---

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

                     A S I A   P A C I F I C

          Friday, June 7, 2019, Vol. 22, No. 114

                           Headlines



A U S T R A L I A

BD SOUTHSIDE: First Creditors' Meeting Set for June 14
CONSTRUCTION DIVING: Second Creditors' Meeting Set for June 12
CONTAINED GOLD: First Creditors' Meeting Set for June 14
DEMPSEY ASIA: Second Creditors' Meeting Set for June 12
FERNBREW PTY: Placed in Liquidation After Fakes Scandal

KONSTRUCT ADMINISTRATION: First Creditors' Meeting Set for June 17
MONKS DINER: First Creditors' Meeting Set for June 14
N H CONSTRUCTIONS: First Creditors' Meeting Set for June 17
NATIONAL CONGRESS: First Creditors' Meeting Set for June 14
SAROY HOLDINGS: Second Creditors' Meeting Set for June 13

[*] AUSTRALIA: Building Insolvencies Surge, Subbies Want Protection


C H I N A

GEELY AUTOMOBILE: Moody's Withdraws Ba1 CFR, Outlook Stable
HONGHUA GROUP: Fitch Hikes LT IDR & $200MM Sr. Unsec. Notes to 'B'
TAHOE GROUP: Fitch Affirms 'B-' LT IDR, Alters Outlook to Stable
TONGCHUANGJIUDING INVESTMENT: S&P Alters Outlook to Stable


H O N G   K O N G

PACIFIC ANDES: Ng Family Face Suit Over Alleged Fraud


I N D I A

ADINO TELECOM: ICRA Maintains B+ Rating in Not Cooperating
ARMA INTERNATIONAL: First Creditors' Meeting Set for June 17
BUNDELA EXPORTS: ICRA Migrates B+ Rating to Not Cooperating
CHIDDARWAR CONSTRUCTION: ICRA Retains B Rating in Not Cooperating
DREAM DIGITAL: ICRA Maintains B- Rating in Not Cooperating

GOA SPONGE: ICRA Withdraws B- Rating on INR46cr Cash Loan
HOUSING DEVELOPMENT: Given 4 Weeks to Pay INR98cr to Bank of India
JAGATPAL SINGH: ICRA Maintains B+ Rating in Not Cooperating
JAY PALGHAR: ICRA Maintains 'B' Rating in Not Cooperating
JAYCO SYNTHETICS: ICRA Withdraws B+ Rating on INR7.45cr Loan

JSK MARKETING: ICRA Cuts INR50cr Loan Rating to D, Not Cooperating
KESHAV HOLIDAY: ICRA Assigns B+ Rating to INR50cr Term Loan
NIJANAND PIPES: ICRA Migrates 'D' Rating to Not Cooperating
PRINT SOLUTIONS: ICRA Migrates B+ Rating to Not Cooperating
RIDDHI SIDDHI: ICRA Keeps 'D' Rating in Not Cooperating

RUNGTA IRRIGATION: ICRA Maintains B Rating in Not Cooperating
SHRI RAM: ICRA Lowers Rating on INR48cr Non-Fund Based Loan to C+
TAPTI AGRO: ICRA Maintains B Rating in Not Cooperating Category
TRIVENI WIRES: ICRA Cuts INR25cr Term Loan Rating to D, Not Coop.
VIMAL MICRONS: ICRA Withdraws B+ Rating on INR25.60cr Loan



N E W   Z E A L A N D

CRYPTOPIA LIMITED: Too Soon to Enter Sale Process, Liquidators Say
GCC RESTAURANTS: Award-Winning Roots Goes Into Liquidation


S I N G A P O R E

PSL HOLDINGS: Added to Singapore Exchange's Watch-List

                           - - - - -


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

BD SOUTHSIDE: First Creditors' Meeting Set for June 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of BD Southside
Pty. Ltd. will be held on June 14, 2019, at 11:00 a.m. at Level 9,
120 Edward Street, in Brisbane.

Andrew John Spring and Marcus Watters of Jirsch Sutherland were
appointed as administrators of BD Southside on June 4, 2019.

CONSTRUCTION DIVING: Second Creditors' Meeting Set for June 12
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Construction
Diving Services Pty Ltd has been set for June 12, 2019, at 10:30
a.m. at the offices of Hall Chadwick, at Level 4, 240 Queen Street,
in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 11, 2019, at 4:00 p.m.

Richard Albarran, Glenn Shannon and Kathleen Vouris of Hall
Chadwick were appointed as administrators of Construction Diving on
May 8, 2019.

CONTAINED GOLD: First Creditors' Meeting Set for June 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Contained
Gold Pty Ltd will be held on June 14, 2019, at 10:30 a.m. at the
offices of Ticcidew Insolvency, at 463 Scarborough Beach Road, in
Osborne Park, WA.

Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Contained Gold on June 4, 2019.

DEMPSEY ASIA: Second Creditors' Meeting Set for June 12
-------------------------------------------------------
A second meeting of creditors in the proceedings of Dempsey Asia
Pty Ltd has been set for June 12, 2019, at 9:30 a.m. at the offices
of Hall Chadwick, at Level 4, 240 Queen Street, in Brisbane,
Queensland.

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

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

Richard Albarran, Glenn Shannon and Kathleen Vouris of Hall
Chadwick were appointed as administrators of Dempsey Asia on May 8,
2019.

FERNBREW PTY: Placed in Liquidation After Fakes Scandal
-------------------------------------------------------
SecuringIndustry.com reports that Australian wholesaler Fernbrew
has gone into liquidation and is facing a big tax bill amid
allegations of supplying counterfeit spirits.

Fernbrew is part of the New South Wales drinks company D'Aquino
Brothers, run by Rex D'Aquino, which is reported to be facing tax
bill "substantially" in excess of AUD87 million for unpaid duties
after an investigation by the Australian authorities into the sale
of fake Scotch whisky and tequila, SecuringIndustry.com discloses
citing an ABC report.

Also in liquidation is Hunter Wine Services, a contract winemaking
company and another part of the D'Aquino stable,
SecuringIndustry.com relates.

According to SecuringIndustry.com, a trademark infringement lawsuit
was filed against another D'Aquino unit and "other parties" last
year by the Scotch Whisky Association (SWA), alleging the sale of
alcohol wrongly labelled as Scotch in breach of Australian and
international trademark laws.

Meanwhile, Fernbrew, which went into administration earlier this
year, has been accused of supplying counterfeit Reeba Reeba tequila
in Mexico, along with D'Aquino which sold a brand called Blue
Cactus. Under trademark laws, a product can only be called tequila
if it is made in Mexico.

SecuringIndustry.com says Rex D'Aquino has been referred to the
Australian Securities and Investments Commission (ASIC) at the
recommendation of administrator KordaMentha, which says the federal
authority should investigate him for potential civil and criminal
violations of the Corporations Act.

He has run into problems with the authorities before, having been
fined in 1999 in connection with smuggling of alcohol into
Australia, and was ordered by a federal court to stop sell and/or
marketing counterfeit Scotch in 2006, 2009 and 2012, the report
states.

David Ingram, Richard Albarran and Brent Kijurina of Hall Chadwick
Chartered Accountants were appointed as administrators of Fernbrew
Pty on Jan. 30, 2019.

KONSTRUCT ADMINISTRATION: First Creditors' Meeting Set for June 17
------------------------------------------------------------------
A first meeting of the creditors in the proceedings of Konstruct
Administration Pty Ltd will be held on June 17, 2019, at 11:00 a.m.
at the offices of Mackay Goodwin, at Level 2, 10 Bridge Street, in
Sydney, NSW.

Grahame Ward of Mackay Goodwin was appointed as administrator of
Konstruct Administration on June 4, 2019.

MONKS DINER: First Creditors' Meeting Set for June 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Monks Diner
Pty Ltd will be held on June 14, 2019, at 4:00 p.m. at Level 9, 120
Edward Street, in Brisbane.

Andrew John Spring and Marcus Watters of Jirsch Sutherland were
appointed as administrators of Monks Diner on June 4, 2019.

N H CONSTRUCTIONS: First Creditors' Meeting Set for June 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of N H
Constructions Pty Ltd will be held on June 17, 2019, at 11:00 a.m.
at the offices of Chartered Accountants Australia and New Zealand,
at Level 18, Bourke Place, 600 Bourke Street, in Melbourne,
Victoria.

Mathew Gollant of Courtney Jones & Associates was appointed as
administrator of N H Constructions on June 5, 2019.

NATIONAL CONGRESS: First Creditors' Meeting Set for June 14
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of National
Congress Of Australia's First Peoples Limited will be held on June
14, 2019, at 11:00 a.m. at The Hyatt Regency Sydney, Level 1,
Pyrmont Room 5, 161 Sussex Street, in Sydney, NSW.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of National Congress Of Australia's First Peoples on
June 3, 2019.

SAROY HOLDINGS: Second Creditors' Meeting Set for June 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of Saroy Holdings
Pty Ltd, trading as Vision Personal Training Wahroonga, has been
set for June 13, 2019, at 10:00 a.m. at the offices of Cor Cordis
One Wharf Lane, at Level 20, 171 Sussex 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 12, 2019, at 12:00 p.m.

Jason Tang and Alan Walker of Cor Cordis were appointed as
administrators of Saroy Holdings on May 8, 2019.

[*] AUSTRALIA: Building Insolvencies Surge, Subbies Want Protection
-------------------------------------------------------------------
Michael Bleby at Australian Financial Review reports that building
industry insolvencies have risen to a four-year high in New South
Wales and are approaching historical highs nationally, prompting
subcontractors to demand protection of unpaid payments in an
industry estimated to leave an unpaid AUD3 billion-worth of bills
each year.

According to AFR, corporate regulator ASIC figures show NSW
building industry failures jumped to 64 in March, the highest level
since mid-2015, lifting the national total to 153, close to its
highs of recent years. Unlike recent years, however, the figures
come at a time when housing construction - a mainstay of the sector
- is cooling.

