/raid1/www/Hosts/bankrupt/TCRAP_Public/190620.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 20, 2019, Vol. 22, No. 123

                           Headlines



A U S T R A L I A

ALBATROSS BREWING: First Creditors' Meeting Set for June 27
BAY JOINERY: First Creditors' Meeting Set for June 26
BIRUBI ART: ACCC Seeks Up to AUD2.5 Million Fine
BLUE SKY: Directors in 'Shock' at Company's Receivership
D & D QUARRIES: First Creditors' Meeting Set for June 26

HJ FAMILY: First Creditors' Meeting Set for June 26
ONE WORLD: Customers Call on Probe After Shop Suddenly Closes
PACIFIC BLUE: First Creditors' Meeting Set for June 26
STONE ISLAND: Second Creditors' Meeting Set for June 26
SULUNZ PTY: First Creditors' Meeting Set for June 28

TWO PG: First Creditors' Meeting Set for June 28


C H I N A

CHINA LENDING: Will Acquire 65% Equity Interests in Cayman Lixin
DAFA PROPERTIES: S&P Assigns 'B' Long-Term ICR, Outlook Stable
HOPSON DEVELOPMENT: Fitch Rates Proposed USD Sr. Notes B+(EXP)
HUAI'AN DEVELOPMENT: Fitch Rates USD Sr. Unsec. Notes BB-(EXP)
TIANQI LITHIUM: Moody's Assigns Ba2 CFR, Outlook Negative



H O N G   K O N G

PEARL HOLDING III: Moody's Cuts CFR to B2; Alters Outlook to Neg.


I N D I A

DDN SFA: CRISIL Lowers Rating on INR10cr Cash Loan to B+
GANAPATI INDIA: CRISIL Reaffirms B+ Rating on INR40cr Loan
GONDWANA ENGINEERS: CRISIL Maintains D Rating in Not Cooperating
JASMINE TOWELS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
JET AIRWAYS: Experts Say Probes to Cast Shadow Over Insolvency Case

JOSEPH LESLIE: CRISIL Assigns B+ Rating to INR5.5cr Cash Loan
RAM NIWAS: CRISIL Raises Rating on INR2cr Cash Loan to B+
RHEOPLAST TECHNOLOGY: CRISIL Keeps B Rating in Not Cooperating
RRR CONSTRUCTIONS: Ind-Ra Affirms 'BB' Long Term Issuer Rating
SAJEEV MATHEW: CRISIL Reaffirms B Rating on INR15cr Cash Loan

SHARTHI COTTGIN: CRISIL Maintains B+ Rating in Not Cooperating
SHARVI AGRO: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
SHIVCHAND RAI: CRISIL Maintains 'B+' Rating in Not Cooperating
SHREE GITA: CRISIL Upgrades Rating on INR37cr Cash Loan to B+
SHRI RAM COMTRADE: CRISIL Keeps INR6cr B+ Loan Rating in Not Coop.

SHRUSTI: CRISIL Upgrades Rating on INR20.11cr Loan to B+
SHUKLA AGRITECH: CRISIL Raises Rating on INR5.55cr Loan to B
SHYAM CHEMICALS: CRISIL Lowers Rating on INR18.5cr Loan to B+
SIM AGRO: CRISIL Maintains 'B' Rating in Not Cooperating
SITARA CONDUCTORS: CRISIL Maintains B- Rating in Not Cooperating

SOCIAL CHANGE: CRISIL Maintains 'D' Rating in Not Cooperating
SOUTH CALCUTTA: CRISIL Cuts Rating on INR1.8cr Cash Loan to B+
SOUTHERN COOLING: CRISIL Lowers Rating on INR11cr Cash Loan to C
SRI SRINIVASA: CRISIL Hikes Rating on INR32cr Loan to B+
SUDHIR FOOD: CRISIL Maintains B+ Rating in Not Cooperating

SUPER ENGINEERS: CRISIL Lowers Rating on INR3.75cr Loan to B+
THIRUPATHY BRIGHT: CRISIL Hikes Rating on INR8cr Cash Loan to B+
THIRUVAMBADY DEVASWOM: CRISIL Retains B Rating in Not Cooperating
VANSH EDUCATION: CRISIL Upgrades Rating on INR15.8cr Loan to B+
VE JAY TEXTILE: CRISIL Maintains 'D' Rating in Not Cooperating

WINSOME DIAMONDS: ED Moves NCLT to Stop Jeweller's Liquidation


I N D O N E S I A

AGUNG PODOMORO: Moody's Affirms B1 CFR, Alters Outlook to Neg.


M A L A Y S I A

COMINTEL CORP: Auditor Issues Qualified Opinion on FY19 Results


S I N G A P O R E

ANAN INTERNATIONAL: Seeks Extension to Hold FY2018 AGM
HYFLUX LTD: Utico Extends Deadline for Binding Deal to June 27


V I E T N A M

HOME CREDIT: Fitch Affirms B+ LT IDR, Outlook Stable

                           - - - - -


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

ALBATROSS BREWING: First Creditors' Meeting Set for June 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Albatross
Brewing Pty Ltd will be held on June 27, 2019, at 8:30 a.m. at
Suite 2, Level 16, 60 Carrington Street, in Sydney, NSW.

Philip Raymond Hosking of Helm Advisory was appointed as
administrator of Albatross Brewing on June 18, 2019.

BAY JOINERY: First Creditors' Meeting Set for June 26
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Bay Joinery
& Benchtops Pty Ltd will be held on June 26, 2019, at 11:00 a.m. at
the offices of Jirsch Sutherland, at Level 1, 14 Watt Street, in
Newcastle, NSW.

Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of Bay Joinery on June 14, 2019.

BIRUBI ART: ACCC Seeks Up to AUD2.5 Million Fine
------------------------------------------------
The Guardian reports that the Australian Competition and Consumer
Commission is seeking a AUD2 million to AUD2.5 million penalty
against a now-defunct company, Birubi Art, which breached consumer
law by selling thousands of Indonesian-made items as Aboriginal
art.

In October, the federal court found that Birubi Art had "made false
or misleading representations that products it sold were made in
Australia and hand-painted by Australian Aboriginal persons, in
breach of the Australian consumer law," the Guardian recalls.

The Guardian reports that at the penalties hearing on June 14
Justice Melissa Perry of the federal court said the penalty sought
by the ACCC was "very substantial" and could be seen as oppressive,
since Birubi Art has already gone into liquidation.

But the ACCC argued that any penalty should signify the "serious
cultural harm" done by fake Aboriginal art, the report notes.

These harms were "grave and far-reaching" and involved "not just
direct economic loss but a weakening of the value of the authentic
products" and an "erosion of consumer confidence in the entire
sector", the ACCC told the court, The Guardian relays.

"The message should be: 'Don't represent goods with an authenticity
they do not have.' In choosing profits over harms, the consequences
may be . . . as dire as going out of business."

Between July 2015 and November 2017, the ACCC said, Birubi sold
more than 18,000 boomerangs, bullroarers, didgeridoos and message
stones to retail outlets around Australia, featuring designs
"associated with Australian Aboriginal art" and labelled with words
such as "Aboriginal Art", "genuine" and "Australia," The Guardian
relays.

"It was unacceptable that Birubi sold Indonesian-made products as
having being hand-painted by Australian Aboriginal persons when
that was not the case," the ACCC commissioner, Sarah Court, said at
the time.

Justice Perry is expected to hand down her decision in coming
weeks, The Guardian adds.

BLUE SKY: Directors in 'Shock' at Company's Receivership
--------------------------------------------------------
Liam Walsh at Australian Financial Review reports that directors of
fallen fund manager Blue Sky have claimed they were blindsided when
its big financier Oaktree Capital Management sent in receivers.

"The directors have . . . advised us that in their opinion they
were engaging in discussions with the secured creditor [Oaktree]
following the company's breach of its loan covenants," a report to
creditors of Brisbane-based Blue Sky Alternative Investments said,
AFR relays.

"The appointment of voluntary administrators, and receivers and
managers was not expected according to the directors."

According to the report, Blue Sky was a sharemarket darling
overseeing investments in more than 80 funds, whose assets ranged
from student accommodation to a burrito chain. But it tumbled into
receivership in May after breaching an earnings covenant on a AUD50
million loan from California-based Oaktree.

AFR relates that the company had initially flagged it would likely
breach the covenant in February and this proved true when accounts
were completed in May.

Still, the creditor's report by administrators Bradley Hellen and
Nigel Markey of Pilot Partners listed the directors' surprise that
Oaktree had used the breach to pull the trigger on appointing both
administrators and receivers, AFR relays.

"The directors of the company indicated that they were not aware
that the secured creditor was taking steps to appoint external
administrators to the company (prior to those steps being taken),"
said the report, obtained by The Australian Financial Review.

While Oaktree had the ability to demand full repayment of the loan
under a "make whole" arrangement, the report states that the
financier appeared to have "not accelerated amounts due under the
facility".

Blue Sky only had four directors at the time of receivership. All
have quit since, AFR notes. Oaktree's representative on Blue Sky's
board, Byron Beath, had resigned just weeks before the dispatching
receivers from KordaMentha.

The receivership marked a top-level deterioration of a relationship
trumpeted only seven months earlier as assisting Blue Sky, whose
share price had been smashed amid a loss of investor faith.

"Oaktree's involvement with our business will enable Blue Sky to
tap into the deep expertise and networks of a global leader in
alternative asset management," said the then chairman John Kain
when the loan was announced, AFR recalls.

According to AFR, Blue Sky's funds are not in receivership, and the
head entity owes more than AUD70 million to creditors. That is
largely money owed to Oaktree and Blue Sky entities, but employees
are also seeking AUD1.9 million.

Unsecured creditors are claiming at least AUD906,000, the report
states. Separate creditor minutes indicate that includes EY
claiming more than AUD210,000 for audit work and rent. EY declined
to comment, the report says.

AFR says the administrators are recommending creditors at a meeting
this week support a "holding" deed of company administration, which
they say is a "transitional measure intended to preserve the
company's assets and operations".

It could pave the way to a debt restructuring deal or liquidation,
AFR states.

A deed would see the receivers still in control, "provide a degree
of assurance to employees" and "permit time for the receivers . . .
to assess the assets under their control and possible realisation
strategies", the report, as cited by AFR, said.

The receivers had not yet "formulated a strategy for the assets
under their control, by way of an asset sale, a restructure
proposal or some other proposition", the report said.

AFR adds that the administrators warned putting Blue Sky into
liquidation would potentially "erode confidence further" and hurt
both operations of the main entity and relationships with other
linked entities.

"This in turn may jeopardise values and any future sales and/or
recapitalisation of the company as a going concern by the
receivers," the report said.

                           About Blue Sky

Blue Sky Alternative Investments Limited --
https://blueskyfunds.com.au/ -- is a private equity and venture
capital firm specializing in growth capital and late stage
investments. The firm also invests in private real estate,
infrastructure, hedge funds, and water asset classes. For growth
capital the firm invests in range of sectors including food,
healthcare and education. For venture capital the firm invests in
sectors including software, healthcare, food, retail and education.
The firm seeks to invest in Australia.

Bradley Vincent Hellen and Nigel Robert Markey of Pilot Partners
were appointed as administrators of Blue Sky on May 20, 2019.

D & D QUARRIES: First Creditors' Meeting Set for June 26
--------------------------------------------------------
A first meeting of the creditors in the proceedings of D & D
Quarries Pty Ltd will be held on June 26, 2019, at 1:00 p.m. at
Level 54, 111 Eagle Street, in Brisbane, Queensland.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of D & D Quarries on June 14, 2019.

