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

                     A S I A   P A C I F I C

          Monday, May 27, 2019, Vol. 22, No. 105

                           Headlines



A U S T R A L I A

ACT CAPITAL: First Creditors' Meeting Set for June 5
BODYDESIGN 24: First Creditors' Meeting Set for June 5
CHAN PROPERTY: First Creditors' Meeting Set for June 3
DOUBLEUP HOLDINGS: First Creditors' Meeting Set for May 27
FLEURIE PTY: Shadow Director Charged with Failure to Cooperate

ORA BANDA: Shareholders to Vote on Recapitalization Plan on June 7
RBT HOLDING: Second Creditors' Meeting Set for May 31
ROSENDORFF DIAMOND: Second Creditors' Meeting Set for June 4
STONE ISLAND: First Creditors' Meeting Set for May 31
XTREME AIR: First Creditors' Meeting Set for June 4



C H I N A

BAOSHANG BANK: Chinese Financial Regulators Takes Over Bank
GUANGDONG HEILENBERG: Fitch Confirms B+ LT FC Issuer Default Rating
KAISA GROUP: Fitch Rates $400MM Senior Notes Final 'B'
KAISA GROUP: Moody's Assigns B2 Sr. Unsec. Rating to New USD Notes
YANZHOU COAL: Moody's Raises CFR to Ba2, Outlook Stable



I N D I A

ACRYLICS LIMITED: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
ALFARA'A INFRAPROJECTS: CRISIL Moves D Rating to Not Cooperating
AMBIENCE IMPEX: CRISIL Migrates B+ Rating to Not Cooperating
AQUARIOUS MARKETING: Ind-Ra Moves BB LT Rating to Non-Cooperating
B. R. STEEL: CRISIL Migrates 'D' Rating to Not Cooperating

BHAGWAN PRECISION: CRISIL Maintains B- Rating in Not Cooperating
BHASKAR TEA: Ind-Ra Migrates D LT Issuer Rating to Non-Cooperating
CAPTRONIC SYSTEMS: ICRA Removes B-/A4 Ratings from Not Cooperating
CHAMARIA INFRASTRUCTURES: Ind-Ra Moves B Rating to Non-Cooperating
CHINTHA PRINTING: CRISIL Migrates 'B' Rating to Not Cooperating

E-VILLAGE RESORTS: CRISIL Migrates B Rating to Not Cooperating
FOREST VIEW: CRISIL Migrates 'D' Rating to Not Cooperating
GANPATI ISPAT: CRISIL Withdraws B+ Rating on INR8.5cr Cash Loan
GRAND MOTORS: CRISIL Raises Rating on INR4.25cr Loan to B+
GYANKUND TRUST: Ind-Ra Lowers Issuer Rating to D, Not Cooperating

K. S. ALLOYS: CRISIL Migrates 'B' Rating to Not Cooperating
KSM EDUCATIONAL: Ind-Ra Migrates 'D' Loan Rating to Non-Cooperating
LALIT POLYPLAST: CRISIL Withdraws B+ Rating on INR6cr Cash Loan
MAA JANKI: CRISIL Migrates B- Rating to Not Cooperating
MAHALAXMI FOOD: CRISIL Migrates 'D' Rating to Not Cooperating

METAL PRODUCTS: CRISIL Migrates B+ Rating to Not Cooperating
MITHRA SEEDS: CRISIL Migrates 'B' Rating to Not Cooperating
NIRMAN PRIVATE: CRISIL Migrates 'D' Rating to Not Cooperating
OPTIFLEX INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
PARIN GEMS: Ind-Ra Lowers Long Term Issuer Rating to 'D'

PETERESA REALTORS: CRISIL Migrates 'D' Rating to Not Cooperating
RAJDHANI EDUCATIONAL: CRISIL Assigns 'D' Rating to INR7.5cr Loan
RELIANCE CAPITAL: To Sell Stake in Asset Mgmt Biz to Nippon Life
SARADAMBIKA POWER: CRISIL Migrates 'D' Rating to Not Cooperating
SHIRPUR POWER: Ind-Ra Maintains 'D' Rating in Non-Cooperating

SITARAM GEMS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
SWASTIK CERACON: Ind-Ra Affirms 'D' Long Term Issuer Rating


I N D O N E S I A

MEDCO ENERGI: Fitch Assigns 'B+' Rating to $650MM Senior Notes


N E W   Z E A L A N D

CRYPTOPIA LIMITED: Files for U.S. Bankruptcy Protection

                           - - - - -


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

ACT CAPITAL: First Creditors' Meeting Set for June 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of ACT Capital
Corporation Pty Limited will be held on June 5, 2019, at 10:30 a.m.
at the offices of Worrells Solvency & Forensic Accountants, at
Level 2, AMP Building 1 Hobart Place, in Canberra, ACT.  

Stephen John Hundy of Worrells Solvency was appointed as
administrator of ACT Capital on May 24, 2019.

BODYDESIGN 24: First Creditors' Meeting Set for June 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Bodydesign
24 Seven Fitness Pty Ltd will be held on June 5, 2019, at 10:30
a.m. at the offices of Worrells Solvency and Forensic Accountants,
at Suite 1104, 147 Pirie Street, in Adelaide, SA.

Nicholas David Cooper and Dominic Charles Cantone of Worrells
Solvency were appointed as administrators of Bodydesign 24 on May
24, 2019.

CHAN PROPERTY: First Creditors' Meeting Set for June 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Chan
Property Investment Holdings Pty Ltd will be held on June 3, 2019,
at 11:00 a.m. at Suite 1903, Level 19, 31 Market Street, in Sydney,
NSW.

Gavin Moss of Chifley Advisory was appointed as administrator of
Chan Property on May 22, 2019.

DOUBLEUP HOLDINGS: First Creditors' Meeting Set for May 27
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Doubleup
Holdings Pty Ltd, trading as Transit Clothing, and GGA Lifestyle
Pty Ltd, trading as Transit Clothing, will be held on May 27, 2019,
at 9:30 a.m. at Conference Room, Central Park Business Centre, 152-
158 St Georges Terrace, in Perth, WA.

Daniel Woodhouse and Ian Francis of FTI Consulting were appointed
as administrators of Doubleup Holdings on May 15, 2019.

FLEURIE PTY: Shadow Director Charged with Failure to Cooperate
--------------------------------------------------------------
Mr. Paul Annesley of Bulla, Victoria, has appeared in the
Broadmeadows Magistrates' Court after being charged with failing to
answer questions during a liquidator's public examination.

Mr. Annesley was summonsed to appear at a public examination at the
Supreme Court of Victoria on Feb. 24, 2017 on application of Mr.
Jason Stone and Mr. Glen Franklin, of PKF Australia, who were
appointed Liquidators of Fleurie Pty Ltd. The Liquidators sought to
examine Mr. Annesley about his involvement and knowledge about the
affairs of the Company and believed he was a shadow director of the
Company.

During the public examination, Mr. Annesley allegedly refused to
answer questions about the Company. Judicial Registrar Hetyey, who
oversaw the public examination, warned Mr. Annesley that he was
required to answer the questions. Despite the warning, Mr. Annesley
allegedly continued to not answer questions.

Following the public examination, the matter was referred to ASIC
for investigation. ASIC supported the liquidator by bringing
charges for refusing to answer questions.

Mr. Annesley first appeared on May 7, 2019. The matter has been
adjourned to June 4, 2019.

The Commonwealth Director of Public Prosecutions is prosecuting the
matter.

ORA BANDA: Shareholders to Vote on Recapitalization Plan on June 7
------------------------------------------------------------------
Esmarie Iannucci at miningweekly.com reports that ASX-listed Ora
Banda Mining, previously known as Eastern Goldfields, will raise
AUD30-million as part of efforts to recapitalize the company.

According to miningweekly.com, the capital raising will comprise
the offer of convertible notes valued at AUD22.4-million and a
one-for-one non-renounceable entitlement offer to raise a further
AUD7.6-million.

miningweekly.com relates that the completion of a capital raising
is a condition precedent to effect a deed of company arrangement,
with Ora shareholders expected to meet on June 7 to vote on the
capital raise.

"We are very pleased to be on the home straight in respect of this
transaction. The recapitalization of the company has been a very
significant endeavor, involving six months of hard work by a group
of key stakeholders," the report quotes Ora MD David Quinlivan as
saying.  "The capital raising is the last phase of the transaction
and the successful receipt of commitments for AUD30-million
demonstrates that the market supports our vision for the company.
We are glad to have clearly exceeded the minimum raising pursuant
to the deed of company arrangement of AUD22-million, and are
looking forward to executing on our project development strategy,
and unlocking the significant value of Davyhurst."

Eastern Goldfields went into administration in 2018 after a
AUD75-million recapitalization transaction fell through, the report
notes.

                     About Eastern Goldfields

Based in Balcatta, Australia, Eastern Goldfields Limited operates
as a gold exploration and production company. It owns 100% interest
in the Davyhurst and the Mt Ida gold projects, which are located to
the north-west of Kalgoorlie. It also holds interests in Siberia,
Riverina, Callion, Waihi, and LOI projects. The company was
formerly known as Swan Gold Mining Limited and changed its name to
Eastern Goldfields Limited in December 2015.