Without long-overdue protections for subcontractors, who perform 80
per cent of all building work, many more of these small businesses
will go to the wall at a time of building stress, said John Murray,
the author of a 2017 report into security of payments for the
federal government, AFR relays.

"The industry's in a downturn and what happens in a downturn is
high incidences of insolvencies," Mr. Murray told The Australian
Financial Review on June 5.

A 2015 Senate report into insolvency in construction estimated the
industry suffered AUD3 billion in unpaid debts, including
subcontractor payments, employee entitlements and tax debts
averaging about AUD630 million a year, AFR discloses.

AFR says a key recommendation of Mr. Murray's review was the
introduction of deemed statutory trusts, which--like trust accounts
of real estate agents and lawyers--would ringfence the payments
head contractors receive from clients on any project worth more
than AUD1 million, keeping them distinct in the operating funds of
the contractor.

"The sooner [a system of trusts] comes in the better," AFR quotes
Mr. Murray as saying.  "It has been a convenient source of capital
for builders. We have to ask the moral question - why should
subcontractors be unwilling bankers for interest-free loans to
builders? No one's giving me an answer on that."

A trust system would keep money intended for subcontractors down
the chain intact even if a building contractor went under.

"The reality is they don't get the money to not pay," the report
quotes Small Business Ombudsman Kate Carnell as saying.

It wouldn't stop companies phoenixing, declaring themselves
bankrupt and avoiding liabilities before starting up in a different
guise, but would at least preserve the funds owed to
subcontractors, she said.

"You don't take your subbies out with you when you do that," Ms.
Carnell said.

According to AFR, builders said it was not necessary to change
practices around security of payments and that insolvencies were
largely due to competition between subcontractors and an industry
with few barriers to entry for unresourced players, who could often
not survive.

"I don't think it's a payment issue," the report quotes Christopher
Schiavello, a director of family-owned builder and developer
Schiavello and head of its NSW business, as saying.  "I think in a
lot of cases it's very easy just to accept a cheap price. There's
not enough emphasis on financial due diligence around building
contractors."

Building industry bodies oppose the idea, the report says.

"Mandatory statutory trusts are not practical, cost effective or
workable for this scale of construction work and the nature of the
contracting arrangements," said Kristin Brookfield, the Housing
Industry Association's chief executive for industry policy, AFR
relays.  "The imposition of deemed statutory trust arrangements
will not stop insolvencies or guarantee payments to subcontractors.
They will, however, impose additional costs that will impact
housing affordability."



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

GEELY AUTOMOBILE: Moody's Withdraws Ba1 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has assigned a Baa3 issuer rating to
Geely Automobile Holdings Limited. At the same time, Moody's has
withdrawn the company's Ba1 corporate family rating.

The ratings outlook is changed to stable from positive.

RATINGS RATIONALE

"The upgrade to Baa3 from Ba1 reflects Geely's strengthening
business profile and growing market share, as a result of its
improving product breadth and strength," says Gerwin Ho, a Moody's
Vice President and Senior Credit Officer.

Despite the recent slowdown in China's auto market, Geely has
further expanded its market share, positioning it as the third
largest passenger vehicle brand and the seventh largest auto maker
by unit sales in China (A1 stable).

Moody's expects Lynk & Co--which commenced sales in December 2017
and is a joint venture between Geely, its parent Zhejiang Geely
Holding Group Company Limited and Volvo Car Corporation (VCC), a
subsidiary of Volvo Car AB (Ba1 stable)--will help further increase
vehicle sales and improve Geely's product breadth and strength in
terms of price points and geographic coverage.

Geely owns 50% of the registered capital of the joint venture,
while VCC and Zhejiang Geely own 30% and 20% respectively.

Moody's analysis of Geely's key credit metrics accounts for the
50%-owned Lynk & Co joint venture on a consolidated basis.

Moody's expects that Geely's market share will continue to expand
in 2019, with unit sales growing about 4% year-on-year, which is a
strong performance when compared to the broader auto industry in
China.

"The upgrade also reflects Geely's track record of prudent
financial management," adds Ho, who is also Moody's Lead Analyst
for Geely.

Geely's debt leverage remained low in 2018, as represented by
debt/EBITDA of 0.4x.

While Moody's expects Geely's debt will increase as it funds
capacity expansion and investments in product development, EBITDA
should also continue to grow and reach about RMB15 billion in the
next 12-18 months.

Moody's expects debt leverage to remain low at around 0.5x in the
next 12-18 months, which is strong for its rating category and
provides it with a good buffer against potential market volatility
and investment needs.

Moody's forecasts Geely's profitability, in terms of its EBITA
margin, will reach about 8.6% in the next 12-18 months, compared to
9.4% in 2018, as the company's continued investments in research
and development will be partly offset by greater operating leverage
as its revenue scale continues to expand.

Geely's liquidity position is solid. At the end of 2018, its
reported net cash holdings — excluding pledged cash — totaled
RMB12 billion. The company has maintained a net cash position since
the end of 2012.

Geely's Baa3 issuer rating reflects Moody's expectation that the
company will achieve unit sales growth, given its growing market
share and the fact that it primarily operates in China's large and
growing passenger vehicle market.

Moreover, the company's sustained strong credit profile buffers it
against industry cyclicality and supports its Baa3 issuer rating.

Geely's rating also factors in strong competition in China's auto
market and the execution risks associated with its product and
geographic diversification.

As an automaker, Geely is exposed to environmental risk. Meeting
regional emission requirements, particularly those relating to CO2,
is one of the most pressing and challenging objectives facing the
auto industry over the medium to long term.

Geely has invested in research and development to develop new
energy and electrified vehicles (NEEVs), including electric
vehicles, battery electric vehicles, hybrid electric vehicles, mild
hybrid electric vehicles and plug-in hybrid electric vehicles,
which will help the company manage environmental risk. The
company's NEEV unit sales reached 4.5% of total unit sales in
2018.

Geely's issuer rating is not affected by structural subordination.
This is because the holding company runs significant operations
that will likely support expected recovery for the holding
company's debt.

The stable rating outlook reflects Moody's expectation that Geely
will continue to grow its scale and product breadth while remaining
disciplined in its financial management, as seen by low debt levels
and a strong liquidity position.

Upward pressure on the ratings could emerge if Geely: (1) further
improves its overall market share through the successful sales of
new models; (2) further expands its product breadth and enhances
its geographic diversity to a level more comparable to that of its
global peers; (3) maintains a prudent financial policy that
includes low debt leverage and a solid liquidity profile on a
sustained basis, against the backdrop of its parent company's
corporate activities.

Downward pressure could emerge if: (1) Geely does not grow its
scale and gain market share; (2) its profitability declines, such
that its EBITA margin drops below 6.5%-7.0% on a sustained basis;
(3) its debt leverage--as measured by debt/EBITDA--rises above
1.5x-2.0x on a sustained basis; or (4) its liquidity profile
deteriorates.

The principal methodology used in these ratings was Automobile
Manufacturer Industry published in June 2017.

Geely Automobile Holdings Limited is one of the largest privately
owned, local brand automakers in China. It develops, makes and
sells passenger vehicles that are sold in China and overseas. Its
chairman and founder, Mr. Li Shufu, and his family held a 45.35%
stake in the company at the end of 2018. The company is
incorporated in the Cayman Islands and listed in Hong Kong.

HONGHUA GROUP: Fitch Hikes LT IDR & $200MM Sr. Unsec. Notes to 'B'
------------------------------------------------------------------
Fitch Ratings has upgraded Chinese land-drilling rigs manufacturer
Honghua Group Limited's Long-Term Foreign-Currency Issuer Default
Rating to 'B' from 'B-'. The Outlook is Stable. At the same time,
Honghua's senior unsecured rating and the rating on the USD200
million 7.45% senior unsecured notes due 2019 have been upgraded to
'B' from 'B-'. The Recovery Rating remains at 'RR4'.

The upgrade of Honghua's ratings reflects increased evidence of
linkages with its controlling shareholder, China Aerospace Science
and Industry Corporation Limited (CASIC). Fitch has assessed the
legal, operational and strategic ties between Honghua and CASIC as
moderate using the Parent and Subsidiary Rating Linkage criteria,
and has therefore applied a one-notch uplift from Honghua's
standalone credit profile (SCP). Fitch assessed that Honghua's SCP
remains at 'b-', supported by improved profitability and recovery
in positive funds from operations (FFO) generation.

KEY RATING DRIVERS

Moderate Linkage with CASIC: Fitch assesses the linkage between
Honghua and CASIC as moderate under its rating criteria. This leads
to a one-notch uplift from Honghua's SCP. CASIC became the largest
shareholder of Honghua after an equity placement in 2017. CASIC
holds 29.98% of Honghua's shares and treats Honghua as a subsidiary
in its accounts. Honghua's and CASIC's operations are largely
independent, although Fitch understands from management that CASIC
views Honghua's expertise in land drilling equipment as
complementary to CASIC's own energy business.

CASIC appointed three board members and several key management of
Honghua, including the chairperson and the chief financial officer.
CASIC, through a subsidiary, has provided tangible support to
Honghua in the form of credit facilities and two low-interest
shareholder loans totalling CNY600 million since 2017. In addition,
CASIC has supported Honghua in building business relations with
central state-owned enterprises (SOEs) in the oil and gas sector
and power and energy industries.

New Orders as Profit Returns: Honghua signed 34 new orders for
land-drilling rigs in 2018 that will support the company's growth
in 2019. The new orders are worth around USD453 million. Honghua
returned to profit in 2018 thanks to the recovery in oil and gas
market and the disposal of its unprofitable offshore business. Both
EBITDA and EBIT turned positive for the first time since 2015.
Honghua's core land-drilling rigs business experienced a surge in
orders and sales, driven by demand from Ukraine and Middle East.
Honghua sold 24 land-drilling rigs in 2018 with an average selling
price (ASP) of CNY97 million, compared with eight units in 2017
with an ASP of CNY52 million.

