TCRAP_Public/190605.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, June 5, 2019, Vol. 22, No. 112

                           Headlines



A U S T R A L I A

CADWELL CONSTRUCTION: Second Creditors' Meeting Set for June 12
CAIRNS FIRE: First Creditors' Meeting Set for June 13
DIRECT FUELS: First Creditors' Meeting Set for June 13
DIVERSE PROJECT: First Creditors' Meeting Set for June 17
J.H. PLASTERING: First Creditors' Meeting Set for June 13

MESOBLAST LIMITED: Will Discuss Product Pipeline at ISCT Meeting
MICROLATCH PTY: Second Creditors' Meeting Set for June 12
OCTAVIAR LIMITED: ASIC Charges Ex-CFO with Fraud on Subsidiary
POSTNET AUSTRALIA: First Creditors' Meeting Set for June 13
REEFBREAK HOLDINGS: Second Creditors' Meeting Set for June 12



C H I N A

AIXIN LIFE: 1Q 2019 Financial Results Cast Going Concern Doubt
BAOSHANG BANK: Central Bank Moves to Ease Concern on Small Banks
BEIJING ORIENT: Near Default Gives Bond Hedging Sellers Jitters
BLUEFOCUS INTELLIGENT: Fitch Affirms B+ IDR, Outlook Now Stable
CHANGDE ECONOMIC: Moody's Gives First-Time Ba1 CFR, Outlook Stable

JIANGSU ZHONGNAN: Moody's Rates Proposed USD Unsecured Notes 'B3'
JIANGSU ZHONGNAN: S&P Puts 'B-' Rating to New USD Sr. Unsec. Notes
XINHU ZHONGBAO: Moody's Rates Proposed USD Senior Notes 'B3'
XINHU ZHONGBAO: S&P Rates New U.S. Dollar Sr. Unsecured Notes 'B-'


I N D I A

ANNANYA INTERFACE: CRISIL Migrates C Rating to Not Cooperating
ATHANI SUGARS: Ind-Ra Corrects April 23 Rating Release
AXIS BANK: Fitch Cuts Long-Term IDR to BB+, Outlook Stable
CLS INDUSTRIES: CARE Maintains D Rating in Not Cooperating
FLOOREX TILES: CARE Downgrades Rating on INR22.27cr Loan to B

G.M.R. SPINTEX: CRISIL Migrates D Rating to Not Cooperating
GAGAN FIBRES: CARE Lowers Rating on INR14cr LT Loan to 'B'
GLOBUSARIMA BUILDERS: CRISIL Migrates B Rating to Not Cooperating
HIMACHAL FIBRES: CARE Maintains D Rating in Not Cooperating
ICICI BANK: Fitch Cuts Long-Term IDRs to 'BB+', Outlook Stable

INDOTECH INDUSTRIAL: CRISIL Migrates D Rating to Not Cooperating
INTEGRATED THERMOPLASTICS: CARE Keeps D Rating in Not Cooperating
IVANTA CERAMICS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
JAYA POULTRY: CRISIL Assigns 'B+' Rating to INR6cr Term Loan
JUPITER FOOD: CRISIL Assigns B+ Rating to INR7cr Cash Loan

KAPSONS INDUSTRIES: CARE Maintains D Rating in Not Cooperating
KUDU INDUSTRIES: CARE Lowers Rating on INR12.16cr LT Loan to B+
MACRO GROUP: CARE Maintains 'D' Rating in Not Cooperating
MARUTI COTTON: CRISIL Lowers Rating on INR5cr Cash Loan to D
N. K. BHOJANI: CRISIL Lowers Rating on INR19.5cr Loan to D

NATURO FOOD: CRISIL Migrates B Rating to Not Cooperating
OM BESCO: CARE Maintains D Rating in Not Cooperating Category
OSWAL KNIT: CARE Maintains 'D' Rating in Not Cooperating
PENGUIN PETROLEUM: CRISIL Migrates D Rating to Not Cooperating
POORVI HOUSING: CRISIL Migrates B Rating to Not Cooperating

PRABAL ROLLER: CRISIL Moves B Rating to Not Cooperating Category
QUEST INFOSYS: Ind-Ra Maintains 'B' Loan Rating in Non-Cooperating
RAGHU RAMA: CARE Cuts INR8cr LT Loan Rating to D, Not Coop.
RAGHUVANSHI INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
RELIANCE INFRATEL: Four Lenders Seek Stay on CoC's Decisions

SATGURU AGRO: CRISIL Reaffirms 'B' Rating on INR20cr Cash Loan
SHAKTI VEGETABLES: CRISIL Migrates Loan Rating to B+/Stable
SHARDA HEALTH: CRISIL Migrates B- Rating to Not Cooperating
SHIVA SPECIALITY: CARE Maintains D Rating in Not Cooperating
SHIVAJI CANE: CARE Lowers Rating on INR59cr LT Loan to D

SHYAM ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR37.07cr Loan
SUMETCO ALLOYS: CARE Maintains B Rating in Not Cooperating
UNNAT FEEDS: CARE Maintains 'B' Rating in Not Cooperating
VARDHMAN INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
VENKATESHWARA DALL: CRISIL Migrates B+ Rating to Not Cooperating

YASH AGRO: CRISIL Raises Rating on INR5cr Cash Loan to B-
[*] INDIA: MCA Examining Pre-Packaged Insolvency Solutions


I N D O N E S I A

LIPPO MALLS: Fitch Gives 'BB(EXP)' Long-Term IDR, Outlook Stable
LIPPO MALLS: Moody's Assigns Ba3 CFR, Outlook Stable


N E W   Z E A L A N D

FP IGNITION 2017-B: Fitch Upgrades Class F Debt to 'BB+sf'


P H I L I P P I N E S

EAST COAST RURAL: Placed Under PDIC Receivership
RURAL BANK OF MABITAC: Creditors' Claim Deadline Set for June 10


S I N G A P O R E

MARY CHIA: Narrows Loss to SGD2.7MM in Full-Year Ended March 31

                           - - - - -


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

CADWELL CONSTRUCTION: Second Creditors' Meeting Set for June 12
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Cadwell
Construction & Interiors Pty Ltd has been set for June 12, 2019, at
10:30 a.m. at the offices of Chartered Accountants Australian and
New Zealand, 33 Erskine Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 11, 2019, at 5:00 p.m.

Jason Tracy and Kathryn Evans of Deloitte were appointed as
administrators of Cadwell Construction on May 7, 2019.

CAIRNS FIRE: First Creditors' Meeting Set for June 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Cairns Fire
Protection Pty Ltd will be held on June 13, 2019, at 10:00 a.m. at
the offices of BDO (NTH QLD), Level 1, 15 Lake Street, in Cairns,
Queensland.

Todd William Kelly of BDO (NTH QLD) was appointed as administrator
of Cairns Fire on June 3, 2019.

DIRECT FUELS: First Creditors' Meeting Set for June 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of Direct Fuels
(Aust) Pty Ltd will be held on June 13, 2019, at 11:00 a.m. at the
offices of Tarquin Koch Accounting & Insolvency Services, Unit 2,
at 23-25 Beulah Road, in Norwood, SA.

Tarquin Koch of Tarquin Koch Accounting & Insolvency Services was
appointed as administrator of Direct Fuels on June 1, 2019.

DIVERSE PROJECT: First Creditors' Meeting Set for June 17
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Diverse
Project Management & Consulting Pty Ltd will be held on June 17,
2019, at 12:00 p.m. at the offices of Veritas Advisory, at 3/629
Kingsway, in Miranda, NSW.  

Steve Naidenov of Veritas Advisory was appointed as administrator
of Diverse Project on June 4, 2019.

J.H. PLASTERING: First Creditors' Meeting Set for June 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of J.H.
Plastering Services Pty Ltd will be held on June 13, 2019, at 10:00
a.m. at the offices of Worrells Solvency & Forensic Accountants, at
44 Lydiard Street South, in Ballarat, Victoria.

Nathan Deppeler and Scott Andersen of Worrells Solvency were
appointed as administrators of J.H. Plastering on June 3, 2019.

MESOBLAST LIMITED: Will Discuss Product Pipeline at ISCT Meeting
----------------------------------------------------------------
Mesoblast Limited will feature at the International Society for
Cell and Gene Therapy (ISCT) annual meeting being held May 29-June
1, 2019.

In the plenary session 'Commercial Strategies for Expanding Global
Cell and Gene Therapy Access', Mesoblast Chief Executive Dr Silviu
Itescu will discuss the Company's product pipeline and
commercialization plans for its lead cell therapy remestemcel-L.
The presentation will focus on potential approval and market launch
of remestemcel-L in the United States for the treatment of
pediatric steroid-refractory acute graft versus host disease
(aGVHD), and subsequent proposed label extension for adults with
aGVHD and additional indications in children and adults.

Additionally, Mesoblast's Global Head of Research and Development,
Dr Paul Simmons, will discuss the Company's commercial scale
manufacturing capabilities, its proprietary technologies, and
strategies for meeting expected peak market demand.

                       About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) -- http://www.mesoblast.com/-- is a global developer
of innovative cell-based medicines.  The Company has leveraged its
proprietary technology platform to establish a broad portfolio of
late-stage product candidates with three product candidates in
Phase 3 trials - acute graft versus host disease, chronic heart
failure and chronic low back pain due to degenerative disc disease.
Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can be
used off-the-shelf without the need for tissue matching.  Mesoblast
has facilities in Melbourne, New York, Singapore and Texas and is
listed on the Australian Securities Exchange (MSB) and on the
Nasdaq (MESO).

Mesoblast reported a net loss attributable to the owners of
Mesoblast of US$35.29 million for the year ended June 30, 2018,
compared to a net loss attributable to the owners of Mesoblast of
US$76.81 million for the year ended June 30, 2017.  As of Dec. 31,
2018, the Company had US$688.33 million in total assets, US$163.77
million in total liabilities, and US$524.55 million in total
equity.

PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its report
on the consolidated financial statements for the year ended June
30, 2018.  The auditors noted that the Company has suffered
recurring losses from operations that raise substantial doubt about
its ability to continue as a going concern.


MICROLATCH PTY: Second Creditors' Meeting Set for June 12
---------------------------------------------------------
A second meeting of creditors in the proceedings of Microlatch Pty
Ltd has been set for June 12, 2019, at 1:00 p.m. at:

  - the offices of The Boardroom of Chifley Advisory
    Level 2, 9 Phillip Street, Parramatta, NSW

                            and

  - The Banksia Meeting Room of Crowne Plaza Surfers Paradise
    2807 Gold Coast Highway, Surfers Paradise, QLD

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 11, 2019, at 4:00 p.m.

Gavin Moss of Chifley Advisory was appointed as administrator of
Microlatch Pty on May 7, 2019.

OCTAVIAR LIMITED: ASIC Charges Ex-CFO with Fraud on Subsidiary
--------------------------------------------------------------
Former Chief Financial Officer of Octaviar Limited, Mr David Mark
Anderson, of the Gold Coast, Queensland, appeared in Southport
Magistrates Court charged with twenty-six counts of fraud under the
Criminal Code (Queensland).

ASIC alleges that between June 18, 2012 and Sept. 21, 2015, Mr.
Anderson, while a director of Octaviar Investment Holdings No 3 Pty
Ltd (OIH3), dishonestly applied AUD4,611,571.86 of OIH3 money for
his own use.

At the time of the alleged conduct, Mr. Anderson was the sole
director of OIH3.

The charges were brought against Mr. Anderson following an ASIC
investigation into his conduct as the director of OIH3 and other
companies in the Octaviar Group.

Mr. Anderson was released on bail on condition and the matter
adjourned to Sept. 2, 2019 before the Southport Magistrates court
for further mention.

The Commonwealth Director of Public Prosecutions is prosecuting the
matter.

David Mark Anderson was the CFO and Company Secretary of Octaviar
Limited (in liquidation) (formerly known as MFS Limited).

Octaviar Ltd was a publicly listed company with interests in
financial services, travel and leisure and childcare businesses,
based on the Gold Coast.

The Octaviar Group collapsed in 2008 owing AUD2.5 billion. OIH3 was
a subsidiary in the Octaviar Group.

POSTNET AUSTRALIA: First Creditors' Meeting Set for June 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of PostNet
Australia Pty Ltd will be held on June 13, 2019, at 3:00 p.m. at
the offices of Mackay Goodwin, at Level 2, 10 Bridge Street, in
Sydney, NSW.  

Grahame Robert Ward of Mackay Goodwin was appointed as
administrator of PostNet Australia on June 3, 2019.

REEFBREAK HOLDINGS: Second Creditors' Meeting Set for June 12
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Reefbreak
Holdings Pty Ltd has been set for June 12, 2019, at 4:00 p.m. at
Level 9, Grosvenor Place, at 225 George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 11, 2019, at 5:00 p.m.

Jason Tracy and Kathryn Evans of Deloitte were appointed as
administrators of Reefbreak Holdings on May 7, 2019.



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

AIXIN LIFE: 1Q 2019 Financial Results Cast Going Concern Doubt
--------------------------------------------------------------
Aixin Life International, Inc., filed its quarterly report on Form
10-Q, disclosing a net loss of $278,005 on $90,479 of net sales for
the three months ended March 31, 2019, compared to a net loss of
$417,949 on $104,548 of net sales for the same period in 2018.
At March 31, 2019 the Company had total assets of $2,098,647, total
liabilities of $5,333,768, and $3,235,120 in total stockholders'
deficit.

Company President and Chief Executive Officer Quanzhong Lin said,
"The Company incurred net losses of $278,005 and $417,949 for the
three months ended March 31, 2019 and 2018, respectively. The
Company also had a stockholders' deficit of $3.2 million as of
March 31, 2019. These conditions raise a substantial doubt about
the Company's ability to continue as a going concern. The Company
plans to increase its income by improving communications with
suppliers to ensure sufficient and quality products supply,
building a competitive and efficient sales force, providing
attractive sales incentive program, increasing marketing and
promotion activities, and minimize operating costs. The Company's
majority shareholder, Quanzhong Lin, plans to invest additional
RMB10 million (approximately $1.5 million) into the Company by the
end of the second quarter of 2019 to help the Company's working
capital needs. As of March 31, 2019, the Company has received RMB
9.1 million (approximately $1.4 million) from Quanzhong Lin. The
CFS do not include any adjustments that might result from the
outcome of this uncertainty."

A copy of the Form 10-Q is available at:

                       https://is.gd/7ROp3p

Aixin Life International, Inc., through its subsidiary, AiXin
Zhonghong Biological Technology Co., Ltd., markets and sells
nutritional products in China. Its products include Oleesa milk
powder, CO Q10, D-Ribose powder, and other nutritional supplements.
The company sells products through exhibition events, conferences,
and person-to-person marketing. AiXin Life International, Inc. is
based in Chengdu, China.

BAOSHANG BANK: Central Bank Moves to Ease Concern on Small Banks
----------------------------------------------------------------
Don Weinland and Sherry Fei Ju at The Financial Times report that
the governor of China's central bank sought to ease concerns on May
30 over the growing level of risk at troubled small banks in the
country, following the first state takeover of a lender in 18
years.

Yi Gang of the People's Bank of China, speaking at an event in
Beijing, said the central bank was "fully capable" of managing
risks at small banks, and that it planned to increase the supply of
credit to small companies, the FT reports citing local media and
Bloomberg.

The FT relates that the remarks come just days after the central
bank announced that regional lender Baoshang Bank would be taken
over by the government for the next year in order to solve serious
credit problems.

According to the FT, the news has revived concerns over the
stability of China's financial system, particularly over the
thousands of municipal and rural lenders that constitute about a
quarter of the country's commercial banking assets. It has also
raised questions over the economic impact should some regional
banks curtail lending to small and medium-sized companies.

The FT says the central bank has taken proactive measures over the
past week to battle against potential cash crunches. On May 29 it
said it would inject CNY270 billion ($39 billion) into the market,
the biggest open markets operation since January and a sign that
the Baoshang incident had affected sentiment.

Fixed-income strategists have noted that the government's decision
to guarantee only up to CNY50 million of Baoshang's interbank
borrowings and corporate deposits earlier this week sent a strong
signal to the market that regulators would not back all of the
risks connected to the bank, the FT says.

"Chinese interbank funding costs heated up after the takeover of
Baoshang Bank," the FT quotes Cindy Huang, an analyst at S&P Global
Ratings, as saying. "Smaller banks' wholesale funding costs through
the bond market have also increased. If these costs remain elevated
over a sustained period, smaller banks may have to pass the
increase on to their borrowers."

The FT relates that Mr. Yi on May 30 noted that the government
would make sure that small and medium-sized businesses had access
to credit, saying that big banks would increase lending to SMEs by
30 per cent this year and the average cost of financing would come
down by 1 percentage point.

Experts worry that more problems with smaller lenders could inhibit
government efforts to maintain a flow of credit to small companies,
the report says. That, in turn, could affect China's overall
economic growth rate this year, which is expected to slow to a
30-year low.

The FT relates that Katherine Lei, JPMorgan's co-head of banks for
Asia excluding Japan, noted that the troubles with Baoshang and
other small banks "may lead to a rise in interbank funding cost and
slowdown in liabilities growth of rural and city commercial banks,
who are key lenders to SMEs. Thus, we expect their loan growth to
slow down in the near term."

The fall of Baoshang, once controlled by Xiao Jianhua, the Chinese
billionaire abducted from Hong Kong by Chinese security services in
2017, has raised questions over whether more small banks will face
a similar fate, according to the FT.

The FT notes that officials sounded the alarm earlier this year
with a report from the National Audit Office that said some small
banks faced non-performing loan rates of more than 40 per cent.

On May 30, Chinese language news reports, quoting unnamed
officials, said that some rural commercial banks and city
commercial banks were facing serious credit risks and were on the
verge of technical bankruptcy. The reports, however, were quickly
removed from online, the FT says.

BEIJING ORIENT: Near Default Gives Bond Hedging Sellers Jitters
---------------------------------------------------------------
Bloomberg News reports that underwriters of a new Chinese credit
hedging tool just narrowly avoided their first-ever payout in the
nation's $13 trillion bond market.

Bloomberg relates that an investor protection clause on two of
Beijing Orient Landscape & Environment Co.'s bonds was triggered
last month after the note repayment funds were used for other
purposes. Bondholders recently gave waivers, not calling them
defaults. The close shave is making underwriters more wary of
selling credit risk mitigation warrants (CRMWs), according to
Southwest Securities Co.

