TCRAP_Public/190613.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, June 13, 2019, Vol. 22, No. 118

                           Headlines



A U S T R A L I A

DOVER FINANCIAL: Misled Advice Clients, ASIC Alleges
ENDEAVOUR HOSPITALITY: First Creditors' Meeting Set for June 20
JOBEMA HOLDINGS: First Creditors' Meeting Set for June 21
MCDONALD GROUP: First Creditors' Meeting Set for June 20
METRO FINANCE 2019-1: Moody's Rates AUD3.30MM Class F Notes (P)B2

PLEASURE GARDEN: Second Creditors' Meeting Set for June 21
TAYBLE APP: First Creditors' Meeting Set for June 19
WELLARD LIMITED: Faces AUD15MM Debt Repayment Hike over Default


C H I N A

ENVISION ENERGY: Fitch Cuts LT IDR & Sr. Unsec. Debt Rating to BB+
MUDANJIANG CITY: Fitch Publishes 'BB-' LT IDR, Outlook Stable
SUNAC CHINA: Moody's Gives Proposed USD Notes B1 Sr. Unsec. Rating


H O N G   K O N G

HANERGY THIN: Accepts Delisting After Four-Year Suspension in HK


I N D I A

ANUBHA INDUSTRIES: Ind-Ra Cuts Long Term Issuer Rating to 'BB+'
ANUSH FINLEASE: Insolvency Resolution Process Case Summary
ARVIND SINGLA: CRISIL Cuts INR8cr Loan Rating to B+, Not Coop.
AVIGNA PROPERTIES: CRISIL Cuts INR70cr Loan Rating to B+, Not Coop.
BHAWNA ENTERPRISES: CRISIL Cuts INR7.5cr Loan Rating to B+, Stable

BHUMI MULTI: CRISIL Maintains 'B' Rating in Not Cooperating
CALIBER MERCANTILE: CRISIL Cuts INR10cr Loan Rating to B+, Not Coop
CHARTERED HOUSING: Ind-Ra Assigns 'BB' Long Term Issuer Rating
CHHAPRA MUNICIPAL: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
D. M. JEWELLERS: CRISIL Lowers Rating on INR15cr Cash Loan to B+

DHRUV COTTONS: CRISIL Maintains D Rating in Not Cooperating
DINESH SOAPS: CRISIL Maintains D Rating in Not Cooperating
DURABLE CERAMICS: CRISIL Maintains D Rating in Not Cooperating
EMPIRE MEADOWS: CRISIL Maintains B+ Rating in Not Cooperating
EROS INTERNATIONAL: CARE Cuts Rating on INR300cr LT Loan to D

EROS INTERNATIONAL: Moody's Cuts CFR to B2, Alters Outlook to Neg.
EROS INTERNATIONAL: Taking Action to Resolve Loan Payment Delays
ESS ELL: CRISIL Maintains B Rating in Not Cooperating Category
ETHNIC TOBACCO: CRISIL Maintains B Rating in Not Cooperating
FORZZA REALTORS: CRISIL Cuts INR5cr Loan Rating to B+, Not Coop.

GAMA INFRAPROP: CRISIL Maintains D Rating in Not Cooperating
GIAN JYOTI: CRISIL Maintains B- Rating in Not Cooperating
GREEN SHIELD: CRISIL Keeps 'C' INR8.5cr Loan Rating in Not Coop.
GWALIOR BYPASS: Insolvency Resolution Process Case Summary
IL&FS FINANCIAL: Gov't. Seeks 5-Year Ban on Deloitte, KPMG Unit BSR

INDO LAMINATES: Insolvency Resolution Process Case Summary
JET AIRWAYS: Continues to Work on Reviving Carrier, Etihad Says
JET AIRWAYS: Pilots Union to Move NCLT Over Salary Payments
LITTLE BEE: Insolvency Resolution Process Case Summary
M B MALLS: Insolvency Resolution Process Case Summary

REFLECTION INVESTMENTS: CRISIL Cuts Rating on INR14cr Loan to D
SARASWATI EDUCATIONAL: Ind-Ra Downgrades Bank Loan Rating to 'D'
SATRAMDAS AND CO: CRISIL Maintains C Rating in Not Cooperating
SHRI BALAJI : Insolvency Resolution Process Case Summary
SHRI RAMSWAROOP: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating

SONALAC PAINTS: CRISIL Maintains B+ Rating in Not Cooperating
SU-KAM POWER: Ind-Ra Withdraws 'D' Long Term Issuer Rating
TGB REALTY: Insolvency Resolution Process Case Summary
YES BANK: Moody's Reviews Ba1 Issuer Rating for Downgrade


I N D O N E S I A

CIPUTRA DEVELOPMENT: Fitch Affirms BB- IDR, Alters Outlook to Neg.


N E W   Z E A L A N D

MERCURY NZ LTD: S&P Assigns 'BB+' LT ICR to New Capital Securities


S I N G A P O R E

FRENCH CELLAR: Online Wine Subscription Platform in Liquidation
STATS CHIPPAC: Fitch Withdraws B+ IDR on Insufficient Information

                           - - - - -


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A U S T R A L I A
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DOVER FINANCIAL: Misled Advice Clients, ASIC Alleges
----------------------------------------------------
Megan Neil at The Canberra Times reports that the corporate
regulator alleges collapsed firm Dover Financial Advisers and its
director misled clients and wants them fined.

According to the report, the Australian Securities and Investments
Commission (ASIC) has taken civil penalty action against Dover and
its sole director Terry McMaster, who collapsed in the witness box
at the banking royal commission last year.

ASIC wants the Federal Court to declare Dover and Mr. McMaster
broke financial services law and impose fines for misleading and
deceptive conduct, the report says.

The Canberra Times relates that ASIC barrister Bernie Quinn QC said
the conduct resulted from the contents of what Dover called its
client protection policy, which purported to provide the maximum
protections under the law.

"Contrary to the introductory clause they were not the maximum
protections available under the law," he told the court on June 12,
the report relays.

The Canberra Times says ASIC alleged Dover misled and deceived
clients between September 2015, when it began using the protection
policy, and March 2018, when the company withdrew the policy in
response to the regulator's concerns.

The Canberra Times adds that Mr. Quinn said the policy was given to
more than 19,400 clients.

The court heard Dover has admitted it was inaccurate to say the
policy provided the maximum protections under the law.

According to The Canberra Times, Mr. Quinn said the dispute was
over whether the client protection policy could have amounted to
misleading and deceptive conduct, in the absence of any evidence
that clients were in fact misled.

Melbourne-based Dover was one of the largest financial planning
groups in Australia, with more than 400 authorised representatives,
before it closed a year ago.

ASIC, which began investigating the firm in 2017, cancelled Dover's
financial services licence and Mr. McMaster agreed to remove
himself permanently from the financial services industry, the
report notes.

ENDEAVOUR HOSPITALITY: First Creditors' Meeting Set for June 20
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Endeavour
Hospitality Pty Ltd will be held on June 20, 2019, at 10:30 a.m. at
Level 27, at 259 George Street, in Sydney, NSW.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Endeavour Hospitality on June
7, 2019.

JOBEMA HOLDINGS: First Creditors' Meeting Set for June 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Jobema
Holdings Pty Ltd will be held on June 21, 2019, at 11:00 a.m. at
the offices of Vincents, Level 34, at 32 Turbot Street, in
Brisbane, Queensland.

Nick Combis of Vincents was appointed as administrator of Jobema
Holdings on June 11, 2019.

MCDONALD GROUP: First Creditors' Meeting Set for June 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of McDonald
Group Investments Pty Ltd will be held on June 20, 2019, at 11:30
a.m. at the offices of Australian Institute of Company Directors,
Level 1, at 77 St Georges Terrace, in Perth, WA.

Richard Albarran and Cameron Shaw of Hall Chadwick were appointed
as administrators of McDonald Group on June 10, 2019.

METRO FINANCE 2019-1: Moody's Rates AUD3.30MM Class F Notes (P)B2
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by Perpetual Corporate Trust Limited, as trustee of
Metro Finance 2019-1 Trust.

Issuer: Metro Finance 2019-1 Trust

AUD90.00 million Class A-S Notes, Assigned (P)Aaa (sf)

AUD151.50 million Class A-L Notes, Assigned (P)Aaa (sf)

AUD22.50 million Class B Notes, Assigned (P)Aa2 (sf)

AUD10.50 million Class C Notes, Assigned (P)A2 (sf)

AUD6.00 million Class D Notes, Assigned (P)Baa2 (sf)

AUD9.00 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.30 million Class F Notes, Assigned (P)B2 (sf)

The AUD3.45 million Class GA Notes and the AUD3.75 million Class GB
Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian prime commercial auto and equipment loans and leases
originated by Metro Finance Pty Limited (Metro Finance). This is
Metro Finance's third term auto and equipment asset backed
securities (ABS) transaction and its first term ABS transaction for
2019.

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers, for small-ticket
auto and equipment assets in low volatility industries. Metro
Finance originates its lending through the commercial auto and
equipment broker and aggregator industry nationally. Significant
origination growth began in 2014.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

  - The limited amount of historical loss data. The static loss
data used for its extrapolation analysis reflects Metro Finance's
short origination history, was limited to the origination vintages
between Q3 2014 and Q4 2017, and does not cover the full life cycle
for any one vintage. More recent vintages (i.e. post Q4 2017) have
been excluded due to insufficient observations (no or low actual
losses for these vintages as yet);

  - The evaluation of the underlying receivables and their expected
performance;

  - The fact that 77.8% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred to
as "streamlined". This streamlined product allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements;

  - The 47.2% exposure to loans with a balloon payment at the end
of the receivable term. The aggregate balloon exposure as a
percentage of current portfolio balance is 14.9%. Loans with a
balloon payment are subject to higher refinancing and,
consequently, default risk;

  - The evaluation of the capital structure;

  - The availability of excess spread over the life of the
transaction;

  - The liquidity facility in the amount of 2.00% of the note
balance subject to a floor of AUD600,000;

  - The interest rate swap provided by National Australia Bank
Limited (Aa3/P-1/Aa2(cr)/P-1(cr)). The notional balance of the swap
will follow a schedule based on the amortisation of the portfolio,
assuming no prepayments. Any prepayments or defaults will result in
the swap becoming over-hedged. The prepayment risk is mitigated by
the fact that break costs are charged to the obligors and these
funds will flow through to the trust as collections; and

  - The fact that the servicer, AMAL Asset Management Limited, is
an experienced third-party servicer and the backup servicing
arrangement with Metro Finance.

Initially, the Class A-S, Class A-L, Class B, Class C, Class D,
Class E and Class F Notes benefit from 19.5%, 19.5%, 12.0%, 8.5%,
6.5%, 3.5% and 2.4% of note subordination, respectively. The notes
will initially be repaid on a sequential basis until the credit
enhancement of the Class A Notes is at least 30%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes or if the first call
option date has occurred. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are satisfied).

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 3.25%,
coefficient of variation (CoV) of 66.0%, a recovery rate of 35.0%
and a portfolio credit enhancement of 22.0%. After accounting for
the seasoning of the initial portfolio (5.8 months), Moody's mean
default rate assumption was adjusted to 3.54%. Moody's assumed
default rate, CoV and recovery rate are stressed compared to the
historical levels of 1.9%, 49.1% and 64.1% respectively.

The difference between the historical and assumed default rate, CoV
and recovery rate is in part explained by the additional stresses
assumed by Moody's to address the lack of a full economic cycle in
the historical data, and by exposure to balloon loans (47.2%) in
the portfolio.