Andrew Smith and Martin Jones of Ferrier Hodgson were appointed
Administrators of the following Companies on Nov. 29, 2018,
pursuant to Section 436A of the Corporations Act 2001:

- Eastern Goldfields Limited
- Monarch Nickel Pty Ltd
- Monarch Gold Pty Ltd
- Carnegie Gold Pty Ltd
- Siberia Mining Corporation Pty Ltd
- Mt Ida Gold Operations Pty Ltd
- Ida Gold Operations Pty Ltd
- Pilbara Metals Pty Ltd
- Mt Ida Gold Pty Ltd
- Eastern Goldfields Mining Services Pty Ltd
- Siberia Gold Operations Pty Ltd


RBT HOLDING: Second Creditors' Meeting Set for May 31
-----------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- RBT Holding Co Pty Ltd
   -- RBT Combined Services Pty Ltd
   -- RBT Members Pty Ltd
   -- Result Based Training Australia
   -- RBT Leases Pty Ltd   

has been set for May 31, 2019, at 11:00 a.m. at Level 4, 84 William
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 30, 2019, at 4:00 p.m.

Henry Peter McKenna of Hayes Advisory was appointed as
administrator of RBT Holding on April 16, 2019.

ROSENDORFF DIAMOND: Second Creditors' Meeting Set for June 4
------------------------------------------------------------
A second meeting of creditors in the proceedings of Rosendorff
Diamond Jewellers Pty Ltd has been set for June 4, 2019, at 11:00
a.m. at The Seminar Room, Central Park Business Centre, 152-158 St
Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 31, 2019, at 4:00 p.m.

Daniel Hillston Woodhouse and Joseph Ronald Hansell of FTI
Consulting were appointed as administrators of Rosendorff Diamond
on April 29, 2019.

STONE ISLAND: First Creditors' Meeting Set for May 31
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Stone Island
Holdings Pty Ltd will be held on May 31, 2019, at 11:00 a.m. at the
offices of BDO, at Level 10/12 Creek St, in Brisbane City,
Queensland.

Andrew Peter Fielding and Todd Kelly of BDO were appointed as
administrators of Stone Island on May 22, 2019.

XTREME AIR: First Creditors' Meeting Set for June 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of Xtreme Air
Pty Ltd will be held on June 4, 2019, at 10:00 a.m. at 165
Camberwell Road, in Hawthorn East.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were
appointed as administrators of Xtreme Air on
May 24, 2019.



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

BAOSHANG BANK: Chinese Financial Regulators Takes Over Bank
-----------------------------------------------------------
Caixin Global reports that China's financial regulators took
control of a small private bank as part of authorities' efforts to
break up fallen tycoon Xiao Jianhua's business empire and contain
financial risks.

According to Caixin, the People's Bank of China (PBOC) and China
Banking and Insurance Regulatory Commission (CBIRC) announced on
May 24 the takeover of Baoshang Bank Co. for a year.

Caixin relates that the rare takeover came two years after Xiao,
the billionaire founder of conglomerate Tomorrow Holding Group,
went missing from a luxury Hong Kong hotel. He is reportedly to
have been placed under graft investigation by Chinese authorities.

The regulators said the takeover reflects the "severe credit risk"
the bank poses and is intended to protect the interests of the
bank's depositors and other clients.

China Construction Bank (CCB) will be entrusted to handle the
business operations of Baoshang Bank while under state control.
Principle and interest on personal saving accounts in the bank will
be fully guaranteed, and all business will continue to operate
normally, the CBIRC said on May 24 in a separate statement, Caixin
relays.

Zhou Xuedong, chair of the PBOC's general office, and Li Guorong,
the deputy head of the CBIRC's commercial bank department, will
lead the takeover team, Caixin notes.

Li previously led the regulatory takeover of another private bank,
Chengdu Rural Commercial Bank, in 2018, when its parent Anbang
Insurance Group Co. was seized by the government after founder and
former Chairman Wu Xiaohui came under investigation for fraud and
embezzlement, Caixin recounts.

According to the report, Baoshang is a key piece of Xiao's
sprawling business empire. Even though it's a small, lesser-known
lender based in the industrial city of Baotou in the Inner Mongolia
Autonomous Region, the bank is considered to have a particularly
close relationship with Tomorrow Holdings.

"Baoshang Bank doesn't function normally as a financial
institution. It's a cash machine for Tomorrow Holdings," a source
familiar with the bank told Caixin.

Caixin relates that the source said Baoshang Bank helped Tomorrow
Holdings put together at least CNY150 billion of funding through
shadowy practices, including loans packaged as wealth management
products, interbank lending that eventually went to the group's
subsidiaries, and funding obtained by using the group's stake in
Baoshang Bank as collateral.

Tomorrow Holdings owns at least a 70% stake in Baoshang Bank
through various subsidiaries, sources told Caixin.

After Xiao came under investigation, Baoshan Bank Chairman Li
Zhenxi remained out of China for a while before returning to
cooperate with the investigation, Caixin learned.

Last June, Tomorrow Holdings tried to sell around half of its stake
in Baoshang Bank to Shenzhen Investment Holdings Co., an arm of the
city's state-owned assets supervision and administration
commission, Caixin recalls. But the deal, which was then valued at
more than CNY18 billion ($2.8 billion) based on the bank's market
capitalization, didn't go through.

Sources told Caixin that the Baotou government and China Huarong
Asset Management Co. were also interested in acquiring the lender,
but talks failed to reach an agreement.

Caixin adds that the bank's asset quality and business operations
have deteriorated sharply in recent years. The lender's net profits
slumped by 13.9% year-on-year to CNY3.1 billion in the third
quarter of 2017, the last time Baoshang disclosed financial data.
It had CNY576 billion in assets and CNY543 billion in liabilities
as of the end of September 2017.

GUANGDONG HEILENBERG: Fitch Confirms B+ LT FC Issuer Default Rating
-------------------------------------------------------------------
Fitch Rating has confirmed Guangdong Heilenberg Real Estate Group
Co., Ltd. (Helenburg)'s long-term foreign currency issuer's default
rating is 'B+', and the outlook is stable. The company has no
issued foreign bonds, so Fitch has revoked its 'B+' foreign
currency premium unsecured rating.

Heilenberg's rating is based on the consolidated financial position
of its holding company, Helensburgh China Holdings Limited
(Helenberg China) - Heilenberg China indirectly wholly owns
Helensburg and is in the process of joint trading in Hong Kong
Limited (Hong Kong Stock Exchange) listed. Fitch has a strong
strategic and operational relevance between the two companies based
on its Parent-Subsidiary Rating Relevance Standards, as
Heilongjiang China's China real estate development business is all
carried out by Helensburg.

Helensburg's leverage ratio (measured by the ratio of net debt to
adjusted inventories) has risen from 42% at the end of 2017 to 50%
at the end of 2018, reaching the leverage threshold that triggered
Fitch's consideration of negative rating action. Fitch expects the
company's leverage ratio to fall to 45%-50% in 2019, mainly because
the company's cash outlays due to the land acquisition will
decrease and the cash collection rate of contract sales revenue
will improve. Fitch will pay close attention to Heilongjiang's
financial situation; if its leverage ratio does not improve as
expected, Fitch may consider negative rating action.

Helenborg's land bank is widely distributed in China's five major
regions, which is a supporting factor for the company's rating, and
makes up for the company's land reserves (more in the second and
third-tier cities) quality is not as good as the industry. The
company's annual contracted sales are about 40 billion yuan, and
the EBITDA margin (including the capitalized interest in the cost
of sold products) is 20%-25%, which is enough to meet the
corresponding requirements of the 'B+' rating.

Key rating drivers

Adequate land reserves provide de-leverage space: Helensburg
aggressively acquired land in 2018, bringing its leverage to around
50%, and is at a higher level among peers with a rating of 'B+'.
Helensburg's land bank can support five years of development needs,
so the company may be able to gradually leverage, as it only needs
to replenish about 30% of contract sales to replenish land reserves
to maintain contract sales growth. In addition, the company may
reduce leverage after listing on the Hong Kong Stock Exchange, but
due to market uncertainty, Fitch did not include this factor in its
basic rating assumptions.

Wide geographical distribution of land reserves: At the end of
January 2019, Heilenberg's equity land reserve was 23.7 million
square meters, widely distributed in the Pearl River Delta, West
China, Yangtze River Delta, Central China, and
Beijing-Tianjin-Hebei region, but 40% of its land bank is located.
Guangdong Province. In 2018, the company expanded its land
acquisition to support the rapid sales turnover strategy, and it is
land bank is sufficient to support development needs for about five
years. Fitch expects that the company's contracted sales will
increase by about 20% to RMB 43 billion in 2019, mainly due to the
increase in total floor area sold – the company's contracted
sales increased by 40% in 2018. To 36 billion yuan.

Low land reserve cost: Helensburg's land acquisition route mainly
includes acquisition, public auction and old city transformation,
so the cost of land acquisition is relatively low. In addition to
the 23.7 million square meters of land bank, Heilenberg also holds
2.2 million square feet of industrial land (which can be used for
industrial park development or conversion to commercial land) and
2.8 million square meters of land (for two urban old reforms)
project). From 2016 to 2018, the company's average land acquisition
cost was RMB 1,657 per square meter, which was only 15% of its
contracted sales average selling price (11,000 yuan per square
meter in 2018).

Profitability and turnover rate are stable: Thanks to low-cost land
reserves, Heilenberg's EBITDA margin (including capitalized
interest) was 22% in 2018. Fitch expects that the average cost of
the company's land bank is about 15%-20% of the average selling
price of its residential projects, which will keep its average
EBITDA margin at 20%-25%. Given Helensburg's land bank and
available resources, Fitch expects the company's sales turnover
(measured by the ratio of contracted sales to total liabilities) to
remain above 1.2 times.

Financial transparency continues to improve: Helensburger, the
holding company of Heilenberg, has submitted a listing application
and has publicly disclosed complete financial information. The
company's corporate governance has improved, with the number of
independent non-executive directors accounting for one-third of the
total number of board members. Fitch expects that the timeliness of
Helenborg's disclosure of financial information to foreign
investors will improve after the completion of the listing.