That's bad news for the fledgling market where issuance of the
protection has already been tapering off as underwriters grow
worried about heightened credit risks in the wake of record
defaults, Bloomberg says. China revived CRMWs--hedging instruments
similar to credit-default swaps--in October, after a two-year pause
to ease financing woes among private sector firms amid a
shadow-banking crackdown.

"Underwriters of CRMWs have become more aware of the risks they
face after this incident," Bloomberg quotes Yang Yewei, chief
fixed-income analyst of Southwest Securities, as saying. "They are
basically providing debt repayment guarantees. But the thing is--we
are not only seeing high default risks, but also poor corporate
governance among private sector firms."

Chinese companies have defaulted on CNY43.2 billion ($6.3 billion)
of local bonds in the first five months, almost three times the
tally in the year-earlier period, according to Bloomberg-compiled
data. In contrast, the pace of CRMW issuance slowed in May with
only seven transactions completed, the lowest since February.

Among the issues surrounding this instrument is the risk of pricing
distortion, fueled by China's short history of bond defaults and a
lack of data on recovery rates, Bloomberg notes. Li Yunfei, credit
analyst of Pacific Securities Co., expects banks to increase the
fees for credit risk mitigation tools as the current rates don't
adequately cover the risks they are taking, according to
Bloomberg.

For example, the price of the CRMW insuring investors against
default of a bond sold by cement producer Hongshi Group Co. was
0.61% of the notional principal. That is only a quarter of that on
China Grand Automotive Services Group Co.'s note which has the same
tenor and rating, Bloomberg says.

"Risks are rising for sellers of CRMWs," Bloomberg quotes Yang of
Southwest Securities as saying. "The willingness of financial
institutions to sell such tools will largely depend on how strong
policy makers are promoting them."

Beijing Orient Landscape & Environment Co., Ltd., engages in the
construction of water resources, water landscape, and water
environment in the People's Republic of China. It also provides
water resource, water environment, and water landscape management
services.

BLUEFOCUS INTELLIGENT: Fitch Affirms B+ IDR, Outlook Now Stable
---------------------------------------------------------------
Fitch Ratings has affirmed China-based BlueFocus Intelligent
Communications Group Co., Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'B+' and revised Outlook
to Stable from Negative.

The revision in the Outlook reflects the company's efforts to
improve operating cash generation through better working-capital
management and a reduction in debt levels following the conversion
of a large share of its convertible debt into equity. Fitch now
expects the company to generate positive free cash flow over the
medium term. These have improved the company's overall liquidity
position. However, the company's small scale, low geographic
diversity and relatively weak margins continue to constrain its
ratings.

KEY RATING DRIVERS

Improved Cash Generation: Fitch expects BlueFocus to generate more
steady cash flow from operations in the next few years, mainly
driven by its commitment to profitability and cash generation,
which it demonstrated in 2018 and 1Q19 by strengthening receivables
collection, reducing exposure to lower-quality customers and
improving operational efficiency. However, cash conversion,
measured by CFO after working capital divided by pre-working
capital cash flow, may remain low, which weighs on the ratings.

The steps taken to improve profitability and cash collection since
the beginning of 2018 resulted in a significant turnaround in CFO
to over CNY1.7 billion in 2018, exceeding its expectations. Fitch
expects CFO, which is after interest paid, to normalise in 2019.
CFO was positive at CNY78 million in 1Q19, compared with negative
CNY109 million in 1Q18, even though customers have postponed
spending amid macroeconomic uncertainties. With a modest capex, the
company may maintain a positive, albeit modest, post-dividend FCF
in the next few years, which should help its liquidity and provide
funding for purchases of the remaining minority stakes in its key
subsidiaries.

Reduced Leverage: Fitch expects BlueFocus's FFO-adjusted leverage
to fall to 4.5x or below in the next two to three years, driven by
the conversion of CNY1.4 billion of its convertible notes into
equity. The convertible notes are due in 2021, but a reduction in
the exercise price in January 2019 and a higher share price in the
past two to three months have prompted a substantial portion to
convert into equity. As at 24 May 2019, only CNY189 million of
convertible notes (or 13.5% of the original amount) were
outstanding. This should enhance the company's ability to manage
leverage and liquidity.

Fitch expects BlueFocus's total debt to be around CNY2.0
billion-2.5 billion in 2019 and 2020, reduced from about CNY3.5
billion at end-2018. The company's total debt dropped to about
CNY1.7 billon by end-April 2019, after the repayment of CNY420
million of commercial paper and conversion of convertible notes.
However, Fitch expects the company will raise new debt through bank
borrowings or issuance of receivables-based asset-backed securities
to increase liquidity headroom, particularly in view of high
volatility of operating cash generation associated with its
businesses.

Near-Term Macroeconomic Uncertainty: Fitch believes BlueFocus is
not immune to the slowdown in the domestic economy, as traditional
public relations and advertising expenditures are often cut when
GDP growth slows. The company said key customers have largely
maintained advertising budgets for 2019, but Fitch believes actual
spending may be pushed towards the end of the year and will depend
on the strength of the economy in 2H19. The company's major
customers include leading internet companies, auto companies and
technology companies in China. The top-five customers accounted for
about 17% of BlueFocus's revenue in 2018.

Weaker Margins: Fitch expects BlueFocus's operating EBITDA margin
to narrow to 3.4%-3.9% in the next few years, from 4.4% in 2018, as
low-margin outbound revenue will see much higher growth while
higher-margin domestic traditional public relations and advertising
revenue may come under pressure. BlueFocus's weaker profitability,
mainly due to the continued stiff competition in China's
advertising industry and stronger bargaining power of online media
companies, will continue to weigh on the ratings. Its operating
EBIT fell 16% yoy to CNY191 million in 1Q19. Fitch  expects
BlueFocus to find it challenging to achieve a strong increase in
earnings in the remaining quarters of 2019 that will allow it to
maintain operating EBIT similar to that in 2018.

Acquisitive Nature: Fitch believes BlueFocus will remain
acquisitive over the longer term, although the company may focus
more on defending profitability and cash generation in the short
term than making major acquisitions. Fitch expects BlueFocus will
continue to use acquisitions to gain new customers, new skills and
expand overseas, similar to how diversified global advertising
holding companies have been built through acquisitions. It may also
buy minority stakes in its subsidiaries. For instance, BlueFocus
may pay about CNY500 million to acquire the remaining stake in
Madhouse Inc. (81.9% owned). It also has the option to purchase the
remaining 49% stake in Socialize Group FZ LLC.

DERIVATION SUMMARY

BlueFocus's smaller scale, lower geographic diversity and weaker
margins continue to weigh on the ratings and account for its much
lower rating compared to leading global advertising holding
companies with investment-grade ratings, such as WPP plc
(BBB+/Negative) and Interpublic Group of Companies, Inc.
(BBB+/Stable). BlueFocus has moderate financial leverage and a
relatively strong market position in China's marketing
communications services sector, but the greater competition in
China's agency business and the company's shift towards
lower-margin digital advertising continue to limit improvement in
the company's profitability and operating cash flow generation,
which have been volatile in the recent years.

KEY ASSUMPTIONS

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

  - Revenue CAGR of 14% in 2018-2021, driven mainly by higher
growth in the outbound business

  - Operating EBITDA margin to ease to below 3.4%-3.9% in
2019-2021, due to stronger growth in the lower margin outbound
business

  - Annual capex at around CNY75 million-80 million in 2019-2021

  - Dividend payout ratio of around 20% in 2019-2021

RATING SENSITIVITIES

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

  - An upgrade is unlikely in the foreseeable future. Factors
constraining its ratings - weak margins and free cash flows, small
scale and low geographic diversity of operations - are not likely
to meaningfully ease without significant investments that may
weaken its financial profile.

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

  - Substantial weakening of the market positions of its key
products and services

  - Significant M&A that negatively affect the operations or the
business profile

  - Sustained negative FCF

  - FFO adjusted leverage sustained above 5.5x (end-2018: 4.6x)

  - FFO fixed coverage sustained below 2.5x (end-2018: 3.2x)

LIQUIDITY

Adequate Liquidity: Fitch expects BlueFocus's liquidity to remain
adequate due to an increased focus on receivable collection,
substantial conversion of CNY1.4 billion of convertible bonds into
equity and continued support from local banks. The cash balance
totalled CNY1.3 billion at end-March 2019, compared with short-term
debt of CNY1.4 billion. BlueFocus had undrawn credit facilities of
about CNY1 billion at end-March 2019. It has also obtained
approvals to issue up to CNY417 million of receivables-based
asset-backed securities. In addition, Fitch expects positive FCF.
Further, cash proceeds of USD42 million from the disposal of its
stake in AdMaster should help liquidity headroom.

CHANGDE ECONOMIC: Moody's Gives First-Time Ba1 CFR, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 corporate
family rating to Changde Economic Construction Investment Group
Co., Ltd. (CECIG).

The outlook is stable.

RATINGS RATIONALE

CECIG's Ba1 CFR combines (1) its b1 Baseline Credit Assessment
(BCA); and (2) Moody's assessment of the company's strong
likelihood of support from and high level of dependence on the
Government of China (A1 stable) in times of need, which results in
a rating that is three notches above its BCA.

Moody's assessment of strong government support reflects CECIG's
(1) 100% ownership by the Changde City Government in Hunan
Province; (2) status as one of the key government-owned entities in
Changde City, with an important role in city development and the
provision of some public services; and (3) track record of
receiving financial support from the Changde City Government.

CECIG is mandated by the Changde Government to take on urban
infrastructure construction, land development, policy-based
property development — such as shantytown renovation projects,
affordable housing projects and public rental housing projects —
and the operation of some public services.

CECIG has a track record of receiving financial support from the
local government, including cash payments in the form of government
buybacks, operating subsidies, government fund allocations and
capital injections. Such contributions totaled RMB8 billion during
2016-2018.

CECIG also received a total of RMB7.45 billion for debt repayments
in 2015-2018 from a government debt swap program.

The strong likelihood of support also takes into consideration the
reputational and contagion risks to the local government and its
state-owned enterprises that could arise, if CECIG — a company
with a large asset base and outstanding debt — were to default.

As such, Moody's believes the central government would support the
Changde Government and the Hunan Government to prevent CECIG from
defaulting; thereby avoiding disruption to the domestic financial
markets.

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

CECIG's BCA considers its policy function and key role in city
development and provision of public services in Changde City.

According to the company, it is involved in around 60% of
government-sponsored development projects in Changde City. It also
operates in the public services sector, including hospitals, public
transportation and sewage treatment.

The company's BCA also factors in its good access to the domestic
funding channels, including bank loans and the debt capital
markets.

Moody's points out that at the end of 2018, CECIG had around 32% of
its total debt funded by finance leasing and trust borrowings.
Moody's expects that it will gradually reduce its reliance on the
more costly trust and lease financing by refinancing such debt
through bonds issued in the debt capital markets.

CECIG's BCA is constrained by its high level of debt arising from
the company's development of urban infrastructure projects on
behalf of the Changde Government.

The company's adjusted (funds from operation [FFO] from
non-government transactions + government cash payments +
interest)/interest was at 2.0x at the end of 2018. Moody's expects
that such interest coverage will weaken to 1.3x in 2019, because of
the increase in the company's working capital needs and debt
levels. Such a level still positions the company's BCA at b1
relative to the other rated local government-owned entities in
China.

Another constraint on CECIG's BCA is its cross guarantees provided
to other local government-owned entities in the city. CECIG's total
adjusted debt at the end of 2018 was at RMB47.8 billion, of which,
RMB16.7 billion comprised debt guarantees. Such guarantees could
increase the liquidity risk of the company.

The company's liquidity positon is weak. Its cash of RMB4.1 billion
at the end of 2018 was inadequate to cover its short-term debt of
RMB7.3 billion. Moody's expects that the company's operating cash
flow will be negative over the next 12 months, given increasing
working capital needs.

The stable outlook reflects Moody's expectation that there will be
no change in (1) the stable outlook on China's A1 sovereign rating;
(2) the ownership of the Changde Government in CECIG; (3) the key
role of CECIG in the development of Changde City and the provision
of public services in the city; (4) the company's access to the
banks and capital markets; and (5) the financial support from the
government to CECIG.

Moody's could upgrade CECIG's rating if (1) the likelihood of
government support further strengthens; and/or (2) the company's
BCA improves.

Moody's could raise CECIG's BCA, if the company's financial profile
improves, and its exposure to trust and lease financing and
guaranteed debt reduces materially.

Factors indicating an improvement in the company's BCA include
adjusted (FFO from non-government transactions + government cash
payments + interest)/interest exceeding 2.5x on a sustained basis.

But Moody's could downgrade the rating, if (1) the likelihood of
government support for CECIG weakens; or (2) CECIG's BCA
deteriorates.

Moreover, Moody's could lower CECIG's BCA if its financial profile
or liquidity position further deteriorates.

A worsening BCA could be indicated by adjusted (FFO from
non-government transactions + government cash payments +
interest)/interest falling below 1.0x on a sustained basis, or if
the company's exposure to trust and lease financing and its
guaranteed debt levels continue increasing.

The methodologies used in these ratings were Business and Consumer
Service Industry published in October 2016, and Government-Related
Issuers published in June 2018.

Established in 1992, Changde Economic Construction Investment Group
Co., Ltd. is 100% owned by the State-owned Assets Supervision and
Administration Commission of the Changde Government.

The company is a key government-owned entity in Changde, a
prefecture-level city in Hunan Province.

JIANGSU ZHONGNAN: Moody's Rates Proposed USD Unsecured Notes 'B3'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD notes to be issued by Haimen Zhongnan
Investment Development (International) Co., Ltd.

The outlook is stable.

The notes will be irrevocably and unconditionally guaranteed by
Jiangsu Zhongnan Construction Group Co., Ltd. (B2 stable).

The proceeds of the notes will be used to refinance existing debt.

RATINGS RATIONALE

"The proposed notes issuance will lengthen Jiangsu Zhongnan's debt
maturity profile and will not have a material impact on its credit
metrics, because the proceeds will be used to refinance existing
debt," says Danny Chan, a Moody's Assistant Vice President and
Analyst.

Jiangsu Zhongnan's B2 corporate family rating (CFR) reflects the
company's (1) strong sales execution and established brand name in
property development in Jiangsu Province; and (2) large operating
scale. The company also benefits from synergies between its
property development and construction services segments.

However, the B2 CFR is constrained by Jiangsu Zhongnan's geographic
concentration in Jiangsu Province,its exposure to risks associated
with its rapid business expansion, and its moderate, but improving
financial metrics.

The company achieved healthy 29% year-on-year contracted sales
growth to RMB46.3 billion in the first four months of 2019,
following 52% year-on-year growth in 2018. This sales performance
will provide funding for the company's expansion and debt
repayment, and supports future revenue growth.

Jiangsu Zhongnan's liquidity position is good, with cash/short-term
debt at 1.9x at the end of March 2019.

The B3 senior unsecured rating is one notch lower than the
company's CFR due to structural subordination risk.

This risk reflects the fact that the majority of claims are at the
operating subsidiaries. These claims have priority over Jiangsu
Zhongnan's senior unsecured claims in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. As a result, the likely recovery rate
for claims at the holding company will be lower.

The stable outlook reflects Moody's expectation that Jiangsu
Zhongnan will (1) control its leverage while expanding its
business; (2) achieve modest contracted sales growth; and (3)
maintain stable liquidity over the next 12-18 months.

Jiangsu Zhongnan's CFR could be upgraded if (1) the company
improves its financial position, for example by increasing its
profit margin and lowering its leverage, while demonstrating stable
growth in its property development and construction businesses; and
(2) adjusted EBIT interest coverage exceeds 2.25x-2.50x and
adjusted revenue/debt rises above 70% on a sustained basis.

On the other hand, downward rating pressure could emerge if (1) the
company executes heavily debt-funded expansions or acquisitions, or
both; (2) records negative contracted sales or revenue growth; (3)
its liquidity deteriorates on a sustained basis; and (4) adjusted
EBIT interest coverage falls below 1.0x and cash/short-term debt
falls below 80% on a sustained basis.

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

Jiangsu Zhongnan Construction Group Co., Ltd. is based in China's
Jiangsu Province and principally engages in property development
and construction services. The company was listed on the Shenzhen
Stock Exchange in 2008. The company had a total land bank of around
43 million square meters as at December 2018.

Jiangsu Zhongnan was founded by Chen Jinshi, who has been engaged
in the construction business in China since 1988, when he
established the company.

JIANGSU ZHONGNAN: S&P Puts 'B-' Rating to New USD Sr. Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
U.S.-dollar-denominated senior unsecured notes proposed by Haimen
Zhongnan Investment Development (International) Co. Ltd., a
subsidiary of Jiangsu Zhongnan Construction Group Co. Ltd.
(B/Stable/--). The parent irrevocably and unconditionally
guarantees the notes. Jiangsu Zhongnan intends to use the net
proceeds to refinance its existing debt. The issue rating is
subject to S&P's review of the final issuance documentation.

S&P said, "We rate the proposed senior notes one notch below the
issuer credit rating on Jiangsu Zhongnan to reflect the substantial
structural subordination risk. As of Dec. 31, 2018, the company's
capital structure consists of Chinese renminbi (RMB) 34.8 billion
in secured debt and RMB28.7 billion in unsecured debt. Jiangsu
Zhongnan's secured debt ratio is around 55%, above our issue
notching down threshold of 50%.

"We believe Jiangsu Zhongnan's credit profile remains constrained
by its significant exposure to lower-tier cities, despite an
evolving business model into higher-tier cities, as well as its
high, although improving, leverage. As of Dec. 31, 2018, tier-three
and tier-four cities, such as Xuzhou, Tangshan, and Yancheng still
represent about 60% of the company's total unsold land reserves.
However, we expect the Chinese developer to be more prudent in land
acquisitions and stabilize leverage over 2019. We forecast Jiangsu
Zhongnan's debt-to-EBITDA ratio to be about 8x in 2019. This is
reflected in the stable outlook on the company.