HJ FAMILY: First Creditors' Meeting Set for June 26
---------------------------------------------------
A first meeting of the creditors in the proceedings of HJ Family
Homes Pty Ltd will be held on June 26, 2019, at 2:45 p.m. at Quest
Rockhampton, 48 Victoria Parade, in Rockhampton, Queensland.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of HJ Family on June 14, 2019.

ONE WORLD: Customers Call on Probe After Shop Suddenly Closes
-------------------------------------------------------------
Matthew Elmas at SmartCompany reports that furious holidaymakers
are calling on regulators to investigate after their Melbourne
travel agent shuttered its shop earlier this month and stopped
returning phone calls.

Bentleigh East based One World Travel suddenly newspapered its
windows some weeks ago and posted a notice claiming to have
appointed administrators, SmartCompany relates.

Its website was taken down, listed contact numbers disconnected and
calls to numbers associated with the company's director, whose
whereabouts is unknown, bounce back, according to SmartCompany.

"One World Travel entered voluntary administration as of 3rd of
June '19," a notice posted on the window of the travel agent's shop
reads.

SmartCompany relates that while none of this is particularly
strange in cases of voluntary administration, there's one problem:
As far as corporate regulator ASIC is concerned, One World Travel
is still registered for trading and no administrators have come
forward claiming to represent the business.

According to SmartCompany, Melbourne-based solicitor Ilya Furman
said he represents 50 customers who have been left out of pocket by
the travel agent's disappearance.

"It ranges from airline tickets to full on packages, one couple had
booked an Alaskan cruise for AUD30,000," he tells SmartCompany.

Furman brought the matter to the attention of Victoria Police
earlier this month, but was passed on to Consumer Affairs Victoria
and then to ASIC, SmartCompany relays.

"It's been a bit of a runaround," the report quotes Mr. Furman as
saying.  "At the moment we're hoping either ASIC or another
statutory authority takes action."

According to SmartCompany, one customer initially raised the alarm
when contacted by a vacation provider earlier this month inquiring
about why they had never received payment for September bookings
which were supposed to have been processed by One World.

SmartCompany relates that the vacation company received a AUD500
deposit from the agent, the AUD8,500 balance payment remains
outstanding.

Letters of demand sent to One World earlier this month have
received no response, leaving disgruntled customers to suspect the
business has been abandoned, the report says.

SmartCompany notes that typically when a company enters
administration a notice is filed with ASIC and the status of the
company is updated, but documents accessed on June 19 confirm One
World Travel Pty Ltd is still registered to trade.

ASIC, which typically does not comment on investigations, declined
to confirm when asked whether it was looking into the case on June
19, but reiterated the company is still listed as "registered,"
SmartCompany relays.

Creditor enquiries against One World have been building up in the
weeks since the company shut its shop and number in excess of 30,
SmartCompany discloses citing CreditorWatch data.

PACIFIC BLUE: First Creditors' Meeting Set for June 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of Pacific Blue
Cruisecat Pty Ltd will be held on June 26, 2019, at 3:00 p.m. at
Level 10, 289 George Street, in Brisbane, Queensland.

Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Pacific Blue on June 15, 2019.

STONE ISLAND: Second Creditors' Meeting Set for June 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Stone Island
Holdings Pty Ltd has been set for June 26, 2019, at 11:00 a.m. at
the offices of BDO, at Level 10, 12 Creek Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 25, 2019, at 5:00 p.m.

Andrew Peter Fielding and Todd Kelly of BDO were appointed as
administrators of Stone Island on May 22, 2019.

SULUNZ PTY: First Creditors' Meeting Set for June 28
----------------------------------------------------
A first meeting of the creditors in the proceedings of Sulunz Pty
Limited ATF the Sulunz Family Trust will be held on June 28, 2019,
at 11:00 a.m. at Level 9, 60 Pitt Street, in Sydney, NSW.

Michael Hogan -- mhogan@hogansprowles.com.au --
and Brendan Copeland -- bcopeland@hogansprowles.com.au --
of HoganSprowles were appointed as administrators of Sulunz Pty on
June 18, 2019.

TWO PG: First Creditors' Meeting Set for June 28
------------------------------------------------
A first meeting of the creditors in the proceedings of Two PG Pty
Ltd, trading as The Nook Manly, will be held on June 28, 2019, at
10:00 a.m. at the offices of PKF, at Level 8, 1 O'Connell Street,
in Sydney, NSW.  

Simon Thorn of PKF was appointed as administrator of Two PG on June
18, 2019.



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C H I N A
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CHINA LENDING: Will Acquire 65% Equity Interests in Cayman Lixin
----------------------------------------------------------------
China Lending Corporation has entered into a share purchase
agreement to acquire 65.0177% equity interests in Lixin Financial
Holdings Group Limited ("Cayman Lixin"), a company incorporated
under the laws of Cayman Islands.

Cayman Lixin indirectly holds 99% equity interests in Zhejiang
Lixin Enterprise Management Holding Co., Ltd.  Founded in 2013,
Zhejiang Lixin is a financial service company focusing on providing
a wide range of financing solutions and related peripheral
services, including financial leasing, factoring, private funding,
financing guarantee and supply chain management, to individuals and
micro, small and medium sized enterprises in the Yangtze River
Delta Region in China.  Pursuant to the Share Purchase Agreement,
the Company will acquire 65.0177% equity interests in Cayman Lixin
from certain selling shareholders of Cayman Lixin for a total
consideration of RMB276,000,000, which will be satisfied by the
Company's issuing its ordinary shares to such selling shareholders,
as calculated by dividing the amount of consideration that such
selling shareholder is entitled to as set forth in the Share
Purchase Agreement by the average closing price per share of the
ordinary shares on the Nasdaq Capital Market for 30 consecutive
trading days prior to the closing of the transaction.

The Company has decided to follow its home country practice and
elected to be exempted from the shareholder approval requirement
under the applicable rules of the NASDAQ Stock Market for the
proposed transaction.

The Company expects to complete the transaction in August 2019,
subject to the satisfaction to, or waiver by, the parties to the
Share Purchase Agreement of customary closing conditions and the
completion of relevant corporate and regulatory procedures.
Pursuant to the Share Purchase Agreement, the Company may acquire
the remaining 34.9823% equity interests in Cayman Lixin, subject to
the satisfaction of certain conditions, which include, among
others, the completion of the future financing by the Company.

Ms. Jingping Li, chairwoman and chief executive officer of China
Lending, commented, "We believe that the acquisition of equity
interest in Lixin will help to enhance the quality of our assets
and optimize our existing business structure of providing loan
facilities to micro, small and medium sized enterprises in Xinjiang
Autonomous Region and other areas in China.  By leveraging Lixin's
capabilities in various financial services, credit facilities in
banks and non-bank institutions, nationwide network of markets and
resources, as well as capabilities in the research and development
of financial product innovation, we expect to enhance our market
competitiveness and increase our market value.  Ultimately, we
believe this will help us to transform into a profitable and
well-diversified financial services company.  We also expect to
achieve our strategic goals in supply chain finance and consumer
finance markets, extending our geographical outreach to cover the
major economically developed regions in China and gradually
extending to overseas markets."

                        About China Lending

Founded in 2009, China Lending -- http://www.chinalending.com/--  
is a non-bank direct lending corporation and provides services to
micro, small and medium sized enterprises, farmers, and
individuals, who are currently underserved by commercial banks in
China.  The Company is headquartered in Urumqi, the capital of
Xinjiang Autonomous Region.

China Lending reported a net loss US$94.12 million for the year
ended Dec. 31, 2018, compared to a net loss of US$54.78 million for
the year ended Dec. 31, 2017.  As of Dec. 31, 2018, the Company had
US$95.66 million in total assets, U$122.01 million in total
liabilities, US$9.65 million in convertible redeemable Class A
preferred shares, and a total deficit of US$36 million.

Friedman LLP, in New York, New York, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
April 26, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company has
incurred significant losses and is uncertain about the collection
of its loans receivables and extension of defaulted loans.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


DAFA PROPERTIES: S&P Assigns 'B' Long-Term ICR, Outlook Stable
--------------------------------------------------------------
On June 18, 2019, S&P Global Ratings assigned its 'B' long-term
issuer credit rating to China-based property developer DaFa.

The rating on DaFa reflects the company's high geographic
concentration in lower-tier cities and small operating scale in the
property development sector. At the same time, the company has an
aggressive growth plan and its leverage will likely weaken to
support replenishment of its small land bank--despite the leverage
showing improvement in 2018. DaFa also has narrow funding channels
with high funding costs compared with its peers.

S&P believes the company continues to have high concentration risk
in the Yangtze River Delta region. Its top five cities are smaller
cities within the region and contributed to 40%-50% of land reserve
in 2018--Zhenjiang being the largest, followed by Yancheng, Xuzhou,
Huzhou, and Anqing. The company's high concentration in lower-tier
cities continued to represent over 70% of its total land bank area
as of December 2018. S&P expects sales in these lower-tier cities
to soften in the next 12-24 months. Nonetheless, the company
recently expanded to larger cities outside the Yangtze River Delta
such as Chengdu, Zhengzhou, and Hefei--which will modestly reduce
the concentration risk.

The company's large growth appetite from a small base as well as
increasing pace of expansion and project execution may raise
execution risk, particularly in newly entered cities where
competition is high. DaFa's project execution capabilities under
the growing operating scale are relatively untested. This is
because the company just started building its land reserve and
contracted sales only accelerated since 2017, following a strategic
shift to the property development business from urban development
projects. Nonetheless, the DaFa management team's experience with
other reputable Chinese property developers could temper the risk.
As of December 2018, DaFa has a total land bank of about 2.2
million square meters--which will only support two years of
development. Its scale--measured by contracted sales of RMB12
billion in 2018--is also one of the smallest among its rated peers,
despite tripling from RMB4 billion in 2017.

S&P said, "Nonetheless, we expect the company's need to replenish
its land bank to put pressure on its leverage. We expect its
attributable ratio of land costs to contracted sales to be high at
80%-85% in 2019-2020. This will result in weakening leverage, with
a debt-to-EBITDA ratio worsening to 5x-6.5x over the next two
years, from 4.7x in 2018. On the other hand, such considerable land
purchases will support its high sales growth momentum. We expect
the company's sales to increase to Chinese renminbi (RMB) 15
billion-RMB20 billion over the next 12-24 months, from RMB12
billion in 2018.

"We believe DaFa will be exposed to mounting land costs in a
competitive market. The company acquired land mainly through
auctions, which generally carries a higher cost. Its scale and
funding channels may limit its ability to acquire quality land
parcels. To temper such risks, DaFa diversified its land
acquisition strategy by partnering with other local or leading
property developers. As such, we believe its gross margin will be
at 24%-26% in the next two years, which is a lower range compared
with its peers.

"In our view, tightening liquidity is likely to have a larger
impact on DaFa than on many of its rated peers--due to its heavy
reliance on short-term alternative financing from trust companies
and asset management companies. As of December 2018, these
accounted for about 55%-60% of total borrowings." Out of its
short-term debt of about RMB2 billion as of December 2018, the
majority consisted of nonbank financing--which burdened its
debt-servicing ability with higher interest costs. The availability
and cost of these are subject to market conditions, which have been
unstable due to policy.

Following DaFa's listing in October 2018, the company's operating
performance and leverage improved substantially. DaFa has also been
seeking other funding sources, which includes capital market and
offshore bank borrowings. S&P expects its financing channels to
start improving after listing and obtaining an issuance of USD300
million unused quota in senior notes.

S&P said, "The stable outlook reflects our expectation that DaFa
will continue to grow and maintain a high expenditure on land
acquisitions over the next 12 months. Despite our expectation of a
moderate increase in leverage, the company could significantly
reduce its reliance on high-cost alternative financing--thereby
reducing its overall funding cost.

