TCRAP_Public/190529.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, May 29, 2019, Vol. 22, No. 107

                           Headlines



A U S T R A L I A

ARNHEM CLUB: Second Creditors' Meeting Set for June 4
CANNY BUILDERS: First Creditors' Meeting Set for June 5
CIVIL ASSIST: Second Creditors' Meeting Set for June 5
FUTUREPEOPLE RECRUITMENT: Second Creditors' Meeting Set for June 4
INDIGENOUS CONSTRUCTION: WA Insolvency Appointed as Liquidator

KINGFISHER TRUST 2019-1: Moody's Rates Class E Notes (P)Ba2
ROSENDORFF DIAMOND: Administrators See Irregularities in Accounts
TECH PROJECT: First Creditors' Meeting Set for June 6
VIEWTOP HOLDINGS: First Creditors' Meeting Set for June 5


C H I N A

AGILE GROUP: Moody's Puts Ba3 Sr. Unsec. Rating to New USD Notes
CHINA METAL: China Merchant Unit Fined for Failure in IPO Vetting
SHANGHAI HUAYI: Moody's Withdraws Ba1 CFR, Outlook Stable
VSUN GROUP: Files for Bankruptcy; Fires All Workers


I N D I A

A. GEERI: CRISIL Reaffirms 'B' Rating on INR43.2cr Cash Loan
ARCL ORGANICS: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
CREDENCE WHOLE: CRISIL Assigns 'B' Rating to INR6.5cr Loan
DEVON FOODS: CRISIL Reaffirms 'B' Rating on INR7cr Cash Loan
HYDERABAD RING: NCLT Rejects Insolvency Bid on Duplicacy

JAGANNATH TRADERS: CRISIL Migrates B+ Rating to Not Cooperating
KAJUWALLA: CRISIL Migrates 'B+' Rating to Not Cooperating
KAMLESHKUMAR BALUBHAI: CRISIL Moves D Rating to Not Cooperating
KHUKHRAIN COLD: CRISIL Migrates D Rating to Not Cooperating
LAKHO AGRICULTURAL: CRISIL Migrates B+ Rating to Not Cooperating

MOTHERLAND GARMENTS: CRISIL Migrates B+ Rating to Not Cooperating
NATIONAL STEEL: Ind-Ra Affirms 'D' Long Term Issuer Rating
RAJAN JEWELLERY: CRISIL Migrates 'D' Rating to Not Cooperating
ROCKWELL MINERALS: CRISIL Migrates 'B' Rating to Not Cooperating
SATHI AGRICULTURAL: CRISIL Migrates B- Rating to Not Cooperating

SHALIMAR OVERSEAS: CRISIL Migrates 'B' Rating to Not Cooperating
SHOPPERS INTERNATIONAL: CRISIL Hikes Rating on INR27cr Loan to B-
SHREE BAJRANG: CRISIL Migrates 'B' Rating to Not Cooperating
SHREE MAHA: CRISIL Migrates 'B' Rating to Not Cooperating
SHRI MAHALAXMI: CRISIL Migrates 'B' Rating to Not Cooperating

SRI KARUNAMAYE: CRISIL Migrates 'B-' Rating to Not Cooperating
SRIRATNA PACKAGING: CRISIL Migrates 'B' Rating to Not Cooperating
SRIVI EXPORTS: CRISIL Migrates 'B+' Rating to Not Cooperating
STAR ORGANIC: CRISIL Migrates 'D' Rating to Not Cooperating
SWASTIK ENTERPRISES: CRISIL Migrates B- Rating to Not Cooperating

T.L. FASHION: CRISIL Migrates 'B+' Rating to Not Cooperating
THERMOSOL GLASS: CRISIL Migrates D Rating to Not Cooperating
V M YARNS: CRISIL Migrates 'D' Rating to Not Cooperating
VISHNU VANDANA: CRISIL Migrates 'B' Rating to Not Cooperating
WEBTECH ENGINEERING: CRISIL Migrates D Rating to Not Cooperating



I N D O N E S I A

BUMI SERPONG: Moody's Affirms Ba3 CFR, Alters Outlook to Stable
MEDCO ENERGI: S&P Puts 'B' Rating to USD-Denom. Sr. Unsec. Notes
PAKUWON JATI: Fitch Affirms Long-Term IDR at BB, Outlook Stable


M A L A Y S I A

MALAYSIA: Writes Off MYR3.8BB Debt for Rural Water Supply Project


S I N G A P O R E

HYFLUX LTD: Says Meeting with Utico Yielded No Conclusive Numbers


S O U T H   K O R E A

DOOSAN BOBCAT: Moody's Affirms Ba3 CFR, Alters Outlook to Pos.


T A I W A N

TAICHUNG COMMERCIAL: Fitch Affirms LT IDR at BB+, Outlook Stable
TAITA CHEMICAL: Temporarily Suspends Loss-making Unit in Tianjin


X X X X X X X X

MALDIVES: Fitch Corrects May 8 Ratings Release

                           - - - - -


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

ARNHEM CLUB: Second Creditors' Meeting Set for June 4
-----------------------------------------------------
A second meeting of creditors in the proceedings of The Arnhem Club
Incorporated has been set for June 4, 2019, 10:30 a.m. at Main
Venue, EY, Level 11, 121 Marcus Clarke Street, in Canberra, ACT,
and at 10:00 a.m., at Second Venue, The Arnhem Club, 1 Franklyn
Street, in Nuhlunbuy, NT.

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

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

Henry Kazar and Lachlan Abbott of Ernst & Young were appointed as
administrators of Arnhem Club on April 29, 2019.

CANNY BUILDERS: First Creditors' Meeting Set for June 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Canny
Builders Pty. Ltd. and CWD Holdings Pty. Ltd. will be held on June
5, 2019, at 10:30 a.m. at the offices of PKF Melbourne, at Level
13, 440 Collins Street, in Melbourne.

Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were
appointed as administrators of Canny Builders on May 24, 2019.

CIVIL ASSIST: Second Creditors' Meeting Set for June 5
------------------------------------------------------
A second meeting of creditors in the proceedings of Civil Assist
Australia Pty Ltd has been set for June 5, 2019, at 11:00 a.m. at
Level 43, 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 June 4, 2019, at 4:00 p.m.

David Mark Hodgson of Grant Thornton was appointed as administrator
of Civil Assist on April 18, 2019.

FUTUREPEOPLE RECRUITMENT: Second Creditors' Meeting Set for June 4
------------------------------------------------------------------
A second meeting of creditors in the proceedings of Futurepeople
Recruitment Pty Ltd has been set for June 4, 2019, at 3:00 p.m. at
Level 38, Tower Three, International Towers Sydney, 300 Barangaroo
Avenue, in Sydney, NSW.

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

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

Stephen Vaughan and Gayle Dickerson of KPMG were appointed as
administrators of Futurepeople Recruitment on May 3, 2019.

INDIGENOUS CONSTRUCTION: WA Insolvency Appointed as Liquidator
--------------------------------------------------------------
Sean Smith at The West Australian reports that a liquidator has
been put into WA Aboriginal resources contractor Indigenous
Construction Resource Group (ICRG).

Set up in 2010 to create employment opportunities for regional
Aboriginal communities, ICRG has undertaken work for companies
including Fortescue Metals Group, Buru Energy and Roy Hill
Holdings.

At its peak in 2016, it had more than 150 workers on its books and
AUD80 million of contracts in the pipeline.

The West Australian says the company is lead by former Rio Tinto
executive Shane Cable, its single director.

WA Insolvency's Jimmy Trpcevski -- JTrpcevski@wais.com.au -- was
appointed liquidator of ICRG and two associated companies on May
22, The West Australian discloses.

ICRG's half-owned ICRG North business collapsed two years ago owing
AUD4 million to mainly Northern Territory creditors, the report
notes.

KINGFISHER TRUST 2019-1: Moody's Rates Class E Notes (P)Ba2
-----------------------------------------------------------
Moody's Investors Service has assigned the following provisional
long-term ratings to the notes to be issued by Perpetual Corporate
Trust Limited as trustee of Kingfisher Trust 2019-1.

Issuer: Perpetual Corporate Trust Limited as trustee of Kingfisher
Trust 2019-1

AUD690.00 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD22.50 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD21.00 million Class B Notes, Assigned (P)Aa2 (sf)

AUD6.00 million Class C Notes, Assigned (P)A2 (sf)

AUD4.50 million Class D Notes, Assigned (P)Baa2 (sf)

AUD3.75 million Class E Notes, Assigned (P)Ba2 (sf)

The AUD2.25 million Class F Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
prime residential mortgages. All mortgages were originated and are
serviced by Australia and New Zealand Banking Group Limited (ANZ,
Aa3/P-1/Aa2(cr)/P-1(cr)).

RATINGS RATIONALE

The provisional ratings take into account, among other factors, an
evaluation of the underlying receivables, an evaluation of the
capital structure and credit enhancement provided to the notes, the
availability of excess spread over the life of the transaction, the
liquidity facility in the amount of 1.0% of the pool balance, the
legal structure, and the credit strength and experience of ANZ as
Servicer.

Moody's MILAN credit enhancement for the collateral pool is 4.00%,
while the expected loss is 0.40%. MILAN CE represents the loss that
Moody's expects the portfolio to suffer in a severe recessionary
scenario, while expected loss represents a stressed,
through-the-cycle loss relative to Australian historical data.

Lenders' mortgage insurance provided by ANZ Lenders Mortgage
Insurance Pty Limited (ANZ LMI, unrated) covers 13.3% of the loans
in the pool. Moody's gives no benefit to mortgage insurance in its
analysis because ANZ LMI is not rated by Moody's.

The key transactional features are as follows:

  - The Class A1 Notes benefit from 8% initial note subordination.
The excess subordination relative to the MILAN CE provides
additional credit support not only in the event a mortgage insurer
is downgraded, but also if the underlying pool performance is worse
than initially expected.

  - The notes will initially be repaid on a sequential basis. On or
after the second anniversary from the closing date, all notes may
be able to participate in proportional principal collections
distribution subject to the subordination conditions being met. The
subordination conditions include, among others, the credit support
provided to the Class A1 Notes being equal to or greater than 2
times the support provided on the Closing Date and no unreimbursed
charge-offs.

  - A liquidity facility, provided by ANZ in the amount of 1.0% of
the outstanding pool balance of loans not in arrears by more than
90 days, with a floor of AUD750,000. The liquidity reserve will be
available where trust income, drawing on the excess reserve and
principal collections are insufficient to meet the required
payments.

  - A fixed rate swap that will be provided by ANZ to hedge any
mismatch between the interest rates charged on the fixed rate loans
and payable on the floating rate notes. In view of ANZ's current
Aa2(cr) counterparty risk assessment, the swap linkage has no
present rating impact on the notes, because the linkage between the
notes rating and ANZ's credit strength as the swap provider is
mitigated by an obligation to post cash collateral and novate the
swap if ANZ's counterparty risk assessment falls below A3(cr) and
Baa1(cr) respectively.

  - A basis swap provided by ANZ to hedge any interest rate
mismatch that arises when the movements of 30-day BBSW are not
(simultaneously) passed on to the variable rate mortgage loans.
Under the basis swap agreement, the Trustee will pay the swap
provider the variable rate received under the mortgage loans, and
will receive an amount equal to the 30-day BBSW, plus the weighted
average margin on the notes, plus a margin.

The key pool features are as follows:

  - The portfolio has a low weighted-average scheduled
loan-to-value (LTV) ratio of 60.0% and only 6.4% of the loans have
a scheduled LTV ratio above 80%.

  - The portfolio is well seasoned, with a weighted-average
seasoning of 55.9 months.

  - Investment and interest-only loans represent 15.3% and 13.3% of
the portfolio, respectively. Both are below the Australian mortgage
market averages.

  - The mortgage portfolio is well diversified across geographical
regions due to ANZ's wide distribution network.

  - About 85.5% of the borrowers are pay-as-you-go full-time
employees; a proportion which is higher than a typical transaction
in the Australian RMBS market.

  - A high proportion of loans (71.1%) with a loan purpose other
than purchase.

Methodology Underlying the Rating Action:

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

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian jobs
market and the housing market are primary drivers of performance.

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

ROSENDORFF DIAMOND: Administrators See Irregularities in Accounts
-----------------------------------------------------------------
Sean Smith at The West Australian reports that insolvency experts
poring over Craig Rosendorff's failed fine jewellery business have
identified "irregularities" in the company's accounts while
sheeting home blame for the collapse to the mining downturn.

The West Australian says administrators from FTI Consulting put
into Rosendorff Diamond Jewellers last month have questioned a
AUD1.8 million shortfall in stock and four transactions totalling
AUD170,000 where jewellery "left the store without payment".