"Jiangsu Zhongnan's 2018 performance and credit metrics were in
line with our expectation. The company's total contracted sales
grew 52% to about RMB147 billion, driven by continued satisfactory
sales execution in tier-two and tier-three cities such as Suzhou,
Xi'an, and Jiaxing, besides its home market Nantong. Total adjusted
debt increased by 16% to about RMB64 billion. On the back of
improved margin, the company's debt-to-EBITDA ratio decreased to
about 7.4x, from about 11x in 2017."


XINHU ZHONGBAO: Moody's Rates Proposed USD Senior Notes 'B3'
------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD senior notes to be issued by Xinhu Zhongbao
(BVI) 2018 Holding Company Limited, and unconditionally and
irrevocably guaranteed by Xinhu Zhongbao Co., Ltd. (B2 stable).

The outlook is stable.

Xinhu Zhongbao plans to use the proceeds of the notes to refinance
certain of its existing indebtedness and replenish its working
capital.

RATINGS RATIONALE

"Xinhu Zhongbao's proposed bond issuance will not have a material
impact on the company's credit metrics, because it will mainly use
the proceeds to refinance existing debt," says Celine Yang, a
Moody's Assistant Vice President and Analyst, and also Moody's Lead
Analyst for Xinhu Zhongbao.

Xinhu Zhongbao's B2 corporate family rating reflects the company's
(1) good track record of property sales in the Yangtze River Delta;
(2) high-quality land bank that it acquired at relatively low cost;
and (3) good access to funding.

However, the rating is constrained by the weak financial metrics
resulting from its debt-funded investments in various financial
institutions and other businesses. It also continues to incur large
upfront capital requirements for its redevelopment projects, which
typically have long development periods of five to eight years
before the company starts collecting sales proceeds.

Moody's expects Xinhu Zhongbao's revenue/adjusted debt to remain
weak at around 20% over the next 12-18 months, compared to 21% in
2018, because revenue growth will be largely be counterbalanced by
debt growth as the company recognizes the contracted sales from
2017 and 2018.

Accordingly, Moody's expects the company's EBIT/interest coverage
to weaken slightly to 1.5-1.7x over the next 12-18 months from 1.7x
in 2018, due to its higher debt level and mild increase in its
funding costs.

Xinhu Zhongbao's liquidity is weak. As of December 2018, the
company's cash holdings of RMB16 billion covered only around 56% of
its short-term debt of about RMB28.3 billion. Moody's expects its
cash holdings and operating cash flow will be insufficient to cover
its short-term debt and committed land payments over the next 12
months.

However, Moody's expects that the company will be able to liquidate
its investments to address any maturing debt in times of needs and
that its shareholders will be able to address their own debt
payments without any material change in ownership in the company.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk. This
risk reflects the fact that the majority of Xinhu Zhongbao's claims
are at its operating subsidiaries and have priority over claims at
the holding company in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. Consequently, the likely recovery rate for claims at
the holding company will be lower.

The stable outlook reflects Moody's expectation that Xinhu Zhongbao
will meet its contracted sales target, successfully refinance its
short-term debt, and adopt a disciplined approach towards land
acquisitions and financial investments over the next 12-18 months.

Upward ratings pressure could emerge if Xinhu Zhongbao improves its
credit metrics, strengthens its financials and manages its debt by
lengthening its maturity profile.

Credit metrics that would indicate upgrade pressure include (1)
EBIT/interest coverage above 2.0x-2.5x; or (2) revenue/adjusted
debt above 60%-65% on a sustained basis.

The rating could be downgraded in case of a deterioration in Xinhu
Zhongbao's credit metrics, contracted sales and revenue growth. The
rating could also come under pressure if the company's liquidity or
access to funding weakens materially as a result of a deterioration
in the financial conditions of the company's largest shareholder.

Credit metrics that could trigger a downgrade include (1)
EBIT/interest coverage below 1.25x-1.50x; or (2) cash/short-term
debt below 1.0x on a sustained basis.

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

Xinhu Zhongbao Co., Ltd. listed on the Shanghai Stock Exchange in
1999. The company is headquartered in Hangzhou and commenced its
first residential property project in Wenzhou, Zhejiang Province,
in the early 1990s.

Its operations are mainly focused on residential property
development. In addition, the company invests in financial
services, internet and information-related companies, and is also
engaged in commodities trading.

XINHU ZHONGBAO: S&P Rates New U.S. Dollar Sr. Unsecured Notes 'B-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes by
Xinhu (BVI) 2018 Holding Co. Ltd., a subsidiary of Xinhu Zhongbao
Co. Ltd. (B/Stable/--). Xinhu Zhongbao unconditionally and
irrevocably guarantees the notes. The issue rating is subject to
our review of the final issuance documentation.

S&P said, "We rate the notes one notch lower than the issuer credit
rating on Xinhu Zhongbao because the debt is significantly
subordinated to other debt in the company's capital structure. As
of Dec. 31, 2018, Xinhu Zhongbao's capital structure consists of
about Chinese renminbi (RMB) 56 billion of secured debt and RMB25
billion of unsecured debt issued or guaranteed by the company at
the parent level. The secured debt ratio is about 70%, above our
notching-down threshold of 50% for the issue rating.

"We do not expect the new issuance to significantly affect Xinhu
Zhongbao's leverage and credit profile. This is because the company
plans to use most of the proceeds to refinance its onshore
borrowings, and utilize the rest for working capital.

"We believe the long project cycle and slow execution of urban
development projects (URPs) will continue to pressure Xinhu
Zhongbao's leverage. We forecast the company's leverage, as
measured by the ratio of debt to EBITDA, will remain high at
13x-15x for the next 12 months, compared with about 12.5x in 2018.
Xinhu Zhongbao has sufficient land bank to support development for
at least the next three to four years. We expect the company to
focus on URPs, which require larger capital spending, and not be as
aggressive in land acquisitions.

"The stable outlook on the issuer credit rating on Xinhu Zhongbao
reflects our view that the company will continue to operate with
high leverage while steadily increasing contracted sales in the
next 12 months. We expect Xinhu Zhongbao to maintain sizable
financial investments but limit expansion in
non-property-development sectors. We also anticipate that the
company will rely on its cash on hand, growing contracted sales,
liquid investments, and other borrowings to meet its high
short-term borrowings."



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

ANNANYA INTERFACE: CRISIL Migrates C Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Annanya
Interface and Controls Private Limited (AICPL) to 'CRISIL C/CRISIL
A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        2        CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit           2.5      CRISIL C (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit      1.5      CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     1.06    CRISIL C (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AICPL for obtaining
information through letters and emails dated
February 28, 2019, May 10, 2019 and May 16, 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 AICPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AICPL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AICPL to 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

AICPL was set up by Mr P S Pendharkar and Mr S P Pendharkar as a
partnership firm in 1989, and was reconstituted as a private
limited company in 2004. The company primarily provides real time
monitoring and control systems, and automation solutions for water
supply schemes and electrical sub-stations. It installs, tests,
erects, and commissions control systems for water treatment plants,
water pumping stations, power stations, and sub-stations/switching
stations.

ATHANI SUGARS: Ind-Ra Corrects April 23 Rating Release
------------------------------------------------------
This announcement rectifies the version published on April 23,
2019, to correctly state the size of the issue of the term loan
limits, fund-based working capital facilities, and short-term
loans. The amended version is as follows:

India Ratings and Research (Ind-Ra) has downgraded Athani Sugars
Limited's (ASL) Long-Term Issuer Rating to 'IND D' from 'IND
BBB-(ISSUER NOT COOPERATING)'. Simultaneously, Ind-Ra has
reassigned ASL a Long-Term Issuer Rating of 'IND B+' with a Stable
Outlook.

The instrument-wise rating actions are:

-- INR567.5 mil. (reduced from INR1.16 bil.) Term loan* due on
     September 2024 downgraded and reassigned with IND B+/Stable
     rating;

-- INR290 mil. Term loan$** due on September 2024 downgraded and
     assigned with IND B+/Stable rating;

-- INR4.25 bil. (increased from INR3.5 bil.) Fund-based working
     capital facilities# downgraded and reassigned with IND
     B+/Stable/IND A4 rating; and

-- INR567.5 mil. (increased from INR550 mil.) Short-term loans#
     downgraded and reassigned with IND B+/Stable/IND A4 rating.

* Reassigned 'IND B+'/Stable after being downgraded to 'IND D'

$ Assigned 'IND B+'/Stable after being downgraded to 'IND D'

# Reassigned 'IND B+'/Stable/'IND A4' after being downgraded to
'IND D'

** The final rating has been assigned following the receipt of
sanction letter by Ind-Ra.

KEY RATING DRIVERS

The downgrade reflects ASL's overutilization of its fund-based
limits for more than 54 days during 1QFY19 due to a stressed
liquidity position.

The reassignment of the 'IND B+' Long-Term Issuer Rating reflects
ASL's utilization of its fund-based working capital facilities was
within the sanctioned limits during July 2018-March 2019, due to an
improvement in the sales realization. The liquidity position
remains tight as indicated by an average working capital facility
utilization of 67.0% for the 12 months ended March 2019 and 100%
utilization during the crushing season (March to June 2018).

The company reported negative cash flow from operations during
FY15-FY18, although improved to INR882 million in FY18 (FY17:
INR1,401 million) due to an improvement in the working capital
cycle to 295 days (362 days). The company incurred capex of
INR2,450 million during FY16-FY18 for distillery and co-generation
plant expansion.

The ratings are constrained by ASL's weak credit metrics as
indicated by interest coverage (operating EBITDA/gross interest
expense) of 1.2x in FY18 (FY17: 2.3x) and net leverage (total
adjusted net debt/operating EBITDAR) of 11.4x (7.7x). The
deterioration in the credit metrics was mainly due to a decrease in
absolute EBITDA to INR899 million in FY18 (FY17: INR1,148
million).

The rating factor in the company's modest margin with a return on
capital of 6% in FY18 (FY17: 12%). The operating margin
deteriorated to 10.9% in FY18 (FY17: 18.0%) owing to a decline
sugar price (FY18: INR30.2/kg, FY17: INR33.4/kg) and an increase in
variable expenses resulting from increased sugar production in the
country during sugar season 2017-18. The operating margin is also
constrained by an increase in fair and remuneration price to
INR275/quintal (sugar season 2017-18: INR255/quintal). In 9MFY19,
the company has recorded an EBITDA margin of 8.8%.

The rating supported by an increase in the company's revenue to
INR8,268 million in FY18 (FY17: INR6,389 million), due to an
increase in the volume of sugar sold to 2.2 million quintals (1.5
million quintals) partially offset by a decline in average
realization to INR30.4/kg (INR33.4/kg). The company recorded
revenue of INR6,785 million in 9MFY19. ASL's scale of operations is
large. In FY18, the government launched a scheme of quota sale to
control sugar prices and fixed the minimum support price of
INR29/kg during June 2018, which was increased to INR31/kg in April
2019. ASL began extra neutral alcohol and ethanol divisions in
February 2019, which will improve the revenue. The management plans
to utilize the sugar juice mainly for ethanol production, where the
realization will be high.

The ratings are also supported by the company's promoters about 22
years of experience in the sugar industry, leading to established
relationships with suppliers (farmers). The company has diversified
its operations by setting up a co-generation and distillery unit in
Maharashtra, which has a relatively stable regulatory environment
than Karnataka.

RATING SENSITIVITIES

Negative: A further stretch in the liquidity position, along with a
decline in the revenue or EBITDA resulting in a sustained
deterioration in the credit metrics, could lead to negative rating
action.

Positive: An improvement in the liquidity position, along with
substantial growth in the revenue and EBITDA margin, leading to an
improvement in the credit metrics, could lead to positive rating
action.

COMPANY PROFILE

Incorporated in 1995, ASL has an integrated sugar plant at Kempwad
in Karnataka, with 10,500 tons per day cane crushing capacity, a
24MW co-generation unit with power generation capacity, and a
distillery unit. In Maharashtra, the company has three sugar units
(two on long-term lease) with a cane crushing capacity of 2,500
tons per day.

AXIS BANK: Fitch Cuts Long-Term IDR to BB+, Outlook Stable
----------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
and Viability Rating of Axis Bank Ltd. to 'BB+' and 'bb+',
respectively, from 'BBB-' and 'bbb-'. The Outlook is Stable. Fitch
has also affirmed Axis's Support Rating and Support Rating Floor at
'3' and 'BB+', respectively.

Fitch took the rating action after lowering its midpoint for
India's operating environment to 'bb+' from 'bbb-' following a
review of the banking sector's performance, particularly in the
last three years, the regulatory framework for the sector, and the
outlook in the near term. Fitch also compared the operating
environment in India (BBB-/Stable), using key metrics such as GDP
per capita and the ease-of-doing-business ranking, with those of
other sovereigns in Asia rated in the 'BBB' category. Fitch expects
the performance of India's banking sector to be below average over
the next one to two years despite its expectations of high economic
growth and improving business prospects. Banks in India - which
remain the biggest credit intermediaries in the country - are
positioned to take advantage of this opportunity, provided their
damaged balance sheets recover sustainably with the infusion of
fresh equity that encourage them to support credit growth in a
meaningful way.

Fitch believes that the performance of Indian banks has largely
bottomed out, but the sector is still struggling with poor asset
quality and weak core capitalisation. Fitch estimates that Indian
banks' impaired loan ratio fell to 10.8% at end-December 2018 from
11.5% at the end of the financial year to March 2018 (FYE18), which
continues to be high by global standards. Capital buffers are still
assessed by Fitch as moderate, including for private-sector banks,
especially in light of their high impaired loan ratios, high risk
appetite and the challenging but competitive operating environment.

CLS INDUSTRIES: CARE Maintains D Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of CLS
Industries Private Limited (CLS) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       14.01      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated March 1, 2018, placed the
rating(s) of CLS under the 'issuer non-cooperating' category as CLS
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. CLS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated May 20, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating takes into account delay in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on March 1, 2018 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Ongoing delay in debt servicing: There is ongoing irregularity in
servicing of debt obligation due to weak liquidity position of the
company.

Gandhidham-based (Gujarat) CIPL, erstwhile Ave Hotels and Resorts
Private limited, was incorporated in the year 2008 as a private
limited company by Mr Shyam Sharma (Director) and his two sons Mr
Mohit Sharma (Director) and Mr Rohit Sharma (Director). The name of
the company was changed to its present form on May 18, 2010.
CIPL is engaged in the manufacturing of core veneer with an
installed capacity of 18.25 lakh Square Meter per Annum (SMPA),
phase veneer with an installed capacity of 54.75 lakh SMPA, marine
plywood with an installed capacity of 1.10 lakh per annum, block
board with an installed capacity of 3.65 lakh per annum and flush
doors with an installed capacity of 1.10 lakh per annum as on March
31, 2016. The commercial production of CIPL was started in February
2011. The promoter group also has business interests in various
other fields such as hospitality, leasing, trading etc. through
their group concerns namely CLS Enterprise Private Limited, Shiv
Petroleum, Shiv Enterprise and C.L. Sharma Resorts Private Limited.

FLOOREX TILES: CARE Downgrades Rating on INR22.27cr Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Floorex Tiles (FT), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       22.27      CARE B; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short term Bank      25.50      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 14, 2018, placed the
rating of FT under the 'issuer noncooperating' category as FT had
failed to provide information for monitoring of the rating. FT
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated May 20, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings have been revised on account of susceptibility of
margins to raw material prices variations and fragmented nature of
industry with fortunes linked to the real estate sector. The
ratings are further constrained by susceptibility of margins to
foreign exchange rates and constitution of the entity being a
partnership firm. The ratings, however, derive strength from the
experienced promoters and long track record of operations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Vulnerability of operating margins to fluctuation in raw material
prices and foreign exchange fluctuations: Raw material cost formed
major part of the total cost of sales (~80% in the past 3 years
till FY16). Any wide fluctuation in price of its key raw material
and inability to timely pass on complete increase in the prices to
its customers is likely to affect its profitability margins. The
margins remain vulnerable to any adverse fluctuations in foreign
exchange rates, especially in the absence of any hedging policy
implemented by the firm. In the past, the PBILDT margins of the
firm have declined in FY16 to 5.85% from 7.97% in FY15 on account
of more than proportionate increase in raw material cost and
selling expenses.

Presence in highly fragmented and competitive industry with
fortunes linked to the real-estate sector: Ceramic glaze frits find
application in tiles industry and hence demand for the same is
dependent on the real estate industry. Hence, the fortunes of
ceramic glaze frit industry are linked with the growth and
consumption pattern of the real estate sector in the country.

Key Rating Strengths

Experienced Promoters and long track record of operations: Mr.
Nirmal Khosla, who has an experience of around 5 decades, has been
associated with FT for more than two decades. He looks after the
finance function of the firm. All the partners have an overall
experience of more than two decades in the same industry. FT has an
established operational track record of nearly 25 years in the
manufacturing and selling of ceramic glaze frit.

FT was established in 1989 by Mr Nirmal Khosla. It is engaged in
the manufacturing of a variety of Frits which include Satin Matt
variety (both transparent and opaque), Special Frits and also
Transparent and Opaque Frits. Apart from frits, the firm also
manufactures Zinc Oxide which is used in the manufacturing of frits
and Printing Powder which is used in printing designs on tiles. The
manufacturing facilities of the firm are located at Panchkula
(Haryana; commenced operations in 2010) and Navapur (Gujarat;
commenced operations in 2012).

G.M.R. SPINTEX: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of G.M.R. Spintex
Private Limited (GSPL) to 'CRISIL D Issuer not cooperating'.

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

   Proposed Long Term    29.25     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             11.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GSPL 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 GSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GSPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

GSPL, established by Mr. G Vinod Kumar in 2006 commenced operations
in 2008. The company manufactures cotton yarn. The company's plant
is based in Adilabad district in Telangana.

GAGAN FIBRES: CARE Lowers Rating on INR14cr LT Loan to 'B'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gagan Fibres Private Limited (GFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       14.00      CARE B; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short term Bank       0.25      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 21, 2018 placed the
rating(s) of GFPL under the 'issuer non-cooperating' category as
GFPL had failed to provide information for monitoring of the
rating. GFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated April 23, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The ratings have been revised on account of increase in losses at
the PBILDT level and leveraged capital structure. The ratings are
further constrained by the highly competitive and fragmented nature
of the industry. These constraints are, however, partially offset
by the experienced promoters with long track record of operations
and favorable location of operations of the company.