Financial Profile Improves: Honghua's financial profile at end-2018
and Fitch's expectation of steady recovery in cash flow generation
support Honghua's SCP of 'b-'. Honghua's financial metrics have
improved as the business recovered. Honghua generated positive FFO
in 2018 with FFO margin of 7.1%. Honghua's FFO adjusted net
leverage was lifted from negative territory to 5.2x in 2018, the
lowest level since 2013 - though net leverage remains above 4.5x,
the level at which Fitch may consider positive rating action. FFO
fixed-charge coverage has also improved to 2.1x in 2018 from
negative figures in 2016-2017.

Asset Sale Completed: Honghua completed the sale of its
unprofitable offshore business in 2H18. The immediate cash benefit
is minimal as Honghua only receives a token consideration from the
transaction. Instead, the asset disposal brings more benefits to
Honghua in the medium-term as the company will receive the debt
repayments from the offshore operations and avoid the heavy capex
required for the offshore business. Fitch assumed only partial debt
repayments in its rating case forecasts, as there are still
uncertainties surrounding the operations and debt repayment ability
of the offshore segment.

Improvement in Receivables Collection: Honghua's receivables
collection improved considerably in 2018. Receivables turnover
declined to 255 days in 2018 from 429 days in 2017. The improvement
was attributable to the recovery in the upstream oil and gas market
and the assistance provided by CASIC in collecting receivables from
SOEs. Honghua's inventory turnover also improved, with inventory
days dropping significantly to 183 days in 2018 from 430 days in
2017.

Refinancing of Senior Notes: CASIC has approved Honghua's plan to
issue new bonds in the offshore market to repay the remaining
USD123 million senior notes and the relevant work is at the
preparation stage, according to management. Honghua redeemed USD77
million of its USD200 million 7.45% senior notes due September 2019
in January 2018.

DERIVATION SUMMARY

Honghua's 'B' rating incorporates a one-notch uplift for potential
support from CASIC. The rating also reflects Fitch's expectation
that Honghua's revenue and profitability will continue to recover
and gradually stabilise amid steady recovery in the upstream oil
and gas market. Honghua's operations and financial metrics improved
in 2018; however, its SCP remains weaker than its domestic oilfield
equipment and service peers, such as Hilong Holding Limited
(B+/Stable) and Anton Oilfield Services Group (B/Stable). Honghua's
operating EBITDA margin of 13.7% is the lowest and FFO adjusted net
leverage of 5.2x is the highest among the three oilfield equipment
and service peers.

KEY ASSUMPTIONS

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

  - Revenue growth of 3%-8% during 2019-2022 (2018: 81%);

  - EBITDA margin of 13.8%-14.2% in 2019-2022 (2018: 13.7%);

  - Capex of CNY300 million a year in 2019-2022 (2018: CNY405
million);

  - Partial repayment of debts from disposed offshore segment in
2019-2022;

  - No major investment plan during 2019-2022.

Its recovery analysis is based on enterprise value (EV) as a going
concern, as it is higher than the liquidation value. The
going-concern value is derived from Honghua's 2018 EBITDA of CNY577
million, enterprise value/EBITDA multiple of 5.0x, and 10%
administrative claim.

The Recovery Rating assigned to Honghua's senior unsecured debt is
'RR4' as implied by the recovery analysis.

RATING SENSITIVITIES

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

  - Evidence of stronger legal, operational and strategic linkages
with CASIC.

  - FFO adjusted net leverage sustained below 4.5x (end-2018:
5.2x).

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

  - Evidence of weaker legal, operational and strategic linkages
with CASIC.

  - FFO fixed charge coverage below 1.2x (end-2018: 2.1x) for a
sustained period.

LIQUIDITY

Adequate Liquidity: Fitch believes that Honghua's financing ability
has improved with CASIC's shareholding, and Honghua is in
discussion with CASIC to obtain additional shareholder loans and
facilities. Honghua had CNY2.5 billion of short-term debt as of
end-2018, including the 2019 US dollar senior notes of CNY0.8
billion. This should be covered by CNY0.7 billion of available cash
and CNY5.8 billion of undrawn borrowing facilities (including the
unused facilities of around CNY1.1 billion provided by CASIC).
However, these facilities are uncommitted because committed credit
facilities are uncommon in the Chinese banking environment.

TAHOE GROUP: Fitch Affirms 'B-' LT IDR, Alters Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has revised the Outlook to Stable from Negative on
China-based homebuilder Tahoe Group Co., Ltd.'s Long-Term
Foreign-Currency Issuer Default Rating and affirmed the IDR at
'B-'. Fitch has also affirmed the senior unsecured rating at
'CCC+', with a Recovery Rating of 'RR5'.

The revised Outlook reflects Tahoe's ongoing improvement in
liquidity, with the unrestricted cash/short-term debt ratio
increasing to 0.4x by end-1Q19 from 0.2x in 2018 thanks to a
stronger cash collection ratio from property sales and limited
expenditure on land acquisition. In addition, Tahoe's leverage,
measured by net debt/adjusted inventory, improved another 4pp in
1Q19 from 75% in 2018, compared with 83% in 2017. Management is
taking action to manage the company's liquidity, such as disposing
project stakes to Shimao Property Holdings Limited (BBB-/Stable),
enhancing cash collection and committing to minimal expenditure on
land acquisition.

Tahoe's ratings are constrained by its persistently high leverage,
driven by aggressive land acquisitions before 2018. It financed the
acquisitions mostly via debt, which has also resulted in a heavy
interest burden that severely weakened its ability to generate
operating cash flow. Tahoe's ratings are supported by its large
contracted sales scale, diversified footprint across China and its
strong product lines that differentiate it from most fast-churn
homebuilders.

KEY RATING DRIVERS

Leverage Improving but Still High: Fitch expects Tahoe's leverage,
measured by net debt/adjusted inventory (with proportionate
consolidation of joint ventures), to improve to 72% by end-2019,
after factoring the asset disposal to Shimao and its expectation of
better cash collection and limited land acquisition. Leverage
decreased to 75% by end-2018, from a historical high of 83% in 2017
after Tahoe's aggressive land-banking since 2013. Attributable land
premium to sales proceeds was high at 215% in 2013 and remained
above 100% in 2014-2017 except for 2015. Only 14% of sales proceeds
were used to purchase land in 2018 and the company acquired no land
in 5M19.

Fitch estimates Tahoe will continue to deleverage, albeit at a
slower pace, but leverage will remain high at around 70% over the
next three years. Tahoe may deleverage faster than its expectation
in the near-term if it continues to dispose assets. However, the
company will face pressure to replenish its land reserve to support
growth in light of its short land-bank life of 2.5 to 3.0 years.
Tahoe's high interest expense of CNY11 billion-12 billion a year is
the single largest cash outflow other than land and construction
expenditure, and a drag on its cash flow.

Focus on Cash Collection: Fitch estimates Tahoe's cash collection
rate will improve to 70%-75% over the next two years as the company
has emphasised sales collection over sales expansion since 2H18 by
focusing on enhancing the quality of contracted sales and better
managing uncollected sales. Tahoe's cash collection rate improved
to around 80% in 5M19, from 61% in 2018 and 52% in 2017.

Tahoe's priority before 2018 was to grow sales. This led to
reported sales including purchase intentions that did not result in
actual sales, which explained Tahoe's persistent
lower-than-industry average historical cash collection rate of
below 70%. Therefore, Fitch uses sales proceeds as the base for
revenue forecast and in calculating sales efficiency, rather than
contracted sales. Cash collected will continue to be used as a
proxy for sales, as it more accurately reflects its operational
situation, until Tahoe's cash collection rate improves to the
industry average of above 80%.

Liquidity Tight but Improving: Tahoe's unrestricted cash increased
to CNY17.3 billion by end-1Q19 (end-2018: CNY11.6 billion), which
fell short of the CNY46.1 billion in short-term debt (end-2018:
CNY57.4 billion) and another CNY9 billion domestic corporate bonds
that may be payable within 12 months. Its liquidity further
improved after the disposal of project stakes to Shimao for an
equity consideration of CNY5.3 billion and debt taken by Shimao of
CNY2.4 billion, as disclosed between 23 March and 18 May. These are
to be fully collected by end-June 2019. Fitch understands Tahoe has
refinanced debt of up to CNY34 billion since the start of 2019,
through sales proceeds, loan extension and disposal
considerations.

Large Contracted Sales Scale: Tahoe's ratings are supported by its
large scale and diversified quality land bank in tier one and tier
two cities across China. Fitch estimates Tahoe's total sales to
increase by 13% to CNY105 billion in 2019, supported by its
sellable resources of CNY185 billion available for the year,
implying a sell-through rate of 57% (2018: 60%). Tahoe's gross
contracted sales, excluding purchase intentions, rose by 31% to
CNY91 billion in 2018, supported by an average selling price
increase of 17% to CNY24,800 per sq m and gross floor area (GFA)
growth of 12%. Tahoe's strong product line with unique designs has
differentiated it from homebuilders that adopt fast-churn models.

Weak Parent, Weak Linkage: Fitch believes Tahoe's ratings are not
constrained by the weaker financials of its parent, Tahoe
Investment Group Co. Ltd., which owns a 48.97% stake in the listed
company, based on Fitch's Parent and Subsidiary Rating Linkage
criteria. Tahoe is separately managed and only two of seven board
members are affiliated with Tahoe Investment. Tahoe's parent cannot
access Tahoe's cash flow except via dividends; historically, Tahoe
has paid minimal dividends as the company has been expanding
aggressively. In addition, Tahoe Investment has pledged 99% of its
shares in Tahoe to banks, further reducing its influence on Tahoe.

DERIVATION SUMMARY

Tahoe's ratings are mainly constrained by its aggressive financial
profile and tight liquidity, which are comparable with peers in the
low 'B' category. Tahoe's business profile is similar to that of
'BB' category peers because of its large contracted sales scale,
premium land bank and diversification across regions and products.