Rating Derivation Summary

Helenborg's business status and financial status are comparable to
those of Hong Kong Junfa Real Estate Co., Ltd. (Junfa, B+/Stable)
and other 'B+' ratings. Compared with Junfa, Heilenberg has a large
sales scale, a wide distribution of land reserves, and a high sales
turnover rate, but the leverage ratio is slightly higher and the
EBITDA margin is lower. The Heilongjiang Group's leverage ratio
(measured by the ratio of net debt to adjusted inventory) is
approximately 50%, comparable to the level of 'B+' rating of
Rongxin China Holdings Limited (Finance, B+/Stable) – and
Compared with Helensburg, Rongxin has a large business scale and
strong profitability.

Helensburg's business is better and larger than its peers with most
'B' ratings; except Sunshine City Group Co., Ltd. (Sunshine City,
B/Front) – Heilenberg's leverage is lower than Sunshine City,
However, the latter's sales are large.

Helensburg's leverage ratio is higher than that of most
similar-sized 'BB-' rating peer companies (such as Times China
Holdings Limited (BB-/Stable) and Pazhou Real Estate Co., Ltd.
(BB-/stable)) - These companies have average leverage of 40%-45%.

Key Ratings Assume

Fitch's key rating assumptions in this issuer rating study include:


- Annual contracted sales from 2019 to 2021 in the period of 40
billion to 60 billion yuan (36 billion in 2018)

- 2019 The average selling price of contracted sales to 2021 is
RMB 11,500 to RMB 12,000 per square meter (11,281 RMB per square
meter in 2018)

- The amount of equity purchases from 2019 to 2021 is
approximately 30% of equity contract sales (2018) 46% annually)

- 2019-2021 between EBITDA margin (including capitalized interest)
of 20% to 25% (2018 22%)

Rating sensitivity factors that

may individually or collectively cause Fitch to take positive
factor in the future development of rating actions include:

- The ratio of contracted sales to total liabilities continues to
be 1.3 times or more (1.3 times in 2018)

- EBITDA margin (including capitalized interest) continues to be
20% or more (22% in 2018)

- Leverage (by net The ratio of liabilities to adjusted stocks
measured) continues to be below 40% (50% in 2018)

Future development factors that may or may not result in Fitch's
negative rating actions include:

- Failure to improve financial transparency for public investors,
including Regular disclosure of complete financial information

- EBITDA margin (including capitalized interest) continues to be
below 15%

- Net debt to adjusted stocks continue to be above 50%

Liquidity

liquidity: Helensburg holds cash by the end of 2018 RMB 10.8
billion (including restricted cash of RMB 6 billion) is enough to
cover its short-term debt of RMB 9.4 billion.

KAISA GROUP: Fitch Rates $400MM Senior Notes Final 'B'
------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Kaisa Group
Holdings Limited's (B/Stable) USD400 million 11.5% senior notes due
2023 a final rating of 'B' with a Recovery Rating of 'RR4'. Net
proceeds of the notes will be used to refinance debt.

The notes are rated at the same level as Kaisa's senior unsecured
rating as they constitute its direct and senior unsecured
obligations. The final rating is in line with the expected rating
assigned on 21 May 2019.

Kaisa's ratings are underpinned by its strong asset base that
supports its scale expansion, which is at a level comparable with
'BB' category homebuilders. The company had a large and
well-located land bank consisting of over 150 projects in 45 cities
across five major economic regions at end-2018. Its geographical
diversification mitigates project and region-related risks and
gives it more flexibility when launching new projects to support
sales growth. Kaisa's ratings are constrained by high leverage -
measured by net debt/adjusted inventory (urban renewal projects
(URPs) and investment properties at original cost) - of 72.7% at
end-2018, though this is partly mitigated by high profitability.

Fitch believes Kaisa will start deleveraging from 2020, supported
by its enlarged scale and increasing margins, with more high-margin
URPs being recognized. Kaisa is able to secure a large land bank at
low cost in China's Greater Bay Area through its URP business; this
supports the company's high EBITDA margin of over 30%. The wider
margin of the URP business of over 40% is an important factor in
helping the company deleverage. However, Kaisa's leverage will be
sustained at a high level if it expands its scale at the same pace
as in 2017 and 2018, as URPs only contributed to 30% of contracted
sales in 2018.

KEY RATING DRIVERS

URPs a Business Strength: Fitch believes Kaisa's URP business
offers operational flexibility, as its high profitability enables
the company to sustain price cuts in a market downturn. Kaisa can
also sell the stakes in its URPs, if needed, at a profit because of
their low land cost. Kaisa's long experience in the URP business
has enabled it to secure a large land bank with a high gross profit
margin of over 40%, supporting the company's overall EBITDA margin,
excluding capitalized interest in the cost of goods sold (COGS) of
30%-35%. A large URP pipeline of 119 projects (30 million sqm of
land) also allowed for a consistent stream of projects entering the
sales phase.

Kaisa has converted an average gross floor area (GFA) of 940,000
sqm a year for the past 10 years and this also gives it some
operational flexibility with land replenishment. Nevertheless, the
URP business has limited scope to build scale and will become a
less important driver at higher rating levels. URPs require a
longer development cycle and thus funds will be trapped for a
longer period and incur higher funding without immediate cash flow
generation or profit contribution, raising Kaisa's leverage above
that of peers without as large exposure to URPs. The nature of the
business and the high profitability mean Kaisa can operate at
higher leverage than other Chinese homebuilders for a sustained
period.

High Leverage Constraints Ratings: Fitch expects Kaisa's leverage,
measured by net debt to adjusted inventory, to stay above 70% in
2019, but to fall below 70% thereafter. Kaisa's sales scale in 2019
would be insufficient to cover its high tax and interest burden.
Reliance on the non-URP homebuilding business, which has a lower
margin, and growth at the business that is faster than we expect
may limit capacity to deleverage. However, we think there may be
improved once the company's attributable sales rise above CNY100
billion from 2020, as the efficiency of its sales - contracted
sales/gross debt - will exceed 0.8x and support stronger fund flow
from operation.

Large and Premium Land Bank: Fitch believes Kaisa's good-quality
land bank will support the company's ability to meet its total
sales target of CNY90 billion in 2019. Its premium asset base can
also boost liquidity at times when the conversion of its URP land
bank takes longer than the company expects, as it can easily find
buyers for its well-located URPs, especially those in Shenzhen.
Kaisa's land bank totaled 24.0 million sqm (estimated sellable
resources of CNY464 billion) at end-2018, of which 13.0 million
sqm, or 54.3%, was in the Greater Bay Area and 3.2 million sqm in
Shenzhen.

Robust Contracted Sales Growth: Fitch thinks Kaisa's 2019
contracted sales target is achievable due to the supportive
policies in the Greater Bay Area and the company's well-located
land bank. Kaisa had total sellable resources of CNY158 billion at
end-2018, implying a sell-through rate of 57% in 2019 to support
its 20% sales growth, close to its historical sell-through rate of
around 60%. Kaisa's attributable contracted sales rose by 57% to
CNY70.1 billion in 2018, supported by an average selling price
increase of 14% and GFA growth of 38%.

DERIVATION SUMMARY

Kaisa's attributable sales scale of CNY70 billion in 2018 is
comparable with that of 'BB' category peers, such as CIFI Holdings
(Group) Co. Ltd. (BB/Stable), Logan Property Holdings Company
Limited (BB-/Positive) and China Aoyuan Group Limited
(BB-/Positive), and exceeds the CNY40 billion-50 billion sales of
Yuzhou Properties Company Limited (BB-/Stable), KWG Group Holdings
Limited (BB-/Stable) and Times China Holdings Limited (BB-/Stable).
Over half of Kaisa's land bank, GFA is in the Greater Bay Area,
similar to that of Logan, China Aoyuan and Times China. Kaisa's
EBITDA margin of over 30% is at the higher end of 'BB' category
peers, thanks to its high-margin URPs.

Kaisa's leverage of over 70% is similar to that of Oceanwide
Holdings Co. Ltd. (B-/Stable), Xinhu Zhongbao Co., Ltd. (B-/Stable)
and Tahoe Group Co., Ltd. (B-/Negative). Kaisa's business profile
is much stronger than that of Oceanwide and Xinhua, with a larger
sales scale and more diversified land bank. Its churn, measured by
contracted sales/total debt, of 0.64x is also healthier than the
ratios of the two companies, which are below 0.25x. Kaisa and
Tahoe, whose land bank is more exposed to the Pan-Bohai Area, the
Yangtze River Delta and Fujian province, have similar scale and
margin. However, Tahoe's shorter land bank life of two to three
years pressures its leverage and Tahoe's liquidity is much tighter
than that of Kaisa.

Kaisa's closest peer among 'B' rated issuers is Yango Group Co.,
Ltd. (B/Positive). Yango's sales of CNY118 billion in 2018 were
larger than Kaisa's CNY70 billion and it is land bank is also more
diversified. However, Yango's EBITDA margin, excluding capitalized
interest, of less than 20% is narrower than Kaisa's more than 30%.
Yango's leverage, measured by net debt/adjusted inventory, was high
at 71% at end-2018, similar to that of Kaisa.

