profile is stronger than that commensurate for
its credit assessment. However, an upgrade of EVNNPT's standalone
credit profile is contingent upon the consistent application of
electricity regulatory reforms, including timely changes to tariffs
that reflect cost changes, and an improvement in EVN's credit
profile.

EVN's ratings reflect its standalone credit profile, which is at
the same level as that of Vietnam sovereign (BB/Stable). EVN's
standalone credit profile benefits from its position as the owner
and operator of Vietnam's electricity transmission network through
EVNNPT and distribution network, and the company's near 61% share
of the country's power generation capacity. Under Fitch's
Government-Related Entities Rating Criteria, EVN's ratings will be
equalised with that of the sovereign should its standalone credit
profile weaken, provided linkages remain intact.

KEY RATING DRIVERS

EVNNPT's Standalone Credit Profile: EVNNPT has a monopoly of
Vietnam's electricity transmission sector, and it faces limited
price and volume risk under the regulatory framework, which
enhances its revenue and profit visibility. The company relies on
multiple counterparties, which are the five distribution companies
under EVN, and enjoys strong receivables. EVNNPT's credit profile
is constrained by the short history of the regulatory framework
that remains susceptible to political risks and the fact that
tariffs are set for only one year in the framework.

Strong Parent and Subsidiary Linkages: EVN owns 100% of EVNNPT,
controls its key management and approves its business and
investment plans. EVN also approves EVNNPT's financing plans,
including borrowings above certain thresholds, its organisational
structure, and the appointment of key executives and their
compensation. EVN also supervises EVNNPT's compliance with
regulations. Tthere is no centralised treasury, but about 21% of
EVNNPT's total borrowings are channelled through EVN and its
subsidiaries. There is also no restriction on the flow of dividends
to EVN from EVNNPT.

Cost-Plus Transmission Tariff: The regulator fixes the electricity
transmission tariff in Vietnam annually on the principle of
ensuring EVNNPT recovers appropriate expenses and earns permissible
profits that allow EVNNPT to maintain normal operations and meet
financial criteria for investments. However, the final tariff is
still subject to approval by EVN and the regulator. Given
transmission tariffs account for only about 6% of the retail
tariff, an increase in transmission tariff will have limited impact
on the final retail electricity tariff. Consequently, EVNNPT's
price risk is lower than EVN's, in Fitch's view. EVN can increase
the electricity retail tariff every six months in line with rising
production costs, but it has to seek approval from the ministry for
increases above 5%, and automatic tariff adjustments under 5% have
a limited track record.

EVNNPT's Rising Capex: Fitch expects EVN to incur significant capex
to address continuing increases in power demand, tackle a shortage
of power plants in the country's southern region and improve supply
services. These investments include EVNNPT's initiatives to improve
grid quality and reliability, and strengthen regional connections.
Fitch estimates EVNNPT's capex will be around VND13 trillion in
2019 and up to VND20 trillion a year from 2021. EVNNPT's financial
profile is stronger than that commensurate for its standalone
credit profile. Fitch estimates EVNNPT's FFO adjusted net leverage
to stay under 3.5x over the next three to four years.

EVN's Strong State Linkages: Fitch sees EVN's status, ownership and
control by the Vietnam sovereign as 'Very Strong'. The state fully
owns EVN, appoints its board and senior management, directs
investments and approves tariff hikes in excess of 5%. The support
record and Fitch's expectations of state support for EVN are
'Strong', as the company has received different forms of support,
including guarantees, step-down loans, loans from state-owned banks
at preferential rates and subsidies for strategically important
projects. Fitch expects support to be available if needed, even
though the government intends to reduce direct support for
state-owned enterprises and contain sovereign debt levels.

Strong State Incentive to Support EVN: Fitch believes the
socio-political implications of a potential EVN default are
'Strong', as a default by EVN would lead to service disruption as
it has an entrenched position across the electricity value chain.
It would also be difficult to fund new power investments. Fitch
sees the financial implications of a potential default by EVN as
'Very Strong', as EVN is one of Vietnam's main borrowers and a
default would significantly affect the availability and cost of
domestic and foreign financing options for the state and
government-related entities.