To address the limited historical loss data on Metro Finance's
portfolio, Moody's has benchmarked the short historical data for
Metro Finance to data from comparable Australian commercial auto
and equipment ABS originators. Moody's has also overlaid additional
stresses into its default and CoV assumptions.

The streamlined product offering has been originated for almost ten
years in the Australian auto and equipment loan space. However,
through-the-cycle historical data on the performance of this
product is limited. To address this risk and the fact that the
portfolio has a very high proportion of streamlined (77.8%),
Moody's has applied further qualitative stresses in its analysis.

Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. These requirements include property ownership
with confirmed equity greater than the loan amount or a 30% deposit
for non-property owners, a satisfactory credit reference from a
reputable finance company running at least 12 months, no adverse
credit history, and the business being registered for the
goods-and-services tax for at least 2 years continuously.

In a base case scenario, given these requirements, Moody's expects
these borrowers to have a lower risk profile and better performance
than the full-income verification loans in Metro Finance's
portfolio.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
March 2019.

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

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

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

PLEASURE GARDEN: Second Creditors' Meeting Set for June 21
----------------------------------------------------------
A second meeting of creditors in the proceedings of Pleasure Garden
Touring Pty Ltd ATF The Pleasure Garden Touring Unit Trust has been
set for June 21, 2019, at 10:30 a.m. at Level 1, at 5 Everage
Street, in Moonee Ponds, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 20, 2019, at 4:00 p.m.

Altan Djenab of Wild Apricot Corporate Insolvency was appointed as
administrator of Pleasure Garden on May 16, 2019.

TAYBLE APP: First Creditors' Meeting Set for June 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of Tayble App
Pty Ltd will be held on June 19, 2019, at 3:00 p.m. at the offices
of Lowe Lippmann, Level 7, at 616 St Kilda Road, in Melbourne,
Victoria.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of Tayble App on June 8, 2019.

WELLARD LIMITED: Faces AUD15MM Debt Repayment Hike over Default
---------------------------------------------------------------
Jenne Brammer at The West Australian reports that shares in live
exporter Wellard have plunged after it revealed a default had
triggered a hike in repayments of about AUD15 million debt.

The West Australian relates that Wellard said it was considering
options to restructure its balance sheet, including the possible
sale of a ship, to meet a doubling in monthly redemptions to $US1
million and a 21 per cent interest rate.

But the company, led by executive chairman John Klepec, has warned
there was no certainty such opportunities could be completed in the
short term, the report says.

According to the report, Wellard on April 1 said it had agreed to a
standstill with its noteholders in respect of certain defaults
existing under its notes.

The report relates that the standstill period was scheduled to end
on September 30, and during that period Wellard was to grant
certain security to the noteholders.

However, in an announcement to the ASX on June 11, Wellard said it
had not been able to provide security, so the standstill period on
June 14.

The West Australian says the move means noteholders are entitled to
demand immediate repayment of their outstanding notes worth AUD15.5
million.

"The noteholders have reserved their rights, but they have said
they will continue to negotiate in good faith with Wellard to
achieve a mutually acceptable solution," the statement said. "The
end of the standstill period has triggered an increase in the note
interest rate to 21 per cent per annum and an increase of the
monthly redemption amounts to US$1 million, and Wellard will be
discussing these with the noteholders."

The West Australian adds that Wellard said it was communicating
with its other financiers in respect of this situation, and
remained up to date on all payments to its financiers.

The company also advised the market on June 11 that former chief
executive Mauro Balzarini was no longer a director of Wellard.
While Mr Balzarini's term as chief executive ended last week, he
had not been running the business for about two years, the report
notes.

                       About Wellard Limited

Headquartered in Fremantle, Australia, Wellard Limited --
http://www.wellard.com.au/-- primarily supplies live sheep and
cattle to customers in the Middle East and Asia. It operates
through Trading and Chartering, and Other segments. The Trading and
Chartering segment engages in the business of livestock marketing;
buying livestock from various sources for export to buyers in
international markets; and logistics and transportation activities
for the delivery of livestock, which include the carriage of cargo
owned by third parties through its vessels. The Other segment
processes and distributes meat.



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ENVISION ENERGY: Fitch Cuts LT IDR & Sr. Unsec. Debt Rating to BB+
------------------------------------------------------------------
Fitch Ratings has downgraded Envision Energy International
Limited's Long-Term Foreign-Currency Issuer Default Rating and
senior unsecured debt rating to 'BB+' from 'BBB-'. Fitch has also
downgraded the rating on its USD300 million 7.5% senior notes due
2021 issued by Envision Energy Overseas Capital Co., Ltd. to 'BB+'
from 'BBB-'. The ratings have been removed from Rating Watch
Negative. The rating Outlook is Negative.

The ratings were placed on RWN in August 2018 following the
company's announcement of a transaction related to an investment in
Automotive Energy Supply Corporation (AESC), Nissan Motor Co.,
Ltd.'s battery business. The RWN was maintained in February 2019
pending the completion of the AESC investment and receipt of the
company's annual results. The ratings have been downgraded due to
an increase in the company's related-party loans. The Negative
Outlook reflects the possibility that FFO adjusted net leverage may
be sustained above 1.5x due to weaker EBITDA margins,
investment-related outflows and uncertainty over the timing of
various planned divestitures.

KEY RATING DRIVERS

Rising Leverage: Envision Energy's FFO adjusted net leverage rose
to 2.4x in 2018, from 1.9x in 2017, due to EBITDA margin
compression from a competitive market environment,
higher-than-Fitch-expected capex, and outflows from acquisitions
and related-party transactions. The company spent CNY1.5 billion on
acquisitions in 2018, including CNY721 million on the AESC
investment, with the remainder on wind farms and other businesses.
In addition, the company had CNY1.3 billion in net cash outflows to
related parties during the year. Fitch expects FFO adjusted net
leverage to decline to 1.8x in 2019.

Significant Related-Party Transactions: The CNY1.3 billion in net
cash outflows to related parties during 2018 exceeded its
expectations and contributed to an increase in Envision Energy's
financial leverage. Management has indicated that some of these
related balances will be repaid in 2019, and that there would not
be further significant related-party outflows. That said, Fitch
believes there is limited visibility and legal restrictions over
these transactions as Envision is privately held and subject to
less regulatory oversight compared with publicly listed companies.
It has a concentrated shareholding structure and no independent
directors.

Demand Resilient, Margins Compressed: Fitch expects wind-turbine
generator (WTG) sales to continue rising in 2019, partly driven by
higher demand ahead of regulatory changes. Management has given
guidance WTG sales will increase by at least 35% in 2019, from 4.2
gigawatt (GW) in 2018. However, Fitch expects EBITDA margins to
remain under pressure in 2019. Envision Energy's EBITDA rose by 27%
yoy in 2018, but margins were negatively affected by pricing
pressure, more intense competition and higher material and
component costs.

Planned Divestitures: Envision Energy plans to divest 300MW of
domestic wind farms and other non-core assets in 2019. Fitch
forecasts factors in the transactions Envision Energy has announced
publicly or that have been completed due to the execution risks.
Fitch has included the repayment of a shareholder loan following
the sale of Sonnen, a German battery maker in which the company had
invested, and cash received from the sale of one of its
international wind farms.

In addition, Qingdao Tianneng has announced plans to acquire
Envision Energy's 74.8MW Changzi wind farm, which Fitch has
included in its analysis. Envision Energy's FFO adjusted net
leverage could fall below 1.5x if the company's divestment plans
are successfully executed.

Limited Demand Visibility Beyond 2020: The medium-term visibility
for WTG demand is limited, as it depends on the competitiveness of
subsidy-free wind power against conventional fuel technologies.
China's National Energy Administration announced plans in 2018 to
phase out the subsidised feed-in-tariff mechanism for renewable
energy. The government is instead emphasising the development of
grid-parity unsubsidised projects. Previously approved onshore wind
projects will need to be completed before the end of 2020 to be
eligible to receive subsidies.

Management said WTG's demand outlook will benefit from wind power's
increasing cost competitiveness, new projects in high-speed wind
provinces as curtailment improves and the growth of offshore wind
power.

DERIVATION SUMMARY

Envision Energy's financial profile is comparable with higher-rated
diversified manufacturing and capital-goods peers, such as
Germany's KION GROUP AG (BBB-/Stable). Envision Energy's
profitability, measured by its FFO margin, is comparable with that
of KION GROUP. The one-notch difference in rating reflects Envision
Energy's related-party transactions and limited regulatory
oversight.

KEY ASSUMPTIONS

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

  - External wind-turbine generators' deliveries of 5.7GW and 6.2GW
in 2019 and 2020, respectively (2018: 4.2GW)

  - EBITDA margins of 12.5% and 12.2% in 2019 and 2020,
respectively (2018: 14.2%)

  - Capex of CNY2.5 billion per annum in 2019 and 2020 (management
guidance: CNY1.6 billion)

  - Consolidated wind farms to reach about 825MW by end-2020
(end-2018: 425MW)

RATING SENSITIVITIES

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

  - Outlook will be revised to Stable if FFO adjusted net leverage
is below 1.5x for a sustained period

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

  - FFO adjusted net leverage above 1.5x for a sustained period

  - Further cash leakages to related parties and aggressive
financial-management practices

  - EBITDA margins of 12% or below for a sustained period

LIQUIDITY

Sufficient Liquidity: Envision Energy had CNY6.9 billion in total
borrowings including CNY1.8 billion in short-term borrowings at
end-2018. In comparison, the company had CNY2.2 billion in readily
available cash on hand.

MUDANJIANG CITY: Fitch Publishes 'BB-' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has published Mudanjiang City Investment Group Co.,
Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings
of 'BB-'. The Outlook is Stable.

Fitch believes MCIG is strategically important to Mudanjiang
municipality in China's Heilongjiang province, giving the
municipality the incentive to support the company because a default
could have significant financial implications for the city.

MCIG's ratings are assessed using a top-down approach under Fitch's
Government-Related Entities Rating Criteria, reflecting Mudanjiang
municipality's ownership via Mudanjiang State Owned Assets
Investment Holdings Co. Ltd. and the municipality's direct control
and strong support for the company. Fitch has also factored in the
strategic importance of MCIG to the local government.

KEY RATING DRIVERS

'Strong' Status, Ownership and Control: Fitch has assessed the
attribute based on the Mudanjiang government's strict oversight of
MCIG. The entity is 78.35%-owned by Mudanjiang State Owned Assets
Investment Holdings Co. Ltd., but is ultimately controlled by the
Mudanjiang State-owned Assets Supervision and Administration
Commission. The remaining 21.65% is owned by China Development Fund
Co. Ltd. and China Agricultural Development Key Construction Fund
Co. Ltd., which are also state-owned entities.

'Strong' Support Track Record, Expectations: The government has
been providing frequent and significant capital injections and
subsidies to monetarily support MCIG's operations. The government
provided subsidies of CNY132 million in 2016, CNY125 million in
2017 and CNY106 million in 2018, representing the majority of
pretax profit in each year. The Mudanjiang municipal government has
injected land assets with a net value of CNY7.2 billion and CNY4.3
billion of roads and bridges into the company since 2012. The
company also generates the majority of its revenue from
government-related projects, with the municipality repurchasing the
projects with a guaranteed profit of 5%-15%. Fitch expects MCIG to
continue to receive strong support from the government.

'Moderate' Socio-Political Implications of Default: MCIG is the
largest social-housing project operator under the municipal
government and also a key urban-infrastructure developer in the
city. Some important projects carried out by the company include
building water-supply infrastructure and bridges. A default of the
company would have moderate social and political repercussions.