KEY ASSUMPTIONS

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

- Attributable contracted sales to rise by 20% in 2019 and 2020

- Attributable land premium/contracted sales at 28% in 2019 and
31% in 2020 (2018: 23%)

- Cash collection rate of around 80% in 2019 and 85% in 2020
(2018: 75%)

- Construction cost/sales proceeds at around 30% in 2019 and 2020
(2018: 30%)

- Dividend payout ratio of 20% of net income (2018: 19%)

RATING SENSITIVITIES

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

- Leverage, measured by net debt/adjusted inventory, sustained
below 60%

- EBITDA margin, excluding capitalized interest in COGS, sustained
above 30%

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

- Leverage, measured by net debt/adjusted inventory, above 75% for
a sustained period

- EBITDA margin, excluding capitalized interest in COGS, below 25%
for a sustained period

LIQUIDITY

Cash Meets Short-Term Obligations: Kaisa had cash and cash
equivalents of CNY22.5 billion at end-2018, including restricted
cash of CNY6.8 billion, against CNY17.0 billion in short-term debt.
The company also had total credit lines of CNY165 billion, of which
CNY119 billion was unused. In addition, Kaisa obtained approval
from the Shenzhen Stock Exchange to issue four asset-backed
securities, consisting of CNY5 billion linked to supply-chain
financing, CNY3 billion linked to long-term rental apartments,
CNY685 million secured by mortgage balloon payments (issued) and
CNY475 million backed by the income of its shipping business
(issued). Kaisa's average funding cost stayed flat at 8.4% in 2018.

KAISA GROUP: Moody's Assigns B2 Sr. Unsec. Rating to New USD Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed USD notes to be issued by Kaisa Group Holdings Ltd
(B1 stable).

The outlook is stable.

Kaisa plans to use the proceeds of the notes to repay existing
debt.

RATINGS RATIONALE

"Kaisa's B1 corporate family rating (CFR) reflects its strong sales
execution in the Guangdong-Hong Kong-Macao Bay Area, established
track record with high-margin urban redevelopment projects, and
good quality land banks in high-tier cities such as Shenzhen," says
Danny Chan, a Moody's Assistant Vice President and Analyst, and
also Moody's Lead Analyst for Kaisa.

However, the rating is constrained by its moderate financial
metrics, history of debt restructuring and share suspension, and
high financing costs.

The proposed notes will not have a material impact on the company's
credit metrics, because Kaisa will use the proceeds to refinance
existing debt.

Moody's projects that Kaisa's revenue/adjusted debt and adjusted
EBIT/interest coverage will trend towards 51%-63% and 2.1x-2.5x
respectively over the next 12-18 months, from 36% and 1.7x in 2018.
These credit metrics support the company's B1 CFR.

Kaisa's liquidity is good. Moody's expects that Kaisa's cash
holdings (RMB22.3 billion at 31 December 2018) and operating cash
flow will be sufficient to cover its short-term debt and committed
land payments over the next 12-18 months.

The B2 senior unsecured ratings are one notch lower than the CFR
due to the risk of structural subordination. This risk refers to
the facts that the majority of Kaisa's claims are at its operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario and that the holding company lacks
significant mitigating factors for structural subordination.

The stable outlook reflects Moody's expectation that Kaisa will
maintain its sales growth in high-tier cities, high profit margins
and good liquidity. The outlook also incorporates Moody's
expectation that the company will expand its access to funding over
the next 12-18 months.

Moody's could upgrade Kaisa's ratings if the company (1) maintains
its good liquidity position; (2) diversifies its funding channels;
and (3) improves its adjusted EBIT/interest coverage to above
3.0x-3.5x and revenue/ adjusted debt to above 75%-80% on a
sustained basis.

On the other hand, downward ratings pressure could emerge if the
company fails to achieve sales growth, or aggressively acquires
lands beyond Moody's expectation, such that its financial metrics
and liquidity deteriorate.

Credit metrics that could trigger a rating downgrade include (1)
revenue/adjusted debt below 50% on a sustained basis; (2) adjusted
EBIT/interest coverage below 2.0x on a sustained basis; or (3) cash
to short-term debt below 1.0x-1.5x.

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

Kaisa Group Holdings Ltd engages in real estate development in
China, mainly in urban redevelopment projects in the Greater Bay
Area. At 31 December 2018, it had an aggregate gross floor area of
24 million square meters of saleable resources across 45 cities in
China. Kaisa's operations also involve property management and
non-property related businesses. At 31 December 2018, Kaisa was
39%-owned by its founder, Mr. Kwok Ying Shing, and his family
members.

YANZHOU COAL: Moody's Raises CFR to Ba2, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has upgraded Yanzhou Coal Mining Company
Limited's corporate family rating to Ba2 from Ba3.

At the same time, Moody's has upgraded to Ba2 from Ba3 the senior
unsecured debt ratings on the bond issued by Yancoal International
Resources Development Co., Limited and guaranteed by Yanzhou Coal.

The outlook is stable.

RATINGS RATIONALE

"The rating upgrade reflects our expectation that Yanzhou Coal's
improved credit metrics will be sustained over the next 12-18
months," says Gerwin Ho, a Moody's Vice President and Senior Credit
Officer, and also the International Lead Analyst for Yanzhou Coal.

Yanzhou Coal recorded a strong performance in 2018, underpinned by
around 9% year-on-year increase in the average selling price, and a
17.7% year-on-year increase in its saleable coal volume to 113.9
million tons.

Moody's expects average domestic coal selling prices for the
company will decline by around 10% in 2019 from the levels seen in
2018, due to slowing growth in domestic coal demand in China.
Nevertheless, the Chinese government's measures to regulate the
supply side should prevent a deep and prolonged decline in domestic
prices.

Moreover, Moody's expects the company's production volume will
increase by 6% in 2019, bringing its total saleable coal volume to
120 million tons, mainly due to production increases at its Ordos
and Haosheng mines.

Accordingly, Yanzhou Coal's adjusted debt/EBITDA and EBIT/interest
should remain around 3.6x and 3.8x through 2019 compared with 3.4x
and 4.1x in 2018. Such levels support the standalone credit profile
of its Ba2 corporate family rating.

"The company's standalone credit profile is also supported by its
diversified coal mining assets and related infrastructure, its
good-quality coal in Australia, and its low-cost mining operations
in Shandong Province," says Yuting Liu, a Moody's Assistant Vice
President and Analyst, and also the Local Market Analyst for
Yanzhou Coal.

These credit strengths are partly offset by (1) its moderately high
debt leverage following years of expansion and acquisitions; and
(2) execution and financial risks related to its investments in the
financial sector.

Yanzhou Coal's Ba2 corporate family rating incorporates a two-notch
uplift, reflecting Moody's expectation of extraordinary financial
support from the Shandong Provincial Government in times of stress,
through Yanzhou Coal's parent, Yankuang Group Corporation Limited.

Moody's expectation of government support reflects (1) Yankuang
Group's 100% ownership by the Shandong Provincial Government; (2)
Yanzhou Coal's dominant position and strategic importance as
Yankuang's flagship company and the continued support from the
provincial government for both Yanzhou Coal and Yankuang Group; (3)
the importance of Yanzhou Coal's mining assets to Shandong Province
in terms of economic contributions and employment; (4) Yankuang
Group's 51.81% direct and indirect stake in Yanzhou Coal as of 31
December 2018, and the control it has over its board of directors
and appointment of senior management; and (5) Yankuang Group's
track record of providing financial support to Yanzhou Coal.

The Shandong Provincial Government's standalone ability to provide
support is based on its status as an upper-tier regional and local
government with national strategic importance.

However, these factors are counterbalanced by the primarily
commercial nature of Yanzhou Coal's operations, resulting in a
lower likelihood of support from the government than for entities
with significant public policy mandates.

The stable outlook reflects Moody's expectation that (1) there will
be no drastic fall in coal prices in China, (2) the company will be
prudent in acquiring coal assets and with its investments in
non-coal businesses, and (3) the company will maintain its strong
balance sheet cash balances.

Yanzhou Coal's ratings could be upgraded if its credit metrics
further improve, and absent any adverse changes in the parental
support.

Credit metrics indicative of upward rating pressure include
adjusted debt/EBITDA below 3.0x and EBIT/interest above 4.0x-4.5x
on a sustained basis.

On the other hand, Yanzhou Coal's ratings would be downgraded in
case of a material deterioration in its business or financial
profile.

Credit metrics indicative of downward rating pressure include
adjusted debt/EBITDA above 5.0x and/or EBIT/interest below 3.0x.

The ratings could also be downgraded if Moody's expects a decline
in parental support due to a decline in the importance of Yanzhou
Coal to its parent, a material weakening in the parent's credit
quality, or reduced linkages with the Shandong Provincial
Government.

The principal methodology used in these ratings was Mining
published in September 2018. Please see the Rating Methodologies
page on www.moodys.com for a copy of this methodology.

Yanzhou Coal Mining Company Limited listed on the Shanghai and Hong
Kong stock exchanges in 1998. As of 31 December 2018, it was
51.81%-owned by Yankuang Group Corporation Limited, a state-owned
enterprise that is in turn wholly owned by the Shandong Provincial
Government.

As of 31 December 2018, Yanzhou Coal owned and operated various
coal mines across China and Australia, including in Shandong and
Shanxi provinces and the Inner Mongolia Autonomous Region in China,
as well as in the Australian states of Queensland, New South Wales
and Western Australia.



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

ACRYLICS LIMITED: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Indian Acrylics
Limited (IAL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR300 mil. Fund-based working capital limits assigned with
     IND BB/Stable rating;

-- INR1,086.3 bil. Long-term loan due on March 2026 assigned with

     IND BB/Stable rating; and

-- INR2,113.7 bil. Non-fund-based limit assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect cyclicality in the acrylic fiber industry due
to crude price volatility, a continuous threat of acrylic fiber
dumping in India by overseas manufacturers and IAL's seasonal
product cycle. Fluctuations in raw material and product prices led
to a volatile EBITDA margin of 7.9%-10.2% over FY16-FY19. The
margin fell to 7.9% in FY19 from 8.3% in FY18. The decline in the
margin was on account of an increase in raw material price.
However, the margin has been resilient in view of the reasonable
access of IAL to the international market and value-added products
in the portfolio. Moreover, IAL's ROCE was 12.0% in FY19 (FY18:
10.0%).