"We will lower the rating if DaFa's debt-funded acquisitions are
more aggressive than we expect or if key projects launches and
completions are delayed, such that its debt-to-EBITDA ratio is
above 6.5x. Additionally, we may lower the rating if its
debt-servicing ability worsens due to an inability to lower its
funding costs, such that its EBITDA interest coverage falls below
1.5x."

An upside scenario is less likely, given its small scale and high
geographic concentration. We may raise the rating if DaFa shows
significant improvement in its scale and profitability, combined
with a better leverage--measured by a debt-to-EBITDA ratio staying
sustainably below 5x.


HOPSON DEVELOPMENT: Fitch Rates Proposed USD Sr. Notes B+(EXP)
--------------------------------------------------------------
Fitch Ratings has assigned China-based Hopson Development Holdings
Limited's (B+/Stable) proposed US dollar senior notes a 'B+(EXP)'
expected rating, with a Recovery Rating of 'RR4'. The proposed
notes will be unconditionally and irrevocably guaranteed by Hopson
and are rated at the same level as the company's Issuer Default
Rating (IDR) because they constitute direct and senior unsecured
obligations of the company.

Hopson's ratings are supported by the company's high-quality land
bank and consistently moderate leverage. The growing
investment-property (IP) portfolio also supports Hopson's ratings
and gives it an additional funding channel to expand its assets.
The company has maintained a low asset churn - measured by
contracted sales/gross debt - of below 0.3x since 2014, with churn
at 0.2x in 2018. Hopson's ratings are constrained by poor sales
visibility; its sales have been low, averaging around CNY9.5
billion (HKD11.3 billion) a year in the past five years, and it has
a high level of short-term debt maturities relative to available
liquidity, which leaves creditors with a lower margin of safety.

KEY RATING DRIVERS

Large, Well-Located Land Bank: Fitch believes Hopson's high-quality
land bank will support the company's sales growth over the next
three years. Hopson had 20.9 million sq m of residential land bank
at end-2018 and a total land bank of 29.2 million sq m, including
its IP portfolio. The land bank included 16.7 million sq m in
Beijing, Shanghai and Guangzhou, with 10.3 million sq m of
development-property (DP) land in the central locations of these
cities. Hopson is committed to acquiring land primarily in
first-tier cities.

Stable and Moderate Leverage: Fitch expects limited changes in
Hopson's financial profile in 2019, in line with the company's
maintenance of moderate leverage - measured by adjusted net
debt/adjusted inventory - at just under 40% in the past five years.
Its financial policy is moderately aggressive as Hopson relied on
debt to fund expansion in 2013 and 2017. However, the company cut
net debt by HKD5 billion between 2014 and 2016. The IP portfolio
during this period increased by HKD6 billion to HKD31 billion,
substantially funded by HKD12 billion in net DP liquidation.

Completed Properties Support Liquidity: Fitch estimates that Hopson
has a large stock of completed properties for sale with a saleable
value in excess of HKD50 billion, based on selling prices of
similar projects. The stock is carried on its balance sheet at
HKD30 billion. This supports Hopson's liquidity and selling the
properties can substantially reduce leverage since they do not
require further investment. This asset pool is a strong financial
buffer to support its rating. However, it is up to management to
decide whether to cut the stock of completed properties. Hopson
held 1.3 million sq m GFA of stock in 2014-2018, more than its
average annual contracted sales GFA of 0.8 million sq m in the same
period.

Stability from Investment Properties: Hopson's completed IP gross
floor area (GFA) increased by 38.4% between 2014 and 2018,
supporting a CAGR of 37.8% in rental income. Rental income rose by
69% to HKD2.3 billion and average rental rates increased by 65% to
HKD163 per sq m a month in 2018 after the Hopson One mall in
Beijing opened at end-2017. Hopson's average rental rate is
comparable with China's largest IP company, Dalian Wanda Commercial
Management Group Co., Ltd. (BB+/Stable) and other peers with strong
IP portfolios, such as China Resources Land Ltd (BBB+/Stable),
Longfor Properties Co. Ltd. (BBB/Stable) and RedStar Macalline
Group Corporation Ltd. (BBB-/Stable).

Fitch believe sHopson's IPs still have room for positive rental
reversion because of their growing maturity and prime locations.
Fitch expects Hopson's IP rental income to increase by 20% in 2019
and 2020 in light of the company's target of opening one to two new
projects each year. Fitch estimates that Hopson will continue to
spend around CNY3 billion (HKD3.4 billion) a year based on its IP
roll-out plan.

Lack of Sales Track Record: Fitch believes Hopson may fall short of
the company's targeted contracted sales of HKD30 billion in 2019
despite having sellable resources of HKD50 billion at end-2018.
Hopson is yet to establish a track record of pursuing sales over
land appreciation, with management choosing to make minimum sales
of its development properties as it prefers to benefit from rising
land prices. Hopson's contracted sales have remained low, with an
annual average value of CNY9.5 billion over 2014 to 2018, including
a 62% rise to CNY15.0 billion in 2018. The 2018 increase was in
line with its year-beginning sales target but fell short of its
enlarged sales target in 2H18 of CNY20.0 billion.

Low Shareholder Risk: Fitch believes Hopson has sufficient
corporate governance safeguards as a Hong Kong-listed company,
evident from its clean record on related-party transactions for the
past five years after checks from independent directors. Hopson's
largest transaction was the purchase of services from related
parties and the average value was less than 4% of its total cost of
sales in the past three years. Hopson's internal corporate
governance is an important safeguard as its sister companies, such
as Pearl River Life Insurance Co., Ltd. and Guangdong Pearl River
Investment Holding, are much more leveraged than Hopson and may
need support from the Chu family that owns 70% of Hopson.

DERIVATION SUMMARY

Hopson's ratings incorporate its high-quality land bank and the
company's consistency in maintaining moderate leverage of less than
40%. The expansion in its IP portfolio also supports Hopson's
ratings and helps the company in gaining new funding sources to
increase its assets.

Hopson's credit profile remains weaker than 'BB-' rated
homebuilders because of its poorer sales visibility. KWG Group
Holdings Limited (BB-/Stable), Times China Holdings Limited
(BB-/Stable) and Hopson have comparable asset-portfolio quality,
although Hopson's portfolio is smaller in scale. KWG and Hopson
also have similar leverage of below 40%, lower than Times' 40%-45%.
However, Hopson's significantly slower sales churn and the lack of
a track record in generating high sales growth mean its financial
profile may face greater uncertainty amid the company's IP business
expansion.

Hopson's IP portfolio is much larger and better located than that
of Hong Yang Group Company Limited (B/Positive), but is comparable
with that of LVGEM (China) Real Estate Investment Company Limited
(B/Stable). Hopson's credit profile, relative to Hong Yang, is
weighed down by its poor asset churn and uncertain sales visibility
that leaves creditors with a lower margin of safety. However, this
is sufficiently mitigated by Hopson's HKD77 billion of unencumbered
property assets. Hopson is also less leveraged than both Hong Yang
and LVGEM by a wide margin, while the three have a similar
recurring EBITDA/gross interest ratio of around 0.4x.

KEY ASSUMPTIONS

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

- Sales collection rate in the low 80% area after 2018 (2018:
75-80%)

- Rental rates average around 5% higher than 2018 over the next
three years

- Average funding cost for new borrowings at 7%

- Dividend pay-out ratio of 25%

HUAI'AN DEVELOPMENT: Fitch Rates USD Sr. Unsec. Notes BB-(EXP)
--------------------------------------------------------------
Fitch Ratings has assigned China-based Huai'an Development Holdings
Co.,Ltd.'s (HAD, BB-/Stable) proposed US dollar senior unsecured
notes an expected rating of 'BB-(EXP)'.

The proposed notes will be issued by Xiangyu Investment Co., Ltd.
and will be unconditionally and irrevocably guaranteed by HAD as
well as Hong Kong Xiangyu Investment Group Co., Limited, which is a
direct wholly owned subsidiary of HAD. The proceeds from the
proposed notes will be used for refinancing and project investment
in China.

The final rating on the proposed US dollar notes is contingent upon
the receipt of final documents conforming to information already
received.

KEY RATING DRIVERS

The proposed notes are rated at the same level as HAD's Long-Term
Issuer Default Rating because they will constitute its direct,
unconditional, unsubordinated and unsecured obligations and will at
all times rank pari passu with all its other present and future
unsecured and unsubordinated obligations.

RATING SENSITIVITIES

Any change in HAD's IDR will result in a similar change in the
rating of the notes.

TIANQI LITHIUM: Moody's Assigns Ba2 CFR, Outlook Negative
---------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to Tianqi Lithium Corporation and has withdrawn the
company's Baa3 issuer rating.

At the same time, Moody's has downgraded the senior unsecured
rating on the bonds issued by Tianqi Finco Co., Ltd and guaranteed
by Tianqi Lithium to Ba2 from Baa3.

The ratings outlook is negative.

These actions conclude Moody's review for downgrade initiated on
May 29, 2019.

RATINGS RATIONALE

"The downgrade reflects Tianqi Lithium's slower than expected
deleveraging following its acquisition of a 23.8% stake in Sociedad
Quimica y Minera de Chile S.A. (SQM, Baa1 stable), with its high
leverage exacerbated by a weakened operating performance amid
volatility in lithium chemical prices," says Gerwin Ho, a Moody's
Vice President and Senior Credit Officer.

As a result of these developments, the company has much less
financial flexibility than Moody's had anticipated at this stage
after the acquisition, positioning it more appropriately at the Ba
rating level.

"The negative outlook reflects the uncertainty related to Tianqi
Lithium's equity financing plan and the continued volatility in
lithium chemical prices, which could further delay deleveraging and
weaken its liquidity position," adds Ho, who is also Moody's Lead
Analyst for Tianqi Lithium.

Tianqi Lithium's leverage increased following its acquisition of a
23.8% stake in SQM in December 2018, which brought its total stake
in the company to 25.9%.

While Tianqi Lithium plans to refinance the acquisition loans and
reduce its leverage through equity financing, it had yet to
complete this plan as of the middle of June.

In particular, the company has delayed its second listing in Hong
Kong, for which it received approval from China's securities
regulator in November 2018.

The company's proposed rights issue, which was approved by its
shareholders in April, could raise proceeds of up to RMB7 billion,
which Moody's expects would help reduce debt/EBITDA to about 5.1x
in 2019 and 3.8x in 2020, with SQM accounted for on an equity
method basis.

However, the company's ability to complete the proposed rights
issue is still subject to regulatory approval, capital market
execution and market conditions.

While Tianqi Lithium's revenue fell by 20% year-on-year in 1Q2019
amid declining lithium chemical prices, Moody's expects the company
will grow its revenue in the next 12-18 months as increased sales
volumes will offset lower prices.

At the same time, any greater volatility in lithium chemical prices
than Moody's currently expects could further weaken the company's
cash flow generation and further delay its deleveraging.

Tianqi Lithium's liquidity is weak. As of 31 March 2019, the
company's cash reserves, including restricted cash, of RMB1.8
billion were insufficient to cover its short-term debt of RMB3.2
billion.

However, Moody's expects the company will be able to roll over its
debt with domestic banks, given its profitable operations and
strong market position.

The company also has a track record of access to diversified
funding channels, including onshore debt instruments such as
medium-term notes.

In addition, the company has a public equity funding channel
through its listing in Shenzhen.

Tianqi Lithium's Ba2 corporate family rating reflects the positive
demand outlook for lithium chemical products, the company's strong
position in the lithium chemical industry, and its robust
profitability, driven by the improved operating efficiency of its
chemical production facilities in Australia.

On the other hand, the rating is constrained by Tianqi Lithium's
product concentration in lithium minerals and lithium chemicals,
with limited revenue scale, and its exposure to regulatory risks.

Environmental, social and governance (ESG) issues are material to
the rating outcome and were assessed as follows.