'Very Strong' Default Financial Implications: MCIG is one of the
largest GREs under the Mudanjiang municipal government. It
functions as one of the municipality's most important
infrastructure platforms. A large portion of its outstanding debt
was raised to fulfil its roles. China's policy banks and its four
largest state-owned banks also provided 68.4% of the company's
total credit facilities as of December 2018 to support the
company's operation of social-housing projects. A default would
have significant implications for the funding of other GREs in the
region.

Weak Standalone Credit Profile: MCIG's total debt amounted to
CNY8.8 billion in 2018. Its net debt/Fitch-calculated EBITDA ranged
from 59x in 2017 to 45x in 2018. Fitch expects the high leverage to
persist in the medium term due to its ongoing capex plan.

RATING SENSITIVITIES

A revision in Fitch's perception of Mudanjiang's ability to provide
subsidies, grants or other legitimate resources allowed under
China's policies and regulations would lead to a change in MCIG's
ratings.

Positive rating action may be triggered by a revised assessment of
the company's status, ownership and control or support track record
expectations or socio-political implications of a default,
enhancing Mudanjiang's incentive to provide legitimate support.

A downgrade may result from a significant weakening of the
assessment of the support track record expectations and/or
financial implications of a MCIG default, or the assessment of the
municipality's support record, or a dilution of the state's
shareholding.

SUNAC CHINA: Moody's Gives Proposed USD Notes B1 Sr. Unsec. Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured rating
to Sunac China Holdings Limited's (Ba3 stable) proposed USD notes.

The company plans to use the proceeds from the issuance mainly to
refinance existing debt.

RATINGS RATIONALE

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

Moody's expects that Sunac's revenue/adjusted debt (including
adjustments for its shares in joint ventures and associates) will
improve to 75%-80% over the next 12-18 months from around 60% in
2018, supported by an expected increase in revenue recognition from
strong contracted sales and controlled spending on land purchases
and non-property investments.

Likewise, Sunac's interest coverage — as measured by adjusted
EBIT/interest — will likely improve to 3.0x-3.2x from around 2.6x
during the same period.

Sunac continued to report solid 12% year-on-year contracted sales
growth for the five months ended 31 May 2019, following 27% and
140% contracted sales growth in 2018 and 2017.

Moody's expects the company's contracted sales will remain solid
but slow from a high base over the next 1-2 years. This solid sales
growth reflects its established brand name, quality products and
sizable saleable resources of about RMB800 billion for 2019.

Sunac's Ba3 corporate family rating reflects its strong sales
execution, leading brand and market position in China's Tier 1 and
Tier 2 cities, as well as the good quality of its land bank. The
rating also considers Sunac's good liquidity profile, driven by its
rapid asset turnover business model.

However, the CFR is constrained by the modest credit metrics
associated with Sunac's business expansion. In addition, the
adoption of a rapid asset turnover business model has reduced the
stability of its profitability and interest coverage. Nevertheless,
Moody's expects that the company's credit metrics will improve over
the next 12-18 months.

The stable outlook reflects Moody's expectation that the company
will further improve its profitability, remain prudent in its
financial management and control its investments in non-property
businesses.

The B1 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Sunac's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination.

Upward ratings pressure could emerge if Sunac: (1) demonstrates its
ability to exercise restraint in its non-core business investments;
(2) maintains its solid liquidity position; and (3) improves its
credit metrics, such that adjusted revenue/debt rises above
95%-100% and adjusted EBIT/interest rises above 3.5x-4.0x on a
sustained basis.

However, the ratings could be downgraded in case of: (1) a material
decline in its contracted sales; (2) a weakening liquidity
position; (3) substantial investments in its non-property
development businesses; or (4) weakening credit metrics, such that
adjusted revenue/debt falls below 60%-70% and adjusted
EBIT/interest drops below 2.5x-3.0x on a sustained basis.

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

Listed on the Hong Kong Stock Exchange on 7 October 2010, Sunac
China Holdings Limited is an integrated residential and commercial
property developer with projects in China's main economic regions.
The company develops a diverse range of properties, including
high-rise and mid-rise residences, detached villas, town houses,
retail properties, offices and car parks.



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

HANERGY THIN: Accepts Delisting After Four-Year Suspension in HK
----------------------------------------------------------------
Luo Guoping, Chen Xuewan and Mo Yelin at Caixin Global reports that
four years after its shares were suspended, Hanergy Thin Film Power
Group Ltd., the Chinese solar power equipment-maker tied to a
prominent Chinese billionaire has finally accepted that its name
will be erased from the Hong Kong bourse.

Hanergy Thin Film was officially delisted there at 9:00 a.m. on
June 11, the company said in a statement. That's in line with its
announcement last month that it would go private, Caixin says.

According to Caixin, shares in Hanergy were suspended in 2015
following an abrupt stock plunge in May that year that triggered an
investigation by securities regulators.

Caixin relates that the delisting came after the company failed to
meet regulators' conditions in seeking a resumption of trade. It
was unable to come up with an acceptable resumption plan, Caixin
learned from a source with knowledge of the firm, in part due to
its failure to present an independently audited financial report.
The company's opaque ownership structure has also been of major
concern, sources said. Hanergy Thin Film is still controlled by
founder Li Hejun, who owns an 80% stake in the company, according
to the sources.

Floated in Hong Kong through a back-door listing program in 2013,
Hanergy Thin Film has undergone a roller coaster rise and fall over
the past few years, says Caixin. The company saw its shares
skyrocket in the two years before the crash, rising tenfold between
2013 and early 2015, Caixin relates.

But then on May 20, 2015, a massive sell-off wiped out nearly half
of the company's market value within the first 70 minutes of
trading amid concerns of stock manipulation and worries that
Hanergy would be unable to pay off its debts. Li was the Chinese
mainland's wealthiest man before he lost about $14 billion of his
personal fortune in the debacle, the report states.

Still, after the privatization, Hanergy Thin Film has said it would
seek a listing on the mainland.

Caixin notes that shares belonging to existing shareholders will be
temporarily transferred to shares of a British Virgin Islands-based
unit of parent Hanergy Holding Group Ltd.

Another affiliate of the parent company would seek to float on the
mainland and then buy shares from that British Virgin Islands-based
unit, the company said last month, adds Caixin.

                        About Hanergy Thin

Based in Hong Kong, Hanergy Thin Film Power Group Limited, formerly
Hanergy Solar Group Limited, is an investment holding company. The
Company, along with its subsidiaries, is engaged in producing
equipment and turnkey production lines for manufacture of amorphous
silicon based thin film solar photovoltaic modules, as well as the
design, manufacture and sale of toys. The Company operates in one
segment: manufacture of equipment and turnkey
production lines, which includes the manufacture of equipment and
turnkey production lines for the manufacture of amorphous silicon
based thin film solar photovoltaic modules.



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

ANUBHA INDUSTRIES: Ind-Ra Cuts Long Term Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anubha
Industries Private Limited's (AIPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB-'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR800 mil. (reduced from INR850 mil.) Fund-based working
     capital limits downgraded with IND BB+/Negative rating;

-- INR771.9 mil. (reduced from INR985.6 mil.) Term loans due on
     March 2023 downgraded with IND BB+/Negative rating; and

-- INR35.5 mil. Non-fund-based working capital limits downgraded
     with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a decline in AIPL's revenue and EBITDA
margin in FY19, leading to a significant deterioration in the
credit metrics. The Negative Outlook reflects Ind-Ra's expectation
of further stress on AIPL's liquidity owing to a slow recovery in
the denim industry.

As per FY19 provisional financials, the revenue declined 3.8% YoY
to INR2,950 million due to the supply glut in the denim market. The
company's scale of operations is medium. The EBITDA margin declined
to 6.9% in FY19 (FY18: 10.2%) attributed to an increase in raw
material costs and manufacturing expenses, which the company failed
to pass on to its customers. The margins are modest with the return
on capital employed of 4% in FY19. The domestic denim industry
continues to face an oversupply situation, with the industry making
a slow recovery from the glut. Ind-Ra expects the company will
benefit from a change in the product mix and an increase in
exports, although margin pressures are likely to remain.

Consequently, AIPL's net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 9.0x in FY19 (FY18: 6.1x)
and interest coverage (operating EBITDAR/gross interest expense +
rents) to 1.3x (1.8x), despite the reduction in debt to INR1830
million (INR1,941 million). The credit metrics are weak.

The ratings are also constrained by the company's tight liquidity
position as reflected by 98.1% average maximum utilization of its
fund-based bank limits during the 12 months ended April 2019. It
had to avail short term ad-hoc loans of INR40 million to meet its
working capital requirements. AIPL's cash flow from operations
remained negative during FY15-FY19, due to the higher working
capital requirement. Its net working capital was elongated at 132
days in FY19 (FY18: 122 days), owing to long inventory holding
period and elongated debtor days.

The company enjoyed interest subsidy from both state and central
governments of 5% on eligible term loans for a period of five years
and eight years, respectively. The subsidy from the state
government had ended in January 2019, which will lead to an
increase in the company's interest expense in FY20. The company
borrowed unsecured loans of INR130 million in FY19 from body
corporate, directors and shareholders. Ind-Ra expects AIPL's
repayment obligation in FY20 and FY21 will be met from internal
accruals and unsecured loans from body corporate, directors and
shareholders if required.

The ratings are constrained by AIPL's susceptibility to volatility
in raw cotton price and revenue concentration risk. Its single
largest customer contributed 14% to the total revenue in FY19,
while the top 10 customers contributed about 43%.

However, the ratings are supported by the promoters' one decade of
experience in the textile industry.

The ratings also factor in the corporate guarantee extended by
Spectrum Dyes and Chemicals Pvt Ltd and Pratibha Endeavour Pvt Ltd
for AIPL's external borrowings.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, operating
profitability and liquidity profile, all on a sustained basis, may
lead to Outlook revision to Stable.

Negative: Further deterioration in the profitability or the
liquidity profile leading to a further deterioration in the credit
metrics will be negative for the rating.

COMPANY PROFILE

Incorporated in 2012, Surat-based AIPL manufactures denim and
cotton fabrics. The company has an installed capacity of 20 million
meters. Mr. Aditya Goyal is the Managing Director.

ANUSH FINLEASE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Anush Finlease and Construction Private Limited
        Plot No. 11. CBD Centre, Shahdara
        Delhi 110032

Insolvency Commencement Date: May 30, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 26, 2019

Insolvency professional: Aashish Gupta

Interim Resolution
Professional:            Aashish Gupta
                         1/4852, Gali No. 10
                         Balbir Nagar Extn, Shahdara
                         New Delhi 110032
                         E-mail: aashish_ca@rediffmail.com

                            - and -

                         C/o TRC Corporate Consulting Private
                             Limited
                         359 Udyog Vihar, Phase-II
                         Gurgaon 122015, Haryana
                         E-mail: cirp.anushfinlease@gmail.com

Last date for
submission of claims:    June 17, 2019


ARVIND SINGLA: CRISIL Cuts INR8cr Loan Rating to B+, Not Coop.
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Arvind Singla
(AS; part of the Singla group) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            8        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Cash          3        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with AS for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of AS revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of AS and Usha Singla (US), as the two
entities, together referred to as the Singla group, are in the same
business, and have common owners, and fungible operations and
finances.

AS, formed by Mr Arvind Singla in 2007 as a proprietorship firm,
distributes and retails liquor in Punjab. The promoter has been in
the liquor distribution business through his family for five
decades.

US, formed by Ms. Usha Singla (Mr. Arvind Singla's mother) in 2013
as a proprietorship firm, retails liquor in Punjab and Chandigarh.

