TCRAP_Public/190531.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, May 31, 2019, Vol. 22, No. 109

                           Headlines



A U S T R A L I A

ANG SECURITIES: First Creditors' Meeting Set for June 12
BBY LIMITED: Liquidators Now Inviting Lodgement of Claims
BLINDWARE PTY: First Creditors' Meeting Set for June 7
DALGRAINS (QLD): Placed Under Voluntary Administration
EFFEKTIV PTY: First Creditors' Meeting Set for June 6

MRP RETAIL: Second Creditors' Meeting Set for June 6
OLYMPUS PARK: First Creditors' Meeting Set for June 11
ONTERRAN LIMITED: Second Creditors' Meeting Set for June 6
R & J OPAL: First Creditors' Meeting Set for June 7
ZOMAY HOLDINGS: First Creditors' Meeting Set for June 11



C H I N A

BAOSHANG BANK: Mutual Funds' Exposure Likely Limited
BOHAI STEEL: Executive Under Investigation for Corruption
FOSUN INTERNATIONAL: S&P Alters Outlook to Pos. & Affirms 'BB' ICR
MAOYE INTERNATIONAL: Moody's Hikes CFR to B2, Outlook Stable
XINJIANG ZHONGTAI: S&P Rates New USD Sr. Unsec. Notes 'BB+'



I N D I A

AJAZ NANDA: Insolvency Resolution Process Case Summary
ANWESHA ENGINEERING: Ind-Ra Migrates D Rating to Non-Cooperating
ASTON CERAMIC: CRISIL Hikes Rating on INR3.5cr Cash Loan to B+
BAHUBALI CASHEWS: CRISIL Migrates B Rating to Not Cooperating
EASTERN SILK: CRISIL Maintains 'D' Rating in Not Cooperating

GALCO EXTRUSIONS: CRISIL Migrates B+ Rating to Not Cooperating
GANGA SRIRAM: CRISIL Hikes Rating on INR3cr Cash Loan to B+
GMR WARORA: Ind-Ra Downgrades NCDs Rating to 'C', Outlook Stable
HEM IMPEX: CRISIL Migrates B- Rating to Not Cooperating
HERCULES HOSPITALITIES: Ind-Ra Corrects April 2 Rating Release

HITECH PRINT: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
HONEYCOMB TECHNOLOGIES: Insolvency Resolution Process Case Summary
INDIA CHOICE: Insolvency Resolution Process Case Summary
INTERPARTS MARKETING: Insolvency Resolution Process Case Summary
ISHAAN TPR: CRISIL Raises Rating on INR2.5cr Cash Loan to B+

JAYPEE INFRATECH: NBCC Bid to be Put to Vote for 10 Days
K.C. RICE: CRISIL Migrates B+ Rating to Not Cooperating
MULTIWAL PULP: Insolvency Resolution Process Case Summary
NISHANTH POULTRY: CRISIL Assigns B+ Rating to INR8.55cr Loan
PENGUIN PLYWOOD: CRISIL Withdraws D Rating on INR2.69cr LT Loan

POGGENAMP NAGARSHETH: Ind-Ra Lowers Long Term Issuer Rating to 'D'
PONGALUR PIONEER: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
PRUTHVI DEVELOPERS: CRISIL Assigns B+ Rating to INR9cr LT Loan
QUICK ACT: CRISIL Migrates B+ Rating to Not Cooperating
RHJ TUBES: CRISIL Migrates B+ Rating to Not Cooperating

SAFI TRADERS: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
SASWAD MALI: CRISIL Hikes Rating on INR88.53cr Loan to B
SATHYAM GREEN: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
SHREE MANGAL: CRISIL Assigns B+ Rating to INR5cr Cash Loan
SITARAM INFRA: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating

SRI SRIDEVI: CRISIL Reaffirms B+ Rating on INR9.9cr Cash Loan
VENTA REALTECH: Insolvency Resolution Process Case Summary


I N D O N E S I A

MULTIPOLAR TBK: S&P Affirms Then Withdraws 'B' ICR


J A P A N

JAPAN DISPLAY: To Receive Extra Financial Aid from INCJ and Apple


M A C A U

MGM CHINA: Fitch Affirms Long-Term IDRs at 'BB', Outlook Stable


M A L A Y S I A

SEACERA GROUP: Confident of Lifting PN17 Status


S I N G A P O R E

HYFLUX LTD: Gets 2-Month Extension on Debt Moratorium

                           - - - - -


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

ANG SECURITIES: First Creditors' Meeting Set for June 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of ANG
Securities Pty Ltd will be held on June 12, 2019, at 10:30 a.m. at
the offices of Worrells Solvency & Forensic Accountants, at Level 2
AMP Building, 1 Hobart Place, in Canberra City, ACT.

Stephen John Hundy of Worrells Solvency was appointed as
administrator of ANG Securities on May 30, 2019.

BBY LIMITED: Liquidators Now Inviting Lodgement of Claims
---------------------------------------------------------
Stephen Letts at ABC News reports that it is four years since the
stockbroking and wealth management firm BBY collapsed and around
6,000 clients are still to retrieve a cent out of the wreckage.

However, there may be at last a glimmer of hope with liquidators
now finally inviting the lodgement of claims over the collapse, the
report says.

ABC News says the question remains just how much will be left to
divide up as the liquidation drags on into its fifth year.

According to the report, the liquidators from the big accounting
firm KPMG said while BBY's former clients had claims of AUD62
million against their assets, there is an estimated shortfall of
AUD21 million in funds.

That shortfall has steadily risen from the original estimate of
AUD10 million back in 2015, ABC News says.

ABC News relates that the funds available to be repaid will be
eroded further once the recovery costs associated the complex
liquidation and years of bitterly fought litigation are deducted
from the final pool.

According to the BBY liquidators' most recent annual report, the
total cost between June 2015 and June 2018 had swelled to AUD7.6
million, ABC News relays.

The bill was still growing at around AUD80,000 a month in the
months immediately after the accounts were tabled last year.

KPMG said it had started the court-ordered process to allow former
clients to lodge their claims for missing money and assets, adds
ABC News.

According to ABC News, former BBY clients will have until September
20 to lodge a claim. However, the first distributions are unlikely
to have made much before the end of the year.

"The unusual circumstances surrounding BBY's collapse in 2015, and
the way the client funds were managed, raised complex legal issues
impacting the outcome for clients," the report quotes KPMG
liquidator Stephen Vaughan as saying.

ABC News relates that Mr. Vaughan said the collapse was the largest
failure of an Australian stockbroking firm since the GFC and
likened its complexity to major financial services' insolvencies
such as Lehman Brothers in 2008 and MF Global in 2011.

However, former BBY broker, Chris Forte, who successfully fought
for the remediation of option traders' funds outside KPMG's
liquidation, remains unimpressed.

"They [KMPG] are going to continue gouging their fees, arguing how
complex the case is," the report quotes Mr. Forte as saying. "Only
some of the equity clients and the ETO [electronically traded
options] clients who took separate action are likely to get any
money out of it."

As late as this month, KPMG was still pursuing former BBY principal
and chief executive Glenn Rosewell through the NSW Supreme Court
for the repayment of AUD2.5 million, ABC News notes.

However, Mr. Rosewell applied for bankruptcy earlier this year and
it remains unclear whether the liquidators, or clients, will ever
see any of the money, adds ABC News.

                          About BBY Ltd

Founded in 1987, BBY Limited was a boutique investment firm that
offers brokerage and financial advisory services. The company
provided merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offered capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

BBY Ltd was the main entity of the BBY group and was headquartered
in Sydney with offices in Adelaide, Auckland, Brisbane, Gold Coast,
London, Melbourne, New York, Perth and Wellington. The BBY group
consisted of 10 entities and included two other financial services
licensees: BBY Advisory Services Pty Ltd and SmarTrader
Limited.

On May 17, 2015, Stephen Vaughan and Ian Hall of KPMG were
appointed as joint and several voluntary administrators of the 10
BBY companies, including BBY, BBY Advisory Services Pty Ltd and
SmarTrader Limited.

On May 18, 2015, Steven Parbery and Brett Lord of PPB Advisory were
appointed receivers and managers of BBY and BBY Advisory Services
Pty Ltd, and trading by BBY on the ASX, Chi-X Australia and SSX
markets was also suspended.

On May 28, 2015, the Australian Securities & Investments Commission
(ASIC) suspended the Australian financial services (AFS) licences
held by BBY, BBY Advisory Services Pty Ltd, and SmarTrader
Limited.

On June 22, 2015, BBY Limited was placed in liquidation.

BLINDWARE PTY: First Creditors' Meeting Set for June 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of Blindware
Pty Ltd will be held on June 7, 2019, at 11:00 a.m. at the offices
of Chartered Accountants Australia & New Zealand, at Level 18, 600
Bourke Street, in Melbourne, Victoria.

Sam Kaso and Glenn Spooner of Cor Cordis were appointed as
administrators of Blindware Pty on May 28, 2019.

DALGRAINS (QLD): Placed Under Voluntary Administration
------------------------------------------------------
Gregor Heard at Queensland Country Life reports that the grains
industry is facing another trader going under, with the news
Queensland-based Dalgrains (Qld) Pty Ltd has been placed in
voluntary administration.

The news regarding the Dalby, Darling Downs based business, which
had a strong presence in the stock feed market, including cereals
and other commodities such as cotton seed, follows hot on the heels
of the collapse of Victorian-based Lempriere Grain and Queensland's
All Commodities earlier this year, the report says.

It is grim news for growers, who have suffered in previous grain
trader insolvencies due to their position at the bottom of the food
chain as unsecured creditors.

Queensland Country Life notes that the fact Dalgrains is in
voluntary administration rather than liquidation gives grower
creditors slightly more hope of receiving a meaningful payout but
there is still considerable angst among the grower community.

It is not known how much is owed to growers or whether there is a
particular commodity the company was purchasing.

According to Queensland Country Life, AgForce grains section
president Brendan Taylor said his organisation was aware of the
situation but said he had not been contacted by impacted growers.

"We have heard about it and we're keeping an eye on it but at this
stage we don't know a lot more," the report quotes Mr. Taylor as
saying.

The company was registered as a Class C member of Grain Trade
Australia, for businesses trading less than 250,000 tonnes of grain
a year.

Adam Ward, of Worrells Solvency and Forensic Accountants has been
appointed as liquidator, Queensland Country Life discloses.

EFFEKTIV PTY: First Creditors' Meeting Set for June 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Effektiv Pty
Ltd will be held on June 6, 2019, at 1:30 p.m. at The Portside
Centre, at Level 5, Symantec House, 207 Kent Street, in Sydney,
NSW.

David Anthony Hurst and David Henry Sampson of BPS Recovery were
appointed as administrators of Effektiv Pty on May 28, 2019.