Firstly, the company benefits from global trends to reduce carbon
emissions, as lithium is a core input into the manufacture of
electric vehicles, with rising demand for such vehicles in turn
supporting solid demand for lithium.

Secondly, its mining and chemical production operations are exposed
to environmental and safety risks. However, these risks are
somewhat mitigated by the solid safety track record of the
company's Australian and Chinese operations.

Thirdly, the company's ownership is concentrated and only a
minority of its board consists of independent directors. Moreover,
the company's acquisition of a 23.8% stake in SQM hints at an
aggressive financial policy. These governance concerns are
counterbalanced by the company's consistent low leverage prior to
the SQM acquisition, and its settled management team that has
demonstrated solid execution capability over the past few years.

The senior unsecured rating is exposed to both legal and structural
subordination as a substantial portion of the liabilities are at
the operating company level and there is secured lending related to
the acquisition financing. Downward pressure on the rating could
emerge if the company does not succeed in refinancing all or part
of the acquisition loan through non-debt financing.

The outlook on Tianqi Lithium's ratings could return to stable if
the company executes its refinancing plan, improves its liquidity
position and maintains a strong operating performance, with
debt/EBITDA improving to around 4.0x or below in the next 6 to 12
months.

Downward rating pressure could emerge if (1) the company fails to
reduce its debt over the next six months, such that adjusted
debt/EBITDA exceeds 4.0x in the next 6 to 12 months; or (2) if it
fails to improve its liquidity position or make progress in
removing the legal subordination of unsecured creditors to the
acquisition financing.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.



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

PEARL HOLDING III: Moody's Cuts CFR to B2; Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded Pearl Holding III
Limited's corporate family rating and senior secured bond rating to
B2 from B1.

At the same time, Moody's has revised the outlook to negative from
stable.

RATINGS RATIONALE

"The downgrade was prompted by our expectation that Pearl III's
profitability and financial leverage will remain weak during
2019-20, because of the weaker sales and earnings contributions in
its automotive and consumer electronics segments," says Wan Hee
Yoo, a Moody's Vice President and Senior Credit Officer.

"While the company has been implementing cost-cutting measures,
whether Pearl III can improve profitability meaningfully has yet to
be proven, because of the uncertain demand prospects from end
markets," adds Yoo.

In 2019, Moody's expects Pearl III's annual revenue to decline by
10%-12% and adjusted EBITDA to decrease by around 25% versus the
levels in 2018 — before a modest recovery in 2020 — because of
soft demand from its major end markets.

Consequently, Moody's expects Pearl III's adjusted gross
debt/EBITDA to increase to about 6.5x-7.0x in 2019 and stay
elevated at 5.5x-6.0x in 2020. This level of financial leverage is
weak even for the B2 ratings category, particularly given its small
scale.

Moody's also expects Pearl III to report negative free cash flow in
2019, because of its weaker earnings as well as still sizable
restructuring expenses and capital spending. Such restructuring
expenses and capital spending should decrease in 2020 upon the
completion of its major consolidation initiatives during 2019.

Pearl III's adjusted debt/EBITDA increased to around 5.1x in 2018
from Moody's estimate of 4.5x for 2017 — representing pro forma
figures and assuming full-year earnings contribution from Fischer
Tech Ltd., which it acquired in November 2017 — mainly because of
weaker earnings stemming from sluggish sales from the automotive
segment and cost pressures.

According to the company, revenue and adjusted EBITDA fell 20% and
57% respectively in 1Q 2019 compared to the same period a year
earlier.

The rating action also considers Moody's expectation that Pearl III
will maintain an adequate liquidity profile over the next 12
months, but its liquidity buffer will fall further in 2019 because
of moderate operating cash flow, still sizable capital spending and
restructuring expenses.

Pearl III's B2 ratings continue to incorporate its small scale, the
fragmented and competitive nature of the tooling and molding
markets, customer and business concentration, as well as the
company's moderate financial leverage and weak interest coverage.

These weaknesses are partly mitigated by the company's diversified
end markets and long-standing customer relationships.

Moody's also notes that Pearl III is exposed to a certain degree of
governance risk, given its full ownership by a private equity firm,
with such firms typically adopting more aggressive financial
policies.

The rating on the senior secured notes is not higher than the
company's CFR, because this debt will constitute the vast majority
of Pearl III's outstanding debt; implying limited junior cushions
in its liability structure.

The negative outlook reflects Moody's expectation that Pearl III's
financial leverage will remain elevated over the next 1-2 years.

The outlook could return to stable, if the company improves its
financial profile through higher earnings, such that (1) its
adjusted gross debt/EBITDA stays below 5.0x-5.5x on a sustained
basis; and (2) Pearl III maintains a good liquidity profile.

Moody's could downgrade the ratings if the company's earnings
remain weak, such that adjusted gross debt/EBITDA remains above
5.0x-5.5x on a sustained basis, or if the company's liquidity
profile weakens further, such that its internal sources and
committed credit facilities are insufficient to cover cash
requirements over the next 12 months.

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



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

DDN SFA: CRISIL Lowers Rating on INR10cr Cash Loan to B+
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of DDN SFA
Limited (DSL) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1.5      CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit           10.0      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term     6.72     CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan              6.78     CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects an expected deterioration in DSL's financial
risk profile. The capital structure is expected to weaken because
of debt-funded acquisition during fiscal 2019. The company incurred
a cost of INR60 crore to acquire a sugar mill, which was funded by
debt of INR33.35 crore. Further, with muted revenue growth in
fiscal 2019 from the existing business segment, gearing and the
total outside liabilities to total networth (TOL/TNW) ratio rose to
2.85 times and 3.84 times, respectively, as on March 31, 2019, from
0.77 times and 2.11 times a year ago. Also, with increase in
interest cost owing to higher debt, the debt protection metrics
remained below average; interest coverage and net cash accrual to
adjusted debt ratios are estimated at 1.52 times and 0.04 time,
respectively, in fiscal 2019, against 2.83 times and 0.38 time in
fiscal 2018. This led to significant increase in maturing debt and
cash accrual was barely sufficient to repay it.

Further, operating performance over the medium term may remain
exposed to risk of any adverse regulatory changes by government and
availability of sugarcane.

The ratings also factor in DSL's large working capital requirement,
susceptibility to changes in government regulations, and
below-average financial risk profile. The weaknesses are partly
offset by the extensive experience of the promoter in the sugar
industry and his funding support.

Analytical Approach

Unsecured Loan from promoters (outstanding at INR9 crores as on
March 31, 2019) has been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Sugarcane is a seasonal
product and DSL has to maintain large inventory of finished goods
to meet demand throughout the year, resulting in large gross
current assets of 566 days as on March 31, 2019.

* Susceptibility to changes in government regulations regarding the
sugar industry: The sugar industry is highly regulated, with
government controls on pricing, supply of sugarcane, and sugar
release. This affects the credit quality of players. The sugar
industry and DSL's business may remain susceptible to government
regulations in the long run.

* Below-average financial risk profile: Financial risk profile is
likely to remain modest over the medium term. Networth and gearing
are estimated at INR28.6 crore and 2.85 times, respectively, as on
March 31, 2019. Debt protection metrics were also average, with
interest coverage and net cash accrual to adjusted debt ratios
estimated at 1.52 times and 0.04 time, respectively, in fiscal
2019.

Strengths

* Extensive experience of the promoter and his funding support:
Though DSL was incorporated only eight years ago, the promoter, Mr.
Dilip Nade, has been in the sugar and jaggery business for a few
decades through a family-owned entity. Benefits from the promoter's
expertise, his strong understanding of the local market dynamics,
healthy relations with customers and suppliers, and timely,
need-based funds should continue to support the business. In fiscal
2019, the promoter extended unsecured loan worth INR9 crore to
support the acquisition of sugar mill; they also infused equity
worth INR16.5 crore in fiscal 2019 to aid financial flexibility.

Liquidity
Liquidity is likely to remain stretched. Cash accrual is estimated
at INR2.9 crore in fiscal 2019 and projected at INR8.2 crore in
fiscal 2020, barely sufficient to meet the yearly maturing debt of
INR3 crore and INR9 crore, respectively. DSL also has access to
cash credit limit of INR60 crore, utilised at 90-95% on an average
in fiscal 2019. Current ratio was low at 0.97 time as on March 31,
2019. The company has applied for additional working capital limit
of INR25 crore to fund the incremental working capital requirement,
supporting liquidity to an extent.


Outlook: Stable

CRISIL believes DSL will continue to benefit from the extensive
experience of the promoter and his funding support. The outlook may
be revised to 'Positive' if a substantial and sustainable increase
in revenue, profitability and cash accrual along with prudent
working capital management strengthens the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
significantly low cash accrual, or a sizeable stretch in the
working capital cycle weakens the financial risk profile and
liquidity.

DSL was incorporated in 2010 by Mr. Dilip Nade and started
operations in December 2011. This Latur (Maharashtra)-based company
manufactures jaggery powder. DSL recently set up a sugar crushing
unit to diversify its revenue portfolio.

GANAPATI INDIA: CRISIL Reaffirms B+ Rating on INR40cr Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Ganapati India International Private
Limited (GIIPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan              40       CRISIL B+/Stable (Reaffirmed)

The rating reflects exposure to risks related to stabilization of
operations and demand and below average financial risk profile.
These rating weaknesses are partially offset by the entrepreneurial
experience of GIIPL's promoters and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to stabilization of operations and
demand: Though the leasing of commercial complex and hotel
operations have been started, the commercial space has not been
completely leased out yet, and the company remains susceptible to
risks related to timely stabilization of operations. Demand risk
also remains high, as any adverse economic scenario could lower
occupancy rates or any delay in completely leasing out the
commercial operation may constrain the scalability.

* Below average financial risk profile: Debt protection metrics are
expected to remain weak with estimated interest coverage ratio at
(0.62) times on account of modest cash accrual. However, Gearing
stands moderate at 1.16 estimated as with healthy net worth level
at INR50.77 Cr as on March 2018.

Strengths

* Entrepreneurial experience of the promoters and their funding
support: The promoters, Mrs Ranju Jha, Mr. Krishna Keyal and Mr.
Surajit Ghose have undertaken several projects in the commercial
and real estate segment. Moreover, the promoter family also has
presence in the coal trading business, and also operates a petrol
pump in Durgapur, West Bengal.

Further, promoters have been supporting the business by fund
infusion in the form of equity and unsecured loan, (Rs 50.77 cr.
and INR11 cr. as on March 2018). The need base funding support will
continue over the medium term.

Liquidity

Liquidity is moderate, with expected cash accruals at around INR3-4
crores in FY20, should be sufficient to meet the repayment
obligation. However need base funding from promoters will provide
cushion to the liquidity. The firm does not have any working
capital facility.

Outlook: Stable

CRISIL believes GIIPL will continue to benefit from the extensive
experience of its promoters in real estate development, and their
funding support. The outlook may be revised to 'Positive' if
substantial cash accrual or significant increase in rental income,
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if lower-than-expected revenue or profitability, or a
stretched working capital cycle, weakens the financial risk
profile, especially liquidity.

GIIPL is engaged in construction and development of a
hotel-cum-commercial complex at Durgapur (Kolkata). The company has
appointed the ITC Fortune Group of Hotels as its management and
operations partner. The commercial complex shall be leased out for
office space and retail outlets. The hotel and retail properties
commenced its operations in September 2018.

GONDWANA ENGINEERS: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gondwana Engineers
Limited (GEL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       38      CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit          21      CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit     12      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with GEL for obtaining
information through letters and emails dated December 5, 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 GEL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GEL 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 GEL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 1982, GEL undertakes engineering, procurement, and
construction contracts for water, sewage, and effluent-treatment
plants. The company has implemented over 50 water-treatment plants
with capacities ranging from 10-1320 lakh litres per day; customers
include municipalities, corporations, water supply and sewage
boards, and other local government bodies. GEL was acquired by
Doshion Veolia Water Solutions (DVWS) from Kirloskar Brothers Ltd
in May 2011, and since then, functions as a wholly-owned subsidiary
of DVWS.