Tahoe's leverage is one of the highest among Fitch-rated
homebuilders. Its leverage, measured by net debt/adjusted inventory
was 75% in 2018, comparable with Oceanwide Holdings Co. Ltd.'s
(B-/Stable) 75% and Xinhu Zhongbao Co., Ltd.'s (B-/Stable) 73%.
Tahoe's scale is much larger than that of Oceanwide and Xinhu
Zhongbao, and its assets are more diversified. Oceanwide's and
Xinhu Zhongbao's churn rates, measured by contracted sales/total
debt, of below 0.25x are even lower than Tahoe's 0.40x. However,
Oceanwide and Xinhu Zhongbao are investing in finance institutions
whose profit can provide some buffer to service debt.

Sunshine 100 China Holdings Ltd.'s (CCC+) business profile is less
sustainable than Tahoe's, considering its small sales scale and
high exposure to non-residential property sales. Around 30% of
Sunshine 100's 2018 sales were derived from non-residential
properties which require a longer development cycle; demand for
such products is more vulnerable to business cyclicality. Sunshine
100's land bank is mostly exposed in tier two and satellite tier
three/four cities across China, compared with Tahoe's focus on tier
one and strong tier two cities. Similarly, Sunshine 100's leverage
is high and its unrestricted cash can barely cover its short-term
debt.

KEY ASSUMPTIONS

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

  - Contracted sales to rise by 13% to CNY105 billion in 2019 and
by 5% to CNY110 billion in 2020

  - Average land cost to increase by 80% in 2019 and by 2% a year
thereafter

  - Replenishment rate, measure by attributable GFA
acquired/attributable GFA sold, at 0.4x in 2019 and 0.8x in 2020
(2018: 1.0x)

  - Cash collection rate improve to 70% in 2019 and 72% in 2020
(2018: 61%)

  - Assets disposed to Shimao in 5M19 have been factored in the
rating case

Key Recovery Rating Assumptions:

  - Tahoe would be liquidated in a bankruptcy rather than continue
as a going concern as it is an asset-trading company

  - 10% administrative claims

  - The value of inventory and other assets can be realised in a
reorganisation and distributed to creditors

  - Cash balance is adjusted such that only cash in excess of three
months of contracted sales is factored in

  - 25% haircut to net inventory in light of Tahoe's relatively
high EBITDA margin

  - 65% haircut to investment properties rate after considering
Tahoe's low rental yield and the quality of its investment property
assets

  - 30% haircut to accounts receivables

  - 70% haircut to available-for-sale financial securities

  - Fitch estimates the recovery rate of the senior unsecured debt
is 24%, corresponding to a 'RR5' Recovery Rating.

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory, sustained
below 65%

  - EBITDA, excluding capitalised interest, sustained above 30%

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

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

  - EBITDA, excluding capitalised interest, below 25% for a
sustained period

  - Increased likelihood of the company failing to refinance its
maturing debt

LIQUIDITY

Liquidity Tight but Improving: Tahoe's unrestricted cash of CNY11.6
billion at end-2018 is insufficient to cover its reported
short-term debt of CNY57.4 billion and another CNY9 billion
domestic bonds puttable within one year. The company had managed to
increase its unrestricted cash balance to CNY17.3 billion and
reduced short-term debt to CNY46.1 billion by end-1Q19 by repaying
debt with sales proceeds and extension of existing loans. Tahoe
repaid corporate bonds of CNY3 billion due March, medium-term note
of CNY2 billion due May and bought back CNY3 billion bonds puttable
at end-May. Fitch believes Tahoe's liquidity has further improved
after asset disposal to Shimao.

FULL LIST OF RATING ACTIONS

Tahoe Group Co., Ltd

  - Long-Term Issuer Default Rating affirmed at 'B-'; Outlook
Revised to Stable from Negative

  - Senior unsecured ratings affirmed at 'CCC+' with Recovery
Rating of 'RR5'

Tahoe Group Global (Co.,) Limited

  - USD430 million 7.875% senior notes due 2021 affirmed at 'CCC+'/
'RR5';

  - USD225 million 8.125% senior notes due 2023 affirmed at 'CCC+'/
'RR5'

TONGCHUANGJIUDING INVESTMENT: S&P Alters Outlook to Stable
----------------------------------------------------------
S&P Global Ratings said it revised its outlook on Tongchuangjiuding
Investment Management Group Co. Ltd. (Jiuding Group) to stable from
developing. At the same time, S&P affirmed its 'BB' long-term and
'B' short-term issuer credit ratings on the company.

S&P said, "We also affirmed our 'BB' long-term issue rating on the
senior unsecured notes that Jiuding Group Finance Co. Ltd. issued
and Jiuding Group guarantees. The issuer is incorporated in the
British Virgin Islands and is ultimately wholly owned by Jiuding
Group.

"We revised the outlook to stable to reflect our expectation that
Jiuding Group's liquidity risk will be reduced over the next year
as it pays down debt. We expect the group to achieve this by using
the proceeds from the sale of its insurance subsidiary, FTLife
Insurance Co. Ltd., to a subsidiary of NWS Holdings Ltd. for about
Hong Kong dollar (HK$) 21.5 billion. The sale should also
significantly improve Jiuding Group's leverage, as measured by a
ratio of debt to adjusted total equity of around 0.4x, from 1.4x as
of end-2018.

"We affirmed the ratings because we believe the benefits of the
sale will offset the loss of the strong insurance subsidiary from
the group. Further upside will be limited because interest coverage
remains weak and investment income volatilities could weigh on the
group's financial risk profile.

"We could consider a more positive assessment if Jiuding Group's
profitability remains sound at a lower leverage position. This
would also require the resolution of an investigation by the China
Securities Regulatory Commission (CSRC) without negative
consequences. Further support would come from the successful sale
of its brokerage subsidiary, which we view as having a weaker
credit profile than the remainder of the group."

On the flip side, negative rating pressure could come from an
aggressive buildup of leverage over the longer term, a prolonged
period of poor profitability, significant consequences from the
CSRC investigation, or a deterioration in the credit profile of the
securities firm. In S&P's view, these developments could influence
a more positive or negative assessment; however, the likelihood of
these materializing to an extent that would change its rating over
the next 12 months has reduced compared with our review last year.
These scenarios also need to be considered against the context of
renewed strategies and financial targets after Jiuding Group
restructures its business, and the company would need a
demonstrable track record.

The rating on Jiuding Group reflects the aggregate credit profile
of all group entities. S&P said, "We weigh the brokerage and
private equity-driven segment at 35% and 65%, respectively. We
equalize our rating on the senior unsecured notes that Jiuding
Group guarantees to the issuer credit rating on Jiuding Group."

S&P said, "The outlook is stable for the next 12 months, reflecting
our view that Jiuding Group will sell its insurance subsidiary and
use the proceeds to pay down its outstanding debt. We expect the
company to complete its business restructuring with renewed
strategies. We also anticipate that Jiuding Group can maintain its
market standing in China's competitive PE investment sector; that
said, its competitive advantages look mediocre on a global
comparative base.

"We could lower the ratings if: Contrary to our base-case
expectations, if the insurance subsidiary sale is unsuccessful,
because of a potential regulatory block, for example. This could
add substantial near-term liquidity pressure and result in a
multiple-notch downgrade. The CSRC investigation has a
worse-than-expected impact on Jiuding Group's business."

The company aggressively builds leverage following the
restructuring, particularly if combined with poor profitability.

The importance or contribution declines from the private-equity
business or S&P sees a weaker brokerage business segment.

S&P could upgrade Jiuding Group if all of the following scenarios
materialized:

-- The group manages to sustainably lower its financial leverage
at its private-equity segments.

-- The CSRC investigation is resolved with benign consequences.

-- Jiuding Group has a track record of sound profitability.




=================
H O N G   K O N G
=================

PACIFIC ANDES: Ng Family Face Suit Over Alleged Fraud
-----------------------------------------------------
Jason Smith at Undercurrent News reports that a new front has
opened in the long-running legal battle surrounding Pacific Andes
International Holdings (PAIH), the Hong Kong-based seafood
conglomerate once thought to be one of the sector's biggest firms
but since beset by bankruptcy and allegations of fraud.

Undercurrent News says FTI Consulting, acting as the
court-appointed liquidators of four PAIH subsidiaries, as well as a
third-party supplier, Solar Fish, have sued six members of the Ng
family that founded and controls the conglomerate, as well as a
dozen affiliated companies.

Undercurrent News relates that the suit, filed April 18 in Hong
Kong's High Court, accuses five of the defendants--PAIH executives
and Ng family members Teh Hong Eng, Joo Kwee Ng, Joo Siang Ng, Joo
Puay Frank Ng and Puay Yee Annie Ng--of having committed "dishonest
assistance" that breached fiduciary duties the individuals owed to
the plaintiffs.

Full details of the alleged conduct at issue have not yet been
filed with the court, but it accuses the individuals of having
engaged in a "conspiracy to defraud, fraudulent misrepresentation
and/or deceit," the report notes.

According to Undercurrent News, the suit also seeks "restitutionary
damages" from all of the defendants for their "unjust enrichment"
at the plaintiffs' expense.

A spokesman for PAIH, which has not yet had the opportunity to
respond to these allegations in depth, said that company will
vigorously fight the "baseless" allegations, Undercurrent News
relates.

"It is all the more outrageous that FTI is now seeking to make
accusations against individual family members - and accusations
based on a total lack of detail.  We have not seen any credible
evidence at all against individuals and we do not expect that any
can or will be produced," the report quotes Jessie Ng as saying in
a statement.

"For many years we have been one of the largest traders of seafood
in the world, among other things, running a massive seafood
processing facility in China which at its peak employed thousands
of workers, as witnessed by many in the industry over the last 30
years. How could this be possible if there were no fish?"    

                          Fraud allegations

Undercurrent News notes that although the Hong Kong lawsuit is
short on particulars at this stage, the allegations appear to
mirror those against the Ng family that were unveiled in filings
made in PAIH's ongoing bankruptcy filing in New York.  

Representatives of FTI told that could that PAIH had engaged in an
extensive trade finance fraud based on a "largely fictitious"
contract supply business involving Russian pollock trading. This
allegedly saw billions in funds borrowed from banks and circulated
around through a series of interconnected PAIH subsidiaries and
purportedly independent "agent" companies resulting in big benefits
to the Ng family, the liquidators claimed, as cited by Undercurrent
News, said.