According to the report, FTI said "there were limited controls
around the accounting and inventory functions, which have led to
some anomalies in the financial accounts".  However, it noted that
such irregularities were not uncommon.

There is no suggestion of any wrongdoing by Mr. Rosendorff, the
report notes.

The West Australian relates that FTI said that while Rosendorffs'
accounts suggested it held AUD4.5 million of jewellery on the
firm's appointment, a stock-take by receivers from KordaMentha this
month had identified just AUD2.7 million.

The firm's statutory report on Rosendorffs also noted that Mr
Rosendorff, who has invested millions of dollars in the business
over the past 30 years, had drawn increasing amounts out of the
company as its financial situation deteriorated, The West
Australian relays.

Between July 2017 and FTI's appointment, those withdrawals totalled
AUD1.8 million, including AUD582,000 in the past 10 months.

The West Australian adds that the administrators said Rosendorffs
had been under financial pressure for two years, citing "cash
leakage" and a steady decline in sales after 2011, triggered by the
end of the mining boom.

"This has contributed to a deterioration in the financial
performance of the company in recent years and is not inconsistent
with current retail conditions," the administrators, as cited by
The West Australian, said.

The sales slump had hit margins, resulting in Rosendorffs closing
its stores in Claremont and Booragoon--halving its staff numbers to
22--to refocus on its flagship outlet in Hay Street Mall, the
report states.

A year ago, the business took on a new AUD2.45 million loan from
investment company Gordon Brothers, with some of the proceeds used
to pay its landlord and cover superannuation payments to employees,
The West Australian recalls.

After recording a small profit 2017-18, the jeweller had lost
AUD740,000 this financial year on sales of AUD5.9 million--down
from AUD9.9 million two years ago--by the time FTI and KordaMentha
were appointed.

Gordon Brothers is owed about AUD2.2 million, Rosendorffs' staff
AUD400,000 and trade creditors AUD270,000.

The West Australian says the administrators have recommended that
Rosendorffs be wound up in the absence of a rescue. Mr Rosendorff
has flagged a potential deal to take back control of the company,
but KordaMentha is said to be in separate talks with a possible
buyer, adds The West Australian.

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

TECH PROJECT: First Creditors' Meeting Set for June 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Tech Project
Pty Ltd will be held on June 6, 2019, at 2:30 p.m. at the offices
of Worrells Solvency & Forensic Accountants, at Level 8, 102
Adelaide Street, in Brisbane, Queensland.

Christopher Richard Cook of Worrells Solvency was appointed as
administrator of Tech Project on May 27, 2019.

VIEWTOP HOLDINGS: First Creditors' Meeting Set for June 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Viewtop
Holdings Pty Ltd, trading as Mills Industrial Services and Mills
Sign & Painting Service, will be held on June 5, 2019, at 2:30 p.m.
at Palace Meeting Room, Ground Floor, 108 St Georges Terrace, in
Perth, WA.

David Hurt and Jimmy Trpcevski of WA Insolvency were appointed as
administrators of Viewtop Holdings on May 23, 2019.



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C H I N A
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AGILE GROUP: Moody's Puts Ba3 Sr. Unsec. Rating to New USD Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to Agile Group Holdings Limited's (Ba2 stable) proposed USD
senior perpetual capital securities.

The perpetual securities will be issued directly by Agile and rank
pari passu with all of Agile's other present and future unsecured
and unsubordinated obligations.

Agile will use the proceeds from the proposed bonds to refinance
existing debt.

RATINGS RATIONALE

"The proposed perpetual securities will extend Agile's debt
maturity profile and will not have a material impact on its credit
metrics, because the proceeds will mainly be used to refinance
existing debt," says Kaven Tsang, a Moody's Senior Vice President.

Agile's Ba2 corporate family rating reflects its strong track
record of property development in Guangdong and Hainan provinces,
disciplined financial management, adequate liquidity with good
access to the offshore debt and banking markets, and decent
profitability, benefitting from its low land costs.

At the same time, its CFR is constrained by the company's material
exposure to Guangdong and Hainan provinces, the impact of potential
regulatory tightening on property sales in its key operating
cities, and execution risks associated with its fast expansion in
property and new businesses.

Agile's Ba3 senior unsecured ratings are one notch lower than its
CFR due to structural subordination risk. This risk reflects the
fact that the majority of claims are at the operating subsidiaries.
These claims have priority over Agile's senior unsecured claims in
a bankruptcy scenario.

In addition, the holding company lacks significant mitigating
factors for structural subordination. As a result, the likely
recovery rate for claims at the holding company will be lower.

The Ba3 senior unsecured rating for the proposed perpetual capital
securities also considers the following factors:

(1) Moody's treatment of the proposed perpetual securities as pure
debt instruments. Moody's therefore does not apply any equity
treatment to these securities.

(2) The ranking of the securities, which will be pari passu with
all of Agile's other present and future senior obligations.

Moody's expects that Agile's debt leverage, as measured by
revenue/adjusted debt, will recover to 65%-70% over the next 12-18
months from 54% in 2018, because revenue growth will outpace
adjusted debt growth, supported by moderate growth in contracted
sales and growing revenue contribution from Agile's non-property
businesses.

Moody's expects that Agile will achieve moderate growth in presales
to RMB115-RMB120 billion over the next 12-18 months from RMB103
billion in 2018, while its revenue will grow to RMB65-RMB70 billion
from RMB56 billion over the same period. In the first four months
of 2019, the company's presales — taken together with the
presales from its joint ventures and associates — grew 16%
year-on-year to RMB34.3 billion, after recording growth of 14%
year-on-year in 2018.

While Agile's growing non-property businesses will offer some
benefits of business diversification, and to some extent, support
the company's revenue growth over the next one to two years, the
contribution will remain small relative to its property development
business. In 2018, Agile's revenues from its non-property
businesses grew 56% year-on-year to RMB3.7 billion, representing
only 7% of its total revenue in the same year.

Moody's also expects that Agile will control its debt growth by
taking a disciplined approach on land acquisition and new business
expansion, such that its adjusted debt will grow only 10%-15% to
RMB115-RMB120 billion over the next 12-18 months from RMB104
billion at 31 December 2018.

While Agile's EBIT interest coverage will fall slightly to
3.5x-4.0x from 4.1x over the same period because of a likely
decline in gross margin to 30%-40% from a high level of 44% in
2018, the projected interest coverage ratio remains supportive of
its Ba2 CFR.

Agile's liquidity position is good. Its cash holdings of RMB45.1
billion at the end of 2018 can fully cover its short-term debt of
RMB35.3 billion as of the same date. Moody's expects that over the
next 12 months, Agile's cash holdings, plus its operating cash
flow, will be sufficient to cover its short-term debt, committed
land premiums and dividend payments.

Agile's stable outlook reflects Moody's expectation that over the
next 12-18 months, the company will maintain a disciplined approach
to land acquisitions and new business expansion, grow moderately in
scale, achieve stable financial metrics, and an adequate liquidity
position.

Upward ratings pressure could develop if Agile grows its scale
while (1) maintaining a strong liquidity position; and (2)
improving its credit metrics, with adjusted revenue/debt above
95%-100% and EBIT/interest coverage above 5.0x-5.5x on a sustained
basis.

Downward ratings pressure could emerge if Agile's contracted sales
fall and credit metrics weaken, with EBIT/interest coverage falling
below 3.5x, or adjusted revenue/debt falling below 70%-75% on a
sustained basis.

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

Agile Group Holdings Limited is a major property developer in
China, operating in the mid- to high-end segment of the market. At
the end of 2018, the company had a land bank with a total gross
floor area of 36.2 million square meters in 65 cities.

CHINA METAL: China Merchant Unit Fined for Failure in IPO Vetting
-----------------------------------------------------------------
Wei Yiyang and Han Wei at Caixin Global report that Hong Kong's
securities regulator fined a unit of mainland-based investment bank
China Merchant Securities Co. HK$27 million ($3.4 million) for
breaching its duties as a sponsor of a HK$1.8 billion initial
public offering a decade ago.

The Securities and Futures Commission (SFC) said May 27 it slapped
the fine on China Merchants Securities Hong Kong (CMS Hong Kong)
for its role in the 2009 listing of China Metal Recycling Ltd., a
now-defunct scrap merchant. As a sponsor of the listing, CMS Hong
Kong failed to carry out proper due diligence, the SFC said in a
statement.

Caixin relates that the punishment came as the city's financial
regulator tightened scrutiny of IPO sponsors and took a tougher
stance against those who fail to meet their obligations.

UBS Securities Hong Kong, a unit of UBS Group AG and the other
sponsor of the China Metal deal, in March was fined HK$375 million
and suspended from sponsoring IPOs for 12 months for misconduct in
the China Metal case and two other IPOs. They were the 2009 listing
of logging company China Forestry Holdings Co. Ltd. and the 2014
offering of Tianhe Chemicals Group Ltd.

According to the report, three other global brokerages including
Morgan Stanley Asia, Merrill Lynch Far East and Standard Chartered
Hong Kong were also fined for involvement in problematic IPOs. The
four companies were levied a combined HK$787 million, a record
amount of penalties imposed by the SFC on sponsors.

CMS Hong Kong and UBS were the joint sponsors of China Metal's
offering in June 2009. The Guangzhou-based company claimed to be
China's largest metal recycling company and reported 117% average
annual revenue growth in its first five years of business. The
offering attracted global investors including IGM Financial,
JPMorgan Chase & Co. and Norges Bank.

In 2013, China Metal was suspended from trading by Hong Kong
regulators for allegedly fabricating financial information,
including overstating its financial position in the IPO prospectus,
Caixin recalls. China Metal was liquidated in 2015, and its shares
were delisted the next year, leaving investors with big losses.

According to Caixin, the SFC said that its investigation found that
CMS Hong Kong and UBS "failed in their due diligence as joint
sponsors to address a number of unusual facts and findings" on
China Metal and its customers during the listing process.

The two investment banks failed to verify China Metal's sales
contracts, its transactions with a number of third-party companies
and its suppliers, the regulator found, the report relays.

Although early-stage due diligence was carried out by UBS as the
lead sponsor, CMS Hong Kong didn't take any measures to address
suspicious issues when it joined the sponsorship, the SFC said.

SHANGHAI HUAYI: Moody's Withdraws Ba1 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a Baa3 issuer rating to
Shanghai Huayi Company's. Moody's has also upgraded Huayi's
baseline credit assessment to ba2 from ba3.

Moody's has withdrawn the company's Ba1 Corporate Family Rating.

At the same time, Moody's has upgraded the rating on the backed
senior unsecured bond issued by Huayi Finance I Ltd. to Ba1 from
Ba2.

The outlook is changed to stable from positive.

RATINGS RATIONALE

"The upgrade reflects Huayi's improving credit profile, including a
strengthened market position in the basic chemical industry,
improved cost structure, and solid credit metrics," says Gerwin Ho,
a Moody's Vice President and Senior Credit Officer, and also the
International Lead Analyst for Huayi.

Huayi reported strong earnings in 2018, with adjusted EBITDA up 63%
year-on-year to RMB7.7 billion, as stable production volumes,
higher selling prices and lower operating costs in its chemical
production businesses were offset only partially by modestly lower
profits from its green tire and chemical services segments.

Supported by these increased earnings and stable debt, Huayi's
adjusted debt/EBITDA improved significantly to 3.1x in 2018 from
5.0x in 2017.

Amid increasingly strict enforcement of environmental and safety
protection policies in China, Moody's expects Huayi will continue
to solidify its leading positions in its key products, including
methanol, acetic acid, and caustic soda, with a high utilization
rate of its production capacity. In 2018, its utilization rate of
90% exceeded the 60%-80% industry average.

Huayi has also lowered its operating cost structure by reducing its
workforce and improving its operating efficiency, which will help
it better manage through the chemical cycles.

While Huayi's revenue and profits will likely soften in 2019
because of the economic slowdown in China, Moody's expects the
company's adjusted debt/EBITDA will remain resilient at 4.0x-4.5x
with the impact of lower chemical selling prices partially
mitigated by Huay's strong utilization rates and low operating
costs.

Such leverage metrics support Huayi's revised BCA of ba2.

Huayi's Baa3 issuer rating incorporates its BCA of ba2 and a
two-notch uplift for Moody's assessment of a strong likelihood of
support from and high level of dependence on the Government of
China (A1 stable).

The strong support assumption reflects Huayi's 100% ownership by
the Shanghai municipal government, its integrated role as a major
supplier to regional chemical industries, and its receipt of large
amounts of government subsidies.