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

The instrument-wise rating action is:

-- INR190.0 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 13, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Madurai-based JTPL manufactures dish napkins,
terry towels, beach towels, and aprons.

JET AIRWAYS: Experts Say Probes to Cast Shadow Over Insolvency Case
-------------------------------------------------------------------
Livemint.com reports that multiple investigations and parallel
bankruptcy filings by operational creditors will cast a shadow over
the insolvency proceedings of Jet Airways (India) Ltd that its
lenders have decided to initiate, experts said.

Livemint notes that a consortium of lenders led by the State Bank
of India (SBI) on June 17 decided to approach the National Company
Law Tribunal (NCLT) after efforts to recover dues and revive the
airline outside the Insolvency and Bankruptcy Code (IBC) failed.

This has added to the woes of the beleaguered airline, the report
says. The income tax department is investigating Jet Airways for
alleged tax evasion of INR650 crore, while the ministry of
corporate affairs (MCA) is probing alleged fraud at the airline,
and the enforcement directorate is investigating Gulf airline
Etihad PJSC's 2013 investment in Jet.

The investigations will continue even as the insolvency process
gets underway, the report states.

"These are statutory bodies investigating criminal aspects such as
alleged fraud and tax evasion. These will continue and would not be
impacted by the insolvency plea," Livemint quotes Vineet Naik, a
senior advocate at Bombay high court, as saying.

Livemint says the I-T probe is being conducted on the basis of an
internal report that alleged that funds sent by Jet Airways to some
Dubai-based entities were linked to promoters and purportedly meant
to evade taxes.

The probe by the MCA is on some violations of the Companies Act
2013 and to verify some suspect transactions, the report adds.

"Investigations will fasten liability on the beneficiary and will
come back only on the promoters/ beneficiaries if proved. Any
incoming investors, though it looks difficult at this time, will
have indemnity from any liability arising out of these
investigations. The company law investigations will be theoretical
as the company would be wound up till then," said Ravi Kini,
founder, M.V. Kini and Associates, the report relays.

The investigations will continue separately but no monetary demand
will be raised during the moratorium of 180 days, extendable up to
270 days, according to Livemint.

"Though the investigations will continue, no demand can be raised
against the company during the moratorium period. For instance, if
the tax authorities give a final assessment of tax demand, these
will be added to pending dues. These will be then settled as per
the waterfall mechanism, making the government dues at par with
those of unsecured creditors," Livemint quotes Manoj Kumar,
partner, Corporate Law Professionals, as sayings.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- 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 disclosed.

JOSEPH LESLIE: CRISIL Assigns B+ Rating to INR5.5cr Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Joseph Leslie Dynamiks Manufacturing Private Limited
(JLDMPL) and assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities. CRISIL had, in its rating rationale dated June
26, 2015, announced suspension of the rating since JLDMPL had not
provided information necessary for a rating review. It has now
shared the requisite information.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         7.5       CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Cash Credit            5.5       CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Term Loan              1.5       CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

The ratings reflect JLDMPL's long track record in personnel safety
equipment dealership business. These rating strengths are partially
offset by JLDMPL's small scale and working-capital-intensive,
operations and susceptibility of profitability to foreign exchange
risk as well as it below average financial risk profile.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of promoters in industry: JLDMPL has a long
track record in the personal protection equipment industry since
1956. This has helped the company to have established relationship
with its customers. The long presence in the sector has also helped
the company to associate itself with other vendors post
disassociation with Drager. In addition the company has also
started manufacturing few products in-house which has helped the
company to establish its brand in the safety equipment sector. Its
long track record of supplying safety equipment and gas detection
products helps the company in participating and winning tenders
floated by customers in oil & gas and mining sector and other
public sector entities. The company has also established its
distribution network across the country with six branch offices
present in Mumbai, Baroda, Chandigarh, Chennai, Delhi and Kolkata.
It has a manufacturing unit in Mumbai that is used to assemble and
manufacture products specific to Indian requirements. CRISIL
believes that JLDMPL's long track record of dealing in safety
equipment will help the company over the medium term.

Weakness:
* Exposure of operating profitability to foreign exchange
fluctuations and limited ability to pass on prices: Due to the
small scale of operations, the company is not able to pass on price
fluctuations to its customers. This is reflected in the raw
material price as a percentage of sales which has ranged between 47
' 57% in the past three year leading to sharp volatility in the
operating margins which has ranged between 6.4% to -3.4% in the
same durations. The profitability is also susceptible to foreign
exchange fluctuations as the company imports about % of its
requirements. Going forward, CRISIL believes that the turnaround in
the operations and sustenance of the same is a key rating
monitorable.

* Working capital intensive operations: The company's operations
are highly working capital intensive in nature with gross current
assets estimated at 279 days as on March 31, 2019 driven by high
debtors and higher inventories. Though a significant portion of the
inventories is usually order backed. As on March 31, 2019, the
company's receivables stood at 150 days. The operations are
supported by creditors estimated at 150 days as on March 31 2019 as
well as bank lines which are highly utilized. CRISIL believes that
the operations of the company would remain working capital
intensive in the near term due to no change in the customer
profile.

* Below average financial risk profile: JLDMPL's financial risk
profile is below average marked by modest net worth estimated at
INRxx cr, which had previously eroded from INR6.95 cr as on March
31 2017 to INR4.97 as on March 31 2018 due to losses in FY 18. The
interest coverage in the past two years has been subdued at less
than unity in FY 18 and 17 but has improved in FY 19 estimated at
xx times. JLDMPL has followed a moderately aggressive financial
policy as reflected in its low gearing estimated at unity as on
March 31 2019, after treating the unsecured loans as debt. The
gearing is expected to remain decrease over the medium term in the
absence of major capex plans. CRISIL expects the company's
financial risk profile to remain below average due to its small net
worth base and large working capital requirements.

Liquidity
* High bank limit utilization: Bank limit utilization was high
around 93% percent for the past 12 months ended March, 2019 due to
working capital intensive operations. The company has cash credit
of INR5.5 cr CRISIL believes that bank limit utilization will
continue to remain high over the medium term due to working capital
intensive operations.

* Small cash accrual against low debt obligation; expected to
improve: The cash accruals are small estimated at around INR77 lacs
for 2018 ' 19. It had declined from over INR49.5 lacs for 2015 -
16. Cash accruals have declined due to decline in profitability.
The profitability is expected to improve from 2017 - 18 levels due
to which its accruals are also expected to improve to around INR70
- 90 lacs over the medium term. Against these expected improved
accruals over the medium term the company has term obligations of
INR29 - 70 lacs over the medium term. CRISIL believes that
company's accruals will improve from current levels; however will
remain moderate over the medium term.

* Moderate current ratio: Current ratio is estimated to be moderate
as on March 31, 2019 at 1.7 times. High gearing levels and moderate
current ratio provides financial flexibility to the company in case
of any exigency.

* Support from promoters in form of infusion of unsecured loan: The
promoters are likely to extend support in the form of unsecured
loans to the company to meet its working capital requirements and
repayment obligations. These unsecured loans were estimated at
INR3.59 cr as on March 31 2019. Also, they are interest free.

Outlook: Stable

CRISIL believes that JLDMPL will benefit over the medium term from
its long-standing position in the personal safety equipment
dealership business. The outlook may be revised to 'Positive' in
case the company reports significant and sustainable improvement in
its revenue and profitability, leading to high cash accruals and
reduced liquidity pressure. Conversely, the outlook may be revised
to 'Negative' in case of weakening in the company's financial risk
profile, particularly liquidity, most likely caused by decline in
cash accruals or stretch in working capital cycle.

JLDMPL was incorporated in 1987 as Joseph Leslie Drager
Manufacturing Pvt Ltd by Mumbai (Maharashtra)-based Leslie family
and Dragerwerk, AG, Germany (Drager). In 2012-13 (refers to
financial year, April 1 to March 31), the company's name was
changed to JLDMPL post disassociation with Drager. JLDMPL trades
and manufactures equipment and paraphernalia used in gas detection,
respiratory protection, search and rescue, and disaster management.
Its manufacturing unit is in Vasai (Maharashtra).

RAM NIWAS: CRISIL Raises Rating on INR2cr Cash Loan to B+
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Ram Niwas and
Company (RNC) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        13         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with RNC 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 RNC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RNC 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 RNC revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

Set up in 1989 as a partnership firm by Mr. Ram Niwas Tard, Mr. Ram
Swaroop Tard, Mr. Om Prakash Jangu, Mr. Sahib Ram Jangu, and Mr.
Shanker Lal Jangu, RNC constructs and maintains roads and sewage
treatment plants for central and Rajasthan government entities.

RHEOPLAST TECHNOLOGY: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rheoplast Technology
Private Limited (RTPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             7        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Foreign Letter          2        CRISIL B/Stable (ISSUER NOT
   of Credit                        COOPERATING)

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

RTPL was incorporated in June 2009, promoted by Mr Parminder Kohli
and his brother Mr. Preetpal Singh Kohli to take over the business
of Rheoplast Technology, a partnership firm set up in 2006. The
company manufactures construction chemicals. Its registered office
is in Mumbai, and manufacturing units are in Karnal, Haryana;
Kolkata; and Navi Mumbai, Maharashtra.

RRR CONSTRUCTIONS: Ind-Ra Affirms 'BB' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed RRR Constructions
& Projects Private Limited's (RRR) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. (increased from INR35 mil.) Fund-based limit
     affirmed with IND BB/Stable/IND A4+ rating;

-- INR49.2 mil. (increased from INR42 mil.) Non-fund-based limit
     affirmed with IND A4+ rating;

-- INR20 mil. Proposed fund-based limit* assigned with
     Provisional IND BB/Stable/Provisional IND A4+ rating; and

-- INR90 mil. Proposed non-fund-based limit* assigned with
     Provisional IND A4+ rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by RRR to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects RRR's continued small scale of operations,
as indicated by revenue of INR282 million in FY19 (FY18: INR183
million). The revenue increased on a YoY basis due to timely
completion of orders. The management expects the revenue to
increase over the medium term, as the company had an outstanding
order book of INR1,265 million at end-March 2019 (4.5x of FY19
revenue), to be executed by March 2022. The figures for FY19 are
provisional.

Additionally, the ratings reflect the slight deterioration in
interest coverage to 7.0x in FY19 (FY18: 7.5x) due to an increase
in interest expenses. The net leverage (total adjusted net
debt/operating EBITDA) improved to 0.8x in FY19 (FY18: 1.6x) due to
an increase in the operating EBITDA to INR32 million (INR15
million).

Ind-Ra expects RRR's credit metrics to deteriorate in FY20, as the
increased use of its fund-based working capital facilities would
lead to an increase in the debt to accommodate the working capital
requirement.

The ratings, however, are supported by RRR's healthy operating
profitability. The EBITDA margin improved to 11.4% in FY19 (FY18:
8.4%) due to the execution of higher-margin projects. The return on
capital employed was 45% in FY19 (FY18: 34%).

The ratings are also supported by RRR's comfortable liquidity
position, as reflected by 45% average utilization of its fund-based
facility and 64.3% average utilization of its non-fund based
facility during the 12 months ended May 2019. The company's cash
flow from operations remained negative for the third consecutive
year at INR1 million in FY19 (FY18: negative INR2 million; FY17:
negative INR17 million) on account of changes in the working
capital. The company had an unutilized cash credit limit of INR35
million as of March 2019. It had a cash balance of INR10.02 million
at end-FY19 (end-FY18: INR1 million).