MRP RETAIL: Second Creditors' Meeting Set for June 6
----------------------------------------------------
A second meeting of creditors in the proceedings of MRP Retail
Australia Pty Ltd has been set for June 6, 2019, at 11:00 a.m. at
the offices of Cor Cordis, at Level 29, 360 Collins Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 5, 2019, at 5:00 p.m.

Barry Wight and Glenn Spooner of Cor Cordis were appointed as
administrators of MRP Retail on May 2, 2019.

OLYMPUS PARK: First Creditors' Meeting Set for June 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of Olympus Park
Pty. Ltd. will be held on June 11, 2019, at 10:00 a.m. at Level 12,
460 Lonsdale Street, in Melbourne, Victoria.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Olympus Park on May 29, 2019.

ONTERRAN LIMITED: Second Creditors' Meeting Set for June 6
----------------------------------------------------------
A second meeting of creditors in the proceedings of Onterran
Limited has been set for June 6, 2019, at 11:00 a.m. at the offices
of Christie Spaces, Conference Room G, Level 1/320 at Adelaide
Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 5, 2019, at 4:00 p.m.

David Lewis Clout and Patricia Talty of David Clout & Associates
were appointed as administrators of Onterran Limited on March 8,
2019.

R & J OPAL: First Creditors' Meeting Set for June 7
---------------------------------------------------
A first meeting of the creditors in the proceedings of R & J Opal
Mines Pty Ltd and Investments Nottingham Pty Ltd will be held on
June 7, 2019, at 10:00 a.m. and 11:00 a.m. at the offices of
Morton's Solvency Accountants, at Level 11, 410 Queen Street, in
Brisbane, Queensland.

Gavin Charles Morton of Morton's Solvency Accountants was appointed
as administrator of R & J Opal on May 28, 2019..

ZOMAY HOLDINGS: First Creditors' Meeting Set for June 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Zomay
Holdings Pty Ltd will be held on June 11, 2019, at 11:00 a.m. at
Level 2, 15 Victoria Street, in Hobart, Tasmania.

Shelley Brooks of Rodgers Reidy was appointed as administrator of
Zomay Holdings on May 29, 2019.




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C H I N A
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BAOSHANG BANK: Mutual Funds' Exposure Likely Limited
----------------------------------------------------
Caixin Global reports that mutual funds' exposure to Baoshang Bank,
a private bank the regulators took over on May 24, is likely
limited.

According to Caixin, mutual funds have been hesitant to hold
Baoshang Bank's assets due to its links with fallen tycoon Xiao
Jianhua's conglomerate Tomorrow Holding, especially after Xiao was
reportedly put under graft investigation by Chinese authorities,
according to interviews with employees. Caixin talked to employees
at eight mutual funds, of which only two held Baoshang Bank assets.
The two didn't reveal how much, the report says.

Caixin says money market funds have also been constrained by
regulations restricting their holding of assets from institutions
rated below "AAA"--Baoshang Bank was rated "AA+".

Caixin also previously learned from multiple sources that the
regulators will guarantee at least 70% of the interbank debts of
over CNY50 million ($7.25 million) and 80% of the deposits owed to
corporate creditors.

The People's Bank of China and the China Banking and Insurance
Regulatory Commission on May 24 took over Baoshang Bank for one
year, citing "severe credit risk," Caixin notes.

BOHAI STEEL: Executive Under Investigation for Corruption
---------------------------------------------------------
Caixin Global reports that Yan Zesheng, deputy party secretary and
general manager of the bankrupt state-owned Bohai Steel Group, is
under investigation for "serious violations of rules and the law",
a euphemism for corruption, according to a Tianjin watchdog.

Details of the investigation are not available, Caixin says.

Yan, 57, started to work for state-owned steel enterprises after he
graduated in 1982 from an engineering college in China's rust belt.
He was assigned his current official posts in 2011.

Bohai Steel, once a Fortune 500 company, is weighed down by at
least $36 billion in debt due to years of overexpansion and poor
management, Caixin notes.

Bohai Steel Group Co Ltd is a steelmaker based in northeast
China.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 29, 2018, China Money Network said Bohai Steel Group, a
debt-stricken state-owned enterprise, has entered bankruptcy
proceedings as Tianjin Higher People's Court accepted its
creditor Tianjin Seri Machinery Equipment Corp., Ltd.'s
application to reorganize Bohai Steel Group on August 24.

FOSUN INTERNATIONAL: S&P Alters Outlook to Pos. & Affirms 'BB' ICR
------------------------------------------------------------------
On May 29, 2019, S&P Global Ratings revised the outlook on Fosun
International Ltd. to positive from stable. At the same time, S&P
affirmed its 'BB' long-term issuer credit rating on Fosun and its
'BB' long-term issue rating on the company's outstanding guaranteed
notes.

S&P said, "We revised the outlook to positive because we expect
Fosun's portfolio liquidity to improve. Such improvement is likely
to be the result of an appreciation in the value of Fosun's
existing listed assets or IPOs of unlisted investee companies. We
also expect the company will continue to execute its strategy of
building its track record of unlocking value. We estimate that
Fosun will improve the listed asset weighting to closer to 50% in
the next 12-18 months, from 46% as of end-2018 and 42% in end-2017.
At the same time, we expect the company's loan-to-value (LTV) ratio
to remain stable at 30%-40%."

Fosun's asset liquidity could improve if it remains successful in
listing or reorganizing its unlisted investment companies. Recent
examples include the IPOs of Fosun Tourism Group and Baby Tree, and
the restructuring of Shanghai Yuyuan Tourist Mart Co. Ltd. In
addition, Fosun is increasingly focused on driving synergies across
its large portfolio of investment companies, which is positive for
value creation, in S&P's view. Therefore, S&P expects the ratio of
listed assets to total assets to increase to closer to 50% over the
next 12-18 months.

Future IPOs could also increase the value of certain unlisted
investments, which would benefit Fosun's portfolio size and enhance
an already well-diversified investment portfolio. The value of the
company's investment portfolio fell slightly to about Chinese
renminbi (RMB) 219 billion (based on S&P Global Ratings
adjustments) at end-2018, from RMB237 billion in 2017. This was
mainly because the falling share price of Shanghai Fosun
Pharmaceutical (Group) more than offset the appreciation in
portfolio value from recent IPOs. However, S&P believes the growth
in Fosun's investment portfolio will remain healthy with the
company adjusting its investments for higher returns. S&P expects
Fosun to maintain a diversified investment portfolio, with credit
quality of investee companies commensurate with a 'BB' category.

S&P said, "We expect Fosun to keep its LTV ratio stable at 30%-40%
over the next 12-18 months, compared to 35.5% in 2018 and 35.0% in
2017, partially by rotating assets at a balanced pace. The company
divested RMB1.7 billion of assets in 2018, compared with RMB2.9
billion in 2017 and RMB713 million in 2016. We see the company
building a track record of asset disposals to recycle cash for new
investments. Separately, Fosun's legacy financial guarantees to
investee companies, which we include in our debt calculation,
decreased to RMB550 million in 2018 from RMB3.6 billion in 2017.

"We anticipate cash flow adequacy, as measured by operating cash
inflow divided by operating cash outflow, to remain weak at 0.6x in
the next 12-18 months. However, we believe Fosun's cash on hand of
RMB22 billion should mitigate the risk. Fosun's interest-bearing
debt at the holding company level increased by 16.5% to RMB99.6
billion at end-2018, from RMB85.5 billion at end-2017. Therefore,
we expect Fosun's interest expense to increase accordingly. At the
same time, we anticipate the company's dividend income will grow by
about 15% from improving operations of portfolio companies and an
enlarged investment portfolio.

"The positive outlook reflects our view that Fosun's portfolio
liquidity is likely to improve, which could result from an
appreciation in the value of existing listed assets or from IPOs of
unlisted portfolio companies. The outlook also reflects Fosun's
track record of focused investment strategy and value creation.

"We may raise the rating over the next 12-18 months if Fosun
further improves its asset liquidity ratio to closer to 50%, from
46% currently. This could happen as a result of an appreciation in
the value of existing listed assets or successful IPOs of unlisted
investees. An upgrade assumes that Fosun will continue to follow
its current financial policy and maintain an LTV ratio of less than
40%.

"We may revise the outlook back to stable if Fosun fails to improve
its asset liquidity over the next 12-18 months. We could also
revise the outlook to stable if the company's LTV ratio rises to
above 40%. This could happen if Fosun's investment spending
materially exceeds our forecast or the company's asset disposals
are meaningfully less than its new investments."

MAOYE INTERNATIONAL: Moody's Hikes CFR to B2, Outlook Stable
------------------------------------------------------------
Moody's Investors Service has upgraded Maoye International Holdings
Ltd.'s corporate family rating to B2 from B3.

The outlook is stable.

RATINGS RATIONALE

"Maoye's B2 CFR reflects our expectation that the company will
maintain positive free cash flow and further reduce its debt levels
over the next 12-18 months," says Danny Chan, a Moody's Assistant
Vice President and Analyst.

"The improving financial metrics and record of access to funding
alleviate our concerns over Maoye's weak liquidity," adds Chan.

Moody's also says that Maoye's growing property sales recognition
and stable retail operations will support EBITDA growth over the
next 12-18 months.

Maoye's overall sales and profitability continued to improve in
2018. It registered a 9.4% year-on-year increase in revenue in 2018
to RMB7.8 billion. The improvement was attributed to the increase
in property sales during the same period, which accounted for 12%
of Maoye's revenue in 2018 and about 10-15% of EBITDA.

Moody's expects that Maoye's revenue and EBITDA will grow by about
25% and 15% respectively, to RMB9.7 billion and RMB4.2 billion in
2019, boosted by higher property revenue. Revenue from property
sales is likely to increase to around RMB2.5-RMB3.0 billion in 2019
from RMB1.0 billion in 2018, based on the contracted sales growth
over past two years.

Maoye has accelerated disposal of its property inventory since
2017, with the aim of reducing its leverage. Because the company is
unlikely to meaningfully replenish its land bank, the increase in
property sales will continue to support strong cash flow generation
over the next 12-18 months.

Maoye will likely maintain operating cash flow of around RMB2-RMB3
billion per annum and prove free cash flow positive in 2019-20. Its
capital expenditure should stay below RMB800 million, because major
renovations have been completed.

The company intends to further reduce reported debt to RMB16-RMB17
billion over the next two years from RMB18 billion in 2018.
Consequently, leverage will improve to 4.5x over the next 12-18
months; a situation which will provide Maoye with better financial
flexibility to buffer against market volatility and its weak
liquidity profile.

Maoye's debt leverage — as measured by adjusted debt/adjusted
EBITDA — fell to 5.8x at the end of 2018 from 7.7x at the end of
2017.

The company aims to improve its capital structure, and has become
more disciplined with its capital expenditures over the past two
years. Specifically, Maoye has maintained positive free cash flow
over the past two years and reduced its reported debt by about
RMB1.5 billion to RMB18.2 billion in 2018.