The support assessment also considers the reputational and
contagion risks that may arise if the company were to default. As
such, Moody's believes the central government would support efforts
by the Shanghai government to prevent Huayi from defaulting and
thus avoid disruption to the domestic financial markets.

These factors are counterbalanced by Huayi's commercially driven
business operations.

The high dependence level reflects the fact that Huayi and the
central government are exposed to common political and economic
event risks.

Huayi's BCA of ba2 reflects the company's (1) large business scale
and track record of stable chemical production in the domestic
markets; (2) diversified product portfolio, which helps mitigate
individual product profitability cycles; and (3) large cash balance
and substantial land reserves in Shanghai.

On the other hand, Huayi's credit profile is constrained by the
company's (1) primary exposure to the commodity chemicals business;
(2) improving but still modest profitability; and (3) ongoing
capital spending to expand production capacity.

Huayi maintained a large cash balance of RMB15.8 billion at the end
of 2018, equal to 75% of its total reported debt. Such additional
financial flexibility supports Huayi's funding and liquidity
needs.

The stable outlook incorporates Moody's expectation that, over the
next 12-18 months: (1) Huayi's credit profile will remain resilient
with leverage at 4.0x-4.5x; and (2) the company's important role in
Eastern China's chemicals industry, as well as the Chinese
government's ability to provide support, will remain intact.

Huayi's rating could be upgraded if Huayi (1) maintains resilient
business and financial profiles through the chemical industry
cycles; and (2) maintains its strong liquidity profile.

Credit metrics that Moody's will consider for an upgrade include
adjusted debt/EBITDA below 3.0x-3.5x on a sustained basis.

Moody's could also upgrade Huayi's rating without an improvement in
the company's BCA if Moody's assesses an increased level of
government support for the company.

Huayi's rating could be downgraded if the company (1) is unable to
improve its competitiveness and business sustainability; (2)
increases its leverage through aggressive debt-funded investment
and expansion; and/or (3) fails to maintain a strong liquidity
position.

Credit metrics that Moody's will consider for a downgrade include
adjusted debt/EBITDA above 5.5x on a sustained basis.

Moody's could also downgrade Huayi's rating without lowering its
BCA if Moody's assesses that government support for the company has
weakened.

In addition, any material reduction in the ownership by the
Shanghai municipal government or in Huayi's ownership in its key
listed subsidiaries will also pressure the company's rating.

The methodologies used in these ratings were Chemical Industry
published in March 2019, and Government-Related Issuers published
in June 2018.

Shanghai Huayi Company is a major producer of commodity chemicals
in China. The company has five major segments: (1) Energy
Chemicals, (2) Advanced Materials, (3) Green Tires, (4) Specialty
Chemicals, and (5) Chemical Services. The company produces basic
chemicals, clean energy products, tires, plastics, coatings,
dyestuffs and pigments, fluorine chemicals, reagents, additives and
chemical equipment. In 2018, Huayi generated total revenue of
around RMB60.8 billion and had reported assets of RMB71.1 billion.

VSUN GROUP: Files for Bankruptcy; Fires All Workers
---------------------------------------------------
Qu Hui and Isabelle Li at Caixin Global reports that Vsun Group
announced on May 19 that it had filed for bankruptcy and fired its
entire staff the same day.

On May 22, representatives of over 80 suppliers as well as dozens
of recently laid-off workers went to the firm's headquarters in
Shenzhen, Guangdong province, to seek recompense, the report says.
One worker told Caixin that the offices had been cleared out and
multiple suppliers said they had not been able to reach the
company's executives.

Caixin has learned that the suppliers are owed at least CNY170
million ($24.6 million). Most are domestic companies, including a
few listed firms such as Skyworth Digital Holdings Ltd.

Vsun was established in May 2011 in tech hub Shenzhen, and does
most of its work as a contract manufacturer, making phones for
other brands, Caixin discloses. Founder Zhang Xueying is the
brother of the chairman of Wingtech Technology Co. Ltd., an
electronics contractor listed in Shanghai.

Vsun's Indian subsidiary has a factory in the Indian city of Bawal,
around 100 kilometers (62 miles) from the country's capital. The
company had also established a joint venture in India with
Vietnamese smartphone brand Mobiistar.

In an internal memo sent to the whole company on May 19 that was
obtained by Caixin, Zhang said the Indian phone brand had
accumulated losses equivalent to CNY150 million as of April.



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

A. GEERI: CRISIL Reaffirms 'B' Rating on INR43.2cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on long-term bank facilities of A.
Geeri Pai Gold and Diamonds (AGP) at 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          43.2       CRISIL B/Stable (Reaffirmed)

   Long Term Loan        9.11      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    5.59      CRISIL B/Stable (Reaffirmed)

The rating reflects below-average financial risk profile, marked by
aggressive capital structure and weak debt protection metrics,
modest scale of operations in an intensely competitive industry,
and large working capital requirements. The weaknesses are
partially offset by the extensive experience of the promoters.

Analytical Approach

Unsecured loans to the tune of INR3.87 crore have been treated as
neither debt nor equity as the loans do not bear any interest and
are subordinated to bank debt.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in an intensely competitive industry:
Scale of operations is modest as reflected in estimated revenues of
INR80 crore in fiscal 2019. The retail jewellery industry in India
is intensely competitive and highly fragmented. The presence of a
large number of small and big players in the retail jewellery
market leads to profitability pressures.

* Large working capital requirements: Working capital requirements
are large as reflected in gross current assets (GCA) estimated to
be at 241 days as on March 31, 2019, driven by high inventory
requirements.  Working capital requirements will continue to remain
high over the medium term.

* Below average financial risk profile: As on March 31, 2019,
networth is estimated to be modest at INR5.46 crores and capital
structure aggressive marked by total outside liabilities to
adjusted net worth (TOLTNW) of 11.53 times. The debt protection
metrics is weak as reflected in estimated interest coverage of 1.50
times and net cash accruals to total debt of 0.03 times for fiscal
2019. With large incremental working capital, financial profile is
expected to remain at similar levels.

Strengths:
* Extensive industry experience of promoters:  Benefits from the
four decade-long experience of the promoter family, and the strong
market presence in Kerala, will continue to support the business
profile.

Liquidity
Liquidity is moderate: net cash accrual expected to be around
INR3-4 crore fiscals 2020 and 2021, respectively, should be
sufficient to cover debt obligations of INR1.51 crore during the
same period. Utilisation of fund based limit of INR44 crore,
however, averaged 99% in the 12 months ended March 2019. Moreover,
fund support from promoters through unsecured loans of INR3.68
crore provide cushion to liquidity.

Outlook: Stable

CRISIL believes that AGP would continue to benefit over the medium
term from the extensive industry experience of the promoters. The
outlook may be revised to 'Positive', if sustained increase in
revenues and profitability, leads to better financial risk profile.
Conversely, the outlook may be revised to 'Negative', if decline in
revenue and profitability, large debt funded capital expenditure,
or higher capital withdrawal by the partners, weakens financial
risk profile.

Setup in 2007, AGP retails jewellery through one showroom in
Palarivattom, Kerala. The firm is promoted and managed by Mr.
Sachithananda S Pai, his wife Mrs. Sheela S Pai and his sons, Mr.
Ramesh S Pai and Mr. Vishnunarayana Pai S.

ARCL ORGANICS: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned ARCL Organics
Limited (AOL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based limits assigned with IND BB-/Stable
     rating;

-- INR20 mil. Proposed fund-based limits* assigned with
     Provisional IND BB-/Stable rating; and

-- INR103.5 mil. Non-fund-based limits assigned with IND A4+
     rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above facility
by AOL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect the small scale of operations of AOL, although
revenue rose 7.23% to INR687.61 million in FY18 due to an increase
in income from the poultry and animal industry. AOL booked INR708
million in revenue for FY19.

The ratings also reflect the modest operating margin and credit
metrics of AOL. The margin was 3.7% in FY18 (FY17: 3.8%). In
addition, the ROCE of AOL was 3.0% in FY18 (FY17: 3.0%). Moreover,
in FY18, the company's gross interest coverage was 1.5x (FY17:
1.4x) and net financial leverage was 4.8x (4.8x).

The ratings further reflect the modest liquidity of AOL, indicated
by an approximate 94.0% average maximum fund-based facility use for
the 12 months ended April 2019. AOL's CFO turned negative INR4.72
million in FY18 (FY17: INR166.50 million) and cash balance at
year-end was INR6.83 million (INR5.21 million). The CFO turned
negative due to an increase in the net working capital cycle to 46
days in FY18 from 24 days in FY17 owing to an increase in debtor
days. The networking capital cycle was elongated.

The ratings, however, are supported by the founder's experience of
over three decades in the chemical manufacturing business.

RATING SENSITIVITIES

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

Positive: An improvement in the operating margin and the networking
capital cycle may lead to positive rating action.

COMPANY PROFILE

Incorporated in March 1992 by Suraj Ratan Mundhra, AOL (formerly
Allied Resins & Chemicals Limited) is a chemical manufacturer with
a 39,600-metric-ton-per-annum site in the Gobindapur area of West
Bengal.

CREDENCE WHOLE: CRISIL Assigns 'B' Rating to INR6.5cr Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Credence Whole Foods Private Limited (CDFPL).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Working Capital
   Facility                 6.5       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility       1.3       CRISIL B/Stable (Assigned)

   Term Loan                2.2       CRISIL B/Stable (Assigned)

The rating reflects susceptibility to volatility in milk prices,
changes in government regulations, and epidemics in the dairy
industry. The rating also factors in a modest scale and working
capital-intensive nature, of operations, and a weak financial
profile. These weaknesses are partially offset by the extensive
industry experience of the promoters and adoption of the latest
machinery in a stable industry.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to volatility in milk prices, changes in
government regulations, and epidemics in the dairy industry:
The price of milk is sensitive to any changes in government
policies, and to environmental conditions. Regulations, such as the
intermittent bans imposed by the government on export of skimmed
milk powder (SMP), affect procurement of milk and SMP exports, and
thus, have an adverse impact on industry players. Also, entities in
the segment are susceptible to failure in milk production because
of external factors such as cattle diseases.

* Modest scale of operation: The modest scale of operations in the
intensely competitive dairy products industry should continue limit
operating flexibility.

* Working capital-intensive operations: Gross current assets were
high at 193 days as on March 31, 2018, as against around 62 days
for some peers. The large working capital requirement arises from
high debtor and inventory levels. A long credit period has to be
extended to customers. Furthermore, due to business need, large
work in process  inventory is maintained.

* Weak financial profile: Debt protection metrics have been weak
due to high gearing and low cash accrual from operations. The
interest coverage and net cash accrual to total debt ratios were
2.95 times and 0.01 time, respectively, for fiscal 2018. The
metrics are expected to remain weak due to high debt over the
medium term.

Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of over five years in the dairy products
industry. This has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers.

* Adoption of latest machinery in a stable industry: The company is
currently in the process of setting up a new unit using the latest
equipment and technology. In the stable dairy industry, would
support the business risk profile.

Liquidity
Average bank limit utilisation was around 90% during the 12 months
through March 2019, and is expected to remain high on account large
working capital requirement.  Cash accrual is expected at around
INR19 lakh, against term debt obligation of INR17 lakh, per fiscal
over the medium term, and the excess will be act as cushion to
liquidity. The current ratio was moderate at 1.11 times as on March
31, 2018.

Outlook: Stable

CRISIL believes CDFPL will continue to benefit from the extensive
industry experience of the promoters. The outlook may be revised to
'Positive' if operations at the proposed plant stabilise in time,
leading to significant increase in revenue and profitability.  The
outlook may be revised to Negative' in case of a considerable delay
in the commencement of operations,  significantly low cash accrual
during the initial phase, or a substantial increase in working
capital requirement, thus weakening the financial risk profile,
especially liquidity.

CDFPL, incorporated in 2016, is owned and managed by Mr Ajay Yadav
and Mr Amit Sharma. The company processes milk and other milk
products such as Ghee , Paneer and Curd.

DEVON FOODS: CRISIL Reaffirms 'B' Rating on INR7cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Devon
Foods Limited (DFL) at 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL B/Stable (Reaffirmed)

   Long Term Loan         0.45      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.25      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the modest scale of operations and
below-average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of its promoters and
their funding support.

Analytical Approach

Unsecured loans of around INR30 crore as on March 31, 2019 have
been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and working capital intensive nature of operations:
Modest scale of operations with revenues of around INR42 crore in
fiscal 2019. Operations are working capital intensive with gross
current asset days of more than 150 days.

* Below average financial risk profile: Capital structure is weak
owing to losses. However, promoters have been infusing unsecured
loans year-on-year. Debt protection metrics are below-average owing
to operating losses during the last two years.