The ratings are further supported by the promoter's experience of
more than a decade in the engineering-procurement-construction
business.

RATING SENSITIVITIES

Positive: A substantial increase in revenue, along with an
improvement in EBITDA margin while maintaining the credit metrics,
could be positive for the ratings.

Negative: A decline in revenue and profitability, leading to
deterioration in the credit metrics on a sustained basis, could be
negative for the ratings.

COMPANY PROFILE

Set up in 2015, RRR's registered office is in Hyderabad. The
company is primarily engaged in roads, pipes, buildings and related
maintenance works. RRR's operations are concentrated in Telangana,
Andhra Pradesh, and Karnataka.

SAJEEV MATHEW: CRISIL Reaffirms B Rating on INR15cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Sajeev Mathew and Co.(SMC).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         6        CRISIL A4 (Reaffirmed)
   Cash Credit           15        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect its small scale of operations and
exposure to intense competition. These weaknesses are partially
offset by extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations and exposure to intense competition:
With the revenue of INR20.54 Crores in fiscal 2018, the company is
a small player in the highly competitive civil construction
industry. The firm executes its projects majorly in Kerala

Strengths

* Extensive experience of promoters and moderate order book
position: SMC benefits from the extensive experience of its
promoter in the civil construction industry. The promoter has
established significant relationships with suppliers who are raw
material suppliers. Further the firm has a proven track record of
execution for projects for various public entities on account of
which it derives benefits during the future tendering process of
the project.

Liquidity
SMC has maintained an average liquidity profile. Bank limits were
highly utilized at 95% for the past 12 months ended March, 2019.
Going forward, the SMC is expected to generate sufficient cash
accruals to meet the repayment obligations. Further, current ratio
stood at 1.75 times as on March 31, 2018.

Outlook: Stable

CRISIL believes that SMC will continue to benefit over the medium
term from the industry experience of its promoter, in the civil
construction industry and its moderate order book position. The
outlook may be revised to 'Positive' if SMC registers larger than
expected cash accruals leading to improvement in financial risk
profile and improves its working capital management. Conversely,
the outlook may be revised to 'Negative' if the firm's revenues or
operating profitability declines sharply or its working capital
management deteriorates resulting in stretched liquidity.

Established as a proprietorship firm in 1992, SMC is engaged in
execution of civil contracts for Public Works Department in Idukki
district throughout Kerala.

SHARTHI COTTGIN: CRISIL Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Sharthi Cottgin
Corporation (SCC) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    14.25      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              2.25      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SCC 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 SCC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCC 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 rating on bank
facilities of SCC continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 2013, SCC is a partnership firm located near
Bhavnagar (Gujarat). Its promoters have more than three years of
experience in the cotton industry.

SHARVI AGRO: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sharvi Agro Mills
Private Limited's (SAMPL; formerly Sharvi Rice Mill Private
Limited) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR86 mil. Fund-based limits affirmed with IND BB/Stable
     rating; and

-- INR19.04 mil. (reduced from INR34 mil.) Term loan due on
     December 15, 2023, affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects SAMPL's continued small scale of
operations, with revenue of INR631.29 million in FY19 (FY18:
INR571.72 million). The revenue increased on a YoY basis because of
an increase in work orders from existing clients. The figures for
FY19 are provisional.

The ratings also factor in the SAMPL's moderate credit metrics,
with gross interest coverage (operating EBITDA/gross interest
expense) of 2.2x in FY19 (FY18: 2.2x) and net financial leverage
(total adjusted net debt/operating EBITDAR) of 5.1x (4.1x). The net
leverage deteriorated on account of an increase in total debt level
due to higher utilization of the working capital limits.

Additionally, SAMPL's EBITDA margins remain modest. The margin
decreased to 2.58% in FY19 (FY18: 3.01%) owing to high procurement
cost of inputs for a major portion of the year as the raw material
is seasonal in nature. The RoCE stood at 7% in FY19 (FY18: 6%).

The ratings, however, are supported by SAMPL's comfortable
liquidity position, with an average 63% fund-based working capital
limit utilization for the 12 months ended May 2019. The cash flow
from operations turned negative at INR11.50 million in FY19 (FY18:
INR19.22 million) due to an increase in working capital
requirements. This is attributed to an increase in the inventory
holding period as the company deals in seasonal products and has to
stock paddy during the harvesting season. SAMPL's cash and cash
equivalents stood at INR4.04 million at FYE19 (FYE18: INR6.38
million).

The ratings also derive comfort from the promoters' decade-long
experience in the rice milling industry.  

RATING SENSITIVITIES

Negative: A decline in the EBITDA interest coverage, on a sustained
basis, would lead to negative rating action.

Positive: An improvement in the EBITDA interest coverage, on a
sustained basis, would lead to positive rating action.

COMPANY PROFILE

SAMPL is engaged in processing and milling of paddy into rice, rice
ban, husk, and others. Its plant is located in Nagri, Ranchi, and
has an installed capacity of 54,000 metric tons per annum.
Promoter-directors, Praveen Gupta, Praveen Kedia, and Shubham
Gopalka, manage the operations.

SHIVCHAND RAI: CRISIL Maintains 'B+' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facility of Shivchand Rai Krishn
Kumar (SCK) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.58       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SCK 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 SCK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCK 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 rating on bank
facility of SCK continues to be 'CRISIL B+/Stable Issuer not
cooperating'.


SCK is a proprietorship established in 1984 and promoted by Mr
Krishna Kumar Murarka based in Ranchi, Jharkhand. It trades in
cotton, synthetic, and grey fabrics. Mr Murarka has over three
decades of experience in the fabric trading business.

SHREE GITA: CRISIL Upgrades Rating on INR37cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shree Gita
Ginning and Oil Industries (SGGOI)to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             37       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Line of Credit          13       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

SGGOI was set up as a partnership firm in 1976 by the Morbi
(Gujarat)-based Mr Nagindas V Bhojani and family. The firm gins and
presses cotton, besides extracting and refining edible oil.

SHRI RAM COMTRADE: CRISIL Keeps INR6cr B+ Loan Rating in Not Coop.
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Ram Comtrade
Private Limited (SRCPL) continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Inland/Import           7.5      CRISIL A4 (ISSUER NOT
   Letter of Credit                 COOPERATING)

CRISIL has been consistently following up with SRCPL 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 SRCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRCPL 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 SRCPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

SRCPL, which was incorporated in 2012, trades in garments,
construction materials such as steel and cement, as well as jute,
electrical items, and sanitary ware. The Ranchi-based company has
been promoted by Mr Abhishek Agarwal, who has over two decades of
experience in trading of construction materials.

SHRUSTI: CRISIL Upgrades Rating on INR20.11cr Loan to B+
--------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shrusti
revised to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.89       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term   20.11       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

Shrusti was established in 2003. The firm is undertaking a
residential-cum-commercial project, Vedanshi, Velachery. The
project consists of 10 floors, wherein 3 floors are commercial and
7 residential.

SHUKLA AGRITECH: CRISIL Raises Rating on INR5.55cr Loan to B
------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities of
Shukla Agritech Flour Industries Private Limited (SAFIPL) to
'CRISIL B/Stable' from 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.25       CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

   Term Loan             5.55       CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects timely repayment of term debt loans by
SAFIPL since November 2018.
  
The rating continues to reflect the below average financial risk
profile, modest scale of operations and exposure to intense
competition in the flour industry. These weaknesses are partially
offset by promoters' extensive entrepreneurial experience.

Analytical Approach

Unsecured loans of INR0.60 crore as on March 31st, 2019 are treated
as debt as the same is not expected to remain in the business over
the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Small networth of INR3.94
crore as on March 31, 2019 along with moderate total outside
liabilities to tangible networth ratio at 2.85 times represents
below average financial risk profile. However, debt protection
metrics are moderate as reflected by estimated interest coverage of
2.02 times and net cash accrual to adjusted debt ratio of 0.12
times in fiscal 2019.

* Modest scale of operations: Estimated revenues of INR24.23 crore
in fiscal 2019 represents modest scale of operations which is
mainly on account of the industry being largely unorganized with
various players creating intense competition which limits pricing
power with suppliers and customers.

* Exposure to fluctuations in raw material prices and dependency on
monsoon: Vulnerability of the wheat crop to the vagaries of the
monsoon can lead to fluctuations in the availability and prices of
wheat, and can impact the business risk profile of SAFIPL.

Strength:

* Promoters' extensive entrepreneurial experience: The promoter's
of SAFIPL have vast experience of more than two decades in the
industry. The promoter also has along the years gained
understanding of the dynamics of the local market which has helped
firm to establish healthy relationships with the customers and
suppliers.

Liquidity
SAFIPL has adequate liquidity driven by expected cash accruals of
around INR2.60-3.90 crore in fiscal 2020 and 2021 respectively
against repayment obligation of INR1.11 crore each in fiscal 2020
and 2021. The company had estimated cash and cash equivalent of
INR0.27 crore as on March 31, 2019 and estimated current ratio at
1.05 times as on March 31, 2019. The same is expected to be in the
similar range over the medium term. Further, the company has no
debt funded capex plans over the medium term. SAFIPL also has
access to fund based limit of INR5.25 crore, utilised at an average
of 59.49% for 12 months ended February 2019. CRISIL expects
internal accruals and cash and cash equivalent to be sufficient to
meet its repayment obligations and incremental working capital
requirement.

Outlook: Stable

CRISIL believes SAFIPL will continue to benefit from the extensive
experience of the promoters. The outlook may be revised to
'Positive' if sustained increase in revenue and operating profits
or significant equity infusion by the promoters, strengthens
financial risk profile. The outlook may be revised to 'Negative' if
low cash accruals or increase in working capital requirement or any
large capital expenditure weakens liquidity.

SAFIPL, incorporated in 2016, is setting up a unit for
manufacturing atta and maida in Rewa, Madhya Pradesh. The company
is promoted by Mr. Mahendra Prasad Shukla, Mrs. Shushila Shukla and
Mr. Shivam Shukla. The company is expected to commence operations
in April 2016.

SHYAM CHEMICALS: CRISIL Lowers Rating on INR18.5cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shyam
Chemicals Private Limited (SCPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           18.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

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

Incorporated in 1972, Shyam Chemicals Pvt. Ltd. (SCPL) is engaged
in manufacturing of inorganic copper chemicals which is used for
pigments and agrochemicals manufacturing. The company is promoted
Mr. Mahesh Somani and is based out of Mumbai.

SIM AGRO: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Sim Agro Chain (SAC)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      .5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             12.5       CRISIL B/Stable (ISSUER NOT
                                    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 B/Stable Issuer not
cooperating'.

Set up in 2015, SAC is promoted by the Parsana family of Rajkot
(Gujarat). The firm started its operations in March 2016. Its
business activity comprises controlled environment and cold storage
and rental of the same and further sale of agricultural products
like fruits and vegetables.

SITARA CONDUCTORS: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sitara Conductors and
Cables Private Limited (SCCPL) continues to be 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'

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

   Cash Credit            3         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

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

SCCPL, established in 1997 is engaged in manufacturing overhead
electricity transmission conductors, stay wires/earth wires,
paper-covered aluminium round and rectangular conductors, and
hard-drawn copper conductors. The company is certified under ISO
9001:2008 and has an office at Liluah, in Howrah, West Bengal.

SOCIAL CHANGE: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Social Change and
Development Trust (SCAD) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          33.5       CRISIL D (ISSUER NOT
   Overdraft                        COOPERATING)
   facility              

   Long Term Loan        14.8       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1.52      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with SCAD 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 SCAD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCAD 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 rating on bank
facilities of SCAD continues to be 'CRISIL D Issuer not
cooperating'.