The ratings also reflect the modest credit metrics of IAL. The
company's net financial leverage (adjusted net debt/operating
EBITDA) improved to 3.5x in FY19 from 4.7x in FY18 and gross
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 2.0x from 2.2x. The improvement in the leverage was
driven by scheduled debt repayment, while the deterioration in the
coverage was due to a proportionately higher interest expense than
EBITDA.

The ratings further reflect the tight liquidity position of IAL,
indicated by an average working capital utilization of over 100%
for the 12 months ended April 2019. However, IAL's CFO turned
positive to INR575 million in FY19 from negative INR257 million in
FY18 on account of efficient working capital management.

The ratings, however, are supported by 40.0% YoY revenue growth to
INR7,314 million in FY19, driven by an improvement in the
utilization of acrylic worsted yarn and an increase in the
realization from yarn. The scale of operations is large. In April
2019, the company booked a turnover of INR770 million. IAL sells
acrylic fiber to all major spinning mills engaged in acrylic yarn
manufacturing in India and also exports to many countries. Export
sales accounted for about 31.57% of the overall revenue in FY19
(FY18: 30.51%), with Iran and China representing about 80% of the
overall exports.

The ratings are also supported by IAL's over 33-year track record
in the acrylic fiber business.

RATING SENSITIVITIES

Negative: Any decline in the revenue or profitability, leading to
any deterioration in the credit metrics and pressure on the
liquidity, will be negative for the ratings.

Positive: Any improvement in the liquidity, along with the
geographical diversification of export sales, will be positive for
ratings.

COMPANY PROFILE

Incorporated in 1986, IAL manufactures acrylic fiber at its
45,000-metric-ton-per-annum facility in Sangrur, Punjab. The
company has the largest acrylic fiber manufacturing facility in
India. It has installed 43,992 spindles for manufacturing worsted
and modified cotton.

ALFARA'A INFRAPROJECTS: CRISIL Moves D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Alfara'a
Infraprojects Private Limited (AIPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee      395.09      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit         138         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit    140         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       35         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

AIPL, which was set up in 2011, undertakes civil construction
activities in India.   The Alfara'a group has a long track record
of operations in the civil construction industry in the UAE, having
delivered projects both for private as well as government sectors.

AMBIENCE IMPEX: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ambience Impex
Limited (AIL) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Buyer's Credit         4        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            2        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AIL for obtaining
information through letters and emails dated February 28, 2019 and
March 30, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2004, AIL is promoted by Mr Sandeep Agarwal and
family. It is engaged in the trading of various ferrous and
non-ferrous metals including brass, aluminum, zinc, iron scrap bars
and channels etc.

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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits migrated to non-
     cooperating with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Aquarious Marketing exports orthodox and crush, tear and curl kinds
of tea.


B. R. STEEL: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of B. R. Steel
Products Private Limited (BRSPPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          8.26       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Pre Shipment         6.00       CRISIL D (ISSUER NOT
   Credit                          COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BRSPPL for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

During March 2004, BRSPPL was acquired by Mr. J K Dholakia. The
company is engaged in manufacturing ceramic colours and is an
export oriented unit. The unit is located in MIDC, TTC Industrial
Area, Navi Mumbai. The company has a manufacturing capacity of 3000
tpa.

BHAGWAN PRECISION: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhagwan Precision
Private Limited (BPPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4.27       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan            5.40       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with BPPL for obtaining
information through letters and emails dated October 31, 2018 and
April 25, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

BPPL was set up in 2010 by Mr Vijay Pal and his family members. The
company manufactures precision-turned steel parts and components
used in the automobile industry, primarily for tractors. BPPL
specialises in highly precise, ground and honed components used in
hydraulic lifts in tractors. The company started operations in July
2012. Its key customer is Mahindra & Mahindra Ltd.

BHASKAR TEA: Ind-Ra Migrates D LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhaskar Tea &
Industries Private Limited's 'IND D' 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 D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR54 mil. Fund-based limit (Long-term) migrated to non-
     cooperating category with IND D rating; and

-- INR0.7 mil. Non-fund-based limit (Short-term) migrated to non-
     cooperating category with IND D rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
15, 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 1938, Bhaskar Tea & Industries process tea.

CAPTRONIC SYSTEMS: ICRA Removes B-/A4 Ratings from Not Cooperating
------------------------------------------------------------------
ICRA has removed its earlier ratings of [ICRA]B- (Stable) and
[ICRA]A4 from the 'ISSUER NOT COOPERATING' category as Captronic
Systems Private Limited has now submitted its 'No Default
Statement' ("NDS") which validates that the company is regular in
meeting its debt servicing obligations. The company's ratings were
moved to the 'ISSUER NOT COOPERATING' category in April 2019.

The current ratings derive comfort from the management's extensive
experience in custom-automated test equipment, data acquisition and
control systems mainly for defence and aerospace; and the company's
technical competence, as reflected by its successful track record
of design, development and execution of various types of defence
and aerospace projects. The ratings consider the company's renowned
client base and its order book of INR20.4 crore primarily from the
Defence Research Development Organisation (DRDO) laboratories,
Indian Space Research Organisation (ISRO) establishments and
automotive customers supporting its revenue visibility over the
near term. ICRA also notes the company's favourable business
outlook due to the defence offset requirements and the fillip
derived from the Make in India policy.

The ratings, however, are constrained by the company's weak
operational and financial performance, as reflected by an operating
loss of INR0.4 crore and a cash loss of INR2.6 crore in FY2018,
owing to delay in projects execution. The ratings also consider the
company's weak financial risk profile, characterised by the modest
scale of operation, high gearing, weak coverage indicators and high
working capital intensity. The ratings also factor in the sizeable
interest outgo and debt repayment obligations towards the loans
availed, coupled with the stretched liquidity position on account
of long collection period from Government clients.

ICRA notes that the company's revenue and margin remained volatile
over the last few years owing to project-specific requirements of
its customers and delays at the customers' end, leading to revenue
deferment. Further, the ratings consider the seasonality in cash
flows, highly concentrated in the third and fourth quarters, and
the vulnerability of the company's margins to foreign exchange
fluctuations.

ICRA also notes the company's high reliance on National Instruments
Corporation for the procurement of critical hardware and software
requirements. However, an established relationship with the
supplier and CSPL's status as a Platinum Alliance Partner, provides
comfort to an extent.

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

The instrument-wise rating action is:

-- INR55 mil. Term loans due on January 2025 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 26, 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 2015, Chamaria Infrastructures is into the
construction business.

CHINTHA PRINTING: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chintha
Printing and Publishing Co. Private Limited (CPPL) to 'CRISIL
B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Term Loan        10       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CPPL for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

Establisehd in 1971, CPPL is engaged in printing and publishing
activities. It is based out of Kochi and prints the local edition
of the popular Malayalam newspaper, Deshabhimani. Day to day
operations are managed by managing director, Mr K J Thomas.

E-VILLAGE RESORTS: CRISIL Migrates B Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of E-village
Resorts & Ayurvedha Private Limited (EVRAPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term       17        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Rating
                                      Migrated)

CRISIL has been consistently following up with EVRAPL for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

Set up in September 2016, E-village Resorts & Ayurvedha Private
Limited is currently constructing a new 5 ' star category Ayurvedic
resort on the banks of Karuvannur River in Thrissur District.

FOREST VIEW: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Forest View
Resort (FVR) to 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Long Term Loan        8        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with FVR for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

FVR is a proprietorship concern of Mr Deepanshu Gautam. The firm
has a resort, De Exotica Crest Resort and Spa, at Theoug, 28
kilometre from Shimla.

GANPATI ISPAT: CRISIL Withdraws B+ Rating on INR8.5cr Cash Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Ganpati Ispat (GI) to
'CRISIL B+/Stable/Issuer not cooperating'. CRISIL has withdrawn its
rating on bank facility of GI following a request from the company
and on receipt of a 'no dues certificate' from the banker.
Consequently, CRISIL is migrating the ratings on bank facilities of
GI from 'CRISIL B+/Stable/Issuer Not Cooperating to 'CRISIL
B+/Stable'. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           8.5       CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable Issuer
                                   Not Cooperating'; Rating
                                   Withdrawn)

Established in 2004 in Raipur (Chhattisgarh), GI manufactures MS
channels, strips, and billets. The firm is owned by Ganpati Sponge
Iron Pvt Ltd.

GRAND MOTORS: CRISIL Raises Rating on INR4.25cr Loan to B+
----------------------------------------------------------
CRISIL has upgraded its long term rating on the bank facilities of
Grand Motors (GM) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'
while reaffirming the short term rating at 'CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       1.75       CRISIL A4 (Reaffirmed)

   Cash Credit          3          CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Inventory Funding    4.25       CRISIL B+/Stable (Upgraded
   Facility                        from 'CRISIL B/Stable')

The upgrade reflects steady improvement in the business risk
profile and expected improvement in the financial risk profile. The
revenue stood at around INR79.9 crores in 2018 as against INR68.5
crores in 2017, also the operating profitability has been stable at
around 2.6 percent during past two fiscals ending 2018. Further,
the capital structure and debt protection metrics are expected to
gradually improve in the medium term.

The ratings continue to reflect modest scale of operations and
susceptibility to risks relating to low bargaining power with
principal and intense competition in automotive (auto) dealership
market. These rating weaknesses are partially offset by the
extensive experience of promoters in automobile distribution and
benefits of association with the principal, Bajaj Auto Limited
(BAL).