Key Rating Weaknesses

Increased losses at the PBILDT level: The company continued to
remain in losses at PBILDT level which further increased in FY18
compared to FY17.

Leveraged capital structure: The overall gearing ratio of the
company remained weak at 2.39x as on March 31, 2018 (PY: 2.77x).

Highly competitive and fragmented industry: The textile industry in
India is highly fragmented and dominated by a large number of
independent and small scale unorganized players leading to high
competition among industry players. Ludhiana is known to be a major
garmenting hub where many small and medium sized units are
operating and fulfilling majority demand of India. Smaller
companies in general are more vulnerable to intense competition due
to their limited pricing flexibility, which constrains their
profitability.

Key Rating Strengths

Experienced promoters with long track record of operations: GFPL
has a long track record of around two decades. The company is
promoted by Mr K S Makar who has over four decades of experience in
the textile industry through his association with GFPL and his past
employments. He is well supported by the other two directors- Mrs
Swarnjit Kaur and Mr Hardeep Singh Makar, who have an experience of
around 11 and 16 years, respectively.

Favorable location of operations: GFPL is engaged in the trading of
various types of fibre, yarn, knitted cloth and PET chips.

The company operates from Ludhiana (Punjab) which is a well
established hub of manufacturing of textiles which enables
sustained demand for the company's products in the local area.

Gagan Fibres Private Limited (GFPL) is a family owned business
promoted by Mr Kishan Singh Makar. GFPL originally started as a
proprietorship firm in 1997 and was reconstituted as a private
limited company in 2007. The company is engaged in the trading of
various types of yarn, Polyester Fibre, Knitted cloth and
Polyethylene Terephalate Chips (PET Chips), with its office in
Ludhiana, Punjab. The company also operates as a del credere agent
for Reliance Industries Limited (RIL; rated CARE AAA; Stable/ CARE
A1+), wherein GFPL receives commission income.

GLOBUSARIMA BUILDERS: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Globusarima
Builders LLP (GBL) to 'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      40       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

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

GBL, setup in 2014, is a special purpose vehicle promoted by Arima
Construction Pvt Ltd  and Globus Realtors Pvt Ltd, which are owned
by Mr. Arvindkumar Sivasubramaniyan and Mr. Sivakumar Thangamani
The firm is undertaking construction of a residential complex
'Legend at Coimbatore, Tamil Nadu.

HIMACHAL FIBRES: CARE Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Himachal
Fibres Limited (HFL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      22.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank      5.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 08, 2018, placed the
rating(s) of HFL under the 'issuer non-cooperating' category as HFL
had failed to provide information for monitoring of the rating. HFL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated May 20, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 8, 2018, the following were the
rating weaknesses (updated for the information available from stock
exchange.)

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations of the company on account of
stressed liquidity position.

Weak financial risk profile: The company continued to be in losses
at the net level in FY18 which led to decline in networth of the
company. This led to further deterioration in the capital structure
of the company.

Working capital intensive nature of operations: The working capital
cycle of the company remained elongated at 213 days in FY18. The
operations of the company therefore remained highly working capital
intensive.

Set up in 1980, Himachal Fibres Limited (HFL) was promoted by Mr.
BK Garodia in collaboration with Himachal Pradesh Minerals &
Industrial Development Corporation Limited. It was subsequently
acquired by the 'Shiva' group in 2010. The product profile of HFL
was also changed from cotton yarn to include polyester spun yarn,
acrylic yarn, blended yarns and knitted cloth. HFL operates from
its manufacturing facility in Baddi, Himachal Pradesh at an
installed capacity of 20,344 spindles and 504 rotors, as on March
31, 2015. The debt of the company was restructured in March-2015
due to liquidity constraints.

ICICI BANK: Fitch Cuts Long-Term IDRs to 'BB+', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded ICICI Bank Limited's Long-Term Issuer
Default Rating to 'BB+' from 'BBB-' and its Viability Rating to
'bb+' from 'bbb-'. The Outlook on the IDR is Stable. Fitch has also
affirmed ICICI's Support Rating at '3' and Support Rating Floor at
'BB+'.

The rating actions come amid the challenges the bank faces in its
operating environment. Fitch lowered its midpoint for India's
operating environment to 'bb+' from 'bbb-' following a review of
the banking sector's performance, particularly in the last three
years, and its regulatory framework, as well as the outlook in the
near term. Fitch also compared India with other sovereign
jurisdictions in Asia rated in the 'BBB' category including the key
metrics of GDP per capita and the ease-of-doing-business ranking.
Fitch concluded the sector will perform below the average of its
peers over the next one to two years in spite of its  expectations
of high economic growth and improving business prospects in India.
The banks - which remain the biggest credit intermediaries - are
positioned to take advantage of this opportunity provided their
damaged balance sheets are remediated sustainably with fresh equity
that encourages them to support growth in a meaningful way.

Fitch believes the performance of Indian banks should have largely
bottomed out, but the sector is still struggling with poor asset
quality and weak core capitalisation. Fitch estimates that Indian
banks' impaired-loan ratio declined to an average of 10.8% by
9MFYE19 from 11.5% in the financial year ended March 2018 (FY18),
which continues to be high by global standards. Capital buffers are
assessed by Fitch as moderate, including for private-sector banks,
especially in light of their high impaired-loan ratio, risk
appetite and the challenging but competitive operating
environment.

KEY RATING DRIVERS

IDR, SUPPORT RATING AND SUPPORT RATING FLOOR

The Long-Term IDR of ICICI is driven by its Viability Rating, which
is now the same as its Support Rating Floor. The Stable Outlook on
the IDR reflects its expectation of limited downside pressure on
the IDR in the foreseeable future.

The bank's Support Rating of '3' and Support Rating Floor of 'BB+'
reflect Fitch's expectation that the probability of extraordinary
state support, if required, is lower than for the large state banks
(with Support Rating Floors of BBB-) due to its private ownership.
Fitch believes the sovereign's constrained finances mean the large
number of weak majority-government-owned banks - particularly those
Fitch sees as systemically important - will have priority in terms
of timeliness of government support. The state has a record of
supporting systemically important banks, which Fitch believes
include ICICI, although the bank has not required support in the
past.

VIABILITY RATING

The one-notch downgrade of ICICI's Viability Rating reflects
Fitch's assessment of India's operating environment, and its belief
that several of ICICI's key financial indicators are generally
weaker than those of banks rated higher by Fitch as well as many
similarly Fitch-rated banks operating in environments broadly
comparable with that facing Indian banks.

ICICI's core capitalisation (Fitch Core Capital ratio: 12.7%) is
higher than that of most other Indian banks but within the current
operating environment poses only a moderate buffer against risks.
That said, Fitch believes the bank has some capital fungibility
through the sale of stakes in profitable subsidiaries and the
repatriation of excess capital from foreign subsidiaries. Its
impaired-loan ratio is weaker than that of other large private
banks and most banks with Viability Ratings in the 'bb' category,
even though the measure has improved slightly to 7.5% in FY19
(FY18: 10%).

The Viability Rating also takes into account ICICI's franchise and
funding profile, which Fitch believes is better and more stable
than that of most other private banks in India, evident from its
low-cost deposit ratio of 49.6%. Fitch expects profitability
(operating profit/risk-weighted assets: 0.5% in FY19) to improve in
FY20 although it will take some time to reach levels commensurate
with higher-rated banks, with some potential for variability given
the environment. The bank's guidance towards a consolidated 15%
return on equity by June 2020 (FY19: 4.8%) may be achievable but it
could imply an increase in ICICI's risk appetite as the bank
targets loan growth above the sector's pace.

Governance issues have been somewhat put to rest by a change in
leadership. The new management has focused on the bank's
performance since taking over and has managed its reputation risk
thus far.

SENIOR DEBT

ICICI's senior debt ratings have also been downgraded by one notch
to 'BB+' from 'BBB-' in line with the IDRs, as the debt represents
its unsecured and unsubordinated obligations.

RATING SENSITIVITIES

IDR

ICICI's IDR is still driven by its Viability Rating. An improvement
in the bank's Viability Rating would lead to an equivalent increase
in the IDR. However, there is limited downside risk to the IDR in
the event of a Viability Rating downgrade as long as the Support
Rating Floor remains unchanged, implying that its assessment of the
sovereign's ability and propensity to support the bank remains
intact.

The IDR is less sensitive to a downgrade in the sovereign rating
(BBB-/Stable) as its Support Rating Floor is lower than the
sovereign rating. Similarly, a sovereign rating upgrade would also
not lead to an upgrade in the bank's IDR unless the former
coincides with a strengthening of the sovereign's ability and
propensity to support the bank, in Fitch's view. However, Fitch
does not expect that in the near term.

SENIOR DEBT

Any changes in the banks' IDRs would result in equivalent changes
in its senior debt ratings.

VIABILITY RATING

An upgrade of ICICI's Viability Rating would be contingent on
substantially better asset quality and earnings metrics, as well as
significantly higher core capital buffers from current levels,
which would be more in line with higher-rated banks, including
those operating in similarly challenging environments. The
Viability Rating is primarily sensitive to pressures from asset
quality and earnings and could be further downgraded if there is
material negative deviation from the current trend, although that
is not its base case. Such a change would increase risks to core
capital buffers, as could sustained excessive growth if that was,
in its view, representative of higher risk appetite.

ICICI's Viability Rating is less likely to be affected by a
sovereign downgrade as it is lower than the sovereign rating,
unless there is further material deterioration in the operating
environment.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor of ICICI are determined
by the agency's assessment of the government's propensity and
ability to support the bank, based on the bank's size, systemic
importance and private ownership.

Environmental, Social and Governance (ESG) Issues: ICICI's
financial transparency is scored at '4' on Fitch's ESG scale. It
reflects its view that quality and frequency of financial reporting
and auditing process have an impact on its Viability Rating, which
in turn drives its IDR. The sharp financial deterioration witnessed
at ICICI in recent years was driven to a large extent by regulatory
audits that forced the banks to recognise the non-performing loans
that led to the wide reported divergence between the banks' and the
regulator's figures.

INDOTECH INDUSTRIAL: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Indotech
Industrial Solutions Private Limited (IISPL) to 'CRISIL D Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan     3.46      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              1.54      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with IISPL for obtaining
information through letters and emails dated
February 28, 2019, May 10, 2019 and May 16, 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 IISPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IISPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

IISPL, incorporated in June 2006 at Pune, Maharashtra undertakes
turnkey projects in dairy, sugar, food processing, power, and
telecom industries. Mr Bhausaheb Janjire and Ms Hemlata Janjire are
the promoters.

INTEGRATED THERMOPLASTICS: CARE Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Integrated
Thermoplastics Limited (ITL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       14.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short-term Bank       6.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 4, 2018, placed the
rating(s) of ITL under the 'issuer non-cooperating' category as ITL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. ITL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
March 13, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings continue to take into account delays in debt servicing
by the company.

Detailed description of the key rating drivers

At the time of last rating on January 4, 2018, the following were
the rating strengths and weaknesses:

Key rating weakness:

Delays in debt servicing: As per the due diligence undertaken by
CARE and the audit report for FY18, there are continued delays in
debt servicing.

Continuing losses despite increased revenue in FY18: Although, the
total operating income of the company increased to INR52.90 crore
in FY18 from INR46.24 crore in FY17, on account of increase in the
sales volume of PVC pipes, the company registered net loss during
FY18 of INR1.58 crore.

Key Rating strengths:

Experienced promoter group with established industry presence: ITL
belongs to Nandi group, a South India based industrial house,
promoted by Mr. S.P.Y Reddy. The company was originally promoted by
Mr. Simon Joseph and Mr. S.V. Raghu. Later, during FY06, ITL was
acquired by Nandi Group. Nandi Group of Industries has presence in
diversified businesses such as cement, dairy, TMT bars,
construction etc. in Andhra Pradesh/Telangana.

Integrated Thermoplastics Ltd (ITL), erstwhile Torrent
Thermo-Plastics Limited, was originally promoted by Mr. Simon
Joseph and Mr. S.V. Raghu. Later, during FY06, ITL was acquired by
the Nandi Group of companies. ITL is engaged in the manufacturing
of fabricate Polyvinyl Chloride (PVC) pipes and fittings, tubes,
bends etc. (installed capacity of 15,000 MTPA) at its facilities
located at Medak District (Telangana). Nandi group, promoted by
Shri S.P.Y Reddy, is a South India based industrial house having
diversified business interest such as cement, dairy, PVC pipes,
construction etc.

IVANTA CERAMICS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ivanta Ceramics
LLP's (Ivanta) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR103.857 mil. (reduced from INR121 mil.) Long-term loan due
     on September 2024 affirmed with IND BB-/Stable rating;

-- INR53 mil. Fund-based limits affirmed with IND BB-/Stable
     rating; and

-- INR17 mil. Non-fund-based limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Ivanta's short operational track record as
its commenced commercial production from April 2018. The firm
achieved 64% capacity utilization and recorded revenue of INR484
million in FY19. Its scale of operations is medium. FY19 financials
are provisional in nature.

The ratings also factor in Ivanta's modest EBITDA margins of 9.1%
in FY19 with a return on capital employed of 8%, due to low EBIT
generation of INR16 million. The firm's credit metrics remain
modest on the back of a high debt level. Its interest coverage
(EBITDA/gross interest expense was 2.8x and net financial leverage
(EBITDA/net debt) was 3.2x in FY19. Ind-Ra expects the credit
metrics to improve in FY20 on the back of scheduled term loan
repayment and absence of large debt-led CapEx plan.

The ratings also factor in Ivanta's modest liquidity position as
indicated by 70% average utilization of its fund-based limits
during the 11 months ended March 2019. The agency expects the cash
flow from operations to have been negative during FY19 due to
higher receivables of INR195 million. The firm's cash & cash
equivalent is likely to have been around INR30 million at FYE19.

However, the ratings continue to benefit from Ivanta's promoter's a
decade-long experience in the tile manufacturing business.

RATING SENSITIVITIES

Negative: Deterioration in the EBITDA margin and the credit
metrics, both on a sustained basis, will be negative for the
ratings.

Positive: An improvement in the revenue and credit metrics, both on
a sustained basis, will be positive for the ratings.

COMPANY PROFILE

Ivanta is engaged in the manufacturing of ceramic wall tiles. It
has an installed capacity of about 12,000 square meters per day.

JAYA POULTRY: CRISIL Assigns 'B+' Rating to INR6cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Jaya Poultry Farms (JPF). The rating reflects the
firm's modest scale of operations, below-average financial risk
profile and exposure to risks inherent in the poultry industry.
These weaknesses are partially offset by the partners' extensive
experience.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           4        CRISIL B+/Stable (Assigned)
   Term Loan             6        CRISIL B+/Stable (Assigned)

Analytical Approach
Unsecured loans of INR0.90 crore that JPF has received from the
partners as on March 31, 2019 have been treated as debt as the
loans may be withdrawn if not required in the business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition in the poultry
business, and the firm's early stage of operations commenced in
fiscal 2018, may keep revenue modest in the initial years.
Operating income is estimated at INR10.58 crore in fiscal 2019.

* Below-average financial risk profile: The financial risk profile
is weakened by high gearing and total outside liabilities to
adjusted networth (TOLANW) ratios of 3.72 and 3.87 times,
respectively, as on March 31, 2019. The debt protection metrics are
subdued with interest coverage of 1.35 times and net cash accrual
to adjusted debt of 0.03 time in fiscal 2019.

* Exposure to inherent risks in the poultry industry: Outbreak of
diseases among the egg-laying birds can impact sales volume and
selling price. Diseases also impact production of healthy chicks.
Seasonality in demand also results in volatile end-product prices.

Strength
* Extensive experience of promoters: The partners' extensive
experience of more than 30 years in the business, and healthy
relationships with customers and suppliers should continue to
support the firm.

Liquidity
Bank limit of INR4 crore has been utilised at 75% in the 6 months
through March 2019. Cash accrual, expected at INR0.06-0.42 crore
will, likely be inadequate for debt servicing, with maturing debt
expected around INR0.95 crore. Unsecured loans from the partners,
and capital infusion of INR1.29 crore expected in fiscals 2020 and
2021 will, however, support liquidity.

Outlook: Stable

CRISIL believe JPF will continue to benefit from the extensive
experience of the partners, and their healthy relationships with
clients.  The outlook may be revised to 'Positive' if ramp-up in
scale of operations and stable profitability strengthen financial
risk profile.  The outlook may be revised to 'Negative' if decline
in profitability, a stretch in working capital cycle, or any large
debt-funded capital expenditure weakens capital structure.

JPF is a partnership firm set up in Warangal, Telangana in November
2017. The firm sell eggs obtained from its poultry farm of 2.5 lakh
hens. The key partner, Mr Dharma Rao has experience of more than 30
years in the business.

JUPITER FOOD: CRISIL Assigns B+ Rating to INR7cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Jupiter Food Products India Private Limited
(JFPIPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7         CRISIL B+/Stable (Assigned)
   Term Loan             1.75      CRISIL B+/Stable (Assigned)

The rating reflects Small scale , large working capital requirement
and exposure to risks related to customer concentration in revenue
profile. These weaknesses are partially offset by the experience of
the promoter and established relationships with contract farmers
and clients.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations: Small scale of operations, with
estimated revenue of INR12 crore in fiscal 2019, amid intense
competition limits pricing power with suppliers and customers,
thereby constraining profitability.

* Large working capital requirement: The operations of the company
are working capital intensive as company's gross current assets
(GCA) remains high at around 250-400 days during the year. The GCA
days are high mainly on account of large inventory of 200 to 300
days maintained by the company as raw material, chicory has
seasonal availability. The company also offers a credit period of
15-60 days to its customers.

However company gets limited credit period from its creditors, as
company has to pay the farmers in advance or on cash basis.

* Exposure to risks related to customer concentration in revenue
profile: JFPIPL derives ~40% of its revenue from 2-3 domestic
chicory processor and chicory exporter .Thus, the company remains
vulnerable to customer concentration risks such decline in demand
from these customers and change in their purchasing policy;
cancellation of orders or loss of relationship with them may also
impact revenue.  