Specifically, FTI, which has been appointed by a court in the
British Virgin Islands as the liquidator of 11 PAIH-linked
subsidiaries and agents, believes that the Ng family saw at least
$158 million in benefits from the extensive trade finance fraud,
Undercurrent News says. This included HKD508 million from
dividends, HKD27 million in salary in 2017 alone to six family
members, an additional HKD460 million to an Ng family affiliate
company, Teh Hong Eng, between 2013 and 2015, and the mortgages for
the homes of PAIH's former CEO, Ng Joo Siang, and its chairwoman,
Teh Hong Eng.

"We expect there will likely be material other benefits received by
the Ng family in addition to those identified above," the
liquidators wrote, Undercurrent News relays.

For their part, the Ng family and representatives of PAIH have
repeatedly denied allegations that they committed fraud calling
them "without merit" and saying they will be "vigorously defended,"
according to Undercurrent News. PAIH has engaged the firm RSM
Corporate Advisory, which recently conducted a forensic review of
the company's finances. A draft of that report has been completed
but yet hasn't been made public or provided to FTI, the report
says.

"The claims made amount to a series of unproven allegations which
are yet to be established before any court," PAIH said in a
statement to Undercurrent News. "This is just one more example of
the vendetta being conducted against the group by FTI, ever since
the Hong Kong High Court dismissed forthwith the appointment of
joint provisional liquidators based on a report prepared by FTI in
2014.  The current allegations are similar to those in the 2014
report."

                        About Pacific Andes

Pacific Andes Resources Development Limited (PARD), a Hong
Kong-based company, is engaged in sourcing, processing,
distribution and sales of seafood products. The Company is focused
on the development, marketing and distribution of fish, frozen fish
and fish products. The Company provides a range of at-sea
transportation and logistical services to fishing companies. The
Company operates fishing fleets and fishmeal processing facilities
in fishing grounds. The Company's supply chain sources frozen
seafood products from oceans across the world.

Pacific Andes Resources Development Limited sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S. D. N.Y. Case No.
16-12739) on September 29, 2016.  The petition was signed by Ng
Puay Yee, Annie (Jessie), executive chairman.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at $1
billion to $10 billion and debts at $100 million to $500 million.

The Debtor's case is not jointly administered with the case of its
affiliate China Fishery Group Ltd. (Cayman), which sought Chapter
11 protection on June 30, 2016.



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

ADINO TELECOM: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR12.00 crore bank facilities of
Adino Telecom Limited (ATL) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          4.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Non-Fund based-      1.00       [ICRA]A4 ISSUER NOT
   Letter of Credit                COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Non-Fund based-      4.00       [ICRA]B+ (Stable)/[ICRA]A4
   Bank Guarantee                  ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   in the 'Issuer Not
                                   Cooperating' category

   Unallocated Limit    3.00       [ICRA]B+ (Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the company so as to
monitor its performance, but despite repeated requests by ICRA, the
company's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the company.

In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

Incorporated in the year 1992, Adino Telecom Ltd (ATL) is engaged
in various business verticals such as wireless integration business
for 'last mile' connectivity, sale & installation of Closed Circuit
Television (CCTV) systems, execution of DIAL 100 projects for
police force and networking solutions for various clients. The
company is mainly promoted by Mr. Vijay Mansukhani and other family
members, who have a long track record in wireless integrations
service & networking solutions business.

ARMA INTERNATIONAL: First Creditors' Meeting Set for June 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of ARMA
International Pty Ltd will be held on June 17, 2019, at 11:00 a.m.
at Beau Monde International, 934-938 Doncaster Road, in Doncaster,
East Victoria.

Dino Berardino Calvisi of Paladin Advisory was appointed as
administrator of ARMA International on June 6, 2019.

BUNDELA EXPORTS: ICRA Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Bundela
Exports to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-          3.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

   Fund Based-          4.00       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

ICRA has moved the long-term ratings for the bank facilities of
Bundela Exports to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Bundela Exports was set up in 2000 by the Bundela family in
Lalitpur, Uttar Pradesh, with Mr Sujan Singh Bundela, Mr Chandra
Bhushan Singh Bundela and Mr Shashi Bhushan Singh Bundela as
partners, with equal profit sharing. The firm processes granite
blocks into granite stones and has an existing production capacity
of 10,000 cubic meters per annum. The firm sources the granite from
a quarry owned by the partners.

CHIDDARWAR CONSTRUCTION: ICRA Retains B Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for INR10-crore bank facilities of Chiddarwar
Construction Company Private Limited continues to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". ICRA had earlier
moved the ratings of CCCPL to the 'ISSUER NOT COOPERATING' category
due to non-submission of requisite information by the entity to
undertake surveillance of the ratings.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term Fund       07.00     [ICRA]B (Stable) ISSUER NOT
   Based                          COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short-Term Non-      03.00     [ICRA]A4 ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

The rating action is based on best available information. As part
of its process and in accordance with its rating agreement with
CCCPL, ICRA has been trying to seek information from the entity so
as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information, and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

The rating is based on limited information on the entity's
performance since the time it was last rated in February 2018. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

Chiddarwar Construction Company Private Limited was established as
a proprietorship firm in 1988 under the name Chiddarwar
Construction Company with the objective of executing civil
construction projects. It was reconstituted as a private limited
company under the present name in 2003. The company is primarily
engaged in the construction of roads, bridges, canals and
government buildings. The operations of the company are managed by
Mr. Sanjay Chiddarwar, who is a Civil Engineer having an experience
of over three decades in the construction industry. The company has
its registered office at Yavatmal in Maharashtra and branch offices
at five locations namely, Washim, Pusad, Nanded, Wani and
Pandharwada in Maharashtra.

DREAM DIGITAL: ICRA Maintains B- Rating in Not Cooperating
----------------------------------------------------------
ICRA said the long term rating for INR5.06 crore fund based bank
facilities and short term rating for INR0.12 crore non-fund based
bank facilities of Dream Digital continues to remain under 'Issuer
Not Cooperating' category. The rating continues to remain denoted
as "[ICRA]B- (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-          3.56       [ICRA]B- (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund Based-          1.50       [ICRA]B- (Stable) ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-fund Based-      0.12       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Established in the year 2015, Dream Digital is a Gujarat-based
partnership firm promoted by Mr. Parimal Vakharia and Mr. Vinay
Patel. The firm is involved in the business of digital printing on
greige fabrics. The firm commenced its commercial production on
July 29, 2015 and has completed its first year of operation in
FY2016. It has its printing unit in GIDC, Surat which has an
installed capacity of printing 1.08 lac metres of cloth per month.

GOA SPONGE: ICRA Withdraws B- Rating on INR46cr Cash Loan
---------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Goa Sponge & Power Limited (GSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan           26.00       [ICRA]B- (Stable); Withdrawn

   Fund-based-
   Cash Credit         46.00       [ICRA]B- (Stable); Withdrawn

   Fund-based-
   Bill Discounting     5.00       [ICRA]A4; Withdrawn

   Non-fund Based-
   Letter of
   Guarantee            4.00       [ICRA]A4; Withdrawn

   Unallocated Limit   39.83       [ICRA]A4; Withdrawn

ICRA has withdrawn the long-term rating of [ICRA]B- with a stable
outlook and the short-term rating of [ICRA]A4 assigned to the
INR120.83-crore bank facilities of Goa Sponge & Power Limited.

Rationale
The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, at the request of the company, and on
the basis of the no objection certificate received from its
banker.

Incorporated in 2002, Goa Sponge & Power Limited (GSPL)
manufactures sponge iron and mild steel (MS) billets from its
manufacturing unit at Sanguem, Goa. The company has an installed
capacity of 90,000 metric tonnes per annum (MTPA) for sponge iron
and 90,000 MTPA for MS billets. GSPL also has a captive power plant
(CPP) of 12 megawatt (MW).

HOUSING DEVELOPMENT: Given 4 Weeks to Pay INR98cr to Bank of India
------------------------------------------------------------------
The Economic Times reports that the bankruptcy court has directed
Housing Development & Infrastructure Limited (HDIL) to clear its
outstanding to Bank of India within four weeks in line with the
one-time settlement it had agreed to, or face the consequences.

ET relates that the Mumbai bench of the National Company Law
Tribunal (NCLT) on June 4 said the BSE-listed real estate developer
will have to pay INR98 crore to Bank of India within four weeks.
HDIL owes around INR520 crore to Bank of India and it had agreed to
pay it in tranches.

The company is facing insolvency petitions filed by Bank of India,
Corporation Bank and Syndicate Bank among other lenders, the report
relates.

"There was a one-time settlement (OTS) and the firm was supposed to
get money from a cooperative bank to repay as per the OTS schedule,
but due to the election the bank delayed giving us money," senior
counsel Navroz Seervai told NCLT, appearing for the builder, ET
relays. "There are several lenders and so far, the company has paid
about INR800 crore to its lenders which shows that the company is
genuine. However, the company is now seeking a mere four weeks to
pay the dues as per the schedule."

According to the report, Rohan Agrawal of MDP & Partners, who
represented Bank of India, argued that the first case was filed in
2018 and the company had given an undertaking that it will settle
it through OTS. The bank had to file a fresh case because the
company had failed to do so, he said. Other public-sector banks
including Syndicate Bank (INR57 crore), Union Bank of India (INR15
crore), Corporation Bank (INR7.42 crore) and Dena Bank (INR2.75
crore) have filed separate petitions under Section 7 of the
Insolvency and Bankruptcy Code (IBC) against HDIL to recover their
dues.

After hearing the arguments, the division bench comprising Bhaskara
Pantula Mohan and V Nallasenapathy had granted four weeks to HDIL
to repay Rs 98 crore to Bank of India and around Rs 10 crore to
Syndicate Bank as per schedule. The tribunal has adjourned the case
to July 4, ET notes.