Maoye's credit profile is also supported by its stable retail
operations, a result of the prime locations of many of its malls,
as well as its constant efforts on store renovation and
optimization. Despite a flattish same store sales growth in 2018,
Maoye's sales from retail operations increased moderately by 4.1%
to RMB4.8 billion, driven by higher rental income.

Maoye's liquidity is weak. Its cash balance of RMB3.3 billion at
the end of 2018 was insufficient to cover its short-term debt and
obligations maturing in the next 12 months.

Nonetheless, the concerns over liquidity is alleviated by its
improved operations and resultant cash flow, as well as its track
record of tapping the capital markets and the rolling over of
bilateral short-term banking facilities.

The company has also been managing its maturity profile over the
past two years, enabling its short-term debt as a percentage of
total borrowings to fall to 39% at the end of 2018 from 56% at the
end of 2016.

Maoye's B2 CFR takes into account its (1) strong market position in
its home market, as well as its self-owned store strategy and
concessionaire business model; (2) ability to manage the challenges
in China's evolving retail market; (3) track record of growth
through acquisitions; (4) exposure to property development risk,
until such time as it fully disposes of its current inventory; and
(5) moderate credit metrics.

The stable outlook reflects Moody's expectation that the company
will maintain stable retail operations and property sales, while
remaining prudent in its capital expenditure and debt management.

Rating upgrade pressure could arise if Maoye can: (1) meaningfully
improve its liquidity, while remaining prudent in its expansion;
(2) maintain debt/EBITDA below 4.5x and EBITDA/interest above
3.0x-3.5x, all on a sustained basis.

On the other hand, Maoye's rating could come under downgrade
pressure if (1) its liquidity position deteriorates, for example,
if it cannot refinance its short-term debt or materially increases
its short-term debt; or (2) the company undertakes significant
debt-funded acquisitions. Indicators of a downgrade include
debt/EBITDA above 5.5x-6.0x and EBITDA/interest below 2.0x.

The principal methodology used in this rating was Retail Industry
published in May 2018.

Maoye International Holdings Ltd. is a leading department store
operator in China (A1 stable).

Headquartered in Shenzhen, Guangdong Province, the company has
built a strong position in its home market, while strategically
expanding elsewhere in the country. The company had 57 stores in 19
cities across China's four main regions at the end of 2018.

XINJIANG ZHONGTAI: S&P Rates New USD Sr. Unsec. Notes 'BB+'
-----------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' long-term
issue rating to the proposed issuance of U.S. dollar-denominated
fixed-rate senior unsecured notes by Xinjiang Zhongtai (Group) Co.
Ltd. (BB+/Stable/--).

S&P said, "The rating on the notes is subject to our review of the
final issuance documentation. The issuer intends to use the
issuance proceeds to fund domestic and overseas projects and
repayment of existing onshore debt, as well as other general
corporate and working capital purposes.

"We equalize the rating on the proposed notes with the issuer
credit rating although the priority ratio exceeds our threshold of
50%. As of Dec. 31, 2018, Xinjiang Zhongtai's capital structure
consisted of Chinese renminbi (RMB) 11.2 billion of secured debt at
the consolidated level, RMB8 billion of unsecured debt at the
parent level, and RMB23.1 billion of unsecured debt at its
subsidiaries. However, we view Xinjiang Zhongtai as having a very
high likelihood of receiving extraordinary government support when
needed. As such, we believe the government is willing and able to
intervene so that structurally subordinated lenders would not have
worse recovery prospects than structurally senior lenders.

"We do not expect the new issuance to have a significant impact on
Xinjiang Zhongtai's credit profile because part of the proceeds
will be used for refinancing and given that the company's leverage
is already high. The company's financial metrics in 2018 are about
in line with our projections. We expect the company's financial
leverage to remain high over the next 12 months. The stable outlook
on Xinjiang Zhongtai reflects our view that the likelihood of
government support to the company will remain very high. In
addition, we expect the company to maintain its EBITDA interest
coverage above 2x over the next 12 months despite heavy capital
expenditure.

"We also expect the company to maintain its leading market position
in the polyvinyl chloride (PVC) and caustic soda integrated chain,
as well as expand its market presence in the viscose staple fiber
and yarns business. However, production will remain concentrated in
Xinjiang and the company's scale will stay small."




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AJAZ NANDA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ajaz Nanda Designs Private Ltd.
        White House, 197, Lane West-13A
        Western Avenue, Sainik Farms
        South Delhi 110062

Insolvency Commencement Date: May 21, 2019

Court: National Company Law Tribunal, Principal Bench, New Delhi

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

Insolvency professional: Neeraj Bhatia

Interim Resolution
Professional:            Neeraj Bhatia
                         P-27, First Floor, Malviya Nagar
                         New Delhi 110017
                         E-mail: nbtrace1@yahoo.com
                                 ajaznandacirp@gmail.com

Last date for
submission of claims:    June 8, 2019


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


The instrument-wise rating actions are:

-- INR1.10 bil. Fund-based limit (Long-term/Short-term) migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR1,921.2 bil. Non-fund-based limit (Long-term/Short-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR500 mil. Proposed non-fund-based limit (Long-term/Short-
     term) migrated to non-cooperating category with Provisional
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR239.25 mil. Term loan (Long-term) due on March 2021     
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Anwesha Engineering & Projects is an engineering, procurement and
construction player engaged in the business of erection of oil,
comfier and fire water storage tanks, piping and pipe rack
foundation, and related civil and structural works for refineries
in India and overseas.

ASTON CERAMIC: CRISIL Hikes Rating on INR3.5cr Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Aston Ceramic (Aston) to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
while reaffirming the short-term rating at 'CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        1.4       CRISIL A4 (Reaffirmed)

   Cash Credit           3.5       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term    1.6       CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan             3.5       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects a belief that Aston's business and financial
risk profiles will continue to improve over the medium term, with
comfortable gearing and better debt protection metrics. Revenue is
estimated at INR14-15 crore during fiscal 2019 vis-a-vis INR13.81
crore in fiscal 2018. Liquidity should also enhance, with
sufficient cushion between the cash accrual and term debt repayment
along with no major capital expenditure (capex) plans over the
medium term may further uplift the business.

The ratings reflects the modest scale of operations and large
working capital requirement. These weaknesses are partially offset
by the benefits derived from the extensive experience of the
partners and the strategic location of the plant.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations
Intense competition may continue to constrain scalability, pricing
power, and profitability. Revenue was modest at INR13.81 crore in
fiscal 2019.

* Large working capital requirement
Operations are likely to remain working capital intensive over the
medium term. Gross current assets were sizeable at 205 days as on
March 31, 2019, driven by receivables and inventory of over 120
days and 46 days, respectively, despite considerable payables of
109 days.

Strengths
* Experience of the partners
Benefits from the partners' experience of about a decade, their
strong understanding of local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business.

* Strategic location of the plant
The manufacturing facility is in Morbi (Gujarat), the country's
ceramic hub. Hence, raw materials and labour will be easily
available.

Liquidity
Liquidity is likely to remain adequate. Cash accrual is projected
at over INR0.80 crore per annum over the medium term, against
yearly maturing debt of INR0.62 crore. The fund-based limit of
INR3.50 crore was moderately utilised at an average of 84% for the
six months through March 2019.

Outlook: Stable

CRISIL believes Aston will continue to benefit from the experience
of the partners. The outlook may be revised to 'Positive' if a
substantial and sustainable increase in revenue, profitability, and
cash accrual strengthens the financial risk profile and liquidity.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile and liquidity weaken due to significantly
low cash accrual, a further stretch in the working capital cycle,
or any large, debt-funded capex.

Aston, a Morbi, Gujarat-based partnership firm set up in 2014,
manufactures digital wall tiles. The promoters have been involved
in the ceramic industry for about 10 years through associate
concerns.

BAHUBALI CASHEWS: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bahubali
Cashews (BC) 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 BC 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 BC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BC 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 BC to 'CRISIL B/Stable Issuer not cooperating'.

Set up as a proprietorship firm in 2000, BC processes raw cashew
nuts and sells cashew kernels. Its facility in Udupi (Karnataka)
has installed processing capacity of 4 metric tonnes per day of
cashew kernels. Its operations are managed by proprietor Ms.
Nirmala Mahaveer Hegde.

EASTERN SILK: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Eastern Silk
Industries Ltd (ESIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Funded Interest        54.57      CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

   Proposed Long Term      4.5       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan              53.57      CRISIL D (ISSUER NOT
                                     COOPERATING)

   Working Capital        62.87      CRISIL D (ISSUER NOT
   Facility                          COOPERATING)

   Working Capital       295.99      CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

CRISIL has been consistently following up with ESIL for obtaining
information through letters and emails dated October 31, 2018 and
April 26, 2019, 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 recent financial
performance or strategic intent of the company. This restricts
CRISIL's ability to take a forward-looking view on its credit
quality. CRISIL believes that the information available is
consistent with 'Bucket 1' outlined in the Framework for Assessing
Consistency of Information.

As per the bankers' feedback, the company's account classification
continues to reflect irregularities and delays in interest
servicing and term loan repayments. Therefore, based on the
publicly available information, CRISIL has continues the rating at
'CRISIL D Issuer Not Cooperating'.

ESIL, incorporated in 1946, manufactures silk yarn, made-ups, home
furnishings, fashion fabrics, handloom fabrics, double-width
fabrics, and embroidered fabrics. The manufacturing facilities are
at Anekal and Hobli in Bengaluru, and Nanjangud (all in Karnataka),
and Falta Special Economic Zone (West Bengal).

GALCO EXTRUSIONS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Galco
Extrusions Private Limited (Galco) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            9        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     5.45     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              1.2      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Galco 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 Galco. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Galco 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 Galco 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 2007, Galco has manufactured aluminum extrusions
since 2010. The company is headquartered in Ahmednagar
(Maharashtra) and is owned and managed by Mr Sandesh Lodha and
family.

GANGA SRIRAM: CRISIL Hikes Rating on INR3cr Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ganga Sriram Hitech Agro Private Limited (GSHAPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           3         CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Long Term Loan        3         CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Cash
   Credit Limit          2         CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects successful ramp-up of operations at the
company's rice mill. Within the first three months of operations,
GSHAPL generated turnover of INR4 crore; income for the entire year
touched INR21 crore in FY2018-19. With better scale, working
capital management also improved for fiscal 2019. Moreover,
financial risk profile improved and this is expected to be
sustained over the medium term.

The rating reflects GSHAPL's healthy relationship with customers.
This strength is partially offset by small scale of operations amid
intense competition, and vulnerability to volatility in raw
material pieces, uncertainty of monsoon, and to changes in
regulations.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations amid intense competition
The company is a new entrant in the rice milling industry. Intense
competition and limited value addition are likely to keep scale
subdued in the initial phase.