Strengths
* Extensive experience of promoters: Presence of over 30 years in
the spices and food products segment through group firm, Bafna
Exports, has enabled the promoters to gain sound understanding of
market dynamics and establish strong relationship with customers
and suppliers.

* Funding from promoters: Unsecured loans from promoters were at
around INR30 crore as on March 31, 2019, to fund capex and working
capital requirements. Promoters will continue to extend need-based
support.

Liquidity
The company's liquidity is weak with cash accrual inadequate for
the meeting the repayment obligation. However, support from
promoters in the form of unsecured loans has aided liquidity over
the last 2 years through fiscal 2019. Cash credit limits of INR7
crore are fully utilised over the last 12 months through March
2019.

Outlook: Stable

CRISIL believes DFL will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' if higher-than-expected growth in revenue and
profitability results in better capital structure and debt
protection metrics. The outlook may be revised to 'Negative' if
lower-than-expected profitability and revenue, sizeable,
debt-funded capex, or stretched working capital cycle further
weakens financial risk profile.

Incorporated in 1997 and taken over in 2009 by current promoters,
Mr. Ratanlal Jain Bafna and family, DFL is based in Kottayam,
Kerala, and processes curry powders, spices, whole spices, and
instant mixes.

HYDERABAD RING: NCLT Rejects Insolvency Bid on Duplicacy
--------------------------------------------------------
Business Standard reports that the Delhi bench of the National
Company Law Tribunal (NCLT) has dismissed ICICI Bank's application
seeking insolvency proceedings against Hyderabad Ring Road Projects
Pvt Ltd on the ground of duplicacy as proceedings are already
underway against Era Infra Engineering, of which the former firm is
a special purpose vehicle (SPV).

According to the report, the two-judge bench headed by NCLT
President M.M. Kumar dismissed the petition, saying "on account of
duplicacy of the claims the petition cannot be entertained".

"It is evident that the claim lodged by the petitioner -- ICICI
Bank Ltd before Rajiv Chakaraborty, IRP (Insolvency Resolution
Professional) of that company (namely Era Infra Engineering Ltd)
has already been collated and admitted," the tribunal said, the
report relays.

During the proceedings, the Hyderabad Ring Road Projects counsel
Vijay Kumar Singh noted that ICICI Bank did not disclose that their
claim has already been accepted by the IRP appointed in the
Corporate Insolvency Resolution Process (CIRP) of Era Infra
Engineering Ltd, Business Standard relays.

A partner with Singh & Associates, Vijay Kumar Singh also
represents Era Infra Engineering at the NCLT.

Era Infra Engineering was in the first list of the 12 defaulting
companies sent by the Reserve Bank of India to the banks in 2017
for recovery of debt through the Insolvency and Bankruptcy Code
(IBC), the report notes.

Earlier this month, the Delhi bench of the tribunal had dismissed
ICICI Bank's plea to initiate insolvency proceedings against Era
Infra Engineering subsidiary Era Infrastructure, on a similar
basis.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
11, 2018, CARE Ratings reaffirmed ratings on certain bank
facilities of Hyderabad Ring Road Project Private Limited (HRRP),
as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      185.11      CARE D Reaffirmed and removed
   Facilities                      from issuer not cooperating

The rating assigned to the bank facilities of HRRP continues to
factor in delays in debt servicing by the company.

JAGANNATH TRADERS: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jagannath
Traders - Delhi (JT) to 'CRISIL B+/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with JT for obtaining
information through letters and emails dated February 28, 2019, May
7, 2019 and May 13, 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 JT. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JT 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 JT 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.

JT was incorporated in 2014 and is engaged in the trading of dry
fruits like almonds and herbs and spices like cloves and poppy
seeds. It is a partnership firm managed by Mr. Pawan Sharma and Mr.
Jatin Sharma. It is based in Delhi.

KAJUWALLA: CRISIL Migrates 'B+' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kajuwalla to
'CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit &           10        CRISIL B+/Stable (ISSUER NOT
   Working Capital                   COOPERATING; Rating
   demand loan                       Migrated)

CRISIL has been consistently following up with Kajuwalla for
obtaining information through letters and emails dated February 28,
2019, May 07, 2019 and May 13, 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 Kajuwalla. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Kajuwalla
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 Kajuwalla to 'CRISIL B+/Stable Issuer not
cooperating'.

Established in 2012, Kajuwalla, a proprietorship concern by Mr
Jatin Sharma, trades in dry fruits. It is based in Delhi.

KAMLESHKUMAR BALUBHAI: CRISIL Moves D Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kamleshkumar
Balubhai Lad (KBL) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        5.25      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           6.25      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KBL for obtaining
information through letters and emails dated February 28, 2019, May
7, 2019 and May 13, 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 KBL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KBL 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 KBL 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.

Established in 1983 as a proprietorship firm and promoted by Mr
Kamlesh Lad, KBL executes road construction contracts in Gujarat.

KHUKHRAIN COLD: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Khukhrain Cold
Storage & Ice Factory (KCS) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             1.05      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KCS for obtaining
information through letters and emails dated February 28, 2019, May
7, 2019 and May 13, 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 KCS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KCS 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 KCS to 'CRISIL D Issuer not cooperating'.

Chandigarh-based KCS is a partnership firm promoted by the Sahni
family. The firm provides warehousing and logistics services for
dairy products, frozen meat products and vegetables, and beverages
through a cold storage and a fleet of refrigerated vehicles.

LAKHO AGRICULTURAL: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Lakho
Agricultural and Food Products Private Limited (LAFPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7.9       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash         1.6       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LAFPL for obtaining
information through letters and emails dated
February 28, 2019, May 7, 2019 and May 13, 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 LAFPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LAFPL 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 LAFPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2011 and promoted by Mr Uma Nand Singh and Mr
Vishal Kumar Singh, LAFPL mills non-basmati parboiled rice at its
facility in Buxsar, Bihar. The company sells under the Lakho brand.

MOTHERLAND GARMENTS: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Motherland
Garments Private Limited (MGPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        1.15      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    6.35      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MGPL for obtaining
information through letters and emails dated February 28, 2019, May
7, 2019 and May 13, 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 MGPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MGPL 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 MGPL 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.

MGPL was incorporated in 2005, promoted by Mr A J Pandian. The
company undertakes chemical washing and colouring of readymade
garments on a job-work basis at its facilities in Chennai and
Bengaluru.

NATIONAL STEEL: Ind-Ra Affirms 'D' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed National Steel and
Agro Industries Limited's (NSAIL) Long-Term Issuer Rating at 'IND
D'.

The instrument-wise rating actions are:

-- INR2.006 bil. Fund-based working capital limits (long term)
     affirmed with IND D rating;

-- INR89.4 mil. Term loans (long-term) due on April 1, 2019
     affirmed with IND D rating; and

-- INR11.995 bil. Non-fund-based working capital limits (short-
     term) affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects NSAIL's continued delays in servicing the
term loan and devolvement of the letters of credit during the six
months ended April 2019 because of a tight liquidity position, on
account of net losses incurred by the company in FY18.   
RATING SENSITIVITIES

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

COMPANY PROFILE

NSAIL manufactures cold-rolled sheet (capacity: 300,000 metric tons
per annum (mtpa)), galvanized plain and corrugated sheets
(330,000mtpa) and color-coated sheets and coils (170,000mtpa) at
its plant in the Dhar district of Madhya Pradesh. Moreover, it
trades agro and steel products and has a captive 6MW gas-based
power plant.

RAJAN JEWELLERY: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rajan
Jewellery (RJ) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           10        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RJ 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 RJ. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RJ 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 RJ 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 1933 by Mr. G Pradeep Kumar and his family members,
RJ is a gold jewellery retailer based in Thiruvalla.

ROCKWELL MINERALS: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rockwell
Minerals and Metals Private Limited (RMAMPL) to 'CRISIL B/Stable
Issuer not cooperating'.

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

CRISIL has been consistently following up with RMAMPL 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 RMAMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RMAMPL 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 RMAMPL to 'CRISIL B/Stable Issuer not cooperating'.

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

Established in 2010, Rockwell Minerals and metals Private Limited
(RMAMPL) is into trading of Mill scale and iron ore etc. The
company is procuring these from domestic manufacturers and is
selling the same to other traders in Maharashtra.

SATHI AGRICULTURAL: CRISIL Migrates B- Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sathi
Agricultural Multi Himghar Private Limited (SAMHPL) to 'CRISIL
B-/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-           7       CRISIL B-/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SAMHPL 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 SAMHPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAMHPL 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 SAMHPL to 'CRISIL B-/Stable Issuer not cooperating'.

Incorporated in 2013 and promoted by Mr Sekh Golam Hossain, Ms
Aspia Begam, Mr Angshuman Dawn, and Mr Sekh Mahammad Ali Hossain,
SAMHPL operates a potato cold storage unit at Purba Bardhaman
district of West Bengal. The unit has capacity of 50,000 quintal
per annum.

SHALIMAR OVERSEAS: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shalimar
Overseas Private Limited (SOPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          0.75       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash        1.46       CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

   Proposed Term Loan   8.54       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan            2.25       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SOPL 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 SOPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SOPL 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 SOPL 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.

Incorporated in 1995, SOPL is promoted by Mr Panna Lal Baid and his
sons, Mr Alok Jain and Mr Abhay Jain. It manufactures shoe uppers
and has a registered office in New Delhi.

SHOPPERS INTERNATIONAL: CRISIL Hikes Rating on INR27cr Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shoppers International Malls Private Limited (SIMPL) to 'CRISIL
B-/Stable' from 'CRISIL D'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Term Loan        27        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

CRiSIL had on January 18, 2019 assigned its 'CRISIL D' rating to
the long-term bank facilities of SIMPL.

The rating upgrade factors in SIMPL's track record of timely debt
servicing, aided by unsecured loans extended by the promoters The
repayments are also expected to be partially supported by steady
cash inflows from the rentals of the commercial space and gradual
booking of the residential apartments.

The ratings continue to reflect exposure to risks related to
successful completion and saleability of the residential project,
and intense competition in the real estate segment. These strengths
are partially offset by the extensive entrepreneurial experience of
the promoters, and their high financial flexibility.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to saleability of areas under
development, and cyclicality inherent in the real estate sector:
Saleability for SIMPL's ongoing project has been modest. The
domestic real estate sector is intensely competitive, with a highly
fragmented market structure. Continuous changes in fiscal and
monetary measures, causing interest rates to fluctuate, can impact
demand for housing loans. Moreover, a high transaction cost
constrains the development of a robust secondary market, posing
liquidity risks.

Strength
* Extensive entrepreneurial experience of the promoters: The main
promoter, Mr PP Sunny, has sound understanding of the real estate
sector, and has been associated with other projects. Further, the
promoters have high financial flexibility to infuse funds on a
timely basis, and support the debt obligation.

Liquidity
Liquidity is weak, marked by inadequate cash inflows to service
debt, and heavy reliance on debt, to fund the ongoing project.
Customer advances may not suffice to cover the debt maturing in
fiscal 2020, but liquidity will be aided by unsecured loans
extended by the promoters.

Outlook: Stable

CRISIL believes SIMPL shall continue to benefit from the extensive
entrepreneurial experience of the promoters. The outlook may be
revised to 'Positive' if considerably higher booking of units and
receipt of customer advances, leads to substantial cash inflows.
The outlook may be revised to 'Negative' if SIMPL faces significant
pressure on liquidity, because of low customer bookings or delayed
receipts of customer advances, for the ongoing as well as new
projects, and substantial increase in debt.

SIMPL was set up in 2011, at Thrissur. The company is setting up a
commercial-cum-residential complex in a prime location, and intends
to lease the commercial space, and sell the residential units.

SHREE BAJRANG: CRISIL Migrates 'B' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Bajrang
Mint (SBM) to 'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with SBM 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 SBM. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBM 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 SBM to 'CRISIL B/Stable Issuer not cooperating'.

SBM was set up in 2005 as a sole proprietorship by Ms Sadhana
Agarwal. The firm manufactures mentha flakes, mentha crystals and
dementholised oil from mentha oil. Its manufacturing unit is based
in Rampur (Uttar Pradesh).

SHREE MAHA: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Maha
Luxmi Bricks Co. (SMLBC) to 'CRISIL B/Stable Issuer not
cooperating'.

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

   Long Term Loan         8        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-
   Based Bank Limits      3        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMLBC 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 SMLBC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMLBC 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 SMLBC 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.