Cases filed by Corporation Bank, Union Bank of India and Dena Bank
will be heard on June 26, the report says. Last year, the company
had settled two similar bankruptcy petitions filed by Jammu &
Kashmir Bank and Andhra Bank by paying about INR334 crore and
around INR40 crore, respectively.

The company, known for slum rehabilitation projects in Mumbai so
far, has total debt of INR1,996.43 crore, ET discloses.

Housing Development & Infrastructure Limited is real estate
development company. The Company's services include residential,
commercial, and retail real estate development.

JAGATPAL SINGH: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR5.50 crore bank facilities of M/S
Jagatpal Singh continue to remain under 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based          0.60       [ICRA]B+ (Stable) ISSUER NOT
   Limits-Cash                    COOPERATING; Rating continues
   Credit                         to remain under 'Issuer Not
                                  Cooperating' category

   Non-fund Based      4.50       [ICRA]B+ (Stable)/[ICRA]A4  
   Limits-Bank                    ISSUER NOT COOPERATING;
   Guarantee                      Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Fund Based/Non      0.40       [ICRA]B+ (Stable)/[ICRA]A4
   Fund Based Limit-              ISSUER NOT COOPERATING;
   Untied Limits                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

Rationale

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Established in 1980 as a proprietorship concern, M/S Jagatpal Singh
(JS) is involved in civil construction business, including
construction of buildings and bridges. The firm is registered as
Class-A contractor with the Public Works Department of
Chhattisgarh.

JAY PALGHAR: ICRA Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR3.00-crore bank facilities of Jay
Palghar Net Co. remains under the Issuer Not Cooperating category.
The rating is denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-         0.75       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund-based-         2.25       [ICRA]B (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on the best
available/dated/limited information on the issuer's performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this
rating, as it may not adequately reflect the credit risk profile of
the entity.

Established in January 2015, Jay Palghar Net Co. (JPNC) is a
partnership firm which is owned and managed by Mr. Suresh Lodhari,
along with his son, Mr. Jay Lodhari. Mr. Suresh Lodhari has an
extensive experience in this business. JPNC manufactures fishing
nets, sports nets and safety nets made of High Density Polyethylene
(HDPE) twine, which find application in fishing, agriculture,
sports, and security fields. JPNC's facility is located at
Porbandar, Gujarat. The commercial production of the firm started
from February 2016.

JAYCO SYNTHETICS: ICRA Withdraws B+ Rating on INR7.45cr Loan
------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Jayco Synthetics, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   Term Loan            7.45       [ICRA]B+ (Stable); Withdrawn

   Fund-based
   Cash Credit          6.25       [ICRA]B+ (Stable); Withdrawn

ICRA has withdrawn the long-term rating of [ICRA]B+ with a stable
outlook assigned to the INR13.70-crore bank facilities of Jayco
Synthetics.

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, at the request of the firm, and on the
basis of the no-objection certificate received from its banker.

Established in June, 2006 and promoted by the Sachdev family, Jayco
Synthetics (JS or the firm) is a family-managed partnership firm
involved in manufacturing art silk (artificial silk or rayon)
greige cloth. JS was a core trading/processing company employing
its Group companies for processing job-works. The firm, in FY2016,
integrated backward by setting up its own manufacturing unit and
forayed into manufacturing (weaving). Based out of the Sachin
district of Surat, Gujarat, JS operates a manufacturing facility in
the Gujarat Industrial Development Corporation (GIDC) area with an
installed manufacturing capacity of 1,12,75,200 metre of greige
cloth per annum. The key partners of JS are Mr. Bharatkumar
Sachdev, Mrs. Kokila Bharatkumar Sachdev and Mr. Rahul Bharatkumar
Sachdev, who collectively look after the business.

JSK MARKETING: ICRA Cuts INR50cr Loan Rating to D, Not Cooperating
------------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
JSK Marketing Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based         50.00      [ICRA]D ISSUER NOT COOPERATING;
   Limits                        downgraded from [ICRA]BB
                                 (Stable); Rating continues to
                                 remain under 'Issuer not
                                 cooperating' category

   Non-Fund Based    (29.00)     [ICRA]D ISSUER NOT COOPERATING;
   Sublimit Limits               downgraded from [ICRA]A4; Rating
                                 continues to remain under
                                 'Issuer not cooperating'
                                 Category

ICRA has downgraded the long-term to [ICRA]D 'Issuer Not
cooperating' from [ICRA]BB 'Issuer Not Cooperating and has also
downgrade the short-term rating to [ICRA]D 'Issuer Not
Cooperating', from [ICRA]A4 'Issuer Not Cooperating', for the fund
based and non-fund based bank facilities of INR50.00 crore of JSK
Marketing Limited.

The ratings continue to remain under 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Rationale
The ratings downgrade reflects delays in servicing its debt
obligation as confirmed by the lenders.

JSK Marketing Limited is part of the Jiwarajka Group of Companies.
The entity was incorporated in the year 1985 under the name Kwik
Appliances Private Limited and later renamed to JSK Marketing
Private Limited in the year 2006 and JSK Marketing Limited in 2017.
Presently, JSK has an established distribution network for sale of
Nippo products and is the sole distributor in the western and
northern regions of India. The company operates out of 23
warehouses across 16 states and is registered as a Gold Seller
Program with Amazon to sell products under the category:
electronics, shoes, sports apparels and luggage.

KESHAV HOLIDAY: ICRA Assigns B+ Rating to INR50cr Term Loan
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Keshav Holiday
Resorts Private Limited (KHRPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   Term Loan           50.00       [ICRA]B+(Stable); Assigned

Rationale

The assigned rating is constrained by the company's sizeable
debt-funded capital expenditure towards installation of new rides
and modernisation of water park. Though the ongoing debt-funded
capital expenditure will increase the footfall, which in turn will
support the growth in scale and profit margins, it will keep the
capital structure and debt coverage indicators constrained over the
near to medium term, till commensurate returns start flowing. Thus,
the ability to ramp up and derive higher margins remains crucial.
The ratings further factor in the intense competition in the water
park segment and the geographical concentration risk. ICRA also
notes the vulnerability of footfalls to exogenous factors and the
discretionary spend by customers.

The assigned rating, however, favourably factors in the company's
established track record and the promoters experience in the water
park and hospitality industry along with its diversified revenue
streams.

Outlook: Stable

ICRA believes that Keshav Holiday Resort Private Limited (KHRPL)
will continue to benefit from the company's established presence
and the promoters' experience in the water park, hospitality and
entertainment industry. The outlook may be revised to Positive if
the company witnesses substantial increase in its footfalls, which
increases revenues and margins, thereby leading to
higher-than-expected accruals. The outlook may be revised to
Negative in case the footfalls remains lower than expected, leading
to lower sales and pressure on margins, thereby resulting in
inadequate cash accruals or delay in project completion. Moreover,
any major capex in the near to medium term that weakens the
company's liquidity position is also a credit negative. Further,
any funding support provided to Group companies that weakens the
company's liquidity position may lead to a negative outlook.

Key rating drivers

Credit strengths

Company's established presence and promoter's extensive experience
in waterpark and hospitality industry – Incorporated in 1992, the
company opened India's first water park in 1993 and subsequently
ventured into hotel, natural health care centre, catering and
banquet hall businesses. Thus, the company and its promoters have a
long track record and experience in the water park and hospitality
industry.

Diversified revenue streams - The revenue mix of the company
comprised of ticket revenue from water park, income from hotel
business, liquor sales, food & beverages sales, natural health care
centre and catering services. Hence, the dependence on single
revenue source is limited.

Credit challenges

Project implementation and stabilisation risk – The company is
undertaking a substantial capex of INR158 crore towards
modernisation of the water park and its facilities and replacement/
installation of new rides. The capex is funded through term loan of
~INR79 crore from banks and NBFC and the remaining through
non-interest bearing unsecured loan of INR79 crore from promoters.
The company already incurred capex of INR122 crore as on March 31,
2019, with the balance expected to be undertaken in FY2020, after
the current season (April to July 2019). The sizeable capex is
expected to affect the liquidity of the company and expose it to
risks associated with stabilisation and successful scale up of
operations as per the expected parameters. Moreover, significant
debt repayment coupled with a long gestation period is likely to
keep the credit profile constrained over the near to medium term.
Timely scale up of operations along with generation of adequate
cash accruals would remain critical from the credit perspective.

Footfall vulnerable to discretionary spend by consumers; seasonal
nature of demand and climatic risk results in fluctuations in
earnings – The footfall in the water park is driven by
school/college vacations, festive seasons, monsoons and
discretionary consumer spending. Hence, the water park's footfalls
remain seasonal in nature with Q1 being the strongest quarter. This
leads to variations in sales and cash flows.

Geographical concentration risk – KHRPL's operations remains
exposed to geographical concentration risk as the company's
facilities are located at a single location in Mehsana, Gujarat.

Stiff competition from other water parks in Gujarat and Maharashtra
– In the last decade, many water parks have come up in Gujarat,
intensifying the competition for the company. Further, water parks
such as Wet n Joy and Aqua Imagica have also come up in
Maharashtra, which attract substantial visitors from Gujarat.
Hence, the company remains exposed to significant competition,
which may pressurise ability to price tickets and consequently the
profitability.

Liquidity position
Fund flow from operations (FFO) has remained positive over the last
five years (except in FY2016) and has improved gradually with
increase in scale of operations. However, free cash flows turned
negative in the last two years because of the capex undertaken
during that period. Free cash flows in FY2019 and FY2020 will
decline further with capex, the impeding debt obligation and
interest burden. The company's overall liquidity is expected to
remain under stress due to the impending debt repayment and thus
generation of adequate cash accruals will remain crucial. However,
for any cash flow mismatch in future, the promoter will provide
support to the company.

Incorporated in 1992, Keshav Holiday Resorts Private Limited
(KHRPL) was founded by Mr. Shankar Chaudhary. The company opened
India's first water park in 1993 by name of 'Shanku's' in Mehsana,
Gujarat. The water park has capacity to accommodate 5000 visitors
per day and offers 39 rides. The company has undertaken a capex of
~Rs. 158 crore to install new rides and modernise the water park.
Over the years, KHRPL also added a 3-star hotel named, The Retreat,
which has 71 rooms, 2-restaurant along with liquor store, natural
health care centre, catering services, Shanku's Entertainment etc.
KHRPL is a part of the Shanku's Group, which also has interest in
hospital/medical, pharma, fertilizers, education and agricultural
products businesses.