* Vulnerability to volatility in raw material prices, uncertainty
of monsoon, and changes in regulations
Cultivation of paddy is highly dependent on monsoon and
availability of irrigation. Hence, the company remains susceptible
to any shortage of paddy or price fluctuations in case of
unfavourable climatic conditions.

Strength:
* Healthy relationship with customers
The company's promoters have been in the rice milling business for
more than two decades and have established robust relationship with
wholesalers and dealers. This would help ramp up operations in a
timely manner.

Liquidity
Bank limit utilisation was moderate at around 72% for the 12 months
ended March 2019. Utilisation is expected to remain at a similar
level on account efficient working capital requirement. Cash
accrual is expected to be sufficient against term debt obligation.


Outlook: Stable

CRISIL believes GSHAPL will continue to benefit from its strong
relationship with customers and healthy prospects for the rice
processing industry, over the medium term. The outlook may be
revised to 'Positive' if steady ramp-up of operations and
higher-than-expected revenue improve liquidity. The outlook may be
revised to 'Negative' if capacity utilisation is lower than
expected, or significant stretch in working capital cycle weakens
financial risk profile, particularly liquidity.

Incorporated in 2014, GSHAPL has set up a mill with an installed
capacity of 6 tonne per hour in Nalanda, Bihar, to process
non-basmati parboiled rice. Production started from January 2018.

GMR WARORA: Ind-Ra Downgrades NCDs Rating to 'C', Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
GMR Warora Energy Limited's (GWEL) NCDs to 'IND C' from 'IND BB'
with a Stable Outlook as follows:

-- INR750 mil. NCDs* Rating Action due on November 25, 2023
     12.15% coupon rate issued on September 24, 2014, downgraded
     with IND C rating.

* Details are given in Annexure

KEY RATING DRIVERS

Stressed Liquidity: The downgrade reflects the stressed liquidity
position of GWEL since March 2019 due to a delay in tariff payments
from Tamil Nadu Generation and Distribution Company Limited and
Maharashtra State Electricity Distribution Company Limited. Ind-Ra
had confirmed timely interest servicing for the entire NCDs in
March 2019 through GWEL's disclosure to the stock exchange. The
rated bonds have semi-annual coupon payments on March 25 and
September 25 until the maturity of the bonds. Ind-Ra has received
no default statement for all of GWEL's senior debt (including term
loan, working capital facility and rated NCDs) from GWEL for March
2019 and April 2019. Liquidity concerns continue as GWEL has not
increased the cash credit limits and created the debt service
reserve.

GWEL's receivable days increased to 148 in FY19 from 81 in FY18.
GWEL has sought time until September 30, 2019, to create the one
quarter debt service reserve. Uncertain payments from
counterparties are weighing on GWEL's liquidity.

Improvement in Operations: FY19 billed revenue (unaudited), as
informed by GWEL, is in line with Ind-Ra's expectation. In FY19,
plant technical availability and plant load factor were 88.8%
(FY18: 72.9%) and 74.11% (71.28%), respectively.

Favorable Regulatory Order: In May 2019, GWEL received a favorable
order from Central Electricity Regulatory Commission, allowing the
pass-through of imported coal cost, in the event of a short supply
under the fuel supply agreement. GWEL received several favorable
orders in FY19, which resulted in an improvement in cash flows.

Power Sale Tie-up: GWEL has long-term take-or-pay power purchase
agreements for 100% net capacity with Dadra and Nagar Haveli
(200MW; valid until June 2020), Maharashtra State Electricity
Distribution (200MW; valid until March 2039) and Tamil Nadu
Generation and Distribution (150MW; valid until September 2028).
The agreements have a two-part tariff mechanism, comprising
capacity and variable charges, linked to Central Electricity
Regulatory Commission's inflation index (updated every six months).
The estimated effective tariff, inclusive of compensatory tariff
expected by GWEL, for Dadra and Nagar Haveli, Maharashtra State
Electricity Distribution and Tamil Nadu Generation and Distribution
are INR5.88/kWh, INR3.85/kWh, and INR4.85/kWh, respectively, for
March 2019.

Fuel Supply Contract: Coal supply is secured through a fuel supply
agreement with state-owned South Eastern Coal Fields, a Coal India
Limited subsidiary, for an annual contracted quantity of 2.60
million tons. Despite a low coal inventory in FY19, GWEL has
managed to gain a timely supply of coal and increase its plant
availability.

Reasonable Debt Structure: As on March 31, 2019, GWEL's total
long-term debt was INR30,600 million, which amortizes over 16 years
in an even manner. Ind-Ra has considered the entire senior debt in
its analysis. The NCDs amortize in three tranches of INR250 million
each on September 25, 2022, 25 September 2023 and November 25,
2023. Coupon payments on the NCDs are semi-annual. GWEL has an
INR6,200 million working capital facility, INR3,900 million of
which is the common sub-limit for a cash credit and the letter of
credit.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position would lead to
positive rating action.

COMPANY PROFILE

GWEL is a special purpose vehicle that was incorporated to build,
maintain and operate a 600MW (two units of 300MW each) coal-fired,
the subcritical technology-based thermal power plant in Warora,
Maharashtra. GMR Energy Limited is the primary sponsor of the
project, with 100% equity investment. GMR Energy is held by GMR
Infrastructure Limited (52%), Tenaga National Berhad (30%) and
private equity investors (18%).

HEM IMPEX: CRISIL Migrates B- Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hem Impex (HI)
to 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           1.7       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit      3.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     .3       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Proposed Short Term   4.5       CRISIL A4 (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HI 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 HI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HI 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 HI to 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.


Established in 2012, Hem Impex (HI) is a partnership firm engaged
in trading (importer) of aluminium scrap, copper scrap, brass scrap
and other ferrous and non-ferrous scraps.  Mr. Kekin Ganatra (Mr.
Kekin) and Mr. Ketan Ganatra (Mr. Ketan) are the partners of the
firm.

HERCULES HOSPITALITIES: Ind-Ra Corrects April 2 Rating Release
--------------------------------------------------------------
This announcement rectifies the version published on April 2, 2019,
to correctly state the EBITDA losses and net profit of Hercules
Hospitalities Private Limited (HHPL) for FY18 as INR9.2 million and
INR24 million, respectively. The amended version is as follows:

India Ratings and Research (Ind-Ra) has affirmed HHPL's Long-Term
Issuer Rating at 'IND B'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR10.29 mil. (reduced from INR15 mil.) Long-term loans due on

     March 2022 affirmed with IND B/Stable rating; and

-- INR110 mil. Fund-based limits affirmed with IND B/Stable/IND
     A4 rating.

KEY RATING DRIVERS

The affirmation reflects HHPL's nascent stage of operations as it
commenced operations in October 2017. There was a six-month delay
in commencement of operations from the scheduled date, due to
delays in receiving the MoU from Maruti Suzuki India Limited and
natural calamities (floods) in Kerala. HHPL achieved revenue of
INR468 million during 11MFY19 (FY18: INR224 million). The company
reported EBITDA losses of INR9.2 million in FY18 but recorded a net
profit of INR24 million in FY18 on account of profit from the sale
of land. Ind-Ra expects HHPL's revenue and operating EBITDA to
improve in FY19 - the first full year of operations.

The ratings are also constrained by the company's modest liquidity
position. It had unutilized credit lines of INR30.1 million and a
cash balance of INR2.02 million at FYE18.

However, the ratings continue to be supported by HHPL's promoters
more than a decade-long experience in the trading of the automobile
through group companies.

RATING SENSITIVITIES

Positive: Any substantial improvement in the top line and operating
profitability, leading to an improvement in the credit metrics,
could be positive for the ratings.

Negative: Any decline in the revenue and operating profitability
leading to deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2003, HHPL is part of the Hercules Group. The
company had set up an automobile dealership showroom of NEXA in the
Alleppey district of Kerala.

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

The instrument-wise rating actions are:

-- INR92.1 mil. Term loan due on March 2024 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR105 mil. Fund-based working capital limits Migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR45 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
29, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Hitech Print Systems, a wholly owned subsidiary of Anjani Vishnu
Holding Limited (formerly Anjani Projects & Construction Limited),
is primarily engaged in the printing business. It has five
marketing offices in Bengaluru, Chennai, Bhopal, Mumbai and New
Delhi.

HONEYCOMB TECHNOLOGIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Honeycomb Technologies Private Limited
        2nd Floor, "Khaleeli Centre"
        No. 4, Montieth Road, Egmore
        Chennai 600008, Tamil Nadu
        India

Insolvency Commencement Date: May 24, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: November 20, 2019
                               (180 days from commencement)

Insolvency professional: Manivannan J.

Interim Resolution
Professional:            Manivannan J.
                         Plot No. 53B, 8/330
                         Vishalakshi Nagar
                         Fourth Cross Street, Santhosapuram
                         Chennai, Tamil Nadu 600073
                         E-mail: equitablelegal@gmail.com

Last date for
submission of claims:    June 10, 2019


INDIA CHOICE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s India Choice Private Limited
        Plot No. 18 and 19A Oberai Compound
        Dilshand Garden Shahdara Delhi
        East Delhi DL 110095

Insolvency Commencement Date: May 1, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 28, 2019

Insolvency professional: Jai Prakash Sharma

Interim Resolution
Professional:            Jai Prakash Sharma
                         Flat-102, Plot-22
                         Shruti CGHS Ltd
                         Sector-7, Dwarka
                         New Delhi 110075
                         E-mail: jpluc13@gmail.com
                                 cirp.indiachoice@gmail.com

Last date for
submission of claims:    May 22, 2019


INTERPARTS MARKETING: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Interparts Marketing Private Limited
        CD/58E, DDA Flats
        G-8 Area, Hari Nagar
        New Delhi 110064

Insolvency Commencement Date: May 17, 2019

Court: National Company Law Tribunal, Bench II, New Delhi

Estimated date of closure of
insolvency resolution process: November 12, 2019

Insolvency professional: Rajiv Malik

Interim Resolution
Professional:            Rajiv Malik
                         B-7/18, Mianwali Nagar
                         Delhi 110087
                         E-mail: iprmalik2009@gmail.com
                                 interpartscirp@gmail.com

Last date for
submission of claims:    May 30, 2019


ISHAAN TPR: CRISIL Raises Rating on INR2.5cr Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Ishaan TPR (ITPR) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'
while reaffirming the short-term rating at 'CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2.5       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit      7.0       CRISIL A4 (Reaffirmed)

   Long Term Loan        1.0       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects expected improvement in the business risk
profile, driven by healthy ramp-up in operations, and improved
working capital cycle. Revenue grew 200% to INR50 crore in fiscal
2018 from INR15 crore the previous fiscal and is estimated to have
further increased to INR54 crore in fiscal 2019. The healthy growth
is expected to be sustained over the medium term driven by higher
capacity utilisation.