SCAD was set up in 1994 in Tirunelveli (Tamil Nadu) by Dr Cletus
Babu. It operates various institutes offering graduate and
postgraduate courses.

SOUTH CALCUTTA: CRISIL Cuts Rating on INR1.8cr Cash Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of South Calcutta
Diesels Private Limited (SCDPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            1.8       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SCDPL 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 SCDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCDPL 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 SCDPL revised to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

SCDPL was set-up in 1970 as a partnership firm; however, in 2005 it
was re-constituted as a private limited company. The company is the
authorized distributors for diesel engines and spare parts for
companies such as Deutz AG, Bosch Limited (also includes portion of
Bosch GMBH), Kohler Lombardini and VM Motori. Apart from sales of
these authorized distributors, the company also trades in spare
parts. The day to day operations of the company is being managed by
Mr. Vinod Todi, Mr. Narayan Todi and Mr. Lalit Todi.

SOUTHERN COOLING: CRISIL Lowers Rating on INR11cr Cash Loan to C
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Southern Cooling Towers Private Limited (SCTPL) to 'CRISIL C'
from 'CRISIL B-/Stable', while reaffirming the rating on the
short-term facility at 'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         9         CRISIL A4 (Reaffirmed)

   Cash Credit            11        CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Long Term Loan          0.79     CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Fund-          9.21     CRISIL C (Downgraded from
   Based Bank Limits                'CRISIL B-/Stable')


The downgrade reflects stressed liquidity as reflected in constant
overdrawing of the bank facilities over the 12 months through May
2019 which is regularised within 15-20 days. Cash accrual is
expected to be insufficient to meet repayment obligation. Also, the
working capital cycle has deteriorated as reflected in an increase
in gross current assets (GCAs) to 668 days as on March 31, 2018.

The ratings reflect weak liquidity and large working capital
requirement. These weaknesses are partially offset by an
established market position and the extensive experience of the
promoter in the cooling tower industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: GCAs were high, estimated
at 668 days as on March 31, 2018.

* Weak liquidity: On account of stretched receivables, the bank
limit was almost fully utilised and was occasionally over-utilised,
but regularised in 15-20 days.

Strengths
* Established market position and extensive experience of the
promoter: The company, incorporated in 1982, is the first Indian
multinational cooling tower player having an overseas manufacturing
unit (in Thailand). Its chairman, Mr S K Mitra, has industry
experience of 43 years and worked with Marley-USA for 14 years. His
experience has helped to obtain contracts from established public
sector undertakings such as National Thermal Power Corporation,
Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation
Ltd, Indian Oil Corporation Ltd, Indian Oxygen Ltd, and Hindalco
Industries Ltd.

Liquidity
On account of stretched receivables, the bank limit was almost
fully utilised and was occasionally over-utilised, but regularised
in 15-20 days.

SCTPL, incorporated in 1982, is India's first ISO
9001:2008-certified company manufacturing cooling towers. It is
promoted by the Mr S K Mitra (chairman), The company manufactures a
variety of wet industrial cooling towers and spare parts.

SRI SRINIVASA: CRISIL Hikes Rating on INR32cr Loan to B+
--------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sri Srinivasa
Constructions India Private Limited (SSCIPL) revised to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        53         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit           10         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Bank         32         CRISIL B+/Stable (ISSUER NOT
   Guarantee                        COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash          5         CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SSCIPL 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 SSCIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSCIPL 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 SSCIPL revised to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Sri Srinivasa Constructions India Pvt Ltd (SSCIPL) was registered
as a partnership firm in 1999, and later reconstituted as a private
limited company in fiscal 2010.

United Global Corporation Ltd (UGCL) was also set up as a
partnership firm in 1999, and later reconstituted as a private
limited company, under its current name. SSCIPL and UGCL undertake
EPC projects, related to water supply, building construction,
irrigation, roads, power transmission and other industrial
projects, in Karnataka, Andhra Pradesh, Tamil Nadu and Telangana.

UIMPL, a 60% subsidiary of UGCL, produces manufactured sand,
plaster, aggregates which are used as ingredients in mortar and
concrete. The group uses 30-35% of its produce for its construction
business.

SUDHIR FOOD: CRISIL Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facility of Sudhir Food Products
India Limited (SFPIL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with SFPIL 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 SFPIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SFPIL 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 rating on bank
facility of SFPIL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 1996 and managed by Mr. Subodh Kumar Agarwal, SFPIL
processes wheat to manufacture maida (refined flour), suji and atta
(unrefined flour). The products are sold in packages weighing 25
kilogrammes (kg), 50 kg, and 90 kg under the Bharat No 1 and
Bharati Rani brands. The company is based in Etah.

SUPER ENGINEERS: CRISIL Lowers Rating on INR3.75cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Super
Engineers (SE) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         8.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            3.75      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     1.75      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SE 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 SE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SE revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

SE, established in 1995, undertakes civil construction activities,
such as installation of tube wells, in Punjab. It has also won an
order in Nigeria. The firm's operations are managed by Mr Balbir
Singh.

THIRUPATHY BRIGHT: CRISIL Hikes Rating on INR8cr Cash Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Thirupathy
Bright Industries (TBI) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            8         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit       2.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')


   Term Loan              1.0       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with TBI 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 TBI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TBI 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 TBI revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

TBI, set up in 1996 in Chennai and promoted by Mr. Ashwin Bansal
and his family members, manufactures a wide range of bright steel
bars used in the automotive and capital goods industries.

THIRUVAMBADY DEVASWOM: CRISIL Retains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of The Thiruvambady
Devaswom (TTD) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       19.76       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     .24       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with TTD 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 TTD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TTD 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 rating on bank
facilities of TTD continues to be 'CRISIL B/Stable Issuer not
cooperating'.

TTD was set up by Mr Hariharsudhan to manage the Thiruvambady
temple in Thrissur. The trust organises the Thrissur Pooram
festival, among other festivals.

VANSH EDUCATION: CRISIL Upgrades Rating on INR15.8cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Vansh
Education Charitable Trust (VECT) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             15.8       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with VECT 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 VECT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VECT is
consistent with 'Scenario 6' outlined in the 'Framework for
Assessing Consistency of Information with '.

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

About the Trust VECT was set up in 2007 by Mr Surendra Kumar Tyagi.
It runs various educational institutions in Agra, Uttar Pradesh.

VE JAY TEXTILE: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ve Jay Textile Mills
(VTM) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.25       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        3.85       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.90       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

VTM was established in 2005 as a proprietorship firm by Mr G
Devaraj. The firm, based in Coimbatore, Tamil Nadu, manufactures
cotton yarn.

WINSOME DIAMONDS: ED Moves NCLT to Stop Jeweller's Liquidation
--------------------------------------------------------------
Indian Express reports that the Enforcement Directorate (ED) has
approached the National Company Law Tribunal (NCLT) to stop
liquidation of country's second largest wilful defaulter Winsome
Diamonds and Jewellery Ltd, till it completes its investigation
against the diamond firm under the Prevention of Money Laundering
Act (PMLA).

According to Indian Express, Winsome Diamonds promoted by Jatin
Mehta and its subsidiaries owe nearly INR10,000 crore including
interest to a consortium of 15 banks led by Standard Chartered and
Punjab National Bank. The company also figures in the list of top
10 bank loan defaulters that former Reserve Bank of India Governor
Raghuram Rajan sent to Prime Minister's Office (PMO) in 2015
seeking "concerted" action.

Indian Express relates that the ED wants the liquidation to be
halted as it is in the midst of establishing the money trail that
led to an alleged loan fraud of $1.26 billion (around INR8,800
crore) by the company in 2013.

The ED has so far attached assets worth INR220 crore of Winsome
Diamonds under PMLA as proceeds of crime and has found that the
company allegedly diverted at least $750 million (Rs 5,175 crore)
to six entitites in Hong Kong, Bahamas and UAE, directly or
indirectly controlled by its promoter Jatin Mehta, through a web of
'dummy companies,' the report says.

Winsome Diamonds and Mehta, who became a citizen of a popular tax
haven - St Kitts and Nevis, in 2013, are currently being
investigated by the CBI, Serious Fraud Investigation Office (SFIO),
Income Tax and ED in connection with the bank fraud, criminal
conspiracy and tax evasion, the report notes. Both the CBI and ED
have written to Interpol to issue a Red Notice against Mehta but
the global agency is yet to issue the notice, says Indian Express.

According to Indian Express, the creditors of Winsome, mainly
banks, want the liquidation of the company to begin even as they
are staring at a haircut of 98 per cent since the diamond firm has
assets of only about INR200 crore in its balance sheet that can be
liquidated. The creditors fear that these assets may lose value
with time said a lawyer familiar with the case.

While ED's plea to halt Winsome's liquidation will come up for
hearing on July 10, the company law tribunal has asked the
resolution professional of Winsome Diamonds and the suspended board
of the company to file their response to ED's application in court,
the report states.

Winsome Diamonds and its subsidiaries were taken to NCLT in
February 2018 and its resolution process has failed as no bidder
has emerged, the report recalls. The CBI has alleged that 13
UAE-based companies controlled by Mehta and a Jordanian national
Haytham Salman Abu Ali Obaidah have defaulted on payments of $1.26
billion to Winsome, which had led to the latter's loan default.

On June 28, 2018, the CBI filed its chargesheet against Winsome,
Mehta and 21 others, including senior public sector bank officials,
the report relates. In July, the ED filed a separate prosecution
complaint (chargesheet) in the Winsome case. Winsome Diamonds,
which was classified as a "wilful defaulter" in October 2013, has
claimed that it did not divert funds and was a victim of
non-payment by Obaidah's firms.

Indian Express says the company has claimed that Obaidah and his
associate firms suffered losses of about $1 billion in derivatives
and commodity trading and were unable to pay their dues to
Winsome.

Last week, the CBI registered two fresh cases of bank loan fraud of
INR700 crore against Winsome and Mehta. It also searched the
offices of the company across India, the report adds.

                           About Winsome

Winsome (formerly, Su Raj Diamonds and Jewellery Ltd) processed
diamonds and manufactured gold jewellery. Winsome had a diamond
cutting and polishing unit at Surat (Gujarat). The company's
jewellery manufacturing units were in Bengaluru (Karnataka), Kochi
(Kerala), Chennai (Tamil Nadu), Goa, and Kolkata (West Bengal).

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
21, 2018, The Hindu BusinessLine said the National Company Law
Tribunal (NCLT) ordered the commencement of corporate insolvency
resolution proceedings against Winsome Diamonds and Jewellery Ltd.
The corporate insolvency resolution process commenced for Winsome
Diamonds (formerly Su-Raj Diamonds and Jewellery Ltd) on Feb. 13,
2018.



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

AGUNG PODOMORO: Moody's Affirms B1 CFR, Alters Outlook to Neg.
--------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Agung Podomoro Land Tbk (P.T.).

At the same time, Moody's has affirmed the B1 backed senior
unsecured rating of the 2024 notes issued by APL Realty Holdings
Pte. Ltd., a wholly owned subsidiary of Agung Podomoro. The notes
are guaranteed by Agung Podomoro and some of its subsidiaries.

Moody's has also changed the outlook for the ratings above to
negative from stable.

RATINGS RATIONALE

"The change in ratings outlook to negative from stable reflects our
expectation that Agung Podomoro's credit metrics will remain weaker
than the thresholds set for a B1 rating level, if the company's
sale of industrial land is delayed and core marketing sales fail to
pick-up in the second half of 2019," says Jacintha Poh, a Moody's
Vice President and Senior Credit Officer.

In the first five months of 2019, Agung Podomoro achieved around
IDR700 billion of core marketing sales, which was equivalent to 22%
of its IDR3.2 trillion full year target. The weak marketing sales
was caused by poor buyer sentiment in the lead-up to Indonesia's
presidential election.