Key Rating Drivers & Detailed Description

Weaknesses:

*Modest scale of operations: The firm has modest scale of
operations as indicated by the revenue of INR79.9 crores in 2018.
Going forward, the scale of operations are expected to gradually
improve in the medium term, however, will remain modest considering
the automobile industry scenario.

*Susceptibility to risks relating to low bargaining power with the
principal and to intense industry competition: Owing to the modest
scale of operations, there is limited bargaining power with BAL.
Furthermore, the principal faces competitive pressures from other
two- and three-wheeler manufacturing brands such as Hero MotoCorp,
Suzuki Motorcycles India Pvt Ltd, TVS Motor Company Ltd. India, and
Yamaha Motor Pvt Ltd. Competition has compelled automakers to cut
costs, including reducing their commissions to dealers.

Strength:

* Extensive industry experience of the promoter: The promoter Mr
Mohammed Iqbal has been in the auto dealership business for about
10 years. Before establishing GM, he was a distributor of spare
parts of two- and three-wheelers. He and his son Mr Saljas, manage
operations. The promoters have also set up another entity, Grand
Hyundai (rated 'CRISIL B+/Stable'), which is an authorized dealer
of Hyundai Motor Company in Palakkad, Kerala.

* Benefits from association with BAL: The firm is an authorized
dealer for the vehicles of BAL, which is a leader in the two- and
three-wheeler segment. Furthermore, with the regular launch of new
vehicles by the principal, sound business growth is expected.

Liquidity
The company has an adequate liquidity profile. The bank limits were
highly utilized at around 95% in the last twelve months ending
March 2019. GM is expected to generate moderate net cash accruals
as against no repayment obligations in the medium term. Further,
the need based funding support from promoter's supports the
liquidity profile in the medium term. The current ratio stood at
around 0.94 times in 2018.

Outlook: Stable

CRISIL believes GM will continue to benefit over the medium term
from its exclusive dealership contract with BAL. The outlook may be
revised to 'Positive' if GM's sales volume and operating margin
increase substantially, or if promoters infuse equity, resulting in
improvement in capital structure. Conversely, the outlook may be
revised to 'Negative' if volume declines, significantly impacting
revenue and profitability, or in case of large debt-funded capital
expenditure, weakening capital structure and cash accrual.

Incorporated in February 2007, GM is the sole distributor of Bajaj
two wheelers in Thrissur & Palakkad district in Kerala and Bajaj's
three wheeler (autos) for Malappuram, Kerala.

GYANKUND TRUST: Ind-Ra Lowers Issuer Rating to D, Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Gyankund Trust
to Educate and to Serve's (GTTES) bank facilities to 'IND D (ISSUER
NOT COOPERATING)' from 'IND B (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR153.74 mil. Term loan (long-term) due on August 2024 -
     February 2027 downgraded with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR32.5 mil. Working capital facility (long-term) downgraded
     with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by GTTES during the
12 months ended in April 2019, the details of which are not
available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2007 in Kurukshetra, GTTES manages and operates
Technology Education & Research Integrated Institutions group of
institutes.

K. S. ALLOYS: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of K. S. Alloys
(KSA) to 'CRISIL B/Stable Issuer not cooperating'.

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

   Proposed Long Term    5.3       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KSA for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

K. S. Alloys, a partnership concern, incorporated in 2013, is
engaged in manufacturing of M. S. Ingots, having its manufacturing
facility in Gobindgarh, Punjab. The company is having total
production capacity of 72 tonnes per day with average utilisation
of around 70-80%.

KSM EDUCATIONAL: Ind-Ra Migrates 'D' Loan Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded KSM Educational
& Charitable Trust's bank loans' ratings to 'IND D' from 'IND B+'.
The Outlook on the earlier rating was Stable. The agency has
simultaneously migrated the rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR65.20 mil. Bank loans (long-term) downgraded and migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by KSMECT for the
seven months ended in April 2019.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months would
be positive for the ratings.

COMPANY PROFILE

KSM Educational & Charitable Trust was established in 2007 and is
registered under the Indian Trust Act 1872. It started a
college--Holy Trinity College of Education--in 2008 in Kanyakumari
district. The college offers B.Ed, M.Ed and M.Phil courses. The
trust has also started a CBSE school named Holy Trinity
International School in the academic year 2015-2016 and offers K-10
education.

LALIT POLYPLAST: CRISIL Withdraws B+ Rating on INR6cr Cash Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Lalit
Polyplast Private Limited (LPPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

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

CRISIL has been consistently following up with LPPL for obtaining
information through letters and emails dated April 22, 2019, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LPPL. This restricts CRISIL's
ability to take a forward LPPL is consistent with 'Scenario 2'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BBB rating category or lower. Based on the last
available information, the rating on bank facilities of LPPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

LPPL is a privately owned Delhi-based company incorporated in 2014.
It is promoted by Mr Lalit Kumar Jha and Ms Minu Jha. The company
trades in various polymer granules, such as polyvinyl chloride
resins, polypropylene granules, high-density polyethylene granules,
low-density polyethylene granules, and linear low-density
polyethylene granules.

MAA JANKI: CRISIL Migrates B- Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maa Janki
Toofan Agro Industries Private Limited (MJTAIPL) to 'CRISIL
B-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           0.9       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    3.75      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             4.75      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital        .6       CRISIL B-/Stable (ISSUER NOT
   Loan                            COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MJTAIPL for
obtaining information through letters and emails dated February 28,
2019 and March 18, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

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

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

MJTAIPL has been set up by Mr Bishwanath Choudhary, Ms Ram Daie
Devi, Ms Ranju Kumari, and Mr Kundan Kumar Gautam for providing a
multipurpose cold storage facility in Begusarai, Bihar. The cold
storage has a total capacity of 10,000 tonne with three chambers,
and has been operational from fiscal 2016.

MAHALAXMI FOOD: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mahalaxmi Food
Products (MFP) to 'CRISIL D Issuer not cooperating'.

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

   Project Loan          3.75      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Term Loan     .80      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)


   Term Loan             7.45      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MFP for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

MFP was set up as a partnership firm in 2004 at Ratnagiri. The firm
processes flour and spices. The partners of the firm are Mr. Yogesh
Sarpotdar and Mr. Anand Mulye.

METAL PRODUCTS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Metal Products
(MP) to 'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        5.35      CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Cash Credit             1.70      CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with MP for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Metal Products was set up in 1989 in Agra. The firm initially
manufactured imitation jewelry wires, and began manufacturing
electrical winding wires in 2002. Mr Vijay Kumar Agarwal is the key
promoter.

MITHRA SEEDS: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mithra Seeds
(MS) to 'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      4.55      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Rating
                                     Migrated)

   Secured Overdraft       4.45      CRISIL B/Stable (ISSUER NOT
   Facility                          COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with MS for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2012 as a sole proprietorship entity, Mithra Seeds (MS)
is involved in the trading of sowing seeds such as groundnuts,
Bengal gram, black gram, Green gram, paddy, Jute and soybean. Based
in Guntur, Andhra Pradesh, the firm is promoted and managed by
Narasimha Rao.

NIRMAN PRIVATE: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nirman Private
Limited (ENPL) to 'CRISIL D Issuer not cooperating'.

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

   Long Term Loan         1.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              3        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ENPL for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

ENPL was incorporated in January 2011 by Mr. Subhash Agrawal and
Mrs. Rekha Agrawal in Raigarh (Chhattisgarh). The company has
constructed a mall in Raigarh and is also engaged in trading of
broken rice which accounts for major portion of the revenues. It is
also constructing a hotel.

OPTIFLEX INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Optiflex
Industries' Long-Term Issuer Rating to 'IND B+' from 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based working capital limit downgraded with
     IND B+/Stable rating; and

-- INR14.875 mil. (reduced from INR17.5 mil.) Term loan due on
     March 2023 downgraded with IND B+/Stable rating.

KEY RATING DRIVERS

The downgrade reflects Optiflex earning margins lower than
management's expectations in FY19 and Ind-Ra's expectation of a
further reduction in the margins till FY21. This is based on the
lower-than-expected demand for the firm's manufactured products.
According to the provisional numbers for FY19, EBITDA margins fell
to 4.9% (FY18: 5.7%; FY17: 7.2%) on a rise in operating expenses
due to the inter-state selling of products to acquire new
customers, leading to increased freight charges. Margins are at
modest levels due to intense competition; RoCE came in at 7% in
FY18.

Optiplex's credit metrics too deteriorated in FY19 with interest
coverage ratio of 1.4x (1.5x; 1.5x) and net leverage ratio of 8.1x
(6.5x; 5.0x). This was due to an increase in the working capital
requirement funded by short-term borrowings.

The ratings continue to be constrained by Optiplex's modest scale
of operations with revenue of INR332 million in FY19 (FY18: INR277
million; FY17: INR217.5 million). Liquidity is tight as evident
from the average peak cash credit utilization of 90.9% during the
12 months ended March 2019. Cash flow from operations declined to
INR0.51 million in FY18 (FY17: INR5.84 million) due to an increase
in the working capital requirement with cash and cash equivalent of
INR0.17 million (INR0.14 million).

Despite an improvement in Optiplex's working capital to 187 days in
FY18 (FY17: 229 days) due to the improved debtor and creditor days,
it remained long due to the working capital intensive nature of its
business.

The ratings are, however, supported by Optiplex's promoters having
almost a decade-long experience in the wire and cable manufacturing
business.

RATING SENSITIVITIES

Negative: A sustained decline in the revenue and overall credit
profile will lead to negative rating action.

Positive: A sustained improvement in the overall credit profile and
liquidity will lead to positive rating action.

COMPANY PROFILE

Optiflex was established as a partnership firm in 2003 and
manufactures different kinds of wire and cables.