Strengths:
* Extensive industry experience of the promoters and established
relationships with contract farmers and clients: The benefits
derived from the promoter's experience of over 25 years in contract
farming of various crops such as garlic and chicory ensure
requisite supply of raw material from farmers. The promoters have
also established relationships with their clients like Nestle India
limited, Tata Coffee Ltd, and Tata Global Beverage leading to
increase in repeat orders.

Liquidity

* High bank limit utilization: Average bank limit utilization is
high at around 85 percent for the past twelve months ended March
31, 2019. CRISIL believes that bank limit utilization is expected
to remain high on account large working capital requirement.

* Cash accrual sufficient to meet debt obligation: Cash accrual are
expected to be over INR0.60-0.70 Cr which are sufficient against
term debt obligation of INR0.25 Cr over the medium term. In
addition, it will act as cushion to the liquidity of the company.

* Moderate current ratio: Current ratio is estimated to be moderate
at 1.5 times as on March 31, 2019.

Outlook: Stable

CRISIL believe JFPIPL will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients. The outlook may be revised to 'Positive' if ramp-up in
scale of operations and stable profitability strengthen financial
risk profile. The outlook may be revised to 'Negative' if decline
in profitability or stretch in working capital cycle or large debt
funded capital expenditure weakens capital structure.

JFPIPL was incorporated in 1992, it is located in Kanpur, UP.
JFPIPL is owned and managed by Mr. Suresh Chand Jain, Mr. Alok Jain
& Ms. Shalini Jain. JFPIPL is engaged in processing of chicory
(roasted & liquid).

KAPSONS INDUSTRIES: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kapsons
Industries Private Limited (KIPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     129.40       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank     29.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 6, 2018 placed the
rating of KIPL under the 'issuer non-cooperating' category as KIPL
had failed to provide information for monitoring of the rating.
KIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated May 20, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 06, 2018, the following were
the rating weaknesses (updated for the information available from
Registrar of Companies).

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations. The delays are on account of
weak liquidity position as the company is unable to generate
sufficient funds in a timely manner.

Weak financial risk profile: The company continued to remain in
losses at net level in FY18. The accumulated deficits in past years
have resulted in negative networth. Further, the debt coverage
indicators of the company remained weak as marked by its total debt
to GCA and interest coverage ratios.

KIPL was promoted by Mr Surinder Kumar Sehgal and Mr Narinder Kumar
Sehgal in 1980. The company was converted from public limited to
private limited company on April 10, 2015, under the name Kapsons
Industries Pvt. Ltd. The company is mainly engaged in the
manufacturing of electrical stampings used in the Rotating
Electrical Machinery. The company also manufactures Rotor die cast,
pressure aluminium die cast components and completely assembled
products like electrical motors and pumps. KIPL has its
manufacturing facilities in Jalandhar and Pune having combined
installed capacity of 26,000 MTPA of electrical stampings, as on
September 30, 2015.

KUDU INDUSTRIES: CARE Lowers Rating on INR12.16cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kudu Industries Limited (KIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       12.16      CARE B+; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short term Bank       0.37      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 21, 2018 placed the
rating(s) of KIL under the 'issuer non-cooperating' category as KIL
had failed to provide information for monitoring of the rating. KIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated April 23, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The revision in the ratings is on account of deterioration in the
capital structure and elongation in the operating cycle of the
company. The ratings are further constrained by its small scale of
operations, exposure of margins to raw material price volatility
and presence of the company in a highly fragmented and competitive
industry. These rating constraints are, however, partially offset
by experienced promoters and established track record of
operations, improving profitability margins and favourable location
of operations of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Deterioration in the capital structure: The capital structure of
the company remained leveraged as marked by long term debt equity
ratio and overall gearing ratio at 1.99x and 3.71x respectively, as
on March 31, 2018 which deteriorated from 1.29x and 3.44x
respectively, as on March 31, 2017 on account of increase in total
debt outstanding at the end of the year due to increase in term
loans and unsecured loans from the promoters and related parties.

Elongated operating cycle: The average operating cycle of the
company elongated to 107 days, as on March 31, 2018 from 77 days as
on March 31, 2017 on account of elongation of average collection
period.

Small scale of operations: Despite being in operations for more
than two and a half decades, the scale of operations of the company
stood small marked by Total Operating Income (TOI) of INR 60.74
crore in FY18 (PY: INR 58.05 crore). The small scale of operations
limits the company's financial flexibility in times of stress and
deprives it of scale benefits.

Exposure to raw material price volatility: The raw material cost
constituted around 65% of the total operating income in FY18. The
entities in textile industry are susceptible to fluctuations in raw
material prices.

Highly competitive and fragmented industry: The company operates in
a highly fragmented textile manufacturing industry wherein the
presence of large number of entities in the unorganized sector and
established players in the organized sector limit the bargaining
power with customers. Furthermore, the company is also exposed to
competitive pressures from domestic players as well as from players
situated in China and Bangladesh.

Key Rating Strengths

Experienced management team and established track record of the
entity: KIL has been engaged in the manufacturing of fabric for
more than two and a half decades which has helped it in
establishing business relationship with both suppliers and
customers. The company is currently being managed by Mr Gagan
Bishan, Mr Gaurav Mittal and Mr Gautam Mittal. The directors have
an experience ranging from 11-27 years and have gained this
experience through their association with KIL and another group
concern namely Kudu Fabrics (rated CARE B+; Stable; Issuer Not
Cooperating), a partnership firm engaged in manufacturing of fabric
and readymade garments since 1998.

Improving profitability margins: The profitability margins of the
company improved on a year-on-year basis with PBILDT and PAT
margins of 6.36% and 1.43%, respectively in FY18 (5.61% and 0.66%,
respectively in FY17).

Favorable location of operations: Ludhiana, Punjab is a
well-established hub of textiles. The company benefits from the
location advantage in terms of easy accessibility to large customer
base located in Ludhiana. Additionally, the textile products like
yarn, etc. are readily available owing to established supplier base
in the same location as well.

Kudu Industries Limited (KIL) was incorporated in March-1990 as a
private limited company by the name of Kudu Knitfab Private
Limited. However, in May-2008, the constitution was changed to a
closely held public limited company and the entity got renamed to
KIL. The company is currently being managed by Mr Gagan Bishan, Mr
Gaurav Mittal and Mr Gautam Mittal. KIL is engaged in the
manufacturing of knitted fabric at its manufacturing facility
located at Ludhiana, Punjab, which has a total installed capacity
of manufacturing 1500 Tonne of fabric per annum, as on March 31,
2016. The product line of the company mainly comprises of cotton
fabric, synthetic fabric, polyester fabric, etc., which finds usage
in manufacturing of readymade garments. KIL sells its products
under the brand name of 'Kudu' to various wholesalers and garment
manufacturers located in Punjab, Delhi, Maharashtra, West Bengal,
Tamil Nadu etc. The company mainly requires polyester, cotton and
synthetic yarn as raw materials which are procured through a
network of dealers based throughout India. Besides KIL, the
directors are also involved in another group concern namely Kudu
Fabrics (rated CARE B+; Stable; Issuer Not Cooperating), a
partnership firm engaged in the manufacturing of fabric and
readymade garments since 1998.

MACRO GROUP: CARE Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Macro Group
Private Limited (MGPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       16.50     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 31, 2018 placed the
rating of MGPL under the 'issuer non-cooperating' category as MGPL
had failed to provide information for monitoring of the rating.
MGPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated May 20, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 31, 2018 the following was the
rating weakness:

Key Rating Weaknesses

Ongoing delays in debt servicing: There have been overdrawls in the
working capital account of the company for more than 30 days.

MGPL was incorporated in April 2013, by Mr. Deepak Chopra & Mrs.
Sonia Chopra as directors to take over the business of M/s Macro
Enterprises (MEP) (proprietorship concern of Mr. Deepak K Chopra).
The company has dealership business of Honda Motorcycle & Scooter
India Pvt. Ltd. (HMSI). The company owns & operates five showrooms
all providing 3S (sales, service and spare parts) facilities. Apart
from the above, the company also runs a distributorship business of
Castrol lubricants.

MARUTI COTTON: CRISIL Lowers Rating on INR5cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Maruti
Cotton Industries (MCI) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'. The downgrade reflects
persistent delay by MCI, in servicing of debt.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            5        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term     0.18     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan               .82     CRISIL D (ISSUER NOT  
                                   COOPERATING; Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with MCI seeking
information through letters and emails dated February 28, 2018 and
July 31, 2018 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'. This rating lacks a
forward-looking component, as it has been arrived at without any
management interaction, and is based on the best available, limited
or dated information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of MCI. This restricts CRISIL's ability to take a
forward-looking view on the credit quality of the entity. CRISIL
has downgraded its ratings on the bank facilities of MCI to 'CRISIL
D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'.

The downgrade reflects persistent delay by MCI, in servicing of
debt.

MCI, a partnership firm, started commercial production in January
2012. The firm gins and presses raw cotton (kapas). There are 11
partners in the firm, with Mr Savji Savsani (holding 15% stake) and
Mr Mukesh Ghodsara (5%) actively managing the operations.

N. K. BHOJANI: CRISIL Lowers Rating on INR19.5cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of N. K.
Bhojani Private Limited (NKBPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         7        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           19.5      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')


   Letter of Credit        .75     CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term
   Bank Loan Facility     4.89     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Term Loan             17.86     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects deterioration in NKBPL's liquidity, which
led to delay in the repayment of debt.

The ratings also factor in large working capital requirement. These
weaknesses are partially offset by the extensive experience of the
promoter in the steel industry, and the company's moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Stretched liquidity: Liquidity is likely to remain constrained.
Bank limit has been almost fully utilized over the 12 months
through April 2019. Also, cash accrual, expected at INR1.2-1.5
crore per annum over the medium term, should be insufficient to
meet the repayment obligation of INR4.38 crore in fiscal 2019.

* Large working capital requirement:  Gross current assets were 276
days as on March 31, 2018, driven by stretched receivables
(estimated at 172 days) and moderate inventory of 58 days, which
led to high bank limit utilization.

Strengths
* Extensive experience of the promoter: The promoter's experience
of two decades in the steel industry and healthy relationships with
customers helped the company increase revenue (estimated at INR89
crore in fiscal 2019), and will continue to support the business.

Liquidity
Liquidity is weak. Bank limit has been almost fully utilized over
the 12 months through April 2019. Also, cash accrual, expected at
INR1.2-1.5 crore per annum over the medium term, should be
insufficient to meet the repayment obligation of INR4.38 crore in
fiscal 2019.

NKBPL, incorporated in 1996, is promoted and managed by Mr N K
Bhojani. The company manufactures sponge iron, mines iron ore, and
has a dealership contract with Larsen & Toubro Ltd for sale of
spares and for service. Its manufacturing facilities are in Rugudi,
Odisha.

NATURO FOOD: CRISIL Migrates B Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Naturo Food
and Fruit Products Private Limited (Naturo) to 'CRISIL B/Stable
Issuer not cooperating'.

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

   Long Term Loan        1.35     CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term     .95     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Naturo for obtaining
information through letters and emails dated May 10, 2019 and May
16, 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 Naturo. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Naturo is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Incorporated in 1987 and based in Bangalore, Naturo is promoted by
Mr Vikram Reddy and family. The company is engaged in manufacture
and sale of fruit bars and fruit bites under its 'Naturo' brand.

OM BESCO: CARE Maintains D Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Besco
Rail Products Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       46.00      CARE D; ISSUER NOT COOPERATING;

   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated Dec. 1, 2017, placed the
rating(s) of Om Besco Rail Products Limited under the 'issuer
non-cooperating' category as Om Besco Rail Products Limited had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. OmBesco Rail Products Limited continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated April 8,
2019, April 24, 2019, May 2, 2019 and May 9, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on Dec. 1, 2017 the following were
rating weaknesses:

Key rating weaknesses

The ratings assigned to the bank facilities of Om Besco Rail
Products Limited takes into account ongoing delay in debt servicing
due to stretched liquidity position of the company.

Om Besco Rail Products Ltd. (Om Besco) was promoted by Shri Madhu
Sudan Tantia (son of Shri O.P Tantia) in March 2008. The company,
after incorporation, remained dormant for about 4 years. In 2012,
Om Besco ventured into setting up manufacturing facility of alloy
steel casting products (bogies, couplers, draft gears) to be used
in railway freight wagons with a plant capacity of 16,100 MTPA in
Jharkhand. The project is backward integration to meet the raw
material requirement of the flagship company - Besco Ltd (Wagon
division) [Besco].

OSWAL KNIT: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oswal Knit
India Limited (OKIL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       19.00      CARE D; Issuer not cooperating;
   Facilities                      Based on the best available
                                   information

   Short-term Bank      16.70      CARE D; Issuer not cooperating;
   Facilities                      Based on the best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22 2018, placed the
rating OKIL under the 'issuer non-cooperating' category as OKIL had
failed to provide information for monitoring of the rating exercise
as agreed in its Rating Agreement. OKIL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter dated May 17,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

At the time of last rating on March 22 2018, the following were the
rating weaknesses.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in servicing of the debt obligation: There are
ongoing delays in the servicing of the debt obligations for the
working capital facilities availed by the company, for a period of
more than 30 days. The accounts have been classified as
Non-performing asset (NPA).

Weak financial risk profile: The total operating income declined by
~3% in FY16. The company continued to remain in losses with
reported cash loss of INR1.23 Cr. in FY16 as compared to cash loss
of INR0.75 Cr. in FY15. Owing to the losses, the overall solvency
position also remained weak.

Susceptibility to raw material price volatility and foreign
exchange fluctuations: Primary raw materials for the company are
various types of yarn, prices of which depend on the prices of
crude oil and cotton both of which have remained volatile in the
past. Presence in a competitive industry limits the ability to pass
on price fluctuations to the customers. Furthermore, OKIL also
imports certains kinds of yarn and fabric. Absence of hedging
practices exposes the company's profitability to fluctuation in the
foreign exchange rates.

High competition from organised/unorganised players: The readymade
garment industry in India is characterized by the presence of a
large number of small and big players in the organized sector as
well as unorganised sector which leads to a highly fragmented
industry structure having high level of competition and intense
pricing pressures.

Promoted by Oswal family of Ludhiana, Oswal Knit India Limited
(OKIL) was incorporated in 1992. OKIL is engaged in the
manufacturing of hosiery and woolen apparels for men and women at
its manufacturing facility located at Ludhiana, Punjab. The company
sells its readymade garments under the brand name of 'Gadoni' and
'Casablanca' through its six exclusive showrooms and through
various wholesalers and retailers. OKIL registered a total
operating income of INR132.08 crore during FY16 (refers to the
period April 1 to March 31) with net loss of INR2.99 crore as
against a INR135.67 crore during FY15 (refers to the period April 1
to March 31) with net loss of INR3.07 crore.

PENGUIN PETROLEUM: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Penguin
Petroleum Services Private Limited (PPSPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Overdraft             1        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Packing Credit        1.95     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility    1.39     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan             2.16     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PPSPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 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 PPSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PPSPL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

PPSPL was incorporated in 2005, promoted by Mr Cherian A Paul. The
company, based in Raigad, Maharashtra, manufactures accessories
used in oil and gas exploration.

POORVI HOUSING: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Poorvi Housing
Development Company Private Limited (PHDC) to 'CRISIL B/Stable
Issuer not cooperating'.

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

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

CRISIL has been consistently following up with PHDC for obtaining
information through letters and emails dated April 24, 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 PHDC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PHDC 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 PHDC to 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2013, PHDC is engaged in residential real estate
construction in Bangalore (Karnataka). The promoters have been
associated with group entity Poorvi Developers and have completed
five projects in the South Bengaluru region. The day-to-day
operations of the company are managed by Mr. Prakash S Naik.

PRABAL ROLLER: CRISIL Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Prabal Roller
Flour Mill (PRFM) to 'CRISIL B/Stable Issuer not cooperating'.

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

   Long Term Loan       2.9        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PRFM for obtaining
information through letters and emails dated May 10, 2019 and May
16, 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 PRFM. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PRFM is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Set-up in 2017, PRFM is a proprietorship firm of Mr Prabal Pratap
Singh. It is setting up a flour mill with a capacity of 54,000 MTPA
in Etah.  The operations are expected to start from April 2018.

QUEST INFOSYS: Ind-Ra Maintains 'B' Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Quest Infosys
Foundation's bank loan ratings in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the ratings. The ratings will continue to appear as
'IND B (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR57 mil. Term loan maintained in non-cooperating category
     with IND B (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Fund-based working capital facility maintained in
     non-cooperating category with IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 7, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Quest Infosys Foundation, which is chaired by Dipinder Singh
Sekhon, established Quest Group of Institutions in Jhanjeri,
Mohali, Punjab, in 2009-10. QGI offers the bachelor of technology
and master of business administration courses.

RAGHU RAMA: CARE Cuts INR8cr LT Loan Rating to D, Not Coop.
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Raghu Rama Renewable Energy Limited (RRREL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       8.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B; Stable
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2018, placed the
ratings of RRREL under the 'Issuer Non-Cooperating' category as
RRREL had failed to provide information for monitoring of the
rating. RRREL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 6, 2019 and May 7, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The rating has been revised on account of stretched liquidity
position of the company resulting in delays in debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stretched liquidity position with delays in debt servicing: The
liquidity position of the company has been stretched with continued
operational loss and net loss reported in FY18, lack of long-term
PPA and high debt repayment obligation. The same has consequently
resulted in delays in debt obligations.

Key Rating Weaknesses

Long Track record of the group in the Power segment and experienced
promoters: The group has experience in successfully
commissioning power projects with varied fuels like Coal, Gas,
Biomass, Hydro and Wind. Mr K Raghu Ramakrishna Raju is the
Chairman & Managing Director of the company and also the promoter
of the IndBarath group. Mr Raghu has more than 15 years of
experience in the power sector and is actively involved in day to
day operations of the company. He is assisted by the team of
experienced and professional managers.

Raghu Rama Renewable Energy Limited (RRREL) was incorporated in
2001 and is a subsidiary of Ind- Barath Power Infra Limited (IBPIL)
of the Ind-Barath Group. The company operates 18-MW Biomass-based
power plant in Ramnad district of Tamil Nadu. The plant has been
commissioned in October 2004. This is the first standalone
biomass-based power plant in the State of Tamil Nadu. The primary
source of fuel is biomass such as Prosopis Juliflora shrubs
combined with wood powder and matchbox waste. Biomass is procured
from surrounding areas.