AVIGNA PROPERTIES: CRISIL Cuts INR70cr Loan Rating to B+, Not Coop.
-------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Avigna
Properties Private Limited (APPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term        70      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with APPL for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of APPL revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

APPL was incorporated in 2011, promoted by Mr Amrutesh Naidu and Mr
Shivagnanom Rajasekaran. The company undertakes development of
residential real estate'villas and apartments'in Chennai.

BHAWNA ENTERPRISES: CRISIL Cuts INR7.5cr Loan Rating to B+, Stable
------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Bhawna
Enterprises - Delhi (BE) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Cash         2.5       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with BE for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BE revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

BE, a proprietorship firm established in 1999, trades in yarn,
fabric, zips, buttons and sliders, and foam items. The firm is
based in Delhi, and is managed by Mr Mohit Loyalka and his family
members.

BHUMI MULTI: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhumi Multi Agro Food
Industries Private Limited (BMAFIPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term       13        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with BMAFIPL for
obtaining information through letters and emails dated February 26,
2019 and May 28, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

BMAFIPL, incorporated in October 2015, is setting up a flour mill
with capacity of 130 tonne per day at Kopargaon in Maharashtra. The
company is promoted by the Kapse and Jape families of Kopargaon.

CALIBER MERCANTILE: CRISIL Cuts INR10cr Loan Rating to B+, Not Coop
-------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Caliber
Mercantile Private Limited (CMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          10         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with CMPL for obtaining
information through letters and emails dated November 30, 2018 and
May 28, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of CMPL revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in July 2014, CMPL trades in coal. The company is
promoted by Mr. Mohit Chadda and family and is based in Chandrapur
(Maharashtra).

CHARTERED HOUSING: Ind-Ra Assigns 'BB' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Chartered Housing
Private Limited (CHPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR140 mil. Term loan due on July 2019 assigned with IND
     BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect the risk of time and cost overruns associated
with CHPL's ongoing projects, Chartered Veda and Chartered
Hummingbird, in Bangalore. Around 71% of the total projects were
sold until March 2019. The company expects the projects to complete
by end-June 2019. The estimated project cost is INR596.90 million;
so far 89% of the expenses have been incurred. Further, CHPL has a
high dependence on customer advances as it has received around 74%
of the total receipts, giving rise to project delay risk on account
of the shortage of funds. Until FY19, CHPL booked revenue of
INR453.63 million in the ongoing projects and customer advances
stood at INR388.3 million.

CHPL's debt service coverage ratio was 3.06x in FY19 (FY18: 3.13x).
Ind-Ra expects the company to register a minimum debt service
coverage ratio of 1.14x in 1QFY20, which would improve further as
the interest obligations reduce due to repayment of the term loan
and the receipt of cash inflows from the customers.    

However, the ratings are supported by CHPL's promoter's experience
of over three decades in the residential real estate space and
established brand name Chartered. The project is in an advanced
stage of completion, with 89% expenses already incurred.

RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of sold units,
leading to stressed cash flows, could lead to negative rating
action.

Positive: An improvement in sales and timely receipt of advances
from customers, leading to stronger cash flows, could lead to
positive rating action.

COMPANY PROFILE

Incorporated in 1989, CHPL is engaged in real estate development.
Mr. Balakrishna Hegde is the promoter.

CHHAPRA MUNICIPAL: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Chhapra Municipal
Council's (CMC) Long-Term Issuer Rating of 'IND BB-'. The Outlook
was Stable.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as the issuer
rating was assigned under the Atal Mission for Rejuvenation and
Urban Transformation programme and no specific debt was issued
against the rating.

COMPANY PROFILE

Chhapra is the largest city in Bihar. CMC was set up in 1857 and is
the largest municipal council in the Saran district of the state of
Bihar. It is mainly responsible for the administration of the city,
providing and maintaining the various infrastructure facilities
including roads, housing, water, solid waste management, education,
health services, etc. to its citizens.

D. M. JEWELLERS: CRISIL Lowers Rating on INR15cr Cash Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of D. M.
Jewellers (DMJ) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           15        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term     5        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Revised from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with DMJ for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of DMJ revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

DMJ is a proprietorship firm set up by Ms Dipti Lathigara in 2005.
The firm sells gold, silver, diamond, and other precious
stone-studded ornaments at its showroom in Navsari, Gujarat. The
firm is presently managed by Mr. Manish Lathigara.

DHRUV COTTONS: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhruv Cottons (DC)
continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            6        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Long Term Loan         2        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Cash          2        CRISIL D (ISSUER NOT
   Credit Limit                    COOPERATING)

CRISIL has been consistently following up with DC for obtaining
information through letters and emails dated February 26, 2019 and
May 28, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 2006, DC gins cotton at its unit in Bhainsa,
Telangana. Managing partner, Mr. C Maruti, has experience of more
than 30 years in the cotton segment.

DINESH SOAPS: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Dinesh Soaps and
Detergents (DSD) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of Credit        60        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      15        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with DSD for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

DSD is a partnership firm engaged in high-seas trading of crude
palm oil. The partners have been in this business for the past two
decades.

DURABLE CERAMICS: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Durable Ceramics
Private Limited (DCPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         5        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Cash Credit           13        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with DCPL for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DCPL and Durable Transformers Pvt Ltd
(DTPL). The two companies, together referred to as the Durable
group, have common teams managing key functions, such as finance,
marketing, and procurement, at the head office. Also, they have
inter-company transactions and have extended corporate guarantees
for each other's credit facilities.

DCPL, incorporated in July 2005, commenced commercial production in
April 2006. It manufactures bushings (used in transformers),
insulators (pin, disc, post, high-tension, and low-tension), and
plain cement concrete poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. It manufactures transformers up to 1,000 kilovolt
ampere, and sells 10% of the output to DCPL.

EMPIRE MEADOWS: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Empire Meadows
Private Limited (EMPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan         15       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with EMPL for obtaining
information through letters and emails dated February 26, 2019 and
May 28, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

EMPL, established in 2009, is engaged in residential real estate
construction in Hyderabad. The company has one ongoing project,
Empire Meadows. It is promoted and managed by Mr Nagender Rao
Dalapathi.

EROS INTERNATIONAL: CARE Cuts Rating on INR300cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Eros International Media Ltd. (EIML), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank       300.00       CARE D Revised from
   Facilities                        CARE BBB-; Stable
   (Term Loan)         

   Long-term Bank       263.00       CARE D Revised from
   Facilities                        CARE BBB-; Stable
   (Cash Credit)             

   Short-term Bank      187.00       CARE D Revised CARE A3
   Facilities          

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of EIML
is on account of ongoing delays/default in debt servicing due to
slowdown in collection from debtors, leading to cash flow issues in
the company.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays/default in debt servicing: As a part of CARE's due
diligence process, CARE had interacted with EIML's bankers and had
also obtained 'Default if any' statements from the company which
mentioned delays/default in debt servicing (both principal and
interest) on the terms loans availed by the company, as also delays
of more than 30 days in servicing interest on cash credit and
packing credit, and a delay of more than 30 days in payment of
bills. As per the management, the delays/ default in debt servicing
is on account of slowdown in collection from debtors leading to
cash flow issues in the company.

Analytical approach: Consolidated

The consolidated financials of EIML have been considered for
analytical purposes. The consolidated financials include financials
of EIML and its 10 subsidiaries and 1 joint venture.

Eros International Media Ltd (EIML), a step-down subsidiary of Eros
International Plc (EIP) is headed by Mr. Sunil Lulla, the Executive
Vice Chairman and Managing Director of EIML. Eros group has been
present in the Indian film industry for around thirty years and
EIML has its distribution network in all the theatrical territories
(total 14) in India. EIML is engaged in
acquisition/production/co-production and distribution of Indian
films across various formats. It owns a content library of 2000+
films and music. The international and digital rights for the new
film content for the entire world excluding India are licensed to
Eros Worldwide FZ-LLC (Dubai) (holding company of EIML), in
accordance with the terms of the relationship agreement on
cost-plus basis (i.e. at an additional margin of 20%).

EROS INTERNATIONAL: Moody's Cuts CFR to B2, Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating for Eros International Plc to B2 from B1. At the same time,
Moody's has changed the outlook to negative from stable.

RATINGS RATIONALE

"The rating downgrade reflects Eros Plc's strained liquidity
profile, which led to delays in servicing the bank loans of its
Indian subsidiary, Eros International Media India Limited," says
Nidhi Dhruv, a Moody's Vice President and Senior Analyst.

On June 6, Eros Plc's 62.4% owned Indian subsidiary, Eros
International Media Limited (Eros India), confirmed that there were
delays in the payment of interest and amortizing principal on its
bank loans for the months of April 2019 and May 2019. In a filing
to the Indian stock exchanges, Eros India stated its intention to
clear the balances within seven working days, reflecting the
company's commitment to remediate the situation and avert any event
of default.

"Nonetheless, the delays in timely debt servicing exacerbates our
concerns over the complex and multi-jurisdictional group structure,
which has inhibited the timely movement of cash within the group
entities. We also note that Eros India is the main operating
subsidiary of the group that produces content," adds Dhruv, who is
also Moody's Lead Analyst for Eros Plc.

Eros India had a consolidated cash position of INR1.41 billion
(USD20.5 million) at March 31, 2019. By contrast, at the standalone
level, Eros India only had INR26.8 million (USD388,406) as of the
same date.

The majority of the cash is held at its operating subsidiaries,
primarily Copsale Limited, which is registered in the British
Virgin Islands. Although Copsale Limited is a 100% owned subsidiary
Eros India, cash cannot be easily upstreamed, due to regulatory
restrictions and dividend tax requirements.

Moody's points out that the delays in scheduled debt servicing
evidence Eros Plc's poor financial management and controls across
the group; factors which are inconsistent with a B1 rating.

"Furthermore, on 10 June, Eros Plc announced a share buyback plan
for $20 million, signaling management's preference to protect
shareholders interests over the interests of creditors," adds
Dhruv.

Moody's notes that the stock price of Eros India has declined
around 31% and for Eros International Plc around 57% since June 6.

Eros Plc's operating subsidiaries also continue to face challenges
and delays in recovering their receivables balances, which,
according to the company, has further strained its liquidity
profile.

High working capital needs means Eros Plc's liquidity is reliant on
the refinancing of $72 million in short-term facilities, which
management confirmed is still under discussion with the consortium
of banks. The recent delays in servicing of debt could lead to
difficulties in renewing these facilities, or more onerous terms of
renewal from the banks, which would be credit negative for the
company.

Eros Plc's B2 rating continues to reflect the company's leading
position in the Indian film industry, with an unparalleled content
library, consisting of multi-format rights to over 3,000 films and
more than 12,000 digital rights. The company is an integrated
operator with an extensive and well-established global distribution
platform which provides monetization opportunities across the life
cycle of a film.

At the same time, the rating considers Eros Plc's small scale
(revenues of around $300 million) compared to global peers, weak
cash flow metrics because of the ongoing need to invest in content,
weak liquidity profile, and complex group structure.

The negative outlook incorporates Eros Plc's strained liquidity
situation, complex group structure with inadequate cash balances at
key operating entities, and pending approvals from banks for
renewal of the company's short-term facilities.

Moody's could further downgrade Eros Plc's rating by more than one
notch if the company fails to remediate the payment delays within
the grace period allowed by the banks, or if Eros Plc faces
challenges in refinancing its short-term facilities with the
banks.

Other factors that could lead to a downgrade include weakness in
Eros Plc's operating and financial profile, such that adjusted
debt/EBITDA remains in excess of 5.0x, EBITA margin falls below
20%-25%, or retained cash flow (RCF)/net debt falls below 15% on a
sustained basis.

Moody's would also downgrade the rating if there are significant
changes to the relationship agreement between Eros Plc, Eros India,
and Eros Worldwide FZ-LLC.