EVN's Entrenched Market Position: EVN has a monopoly of Vietnam's
electricity transmission and distribution sector, and owns and
operates about 61% of the country's total installed generation
capacity, including large strategic hydro-power assets EVN also
operates the national power-dispatch system, selling electricity to
more than 25 million customers across the country.

EVN's Standalone Credit Profile: Fitch assesses EVN's standalone
credit profile at 'BB', which is constrained by the absence of
consistent application of electricity regulatory reforms,
especially timely changes in tariffs to reflect cost changes. Fitch
believes EVN's financial profile can be significantly affected if
tariffs are not adjusted regularly given that it also faces
hydrology, currency and demand risks. Fitch expects EVN's FFO
adjusted net leverage to converge to 5x in the next two to three
years.

DERIVATION SUMMARY

Korea District Heating Corp.'s (KDHC, A+/Stable) standalone credit
profile of 'BB+' is supported by an independent, transparent and
predictable regulatory environment. However, the stability and
predictability of the company's profits is weaker than for
higher-rated utility peers, and the company has high leverage.
Fitch estimates that FFO adjusted net leverage stayed high at
around 10.0x in 2018 (2017: 9.8x) due to lower operating cash
generation from the heating business, but expects it to improve
gradually over the medium term if KDHC's free cash flow profile and
heating business profitability improve as forecast.

EVNNPT's business profile is weaker than KDHC's due to the absence
of an independent regulator in Vietnam's power sector, but this is
offset by EVNNPT's much stronger financial profile, which results
in similar standalone credit profiles for the two companies.

Adani Transmission Limited's (BBB-/Stable) ratings reflect a stable
and favourable regulatory environment as India's regulators have a
long track record of delivering predictable outcomes. Revenue for
four of ATL's key operating transmission assets and the recently
acquired assets from Reliance Infrastructure Limited are based on a
cost-plus tariff framework. Fitch expects the combined businesses
to account for about 75% of group consolidated cash operating
profit in the financial year ending March 2020.

ATL's rating headroom has shrunk with tighter-than-expected
coverage metrics over next few years because it financed the
purchase of the Reliance Infrastructure businesses via debt.
However, ATL's stronger business profile more than compensates for
its weaker financial profile, resulting in a rating that is a notch
above EVNNPT's standalone credit profile.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for EVNNPT

  - Return on equity of around 2% for 2019 and 3% per annum
thereafter

  - Tariff to move in accordance with volumes to secure the
stipulated return on equity

  - Blended interest rate of 6% over 2019-2022 versus 4.4% in 2017

  - Capex of VND13 trillion in 2019 and up to VND20 trillion a year
from 2021

  - Vietnamese dong to depreciate 2% per year against major
currencies

  - No dividend payouts

RATING SENSITIVITIES

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

  - Positive rating action on EVN

  - Fitch does not expect positive rating action on EVNNPT's
standalone profile in the absence of consistent implementation of
the current tariff framework and improvement in EVN's credit
profile

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

  - Negative rating action on EVN

  - Fitch would lower the company's standalone credit profile upon
adverse regulatory changes that result in deterioration of EVNNPT's
business profile

For EVN, the following sensitivities were outlined by Fitch in its
Rating Action Commentary of June 6, 2018:

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

  - Positive rating action on the sovereign, provided EVN's
linkages with the state do not deteriorate significantly

  - An upgrade of the company's standalone profile is contingent
upon regular implementation of the regulatory framework, including
timely changes to tariffs that reflect cost changes, while FFO
adjusted net leverage is sustained below 5.0x

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

  - Negative rating action on the sovereign

  - Deterioration in EVN's standalone credit profile, along with
significant weakening in linkages with the state

  - Fitch would lower the company's standalone credit profile upon
adverse regulatory changes that result in a deterioration of EVN's
business profile or if EVN's FFO adjusted net leverage is above
6.0x for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: EVNNPT had VND5 trillion of cash and cash
equivalents at end-2017, against debt maturities of about the same
amount in 2018. Fitch expects the company to generate about VND13
trillion in operational cash flows per year and expect internal
cash generation to be sufficient to manage debt maturities, which
will not exceed VND6 trillion a year for the next three to four
years. Fitch does not expect liquidity to be a concern for the
company as it has direct and indirect linkages to EVN and the
state.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



                *** End of Transmission ***