PARIN GEMS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Parin Gems' (PG)
Long-Term Issuer Rating to 'IND D' from 'IND BB-'. The Outlook was
Stable.

The instrument-wise rating action is:

-- INR204.5 mil. (reduced from INR217.2 mil.) Fund-based working
     capital limit (long-term/short-term) downgraded with IND D
     rating.

KEY RATING DRIVERS

The downgrade reflects PG's overutilization of its cash credit
limits for 35-60 days during the six months ended April 2019 due to
tight liquidity, resulting from delay in receipt of export credit
bills.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.

COMPANY PROFILE

PG is a partnership firm engaged in the cutting and polishing of
diamonds. It is promoted by the Surat-based Moradia family.

PETERESA REALTORS: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Peteresa
Realtors (PR) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan        8.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   21.5       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PR for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

Established in 2008, PR is partnership firm which is engaged in
residential real estate activities.  PR is undertaking a
residential real estate project in Borivali, Mumbai and is managed
by Mr Robert Dsouza.

RAJDHANI EDUCATIONAL: CRISIL Assigns 'D' Rating to INR7.5cr Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Rajdhani Educational Charitable Trust (RECT).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan        7.5       CRISIL D (Assigned)

The rating reflects delay in servicing term debt, due to stretched
liquidity. It also factors in the modest scale of operations. These
weaknesses are partially offset by the extensive experience of the
trustees.

Analytical Approach
Unsecured loans, estimated at INR1.16 crore as on March 31, 2019,
have been treated as debt for analytical purposes.

Key Rating Drivers & Detailed Description

* Delay in servicing term loan: RECT has defaulted on repayment of
its term debt, due to stretched liquidity, as it has not received
rent from the 'Presidium Educational & Charitable Trust as per
schedule. The instalment due in March is still outstanding.

Weakness:
* Small scale of operations: Operating income of INR0.97 crore,
estimated for fiscal 2019, reflects the small scale of operations.
Further, the scale is estimated to remain modest over the medium
term.

Strength
* Extensive experience of the promoters and their funding support:
The two-decade-long presence of the promoters in the real estate
industry, their strong understanding of market dynamics, and
established relationships with suppliers and customers, will
continue to support the business risk profile.

Liquidity
Liquidity of RECT is stretched due to delay in receipt of rent from
'Presidium Educational & Charitable Trust' and has led to delays in
meeting the debt repayment obligations. Further, current ratio is
also weak and stood at 0.94 times as on March 31, 2018. Liquidity
is expected will remain weak in the near to medium term.

Incorporated in May 2015, RECT is a Delhi-based trust, engaged in
the lease rental business. It has entered into an agreement with
'Presidium Educational & Charitable Trust' for running a school
over a 45-year tenure.

RELIANCE CAPITAL: To Sell Stake in Asset Mgmt Biz to Nippon Life
----------------------------------------------------------------
Bloomberg News reports that Anil Ambani group will exit the asset
management business by selling shares in its joint venture to
Japanese partner Nippon Life Insurance Co., which will take a
controlling stake in India's fifth-biggest mutual fund.

Ambani's Reliance Capital Ltd. signed a binding definitive
agreement to sell 32.12% of Reliance Nippon Life Asset Management
Ltd. for INR45.2 billion ($649 million) to the Japanese insurer,
taking the latter's shareholding to 75%, the companies said in
statements on May 23, Bloomberg relates. The partners currently
hold 42.88% each in the company. Reliance Capital will offer the
rest of its stake to other investors to ensure the minimum free
float requirement of 25% is met, it said.

According to Bloomberg, the deal with Nippon Life is critical for
embattled tycoon Ambani as he tries to bolster the finances of his
last stronghold, Reliance Capital.  Bloomberg notes that the
businessman is facing a number of challenges in his conglomerate
with telecom services provider Reliance Communications Ltd. facing
insolvency proceedings, while his power, defense and infrastructure
units too have battled piling debt, bankruptcy cases and regulatory
snags.

Nippon Life, on its part, is following a trend of Japanese insurers
acquiring businesses in faster-growing markets abroad to boost
profitability as a shrinking population and rock-bottom interest
rates curtail opportunities at home, Bloomberg states.

Nippon Life will make a mandatory open offer at 230 rupees a share,
says Bloomberg.

Reliance Capital is in the process of selling assets to bolster its
finances after cash dwindled to INR110 million as of March,
according to CARE Ratings.  Bloomberg adds that a unit of Moody's
Investors Service and two other local firms have slashed ratings of
Reliance Capital or its short-term instruments, citing holdups in
asset sales including asset management company, impacting liquidity
and risks on loans to unprofitable affiliates.

SARADAMBIKA POWER: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Saradambika
Power Plant Private Limited (SPPPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        .68       CRISIL D (ISSUER NOT
   under Letter of                   COOPERATING; Rating
   Credit                            Migrated)


   Funded Interest        3.57       CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING; Rating
                                     Migrated)

   Long Term Loan        28.38       CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Open Cash Credit       3.5        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Working Capital
   Demand Loan            4.48       CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Working Capital
   Term Loan              4.39       CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with SPPPL for obtaining
information through letters and emails dated
February 28, 2019 and March 18, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Incorporated in August, 2004 and based in Srikakulam (Andhra
Pradesh), SPPPL operates a biomass power plant with installed
capacity of 10 megawatt'located in Chandrapur district
(Maharashtra). The company commenced commercial operations in June
2008 and is promoted by Mr B Govinda Rajulu. His son Mr B Satya
Srinivasa manages the operations.

SHIRPUR POWER: Ind-Ra Maintains 'D' Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shirpur Power
Private Limited's rupee term loan in the non-cooperating category.
The issuer did not participate in the surveillance 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 detailed rating action is:

-- INR15.140 bil. Rupee term loan (long-term) due on September
     2030 maintained in a non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
October 18, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Shirpur Power, a wholly owned subsidiary of Sixvents Power and
Engineering Limited, operates a 100% imported coal-based 300MW (2 X
150MW) subcritical thermal power plant near Dhule, Maharashtra.

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

The instrument-wise rating actions are:

-- INR350 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR9.4 mil. Term loan due on March 2020 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Non-fund based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
21, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2001, Sitaram Gems is a partnership firm engaged in
diamond manufacturing, and rough diamond cutting and polishing. The
firm exports to Hong Kong and Bangkok. Its domestic markets are
Mumbai, Surat, and Kolkata. It is managed by Mr. Manjibhai Kevadia.

SWASTIK CERACON: Ind-Ra Affirms 'D' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Swastik Ceracon
Limited's (SCTL) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite requests and follow-ups by the agency. Thus, the
ratings are based on the best available information. 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 company's website.

The instrument-wise rating actions are:

-- INR121 mil. Term loan (long-term) affirmed with IND D (ISSUER
     NOT COOPERATING) rating;

-- INR500 mil. Fund-based working capital limits (long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR141.5 mil. Non-fund-based working capital limits (short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing from
April 2018. The agency has received a confirmation from the lenders
that SCTL has been categorized as a non-performing asset.

RATING SENSITIVITIES

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

COMPANY PROFILE

Ahmedabad-based SCTL manufactures vitrified floor tiles, ceramic
floor tiles and ceramic wall tiles under the brand, Swastik.



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

MEDCO ENERGI: Fitch Assigns 'B+' Rating to $650MM Senior Notes
--------------------------------------------------------------
Fitch Ratings has assigned PT Medco Energi Internasional Tbk's
(Medco; B+/Stable) USD650 million 7.375% senior notes due in 2026
issued by its wholly owned subsidiary, Medco Oak Tree Pte. Ltd., a
final rating of 'B+' and a Recovery Rating of 'RR4'.

The rating on the notes, which are guaranteed by Medco and some of
its key subsidiaries, is at the same level as Medco's Issuer
Default Rating (IDR), as the notes constitute its direct,
unsubordinated and unsecured obligations. The assignment of the
final rating follows a review of final documents conforming to
information already received. Medco will use some of the proceeds
to complete the acquisition of UK-based Ophir in May 2019 and will
use the remainder to repay debt.

Fitch upgraded Medco's IDR to 'B+' from 'B' on 22 April 2019,
reflecting the Indonesia-based company's improving the financial
profile, supported by its efforts to sell non-core assets to reduce
leverage. The rating action also reflects Fitch's expectations that
Medco's acquisition of Ophir for an enterprise value of around
USD585 million, including Ophir's net debt balance of USD35 million
at end-2018, is value accretive and is likely to further strengthen
its financial and operating profile. We believe the acquisition
will increase Medco's cash flow, based on our oil-price
assumptions, relative to the additional debt required to finance
the transaction. It will also boost Medco's oil and gas production
by about 30%, which will be higher than that of most 'B' rated
peers.

KEY RATING DRIVERS

Sale of Non-Core Assets: The company has sold part of its stake in
an associate company for USD252 million and has received USD152
million so far, with USD100 million to be received by end-June
2019. Medco also expects to receive net cash proceeds of USD90
million from the sale of part of one of its buildings by September
2019 and USD24 million from the sale of some smaller international
businesses, for which final sale agreements have been entered into.
These asset sales will help reduce debt and improve Medco's
financial profile. Fitch foresees only minimal risk to the
completion of these asset sales.

Ophir Acquisition Credit Positive: We expect the acquisition of
Ophir to be value accretive after weighing acquisition costs
against incremental cash flow. The transaction should result in an
expanded and more diversified operation and we expect Ophir to
generate EBITDA of USD200 million-300 million until 2021, based on
our oil price-deck assumptions. It should also improve Medco's
credit metrics relative to the net debt added by the acquisition.