Given the negative outlook, there is no upward pressure on the
rating.

Moody's could change the outlook back to stable if the company
settles its outstanding payments to the banks within the allowed
grace period, and stays current on future payments, while
refinancing its short-term facilities in a timely manner.

A stable outlook would also require Eros Plc to maintain financial
metrics in line with its B2 rating, specifically debt/EBITDA of
4.5x-5.0x, adjusted EBITA margin of 24%-26%, and adjusted RCF/net
debt between 15% and 20%.

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

Eros International Plc is the holding company of the Eros Group.
Through its group subsidiaries, the company acquires, co-produces
and distributes Indian language films in various formats globally
(50 countries, in over 25 dubbed or subtitled languages), then
monetizes the IPRs through multiple distribution channels.

Eros International Plc is listed on the New York Stock Exchange,
and the promoter group owns 31.3% of the company.

EROS INTERNATIONAL: Taking Action to Resolve Loan Payment Delays
----------------------------------------------------------------
Reuters reports that Eros International Media has taken steps to
resolve delays in loan payments, Chief Executive Kishore Lulla
said, as he also dismissed a short seller's allegations of
accounting irregularities at the group.

The company's New York-listed shares plunged more than 55% last
week, and those of its Indian subsidiary Eros International Media
Ltd sunk more than 30%, after an Indian rating agency categorized
debt of Eros's Indian subsidiary at "default" levels due to delays
in loan payments, Reuters relates.

"All the steps have been taken to rectify the issues (around
delayed loan payments)," Reuters quotes Lulla as saying in a
telephone interview on June 9, adding the company has no big bond
payments either that come due in the short term.

According to Reuters, CARE Ratings said on June 5 that it had cut
its rating "on account of ongoing delays/default in debt servicing
due to slowdown in collection from debtors, leading to cash flow
issues."

Eros is a film production and distribution company, which owns a
vast library of Bollywood movies and music and runs its own video
streaming service.

Its shares plunged despite assurances from the company that it was
working to sort out the delayed payments, Reuters says. Even as it
sought to calm investor concerns, Hindenburg Research--a
short-seller, published a note on June 7, alleging potential
accounting irregularities at the company.

Reuters relates that Lulla dismissed the allegations in the report
and noted that this wasn't the first time the company was being
targeted by a short-seller.

"I don't understand what shorts are trying to achieve here. It is
just trying to create a smoke-screen. There is nothing in the
report that we should be worried about," the report quotes Lulla as
saying.

Reuters reports that Eros on June 10 announced its board had
approved an up to $20 million buyback of shares of its New
York-listed entity, as it sees its stock as "seriously
undervalued".

The move failed to calm Indian investors though, and shares in the
local subsidiary fell a further 10 percent in trading on June 10,
the report states.

Despite Eros's assurances, several Eros employees and industry
insiders, who asked not to be named, told Reuters they were
concerned about the situation.

Two Eros employees told Reuters that the company has been a few
days late in paying some employee salaries over the last two
months. Those two sources and three other industry sources, also
said Eros had not made payments due to makers of some movies and
shows.

In an emailed response to questions from Reuters, Eros said, "The
company has paid all salary dues up to May 2019."

Eros also said its various shows "are at different stages of
production and the company pays for these as per the production and
delivery milestones," Reuters relays.

Lulla told Reuters that Eros was also working to boost revenue and
explore different forms of capital raising.

Lulla noted Eros recently struck a deal with Apple for Eros's
content to be included on the U.S. company's upcoming Apple TV+
offering, Reuters adds. He said this would boost revenue, along
with fees it earns from licensing titles to Amazon.com and others.

He said Eros had retained Barclays and Citibank to explore a debt
offering secured against its library of thousands of films, relays
Reuters.

"We have completed that exercise and at the appropriate time we
will complete the transaction," Lulla said, adding that Eros could
use these funds to refinance debt that comes due in the next two
years, Reuters adds.

                     About Eros International

Eros International Media Ltd (EIML) is engaged in
acquisition/production/co-production and distribution of Indian
films across various formats. It owns a content library of 2000+
films and music. The international and digital rights for the new
film content for the entire world excluding India are licensed to
Eros Worldwide FZ-LLC (Dubai) (holding company of EIML). EIML is a
subsidiary of Eros International Plc (EIP).

ESS ELL: CRISIL Maintains B Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of ESS Ell Cables
Company (Ess Ell) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with ESS Ell for
obtaining information through letters and emails dated November 30,
2018 and May 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 1994 as a partnership firm by Mr Harish Goyal, Mr. Mahesh
Goyal and late Mr. Ramesh Goyal, Ess Ell manufactures copper
winding wire, polyvinyl chloride winding wire, enameled copper
wire, aluminum wires, and fibre glass rectangular wires at its
facility in Daman. The firm sells products to manufacturers of
electric transformers (power and distribution), electric motors,
telecommunication equipment, and electronics and electrical
appliances through a wide distribution network spread across the
country.

ETHNIC TOBACCO: CRISIL Maintains B Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ethnic Tobacco India
Limited (Ethnic Tobacco) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                           Amount
   Facilities           (INR Crore)     Ratings
   ----------           -----------     -------
   Export Packing Credit       50       CRISIL B/Stable (ISSUER
                                        NOT COOPERATING)

CRISIL has been consistently following up with Ethnic Tobacco for
obtaining information through letters and emails dated November 30,
2018 and May 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Ethnic Tobacco India Limited was set up in 2006 by Mr. T Venkata
Rao and Mr. T Murali Mohan. The company processes tobacco leaves,
and sells the same in the domestic and international markets.
Ethnic Agros, set up in 2006, trades in raw tobacco. Ethnic Spices,
set up in 2006, was set up to trade in spices; however, it
currently trades only in raw tobacco. Ind Tob, set up in 2010, also
trades in raw tobacco. The group is based in Guntur (Andhra
Pradesh).

FORZZA REALTORS: CRISIL Cuts INR5cr Loan Rating to B+, Not Coop.
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Forzza
Realtors Private Limited (FRPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan              5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with FRPL for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of FRPL revised to be 'CRISIL B+/Stable Issuer not
cooperating'

FRPL was set up as private limited company in November 2012. It
leases warehouse space in land adjacent to the Calicut national
highway (Kerala).

GAMA INFRAPROP: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gama Infraprop
Private Limited (GIPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Bank Guarantee         18        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest        19.35     CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Term Loan             564.90     CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GIPL for obtaining
information through letters and emails dated February 26, 2019 and
May 28, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

GIPL is a special purpose vehicle floated by the RL Goyal group
(RLG group) to develop a 225-megawatt power plant, using the
combine cycle gas technology, near Kashipur, Uttarakhand. The
company was incorporated in May 2010 with the purpose of developing
and running the proposed power plant.

Over the years, the RLG group has established itself in the
chemicals industry by setting up a number of manufacturing units
for producing chemicals, such as acetic anhydride,
mono-chloroacetic acid, acetanilide, power alcohol, aniline oil,
and nitro benzene. Luna Chemical Industries Pvt Ltd (rated 'CRISIL
BB/Stable/CRISIL A4+'), GD Dyestuff Industries Ltd ('CRISIL
BB/Stable/CRISIL A4+'), and Jay Jee Enterprises ('CRISIL
BB/Stable/CRISIL A4+') are also part of the RLG group. The group's
operations are managed by Mr R L Goyal and his sons, Mr Rahul Goyal
and Mr Raman Goyal.

GIAN JYOTI: CRISIL Maintains B- Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Gian Jyoti
Educational Society (GJES) continues to be 'CRISIL B-/Stable Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            17.5       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with GJES for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

GJES was established in 1974 by Mr J S Bedi. The society manages
three institutes'Gian Jyoti Global School (GJGS), Gian Jyoti
Institute of Management and Technology (GJIMT), and Gian Jyoti
Group of Institutions (GJGOI)'in Mohali and Shambhu Kalan in
Punjab. It established GJGS in 1974 in Mohali GJIMT in 1998 in
Mohali; and GJGOI in 2012 in Shambhu Kalan. Mr Bedi oversees the
society's operations.

GREEN SHIELD: CRISIL Keeps 'C' INR8.5cr Loan Rating in Not Coop.
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Green Shield
Enterprises Private Limited (GSEPL) continues to be 'CRISIL
C/CRISIL A4 Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8.5       CRISIL C (ISSUER NOT
                                     COOPERATING)

   Letter of Credit        1.0       CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Proposed Short Term     5.5       CRISIL A4 (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with GSEPL for obtaining
information through letters and emails dated Nov. 30, 2018 and May
13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of GSEPL continues to be 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

GSEPL was started by Ms Arti Kanodia in 2008; however, the company
started its operations from September 2012. GSEPL trades and
processes grey fabric as per customer requirements. The promoter
family has been in similar line of business since 1985.

GWALIOR BYPASS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Gwalior Bypass Project Limited
        B-292, Chandra Kanta Complex
        Shop No. 2 & 3
        Near Metro Pillar No. 161
        New Ashok Nagar
        New Delhi 110096

Insolvency Commencement Date: May 29, 2019

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

Estimated date of closure of
insolvency resolution process: November 25, 2019

Insolvency professional: Rajesh Samson

Interim Resolution
Professional:            Rajesh Samson
                         Deloitte Touche Tohmatsu India LLP
                         7th Floor, Building 10 Tower B
                         DLF Cybercity Complex, DLF Phase II
                         Gurugram 122022
                         Haryana, India
                         E-mail: r_samson@hotmail.com

                            - and -

                         Deloitte Touche Tohmatsu India LLP
                         22nd Floor, DLF Epitome
                         Building 5 Tower A
                         DLF Cybercity, DLF Phase III
                         Gurugram 122022
                         Haryana, India
                         E-mail: ingwaliorbplip@eloitte.com

Last date for
submission of claims:    June 11, 2019


IL&FS FINANCIAL: Gov't. Seeks 5-Year Ban on Deloitte, KPMG Unit BSR
-------------------------------------------------------------------
The Economic Times reports that the central government on June 10
took the unprecedented step of seeking a ban on auditors Deloitte
Haskins & Sells and BSR & Co for their alleged role in helping hide
bad loans at the bankrupt IL&FS Financial Services.

According the report, the government sought a five-year ban under
Section 140 of the Companies Act, the first time it has invoked
this provision to debar an auditor. The proposed ban, if accepted,
would prevent the two firms from auditing any listed or unlisted
company, including banks and non-banking financial companies
(NBFCs), for five years, ET says.

ET says the National Company Law Tribunal, where the application
was moved, asked the government to dispatch the 800-page
chargesheet filed by the Serious Fraud Investigation Office to the
audit firms.

This, after the lawyers representing the audit firms and some of
their executives accused in the case said they have not been served
with the documents including the chargesheet and that they need
time to prepare and respond to the ministry of corporate affairs'
(MCA) allegations, ET states.

ET relates that the government lawyers conceded that they had
served an electronic version of the chargesheet to BSR & Co on June
10 and that they are yet to send the documents to Deloitte. The
NCLT gave the audit firms 10 days and set the next date of hearing
on June 21, the report notes.

According to the report, there have only been a few occasions where
an auditor has been barred from practicing. Last year, the
Securities and Exchange Board of India (Sebi) banned PwC for two
years after it found the auditor guilty in the Satyam Computer
fraud case, ET recounts. However, the ban did not extend to
unlisted companies.

On June 10, Reserve Bank of India banned EY member firm SR Batliboi
from auditing commercial banks for one year starting April 1, 2020,
citing lapse in statutory audit, ET reports.

The report says government representatives told the NCLT that it
was the auditor's duty to ensure that the loans and advances of an
NBFC are properly secured.