Shree Maha Luxmi Bricks Company (SMLBC) is a proprietorship concern
incorporated in 2017. The company is planning to setup bricks and
tiles manufacturing unit in Safidon District in Jind, Haryana,
wherein bricks manufacturing would constitute around 90-95% of the
operations and revenues. The company is managed and promoted by Mr.
Pradeep Kumar Bansal. The operations are expected to commence from
fiscal 2019.

SHRI MAHALAXMI: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shri Mahalaxmi
Industries - Jodhpur (SMIJ) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMIJ for obtaining
information through letters and emails dated February 28, 2019, May
7, 2019 and May 13, 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 SMIJ. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMIJ 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 SMIJ to 'CRISIL B/Stable Issuer not cooperating'.

SMIJ is a proprietorship that manufactures and processes blanched
peanut and groundnut (plain and roasted) in shell and related
products. Additionally, it trades in maitra seed, sabudana, garlic,
castor seed, raida, and spices, such as haldi, mirchi, jeera, old
bardana, and so on. Manufacturing facility is in Jodhpur, and end
product is supplied all over India, mainly to Mumbai and Kolkata.

SRI KARUNAMAYE: CRISIL Migrates 'B-' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Karunamaye
Beverages Private Limited (SKBPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan         2        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     5        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SKBPL 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 SKBPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SKBPL 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 SKBPL 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.

SKBPL was set up in 2013 by Mr Manas Chakraborty. The company
manufactures polyethylene terephthalate (PET) bottles and
polypropylene (PP) caps. It started commercial operations in July
2017. The company is currently setting up a facility for
manufacturing packaged drinking water, soda, and soft drinks under
own brands.

SRIRATNA PACKAGING: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sriratna
Packaging (SRP) to 'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with SRP 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 SRP. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRP 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 SRP to 'CRISIL B/Stable Issuer not cooperating'.

Sri Ratna Packaging (SRP) was incorporated in January, 2018 for
establishing a facility for manufacturing of corrugated boxes. The
company is located in Hyderabad (Telangana). The company is mainly
promoted and managed by Mr. D Ammi Raju and his son Mr. D Satish
Raju.

SRIVI EXPORTS: CRISIL Migrates 'B+' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Srivi Exports
And Imports Private Limited (SEIPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan         1        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital        4.5      CRISIL B+/Stable (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SEIPL 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 SEIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SEIPL 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 SEIPL to 'CRISIL B+/Stable Issuer not cooperating'.

SEIPL was incorporated in May 2014, promoted by Mr Ponsrinivasa
Prabhu P. The company trades in agro-commodities, salt, and blue
metal stone.

STAR ORGANIC: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Star Organic
Foods Inc (SOFI) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Foreign Bill          3         CRISIL D (ISSUER NOT
   Discounting                     COOPERATING; Rating Migrated)

   Letter of Credit      1         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        1.85      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Packing Credit        5         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)
   Proposed Long Term
   Bank Loan Facility    0.15      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Star Organic Foods Inc. (SOFI) is a partnership firm incorporated
in 2011 and engaged in exports of shrimps, providing cold storage
facilities for the group entities and shrimp pre-processing in
addition to sale to local traders for shrimp exports. The entity
was initially involved in trading of organic fruits in addition to
shrimps till April 2011. The firm is located in Nellore, Andhra
Pradesh (AP).

SWASTIK ENTERPRISES: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swastik
Enterprises - New Delhi (SE) to 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6.5       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    9.5       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SE for obtaining
information through letters and emails dated February 28, 2019, May
7, 2019 and May 13, 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 SE. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SE 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 SE to 'CRISIL B-/Stable Issuer not cooperating'.

SE, set up as a proprietorship firm in 1989 by Mr. Rakesh Gupta, is
located in New Delhi. It was reconstituted as a partnership firm in
1991. SE trades in steel scraps and cold-rolled sheets; it sells
steel scraps to thermo-mechanically treated (TMT) steel bar
manufacturers, auto manufacturers, and casting units. The firm's
operations are managed by Mr. Rakesh Gupta, Ms. Renu Gupta, and Mr.
Arun Gupta.

T.L. FASHION: CRISIL Migrates 'B+' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of T.L. Fashion
(TLF) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           4.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    5         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)


CRISIL has been consistently following up with TLF 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 TLF. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TLF 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 TLF to 'CRISIL B+/Stable Issuer not cooperating'.

T.L. Fashion (TLF) is a proprietorship firm formed by Kanpur (Uttar
Pradesh) based, Mr. Jai Kishan Jhamtani. The firm is engaged in the
trading and wholesaling for Raymond Suiting & Shirting and Aditya
Birla group's Linen Club.

THERMOSOL GLASS: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Thermosol
Glass Private Limited (TGPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        2.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit          13         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       29.36      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

TGPL was incorporated in March 2011 to set up a glass-processing
unit in the Kutch district of Gujarat, primarily to supply
parabolic mirrors to CSP plants. The unit is estimated to have
installed capacity of 1.1 million square metres (sqm) per annum.

The project has been commissioned at an estimated cost of INR86.4
crore, funded through debt of around INR46.0 crore, promoters'
contribution of around INR28.0 crore, and the remaining through
credit from suppliers. External debt is likely to be replaced with
contribution from promoters over the medium term.

TGPL is a part of Ahmedabad-based Cargo group, and a wholly-owned
subsidiary of flagship company, Cargo Motors Pvt Ltd (CMPL). The
Cargo group is promoted by Mr Jayant Nanda and his family members.
CMPL, established in 1959, is one the largest dealers of commercial
vehicles of Tata Motors Ltd (rated 'CRISIL AA/Positive/CRISIL A1+')
in Gujarat.

V M YARNS: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of V M Yarns
Private Limited (VMYPL) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           13.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     6.5      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VMYPL 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 VMYPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VMYPL 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 VMYPL 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.

VMYPL was incorporated in 2002 and is promoted by Mr. Yogesh
Kanoria and Ms. Payal Kanoria. The company trades various types of
yarns such as cotton yarn, linen yarn, polyester yarn, PC yarn,
viscose yarn, and PV yarns.

VISHNU VANDANA: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vishnu Vandana
Rice Industries (VVRI) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Open Cash Credit     7.85       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    .65       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VVRI 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 VVRI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VVRI 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 VVRI to 'CRISIL B/Stable Issuer not cooperating'.

VVRI is a partnership firm of Mr Laxman Kumar and his 4 partners.
The firm is engaged in the processing of rice and has a rice mill
and a boiled rice mill with each having an installed capacity of 4
metric tonne per hour at Nalgonda (Telangana).

WEBTECH ENGINEERING: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Webtech
Engineering Private Limited (WTEPL) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           16.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

WTEPL, which was set up by Mr Sabajeet Singh in 1998, began its
operations by manufacturing security printing machines. Over the
years, the company has diversified into machines for packaging,,
engineering, and CNC, and vertical and horizontal machining
centres.



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

BUMI SERPONG: Moody's Affirms Ba3 CFR, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Bumi Serpong Damai TBK (P.T.) (BSD).

At the same time, Moody's has affirmed the Ba3 backed senior
unsecured rating of the 2021 notes and 2023 notes issued by Global
Prime Capital Pte. Ltd., a wholly owned subsidiary of BSD. The
notes are guaranteed by BSD and some of its subsidiaries.

Moody's has changed the outlook to stable from positive.

RATINGS RATIONALE

"The change in BSD's outlook to stable from positive reflects a
deterioration in the company's credit metrics in 2018, owing to
weaker marketing sales and higher debt levels," says Jacintha Poh,
a Moody's Vice President and Senior Credit Officer.

The change in outlook also takes into account Moody's expectation
that the company's key credit metrics over the next 12-18 months
will unlikely meet the thresholds set for a ratings upgrade.

In 2018, BSD achieved IDR5.2 trillion of marketing sales, excluding
sales from joint venture projects, such as Nava Park and The Zora.
This result was equivalent to 79% of its IDR6.6 trillion full year
target. Historically, the company has always exceeded 80% of its
full-year target. The weaker-than-expected marketing sales was
caused by poor buyer sentiment in the lead-up to Indonesia's
presidential election.

Moody's points out that BSD has taken on additional debt and kept a
portion of the proceeds as cash. Total adjusted debt increased to
IDR14.3 trillion at 31 December 2018 from IDR9.5 trillion at 31
December 2017. Cash, on the other hand, increased to IDR8.9
trillion from IDR5.8 trillion during the same period, supporting
the company's very good liquidity for 2019 and 2020.

BSD's credit metrics weakened in 2018, with adjusted
debt/homebuilding EBITDA at 4.2x (1.6x in 2017; 2.5x in 2016) and
homebuilding EBIT/interest expense at 3.2x (10.4x in 2017; 5.2x in
2016).

While Moody's expects a recovery over the next 12-18 months —
with adjusted debt/homebuilding EBITDA at around 3.5x and
homebuilding EBIT/interest expense at around 3.1x — BSD's credit
metrics will remain weaker than the upgrade thresholds of adjusted
debt/homebuilding EBITDA below 2.5x and homebuilding EBIT/interest
expense above 5.0x.

Improvements in BSD's key credit metrics will be led by (1) the
repayment of debt with cash; the company completed a call
redemption of its remaining $79 million 6.75% notes due April 2020
in April 2019; and (2) an improvement in EBITDA, owing to a pick-up
in marketing sales.

"The affirmation of BSD's Ba3 corporate family rating reflects the
company's established position as one of the largest property
developers in Indonesia, strong profitability, supported by its
ownership of a large and low-cost land bank, and a growing
recurring income base," adds Poh, who is Moody's Lead Analyst for
BSD.

In 2018, BSD's recurring revenue accounted for 22% of total
revenue, at around IDR1.5 trillion, largely driven by contributions
from two office towers acquired at the end of 2017. Over the next
12-18 months, Moody's expects the company's recurring revenue to
grow by around 20%, supported by the construction of new investment
properties, namely, Digital Hub and Green Office Park 1 office.

Moody's estimates that BSD's recurring cash flow will cover at
least 0.8x of interest expense. The marginal decline in coverage is
because of higher interest expenses due to increased debt levels,
and the higher coupon rate on its US-dollar bond issued in 2018.

BSD is exposed to foreign exchange rate risk. Specifically, the
company's US-dollar bond issuance made up around 68% of its
outstanding debt at 31 March 2019, while business transactions are
in Indonesian rupiah. Nonetheless, the company's exposure to
foreign exchange rate risk is partially mitigated by the fact that
there are no maturities of its US dollar bonds until April 2021.

Moody's will unlikely upgrade BSD's ratings over the near to medium
term, given the stable outlook, but Moody's would consider
upgrading the ratings if the company successfully executes its
business plans, while maintaining healthy credit metrics and good
liquidity.

Credit metrics that would support an upgrade include adjusted
debt/homebuilding EBITDA below 2.5x, and adjusted homebuilding
EBIT/interest coverage above 5.0x. An upgrade will also require
that the recurring cash flows cover at least 1.0x of interest
expense.

Moody's could downgrade BSD's ratings if (1) the company fails to
implement its business plans; (2) the property market deteriorates,
leading to protracted weakness in BSD's operations and credit
profile; or (3) there is evidence of cash leaking from BSD to fund
affiliated companies; for example, through inter-company loans,
aggressive cash dividends or investments in affiliates.

Moody's considers (1) adjusted debt/homebuilding EBITDA over 4.0x,
and (2) adjusted homebuilding EBIT/interest coverage below 3.0x on
a sustained basis as indications that a downgrade may be
necessary.

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

Established in 1984, Bumi Serpong Damai TBK (P.T.) (BSD) is the
largest developer listed on the Indonesia Stock Exchange by market
capitalization. The company and its subsidiaries are engaged in the
development, management and operation of residential townships,
condominium towers, office buildings, retail malls and hotel
properties. The company is sponsored by Sinarmas Land Limited,
which held around a 60% interest in BSD at 31 March 2019.

MEDCO ENERGI: S&P Puts 'B' Rating to USD-Denom. Sr. Unsec. Notes
----------------------------------------------------------------
S&P Global Ratings assigned a 'B' long-term issue rating to the
recently issued U.S.-dollar-denominated senior unsecured notes
guaranteed by PT Medco Energi Internasional Tbk. (Medco;
B/Positive/--) and issued by its fully owned subsidiary Medco Oak
Tree Pte. Ltd.

Medco will use the proceeds from the issuance to pay for both the
acquisition of Ophir Energy plc and relevant transaction costs. S&P
has incorporated the effect of this issuance and the Ophir Energy
acquisition in our rating on Medco.