Moreover, gross current assets (GCAs) reduced to 249 days as on
March 31, 2018, from 519 days a year earlier, and are estimated to
have declined further to 223 days as on March 31, 2019 due to
better receivables cycle. Liquidity is expected to improve because
of increased cash accrual against nil debt obligation. Unsecured
loans of INR5 crore as on March 31, 2019, from the partners are
likely to remain in the business over the medium term.

The ratings continue reflect the firm's weak financial risk profile
and stretched working capital cycle. These weaknesses are partially
offset by the extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Gearing ratio is high, estimated at
8 times driven by low networth of INR1.2 crore and high working
capital debt (Rs 9.42 crore) as on March 31, 2019. Debt protection
metrics are weak with interest coverage and net cash accrual to
adjusted debt ratios of 1.25 times and 0.03 time, respectively, for
fiscal 2019.

* Stretched working capital cycle: GCAs are large, estimated at 223
days on March 31, 2019, driven by significant receivables of 168
days and inventory of 22 days. Operations will remain working
capital intensive in the near future.

Strengths
* Extensive experience of the partners: Benefits from the partners'
experience of over a decade and established relations with
customers and suppliers should continue to support the business.

Liquidity
* High bank limit utilisation
Large working capital requirement should keep bank limit
utilisation high over the medium term'95% in the 12 months through
March 2019.

* Cash accrual to meet debt obligation
In the absence of term debt obligation, expected cash accrual of
INR30-40 lakh over the medium term will support liquidity.

* Low current ratio
Current ratio (1.2-1.4 times in past three years) is estimated to
be moderate at 1.25 times as on March 31, 2019.

Outlook: Stable

CRISIL believes ITPR will continue to benefit from the extensive
experience of its partners in the thermo plastic rubber (TPR)
compounds industry. The outlook may be revised to 'Positive' if
operating margin is higher-than-expected. The outlook may be
revised to 'Negative' if any large debt-funded capital expenditure,
or stretch in working capital cycle weakens financial risk
profile.

Set up in 2015, ITPR, a partnership firm of Mr Deevik Garg, Mr
Nitin Jindal, and Mr Ankit Goyal, manufactures TPR compounds used
in the soles of footwear. Operations at its manufacturing facility
in Narela (Delhi) commenced in 2016. The firm has also expanded
into footwear, which it sells under the Fluke brand.

JAYPEE INFRATECH: NBCC Bid to be Put to Vote for 10 Days
--------------------------------------------------------
Moneycontrol.com reports that lenders of embattled Jaypee Infratech
on May 30 decided to put to vote NBCC's resolution plan to take
over the realty firm and complete construction of over 20,000
flats.

Moneycontrol.com relates that the voting will be held from May 31
to June 10, sources said.

According to Moneycontrol.com, the offer is being put to vote
following directions by the National Company Law Appellate Tribunal
(NCLAT). The tribunal had asked lenders to negotiate with NBCC by
May 30 so that voting could start from May 31.

Moneycontrol.com says the government's construction arm also agreed
to reduce the value of unsold inventories offered to lenders by
around 25 percent, sources said, adding that the public sector firm
has proposed that it would reduce the value of unsold inventories
offered to lenders to INR1,300 crore from earlier INR1,750 crore.

Banks had been reluctant to acquire over 2,000 unsold flats as
proposed by NBCC in its revised offer.

Sources said that NBCC did not dilute other conditions in its
offer, including exemption from future tax liability, mentioned in
its bid, Moneycontrol.com relays.  In its revised offer, NBCC had
proposed infusion of INR200 crore equity capital, transfer of 950
acres of land worth INR5,000 crore to banks and completing
construction of flats by July 2023 to settle an outstanding claim
of INR23,723 crore of financial creditors.

But it had put several conditions for the implementation of its
plan, including a demand to extinguish an estimated income-tax
liability of INR33,000 crore over a period of 30 years arising out
of the transfer of land parcels from Yamuna Expressway Industrial
Development Authority (YEIDA) to Jaypee Group and seeking
permission from YEIDA for any business transfer.

On this bid, lenders had reservations on certain relief and
concessions sought by NBCC and sought clarifications from the firm.
Clarifications from the NBCC were sought in the wake of IRP Anuj
Jain flagging to the lenders that the state-owned firm's bid was
conditional and non-binding because of the two conditions,
Moneycontrol.com relays.

Adani Group's non-binding offer was not discussed at the 12th
Committee of Creditors (CoC) meeting, sources said.

Business conglomerate Adani group had on May 28 made an unsolicited
and non-binding bid to acquire Jaypee Infratech and is ready to
infuse up to INR1,700 crore to expedite the construction of stuck
housing projects of the debt-laden realty firm and deliver flats to
home buyers, sources had said, Moneycontrol.com recalls.

Adani has promised to infuse another INR1,000 crore in two equal
tranches of INR500 crore each to settle claims of workmen as well
as secured and unsecured financial creditors, besides meeting cost
for insolvency proceedings.

Adani Group had participated in the first round of insolvency
process but did not bid in the current round within the fixed
timeframe.

As many as 13 banks and over 23,000 homebuyers have voting rights
in the committee of creditors (CoC). Buyers have nearly 60 per cent
votes. For the bid to be approved, 66 per cent voters should be in
favor of the deal, Moneycontrol.com adds.


                       About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

On August 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In September 2017, the Supreme Court of India stayed the insolvency
proceedings initiated against JIL, after various associations of
homebuyers moved a batch of petitions fearing they will lose their
apartments and not get any compensation, according to Livemint. The
stay was later revoked by the court, which directed the resolution
professional to submit an interim resolution plan that takes into
account the interest of homebuyers.

The court also directed the parent company, JAL, to deposit
INR2,000 crore to protect the interest of homebuyers.  Out of this,
only INR750 crore has been deposited so far, Livemint relayed.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company, JAL owes
more than INR29,000 crore to various banks, the report added.

K.C. RICE: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of K.C. Rice
Mills (KC) to 'CRISIL B+/Stable Issuer not cooperating'.

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

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

KCR, based in Jalalabad (Punjab), is a partnership firm of Mr Raman
Kumar and his brother, Mr Anil Kumar.  It processes and sells
basmati rice, especially PUSA 1121 variety. Its units have a
milling and sorting capacity of 4 and 8 tonne per hour,
respectively. The firm also undertakes job-work for other firms.

MULTIWAL PULP: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Multiwal Pulp and Board Mills Private Limited
        A-14, 3rd floor New Friends Colony New Delhi
        New Delhi DL 110065 IN

Insolvency Commencement Date: May 21, 2019

Court: National Company Law Tribunal, Meerut Bench

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

Insolvency professional: Manish Agarwal

Interim Resolution
Professional:            Manish Agarwal
                         707, Saket
                         Opp. Rohtash Sweets
                         Meerut 250001
                         Uttar Pradesh
                         Tel. 0121-4054491, 9412705345
                         E-mail: manishfcs@gmail.com

Last date for
submission of claims:    June 6, 2019


NISHANTH POULTRY: CRISIL Assigns B+ Rating to INR8.55cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Nishanth Poultry Breeding Farm (NPBF).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            8.55       CRISIL B+/Stable (Assigned)

The rating reflects modest scale of operation with exposure to
risks related to ongoing capital expenditure (capex), exposure to
inherent risks in the poultry industry, large working capital
requirements, and estimated leveraged capital structure. These
weaknesses are partially offset by extensive experience of the
promoters in poultry industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation with exposure to risks related to
planned capex: The  scale of operations is modest reflected in
revenues of INR1.36 crore in fiscal 2018, estimated to be ~Rs
1.4-1.50 crore in fiscal 2019 in the intensely competitive poultry
industry. Although firm is planning to increase its breeding farm,
timely execution of planned capital expenditure and commensurate
ramp up in revenues, will be monitored.

* Large working capital requirements: Gross current assets were at
292 days as on March 31, 2018 (estimated to be more than 250 days
as on March 31, 2019), on account of high debtor days estimated to
be ~100-120 days as high credit is offered to the customers. This
is supported by extended credit terms with creditors. The overall
working capital cycle is expected to remain at similar level over
the medium term.

* Exposure to inherent risks in the poultry industry: The industry
is vulnerable to outbreak of diseases, which declines sales volume
and reduces selling price. Such diseases also have an impact on
production of healthy chicks. Further, the industry is also
affected by seasonal demand, leading to volatility in end product
prices.

* Expected subdued financial risk profile: NPBF is expected to have
a subdued financial risk profile with estimated high gearing and
total ratio (TOLTNW) due to the debt funded ongoing capital
expenditure. The project is aggressively funded through a
debt-equity ratio of over 2 times.

Strength:
* Extensive industry experience of the promoters: The promoters
have an experience of over 28 years in poultry industry through
family business. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers, which will help scale up operations.

Liquidity
NPBF has weak liquidity with expected cash accruals of INR0.2-0.5
crore per annum in fiscal 2020 and fiscal 2021. It has repayment
obligations in fiscal 2021 of INR1.2 crores. The promoters are
likely to extend support in the form of equity and unsecured loans
to the firm to meet its working capital requirements and repayment
obligations. CRISIL believes that the liquidity risk shall be
mitigated by funding support from promoters in the form of
unsecured loans.

Outlook: Stable

CRISIL believes that NPBF will benefit over the medium term from
its promoter extensive industry experience. The outlook may be
revised to 'Positive' if timely stabilization of operations and
significant revenue growth and profitability, leads to better
financial profile. Conversely, the outlook may be revised to
Negative' if a time or cost overruns in the completion of ongoing
capex, significantly low cash accruals, or increase in its working
capital requirements, weakens its liquidity & financial profile.

NPBF, established in 2016 in Secunderabad, is promoted by Mr Busani
Srinivas and Mrs Busani Nandini. It is engaged in poultry farming
and hatchery business. The firm is currently proposing to set-up a
new breeding farm in Hyderabad.

PENGUIN PLYWOOD: CRISIL Withdraws D Rating on INR2.69cr LT Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Penguin Plywood Private
Limited (PPPL) to 'CRISIL D Issuer Not Cooperating'. CRISIL has
withdrawn its rating on bank facility of PPPL following a request
from the company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL is migrating the ratings on bank
facilities of PPPL from 'CRISIL D Issuer not cooperating' to
'CRISIL D'. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          1.25       CRISIL D/Issuer Not
                                   Cooperating (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING'; Rating
                                   Withdrawn)

   Long Term Loan       2.69       CRISIL D/Issuer Not
                                   Cooperating (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING'; Rating
                                   Withdrawn)

   Proposed Long Term
   Bank Loan Facility   6.06       CRISIL D/Issuer Not
                                   Cooperating (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING'; Rating
                                   Withdrawn)

PPPL was set up in 2013 by Mr. Govindbhai Patel and his family
members in Anand, Gujarat. The company manufactures different
grades of plywood, block boards, and flush doors.