They alleged that in IFIN's case, the divergence between the net
worth of the borrower and the amount borrowed was huge. For
instance, one company which had borrowed INR385 crore had a net
worth of only INR85 crore, while another with a net worth of INR9
crore had managed to borrow INR223 crore, ET states.

ET relates that the lawyers argued that the auditors were aware of
funding of defaulting borrowers for principal and interest
payments.

"The loans were transferred by mere book entry and resulted in the
closure of old loans. The new loans didn't require provisioning or
recognition as NPA (non-performing asset). Hence the assignment of
the same was prejudicial to the interest of the company. The
auditors having the knowledge of the same had not reported the same
in the audit report," the SFIO chargesheet alleged, ET relays.

The Serious Fraud Investigation Office alleged that the auditors
suppressed the information of various loans, inflated profits and
presented a rosy picture, ET adds.

"Investigations revealed that the auditors, along with their
engagement teams of IFIN did not perform their duties diligently.
The auditors, despite having the knowledge of the funding of the
defaulting borrowers for principal and interest payments, failed to
report in the auditors' report for FY 2013-14 to FY 2017-18," the
agency, as cited by ET, alleged.

ET says the lawyers representing Deloitte, however, argued that the
firm was no longer the auditor of IFIN and hence the Section 140 of
the Companies Act does not apply to them.

IFIN was audited by KPMG affiliate BSR & Co in 2018-19 and jointly
by BSR and Deloitte Haskins & Sells in 2017-18. Deloitte was the
sole auditor of IFIN in 2015-16 and 2016-17, ET notes.

According to ET, the government has also made the Reserve Bank of
India (RBI), Sebi and the Institute of Chartered Accountants of
India (ICAI) as respondents in the case. This, said the government,
was to make sure that if these auditors are banned, the execution
of the order is done effectively by the respective regulator.

Some of the senior executives in Deloitte and BSR who were part of
the IFIN audit are also respondents in the case, ET says.

Sanjay Shorey, joint legal director in the ministry of corporate
affairs, represented the MCA while Janak Dwarkadas, senior counsel,
appeared for Deloitte, the report notes.

                           About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) is an
infrastructure development and finance company based in India. It
focuses on the development and commercialization of infrastructure
projects, and creation of value added financial services. The
company operates in Financial Services, Infrastructure Services,
and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the government on Oct. 1,
2018, stepped in to take control of crisis-ridden IL&FS by moving
the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.

INDO LAMINATES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Indo Laminates Private Limited
        79, Rajinder Park, Nangloi
        New Delhi 110041

Insolvency Commencement Date: May 22, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: November 18, 2019
                               (180 days from commencement)

Insolvency professional: Ashutosh Jain

Interim Resolution
Professional:            Ashutosh Jain
                         A-210, Lower Ground Floor
                         Shivalik, Malviya Nagar
                         New Delhi 110017
                         E-mail: aj@ajtax.in
                                 cirp.indolaminates@gmail.com

Last date for
submission of claims:    June 14, 2019


JET AIRWAYS: Continues to Work on Reviving Carrier, Etihad Says
---------------------------------------------------------------
Moneycontrol reports that while refusing to comment on a report
that it has put on hold plans to invest in Jet Airways, Abu
Dhabi-based Etihad Airways reiterated that it is working towards
finding a solution to revive the Indian airline.

"Etihad does not comment on rumour or speculation," the
spokesperson said in an emailed response to Moneycontrol's query.

Moneycontrol relates that the executive added: "Etihad continues to
work directly with key stakeholders in India to help find a
solution, which would ensure Jet Airways' return as a viable and
competitive Indian airline, as it has been doing consistently for
the past 15 months."

The comments come even as the report said Etihad Airways and the
Hinduja Group have decided to 'halt negotiations' to revive Jet
Airways, which had suspended its operations on April 17,
Moneycontrol says.

At the same time, sources told Moneycontrol that both Etihad and
the Hinduja Group are also keeping an eye on the Mumbai bench of
NCLT, where two operational creditors of Jet Airways have filed
pleas on June 10.

"The tribunal issued notices to Jet Airways and banks, which own
the airline now, and posted the matter for further hearing on June
13, when it will decide on admitting or rejecting the bankruptcy
pleas," reports PTI, Moneycontrol relays.

Moneycontrol adds that the Hinduja Group had also sought assurances
from the government. "The group doesn't want to be dragged into any
litigation related to Jet Airways' last promoter and doesn't want
to be in a sticky position because of that. It also wants Jet
Airways' slots and traffic rights to be restored," a senior
industry executive stated.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited provided
passenger and cargo air transportation services.  It also provided
aircraft leasing services. It operated flights to 66 destinations
in India and international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on
April 22, 2019, Reuters said Jet Airways Ltd on April 17 halted all
flight operations after its lenders rejected its plea for emergency
funds, potentially bringing the curtains down on what was once
India's largest private airline.

Lenders of Jet Airways led by SBI are currently in the process of
selling the airline to recover their dues of over INR8,400 crore,
The Economic Times reported.  Private equity firm TPG Capital,
Indigo Partners, National Investment and Infrastructure Fund (NIIF)
and Etihad Airways are in the race to buy a stake in the grounded
Jet Airways, ET said.

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint discloses.


JET AIRWAYS: Pilots Union to Move NCLT Over Salary Payments
-----------------------------------------------------------
Livemint.com reports that the pilots union of Jet Airways (India)
Ltd will file a plea against the grounded airline at the National
Company Law Tribunal (NCLT) for non-payment of salaries and not
providing a provision for gratuity payment to its staff, two senior
members of the union said.

The union, the National Aviators Guild (NAG), counted about 1,100
of the airline's 1,600 pilots as its members before the grounding
of the carrier, the report says. "We (NAG) will file a plea at
Mumbai's NCLT early next week," Livemint quotes one of the two
people, requesting anonymity, as saying. "The airline hasn't paid
us salaries since January. Also, they haven't made any provisions
for gratuity, which needs to be addressed by the court."

Livemint says Jet Airways, which stopped its operations in April
after running out of cash, has not paid salaries to its senior
employees, including pilots, engineers and senior management, since
January. The debt-ridden carrier has also not paid other employees
since March. Jet Airways spent INR781.19 crore as remuneration for
its employees during the October-December 2018 quarter, Livemint
relates.

"While some pilots have landed themselves jobs at other airlines,
there are several pilots, especially junior pilots, who have found
it difficult to get jobs," said the second person cited above,
adding that National Company Law Tribunal may well be a last-ditch
effort to recover dues, Livemint relays.

Two operational creditors of Jet Airways, Shaman Wheels Pvt. Ltd
and Gaggar Enterprises Pvt. Ltd, had on June 10 filed separate
insolvency pleas against Jet Airways at the National Company Law
Tribunal, Mumbai, for recovery of their dues, Livemint recounts.

According to the report, the pilots union will jump the queue ahead
of secured creditors if Jet Airways heads to liquidation, said Ravi
Kini, managing partner of law firm MV Kini and Associates.

"Under IBC (insolvency and bankruptcy code), once a case heads for
liquidation the waterfall mechanism comes into effect. Under
waterfall mechanism the dues of workmen are settled first before
the secured creditors," Livemint quotes Ravi Kini as saying.  The
unionized pilots of Jet Airways have good chances of recovering
their dues and will need to approach the court as pilot workmen, he
added.

The National Aviators Guild's plans to approach National Company
Law Tribunal could further impact lenders' recoveries from Jet
Airways, the report notes. In case Jet does not end up being
liquidated and insolvency is resolved then the new investor who
bails out Jet would need to take on the liability of Jet, including
salaries, Kini added.

In any case, if Jet Airways is admitted to the National Company Law
Tribunal, under bankruptcy resolution lenders may recover only a
fraction of the INR8,400 crore the airline owes them, Livemint
notes.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited provided
passenger and cargo air transportation services.  It also provided
aircraft leasing services. It operated flights to 66 destinations
in India and international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on
April 22, 2019, Reuters said Jet Airways Ltd on April 17 halted all
flight operations after its lenders rejected its plea for emergency
funds, potentially bringing the curtains down on what was once
India's largest private airline.

Lenders of Jet Airways led by SBI are currently in the process of
selling the airline to recover their dues of over INR8,400 crore,
The Economic Times reported.  Private equity firm TPG Capital,
Indigo Partners, National Investment and Infrastructure Fund (NIIF)
and Etihad Airways are in the race to buy a stake in the grounded
Jet Airways, ET said.

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint discloses.

LITTLE BEE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Little Bee International Private Limited
        VPO Mathipur, Doraha Distt
        Ludhiana Punjab

Insolvency Commencement Date: May 31, 2019

Court: National Company Law Tribunal, Ludhiana Bench

Estimated date of closure of
insolvency resolution process: November 27, 2019
                               (180 days from commencement)

Insolvency professional: Narinder Bhushan Aggarwal

Interim Resolution
Professional:            Narinder Bhushan Aggarwal
                         279-A, Rishi Nagar
                         Backside Kali Mata Mandir, Civil Lines
                         Ludhiana 141001
                         E-mail: nbaggarwal@rediffmail.com
                                 cirplittlebee@gmail.com

Last date for
submission of claims:    June 17, 2019


M B MALLS: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M B Malls Private Limited

        Registered office:
        G-54, Ground Floor, Vardhman Fortune Mall
        G T Karnal Road, Near Gujranwala Town
        Delhi North Delhi 110033 IN

        Principal office:
        13/6 Main Mathura Road
        Sector-32, Faridabad
        Haryana 121003 IN

Insolvency Commencement Date: June 4, 2019

Court: National Company Law Tribunal, Ghaziabad (U.P.) Bench

Estimated date of closure of
insolvency resolution process: December 1, 2019

Insolvency professional: Mr. Manoj Kulshrestha

Interim Resolution
Professional:            Mr. Manoj Kulshrestha
                         4th Floor, CS-14, Ansal Plaza
                         Opp. Dabur, Vaishali
                         Ghaziabad, U.P. 201010
                         E-mail: costadviser@hotmail.com
                         Tel.: 0120-4226157

Last date for
submission of claims:    June 18, 2019


REFLECTION INVESTMENTS: CRISIL Cuts Rating on INR14cr Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Reflection Investments to 'CRISIL D/issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         14       CRISIL D (ISSUER NOT
                                   COOPERATING': Downgraded
                                   from 'CRISIL A4+)

   Proposed Bank           2       CRISIL D (ISSUER NOT
   Guarantee                       COOPERATING': Downgraded
                                   from 'CRISIL A4+)

CRISIL has been consistently following up with Reflection
Investments, seeking information through letters and emails since
January 10, 2019 and March 30, 2019, apart from telephonic
communication. However, the issuer has remained non-cooperative.
This has led CRISIL to carry out rating surveillance with the best
available information.

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

Detailed Rationale

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

The firm's bank guarantee facility was invoked by the Stock Holding
Corporation of India (SHCIL) on account of non-maintenance of
adequate margin. The banker has confirmed non-payment of bank
guarantee dues and invocation of the facility.  

Therefore, on account of inadequate information and lack of
management cooperation, along with the confirmation of delay in
payment of dues, CRISIL has downgraded its rating on the short-term
bank facilities of Reflection Investments to 'CRISIL D/issuer not
cooperating'.

Analytical Approach
For arriving at the ratings, CRISIL has evaluated the standalone
business and financial risk profile of Reflection Investments.