S&P said, "We equalize the rating on the notes with our 'B' issuer
credit rating on Medco. The company's assets are located in
Indonesia--a jurisdiction that we consider to have a weak rule of
law, a lack of creditor-friendly features, and no consistency in
the conformity of the distribution of proceeds to legal rankings of
claims. Recovery prospects in the event of bankruptcy are uncertain
in the country because of the weak jurisdictional context.

"Our rating on the notes was preliminary because Medco's guarantee
was pending the notes issuance and acquisition of Ophir Energy,
both of which are now finalized. Our issue rating assignment
follows our satisfactory review of the final issuance
documentation.

"Our positive outlook on Medco reflects the potential for an
upgrade over the next nine to 12 months. This follows our
expectation that the company's acquisition of Ophir Energy will add
production scale and cash flows such that its ratio of funds from
operations to debt exceeds 12% on a sustained basis. We could
revise the outlook to stable if cash flows fail to match our
estimates or if cash flow leverage does not improve to the extent
we expect due to larger-than-expected growth in investments or
production."


PAKUWON JATI: Fitch Affirms Long-Term IDR at BB, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based developer PT Pakuwon
Jati Tbk's Long-Term Issuer Default Rating at 'BB'. The Outlook is
Stable. At the same time, the agency has also affirmed PWON's
senior unsecured rating and the rating on its USD250 million notes
due 2024 issued by its wholly owned subsidiary, Pakuwon Prima Pte
Ltd, at 'BB'.

KEY RATING DRIVERS

Robust Investment Property Portfolio: Pakuwon's rating is driven by
its portfolio of mature and well-located investment properties in
Jakarta and Surabaya, which in 2018 generated more than USD130
million in EBITDA, and provided strong coverage of net interest
costs (2018: 11.4x; 2017: 5.0x). Fitch expects Pakuwon's investment
property EBITDA to continue to underpin its rating in the medium
term, supported by stable occupancy rates and positive rental
reversions. Pakuwon's investment property EBITDA also provides the
company with a large buffer to fund its development property
business, and mitigates the higher execution risks associated with
the company's plans to launch new projects starting 2H19.

Asset Concentration Constrains Rating: Pakuwon's rating is
constrained by high asset concentration, with more than 70% of its
investment property EBITDA stemming from four mature mixed-use
projects in two cities. Fitch expects Pakuwon's investment-property
portfolio to grow in the medium term, driven by new mixed-use
developments, to generate around USD150 million of EBITDA by
end-2021. However, Fitch does not expect asset concentration to
improve meaningfully over that period to warrant a higher rating.

New Project Risk Manageable: Pakuwon plans to launch a new
mixed-use development in Bekasi, outside Jakarta, in 2H19, with the
investment properties, comprising a shopping mall and hotels,
having total capex value of around IDR880 billion. Fitch believes
that the execution risks for this project are manageable because
the company plans to spread the construction costs over a five- to
six-year period, which should enable it to better manage its cash
flows if take-up rates are weak. Bekasi is fast emerging as a
viable alternative to living in Jakarta, where property prices are
rising. Bekasi's attractiveness is supported by improving public
infrastructure such as toll roads and light-rail transit lines. In
addition, Fitch expects Pakuwon's robust investment property
cashflows to provide a sufficient funding even under a stressed
scenario in which presales in Bekasi are weaker than Fitch's
expectations.

Strong Financials Mitigate Development Risks: Fitch views Pakuwon's
development-property business risk to be in line with 'B' category
peers. This reflects its scale, with annual presales of IDR2
trillion-3 trillion, and its focus on high-rise projects, where
demand is partly driven by investors hence may be more volatile
during economic downturns, and construction costs are less flexible
than for landed housing. However, Pakuwon's investment-property
cash flows, which account for the majority of its operating
cashflows, and related financial profile are stronger than most
'BB' rated property investment companies, which counterbalances the
risks associated with its property development business. In
addition, while demand from investors is weak, Pakuwon's existing
mixed-use projects are mostly targeted at end-users, where demand
is generally more stable.

The company targeted to sell around IDR2.6 trillion of properties
in 2018 but reduced its target in 2H18 amid weak property demand,
particularly for the mid- to upper-mid income segment of the market
where Pakuwon operates. Fitch expects Pakuwon to generate presales
of IDR2 trillion in 2019 despite chalking up presales of only
IDR356 billion in 1Q19. This is because it expects presales to
improve in 2H19 in line with its expections for the overall market,
as it expects developers to restart new launches after the
presidential election in April and Ramadan in June, which will meet
pent-up demand from last year. Nevertheless higher macroeconomic
volatility or renewed political disturbances are risks to its
estimates.

Weak Links with Parent: Fitch assesses Pakuwon's linkage with PT
Pakuwon Arthaniaga, a closely held business of the Tedja family
that owns 68.7% of Pakuwon, as weak, and therefore continues to
rate Pakuwon on a standalone basis. The parent has had limited
impact on cashflow movements between the companies and has said it
does not intend to change this, while there are protections in
place for bondholders in bond documents and local regulatory
oversight of related-party transaction. Nevertheless Fitch may
re-assess its approach in assessing Pakuwon's ratings if the parent
and subsidiary intend to change or show a pattern of change in the
cashflow movements between them.

DERIVATION SUMMARY

Pakuwon's profile is comparable to Brazil-based BR Properties S.A.
(BB-/Negative). BR Properties is rated one notch lower than Pakuwon
because the former's exposure to a challenging office market
results in a weaker business and financial profile than Pakuwon. BR
Properties has higher leverage and weaker interest coverage than
Pakuwon, despite Pakuwon's exposure to property development.
Pakuwon's rating is also comparable to Indonesian property
developer PT Bumi Serpong Damai Tbk (BSD, BB-/Stable). Pakuwon's
property development business is riskier than BSD's because it has
a smaller presales scale and is focused on high-rise projects,
while BSD's presales are more diversified across different products
and price points despite its higher geographic concentration in BSD
City However, this is more than offset by Pakuwon's stronger
investment-property portfolio and stronger financial profile.

KEY ASSUMPTIONS

  - Flat presales of IDR2 trillion in 2019 and IDR2.5 trillion in
2020

  - Bekasi mixed-use development to be launched in 2019, with total
capex of around IDR880 billion

  - No other greenfield project in the medium term

  - Stable occupancy and rental rates across existing
investment-property portfolio.

  - Revenue from investment-property portfolio of IDR3.5 billion in
2019, which will increase by 5%-7% per year and continue to account
for at least 50% of total revenue

RATING SENSITIVITIES

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

Positive rating action is not likely in the medium term. Pakuwon
would need to have a larger, more granular and more mature
portfolio of assets before positive rating action would be
considered.

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

  - Weakening in performance of investment-property portfolio,
which will be indicated by falling occupancy rates and negative
rental reversions

  - Evidence of increased appetite for higher-risk, greenfield
projects leading to negative net operating cash flows over an
extended period

  - Recurring EBITDA /net interest expense falling below 3.0x on a
sustained basis (2019F: 10.4x)

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity, Strong Capital Structure: As of end-2018,
Pakuwon had unrestricted cash totalling IDR4.5 trillion versus
IDR652 billion of debt maturing in 2019 and capex. Fitch expects
Pakuwon's conservative property-development strategy and limited
appetite for greenfield projects to help maintain its low
leverage.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Fitch reclassifies long-term inventory, customer desposits,
unearned rental income and advances from customers as part of
working capital

  - Fitch adds back unamortised borrowing costs to total debt



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

MALAYSIA: Writes Off MYR3.8BB Debt for Rural Water Supply Project
-----------------------------------------------------------------
Malay Mail reports that the Federal Government has agreed to write
off the loan given to the state government for the rural water
supply project on 2001 onward, said Prime Minister Tun Dr Mahathir
Mohamad on May 27.

He said the loan was based on the balance that had not been settled
on December 31, 2018 with the total amount of MYR3.8 billion, which
was subject to the state government to finalise the restructuring
of water supply by December 31, 2019 at the latest, according to
Malay Mail.

For the future, he said the rural water supply project would no
longer be financed in the form of soft loan from the federal
government but allocated in the form of a grant under regulations
of the Rural Development Ministry, Malay Mail relates.

"It is hoped that the implementation of the write-off could speed
up the restructuring of the water supply industry and reduce the
annual financial burden of the state as well as ensuring that
continued benefits could be enjoyed by the people in the long
term," Malay Mail quotes Dr Mahathir as saying at a media
conference after chairing the National Financial Council Meeting,
on May 27.

At the same time, Dr Mahathir said the state operating company
could focus attention to improving the water supply service
quality, Malay Mail relays.

At the meeting on May 27, Dr Mahathir also said the federal
government had agreed to approve an additional allocation of MYR60
million for the state governments beginning this year, adds Malay
Mail.

He said the additional allocation was to finance the new rate of
Allocation Based on the Level of Development of the Economy,
Infrastructure and Wellbeing (TAHAP) of the people beginning 2019
aimed at protecting the forest and marine protection areas and
helping the states earning less revenue to implement programs and
projects in order to raise state revenue.

Malay Mail relates that Dr Mahathir said the meeting also agreed to
approve the granting of 50 per cent of revenue from the collection
of tourism tax to become a new grant to the state government
beginning this year.

The granting of half of the tax collection would help the state
governments to maintain and provide tourism facilities, as well as
promote and market tourist destinations besides improving the
reporting of tourism statistics, he said.

"We have imposed a tax payment of MYR10 per room and so on. The
collection is actually for the federal government and we have
agreed to give back 50 per cent to the state government," he
added.

Meanwhile in improving safety for road users, he said, the
government had improved the Malaysian Road Record Information
System (MARRIS) including by expanding the expenditure allowed for
financing road maintenance which did not reach the minimum
standards of the Public Works Department and not registered in the
online Marris system, Malay Mail relays.

The improvement included involving expenditure to upgrade the
roads, bridges, drains with a maximum of not more than 15 per cent
of the real maintenance expenditure of the previous year or 15
million, whichever was lower, he said.

"So we can improve existing roads but excluding village roads, as
they are financed by other channels," Dr Mahathir, as cited by
Malay Mail, added.

According to the report, prime minister said the decision of the
meeting today had directly raised assistance to the state
governments by taking into account the deficit suffered by the
present state government.

Dr Mahathir, who was asked whether the measures to be taken would
have a financial burden to the federal government, said: "We have
to a certain extent to give more from the federal government to the
state governments but the amount could be afforded by the federal
government," Malay Mail adds.



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

HYFLUX LTD: Says Meeting with Utico Yielded No Conclusive Numbers
-----------------------------------------------------------------
Channel News Asia reports that in another clarification issued
towards its new suitor from the United Arab Emirates, Hyflux said
on May 28 that a recent meeting it had with Utico did not entail
any binding agreements or conclusive numbers on how much its
investors will be getting.

The rebuttal, issued in a bourse filing, came after a weekend
statement from Utico, the report says.

In that statement, the UAE utility firm said it met with Hyflux's
financial and legal advisors, alongside the Securities Investors
Association Singapore (SIAS) and others last week, and had proposed
a "part cash redemption" to the 34,000 retail investors of Hyflux's
perpetual securities and preference shares, CNA relates.

To that, Hyflux, which is racing against the clock to find new
funds, clarified that the meeting with Utico was focused "on
high-level views which entailed no conclusive numbers or
percentages, or indeed any binding agreement, whether in respect of
the (perpetual securities and preference shareholders) or any other
stakeholder groups," according to CNA.

It added: "Further, the company and its advisors understand that
the statements . . . are exploratory in nature and are approaches
currently contemplated by Utico."

CNA relates that Hyflux said it remains in talks with several
potential investors.

Apart from Utico, it has previously disclosed global multi-strategy
investment fund Oyster Bay Fund and an unnamed desalination firm as
its suitors.

Earlier this month, the embattled water treatment firm issued a
clarification to Utico after the latter said it had submitted a
binding investment offer. Hyflux said all it had was a "draft term
sheet".

Referring to its previous response, Hyflux reiterated on Tuesday
that it "had not accepted or entered into the term sheet received"
from Utico.

"This position has not changed," it added.

This latest confusion surrounding the state of affairs between
Hyflux and Utico comes before a High Court hearing on May 29, the
report notes.

Hyflux's court-sanctioned debt moratorium, which has already been
extended thrice, will end today, May 29.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

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

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

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



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

DOOSAN BOBCAT: Moody's Affirms Ba3 CFR, Alters Outlook to Pos.
--------------------------------------------------------------
Moody's Investors Service has revised to positive from stable the
outlook on Doosan Bobcat Inc., and has affirmed the company's Ba3
corporate family rating.

At the same time, Moody's has affirmed the Ba3 rating on the senior
secured term loan borrowed by Clark Equipment Company and
guaranteed by DBI. The outlook on CEC is positive.