In FY2018, the company reported a net profit of INR2.53 crore on an
operating income (OI) of INR26.33 crore as against a net profit of
INR1.81crore on an OI of INR23.63 crore in FY2017. Further, the
company achieved operating income of INR24.00 crore in FY2019
(unaudited provisional financials).

NIJANAND PIPES: ICRA Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Nijanand
Pipes and Fittings Private Limited (NPAFPL) to Issuer Not
Cooperating category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit        5.00      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating moved to 'Issuer Not
                                Cooperating' category

   Bank Guarantee     1.00      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating moved to 'Issuer Not
                                Cooperating' category

   Unallocated        1.83      [ICRA]D; ISSUER NOT COOPERATING;
   Limits                       Rating moved to 'Issuer Not
                                Cooperating' category

ICRA has moved the ratings for the INR7.83 crore bank facilities of
Nijanand Pipes and Fittings Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA] D/D
ISSUER NOT COOPERATING".

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Nijanand Pipes and Fittings Pvt. Ltd. (NPAFPL) was incorporated in
April 2008. It manufactures polyvinylchloride (PVC) pipes and
fittings, Chlorinated polyvinyl chloride (CPVC), Rigid Polyvinyl
Chloride (RPVC) pipes, Soil, Waste And Rain (SWR) pipes and
garden/suction pipes, which are largely used in agriculture and
construction sectors. The manufacturing facility of the company is
located at Rajkot, Gujarat, and is currently equipped with a
cumulative capacity of 24,000 MTPA. NPFPL is promoted by Mr.
Ishvarlal S Nodhanvadra, Mr. Nirav Nodhanvadra, Mr. Saileshbhai G
Vadodaria and Mr. Hasmukhbhai Patel.

PRINT SOLUTIONS: ICRA Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Print
Solutions Private Limited (PSPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         19.00      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

ICRA has moved the long-term ratings for the bank facilities of
PSPL to the 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

PSPL was promoted by Mr. Dushyant Pahare and was later acquired by
its current owners, Mr. Gurjeet Singh Chhabra and family. The
company is a part of the Century 21 Group, which is involved in
real estate development in Indore and other parts of India. It has
leased out the land and the building constructed on it to Malwa
Hospitalities Pvt. Ltd, which has in turn developed a 181-room
hotel – Effotel Hotel – on the same. The company earns an
annual rent of INR2.80-crore from this property with an escalation
clause of 15% in each three-year block. Sayaji Hotels Limited
(SHL), which has extensive experience in the hotel industry, has
been managing the hotel operations successfully.

RIDDHI SIDDHI: ICRA Keeps 'D' Rating in Not Cooperating
-------------------------------------------------------
ICRA said the rating for the INR20.00 crore bank facilities of
Riddhi Siddhi Cotton Ginning & Pressing Pvt. Ltd. continue to
remain in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         20.00       [ICRA]D ISSUER NOT
                                   COOPERATING; Rating
                                   continues to remain
                                   under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in 2006, Riddhi Siddhi Cotton Ginning and Pressing
Private Limited (RSCGP) is engaged in cotton ginning and pressing
to produce cotton bales and cotton seeds. The manufacturing unit of
company is located in Rajkot, Gujarat with thirty six ginning and
one pressing machine having an installed capacity of producing
19,152 bales of ginned cotton in a year. RSCGP is currently managed
by three directors Mr. Lavjibhai Kakdiya, Mrs. Gauriben Kakdiya and
Mr. Vijay Kakdiya, all of who have long-standing experience in the
cotton industry.

RUNGTA IRRIGATION: ICRA Maintains B Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the long term rating for INR14.00 crore fund based bank
facilities and short term rating for INR8.00 crore non-fund based
bank facilities of Rungta Irrigation Limited continues to remain
under 'Issuer Not Cooperating' category. The rating continues to
remain denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         14.00       [ICRA]B (Stable) ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-fund based-      8.00       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Rungta Irrigation Limited was incorporated on April 17, 1986 by Mr.
Sita Ram Jindal and Mr. Dindayal Agrawal as 'Jindal Irrigation
Private Limited'. The company was acquired from the erstwhile
promoters by Mr. M. P. Rungta in 1993. Subsequently, the company
was listed as a public limited company in 1994 through a
shareholder resolution. The company is currently engaged in
manufacturing and assembling micro-irrigation systems for sale
primarily in domestic markets. The key products of the company
include sprinkler and drip irrigation systems, aluminium, polyvinyl
chloride (PVC) and high-density polyethylene (HDPE) pipes and
fountains. The company's manufacturing facilities are at Ghaziabad
(Uttar Pradesh) and Yanam (Pondicherry). It has a manufacturing
capacity of 4,500 MTPA HDPE pipes, 200,000 HDPE pipes with
couplers, 5,000 MTPA rigid PVC pipes and profiles, 750 MTPA linear
low-density polyethylene tubes, and 350,000 aluminium pipes with
couplers.

SHRI RAM: ICRA Lowers Rating on INR48cr Non-Fund Based Loan to C+
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Shri Ram Switchgears Private Limited (SRSL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          17.00       [ICRA]C+; revised from
   Limits-Cash                     [ICRA]B+ (Stable)
   Credit              
   
   Fund Based           2.70       [ICRA]C+; revised from
   Limits-Term                     [ICRA]B+ (Stable)
   Loan                 
               
   Non-fund Based      48.00       [ICRA]C+; revised from
   Limits-Bank                     [ICRA]B+ (Stable)
   Guarantee           
                                   
   Non-fund Based       5.00       [ICRA]A4; Reaffirmed
   Limits-Letter
   of Credit            

Material Event
SRSL announced its half yearly results on May 18, 2019. The company
reported operating income of INR28.22 crore with operating profit
of INR7.65 crore and net profit of INR0.77 crore in FY2019 against
an operating income of INR54.95 crore with operating profit of
INR11.23 crore and net profit of INR2.25 crore in FY2018. The
company's liquidity position continues to remain stretched owing to
delays in collections and finished good inventory on its books as
on March 31, 2019.

Impact of the Material Event
The long-term rating has been revised to [ICRA]C+ from [ICRA]B+ and
reaffirmed the short-term rating at [ICRA]A4 on the INR72.70-crore
bank facilities of Shri Ram Switchgears Limited (SRSL).

Rationale

The revision in ratings takes into account the underperformance of
the company as reflected by drop in revenues to INR28.22 crore in
FY2019, which is 48.65% de-growth on a YoY basis, on account of low
outstanding orderbook position and limited exposure to non-fund
based exposure limiting its ability to secure fresh orders.
Further, the liquidity position of the company remains stretched
with high receivables and finished good inventory as reflected by
high NWC/OI of 192% in FY2019.

Key rating drivers

Credit strengths

Long standing experience of promoters: The promoters of the company
have been involved in the transformer manufacturing business over
the past three decades.

Credit challenges

Decline in the scale of operations: The company's revenues declined
to INR28.22 crore in FY2019 from INR54.95 crore in FY2018 on
account of low outstanding orderbook position, weak demand
scenario, inadequacy of non-fund based limits resulting in
inability to secure new orders.

Stretched liquidity position: The liquidity of the company
continues to remain stretched owing to a stretch in the working
capital cycle with NWC/ OI of 192% in FY2019 due to delayed
collections and inventory build-up.

SRSL, promoted by the Jhalani family of Ratlam (Madhya Pradesh)
since 1985, manufactures electrical items such as distribution
transformers, switchgear, meter boxes, feeder pillars, distribution
boxes, and junction boxes used in the distribution of power and
also undertake erection, installation, and operation and
maintenance of these items for its customers. Its manufacturing
units are located in Ratlam. Customer profile mainly consists of
power discoms in Madhya Pradesh and Mumbai.

TAPTI AGRO: ICRA Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA said the rating for the INR14.50 crore bank facilities of
Tapti Agro Industries (TAI) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable)
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Proposed Term       14.50      [ICRA]B (Stable) ISSUER NOT
   Loan                           COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the firm so as to
monitor its performance, but despite repeated requests by ICRA, the
firm's management has remained non-cooperative. The current rating
action has been taken by ICRA basis best available/dated/ limited
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the firm.

In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

M/s Tapti Agro Industires (TAI) incorporated in 2015 is setting up
a Khandsari (semi-white centrifugal sugar) manufacturing facility
having crushing capacity of 1,500 Tonnes of Cane per Day (TCD) at
Betul District of Madhya Pradesh. The firm plans to commence the
operations of the facility by December 2016.

The firm is promoted by Mr. Rahul Kumar Sao and Mr. Dharmveer
Juneja who have significant experience in the sugar industry
through their association with other firms which are also engaged
in sugar manufacturing.

TRIVENI WIRES: ICRA Cuts INR25cr Term Loan Rating to D, Not Coop.
------------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Triveni Wires Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-         25.00      [ICRA]D ISSUER NOT
   Term Loan                      COOPERATING; downgraded
                                  from [ICRA]B (Stable);
                                  Rating continues to be in
                                  'Issuer not cooperating'
                                  category

   Fund based-          2.50      [ICRA]D ISSUER NOT
   Cash Credit                    COOPERATING; downgraded
                                  from [ICRA]B (Stable);
                                  Rating continues to be in
                                  'Issuer not cooperating'
                                  category

   Fund based-          7.75      [ICRA]D ISSUER NOT
   Unallocated                    COOPERATING; downgraded
                                  from [ICRA]B (Stable);
                                  Rating continues to be in
                                  'Issuer not cooperating'
                                  category

   Non-fund based-      1.25      [ICRA]D ISSUER NOT
   Letter of Credit               COOPERATING; downgraded
                                  from [ICRA]A4; Rating
                                  continues to be in 'Issuer
                                  not cooperating' category

   Non-fund based-      0.50      [ICRA]D ISSUER NOT
   Bank Guarantee                 COOPERATING; downgraded
                                  from [ICRA]A4; Rating
                                  continues to be in 'Issuer
                                  not cooperating' category

   Non-fund based-     (5.00)     [ICRA]D ISSUER NOT
   Capex LC/BG                    COOPERATING; downgraded
                                  from [ICRA]A4; Rating
                                  continues to be in 'Issuer
                                  not cooperating' category

ICRA has downgraded the long-term rating to [ICRA]D 'ISSUER NOT
COOPERATING' from [ICRA]B (Stable) 'ISSUER NOT COOPERATING', for
the bank facilities of INR35.25 crore of Triveni Wires Private
Limited. ICRA has also downgraded the short-term rating to [ICRA]D
'ISSUER NOT COOPERATING' from [ICRA]A4– 'ISSUER NOT COOPERATING',
for the bank facilities of INR1.75 crore of the company. The rating
continues to be in the 'Issuer Not Cooperating' category. The
ratings are now denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING."