A Chennai-based retail broking firm, Reflection Investments
received trading membership on the National Stock Exchange (NSE) in
1995 under the registered partnership category. It commenced
operations in the cash segment in October 1995 and became a member
in the derivatives segment in 2001. The firm, which also has a
branch in Bengaluru, operates in primary as well as secondary
markets. Mr Sambrani holds 88% of the shareholding, while Ms
Sambrani holds the remaining 12%. Net profit was INR11 lakh on
total income of INR1.8 crore in fiscal 2017, vis-a-vis INR14 lakh
and INR1.8 crore, respectively, in fiscal 2016.

SARASWATI EDUCATIONAL: Ind-Ra Downgrades Bank Loan Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Saraswati
Educational Charitable Trusts (SECT) bank loans to 'IND D' from
'IND BB (ISSUER NOT COOPERATING)'.

The detailed rating actions are:    

-- INR299.0 mil. (reduced from INR358.2 mil.) Term loan (long-
     term) due on March - June 2022 downgraded with IND D rating;

-- INR300 mil. Proposed term loan (long-term) downgraded with
     Provisional IND D rating; and

-- INR50 mil. (increased from INR20 mil.) Working capital
     facility (long-term) downgraded with an IND D rating.

KEY RATING DRIVERS

The downgrade reflects ongoing delays in debt servicing by SECT
during the 12 months ended in May 2019.

RATING SENSITIVITIES

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

COMPANY PROFILE

SECT has colleges near Lucknow. It also runs an aviation academy, a
medical college, and a 410-bed hospital.

SATRAMDAS AND CO: CRISIL Maintains C Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Satramdas and Co.
(SAC; part of the Agicha group) continues to be 'CRISIL C/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Letter of Credit     7          CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Working Capital     10          CRISIL C (ISSUER NOT
   Term Loan                       COOPERATING)

CRISIL has been consistently following up with SAC for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SAC continues to be 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SAC and Jawahar Saw Mills Pvt Ltd
(JSMPL). The entities, together referred to as the Agicha group,
are managed by the same promoter family, and trade in the same
product. There have been instances of financial transactions
between them, and they share infrastructure, and procurement,
finance, and management teams.

The Agicha group, founded by the Agicha family in 1956, trades in
timber logs. Its operations are managed by Mr Manohar Agicha.

SHRI BALAJI : Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shri Balaji Infradevelopers Private Limited
        11/102 East End Apartments Mayur Vihar
        Phase-I Extn. Delhi 110096

Insolvency Commencement Date: May 27, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: November 23, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Ajay Kumar Jain

Interim Resolution
Professional:            Mr. Ajay Kumar Jain
                         E-15/209, Sector-8, Rohini
                         New Delhi 110085
                         E-mail: ajayjain721@gmail.com
                                 sbiplirp@gmail.com

Last date for
submission of claims:    June 13, 2019


SHRI RAMSWAROOP: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Ramswaroop
Memorial Institute of Management and Computer Application's bank
loan ratings in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the ratings. The
ratings will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The instrument-wise rating actions are:

-- INR190 mil. Term loans (long-term) due on September 2019
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR50 mil. Fund-based working capital facility (long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 9, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Shri Ramswaroop Memorial Institute of Management and Computer
Application manage colleges and a school.

SONALAC PAINTS: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sonalac Paints &
Coatings Limited (SPCL) continues to be 'CRISIL B+/Stable Issuer
not cooperating'.

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

   Term Loan              .35      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SPCL for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SPCL was incorporated in 1988, promoted by Mr R S Garg. The company
manufactures various dry and liquid decorative paints such as wall
putty, cement paint, plastic emulsion, acrylic distemper, cement
primer, and strainers. Its headquarters is in Chandigarh and
manufacturing facility in Jammu & Kashmir. SPCL has an installed
capacity of around 25,000 tonne per year.

SU-KAM POWER: Ind-Ra Withdraws 'D' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Su-Kam Power
Systems Limited's (SKPSL) Long-Term Issuer Rating of 'IND D (ISSUER
NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND D' rating on the INR2.50 bil. Fund-based facilities
     (Long-term/Short-term) is withdrawn;

-- The 'IND D' rating on the INR3.0 bil.Non-fund-based facilities

     (Long-term/Short-term) is withdrawn; and

-- The 'IND D' rating on the INR413.1 mil. Term loan (Long-term)
     is withdrawn.

KEY RATING DRIVERS

The ratings have been withdrawn following National Company Law
Tribunal's decision to liquidate SKPSL.

COMPANY PROFILE

SKPSL manufactures power backup devices such as solar power system,
inverters, and uninterruptible power supply systems, for home and
commercial use, batteries, among others. Its manufacturing
facilities were at Baddi and Gurugram.

TGB REALTY: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: TGB Realty Private Limited

        Registered office:
        207, 2nd Floor, Living Style Mall
        Jasola Delhi New Delhi DL 110025
        India

Insolvency Commencement Date: May 23, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 19, 2019

Insolvency professional: Ajay Gupta

Interim Resolution
Professional:            Ajay Gupta
                         7-A, Sidhartha Extension, Pocket-B
                         New Delhi 110014
                         E-mail: ajaygupta1969@gmail.com

                            - and -

                         Flat No. 1004, Aspire 2
                         Supertech Emerald Court
                         9th Floor, Sector-93A
                         Noida 201304
                         E-mail: irp.tgbrealty@gmail.com

Classes of creditors:    Allottees and/or other, if any

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rajesh Dhawan
                         Mr. Sukhdev Madnani
                         Mrs. Pooja Trikha

Last date for
submission of claims:    June 11, 2019


YES BANK: Moody's Reviews Ba1 Issuer Rating for Downgrade
---------------------------------------------------------
Moody's Investors Service has placed Yes Bank Limited's foreign
currency issuer rating of Ba1 under review for downgrade.

Moody's has also placed the bank's long-term foreign and local
currency bank deposit ratings of Ba1, foreign currency senior
unsecured MTN program rating of (P)Ba1, and Baseline Credit
Assessment (BCA) and adjusted BCA of ba2 under review for
downgrade.

At the same time, Moody's has placed the bank's Counterparty Risk
Assessment (CR Assessment) of Baa3(cr)/P-3(cr) and domestic and
foreign currency counterparty risk rating (CRR) of Baa3/P-3 under
review for downgrade.

In addition, Moody's has affirmed the bank's short-term foreign and
local currency bank deposit rating of NP.

For Yes Bank, IFSC Banking Unit Branch, Moody's has placed the
foreign currency senior unsecured MTN program rating of (P)Ba1 and
senior unsecured debt rating of Ba1 under review for downgrade.

Moody's has placed the IFSC Banking Unit Branch's CR Assessment of
Baa3(cr)/ P-3(cr), and domestic and foreign currency CRR of
Baa3/P-3 under review for downgrade.

RATINGS RATIONALE

The review for downgrade takes into account Moody's expectation
that the ongoing liquidity pressures on Indian finance companies
will negatively impact the credit profile of Yes Bank, given the
bank's sizeable exposure to weaker companies in the sector. At the
end of March 2019, Yes Bank's exposure to Indian housing finance
companies (HFC) and non-bank finance companies (NBFC) represented
6.4% of its total exposure. In addition, Yes Bank had a 7% direct
exposure to the commercial and residential real estate sector as of
the same date, which is also under pressure, because liquidity
conditions have worsened for the real estate sector, just like with
the HFCs and NBFCs.

In April 2019, the bank classified about INR100 billion of its
exposures, representing 4.1% of its total loans under the
watchlist, that could translate into nonperforming loans over the
next 12 months.

Taking into account the bank's own disclosure of the stressed book,
as well as Moody's expectation of stress in the Indian HFC, NBFC
and real estate sectors, Moody's expects significant pressure on
the bank's asset quality and therefore profitability and capital
position. Nevertheless, the impact will be somewhat cushioned by
the bank's proactive loan loss provisioning for anticipated stress.
During the fiscal year ended March 2019 (fiscal 2019), the bank
made loan loss provisions of about 20% for the loans on the
watchlist.

The bank's weak performance in fiscal 2019 led to its capital, as
measured by the common equity tier 1 ratio, falling to 8.4% from
9.7% in fiscal 2018.

The bank's board has approved an up to USD1 billion equity capital
raise. If Yes Bank cannot raise the capital, its loss absorbing
capacity and therefore financial profile will be under pressure.

In this rating action, Moody's has maintained the negative
adjustment for corporate behavior for Yes Bank, which results in a
one notch adjustment to the bank's standalone credit profile (the
BCA) when compared to the bank's financial profile.

The negative adjustment takes into account management's aggressive
strategy, which has translated into rapid loan growth in the past
4-5 years and large concentrations to some of the Indian
conglomerate groups. The adjustment also takes into account the
Reserve Bank of India's (RBI) identification of several lapses and
regulatory breaches in the various areas of the bank's
functioning.

In Moody's opinion, given the recent changes at the bank, its
corporate behavior can gradually improve. Nevertheless, Moody's
continues to make the negative adjustment to reflect the fact that
the changes are fairly new and its expectation that the impact of
the previous actions will continue to negatively impact the
financial performance of the bank.

The recent changes at the bank include the appointment of an
external candidate as MD and CEO, Mr. Ravneet Gill, and the
appointment by the RBI of a retired RBI Deputy Governor, Mr R.
Gandhi, as an additional director at the Board of the bank.

Moody's continues to maintain its assumption of a moderate
probability of government support for deposits and senior unsecured
debt, reflecting the bank's modest, but rapidly growing franchise,
and relative importance to India's banking system. This support
assumption results in a one notch uplift to the bank's foreign
currency issuer rating of Ba1 from its BCA of ba2.

In the review for downgrade, Moody's will consider the developments
in the bank's solvency profile, namely, asset quality, capital,
profitability, as well as any impact from the solvency pressures on
its funding and liquidity profile. Moody's will also review the
bank's corporate behavior in light of the changes made and being
made in the operations and strategy of the bank.

WHAT COULD CHANGE THE RATING UP

Given the review for downgrade, Moody's will unlikely upgrade the
bank's ratings over the next 12-18 months.

Nevertheless, Moody's could change the ratings outlook to stable if
Yes Bank (1) maintains its current asset quality profile, and/or
adequately provides for the stock of stressed assets; (2)
strengthens its loss absorbing buffers by raising equity capital to
bring its capital ratios in line with those of its similarly rated
peers in India; and (3) meaningfully reduces concentration risk on
the asset side and improves its liability profile.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade Yes Bank's ratings if (1) there is a
sustained deterioration in impaired loans or loan-loss reserves, or
if the rate of new nonperforming loan formation is significantly
higher than previously experienced; or (2) the bank's capital
ratios decline because of its inability to raise new capital, or
both.

The principal methodology used in these ratings was Banks published
in August 2018.

Yes Bank Limited is headquartered in Mumbai and reported total
assets of INR3.8 trillion ($54.7 billion) at March 31, 2019.



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

CIPUTRA DEVELOPMENT: Fitch Affirms BB- IDR, Alters Outlook to Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Indonesia-based property
developer PT Ciputra Development Tbk to Negative from Stable. At
the same time, the agency has affirmed the company's Long-Term
Issuer Default Rating at 'BB-'. Fitch Ratings Indonesia has revised
PT Ciputra Residence's Outlook to Negative from Stable, and
affirmed its National Long-Term Rating at 'A+(idn)'.