POGGENAMP NAGARSHETH: Ind-Ra Lowers Long Term Issuer Rating to 'D'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Poggenamp
Nagarsheth Powertronics Private Limited's (PANPPL) Long-Term Issuer
Rating to 'IND D' from 'IND BB+'. The Outlook on the earlier rating
was Stable.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limit (Long-term/Short-
     term) downgraded with IND D rating;

-- INR220 mil. Non-fund based working capital limits (Short-term)

     downgraded with IND D rating; and

-- INR72 mil. Term loan limits (Long-term) due on March 2023
     downgraded with an IND D rating.

KEY RATING DRIVERS

The downgrade reflects PANPPL's delays in interest repayments on
its long-term working capital loans during the three months ended
April 2019 due to tight liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

Established in 1982, PANPPL is promoted by Shri Gauttam Nagarsheth
& Gaurang Nagarsheth. The company manufactures electrical motor
components called motor stampings and laminations, rotors &
stators, etc. It has a unit with an installed capacity of 15000
metric tons per annum at Vavdi Dist Kheda, Ahmedabad.

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

The instrument-wise rating actions are:

-- INR57.50 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating;

-- INR150.50 mil. Long-term loans due on April 26, 2024, migrated

     to non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating; and

-- INR215.00 mil. Non-fund-based working capital limits migrated
     to non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Established in 1990 by Mr. V Selvapathy, Tirupur-based Pongalur
Pioneer Textiles manufactures warp cotton yarn.

PRUTHVI DEVELOPERS: CRISIL Assigns B+ Rating to INR9cr LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Pruthvi Developers (PD).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan         9        CRISIL B+/Stable (Assigned)

The rating reflects the firm's exposure to project risk and to
cyclicality in the real estate industry. These weaknesses are
partially offset by the extensive experience of its partners.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to cyclicality in the real estate industry: The
domestic real estate segment is cyclical, has opaque transactions,
and is intensely competitive because of many regional players.

* Exposure to moderate project risk: PD is currently setting up a
residential project, Misty Green, in Chikhali, Pune (Maharashtra).
The project is about 31% complete with only one flat having been
booked, leading to high implementation and funding risk.
Substantial improvement in booking progress and advance receipt
will remain key rating sensitivity factors.

Strengths:
* Extensive experience of partners: PD is promoted by Mr. A. Patil,
Mr. Ankit Butala, Mr. Girish Dang, Mr. Pratik Sanghvi and Mr.
Nandkumar Lunawat along with his family member. All the partners
have an experience of over a decade in the real estate business.
The firm will continue to benefit from the longstanding presence of
its partners in Pune's real estate segment, and their funding
support.

Liquidity
Liquidity is average, with low customer advances till March 2019.
Advances of INR19-20 crore are expected in fiscals 2020 and 2021,
against debt obligation of about INR1.1 crore and INR4.5 crore,
respectively. Any delay in sale of flats or realisation of customer
advances due to a sharp slowdown in the real estate sector can
adversely affect liquidity.

Outlook: Stable

CRISIL believes PD will continue to benefit from promoters'
extensive experience. The outlook may be revised to 'Positive' if
more-than-expected sale realisation from ongoing projects leads to
substantially large cash inflow. The outlook may be revised to
'Negative' in case of any delay in execution of projects or receipt
of customer advances, or if any large, debt-funded project weakens
financial risk profile.

Formed in 2003 as a partnership, PD undertakes residential real
estate projects. PD is promoted by Mr. Appasaheb J. Patil, Mr.
Ankit Butala, Mr. Girish Dang, Mr. Pratik Sanghvi and Mr. Nandkumar
Lunawat along with his family member. The firm is currently
executing residential real estate project 'Misty Greens' in
Chikhali, Pune.

QUICK ACT: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Quick Act
Light Systems and Cables Private Limited (Quick Act) to 'CRISIL
B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4.85       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Channel Financing    4          CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility   6.15       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Quick Act was set up in 2012, with Mr Dinesh K Pherwani and his
wife, Ms Varsha K Pherwani, as directors. The company distributes
products such as power cables, switchgears, electric bulbs, and
industrial pipe fittings. The family has been in the cable trading
business in Pune (Maharashtra) since 1983.

RHJ TUBES: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of RHJ Tubes
Private Limited (RHJ) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Cash Credit           10.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RHJ 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 RHJ. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RHJ 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 RHJ 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 1981, RHJ Tubes Pvt Ltd (RHJ) is engaged in the
manufacturing of brass and copper tubes and ingots which are mainly
used in sanitary ware. The company is managed by Naresh Dhakad and
family. The promoters are engaged in the industry for more than 3
decades.

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

The instrument-wise rating action is:

-- INR470 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
30, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1998, Safi Traders supplies a wide range of steel
products in south Tamil Nadu.

SASWAD MALI: CRISIL Hikes Rating on INR88.53cr Loan to B
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
The Saswad Mali Sugar Factory Limited (TSMSFL) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5.47      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Long Term Loan       88.53      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Proposed Cash
   Credit Limit         22         CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Sugar Pledge
   Cash Credit          71         CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The upgrade reflects an improvement in TSMSFL's business risk
profile, driven by substantial increase in revenue to an estimated
INR270.93 crore in fiscal 2019 from INR129.13 crore in fiscal 2018.
Operating margin remained healthy at 15% in fiscal 2019 and may
improve over the medium term owing to favourable government
policies.

The rating continues to factors in the weak financial risk profile
and liquidity, along with susceptibility to regulatory changes and
cyclicality in the sugar industry. These weaknesses are partially
offset by the extensive experience of the promoters, and moderate
operating efficiency, backed by fully integrated operations.

Analytical Approach

Unsecured loans of INR0.95 crore as of March 31, 2019, extended by
promoters has been treated as debt as these may not be retained in
business going forward and there have been past instances of such
withdrawals. However, the unsecured loans are non-interest
bearing.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile and stretched liquidity
Losses accrued over the past few years led to negative networth.
Further, the cash accrual is barely sufficient to meet the maturing
debt. Hence, timely funding support from the promoters is key for
the business.

* Susceptibility to regulatory changes and cyclicality in the sugar
industry
The sugar manufacturing industry is highly regulated and exposed to
seasonality in cane production. These factors impact scale of
operations and profitability.

Strengths
* Extensive experience of the promoters and their funding support
Benefits from the promoters' experience since 1932, their strong
understanding of the local market dynamics, healthy relations with
customers and suppliers (local farmers), and timely, need-based
unsecured loans should continue to support the business.

* Moderate operating efficiency, backed by fully-integrated
operations
Operations are fully integrated, with capacity to crush 3,500 tonne
of cane per day (TCD), and generate 14.8-megawatt (MW) of power,
and both grain and molasses-based distillery units, each of 30000
litter per day (LPD) capacity. This helps TSMSFL face downturns in
the industry by lending stability to revenue, unlike the
non-integrated players.

Liquidity
Liquidity remains average in fiscal 2019 however have improved over
the previous fiscals, driven by the improved cash accrual and
funding support from promoters. Cash accrual is estimated at Rs.18
crore and will continue to remain in excess of Rs.23 crore against
repayment obligation of INR25 crore, per fiscal over the medium
term. Further, promoters and members have been infusing unsecured
loans and extending advances there by supporting liquidity. The
bank limit remains highly utilised at an average of 90 per cent
during peak season. Liquidity is constrained by large inventory.
Improvement in the working capital cycle will remain a key
monitorable.

Outlook: Stable

CRISIL believes TSMSFL will continue to benefit from the extensive
experience of the promoters, and the fully integrated nature of
operations. The outlook may be revised to 'Positive' if a
substantial and sustainable increase in cash accrual along with
prudent working capital management strengthens the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
significantly low cash accrual or a stretch in the working capital
cycle weakens the financial risk profile and liquidity.

TSMSFL was set up in 1931 by Mr Rajendra Girme, Mr Inamke, Mr
Pandhare, Mr Kudale, Mr Borawake, Mr Raskar and Mr Raut. The
company operates a 3,500 TCD sugar plant with a co-gen power
capacity of 14.8 MW and grain and molasses-based distillery unit,
each of 30 KLPD capacity, at Malinagar, Solapur (Maharashtra). Mr
Girme currently manages the business.

SATHYAM GREEN: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sathyam Green
Power Private Limited's bank facilities in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The ratings will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR358.4 mil. Senior bank loans due on September 30, 2024
     maintained in non-cooperating category with IND BB- (ISSUER
     NOT COOPERATING) rating; and

-- INR97.5 mil. Fund-based working capital limit maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sathyam Green Power operates a 10MW biomass power plant in the
Merta district of Rajasthan and is majorly held by Focal Biomass
Holdings Limited.

SHREE MANGAL: CRISIL Assigns B+ Rating to INR5cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shree Mangal Trading Company (SMTC).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            5        CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest scale of operation and large
working capital requirement. These weaknesses are partially offset
by the average financial risk profile and no long-term debt
obligation.


Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Sales were at a modest level of
INR23.33 crore for fiscal 2018. However revenue is expected to
improve over the medium term as the firm has diversified its
business into manufacturing of readymade garment.

* Working capital-intensive operations: The operations of the firm
are working capital intensive with gross current assets (GCA) of
were 205 days as on March 31, 2018 primarily on account of high
debtor and inventory levels of 113 days and 85 days respectively in
fiscal 2018.

Strengths
* Moderate financial risk profile: Networth is estimated to remain
modest at INR5.09 crore, while the gearing is estimated at 1.07
times as on March 31, 2018.Debt protection metrics are above
average with interest coverage and net cash accrual to total debt
ratios of 2.60 times and 0.13 time, respectively for fiscal 2018.

* No long-term debt obligation: In the absence of term debt
obligation, financial flexibility is enhanced and cash accrual is
likely to be used solely to meet working capital requirement.

Liquidity
Liquidity may be constrained by high bank limit utilisation of 99%
over the 12 months through Mar'19, however, cash accrual of
INR76.76 lakh expected in fiscal 2020 could be used for incremental
working capital in the absence of any debt obligations.
Furthermore, current ratio was moderate at 1.41 times as on March
31, 2018. Proprietor is likely to extend unsecured loan to meet
working capital requirement.

Outlook: Stable

CRISIL believes SMTC will continue to benefit from the extensive
experience of its proprietor and established client relationship.
The outlook may be revised to 'Positive' if ramp-up in operations
and stable profitability strengthen financial risk profile. The
outlook may be revised to 'Negative' if decline in profitability,
stretch in working capital cycle, or large, debt-funded capital
expenditure further weakens capital structure.

SMTC was established in 2014 as a proprietorship firm by Mr.
Ramniwas Yadav. The firm is engaged in trading of construction
material like stone grit, stone dust, and bricks. Apart from this,
the firm has also started manufacturing of readymade garments in
current fiscal 2019.

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

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 6, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
    
COMPANY PROFILE

Sitaram Infraproject constructs roads and bridges and executes
pipeline projects for the state (Gujarat, Maharashtra, and Goa) and
central governments.