RATINGS RATIONALE

"The positive outlook reflects the further improvement in DBI's
financial leverage in 2018, and our expectation that the company
will maintain a healthy financial profile over the next 1-2 years,
supported by largely steady earnings and adequate financial
flexibility," says Wan Hee Yoo, a Moody's Vice President and Senior
Credit Officer.

DBI's adjusted debt/EBITDA improved to 2.5x in 2018 from 3.4x in
2017, driven by higher earnings and debt reductions. Specifically,
DBI's revenue and operating income both increased by about 20%
year-on-year in 2018, supported by favorable industry conditions.
DBI continued to report a strong performance in 1Q 2019.

In addition, the company reduced its reported debt to about $983
million at the end of 2018 from $1.25 billion at the end of 2017,
utilizing its free cash flow.

Moody's also notes that DBI had a sizable cash balance of $420
million at the end of March 2019, providing it with significant
financial flexibility and thus the ability to further reduce debt
or pursue new investments without compromising its financial
leverage.

Moody's expects DBI's annual revenue growth to slow to 5%-6% over
2019-20 amid softer demand in its major end-markets. At the same
time, Moody's expects the company's earnings will remain largely
steady or decrease slightly over the same period, owing to higher
operating expenditures associated with new product launches.

Without further voluntary prepayments on its term loan, Moody's
expects DBI's adjusted debt/EBITDA to stay at 2.4x-2.5x over
2019-20. This level of financial leverage is strong for the Ba3
rating category, particularly given its sizable cash balance.

DBI's CFR of Ba3 is supported by its dominant position in the
compact farm and construction equipment market in North America,
good ability to generate positive free cash flow and strong
liquidity profile.

These strengths are counterbalanced by the highly cyclical nature
of the compact farm and construction equipment industry, its
moderate market position in Europe, and the likelihood of DBI
rendering support to its parent Doosan Infracore Co., Ltd. (DI)
and/or its group affiliates when needed, given their moderate
credit profiles.

Specifically, Moody's regards DBI's purchase in 2Q 2019 of an
affiliate stake and real estate asset totaling around KRW100
billion (around $87 million) from its group affiliates as such
financial support.

The risks associated with such support for its parent and
affiliates are partly mitigated by the facts that (1) such cash
outlays at DBI have been manageable; (2) DI's financial leverage
has been improving; and (3) Doosan group's stake in DBI declined to
51.1% at the end of March 2019 from 65.9% at the end of 2017.

CEC's term loan is secured by a first lien — except for those
assets secured by the first lien for the revolver--on substantially
all of the assets of the borrower and is also guaranteed by DBI.

Nonetheless, there is no ratings gap between the secured debt and
the CFR of DBI, because the debt would constitute effectively the
only debt for DBI, which implies limited junior cushions in its
liability structure.

The positive outlook reflects Moody's expectation that DBI's
financial profile will remain strong for the Ba3 rating category
over the next 1-2 years.

The ratings could be upgraded if (1) DBI's financial profile
remains strong, such that adjusted debt/EBITDA remains below
2.50x-2.75x on a sustained basis; and (2) the risks related to
DBI's potential support for its group affiliates remain
manageable.

On the other hand, the outlook could return to stable if DBI's
earnings weaken and/or debt level increases such that adjusted
debt/EBITDA exceeds 2.50x-2.75x on a sustained basis, against the
backdrop of deteriorating industry fundamentals, or if DBI makes
significant new investments. Material cash outlays to its
affiliates would also be negative for the ratings.

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

Doosan Bobcat Inc. is the leading manufacturer of compact farm and
construction equipment mainly in North America and EMEA. It engages
in the design, manufacture, sale and service of compact farm and
construction equipment under the Bobcat brand, and of portable
power products.



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

TAICHUNG COMMERCIAL: Fitch Affirms LT IDR at BB+, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has taken the following rating actions after the
periodic peer review of seven private banks in Taiwan:

  - Upgraded Far Eastern International Bank's (FEIB) Long-Term
Issuer Default Rating to 'BBB' from 'BBB-', National Long-Term
Rating to 'A+(twn)' from 'A(twn)', Basel II-compliant subordinated
debt to 'A(twn)' from 'A-(twn)', and Basel III-compliant
subordinated debt to 'A-(twn)' from 'BBB+(twn)', and affirmed all
other ratings;

  - Resolved the Under Criteria Observation (UCO) on The Shanghai
Commercial & Savings Bank, Ltd.'s (SCSB) Short-Term IDR and
downgraded the rating to 'F2' from 'F1' while affirming all other
ratings; and

  - Affirmed all ratings of Taichung Commercial Bank Company
Limited (Taichung), EnTie Commercial Bank (EnTie), King's Town Bank
(KTB), Sunny Bank Ltd. (Sunny), and Taipei Star Bank (TSB).

Fitch believes the Taiwanese private banks covered in Fitch's
rating action possess adequate buffers to withstand near-term asset
quality challenges, despite a slowing economy and growing external
uncertainties stemming from the US-China trade tensions. This is in
part due to persistently low interest rates and ample system
liquidity domestically, which should alleviate borrowers'
debt-servicing burden. There have been some signs of a mild
recovery in the domestic property market in recent months, with
housing prices rising around 5% on average from the latest trough
in 2016 on the back of higher transaction volume. The loan quality
at most of these private banks is highly correlated to the
performance of the domestic property market as they are highly
concentrated on the property sector and the majority of their loan
collateral is in real estate.

Fitch believes US tariffs will have a moderate impact on Taiwan's
economic growth in 2019-2020 as the current 25% tariff imposed on
USD200 billion of Chinese goods does not apply to major consumer
electronics. However, there may be downside risks to the Taiwanese
banking sector's operating environment if US-China trade tensions
escalate and result in further tariff increases in July on the
remaining US imports from China, which include electronic products.
Taiwanese companies supply a large portion of the components used
in US consumer electronic products that are assembled in China.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND VIABILITY RATINGS

The ratings of the seven banks in this review are driven by their
intrinsic credit profiles.

Far Eastern International Bank

Its upgrade of FEIB's Long-Term IDR to 'BBB' from 'BBB-' reflects
the improvement in its company profile, helped by an increasingly
diverse business model and disciplined growth in its offshore
business as well as domestically. The bank has gradually
established a record in leading regional syndication over the past
four years, which helps to diversify its business mix against the
highly competitive domestic banking system. Its domestic loan asset
quality remains resilient, as around half of its loan book is in
mortgages (including revolving mortgages), while its exposures to
China and other Asian emerging markets remain below sector average
despite its strategy to expand regionally in recent years. Fitch
does not expect FEIB's risk profile to increase significantly from
the current level, and believe that its asset quality and capital
buffers should remain stable.

Taichung Commercial Bank Company Limited

Taichung's IDR of 'BB+' considers its regional significance in
central Taiwan, which underpins its stable funding and liquidity
profile alongside improving core capitalisation, balanced against
its high concentration in the property sector and below-peer asset
quality and profitability. Taichung has reported mild increases in
its core capitalisation over the past few years, and Fitch believes
there is scope for further improvement, helped by increasing
internal capital generation. Fitch expects the bank to reduce its
risk appetite over time and slow its loan growth, and focus on
enhancing its fee-income generation to narrow its capitalisation
gap against other higher-rated peers.

The Shanghai Commercial & Savings Bank, Ltd.

The downgrade of SCSB's Short-Term IDR was due to a change in
Fitch's rating criteria. The bank's funding and liquidity score of
'a-' that feeds into its Viability Rating is below the minimum
level required to maintain its short-term rating under the new
criteria. However, there has been no deterioration in SCSB's
liquidity profile since the last review and it expects the bank to
maintain a steady loan/customer-deposit ratio, which remains below
the sector average (end-2018: 67% for SCSB; 76% for sector). The
bank's Short-Term IDR remains relatively high among Fitch-rated
Taiwanese private banks. Its long-standing relationship with and
focus on being the operating bank of SME customers, particularly
for Greater China remittance and trade finance, will continue to
underpin its solid deposit base and strong liquidity.

SCSB is rated the highest at 'A-' among the banks in Fitch's
review. The bank has a strong cross-strait business model, backed
by its established SME clients and Greater China franchise through
its Hong Kong subsidiary, Shanghai Commercial Bank Limited
(A-/Stable/a-), and Chinese partner, Bank of Shanghai. The rating
also reflects its broadly conservative risk appetite, healthy asset
quality and stable funding and liquidity profile.

EnTie Commercial Bank

EnTie's rating of 'A(twn)' reflects its expectation the bank will
continue to sustain its above-peer capitalisation through modest
asset growth, which will mitigate risks from potential
asset-quality volatility associated with the high concentration in
real estate among its top-20 borrowers.

King's Town Bank

KTB is rated 'BBB' as its above-peer capitalisation and stable
asset quality offset its limited scale, and support a rating that
is high among Fitch-rated small Taiwanese banks. However, its
larger investment exposure relative to other small banks means
KTB's profitability can be more volatile and is vulnerable to
fluctuations in market valuations. KTB's profitability deteriorated
in 2018 because of mark-to-market losses on its investments and
large credit write-offs, resulting in a decline in its Fitch Core
Capital ratio to 14.4% by end-2018 from 16.2% at end-2017, though
its core capitalisation remains above its peer average. Fitch
expects KTB's financial profile to remain commensurate with its VR.


Sunny Bank Ltd.

Sunny's rating of 'A-(twn)' is mainly constrained by its modest
franchise, concentrated property exposure, less-diverse
profitability and below-average capitalisation, despite its steady
asset quality and generally stable funding and liquidity.

Taipei Star Bank

TSB's ratings are mainly capped by its small franchise, limited
business scope and weak internal capital-generation capability.
That said, the bank has thus far maintained reasonable asset
quality due to the high collateralisation of its loans and the mild
recovery in the property market. The bank's funding profile also
appears sound and in line with peers.

SUPPORT RATING AND SUPPORT RATING FLOOR

FEIB, Taichung and SCSB have a Support Rating of '4' and a Support
Rating Floor of 'B+', reflecting their low systemic importance.
KTB's Support Rating is '5' and its Support Rating Floor is 'No
Floor' due to its lower systemic importance.

SUBORDINATED DEBT

Fitch upgraded FEIB's Basel II-compliant subordinated debt to
'A(twn)' from 'A-(twn)', and Basel III-compliant subordinated debt
to 'A-(twn)' from 'BBB+(twn)', alongside the upgrade of its
National Long-Term Rating.

FEIB's and Taichung's Basel II-compliant subordinated debt is rated
one notch below their National Long-Term Ratings to reflect its
subordinated status and the absence of a going-concern
loss-absorption mechanism.

FEIB and Taichung's Basel III-compliant subordinated debt is rated
two notches below their National Long-Term Ratings, which are
anchored by their respective Viability Ratings, to reflect the
bonds' limited recovery prospects. Bondholders risk significant
loss at the point of non-viability, which is reached upon
government receivership or a regulatory order for resolution or
liquidation, because the bonds would rank equally with common
shares in Taiwan.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND VIABILITY RATINGS

The banks' ratings are sensitive to the potential impact from a
further escalation in US-China trade tensions on the Taiwan banking
sector's operating environment. Their ratings are also sensitive to
any sharp increase in risk appetite, including excessive loan
growth, particularly with entry into areas outside the banks' core
competencies and/or Asian emerging markets, as their profitability
and capitalisation could weaken due to deteriorating asset quality
and high impairment costs. A sharp property-market decline would
weaken their credit profiles and trigger potential rating
downgrades as most of these banks are highly concentrated in the
property sector, although this is not its base case.

Upside is limited in the near term for FEIB after Fitch's rating
upgrade, unless the bank can demonstrate further improvement in its
ability to increase its franchise or diversify its business mix
without sacrificing its asset quality, especially in its offshore
businesses.

Taichung's IDRs and National Ratings will be sensitive to sustained
improvement in its core capitalisation to levels that are more
aligned with higher-rated peers, and this will be partly dependent
on Taichung's ability to lift its earnings capability through
fee-income generation, while safeguarding its asset quality and
maintaining a similar growth appetite.

Upside potential for SCSB is limited as it is already the highest
rated among rated peers; aggressive expansion into Asian emerging
markets could be credit negative for SCSB, if such growth is not
managed prudently and results in a significant rise in the bank's
risk appetite.

Rating upside is limited for KTB given its small scale. Market
fluctuations leading to greater erosion in profitability (such as
stemming from its sizeable investment portfolio) and in turn,
capitalisation, would be credit negative for KTB, as this may also
pressure KTB's overall asset quality given the size of its
investments.