RAGHUVANSHI INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raghuvanshi
Industries Private Limited (RIPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            17      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with RIPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 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 RIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RIPL 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 RIPL to 'CRISIL B+/Stable Issuer not cooperating'.

RIPL was set up in 1998 as a partnership between Mr Dhirajlal V
Shelani and his son, Mr Dineshkumar D Shelani; it was reconstituted
as a private-limited company in January 2014. Rajkot-based RIPL
executes ginning and pressing of cotton into bales. The operations
are managed by Mr Gaurav D Selani and Mr Hitesh P Selani.

RELIANCE INFRATEL: Four Lenders Seek Stay on CoC's Decisions
------------------------------------------------------------
BloombergQuint reports that four lenders led by Doha Bank moved the
National Company Law Tribunal (NCLT) seeking a stay on decisions of
the committee of creditors of Reliance Infratel Ltd. till their
petition against dilution of their voting rights is not heard.

Reliance Infratel owes the syndicate of four banks INR1,400 crore,
giving the banks 55 percent representation in the CoC, the report
says.

According to BloombergQuint, the counsel representing the syndicate
argued in front of the Mumbai bench of NCLT that interim resolution
professional of Reliance Infratel had also considered the claims of
banks and lenders that had advanced loans to its parent Reliance
Communications Ltd.

BloombergQuint relates that Reliance Infratel had issued certain
guarantees in favor of RCom. After RCom defaulted on its payments,
the lenders invoked the bank guarantees issued by Reliance Infratel
and converted them into debt.

BloombergQuint says the counsel argued that if the claims of
lenders to RCom are admitted as financial creditors on basis of
bank guarantees given by Reliance Infratel, the syndicate's voting
rights in the CoC will fall from 55 percent to 15 percent. The
syndicate sought appropriate directions from the NCLT to prevent
this.

The counsel also argued that guarantees by Reliance Infratel were
in violation of the Companies act, 2013, the report notes.

                      About Reliance Infratel

Reliance Infratel Limited (RITL) builds, owns, and operates
telecommunication towers, optic fiber cable assets, and related
assets. Its customers use the space on its telecommunication towers
to install active communication related equipment and operate their
wireless communications networks. The company serves wireless and
other communications service providers and non-communications
customers under long-term contracts.

RITL, formerly Reliance Telecom Infrastructure Limited, is a part
of the RCom group. RCom (holding company for group telecom
operations) has ~ 95% stake in RITL through its wholly-owned
subsidiary - Reliance Communications Infrastructure Limited and
other trusts and holding companies.

Reliance Infratel Limited commenced insolvency resolution process
on May 15, 2019. Mr. Manish Dhirajlal Kaneria of RBSA Advisors was
appointed as interim resolution profession of the company.

SATGURU AGRO: CRISIL Reaffirms 'B' Rating on INR20cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of Satguru Agro Industries Limited (SAIL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           20        CRISIL B/Stable (Reaffirmed)

   Proposed Fund-  
   Based Bank Limits      2        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect SAIL's below-average financial risk
profile. This weakness is partially offset by the experience of the
promoters, and moderate scale of operations.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Networth is estimated at
INR4.1 crore as on March 31, 2019, while gearing and total outside
liabilities to tangible networth ratio were high at 5.1 times and
7.5 times, respectively. Debt protection metrics were also average,
with interest coverage and net cash accrual to total debt ratios of
1.8 times and 0.09 time, respectively, in fiscal 2019.

Strengths
* Extensive experience of the promoters: Benefits from the
promoters' experience of over two decades, their strong
understanding of local market dynamics, and healthy relations with
customers and suppliers should continue to support the business.

* Moderate scale of operations: Scale is likely to remain adequate
over the medium term. Revenue increased to an estimated INR200
crore in fiscal 2019 from INR161.19 crore in fiscal 2018.

Liquidity
Liquidity should remain average. Absence of any long-term maturing
debt over the medium term permits the entire cash accrual (INR0.17
crore in fiscal 2019), expected at INR0.18-0.20 crore per annum, to
aid financial flexibility. Bank limit has been fully utilised
during the 12 months through March 2019.

Outlook: Stable

CRISIL believes SAIL will remain constrained by modest networth,
low cash accrual, and high gearing. The outlook may be revised to
'Positive' if better-than-expected cash accrual strengthens the
financial risks profile. Conversely, the outlook may be revised to
'Negative' if further decline in cash accrual or a significant
stretch in the working capital cycle weakens the financial risk
profile and liquidity.

SAIL was established in 1991 by Khaitan and family; it got acquired
in 2004 by the current management, comprising Kalavadia, Zalawadia,
Padodara, and Changela along with their families. The Solapur
(Maharashtra)-based company manufactures soya bean oil and soya
de-oiled cakes.

SHAKTI VEGETABLES: CRISIL Migrates Loan Rating to B+/Stable
-----------------------------------------------------------
Due to inadequate information, CRISIL in line with SEBI guidelines,
had migrated the rating of Shakti Vegetables and Fruits Storage
(SVFS) to 'CRISIL B/Stable Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of rating.
Consequently CRISIL is migrating the rating on bank facilities of
SVFS to 'CRISIL B+/Stable' from 'CRISIL B/Stable Issuer Not
Cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           .25       CRISIL B+/Stable (Migrated
                                   from 'CRISIL B/Stable ISSUER
                                   NOT COOPERATING')

   Term Loan            9.75       CRISIL B+/Stable (Migrated
                                   from 'CRISIL B/Stable ISSUER
                                   NOT COOPERATING')

The ratings continue to reflect promoters' extensive industry
experience. These rating strengths are partially offset by
susceptibility to changes in government policies amidst revenue
concentration and in fragmented industry.

Analytical Approach
Unsecured secured loans to the tune INR0.13 crore outstanding as on
March 31, 2018 have been treated as debt in absence of track record
of non-withdrawal of such funds.

Key Rating Drivers & Detailed Description

Strengths:

* Established market presence backed by experience of promoters
The promoters have around three decades' experience in the
agricultural products industry and seeds trading. The main
promoter, Mr. Shamal Patel, manages the firm's overall operations.
Consequently, operating margin has remained healthy at 39 percent
in fiscal 2018. Benefits from the promoters' extensive experience
are likely to continue even over the medium term

Weakness:
* Vulnerability to government policies: The state government
decides the storage facilities' hire charge, which is the key
source of revenue. Since, operations are restricted mainly to cold
storage facility providers, which makes it susceptible to
unfavourable changes in the regulatory framework.

* Revenue concentration in fragmented industry: Almost entire
revenue is generated from providing cold storage facility for
potatoes and fruits. The cold storage industry is intensely
competitive and entry barrier is low because of minimal capital
requirement and easily accessible technology. A small portion is
generated from trading in potatoes. Thus, scale of operations is
modest, with revenue of only INR4.30 crore in fiscal 2018.
Concentration risk in revenue profile is expected to continue even
over the medium term.

Liquidity
SVFS has moderate liquidity driven by expected cash accruals of
around INR1.28 crore to INR1.53 crore in fiscal 2019 and fiscal
2020 as against term debt repayment obligations of around INR0.86
crore during the same period. The company also had unencumbered
cash and cash equivalents to the tune of INR0.49 crore as on March
31, 2018. Bank limit utilization averaged around 99% for the twelve
months trailing March, 2019. The liquidity is supported by
unsecured loans extended by the promoters and their family members
to the tune of INR0.13 crore as on March 31, 2018. CRISIL believes
that going forward SVFS's net cash accruals will be sufficient to
fund its capex plans and incremental working capital requirements.

Outlook: Stable

CRISIL believes SVFS will benefit over the medium term from the
promoters' extensive experience, and average financial risk
profile. The outlook may be revised to 'Positive' if scale of
operations and profitability increase significantly, thereby
considerably improving accrual and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if
profitability declines steeply because of intense competition, or
if promoters withdraw substantial capital, or if working capital
requirement increases significantly, weakening the capital
structure.

Set up in 2014, SVFS provides cold storage facilities for potatoes
and fruits on rent. Its facility is in Palanpur (Gujarat), with
5000 tonne capacity, and is promoted by Mr Shamalbhai Patel and his
family. The facility started operations in March 2015.

SHARDA HEALTH: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sharda Health
Care Private Limited (SHPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           2.37     CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan        7.36     CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Working      1.27     CRISIL B-/Stable (ISSUER NOT
   Capital Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SHPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 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 SHPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

SHPL, is a Rajasthan based company incorporated in 2016 by Mr.
Bhagat Singh, is involved in manufacture of medical equipments. The
company has manufacturing facility based in Bhiwadi, Alwar.

SHIVA SPECIALITY: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiva
Speciality Yarns Limited (SSYL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       69.89     CARE D; Issuer not cooperating;
   Facilities                     based on best available
                                  information

   Short term Bank       1.00     CARE D; Issuer not cooperating;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 8, 2018 placed the
rating(s) of SSYL under the 'issuer non-cooperating' category as
SSYL had failed to provide information for monitoring of the
rating. SSYPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated May 20, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 8, 2018 the following were the
rating weaknesses (updated for the information available from
Registrar of Companies):

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligation for the term loan and the cash
credit facilities availed by the company.

Weak financial risk profile: The total operating income of the
company declined by ~47% to INR50.06 crore in FY18 (refers to the
period April 1 to March 31) from INR 95.09 cr. in FY17. The company
continued to remain in losses at the net level. The reported net
loss stood increased to INR 23.44 crore in FY18 from INR4.83 crore
in FY17. Furthermore, the capital structure deteriorated as on
March 31, 2018 owing to decline in net worth due to losses at the
net level.

Working capital intensive nature of operations: The operating cycle
of SSYL elongated to ~265 days as on March 31, 2018 from ~218 days
as on March 31, 2017. The operations of the company therefore
remain highly working capital intensive in nature with overdrawals
in the cash credit limits for more than 30 days.

Shiva Speciality Yarns Limited (SSYL), formerly known as Punjab
Cotspin Limited, was incorporated in 2005. The company was promoted
by the Singla family of Ludhiana and was engaged in the
manufacturing of cotton yarn at its production facilities in
Bhatinda, Punjab. It was subsequently acquired by the 'Shiva' Group
in November, 2007. The product profile was changed to include
synthetic yarns. Currently, SSYL manufactures mainly dyed polyester
spun yarn, blended spun yarn and knitted cloth. It also engages in
trading of polyester fibers. Almost all the raw material
procurement viz. polyester staple fibers and acrylic fibers is done
from other group concerns.

SHIVAJI CANE: CARE Lowers Rating on INR59cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shivaji Cane Processor Limited (SCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Bank      59.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE BB-; Stable
                                   ISSUER NOT COOPERATING;
                                   Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had vide its press release dated March 29, 2018, placed the
rating(s) of SCPL under "Issuer non-cooperating" category as SCPL
has failed to provide information for monitoring the rating. SCPL
continues to be non–cooperative despite repeated request for
submission of information through mail, phone calls and a letter
dated May 20, 2019. In line with the extant SEBI guidelines CARE
has reviewed the rating on the basis of best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The revision in the ratings to the bank facilities of SCPL factors
in the ongoing delays in debt servicing.

Key Rating Weaknesses

Delays in debt servicing: As per the feedback received from the
bankers of SCPL, there are ongoing delays in debt servicing due to
stressed liquidity.

Shivaji Cane Processors Limited (SCPL) was incorporated by
Mr.Shivajirao Yashwantrao Naik, Founder Director in 2013 to
undertake manufacturing activity of sulphur- less khandsari and
jaggery powder with its operational facility located at Shirala,
Sangli District, and Maharashtra. SCPL's sugar facility is
partially integrated with Sugarcane crushing capacity of 1000
Metric tone per day (TCD). The command area of SCPL largely derives
irrigation from the Krishna and Warana rivers and Morana dams. The
company sells khandsari and jaggery powder in the brand name of
"Puro".

SHYAM ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR37.07cr Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of Shyam Enterprises (SE).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          37.07      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.23      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average financial
risk profile and susceptibility to intense competition and
regulatory changes. These weaknesses are partially offset by the
extensive experience of the partners in milk processing industry.

Analytical Approach
For arriving at the rating, unsecured loans of INR1.68 crore
extended by the partners as on March 31, 2018, have been treated as
neither debt nor equity. This is because the loans are subordinated
to bank debt and are expected to be retained in the business over
the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:   

* Below-average financial risk profile: Financial risk profile
should remain below average networth is estimated at INR25.6 crore
and total outside liabilities to tangible networth ratio at 1.87
times as on March 31, 2019 (INR20.66cr and 2.63 times respectively
as on March 31, 2018).

* Susceptibility to intense competition and regulatory changes
Revenue and profitability in the intensely competitive milk
processing industry will remain exposed to changes in government
policy and regulations and volatile raw materials prices due to
environmental conditions.

* Modest scale of operations: Scale of operations should remain
modest in the highly fragmented industry: revenue is estimated at
INR104.81 crore in fiscal 2019 (INR102.76 crore in the previous
fiscal). The scale of operations is expected to remain modest over
the medium term.

Strengths
* Extensive experience of the partner: Benefits from the
four-decade-long experience of the partner in the milk processing
industry, a strong procurement network maintained with farmers, and
a stable working capital cycle will continue to support the
business.

* Strong distribution network: The firm has five bulk milk coolers
and chilling centres and 100 milk collection points with chillers,
covering over 50,000 farmers, 12,000 milk suppliers, and more than
100,000 retailers and wholesalers. The chilling centres, with a
capacity of 0.25 million litres of milk per day, are in eastern
Uttar Pradesh (Osha, Saini, Faizabad, Chitrakoot, and Damai). The
firm's longstanding and established distribution network should
help with geographical diversification. SE should continue to
benefit over the medium term from its strong procurement network
and market position in the dairy products industry.

Liquidity
Liquidity is stretched: cash accrual, expected at INR0.50-0.70
crore in fiscals 2020 and 2021 each, should be adequate in the
absence of any debt obligation. Utilisation of fund-based limit
averaged 93% over the 12 months through March 2019. Cash and bank
balance stood at INR1.67 crore as on March 31, 2018. Liquidity is
further supported by continuous infusion of funds by the partners.


Outlook: Stable

CRISIL believes SE's operating income will increase over the medium
term because of expected recovery in prices and its strong position
in the dairy industry, but the financial risk profile will remain
constrained by large working capital requirement during the peak
season. The outlook may be revised to 'Positive' if
more-than-expected increase in scale of operations and cash accrual
and efficient working capital management strengthen the capital
structure. The outlook may be revised to 'Negative' if large,
debt-funded capital expenditure or significant pressure on
profitability weakens the capital structure.

Established as a partnership firm in 1992, SE manufactures dairy
products, such as SMP, ghee, milk, and butter, which are marketed
under the Shyam brand. Mr Shyama Charan and his family members are
the partners.

SUMETCO ALLOYS: CARE Maintains B Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sumetco
Alloys Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      10.00       CARE B; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SAPL to monitor the
rating(s) vide e-mail communications/letters dated May 17, 2019,
May 16, 2019, May 10, 2019, and numerous phone calls. However,
despite our repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines CARE's rating on Sumetco Alloys Private Limited
bank facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in December 20, 2017 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Small and declining scale of operations: The scale of operations of
the company has been declining during the past three years, ie,
FY16- FY18 on account of decrease in quantity sold. The small scale
limits the company's flexibility in times of stress and deprives it
of scale benefits.

Weak financial risk profile: The profitability margins of the
company remained low for the last three financial years (FY16-FY18)
mainly on account of low value addition coupled with highly
competitive nature of industry. Moreover, due to high financial
charges and depreciation cost the net profitability continues to
remain below unity. The capital structure of the company stood
leveraged on the balance sheet date of past three years (FY14-F16)
on account of low net worth base and high dependence on external
borrowing to meet the working capital requirements. The debt
service coverage indicators remained weak.

Elongation inventory holding period: The average working capital
utilization cycle of the company elongated on y-o-y basis mainly on
account of increase in average inventory holding of the company.
The inventory holding is mainly in form of raw materials and work
in progress. The company maintains inventory in form of raw
materials (batteries) for smooth production process and also in the
form of semi-finished goods (lead) resulting in an average
inventory holding period of 86 days. Suppliers allow around 48 days
of credit period to SAPL, while the company also grants a credit
period of around 34 days.

Volatility in prices of raw material and finished goods: The raw
material, i.e., lead is the significant portion of total cost of
production. The company is exposed to raw material price volatility
due to volatility experienced in the prices of lead. The prices of
these materials are driven by demand and supply
conditions in the market. The prices are driven primarily by the
existing demand and supply conditions with strong linkage to the
global market. This results into risk of price fluctuations on the
inventory of raw materials. Since there is a long time lag between
raw material procurement and liquidation of inventory, the company
is exposed to the risk of adverse price movement resulting in lower
realization than expected.

Foreign exchange fluctuation risk: The company imports around 50%
of its raw material and the material is completely sold in the
domestic market. With initial cash outlay for procurement in
foreign currency and significant chunk of sales realization in
domestic currency, the company is exposed to the fluctuation in
exchange rates which the company does not hedge. The risk is more
evident now that the rupee has registered considerable volatility
and could leave the company carrying costly inventory in case of
sudden appreciation.

Highly competitive nature of the industry: SAPL operates in a
highly competitive industry wherein there is presence of a large
number of players in the unorganized and organized sectors. There
are number of small and regional players catering to the same
market which has limited the bargaining power of the company and
has exerted pressure on its margins.

Experienced management: The operations of SAPL are currently
managed by Mr. Priyank Bhandari, Mr. N.K. Bhandari, and Mr. Goldee
Bhandari. Mr. N.K. Bhandari and Mr. Goldee Bhandari, both
graduates, have an experience of around two decades through their
association with SAPL, and Mr. Priyank, graduate, has an
experience of more than a decade through his association with this
entity.

Bhiwadi-based (Rajasthan) Sumetco Alloys Private Limited (SAPL) was
incorporated in 1996 by Mr Priyan Bhandari, Mr N. K Bhandari and Mr
Goldee Bhandari. All graduates by qualification and Mr N.K.
Bhandari and Mr Goldee Bhandari have an experience of around two
decades through their association with SAPL and Mr Priyank has an
experience of more than a decade through his association with this
entity. SAPL is engaged in processing of lead from batteries and
also engaged in trading of lead and lead alloys. The company
procures lead and batteries through online actions and bidding and
from traders. It also imports from countries like Saudi Arabia,
UAE, Australia, etc. SAPL sells its products domestically to
companies such as Tata Autocomp GY Batteries, Aaryan Alloys, Grap
Marketing Private Limited and also sells to local traders.