SRI SRIDEVI: CRISIL Reaffirms B+ Rating on INR9.9cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Sri Sridevi Raw and Boiled Rice Mill
(SSRBRM).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          9.9        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .1       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations in the intensely competitive rice milling industry,
below-average financial risk profile, and susceptibility to
volatile raw material prices and to regulatory changes. The
weaknesses are partially offset by the extensive experience of the
partners, and their healthy relationships with customers and
suppliers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a competitive industry
Intense competition continues to constrain scalability and
bargaining power with customers: revenue was INR34 crore in fiscal
2019.

* Susceptibility to volatile raw material prices and to changes in
government regulations
The cost of paddy accounts for 85-90% of the cost of producing
rice. Profitability is, therefore, highly susceptible to volatility
in paddy prices. Moreover, any change in policy pertaining to rice
procurement and in other regulations may constrain profitability.

* Below-average financial risk profile
Financial risk profile is below average. Net worth was modest and
gearing high at INR4.8 crore and 2.08 times, respectively, as on
March 31, 2019. Debt protection metrics are weak, with net cash
accrual to total debt and interest coverage ratios of 0.02 times
and 1.8 times, respectively, in fiscal 2019.

Strength
* Partners' extensive experience and healthy relationships with
customers and suppliers
Benefits from the partners' experience of 33 years, and healthy
relationships with clients and suppliers should continue to support
business risk profile.

Liquidity
Liquidity is adequate. Net cash accrual - expected at INR0.37
crores per annum over the medium term - could be used as working
capital in the absence of any debt obligation. Utilisation of bank
limit averaged 98% in the 12 months through March 2019, and is
expected to remain high over the medium term on account of large
working capital requirement. Current ratio is estimated at 1.28
times as on March 31, 2019.

Outlook: Stable

CRISIL believes SSRBRM will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if increase in revenue and profitability strengthens
financial risk profile. The outlook may be revised to 'Negative' if
low revenue or profitability, stretch in working capital cycle, or
any large debt-funded capital expenditure weakens the financial
risk profile.

SSRBRM was established as a partnership firm by Mr. V Kishore
Kumar, Mr. V Srinivas Rao, Mr. V Subbarao and Ms. V Vijayalakshmi
in 1986. Operations are currently managed by Mr V Kishore Kumar and
Mrs. V.N.V Arunalatha. The firm mills and processes paddy into rice
at its plant in Nellore.

VENTA REALTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Venta Realtech Pvt Ltd

        Registered office:
        406, 4th Floor, Elegance Tower
        8 Jasola District Centre
        New Delhi 110025

Insolvency Commencement Date: May 20, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Debashis Nanda

Interim Resolution
Professional:            Debashis Nanda
                         S-7, Manish Plaza
                         No. 2 I.P. Extn
                         New Delhi 110092
                         E-mail: dnanda.cma@gmail.com
                                 ip.ventarealtech@gmail.com

Classes of creditors:    Home buyers

Insolvency
Professionals
Representative of
Creditors in a class:    G. Satyanarayana
                         Ghanshyam Kaushik
                         Sudhir Kumar Agarwal

Last date for
submission of claims:    June 7, 2019




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

MULTIPOLAR TBK: S&P Affirms Then Withdraws 'B' ICR
--------------------------------------------------
On May 29, 2019, S&P Global Ratings affirmed its 'B' issuer credit
ratings on PT Multipolar Tbk. (MLPL), PT Matahari Putra Prima Tbk.
(MPPA) with a stable outlook. S&P then withdrew the ratings at the
issuers' request.

As the flagship retail division of MLPL, MPPA will remain an
integral part of the group and continue to receive timely liquidity
support, if needed. S&P therefore equalized the issuer credit
rating and outlook on MPPA with that on MLPL.

S&P said, "We affirmed the rating on MPPA prior to the withdrawal
to reflect our view that MPPA would receive sufficient and timely
support from its parent MLPL, if needed. We also affirmed the
rating on MLPL to reflect the company's diversified portfolio and
good financial flexibility."

MLPL benefits from real estate investments, its technology
business, as well as its holding in Matahari Department Store
(MDS), which has a solid position in the Indonesian department
store segment. S&P expected the company's asset divestments and
dividends from MDS to support its liquidity. In addition, the
company has the flexibility to sell its unencumbered stake in MDS.

In S&P's view, MPPA represents the group's strategic investment in
the retail segment. As a result, S&P equalized the rating on MPPA
with that on the parent and majority shareholder MLPL. The parent
wholly subscribed to an Indonesian rupiah (IDR) 800 billion rights
issue by MPPA in 2018. This support demonstrates the group's
commitment to supporting MPPA.

MPPA's weak profitability is driven by its core hypermart business.
Industry conditions were weak over the past couple of years, which
undermined the overall performance. This was despite our
expectation that MPPA's operating performance would improve with
EBITDA margins of about 1.5%, compared with EBITDA losses over the
past two years. MPPA's weak profitability would result in weaker
cash flow and high leverage. S&P revised downward its stand-alone
profile (SACP) on MPPA to 'b-' from 'b' based on the above
factors.

MPPA's efforts over the past two years to modify its strategy
should improve the company's operating performance. However, any
delay in execution or slowing economic conditions could dampen the
overall profitability. The company is changing its focus to move
away from the hypermart segment to the supermarket format. The
company is also undertaking cost-streamlining processes, including
rationalizing unprofitable stores, improving inventory management,
and generally lowering cost overheads. In addition, the company is
focusing on stocking fresh produce to attract customers from wet
markets to its stores. This shift could provide an advantage over
other convenience stores such as Alfamart and Indomaret.

S&P said, "We believed MPPA's leverage would remain high. We
expected the company's lease-adjusted debt to EBITDA to be
5.5x-6.5x, tapering over 2020 and 2021, despite likely improvement
in operating performance. The company would probably scale down its
capital expenditure as it has done over the past two years to
manage leverage. We therefore believed the company will maintain
its debt below IDR1.6 trillion over the period.

"The stable outlook on MLPL prior to the withdrawal reflected our
expectation that the company would maintain adequate liquidity and
financial flexibility over the next 12 months. We also expected the
company to pace its capital spending to reflect underlying
operating conditions. We linked the outlook on MPPA to that on its
parent MLPL."

S&P could have lowered the rating on MLPL if:

-- The company's liquidity weakened. This could have been driven
by weakening financial flexibility in selling assets especially its
stake in PT Matahari Department Store Tbk. (MDS) without a
corresponding reduction in leverage; or

-- The coverage of interest payments at the holding company level
via dividends from MLPL's operating companies declined materially
and sustainably below 1.0x, requiring new debt to bridge the
funding gap; or

-- Consolidated debt increased at operating companies, possibly
because of more aggressive capital spending than we expected or
substantial losses at associated companies.

S&P said, "We would have lowered our rating on MPPA if we
downgraded MLPL. We could have also lowered the rating on MPPA if
MLPL failed to provide timely support to MPPA, leading us to
re-assess the strategic link between the two entities."

Subdued performance at MLPL would have prevented a rapid
improvement in operating margins and cash flow adequacy in the
coming year, limiting upside potential to the rating.

Nevertheless, S&P could have raised the rating if MLPL's EBITDA
interest coverage improved sustainably above 2.0x. This could have
materialized if reported EBITDA margin improved to more than 5.0%
sustainably while revenue grew in the low double digits. An upgrade
would be contingent upon MLPL maintaining ample liquidity at the
holding company level.

S&P would have raised the rating on MPPA if it upgraded MLPL.




=========
J A P A N
=========

JAPAN DISPLAY: To Receive Extra Financial Aid from INCJ and Apple
-----------------------------------------------------------------
Nikkei Asian Review reports that Japan Display, which is in the
midst of restructuring, will receive additional financial support
from the Innovation Network Corporation of Japan and Apple, the
company announced. Japan Display will offset just under JPY44.6
billion ($406.4 million) worth of debt from INCJ by transferring
stock from its affiliate, JOLED Inc., to the public-private fund,
the report says.

The decision by INCJ and Apple, first reported by Nikkei on May 30,
may assuage some concern from a group of three Chinese and
Taiwanese companies that are considering offering their own
financial assistance.

Those companies were worried about Japan Display's financial
condition, but the decision by INCJ and Apple offers them an
additional assurance, the report states. The three companies told
Japan Display they would make a decision on funding by June 14.

Apple also agreed to extend a repayment period for Japan Display,
the Nikkei adds.

Japan Display Inc. (TYO:6740) is engaged in the development,
design, manufacture and sale of small and medium-size displays and
related products. The Mobile Field provides displays for mobile
equipment, such as smart phone and tab terminals. The In-Vehicle
Consumer and Industry (C&I) and Others Field provides in-vehicle
equipment, including automobile dashboard and car navigation
systems, consumer equipment, such as digital cameras, video cameras
and mobile game machine, medical equipment such as x-ray photo
interpretation monitors, as well as industrial machinery.



=========
M A C A U
=========

MGM CHINA: Fitch Affirms Long-Term IDRs at 'BB', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings of
MGM Resorts International, MGM China Holdings, Ltd and MGM Grand
Paradise, S.A. at 'BB'. The Rating Outlook is Stable for all
entities.

The affirmation reflects MGM's improving credit profile as the
company diversifies itself away from the Las Vegas Strip through
greenfield development and acquisition growth initiatives. The
company's development pipeline is largely complete, boosting the
company's discretionary FCF profile. The 'BB' IDR also takes into
account MGM's high asset quality and strong market position across
multiple price points in Las Vegas as well as good liquidity. The
aforementioned positive drivers are offset by the company's
elevated leverage profile relative to higher rated multinational
gaming peers. MGM intends to delever largely through EBITDA growth;
however, Fitch forecasts MGM's leverage metrics to remain
commensurate with the existing ratings in the near-to-medium term.

Fitch analyses MGM, including MGM Growth Properties and MGM China,
largely on a consolidated basis. Fitch subtracts distributions to
minority holders from EBITDA when calculating EBITDA based leverage
metrics.

KEY RATING DRIVERS

Credit Profile Improving: Fitch forecasts MGM to delever below 5.0x
on a gross basis by YE 2020. Delevering will come primarily from
EBITDA growth, as MGM Cotai and Springfield ramp up, Empire City's
(acquired January 2019) EBITDA starts to flow through and returns
on the Park MGM investment are realized. Phase 1 of MGM's 2020
initiative will also provide some EBITDA uplift as cost initiatives
are realized. MGM seeks to achieve net leverage of 3x-4x by YE 2020
(Fitch's calculation of net leverage is roughly 0.7x higher due to
its subtraction of minority distributions from EBITDA). MGM's FCF
profile is also improving and set to exceed $1.0 billion annually
by 2020, although a majority is expected to be returned to
shareholders. Credit improvement may be slowed by a new large-scale
project or a pullback in U.S. economic growth although there is
some cushion in the ratings to absorb these risks.