The Outlook revision reflects Fitch's view of heightened risks
around CTRA's ability to increase its annual attributable property
presales to more than IDR5 trillion in the next one to two years.
Fitch views this level of presales as commensurate with a Long-Term
IDR of 'BB-'. CTRA reported attributable presales of IDR5
trillion-7 trillion a year in 2013-2017, supported by its
established domestic franchise and geographically diverse projects.
However, the company's attributable presales fell by around 30% in
2018 to about IDR4 trillion, underperforming most rated peers.
Fitch may downgrade CTRA's ratings if its attributable presales do
not get back on track towards more than IDR5 trillion by 2021. The
rating on PT Ciputra Residence is based on the consolidated profile
of its parent, CTRA.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher rated category

KEY RATING DRIVERS

Slow Sales on Deferred Launches: Fitch expects CTRA's attributable
presales to decline by 7% to IDR3.7 trillion in 2019. Sales in 2Q19
will remain soft given the long Eid holiday in June 2019, but
should recover in 2H19 as it expects new product launches to resume
and consumer sentiment to improve. CTRA's attributable presales
fell by 30% yoy in 1Q19, mainly due to a lack of new products and
weak consumer sentiment ahead of the April 2019 elections. Fitch
expects presales growth to accelerate from 2020 as economic
performance and business activities are likely to improve. Fitch
expects Indonesia's GDP growth to pick up to 5.1% in 2020 and 5.3%
in 2021 (2019F: 5%).

Fitch also expects CTRA's significant exposure to the low- to
mid-end market, where demand is driven more by first-time home
buyers, to help the company to improve its presales in the next few
years, as consumers in this space are less sensitive to economic
cycles. In 2018, around 40% of CTRA's consolidated presales
consisted of products in the low- to mid-end market, which is
broadly defined as homes with price tags below IDR1 billion.

Investment Properties Support Financing Flexibility: CTRA has
substantial non-development cash flows from its quality
investment-property portfolio. These add to the company's cash
flows from its core property-development business and give it
additional financing flexibility and a more stable source of debt
servicing during periods of weak property demand. Sustained
deterioration in CTRA's non-development interest cover, measured by
non-development gross profit/ net interest expense, to below 1x
(2018: 1.6x), may signal tighter financing and operating
flexibility, and Fitch may reduce the level of leverage, measured
as net debt/adjusted inventory, that could lead to negative rating
action from the current 40% for CTRA's 'BB-' IDR (2018: 31%).

Fitch expects CTRA's non-development interest cover to increase to
1.7x by 2023 as it expects occupancy of existing properties to
improve and three new shopping malls that the company plans to open
in 2020-2022 to generate additional non-development cash flows.

Diversified Portfolio; Established Track Record: CTRA's rating is
supported by its strong market position as one of Indonesia's
largest and most diversified property developers by product,
geography and segmentation. It has an established track record,
sizeable land bank, and quality assets. The company has 75
residential and commercial projects across 33 Indonesian cities.
The group has multiple revenue streams from various segments of the
property market, as well as commercial and investment properties
including shopping malls, hotels, hospitals, office towers and golf
courses.

Sizeable Land Bank: CTRA had around 2,334 hectares of land bank at
end-2018, which is spread across the country, with sizeable
presence in the main urban areas of Greater Jakarta and Greater
Surabaya. The large land bank ensures project longevity, especially
when land prices are rising. In addition, the Ciputra group also
jointly develops projects with land owners on a profit- or
revenue-sharing basis. This helps the group expand its operational
scale while limiting the balance-sheet burden. Fitch expects CTRA
to provide support to JVs to the extent of its shareholdings, given
the reputational risk, and hence it has proportionately
consolidated the key financials of major subsidiaries when
computing CTRA's financial metrics.

Rating Based on Consolidated Profile: CTRA and its subsidiaries
have moderate overall intra-group operational and legal linkages
that stem from comfortable access to cash within the group, common
shareholders and board members among the group companies, and a
negative pledge provision in the documents for CTRA's Singapore
dollar bond that covers all its principal subsidiaries. There are
also risks to the overall reputation of the group from the use of
the 'Ciputra' brand. Fitch believes these linkages give CTRA strong
operational control over its subsidiaries and therefore they
operate as a single entity.

DERIVATION SUMMARY

CTRA's rating on the international scale may be compared with those
of PT Pakuwon Jati Tbk (BB/Stable), PT Bumi Serpong Damai Tbk (BSD;
BB-/Stable), KWG Group Holdings Limited (BB-/Stable), PT Modernland
Realty Tbk (B/Stable) and PT Alam Sutera Realty Tbk (B/Stable).

Pakuwon is one of Indonesia's leading mixed-use property developers
with the majority of its operating cash flows from its large
investment property portfolio. Pakuwon is rated higher than CTRA
because of its superior non-development income base and more
conservative capital structure, which lead to significantly
stronger non-development interest cover. Pakuwon's higher rating is
also supported by wider profit margins and stronger free cash flow
(FCF).

Fitch believes BSD and CTRA have similar business risk profiles,
with comparable property presales as the two largest developers in
Indonesia. Both companies have strong track records in the domestic
property market and benefit from added financial flexibility from
their strong non-development property cash flows. Therefore both
companies can maintain similar leverage of around 40% for their
'BB-' Long-Term IDRs. BSD is more geographically concentrated than
CTRA, with the majority of its presales from its mature BSD City
township. However, BSD's presales proved more resilient than CTRA's
during the 2018 downturn due to its larger land bank, which allows
BSD more flexibility to tailor its products to customers, including
selling large land parcels to co-developers and investors.

CTRA has lower property presales than China-based KWG, but CTRA has
stronger domestic market position given its position as one of the
largest property developers in Indonesia. Fitch believes the
difference in scale is also offset by CTRA's higher non-development
interest cover, which underpins its robust financing flexibility.
These reasons, combined with the strategic locations of both
companies' assets in their respective markets, warrant the same
rating level.

Fitch believes CTRA's higher rating relative to Modernland and Alam
Sutera is underpinned by CTRA's significantly larger operating
presales, supplemented by its healthy non-development interest
cover, better geographical diversification in its land bank and
projects, and lower leverage.

PT Ciputra Residence (CTRR), which is rated based on the
consolidated profile of CTRA, may be compared on the national scale
with PT Kawasan Industri Jababeka Tbk (A-(idn)/Stable) and PT PP
Properti Tbk (PPRO; BBB+(idn)/Negative). Fitch believes Jababeka's
business profile is weaker because CTRR has a significantly larger
operating presales scale, more geographically diversified projects
and lower business cyclicality due to exposure to residential
property sales as opposed to Jababeka's industrial land sales. CTRR
also has lower leverage than Jababeka.

Fitch believes CTRR's higher operating presales, wider profit
margin, lower leverage and stronger non-development interest cover
relative to PPRO, combined with CTRR's better geographic
diversification and more established record in residential and
commercial property development, warrant a multiple-notch
difference between the ratings of the two companies

KEY ASSUMPTIONS

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

  - Attributable presales of IDR3.7 trillion in 2019 and IDR4.5
trillion in 2020

  - Discretionary land acquisition spending of around IDR650
billion in 2019 and around IDR1 trillion in 2020

  - Total construction capex of IDR2.5 trillion-4 trillion in
2019-2023

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to a
Stable Outlook

  - Presales improve in the next two years in line with Fitch's
expectations, leading to annual attributable presales of more than
IDR5 trillion by 2021

Developments That May, Individually or Collectively, Lead to a
Downgrade

  - If non-development gross profit/net interest expense remains
above 1x, then leverage, as measured by net adjusted debt/ adjusted
inventory, sustained above 40%

  - Inability to improve attributable presales to more than IDR5
trillion by 2021

  - Weakening in overall legal and operational ties between the
parent and the operating subsidiaries

LIQUIDITY

Sufficient Liquidity: As of 31 March 2019, CTRA had around IDR3.4
trillion of consolidated cash and over IDR2 trillion of undrawn
debt facilities. This compared with around IDR1.3 trillion of
short-term debt maturities, of which around IDR1 trillion is a
short-term working-capital facility that would be typically rolled
over in the normal course of business, given CTRA's established
track record and strong market position as a leading property
developer in Indonesia.

CTRA's capex in the next 24 months mainly comprises construction
costs for its three new shopping malls and properties for sale. The
construction costs for property sales are relatively flexible, as
they are partly contingent upon meeting sales thresholds in the
current period. In addition, its land acquisitions are
discretionary. All these factors may allow the company to
accumulate cash and shore up its liquidity profile if required.
Liquidity is also supported by CTRA's access to local banks and
capital markets

FULL LIST OF RATING ACTIONS

PT Ciputra Development Tbk

  - Long-Term Issuer Default Rating affirmed at 'BB-'; Outlook
revised to Negative from Stable

  - SGD150 million 4.85% senior unsecured bond affirmed at 'BB-'

PT Ciputra Residence

  - National Long-Term Rating affirmed at 'A+(idn)'; Outlook
revised to Negative from Stable

  - Senior unsecured debt class affirmed at 'A+(idn)'

  - IDR80 billion bond with partial credit guarantee from the
International Finance Corporation affirmed at 'AA-(idn)'



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

MERCURY NZ LTD: S&P Assigns 'BB+' LT ICR to New Capital Securities
------------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' long-term
issue credit rating to the proposed subordinated capital bonds to
be issued by Mercury NZ Ltd. (BBB+/Stable/A-2). S&P has rated the
capital bonds two notches below Mercury NZ's stand-alone credit
profile (SACP) of 'bbb' and three notches below the issuer credit
rating of 'BBB+' on the company. This is to reflect the bonds'
subordinated status and optional interest deferability.

S&P has assigned intermediate equity content to the issuance based
on the following key features of the bonds:

-- Effective maturity of 30 years;

-- The first call date is on the first five-year reset date with
the ability to call on any reset date thereafter, except in limited
circumstances;

-- Optional deferral of coupon payments for up to a period of five
years;

-- No material step-up of the margin; and

-- The instrument's subordinated recovery position relative to
senior unsecured creditors of the company, including Mercury NZ's
bank debt, senior bonds, and U.S. private placement notes.

S&P said, "Incorporated in our assessment of the intermediate
equity content of these bonds is Mercury NZ's intention to replace
or redeem these securities with instruments with equivalent equity
content. If Mercury NZ were to indicate any plan to deviate from
its replacement intention, we would revise our assessment of the
equity content to minimal, and therefore, treat the bonds as debt.
In addition, we would revise the equity content assessment to
minimal no later than July 2029, when the time to expected maturity
would fall below 20 years.

"Given the intermediate equity content, we will classify 50% of the
principal as equity and 50% of the coupon payments as distributions
when calculating our financial ratios for the company. We expect
Mercury NZ to use the issuance proceeds to redeem its existing
capital bonds at their first reset in July 2019."



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

FRENCH CELLAR: Online Wine Subscription Platform in Liquidation
---------------------------------------------------------------
Tech in Asia, citing The Straits Times, reports that online wine
subscription platform The French Cellar announced in a Facebook
post on May 28 that the company has "ceased operations on May 27,
2019 and is now in the process of voluntary liquidation."

Liquidators will be in touch with them and affected customers can
"file a proof of debt in respect of [their] wine subscription,"
according to the FB post, Tech in Asia relays.

The report relates that existing customers, some of whom have lost
"thousands of dollars," will no longer receive the bottles of wine
they've paid for.

Founded in 2013 by Eric Joubert and Vincent Morello, the company
offered customers subscription plans to French wines selected by
its sommelier. It has delivered over 100,000 boxes in its five
years of operations, Tech in Asia discloses citing the company's
website.

STATS CHIPPAC: Fitch Withdraws B+ IDR on Insufficient Information
-----------------------------------------------------------------
Fitch Ratings has withdrawn the ratings on STATS ChipPAC Pte. Ltd.
(STATS).

Fitch's ratings on STATS prior to the withdrawal:

  -- Long-Term Foreign- and Local-Currency Issuer Default Ratings
at 'B+'; Outlook Stable

KEY RATING DRIVERS

Fitch is withdrawing the ratings as STATS has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for STATS.


                           *********


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

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

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

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