UNNAT FEEDS: CARE Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Unnat Feeds
Private Limited (UFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       11.81      CARE B; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 26, 2018, placed the
rating(s) of UFPL under the 'issuer non-cooperating' category as
UFPL had failed to provide information for monitoring of the
rating. UFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated May 20, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 26, 2019 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Competitive and fragmented nature of industry: The industry for
animal feeds processing is highly fragmented with a large number of
organized and unorganized players operating in the market with low
entry barriers.

High competition from local players and fortune linked to poultry
and animal husbandry industry: The company undertakes manufacturing
of animal feed, hence, demand is linked to the fortunes of the
poultry and animal husbandry industry. The industry is driven by
regional demand and supply because of transportation constraints
and perishable nature of the products. Low capital intensity and
low entry barriers facilitate easy entry of unorganized players,
leading to high competition and fragmentation. The poultry industry
is also vulnerable to outbreaks of diseases, which may lead to
reduction in demand, thus affecting the industry players
adversely.

Exposure to volatility in raw material prices: UFPL's business is
highly raw material intensive and raw material cost constitutes a
high proportion of the cost of sales. The prices of these
commodities are affected by factors such as changes in weather
conditions, low or high rainfall, production levels etc, exposing
the company to raw material price volatility risk. Low
profitability margins with leveraged capital structure: The
profitability margins of the company remained low as marked by
PBILDT and PAT margins of 4.89% and 1.64%, respectively in FY18,
however, the same improved from 3.28% and 1%, respectively, in
FY17. Further, the capital structure of the company remained
leveraged marked by weak long-term debt to-equity ratio and overall
gearing of 2.64x and 3.47x, respectively, as on March 31, 2018 (PY:
3.15x and 4.28x, respectively).

Key Rating Strengths

Experienced promoter: The promoters of the company are have
extensive experiences ranging between 15-21 years in the animal
feed industry.

Incorporated in August-2009, Unnat Feeds Private Limited (UFPL) is
promoted by Mr Ranpal Dhanda, Mr Mahipal Singh Dhanda, Mr Harpal
Singh Dhanda and Mr Tara Chand. The company is engaged in the
manufacturing of nutritionally balanced formulation of animal feed
for different phases of growth and reproduction of better quality
chicken, at its plant located at Panipat, Haryana, having an
installed capacity of 200 tonnes as on March 31, 2016.

VARDHMAN INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vardhman Industries
Limited (VIL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          74.65      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit     47         CRISIL D (ISSUER NOT
                                   COOPERATING)

   Long Term Loan       52.03      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    6.32      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

CRISIL has been consistently following up with VIL for obtaining
information through letters and emails dated November 30, 2018 and
April 9, 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 VIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VIL is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information with '.

Based on the last available information, the ratings on bank
facilities of VIL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Promoted by Mr Kapil Jain, VIL's manufacturing facilities are in
Ludhiana. It manufactures GP and GC sheets, and colour-coated
sheets. VIL is listed on the Bombay Stock Exchange.

VENKATESHWARA DALL: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Venkateshwara
Dall Industries (VDI; part of the Venkateshwara group) 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 VDI for obtaining
information through letters and emails dated February 28, 2019, May
10, 2019 and May 16, 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 VDI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VDI 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 VDI to 'CRISIL B+/Stable Issuer not cooperating'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VDI and Ganesh Agro Industries-Nanded
(Ganesh) as both entities, together referred to as the
Venkateshwara group, are under a common promoter family, engaged in
similar line of business, and benefit from centralised control over
operations and treasury of the entities.

VDI was formed as a proprietorship firm of Mr Rajiv Achintalwar, in
2004. The firm processes and trades in different pulses, and has a
manufacturing facility at Nanded (Maharashtra).

Ganesh was set up in 2015, by the Kotgire and Achintalwar families.
The firm processes toor dal (lentils). Operations began from
February 2016 and the firm was operational for 45 days in fiscal
2016. The manufacturing facility is at Nanded.

YASH AGRO: CRISIL Raises Rating on INR5cr Cash Loan to B-
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Yash Agro Industries (YAI) to 'CRISIL B-/Stable' from 'CRISIL D'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            5        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

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

The upgrade reflects YAI's track record of timely servicing of the
debt obligation and a belief that the financial risk profile and
liquidity should improve over the medium term, driven by increased
cash accrual and enhancement in bank lines.

The rating reflects the modest scale of YAI's operations in the
highly competitive cotton industry, susceptibility to adverse
regulatory changes, and weak financial risk profile. These
weaknesses are partially offset by the extensive experience of the
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: Intense
competition and limited differentiation in the end product may
continue to constrain scalability, pricing power, and
profitability. Revenue is projected to be average at INR42 crore
per annum over the medium term, with profitability low at of 3-4%.

* Susceptibility to adverse regulatory changes: Cotton prices are
volatile because they are susceptible to government interventions,
rainfall, and are also affected by international demand. Hence, any
adverse movement in cotton prices can affect profitability. Also,
in case of increase in cotton prices, inability on YAI's part to
pass on the full increase due to intense competition and/or
oversupply situation can restrict the margin.

* Weak financial risk profile: Financial risk profile is likely to
remain modest over the medium term. Total outside liabilities to
adjusted networth ratio was high at 4.19 times as on March 31,
2018, because of low networth of INR2.64 crore and minimal cash
accrual. Debt protection metrics were also average, with interest
coverage and net cash accrual to adjusted debt ratios of 1.54 times
and 0.07 time, respectively, for fiscal 2018.

Strength
* Extensive experience of the proprietor: Benefits from the
proprietor's experience of over six decades (through another firm,
Net Ram and Radheshyam), his strong understanding of local market
dynamics, and healthy relations with customers and suppliers should
continue to support the business.

Liquidity
Liquidity is likely to remain comfortable over the medium term.
Cash accrual is expected at INR0.87 crore for fiscal 2020, against
the yearly maturing debt of INR0.57 crore. Bank limit utilisation
was high and averaged 92% for the 12 months ended March 31, 2019,
due to large working capital requirement. Current ratio was average
at 1.15 times as on March 31, 2018.

Outlook: Stable

CRISIL believes YAI will continue to benefit from the extensive
experience of the proprietor. The outlook may be revised to
'Positive' if earlier-than-expected stabilisation of operations
strengthens the financial risk profile. Conversely, the outlook may
be revised to 'Negative' if a significantly low profitability, a
sizeable stretch in the working capital cycle, or any large,
debt-funded capital expenditure deteriorates the financial risk
profile.

YAI was set up in May 2015 by the proprietor, Mr Kulbir Singh
Beniwal; it commenced commercial operations in fiscal 2016. The
Mandi Adampur (Haryana)-based firm gins and presses cotton and also
extracts cotton oil.

[*] INDIA: MCA Examining Pre-Packaged Insolvency Solutions
----------------------------------------------------------
Business Standard reports that prepackaged insolvency resolution,
allowing creditors and shareholders with a pre-negotiated corporate
reorganisation plan to approach the National Company Law Tribunal
(NCLT), may be taken forward by the government as a key route in
the time to come.

Business Standard relates that sources said "this will aid the
existing framework and cut costs and the time taken during the
resolution process. This is part of a consultation process under
the law panel of the IBC identifying issues impacting its efficacy
and make recommendations.

"Pre-packaged insolvency resolutions scheme allows creditors and
shareholders to approach bankruptcy courts with a pre-negotiated
corporate organisation", said sources.

According to Business Standard, there have been consistent
arguments over the timeline of IBC resolutions and the government
has been seeking views on the pitfalls of the law.

Business Standard says the government had constituted insolvency
law panel under the chairmanship of the ministry of corporate
affairs (MCA) secretary in March 2019 to analyse the funtioning and
implementation of the code, identifying the issues impacting the
efficiency of the insolvency resolution and liquidation framework
for corporates, individual partnership firms under the code and
make suitable recommendations to address the issues.

The ministry had also invited comments from stakeholders on the
insolvency resolution of group companies, pre-packaged insolvency
resolutions relating to the IBC (2016) and Application to
Adjudicating Authority Rules, 2016 in April this year, Business
Standard adds.



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

LIPPO MALLS: Fitch Gives 'BB(EXP)' Long-Term IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned Lippo Malls Indonesia Retail Trust
(LMIRT) an expected Long-Term Foreign-Currency Issuer Default
Rating of 'BB(EXP)' with a Stable Outlook. Fitch has also assigned
the company's proposed US dollar senior unsecured notes an expected
'BB(EXP)' rating.

The expected IDR assumes that LMIRT will use around SGD170 million
of debt to fund the acquisition of Lippo Mall Puri, which is due to
be completed in 2H19, such that the trust maintains an LTV ratio of
around 35%. Fitch believes that a 35% LTV provides LMIRT with a
sufficient buffer to absorb a significant decline in property value
or a sharp weakening in the rupiah exchange rate before triggering
the trust's financial covenants. Fitch has some tolerance for a
limited increase in LTV beyond 35%, for example due to short-term
currency fluctuations, provided that it expects such an increase to
normalise in the near term, and if other credit metrics, such as
FFO fixed-charge coverage remains comfortable for the ratings.

The proposed US dollar notes will be issued by LMIRT's wholly owned
subsidiary - LMIRT Capital Pte. Ltd., and guaranteed by Perpetual
(Asia) Limited in its capacity as the trustee of LMIRT. The
proposed notes will constitute direct, unconditional,
unsubordinated and unsecured obligations of LMIRT and the
guarantor. The proceeds will be primarily used to refinance
maturing debt, and to fund working capital.

The final IDR assigned to LMIRT will depend on the final mix of
debt and equity used to complete the acquisition and whether the
acquisition proceeds or not. The final rating on the proposed bonds
is contingent on the receipt of final documents conforming to
information already received.

KEY RATING DRIVERS

Largest Indonesian Shopping-Mall Portfolio: LMIRT's shopping
mall-portfolio is the largest in Indonesia with net lettable area
(NLA) of 910,749 square meters, more than 3,697 tenants and
estimated annual shopper traffic of 169.8 million as of 31 December
2018. Fitch expects the portfolio's average occupancy rate to hover
around 91%-92% over the next two years, which is above the current
industry average of 81%-83%. The above-average occupancy reflects
LMIRT's well-located assets and favourable demand-supply dynamics
in most of its catchment areas.

LMIRT's lease expiry profile is manageable with 10.1% and 18.9% of
NLA expiring in 2019 and 2020, respectively. In addition, leases
that are not coming up for renewal have built-in annual rental
increases and Fitch expects the performance of several of LMIRT's
under-utilised shopping malls to improve. These factors support
Fitch's forecast of modest EBITDA growth over the medium term.

Ring-Fenced from Lippo: Fitch rates LMIRT on a standalone basis
because it believes the trust is sufficiently ring-fenced from PT
Lippo Karawaci TBK (LPKR, CCC+/Rating Watch Positive), which owns
31.57% of LMIRT's equity and controls the trust's manager. LMIRT
has right of first refusal over LPKR's shopping malls, and a large
portion of its malls were purchased from its sponsor. However,
LMIRT, as a REIT listed in Singapore, is subject to stringent
regulations that require two independent valuations and minority
unitholders' approval for related-party transactions. Fitch
believes these rules sufficiently mitigate the risks that such
transactions are detrimental to minority unitholders.

Manageable Related-Party Tenant Risk: As of 1Q19, 26% of LMIRT's
gross revenue was to related-party tenants, including 8.2% from
master leases with LPKR on four of its malls, and 4.1% from
unprofitable supermarket operator PT Matahari Putra Prima Tbk
(Hypermart). Fitch expects revenue from master-leased malls to fall
significantly at contract expiry, given the underlying tenant
revenue and occupancy are considerably lower than the contracted
values. The master lease for Lippo Mall Kemang, the largest of the
four, expires on 16 December 2019 and it has assumed revenue from
the mall will fall by around 30%, which it estimates will drag down
LMIRT's total revenue by around 4%.

Hypermart remains current on its rental payments to LMIRT, but it
plans to reduce its rented space by 10% in 2019 as part of its
business rationalisation. Fitch has assumed that LMIRT will be able
to fill about 50% of the total space vacated by Hypermart in the
first year, but expect the replacement tenants to pay a higher rent
per square foot than Hypermart, in line with the trend of the last
12 months. Accordingly, the cash flow impact from Hypermart's space
reduction will be broadly neutral.

Mall Puri Purchase Pending: LMIRT signed a conditional sales and
purchase agreement with LPKR in March 2019 to purchase Lippo Mall
Puri for around SGD350 million. LMIRT expects the transaction to be
concluded by end-2019, and plans to fund the purchase using a
combination of debt and equity such that LTV remains around 35%.
Puri is a relatively new mall, and is part of the St. Moritz
mixed-development in West Jakarta, which should support an increase
in tenant demand over the medium term.

Puri's occupancy stood at 89.6% as of 31 December 2018, which is
below the trust's average, mainly because it is in the ramp-up
phase. Therefore the sponsor has committed to provide annual rental
support payments to LMIRT during the first five fiscal years after
the purchase of the mall. The purchase price does not factor in
this rental support income. The sponsor expects to pre-fund the
rental support payments as well as its 31.57% share of the new
equity that LMIRT plans to issue via a USD730 million rights issue
that is targeted to be completed in June 2019.

Perpetual Securities Treated as Equity: Fitch treats LMIRT's SGD260
million of perpetual securities - issued in 2016 and 2017 - as 100%
equity, as these securities have strong going-concern and
gone-concern loss-absorption features. Its treatment also factors
in LMIRT's intention to maintain these securities as a permanent
part of its capital structure, by replacing the securities at their
next call-dates with similar instruments or common equity.

DERIVATION SUMMARY

LMIRT's Long-Term IDR can be compared to PT Pakuwon Jati Tbk
(BB/Stable), Pinewood Group Limited (BB/Stable), and Emirates REIT
(BB+/Stable).

Pakuwon is a Indonesia-based property developer whose rating is
driven by its large investment property (IP) portfolio consisting
of primarily shopping malls, with some office and hotel assets. For
similar assets, Fitch views that Pakuwon has better IP quality than
LMIRT, indicated by stronger occupancy and rent per square foot.
This coupled with Pakuwon's conservative capital structure leads to
an overall stronger financial profile than LMIRT. However, Pakuwon
has higher exposure to the more-risky property development
business, while the robust regulatory frameworks for
Singapore-listed REITs compensate for LMIRT's weaker financial
profile than Pakuwon. As a result, Fitch rates both companies at
the same level.

UK-based Pinewood's rating is supported by its position as key
provider of studio space for film production, the supportive tax
regime for UK film production, long-standing customer
relationships, large local network for the creative industry,
access to international transport links, and strong capital
structure. Pinewood is rated at the same level as LMIRT as the
former's smaller operating scale, measured by annual EBITDA, and
shorter lease tenor than LMIRT is compensated by much stronger
fixed-charge cover ratio, and a strong market position in the niche
film industry that supports long-standing customer relationships.

Emirates REIT is based in the United Arab Emirates. It has a
resilient portfolio of office and school properties in Dubai.
Emirates REIT is rated one notch higher than LMIRT due to its
strong asset quality, which is underpinned by better earnings
visibility via longer lease durations of its school assets, and
beneficial government relations. The UAE government owns 38% of the
REIT, which supports the company's overall business model. For
example, the REIT has been able to acquire two exclusive decrees
that allow real- estate ownership in non-free-zone areas. In
addition, the REIT has good insight into the business and economic
outlook of the Dubai real estate market.

KEY ASSUMPTIONS

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

  - Broadly stable occupancy rates at 93% and modest rental rate
growth of around 3.5% a year to 2020. Revenue decline in Kemang is
compensated by improvements in weaker assets from asset enhancement
initiatives, while stronger assets continue to exhibit stable
performance and rental rate growth.

  - Lippo Puri Mall is acquired in 2019 with additional debt of
around SGD170 million

  - Proposed US dollar bonds issued to refinance SGD175 million
term loans due in 2020 and SGD120 million short-term working
capital facility.

  - Master lease at Lippo Mall Kemang, Kuta, and Yogyakarta will
expire in December 2019, 2021, and 2022 - and will not be extended.


RATING SENSITIVITIES

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

  - Fitch does not expect any positive rating action over the
medium term given LMIRT's operating scale

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

  - Net debt / investment property of above 35% on a sustained
basis

  - FFO fixed-charge cover ratio of below 1.5x on a sustained
basis

  - A sustained weakening in the performance of LMIRT's shopping
mall portfolio as indicated by falling occupancy rates and negative
rental reversion

LIQUIDITY

Adequate Liquidity, Financial Flexibility: LMIRT expects to
refinance the SGD120 million revolving credit facility due in 2019
and the SGD175 million term loan due in 2020 using proceeds from a
proposed issuance of US dollar notes. The trust expects to maintain
the SGD120 million revolver as an undrawn liquidity line after the
bond issuance. The next significant maturity will then be the SGD75
million bond due in June 2020, which will be covered by a cash
balance of around SGD48 million at end-2019 by Fitch's estimates,
and undrawn uncommitted credit lines of SGD120 million.

LMIRT, as with most REITs, is exposed to refinancing risk because
it is required to pay out at least 90% of its distributable profits
to unitholders. However, Fitch expects the trust to be able to meet
its refinancing needs due to its adequate financial profile,
unencumbered property portfolio, and comfortable LTV of around 35%
over the medium term.

LIPPO MALLS: Moody's Assigns Ba3 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to Lippo Malls Indonesia Retail Trust.

At the same time, Moody's has assigned a Ba3 backed senior
unsecured rating to the bond issued by LMIRT Capital Pte. Ltd., a
wholly-owned subsidiary of LMIRT. The bond is guaranteed by the
trustee of LMIRT.

The outlook is stable.

RATINGS RATIONALE

LMIRT's Ba3 CFR reflects the trust's established presence in
Indonesia (Baa2 stable), with its portfolio of retail malls and
retail spaces spread across the ten Indonesian cities and targeting
the country's growing middle-to-upper middle income consumers.
Further, the trust generates a predictable income stream from its
asset portfolio, with healthy occupancy rates, well-balanced lease
expiry profiles and favorable lease payment structures.