ICRA has been trying to seek information from the company so as to
monitor its performance, but despite repeated requests by ICRA, the
company's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the company.
Rationale

The rating downgrade factors in the delays in debt servicing based
on the best available information from the market.

Incorporated in the year 1981, Triveni Wires Private Limited (TWPL)
is involved in the business of wire drawing from wire rods and
galvanizing of wires. Directors, Mr. Premkumar Tekriwal, Mr.
Arunkumar Tekriwala and Mr. Ramakanth Tekriwala who have experience
in the wire drawing industry, manage the company. TWPL has a
factory in Higna district of Nagpur with an installed capacity of
12000 MTPA and is setting up an additional unit in M.I.D.C.
Butibori, Nagpur with an installed capacity of 37200 MTPA. TWPL has
two group companies namely Tensile Wires Pvt. Ltd. Plasma Metal
Processing Pvt. Ltd., which are engaged in a similar line of
business.

VIMAL MICRONS: ICRA Withdraws B+ Rating on INR25.60cr Loan
----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Vimal Microns Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-          0.33      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Withdrawn

   Fund-based-         25.60      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Withdrawn

   Non-fund Based-      1.25      [ICRA]A4 ISSUER NOT
   Bank Guarantee                 COOPERATING; Withdrawn

Rationale

The long-term and short-term ratings assigned to Vimal Microns
Limited have been withdrawn at the request of the company, based on
the no-due certificate provided by its banker.

Outlook: Stable
ICRA has withdrawn the Stable outlook on the long-term rating.

Established in 1993, Vimal Microns Limited (VML) is engaged in
manufacturing of micronized mineral power used as fillers in
various paint and polymer industries. The company's manufacturing
setup is located in the Mehsana District of Gujarat.



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

CRYPTOPIA LIMITED: Too Soon to Enter Sale Process, Liquidators Say
------------------------------------------------------------------
Stuff.co.nz reports that failed cryptocurrency exchange Cryptopia
has attracted a potential buyer, but liquidator Grant Thornton said
it's too soon to enter a sale process.

Stuff says Chaincreator, a cryptocurrency platform, announced that
it had sent "official correspondence" to the liquidators of the
Christchurch-based exchange offering to buy it.

Cryptopia collapsed in May owing NZ$4.2 million, with 69 unsecured
creditors owed in excess of NZ$2.1 million, while secured creditors
owed more than NZ$1.4 million, Stuff discloses. There was an
expected deficit of NZ$2.5 million, the first liquidator's report
said.

The report placed an unknown value on its cryptocurrency assets.

Cryptopia was allegedly hacked in January with an estimated NZ$23
million of cryptocurrency reportedly stolen. The police
investigation into the hack is continuing, Stuff notes.

According to Stuff, Chaincreator said it wanted to buy the exchange
and return it back to the cryptocurrency community as a
decentralised autonomous organisation.

"With the recent increase in exit scams having a negative impact on
the industry, Chaincreator believes that this next step will pull
the crypto community and industry back together," it said.

But liquidator Grant Thornton said "while there have been some
initial approaches, the liquidators are focused on securing and
protecting the company's assets for all stakeholders," Stuff
reports.  "Until this phase is completed the liquidators are not in
a position to provide the information required to enter into a
sales process. As previously stated, given the complexities
involved in the liquidation, including the recent court proceedings
in the US and New Zealand, it is expected that this process will
take months to complete."

In its first report, liquidator Russell Moore said as there was no
legal precedent on crypto assets in New Zealand and worldwide, the
distribution of those assets and the overall conduct of the
liquidation would require significant direction from the New
Zealand courts, Stuff relates.

Stuff says Cryptopia had been given provisional bankruptcy
protection in the United States to preserve Cryptopia information
stored on servers in the US.

Stuff relates that the liquidators had also applied to the High
Court in New Zealand to convert 344 Bitcoin, valued at more than
NZ$4 million, "outside of known client funds" into cash to fund the
expenses of the liquidation and to help to preserve assets.

Cryptopia's failure has caused anguish in the crypto community,
with some of the exchange's estimated 2.2 million users complaining
online about being unable to access currency caught up in the
collapse, according to Stuff.

The liquidator's first report failed to calm fears, with demands to
"give us our crypto back" and "open the site and return our funds"
among the negative reactions posted on social media.

California-based John Hodges told Stuff via email that he had over
US$20,000 "in that shame of an exchange".

A significant number of Cryptopia's users were based in the US,
Stuff states.

                      About Cryptopia Limited

Cryptopia Limited is a cryptocurrency exchange based in New
Zealand.

On May 15, 2019, David Ruscoe and Russell Moore from Grant Thornton
were appointed as liquidators to wind up the company's  affairs.

Cryptopia Limited filed a Chapter 15 petition (Bankr. S.D. New York
Case No. 19-11688) on May 24, 2019.  Timothy E. Graulich, Esq.,
Davis Polk & Wardwell LLP, in New York, is the U.S. counsel.

GCC RESTAURANTS: Award-Winning Roots Goes Into Liquidation
----------------------------------------------------------
Stuff.co.nz reports that award-winning Lyttelton restaurant Roots
has gone into liquidation, according to the New Zealand Companies
Register.  

Chef and director Giulio Sturla has announced on social media that
he had resigned, three days before the restaurant closed its doors,
Stuff says.

"I have the belief that there is always a better way to do things,
most importantly for my family, myself and the passion I have for
New Zealand food," Stuff quotes Mr. Sturla as saying.

He ended the post: "Don't ask me why, ask me what's next."

Mr. Sturla and his wife Christy Martin opened the restaurant in
late 2012, and quickly earned a reputation for creating set menus
that focused on innovative dishes made from high quality, local,
and sustainable produce.

The pair were the sole directors of the company behind the
restaurant, GCC Restaurants, and held an equal 50-50 share of the
company. Rodgers Reidy was appointed liquidator by a special
resolution of the shareholders, Stuff discloses.

Roots was named Best Restaurant at the 2015 Cuisine Good Food
Awards (CGFA), and was consistently recognised with the maximum
three-hat rating from the food magazine.

The couple also worked closely with Eat New Zealand (FKA
ConservatioNZ), a not-for-profit food movement Mr. Sturla founded,
which was dedicated to connecting people to the land through food.

A meal at Roots ranged from NZ$105 to NZ$195, depending on whether
the diner chose five, eight or 12 courses. Wine matching could add
to the bill. However, anyone gifted a voucher for the experience
will now miss out.

According to Stuff, Consumer NZ said the administrators,
liquidators and receivers have no obligation to honour outstanding
gift vouchers.

"This is because both a gift voucher and a credit note are the
previous owner's responsibility. It is unlikely that you will get
any money back," she said, notes the report.

She added that if the business is sold on, the new owner is under
no obligation to accept vouchers issued by the previous owner, the
report relays.

According to Stuff, the Lyttelton home listed as the couple's
residence on companies office paperwork was also sold by Mike Pero
Real Estate in May.

Stuff relates that the listing said the owners were "no longer
residing in the South", and led with the headline, "Absentee owner
must sell!"

The liquidation comes after celebrity chef Jamie Oliver's
restaurant chain went into administration, Stuff notes.

It also follows the closure of Beach Cafe in North New Brighton,
The Anchorage (and its associated roaster Sailor's Son), and
Mexican cantina Alvarados, which went into liquidation, adds Stuff.



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

PSL HOLDINGS: Added to Singapore Exchange's Watch-List
------------------------------------------------------
The Business Times reports that six more mainboard-listed companies
have announced their addition to the Singapore Exchange's
watch-list with effect from June 6, due to not meeting minimum
trading price (MTP) requirements.

On June 5, Advanced Holdings, China Jishan Holdings, China Mining
International, PSL Holdings and Sakae Holdings made regulatory
filings announcing their inclusion. Green Build Technology
announced its inclusion on June 4.

All the firms notified shareholders and business partners that
their operations are continuing as normal, BT says.

According to the report, PSL Holdings has already been on the SGX's
financial watch-list since June 5, 2017, due to having pre-tax
losses for three consecutive financial years based on audited
full-year consolidated accounts.

On June 4, eight firms had similarly announced that they will be
added to the watch-list with effect from June 6 under the MTP
criteria, namely having a volume-weighted average price of less
than SGD0.20 per share and an average daily market capitalisation
of less than SGD40 million over the last six months, BT discloses.

A total of 22 companies are to be added to the MTP watch-list after
SGX's latest half-yearly review, with no companies exiting, the
report adds.

PSL Holdings Limited, an investment holding company, provides land
logistics and support services in Singapore and Indonesia. It
operates through two segments, Trading & Engineering, and
Construction Logistics. The company engages in the installation of
industrial machinery and equipment; mechanical engineering works;
building construction and infrastructure activities; excavation and
earth moving works; general engineering activities; and trading and
supply of construction materials and related equipment. It is also
involved in the real estate activities with own or leased
properties; and provision of marine logistics services through its
tugboats and barges.


                           *********


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

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

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

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

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



                *** End of Transmission ***