Favorable Asset Mix: Since 2016, MGM improved its overall
geographic diversification. This was achieved through acquisitions,
like Atlantic City's Borgata (2016), New York's Empire City Casino
(2019) and Ohio's Northfield Park (2018), and new developments in
Maryland and Massachusetts. MGM's portfolio of Las Vegas Strip
assets are mostly high quality and its regional assets are
typically market leaders. The regional portfolio's diversification
partially offsets the more cyclical nature of Las Vegas Strip
properties. MGM's two properties in Macau (about 20% of total
consolidated property EBITDA) provide global diversification
benefits and exposure to a market with favorable long-term growth
trends.

Positive on Las Vegas: Fitch is positive on the long-term prospects
of the Las Vegas Strip, which represents about 55% of MGM's total
property EBITDA (pro forma for recent transactions). The Strip
should benefit from continued strength in the convention business
and domestic gaming, as well as limited new lodging supply.
However, Fitch expects low single-digit gaming revenue and RevPAR
growth as the recovery is in its 10th year and a number of
indicators have reached or surpassed prior-cycle peaks.

Macau on Solid Footing: Fitch expects flat, or potentially slightly
negative, growth in Macau gross gaming revenues for 2019. MGM will
gain market share as MGM Cotai continues to ramp up, following the
introduction of VIP operations in late 2018. Fitch forecasts MGM
Cotai will generate nearly $300 million in incremental EBITDA,
accounting for cannibalization at its older property, once fully
ramped up. Fitch's favorable long-term view on Macau is supported
by an expanding middle class in China and infrastructure
development in and around Macau. In early 2019, MGM China extended
its concession from 2020 to 2022. Fitch expects the Macau
government, placing a premium on stability, to take a pragmatic
approach to extending MGM's and others' concessions beyond 2022;
however, there is risk of adverse events or conditions such as a
new concessionaire being introduced or new fees, taxes or
development requirements being imposed.

MGM Growth Properties: MGP (BB+/Stable) is roughly 70% owned, pro
forma for recent acquisitions and MGP's redemption of OP units from
MGM for the Northfield transaction, and effectively controlled by
MGM. Therefore, Fitch analyzes MGM on a consolidated basis and
subtracts distributions to minorities from EBITDA. MGM publically
stated its desire to reduce its ownership stake in MGP to under 50%
by 2020. Its ownership of the sole MGP Class B share and
controlling voting power (intact until ownership falls below 30%)
will continue to support a consolidated analysis with adjustments
for the minority stake in MGP.

DERIVATION SUMMARY

MGM's 'BB' IDR considers the issuer's gross debt/EBITDA slightly
over 5.0x (pro forma for annualized results of new openings,
acquired assets, and debt issuances), improving FCF profile
following the completion of its development pipeline, and its
geographically diverse, high quality assets. There is headroom for
funding of another large scale project or a moderate operating
downturn at the current 'BB' rating level given MGM's liquidity
profile and moderate leverage. MGM's liquidity is solid with
roughly $850 million in excess cash on hand as of March 31, 2019
(net of estimated cage cash), $2.9 billion in aggregate revolver
availability, and an improving FCF profile.

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

KEY ASSUMPTIONS

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

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

  -- EBITDA margins from wholly owned subsidiaries grow toward 30%,
supported by cost initiatives in MGM's 2020 plan.

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

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

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

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

  -- $750 million in annual share repurchases.

  -- Roughly $3 billion in note maturities from 2020-2022 are
refinanced.

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

RATING SENSITIVITIES

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

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

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

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

LIQUIDITY AND DEBT STRUCTURE

MGM's liquidity is solid and is set to improve further as annual
discretionary FCF grows in excess of $1.0 billion by 2020. Per
Fitch's base case, the primary use of the FCF will be to support
continued ramp up in shareholder returns. MGM repurchased $1.3
billion in shares during 2018 and pays roughly $260 million in
annual parent dividends. Other uses of cash include $350 million of
close out costs in 2019 for MGM Cotai, Springfield, and Park MGM
(per company guidance). As of March 31, 2019, available sources of
liquidity include $850 million in consolidated excess cash (net of
estimated cage cash) and an estimated $3.8 billion in consolidated
revolver availability (pro forma for Macau unsecured note
issuance). Liquidity is hampered by MGM's near-term maturity
schedule, which remains heavy for a non-investment grade company.
This is largely a by-product of MGM's unsecured notes not having
call options, which is unique among its gaming peers.

MGM is performing a strategic review of its remaining wholly-owned
real estate portfolio, which generates nearly $1 billion in EBITDA
and could yield material cash proceeds; however, the company has
not indicated how it would apply any sale proceeds. MGM has roughly
$1 billion in prepayable bank debt is outstanding in the U.S.

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- Leverage: Fitch subtracts distributions to minority holders of
non-wholly owned consolidated subsidiaries from EBITDA for
calculating leverage. Fitch also adds recurring distributions from
unconsolidated joint ventures.



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

SEACERA GROUP: Confident of Lifting PN17 Status
-----------------------------------------------
Bernama reports that Seacera Group Bhd is confident of lifting its
Practice Note (PN17) status after the newly-appointed board of
directors rolls out its regularisation plan in the near future.

Executive director Shirley Tan Lee Chin said the seven directors
appointed at the extraordinary general meeting (EGM) on May 29,
including herself, were expected to propose a series of exercises
at their first board meeting, anticipated to take place in one or
two weeks' time, Bernama relates.

"They have plans to go for fundraising proposals to pare down the
bank borrowings and to sell unutilised assets for cash to make the
company stronger.

"Moving forward, there is some business in quarry which the new
board is very confident could enhance the value of the company and
generate profit," she told a press conference after the company's
EGM on May 29, Bernama relays.

She added that the discussion on the regularisation plan would take
about six to eight months before the outcome materialised.

However, Ms. Tan did not provide a specific timeline as to when the
PN17 status would be lifted.

"(This is because) the company needs to show at least two quarters
of profit performance in order to [lift] the PN17 status," the
report quotes Ms. Tan as saying.

Meanwhile, Ms. Tan said an announcement on the group's new managing
director would also be made after the first board meeting, Bernama
reports.

In a filing with the exchange on May 29, Seacera said its group
managing director Zulkarnin Ariffin had resigned due to personal
reasons.

Zulkarnin's resignation took place a day after the company
announced that the High Court had dismissed its injunction
application to restrain a proposed EGM by Datuk Tan Wei Lian, the
single largest shareholder who holds over a 16% stake in the
company, according to Bernama.

Besides Ms. Tan, the board members appointed at the EGM are Rizvi
Abdul Halim, Datin Ida Suzaini Abdullah, Clarence Yeow Kong Chew,
Chua Eng Chin, Marzuki Hussain and Ong Eng Taik.

According to the report, Ms. Tan said 200 shareholders turned up to
the EGM on May 29, 87% of whom voted to pass all the resolutions.

                        About Seacera Group

Seacera Group Bhd engages in manufacturing and trading of ceramic
tiles. The company operates in mainly two divisions namely, Tiles
division involving the manufacturing, trading, and marketing of all
kinds of ceramic tiles and related products which contributes a
major part of revenue and Property development and construction
division which comprises of Investing and development of properties
located in Malaysia. The company operates in multiple states across
Malaysia, while it has a presence in ASEAN and other countries.

Seacera Group Bhd has been classified as a Practice Note 17 (PN17)
company as it has defaulted on the payment of principal and profits
to AmBank Islamic Bhd and not being able to provide a solvency
declaration to Bursa Malaysia Securities.

The company recorded a net loss of MYR43.13 million in the
financial year ended Dec. 31, 2018, from a net profit of MYR8.92
million in the previous year.



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

HYFLUX LTD: Gets 2-Month Extension on Debt Moratorium
-----------------------------------------------------
Grace Leong at The Straits Times reports that the High Court on May
29 allowed debt-ridden water treatment firm Hyflux and its three
subsidiaries two more months of reprieve from their
creditors--until August 2--as the company continues to work with
several investors to nail down a new restructuring plan.

According to the report, Hyflux had asked for a four-month
extension on its debt moratorium, saying it is now in discussions
with five other potential investors, in addition to UAE utility
Utico, Mauritius-based multi-strategy investment fund Oyster Bay
Fund and a third investor said to be a big desalination plant
company.

In asking for the extension, Hyflux said it has made progress with
its restructuring efforts including holding weekly restructuring
meetings with various creditor groups to update them, as well as in
its discussions with various potential investors, the Straits Times
relates.

Utico has given Hyflux until June 17 to sign a binding agreement
with them, the report says.

While Justice Aedit Abdullah said he was "concerned about giving a
four-month extension at a go", he also told Hyflux to "assure the
investors I will be amenable, if progress continues to be made, to
a further two-month extension" beyond August 2, the report relays.

As for the conditions that should be met in order for further
extensions to be given, Justice Aedit said: "In relation to the
payment for advisers I would stipulate a condition that more
detailed breakdown identifying how much has been paid and what
remains payable to be given to . . . the court in two weeks."

This is because the company's cash flow position isn't strong and
remains a key concern for various creditor groups, particularly
those who haven't been paid, according to the report.

The order was passed as an earlier court-sanctioned protection from
creditors was set to expire on May 29.

"Aside from these conditions, I will indicate other matters which
the court strongly encourages. If there is non compliance, it will
be taken into account," the report quotes Justice Aedit as saying.

He said he hopes there will be continued engagement with all
stakeholders, in particular, the perpetual securities and
preference shareholders and the perpetual securities trustee.

"I would also strongly encourage all advisers, as far as possible
to leave actual discussions with investors to (Hyflux)," he said,
adding that at the very least, they "should let the company know
what they intend to do" if they have to approach the investors, the
report relays.

This came after Hyflux and creditor DBS Bank expressed concerns
over potential judicial manager Borrelli Walsh approaching Utico on
at least two occasions even before a binding agreement is signed.

So far, Hyflux has managed to fend off a bid by seven banks, which
are collectively owed $648.7 million in debt, to start the legal
process that could have seen the firm and a key unit placed under
judicial management, the Strait Times says.

But Mr. Eddee Ng, senior partner at Tan Kok Quan Partnership, who
represents the group of banks, which represent 31 per cent of
senior debt, argued that Borrelli Walsh "went out of its way to
inform Utico that the banks are not reviving the JM application".

The Straits Times says Hyflux is in talks with Utico for a $400
million investment, Oyster Bay Fund for a potential investment of
up to $500 million, and a third unidentified investor that Hyflux
described as one of the world's top 10 largest desalination
companies. The third investor has issued a non-binding letter of
intent for its assets.

In April, it aborted a $530 million deal with Indonesian consortium
SM Investments and is now fighting to claim a $38.9 million deposit
from the entity, the report adds.

                           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.


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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
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