Fitch expects Ophir to add about 25 million barrels of oil
equivalent per day (mboepd) of production in 2019 (Medco 2018
production: 77mboepd), including over 12mboepd from non-domestic
assets based in Thailand and Vietnam. Gas sales makeup about 44% of
Ophir's sales, most of which are based on fixed-price take-or-pay
contracts, and will help Medco maintain its healthy mix of earnings
from fixed-price contract gas sales.

Improving Financial Profile: We expect Medco's leverage, as
measured by adjusted debt/operating EBITDAR, to fall below 4.0x by
end-2019 (2018: 4.8x), supported by net cash inflow of about USD366
million from the sale of non-core assets. The acquisition of Ophir
will also marginally improve Medco's leverage, which we expect to
remain at between 3.0x-4.0x over the medium-term in the absence of
large investments other than planned capex. We have not factored in
any cash inflow from share warrants and exclude Medco's 88% owned
subsidiary, PT Medco Power Indonesia (MPI) when calculating
adjusted leverage.

Favorable Earning Mix: We expect Medco to derive about 30% of sales
volume through fixed-price take-or-pay contracts. Fitch estimates
the EBITDA generated from these contracts will cover its
consolidated interest expense (excluding MPI) by more than 1.0x
(2018: 0.7x), including earnings at Ophir. This is a key strength
relative to most global oil and gas peers, lowering the commodity
risks associated with the sector. Gas accounts for about two-thirds
of Medco's production volume and is sold through long-term
contracts, mainly to investment-grade off-takers.

Strong Operating Profile: Fitch expects Medco's production volume
to rise to about 100mboepd, including Ophir. Medco's production was
relatively stable at 77mboepd in 2018 (2017: 79mboepd). Its proved
reserve life, both including and excluding Ophir, is around eight
years based on our expectation of production with a three-year
average reserve replacement ratio of over 100%.

Geographic Concentration; Regulatory Risk: Medco's predominant base
of operations in Indonesia exposes it to associated country risks,
though diversified fields minimize operating risk. The geographical
concentration of earnings remains a constraint for most 'B' rated
oil and gas producers. Medco is exposed to the country's regulatory
uncertainties, highlighted by instructions from Indonesia's
Directorate General of Oil and Gas in mid-2018 to lower the selling
price at the Block A gas development in Aceh from the originally
agreed USD9.45/million British thermal unit.

Power Investment: Fitch considers the risk dynamics of MPI neutral
to Medco's credit profile, as its investment in the power company
falls outside the restricted group structure defined in Medco's
bond documentation. Medco has a USD300 million limit on investments
outside the restricted group, as stated in the documentation, the
majority of which has been utilized. The structure limits cash
outflow from Medco to MPI and other investments outside the
restricted group.

There are also no cross-default clauses linking MPI's debt to
Medco. MPI could, however, be credit positive in the long-term once
it matures and is able to upstream dividends. MPI's business
profile has a diversified earning mix between geothermal and
gas-power generation as well as earnings from the provision of
operation and maintenance services to other independent power
producers. MPI also has a successful record of raising funds on its
own.

DERIVATION SUMMARY

Medco's ratings reflect its business and financial profile, which
has improved post the acquisition of Ophir. Including Ophir,
Medco's profile compares well against 'B' rated exploration and
production peers in terms of the earning mix generated through
fixed-price take-or-pay contracts, bigger scale and our
expectations of lower leverage.

Medco's credit profile is well-placed relative to most peers in the
'B' category. Production, including Ophir, of close to 100mboepd is
more than Kosmos Energy Ltd.'s (B+/Stable) 69mboepd and part of
Medco's gas is also being sold at long-term fixed-price contracts.
Medco's reserve life is broadly similar, at eight years compared
with seven at Kosmos. Fitch expects Medco's leverage profile to be
comparable with that of Kosmos. We expect Medco's production to be
larger than GeoPark Limited's (B+/Stable) 40mboepd, although its
reserve life is similar to the nine years at GeoPark. Medco's
stronger operating profile is somewhat offset by our expectations
of higher leverage compared with GeoPark.

PT Saka Energi Indonesia's (BB+/Negative, standalone credit
profile: b) ratings are linked to the 'bbb-' standalone credit
profile of PT Perusahaan Gas Negara Tbk (PGN, BBB-/Stable). Medco's
operating profile compares favorably with that of Saka, as we
expect Saka's reserve life of fewer than five years to continue
weakening pending clarity on its structure within the PGN group.
Medco's Fitch-expected credit metrics are also stronger than those
of Saka.

Canacol Energy Ltd. (BB-/Stable) derives over 90% of sales through
fixed-price long-term take-or-pay contracts, which results in
higher ratings than most 'B' rated oil and gas producers, including
Medco, despite its smaller production scale of 32mboepd. We expect
Canacol's leverage to be lower than that of Medco, while Canacol's
reserve life and limited geographical concentration are comparable
with those of Medco.

KEY ASSUMPTIONS

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

- Production volume, excluding Ophir, to increase to 77mboepd in
2019 and gradually decline to about 70mboepd by 2023

- Total production volume, including Ophir, to increase to
93mboepd in 2019 and 104mboepd in 2020 as Ophir's full year of
production is taken into account, and to gradually decline to about
85mboepd by 2023

- Brent prices to average USD65.0/barrel in 2019, USD62.5/barrel
in 2020, USD60.0/barrel in 2021 and USD57.5/barrel in the long-term
as per Fitch's oil and gas price deck

- Gas price of USD7.03/million British thermal unit for Block A

- Cash production costs to remain at or below USD10/barrel of oil
equivalent

- Capex, including Ophir, of USD200 million-300 million through to
2023

- Net cash inflow of USD336 million in 2019 following asset sales
and reduction in investments.

Fitch's key assumptions for bespoke recovery include:

- The recovery analysis assumes Medco would be considered a going
concern in bankruptcy and that the company would be reorganized
rather than liquidated. We have assumed a 10% administrative claim.


- Medco's going-concern EBITDA is based on the average EBITDA we
expect over 2019 to 2023, which is stressed by 30% to reflect the
risks associated with oil-price volatility, potential challenges in
maintaining production from its maturing fields and other factors.


- An enterprise value multiple of 5.5x is used to calculate a
post-reorganization valuation and reflects a mid-cycle multiple for
oil and gas companies globally, which is somewhat higher than the
observed lowest multiple of 4.5x. The higher multiple considers
that a majority of Medco's production volume stems from long-term
fixed-price and indexed take-or-pay gas contracts, which provide
more cash flow visibility across economic cycles than for average
global upstream oil and gas production companies.

- We have assumed prior-ranking debt of USD474 million will be
repaid before Medco's senior unsecured creditors, including
investors of its US dollar bonds. Prior-ranking debt includes
project-finance debt at non-guarantor subsidiaries PT Medco E&P
Tomori Sulawesi and PT Medco E&P Malaka.

- The payment waterfall results in a 72% recovery corresponding to
an 'RR2' recovery for the unsecured notes. However, we have rated
the senior unsecured bonds 'B+'/'RR4' because Indonesia falls into
Group D of creditor friendliness under our Country-Specific
Treatment of Recovery Rating Criteria, and the instrument ratings
of issuers with assets in this group are subject to a soft cap at
the issuer's IDR.

RATING SENSITIVITIES

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

- Fitch does not expect any positive rating action over the
medium-term considering Medco's forecast leverage levels. That
said, Fitch may consider positive rating action if adjusted
leverage (adjusted debt/operating EBITDAR excluding MPI) is
sustained below 3.0x, provided there is no weakening in Medco's
operating profile.
Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Leverage above 4.0x for a sustained period.

- Significant weakening in Medco's operating-risk profile,
including a weakening of its reserve life to less than seven years
or material weakening in the mix of earnings from fixed-price gas
sales.



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

CRYPTOPIA LIMITED: Files for U.S. Bankruptcy Protection
-------------------------------------------------------
Bloomberg News reports that Cryptopia Limited, a New Zealand
company that operated a cryptocurrency exchange with over 300,000
accounts from around the world, filed for U.S. bankruptcy
protection after hackers broke in earlier this year and stole over
$16 million.

The company's founders started Cryptopia as a hobby in 2014, and
the exchange grew rapidly in 2017 as the price of Bitcoin
skyrocketed, Bloomberg relates citing federal court papers filed on
May 24 in Manhattan. But hackers broke into digital wallets stored
with Cryptopia in January 2019 and stole client assets, the report
says.

After Cryptopia re-opened its trading platform in March so account
holders could exchange their assets for Bitcoin, Litecoin or
Dogecoin, shareholders decided to fold the company, according to a
declaration filed by the New Zealand liquidator, Bloomberg relays.

Cryptopia still has tens of millions of dollars of digital assets
that the liquidators are trying to collect and distribute to
account holders, according to the filing cited by Bloomberg. The
liquidators are trying to determine which account holders own which
digital assets, but the information they need is hosted on servers
run by an Arizona company that's terminating its agreement with
Cryptopia and demanding about $2 million, the declaration stated.

The liquidators are concerned that if they don't pay the Arizona
company, Cryptopia's data could be overwritten or lost, Bloomberg
relays. "This would be potentially catastrophic for the liquidators
and account holders," the liquidator said. As for the hacked
wallets, "recovery efforts are still being made, but to date, none
of the stolen digital assets have been recovered."

Every Cryptopia account holder is a potential creditor in the
liquidation, and trade creditors are owed about $2.6 million, the
documents show, Bloomberg adds.

The Chapter 15 case is Cryptopia Limited, 19-11688-smb, U.S.
Bankruptcy Court in the Southern District of New York (Manhattan).

Earlier this month, David Ruscoe and Russell Moore from Grant
Thornton were appointed as liquidators of Cryptopia.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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