"The Ba3 CFR incorporates our expectation that LMIRT's refinancing
risk over the next 12-18 months will be adequately addressed by the
trust's proposed US dollar bond issuance," says Jacintha Poh, a
Moody's Vice President and Senior Credit Officer.

As of March 31, 2019, LMIRT had a weighted average debt maturity of
2.0 years, with SGD370 million of debt maturing in 2019 and 2020.
Following the issuance of the proposed US dollar bond, the trust's
pro-forma weighted average debt maturity will improve to around 4.3
years. The weighted average debt maturity does not consider LMIRT's
two perpetual securities -- SGD140 million callable in 2021 and
SGD120 million callable in 2022.

As a real estate investment trust (REIT), LMIRT distributes the
majority of its cash flows and does not retain cash to repay debt,
exposing the trust to inherent refinancing risk and resulting in
weak liquidity. Nonetheless, these risks are partially mitigated by
LMIRT's track record of access to funding.

"LMIRT's rating also incorporates an expectation that there will be
reduction in the trust's revenue exposure to the Lippo group of
companies to below 25%, even after its proposed acquisition of
Lippo Mall Puri which is scheduled to complete in the second half
of 2019," adds Poh, who is also Moody's Lead Analyst for LMIRT.

In Q1 2019, LMIRT derived around 26% of its revenue from members of
the Lippo group of companies through master lease arrangements and
key tenants. Moody's expects LMIRT's revenue exposure to moderate
in 2020, given (1) the expiry of the master lease agreement at
Lippo Mall Kemang with Lippo Karawaci Tbk (P.T.) (B3 stable) at the
end of 2019; and (2) a reduction in the space taken by PT Matahari
Putra Prima Tbk owing to its downsizing strategy of Hypermart.

For the 12 months ended March 31, 2019, LMIRT has an adjusted net
debt/EBITDA of 5.7x and adjusted EBITDA/interest expense of 3.1x.
Over the next 12-18 months, Moody's expects the trust's credit
metrics to weaken -- adjusted net debt/EBITDA of 6.4x and adjusted
EBITDA/interest expense of 2.6x -- owing to lower EBITDA following
the expiry of the master lease agreement at Lippo Mall Kemang.

The rating on the proposed bond is in line with LMIRT's Ba3 CFR, as
the bond is not exposed to legal or structural subordination risk.
As of March 31, 2019, 100% of LMIRT's total debt was unsecured, and
all debt was held at the holding-company level including the debt
issued by LMIRT Capital Pte. Ltd.

The stable outlook reflects Moody's expectation that LMIRT will
continue to generate a predictable income stream from its current
portfolio, supported by steady occupancy rates. Moody's also
expects the trust to refinance the majority of its debt maturing in
2019 and 2020 with the proceeds from the proposed US dollar bond.

Upward rating momentum could build if LMIRT reduces its revenue
exposure to the Lippo group of companies and strengthens its credit
metrics, such that adjusted net debt/EBITDA stays below 5.0x and
adjusted EBITDA/interest expense remains above 4.0x on a sustained
basis. An upgrade will also require the trust to maintain adequate
liquidity, with a demonstrated track record of addressing
refinancing needs well in advance.

On the other hand, LMIRT's ratings could be downgraded if: (1) the
operating environment deteriorates, leading to higher vacancy
levels and declining operating cash flows or a falling asset
valuations; or (2) the trust's credit metrics weaken, with adjusted
net debt/EBITDA exceeding 6.5x or adjusted EBITDA/interest expense
falling below 2.5x; or (3) the trust fails to proactively manage
its debt maturities, such that short-term debt exceeds 15% of total
debt.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2018.

Lippo Malls Indonesia Retail Trust is a real estate investment
trust and has been listed on the Singapore Stock Exchange since
November 2007. At December 31, 2018, it had a portfolio of 23
retail malls and seven retail spaces across major cities in
Indonesia, with a total appraised value of around SGD1.8 billion.

LMIRT is sponsored by Lippo Karawaci Tbk (P.T.) (B3 stable), which
owns an approximate 32% stake in the trust. LMIRT is managed by
LMIRT Management Ltd, while its properties are managed by PT Lippo
Malls Indonesia. The latter two companies are wholly-owned
subsidiaries of Lippo Karawaci.



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

FP IGNITION 2017-B: Fitch Upgrades Class F Debt to 'BB+sf'
----------------------------------------------------------
Fitch Ratings has upgraded four classes and affirmed two classes of
notes from FP Ignition 2017 - B Trust. The transaction consists of
notes ultimately backed by New Zealand finance and operating
vehicle leases originated by Fleet Holding (NZ) Limited, a
subsidiary of FleetPartners Pty Limited and a part of Eclipx Group
Limited (ECX: ASX), an Australian Stock Exchange listed entity.

The notes were issued by NZGT (FP) Trustee Limited in its capacity
as trustee of FP Ignition 2017 - B Trust.

KEY RATING DRIVERS

Macroeconomic Factors: The Stable Outlook is supported by New
Zealand's strong and benign macroeconomic environment, which is
underpinned by robust governance, a solid policy framework and
sound prudential fiscal management. Fitch forecasts economic growth
of 2.8% in 2019, supported by low unemployment and high net
migration.

Portfolio Analysis: The underlying collateral pool consisted of
3,409 leases to 1,121 obligors, totalling NZD78.9 million, as at
the 30 April 2019 cut-off date. The portfolio comprises of
predominantly operating leases (94% of portfolio), with the
remainder being finance leases, the combination of which are
extended to obligors spanning numerous industries throughout New
Zealand. The largest 10 obligors account for 14.6% of the
portfolio.

To date, the portfolio has experienced 42 cumulative defaults,
which, after recoveries, resulted in a net loss of 0.28%; 30+ and
90+ day arrears are 3.0% and 1.1%, respectively, representing an
increase from the prior rating action of 1.3% and 0.9%,
respectively. The increase is driven primarily by the reducing
portfolio, which currently has a bond factor of 39.6%. Arrears by
nominal balance remain flat.

SME Borrower Credit Risk: Historic data analysis was performed to
derive the one-year default probability assumption for each
contract type based on the annual average historical default rates
associated with the underlying portfolio. The one-year PD
assumption is built into Fitch's proprietary Portfolio Credit Model
(PCM), together with other key variables, including the portfolio
amortisation profile and portfolio concentration and industry
distributions. The one-year annual PD derived on the portfolio
remained unchanged at 1.3% for the SME portfolio and the PCM
derived results were applied to Fitch's cash flow modelling.

Residual Value Risk: The weighted-average portfolio residual is
81.4%. In all months since transaction close, realised proceeds
have exceeded 100%, above Fitch's residual value base-case recovery
assumption of 97.8%.

Credit Enhancement: The transaction features a sequential pro rata
pay structure, consistent with other ABS transactions. It has met
its pro rata triggers and is currently paying down principal pro
rata until its call date is reached, which Fitch anticipates to
occur within the next 12 months. Credit enhancement is sufficient
to cover Fitch-stressed cumulative net loss assumptions in all
Fitch scenarios. The transaction includes a vehicle-servicing
account to enable the issuer to fund operating-lease
vehicle-servicing obligations.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis of the ratings by stressing the transaction's initial
base-case assumptions.

Rating sensitivity to increased defaults:

Current rating:AAAsf/AAAsf/AA-sf/Asf/BBBsf/BB+sf

Increase defaults by 25%: AAAsf/AAAsf/A+sf/A-sf/BBB-sf/BB+sf

Increase defaults by 50%: AAAsf/AAAsf/AAsf*/BBB+sf/BBB-sf/BB+sf

Rating sensitivity to decreased recovery proceeds:

Current rating:AAAsf/AAAsf/AA-sf/Asf/BBBsf/BB+sf

Decrease recoveries by 25%: AAAsf/AAAsf/A+sf/A-sf/BBB-sf/BB+sf

Decrease recoveries by 50%: AAAsf/AAAsf/Asf/BBB+sf/BB+sf/BBsf

Rating sensitivity to multiple factors:

Current rating:AAAsf/AAAsf/AA-sf/Asf/BBBsf/BB+sf

Increase defaults by 25%; reduce recoveries by 25%:

AAAsf/AAAsf/Asf/BBB+sf/BB+sf/BBsf

Rating sensitivity to decreased residual value sales proceeds:

Current rating:AAAsf/AAAsf/AA-sf/Asf/BBBsf/BB+sf

Base case sales proceeds less 5%:
AAAsf/AAAsf/A+sf/A-sf/BBB-sf/BB+sf

Base case sales proceeds less 10%:

AAAsf/AAAsf/A+sf/BBB+sf/BB+sf/BBsf

  * Under the stable interest rate, high prepayment stress
scenarios, the C note is slightly more sensitive in a 'AAsf' stress
where there is an additional 50% increase in defaults compared with
an additional 25% increase. This is due to temporary interest
shortfall of less than 1% for these notes

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that were material to
this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio as part of its
ongoing monitoring.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of FleetPartners' origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset portfolio.


Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

FP Ignition 2017 - B Trust
   
Class A NZFPID1001R8; LT AAAsf Affirmed; previously AAAsf

Class B NZFPID1002R6; LT AAAsf Affirmed; previously AAAsf

Class C NZFPID1003R4; LT AA-sf Upgrade; previously A+sf

Class D NZFPID1004R2; LT Asf Upgrade; previously A-sf

Class E NZFPID1005R9; LT BBBsf Upgrade; previously BB+sf

Class F NZFPID1006R7; LT BB+sf Upgrade; previously BB-sf



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

EAST COAST RURAL: Placed Under PDIC Receivership
------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited East Coast Rural Bank of Hagonoy, Inc. from doing
business in the Philippines through MB Resolution No. 802.B dated
May 30, 2019 which also directed the Philippine Deposit Insurance
Corporation (PDIC) as Receiver to proceed with the takeover and
liquidation of East Coast Rural Bank of Hagonoy, Inc. PDIC took
over the bank on May 31, 2019.

East Coast Rural Bank of Hagonoy, Inc. is a single-unit rural bank
located at HRBI Compound, G. Panganiban St., Brgy. Santo Niño
(Pob.), in Hagonoy, Bulacan.

Latest available records show that as of March 31, 2019, East Coast
Rural Bank of Hagonoy, Inc. has 1,412 deposit accounts with total
deposit liabilities of PHP122 million, of which 91.36% or PHP111.4
million are insured deposits.

PDIC assured depositors that all valid deposits and claims shall be
paid up to the maximum deposit insurance coverage of PHP500,000.00.
Individual account holders of valid deposits with balances of
PHP100,000.00 and below do not need to file deposit insurance
claims, provided they have no outstanding obligations or have not
acted as co-makers of obligations with East Coast Rural Bank of
Hagonoy, Inc. These individual depositors must ensure that they
have complete and updated addresses with the bank. PDIC
representatives will be distributing Mailing Address Update Forms
at the bank premises and depositors may submit the forms until June
4, 2019.

For business entities and all other depositors who are required to
file claims for deposit insurance, the schedule for filing of
claims will be announced through posters in the bank premises and
in other public places, the PDIC website www.pdic.gov.ph, and
PDIC's official Facebook account.

PDIC also reminded borrowers to continue paying their loan
obligations with the closed East Coast Rural Bank of Hagonoy, Inc.
and to transact only with designated PDIC representatives at the
bank premises.

For more information on the requirements and procedures for filing
of claims for deposit insurance and settlement of loan obligations,
all depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum on June 13, 2019. Details will be
posted in the bank premises and in other public places.

Pursuant to Section 13 of R.A. 3591, as amended, PDIC shall
likewise accept Letters of Intent from interested banks and
non-bank institutions for possible Purchase of Assets and
Assumption of Liabilities (P&A) as a mode of liquidating East Coast
Rural Bank of Hagonoy, Inc. within sixty (60) days from PDIC
takeover subject to compliance with the requirements prescribed
under the Guidelines in Pre-qualifying Proponents and Evaluating
the Proposals for Purchase of Assets and Assumption of Liabilities
Mode of Liquidating Closed Banks posted in the PDIC website.

All stakeholders and interested parties may communicate with PDIC
Public Assistance personnel stationed at the bank premises or call
the PDIC Public Assistance Hotline at (02) 841-4630 or the Toll
Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro
Manila. Inquiries may also be sent by e-mail to pad@pdic.gov.ph or
via private message to the official PDIC Facebook account at
www.facebook.com/OfficialPDIC.

RURAL BANK OF MABITAC: Creditors' Claim Deadline Set for June 10
----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urged creditors
of the closed Rural Bank of Mabitac (Laguna), Inc. to file their
claims against the bank's assets on or before June 10, 2019. PDIC
reiterated that claims filed after said date shall be disallowed.
Creditors refer to any individual or entity with a valid claim
against the assets of a closed bank and include depositors with
uninsured deposits that exceed the maximum deposit insurance
coverage (MDIC) of PHP500,000.

PDIC announced that creditors of the closed bank may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM, except holidays.
Creditors may also file their claims through mail addressed to the
PDIC Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City. Claims filed by mail
must have a postmark dated not later than June 10, 2019. The
prescribed Claim Form against the assets of the closed bank may be
downloaded from the PDIC website, www.pdic.gov.ph. PDIC reminds
creditors to transact only with authorized PDIC personnel.

In case claims are denied, creditors shall be notified officially
by PDIC through mail. Creditors whose claims are denied or
disallowed may file their claims with the liquidation court within
sixty (60) days from receipt of final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims for
the insured portion of their deposits as of June 10, 2019 are
deemed to have filed their claims for the uninsured portion or the
amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Mabitac was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on February 21, 2019 and PDIC,
as the designated Receiver, was directed by the MB to proceed with
the takeover and liquidation of the closed bank in accordance with
Section 12(a) of Republic Act No. 3591, as amended. The bank's Head
Office is located at 17 J. Rizal St., Brgy. Sinagtala (Pob.),
Mabitac, Laguna. It has two branches located in Candelaria and
Infanta, Quezon; six extension offices in Laguna (Cabuyao, Calamba,
Los Baños, Paete, Siniloan and Sta. Maria); five micro banking
offices in Laguna (Cabuyao, Los Baños, Paete), Batangas (Tanauan)
and Rizal (Tanay); and three other banking offices located in
Nagcarlan, Sta. Cruz and Sta. Rosa, all in Laguna.

All requests and inquiries relating to the closed Rural Bank of
Mabitac should be addressed to the PDIC Public Assistance
Department through mail at the 6th Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, through e-mail at
pad@pdic.gov.ph, or through telephone numbers (02) 841-4630.
Depositors and creditors outside Metro Manila may call the PDIC
Toll Free Hotline at 1-800-1-888-PDIC (7342). Walk-in clients may
also visit the PDIC Public Assistance Center at the 3rd Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City,
Monday to Friday, 8:00 AM to 5:00 PM, except holidays. Inquiries
may also be sent as private message at Facebook through
www.facebook.com/OfficialPDIC.



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

MARY CHIA: Narrows Loss to SGD2.7MM in Full-Year Ended March 31
---------------------------------------------------------------
The Straits Times reports that Catalist-listed Mary Chia Holdings
has narrowed its net loss for the full year ended March 31 to
SGD2.7 million, from SGD6.0 million a year ago, due to a one-time
gain on a property sold last year, offset by loss of rental income
from the property.

Loss per share narrowed to 1.64 cents, from 3.58 cents a year ago,
the slimming services chain said on May 30 in a regulatory filing.

There is no dividend declared for the quarter, unchanged from a
year ago, due to the intention to conserve cash flow for expansion
and rebranding efforts, the group said, the Straits Times relays.

Shares of the company closed flat at 3.6 Singapore cents on May
30.

According to the Straits Times, revenue for the year fell 2.5 per
cent to SGD8.9 million, from SGD9.1 million a year ago, mainly from
the SGD900,000 loss of rental income from the 48, 49 and 50 Mosque
Street property which it sold in March 2018.

This was partially offset by the direct selling of Daily Essence
and Cordyzymes Supreme Essence products - house brands of its
subsidiary Organica International Holdings. The group's direct
selling segment saw revenue almost tripling to SGD1.4 million, from
SGD495,000 a year ago.

The Straits Times relates that traditional segments such as its
beauty, slimming and spa treatment for men and women also
experienced increases in revenue. For the women's segment, it
increased 10 per cent to SGD7.3 million, from SGD6.6 million a year
ago. Revenue for the men's segment increased 47 per cent to SGD1.0
million, from SGD690,000 a year ago.

The group's other income was also 11 times that of the SGD5.1
million a year ago from SGD445,000, due to the recognition of a
one-time gain of SGD4.9 million from the disposal of the Mosque
Street property, offset by certain decrease in other income,
according to the Straits Times.

Mary Chia also saw a decrease in finance costs to SGD100,000, from
SGD1 million a year ago, due to the repayment of bank borrowings of
SGD28.9 million relating to the sold property, the report adds.

On outlook, the group expects the operating environment in the
segments of beauty, slimming and spa treatment for men and women to
"remain challenging," the Straits Times relates.

It will leverage its 40-year-old brand name to increase its market
presence by looking for retail locations with good consumer traffic
slow and affordable rentals to open new outlets. On the cost front,
it will "continue to be vigilant and exercise prudence" in cost
control, the report adds.

"The group is undergoing a rebranding exercise to keep the brand
continuously fresh and strengthen market positioning with new
millennials while not forsaking traditional and loyal customers,"
it added.

Mary Chia Holdings Limited engages in the provision of lifestyle
and wellness services for both women and men at its lifestyle and
wellness centers under the Mary Chia (for women), Urban Homme (for
men), GO60 (for professionals, managers, executives and businessmen
(PMEBs)), Masego (for families), Huang Ah Ma (for
tourists and PMEBs), LPG Endermospa (for PMEBs), Scinn Medical
Centre and MCU Beautitudes (for medical aesthetics) brands. The
Company's segments are Beauty, slimming and spa treatment for
women; Beauty, slimming and spa treatment for men, and Investment
holding. Its services are categorized into beauty and facial
services, slimming services, and spa and massage services. Its
ancillary business is in the sale of lifestyle and wellness
products under the MU brand at its lifestyle and wellness centers.


                           *********


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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electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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