Rating upside for EnTie could come from a meaningful improvement in
its franchise and reduced asset-quality volatility associated with
its high loan concentration.

A rating upgrade for Sunny and TSB is not likely in the near term
unless there is meaningful improvement in the banks' franchises,
leading to higher and sustained levels of profitability and
capitalisation.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Ratings and Support Rating Floors are sensitive to
changes in Fitch's assumptions around the propensity of the Taiwan
government (AA-/Stable) to provide timely support to the banks.

SUBORDINATED DEBT

The subordinated debt ratings of FEIB and Taichung are sensitive to
the same considerations that might affect their National Long-Term
Ratings.

The rating actions are as follows:

EnTie:

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

National Short-Term Rating affirmed at 'F1(twn)'

FEIB:

Long-Term Issuer Default Rating upgraded to 'BBB' from 'BBB-';
Outlook Stable

Short-Term Issuer Default Rating affirmed at 'F3'

National Long-Term Rating upgraded to 'A+(twn)' from 'A(twn)';
Outlook Stable

National Short-Term Rating affirmed at 'F1(twn)'

Viability Rating upgraded to 'bbb' from 'bbb-'

Support Rating affirmed at '4'

Support Rating Floor affirmed at 'B+'

Subordinated debt upgraded to 'A(twn)' from 'A-(twn)'

Subordinated debt (Basel III-compliant) upgraded to 'A-(twn)' from
'BBB+(twn)'

KTB:

Long-Term Issuer Default Rating affirmed at 'BBB'; Outlook Stable

Short-Term Issuer Default Rating affirmed at 'F3'

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

National Short-Term Rating affirmed at 'F1(twn)'

Viability Rating affirmed at 'bbb'

Support Rating affirmed at '5'

Support Rating Floor affirmed at 'No Floor'

Sunny:

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

National Short-Term Rating affirmed at 'F1(twn)'

Taichung:

Long-Term Issuer Default Rating affirmed at 'BB+'; Outlook Stable

Short-Term Issuer Default Rating affirmed at 'B'

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

National Short-Term Rating affirmed at 'F1(twn)'

Viability Rating affirmed at 'bb+'

Support Rating affirmed at '4'

Support Rating Floor affirmed at 'B+'

Subordinated debt affirmed at 'BBB+(twn)'

Subordinated debt (Basel III-compliant) affirmed at 'BBB(twn)'

TSB:

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

National Short-Term Rating affirmed at 'F1(twn)'

SCSB:

Long-Term Issuer Default Rating affirmed at 'A-'; Outlook Stable

Short-Term Issuer Default Rating downgraded to 'F2' from 'F1';
removed from UCO

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

National Short-Term Rating affirmed at 'F1+(twn)'

Viability Rating affirmed at 'a-'

Support Rating affirmed at '4'

Support Rating Floor affirmed at 'B+'

TAITA CHEMICAL: Temporarily Suspends Loss-making Unit in Tianjin
----------------------------------------------------------------
Kwan Shin-han at Taipei Times reports that Taita Chemical Co Ltd
(TTC) suspended its loss-making Tianjin unit in China last month as
the lingering US-China trade dispute eroded demand for home
appliances there, the company said on May 27.

"We temporarily halted operations at our Tianjin factory, as it had
been posting net losses in the past few years," Taita Chemical vice
president Yen Tai-ming told an investors' conference in Taipei, the
report relays.

According to the report, Taita accounting manager Lin Chin-tsai
said the suspension is expected to limit the Tianjin unit's losses
to NT$9.11 million (US$289,666) per quarter.

The unit posted annual net losses averaging NT$91.1 million in
recent years, Lin said.

Established in 2005, the unit contributed NT$286 million, or 6
percent, to the company's first-quarter sales. Last year, the
factory had an annual output of 30,000 tonnes of expanded
polystyrene, Taipei Times discloses citing company data.

"We would see how the market reacts in the following quarters and
if we need to resume operations at the factory later," the report
quotes Taita Chemical president Wu Pei-chi as saying.

Expanded polystyrene contributed 49 percent to the company's sales
last quarter, while acrylonitrile butadiene styrene (ABS), which is
used in making home appliances and auto parts, accounted for 30
percent. General polystyrene (GPS), used for making electronics and
appliance casings, contributed 18 percent, while glass wool and
cubic printing made up the remaining 3 percent. Cumulative revenue
in the first four months of the year declined by 8.55 percent to
NT$6.19 billion, compared with NT$6.77 billion a year earlier, the
company said, Taipei Times relays.

The company said the US-China trade dispute is expected to
negatively affect the home appliance business in China after
Washington raised tariffs from 10 to 25 percent on Chinese goods
earlier this month, which would have repercussions for Taita
Chemical, the report adds.

However, the company said it remains positive about the Chinese
market in the long run, given rising demand for styrene monomer
(SM) and general polystyrene, as well as plans to increase its ABS
output by 200,000 tonnes this year and 600,000 tonnes in the next
two years, it said.

The company last year produced 4.06 million tonnes of ABS and 9.25
million tonnes of SM, according to the data cited by Taipei Times.

Taita Chemical's net income climbed 2.94 percent to NT$195.22
million in the first quarter, up from NT$189.65 million a year
earlier, while earnings per share slightly increased from NT$0.58
to NT$0.60 and gross margin rose 0.8 percentage points to 8.55
percent, Taipei Times discloses.

The company attributed the increase to better-than-expected sales
of ABS and GPS, adds Taipei Times.



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

MALDIVES: Fitch Corrects May 8 Ratings Release
----------------------------------------------
Fitch corrects the ratings release on Maldives, originally
published on May 8, 2019, to add "Short-Term Ratings Criteria" to
the list of relevant criteria. All other content is unchanged.

Fitch Ratings has affirmed the Maldives' Long-Term Foreign-Currency
Issuer Default Rating at 'B+' with a Stable Outlook.

KEY RATING DRIVERS

The 'B+' rating balances the Maldives' strong GDP growth, high
government revenue generated by a prosperous tourism sector and
some favourable structural indicators, such as per capita GDP,
against a high government debt burden and low foreign-reserve
buffers. The strong dependence on tourism leaves the country
vulnerable to shocks that could undermine prospects for the
industry.

The Maldives' strong GDP growth outlook is underpinned by a
continued rise in the number of tourists, the construction of new
resorts, and investment in some large public-sector infrastructure
and housing projects. Fitch expects growth to decelerate from 7.6%
in 2018, an election year in which construction was particularly
strong, but to remain high at 6.5% in 2019 and 6.0% in 2020. The
budget indicates that government spending on foreign-financed
public-sector projects will fall from 4.8% of GDP in 2018 to an
average of 3.6% in the three years through 2021. The development of
an additional runway and new terminal at the main international
airport in particular should allow for a significant increase in
the number of tourists in the coming years. A drop in tourism
demand from an economic slowdown in Europe and China, the largest
two markets with 49% and 19% of visitors, respectively, in 2018, is
a risk to the outlook, although other markets, in particular in
Asia, could fill the void.

Political tensions have eased significantly since the election of
President Ibrahim Mohamed Solih in September 2018. A strong
electoral mandate was confirmed when his Maldivian Democratic Party
won a 74% majority in the parliamentary elections in April 2019.
The government aims to improve governance and restore public
confidence in law enforcement. Political risk was elevated in
recent years, most recently illustrated by the state of emergency
imposed between February 5 and March 22, 2018 in response to
protests over the previous government's defiance of a Supreme Court
order to release political prisoners.

Fitch broadly expects a continuation of macroeconomic policy
settings of the previous years, as central policy objectives remain
to facilitate a thriving tourism sector and expand infrastructure
and housing development. However, the new more left-leaning
administration has some different priorities from the previous one,
with a greater focus, for instance, on agricultural and SME
development. It also aims for a more strategic and transparent
approach to public-sector spending by better evaluating project
feasibility and through the establishment of a multi-year national
development master plan.

Execution of several large projects at the same time in the past
few years resulted in a rise in debt owed or guaranteed by the
government. Fitch expects general government debt to remain broadly
stable in the coming few years around the estimated level of 58.2%
of GDP in 2018. Its estimates of the debt ratio have dropped
significantly from around 70% of GDP two years ago, after revisions
of both the official GDP and debt data. However, government
guarantees of the debt of state-owned enterprises rose to 13.9% of
GDP in December 2018, 7.7pp of which is to the Housing Development
Corporation Ltd (B+/Stable), from 2.5% a year earlier. Enhanced
transparency over the past year regarding the government's
liabilities strengthens policy credibility and is evident from a
number of new publications on the Ministry of Finance's website,
particularly on its debt and guarantees.

Fitch expects a reduction in the fiscal deficit to 5.0% of GDP in
2019, above the government's target of 4.4%, from 5.5% in 2018.
Fitch expects revenues to fall somewhat short of the budget target,
which assumes revenues will grow faster than nominal GDP, while the
budget still indicates an increase in development expenditure to
9.8% of GDP in 2019 from 9.1% in 2018.

The government faces high annual external refinancing needs, which
represent a vulnerability to the rating, but in its view it should
be able to finance its deficit without the issuance of a new US
dollar bond, as it expects ongoing bilateral support from the
official sector. India has pledged USD1.4 billion to the Maldives
as relations improved after the new government took office,
comprising USD200 million in budget support (3.4% of GDP), USD800
million in concessional credit lines for socio-economic development
programmes and USD400 million as a currency swap. The warming of
relations with India does not necessarily imply that the government
is cutting ties with other development partners, such as The
Export-Import Bank of China (A+/Stable), which holds 40% of the
Maldives' external government debt.

The government is facing a peak in its external debt service of
USD403 million in 2022. Refinancing risk for its two US
dollar-denominated bonds, with USD250 million maturing in 2022 and
USD100 million in 2023, is mitigated to the extent the government
is gradually saving part of its US dollar revenue in a sovereign
development fund established specifically for the bond
amortisation. The fund contained USD133 million in March 2019,
which is not part of the Maldives Monetary Authority's (MMA)
foreign-currency reserves.

The level of gross foreign reserves was low at USD938.6 million at
end-February 2019 (2.1 months of current account payments),
especially considering the MMA's peg of the Maldivian rufiyaa to
the US dollar. Useable reserves, defined as gross reserves minus
short-term foreign liabilities, are even lower, at USD295.3
million. Strong investment implied a large widening of the current
account deficit in recent years to 23.7% of GDP in 2018. The risks
to external balances are mitigated by the tourism sector both
earning and spending in US dollars. This implies that
tourism-related outflows should also fall in the case of a sudden
drop in tourism-related inflows. Moreover, much of the flows are
settled outside of the Maldives.

Fitch considers the sovereign's exposure to banking-sector risk as
relatively low. Private credit represents only 31% of GDP and the
banking system is well-capitalised, with a reported Tier
1/risk-weighted asset ratio of 36% in 2016. Non-performing loans
were high, at 8.9% of total loans, but are on a declining trend
from a peak of 21.0% in 2012.

The Maldives' success as a prime luxury tourist destination has
generated relatively high GDP per capita of USD11,907 (B category
median is USD3,489). Tourism accounts for 24% of GDP directly and
much more if the indirect contribution is included. The high
dependence on tourism implies the economy is vulnerable to sudden
events that harm the perception of the Maldives as a safe and
desirable destination. The Maldives scores slightly below peers on
the World Bank's governance indicator at the 35th percentile (B
median 38th), but this is likely to improve in the next few years
if the government is successful in reducing corruption.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns the Maldives a score equivalent to
a rating of 'BB-' on the Long-Term Foreign-Currency IDR scale.
Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  - External Finances: -1 notch to reflect low reserve coverage in
combination with high dependence on one sector - tourism - and an
accumulation of external debt from the execution of large
infrastructure projects.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that could lead to positive rating action are:

  - Strengthening of external buffers through accumulation of
foreign-exchange reserves.

  - A reduction in debt owed or guaranteed by the general
government, leading to improved public-debt dynamics.

The main factors that could lead to negative rating action are:

  - Balance-of-payment pressures, for instance, a fall in
foreign-exchange reserves or a higher-than-Fitch-expected increase
in external debt.

  - A significant rise in general government debt or government
guarantees to state-owned enterprises.

KEY ASSUMPTIONS

  - The world economy performs broadly in line with Fitch's latest
Global Economic Outlook (March 2019).

The full list of rating actions is as follows:

Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook Stable

Long-Term Local-Currency IDR affirmed at 'B+'; Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Short-Term Local-Currency IDR affirmed at 'B'

Country Ceiling affirmed at 'BB-'

Issue ratings on long-term senior unsecured foreign-currency bonds
affirmed at 'B+'


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

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

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

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

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



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