While the company was able to conclude the sale of Sofitel Bali and
recognized a net gain of IDR366 billion in March 2019, its credit
metrics were weak, with adjusted debt/homebuilding EBITDA at around
6.8x and homebuilding EBIT/interest expense at around 1.3x for the
12 months ended 31 March 2019.

"Agung Podomoro is planning to sell a second investment property in
the second half of 2019 and use part of the proceeds to reduce
debt. While we view a successful execution of such a plan as credit
positive, it will not support a sustained improvement in the
company's credit metrics," adds Poh, who is also Moody's Lead
Analyst for Agung Podomoro.

If the sale of the second investment property does not eventuate,
Agung Podomoro's credit metrics could still recover over the next
12-18 months if the company is able to (1) achieve around IDR3
trillion of core marketing sales in 2019 and 2020; and (2) conclude
the IDR2.5 trillion of industrial land sale at its Podomoro
Industrial Park in Karawang, Greater Jakarta to PT CFLD Karawang
New Industry City Development. In such a scenario, Moody's expects
the company's adjusted debt/homebuilding EBITDA will be at
4.5x-5.0x and homebuilding EBIT/interest expense at 1.5x-2.0x.

The affirmation of Agung Podomoro's B1 corporate family rating
reflects the company's established market position and portfolio of
investment properties that provides for a healthy recurring income
base.

For the 12 months ended 31 March 2019, Agung Podomoro's recurring
revenue accounted for 35% of total revenue, at around IDR1.6
trillion. Moody's estimates the recurring cash flow covered around
0.8x of interest expense.

Over the next 12-18 months, assuming that the sale of the second
investment property does not occur, Moody's expects the company's
recurring revenue to grow by around 10%, largely driven by the
opening of a new retail mall in Medan and hotels in Bandung.
Moody's estimates the recurring cash flow coverage of interest
expense will also remain around 0.8x.

In May 2019, Agung Podomoro obtained a new term loan facility which
will address the maturity of its outstanding IDR1.3 trillion bonds
over the next 12 months. However, Moody's expects that the
company's liquidity will continue to remain weak, based on Moody's
expectation that cash and operating cash flow generation will not
be sufficient to cover remaining debt maturities and capital
spending. Nonetheless, refinancing risk will be partially mitigated
by the company's undrawn committed facilities of around IDR1.2
trillion as of 31 March 2019, and track record of access to
funding.

Agung Podomoro's rating is constrained by the company's (1) small
scale when compared with global peers; (2) complex corporate
structure; and (3) exposure to the volatile property sector and the
evolving regulatory environment in Indonesia.

Given the negative ratings outlook, an upgrade is unlikely over the
next 12-18 months. Nonetheless, the outlook could return to stable
if the company successfully executes its business plans such that
(1) its credit metrics improve, specifically, if adjusted
debt/homebuilding EBITDA is below 4.5x and adjusted homebuilding
EBIT/interest expense is above 2.0x on a sustained basis; and (2)
liquidity levels are good, in particular, if cash balances and
committed facilities are sufficient to cover operating cash needs
and debt repayments over a 12-18 month period.

Moody's could downgrade the ratings if Agung Podomoro's credit
metrics and liquidity weaken, owing to: (1) a failure to achieve at
least IDR3 trillion of annual core marketing sales and execute its
industrial land sale in 2019; (2) a deterioration in the property
market, leading to protracted weakness in the company's operations;
and (3) a material depreciation in the Indonesian rupiah, which
could increase the company's debt servicing obligations.

Metrics indicative of a ratings downgrade include: (1) adjusted
debt/homebuilding EBITDA exceeding 4.5x; (2) adjusted homebuilding
EBIT/interest coverage falling below 2.0x; or (3) insufficient cash
balances and committed facilities to cover operating cash needs and
debt repayments over a 12-18 month period.

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



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

COMINTEL CORP: Auditor Issues Qualified Opinion on FY19 Results
---------------------------------------------------------------
Tan Xue Ying at theedgemarkets.com reports that Comintel Corp Bhd's
external auditor Messrs RSM Malaysia has expressed a qualified
opinion on the group's financial statement for the year ended Jan.
31, 2019 (FY19).

In a filing with Bursa Malaysia on June 13, an extract from the
auditor's report revealed that the Practice Note 17 (PN17)
information technology and telecommunication services provider has
multiple uncertainties that may cast significant doubt about the
group's ability to continue as a going concern, theedgemarkets.com
relates.

For one, its wholly-owned subsidiary Comintel Sdn Bhd is unable to
pay RM20.83 million with interest at 8% per year to Ansat Broadcast
Sdn Bhd (UTV) as ordered by the Federal Court on
Aug. 18, 2017, the report says. This resulted in the Shah Alam High
Court granting a winding-up petition by UTV against Comintel on
April 17, which led to a liquidator being appointed.

Due to the impending winding up of Comintel, its financial
statement for FY19 is prepared on break up basis, says
theedgemarkets.com.

According to theedgemarkets.com, RSM Malaysia said the FY19
financial statement of Comintel Green Technologies Sdn Bhd (CGT)
was also prepared on break up basis as CGT has not been operating
at a capacity sufficient to generate profits during the financial
year.

Thus, the ability of Comcorp to carry on as a going concern is
dependent on the timely and successful implementation of its
regularisation plan, and its ability to achieve sustainable and
viable operations with adequate cash flows generated from its
operating activities, it added, theedgemarkets.com relays.

"In the event that these are not forthcoming, the group may be
unable to realise their assets and discharge their liabilities in
the normal course of business," RSM Malaysia, as cited by
theedgemarkets.com, said.

"Accordingly, the financial statements of the group may require
adjustment to restate the carrying amounts of the assets to their
recoverable amounts and to provide further liabilities that may
arise," it added.

Comcorp is expected to submit its regularisation plan to Bursa
Securities on July 10, theedgemarkets.com notes.

Comcorp shares closed half a sen or 5.56% lower at 8.5 sen on June
13, with 211,200 shares done, bringing a market capitalisation of
RM11.9 million, theedgemarkets.com discloses. Its share price has
fallen 15% since March when it slipped into PN17 status after its
shareholder equity fell below the 25% threshold, the report notes.

Comintel Corporation Bhd, an investment holding company, engages in
manufacturing, and system integration and maintenance businesses in
Malaysia and internationally.

In January 2018, Comintel Corp Bhd slipped into the
Practice Note 17 (PN 17) status after it underwent a major
disposal exercise which left it without a business.



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

ANAN INTERNATIONAL: Seeks Extension to Hold FY2018 AGM
------------------------------------------------------
Ng Ren Jye at The Business Times reports that Anan International
Ltd has applied for a further time extension to hold its annual
general meeting (AGM) for fiscal 2018 and release its first-quarter
2019 results.

Both the AGM and results are due on June 28 after the Singapore
Exchange granted an extension previously, the report relates.

The petroleum trader did not specify how much more time it was
requesting, BT relates.

It is seeking the extension as its management, together with its
current auditor Crowe Horwath First Trust LLP, is still finalising
outstanding matters, including how much the liquidation of its
controlling shareholder AnAn Group (Singapore) Pte Ltd will impact
the group's business and operations, to the report notes.

According to BT, the company said it is pending an appeal against a
Singapore High Court winding up order, which was made based on the
claim of about US$170.4 million by VTB Bank against AnAn Group.

The claim by VTB is related to a global master repurchase agreement
and a repurchase transaction that both parties entered into in
November 2017, the report says.

BT adds that the appeal disputes the claim and accordingly, there
should be no basis for a winding up order, said the group. The
appeal is scheduled to be heard sometime in or around November
2019.

The company said that it is still in the process of finalising the
audited group accounts for fiscal 2018 and the Independent
Auditor's Report to the Members of AnAn International Limited. Both
are to be included in the company's FY2018 annual report, BT
notes.

Headquartered in Singapore, AnAn International Limited, an
investment holding company, engages in the trading of
petrochemical, fuel oil, and petroleum products.  AnAn
International Limited is a subsidiary of AnAn Group (Singapore)
Pte. Ltd.

HYFLUX LTD: Utico Extends Deadline for Binding Deal to June 27
--------------------------------------------------------------
Singapore Business Review reports that Hyflux Ltd's potential
Middle Eastern white knight Utico has extended the deadline for the
firm to enter into a binding agreement until June 27, a filing with
the Singapore Exchange (SGX) revealed.

SBR says Utico, a private full service utility and developer,
expressed intent over a possible $400 million injection into the
embattled water treatment firm after the former's deal with SM
Investments (SMI) fell through in early April. Utico had previously
hoped an agreement would be inked by June 17, the report relates.

According to the report, Hyflux is continuing to engage with other
parties who have expressed an interest to invest in the group's
business and assets. It received a non-binding letter of intent
from global multi-strategy investment fund Oyster Bay mulling an
investment of up to $500 million in May, while an unnamed
state-owned power service firm from China has also indicated
interest.

SBR relates that the firm received was able to get some reprieve in
end-May after the Court granted another debt moratorium extension
to August 2. Hyflux first applied for a moratorium extension in
April, which was granted by the court and pushed back to May 24,
before being extended again to May 29, after efforts by seven
unsecured banks to put the firm and its subsidiary Hydrochem under
judicial management as part of the Companies Act were blocked.

                           About Hyflux

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

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

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

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




=============
V I E T N A M
=============

HOME CREDIT: Fitch Affirms B+ LT IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed Home Credit Vietnam Finance Company
Limited's (HCV) Long-Term Issuer Default Rating (IDR) at 'B+' and
Short-Term IDR at 'B'. The Outlook is Stable.

HCV started its consumer finance business in 2009 and is Vietnam's
second-largest non-bank consumer-finance company, with
consumer-loan market share of 17% conducted by non-bank finance
companies in 2018.

KEY RATING DRIVERS

HCV's ratings reflect the company's market position in Vietnam's
evolving and less-developed consumer-finance segment, which is
prone to economic volatility and regulatory change. The company's
underwriting standards, which are centrally controlled by Home
Credit group, have not been tested through the cycle given its
short operating history in Vietnam. The ratings also take into
account HCV's better-than-peer asset quality and profitability and
its adequate management team, which has a focused market strategy
and satisfactory execution record.

Fitch expects HCV to operate with an acceptable debt/tangible
equity ratio at below 6.0x in the mid-term, supported by a reduced
growth target and strong internal capital generation. The company
has managed rapid portfolio growth, with total assets increasing at
a CAGR of 38% during 2015-2018, resulting in a rising debt/tangible
equity ratio of 4.0x at end-2018, from 2.8x at end-2015. The
company's asset quality reflects its target market; high credit
costs reflect the make up of HCV's loan portfolio at end-2018, of
which 58% was cash loans, 27% consumer durables financing, 14%
motorbike financing and 1% credit cards. Non-performing loans -
defined as more than 90 days overdue - were maintained at a
manageable 2%-3% of total loans in 2016-2018 due to a prudent
write-off policy and adequate loan-loss allowance.

The company is wholesale funded, with 55% of total borrowing coming
from bank loans and 45% from certificate of deposit. Funding access
is uncertain in light of Vietnam's less stable funding environment,
making HCV's credit profile sensitive to refinancing risk despite
its closely matched assets and liabilities. The company maintains a
moderate level of liquidity reserves against its short-term
obligations.

RATING SENSITIVITIES

A rating upgrade is less likely in the short- to medium-term due to
the evolving regulatory and operating environment. Yet, a notable
strengthening in HCV's company profile and business model may lead
to positive rating action over the long term.

Negative rating action would result from a significant increase in
leverage that is approaching 6.0x, unstable and uncertain funding
access, a rising risk appetite without commensurate capital
enhancement or any compromise in underwriting standards that leads
to deterioration in asset quality and profitability.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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